PTSC General Meeting of Shareholders 2025
At the end of the first quarter of 2025, PTSC's net revenue reached VND 6,013.7 billion, an increase of 62.1% over the same period last year; after-tax profit reached VND 299.64 billion, equivalent to 38% of the annual profit plan. At the General Meeting, shareholders approved the plan to pay dividends in 2024 in shares at a rate of 7% - that is, shareholders owning 100 shares will receive 7 new shares. With nearly 478 million outstanding shares, PTSC will issue more than 33 million shares to pay dividends, thereby increasing its charter capital from VND 4,783 billion to about VND 5,114 billion. This is an important preparation step in the long-term capital increase roadmap, serving the investment plan of nearly VND 28,000 billion for the period 2026-2030. Another important content at the Congress was the approval of the contract for the supply, operation and maintenance of a floating storage and offloading (FSO) for the Block B project - with a total value of 600 million USD, including a 14-year official lease (480 million USD) and a 9-year extension option (120 million USD). This is a strategic project in the offshore oil and gas service chain and the 8th FSO project in PTSC's fleet. The Congress also agreed on the plan to establish a joint venture PTSC South East Asia with partner Yinson (Malaysia) at a ratio of 51% - 49%, to implement this contract. The expected handover and operation time is from the fourth quarter of 2027. Together with the FSO of Lac Da Vang field, PTSC's FSO fleet will increase to 8 ships within the next two years.
Three new strategic spearheads: Oil and gas and LNG, renewable energy, nuclear power
Mr. Tran Ho Bac - General Director of PTSC emphasized that the enterprise is expanding into new strategic areas. In the oil and gas and LNG sectors, it will expand into mine clearance and research on carbon capture and storage (CCS). In the offshore renewable energy sector, it will focus on manufacturing piers, transformer stations, and providing technical solutions, contributing about 24% of revenue in 2024, expected to increase to 30% in the coming years. In the newest field, nuclear power, PTSC will study participating in the supply chain, with the potential to localize 50% of investment value, especially cooling systems and steel structures. The expected revenue proportion in the next 2-3 years includes: traditional oil and gas still accounts for 60-70%, renewable energy about 20-30%, the rest is from new fields. During the discussion session, PTSC General Director Tran Ho Bac said that in the 2026-2030 period, PTSC plans to invest VND 27,699 billion in the following areas: FSO/FPSO, submarine cable production, offshore renewable energy center, electricity export to Singapore...
The Presidium of the Congress
To meet the investment needs of this period, PTSC is building a roadmap to increase its charter capital from the current level to VND9,000 billion and possibly up to VND15,000 billion. The capital increase plan will be reported to the parent company - Vietnam National Energy and Industry Group - and competent authorities, with mobilization channels including dividend payment in shares, additional issuance and capital calling from international organizations.
Wind power export and regional linkages
Regarding the plan to participate in the offshore wind power export project to Malaysia and Singapore, PTSC General Director said that this project has the participation of the 4 largest energy corporations in ASEAN, with the expectation of opening a power transmission corridor connecting the Southeast Asian region. PTSC plays the role of both an investor and a technical service provider in the project chain. The project consists of 3 main components: a wind farm cluster in Vietnam, an undersea cable system and a transformer station in the receiving country. Currently, PTSC is conducting a wind measurement survey in May, preparing a feasibility report (FS), and coordinating with relevant agencies to prepare legal infrastructure. PTSC General Director affirmed: “This is a large-scale project and unprecedented in the region, but it is completely feasible because Europe has many similar models. When implemented, the project will contribute significantly to PTSC in the next 30-50 years, and at the same time mark Vietnam as a pioneer country in realizing the goal of inter-ASEAN power connectivity”.
PTSC leaders also provided more information about the expansion plan for Dung Quat, Nghi Son, and Hon La ports - expected to increase operating capacity by 20% and reduce pressure in Vung Tau. At the same time, the Corporation has restructured the offshore wind power survey unit to enhance its physical and human resources capacity. PTSC has also invested more in its service fleet, with the expectation that the port and ship sectors will contribute about 10% of each segment's revenue in the coming period. With the strategic agreement between Petrovietnam and Hoa Phat Group, PTSC expects to localize most of the steel used in offshore construction - which currently has to be completely imported. Proactive steel sources will help Vietnam's energy supply chain increase its competitiveness significantly.
Strategic orientation from major shareholder Petrovietnam
At the Congress, Mr. Pham Tuan Anh, Member of the Board of Directors of Vietnam National Industry and Energy Group (Petrovietnam), representing major shareholder Petrovietnam, highly appreciated the results that PTSC has achieved in 2024. In addition to the impressive financial figures, PTSC has formed a synchronous and modern infrastructure platform with a team of high-quality engineers and technical workers, capable of meeting the increasingly stringent requirements of the international market. Entering a new development stage, PTSC needs to continue to affirm its position as a leading enterprise in the field of national industrial and energy technical services, with eight pillars of operation that need to be maintained and developed evenly. In particular, offshore mechanics and renewable energy need to be prioritized for strategic investment. All investment decisions must be close to the market, close to human resources and bring about real efficiency.
Mr. Pham Tuan Anh, Member of Petrovietnam Board of Directors, emphasized the key governance focuses that PTSC needs to focus on in the coming time.
Mr. Pham Tuan Anh also pointed out the key management focuses that PTSC needs to focus on, including: fluctuation management, strategic management, risk management and state capital management. In particular, he emphasized the human factor - human resource management - as the key condition determining long-term development. Regarding organizational orientation, Mr. Pham Tuan Anh suggested that PTSC study the integrated management model between PTSC and a number of other service units in the Group to create overall efficiency for the industrial - energy service chain. The integration does not lose the independent legal status of each unit but must aim for unification of strategy, operating system and chain efficiency. Mr. Pham Tuan Anh also particularly emphasized the role of inspection and supervision. According to him, this is a tool to affirm the right path, increase the trust of shareholders and the public. PTSC's 2025 Annual General Meeting of Shareholders was a great success, with high consensus and agreement from shareholders, creating a solid foundation for the Corporation to continue realizing sustainable development goals in the new period.
petrotimes.vn
Source: https://www.ptsc.com.vn/tin-tuc/tin-ptsc-1/san-xuat-kinh-doanh/dhdcd-ptsc-2025-chia-co-tuc-bang-co-phieu-tang-von-dieu-le-trien-khai-chien-luoc-dau-tu-trung-dai-han
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