PV DRILLING VENTURES INTO INDONESIA
Petrovietnam Drilling and Well Service Corporation ( PV Drilling ) has announced its investment in a three-leg multi-purpose jack-up rig , set to begin operations by Q4 2025 . The rig , built to the Keppel FELS Class B MOD V standard design , is intended to address the growing demand for jackup rigs across Southeast Asia , East Asia , Australia , and Oceania . Capable of drilling wells up to 9,000 meters deep with a maximum seabed depth of 120 meters , the rig will accommodate up to 120 personnel onboard .
The technical characteristics of this rig align closely with PV Drilling ’ s existing fleet , which includes four jack-up rigs , a semi-submersible tender assist drilling rig , and a land rig . PV Drilling plans to overhaul the unit post-acquisition to ensure optimal performance . The company ’ s offshore rigs are fully booked for international drilling projects until the end of 2025 , with some contracts extending to 2028 , highlighting a robust demand in the region .
Day rates for jack-up rigs currently range between $ 100,000 and $ 150,000 , with forecasts by West Global Energy estimating sustained rates of $ 110,000 –$ 140,000 over the next five years . If these projections hold , PV Drilling may consider acquiring additional rigs to meet market needs .
Additionally , PV Drilling has launched a joint venture in Indonesia , PT PetroVietnam Drilling Indonesia ( PT PVD Indo ). The 10- year JV aims to offer jack-up rig rental and technical well services , supporting oil and gas exploration in Indonesia . This strategic move reflects PV Drilling ’ s commitment to expanding its footprint in Southeast Asia ’ s high-demand markets , including Malaysia , Indonesia , and Vietnam .
With this investment and strategic partnerships , PV Drilling is poised to strengthen its position in the competitive offshore drilling sector while meeting regional and global energy needs .
NMDC BAGS SUBSEA GAS PIPELINE DEAL
The National Marine Dredging Company ( NMDC ) of Abu Dhabi , United Arab Emirates , has been awarded an important subsea gas pipeline project in Taiwan worth an impressive $ 1.1 billion . This forms a substantial breakthrough for it as the company competes in the global market . This further establishes its name as a solid player in the offshore oil and gas sector .
The contract , awarded by CPC Corporation , Taiwan , involves the engineering , procurement , construction , and installation ( EPCI ) of a subsea gas pipeline . The project aims to bolster Taiwan ’ s energy infrastructure by connecting natural gas supplies to critical facilities across the region . This strategic development is expected to support Taiwan ’ s growing demand for clean energy and contribute to its long-term energy security .
Under the terms of the agreement , NMDC will engage in extensive offshore activities , including dredging , trenching , and laying the pipeline along with related activities . The project scope demonstrates the company ’ s capabilities involving subsea construction , one of the critical elements in the oil and gas industry and for which highly specialized technology and expertise are required .
This achievement is a testament to NMDC ’ s capabilities in handling large-scale , complex projects in the offshore sector . With this landmark deal , the company not only strengthens its portfolio but also enhances its reputation in the competitive energy market . It marks a significant milestone in NMDC ’ s strategy to diversify its projects and expand its reach beyond the Middle East , further consolidating its position in international markets .
The Taiwanese deal comes at a time when energy demands across the Asia-Pacific region are rising , and countries like Taiwan are seeking innovative solutions to meet their sustainability and energy security goals . NMDC ’ s involvement in such high-profile projects reflects its commitment to supporting global energy infrastructure with cutting-edge technology and efficient service delivery .
www . rigsbargeworld . com | January-February 2025 | 17