According to Vietnam’s National Oil and Gas Group (Petrovietnam), on December 25th, the self-elevating drilling rig PV DRILLING IX, owned by PV Drilling Corporation, arrived in Vung Tau, Ho Chi Minh City, completing a two-month journey from Europe to Vietnam, covering a total distance of 12,855.6 nautical miles.
This marks a significant milestone in the reactivation program of the newly invested PV DRILLING IX rig, paving the way for final preparations before its deployment in drilling operations starting April 2026.
Previously, on October 30, 2025, the PV DRILLING IX rig departed from Esbjerg Port (Denmark), heading to Rotterdam Port (Netherlands) to board a specialized transport vessel, officially commencing its voyage back to Vietnam.
PV Drilling representatives stated that the entire transportation process was meticulously organized, ensuring safety, adherence to schedules, and strict compliance with international maritime safety standards and technical regulations.
During the initial reactivation phase in Denmark, beginning in September 2025, the PV DRILLING IX rig completed inspections, operations, and trials of critical systems and equipment as required by the ABS classification society.
Key components, including safety equipment, crane systems, engines, generators, and jacking systems, were evaluated and certified as compliant, establishing a robust technical foundation for the rig’s return to operation following maintenance and preparation in Europe.
Upon arrival in Vung Tau, Ho Chi Minh City, the PV DRILLING IX rig will undergo underwater inspections (UWILD) and enter the second reactivation phase over three months, including overhauling machinery, replacing pipelines, upgrading living quarters, installation, and testing. It will be ready for the new drilling campaign, scheduled to begin in April 2026.
PV Drilling will commence operations of the PV DRILLING IX rig in April 2026, enhancing drilling capacity and increasing workload for related drilling services in Vietnam and the region. This is expected to boost revenue and profits for the corporation’s core services and its subsidiaries in 2026 and beyond.
The PV DRILLING IX rig is designed based on the JU-2000E model by Friede & Goldman, a modern self-elevating rig design widely used in regions with high safety and technical requirements, such as the North Sea, West Africa, and Southeast Asia.
The rig can drill to depths of up to 30,000 feet (9,144 meters) and operate efficiently in water depths of up to 425 feet (129.5 meters). It features a highly automated NOV BLM jacking system, making it suitable for extended drilling campaigns in complex geological areas, particularly for new wells using extended-reach drilling (ERD) techniques. The rig can accommodate up to 150 personnel.
Regarding business performance, according to the 2025 Party Work Summary Report and 2026 Objectives held in December, PV Drilling reported its highest production and business results in the past decade.
Specifically, consolidated revenue is estimated at 10.5 trillion VND, pre-tax profit at 1.1 trillion VND, and post-tax profit at 830 billion VND. Compared to the set targets, 2025 revenue exceeded by 46%, while pre-tax and post-tax profits were 39% and 57% higher, respectively.
Revenue structure continued to shift toward diversification and sustainability, with well engineering services, auxiliary services, and international markets accounting for approximately 40%.
Subsidiaries such as PVD Logging, PVD Well Services, PVD Tech, and PVD Offshore recorded impressive growth, expanded their service portfolios, and introduced new technical services to the market.
Simultaneously, in the past year, PV Drilling intensified investment activities with a total value of nearly 3.053 trillion VND, focusing on adding two self-elevating rigs, PV Drilling VIII and PV Drilling IX, to enhance competitiveness and operational scale.
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