Japan Drilling Company (JDC) has filed a petition with the Tokyo District Court for the commencement of corporate reorganisation proceedings.
According to JDC, the company became insolvent after recording operating losses for three consecutive years, and impairment losses concerning the company’s offshore drilling rigs Hakuryu 14 and Hakuryu 15 have made the company’s financial status even more severe.
The court has issued a temporary restraining order to halt repayments, and JDC said the company intends to make every possible effort to continue operations.
JDC currently operates five offshore drilling rigs comprising four jackup rigs and one semi-submersible rig.
