Petrovietnam Drilling and Well Services : MANAGEMENT MEETING PERTAMINA EP – PV DRILLING - JIMMULYA

MANAGEMENT MEETING PERTAMINA EP - PV DRILLING - JIMMULYA

25/12/2023

On December 18, 2023, the management of Pertamina EP and PV Drilling held their first high-level meeting following the tender award for the Consortium PT Jimmulya - PV Drilling regarding the provision of the rig PV DRILLING III for the long-term drilling campaign of PHE ONWJ and PHE OSES. Such program shall comprise three (3) years firm and two (2) years optional extension in the Northwest Java and Southeast Sumatra regions, with the anticipated commencement scheduled for late 2024 or early 2025.

This event also marks the first time the top leadership of Pertamina EP, under Pertamina Subholding Upstream, has directly engaged and discussed with PV Drilling. During the meeting, Pertamina EP conveyed a warm greeting and congratulated PV Drilling for its outstanding operational achievements in Indonesia as well as other countries over the past year. Additionally, Pertamina EP commended the operational performance of the PV DRILLING II after one year working in Northwest Java for PHE ONWJ. Pertamina EP also highlighted that the company currently manages many strategically vital oil and gas exploration areas in Indonesia, operating a substantial number of drilling rigs, including both onshore and offshore rigs. Pertamina EP plays a crucial role in Indonesia's roadmap to increase national oil and gas production to 1 million barrels per day and 12 BSCFD by 2030. Consequently, in the upcoming years, Pertamina EP will continue the demand for additional high-quality and efficient jack-up rigs to meet these production targets.

Besides, for Pertamina EP, ensuring the safety of crew working offshore on Pertamina EP's locations and facilities, as well as preserving the marine environment in active drilling areas, is of utmost importance. This concern receives attention from all levels of management, including governmental authorities. Pertamina EP, therefore, hopes that PV Drilling's management remains attentive and implements relevant programs encouraging the crew to adhere to and prioritize safety practices at the highest level in all situations. This commitment would be regarded as most crucial factor and positive value in the cooperation of both Parties.

In response to Pertamina EP, PV Drilling's Management has also expressed profound thanks to the management and team of Pertamina EP for the significant attention, support, and facilitation of favorable conditions for the efficient operation of the PV DRILLING II during the past year. In addition, PV Drilling would like to convey appreciation for the trust granted by Pertamina EP in granting the tender award for the rig PV DRILLING III. Similar to Pertamina EP, PV Drilling consistently prioritizes health, safety, and environmental (HSE) factors as an absolute priority in all drilling programs. With over 20 years of experience, PV Drilling team is acutely aware of the importance of HSE compliances and safety practices. Therefore, PV Drilling has established comprehensive and visually compelling safety policies, implementing the highest safety standards both offshore and onshore. PV Drilling continues to demonstrate its strong commitment to maintaining the safety record and operational efficiency of both the PV DRILLING II and PV DRILLING III rigs at the highest level during the execution of drilling performance for Pertamina EP, creating added value and stand alongside Pertamina EP in achieving the production targets set for the upcoming period.

With steady progress and achievements in Indonesia from 2022 to the present, PV Drilling is gradually asserting its position as a reputable partner in the largest economy in Southeast Asia. In particular, the recent commitment to supply the rig PV DRILLING III for Pertamina EP is an important milestone and providing substantial motivation for PV Drilling's long-term investment and development strategy in Indonesia. Accordingly, PV Drilling will conduct necessary preparations and promptly deploy more diversified scope of services, such as rig operation and management, provision of drilling technical services (mudlogging, casing running, refurbishment and maintenance of drilling equipment, mechanical workshop, plug and abandonment, etc.) for Indonesian market. This strategy would improve the utilization of PV Drilling's existing infrastructure, capabilities, and experience across the whole corporation, including its subsidiaries, and shall generate positive growth value for PV Drilling in the future.