Who’s Behind Vietnam’s $1.3 Billion Offshore Project Requiring 13,000 Tons of Steel and a 1,000-Strong Workforce?

On November 8, 2025, the Vietnam National Oil and Gas Group (Petrovietnam) held a ceremony to commemorate the 14th National Party Congress with the installation of the Upper Jacket of the Central Processing Platform (CPP), a critical component of the B & 48/95 and Lot 52/97 Gas Field Development Project.

The Upper Jacket of the CPP weighs approximately 7,400 tons, with piles weighing around 5,700 tons. It was fabricated at PTSC Mechanical & Construction (PTSC M&C), a subsidiary of Petrovietnam Technical Services Corporation (PTSC – Stock Code: PVS).

The total project value is approximately VND 3.3 trillion, involving nearly 1,000 engineers and workers throughout the fabrication process.

Behind these massive steel structures lies a complex technological system: load-bearing design for marine environments, advanced welding techniques for thick steel assemblies, thermal deformation control, and multi-layered protective coatings ensuring decades of offshore durability.

Established in 1976, PTSC has evolved over 49 years into Vietnam’s leading provider of oil and gas technical services and industrial solutions. It is a prominent brand in the regional oil and gas services market.

PTSC specializes in delivering technical services for the oil and gas, energy, and industrial sectors, including strategic, high-quality services such as: offshore EPCI projects, industrial EPC projects, FSO/FPSO units, oilfield service vessels, seismic and geological surveys, offshore installation and maintenance, port services, technical manpower supply, and renewable energy project services.

PTSC has provided design, procurement, fabrication, construction, transportation, installation, hook-up, and commissioning services for over 60 offshore and industrial projects.

In the first nine months of the year, PTSC recorded VND 23 trillion in net revenue, a 63% increase year-on-year, and VND 949 billion in after-tax profit, up 34% year-on-year.

The CPP Upper Jacket project is managed by Petrovietnam – Phu Quoc Petroleum Operation Company (PQPOC). The jacket will be installed in the B&48/95 and Lot 52/97 fields, located in the southwestern waters of Vietnam.

Completing this project on schedule not only marks a significant milestone in the B Gas Field development but also demonstrates Petrovietnam’s capabilities, resilience, and commitment to executing national energy projects. It further solidifies Vietnam’s position in the fabrication of ultra-large, heavy-lift offshore structures.

The B – O Mon Gas-Power Chain is a national key project with a total investment of nearly USD 12 billion, comprising three components: upstream (B&48/95 and Lot 52/97 gas field development), midstream (431 km B – O Mon gas pipeline), and downstream (O Mon I-IV power plants with a total capacity of 3,800 MW).

The B – O Mon project is strategically vital for Vietnam’s energy security, economic development, and green transition. Upon completion, it will significantly replace FO oil-fired power with natural gas, reducing CO2 emissions and supporting the 2050 Net Zero goal. It will also drive infrastructure development, industrial growth, and job creation in the Southwest region.

The B – O Mon project exemplifies Petrovietnam’s mastery of the energy value chain, from exploration and production to fabrication, transportation, and power generation.

As Vietnam’s largest enterprise, Petrovietnam boasts consolidated assets exceeding VND 1,000 trillion and equity of over VND 556 trillion.

In the first 11 months, oil and gas production surpassed targets, growing compared to 2024; electricity output increased by 8%; urea production exceeded plans, growing year-on-year; gasoline sales surpassed plans by 7%, up 17%; LPG sales exceeded plans by 14%, up 9%; NPK sales exceeded plans by 9%, up 36%; and polypropylene production increased by 24%.

Over the past 11 months, the Group’s total revenue reached nearly VND 990 trillion, up 9% year-on-year, with consolidated revenue at VND 56 trillion, up 12%. State budget contributions totaled VND 147 trillion. New product revenue reached VND 10.7 trillion, while international business revenue exceeded VND 131 trillion, accounting for 22% of consolidated revenue, driven by expanded global market efforts.