The PetroVietnam Drilling & Well Service Corporation (PV Drilling)’s rig PV Drilling III will implement its contract to drill five new wells for Kris Energy in Cambodia for three months, starting October.

The rig PV DRILLING II will commence a 100-day drilling campaign
in Vietnam from September 2020 (Photo courtesy of PV Drilling) 

Meanwhile, the rig PV Drilling II will start a 100-day drilling campaign in Vietnam from September, according to the corporation.

It said from August 2020, a number of tenders for oil drilling this year in Vietnam as well as the Southeast Asian region have become scarce with 26 out of 61 jack-up rigs in the region unemployed.

PV Drilling also suffered the same difficulty when both rigs of PV Drilling II and PV Drilling III had to cease operations in Malaysia from July 2020 and June 2020, respectively, significantly earlier than their contractual plan.

Therefore, PV Drilling will monitor the supply-demand situation in the market to seek new drilling contracts to meet business targets for this year approved at PV Drilling’s general meeting of shareholders.

PV Drilling believes that all of its jack-up rigs would have work next year. Of which, from the second quarter of 2021, its rig PV Drilling V would start to carry out a long-term contract signed with Brunei Shell Petroleum (BSP).

The corporation reported that it gained year on year growth of 64% in total revenue during the first six months of this year to VND3.18 trillion. While, its post-tax profit reached VND85 billion, higher than that of VND22 billion in the first six months of last year.