Brunei Shell Petroleum hires PV Drilling rig on long-term deal

Vietnamese offshore drilling contractor PV Drilling has won a long-term contract for its long-stacked heavy tender assist semi-submersible drilling rig PV Drilling V with Shell in Brunei.

PV Drilling V / Image source: PV Drilling

The Vietnamese drilling contractor earlier this year said it was exploring multiple options for the rig, including sale, however it has now managed to find work for the unit.

Brunei Shell Petroleum will take the rig on a six-year contract, with options to extend for four more years. The contract is expected to start in 2021.

PV Drilling said this is the company’s longest-term drilling contract entered into so far. The company did not share the financial details of the contract.

The PV Drilling V rig was delivered by Singapore’s Keppel in 2011. It previously worked for PetroVietnam’s Bien Dong Petroleum Operating Company.

According to Bassoe Offshore, the rig has been cold stacked for about five years. Bassoe has estimated the dayrate for the BSP contract is around $75,000, which translates into $164,2 million for the firm part of the contract (six years).

Offshore Energy Today Staff

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