With what it has done, PetroVietnam Drilling and Well Services Corporation (PV Drilling) brand name has asserted its increasingly improved position in the drilling industry in Vietnam and in the region, ensured the highest quality of services that meet all increasingly demanding requirements from customers in the oil and gas industry, and contributed to ensuring the sustainability of PV Drilling in the past years and in the following years.
Prolonged economic crisis and unfavourable business environment cast a shadow on the business community. Many companies failed to withstand the devastating financial storm. As a service provider, PV Drilling also suffered from this crisis. Specifically, the service price for drilling platform services is on the decline, hovering at 125-129K a day, just a bit higher than the bottom low of 115 -124K last year. Faced with this challenge, PV Drilling has endeavoured to expand the market by providing TAD (Tender Assisted Drilling) rig, hiring more drilling rigs, signing more contracts on provision of Mud logging services, tools rental services and skickline services to compensate for drilling services being at undesired price rates.
Thanks to the above efforts, PV Drilling’s business results are very positive. Specifically, the corporation fetched turnover of VND4,997 billion and net profit of VND664 billion in the first six months of this year, up 21 per cent and 27 per cent year on year, respectively. Mr Pham Tien Dung, General Director of PV Drilling, said: The Corporation estimated the profit to rise over 20 per cent this year on effective operations. Drilling platform services will make up 70 per cent of earnings. The TAD rig worth over VND4,500 billion is the newest asset of the corporation. This is a high-tech rig and a key strategic project.
PV Drilling is determined to focus on core drilling services and techniques as well as huge potentials for oil and gas industry in Vietnam. The corporation is confident to maintain robust growth in the coming time given stable incomes from rigs serviced till the second quarter of 2013 as signed with customers. With this momentum, PV Drilling will continue to invest for market expansion.
According to its business development plan, PV Drilling is investing in a drilling tender barge. The firm is cooperating with Seadrill to jointly operate the rig while negotiating long-term tender barge supply contract for customers. Tender barge project is estimated to cost US$140 - 150 million and start generating net profits for PV Drilling in 2014 when it starts operation.
With its stable operation plan, PV Drilling hopes to beat revenue and profit values approved by the Annual General Meeting of Shareholders and PetroVietnam Group. Earnings per share (EPS) will thus reach VND6,000.
Especially, in early March 2012, PV Drilling was honoured for operating 90-metre PV Drilling I jack-up rig without any operating accident (Zero LTI) in five consecutive years since the date of commissioning (March 10, 2007 - 2012). Zero LTI in five straight years is a prideful feat, an achievement that even international drilling contractors must also recognise and appreciate. PV Drilling I is the first multi-purpose jack-up rig built by PV Drilling - a wholly Vietnamese-owned driller. During the past five years, PV Drilling I is always operated safely and efficiently. The performance reaches 99.8 per cent.
Dung said this achievement is resulted from PV Drilling's of professional and experienced rig operation staff and advanced management system. With strict compliance to international standards on rig safety, PV Drilling II rig also has three years of Zero LTI as of September 16, 2012. PV Drilling III platform is also approaching three years of Zero LTI since its commissioning.
Understanding that human factors play extremely important role in the company development, PV Drilling always concentrates on developing human resources - the most valuable property of the corporation. Each year, the firm spends VND40-50 billion on training its staffs of platform, technology and safety. “Although the amount of money looks big, it will bring much of latest knowledge and know-how to drilling engineers and workers to contribute more to the development of the corporation. Therefore, all the staff strive to work hard on offshore drilling rigs usually affected by harsh conditions,” he added.
With the above-mentioned achievements, PV Drilling has increased its reputation in the Vietnamese drilling industry, met increasingly demanding requirements from customers in the oil and gas industry, and ensured the sustainability of PV Drilling in the past years and in the following years. He said the corporation will focus resources on effectively operate the rigs and actively expand investment in future projects.
My Ngoc - Hong Anh
Vietnamese
