Shares of Petrovietnam Drilling and Well Services Co (PVD) soared 150% on their stock market debut day to close at 130,000VND (8.09 US$). It has a market value of 550mio US$.
The listing of the firm, which is 51% owned by state oil monopoly Petrovietnam, represents the biggest opportunity yet for private investors to buy equity in Vietnam's exploration sector.
Crude oil is Vietnam's largest foreign exchange earner and the country is Southeast Asia's third-biggest crude producer.
PV Drilling charters and operates oil and gas drilling rigs and provides well-related services. It has been expanding overseas operations and recently won a tender to supply a rig to an Algeria-based project invested by Petrovietnam's investment arm PIDC.PV Drilling has a joint venture with U.S. oilfield firm BJ Services.
Its 3.2mio US$venture with U.S. oilfield firm BJ Services International S.A.R.L. in the southern province of Ba Ria-Vung Tau offers well reinforcement services.
Source: Reuters
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