Vietnam to tap Singapore expertise to set up yard

Vietnam is keen to tap Singapore's expertise to set up a rig-building shipyard at a suitable site along its 3,000-km (1,864-mi) coastline. The country is positioning itself to serve the potential demand for petroleum exploration and production, Tran Ngoc Canh, president and CEO of PetroVietnam, said.

Offshore staff

SINGAPORE -- Vietnam is keen to tap Singapore's expertise to set up a rig-building shipyard at a suitable site along its 3,000-km (1,864-mi) coastline. The country is positioning itself to serve the potential demand for petroleum exploration and production, Tran Ngoc Canh, president and CEO of PetroVietnam, said.

"We would like to discuss soon the potential of setting up a rig-building yard along our coastline with Keppel Group of Singapore," Tran said at a Singapore press conference on March 8, held at the naming ceremony of PV Drilling's first jackup rig,PV Drilling I.

According to Tran, Vietnam's oil and gas group, PetroVietnam, is expected to order two more jackups as well as an onshore rig by next year, orders that fueled strong interest in setting up a rig-building and servicing yard.

Vietnam Shipbuilding Co., Vinaship, is expected to be a main partner in the rig building yard, Tran said, adding that Vietnam will need at least four to five new jackup rigs to cover its 15-year exploration and development program of 900 wells.

In November 2006, PetroVeitnam established PetroVietnam Drilling & Well Services Joint Stock Co., known as PV Drilling, to handle the country's exploration activities.

3/8/2007

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