| Abstract | Petrovietnam Technical Services Corporation - Marine Services Subsidiary (PTSC Marine), established in 1993, provides marine transportation services for the upstream oil and gas industry through a fleet of offshore support vessels. Over 22 years of building and developing brand, PTSC Marine has created its prestige footprints in leading marine transportation services for oil and gas industry not only in Vietnam but also in Asean with the most diversified and technologically advanced Offshore Support Vessel fleet.
Recently, PTSC Marine has faced with negative impact coming from the world crude oil prices which were suddenly plummeted and downed over 70% from more than US$100 per barrel in January 2014 to less than US$30 per barrel in January 2016. Oil and gas firms have sharply cut their exploration and production spending, thus affecting on vessel chartering rates and raising number of vessels taken out of operation and laid up. Beside this enormous challenge, the company also faces difficulties from integration roadmap under Vietnam’s international commitments, i.e., World Trade Organization (WTO), Trans-Pacific Strategic Economic Partnership Agreement (TPP), Free Trade Agreements (FTAs). These have raised competition capabilities of foreign enterprises in the company playing field. Furthermore, a boom of private enterprises makes high pressure on PTSC Marine in bidding participation and threats to the Company’s business.
In this qualitative analysis case research, through in-depth research of PTSC Marine performance between 2009 and 2014, the author will identify key factors (choices) that significantly contributed to PTSC Marine’s growth and success, and also analyse the opportunities, challenges and future trends of Vietnam marine transport services market. By doing so, hopefully some useful suggestions can be derived for PTSC Marine to maintain the sustainable competitive development. |