On behalf of PetroVietnam (PV) Drilling, a leading Vietnamese drilling and technical services provider, Westwood provided a series of assessments on the global geothermal energy and hydraulic workover unit markets.
Client Name
Provider of onshore and offshore drilling rigs and drilling services, PetroVietnam (PV) Drilling.
Project Brief
PV Drilling has been a Westwood client since 2013, with RigLogix data incorporated into the company’s annual reports. Building on our longstanding partnership, Westwood was engaged to provide a deep-dive assessment of global geothermal energy and plugging and abandonment (P&A) markets, with a focus on land drilling rigs and hydraulic workover units (HWUs).
Our 2025 scope of work included:
- A detailed assessment of global geothermal policies, frameworks, targets, licensing and regulation.
- A comprehensive review of current and future installed geothermal capacity across heating, cooling and power, as well as key project developers.
- A deep dive of land drilling market trends and outlooks, including requirements by region and technology type.
- Analyses of the geothermal contractor landscape by fleet size, hookload capacity, drilling depth, and geographic reach.
- A quantitative assessment of the present and potential market demand for HWUs in the oilfield service and P&A sectors.
- A review of the HWU investment landscape, unit dayrates, and manufacturers by region and sector.
Consulting Sectors: Geothermal Energy / Plugging and Abandonment
Westwood Approach
Leveraging our onshore drilling and offshore equipment market intelligence solutions – Global Land Rigs and PlatformLogix – alongside our longstanding expertise in delivering insight and advice to drilling contractors and the wider the supply chain, Westwood provided a comprehensive review of drilling activity within the global geothermal energy and P&A sectors.
Using a unit-level view of where and how many land drilling rigs and hydraulic workover units are active in these sectors, Westwood created a total supply and demand assessment across geothermal and oil and gas decommissioning. Westwood also conducted a series of industry consultations to understand the investment landscape, dayrates and key sector changes.
Project Outcome
PV Drilling used our report to plan its future contracting activity and to inform wider corporate development initiatives.
Westwood Consulting Project Team
For every energy consultancy mandate that Westwood delivers, we define key roles to ensure the smooth management and delivery of each project. This can include an Engagement Director, Project Manager, Lead Analyst and Market Expert.
Nick Patience
Leveraging deep geothermal energy market expertise, Nick provided editorial oversight and strategic alignment throughout the project, ensuring milestones were met.
Ben Wilby
Drawing on vast experience working with land rig contractors and the wider supply chain, Ben provided key quantitative inputs and insights for content relevancy and accuracy.
Michela Francisco
Michela led on the land rig market research and industry consultation, providing key primary and secondary inputs and deep sector knowledge.
Giulia Cannatelli
Giulia led research covering the policy, regulatory and investment landscape research as well as key buyers and suppliers within the value chain.
