On October 16, the price of PVS shares of PetroVietnam Technical Services Corporation (PTSC) increased by another 2 percent, reaching the new historic peak of VND40,700 per share. With the increase, PTSC’s capitalization value rose by 30 percent over the last two months and by nearly twofold over the last year, nearly hitting VND20 trillion.

The enterprise has recently won bids to implement many mega projects, including a contract on providing offshore transformer station for the offshore wind power project Fengmiao developed by Copenhagen Infrastructure Partners.

PTSC is one of a few enterprises in the renewable energy M&C construction and installation sector in the region. PTSC has contracts with enough workload for the next 3-4 years, including the Hai Long 2&3, Greater Changhua and Baltica 2 projects.

In Vietnam, PTSC has won a bid for EPCI 1, worth $1.08 billion, a part of the Block B – O Mon super-project.

PVD shares of PetroVietnam Drilling saw a 1.9 percent price increase to VND29,000 per share on October 16, a 10-year high.

Rong Viet Securities (VDSC) estimated that PV Drilling’s profits may soar in the third quarter 2023 compared with the same period last year, when it took a loss of VND34 billion, thanks to the remaining part of the compensation by Valeura, VND70 billion. It is expected that its profit will reach VND160 billion, the same as the second quarter’s profit.

VDSC predicted that PV Drilling can maintain the oil rig leasing fee at high levels until 2024 and the number of operational days of the rig will be higher.

Meanwhile, PVT share prices of PV Transportation increased for the fourth consecutive trading session, hitting the historic high of VND30,100 per share.

The prices of other oil and gas shares, including GAS, BSR, PVB, OIL, PLX and PVC, also rose recently amid rising crude oil prices.

According to Mirae Assets, the amended Law on Oil and Gas which took effect on July 1 has created a turning point for the oil and gas sector.

VNDirect Securities believes that the Block B – O Mon project will be the major driving force for the oil and gas industry in the time to come, while SSI predicts that the biggest beneficiaries of the project will be PVS (building central processing rig and floating warehouse), PVB (providing cover paint to the project), PVD (drilling) and GAS (buying billions of cubic meters of gas from the project).

Manh Ha