News Release 2003

NEWS

News Release 2003

2003-12-05 Safety Record by Hakuryu-3

Hakuryu-3 has achieved 1,100,000 manhour No-LTI(Lost Time Incident) during the period from June 6, 2000 until Nov. 28, 2003.

2003-09-26 Hakuryu-5 started Pemex Operations

Hakuryu-5 commenced a drilling campaign with PEMEX in Mexico on Sep. 24, 2003 under the contract between PEMEX and Perforadora Central, S.A. de C.V., JDC's Mexican partner, following mobilization towage from AmFels shipyard in Brownsville, Texas. The contract duration is scheduled for 1,196 days.

2003-09-11 Safety Record by Hakuryu-8

Hakuryu-8 has achieved 800,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 20, 2000 until July 31, 2003 and moreover 1,000 days No-LTI on Aug. 16, 2003.

2003-09-03 Safety Record by Sagadril-2

Sagadril-2 has achieved 1,100,000 manhour No-LTI(Lost Time Incident) during the period from Oct. 26, 1999 until Aug. 10, 2003.

2003-09-03 Safety Record by Sagadril -1

Sagadril-1 has achieved 800,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 3, 2000 until Aug. 22, 2003.

2003-08-28 Rig Moves

Hakuryu-5 arrived at AMFELS shipyard in Brownsville, Texas on August 20 and is currently undergoing general maintenance and preparatory works for the forthcoming Pemex operations.

Sagadril-2 successfully completed whole operations for 33 months for Total South Pars on August 20 and was mobilized on the following day to the first drilling location in South Pars gas field under long term contract with Pars Oil & Gas Co. (POGC)

2003-08-19 Safety Record by Hakuryu-3

Hakuryu-3 has achieved 1,000,000 manhour No-LTI(Lost Time Incident) during the period from June 6, 2000 until August 4, 2003.

2003-07-30 Rig Moves

Hakuryu-5 commenced ocean towage from Cameroon, West Africa to Brownsville, Texas on July 8 following demobilization from Perenco location. ETA AMFELS, Brownsville is August 15~20, wherein the rig will undergo general maintenance and preparatory works for the forthcoming Pemex operations.
Hakuryu-3 suspended Petronas Carigali operations and was demobilized to Keppel FELS, S'pore on July 28, wherein the rig will undergo genneral maintenance and refurbishment works.
Sagadril-1 completed maintenance works at Lamprell shipyard, Sharjah, U.A.E. and commenced mobilization tow on July 29. The rig will soon start drilling operations for Agip in South Pars gas field.

2003-06-13 Horizontal Directional Drilling Works Completed

JDC's HDD team successfully completed on May 31 construction works in Singapore to lay the conduit of 620m long and 7 inch dia. for landing fiber optic cable of TIS Cable Network at shoreline.

2003-06-02 Net Income of USD 5.6 Million for 2002

Net income of US$ 5.6 Million is reported on total revenue of US$ 56.1 Million for the year 2002 (April 2002 - March 2003) compared to net income of US$ 4.1 Million on total revenue of US$ 64.4 Million for the year 2001.(Converted at JPY121.5/US4 for 2002 and JPY123.9/US$ for 2001)

2003-05-22 Contract Award by PEMEX in Mexico

JDC has signed a contract with its Mexican partner, Perforadora Central,S.A. de C.V. to undertake a charter out of "HAKURYU-5" to PEMEX for 1,196 days starting as from September 23, 2003.

2003-05-18 Contract Award by POGC

Sagadril-1 and Sagadril-2 received five year firm plus five year optional contracts with Pars Oil & Gas Company (POGC) for drilling operations in Persian Gulf. On completion of the current Total South Pars work followed by general maintenance in a shipyard, the rigs will be assigned to Agip Iran and Statoil Iran respectively prior to the work for POGC.

2003-03-18 PERENCO in Cameroon

Hakuryu-5 is awarded the contract by PERENCO in Cameroon and will start its work from April 2003 for one well.