PV Drilling (PVD) Wins TAD Rig Contract for Hải Thạch-Mộc Tinh Infill Drilling

Overview

PetroVietnam’s upstream operator BIENDONG POC has signed a contract with PV Drilling (ticker PVD, HOSE) to supply a tender-assisted drilling (TAD) rig for an infill campaign at the Hải Thạch-Mộc Tinh gas fields in Blocks 05-2 and 05-3 offshore Vietnam. Drilling is scheduled to begin in Q2 2028, and the award is one of the first long-lead contracts signed for the project. For PVD, it adds backlog visibility in a segment where regional rig supply is expected to tighten sharply in 2027-2028.

Key Facts

• Contract covers a TAD rig for an infill drilling campaign at Hải Thạch-Mộc Tinh, Blocks 05-2 and 05-3, Nam Côn Sơn Basin.
• Campaign comprises 2 infill wells at the Hải Thạch field under the revised field development plan.
• Drilling is expected to commence in Q2 2028, per PetroVietnam’s announcement.
• The wells target high-pressure, high-temperature (HPHT) reservoirs requiring strict technical and safety specifications.
• BIENDONG POC has operated the fields since first commercial gas in 2013, more than 13 years of production.
• The operator previously completed a 16-well drilling campaign with zero lost-time incidents (Zero LTI).
• The contract value and rig day-rate were not disclosed in the source article.

What Happened

PetroVietnam’s group announcement states that Công ty Điều hành Dầu khí Biển Đông (BIENDONG POC), a PetroVietnam subsidiary, signed the TAD rig contract with Tổng công ty Cổ phần Khoan và Dịch vụ Khoan Dầu khí (PV Drilling). The contract falls into the category of long-lead items that require extended preparation and mobilisation, and the operator moved early on tendering and contractor selection to secure a suitable rig.

According to BIENDONG POC leadership, output at Hải Thạch-Mộc Tinh has entered natural decline after more than 13 years of safe operation since first commercial gas in 2013. The two-well infill campaign is intended to lift production and sustain field economics. The TAD rig is a specialised resource in limited supply, and regional demand is projected to rise strongly in 2027-2028; signing early is framed as a way to avoid rig scarcity and schedule slippage. The article does not disclose the contract value, day-rate, or firm duration.

Market Context

PVD closed at VND 17,100 on 7 November 2026 on HOSE. The stock trades as a proxy for regional offshore drilling activity, and contract awards of this type feed directly into its backlog and fleet-utilisation outlook. The Hải Thạch-Mộc Tinh award is a domestic anchor for PVD’s TAD capability at a time when Southeast Asian demand for tender-assisted units is forecast to outpace available supply into 2028.

Strategic Significance

The strategic point is timing rather than size. TAD rigs are a narrow, specialised pool, and operators across Southeast Asia are expected to compete for them in 2027-2028. By contracting years ahead, BIENDONG POC secures capacity and PVD gains a visible, technically demanding reference job in HPHT conditions. That matters for PVD’s ability to price future regional work: a Zero-LTI record across a prior 16-well campaign plus this HPHT infill award strengthens its credentials with other operators facing similar decline-management drilling. For PetroVietnam, the campaign supports gas supply to southern Vietnam as the fields mature.

What to Watch

• PVD disclosures on contract value, day-rate, and firm contract duration in filings or investor updates.
• Rig mobilisation schedule and confirmation that the TAD unit is committed for the Q2 2028 start.
• Regional TAD day-rate trends through 2027 as Southeast Asian demand builds.
• BIENDONG POC progress on the revised field development plan and any further infill wells beyond the initial two.
• PVD quarterly backlog and fleet-utilisation disclosures on the HOSE.