Vietnam's Services Firms Look Overseas as Growth Slows at Home
As an extension of its global growth strategy, the firm expanded its supply of manpower, mud logging and other well technical services to PVEP Overseas in Myanmar last year, PV Drilling said in its 2013 business performance report and its 2014 business plan which were submitted to the company’s annual general meeting in April. PV Drilling also set up a representative office in Malaysia to support its expansion overseas.
In addition, PV Drilling formed a joint venture (JV) in Singapore named PVD Overseas to operate PV Drilling VI (400’ ILC), a newbuild jackup which is currently under construction at Keppel FELS shipyard in Tuas, Singapore. The jackup, costing $210 million, is scheduled to join PV Drilling’s fleet next February.
“The rig pipeline from the Singaporean JV can be expanded until the horizon of 2017 to seize the bright opportunity of the drilling market. This material step will help to realize our goal to provide offshore drilling rigs in Southeast Asia region,” PV Drilling President and CEO Pham Tien Dung told Vietnam Investment Review in an interview last December.
“This area has huge opportunities with a vast oil and gas potential and robust outlooks for exploration and production activities. This is feasible for our sustainable development based on a sound cost-benefit analysis. In the longer term, larger markets like the Middle East and the Gulf of Mexico are our ultimate targets,” Pham added.
PV Drilling has a 55 percent share in PVD Overseas, with Joy Pride Investments Ltd. – a subsidiary of Singapore’s Keppel Corporation – holding 35 percent stake, while another Singaporean firm Falcon Energy Group Ltd. has the remaining 10 percent.
On PV Drilling VI, industry watchers believed the jackup may already have an assignment. Given its costs “over $200 million … there must some memorandum of understanding for the jackup when it becomes operational,” Nyugen Thi Than Thuy, a Hanoi-based analyst with SSI Securities Services’ Institutional Research & Investment Advisory told Rigzone.
Separately, PV Drilling indicated at the Offshore Technology Conference Asia (OTC Asia) in Kuala Lumpur, Malaysia in March that the company intends to add a jackup and a semisubmersible tender assist drilling rig to its drilling fleet, according to Pham, with a decision on the fleet expansion still pending.
12345
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Malaysia's InvestKL Woos Top Oil, Gas MNCs to Base in Kuala Lumpur
- Petrobangla Invites EOIs for 3 Offshore Exploration Blocks in Bay of Bengal
- Malaysia's SapuraKencana Posts 7.1% Gain in 2Q FY17 PAT to $27M
- TH Heavy Engineering, McDermott End Partnership in Malaysia
- Singapore's NUS Slowly Builds its Petroleum Engineering Program
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension