PV Drilling invests in additional self-elevating drilling rigs.

The Vietnam Oil and Gas Drilling and Services Corporation (PV Drilling) has just signed a contract to purchase an additional self-elevating drilling rig, tentatively named “PV DRILLING X”, marking an important step in the Corporation's investment and sustainable development strategy in the new phase.

PV DRILLING X (tentative name) – contributing to increasing PV Drilling's fleet of modern offshore drilling rigs to 8 rigs.

According to the plan, this drilling rig will be towed back to Vietnam in October 2026 for restarting operations, technical inspection, and system upgrades before officially providing services to the market from the second quarter of 2027.

PV Drilling is investing in additional self-elevating drilling rigs amidst continued volatility in the regional and international oil and gas drilling market due to geopolitical and macroeconomic factors. However, the outlook for drilling rig demand in Vietnam and the region is considered positive thanks to the accelerated implementation of oil and gas exploration, development, and production projects. This forms the basis for the Corporation's decision to expand its service capacity at a reasonable investment cost.

Given the positive market developments, in addition to maintaining high operational and utilization rates of its owned drilling rigs in key Southeast Asian markets, PV Drilling has proactively and flexibly mobilized and arranged partner rigs, as well as decided to invest in additional rigs to promptly meet the needs of exploration and production drilling programs both domestically and internationally. This has enhanced the competitiveness, brand reputation, and position of Vietnamese drilling contractors in the regional market.

The continuous expansion of its drilling rig fleet for three consecutive years (2024, 2025, and 2026) demonstrates that PV Drilling is not only strengthening its competitiveness and improving its ability to meet customer needs, but also affirming its determination to consolidate its internal strength, proactively seize market opportunities, and achieve stable, efficient, and sustainable development goals.

PV Drilling is a member unit of the Vietnam National Energy and Industry Group ( Petrovietnam ) operating in the field of providing drilling rigs, technical services for drilling and wells, and manpower supply services for drilling (offshore, onshore, geothermal and carbon capture well drilling).

With a 25-year history of exploration, construction, and development, PV Drilling has made significant strides, becoming one of Petrovietnam's leading corporations and a reputable drilling contractor and well service provider in the domestic and regional markets. PV Drilling owns 7 modern offshore drilling rigs and is currently investing in its 8th. PV Drilling remains committed to its strategy of developing drilling services in deeper and more distant waters, and targeting international markets to support the exploration and exploitation of oil and gas resources for Vietnam and the world .

THANH NGUYEN

Source: https://www.sggp.org.vn/pv-drilling-dau-tu-them-gian-khoan-tu-nang-post855551.html