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The drilling market is in a downturn, but PV Drilling says opportunities remain as some players withdraw. At the 2026 Annual General Meeting on April 21, Nguyen Xuan Cuong, Member of the Board of Directors and General Director of PV Drilling (PVD), said the market still offers room for long-term development, at least until 2050, even as supply risks build due to limited new rig additions.
Cuong noted that in nearly 10 years there has been almost no new rigs brought into operation. This creates a risk of supply shortages when the market recovers. He said PV Drilling views the current cycle as an opportunity to prepare for the next phase of demand.
PV Drilling prioritizes acquiring used rigs rather than building new ones, citing the very large upfront investment—no less than USD 300 million per rig. The company also indicated that profitability typically requires daily charter rates of about USD 200,000.
Current rig charter rates have been volatile, rising to around USD 160,000 per day before falling to below USD 80,000 per day. They are now around USD 90,000 per day, making forecasting difficult.
Despite the downturn, Cuong highlighted a positive signal: charter rates are edging up, supported by demand in the Middle East and a broader trend toward stronger energy security.
In the short term, PV Drilling expects charter rates not to decline further. The company prefers long-term contracts to stabilize operations rather than pursuing higher rates in the short run.
At the end of March 2026, PV Drilling put into operation the semi-submersible jack-up rig PV DRILLING IX. With this addition, the company’s fleet includes six jack-up rigs and one semi-submersible support rig, increasing its capacity to exploit and compete in the market.
PV Drilling plans investments totaling about VND 4,229 billion, focusing on adding more jack-up rigs, technical equipment, and expanding well drilling services. The company also plans to invest in 2–3 additional rigs during 2026–2030 to meet expected market demand.
Shareholders approved PV Drilling’s 2026 business plan with a cautious growth orientation. The targets include:
The plan assumes five rigs operating throughout the year, including PV DRILLING IX in operation from Q2/2026 at an average charter rate of around USD 90,000 per day. PV Drilling will also continue operating the PV DRILLING V rig in Brunei and operate two domestically chartered rigs.
Given capital needs for strategic projects, PV Drilling does not plan to pay dividends for 2025, retaining profits to reinvest, strengthen financial capacity, and ensure cash flow. The company also proposed increasing capital by issuing new shares to existing shareholders to support expansion.
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