News Release 2004

NEWS

News Release 2004

2004-12-08 JDC received HSE Award from Statoil

JDC and its susidiary PDK were awarded "Chief Excecutive HSE Prize" for the year of 2004 by Statoil in recognition of outstanding safety record of Sagadril-2 which has been engaged in Statoil, South Pars Gas Development Project since May, 2004.

The staff and crew of Sagadril-2 being operated by PDK, has shown consistent and dedicated commitment in achieving No-LTI (Lost Time Incident) over the past five years, including 185 days in the challenging tasks of Statoil project, which has contributed in leading South Pars drilling group to one of six finalists out of 104 nominees for HSE prize in 2004.

Mr. Toshio Harada, JDC/PDK General Manager of South Pars Operations, attended the award ceremony, together with the project members of Statoil, held at its head office in Stavanger, Norway on 8 December and was honored to receive the prize from Mr. Helge Lund, Chief Excecutive of Statoil.

2004-10-29 Safety Record by Hakuryu-3

Hakuryu-3 has achieved 1,400,000 manhour No-LTI(Lost Time Incident) during the period from Jun. 6, 2000 until Oct. 23, 2004.

2004-09-22 Safety Record by Sagadril-1

Sagadril-1 has achieved 1,100,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 3, 2000 until Sep. 22, 2004.

2004-06-15 JDC Reported Fiscal Year 2003 Results

The average utilization rate of JDC's five rigs resulted in 86.0% in the fiscal year 2003 ended March 31, 2004, compraed to 88.2% in the previous year due to maintenance/refurbishment works carried out in dockyards for four rigs. Nevertheless, ordinary profit was US$ 3.2 million on revenue of US $63.8 million, up by 17.4% and 5.1% from the previous year respectively. Net income was US$ 2.1 million, down by 64.9% from the previous year, maintaining black in figure for nine straight years. (Converted at JPY112.28 US$ for 2003)

2004-06-10 Hakuryu-8 Transfered to Joint Venture Company in Qatar

Hakuryu-8 was transferred from JDC to "Gulf Drilling International Limited" (GDI), a joint venture in Qatar, as capital investment in kind. GDI has succeeded JDC for its operations in Qatar that had commenced back in 1988.

2004-05-18 Joint Venture Drilling Contractor established in Qatar

Following signing of the joint venture agreement between JDC and Qatar Petroleum(QP), the first Qatari drilling contractor "Gulf Drilling International Limited"(GDI) was established in Doha, Qatar. JDC holds 40% shares of the US$103.2 million capital stock in GDI while QP holds 60% shares.

2004-05-07 Safety Record by Sagadril-1

Sagadril-1 has achieved 1,000,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 3, 2000 until Mar. 7, 2004.

2004-04-03 Safety Record by Hakuryu-8

Hakuryu-8 has achieved 1,000,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 20, 2000 until Apr. 3, 2004.

2004-03-23 Joint Venture Agreement signed with Qatar Petroleum

JDC signed an agreement with Qatar Petroleum (QP) on March 22 to establish a joint venture drilling contractor called Gulf Drilling International (GDI) in Qatar. JDC will own 40 per cent shares of the US$103.2 million capital stock of the newly formed company while QP will hold 60 per cent shares.

GDI is expected to own and operate four offshore jack-ups and two land rigs during the initial three years of the joint venture with total investment value of US$258 million. It will commence its first operations in the second quarter of 2004 with a jack-up rig "Hakuryu-8" to be transferred from JDC. It will acquire both used and new-build rigs to expand its operations so as to meet further escalating demand for drilling rigs in Qatar.

JDC President, Mr. Hiroichi Hayashi, and QP Chairman, H. E. Abdullah bin Hamad Al Attiyah, who also holds the post as Second Deputy Premier and Minister of Energy and Industry, signed the joint venture agreement.