 PV Drilling is a pioneer in realizing the policy of building and developing specialized oil and gas technical services. Photo: petrotimes.vn
|
PV Drilling was established in 2011 as it received resources transferred from the Petrovietnam Technical Services Corporation Offshore Services Joint Stock Company (PTSC Offshore), to realize the policy of Vietnam National Oil and Gas Group (Petrovietnam) in building and developing specialized oil and gas technical services and taking initiative in drilling and well technical services in the Vietnamese market.
During the past 23 years, PV Drilling has achieved major milestones. For three consecutive years from 2008 to 2010, the Corporation carried out a series of investment activities to improve competitiveness and develop services.
In addition to building jack-up offshore drilling rigs, PV Drilling constructed the tender assist semi-submersible drilling rig TAD - PV DRILLING V, one of the eight newest generation TAD rigs in the world, and the first high-tech drilling in Vietnam. At this time, PV Drilling cooperated with reputable foreign partners to establish joint venture companies such as PVD-Expro, PVD Tubulars Management, PVD Baker Hughes to develop high-tech services and to transfer technology and improve competitiveness through international cooperation.
 TAD-PV DRILLING V and PV DRILLING I, II and III jack-up drilling rigs. Photo: petrotimes.vn
|
Next, the 2012-2015 period can be considered a successful period for PV Drilling when it first received the award "Best Oil and Gas Drilling Contractor in Asia" in 2012, 2013, 2015 by World Finance and "Most Admired Enterprise in ASEAN" for large-scale enterprise achievements with outstanding growth.
In particular, 2014 is considered the peak year in PV Drilling's development history with total official assets exceeding 1 billion USD. Investment cooperation activities to expand scale and areas of operation kept moving forward through the operation of Vietubes and PVD Tech-OSI joint venture companies in 2012. PVD Overseas Joint Venture put into operation the rig PV DRILLING VI in 2015, which is the drilling rig with the most modern design and technical features among the generation of self-raising drilling rigs.
Since 2016 amid the global oil and gas crisis that has taken a heavy toll on many drilling companies, PV Drilling has flexibly applied many response solutions, especially focusing on its strategy of expanding business into international markets. The establishment of PVD overseas project management offices in Myanmar (2016), Malaysia and Thailand (2017), Brunei (2020), and Indonesia (2022) has opened up opportunities for the Corporation to penetrate deeper and develop the supply of drilling and well services in regional drilling markets. As a result, by the end of 2017, four out of six of PV Drilling's owned rigs were operating in foreign markets, and currently, all six of its rigs are operating overseas.
The Corporation has, in recent years, been promoting investment to take initiative in technology, equipment and human resources to be ready to provide well repair and well destruction services in the domestic market from 2025 and enter the Southeast Asian market from 2026. All of PV Drilling's offshore drilling rigs are now fully booked in the international market until the end of 2025, and some of PV Drilling's rigs even have contracts until the end of 2028.
 PV DRILLING VI rig. Photo: petrotimes.vn
|
In 23 years, PV Drilling has achieved numerous accolades and prestigious awards from both domestic and international organizations. Notably, these include awards for HSSE and consecutive years of Zero LTI, as well as annual awards for Corporate Governance and Annual Reports. Recently, the "Best Workplace in Asia" award and the "2024 Corporate Excellence Award" award have underscored the relentless efforts of the entire company, under the outstanding leadership of the company’s Leadership, in building and developing the business.
During the development journey, PV Drilling has reaped so many achievements that far exceed initial expectations, not only capturing the domestic drilling and well technical services market share but also conquering international markets. These successes are the driving force for PV Drilling to thrive in the future. Given its solid foundation, strategic vision and commitment to innovation, PV Drilling keeps affirming its position as "Pioneering Vietnamese drilling contractor in the oil and gas industry" in the new growth cycle.