AsemconnectVietnam - Mr. Nguyen Xuan Cuong, General Director of PetroVietnam Drilling and well Service Corporation (code PVD - HOSE) said that the Company has completed 100% of the business plan registered with the General Meeting of Shareholders in 2023.

The above information was shared by Mr. Cuong at the recently extended Executive Board meeting between the 2020-2025 term and PV Drilling's summary of business activities in the first 6 months of 2023.
At the 2023 Annual General Meeting of Shareholders, PVD set a business plan with 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). The parent company expects to bring in VND120 billion.
Right in the first quarter of 2023, the Company recorded consolidated net revenue of VND1,226.6 billion, up 7% over the same period last year and VND52.3 billion in profit after tax, completing more than half of the year plan.
Mr. Nguyen Xuan Cuong added that with the optimistic signals of crude oil prices, the demand for rigs increased sharply while the supply of rigs was limited, and the unit price of services had also improved significantly.
According to previous information, PVD has arranged continuous and stable jobs for owned rigs in 2023 with service unit prices improved compared to 2022 for newly signed long-term contracts.
On May 16, PV Drilling's Board of Directors approved the plan to restructure the Corporation until 2025. On June 23, PVD announced the decision of the Board of Directors to terminate operations and cease establishing branches in Myanmar, Algeria, Malaysia, Thailand and Brunei to match the actual situation and license to operate in the host country.
In which, Brunei and Malaysia are two key markets of PVD. In the Brunei market, PV Drilling V is carrying out a drilling program under a contract with customer Brunei Shell Petroleum Company Sdn Bhd (BSP). This is PV Drilling's longest drilling contract with a term of 6 years, with 2 options for renewal with 2 years each.
In the Malaysian market, PVD is maintaining the PV Drilling III rig. The company is expected to expand its operations with 2-3 long-term jack-up rigs in the market in the near future, combining the provision of well technical services and package services.
N.Nga
Source: VITIC/Tinnhanhchungkhoan