After 20 years of construction and development, PetroVietnam Technical Services Corporation (PTSC) has confidently risen to become a leading brand in oil and gas technical services in Vietnam. Getting rid of its weaknesses of 20 years ago, PTSC is today like an energetic, powerful young man walking with firm steps with Vietnam National Oil and Gas Group (PetroVietnam) to assert the position of the Vietnamese oil and gas industry on the international arena.
Growth both in quantity and quality
PTSC, a member unit of PetroVietnam Group, was established on February 9, 1993 from the merger two PetroVietnam units, namely Geophysical and Petroleum Services Company and Petroleum Technical Services Company. From a little-known service provider, PTSC has now become a leading provider of oil and gas technical services of the Vietnamese oil and gas industry, and gradually asserted its position and name on the international market. PTSC brand name has been widely known to domestic and foreign customers as a potential and reliable partner. The corporation has invested in massive, synchronous infrastructure and equipment systems; recruited and trained managerial and technical personnel to assume most managerial and technical positions in the oil and gas industry; proved sufficient capacity to operate as an EPCI contractors for oil and gas projects as well as other civil and industrial projects.
PTSC has also entered into joint ventures, coordinated and gradually acquired technologies in combination with developing and applying advanced management models in the world, such as ISM Code, ISO 9001-2000, OSHAS 14001 and ISPS; applied information technology to management and administration; enhanced the role and responsibility of staff in managing and directing production, and maximised creativity and working capacity of employees. Besides, PTSC has intensively focused on developing specialised technical services to generate high economic efficiency and its advantageous services. This has turned PTSC from a small supplier of low-value simple, low-intelligence services to a leading technical service corporation in Vietnam with gradual business expansion to the region and the world.
Nguyen Hung Dung, general director of PTSC, said that PTSC started with nearly 850 employees, total assets of less than VND100 billion, revenues of VND180 billion, and profits of VND11 billion. But in 2007, the first fiscal year it operated as partly privatised company, PTSC raked in revenue of VND5,575 billion, and a net profit of VND314 billion. In 2008 and 2009, the corporation's revenue expanded significantly to VND8,671 billion and VND10,685 billion, respectively.
The year 2010 entered into the corporation’s history. The revenue nearly doubled that of 2008 to VND20,238 billion, while the net profit amounted to VND926 billion. For the first time in history, PTSC joined the list of Vietnam companies with revenue of billions of US dollars.
In 2011, PTSC continued to affirm its position and strengthen with soaring revenue of VND24,312 billion. Remarkably, this figure equalled its 13-year combined revenue (1993 - 2006).
With its strong and continuous growth momentum, in 2012, PTSC’s revenue was still very impressive, reaching VND28,000 billion, and the profit topped VND1,100 billion. The corporation’s growth was maintained at 15 - 30 per cent a year. After 20 years, its revenue increased over 135 times, profits jumped 120 folds, and personnel expanded by eight times.
These very impressive figures show PTSC’s strong growth in both quantity and quality.
Asserting the leadership in oil and gas service provision
Not only building up its own excellent technical service foundation, PTSC also indirectly or directly creates a general technical service base system for the oil and gas industry. After 20 years of construction and development, PTSC deserves credit for building and creating the foundation for the development of first services in Vietnam. PTSC is a pioneer supplier of services related to oil and gas exploration and exploitation in Vietnam. The corporation always actively explores and develops new types of services.
Whenever the market requires high-level technical services or normal technical services, PTSC always tries its best to mobilise internal and external resources to supply the best services for oil and gas contractors, thus continuing to inherit, build and develop a new separate service to diversify services and gradually expand its operations. In the first years, the most remarkable service of the corporation was supplying protection ships, which did not demand high technicality, while after 20 years, PTSC has developed a lot of other services. At present, these services keep developing and secure a solid position in domestic and international markets. Currently, PTSC confidently asserts its strengths in six primary services as follows: Marine service; supply base, ports and logistics services; FPSO/FSO supply, operation and maintenance; marine mechanical services; operation and maintenance; and seismic survey and ROV services. These technical services are affirmed by PTSC in Vietnam.
Marine and port base services:
PTSC is the first and only company to own, operate and exploit the fleet of multi-service ships. PTSC is also the only one to possess port base system and logistics services for the oil and gas industry stretching throughout the nation. With total area up to 150 ha including Vung Tau Supply Base (81.5 ha), Phu My Port (26.5 ha), Dung Quat Port (15 ha), Hon La - Quang Binh Port (8.8 ha), Dinh Vu Port (13.9 ha), and Nghi Son - Thanh Hoa Port (9.8 ha), the company meets all requirements of open storage, bonded warehouse, office, fabrication workshop, and logistics services for oil companies operating in Vietnam.
PTSC is currently concentrating on completing investment for the expansion and development of its deepwater supply base system on a national scale to meet all service demands for oil and gas exploration and production in Vietnam, as well as serving other economic fields.
FPSO/FSO supply, operation and maintenance
PTSC is the only company in Vietnam to possess and operate floating production storage and offloading storage (FPSO/FSO). This service is complex to manage since FSO/FPSO operation and commissioning technique requires dedicated and experienced manpower and very strict safety requirements. Besides, PTSC is also the only Vietnamese unit to be able to design, procure, fabricate, hook up and commission oil and gas rigs. Since starting with this service in 2002, PTSC has proved that it is a fully capable contractor. The firm has successfully carried out 40 projects on schedule, including Su Tu Trang project (White Lion) for Cuu Long Joint Operating Company (CLJOC); Bien Dong 1 project; Rong Doi (Twin Dragon) project for Korea National Oil Corporation (KNOC), Su Tu Trang (White Lion)/Su Tu Den (Black Lion) project; and projects for Thang Long - Dong Do, Lam Son JOC, etc. At present, PTSC is fully qualified to take on the role of general contractor for major oil and gas projects.
Seismic, geological survey and underground works: In the past 20 years, PTSC has very actively coordinated with relevant ministries and branches to implement the State-assigned tasks on issues related to border, seawaters, islands and sovereignty protection in the East Sea. The corporation always urges oil and gas contractors to carry out baseline surveys as committed. In the 2006 - 2010 period alone, contractors have collected explosion samples on 112,000 square kilometers of 2D seismic tests and over 24,000 square kilometers of 3D seismic tests. Particularly, PTSC collected explosion samples on over 92,000 square kilometers of 2D seismic tests and over 23,000 square kilometers of 3D seismic tests in the country, and on 6,800 square kilometers of 2D seismic tests and over 2,000 square kilometers of 3D seismic tests elsewhere. 2D seismic vessel, Binh Minh 02, was put into service on May 20, 2009 at Vung Tau Port operated by PTSC. The operation of Binh Minh 02 vessel is an important step to developing a range of high-tech services in Vietnam to serve the oil and gas baseline surveys and reserve assessments as well as search for oil.
Operation and maintenance (O&M) service: Although PTSC has supplied this service for a couple of years, the corporation has secured the No. 1 position in this service provision in Vietnam. Focused investment for seismic, geological, underground and ROV (remotely operated vehicle) survey services helps PTSC assert its leading position and capacity in Vietnam.
Together with key service development, PTSC also effectively maintains and develops a variety of services such as manpower supply, ship agent and hotel, etc. and creates stable employment for its staff.
Promoting cooperation and joint venture
As a leading oil and gas technical service supplier in Vietnam, PTSC not only focuses on building up on its own services, but also works closely with other units in the industry, and supports other units to use its services to the best for mutual development. Because of concentrating resources on core services, PTSC has performed the entire restructuring to continue building and developing the services it created in the very first days. PTSC has created a very scientific system of technical services for oil and gas exploration and production in Vietnam. These technical service systems have contributed positively to Vietnam’s oil and gas production in recent years.
In addition to occupying and maintaining the domestic market, PTSC also always focuses on promoting export services to other nations, thus becoming one of the first Vietnamese companies to bring offshore petroleum technical services to foreign countries. To date, the corporation has carried out many large overseas projects, such as fabricating oil platform for Talisman Malaysia, providing Binh Minh vessel for long-term operation in China, Indonesia, Thailand and Russia, supplying DP2 vessel to Malaysia, and investing FSO/FPSO in Malaysia. PTSC is a pioneer in opening branches in foreign countries such as Cuba, Venezuela and Malaysia.
Strong human resource development
In response to the Party and State’s policy on privatisation of State-owned enterprises, on January 1, 2007, PTSC was transformed into a joint stock company. After 20 years of operations, PTSC has 23 member units, four joint ventures in Singapore, and overseas branches in Cuba, Venezuela, Malaysia and elsewhere. The corporation is capable of providing most available oil and gas services, including projects that require sophisticated technologies, expertise and workmanship, as well as functioning as an EPCI contractor of important oil, gas and other projects. PTSC is known as a professional, high potential, reliable unit with constant service quality, safety and efficiency by its partners and oil and gas contractors.
Being aware of human factors in production and business activities as well as capturing modern, advanced oil and gas technologies, PTSC has always proper investment strategies for human resource development. Currently, PTSC’s staff are able to operate modern oil and gas equipment and they gradually replace hired foreign workers. With accurate trend anticipation for service development, PTSC - with its reasonable, insightful, well-oriented and effective business investment and development strategies - has gradually mastered facilities and techniques in a bid to step by step replace foreign-hired means and equipment. This is the key for the corporation to live through all difficulties to become a leading oil and gas technical service provider in Vietnam and gradually assert its capacity, prestige and brand name in the region and in the world as well.
In recognition of its construction and development efforts, the Party and the State has bestowed many honourable titles and awards such Second Grade Labour Order (1995), First Grade Labour Order (2000), Third Class Labour Order (2003), Second Grade Independence Order (2009), and Labour Hero in the renovation era (2010). These accreditations are a significant motivation for the entire corporation to strive for greater performance to deserve the title “Labour hero in the renovation era” and make important contributions to the successful realisation of PetroVietnam Group’s development strategy.
In the 2006 - 2012 period, PTSC accelerated to become a leading service business unit of the Vietnam National Oil and Gas Group (PetroVietnam) with five leadership criteria: PTSC is the leader in marine economic development and broad sea mastering strategy; PTSC is the nationwide leader in performance, quality, economic efficiency, society, contribution to local, regional and national economic, social, security and political development; PTSC is the nationwide leader in technological innovation, featured by many achievements in investment and application of scientific and technological progress, new technologies for business improvement and ecological environment protection; PTSC is the leader in personnel fostering and training, becoming an example of training, raising professional skills and levels for other companies to follow; PTSC is one of the leaders in deploying and implementing the Party’s guidelines and policies, the State’s laws and PetroVietnam Group’s development strategies, ensuring rights and interests of employees, managing capital and assets, and ensuring absolute safety of people and property.
Anh Dao
Vietnamese
