PV Drilling’s business activities were dramatically affected by the idle oil rig market in Southeast Asia in the first quarter. — Photo pvdrilling.com.vn

PetroVietnam Drilling and Well Services Corporation (PV Drilling) has signed multiple new contracts in the second quarter of this year.

After completing its drilling campaign for Total E&P Myanmar, PV Drilling will supply its Drilling 1 rig for offshore drilling to Cuu Long Joint Operating Company, which is engaged in petroleum exploration and production.

Meanwhile, Drilling II and Drilling III rigs have re-entered the market to service Murphy Oil Corporation and Con Son, respectively.

Drilling VI rig has served Hoang Long Hoan Vu Joint Operating Company since mid-March and Drilling 11 rig is drilling wells for Algerian customer Sonatract.

PV Drilling said prices of services are increasing thanks to the stellar performance.

This year, PV Drilling’s annual shareholders’ meeting approved a plan to earn VND2.3 trillion (US$101 million) in revenue in 2017.

In a bid to realise its business targets in 2017, the company is striving to get additional contracts for its rigs and other drilling technical services. It will also look to recover overdue debts.

Cutting oil rigs’ operation costs and negotiating with suppliers to reduce input costs are part of the company’s efforts to improve financial management.

PV Drilling’s business activities were dramatically affected by the idle oil rig market in Southeast Asia in the first quarter.

Oil rig rental prices dropped by 60 per cent and other related services fell 50 per cent, causing the company to lose, for the first time in its operation history, more than VND200 billion. — VNS