On July 24, 2024, in Ho Chi Minh City, PetroVietnam Drilling & Well Service Corporation (PV Drilling) hosted a contract signing ceremony for the provision of a Hydraulic Workover Unit (HWU) and a contract kick-off meeting with Drillmec S.p.A. (Italy).
From PV Drilling, the attendants included Mr. Mai The Toan, Chairman of the Board of Directors; Mr. Nguyen Xuan Cuong, Member of the Board of Directors, President & CEO; Mr. Nguyen The Son, Member of the Board of Directors; along with PV Drilling’s Vice Presidents; Members of the Tender Advisory Committee and Project Management Team, as well as Heads of PV Drilling’s subsidiaries.
Mr. Nguyen Xuan Cuong, Member of the Board of Directors, President & CEO of PV Drilling, and Mr. Giuseppe Falbo, Sales Director of Drillmec S.p.A. signed contract to purchase new Hydraulic Workover Unit
The HWU procurement project by PV Drilling aims to offer Workover and Plug & Abandon (P&A) services to clients in Vietnam and Southeast Asia. This service segment holds significant potential for development as mature oil and gas fields in the region are gradually reaching the end of their lifespan.
In recent years, PVD Tech, a subsidiary of PV Drilling, has successfully provided workover services for domestic clients such as Vietsovpetro and Cuu Long JOC, accumulating extensive experience in this field.
Mr. Nguyen Xuan Cuong, President & CEO of PV Drilling, delivered a speech at the contract signing ceremony
In his speech at the contract signing ceremony, Mr. Nguyen Xuan Cuong, President & CEO of PV Drilling, emphasized the critical role of the HWU procurement project in PV Drilling's upcoming investment and business development strategy. By acquiring the HWU, PV Drilling aims to utilize the equipment for Workover and P&A projects in Vietnam and to increase its market share in Southeast Asia. Mr. Cuong expressed confidence in the successful provision of these services with the new HWU and hoped that the signing ceremony would mark the beginning of further cooperation opportunities between the two companies.
In its new growth cycle, PV Drilling is expanding its provision of jack-up drilling rigs in Southeast Asia while simultaneously promoting drilling-related services, including the Bundled services. Concurrently, PV Drilling will increase its investment in new rigs and equipment to meet growing demand in both domestic and regional markets, particularly the provision of HWU in Malaysia and Indonesia as early as 2026.
Mr. Giuseppe Falbo, Sales Director of Drillmec S.p.A, delivered a speech at the contract signing ceremony
On behalf of Drillmec, Mr. Giuseppe Falbo expressed his gratitude to PV Drilling for entrusting Drillmec with the construction of its first HWU. He emphasized Drillmec's commitment to active cooperation with PV Drilling throughout the project and committed to delivering the HWU on schedule and with guaranteed quality.
According to the signed contract, the HWU will employ hydraulic technology for well intervention operations, with the delivery term set for 10 months from the signing date. Drillmec, headquartered in Italy, boasts over 30 years of experience in designing, fabricating, and distributing drilling and workover units. Besides its main office in Italy, Drillmec also operates design and manufacturing facilities in Houston (USA) and Hyderabad (India).
The acquisition of the new HWU holds great significance for PV Drilling’s business activities in 2024 and beyond. Engaging in workover and P&A programs will bring along opportunities for PV Drilling to integrate other additional services, such as Wireline services from PVD Logging, Casing/Tubing Running services from PVD Well Services, and Coil Tubing services from PVD Baker Hughes, etc. By incorporating these additional services and involving its subsidiaries, PV Drilling aims to enhance its value chain and deliver superior value to clients through high-quality services and competitive pricing.
The kick-off meeting after the contract signing ceremony
The contract signing ceremony was followed by a contract kick-off meeting, during which both parties expressed their commitment to the project's success. Drillmec assured the timely construction of the HWU with guaranteed quality, enabling PV Drilling to soon provide the equipment to clients in Vietnam such as Vietsovpetro, Cuu Long JOC, and PVEP, etc. as well as in the region.
PV Drilling's PR Team.