PV Drilling rigs contribute to protect Viet Nam's sovereignty

PV Drilling rigs contribute to protect Viet Nam's sovereignty - 

PV Drilling V Semi-submergible Tender Assist Drilling (TAD) is majestic in the South China Sea as a strong affirmation on the sacred sovereignty of Vietnam.

In 2009, Corporation of PetroVietnam Drilling and Well Services (PV Drilling) decided manufacture of a new deep water semi-submergible TAD named PV Drilling V. It is not only the first deep water rig owned by Vietnamese but also the most modern drilling one to meet the demand of exploitation in harsh conditions as drilling at the high temperature and pressure crossing the drilling rigs of the same kind a lot. The Rig was issued a certification on application of high technology by the Ministry of Science and Technology.

The event that China illegally settled Hai Duong 981 Drilling rig in Viet Nam's sea has completely no impact to the output of PV Drilling. PV drilling I, II, III rigs are under the normal operation.

At present, PV Drilling rig V is serving the drilling campaign of the East Sea Petroleum Executive Company, a Petrovietnam’s Branch, at Hai Thach - Moc Tinh field, Nam Con Son basin, the South China Sea area of Viet Nam, in which PetroVietnam holds 51% and Russia's Gazprom holds 49%of the capital.

The zone of operation of PV Drilling rig V is on the deep water region in the South of South China Sea, where oil and gas are very potential, and the exploration activities are conducted effervescently regardless of the problem of sea and islands sovereignty concerning China. Particularly, petroleum lots around Hai Thach - Moc Tinh belong to the long term exploration and exploitation right of multinational corporations such as Exxon Mobil, BP, joint ventures of PVN with Russian enterprises

(Gazprom, Zarubezhneft), England enterprise (Premier Oil), Canadian enterprise (Talisman), Korean enterprise (KNOC)... This not only shows positive prospective for petroleum activities, but also clearly proves the national sovereignty of Vietnam in South China Sea.

Up to now, TAD of PV Drilling rig V has worked safely and effectively for 800 days safely at Hai Thach - Moc Tinh field, Nam Con Son basin. It is the area placed about 200 nautical miles from Vung Tau city, on the edge of the continental shelf with a water depth of 150 meters.

According to PV Drilling, the event that China settled illegally Hai Duong - 981 in the sea of Viet Nam has completely no impact to the production output of PV Drilling. PV Drilling I, II, III is now working normally, the signed contracts will be stable till 2015 and these potential drilling programs will be extended. PV Drilling rig V (TAD) is also operating effectively in South China Sea, 200 nautical miles away from Vung Tau city. This rig is working for South China Sea joint venture between PetroVietnam and Gazprom. These activities are potential for further development after 2016.

In the first quarter of 2014, PV Drilling's revenue reached 4.322 billion dongs, after tax profits of controlling shareholder reached 597 billion dongs, increasing 36% and 42% respectively compared with that in the first quarter of 2013. The main element contributing to this growth rate is from bills for rig rent increased by 15% as well as from the increase of renting drillings, technical drilling services and other services related to drilling.

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