Dragon Capital-linked team no longer major shareholder of PV Drilling

A group of funds affiliated with Dragon Capital, among the largest foreign-run asset management companies in Vietnam, has reduced its holding to below 5% in PV Drilling, the drilling arm of state-owned Petrovietnam.

DC Developing Markets Strategies Public Limited Company sold 500,000 shares of PetroVietnam Drilling & Well Services Corporation (HoSE: PVD) on September 19, Dragon Capital said in a filing to the Ho Chi Minh Stock Exchange.

After the transaction, the combined holding of the group in PVD dropped to 4.92% or 27.35 million shares, from the earlier 5.01%.

PV Drilling, with 50.41% owned by Petrovietnam and 3.65% by Deutsche Bank, earned an audited consolidated net profit of VND296.15 billion ($12.05 million) on revenue of VND4,038 billion ($164.34 million) in the first half of this year, up 29% and 53% year-on-year, respectively.

PV Drilling attributed its improved performance to a 29% year-on-year increase in the rental prices of its jack-up rigs and increased revenues from drilling-related services.

PV Drilling has secured workload for its six jack-up rigs this year and that for four rigs in 2025. In addition, it plans to invest in one to two new rigs worth up to $90 million each as the upstream outlook brightens.

Shinhan Securities Vietnam has projected PV Drilling’s net profit and revenue to reach respective VND624 billion ($25.4 million) and VND7,263 billion this year, up 14% and 25.5% year-on-year.

Shares of PV Drilling closed flat at VND27,550 ($1.12) apiece on Wednesday.