PV Drilling tops targets early, stock eyes strong gains

On the afternoon of October 16, Vietnam's VN-Index closed at 1,760 points, edging up from the prior session, while the HNX Index climbed modestly to 277 points. Trading liquidity held firm at elevated levels, with turnover on the Ho Chi Minh Stock Exchange surpassing VND 34,500 billion ($1.35 billion).

Oil and gas stocks led the gains in positive territory, including PLC, PVS, PVC, POW, and PVD. PV Drilling's PVD shares, in particular, traded at VND 20,600 ($0.81).

Though PVD is consolidating in a sideways range, analysts see significant upside potential ahead. According to MBS Securities, the company stands to benefit from rising demand for new oil and gas projects in Vietnam and Southeast Asia, at a time when no new rigs are entering the market. Recently, PV Drilling added two rigs to its fleet: PVD VIII, which entered service in August 2025, and PVD IX, slated for deployment in early Q2 2026.

In its latest disclosure, PV Drilling forecast it will surpass all key management targets, with eight-month revenue hitting 103% of plan and profit reaching 121%. The company's rigs are fully contracted through 2026, with some secured until 2028.

The firm anticipates exceeding its broader 2021-2025 financial roadmap. Forbes Vietnam recently named PV Drilling to its 2025 Top 50 Best Listed Companies, during the annual Business Forum themed "Pivoting for Growth."

This marks the 13th edition of the ranking, which spotlights 50 standout listed firms based on rigorous criteria: sustained multi-year revenue and profit growth, strong shareholder returns, and robust prospects for long-term sustainability.

For PV Drilling, it's the fifth such honor, reinforcing its dominance in oil drilling services across Vietnam and Southeast Asia, backed by world-class governance.

In 2024, the company delivered solid results, with rigs maintaining high utilization rates and impeccable safety records—particularly its offshore units serving Southeast Asian clients, which earned rave reviews. Subsidiaries expanded into new markets including Japan, Malaysia, Brunei, and Indonesia, while domestic operations drove revenue and profit gains.

"This continued recognition from Forbes Vietnam is a powerful motivator for us to innovate further, elevate service standards, and pursue sustainable growth," a PV Drilling spokesperson said. "It underscores our pivotal role in Petrovietnam's high-tech oil and gas value chain, helping secure the nation's energy security."

Forbes Vietnam's annual Top 50 list remains a key benchmark for investors, both local and global, in evaluating listed companies.