Petrovietnam Drilling & Well Service Corporation (PV Drilling) is investing in a three-legged multi-purpose jack-up rig with cantilever and is expected to put the rig into operation from the fourth quarter of 2025 to meet the growing demand for jack-up rigs in domestic and regional markets.
Accordingly, PV Drilling is investing in a rig built according to the standard design of the used Class B MOD V model by KEPPEL FELS, operating in the sea areas of Southeast Asia, East Asia, Australia & Oceania, with the largest seabed depth of 120 m. The rig is capable of drilling wells with a depth of up to 30,000 ft (approximately 9,000 m), with a capacity of up to 120 people working directly on the rig simultaneously. The main technical characteristics of the rig are almost identical to the jack-up rigs that PV Drilling currently owns, making it convenient for the arranging of operating and managing personnel, as well as optimizing other resources of PV Drilling. After receiving the rig from the seller, PV Drilling will proceed to refurbish the rig to ensure that it operates almost like a new one.

PV Drilling currently owns four jack-up rigs, one tender-assisted drilling rig (TAD), and a land rig. All offshore rigs are currently fully booked for drilling in international markets until the end of 2025, with some rigs even having firm contracts until 2028. These contracts do not include the extension options which can extend the contracts for another two to three years.
Regarding the demand for jack-up rigs, in the Southeast Asian market alone, Riglogix forecasts that about 45 to 50 rigs will be needed per year in the next 4 years. However, the supply of jack-up rigs can only meet around 70%-80% of the demand. Typically, Malaysia and Indonesia have a huge demand for drilling rigs from now until 2030, over 14 rigs per year to meet the drilling demand from 160 wells/year to over 175 wells/year (Source: PETRONAS Activity Outlook and SKK Migas’ Indonesia Development Program to 2030). In Vietnam, drilling demand is also increasing to serve for programs such as Kinh Ngu Trang, Kinh Ngu Trang Nam, Ken Bau, Su Tu Trang, Block B - O Mon,... while domestic supply for rigs is scarce.
Regarding rig rental prices, according to IHS Petrodata’s report in September 2024, it was recorded that the average rental price for jack-up rigs worldwide ranges from 100,000 USD – 130,000 USD/day, with some rigs signing new contracts at a price of 150,000 USD/day. The Southeast Asia and Australia region recorded higher prices than average. West Global Energy forecasts that in the next 5 years, rental prices for jack-up rigs will be around the 110,000 USD – 140,000 USD/day mark, depending on the technical characteristics, rig age, contract term, drilling area…
Based on the forecasts of the demand for jack-up rigs in domestic and international markets, with the jack-up rig rental prices maintaining at a reasonable mark, PV Drilling buying a three-legged multi-purpose jack-up rig with cantilever is in line with market conditions as well as PV Drilling’s business strategy in the new period. With the existing rigs having secured jobs, in the coming time, PV Drilling will focus its resources to arrange jobs for the new rig. Over the past time, PV Drilling has built a great reputation not only in the domestic market but also in the regional market through an outstanding rig operating efficiency, maintaining a good safety index, an experienced technical team…, therefore, the opportunity for PV Drilling to supply more rigs for regional and domestic markets are completely feasible.
It can be seen that when the multi-purpose jack-up rig with three independent legs and cantilever comes into operation, it will bring practical benefits for both clients and PV Drilling, contributing to increasing revenue and profit for the Corporation in the new growth cycle.
In addition to the rig currently under investment, according to the investment plan from now until 2026, PV Drilling will continue to consider investing in another jack-up rig, depending on the drilling market demand and the availability of suitable rigs for investment. Besides strengthening the rig fleet, PV Drilling is also investing in the Hydraulic Workover Unit (HWU) as well as well services equipment, expanding workshops, etc., to enhance the competitiveness, meet market demands, and confidently step into a new growth cycle.
PV Drilling's PR Team.