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Petrovietnam Drilling and Drilling Services Joint Stock Corporation (PV Drilling) has decided to establish four operating offices in ASEAN countries as part of its efforts to expand its presence in the region.
In its filing to the State Securities Commission (SSC) and Ho Chi Minh Stock Exchange (HOSE) this week, the company said it would establish offices in Malaysia, Thailand, Brunei and Indonesia to support its rig operations in these nations.
The firm is currently engaged in drilling programs for oil and gas contractors in these countries. Notably, it has secured a significant contract with Brunei Shell Petroleum Company Sdn Bhd (BSP) for a period of six years, with the possibility of two two-year extensions thereafter.
The stable job opportunities for PV Drilling’s rigs in foreign markets also present prospects for the growth and development of its technical service units. In the future, PV Drilling and its affiliated units aim to strengthen their involvement in providing various technical services in the markets where PV Drilling operates rigs. These services may include personnel training, drilling manpower provision, drilling equipment leasing, and more.
According to PV Drilling’s General Director Nguyen Xuan Cuong, after six months, the company has achieved its production and business plan set for the whole year. With the positive indicators of increasing demand, PV Drilling anticipates doubling its profit, reaching VND200 billion ($8.4 million), surpassing the initial set target.
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