Tuesday, 26 Sep 2017
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ECONOMY

PV Drilling to provide jack-up rig for KrisEnergy

Updated at Sunday, 03 Sep 2017, 08:19
The Hanoitimes - ​Successful bids of providing services for neighbor countries have shown the success of PetroVietnam Drilling & Well Services Corporation (PV Drilling) in the strategy of expanding its market abroad.
The jack-up rig is expected to be put into operation in October 2017.
The jack-up rig is expected to be put into operation in October 2017.
As such, PV Drilling has announced the contract for provision of the jack-up rig “PV Drilling 1” and related technical services for KrisEnergy Ltd (Gulf of Thailand). KrisEnergy Ltd (Gulf of Thailand), a wholly owned subsidiary of KrisEnergy Ltd, has 89% working interest and operatorship of G10/48 and Palang Sophon Offshore holds the remaining 11%.

The Contract will be performed in Block G10/48 in the Gulf of Thailand and remain in effect for the duration required to complete the six (06) firm wells and two (02) optional wells, worth approximately US$6 million. PV Drilling 1 will be mobilized and commence operations in early October 2017. This will be the second contract of PV Drilling in 2017 to provide jack-up rig for foreign markets. 

PV Drilling 1 successfully completed a contract in Myanmar for Total E&P Myanmar in April 2017 and this new contract in Thailand marks the second country penetrated by PV Drilling I, in line with PV Drilling’s business strategy to expand its drilling rig services into international markets.

Successful bids of providing services for neighbor countries have shown the success of PV Drilling in the strategy of expanding its market abroad, it is also seen as effort to overcome difficulties and challenges due to the decrease of oil price.
Nguyen Tung - Khac Kien
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