AFFIRMING THE POSITION
REACHING OUT STEADILY
statementsFinancial
INTEGRATED
ANNUALsustainably
REPORT
2021Growing
steadilyout
Reaching
1
www.pvdrilling.com.vn
AFFIRMING THE POSITION REACHING OUT STEADILY
VISION | MISION |
To be an internationally reputable | To provide premium drilling and |
and reliable drilling contractor and | drilling-related services in the |
drilling-related services provider | regional market and create value |
in the oil and gas industry. | added for clients by delivering |
services with high quality at | |
competitive prices. |
CORE VALUES
PEOPLE
- Maintain positive workplace relationships with each other.
- Nurture passion by sharing knowledge, experience, ideas and information with each other.
- Create a positive workplace environment where every employee can learn, contribute, and excel in his/her field of work together with the continuous development of PV Drilling.
- Ensure the safety of our people and our workplace.
INTEGRITY
- Always behave in accordance with the Law and our Code.
- Raise questions and concerns when we notice inappropriate acts.
- Preserve PV Drilling's as well as customers' assets.
- Being accountable for our own actions.
PROFESSIONALISM
- Have the required skills and capability to do our work effectively and efficiently.
- Respect all commitments we have made and strive to generate the best results by taking suitable approaches to minimize costs.
- Constantly develop and innovate to provide value added services to clients.
- Make decisions based wholly on the interest of PV Drilling and the long-term interest of our clients and shareholders.
TABLE OF CONTENT
01 02 03
AFFIRMING THE POSITION
REACHING OUT STEADILY
040506
REINFORCING INTERTNAL STRENGTH
2 Vision - Mission - Core Values
8 Letter from President & CEO
12 Company Profile
16 Organizational Chart
18 Corporate Governance Model at PV Drilling
22 History and Milestones (2001 - 2021)
MAINTAINING
ACHIEVEMENTS
26 10 Significant Milestones in
2021
30 Introduction of
the Board of Directors
38 Report of PV Drilling's Board of Directors
56 Corporate Governance Report
58 Introduction of
the Supervisory Board
64 Report of the Board of Supervisors
72 PV Drilling's
Board of Management
82 Introduction of Chief Accountant cum Manager of Finance Division
84 Report of the Board of |
AFFIRMING
THE POSITION
102 PV Drilling - The Spirit of Pioneering
106 Business Environment in 2021
108 PV Drilling's Position in Overseas Markets
110 Drilling Campaigns in 2021
112 The Aspiration of PV Drilling's Drillers
116 Human Resources Policies in 2021
122 Risk Management Enhancement
124 Internal Audit
126 Top Risk Portfolio at PV Drilling
REACHING OUT
STEADILY
160 Reaching Out Steadily
166 Oil and Gas Market and Plan for 2022
168 PV DRILLING V Rig: Back to Work
172 The Provision of Deep Water Drilling Campaigns in Brunei
- Market Expansion
- Service Orientation
178 Manpower Training and Development
180 Restructuring
182 Unity Power To Overcome All Challenges
DEVELOPING
SUSTAINABLY
186 Overview of the Sustainable Development Report in 2021
192 Sustainable Development Strategy Management
198 Structure of Sustainable Development
200 Sustainable Business Model
202 Stakeholders Engagement & Assessment of Key Business Sectors
210 PV Drilling's Commitments On Safety - Health - Environment - Quality (HSEQ) in Business Activities
220 Relationships with the State and legal compliance activities
Financial statements
228 Statement of the Board of Management
230 Independent Auditors' Report
232 Consolidated Balance Sheet
- Consolidated Income Statement
- Notes to the VND-Converted
- Consolidated Financial Statements
Management |
- Financial Highlights in 2021
- Stock Information - PVD
128 Subsidiaries in 2021
222 Investor Relations
98 Stock Information Charter Capital/ Shareholders
Vision - Mission - Core Values
Letter from President & CEO
Company Profile
Organizational Chart
Corporate Governance Model at PV Drilling History and Milestones (2001 - 2021)
8 Reinforcing internal strength Maintaining achievements Affirming the position
AFFIRMING THE POSITION
REACHING OUT STEADILY
LETTER FROM PRESIDENT & CEO
Mr Nguyen Xuan Cuong - President & CEO - one of the most enthusiastic drilling engineers, dedicating to the development of PV Drilling
DEAR ESTEEMED SHAREHOLDERS, INVESTORS, PARTNERS AND CLIENTS,
The completion of the investment and integration of the new drilling equipment system (DES) into the Tender assist drilling rig - PV DRILLING V and the completion of the re-activation of the PV DRILLING V rig were important steps for PV Drilling to implement the first long-term drilling campaign in Brunei. During the preparation, PV Drilling always take good care to ensure the safest working conditions for the rig crews under the complicated situation of the Covid-19 pandemic. I always appreciated and recognized the hardships and contributions of the rig crews and relater employees who have been continuously working on the PV DRILLING V rig from April 2021 to January 2022 due to the movement control policy of countries. Additionally, I would like to sincerely thank all of PV Drilling's staff for their contributions to overcome 2021 challenges, maintaining efficient and safe operation, completing 2021 business plan approved by the Annual General Meeting of Shareholders.
After 2 years of facing the Covid-19 pandemic, the global economy turned to gradually regain in 2021.
Although there were still some potential risks, the governments hoped to get more economic recovery and opportunities
in 2022 due to the wide coverage of Covid-19 vaccines and adaptation of "new normal conditions". According to Mr. David Malpass, World Bank President, the global economic picture in 2021 is brighter than 2020, reaching 5.6% and global trade
of 10.7%. In 2021, oil prices recorded the largest annual increase since 2009 because of the recovery of the global economy after a long period of Covid-19 pandemic and the restraint of output of the Organization of the Petroleum Exporting Countries. Specifically, the price of crude oil (Brent) has increased by 50% throughout 2021 and is forecasted to continuously increase through 2022. Although oil prices have recovered significantly recently, but the governments around the world continue to execute social distance policies to prevent the
spread of Covid-19. Therefore, the operators plan to move drilling programs to 2022. The drilling demand and the usage of drilling rigs cannot be improved in 2021. In Southeast Asia, the number of redundant rigs now
is still high, causing large competitive pressure among drilling contractors. According to IHS, at the end of July 2021, only 33/60 jack-up rigs were on job in Southeast Asia, the utilization efficiency was only about 55%. In the Vietnamese, there are not much drilling programs, duration of drilling is short and drilling activities are implemented in the second and third quarters of 2021.
In 2021, the impact of the Covid-19 pandemic affected to the Vietnamese economy and the business activities of PV Drilling. However, with the support of the Vietnam Oil and Gas Group (PVN), the Board of Management and all employees, overcame problems and achieved remarkable results from revenue, profit, safety record and customer belief. There are by some main points: to operate and manage the effective and safe drilling campaigns, to maintain the market share for drilling technical services, to operate safety and efficiency 03 rigs
in overseas. The high light of this year are the completion of the investment/ integration of the new Drilling Equipment Set (DES) with the PV DRILLING V Tender and the completion of the re-activate of the PV DRILLING V rig despite lock down policies in Singapore, lack of manpower and obstruction in logistic. Most outstandingly, PV Drilling always ensure that the crews must work in the safest conditions in
the context of the complicated Covid-19 pandemic. Essentially, PV Drilling donated for Vaccine Fund and medical accessories for hospital to assist the pandemic prevention campaign of Vietnamese government.
Moreover, the well technical services continuously developed in oversea market with some new services: manpower services in Japan, DTRS rental services in Japan and Malaysia; provision of mud tank
9 Reaching out steadily Growing sustainably Financial statements
INTEGRATED | www.pvdrilling.com.vn |
ANNUAL REPORT 2021 |
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Petrovietnam Drilling and Well Service JSC published this content on 19 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2022 08:49:07 UTC.