JDC Announced the Signing of New Drilling Contract for "HAKURYU-10"
Further to JDC's flash report of a new contract award on December 28th, 2011 to its 95% owned Indonesian subsidiary P.T. Japan Drilling Indonesia by Total E&P Indonesie, JDC officially announced today that the approval from The Upstream Oil and Gas Executive Agency of Indonesia (BPMIGAS) has been obtained and the parties agreed to sign a new drilling contract for the rig "HAKURYU-10" owned by Japan Drilling (Netherlands) B.V., a consolidated subsidiary of JDC.
The contract duration is 2 years firm plus two set of 1 year option and the value is approximately US$110 million for 2 years firm period. The contract is expected to be signed around the end of February. The drilling operation will commence between April 2012 and June 2012.