6-month profit of PV Drilling is estimated at VND 1,100 billion

6-month profit of PV Drilling is estimated at VND 1,100 billion - 

Revenue is estimated at over 8,000 billion VND and profit after tax for shareholders reached 1.100 billion VND, reduced 19% and 17% respectively over the same period, the PetroVietnam Drilling & Well Services Corporation (PV Drilling) said.

In the first 6 months, the average rental price of rig reduced about 7% over the same period and the number of less operating days (PV rig of PV Drilling I & III performs minor maintenance on a regular basis in March and May) the major elements of revenue and earnings fell.

However, the contracts of owned rigs remain stably with an average performance of 99%. Additionally, rigs of PV Drilling VI put into operation in early March were offset decline in revenues and profits.

In order to compensate partially for the drop in prices of services, PV Drilling has developed and implemented aggressively optimized cost program (cost optimization), it is estimated will save 5-10% of the cost of operation. Risk management Project continues to perform as scheduled in order to improve the efficiency of the management system.

Rigs of PV Drilling

Investment Activity

PV Drilling is in process of research on lifting rig investment projects of PV Drilling VII and rigs of PV Drilling VIII.

On rig project of PV Drilling VII, PV Drilling implemented carefully, identified opportunities for cooperation in order to ensure long-term employment, so there are official investment decisions, expected to extend into 2016.

For Tender Barge Rig, PV Drilling VIII continued to research and development of project to serve the long-term drilling campaign of customers in Block B O Mon. Drilling campaign of customer needs tender barge rigs and 1 lifting rig (in phase 2) to drill 500-1000 wells, last 15-20 years; expected to start from the beginning in 2017. The project is expected to continue to bring long-term profits and stability for PV Drilling.

On June 17, Petrovietnam officially received ownership and benefit from Chevron for the mining areas. This is the first step to facilitate service providers accelerate project implementation.

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