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PV Drilling: Growth of Revenue and profits

PV Drilling: Growth of Revenue and profits - 

In 2015, turnover, profit and budget of PetroVietnam Drilling & Well Services Corporation (PV Drilling) are above-plan, successfully completed the task entrusted by PetroVietnam.

Director General of PV Drilling Mr. Pham Tien Dung spoke at the conference.

Director General of PV Drilling Mr. Pham Tien Dung said that: In 2015, PV Drilling has faced to many difficulties and challenges in decrease of oil prices, the lowest record since 11 recent years, leading to reduction in drilling market, the workload, unit price of the service, increase in the level of competition, decrease in price of flame from 20-35% in comparison to 2014.

In this context, with the aim to follow up the principal task, with the efforts and determination of all staffs, PV Drilling has maintained strengthening budget control, deployment, organization and monitor signed contracts on providing drilling service and well technical services, actively seeking new contracts, ensuring jobs for the drilling rigs, ensuring service's quality in order to implement well all the tasks.

Accordingly, the consolidated results of the Corporation in 2015 is estimated that its revenue reached 14,100 billion VND (up 4% comparing to the plan); Profit after tax was 1,650 billion VND (up 10% comparing to the plan), in which some units have significantly contributed such as PVD DD, PVD Deepwater, PVD Overseas, PVD Tech, PVD Logging, PVD Baker Hughes.

2015 continues to mark the success of the core businesses of PV Drilling in drilling services and drilling-related services.

Mr. Pham Tien Dung affirmed that 2015 continues to mark the success of the core businesses of PV Drilling in drilling services and drilling-related services. This is also the year of strengthening corporate governance with many better results in human resource management, the investment projects in science and technology and conducting successful restructuring of the member unit of PV Drilling.

"Especially in the financial management with cost-optimized project, total cash in registering reduction is up to 279 billion VND. At the same time, PV Drilling strengthens foreign currency provision, risk prevention on exchange rate and sets up provision in 2015, "Mr. Pham Tien Dung stressed that

In 2016, PV Drilling aims to reach 7,500 billion turnover, pre-tax profit of 640 billion and profit after tax of 500 billion ...

VietnamEnergy.vn

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