With the new rig, tentatively named PV Drilling X, the company’s fleet of modern offshore drilling rigs will be increased to eight. The seller of the rig and the price were left undisclosed.

This means that the company has expanded its fleet in three consecutive years – 2024, 2025, and 2026.

Under the deal, the rig will be transported to Vietnam in October 2026 for recommissioning, technical certification, and system upgrades before entering commercial service in the second quarter of 2027.

“Demand for drilling rigs in Vietnam and across the region is expected to remain strong, supported by the accelerated implementation of oil and gas exploration, development, and production projects,” PV Drilling explained.

These favourable market conditions were the deciding factor for PV Drilling’s newest addition to the fleet.