Hakuryu-3 sold and now called NAGA 1
JDC has sold its 50% ownership of semi-submersible rig "Hakuryu-3" to a subsidiary of UMW Corporation, a joint venture partner in Malaysia, on June 1, 2005, and the rig is now renamed "NAGA 1" under Panamanian flag. NAGA 1, under co-ownership of JDC and UMW, will continue to be operated by UMW JDC Drilling Sdn. Bhd. (UJD), Malaysian joint venture, for the duration of ongoing contract with Petronas Carigali Sdn. Bhd, which is expected to terminate around the end of 2005.