Petrovietnam Drilling & Well Services

What Petrovietnam Drilling & Well Services does

Petrovietnam Drilling & Well Services Corporation (PV Drilling) is Vietnam's pioneering and largest offshore drilling contractor, established November 26, 2001 as a state-owned subsidiary of Petrovietnam (Vietnam's national oil and gas corporation). The company operates a fleet of 6 jack-up drilling rigs (PV DRILLING I, II, III, VI, VIII, IX) and 1 semi-submersible tender-assisted rig (PV DRILLING V), with the most recent acquisition — PV DRILLING IX (formerly Noble Highlander, featuring Friede & Goldman JU2000E design with 9,144m drilling depth and 129.5m water depth capability) — purchased from Noble Corporation in 2025. All rigs are deployed under contract across Southeast Asia, with operational efficiency of 99%+ for jack-up rigs and 96%+ for the deepwater TAD rig, exceeding global drilling contractor averages.

PV Drilling delivers integrated oilfield services through a network of 7 wholly-owned subsidiaries and 7 joint ventures with international oilfield majors including Baker Hughes, Expro, Oil States Industries, Marubeni-Itochu, and Keppel FELS. Core service lines encompass: drilling rig provision via long-term day-rate contracts (1-6 year terms); well technical services through PVD Baker Hughes (directional drilling, MWD/LWD, wireline logging, coring, cementing, completion, fishing, coiled tubing); casing and tubing running services (PVD Well Services, 100% Vietnam market share) and drilling tools rental; OCTG supply and total tubular management (PVD Tubulars Management, ~80% Vietnam market share); OCTG threading and manufacturing (Vietubes, 50,000 MT per annum capacity); well testing and early production facilities (PVD-Expro); wellhead equipment and mechanical fabrication (PVD Tech, PVD-OSI); and OPITO/IWCF/GWO-certified training plus 1,000+ personnel per month manpower supply (PVD Training). The proprietary technology stack includes the CRTi (Casing Running Tool with Internal Grip), HEBA hydraulic extendable bail arms, Managed Pressure Drilling (MPD) technology, Expandable Liner systems, and the recently adopted NOVOS drilling automation platform for Smart Rig development.

The business model is direct B2B enterprise field sales to international oil companies (Exxon Mobil, BP, Shell, ENI, Rosneft, Santos, Brunei Shell Petroleum) and Petrovietnam group subsidiaries, with day-rate-based subscription recurring revenue on multi-year drilling contracts and professional services revenue from well services, OCTG supply, and tubular management. Geographic operations span Vietnam (primary), Indonesia (JV established May 2025), Malaysia (PMO since 2023), Brunei (PMO), Singapore (PVD Overseas JV HQ), and Algeria (PMO since 2006). The company holds API Spec Q2 2nd Edition, ISO 9001/14001, OHSAS 18001, API 5CT, API Spec 7-1, and API 6A certifications, and is a member of RITAG for oil spill response. PV Drilling is publicly listed on the Hanoi Stock Exchange under ticker PVD, and is a subsidiary of state-owned Petrovietnam.

Name

Petrovietnam Drilling & Well Services

Legal name

Petrovietnam Drilling & Well Service Corporation (PV Drilling)

Website

https://pvdrilling.com.vn

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PV Drilling is Vietnam's pioneering offshore drilling contractor and state-owned subsidiary of Petrovietnam, operating 6 jack-up rigs and 1 semi-submersible tender-assisted rig plus integrated well services (drilling, OCTG supply, well testing, training) through 7 subsidiaries and 7 joint ventures with Baker Hughes, Expro, and Oil States across Southeast Asia.

Ownership category

akta.pro rank

Product category

Offshore Drilling and Well Services

NAICS

Drilling Oil and Gas Wells (213111), Oil and Gas Field Machinery and Equipment Manufacturing (333132), Support Activities for Oil and Gas Operations (213112), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Machinery & Equipment (3533), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

Well Construction & Completion Services (Cementing, Casing, Tubular Running) (EUALABAC), OCTG, Line Pipe & Tubular Services (Supply, Inspection, Threading) (EUALABAN), Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH), OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)

Keywords

• Offshore drilling services
• Well technical services
• Oil country tubular goods
• Oilfield equipment manufacturing
• Drilling rig contracting

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices18 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Offshore Drilling Services: PV Drilling operates a fleet of jack-up rigs and semi-submersible tender-assisted drilling rigs providing contract drilling services to oil and gas operators across Southeast Asia. Revenue is generated through day rates for drilling campaigns under long-term contracts.
2. Well Technical Services: Comprehensive well services including directional drilling, MWD/LWD, wireline logging, coring, well testing, cementing, completion, fishing, and coiled tubing services through the PVD Baker Hughes joint venture and other subsidiaries.
3. Casing & Tubing Running and Drilling Tools Rental: PVD Well Services provides Casing and Tubing Running Services (CTRS) with 100% market share in Vietnam, and Drilling Tools Rental Services (DTRS) including drill pipes, jars, hole openers, underreamers, and other downhole tools.
4. OCTG Supply and Tubular Management: PVD Tubulars Management (80% market share in Vietnam) supplies Oil Country Tubular Goods (OCTG) and provides Total Tubular Management (TTM) services including warehousing, inspection, logistics, and inventory management.
5. OCTG Threading and Manufacturing: Vietubes provides threading of API and premium connections for OCTG pipes from 2-3/8" to 20" OD, repair services, and manufacturing of OCTG accessories with 50,000 MT per annum processing capacity.
6. Training, Manpower Supply, and Industrial Solutions: PVD Training provides OPITO/IWCF/GWO-certified training, manpower supply (1,000+ personnel per month), and industrial technical services (electrical, instrumentation, valve maintenance, fire protection, offshore equipment) across oil and gas and industrial sectors.
7. Well Testing and Early Production Facilities: PVD-Expro provides well testing and early production equipment services with 10kpsi to 15kpsi working pressure equipment, separator packages up to 10,000 bbls/day liquid and 65 MMSCF/D gas rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

PV Drilling operates as an integrated oilfield services contractor providing offshore drilling rigs and well services to oil and gas operators in Vietnam and Southeast Asia. The company runs a fleet of six jack-up rigs and one semi-submersible tender-assisted rig under multi-year day-rate contracts (1-6 years), delivers well technical services (directional drilling, MWD/LWD, MPD, expandable liner, cementing, completions), supplies Oil Country Tubular Goods and tubing management services (80% market share in Vietnam), and provides training, manpower, well testing, mechanical fabrication, and oil spill response services through wholly-owned subsidiaries and joint ventures with Baker Hughes, Expro, Marubeni-Itochu, and Oil States Industries.

Product overview

PV Drilling operates as an integrated oilfield services company providing a comprehensive portfolio of drilling and well services. The core offerings include Drilling Services (operates fleet of six jack-up rigs and one semi-submersible tender-assisted rig), Well Technical Services, Mechanical/Inspection Services, Manpower/Training Services, and Oil Spill Response. The subsidiary network extends capabilities through: PVD Baker Hughes (high-tech services including directional drilling, MWD/LWD, completions, cementing), PVD Expro (well testing and early production), PVD Well Services (casing/tubing running, drilling tools rental, MPD), PVD Deepwater (deepwater TAD operations), PVD Tubulars (OCTG supply and management), Vietubes (OCTG threading/manufacturing), PVD OSI (connector manufacturing), PVD Tech (wellhead equipment and fabrication), PVD Training (training and manpower supply), PVD Overseas (overseas rig operations), and PVD Indonesia (Indonesia market expansion).

Differentiator

Problem solved

Functional benefit

Brands

• PV DRILLING I: First jack-up rig of PV Drilling fleet
• PV DRILLING II
• PV DRILLING III
• PV DRILLING V
• PV DRILLING VI
• PV DRILLING VIII
• PV DRILLING IX

Products and services

• Drilling Services (Dịch vụ khoan) Core drilling services providing jack-up rigs and turnkey drilling services to oil and gas operators in Southeast Asia. PV Drilling operates a fleet of six jack-up rigs and one semi-submersible tender-assisted rig (PV DRILLING I, II, III, V, VI, VIII, IX) under multi-year day-rate contracts.
• Well Technical Services (Dịch vụ Kỹ thuật Giếng khoan) Comprehensive well engineering services including both traditional and advanced high-tech services for oil and gas well drilling operations, delivered through PVD Logging, PVD Baker Hughes, and PVD Well Services subsidiaries.
• Mechanical Fabrication, Inspection, Maintenance & Trading Services Mechanical fabrication, inspection, maintenance, and equipment trading services for the oil and gas industry, including wellhead equipment, conductor manufacturing, hydraulic work-over, and cold cutting services through PVD Tech and PVD-OSI.
• Manpower Supply and Professional Training Services Manpower supply and professional training services to develop skilled workforce with experience for work on rigs and oil and gas structures. PVD Training manages 1,000+ personnel per month and delivers OPITO, IWCF, GWO, and DNV-certified programs from a 2+ hectare training center.
• Oil Spill Response and Environmental Protection Services Oil spill response and environmental protection services with over 25 years of experience. PV Drilling is a member of RITAG (Rapid Intervention Team for Oil Spill), an international emergency response organization.
• PVD Deepwater - Semi-Submersible Tender Assist Drilling Service Operating the Semi-submersible Tender Assist Drilling rig (TAD) PV DRILLING V for deepwater offshore drilling services. Under six-year contract with Brunei Shell Petroleum and previously completed 16 HPHT wells for Bien Dong POC at Hai Thach and Moc Tinh fields.
• PVD Well Services - Casing & Tubing Running and Drilling Tools Rental Casing and Tubing Running Services (CTRS) with 100% market share in Vietnam, and Drilling Tools Rental Services (DTRS) including drill pipes, jars, hole openers, underreamers, Managed Pressure Drilling (MPD), Solid Control, Wellbore Cleanup, Expandable Liner, and Casing While Drilling services.
• PVD Baker Hughes - High-Technology Well Services Joint venture with Baker Hughes (51% PV Drilling, 49% Baker Hughes) providing high-technology oil and gas services including directional drilling, MWD/LWD, wireline logging, coring, drill bits, completions, liner hangers, fishing, cementing, coiled tubing, hydraulic fracturing, and production technologies.
• PVD-Expro - Well Testing and Early Production Equipment Services Joint venture with Expro International BV (51% PVD Logging, 49% Expro) providing well testing and early production facilities, including surface well testing equipment (10kpsi to 15kpsi working pressure), well clean-up, extended well testing, sand filters, and surface/bottom hole sampling with separator packages up to 10,000 bbls/day liquid and 65 MMSCF/D gas rates.
• PVD Tubulars Management - OCTG Supply and Tubular Management Joint venture with Marubeni-Itochu Tubulars (51% PV Drilling, 49% Marubeni-Itochu) providing Oil Country Tubular Goods (OCTG) supply and Total Tubular Management (TTM) services including warehousing, inspection, re-stocking, and logistics, with approximately 80% OCTG market share in Vietnam.
• Vietubes - OCTG Threading and Manufacturing Joint venture providing API and premium connection threading for OCTG pipes (2-3/8" to 20" OD), repair services, pup joints, drilling collars, float shoes/collars, inspection services, and hardbanding, with 50,000 MT per annum processing capacity.
• PVD-OSI - Connector Manufacturing and Threading Services Joint venture with Oil States Industries (Asia) (51% PVD Tech, 49% Oil States) providing machining services for threading connectors including Merlin, Lynx, Leopard, Puma, and Swift connectors for the oil and gas industry.
• PVD Overseas - Offshore Rig Investment and Operations Joint venture in Singapore (80% PV Drilling) for investing in, managing, and operating modern offshore rigs targeting regional and global markets, including operation of PV DRILLING VI jack-up rig built by Keppel FELS.
• PV DRILLING IX Jack-up Rig Newly added multi-purpose jack-up rig featuring Friede & Goldman JU2000E design with drilling capabilities up to 9,144 meters depth and 129.5 meters water depth operational capability.

Quantifiable outcome

• PV DRILLING I achieved 99% operational efficiency; PVD Deepwater TAD operating at 96%+ efficiency, exceeding global drilling contractor averages
• +6 more outcomes

Named customers20 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• Indonesian Partners (PVD Indonesia Joint Venture)coreStrategic or Co-development Partner · 15 May 2025PT PetroVietnam Drilling Indonesia (PVD Indonesia) joint venture established May 15, 2025 between PV Drilling and Indonesian partners with local expertise. Aims to expand PV Drilling's drilling rig and well technical services in the Indonesian market, one of Southeast Asia's most dynamic O&G markets. Indonesia office established as joint venture to support long-term development strategy.
• Noble CorporationmajorOthers · 1 January 2025PV Drilling purchased jack-up rig PV DRILLING IX from Noble Corporation in 2025. The rig, formerly known as Noble Highlander, was acquired to expand PV Drilling's fleet. Naming ceremony held March 27, 2026 at PTSC Downstream Port in Ho Chi Minh City.
• Keppel FELSmajorTechnology or Integration · 4 April 2013PVD Overseas (80% PV Drilling) established in Singapore April 4, 2013, partnered with Keppel FELS for construction of PV DRILLING VI jack-up rig. Keppel FELS built the MOD V B Class Design jack-up rig which was successfully commissioned and delivered February 27, 2015 after 19 months of construction. PV DRILLING VI maintains stable operations with 97%+ average efficiency.
• Oil States Industries (Asia) Pte., Ltd.coreTechnology or Integration · 4 July 2011PVD-OSI joint venture (51% PVD Tech, 49% Oil States Industries) established July 4, 2011, investment certificate November 24, 2011. Manufactures, threads, repairs, and maintains connectors for oil and gas drilling. Products include Merlin, Lynx, Leopard, Puma, and Swift connectors. Factory built in February 2012 on 30,000 sqm in Phu My I Industrial Zone, operational since September 2012.
• Baker Hughes Nederland Holdings B.V.coreStrategic or Co-development Partner · 26 January 2011PVD Baker Hughes joint venture (51% PV Drilling, 49% Baker Hughes) established January 26, 2011 under Investment License No. 411022000556. Specializes in high-technology oil and gas services including directional drilling, MWD/LWD, wireline logging, coring, cementing, completion, fishing, coiled tubing, hydraulic fracturing, and production technologies. Baker Hughes provides technology transfer, advanced equipment, and global expertise. After 15 years, PVD Baker Hughes has successfully localized Vietnamese engineers who now master the technologies.
• Marubeni-Itochu Tubulars Asia Pte. Ltd.coreStrategic or Co-development Partner · 7 October 2008PVD Tubulars Management joint venture (51% PV Drilling, 49% Marubeni-Itochu Tubulars) established October 7, 2008. Specializes in OCTG supply, casing and tubing, and Total Tubular Management (TTM) services. Holds approximately 80% OCTG market share in Vietnam. Partner provides access to global mills including JFE, TENARIS, NSSMC, HUNTING, PYP/CSST and international supply chain networks.
• Expro International BVcoreStrategic or Co-development Partner · 25 April 2008PVD-Expro joint venture (51% PVD Logging, 49% Expro International BV) established April 25, 2008, formerly known as PVD-PTI. First and professional provider of well testing service and early production equipment in Vietnam market. Equipment from 10kpsi to 15kpsi working pressure, separators up to 10,000 bbls/day liquid and 65 MMSCF/D gas rates.
• Citra Sumit Valind Investments (CSV) ConsortiumcoreStrategic or Co-development Partner · 15 February 1995Vietubes joint venture (51% PV Drilling, 49% CSV) established February 15, 1995. CSV consortium includes Vallourec (France), PT Citra Tubindo Tbk (Indonesia), Nippon Steel Corporation (Japan), Sumitomo Corporation (Japan), Sumitomo Corporation Asia (Singapore), and Marubeni Itochu Tubulars Asia (Singapore). Specializes in API and premium connection threading for OCTG pipes from 2-3/8" to 20" OD, with 50,000 MT per annum capacity.
• RITAG (Rapid Intervention Team for Oil Spill)minorOthersPV Drilling is a member of RITAG (Rapid Intervention Team for Oil Spill), an international emergency response organization for oil spill incidents. With over 25 years of service (including when operating as PTSC Offshore), PV Drilling provides oil spill response and environmental protection services.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Seadrill: Global offshore drilling contractor operating a large fleet of jack-ups, semi-submersibles, and drillships. Directly comparable to PV Drilling in offshore drilling services, with overlap on SE Asia tenders and contract structures.
• Valaris Limited: Leading global offshore drilling operator with a fleet of jack-ups, floaters, and managed pressure drilling capabilities. Direct comparable in jack-up rig services and integrated well services offering.
• COSL (China Oilfield Services Limited): China's largest integrated oilfield services company offering drilling rigs, well services, and geophysical services across Asia-Pacific. Comparable in integrated OFS model and Asia-Pacific regional focus.
• Transocean: World's largest offshore drilling contractor focused on ultra-deepwater and harsh-environment rigs. Comparable as an offshore drilling peer with similar day-rate contract model and IOC customer base.

Others

• Vallourec: Global leader in premium OCTG connections and tubular solutions, and JV partner in Vietubes. Comparable as a manufacturing/supply chain player in the OCTG segment where PV Drilling's PVD Tubulars and Vietubes compete.

Regional players

• Dialog Group Berhad: Malaysian oil and gas services company providing well services, fabrication, and offshore support. Comparable as a SE Asia-based OFS peer with similar customer base among regional operators.
• Sapura Energy Berhad: Malaysian integrated oil and gas services company with drilling, energy, and engineering divisions serving SE Asia. Direct regional peer with overlapping services in Malaysia, Vietnam, and Indonesia.

Direct peers

• Shelf Drilling: Leading jack-up operator in the Middle East, North Africa, and Southeast Asia with a fleet of premium and standard jack-up rigs. Comparable in fleet composition and emerging-market offshore drilling exposure.
• Borr Drilling: Pure-play jack-up drilling contractor with a modern premium fleet focused on international and shallow-water markets. Closest direct comparable to PV Drilling's jack-up-centric fleet and SE Asia geographic focus.

Emerging players

• ARO Drilling (Aramco/Jackson Drilling JV): Joint venture between Saudi Aramco and Valaris operating a fleet of premium jack-up rigs in the Middle East. Comparable in state-affiliated ownership model, JV structure for high-end rigs, and integrated OFS positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/pvdrilling
• Facebookfacebook.com/pvdrilling
• LinkedInlinkedin.com/company/petrovietnam-drilling-&-well-service-corporation

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrovietnam Drilling & Well Services