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PetroVietnam Drilling orders new rig from Keppel FELS

PetroVietnam Drilling orders new rig from Keppel FELS

Singapore: PetroVietnam Drilling Investment has signed a $205m contract with Corp Keppel FELS Limited for a third KFELS B Class jackup drilling rig in order to capitalise on the growing oil and gas industry in Vietnam.

"It is estimated that there will be some 900 exploration wells in Vietnam over the next 15 years. We want to position ourselves to capture this market for specialised oil and gas services with the support of a strong and reliable shipyard that can deliver projects punctually, on budget and without incidents,' said Do Van Khanh, CEO of PV Drilling.

To meet the tight exploration schedule, PV Drilling intends to make capital investments of around VND 27.4 trillion (US$ 1.7 billion) from now till 2025 to build and operate an 11-strong fleet of offshore and onshore rigs. The new rig will be able to operate in water depths of 360 ft with a drilling depth of 30,000 ft. It is scheduled for delivery in the fourth quarter of 2009, along with PVD Invest's second rig PV Drilling II, which is already under construction at Keppel FELS.  [06/03/08]