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Signing ceremony for joint venture cotract between PV Driling and Baker-Hughes(07/22/2010)

March 16, 2010,

At Petrovietnam’s Headquarter Building, Petrovietnam Drilling & Well Services Corporation (PV Drilling)- a subsidiary of Petrovietnam- has officially signed the contract with Baker Hughes to form a new joint venture PV Drilling – Baker Hughes in Vietnam.

PV Drilling is a joint stock co. with the charter capital of 2,105 billions VND, currently being the top quality services provider in the drilling and drilling related areas of oil and gas industry in Vietnam. In the meantime, US based Baker Hughes Co. is a well-known and influential oil services provider with branches across 90 countries in the world. Prior to the establishment of this joint venture, Baker Hughes and PV Drilling have had a long time for effective cooperation in providing services for oil companies operating in Vietnam.



The joint venture PV Drilling – Baker Hughes will be one of the first cooperation initiatives in the oil drilling area in Vietnam with sizeable scope and investments, in which PV Drilling holds 51% of the charter capital of 20 millions USD. The international quality services provided by the Joint Venture include but not limit to: Directional Drilling and Survey Services,Logging-While-Drilling and Measurement While Drilling (MWD/LWD) Services,Coring Services, Fishing Tools Services, and Completion.

With the establishment of this Joint Venture, PV Drilling hopes to attract more customers and push up the business operations, which will pave the way to enhance PV Drilling’s reputation and trademark both in the local and international drilling markets.
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