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PV Drilling, an oil and gas drilling services company, reported Q1 2026 net revenue from sales and services of VND 3,401 billion, up 126% year-on-year. Net profit after tax for the group reached VND 300 billion, up 110%, while net profit after tax attributable to parent company shareholders was VND 306 billion, up 100% compared with Q1 2025. Basic earnings per share stood at VND 519.
In Q1 2026, PV Drilling’s drilling segment generated VND 2,162 billion, accounting for 64% of total net revenue and rising 147% year-on-year. Well services contributed VND 1,007 billion, or 30% of revenue, up 72% year-on-year. Goods sales also increased sharply, up 447% to VND 233 billion in the period.
The company attributed its performance to an increase in the number of owned rigs, which averaged 4.8 units in Q1 2026 versus 3 units in the same period last year. This was mainly driven by PV Drilling VIII starting operations in September 2025. The average number of chartered rigs also rose to 3.5 units from 1 unit in Q1 2025.
Alongside improved operating efficiency, day rates for self-elevating rigs increased by about 4%, supporting gross profit of VND 638 billion, up 136% year-on-year.
As of the end of Q1 2026, PV Drilling reported total assets of VND 29,542 billion. Cash and cash equivalents and short-term deposits were VND 3,129 billion. Owner’s equity stood at VND 17,447 billion, including undistributed profit of VND 1,558 billion. Total liabilities were VND 12,095 billion, with borrowings and financial lease obligations of VND 5,523 billion.
PV Drilling approved a plan to issue shares to existing shareholders to increase equity using internal funds at a ratio of 67%. The maximum number of shares to be issued would be 371,883,724.
At the end of the reporting period, the total number of employees at the Group was 1,917.
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