PTSC: 30 Years of Resilient Growth

2:16:11 PM | 11/14/2023

Over the course of three decades, PetroVietnam Technical Services Corporation (PTSC) has emerged as a steadfast leader in the Vietnamese oil and gas industry. What may seem like a remarkable tale is, in fact, a testament to the unwavering dedication, hard work, and commitment of generations of PTSC employees.

Ho Chi Minh City People's Committee honors PTSC with the traditional flag for its consistent contributions to the city's economic development

Key player of the oil and gas industry

PTSC embarked on its journey as a medium-sized subsidiary of Vietnam Oil and Gas Corporation (now Vietnam National Oil and Gas Group - PetroVietnam). On its establishment on February 9, 1993, PTSC primarily provided specialized oil and gas services. The company grappled with limited resources, a few hundred employees, and aging facilities and equipment. Yet, its most valuable asset at the time was the spirit of enthusiasm, determination, and unwavering commitment shared by its leadership and staff.

Over the past 30 years, amidst turbulent times, PTSC's leadership and employees have consistently championed pioneering, innovation, and continuous investment in research to explore new solutions, penetrate new markets, and introduce new services. These endeavors have paved the way for stable and sustainable growth and development.

The dedicated efforts of PTSC's workforce have yielded substantial results. Today, PTSC stands tall as a leading provider of technical and industrial oil and gas services in Vietnam, extending its reputation to the regional oil, gas, and industrial markets. With 24 member/affiliated units across Vietnam and foreign countries, nearly 10,000 employees, and state-of-the-art facilities and infrastructure nationwide, PTSC has transformed from a modest enterprise into a key player.

Displaying remarkable progress in scale, stature, production and business capabilities, and product and service quality, PTSC is now a recognized brand in the domestic oil and gas arena. Moreover, its products are exported to ten countries and territories. In 2022, nearly 50% of its revenue came from overseas markets, confirming PTSC's commitment to restructuring its revenue sources. PTSC's management prowess, professional expertise, reputation, and brand recognition continue to soar. The corporation not only contributes significantly to the country's foreign exchange earnings but also lays a robust foundation for future overseas investments.

Amidst the economic turmoil caused by the COVID-19 pandemic, PTSC turned its focus toward fortifying investment solutions, enhancing business management, and implementing a robust restructuring strategy to optimize resources, enhance business performance, and reduce costs. With 24 member/affiliated units, nearly 10,000 employees, and modern facilities and equipment at its disposal, PTSC proactively sought out new projects and markets rather than waiting for the market's recovery. Consequently, the corporation seized business opportunities in the evolving energy transition trends, diversifying its products and expanding service offerings for the wind power industry. This strategic maneuver positioned PTSC for further expansion into foreign markets such as the Middle East, India, Malaysia, and Brunei. By embracing these opportunities, PTSC aims to ensure sustainable development and secure jobs for its workforce.

PTSC aims to become a globally recognized brand with high-quality oil and gas technical services as its core pillar, including expansion into offshore wind power

Pioneering the offshore renewable energy frontier

PTSC has developed and delivered almost all stages of the offshore oil and gas industry for 30 years, from surveying, designing, manufacturing, connecting, testing and installing to operating and maintaining oil and gas projects, as well as providing and operating floating storage offloading units and exporting crude oil to domestic and international markets. PTSC sees a “golden” opportunity to join the global supply chain in the offshore renewable energy industry, especially the offshore wind power sector. PTSC is also the only subsidiary of PetroVietnam that has the full legal basis, capacity and advantages to invest and develop offshore wind power projects. Therefore, PTSC’s new strategy was supported and approved by the Board of Directors of PetroVietnam, aiming to “Build PTSC into a prestigious international brand with high-quality oil and gas technical services as the core pillar; while developing services beyond its core business and to foreign countries according to its own capabilities and strengths, including offshore wind power.”

To achieve its business goals and keep up with global energy transition trends, PTSC is also rapidly engaging in this business with a dual role - a project investor and a contractor in the offshore renewable energy service supply chain. The corporation is also proactively pursuing business opportunities to develop new products and expand services for offshore renewable energy from the initial stages such as geological, hydrological and oceanographic surveys to project development and operation stages (design, procurement, manufacturing, transportation, installation, operating personnel transportation and maintenance) to invest in offshore renewable energy development projects in Vietnam and in the region.

In foreign markets, in 2021, PTSC made a historic milestone when it won an international bid for the first time for the design, procurement and fabrication of two offshore substations (OSSes) for Hai Long 2 and 3 offshore wind power projects in the waters of Taiwan (China). In 2022-2023, PTSC continued to make important progress when it won a manufacturing and supply contract for the first time for 33 wind tower bases for offshore wind farms of the world-leading renewable energy company Orsted and won the bidding package of manufacturing four OSSes for the offshore wind power project in the Baltic Sea. The firm is facing opportunities to win more OSS manufacturing projects and wind towers for similar projects. While bidding for offshore renewable energy projects in Japan, South Korea, the United States and Europe, PTSC is also targeting the potential Australian market, constantly diversifying the market, actively seeking projects to create a stable source of jobs, ensure income for employees and increase its revenue for many years to come.

PTSC received the approval of maritime resource monitoring, investigation, survey, and assessment for offshore renewable energy project (in cooperation with Sembcorp Utilities Ltd) for export to Singapore in August 2023. PTSC is the first and only investor in Vietnam that has the full license from the Ministry of Natural Resources and Environment to conduct all survey activities related to developing the offshore wind power project. Investing and developing the offshore wind power project is the final step for PTSC to complete the value chain of a professional offshore renewable energy project, and to leverage its capacity and experience to expand its operations and target larger markets. Each offshore wind power project that PTSC constructs will create more progress and opportunities for the offshore renewable energy industry in Vietnam in the near future.

The 30th anniversary is also a historic moment that marks the start of a new journey, challenging but glorious, with many opportunities for PTSC: the opportunity to experience, to learn, to be creative, and to reach new heights. Today’s PTSC is like a passionate young man who is eager to pursue green goals, green winds, and green energy sources of the future.

With the tradition of a Labor Hero, a prestigious and effective brand, a strong and competitive firm of the world class, PTSC is expected to uphold its good traditions and increasing development to earn the trust and expectations on it and to excellently fulfill its responsibility entrusted by PetroVietnam. According to its goals, PTSC will soon become one of the leading firms in building the offshore renewable energy industry, specifically offshore wind power, in Vietnam, and join hands with PetroVietnam to achieve the Net Zero goals of Vietnam by 2050 and make more significant contributions to the country’s economic development.

By Van Luong, Vietnam Business Forum