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In just 3 consecutive years of expanding its offshore drilling fleet, is PV Drilling seeing a "new wave of oil and gas" that most of the market has not yet realized?
The event of PV Drilling signing a contract to purchase a new jack-up drilling rig expected to be named PV DRILLING X is not simply an equipment investment deal. This is considered a signal showing great confidence of businesses in the prospects of the oil and gas industry in Vietnam and the Southeast Asia region for many years to come.
In a context where many industries are still cautious in the face of global economic fluctuations, PV Drilling decided to expand production capacity with an asset worth hundreds of millions of dollars, requiring long-term vision and accurate market forecasting ability.
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PV Drilling's Rig Team Scale Continues to Expand
According to the plan, the new drilling rig will be brought to Vietnam in October 2026 to carry out:
✅ Restart the system
✅ Technical inspection
✅ Upgrade technology
✅ Prepare to put into commercial operation from the second quarter of 2027
Drilling rig team capacity
Criteria Before investment After investment
Number of rigs owned 7 8
New type of rig - Self-raising Jack-up
Operation time - Q2/2027
Southeast Asia target market Vietnam and internationally
Increasing the total number of owned drilling rigs to 8p PV Drilling continues to maintain its position as one of the strongest drilling contractors in the region.
Why Does PV Drilling Dare to Invest Boldly?
Many large oil and gas projects are being implemented simultaneously:
Block B - O Mon gas power project chain
PVEP's drilling programs
New oil and gas fields offshore Vietnam
Drilling demand in Malaysia
Drilling demand in Indonesia
Drilling demand in Brunei
Mine development programs in the Middle East
This makes the jack-up rig market significantly more exciting than the decline period of 2015 - 2020.
Compare With Regional Drilling Contractors
National Contractor Strengths
PV Drilling Vietnam Southeast Asia, well services
Velesto Energy Malaysia Jack-up rig
Borr Drilling International Modern rig team
Shelf Drilling UAE Middle East Market
ADNOC Drilling UAE Largest scale in the Gulf region
The notable point is that PV Drilling is competing directly with international names and is no longer only operating within the domestic market.
Signals That The Oil And Gas Industry Is Hot Again
Over the past many years, jack-up rig rental prices have recovered strongly thanks to:
Oil prices remain at attractive levels
Countries strengthen energy security
Shortage of high quality drilling rigs
Many old rigs were removed from the market
LNG gas projects boost drilling demand
This gives drilling contractors who own modern assets a great advantage in terms of revenue and profits.
A 25-Year Journey From a Young Business to a Regional Contractor
Milestone Phase
2001Established PV Drilling
2007 Putting PV DRILLING I into operation
2010 - 2020 Expanding international markets
2024 Additional rig team
2025 Continue to expand capacity
2026 Investment in PV DRILLING X
2027 Expected commercial operation
From a domestic oil and gas technical services enterprise, PV Drilling has now become a brand capable of competing in demanding markets such as Malaysia, Indonesia and the Middle East.
Strategic Perspective
The investment in PV DRILLING X shows that Petrovietnam and PV Drilling are betting on the trend of increasing exploration and exploitation activities in the next decade.
If large projects such as Block B - O Mon, Blue Whale and offshore fields are implemented on schedule, demand for drilling rigs in Vietnam can remain high for many consecutive years.
This is also one of the clearest signs that Vietnam's oil and gas industry is entering a new stage of development, not only focusing on exploiting resources but also building technical service capacity capable of competing in the international market.
In your opinion, is PV Drilling's investment in an 8th rig a bold step or a decision at the right time before the strong recovery wave of the oil and gas industry?
#Petrovietnam #PVD #PVDRILLINGX #GianKhanTuNang #KhanBien #NangLuongVietNam #LoBOMon #DauKhiVietNam #CongNgheDauKhi #TinNangLuong #TimKiemTop #PVDrilling #OffshoreDrilling #JackupRig #VietnamEnergy
