PETROVIETNAM DRILLING & WELL SERVICE CORPORATION

In Vietnam’s petroleum support sector, few names carry as much operational and strategic weight as PETROVIETNAM DRILLING & WELL SERVICE CORPORATION (TỔNG CÔNG TY CỔ PHẦN KHOAN VÀ DỊCH VỤ KHOAN DẦU KHÍ), also known as PV Drilling. With nearly two decades of experience, this joint stock company, headquartered at 4th Floor, Sailing Tower Building, No. 111A, Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh City, plays a central role in Vietnam’s upstream oil and gas supply chain.

Registered under Business ID 0302495126 and listed on the Ho Chi Minh Stock Exchange (HOSE) with the ticker PVD, PV Drilling is a core subsidiary of the state-owned Vietnam National Industry – Energy Group (Tập đoàn Công nghiệp Năng lượng Việt Nam), which holds a controlling 50.42% stake. Other notable institutional investors include CTBC Vietnam Equity Fund, Norges Bank, and Amersham Industries.

Financial Recovery and Growth Momentum

After facing losses in 2022, the company recorded an impressive turnaround. Net profit surged to USD 28.67 million in 2024, up 27.85% year-over-year, while total sales soared 60.02% to USD 381.58 million. These figures reflect both improved drilling activity and stronger oil market demand across Southeast Asia.

PV Drilling's total assets reached USD 970.16 million, and owner’s equity stood at USD 659.48 million, reinforcing its strong balance sheet. Working capital remains healthy at USD 150.29 million, though slightly down from the prior year.

Such figures indicate a well-capitalized company that is weathering market cycles with increasingly efficient operations. From a credit perspective, this transition from loss-making to profit-earning territory places PV Drilling (TỔNG CÔNG TY CỔ PHẦN KHOAN VÀ DỊCH VỤ KHOAN DẦU KHÍ) among the most stable entities in Vietnam’s energy support services industry.

Business Scope and Industry Integration

PV Drilling provides an extensive array of services including offshore drilling, well geophysics, oil spill response, drilling rig operations, equipment leasing, labor supply, investment consulting, and technical project management—a portfolio that mirrors the complex needs of today’s oil and gas industry.

Its registered business lines also cover industrial machinery installation, waste management, vocational education, and design services, indicating a forward-looking strategy of vertical integration and diversification beyond pure upstream services.

Executive Leadership and Governance

Under the leadership of Chairman Mr. MAI THẾ TOÀN and General Director Mr. NGUYỄN XUÂN CƯỜNG, the company manages a workforce of over 1,600 employees. The executive team, composed of experienced Vietnamese professionals, maintains close coordination with state institutions while driving operational efficiency and investment into technical innovation.

Risk & Credit Evaluation by VBI

Given its strategic importance and the backing of state capital, PV Drilling (TỔNG CÔNG TY CỔ PHẦN KHOAN VÀ DỊCH VỤ KHOAN DẦU KHÍ) remains a low-risk entity for long-term partnerships, vendor contracts, and financial engagements. However, VANGUARD BUSINESS INFORMATION LLC (VBI) advises stakeholders to closely monitor global crude oil price volatility and capital expenditure trends, as these factors directly impact PV Drilling’s revenue flow.

For due diligence, investor risk assessments, or supply chain evaluation, VBI offers in-depth Company Credit Reportsand Petroleum Sector Risk Profiles, tailored for both Vietnamese and international clients seeking trusted insights into high-value enterprises like PV Drilling.