Golden Star vessel a shining example of PTSC’s standards

PTSC has been honoured in the Vietnam Value Programme organised every two years, Photo: Dung Minh

PTSC, a member unit PetroVietnam, mainly provides technical services to the oil and gas industry at home and abroad. The company was established in 1993 by merging Petroleum Services Company and Geophysical and Petroleum Services Company.

With the mission of promoting the highest resource efficiency and capacity that satisfies customers, business owners, and employees alike, PTSC’s development process has always aimed at advanced goods and services with high added value thanks to the company’s combined brainpower.

Its portfolio includes engineering, procurement, construction, and installation (EPCI) works; marine gas and oil services; as well as EPC works for factories and industrial businesses.

After nearly 30 years of development, PTSC has made great progress and is rated as the leading oil and gas engineering service corporation in Vietnam and a major brand in regional and global industrial oil and gas markets.

In addition to its main products and services, PTSC is also active in EPCI works for marine projects; EPC industrial works; floating warehouses for processing and exporting crude oil; seismic, geological, and underground surveys; port services; and services tailored for security, hotels, offices, and many more.

In the context of the common difficulties for the Vietnamese oil and gas industry, PTSC’s performance, reputation, and brand name have been continuously strengthened with the company winning many major awards.

This year, PTSC was honoured for its floating storage and offloading vessel known as the Golden Star, which was officially welcomed in the company’s portfolio. The vessel was built by Malaysia-Vietnam Offshore Terminal Ltd. (MVOT) – a joint venture between PTSC and Malaysia International Shipping Corporation Bhd. (MISC), which was established in 2008.

The operation of the Golden Star vessel marks a new development step for MVOT as the new addition is the second for the company.

After over 18 months of converting the previous tanker Yasa Golden Horn at the Malaysia Marine and Heavy Engineering shipyard, the Golden Star tanker has accomplished all its pre-tests and test runs and passed the stringent requirements of relevant authorities and customer, Idemitsu Kosan Company, Ltd., finally setting sail on September 10.

This milestone shows not only MVOT’s commitment to its customer Idemitsu, but also its two shareholders under the strict directions of PetroVietnam, which laid the groundwork for the joint venture to find solutions to overcome the serious impacts of the COVID-19 pandemic.

MVOT’s determination to implement its commitments to its customers and PetroVietnam has been realised by maximising the efforts and efficiency of its human and material resources, as well as stringent cost reductions wherever possible.

In compliance with the government’s social distancing measures during the peak period of the pandemic in Vietnam, the project management and half of MVOT’s personnel had to work from home for more than eight months, before departing together on the Golden Star to finalise all installations and proceed with offshore testing.

As if those were not already enough challenges, the testing period was interrupted by seven storms in the East Sea. However, PTSC’s engineers have made every effort to complete the installation of the final components, including the Golden Star’s anchorage system, condensate pipelines, and oil pipelines.

After overcoming all the aforementioned hurdles, on November 16, the Golden Star officially welcomed the first condensate stream, marking a very important milestone in the chain of the project.

The fire burned brilliantly and proudly on the rig, along with the excited handshakes and happy smiles of the leaders and engineers of PTSC and all other people who have contributed what has been deemed a miracle.

After being honoured as a national brand in the Vietnam Value Programme, PTSC has reaffirmed its leading position in its field, while maintaining high growth rates, both in terms of profit and revenue, and defending its position on the domestic and international market despite many challenges, especially in the context of the unpredictable pandemic.