JX Nippon begins process to acquire Japan Drilling
Japanese oil and gas exploration firm JX Nippon has reached an agreement with Aspirant Group to acquire the entire issued shares of Japan Drilling Company (JDC). The company said that it will proceed with the procedures to obtain the required regulatory approvals with the aim of completing the acquisition of JDC around the end of April 2023. Upon completion of the acquisition, JDC will become a consolidated subsidiary of JX Nippon.
“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. 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 Nippon said in a statement.