PetroVietnam Drilling and Well Service Corporation (PV Drilling) has signed an agreement to acquire an additional jack-up drilling rig, tentatively named PV DRILLING X, marking a significant milestone in the company's investment and sustainable development strategy for the next phase of growth.
Under the plan, the rig will be transported to Vietnam in October 2026 for recommissioning, technical certification, and system upgrades before entering commercial service in the second quarter of 2027.
The investment comes as regional and global offshore drilling markets continue to face volatility driven by geopolitical and macroeconomic uncertainties. Nevertheless, demand for drilling rigs in Vietnam and across the region is expected to remain strong, supported by the accelerated implementation of oil and gas exploration, development, and production projects. These favorable market conditions underpinned PV Drilling's decision to expand its service capacity through a cost-effective investment.
In response to improving market conditions, the company has maintained high operational efficiency and utilization rates across its owned rigs in key Southeast Asian markets. At the same time, it has proactively mobilized and optimized the deployment of partner-owned rigs while investing in additional assets to meet rising demand from domestic and international exploration and production programs.
The acquisition is expected to strengthen PV Drilling's competitiveness, enhance its brand reputation, and reinforce the position of Vietnamese drilling contractors in the regional market.
The continuous expansion of the company's drilling fleet over three consecutive years—2024, 2025, and 2026—demonstrates its commitment to improving service capabilities, meeting customer demand, and building long-term resilience. The strategy also reflects PV Drilling's determination to seize emerging market opportunities while pursuing stable, efficient, and sustainable growth.
As a subsidiary of PetroVietnam, PV Drilling offers drilling rigs, integrated drilling and well services, and drilling workforce solutions for offshore, onshore, geothermal, and carbon capture projects.
Over its 25-year journey of exploration, innovation, and development, PV Drilling has grown into one of Petrovietnam's leading subsidiaries and a reputable drilling and well-services contractor in both domestic and regional markets. The company currently owns seven modern offshore drilling rigs and is investing in its eighth jack-up rig. It remains committed to expanding drilling services into deeper and more distant offshore areas while further strengthening its international presence to support energy exploration and production activities in Vietnam and worldwide.
