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Joint Venture Agreement signed with Qatar Petroleum

2004-03-23

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.