PVD – Q2 2025 Results: Strengthening profit base, poised for upside with PVD VIII ramp-up
• PVD delivered a solid 76% YoY NPAT-MI growth in Q2 2025, supported by improved well-related service margins, lower financial expenses, and a one-off insurance gain.• H1 2025 NPAT-MI rose 34% YoY despite softer revenue and weaker core earnings, driven by lower rig utilization.
• PVD VIII is on track for early start-up in late August 2025. Combined with plans to repatriate PVD I to Vietnam, these developments are expected to enhance profitability from 2026. Long-term contracts across key markets (Malaysia, Indonesia, Brunei) also secure high utilization and broaden international market coverage.
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