Company Profile

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Company News

How has PTSC M&C been navigating through market challenges?

(11/1/2017)

With the history of booms and busts, the oil industry has again been in its deepest turmoil since 2014. Huge numbers of rigs were de-commissed. Investment in oil exploration and production was dramatically cut. Hundred thousands of oil workers lost their jobs. The used-to-be-promising industry has now been colored by a greying sky.

Hopes are there yet loss and financial hurt are inevitable for both oil operators and technical service providers. Exception is also not for PTSC M&C. The company was hit in 2015-2016 and foreseeably in 2017 with the dramatic decrease of turnover. Despite that fact and figure, PTSC M&C’s people still pin their hopes on near future prospects. 

At the Company’s 15th Anniversary Ceremony, Mr. Dong Xuan Thang- PTSC M&C’s Managing Director highlighted that PTSC M&C’s prioritized mission was to continue navigating the company through market challenges plus boosting employee morale in the midst of the plunge in oil prices. Two clearly-defined courses of actions under this circumstance include sustaining business health and securing favorable working environment for its people. 

 

Business Ventures 

In this difficult time, PTSC M&C spends efforts on maintaining the stability of its yard operations and resources in a variety of solutions. In addition to concentration on domestic projects, PTSC M&C also constantly expands its activities in oversea markets to seek for more job opportunities. This due diligence approach gives PTSC M&C clear opportunities and creates a solid faith for the foreseen difficult 2017.

With 15 years experienced in the oil and gas industry, PTSC M&C is confident in its readiness to “sail-away“ to further markets and regions.

Staying Focus

Domestically, more efforts have been made in onshore fields. The company is specifically taking part in the construction work of the Long Phu 1 Thermal Power Plant, located in Soc Trang, Southern Vietnam. In the meantime, PTSC M&C has dedicated its research and development team to conducting more studies on technical approaches that can be economically applied for marginal fields within Vietnam water. Minimal platform with self-installing ability is one of the concepts initially proving to be efficient in terms of cost and schedule. The company has teamed up with technical experts who have good track records in the field to continue with more comprehensive studies on the feasibility of the mentioned approach. With this methodology applied for marginal fields, PTSC M&C is confident in its endeavor to offer its clients an optimum solution that contains critical success factors, i.e. within a competitively tight schedule, regional price whist upholding stringent quality and safety standards.

Apart from striving for more business opportunities, the company carries on with various activities to boost the working morale of its employees. More training courses in terms of technical and soft skills are launched and well-attended by PTSC M&C-ers. More inspirational campaigns are focused to encourage the company’s employees to think and act with continuous improvement mindsets. Those who have interesting ideas which efficiently help increase productivity and effectiveness of their individual and team work will be recognized and rewarded. These activities, though humble are part of the company’s efforts to keep living up its staff’s passion for their work.

With an optimistic look towards the future, PTSC M&C wishes for the return in oil price to its glorious period. It will be then good time to witness a busy fabrication yard filled with lots of work on its mother land, cited by the company’s engineer.