PVD – Update – Improved drilling rig utilization to create growth momentum from 2025
Posted: Aug 7, 2025
- In 2Q25, PVD recorded revenue of VND 2.431 bn (+6,5% yoy) after a decline in the first quarter of the year. Revenue from drilling services recovered after the completion of the maintenance of drilling rigs and well drilling services continued to be positive, which are bringing positive signals to PVD.
- We expect PVD’s net profit for the 2025-2026 period to increase by – 1,8%/46,0% yoy, respectively, thanks to improved rig rental prices and rigs’ efficiency.
- We maintain our ADD recommendation with a target price of VND 29.500/share based on the prospect of high rig demand in the region in near term.
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