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Ultra-Deepwater Drillship Now in Operation in Petrobras Pre-Salt Oil Field off Brazil

May 16, 2012


Mitsui & Co., Ltd.
Nippon Yusen Kabushiki Kaisha
Kawasaki Kisen Kaisha Ltd.
Japan Drilling Co., Ltd.


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Mitsui & Co., Ltd. (head office: Chiyoda-ku, Tokyo; President: Masami Iijima), Nippon Yusen Kabushiki Kaisha (head office: Chiyoda-ku, Tokyo; President: Yasumi Kudo), Kawasaki Kisen Kaisha Ltd. (head office: Chiyoda-ku, Tokyo; President: Jiro Asakura), and Japan Drilling Co., Ltd. (head office: Chuo-ku, Tokyo; President: Minoru Murata) are participating in an ownership consortium for an ultra-deepwater drillship being used in the provision of charter services to Petroleo Brasileiro S.A. ("Petrobras"), the Brazilian state-owned petroleum company. Delivered on December 15, 2011, the vessel arrived at the drilling area in Brazil on February 4, 2012, and has been under charter to Petrobras since April 25.

Named "Etesco Takatsugu J," the drillship is the most advanced of its type in the world. It is capable of drilling in water depths of 10,000 feet (3,000 meters) and down to 30,000 feet (9,000 meters) below the seabed. The first well will be drilled in the Franco SW block in water approximately 2,000 meters deep about 200 kilometers off Rio de Janeiro. The area is located in pre-salt fields in which Petrobras holds an interest.

The drillship is owned by Etesco Drilling Services, LLC, a company that was established in the United States with the four Japanese companies holding equity stakes totaling over 85 percent. Etesco Drilling Services will provide vessel charter services to Petrobras for up to 20 years.

In recent years, there have been numerous discoveries of large oil and gas fields in pre-salt areas in Brazilian coastal waters, and there is worldwide interest in these massive deposits. The region concerned is believed to have the potential for further development and is a priority area for Petrobras. Through this business, the four Japanese companies will contribute to exploration for oil and gas in the promising fields.

The Drillship [ETESCO TAKATSUGU J] offshore Rio de Janeiro, Brazil The Drillship "ETESCO TAKATSUGU J" offshore Rio de Janeiro, Brazil

Reference: Press Release, June 16, 2009
Participation in project for ultra-deepwater drillship to be chartered by Petrobras for pre-salt exploration

Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

 

 

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Kazuhisa Kawamura
Corporate Communications Division
Telephone: +81-3-3285-7540
Facsimile: +81-3-3285-9819
Nippon Yusen Kabushiki Kaisha
Jiro Tanita
Corporate Communications Group
Telephone: +81-3-3284-5188
Facsimile: +81-3-3284-6382

Kawasaki Kisen Kaisha, Ltd.
Jitsuo Narita
IR & PR Group
Telephone: +81-3-3595-5083
Facsimile: +81-3-3595-5001

Japan Drilling Co., Ltd.
Kazuhiro Yoshinaga
Corporate Strategy Planning Dept.
Telephone: +81-3-5847-5862
Facsimile: +81-3-5644-5701