Japan’s JX Nippon Oil & Gas Exploration has agreed to acquire the country’s only offshore drilling rig contractor Japan Drilling Company (JDC) in a move it said would strengthen its competitiveness in oil and gas as well as carbon capture and storage.

JX Nippon — headed by chief executive Toshiya Nakahara — said the acquisition will be carried out by means of it acquiring the entire issued shares of Aspirant Group SPC No 8, which currently owns all the shares of JDC.