PVS Wins O Mon III EPC Role as Doosan Signs USD 618M Contract

Overview

Doosan Enerbility of South Korea signed a construction contract worth about USD 618 million (KRW 840 billion) with Petrovietnam for the O Mon III combined-cycle gas-fired power plant in Can Tho, partnering with Petrovietnam Technical Services Corporation (PVS, HNX) in the EPC consortium. The award places the listed oil and gas services ticker inside one of Vietnam’s largest pending power projects and extends PVS’s exposure to the roughly USD 12 billion Lo B - O Mon gas-to-power chain.

Key Facts

• Contract value: approximately KRW 840 billion, or USD 618 million, equivalent to more than VND 16,000 billion.
• Scope: full design, equipment procurement and construction (EPC) of the plant, executed by a Doosan Enerbility - PTSC (PVS) consortium.
• Plant capacity: 1,155 MW combined-cycle gas turbine, located in Can Tho, Vietnam.
• Total project investment: more than VND 34,333 billion.
• Signing date: 30 September, at a ceremony in Ha Noi; Doosan announced the award on 1 October.
• Target commercial operation: May 2030, per local authorities; first gas for the Lo B - O Mon chain is expected in August 2027.
• Doosan will also supply the steam turbine, its first such application in a Vietnamese combined-cycle gas plant; the company won the adjacent O Mon IV contract worth about KRW 900 billion in June 2025.

What Happened

Petrovietnam signed the construction contract for O Mon III with a Vietnam-Korea contractor consortium on 30 September in Ha Noi, according to Doosan Enerbility’s 1 October announcement. Under the agreement, Doosan Enerbility and Petrovietnam Technical Services Corporation (PTSC, listed as PVS on the HNX) will jointly carry out the design, procurement of equipment and construction of the facility. Doosan will separately supply the steam turbine, a core component of the combined-cycle configuration, marking the first deployment of its steam turbine technology in this plant type in Vietnam.

O Mon III is one of the component projects of the Lo B - O Mon gas-to-power chain, which carries total investment of about USD 12 billion and links offshore gas production, pipeline transport and power generation in the southwestern region. Petrovietnam said in August 2026 that upstream drilling was ahead of plan and that pipeline construction was broadly on schedule, with first gas targeted for August 2027. The adjacent O Mon IV project, awarded to Doosan in June 2025 at about KRW 900 billion, was reported at roughly 31.44% complete in early October 2026 and targets commercial operation in December 2028.

Market Context

PVS closed at VND 34,000 on 1 October 2026 on the HNX. The stock sits in the oil and gas services segment, which trades on the pace of upstream and midstream capital spending by Petrovietnam and its partners. The O Mon III award adds a concrete, multi-year EPC backlog item to PVS’s order book at a time when the broader Vietnamese market is watching the execution of the Lo B - O Mon chain as a bellwether for large-scale energy infrastructure delivery. The contract also reinforces the pattern of Korean contractors pairing with listed Vietnamese partners on major power projects.

Strategic Significance

For long-term holders of PVS, the O Mon III EPC role is a test of whether the company can convert its mechanical and engineering services franchise into recurring revenue from Vietnam’s next wave of gas-fired capacity. The Lo B - O Mon chain is central to the government’s plan to replace retiring coal capacity and to monetise offshore gas reserves, and PVS’s position across both O Mon III and the wider chain gives it visibility into fabrication, hook-up and construction work that extends well beyond this single contract. The partnership with Doosan also positions PVS alongside a contractor that has now won five gas plant contracts in 2026 and has signalled it will pursue further Petrovietnam gas projects in Vietnam, creating a potential pipeline of repeat consortium work.

What to Watch

• Progress reports on O Mon III construction milestones and any disclosed EPC revenue recognition schedule.
• First gas from the Lo B - O Mon chain, targeted for August 2027, and any revision to that date.
• O Mon IV completion updates, given the December 2028 commercial operation target and its read-across for O Mon III execution.
• Further Petrovietnam gas-power awards in which Doosan and PVS may bid as a consortium.
• PVS quarterly disclosures on backlog and oil and gas services segment margins.