News Release 2005
"NAGA 1" has marked 2,000 days No-LT1 (Lost Time Incident) during the period from June. 6, 2000 until Nov. 27, 2005.
JDC`s HDD team has successfully completed 6 crossing works for laying gas pipeline totalling 2,530 meters in July through Sept., 2005 for PT CITRA PANJI MANUNGGAL at South Sumatra, Indonesia, which corresponds to the HDD portion of Pertamina project "PPGS Package-II".
JDC moved its headquarters to new premises mentioned below on August 29, 2005.
- Shin-Horidome Bldg. 6F,
- 2-4-3, Nihonbashi Horidome-cho,
- Chuo-ku, Tokyo 103-0012, JAPAN
JDC announced that fifteen directors were elected at the 37th Annual General Meeting of Shareholders held on June 23. Those include M/s Masayoshi Sano, Minoru Murata, Noritada Takizawa, Akio Kawase, Hiromitsu Yamamoto, Hideto Takahashi, Nobuo Makabe, and Yuichiro Ichikawa, who were re-elected.
At the Board of Directors Meeting held following the Annual General Meeting, Mr. Masayoshi Sano was appointed as President and Representative Director while Mr. Minoru Murata assumed Senior Managing Director and Representative Director. M/s Noritada Takizawa, Akio Kawase and Yuichiro Ichikawa were appointed as Managing Director.
JDC's five rigs achieved 100% utilization in the fiscal year 2004 ended March 31, 2005 under the long term contracts with national oil companies respectively.
As a result, ordinary profit was US$ 5.6 million on total revenue of US$ 73.5 million, up by 70.8% and 10.4% from the previous year respectively. Net income was US$ 16.8 million, up by 664.6% from the previous year, maintaining black in figure for ten straight years. (Converted at JPY107.60/US$ for 2004) .
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.
JDC has placed an order to PPL Shipyard, Singapore on May 24, 2005, for building a new jack-up. The unit is of the Baker Pacific Class 375 design, will be capable of drilling down to 30,000 feet in water depths of up to 375 fsw (114 msw) and have accommodations for 120 people. The unit is scheduled for delivery in February, 2008.
Hakuryu-3 has achieved 1,500,000 manhour No-LTI(Lost Time Incident) during the period from Jun. 6, 2000 until Feb. 8, 2005.