Japan: JX Nippon to Buy Offshore Drilling Firm JDC

Thursday, March 16, 2023

JX Nippon Oil & Gas Exploration Corporation has to acquire the entire issued shares of the offshore drilling firm Japan Drilling Co., Ltd. (“JDC”).

The company plans to complete the acquisition around the end of April of  2023.

"Upon completion of the acquisition, JDC will become a consolidated subsidiary of JX, and we will continue to work with JDC as a partner to increase the corporate value of JDC and pursue its stable and continuous growth," JX said.

"JDC is the only one company in Japan engaged in the offshore drilling business, and has built up an excellent reputation internationally for its technical capabilities as well as its professional personnel having highly specialized skills and knowledge. Through our collaboration to date, we have placed a great deal of trust in the human resources and technological capabilities of JDC, particularly in its drilling operations and safety management capabilities," JX said.

"We believe that, once JDC, which is also a valuable asset to Japan, joins with our group, our competitiveness in the oil and natural gas development business will further strengthen,"  JX added.

According to information on JDC's website, the company currently owns three jack-up drilling rigs, one semi-submersible drilling rig, and one deep-sea drilling vessel.

Drilling Wells for CO2 Storage

JX said that ENEOS Group, of which JX is a member, had set a goal in its 2040 Long-Term Vision that it will contribute to a "low-carbon, recycling-oriented society, and has announced that it will work toward achieving carbon neutrality for its own emissions by FY2040. "

"JX has accumulated the knowledge and technologies in respect of the CCS/CCUS through its relevant projects, especially the Petra Nova CCUS Project in U.S.A., and the CCS/CCUS is regarded as an effective measure for achieving carbon neutrality," JX said.

"Drilling wells to inject and store CO₂ underground is an important technological component of the CCS/CCUS value chain, and JDC's participation will further reinforce the CCS/CCUS value chain offered by the ENEOS Group and enhance its set-up and capabilities to help Japan achieve its carbon neutrality plan," JX added.

Categories: Mergers & Acquisitions Drilling Industry News Activity Asia Drilling Rigs

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