Vietnam's PV Drilling Shelves Fleet Expansion, Waits on Market Recovery

Vietnam's PV Drilling Shelves Fleet Expansion, Waits on Market Recovery
PV Drilling is putting fleet expansion on hold as operating dayrates soften on lower offshore drilling activity.

State-owned PetroVietnam Drilling & Well Services Corp. (PV Drilling) has been exploring opportunistic acquisitions to grow its offshore drilling fleet to 10 rigs in support of its expansion into the larger Southeast Asia region, although these have been held back as the drilling market softens following unfavorable oil price movements.

Vietnam's PV Drilling Shelves Fleet Expansion, Waits on Market Recovery
Newbuild PV Drilling VI at Keppel FELS yard in Singapore. Source: Keppel

Over the weekend, PV Drilling took delivery of the first jackup earmarked for its overseas division, the KFELS B Class PV Drilling VI (400’ ILC), from Singapore-based Keppel FELS Ltd.

PV Drilling’s Overseas Ambition

As early as a decade ago, the Vietnamese drilling outfit has set its heart on owning 10 offshore rigs, which is deemed as the critical mass supporting the company’s expansion outside its home country, according to Chief Executive Pham Tien Dung.

Dung clarified any further newbuild investment remains subject to drilling demand requirements, although he acknowledged PV Drilling’s overseas ambition had been constrained by its fleet size, which comprises one semisubmersible tender assist drilling unit and four jackups, including its latest addition, the PV VI, according to Rigzone’s RigLogix database.

PV Drilling has in turn looked into acquiring either jackups or semisubmersibles currently being built on speculation.


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