Petrovietnam Drilling and Well Services Corporation (PV Drilling)'s consolidated financial report for the first quarter revealed that net revenue for the first three months reached 3,401 billion dong, a 126% increase compared to the same period. The company's post-tax profit was 300 billion dong, up 110%.

Growth was driven by core segments: Drilling services contributed 2,162 billion dong, accounting for 64% of total revenue and increasing by 147%. Well technical services generated 1,007 billion dong, representing 30% of revenue, a 72% rise. Goods sales activities reached 233 billion dong, up 447% from the same period.

This performance was primarily due to an increased number of operational rigs. During the period, the average number of owned rigs operating reached 4,8, compared to three rigs in the same period, following the PV Drilling VIII rig becoming operational from September 2025. The average number of chartered rigs also rose to 3,5, up from one rig a year ago.

Additionally, a roughly 4% increase in the daily rate for jack-up rigs contributed to gross profit reaching 638 billion dong, an increase of 136%.

A PV Drilling III jack-up offshore rig. Photo: PVD

Previously, PV Drilling concluded 2025 with its best business results in a decade. Consolidated revenue reached 11,553 billion dong and post-tax profit was 1,052 billion dong, exceeding targets by 60% and 98% respectively.

Looking ahead to 2026, PV Drilling shareholders approved a cautious business plan, with projected consolidated revenue of 11,185 billion dong and a post-tax profit of approximately 800 billion dong, representing a 23% decrease compared to the previous year. This plan was formulated before the escalation of the Middle East conflict.

The company stated that this plan is based on the assumption of five rigs operating throughout the year. Specifically, the PV Drilling IX rig is expected to operate from QII, with an average daily rate for jack-up rigs of around 90,000 USD. Additionally, the company maintains one TAD rig operating in Brunei and operates two additional chartered rigs.

As of 31/3, the company's total assets reached 29,542 billion dong. PV Drilling recorded cash and cash equivalents of approximately 1,427 billion dong, alongside 1,702 billion dong in short-term financial investments, primarily time deposits. Overall, the company holds approximately 3,129 billion dong in cash and short-term deposits.

Shareholders' equity reached 17,447 billion dong, including undistributed post-tax profit of 1,558 billion dong. Liabilities stood at 12,095 billion dong, comprising 5,523 billion dong in outstanding loans and finance leases.

The company also approved a plan to issue shares to existing shareholders from equity at a rate of 67%, equivalent to a maximum of 371,9 million shares, to increase charter capital.

Thi Ha