PV Drilling (PVD) Plans VND 9.3T Capital Raise via 66.9% Bonus Shares, No 2025 Dividend

Overview

PV Drilling (PVD) will propose no dividend for 2025 and a capital increase to VND 9.282 trillion via a 66.9% bonus share issue at its 2026 Annual General Meeting of Shareholders (AGM). The HOSE-listed oil and gas drilling services provider also forecasts a 23% decline in 2026 net profit, signaling a conservative operational plan after a record 2025.

Key Facts

• PV Drilling will hold its 2026 AGM on the morning of April 21 in Ho Chi Minh City.
• The company forecasts 2026 consolidated revenue of VND 11,185 billion, a slight decrease, and net profit of VND 800 billion, down 23% year-on-year.
• It plans to issue nearly 371.9 million new shares as a 66.9% bonus issue (1,000 existing shares receive 669 new shares).
• The capital increase would raise charter capital from VND 5,563 billion to approximately VND 9,282 billion (approx. USD 368 million).
• Total investment expenditure for 2026 is estimated at VND 4,229 billion, primarily for ongoing projects.
• For 2025, the company proposes retaining over VND 708 billion in profit instead of paying a dividend.
• The plan assumes five rigs operating continuously, with the PV Drilling IX jack-up rig expected to commence operations in Q2 2026 at an average day rate of USD 90,000.

What Happened

According to documents published for its upcoming AGM, PV Drilling has outlined a cautious business plan for 2026. The company forecasts a slight dip in consolidated revenue to VND 11,185 billion and a more pronounced 23% decline in net profit to VND 800 billion. This follows a record 2025 where the company reported consolidated revenue of VND 11,553 billion and net profit of VND 1,052 billion, exceeding its targets by 60% and 98%, respectively.

To balance capital and cash flow, the company’s board will propose no dividend payment for 2025, retaining over VND 708 billion in profit. A key agenda item is a plan to increase charter capital to nearly VND 9.282 trillion through a 66.9% bonus share issue. The new shares would be issued in 2026, pending State Securities Commission approval, and would not be subject to transfer restrictions. The 2026 dividend will be considered at the 2027 AGM, dependent on business results and investment needs.

Market Context

PVD shares closed at VND 33 on April 14, 2026, down 2.35% on volume of 2.34 million shares on the Ho Chi Minh Stock Exchange (HOSE). The announcement comes after the company reported its strongest annual results in a decade for 2025. The proposed capital action and conservative 2026 forecast may reflect market expectations for a normalization in the oilfield services cycle and the company’s need to fund its capital expenditure program.

Strategic Significance

The capital increase plan is directly tied to PV Drilling’s investment strategy. The estimated VND 4,229 billion in 2026 capex is earmarked for projects like adding a multi-purpose jack-up rig, purchasing a Hydraulic Workover Unit (HWU), and buying out capital contributions from Business Cooperation Contracts (BCCs). By forgoing a 2025 dividend and raising capital via bonus shares, the company aims to internally fund this expansion without taking on significant debt, preserving financial flexibility in a cyclical industry.

What to Watch

• Shareholder vote on the no-dividend proposal and 66.9% bonus share issue at the AGM on April 21, 2026.
• State Securities Commission approval for the capital increase plan.
• Operational commencement and day-rate performance of the PV Drilling IX jack-up rig in Q2 2026.
• Quarterly financial results in 2026 to track progress against the VND 800 billion net profit forecast.
• Announcement regarding any 2026 dividend policy at the 2027 AGM.