The PetroVietnam Equipment Assembly and Metal Structure Co (VSE: PXS) has decided to sell a 10 percent stake to the American engineering, procurement, construction and installation company McDermoti Asia Pacific Pte Ltd, said Nguyen Dinh The, PXS general director.

The company is in negotiation with the US partner on the final price and the partnership is excepted to be finalised before April 30, The said.

The share offering to McDermotti is part of the extra share issuance which aims to raise capital for business development, of which the metal company will offer shares to existing shareholders at the 1:1 ratio.

PXS estimated an earning of 207.9 billion VND (9.9 million USD) and a pre-tax profit of 39.1 billion VND (1.9 million USD)./.