PV Drilling and PVEP-HCM inked a strategic contract to lease the IDUN jack-up rig, aiming to significantly boost offshore oil extraction and secure national energy security.
Accordingly, PetroVietnam Drilling and Well Service Corporation (PV Drilling) and PetroVietnam Exploration Production Corporation – HCMC Branch (PVEP-HCM) signed a pivotal contract to provide jack-up drilling rig leasing services tailored for the 2026 TL-WHP drilling program at Blocks 01/97 and 02/97 offshore Vietnam.
This contract marks a crucial collaboration milestone between PV Drilling and PVEP-HCM. Simultaneously, it continues to boldly affirm the reliable, efficient, and sustainable partnership between PVEP and PV Drilling, both being integral member units of the Vietnam National Industry – Energy Group (Petrovietnam).
Under this contract, PV Drilling will mobilize the IDUN jack-up rig from its partner Borr Drilling to exclusively serve PVEP-HCM’s operations. This ambitious program targets three specific wells at TL-WHP in Blocks 01/97 and 02/97 offshore Vietnam, with an anticipated duration spanning roughly 134 days, kicking off in mid-October 2026.
For Director Vu Viet Hung of PVEP-HCM, among the numerous contracts serving the 2026 early drilling program at TL-WHP, the drilling rig agreement acts as the absolute linchpin that decisively dictates the entire campaign’s schedule.
Consequently, the meticulous negotiation process among PVEP-HCM, PV Drilling, and Borr Drilling was executed with utmost seriousness and urgency. It was deeply rooted in a spirit of robust cooperation and responsibility, thereby helping optimize commercial conditions, guaranteeing the contract’s execution efficiency, and meeting the stringent timeline.
On the PV Drilling side, President & CEO Nguyen Xuan Cuong shared that Borr Drilling stands out as a highly reputable drilling contractor, having steadfastly stood alongside PV Drilling to successfully deploy numerous complex projects across Vietnam.
The fact that the IDUN drilling rig continues to be handpicked for PVEP-HCM’s program is a direct result of the highly effective collaboration between PV Drilling and Borr Drilling. Concurrently, it vividly showcases the IDUN rig’s operational prowess and hands-on experience within the fiercely competitive Vietnamese market.
This latest contract continuously validates PV Drilling’s robust capability in proactively arranging and supplying drilling rigs for clients, especially amidst a regional rig market that is currently experiencing severe scarcity.