Petrovietnam rig operator PV Drilling (PVD) said on Wednesday it expects revenues to more than double in the first half of 2007 from a year ago to 920 billion dong ($57 million).
"The rise in revenues is generated mainly by the rent of our new drilling rig," a company spokesman said.
The firm's first-half net profit was expected to reach 205 billion dong ($12.7 million), more than four times that of a year earlier, he said.
PV Drilling has set a target for whole year revenues of $142.8 million and net profit of $35 million this year.
The spokesman said the Ho Chi Minh City-based firm had signed a contract to rent its PV Drilling I rig to an exploration firm in Vietnam for the 2007-2009 period with a monthly rent of $215,000.
The firm said earlier this month it planned to invest about $200 million to purchase a third jackup drilling rig to meet soaring demand from oil explorers.
Last month, it awarded a $191 million contract to Singapore's Keppel Corp. to build its second rig for delivery in 2009.
In March, the firm took delivery of the PV Drilling I rig, also built by Keppel Corp, at a cost of $115 million.
PV Drilling officials have said the company would focus on Vietnamese waters for the next few years as exploration activity was expected to pick up in the area, with an estimated 55 to 60 wells to be drilled this year alone.
Source: Reuters
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