No more drilling for Naga-1 rig. JDC sells it for scrap

Japanese offshore drilling company JDC has sold its 43 years old semi-submersible drilling rig Naga-1 for scrap.

Japan Drilling Company said the rig, formerly known as Hakuryu-3, owned by JDC’s subsidiary, JDC Panama, Inc., was sold on October 20, 2017.

JDC decided to sell this 1974 built semi-submersible rig to an overseas entity for demolition.

In recent years “NAGA 1” operated mainly in Malaysia and was jointly owned by JDC Group and Malaysian UMW Group. In May 2017 it became 100% Japanese owned, after UMW sold its stake in the rig to  JDC for $1.6 million.

The two companies had each owned 50 percent of the Naga 1 rig, under a rig co-owning agreement between the two from March 2005.

Mitsubishi-designed propulsion-assisted semi-submersible Naga 1 drilling rig was constructed at Hiroshima Shipyard & Engine Works by Mitsubishi Heavy Industries and commissioned in July 1974. It was enhanced and upgraded in October 2012.

Offshore Energy Today Staff