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.
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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 US$8.8 million.
