On the afternoon of December 18, 2024, in Ho Chi Minh City, Petrovietnam Drilling & Well Service Corporation (PV Drilling) held a Conference to summarize the Party’s work - Business activities in 2024 and plan for 2025.
Attending the conference, on the side of Vietnam Oil and Gas Group (Petrovietnam), were comrade Tran Quang Dung – Permanent Deputy Secretary of the Party Committee; and comrade Vu Anh Tuan – Vice Chairman of the Trade Union of PetroVietnam.
On the side of PV Drilling, in attendance were comrade Nguyen Xuan Cuong – Secretary of the Party Committee, President and CEO; comrade Mai The Toan – Deputy Secretary of the Party Committee, Chairman of the Board of Directors; comrade Nguyen The Son – Deputy Permanent Secretary of the Party Committee, Member of the Board of Directors; comrades from the Standing Committee of the Party Committee, the Executive Committee of the Party Committee, the Board of Directors, the Board of Management, the Board of Supervisors; Chief Accountant, Heads of trade unions, and leaders of PV Drilling’s subsidiaries…
Image of the summarizing conference
At the conference, comrade Mai The Toan – Deputy Secretary of the Party Committee, Chairman of the Board of Directors reported on the summary of the Party’s work in 2024 and the core missions for the year 2025. Reports showed that the Party Committee of PV Drilling has done a good job in Party building and comprehensively led and directed all political tasks, successfully completing all production and business targets with estimated consolidated revenue of 9,000 billion VND (an increase of 45% compared to the plan) and estimated consolidated pre-tax profit of 880 billion VND (an increase of 100% compared to the plan), estimated post-tax profit of 630 billion VND (an increase of 64% compared to the plan). The production and business results in 2024 have affirmed the precise and appropriate development strategy of PV Drilling and is the foundation for the Corporation to build a business plan for 2025.
Comrade Mai The Toan – Deputy Secretary of the Party Committee, Chairman of the Board of Directors summarizes the Party’s work
In his report summarizing the business operations, Secretary of the Party Committee and President and CEO of PV Drilling Nguyen Xuan Cuong emphasized that in 2024, the leadership team and all employees and staff of PV Drilling have successfully achieved their goals under the motto “New driving force for growth”. Notably, they maintained continuous operations for all drilling rigs with high efficiency. Additionally, PV Drilling has invested in a new three-legged multi-purpose jack-up rig with cantilever, a Hydraulic Workover Unit (HWU), and other equipment to meet the growing demands of the domestic and regional markets. Following the “ONE PVD” strategy, subsidiaries such as PVD DD, PVD Tech, PVD Logging, and PVD Well Services… have made significant breakthroughs in their specialized operations, contributing positively to the PV Drilling’s expansion into international markets.
Secretary of the Party Committee and President and CEO of PV Drilling Nguyen Xuan Cuong reports on the summary of business activities at the conference
This was also the year PV Drilling made significant strides in corporate governance, winning prestigious awards such as the Corporate Excellence Award, Best Workplace in Asia, Top 10 Best Corporate Governance – Large Cap Group, and Top 20 Best Annual Report – Non-financial Industry Group. Concurrently, efforts in human resource development, digital transformation, corporate culture, and labor unions… were intensified, contributing to the company's internal strength and fostering a positive atmosphere within PV Drilling.
Regarding 2025, PV Drilling's President and CEO Nguyen Xuan Cuong stated that according to the EIA's December 2024 report, the average Brent crude oil price is forecasted to be $74/barrel, slightly lower than the $80/barrel mark in 2024, primarily due to increasing inventory levels that will put downward pressure on prices in late 2025. In the Southeast Asian region, Riglogix forecasts a demand for approximately 45-50 jack-up rigs each year for the next four years, so PV Drilling's investment in jack-up rigs is a strategic move that aligns with market demand, especially considering the domestic market's shortage of drilling rigs. Based on forecasts of market demand, rig rental rates in 2025, and the Corporation’s strong internal capabilities in a new growth cycle, PV Drilling has set a revenue target of 7,200 billion VND, a pre-tax profit of 790 billion VND, and a profit after-tax of 530 billion VND for 2025.
Departments and units report and present at the conference
The conference also heard presentations from departments and units, with a majority focusing on further clarifying the company's 2024 production and business operations and proposing solutions to successfully complete the 2025 targets. Notably, the presentation on 2024 investment activities and the restart of the PV DRILLING VIII rig provided a comprehensive overview of investment activities in 2024 and the subsequent stages, particularly investments in HWU equipment and jack-up rigs. The presentation titled “PVD Logging's Aspiration” on investing in an ‘unmanned’ AI Mud Logging station will enhance PV Drilling's competitiveness and brand value in the drilling rig service provision sector.
In his directive speech at the conference, Comrade Tran Quang Dung, Deputy Permanent Secretary of the Party Committee of the Vietnam National Oil and Gas Group, highly appreciated the unity and solidarity among the leaders and employees of PV Drilling, affirming that this is a crucial foundation for the company to overcome difficulties and achieve impressive production and business results. Notably, the fact that all of PV Drilling's rigs have long-term contracts and operate continuously with high efficiency and safety is a commendable achievement in the context of the oil and gas industry still facing many challenges, making a significant contribution to the overall success of the Group.
Comrade Tran Quang Dung, Permanent Deputy Secretary of the Party Committee of the Vietnam Oil and Gas Group gives directive speech
Comrade Tran Quang Dung also directed PV Drilling to continue building long-term strategic goals, with a focus on achieving double-digit growth and quadruple-digit profit in the coming year through improving workforce productivity and governance efficiency; strictly implementing digital transformation, green transformation, energy transition, and applying new business models, encouraging innovation.
It can be affirmed that, with the support of the Group and the efforts of the entire Leadership team and all employees and staff, PV Drilling can confidently implement its strategy of expanding into the vast sea, achieving new successes, and contributing to the sustainable development of Vietnam's oil and gas industry.
In recognition of the contributions and achievements towards the success of PV Drilling in particular, and Vietnam Oil and Gas Group in general, during the years 2023 and 2024, many collectives and individuals with outstanding performance were honored and awarded by the President and CEOs of the Group and the Corporation at the conference.
The ‘Vietnam Oil and Gas Group Emulation Flag’ was awarded to PVD Logging for outstanding achievements in the emulation movement of 2023.
The 'Outstanding Oil and Gas Manager of 2023' title was awarded to Mr. Do Duc Chien – former Vice Chairman of the Board of Directors, and Mr. Nguyen The Son – Member of the Board of Directors.
Awarded Certificates of Merit from the Vietnam Oil and Gas Group to collectives and individuals for outstanding achievements in 2023, including PVD HO, PVD Well Services, PVD Logging, PVD Offshore, and PVD Training.
Honoring awards to ‘Outstanding collectives’: PVD DD, PVD Tech, PVD Well Services, PVD Logging, Head office Investment Team, Head office Governance Team.
The Vietnam Oil and Gas Trade Union awarded the Emulation Flag to the collective of PV Drilling's Trade Union for ‘Outstanding achievements in the labor union movement and Trade Union activities’ in 2024.
PV Drilling's PR Team.