Petrovietnam Drilling and Well Service Corporation (PV Drilling, stock code: PVD) has just released the audited financial statements (FS) of the Mother company and the consolidated FS for quarter 1/2023.
Accordingly, in quarter 1/2023, the Mother company recorded revenue of VND 1,017.5 billion, increasing 15.2% compared to the same period of 2022, profit after tax achieved VND 74.8 billion compared to the loss result recorded in quarter 1/2022. For the consolidated FS, PV Drilling achieved revenue of VND 1,226.6 billion, an increase of 7% over the same period of 2022 and profit after tax of VND 52.3 billion compared to the loss result recorded in quarter 1/2022.
According to the Corporation, the increase in revenue and profit was primarily driven by: full operation of the jack-up rigs in quarter 1/2023 while its usage efficiency in quarter 1/2022 only reaching 55%; its day rate also boosting over 20% over the same period of 2022, together with the increasing profit shared from joint ventures. On the other hand, operating cost in quarter 1/2023 also increased as no chartered rig operated while over the same period of 2022 PV Drilling had one chartered jack-up rig, leading to the reduction in revenue; besides, an increase in LIBOR interest expense also added to the operating cost of quarter 1/2023.
In 2023, PV Drilling plans to achieve a target of VND 5,400 billion in revenue and VND 100 billion in profit after tax. With the results achieved in the first quarter of 2023, PV Drilling has completed 23% of the revenue plan and more than 52% of the whole year 2023 profit plan.
The jack up PV DRILLING II rig.
The global drilling market in 2023 is forecasted to remain stable, which is a solid foundation for oil and gas contractors to implement new drilling campaigns. As a result, 2023 is expected to be a busy and exciting year for PV Drilling’s business operation.
It is informed that the Corporation has well arranged workload for the rig fleet in 2023, especially with long-term contracts and remarkably improving day rates compared to 2022.
Specifically, PV Drilling continued to sign new drilling contracts in Thailand, Malaysia for the jack-up PV DRILLING I and PV DRILLING VI rigs, right after they completed drilling programs in Vietnam. PV DRILLING II continued to implement the drilling contract for Pertamina with the duration of 2 years from December, 2022. The Corporation is currently discussing with Hibiscus to extend the contract in provision of the PV DRILLING III rig with improving day rate to 2024 in Malaysia.
Actively overcoming all challenges and taking advantage of opportunities, PV Drilling is confident, optimistic and strives to achieve the highest business result in 2023.