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Local banks fund PVD $160m to purchase oil rig

Update: May, 09/2014 - 08:25

Banks and PVD representatives show up for the signing ceremony in HCM City. — Photo vietcombank

HA NOI (VNS) — Three domestic commercial banks have signed contracts worth US$158.7 million with PetroVietnam Drilling & Well Services Corporation to buy the jack-up rig PV Drilling VI on Tuesday.

They are the Bank for Foreign Trade of Viet Nam (Vietcombank), the Viet Nam Export and Import Bank (Eximbank) and the Southeast Asia Commercial Joint Stock Bank (SeABank).

Singapore-based PV Drilling Overseas, a subsidiary of PVD, will be in charge of rig construction project worth $226.7 million.

PV Drilling Overseas said the rig, which is expected to go into operation in March 2015, is capable of operating in depths of up to 400 feet (121.92m) underwater and could drill up to a maximum depth of 30,000 ft (9,144m). The rig can hold up to 150 people and is designed to allow aircraft such as Sikorsky, S61N and special Mi-17. — VNS

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