PV Drilling (PVD) Approves 66.9% Bonus Share Issue, Charter Capital to Rise to VND 9,282B

Overview

PV Drilling (PVD), the largest offshore drilling contractor in Southeast Asia with seven modern rigs, has approved a bonus share issuance of nearly 371.9 million shares at a 100:66.9 ratio. The plan, expected to be executed in Q2-Q3/2026, will increase charter capital from VND 5,563 billion to VND 9,282 billion, supporting the company’s ongoing fleet expansion and international growth strategy.

Key Facts

• PVD approved a bonus share issuance of 371.9 million shares at a ratio of 100:66.9 (66.9 new shares for every 100 held).
• The issuance is expected to be executed in Q2-Q3/2026.
• Charter capital will increase from VND 5,563 billion to VND 9,282 billion upon completion.
• PVD currently owns 7 modern offshore rigs, the largest fleet in Southeast Asia.
• The company added its 9th rig, PV DRILLING IX, which began commercial operations in April 2026.
• A 10th rig, PV DRILLING X, has been purchased and is scheduled to arrive in Vietnam in October 2026, with commercial service expected from Q2/2027.
• PVD is a subsidiary of Petrovietnam (Vietnam National Oil and Gas Group).

What Happened

PV Drilling’s board has approved a plan to issue bonus shares from retained earnings, as disclosed in a company filing. Shareholders will receive 66.9 new shares for every 100 shares held, with the transaction targeted for the second and third quarters of 2026. The move is part of the company’s strategy to strengthen its equity base amid an aggressive fleet expansion program.

Over the past three years, PVD has consistently invested in new rigs. The company recently commissioned its 9th rig, PV DRILLING IX, in April 2026, and has signed a contract to acquire a 10th rig, PV DRILLING X, which will undergo reactivation and upgrades before entering the market in Q2/2027. PVD aims to expand into deeper waters and international markets to serve global oil and gas exploration and production.

Market Context

PVD shares closed at VND 29,250 on June 2, 2026, down 2.50% on volume of 2.09 million shares. The stock trades on HOSE in the oil and gas services sector. The bonus issuance, while dilutive in the near term, signals management’s confidence in future earnings and aligns with the company’s capital-intensive growth trajectory. The global offshore drilling market has shown recovery, supporting PVD’s fleet utilization and day rates.

Strategic Significance

The bonus share issuance strengthens PVD’s equity base without requiring cash outflows, preserving liquidity for ongoing rig acquisitions and reactivation costs. As Southeast Asia’s largest rig owner, PVD is positioning to capture demand from both domestic (Petrovietnam) and international clients. The expansion to 10 rigs by 2027 underscores a long-term bet on offshore drilling demand, particularly in deeper waters and carbon capture wells. The move also enhances the stock’s liquidity and may attract foreign investors seeking exposure to Vietnam’s energy sector.

What to Watch

• Q2 2026 earnings release for PVD, expected in July/August, to assess profitability and cash flow.
• Completion of the bonus share issuance in Q2-Q3/2026 and any adjustments to the timeline.
• Arrival and reactivation progress of PV DRILLING X in October 2026.
• Utilization rates and day rates for PVD’s rig fleet in the second half of 2026.
• Any further capital-raising plans, including potential rights issues or bond offerings.