PetroVietnam subsidiary wins drilling contract in Indonesia

PetroVietnam Drilling and Well Service Corporation (HoSE: PVD) won the contract through subcontractor PT. Jimmulya. The corporation will provide PV Drilling II jack-up rig to serve drilling activity in the waters of Natuna, Block A, Indonesia, beginning in the third quarter.

Indonesia is considered a potential market and difficult to penetrate in the region due to strict policies from the local government.

PV Drilling started providing offshore drilling services in 2007 with the continuous presence of PV Drilling 11 onshore drilling rig in Algeria. Since 2016, PV Drilling has stepped up the work of expanding overseas markets for jack-up rigs.

In 2016, PV Drilling started supplying PV Drilling I jack-up rig to Total Myanmar in Myanmar, followed by a series of successful drilling campaigns in Thailand, Malaysia and Cambodia.

For deep-water drilling services, in 2019, PV Drilling signed a contract to supply the TAD - PV Drilling V semi-submersible support rig to Brunei Shell Petroleum (BSP). Currently, PV Drilling V is serving a long-term drilling campaign for BSP in Brunei.

In 2021, the oil and gas drilling service business reported a 24% decrease in revenue to VND3,988 billion, a deep drop in profit after tax of 90% to VND 19 billion and 77% of the year plan.

PV Drilling was established on the foundation of PTSC Offshore, a subsidiary of PTSC. The establishment of PV Drilling aimed for building and developing a specialized oil and gas technical service provider of Vietnam National Oil and Gas Group in order to enhance the initiative in drilling and drilling-related services in Vietnam.