PV Drilling: Focus on the core service development

PV Drilling: Focus on the core service development - 

To complete the plan in 2015, PetroVietnam Drilling & Well Services Corporation (PV Drilling) will focus on developing the core service, safe operations and efficiency of owned and outsourced rig ...

In 2014, activities of PV Drilling rigs continued stability, with high operating efficiency over 99%.

PV Drilling - securities code of PVD has successfully held the Annual General Assembly of Shareholders in 2015.

Director General of PV Drilling Mr. Pham Tien Dung said that 2014 was a successful year of PV Drilling with most above-plan indicators.

Specifically, revenues in 2014 reached 20,884 billion VND, over 52% of the plan; Profit before tax reached 3,178 billion VND, over 48% target; Profit after tax reached 2,419 billion VND, over 47% target; State budget 3496 billion VND, over 93% higher than planned; basic earnings per share (EPS) reached 7987 dong VND, over 18% in the same period in 2013.

PV Drilling's Director General said that 2015 is the year of difficult, challenges for PV Drilling when crude oil prices broke the stability and serious decline since the fourth quarter / 2014, leading to the drop in drilling demand and other fields relating to oil and gas drilling operations in Vietnam and in the region.

Facing the difficulties, challenges, PV Drilling's executive board gave the plan on their production and business activities in 2015 with the goal of reaching 13.500 billion VND of revenue, 1.950 billion VND of profit before tax of 1.500 billion VND of profit after tax.

To complete the plan in 2015, PV Drilling will focus on developing the core service, safe operations and efficiency of owned and outsourced rigs, to maintain market share in providing jackup rig in Vietnam and looking for opportunities to reach out to regional markets.

In parallel with the development of core services, PV Drilling also focuses on improving human resources management and strengthening for financial management, cost savings, control procurement; the application of science and technology and especially focusing on risk management project in operating the business and production activities to enhance competitiveness in the market and enhance operational efficiency.

In presentation there, Standing Deputy Director General of Petro Vietnam, Mr. Nguyen Quoc Thap said that: the situation of oil price changes in recent years that affect all the activities of PetroVietnam, the biggest challenge is the service company, including PV Drilling.

But this is also an opportunity for PV Drilling to review and seek effective solutions to overcome challenges.

PVN agrees that collective solutions PV Drilling launched in recent years to cope with the volatility of world oil prices, in which some services are forced to discount and certain criteria must be adjusted competition to suit the present context.

PVN is committed to creating the best conditions so that PV Drilling shall maintain and develop plans for production and business activities have been adopted; maintain the investment projects so that PV Drilling continues to grow and improve domestic and abroad competitiveness; develop market opportunities and domestic and abroad drilling services. And it is hopeful that in Annual General Assembly of Shareholders in the following years, dividend value to shareholders next year will be higher than the previous year ...

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