Petrovietnam’s arm PTSC posts 140% profit surge in Q3 on higher deposit income

PetroVietnam Technical Services Corporation (PTSC, HoSE: PVS), a subsidiary of state-run Petrovietnam, reported VND324 billion ($12.3 million) in Q3 net profit, up 140% year-on-year, driven by higher financial income and reduced borrowing costs.

According to its Q3 earnings statement, PTSC recorded VND9.63 trillion ($366 million) in revenue, double that from a year earlier.

In July-September, financial income surged 177% year-on-year to VND234 billion ($8.9 million), mainly from interest on short-term deposits, while financial expenses fell sharply to VND30 billion ($1.1 million) from VND166 billion ($6.3 million) a year earlier.

For the first nine months of 2025, PTSC recorded revenue of over VND23 trillion ($874.3 million), up 63% year-on-year, and net profit of VND949 billion ($3.6 million), up 34%.

With the possitive results, the company has already surpassed its full-year targets of VND22.5 trillion ($855.35 million) in revenue and VND780 billion ($29.65 million) in profit.

As of September 30, PTSC’s total assets rose to VND28.7 trillion ($1.1 billion), nearly VND4.9 trillion ($186.3 million) higher than at the start of the year.

PTSC held almost VND16.8 trillion ($638.7 million) in cash and short-term deposits, or about 60% of total assets.

PTSC is Vietnam’s sole domestic firm providing a full range of oil and gas technical services, excluding drilling. It commands market shares of 97% in oilfield support vessels, 100% in port logistics, and 60% in floating storage (FSO/FPSO) services. PTSC operates a fleet of 21 service vessels, three FSOs, and two FPSOs.

LNG and offshore wind to drive growth

Brokerage Baoviet Securities (BVSC) said PTSC’s growth will be underpinned by the $10 billion Block B-O Mon gas-to-power project, where the company has secured three EPCI contracts with a combined backlog exceeding $1 billion. Construction is on schedule, with first gas expected in the fourth quarter of 2027.

The broker forecasts PTSC’s mechanical and construction (M&C) segment to grow 66% in 2025 and 67% in 2026.

The project, BVSC noted, strengthens PTSC’s position in Vietnam’s key oil and gas developments and bolsters its capacity to join future energy infrastructure projects.

PTSC is also expanding in offshore wind, with an estimated $2 billion backlog expected to generate stable revenue from 2025 to 2030. The company is pursuing additional industrial construction projects, including LNG storage facilities, to capture rising demand from Vietnam’s energy transition.

In its floating storage segment, PTSC expects stable annual profits of about VND180 billion ($6.84 million) from associated companies once the Lac Da Vang and Block B FSOs start operations in 2026 and 2027.

Looking ahead, PTSC is expanding its international footprint in renewable energy, with two offshore wind export projects planned to supply Singapore and Malaysia by 2033. These ventures are expected to generate long-term returns over 30 to 50 years, solidifying PTSC’s position as a leading regional energy services provider.