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News Release

NEWS

Notice of Commencement of Corporate Reorganization Proceedings

2018-07-25

To All Interested Parties:

  • Japan Drilling Company Ltd.,
  • Reorganizing Company
  • Yasuro Yasui, Trustee
  • Eiji Katayama, Attorney-at-law, Trustee

As we informed you earlier, Japan Drilling Co., Ltd. (the "Company") filed a petition for the commencement of reorganization proceedings with the Tokyo District Court on June 22, 2018. In response to the petition, at 5 p.m. on July 25, 2018, the Tokyo District Court issued an order to commence reorganization proceedings. Concurrently, Yasuro Yasui, Representative Director and President Executive Officer of the Company, and Eiji Katayama, an attorney-at-law, were appointed as Trustees.

Thanks to our customers and business partners, the 6 rigs owned and operated by the Company group, as well as the deep sea drilling vessel "CHIKYU," owned by Japan Agency for Marine-Earth Science and Technology and operated and administered by the Company's subsidiary, are all operating normally. While we will keep striving to ensure the safe operation of the above mentioned rigs and vessel, the Company will continue with its business restructuring process, including the appointment of sponsors who will support our business in order to reinforce the financial standing of our company.

The Company will vigorously work towards a successful business restructuring. We very much appreciate your continued cooperation and understanding during the Company's corporate reorganization proceedings.