Recently, Vietnam Oil and Gas Group (Petrovietnam) held an annual monitoring program at Petrovietnam Drilling & Well Service Corporation (PV Drilling). The report at the program showed that, by the end of the first 9 months of 2024, PV Drilling had completed all its financial goals in 2024 on revenue, profit and payment to the state budget.
Mr. Tran Binh Minh – Member of Petrovietnam’s Board of Directors chaired the meeting with two Vice Presidents of Petrovietnam Phan Tu Giang and Duong Manh Son.
Petrovietnam's annual monitoring program at PV Drilling focuses on the main contents of: production and business activities and investment work in 2024; production and business plan in 2025; development strategy to 2030 and vision to 2050; implementation status of the Group's policies and directions…
Overview of the meeting
With the motto “New driving force for growth” for 2024, PV Drilling has arranged continuous and stable jobs for drilling rigs with significantly improved service prices; stable, reasonable and safe asset/capital structure; investment work has been promoted; restructuring work has been and is being implemented according to the Group’s approved plan… By the end of the first 9 months of 2024, PV Drilling has completed the revenue and profit plan of the entire year of 2024, in particular, the total consolidated revenue is estimated at over VND 6,400 billion (up 40% compared to the plan and up 48% compared to the same period in 2023); earnings before tax is estimated at about VND 670 billion (up 107% compared to the plan and up 54% compared to the same period); net profit after tax is estimated at over VND 450 billion (up 62% compared to the plan and up 31% compared to the same period).
Chairman of PV Drilling’s Board of Directors Mai The Toan reports at the meeting
Regarding governance, PV Drilling continues to manage the Parent’s company capital through the Representative mechanism, in which the Parent’s company guiding role for its member units is enhanced; forecasting is strengthened to manage fluctuations in accordance with the practical characteristics of the enterprise, ensuring the highest completion of the proposed plans. The Group's policies and directions are implemented in accordance with regulations by the Representative managing the capital at PV Drilling.
Based on the business results achieved in the first 9 months of 2024, PV Drilling estimates that it will exceed all targets according to the Group's 529 management plan. Currently, PV Drilling's jack-up rigs have contracts until 2025, some rigs have contracts until 2028. PV Drilling is expected to exceed the financial plan for the period 2021 - 2025 as approved by the Group.
At the meeting, PV Drilling proposed that the parent company facilitate and support drilling rig and well technical service providers for large and long-term domestic drilling projects; participate deeply in the industry's service chains, and implement comprehensive service packages for well abandonment, mine abandonment, and well repair programs for oil and gas contractors in the domestic market.
Member of the Group’s Board of Directors Tran Binh Minh (middle) chaired the annual 2024 monitoring program at PV Drilling
In his concluding remarks and direction at the meeting, Member of the Group’s Board of Directors Tran Binh Minh highly appreciated and commended the results achieved in the management and business activities of PV Drilling in the first 9 months of 2024 and the past years. PV Drilling is assessed to have a healthy financial situation, tight cash flow and debt management, stable, reasonable and safe asset/capital structure; the development of new markets has achieved many impressive results; investment work has been implemented methodically, bringing efficiency; restructuring work has been carried out in accordance with regulations…
Regarding investment work, Petrovietnam leaders requested PV Drilling to carefully assess the demand for drilling rigs after 2025 to invest in the appropriate number of drilling rigs to meet market demands, as well as to seek and coordinate stable jobs for all owned drilling rigs, in order to bring high business efficiency, ensuring optimal investment efficiency. At the same time, the Group's leaders requested PV Drilling to proactively coordinate with member units in the Petrovietnam ecosystem to provide strong services, and effectively implement major projects such as Blue Whale, Block B - O Mon, Song Doc mine cancellation,… In addition, PV Drilling must complete the restructuring work early and complete the development strategy with specific action plans and programs in line with the orientation of the oil and gas industry and Petrovietnam in the new period.
PV Drilling's PR Team.