Pioneer Vietnam Driller

This leading Vietnamese drilling services company is seeking strategic investors to finance business expansion through a share placement.
The Company is dominant player in the country with around 50% market share of drilling services and 75%-100% for related drilling services such as mud logging, slickline, oil spill control services, pipe running. It has a strong and experienced technical team. Beyond confirmed coverage, PVD enjoys privileges to be an oil drilling related service supplier of almost PVN’s exploiting petroleum projects which helps strengthen the company’s leading market position
The Company operates eight drilling rigs including five owned rigs (3 jack up, 1 land rig and 1 semi-sub) and three leased rigs, which together achieve 98% productivity without any lost time incident. All rigs are being on effective leasing contracts in which the new TAD semi-sub rig has already locked in a 5-year contract since 2012, so there is clear visibility on the Company’s revenue stream.
The Company has a recorded CAGR of 45% on revenue from 2010 and 2012. During the same period, the Company’s gross profit margin decreased slightly from 23.2% to 21.3%, due to lower gross profit margin of leased rigs compared to owned ones, however total gross profit still grew at a CAGR of 27%.
In addition, the Company has stably paid cash and share dividend as a result of high profitability.