Singapore’s Keppel FELS Ltd has won a US$191 million bid to build a jack-up oil rig for state-run PetroVietnam’s recently established arm PetroVietnam Drilling Investment Corporation (PVD Invest).
Poor tax and land policies are stymieing the growth of private enterprises in Vietnam, a conference in Under a contract signed Monday the jack-up rig B299 or PV Drilling II will be customized for PVD Invest’s requirements of operating in water depths of up to 114 meters, deep drilling of down to 9,144 meters, and accommodating over 100 men.
It would be completed in October 2009 and deployed in Vietnam’s territorial waters as well as overseas, the local firm said.
The rig with retractable legs is the second offshore platform contract between the two firms.
Earlier this year Keppel FELS handed over to PetroVietnam Drilling & Well Services Co. (PV Drilling) a $110 million jack-up oil rig that is now operating in Ca Ngu Vang oil field off Vietnam.
PVD Invest’s primary business is investing in oil rigs, equipment, and tools which it leases out.
Keppel FELS Ltd, a wholly-owned subsidiary of Keppel Corp, has, since 1984, built all the major offshore platforms for Vietnam’s oil and gas industry.
One of the world’s leading designers and builders of jack-up rigs, Keppel had 60 percent of the global market in the last decade.
In Vietnam, which has proven oil reserves of over 600 million barrels, some 300 oil wells are likely to be drilled over the next five years.
PetroVietnam said there was an ongoing feasibility study to open up deepwater exploration and production.
Source: Thanh Nien
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