PV Drilling (PVD), the service arm of Petrovietnam, has projected revenues this year to jump 70.5% from 2006 to 2.3 trillion dong ($143 million) on the back of strong demand from oil explorers.
This year's net profit is also projected to jump nearly five-fold to 560 billion dong ($34.8 million), the company said in statement published on Thursday via the Ho Chi Minh City Securities Trading Center.
The revenues target is more than 30% higher than a previous forecast by PV Drilling Chief Executive Do Van Khanh in an interview with Reuters in February.
Khanh was not available to comment on the upward revision but a company source attributed the higher-than-expected earnings projection to a series of new drilling contracts since the firm took delivery of its first jack-up rig from Singapore's Keppel Corp. (KPLM.SI: Quote, Profile , Research) in March.
PV Drilling also plans to raise around $32 million from new share issues to establish a company called PVDInvest that will specialise in drilling equipment imports.
On Thursday, PV Drilling shares closed at 248,000 dong ($15.4) each, down 1.2% and shedding around 20% from its year-high of 310,000 dong a share.
Source: Reuters
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