Company Insight

PetroVietnam Drilling & Well Services Corporation (PVD) is one of the leading oil and gas drilling contractors in the domestic market, holding approximately 70% of the drilling market share in Vietnam. Based on DCF method, we value PVD for the first time at 33,400 VND, equivalent to a 23.4% return. We expect PVD's revenue and profit to grow, driven by (1) the continued growth of its core business as drilling rigs have contracts secured until 2025, (2) the global supply-demand imbalance in jack-up rigs, which has kept day rates high, and (3) the promising outlook of large-scale oil and gas projects in the near future, which will generate a significant amount of work for PVD.