PVS Unit Ships Vietnam's First Offshore Wind Substations to Europe for Baltica 2

Overview

Petrovietnam Technical Services Corporation (PVS, HNX) announced that its subsidiary PTSC Mechanical & Construction (PTSC M&C) has completed, launched and shipped four offshore substations (OSS) for the Baltica 2 offshore wind project in Poland. The shipment marks the first time offshore wind equipment manufactured in Vietnam has been exported to Europe, and places PVS inside the supply chain of a 1.5 GW renewable project developed by Ørsted and PGE.

Key Facts

• Baltica 2 has total capacity of approximately 1.5 GW, comprising 107 wind turbines and four offshore substations, each rated at 375 MW.
• The EPC contract for the four substations and four module support frames was awarded in June 2023 to the Semco Maritime - PTSC M&C consortium, with total volume of about 16,000 tonnes.
• PTSC M&C’s scope covers fabrication, outfitting and onshore commissioning in Vietnam; offshore installation and connection in Poland is scheduled to begin in November 2026.
• Two substations are currently en route to Europe; the remaining two have been loaded onto barges at PTSC port and are ready to depart.
• Baltica 2 is expected to supply power to roughly 2.4 million Polish households from Q4 2027.
• At peak, more than 2,000 engineers, workers and subcontractors were coordinated across the four parallel structures, alongside seven other large fabrication projects at PTSC M&C.
• About 120,000 m2 of surface area was coated under controlled humidity conditions to withstand Baltic Sea corrosion over decades.

What Happened

According to information from Petrovietnam, member units including PTSC M&C and partners Semco Maritime, Ørsted and PGE completed the launch and shipment of four offshore substations for the Baltica 2 project offshore Poland. Baltica 2 is developed by Denmark’s Ørsted and Poland’s PGE in the Baltic Sea. Each 375 MW substation receives power from the turbines and transmits it ashore.

Petrovietnam said PTSC M&C had to pass a capability assessment and meet the investor’s stringent technical, quality, safety and schedule requirements to participate. The simultaneous execution of four substations placed high demands on production organisation and technology integration, requiring reliability, redundancy and synchronised coordination across systems. The company noted the project was delivered while its fabrication yard was concurrently building seven other large-scale projects, and that the coating scope had to perform in tropical monsoon conditions in Vietnam while enduring the freezing, highly corrosive Baltic climate for decades.

Market Context

PVS closed at VND 38,400 on 12 September 2026 on the Hanoi Stock Exchange (HNX). The stock sits in the oil and gas services sector, where earnings have historically tracked upstream E&P capex and fabrication workloads. The Baltica 2 delivery is a non-oil revenue milestone for the group and comes as Vietnam’s broader market has been re-rating energy-transition and infrastructure names. The article does not disclose the contract value or revenue recognition schedule, so the direct earnings contribution cannot be quantified from this source.

Strategic Significance

The strategic thesis is that PTSC M&C has converted Vietnamese fabrication capacity into a reference project for European offshore wind developers, a market where local content and yard availability are tight. Successfully delivering four 375 MW substations on schedule, under strict coating and quality standards, gives PVS a credential that is difficult for regional peers to replicate quickly. If European utilities and developers treat Baltica 2 as a benchmark, PVS can bid for subsequent OSS and foundation packages, diversifying revenue away from oil and gas cycles and building a backlog tied to multi-decade renewable build-out.

What to Watch

• Departure and arrival of the remaining two substations from PTSC port, and confirmation of offshore installation start in November 2026.
• PVS quarterly disclosures for any revenue or backlog contribution from the Baltica 2 EPC contract.
• Award announcements for new offshore wind fabrication packages in Europe or Asia involving PTSC M&C.
• Progress on the seven other large fabrication projects running concurrently at PTSC M&C, which affect execution risk.
• Any Petrovietnam or PVS guidance on offshore wind as a share of future order intake.