AsemconnectVietnam - PetroVietnam Drilling and Well Services Corporation - PV Drilling (code PVD - HOSE) has just announced its business plan for 2023 with an expected consolidated profit after tax of VND100 billion.

In 2023, PV Drilling sets a target of total consolidated revenue of VND5,400 billion, a slight decrease compared to the previous year. However, consolidated profit after tax is expected to reach VND100 billion (while last year's loss was VND155 billion). Meanwhile, the parent company expects to bring in VND120 billion.
In 2023, it is forecast that the world economic situation will still be difficult with many unpredictable fluctuations that will continue to affect the Vietnamese economy in general and the oil and gas industry in particular.
In that context, PVD has arranged continuous and stable jobs for the rigs it owns in 2023 with the service unit price improved compared to 2022 for the newly signed long-term contracts.
Specifically, PV Drilling has continued to sign drilling contracts in Thailand and Malaysia for the PV Drilling I and PV Drilling VI rigs after finishing the domestic drilling programs. PV Drilling II continues to perform a 2-year long-term contract with Pertamina from December 2022. PV Drilling is also negotiating to extend the drilling program of the PV Drilling III rig for Hibiscus in Malaysia through 2024 at a better price.
PV Drilling expects that jack-up rig demand in Vietnam market in 2023 will be about 7-8 rigs and in 2024 will increase to 9 rigs. With an overview of the rig demand forecast in Vietnam as well as in the region, the drilling market will become active with many opportunities for oil and gas drilling contractors to find contracts and improve rig rental rates in the near future.
Regarding the investment plan, this year, PV Drilling expects about VND297 billion, which mainly includes the first items related to the repair and procurement of equipment on the rig and wells and procurement of necessary equipment for production and business activities of the parent company and its member units.
N.Nga
Source: VITIC/Tinnhanhchungkhoan