Vung Tau, June 16, 2025 - Petroleum Equipment Assembly and Metal Structure Joint Stock Company (PVC-MS, stock code: PXS) successfully held the 2025 Annual General Meeting of Shareholders (AGM). The meeting, held at the company headquarters in Vung Tau city, saw the attendance of shareholders representing 38,211,776 shares, constituting 63.69% of total voting shares, thereby meeting the required quorum.
Overview of the 2025 Annual General Meeting.
The event was honored by the presence of the controlling shareholder, PetroVietnam Construction Joint Stock Corporation (PETROCONs), including Mr. Nghiem Quang Huy, Secretary of the Party Committee and Chairman of the Board of Directors, and various department leaders. Also in attendance was the representative of strategic partner Mepcom Offshore & Marine Pte. Ltd (MEPCOM), Mr. Phillip Lim Hau Guan, Director.
PVC-MS management present included members of the Board of Management (BOM), the Board of Directors (BOD), Board of Supervisors (BOS), and representatives from all departments and subsidiaries.
The Presidium directing the General Meeting.
The AGM approved numerous critical items, including: Reports on the 2024 performance and 2025 plan of the BOM; Reports on 2024 Production and Business results and the 2025 plan and tasks of the BOD; The proposal for consolidating high-level personnel for the BOM and the BOS for the 2025-2030 term; and other key regulatory contents.
2024: Overcoming Challenges, Achieving Key Economic Targets
Reporting to the General Meeting, the PVC-MS Executive Board stated that, thanks to the close guidance of the BOM and support from the Parent Company – PETROCONs, despite facing objective and subjective difficulties, the company successfully completed its planned economic targets for 2024.
The main targets achieved in 2024:
• Total Output: 543.04 billion VND (100.19% of plan).
• Total Revenue: 579.63 billion VND (105.97% of plan).
• Profit Before Tax: 10.67 billion VND (105.02% of plan).
• State Budget Contribution: 24.60 billion VND (215.79% of plan).
• Average Income: 14.69 million VND/person/month.
The success of 2024 was marked by the completion and handover of major projects such as the Topside Dai Hung Phase 3 (for Main Contractor VSP) and 13 Orsted wind power jackets (for Main Contractor PTSC). These projects were highly praised for safety, quality, and schedule, clearly demonstrating PVC-MS’s capabilities and building a solid foundation to confidently pursue larger goals in the coming years.
PVC-MS Chairman Mr. Vu Minh Cong reporting on the BOM's operations.
2025 Plan: Breakthrough Growth, Accelerating International Strategy
Based on the results achieved, the AGM unanimously approved the 2025 production and business plan with ambitious growth targets:
• Total Output: 784.0 billion VND.
• Total Revenue: 725.0 billion VND.
• Profit Before Tax: 12.2 billion VND.
To realize these targets, PVC-MS will maximize resources for key projects such as the Block B Topside, Lac Da Vang Jacket, and P15, ensuring absolute safety, schedule compliance, and quality.
Director Phan Khac Man reporting on 2024 production and business results and the 2025 plan.
Notably, Director Phan Khac Man announced significant news: PVC-MS has won the contract for fabricating the jacket and topside for Main Contractor Mazagon Dock Shipbuilders (MDL) under the project of India’s largest oil and gas group, Oil and Natural Gas Corporation (ONGC), valued at over $115 million USD. Simultaneously, the bidding process for the Dai Hung Nam project package is very promising, forecasting 2025 revenue to exceed the set plan. These large-scale projects align perfectly with PVC-MS's core competencies and mark a crucial turning point for the company on its path to the global market.
Consolidating High-Level Personnel for the 2025-2030 Term
The General Meeting proceeded with elections and approved the consolidation of BOM and BOS personnel for the new term. This was met with high confidence from the shareholders.
The voting and election process was organized seriously and according to regulations.
The restructuring of the leadership is expected to create new momentum, enabling PVC-MS to successfully execute its development strategy for the 2025-2030 period.
Frank Dialogue and Commitment to Partnership
During the discussion session, the Presidium thoroughly addressed shareholders' questions regarding financial status, development strategy, and project progress.
Speaking at the General Meeting, Mr. Phan Khac Man, Company Director, sincerely thanked the shareholders, PETROCONs, and strategic partner MEPCOM for their trust and partnership. He emphasized: "Winning the MDL/ONGC project is not only a major business success but also affirms PVC-MS’s superior capacity, strategic vision, and correct development direction. This event opens a new chapter, step-by-step establishing PVC-MS as a reputable international brand in the design, fabrication, and installation of metal structures and specialized equipment for oil, gas, and energy projects."
Director Phan Khac Man answering shareholder questions.
Offering direction, Mr. Nghiêm Quang Huy, Chairman of the Board of Management of PETROCONs, acknowledged PVC-MS's efforts and results. He affirmed PETROCONs's commitment to continuing maximum support to help PVC-MS complete the 2025 plan and achieve higher goals, living up to its position as the Corporation's core unit. He directed PVC-MS to focus on successfully executing the MDL/ONGC project, ensuring safety, quality, and schedule, while continuing to address internal weaknesses for stronger development.
PETROCONs Chairman Mr. Nghiem Quang Huy giving guidance at the General Meeting.
Sharing his views, Mr. Phillip Lim Hau Guan, Director of strategic partner MEPCOM, aligned with the management's vision for PVC-MS's future. He committed to continued partnership and maximum support based on MEPCOM's expertise in international marketing/bidding, project management, construction engineering, and finance, to help PVC-MS confidently expand globally and achieve the goals assigned by the AGM.
Mr. Phillip Lim Hau Guan, Director of strategic partner MEPCOM, committing to continued partnership and support for PVC-MS.
Working with serious and responsible spirit, the PVC-MS Annual General Meeting 2025 concluded successfully. All contents presented were approved with a high consensus rate, demonstrating the shareholders' confidence and laying a solid foundation for the Company's operations in the next phase.
PVC-MS.