PTSC Delivers Four 16,000-Ton Offshore Substations for Poland's Baltica 2

Overview

PTSC M&C, the marine mechanical services arm of Petrovietnam’s PTSC, completed, launched and handed over four offshore substations for the Baltica 2 wind farm off Poland. The units, each weighing roughly 16,000 tons in aggregate across the four platforms, were built under an EPC contract awarded in June 2023 to a Semco Maritime – PTSC M&C consortium. For PTSC, listed on HOSE, the delivery is the clearest evidence yet that its fabrication yards can win and execute high-end European renewable energy work.

Key Facts

• Four offshore substations, with a combined weight cited at 16,000 tons, were launched and handed over at PTSC’s Energy and Technical Logistics Industrial Centre in Ho Chi Minh City on 12 September.
• Baltica 2 carries total investment of about 30 billion Polish zloty, equivalent to roughly EUR 7 billion or more than USD 7.5 billion.
• The wind farm is designed for 1,500 MW (1.5 GW) across 107 turbines and four offshore substations, with commercial operation targeted for Q4 2027.
• The EPC contract covering all four substations was awarded to the Semco Maritime – PTSC M&C consortium in June 2023.
• First steel cutting took place on 27 November 2024; at peak, the site mobilised more than 2,000 direct workers and about 200 technical and management staff.
• The launch campaign ran for 43 consecutive days and nights.
• Two substations are already en route to Europe; the remaining two have been loaded onto specialised barges at PTSC port.
• Baltica 2 is developed by Poland’s PGE together with Denmark’s Ørsted.

What Happened

PTSC M&C, a wholly owned member company of Tổng công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam (PTSC), held a launch and handover ceremony on the afternoon of 12 September at its Energy and Technical Logistics Industrial Centre in Ho Chi Minh City. The event brought together representatives of Ørsted of Denmark, Semco Maritime, Petrovietnam and PTSC leadership, contractors and the engineering team. According to the announcement, the first two substations are already on their sea voyage to Europe, while the other two have been secured on specialised barges at PTSC port and are ready to depart.

The substations function as the collection hubs of the Baltica 2 project, gathering power from the wind farm’s turbines. The article states that the consortium of Semco Maritime and PTSC M&C was formally awarded the EPC contract for all four substations in June 2023, covering design, procurement, construction and commissioning. Fabrication began with first steel cutting on 27 November 2024, after which all four structures were built in parallel at high intensity. The handover was completed on schedule and to the required quality standard, the source says.

Market Context

PTSC trades on the Ho Chi Minh City Stock Exchange (HOSE) and sits within the Petrovietnam group, whose oil and gas services complex has historically been tied to upstream exploration and production spending. The company’s order book has increasingly tilted toward offshore wind fabrication as European utilities build out the Baltic and North Sea pipelines. The source article does not provide PTSC share price data or a price-context block, so recent price action and valuation are not assessed here. At the sector level, the delivery lands alongside a broader wave of Vietnamese renewable energy activity, including a 9,100 billion dong Quang Tri wind plant registration by a Vingroup-linked company and cross-border wind earnings reported by T&T.

Strategic Significance

The strategic point is not the tonnage but the qualification. Delivering four EPC substations for a 1.5 GW European project, alongside Ørsted and Semco Maritime, gives PTSC M&C a reference that is difficult for competitors to replicate and that is directly relevant to the next generation of offshore wind tenders in Europe and Asia. It also marks a deliberate shift from traditional oil and gas mechanical fabrication, a segment exposed to upstream capex cycles, toward offshore renewable energy, where European build-out schedules extend well into the 2030s. For long-term holders of PTSC, the thesis rests on whether this project converts into repeat EPC awards and whether margins on renewable fabrication hold up against Korean, Chinese and European yards. The article frames the delivery as Vietnam moving from importing high-technology equipment to mastering offshore substation construction.

What to Watch

• Confirmation that the two remaining substations have departed PTSC port and arrived at the Baltic site.
• Any new EPC awards to the Semco Maritime – PTSC M&C consortium for European or Asian offshore wind projects.
• PTSC quarterly disclosures on backlog composition and the share of revenue from renewable energy fabrication versus oil and gas.
• Baltica 2 commissioning milestones ahead of the targeted Q4 2027 commercial operation date.
• Petrovietnam group statements on further offshore wind supply-chain investment or yard expansion.