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PV Drilling To Secure New Drilling Contract

Source: 9/30/2019, Location: Asia

PetroVietnam Drilling & Well Service Corporation (PV Drilling) has entered into a Contract for Provision of Heavy Tender Assist Semi-Submersible Drilling Unit “PV DRILLING V” with Brunei Shell Petroleum Company SDN BHD (BSP). The contract has the duration of six years, plus two (2) times of two (2) year extension with commencement date of 01st April, 2021 in Brunei Darussalam.

PV DRILLING V, which is the 8th TAD in the world, is the latest generation of its kind with state-of-the-art technology and could be considered the most modern TAD Rig with the SSDT 3600E HP design. In addition, PV DRILLING V is also the first design with high-tech applications that enables the Rig to work on the High Pressure High Temperature wells (HPHT) by its BOP control system that has working pressure up to 15.000 psi (equal approximately 1020 atm). The rig was completed in late 2011 and served for the drilling campaign of Bien Dong POC at Hai Thach – Moc Tinh field in early 2012 with a total of 16 drilling wells in deep water and offshore areas with extremely complicated and difficultly geological conditions. However, PV DRILLING V managed to complete the project prematurely, which assisted Bien Dong POC in saving time and reducing operation cost. During the whole project, the TAD has safely operated with operating efficiency of over 96%. This success has affirmed PV Drilling's capability on mastering the technology and valuable experience of the rig’s technical staff.

The above contract not only helps to affirm PV Drilling’s capability in service provision but also offers PV Drilling an opportunity to provide BSP drilling services for the first time, especially brings job for the TAD rig. This is also the longest-term drilling contract PV Drilling has entered into. Taking this ocassion, PV Drilling will confirm and strengthen its presence in such an oil and gas strategic market as Brunei.

The contract with BSP is really a positive sign for PV Drilling as oil price is stably recovering, resulting in budget for exploration and production programs has considerably increased and more drilling programs have recently been launched. This will help PV Drilling to have a healthy cash flow and contribute significantly to its business outcome in the following years.

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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

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