On Oct 26, 2001, Minister, Governmental Office Chairman, Petroleum Technical Services Company issued Decision No 647/QD-VPCP to establish Petroleum Vietnam Drilling Company, a subsidiary of PetroVietnam. Following direction of PetroVietnam in enhancing revolution progress and developing business, which was mentioned on the proposal of totally rearrangement and transformation in state-owned companies belonging to PetroVietnam; and basing on Decision No 3535/QD-TCCB dated on Dec 31, 2004 of Industrial Ministry about equitising Petroleum Vietnam Drilling (PV Drilling), the company quickly accomplish procedure to convert into a joint stock company. On Oct 20, 2005, Industrial Ministry issue Decision No 3477/QD-BCN to transform Petroleum Vietnam Drilling Company into Petroleum Vietnam Drilling Joint Stock Company.

According to registered business license number 113063 dated on Oct 7, 2002 approved by Planning and Investment Department of HCM City, PV Drill has main business activities as follow:
- Drilling and work-over contracting works;
- Chartering and operating drilling rigs;
- Well testing, cementing, wire line logging, tubular handling and other drilling and production related services;
- Procurement and supply of materials and equipment in support of petroleum activities; Oil pollution control services;
- Engineering, fabrication, installation, inspection, refurbishment and maintenance of OCTG, drilling tools, equipment and rigs; Taking part in training petroleum employees, providing labors for drilling rigs, oil and gas exploiting rigs of PetroVietnam and supplying highly expertise labors for domestic and foreign enterprise
– Provide services relating to drilling for oversea projects

Company’s advantaged service such as mechanical repair services, oil pollution control services, labor supplying service, drilling equipment for rent are well performed basing on internal resources and currently accounts for 80% Vietnam market that supplies drilling companies such as Cuulong IOC, Petronas; JVPC; Hoanvu JOC; VietsoPetro, PIDC; Diamond Offshore, Transocean, Santa Fe,... Well testing, cementing, wire line logging, tubular handling and other drilling and production related services are increasing in term of market share as well as inland proportion, enhance activeness and competency comparing to competitors.

- Keep high and stable growth rate and create great improvement in quality and competitiveness.
- Train and develop human resource, following orientation of industrialization, modernization, increase the technology proportion in products, reduce physic as well as power spending; step by step let Vietnamese replace foreign positions.
- Improve service quality, keep traditional customers, find new clients and do marketing to search prospects. Step by step to penetrate, develop advantaged services in area market.
- Maximum exploit and efficiently use domestic and oversea resource (capital, management experience) to develop production, widely apply science and technology in production and operation.