Petrovietnam Drilling and Well Services : PV Drilling held an extended Party Committee meeting for midterm of 2020-2025 and business performance review for 2023’s first half

PV Drilling held an extended Party Committee meeting for midterm of 2020-2025 and business performance review for 2023's first half

27.06.2023

On 26 June, 2023, Petrovietnam Drilling and Well Service Corporation (PV Drilling) successfully held an extended Party Committee meeting for midterm of 2020 - 2025 and Business performance review for 2023's first half.

Attending the meeting, on behalf of Vietnam Oil and Gas Group (Petrovietnam), there were Mr. Tran Quang Dung - Member of the Standing Committee of the Party Committee, Head of the Propaganda Division of the Party Committee, Manager of Public Relations and Enterprise Culture Division; and leaders of Divisions/Offices of the Party Committee. For PV Drilling, there were the attendances of Mr. Nguyen Xuan Cuong - Member of Petrovietnam's Executive Committee of the Party Committee, Party Secretary, President & CEO of PV Drilling; Mr. Mai The Toan - Deputy Party Secretary, Chairman of the Board of Directors (BOD); Mr. Do Duc Chien - Standing Deputy Party Secretary, Vice Chairman of the BOD and almost 90 delegates including members of the Executive Committee of the Party Committee, BOD members, BOM members, Leaders of the Labor Unions, Secretary of the Youth Union, Leader of Veterans Association, Head of the Supervisory Board, Chief Accountant, Board of Management of the Subsidiaries and representatives of 9 Party Cells/ Committees.

PV Drilling's Party Secretary, President & CEO Nguyen Xuan Cuong made an opening speech the meeting.

Mr. Nguyen Xuan Cuong announced the opening of the meeting with key tasks including reviewing, summarizing, evaluating the implementation of the Resolution of PV Drilling's 4^th Party Congress for term of 2020 - 2025; weakness, experiences; targets and specific solutions for the second half of the term; Business performance review for 2023's first half and second half's key tasks.

PV Drilling's Standing Deputy Party Secretary, Vice Chairman of the BOD, Do Duc Chien reported at the meeting.

Reported at the meeting, PV Drilling's Standing Deputy Party Secretary Do Duc Chien has reviewed the implementation of the Resolution of PV Drilling's 4^th Party Congress for the past 3 years; and highlighted the unity and consensus of the whole Party in order to overcome dual crisis, maintaining the stability and continuity of our business operation, retaining manpower, continuing to upgrade Vietnamese labor force, expanding services to overseas markets, gradually affirming our capacity in service provision and enhancing our prestige in international markets.

For the second half, challenges might arise but good opportunities still existed for both domestic and international markets. Oil and gas market might continue to fluctuate and day rate might remain low; therefore, PV Drilling needed to find adequate jobs for the rig fleet as well as enhance the provision of well technical services; in the meantime, continued to implement effective solutions related to corporate governance, business operation, party development etc., to maintain service quality and seize business opportunities so that the Corporation's revenue and profit could be boosted.

On six-month summary report, Mr. Nguyen Xuan Cuong has affirmed that the most importantly political duty at PV Drilling was business performance. Within the first half of 2023, PV Drilling basically completed 100% of the business plan which registered with 2023 Annual General Meeting of the Shareholders. With crude oil price flashing signs of strengths, a significant increase in rig demand while rig supply still being limited together with remarkably improving day rate, 2023 is forecasted to be an excellent year of completing all political duties for PV Drilling.

After listening to all the reports and presentations at the meeting, Mr. Tran Quang Dung spoke highly of the spirit of difficulty overcoming and flexibility in management of PV Drilling's Party Committee and management. He emphasized that all difficulties that PV Drilling had to face were those of the whole oil and gas industry under negative impacts of crude oil price crisis and Covid-19 pandemic leading to the disruption of supply chains, a sharp fall in crude oil demand, scarce workload, very low day rate, etc. Specializing in providing technical services in the oil and gas industry; the result, PV Drilling was seriously affected, was inevitable.

In order to cope with and overcome such a period, PV Drilling has been flexible in business operation, well implementing of volatility and risk management, increasing savings and cost optimization, especially enhancing the united and unanimous spirit to overcome all challenges, being among a few drilling contractors that can hold the brand name without going through the process of M&A, restructuring to survive. Petrovietnam highly appreciated PV Drilling's business performance in the first half of the term.

Mr. Tran Quang Dung - Member of Petrovietnam's Standing Committee of the Party Committee, Head of the Propaganda Department of the Party Committee, Manager of Public Relations and Enterprise Culture Division made a directing speech at the meeting.

For the 2^nd half of the term, based on the accumulated experiences in the previous period, Mr. Dung believed that PV Drilling would continue to unite and strive to complete all political duties and business operation tasks, ensuring shareholders' interests and fulfilling our common goals, heading for sustainable growth regardless of market fluctuations and uncertainties. Petrovietnam would always accompany PV Drilling. Therefore, the Corporation should well prepare necessary resources in order to be ready for the upcoming projects of Petrovietnam such as Block B - O Mon project with premium service quality and competitive prices, bringing more success to PV Drilling in particular and contribute to Petrovietnam's overall success in general.

PV Drilling's Deputy Party Secretary, Chairman of the BOD, Mai The Toan made a response speech at the meeting.

In the response speech, Mr. Mai The Toan sincerely thanked for the kind & close support from Petrovietnam over the past period. On behalf of PV Drilling's Party Committee, Mr. Toan promised that PV Drilling would make our best efforts to ensure the completion of all business targets in accordance with the Resolution of PV Drilling's Party Congress for term of 2020-2025, especially contributing to the accomplishment of Petrovietnam's Party's targets. PV Drilling also expected the continuous support and direct from Petrovietnam so that PV Drilling could promptly provide services for Petrovietnam's upcoming projects.

On this occasion, PV Drilling's Party Committee felicitated members with 30-year membership (May 19, 2023) and members with excellent performance for 5 consecutive years (2018-2022).

PV Drilling's PR Team.