The first mine destruction project in Vietnam signed in a package form

PV Drilling, PTSC-POS, and PVEP-POC signed a contract for the design and construction service package for well closure and dismantling and relocation of the Song Doc platform on November 26, 2024, in Hanoi.

^{The Song Doc mine destruction project is the first mine destruction project in Vietnam, of great significance and a breakthrough for the country's oil and gas industry.}

^{The project applies a new bidding strategy, for the first time implemented in a package form, integrating work packages into a common process.}

^{Representing the investor, Mr. Le Duc Tue - Director of PVEP-POC congratulated the PVD-POS consortium for winning the bid for the package "Providing design and construction services for well closure and dismantling and relocation of the Song Doc platform, Song Doc field decommissioning project, offshore Vietnam" in the form of a lump sum contract.}

^{, PV Drilling is the leading member of the consortium undertaking package No. 1 (well closure and dismantling), PTSC-POS is the member of the consortium undertaking package No. 2 (dismantling and relocation of the Song Doc platform) based on the evaluation of transparent criteria on techniques, trade and experience of the units.}

^{Representing the PVD-POS Joint Venture, Mr. Nguyen Xuan Cuong - General Director of PV Drilling affirmed: During the preparation process, despite facing many difficulties with the pressure to ensure technical and safety conditions, especially the cost issue, PVD and PTSC-POS have closely coordinated, mobilized maximum resources with high determination to build the most optimal proposal for the project.}

^{The General Director of PV Drilling also shared more about the great opportunities for PV Drilling and PTSC when the domestic workload is forecast to increase in the coming time, at the same time, investors can be completely assured in controlling costs for this type of project.}

^{In addition, PV Drilling is also working with customers Brunei, and Petronas... to carry out mine destruction work as planned.}

^{Speaking at the signing ceremony, Mr. Tran Binh Minh - A member of the Board of Directors of PVN congratulated the parties for reaching the final agreement in the bidding package. It is said that this is a special project that has lasted for more than 10 years, since PVN took over the exploitation to bring added value to resources, as well as contribute to the state budget.}

^{The destruction of the mine and relocation of equipment and exploitation works demonstrate the professionalism and seriousness of PVN, as well as its member units throughout the process of implementing exploration and exploitation activities until the mine is stopped to ensure safety and environmental factors.}

^{This is the first time a package service has been deployed, demonstrating the ability to provide high-tech oil and gas services, with extremely competitive prices of PV Drilling and PTSC, opening up new directions for this service (not only domestically, but also internationally).}

^{Thus, the combination of PV Drilling's experience and expertise in the field of well closure and abandonment, along with PTSC-POS's strengths in the field of decommissioning and relocation of offshore structures, will create a strong joint venture, capable of meeting the strict requirements of the project, bringing added value and optimizing costs for operators. Therefore, the event of signing the Song Doc field abandonment contract is not only an important milestone, opening up opportunities for cooperation in the field of mine abandonment but also a testament to the growth of the Vietnamese oil and gas technical services industry.}

^{Also at the ceremony, representatives of PVEP-POC and PV Drilling signed a memorandum of understanding on the provision of drilling rigs and well technical services for PVEP-POC's upcoming drilling programs.}

^{The memorandum signed this time demonstrates the commitment to strategic cooperation, creating a favorable premise for important oil and gas drilling programs in the future./.}