PetroVietnam Drilling & Well Service Corporation last week signed a contract worth over US$6 million for providing jack-up rig “PV Drilling I” and drilling services to Singapore-based KrisEnergy (Gulf of Thailand) Ltd.

Work is scheduled to start in October, 2017. According to the signed contract, PV Drilling I will be performed in Block G10/48 in the Gulf of Thailand and remain in effect for the duration required to complete the six firm wells and two optional wells.

KrisEnergy (Gulf of Thailand) Ltd, a wholly owned subsidiary of KrisEnergy Limited, has 89 per cent working interest and operatorship of G10/48, while the remaining 11 per cent belongs to Palang Sophon Offshore Pte. Ltd.

This contract is the second drilling deal that PV Drilling has secured this year with foreign partners.

Previously, PV Drilling I successfully completed a contract in Myanmar for Total E&P Myanmar in April 2017.

The new contract marks the corporation’s business strategy to expand its drilling rig services into international markets.

In the first half of 2017, PV Drilling recorded a revenue of VND1.448 trillion ($63.8 million), a year-on-year decrease of 57 per cent and a loss of VND273 billion. — VNS