PTSC’s 2020 Annual General Meeting of Shareholders

PetroVietnam Technical Services Corporation (PTSC) – with stock symbol PVS – has successfully held its Annual General Meeting of Shareholders on June 24th 2020, in Vung Tau city.

The PTSC’s Meeting Directors Team

Regarding participation at the meeting, Vietnam Oil and Gas Group (PVN) delegates consist of Mr. Nguyen Hung Dung – Member of PVN’s Board of Director, and representatives of PVN’s divisions; representatives of Deloitte Vietnam and representatives of Hanoi Stock Exchange. The Meeting Directors Team from PTSC consists of Mr. Phan Thanh Tung – Chairman, Mr. Le Manh Cuong – President & CEO, and Mr. Nguyen Xuan Cuong – Vice President, together with managers and hundreds of individuals representing PVS shareholders.

Mr. Phan Thanh Tung – PTSC’s Chairman

Mr. Phan Thanh Tung – PTSC’s  Chairman described the state of affairs in the year 2019, with an on-going shortage of projects in Vietnam, accompanied by low service charge and particularly severe competition. In addition, the current competition rules figured in Vietnam’s Law of Bidding remain critically flawed in regards to state-owned groups and corporations. The expansion of services abroad has been meeting with difficulties, workload remains insufficient while home countries are increasing protection with regards to domestic firms. PTSC has been undertaking various solutions, implementing a number of action programs, triggering emulation movements, employing every means and focusing on strict command to effectively uphold and attain production and operation criteria for the year 2019. In particular, PTSC’s consolidated revenues for the year ended 2019 amount to 17,714 billion VND, equal to 136% of projected revenues for 2019 and an increase of 16% compared to the previous year. Consolidated profit before tax for the year ended 2019 amount to 1,103 billion VND, equal to 158% of the projected number and an increase of 13% compared to the previous year.

Mr. Le Manh Cuong – PTSC’s President & CEO

For the year 2020, PTSC expects its consolidated revenues to reach 15,000 billion VND, with profit before tax of 800 billion VND. To achieve this target, PTSC is committed to maximise the means gathered to advance and expand production and operation, guarantee the provision of high-quality, reliable, specialised oil & gas technical services which meet the requirements of domestic oil & gas contractors; expand to overseas market by actively engaging in marketing, taking the initiative in bidding and seeking contracts to maintain job security; promote trade and establish partnerships that match PTSC’s strengths. The projects under way: Sao Vang–Dai Nguyet, Gallaf–Al Shaheen, etc. will be implemented on schedule in an efficient, safe manner with high-quality output.

Mr. Nguyen Xuan Cuong – PTSC’s Vice President

During the meeting, PTSC’s directors replied to shareholders and investors’ questions regarding the double crisis of COVID-19 and a severe drop in oil prices affecting production and operation, as well as opportunities and challenges in 2020 and beyond.

PTSC’s 2020 Annual General Meeting of Shareholders concluded splendidly, with relevant reports and statements getting near-unanimous approval.