On September 15, 2025, PTSC M&C, a wholly-owned subsidiary of Vietnam’s PetroVietnam Technical Services Corporation (PVS), held a launch ceremony for the jacket section of the Lac Da Vang-A platform. This milestone is part of the EPCI (Engineering, Procurement, Construction, Installation) contract with Murphy Cuu Long Bac (MCB), a subsidiary of Murphy Oil Corporation, USA.
The Lac Da Vang-A platform is a key component of the Lac Da Vang offshore oil and gas development project in Vietnam. The company anticipates completing installation by late September 2025 and finalizing the entire Phase A of the Lac Da Vang project, including the gas pipeline, by the end of 2026.
This achievement further solidifies PVS’s capabilities in executing EPCI projects and enhances its backlog recognition potential.
Vietcap Securities estimates that the Lac Da Vang-A project (backlog of $245 million) could contribute $39 million, $98 million, and $108 million in revenue for 2024, 2025, and 2026, respectively. This translates to a net profit contribution of $7 million, $13 million, and $17 million for PVS, representing 2.8%, 7.3%, and 7% of PVS’s net profit after minority interests during 2024–2026.
With the project progressing ahead of schedule, Vietcap believes PVS could recognize additional revenue and profit earlier, improving profitability in the coming years.
PetroVietnam Chairman Le Manh Hung meets with the Ambassador of Singapore to Vietnam.
Additionally, on September 18, 2025, PetroVietnam Chairman Le Manh Hung met with the Singaporean Ambassador to discuss offshore wind power cooperation. The aim is to promote wind energy exports from Vietnam to Singapore, involving Sembcorp (Singapore) and Vietnamese partners.
At the May shareholders’ meeting, PVS’s CEO outlined the offshore wind export project’s goals:
(1) Achieve 5–10 GW of offshore wind capacity for export to Singapore.
(2) Leverage Vietnam’s proximity to Singapore, with a planned 500 km transmission line.
(3) Ensure long-term stability with a 5–10-year power purchase agreement (PPA) negotiation period and a 30–50-year project lifespan.
Initially targeting Singapore, the project has expanded its scope since May 2025 to include electricity supply to Malaysia.
Key challenges for Vietnam’s offshore wind export projects include:
(1) Ensuring competitive electricity pricing against imported LNG projects from the US and Vietnam.
(2) Achieving a minimum project scale for feasible grid connections to Malaysia and Singapore.
(3) Clarifying offshore licensing procedures in Vietnam, including final investment decision (FID) approval by 2027.
The project aims for commercial operation (COD) by 2033, with phased investment decisions starting in 2026 and FID approval in 2027.
In H1 2025, PVS reported net revenue of VND 13,373 billion, a 44% year-on-year increase. Net profit reached VND 614 billion, up 19% year-on-year. The company has achieved 59.4% of its 2025 revenue target and 78.8% of its net profit goal.
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