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“We made full use of our two oil rigs, PV Drilling I and PV Drilling 11, and so increased their operational efficiency last year,” said Do Van Khanh, chief executive officer at the company, which provides services to the oil and gas industry in Vietnam.
Net income rose to about VND930 billion (US$53 million), from VND572 billion in 2007, Khanh said after the market closed. Revenue exceeded VND3 trillion, compared with VND2.7 trillion a year earlier.
The Ho Chi Minh City-based company forecasts earnings will drop this year as oil prices fall, Khanh said, declining to specify a value. Crude oil in New York has declined around 70 percent since touching a record $147.27 in July.
Shares in PetroVietnam Drilling, which have declined 39 percent in the last year, were unchanged Thursday, closing at VND70,500 on the Ho Chi Minh City Stock Exchange. The benchmark VN Index rose for the first time in four days, climbing 0.4 percent, to 301.12 points.
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