Fossil Energy – Drilling
Japan’s oil and gas company JX Nippon Oil & Gas Exploration Corporation has reached an agreement to take over the country’s only offshore drilling contractor, Japan Drilling Co.
JX entered into the agreement with the funds related to Aspirant Group to acquire the entire issued shares of JDC and is proceeding with the procedures to obtain the required regulatory approvals with the aim of completing the acquisition around the end of April of this year.
Upon completion of the acquisition, JDC will become a consolidated subsidiary of JX.
JDC is the only company in Japan engaged in the offshore drilling business. The company operates four offshore drilling rigs, three jackups (Hakuryu-10, Hakuryu-11, and Hakuryu-14) and one semisubmersible (Hakuryu-5). It also operates a drillship designed for scientific drilling operations.