PV Drilling launches PV DRILLING IX jack-up rig to strengthen competitive position

Against the backdrop of a new growth cycle in the regional oil and gas drilling market, PV Drilling, the Joint Stock Company for Drilling and Oilfield Services, has reaffirmed its long-term strategy by investing in and bringing into operation the PV DRILLING IX, a multifunctional jack-up rig, from early April 2026. The project is described as one of the company’s key strategic initiatives in its new development phase.

Milestones and market context

In less than a year, PV Drilling marked two milestones: the naming ceremony of PV DRILLING VIII and the launch of PV DRILLING IX. The seven-month gap between the naming events is presented by the company as evidence of its rapid transformation as the drilling market recovers.

Speaking at the naming ceremony for PV DRILLING IX on the morning of 27 March 2026 at the PTSC Energy Industry and Logistics Center in Ho Chi Minh City, Nguyen Xuan Cuong, PV Drilling’s Chief Executive Officer, said the company defines proactive technical capability, equipment, human resources, and service quality as the foundation for self-reliant rig provision to meet growing market demand in the future.

PV Drilling currently provides services to more than 10 rigs in the Southeast Asia region. In Vietnam, it operates one owned rig and charters four additional rigs from abroad, indicating that supply remains constrained relative to demand.

Rig specifications and operating capability

PV DRILLING IX is a multifunctional jack-up rig built to the Friede & Goldman JU2000E standard design. It is equipped with systems from world-renowned manufacturers including NOV/SLB. The rig is designed to operate in the North Sea, the Middle East, and Southeast Asia, with a maximum water depth of 129.5 meters.

The rig is outfitted with automated pipe handling and a full suite of drilling support equipment. It is capable of drilling wells to depths of up to 30,000 feet (about 9,144 meters) and accommodating up to 170 personnel on board.

Restart timeline and work completed

Built in 2016, PV DRILLING IX previously operated safely in the North Sea. PV Drilling received the rig and fully restarted it. In the initial phase in Denmark, starting in September 2025, the rig completed underwater inspections (UWILD) and major equipment overhauls under the stringent standards of ABS.

The rig departed Esbjerg (Denmark), moved to Rotterdam (Netherlands), and was then transported to Vietnam by a dedicated vessel. The voyage covered more than 12,800 nautical miles, and the rig docked at the PTSC center in Ho Chi Minh City on December 25, 2025.

After arriving in Vietnam, PV DRILLING IX continued its restart with underwater inspection, equipment overhauls, technology upgrades, and accommodation upgrades for 170 people. The company said these preparations are intended to enable the rig to commence operations in April 2026.

Fleet expansion and regional deployment

The formal naming ceremony is described as marking both the restart and the start of a new operating phase. PV Drilling said the project expands its owned rig fleet to seven, comprising six jack-ups and one deepwater (TAD).

Within PV Drilling’s owned fleet, all seven rigs are under contract and operating in Vietnam, Malaysia, Indonesia, and Brunei. The company said PV DRILLING IX is the youngest and most modern rig in its fleet and will support its value chain in the regional market.

Management views and expected impact

Le Manh Cuong, Petrovietnam’s Deputy CEO, said PV Drilling’s efforts and determination to prepare and bring PV DRILLING IX into operation reflect clear signs of recovery in the drilling market. He cited rising demand, improved utilization, and higher rig charter rates, noting that the environment creates opportunities while also increasing requirements for equipment capability, technology, and human resources.

PV Drilling said the PV DRILLING IX project will deliver benefits beyond economics by creating additional jobs, lifting incomes, and advancing the skills of Vietnamese engineers and workers. The company added that the project supports the development of a domestically built and internationally competitive workforce and provides a foundation for higher localization and a sustainable domestic oilfield services value chain.