PVS Unit Ships Four 3,000-Ton Offshore Substations to Poland's Baltica 2

Overview

PTSC Mechanical & Construction (PTSC M&C), a subsidiary of Petrovietnam Technical Services Corporation (PVS, HNX), announced on 12 September 2026 that it completed fabrication of four offshore substations (OSS) for the Baltica 2 offshore wind project in Poland and loaded all four onto barges at Vung Tau port. The shipment marks the first time Vietnam has exported heavy offshore equipment to Europe, and shifts PVS’s fabrication franchise beyond oil and gas structures into European renewable energy infrastructure.

Key Facts

• Four OSS units plus four module support frames, totalling 16,000 tons, departed Vung Tau port on 12 September 2026.
• Each completed OSS stands about 45 metres tall and weighs approximately 3,000 tons.
• Fabrication ran from November 2024 to September 2026, roughly 22 months, using thousands of Vietnamese engineers.
• The load-out campaign onto barges lasted 43 consecutive days and nights.
• Baltica 2 is a roughly 1.5 GW project developed by Ørsted (Denmark) and PGE (Poland), located about 40 km off the Polish coast across a 190 km2 area.
• Each substation houses two 225 MVA transformers, with medium- and high-voltage systems, SCADA, control and telecom equipment designed and supplied by Semco Maritime with ISC Consulting Engineers and Hyundai Electric.
• The voyage to the Baltic Sea exceeds 15,000 km; Baltica 2 is scheduled to operate from 2027, powering 2.4 million households and cutting 5 million tons of CO2 annually.

What Happened

PTSC M&C said it completed the four OSS units and moved them onto barges at Vung Tau, closing a fabrication programme that began in November 2024. The company built the primary steel structures, including the station bodies and module support frames, and handled installation and commissioning at its Vung Tau industrial yard. Heavy lifting of the oversized modules used a specialised crane system supplied by Polish firm PROTEA, with dozens of heavy lifts completed safely during load-out.

Power from 107 Siemens Gamesa SG 14-222 DD turbines will be collected through a 66 kV inter-array cable system and routed to the four OSS units, which step up voltage for export to shore via 275 kV XLPE-insulated cables. The announcement was made by PTSC M&C, a subsidiary of PTSC under Petrovietnam; the source article does not disclose the contract value or revenue recognition schedule for the fabrication package.

Market Context

PVS closed at 38,400 VND on 13 September 2026 on HNX, where it trades as one of the exchange’s largest listed companies by market capitalisation. The stock sits in the oil and gas services sector, a segment that has traded on Petrovietnam upstream spending and rig demand rather than renewables. The Baltica 2 delivery gives PVS a reference project in European offshore wind at a time when domestic hydrocarbon fabrication work is lumpy, and it positions the company alongside regional yards competing for North Sea and Baltic supply-chain contracts.

Strategic Significance

The strategic case rests on qualification, not volume. Completing four 3,000-ton substations to Ørsted and PGE standards moves PTSC M&C from a domestic oil and gas fabricator into the small group of Asian yards certified for European offshore wind substructures, where buyers typically require a delivered reference before awarding repeat work. That matters for PVS because offshore wind fabrication carries longer backlogs and firmer margins than spot oil and gas fabrication, and because Europe’s pipeline of Baltic and North Sea projects needs additional yard capacity. The main constraint is execution: the 22-month build and 43-day load-out show capability, but the company has not disclosed whether the contract was profitable or whether follow-on orders exist.

What to Watch

• Any PTSC M&C disclosure of the Baltica 2 contract value, margin, or revenue recognition timing.
• Confirmation of follow-on offshore wind awards from Ørsted, PGE, or other European developers.
• PVS quarterly results for fabrication and construction segment backlog and gross margin trends.
• Installation progress of the four OSS units in the Baltic Sea, expected ahead of Baltica 2 operation in 2027.
• Petrovietnam capital allocation signals on whether PTSC M&C yard capacity is expanded for renewables.