Japan Drilling Company has sold its 50% ownership of the semisub Hakuryu-3 to a subsidiary of UMW Corporation, a joint venture partner in Malaysia, on June 1, 2005, and the rig has been renamed NAGA 1 under Panamanian flag.
NAGA 1, under co-ownership of JDC and UMW, will continue to be operated by UMW JDC Drilling Sdn. Bhd. (UJD), Malaysian drilling joint venture, for the duration of ongoing contract with Petronas Carigali Sdn. Bhd, which is expected to complete around the end of 2005.
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