Vietnam’s drilling corporation wins numerous contracts
PetroVietnam Drilling and Well Services Corporation (PV Drilling) has signed multiple new contracts in the second quarter of this year.
PV Drilling's Drilling 1 rig finished its campaign for Total E&P Myanmar (Photo: PV Drilling)Hanoi (VNA) – PetroVietnam Drilling and Well Services Corporation (PV Drilling) has signed multiple new contracts in the second quarter of this year.
After finishing its drilling campaign for Total E&P Myanmar, PV Drilling will supply its Drilling 1 rig for offshore drilling for Cuu Long Joint Operating Company, which operates in petroleum exploration and production.
Meanwhile, Drilling II and Drilling III rigs have reentered the market by servicing Murphy Oil Corporation and Con Son, respectively.
Drilling VI rig has served Hoang Long Hoan Vu Joint Operating Company since mid-March and Drilling 11 rig is drilling wells for its Algerian customer Sonatract.
PV Drilling said that prices of services have increasing thanks to stellar performance.
In a bid to realise its business target in 2017, the company is striving to get additional contracts for its rigs and other drilling technical services. It will also look to recover overdue debts.
Cutting oil rigs’ operation costs and negotiating with suppliers to reduce input costs are part of the company’s efforts to improve financial management.
PV Drilling’s business activities were dramatically affected by the idle oil rig market in Southeast Asia in the first quarter.
Oil rig rental prices dropped by 60 percent and other related services fell 50 percent, causing the company to lose, for the first time in its operation history, more than 200 billion VND (8.8 million USD).-VNA
You should also see
Vietnam eyes strengthening multifaceted cooperation with Hungary: NA Chairman
National Assembly (NA) Chairman Vuong Dinh Hue on April 16 said that Vietnam always values and wishes to strengthen multifaceted cooperation with Hungary, a traditional partner and the only comprehensive partner of Vietnam in the Central Eastern European region when receiving First Officer of the Hungarian National Assembly Márta Mátrai in Hanoi.
See more
Business
US dollar continues gaining against Vietnamese dong, hitting exchange ceiling
The US dollar has continued to strengthen against the Vietnamese dong (VND) as the exchange rate hit the ceiling limit across commercial banks on April 16 morning.
Business
Vietnam National Brand Week 2024 opens
The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) opened the Vietnam National Brand Week 2024 in Hanoi on April 16.
Business
Government urged to probe gold traders to prevent possible market manipulation
The National Assembly (NA) Standing Committee has asked the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and possible market manipulation, amid soaring domestic prices.
Business
Tra Vinh exports organic coconut flower nectar to Australia
The Tra Vinh Farm Co., Ltd (Sokfarm) in the Mekong Delta province of Tra Vinh has successfully exported its first shipment of organic coconut flower nectar products to Australia - the fifth main importer of the locality’s product.
Business
Real estate market thrives, entities ready to re-enter market
The real estate market has witnessed positive developments, with a slew of projects, including billion-dollar projects, being announced and called for investment in the first quarter of 2024.
