Petroleum Equipment Assembly and Metal Structure

What Petroleum Equipment Assembly and Metal Structure does

Petroleum Equipment Assembly and Metal Structure (PVC-MS) is a Vietnamese state-owned industrial contractor specializing in the design, fabrication, and installation of offshore oil and gas structures. Founded on October 20, 1983 and operating as a member company of Petrovietnam (PVN) through PETROCONS, PVC-MS is headquartered in Ho Chi Minh City with its primary 23-hectare fabrication yard in Vung Tau. The company claims 50% market share in Vietnam's oil and gas construction sector and has completed over 100 jacket foundations across 40+ years of operation. Its client base is concentrated on state-owned enterprises (PVN, PVEP, Vietsovpetro) and international oil and gas operators (NOC Qatar, SCG Thailand).

The company's core technology platform centers on heavy industrial construction and offshore fabrication, with a 246-meter jetty, 10,000-ton lifting capacity, and capabilities covering drilling jacket fabrication, topside construction, process piping installation, and super-heavy lift installation. Its product portfolio spans six areas: oil and gas structure construction, industrial equipment installation, steel pipe manufacturing, port and wharf operations, real estate and leasing, and material/equipment trading. Recent strategic moves include the 2022 Gallaf-3 jacket project in Qatar (4,350 tons), the 2023 entry into offshore wind via the 920 MW Greater Changhua project, and the 41 trillion VND Thai Binh 2 Thermal Power contract from Petrovietnam.

PVC-MS generates revenue through project-based B2B contracts secured via competitive bidding with major oil and gas operators and EPC contractors. The go-to-market relies on direct enterprise engagement and the Petrovietnam network rather than marketing channels. Reported revenue for 2025 was approximately 35.96 trillion VND (~$1.4B USD-equivalent), down from a 2021 peak of ~47.29 trillion VND but showing recovery from the 2023 trough. Revenue is inherently project-lumpy, with a single contract (Thai Binh 2 at 41 trillion VND) capable of representing multiples of annual revenue. The company is a delisted joint-stock company with no public ticker, and pricing is not publicly disclosed.

Name

Petroleum Equipment Assembly and Metal Structure

Legal name

Cong Ty Co Phan Ket Cau Kim Loai Va Lap May Dau Khi (PVC-MS)

Website

https://pvc-ms.vn

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Petroleum Equipment Assembly and Metal Structure (PVC-MS) is a Vietnamese state-owned industrial contractor under Petrovietnam that designs, fabricates, and installs offshore oil and gas structures including jackets, topsides, and process piping. It serves state-owned enterprises and international oil and gas operators, claiming 50% of Vietnam's oil and gas construction market.

Ownership category

akta.pro rank

Product category

Offshore Oil and Gas Construction Services

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Oil and Gas Pipeline and Related Structures Construction (237120), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

Offshore Wind & Renewable Support Vessel Construction (SOV, CTV, WTIV) (IMAJACAG), Fabrication & Prefab Modules for Repair (Spools, Steel/Aluminum Sections) (IMAJAFAL)

Keywords

• Offshore oil and gas construction
• Structural steel fabrication
• Heavy lift installation
• Power generation equipment
• Oil and gas EPC services

Headquarters

HQ city

Vung Tau

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Infrastructure, Operations, Technology or R&D

Revenue model

1. Construction and Fabrication Services: Core business revenue from construction of oil and gas structures including drilling jackets, topsides, process piping, and pipeline installation.
2. Equipment Leasing: Rental of factory buildings, warehouses, fabrication yards, and commercial office spaces.
3. Real Estate: Real estate business operations including property development and commercial office leasing.
4. Trading Operations: Trading of petroleum materials, equipment, and machinery.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Petroleum Equipment Assembly and Metal Structure (PVC-MS) provides survey, design, fabrication, and installation of offshore and onshore oil and gas structures, including drilling jackets, topside modules, process piping, and industrial equipment. The company also operates a port yard and jetty for shipbuilding and offshore rig construction, manufactures steel pipes and fittings, and runs real estate and equipment leasing businesses.

Product overview

PVC-MS operates as an oil and gas construction and fabrication company offering integrated services through its core product divisions. The company's primary offerings include: (1) Oil and Gas Structure Construction - the main business unit handling survey, design, fabrication, and installation of drilling platforms, jackets, tanks, and process piping; (2) Equipment Installation Services for industrial automation and power systems; (3) Steel Pipe Manufacturing for oil and gas applications; (4) Port and Wharf Operations supporting offshore construction and shipbuilding; (5) Real Estate and Leasing Services for factory and office space; and (6) Material and Equipment Trading. The company serves as the primary Vietnamese contractor for major international projects including Long Son Petrochemical Complex, offshore wind projects, and international oil and gas developments.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Structure Construction Survey, design, fabrication, and installation of super heavy structures including drilling platforms, jackets, process tanks, and technological piping systems for offshore and onshore oil and gas facilities.
• Equipment Installation Services Installation of industrial equipment, control systems, automation systems, electrical power transmission lines, and civil electrical systems for industrial applications.
• Steel Pipe Manufacturing Manufacturing and supply of steel pipes, pipe joints, flanges, and various fittings for oil and gas exploration and industrial applications.
• Port and Wharf Operations Port and wharf exploitation, shipbuilding, and offshore rig construction services including loading, unloading, transport, and equipment maintenance.
• Real Estate and Leasing Services Real estate business, factory/workshop/yard leasing, and commercial office space rental services supporting industrial tenants in the Vung Tau area.
• Material and Equipment Trading Trading of oil and gas materials and equipment, and rental of machinery and construction equipment.
• Jacket Foundation Fabrication Fabrication and launch of jacket foundations for offshore drilling platforms, exemplified by the Gallaf 3 jacket foundations for Qatar's Al-Shaheen oil field.
• Topside Module Construction Construction of topside modules for drilling platforms and production facilities, including wellhead platforms and processing units.

Quantifiable outcome

• 100+ drilling jackets and platform foundations completed
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and major.

• Petrovietnam (PVN)coreStrategic or Co-development Partner · 20 October 1983Parent group: PVC-MS is a member company of Petrovietnam (Petrovietnam - Vietnam National Oil and Gas Group), the state-owned enterprise controlling Vietnam's oil and gas sector. This affiliation provides preferential access to domestic oil and gas projects and strategic positioning within Vietnam's energy sector.
• PETROCONS (Petrovietnam Construction)coreStrategic or Co-development PartnerDirect parent company: PETROCONS (Petrovietnam Construction Joint Stock Corporation) is the direct parent organization overseeing PVC-MS operations.
• VietsovpetromajorStrategic or Co-development PartnerKey partner and client: Vietsovpetro is a major joint venture between Petrovietnam and Russia's Zarubezhneft, serving as operator for numerous Vietnam offshore oil fields. PVC-MS has worked as subcontractor on Vietsovpetro projects.
• PTSC M&CmajorStrategic or Co-development PartnerMain contractor partner for offshore projects: PTSC M&C (Petrovietnam Transportation and Services Marine Construction) partnered with PVC-MS on the Gallaf-3 project, where PVC-MS fabricated jackets as part of PTSC's main contractor role.
• North Oil Company (NOC) - QatarmajorChannel Partner/ Reseller/ DistributorClient for international project: NOC (North Oil Company) - a joint venture between Qatar Petroleum and Total - engaged PVC-MS as fabricator for the Al-Shaheen field jackets in Qatar's largest offshore oil development.
• SCG (Siam Cement Group)majorChannel Partner/ Reseller/ DistributorClient for petrochemical project: SCG of Thailand engaged PVC-MS as the only Vietnamese main contractor (Package A2) for the Long Son Petrochemical Complex, a major 464-hectare refinery project.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• McDermott International: Global offshore EPCI incumbent delivering jackets, topsides, pipelines and offshore wind foundations; competes with PVC-MS for large Middle East and Asia-Pacific fabrication scopes.
• TechnipFMC: Integrated offshore project contractor supplying subsea, surfacing and fabrication services for upstream and offshore energy; overlaps with PVC-MS in jackets, topsides and pipeline scopes.
• Vietsovpetro: Vietnam-Russia joint venture and major offshore operator that both contracts and competes with PVC-MS for fabrication and installation work on Vietnamese offshore platforms.
• Seatrium (formerly Keppel Offshore & Marine / Sembcorp Marine): Major Asian offshore and marine fabricator building fixed platforms, FPSOs and offshore wind substructures; competes with PVC-MS in regional and Middle East tenders.

Others

• Saipem: Italian offshore EPCI and drilling contractor active in jacket/topside fabrication, offshore wind, and subsea pipelines — directly comparable to PVC-MS's offshore construction services on an international basis.

Emerging players

• HSG (Hoang Son Investment JSC — Hoa Sen Group): Vietnamese industrial conglomerate with growing exposure to steel structure fabrication and construction; adjacent competitor in Vietnam's domestic heavy-fabrication market.
• Bluestone Offshore (offshore wind foundation fabrication): Offshore wind foundation and substructure fabricator; comparable to PVC-MS's recent Greater Changhua wind foundation work and indicative of where PVC-MS could expand.

Regional players

• Drydocks World: UAE-based offshore fabrication and shipyard competing for Middle East offshore oil & gas and wind fabrication scopes — directly comparable to PVC-MS in markets like Qatar.

Direct peers

• PTSC M&C (Petrovietnam Technical Services — Mechanical & Construction): Direct peer within the Petrovietnam ecosystem. PTSC M&C is the main contractor for offshore oil & gas projects in Vietnam and partnered with PVC-MS on the Gallaf-3 jackets, competing for the same Vietnamese offshore construction contracts.
• SMOE (Singapore Marine Offshore Engineering): Singapore-based offshore platform and module fabricator competing for similar jacket, topside and offshore wind substructure work in Southeast Asia and the Middle East.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/petroleum-equipment-assembly-and-metal-structure-joint-stock-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petroleum Equipment Assembly and Metal Structure