PV Drilling: Pioneer of Vietnam Drillers

PV Drilling was established in 2001 from the foundation of PTSC Offshore, a former division of PetroVietnam Technical Services Company (PTSC), which has provided services of drilling equipment rental, oil spill response, workshop, etc. since 1994. During the period of establishing and developing, PV Drilling has step-by-step built a high quality staff, concentrated in developing traditional services and successfully introduced new hi tech models. PV Drilling has also actively participated in most of the oil exploration and production projects in Vietnam, gradually expanding to the international market. The company continues to establish itself as a leading figure of oil drilling in Vietnam oil and gas industry.

On the 5th of December, 2006, PV Drilling officially listed its shares on Vietnamese Stock Exchange with VND680 billion charter capital. With its fabulous growth during the past time until now, PV Drilling is evaluated as one of the fastest-developing subsidiaries of PetroVietnam. By the same token, PVD shares are always evaluated as the blue-chip with the highest liquidity in the Vietnam stock market. At the end of the third quarter of 2009, PV Drilling has achieved the revenue of VND 2,861 billion, make up 71.5 percent as projected, and net profit of VND 761.4 billion, account for 95.2 percent as planned in 2009 which were ratified by the Annual Shareholders’ General Meeting. Amid current economic difficulties, the fact that PV Drilling has achieved the impressive business performance has caught more attention and interest from domestic and international investors.

The turning point that adds momentum for PV Drilling’s current development was the effective investment and operation of the jack up rig PV Drilling I, followed by land rig PV Drilling 11. With a high-tech service development strategy PV Drilling is meeting its mission of being the “Pioneer of Vietnam Drillers”.

In 2009, the merger of the PetroVietnam Drilling Investment Corporation (PVD Invest) into PV Drilling increased the number of drilling rigs owned by PV Drilling to three jack-up rigs and one land rig, which brings more value added in terms of intrinsic value as well as competitive advantage of PV Drilling in the drilling service market. This merge also increased the charter capital to the amount of VND 1,578 billion.

With a right affirmed business strategy, modern technical infrastructure and highly educated and experienced workforce, PV Drilling is aiming to be a “world-class professional drilling contractor” contributing to the common success of the Vietnam oil and gas industry.

Tags: PV Drilling, Vietnam business news, Vietnam enterprise