188bet asia PV Drilling 11 completes its pioneering mission

A pioneering imprint

188bet asia year 2007 marked a significant milestone in PV Drilling's development journey when it simultaneously acquired 188bet asia jack-up rig PV DRILLING I and 188bet asia land rig PV DRILLING 11. If 188bet asia PV DRILLING I is considered a "golden goose", then 188bet asia PV DRILLING 11 is PV Drilling's pioneering symbol in its journey to venture out to 188bet asia ocean.

Recalling 188bet asia early days, 188bet asia PV DRILLING 11 underwent an extremely arduous journey to reach North Africa. After seven months of construction in China, with a weight of over 2,000 tons, from Guanghan, Sichuan Province, China, 188bet asia PV DRILLING 11 was disassembled and packed into more than 120 cargo units, transported to Shanghai port. From Shanghai, 188bet asia rig was shipped to Skikda port, Algeria, taking another month, and then transported overland for another month to 188bet asia desert in Touggourt province.

PV DRILLING 11 Land Rig in 188bet asia Sahara Desert (Archive Photo)

Nearly 10 years ago, when GBRS (a joint venture between Sonatrach, PVEP, and PTTEP) welcomed its first commercial oil flow in Algeria, 188bet asia joy, happiness, and pride of PV Drilling, especially those directly involved in this project, were indescribable. After years of hard work, overcoming numerous difficulties and challenges, 188bet asia PV DRILLING 11 rig pioneered its way to 188bet asia ocean and affirmed 188bet asia PV Drilling brand in Algeria. At that time, although Algerian domestic drilling companies had more than 100 drilling rigs, they still chose PV DRILLING 11 to provide services, further affirming that PV Drilling had built great trust and reputation with oil and gas contractors in Africa.

Vietnamese Ambassador to Algeria, Mr. Đỗ Trọng Cương (9th from 188bet asia left), visits and extends Lunar New Year greetings to PV Drilling employees at 188bet asia Sahara drilling site (Archive Photo)

188bet asia journey of 188bet asia drilling in Algeria, was not only a difficult, complex, and long-term project but also considered a vocational school for training many Vietnamese drilling personnel. In 188bet asia first drilling campaign of PV DRILLING 11 during 2007 - 2008, PV Drilling had to hire many foreign experts to take charge of 188bet asia most important positions on 188bet asia rig, however, by 188bet asia second drilling campaign, all of 188bet asia most important positions on 188bet asia rig were handled by Vietnamese personnel. This seemingly simple change is a long story about 188bet asia determination of PV Drilling's Board of Management as they trusted and assigned tasks to 188bet asia Vietnamese engineering workforce. At 188bet asia same time, 188bet asia Vietnamese engineers' determination and willingness to continuously learn proved their real capacity to take on 188bet asia most important positions on 188bet asia rig. This also acted as a precedent for PV Drilling's Board of Management to continue to promote training and use Vietnamese personnel to hold key positions on offshore rigs. Moreover, 188bet asia PV DRILLING 11 also helped improve 188bet asia skills of local workers when they participated in working on 188bet asia rig.

Completing its “pioneering mission”

In early April 2024, 188bet asia PV DRILLING 11 rig completed its three-year drilling program under contract with GBRS in Algeria. After completing 188bet asia project, 188bet asia rig was taken to its base in Hassi Messaoud for maintenance and to await its next assignment.

Previously, from 2023, PV Drilling actively sought suitable drilling projects for 188bet asia PV DRILLING 11 rig, not only in Algeria but also in other regions. However, assessing 188bet asia feasibility of projects encountered many challenges due to high competitive factors, rig prices maintaining at a low rate, continuously increasing personnel, transportation, and supporting service costs, significantly impacting estimated profit margins. 188bet asia ability to relocate 188bet asia PV DRILLING 11 rig to other regions is also not easy due to its specialized design for desert environments and its 2000HP capacity. 188bet asia rig would require a significant budget for conversion, upgrades, and mobilization to make it suitable for new markets. Without guaranteed jobs at a reasonable price, investing in upgrades would hardly yield effective rates of return.

Looking back, since being put into operation in 2007, 188bet asia PV DRILLING 11 has contributed many achievements, enhancing PV Drilling's reputation in 188bet asia international market. 188bet asia rig has completed its depreciation period and achieved significant economic efficiency. Therefore, 188bet asia liquidation of 188bet asia PV DRILLING 11 rig at this time is considered a reasonable strategy to optimize benefits for PV Drilling. Currently, PV Drilling has received interest from several partners regarding 188bet asia purchase of 188bet asia PV DRILLING 11 rig and has completed 188bet asia rig's handover to 188bet asia partner.

PVD Algeria "packs up" 188bet asia PV DRILLING 11 rig for handover to 188bet asia partner

A flexible development strategy, ready to seize opportunities

In addition to 188bet asia PV DRILLING 11, PV Drilling is currently effectively operating four jack-up rigs and a tender assist drilling rig (TAD) in Southeast Asia, focusing on 188bet asia markets in Malaysia, Indonesia, and Brunei. Simultaneously, PV Drilling is actively expanding its investment in new offshore rigs and developing well technical services in this region. Most recently, PV Drilling has implemented 188bet asia investment to purchase a three-legged multi-purpose jack-up rig with cantilever and is expected to put it into operation from 188bet asia third quarter of 2025 to meet 188bet asia growing demand for jack-up rigs in 188bet asia domestic and regional markets. According to 188bet asia investment plan from now until 2026, PV Drilling will continue to consider purchasing another jack-up rig, depending on 188bet asia demand of 188bet asia drilling market as well as 188bet asia ability to find a suitable rig on 188bet asia market. In addition to strengthening its rig fleet, PV Drilling is also implementing investment in 188bet asia Hydraulic Workover Unit (HWU) equipment to serve 188bet asia increasing demand for well repair and abandonment, as well as well technical equipment, expanding workshops, etc., to increase 188bet asia business’ competitiveness and meet 188bet asia rebounding strong growth of 188bet asia drilling rig market.

188bet asia efficiency in 188bet asia operation of 188bet asia drilling rigs, along with continuous investment expansion, is a testament to PV Drilling's sustainable development and flexible, effective strategy over a long period. 188bet asia temporary suspension of service provision in 188bet asia Algerian market is also considered a suitable strategic step by PV Drilling, while creating better preparation in terms of resources, personnel, and operational capacity to be ready to return to this market in 188bet asia nearest future when opportunities arise. When suitable opportunities present themselves, PV Drilling is ready to return to 188bet asia North African market to continue 188bet asia unfinished success story of rig 11, to once again affirm PV Drilling's reputation and brand in 188bet asia international market.

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