Japan Drilling Company (JDC) has been granted court protections while it works through a process of "corporate reorganisation".
The company said the reorganisation process began with an application to the Tokyo District Court, which issued several orders regarding JDC's financial status.
JDC said it became insolvent following three consecutive operating losses in the past financial periods, as well as recognising impairment losses for the newbuild jack-up Hakuryu-14, and transferring a loss provision for the under-construction jack-up Hakuryu-15 in the period ended 31 March 2018.
