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.


Most Popular Articles