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Major win for Vietnam’s PV Drilling

A key contract in Brunei’s only semi-submersible tender assist drilling rig was recently won the Vietnam based PetroVietnam Drilling & Well Services (PV Drilling). The project is set to run in the second quarter of 2020 for a period of six years. 

Various tenders from rig specialists across Southeast Asia had been invited by Brunei Shell Petroleum (BSP), with bids from other big industry players like Singapore – based Energy Drilling, Sapura Drilling and Seadrill. Requirements of the tender included preference for a rig with less than 15 years of service and developing a modern unit.

This is a major success for PV Drilling, who’s tender assist rig PVD V was built in 2011 by Keppel Fels to fulfil a contract at the Hai Thach-Moc Tinh project. However, that saw a premature end in September 2016 and has been stacked at PV Shipyard in Vung Tau since then. It is believed that PV Drilling has been putting in their best effort to find projects for the unit. PV Drilling had bid on quite a number of projects in Brunei. In fact, at one point in time, PV Drilling was examining the option of selling the tender assist rig since it did not foresee many opportunities in Vietnam. 

Negotiations for the BSP project were held with multiple operators such as the Bien Dong Petroleum Operating Company and with the Phu Quoc Petroleum Operating Company, however, PV Drilling won in the end. The tender includes a concrete plan to assist rig in early 2020 as a production unit at PetroVietnam’s Dai Hung oilfield. Since the old platform currently operating at Dai Hung has reached the end of its operational life, this project is much required. 

PV Drilling has garnered the ambition to become a regional player for long. It’s newly appointed CEO Nguyen Xuan Cuong, had led the company through the difficult times in recent years. This project will certainly be a turning point in the life of the company.  

Source: Upstream Online

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