PTSC: Lighting the Way for the Vietnam Oil and Gas Industry

After 17 years, PTSC has got involved in supplying most of services such as geological survey, supply of petroleum exploration vessels. Today PTSC is the first and the only unit owning, operating and exploring versatile specialized services vessel fleet serving petroleum exploration activities. The modern fleet is well-matched with countries that have developed petroleum exploration industries in the region such as DV2 vessel; especially, PTSC has been owning and co-exploring 5 PSO vessels with a capacity of 150.000 to 200.000 tons/each, insuring process, storage & export of petroleum at sea.

 

With a modern and specialized vessel fleet plus professional officers and crews, together with broad and long relationships with international shipping lines, etc, PTSC is taking the top seat in supplying specialized petroleum vessels. PTSC is not only doing a good job of supplying petroleum services vessels for drilling, guarding, surveying project geology, geophysics, etc, to petroleum contractors in Vietnam; PTSC is highly appreciated in Russian, Malaysian, Indian, Myanmar, Chinese markets, etc. In the past time, PTSC has invested in 6 new, modern vessels. At the moment, PTSC has a fleet of 24 vessels – a greatest number of petroleum technical vessels in Vietnam. 

 

In field of mechanical manufacture, PTSC has successfully researched, invested and implemented many projects for domestic and international petroleum contractors. A series of the largest ever projects are successfully carried out at PTSC’s manufacturing sites such as Chim Sao project of Premier Oil, Northeast Su Tu Den project, BP Compression platform, and many other projects of Petronas, JVPC, etc. These projects require a complicated technology under close supervision of international consulting companies. By creativity in labour, logical execution arrangement, some projects including technical infrastructures, superstructures of drilling rigs are accepted and highly appreciated by international oil firms. Especially, PTSC has won the international contract with Talisman Malaysia and successfully carried out the Bunga Orkid project.  

 

Together with strong development of petroleum technical sector, PTSC, in the past time, has put a strong emphasis on expanding an upgrading port services. Investing and expanding port base in Vung Tau, Phu My Port, purchasing and handing over some ports such as Dung Quat, Hon La, Dinh Vu, Nghi Son create a system of 6 deep-water ports alongside the country. Besides, PTSC port also supplies other services such as ship launching, super weight and dimension transportation, package logistics services, etc. These are well accepted by customers.

 

In addition, PTSC is the only unit in Vietnam capable of designing, shopping, manufacturing, connecting, test running oil and gas drilling rigs. Although PTSC is just a new comer in this field (2002), it has proved itself as a comprehensively capable contractor. In the past years, PTSC has successfully implemented many complicated projects for local and foreign petroleum contractors. Today, PTSC is fully capable of playing the role of general contractor for large and highly technical petroleum projects. 

 

Taking a look at the past days in the process of ceaseless efforts to affirm its position, Mr Nguyen Hung Dung, General Director of PTSC, cannot hide his pride: “Any enterprise faces difficulties in the whole development process, and we –riders of big waves to the sea - are not an exception. However, we have a tradition of solidarity, motivation, creation from leaders to our staffs and labourers, combining our efforts to keep “our boat” firm.  

 

PTSC has over 20 members with a variety of business activities nationwide, the Corp also enters into joint ventures, contributes money to other partners. Year by year, PTSC contributes hundreds of billion Vietnamese Dong to the State’s budget. PTSC’s turnover, profit as well as its contribution to the State’s budget increases every year. Stable growth speed has partly expressed PTSC’s endurance and ability to take the top seat in the market.

 

PTSC is the typical team taking the lead in fields of capacity, quality, socio-economic effectiveness, contributing to the socio-economic, political development and security of the locality, sector and of the country. Since its initiation in early 1990s, with a turnover of VND165 billion /year and 800 staffs, over the past 17 years, PTSC has made great advances in both quality and quantity. Total assets of PTSC in 2009 reached VND12,400 billion; especially in 2009, its turnover surpassed VND10,000 billion. In 2009, its profit after tax reached to VND726 billion, return on equity attained over 30 . These are very impressive numbers expressing a strong development of PTSC in both quality and quantity. 

 

On the spirit of upholding the achieved results, PTSC continues to strengthen its business and trading activities with a prompt and drastic momentum. Turnover and profit of the whole corporation in the first 6 months surpassed its planned target and attained a high growth rate compared to the same period of lat year. The total turnover of the first 6 months of 2010 reached to VND8,157 billion, a 170 as high as the last year’s period – an increase of 85 , pre-taxed profit reached VND385.5 billion, a 167 as high as the plan and an increase of 154 compared to the same period of last year. In the first years of 2010, PTSC has well carried out projects such as butterfly - valve switching system at Rang Dong Mine for PVGAS, Su Tu Den trial joint drilling rig project for Cuu Long JOC, Chim Sao trial joint mining rig project. At the same time, PTSC continues to supply 130 long-term labourers to Cuu Long, Lan Tan exploration rigs of BP.

 

PTSC is heading to higher targets in the rest of 2010, specifically; it targets to get a turnover of VND16,000 billion in 2010 and strives to get a turnover of VND18,000 billion in 2011, joining the “USD billion club”. Further, PTSC strives to become one of three leading petroleum technical service providers in South East Asia region in 2015. Then, PTSC will reach out to other regions and the world. “We are trying our best to reach US$1 billion of turnover/year in the shortest time. With a strong determination of the whole leaders and staffs, we will surely get it done in the near coming time”, affirmed by Mr Nguyen Hung Dung.

 

Not only insuring a stable work for its staffs, PTSC also puts a strong emphasis on taking care of their material lives, sharing and helping them when any upheaval happens. In the period of 5 years (2005-2010), PTSC has offered over 2.400 new jobs with an average salary of VND11 million /month, organizing tens of thousands of training courses with a total expense of hundreds of billions of Vietnamese Dong. In addition, PTSC has done a good job of carrying out employment policies for veteran personnel and staffs by visiting on Tet festivals, actively participating in Petroleum Support Fund. Besides, PTSC has implemented a suitable salary policy, supporting its subsidiaries that face difficulties in production activities or those with low incomes. Moreover, PTSC is taking the lead in carrying out its responsibility to the State as well as participating into many social activities like repaying to community, showing its gratefulness and responsibility to community, building schools, visiting and supporting victims of floods, etc, with total expense of billions Dong. For the year 2009, PTSC spent over VND20 billion on social security activities. Bringing into play its achievements in the last social activities, PTSC is expected to spend another VND20 billion for its social activities in 2010 with a wish of sharing and relieving the community’s pain, supporting the unfortunate and building a prosperous and equal community. 

 

Truly, with many contributions to the community, its desire to make itself new and to ceaselessly reach to new heights, PTSC has lighted up a fire of Vietnam oil and gas industry, PTSC is completely deserved a title of “Labour hero in the renovation period” granted by the State and the Party in July 2010.