Japan Drilling Company applies for court protection

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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