A ceremony to launch the construction of Tam Dao 05 offshore oilrig, the second locally-manufactured jack-up rig, was held in the southern province of Ba Ria- Vung Tau on October 25.

Invested by the Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro), Tam Dao 05 oilrig featuring the JU-2000E model of the American Friede and Goldman is expected to be completed within 32 months at a total cost of 230 million USD.

The 120-metre jack-up rig weighs almost 18,000 tons when it is fully completed and can drill to a depth of 9 kilometres.

According to Vietsovpetro Director General Tu Thanh Nghia, the company is currently renting four foreign oilrigs at a total cost of 220 million USD per year. This oilrig could help reduce the cost for the company, he added.

Tam Dao 05 platform manufacturer, PetroVietnam Marine Shipyard JSC (PV Shipyard), built the first made-in-Vietnam jack-up rig, Tam Dao 03, weighing nearly 12,000 tons. Tam Dao 03 platform, including a helicopter deck, can drill as deep as 6 kilometers.

In addition, PV Shipyard also successfully upgraded Tam Dao 02 oilrig for Vietsovpetro in October, 2014.-VNA