Over USD200 million for second lift-off oil rig

The PetroVietnam Marine Shipyard JSC (PV Shipyard) and the Vietnam -Russia Oil and Gas Joint Venture (Vietsovpetro) have recently signed a US$200 million contract on building a new lift-off oil rig in Vietnam.

The Tam Dao 05 lift-off oil rig, the second of its kind in the country, will be completed after 32 months of construction and is expected to help Vietsovpetro be more proactive in oil and gas exploitation and reduce the cost of hiring drilling rig.

Vietnam’s first 90-metre rig, Tam Dao 03, has been put into stable and effective operation since June 2012. It has received a certification of international standard from the American Bureau of Shipping.