Petrovietnam Drilling and Well Service Corporation (PV Drilling) has revealed that it would be investing in a three-leg multi-purpose jackup rig, expected to begin operations in the fourth quarter of 2025.
Due to a growing demand for jackup rigs, PV Drilling decided to go for a used rig built according to the standard design of Keppel FELS, Class B MOD V version, operating in Southeast Asia, East Asia as well as Australia and Oceania with the largest seabed depth of 120 m.
The rig will be capable of drilling wells with a depth of up to 9,000 m, with up to 120 people working directly on the rig.
The main technical characteristics of this rig are almost similar to the jackup rigs already owned by PV Drilling. After taking over the unit from the seller, PV Drilling will overhaul the rig.
PV Drilling currently owns four jack-up rigs, one semi-submersible tender assist drilling rig and one land rig. All offshore rigs are fully booked for international drilling until the end of 2025, with some rigs even having firm contracts until 2028, not counting extension options which could extend the deals for another two to three years.
The jackup rig demand is high in Southeast Asian markets such as Malaysia, Indonesia, and Vietnam and the worldwide dayrates for such rigs go from $100,000 – $130,000 and in some cases up to $150,000.
If the demand and dayrates within the next five years stay within forecasts made by West Global Energy – around $110,000 – $140,000 per day – PV Drilling said it would purchase an additional jackup depending on the ability to find a suitable rig.
In related news, PV Drilling has announced that it established a joint venture company in Indonesia named PT PetroVietnam Drilling Indonesia – abbreviated as PT PVD Indo. The term of operation of the joint venture is 10 years and can be extended depending on the agreement of the parties.
The main purpose of the JV is to provide jack-up rig rental services and well technical services to support oil and gas exploration and exploitation activities in the Indonesian market.
