Domestic oil rig demand set to soar with new projects

Domestic oil rig demand set to soar with new projects

The PV Drilling 8 rig, newly acquired in 2024, is slated to commence operations in Việt Nam by September, while PV Drilling 6 will return from overseas to serve a contract in mid-2027.

The annual shareholders meeting of PetroVietnam Drilling and Well Services Corporation (PV Drilling) takes place in HCM City on Wednesday. — Photo vietnamplus.vn

Việt Nam is projected to see a sharp rise in demand for oil and gas drilling rigs in 2025, underpinned by the accelerated implementation of a number of large-scale energy projects, including Đại Hùng Phase 3, Sư Tử Trắng Phase 2B, and Block B–Ô Môn.

The information was revealed by Nguyễn Xuân Cường, general director of PetroVietnam Drilling and Well Services Corporation (PV Drilling), a subsidiary of the Việt Nam National Industry and Energy Group (Petrovietnam), at the company's shareholders meeting in HCM City on Wednesday.

According to Cường, significant rigs such as Block B–Ô Môn, Đại Hùng Nam, and Sư Tử Trắng are entering key deployment stages this year. Meanwhile, recent discoveries like the rigs Hải Sư Vàng and Lạc Đà Hồng are set for development in the near future, offering PV Drilling new opportunities to bolster its foothold in the domestic market.

Cuong revealed that the PV Drilling 8 rig, newly acquired in 2024, is slated to commence operations in Việt Nam by September, while PV Drilling 6 will return from overseas to serve a contract at Block B – Phú Quốc in mid-2027, positioning the company for stronger revenue growth.

Amid a slowdown in the Middle East’s rig activity, which has temporarily sidelined approximately 30 rigs and affected global supply, Southeast Asia remains resilient, maintaining a rig utilisation rate of up to 97 per cent. This has helped stabilise rental prices across the region.

PV Drilling’s rigs continue to perform steadily in Malaysia, Brunei and Indonesia, supported by the firm's cost-effective and time-efficient rig and manpower services.

PV Drilling’s competitive edge lies in its full-package service offering, providing not only drilling rigs but also comprehensive technical services needed to complete a well. Its rigs from PV Drilling 1 to 6 have secured contract extensions through 2027.

The firm is also expanding into post-drilling services, including well intervention, LNG-related operations, and decommissioning engineering.

For this year, PV Drilling has set its sights on consolidated revenue of VNĐ7.2 trillion (US$276.5 million) and post-tax profit of VNĐ530 billion, both down 25 per cent year-on-year due to anticipated headwinds from global economic fluctuations.

Last year, PV Drilling made notable strides in regional markets, expanding geological and equipment rental services in Malaysia and sustaining workforce provision in Japan.

Domestically, it spearheaded key operations such as the Phase 3 drilling at Đại Hùng field (Block 05-1a) and Việt Nam's first decommissioning project at Sông Đốc field, in collaboration with PVD-POS.

The company also scaled up investments last year, acquiring the PV Drilling 8 jack-up rig, upgrading drilling equipment, and expanding facilities. By year-end, it had begun establishing a joint venture in Indonesia, a strategic step in its long-term vision to “reach further seas, secure a sustainable future”. 

Bizhub