Sailing Against the Tide: A Voyage Across Oceans Back to Vietnam, Ready to Conquer the High Seas

The self-elevating drilling rig PV DRILLING IX, owned by PV Drilling (stock code: PVD), has undergone rigorous checks and operational trials over the past month. These tests included critical equipment such as safety systems, cranes, engines, generators, and the rig’s lifting system, all in compliance with ABS certification requirements.

The initial reactivation process was executed as planned, ensuring safety, quality, and adherence to the schedule. Key technical components met all necessary standards, paving the way for the rig’s return to normal operations following maintenance and technical preparations in Europe.

In late October, the PV DRILLING IX departed from Esbjerg Port, Denmark, en route to Rotterdam Port, Netherlands, marking the beginning of its journey back to Vietnam.

Upon arrival in Rotterdam on November 3, 2025, the rig will be loaded onto a heavy lift vessel for its dry tow to Vietnam. It is expected to reach Vietnam by late December 2025, where it will undergo further reactivation before commencing new drilling operations in April 2026. This strategic move aims to enhance PV Drilling’s drilling capabilities and strengthen its position in the region.

The PV DRILLING IX is designed based on Friede & Goldman’s JU-2000E model, a highly regarded self-elevating rig widely used in challenging marine environments such as the North Sea, Middle East, and Southeast Asia. It boasts advanced safety and technical standards.

Capable of drilling up to 30,000 feet (approximately 9,144 meters) and operating in water depths of up to 425 feet (129.5 meters), the rig is equipped with state-of-the-art machinery, including automated drilling and pipe-handling systems, as well as advanced drilling support equipment. These features enable it to handle high-pressure, high-temperature (HPHT) wells.

A standout feature of the PV DRILLING IX is its highly automated NOV BLM jacking system, which allows for extended drilling campaigns in geologically complex areas, requiring superior performance and reliability. The rig can accommodate up to 150 personnel.

Formerly known as the Noble Highlander, the PV DRILLING IX represents a modern technical platform, giving PV Drilling a competitive edge in meeting stringent drilling requirements in the region.

Established in 2001, PV Drilling inherited resources from PTSC Offshore, a subsidiary of the Petroleum Technical Services Corporation (PTSC).

The company specializes in providing drilling rigs, technical services for drilling and well operations, and manpower supply for both offshore and onshore oil and gas drilling projects.

As of now, PV Drilling operates seven modern rigs, all under contract until at least 2026, with some extending to 2028.

In Q3 2025, PV Drilling reported a 5% revenue increase to 2,571 billion VND. Gross profit margin improved from 18.4% to 23.7%, resulting in a 35.6% rise in gross profit to 609 billion VND. Despite higher selling and administrative expenses, net profit surged 54% to 277 billion VND, the highest since Q1 2019.

For the first nine months of 2025, revenue reached 6,551 billion VND, with net profit climbing 46% to 673 billion VND. This performance achieved 91% of the annual revenue target and exceeded the net profit target by 27%.

According to VNDirect Securities, PV Drilling’s rental rates are expected to rise by 3% in 2025 and 4% in 2026, driving revenue growth and margin expansion.

This year, the company invested in two new rigs, PV Drilling VIII and PV Drilling IX, which are expected to significantly boost capacity, contributing approximately 26% to revenue and 20% to gross profit in the drilling segment by 2026.