On the morning of April 21st, the Vietnam Oil and Gas Drilling and Services Corporation (PV Drilling, ticker PVD – HoSE) held its 2026 Annual General Meeting of Shareholders to approve the business plan and reorganize its leadership personnel.
In 2026, PV Drilling plans for total revenue of VND 11,185 billion and after-tax profit of VND 800 billion, representing decreases of 3.2% and 24% respectively compared to 2025.
PV Drilling further stated that the business plan is based on the assumption of 5 rigs operating continuously and 1 PV Drilling IX rig expected to come into operation in Q2/2026, with an average daily cost of USD 90,000 for a self-elevating rig; one semi-submersible rig (TAD) operating continuously throughout the year in Brunei; and 2 leased rigs in operation compared to an average of 1.7 leased rigs operating in 2025.
Mr. Nguyen Xuan Cuong, a member of the Board of Directors and General Director, stated that despite setting a lower target than the previous year's results, the leadership team remains committed to exceeding this target and maintaining growth momentum. He further shared that the company will prioritize signing long-term contracts in stable markets to ensure employment. Platforms I, II, III, VI, VIII, and IX all have long-term contracts, with platforms VIII and IX operating in Malaysia; platform I, after completing its work in Malaysia, will return to the Cuu Long field and then continue overseas operations.
Regarding the investment plan, the total capital at the beginning of 2026 will reach VND 4,229 billion, mainly consisting of projects carried over from 2025.
Mr. Nguyen Xuan Cuong stated that PV Drilling will pursue a cautious investment strategy, controlling cash flow and only disbursing funds when profitability is assured, in the context of a business environment that demands increasingly high adaptability and volatility management capabilities.
Regarding the members of the new Board of Directors for the 2026-2031 term, PV Drilling has elected three members: Mr. Mai The Toan, currently the Chairman of PV Drilling; Mr. Nguyen Xuan Cuong, currently a member of the Board of Directors and General Director of PV Drilling; and Mr. Nguyen Duyen Hieu, currently a member of the Board of Directors and General Director of PetroVietnam Transportation Corporation (PVTrans, ticker PVT – HoSE).
Thus, the new term has a new figure in Mr. Nguyen Duy Hieu.
According to our research, Mr. Hieu was born in 1975 and holds a degree in Petroleum Geology from the University of Mining and Geology; a Bachelor's degree in Business Administration from Hanoi University of Commerce; and a Master's degree in Maritime Management…
Furthermore, Mr. Hieu is knowledgeable in the oil and gas sector and has held key positions at numerous member companies within Petrovietnam for many years. For example, he previously held positions such as Chairman and Director of Thai Binh Oil and Gas Services Company; Chairman of the Board of Directors at Indochina Oil and Gas Transport Joint Stock Company; Chairman of the Board of Directors of Hanoi Oil and Gas Transport Joint Stock Company; and Member of the Board of Directors and General Director of PVTrans…
In addition, regarding personnel, the General Meeting also dismissed Mr. Nguyen Van Tai from the Supervisory Board and elected Ms. Ngo Thi Hai Anh as a replacement.
In addition, another notable item at the General Meeting was PV Drilling's approval of a capital increase through a share issuance at a ratio of 66.9%, corresponding to a projected issuance of up to 371.88 million additional shares, raising the charter capital from VND 5,562.96 billion to VND 9,281.8 billion.
Discussion section:
Shareholder: First quarter results, likelihood of achieving targets?
Mr. Nguyen Xuan Cuong, General Director: Estimated consolidated revenue for the first quarter reached over 3,500 billion VND, pre-tax profit over 400 billion VND, showing growth compared to the first quarter of 2025.
Regarding the plan, the company expects growth compared to the 2025 performance, even though the 2025 results were the highest in 10 years. The company is very confident in its ability to exceed this target.
Shareholder: Why choose the option of issuing bonus shares?
Mr. Mai The Toan, Chairman of the Board of Directors, shared that the issue is essentially an adjustment to the internal capital structure, not a fundraising from shareholders. The company has invested in assets that have the potential to generate higher value in the future. The purpose of the issuance is simply to clearly separate the capital from the invested assets into the charter capital, ensuring accurate information is provided to shareholders. The share price will be adjusted after the issuance.
Shareholders: What is the company's direction?
Mr. Mai The Toan, Chairman of the Board of Directors: The context of the energy transition and ESG is having a major impact on the exploitation of traditional energy sources. Recently, the world has been undergoing many changes, and some countries are returning to exploiting and using fossil fuels. According to assessments, by 2035, fossil fuels will still be the main source for ensuring energy security worldwide.
Therefore, the company continues to invest in drilling rigs, with depreciation calculated over 15 years, ensuring they remain operational until 2040. Drilling services will remain the core service until 2030. In addition, the company is actively improving its advanced technical capabilities.
The company also has other business areas in mind, such as geothermal drilling and carbon capture and storage. It also positions itself as a high-tech service provider with highly qualified personnel, potentially acting as a transportation and installation partner for offshore wind power projects.
Shareholder: Could you share more about the development of investment services and service packages, both domestically and internationally?
Mr. Nguyen The Son, a member of the Board of Directors, stated: "PV Drilling's core market is Southeast Asia, especially Malaysia and Indonesia. In Malaysia, PV Drilling has been operating for a long time and has established a reputation. Recently, we have formed a partnership in the market. However, the joint venture is still in the implementation phase and requires more time to realize."
The drilling rigs in Malaysia are still operating normally, with contracts already in place with companies like Petronas… Over the past period, PV Drilling's reputation in Malaysia has been very high, currently ranking among the top, especially with partners like Petronas.
In Indonesia, PV Drilling has established a joint venture and operates two drilling rigs long-term. The spirit of cooperation in this market is friendly, and the company is gradually becoming familiar with the relatively complex legal and tax issues in the host country.
Source: https://baodautu.vn/pv-drilling-kien-toan-nhan-su-cap-cao-d574823.html
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