The PV DRILLING II Jack-Up Rig. VNS Photo Văn Châu

In 2025, PV Drilling will continue another ambitious journey to expand its operation, focusing on the competitive Southeast Asian region.

Throughout its 23 years of development, PV Drilling has made significant strides, establishing itself as the reputable drilling contractor and technical well services provider in both domestic and regional markets.

Pursuing a strategy to expand drilling services into deeper waters and penetrate international markets, PV Drilling operates its headquarters in HCM City, along with machinery and equipment workshops in Bà Rịa-Vũng Tàu Province's Vũng Tàu City.

Additionally, the company has established drilling management offices in Malaysia, Brunei, and Indonesia to support oil and gas exploration and production activities in Việt Nam and Southeast Asia.

With nearly 2,000 employees at its headquarters and 13 subsidiaries, PV Drilling has demonstrated its extensive capabilities and service quality, including drilling rig operations, technical well services, skilled offshore personnel, mechanical fabrication, equipment inspection, maintenance, and repair services for the oil and gas industry and other industries.

This year highlighted PV Drilling’s exceptional effort in conquering the regional market, as all offshore rigs were fully operational throughout the year.

Notably, several rigs secured long-term contracts extending to 2028 in key markets such as Malaysia and Indonesia.

PV Drilling's owned rigs consistently achieved high operational efficiency while maintaining and ensuring Zero LTI (Lost Time Incidents) across all operations in demanding markets such as Malaysia, Brunei, and Indonesia.

PV Drilling is set to become the largest drilling contractor in Indonesia from 2025, operating two jack-up rigs, PV DRILLING II and PV DRILLING III, simultaneously. VNS Photo Văn Châu

Under the “ONE PVD” strategy, PV Drilling’s subsidiaries, including PVD DD, PVD Tech, PVD Logging, and PVD Well Services, made significant breakthroughs in expanding their service to international markets.

It also marked a significant milestone for PV Drilling as it expanded its service portfolio by securing a lump-sum contract for the Sông Đốc decommissioning project, which commenced this December.

Remarkably, this is Vietnam’s first mine destruction project, and PV Drilling is the lead contractor in a joint venture with partners from the Petrovietnam ecosystem.

Additionally, an investment in a Hydraulic Workover Unit (HWU), a three-legged multi-purpose jack-up rig with cantilever, and other advanced technical equipment, alongside the establishment of a joint venture in Indonesia, demonstrated PV Drilling’s bold yet strategic step.

These actions reflect its commitment to expanding services, and creating a new driving force for growth in its journey to reach out to the ocean.

With remarkable efforts in 2024, PV Drilling achieved outstanding results, exceeding its business targets.

This reflects its strong commitment to sustainable development, innovation, and its positive impact on the community, customers and partners.

Riglogix forecasts that over the next four years, the Southeast Asia region will require approximately 45 to 50 jack-up rigs annually.

In 2025, PV Drilling will continue its journey of expanding into the global market, focusing particularly on Southeast Asia, where its subsidiaries also have substantial opportunities to increase market share.

In order to strengthen its internal capacity, PV Drilling will further enhance corporate governance, with particular emphasis on ESG practices.

The company will also bolster financial management and cash flow, implement financial reporting under IFRS standards and invest in training high-quality technical manpower while pursuing a strategy to localise management and rig operation teams.

PV Drilling anticipates even stronger breakthrough in 2025, aiming for sustainable development. – VNS