PVCoating (PVB) executes a pipe wrapping contract for VietsovpetroFriday, March 17,2023
AsemconnectVietnam - At the beginning of March 2023, PetroVietnam Coating Joint Stock Company (PVCoating, code PVB - HNX) started construction of the pipe wrapping package for the RC8-RC9 in-field development project of the investor of joint venture Vietnamese – Russia Vietsovpetro (VSP).
According to the signed contract, PVCoating executes the package of supply, installation of anode, concrete cover for 5.3 km of Gaslift RC8 underground pipeline, corresponding to 437 pipes 12.2m long according to the technical specifications of 6”: 2.7mm pipes 3LPE + 40mm CWC (density 2500 kg/m3).
After completing the above bidding package, PVCoating continues to supply and install anode, insulation and reinforced concrete for 5.3 km of RC8 oil pipeline, corresponding to 436 pipes of 12.2m long according to technical specifications. 8” pipe coating technique: 0.45mm FBE + 30mm PUFoam + 5mm HDPE + 50mm CWC (density 3040 kg/m3).
Regarding the business situation in 2022, PVB achieved revenue of more than VND34 billion, down 11% compared to the result in 2021. Accordingly, the company lost VND12 billion after tax, while the same period profit was nearly VND600 million. Thus, the enterprise only fulfilled 34% of the revenue plan and failed to fulfill the after-tax profit target set at the 2022 AGM.
On the stock market, closing the trading session on March 3, PVB shares fell by 1.36%, down to VND14,500/share.
PVCoating is a subsidiary company owned by Vietnam Gas Corporation (code GAS) with 52.94% charter capital. In the recent activity announced by GAS, the Company participated in the groundbreaking ceremony of Kenh Lung Say Bridge at Tan Hiep Loi hamlet, Tan Duc commune, Dam Doi district, Ca Mau province. This project will be built within 3 months; the specification is 36m long, 3m wide, contributing to creating convenient and safe traffic conditions for people.
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