PV Drilling's News

PV Drilling signed Facility Agreement with MB and Vietinbank to finance Project of “Purchase (Build) A New Semi-Submersible Tender Assist Drilling Rig (TAD)”(06/17/2010)

On June 11, 2010, PetroVietnam Drilling and Well Services Corporation (PV Drilling) signed a Facility Agreement with Military Commercial Joint-Stock Bank (MB) and Vietnam Joint-Stock Commercial Bank for Industry and Trade (Vietinbank) to finance project of “Purchase (Build) a new semi-submersible Tender Assist Drilling Rig (TAD – PV DRILLING V).

According to the agreement, MB and Vietinbank shall finance USD80 million for the TAD – PV DRILLING V project with the tenor of 10 years. The project has been in construction progress since December 2009 with the total investment cost of USD230 million. The drilling rig has been also contracted for provision of drilling service in a term of 5 years. The rig is scheduled for completing and proceeding operation in fourth quarter of 2011.

Being built using latest and modern technology, TAD rig will be the first semi-submersible tender assist drilling rig ever operating in deep water offshore of Vietnam. It is a strategic project of PV Drilling, which will create an opportunity for Oil companies to use new technology for drilling projects in deep water offshore of Vietnam. With the coming of TAD rig in operation in fourth quarter of 2011, total assets of PV Drilling shall increase 30% and revenue will increase 25% as compared with current state.

The project of Purchasing (Building) a new semi-submersible Tender Assist Drilling Rig has paved the first stone for broader and deeper development strategy of PV Drilling. This project not only brings economic efficiency for PV Drilling but also has significant contributions to the development of national economics, especially the drilling industry of Vietnam in proving the application of high technology during the period of international integration.
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