PetroVietnam Drilling & Well plans Singapore listing

PetroVietnam Drilling & Well Services Joint-Stock Co., the country’s biggest listed oilfield-services provider, plans to seek a listing in Singapore when the time is right.

“The Singapore stock market is a good channel for us to approach outside investors,” said Ho Ngoc Yen Phuong, the deputy chief executive officer of PetroVietnam Drilling, which is partly owned by Deutsche Bank AG and Citigroup Inc. “We will list when it is appropriate and Singapore’s market improves.”

Singapore’s benchmark Straits Times Index has fallen 24 percent over the past year. PetroVietnam Drilling is seeking shareholders’ approval for the planned listing, Phuong said by telephone Friday from Ho Chi Minh City.

The company’s stock has declined 11 percent this year on the Ho Chi Minh Stock Exchange, compared with a 51 percent gain in the benchmark VN-Index. The shares fell for a second day, dropping 3.8 percent to a nearly three-week low of VND76,000 Friday.

thanhnien, Bloomberg

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