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 (PVDrilling) has signed multiple new contracts in the second quarter of this year.
After finishing its drilling campaign for Total E&P Myanmar, PV Drillingwill supply its Drilling 1 rig for offshore drilling for Cuu Long JointOperating Company, which operates in petroleum exploration and production.
Meanwhile, Drilling II and Drilling III rigs have reentered the market by servicingMurphy Oil Corporation and Con Son, respectively.
Drilling VI rig has served Hoang Long Hoan Vu Joint Operating Company sincemid-March and Drilling 11 rig is drilling wells for its Algerian customerSonatract.
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 getadditional contracts for its rigs and other drilling technical services. Itwill also look to recover overdue debts.
Cutting oil rigs’ operation costs and negotiating with suppliers to reduceinput costs are part of the company’s efforts to improve financial management.
PV Drilling’s business activities were dramatically affected by the idle oilrig market in Southeast Asia in the first quarter.
Oilrig rental prices dropped by 60 percent and other related services fell 50percent, causing the company to lose, for the first time in its operationhistory, more than 200 billion VND (8.8 million USD).-VNA
VNA
