News Release 2008

NEWS

News Release 2008

2008-11-15 "Hakuryu-10" started its first drilling operations offshore Tunisia

"Hakuryu-10" started its first drilling operations, that is for four firm wells and two optional wells offshore Tunisia under the contract with ENI Tunisia.

2008-09-30 JDC starts management and operation for the deep-sea drilling vessel "CHIKYU" through a new company established jointly with NYK LINE

JDC and Nippon Yusen Kabushiki Kaisha ("NYK LINE") today announced that they jointly established a new company, namely "Mantle Quest Japan Company, Ltd." ("MQJ") on September 10, 2008 and MQJ signed an agreement for provision of management and operation services to the deep-sea scientific drilling vessel "CHIKYU" with Japan Agency for Marine-Earth Science and Technology ("JAMSTEC") on September 19, 2008.
Under the aforesaid agreement, MQJ will provide various services for management and operation of the CHIKYU, such as scientific drilling operations, ship management, maintenance of drilling equipment and others, management of sub-contractors services, materials procurement, and management of a scientific drilling support base, commencing from December 1st, 2008 and ending on March 31st, 2009 (may be extended), making best use of the respective technical expertise of both JDC and NYK LINE.
The CHIKYU (means "Planet Earth" in Japanese, gross tonnage 57,000 tons, overall length 210m, maximum operating water depth 2,500m), which was built by the Japanese Government and is owned by JAMSTEC, is playing a central role in Integrated Ocean Drilling Program ("IODP"), an international marine research program that explores Earth's history and structure and is expected to figure out the mechanism of major earthquakes, the origin of life and etc. utilizing its world's deepest drilling ability.
The profile of MQJ is as follows.

Head Office:Shin-Horidome Bldg. 5F, 2-4-3, Nihonbashi Horidome-cho, Chuo-ku, Tokyo 103-0012, Japan
Paid-in Capital:300 million yen
Capital Share:JDC 60% , NYK 40%
President and Representative Director:Mr. Yuichiro Ichikawa

2008-09-16 JDC relaunched its Japanese website

2008-09-15 Transfer of "Hakuryu-5" to JDC's Panamanian subsidiary

The semi-submersible rig "Hakuryu-5" was sold and transfered to JDC's Panamanian subsidiary, "Hakuryu 5, Inc." on September 15th, and she was registered under the Panamanian flag.

2008-06-26 JDC Announced Election of Its Corporate Auditors

JDC announced that three corporate auditors were elected at the 40th Annual General Meeting of Shareholders held on June 26th. Mr. Eiichiro Shigematsu and Mr. Masaru Yamamoto were re-elected, and Mr. Masanobu Itagaki was newly elected. Mr. Eiichiro Shigematsu was then elected as the standing corporate auditor by mutual voting of the corporate auditors.

2008-06-19 Drilling Contract with Premier Oil Vietnam South for "HAKURYU-5"

JDC signed a drilling contract with Premier Oil Vietnam South B.V. on May 28th for "Hakuryu-5". The contract is for four firm wells and two optional wells to be drilled offshore Vietnam. After completing the life enhancement work of the rig in Japan, "Hakuryu-5" will start its drilling operations from around March 2009.

2008-06-04 Delivery of New Jack-up Rig "Hakuryu-10"

The new jack-up rig (to be named "Hakuryu-10") at PPL Shipyard in Singapore was completed and delivered to JDC on June 4, 2008.

The rig with the latest drilling equipment is of the Baker Pacific Class 375 design, and capable of drilling down to 30,000 feet in water depths of up to 375 feet. It has an overall length of 72.1m, a beam of 68.4m and a hull depth of 8.5m.

JDC has transfered the ownership of the rig to its Panamanian subsidiary, "Hakuryu 10, Inc." and accordingly the rig now has a Panamanian flag. In around August this year, after the preparation work and familiarization training of crews, the rig will sail out to Tunisia where the rig will commence its first operations.

2008-05-19 JDC Reported Fiscal Year 2007 Results

JDC announced net income of US$53.9 million for the fiscal year 2007 ended March 31, 2008 on total revenue of US$155.4 million. Net income increased by 376.6% compared to US$11.3 million in 2006, while total revenue rose by 100.5% compared to US$77.4 million in 2006. Ordinary profit was US$ 83.3 million increased by 370.4% compared to US$17.7 million in 2006.(Converted at JPY113.61/US$ for the fiscal year of 2007)

2008-05-15 JDC unveiled the new Corporate Logo

JDC unveiled this new corporate logo on the occasion of its 40th anniversary. The new corporate logo comes into use for communication materials including JDC's official web site, letterhead, business cards, etc.

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The main body of this new corporate logo is based on the letters of "JDC" which stands for "Japan Drilling Company". The simple shape of the "JDC" logo symbolizes its credibility acquired for 40 years of its business achievements as an international offshore drilling contractor.

The concave line under the letters of "JDC" represents "ocean" and "waves", and the longer "J" images the drilling beneath the sea bed. The orange rectangle on the top of "J" stands for flare of oil and gas as well as JDC's passion and enthusiasm for offshore drilling.

With this new corporate logo, JDC would further strive to increase its corporate value as an offshore drilling contractor by way of providing its customers with quality drilling services that meet and surpass the international standards in all respects of safety, quality of service, and operational efficiency.

2008-04-28 Drilling Contract with ENI Tunisia for new JDC jack-up

JDC signed a drilling contract with ENI Tunisia on February 25th for its new jack-up rig (to be named "Hakuryu-10"), which is to be delivered by PPL Shipyard, Singapore by the end of May. After completing two-month preparation and commissioning jobs following the delivery, the rig will mobilize to Tunisia to commence the work under the aforesaid drilling contract.

2008-03-05 "HAKURYU-5" started drilling operations offshore Niigata in Japan

After the drilling operations offshore Cebu Island, Philippines, "HAKURYU-5" was towed to the offshore Niigata, and started the drilling operations of 2 wells and 1 optional well for Japan Petroleum Exploration Co., Ltd..

2008-02-28 Cross Channel Shore Approach completed by HDD

JDC's HDD team has successfully completed a cross channel shore approach works, and laid the underground pipe conduit line between isolated islands in Imabari, first time ever in Japan.

2008-01-30 Safety Record by Sagadril-1

Sagadril-1 has achieved 900,000 manhour No-LTI(Lost Time Incident) during the period from Nov. 6, 2004 until Dec. 24, 2007.