Kuwait – Mubasher: Gulf Investment Petroleum (GPI) said Sunday that Kuwait Oil Co. (KOC) approved the qualification of 100%-owned, Egypt-based subsidiary Pyramid Drilling as a drilling contractor that will provide ground drilling services.

Earlier last week, GPI said Pyramid Drilling won a drilling tender from Gulf of Suez Petroleum Co (Gupco), at a total value of $59.4 million (KWD 18.16 million), with a duration of two years plus a renewal option for a third year.

GPI logged KWD 5.4 million loss for the first nine months of 2015, against KWD 3.8 million profit for the same period a year ago.