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Falcon Energy Inks Preliminary Agreement with PetroVietnam on JV Setup

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Singapore-listed Falcon Energy Group (FEG) said Saturday that it has entered into a preliminary agreement with PetroVietnam Drilling and Well Services (PVDWSC) to set up a joint venture company in Singapore, focused on providing drilling services and associate services to clients. 

In its disclosure, FEG said that both of the companies "will use their good faith efforts to discuss and conclude the definitive joint venture agreement."

FEG's disclosure follows closely on the heels of a statement which PVDWSC released last week.

In its statement, PVDWSC said that it will set up a joint venture (JV), named PV Drilling Overseas, with FEG to provide oil rigs to foreign oil companies.

FEG will invest $185 million (SGD227 million) in purchasing the oil rigs to lease to oil contractors in Southeast Asia, the Gulf of Mexico and the Middle East. The partners in the JV will each contribute $29 million (SGD35 million), while the remaining funds will be borrowed.

FEG had earlier in October 2011 inked an agreement with China Merchants Heavy Industry (CMHI) for two jackups, with the options for two repeat rigs at a later date. The GustoMSC CJ46-X100-D jackups – FEG’s first pair of drilling units – are capable of drilling in a water depth of about 375 feet and can operate in cold and harsh environments.

Under the signed agreement, the jackups which are being built at CMHI’s shipyard on Shenzhen’s Mazhou Island, are slated for delivery in October this year.

 

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