Saturday, October 13, 2007

PetroVietnam Drilling sets sites on deep water and more rigs

PV Drilling mulls new semi

Filed from Singapore 10/10/2007 8:54:44 AM GMT

Vietnam

VIETNAM: PetroVietnam Drilling & Well Services JSC (PV Drilling) is mulling an investment in a semisubmersible rig capable of operating in water depths of up to 3,000 feet (914 m) to meet the rising domestic demand for offshore rigs.

"Oil that has so far been exploited in Vietnam is limited, but demand is getting higher and higher," PV Drilling's Chief Executive Do Van Khanh said during an interview with Bloomberg. "The Vietnam market is big, and now we have a need for nine to 12 rigs a year."PV Drilling is still in the preliminary stage of planning for the new order, which will require further approval by the company's shareholders.