Petrovietnam unit begins drilling work in Thailand

Petrovietnam subsidiary PV Drilling has begun work at Block G6/48, Rossukon Conventional Oil Field, Gulf of Thailand, the company announced Monday.

Listed on the Ho Chi Minh Stock Exchange (HoSE) as PVD, PV Drilling has undertaken the task for Thailand’s Northern Gulf Petroleum Pte. Ltd (NGP), per a contract signed in June.

PVD’s jack-up PV Drilling I rig is doing the job after completing an offshore drilling assignment for Vietnam-Russia oil-gas joint venture Vietsovpetro early this month.

The latest work marks PVD’s return to the Thai market after carrying out a drilling program at Block G10/48, Gulf of Thailand, in October 2017.

After the 60-day work in Thailand, PV Drilling 1 rig will move to Malaysia for a one-year drilling contract, the company said. Next year, all four jack-up rigs and one tender assist drilling (TAD) rig are set to work in foreign markets.

PVD made a post-tax profit of $8.98 million in the first half of this year, versus a post-tax loss of $6.52 million in the same period last year, according to the firm’s reviewed consolidated financial statements for the six-month period ending June 30. Its net revenues fell 3.2% year-on-year to $112.89 million in the period.