Vietnam's Services Firms Look Overseas as Growth Slows at Home

PTSC M&C Builds Momentum

PTSC M&C made its breakthrough overseas early last year when it won a fabrication deal from India’s AFCONS Infrastructure Ltd. – which led a consortium that bagged a $290 million engineering, procurement, commissioning and installation (EPCI) from Oil and Natural Gas Corp. for the Heera Redevelopment Project offshore India’s west coast. The firm’s workscope covers the procurement of bulk items and fabrication of an 8,500-ton Heera topsides, with the project scheduled to be completed later this year.

Source: PTSC M&C

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In February, PTSC M&C was awarded a $130 million platform engineering, procurement, construction and commissioning contract by Total E&P Borneo B.V. for the Maharaja Lela South Project offshore Brunei. The contractor will carry out work on the 1,500 ton topsides and 1,150 pile at its Vung Tau yard in Vietnam, with delivery planned for mid-2015.

PTSC’s ventures beyond domestic shores to “targeted markets in Asia such as Myanmar, Malaysia, Thailand and Brunei … is to increase our market share and accordingly help sustain our business,” a PTSC M&C executive told Rigzone.

“Our recent participation in foreign projects will help enhance our capability and competitive edge … Accordingly, we will gain a stronger foothold in the regional market … Currently we are budding for some projects in Malaysia, Myanmar and India,” the company source added. 

PTSC appears equipped with sufficient yard capacity to cope with potential orders placed for foreign projects. The Vietnamese firm currently has a 56.8 acre (23 hectare) fabrication yard equipped two skid-ways able to accommodate 10,000, 20,000 and 25,000 ton structures. It also has two 550-metric ton cranes and a covered workshop enabling the firm to fabricate topsides in all weather conditions.

“In addition, we are able to utilize our sister companies’ fabrication yards subject to project requirements. This can bring our total yard area to more than 321.2 acres [130 hectares],” the PTSC executive added.