On the morning of April 23, 2025, at the REX Hotel in Ho Chi Minh City, Petrovietnam Drilling & Well Service Corporation (PV Drilling, ticket symbol: PVD) successfully held 2025 Annual General Meeting of Shareholders in a hybrid format combining in-person attendance with online participation and electronic voting.
Attending the meeting, representing the major shareholder were Mr. Tran Binh Minh – Member of the Members’ Council of Vietnam National Industry – Energy Group (Petrovietnam), along with Petrovietnam's specialized departments attending online; representing the auditing company of the 2024 financial report was Deloitte Vietnam; on the PV Drilling side were members of the Board of Directors, the Board of Management, the Head of the Board of Supervisors, the Chief Accountant, representatives of the leaders of specialized departments and subsidiaries, along with 254 shareholders and legally authorized representatives representing 329,774,860 shares, corresponding to 59,3248% of the total number of voting shares attending the Meeting.
Overview of 2025 Annual General Meeting of Shareholders.
The Presidium presiding over the Meeting consisted of Mr. Mai The Toan – Chairman of PV Drilling’s Board of Directors; Mr. Nguyen Xuan Cuong – Member of the Board of Directors, President and CEO of PV Drilling, and Mr. Nguyen The Son – Member of the Board of Directors of PV Drilling.
PV Drilling's President and CEO Nguyen Xuan Cuong reported on the 2024 business operations and the 2025 business plan.
At the Meeting, PV Drilling's President and CEO Nguyen Xuan Cuong presented a comprehensive report on the 2024 business operations, a pivotal year in the Corporation's new growth cycle. PV Drilling exceeded its financial targets ahead of schedule by 3 months. Specifically, consolidated revenue reached 9,566 billion VND, pre-tax profit reached 937 billion VND, and after-tax profit reached 698 billion VND, exceeding the plan by 54%, 113%, and 84% respectively. The company also submitted 892 billion VND to the state (132% above the set target). Compared to 2023, total revenue and total after-tax profit increased significantly, by 60% and 28% respectively. This result stems the strong growth of drilling services, with a 39% increase in revenue and a 99% increase in after-tax profit, as well as the effective and flexible transformation of drilling-related services, with a 110% increase in revenue and a 32% increase in after-tax profit. This is an impressive growth rate of the service segment despite of facing many challenges.
Implementing the "One PVD" strategy in the new growth cycle, PV Drilling's drilling-related services have achieved initial successes in the regional market by introducing Mud Logging services and equipment rental services in the Malaysian market, alongside the continued provision of manpower supply services in the Japanese market. Domestically, the Corporation is implementing two key projects: the Dai Hung Field Development – Phase 3 (Block 05-1a) drilling program and the Song Doc field decommissioning project – the first field decommissioning project in Vietnam in which PV Drilling plays a key role in the PVD-POS consortium.
In 2024, PV Drilling accelerated investment activities with projects such as purchasing the PV DRILLING VIII jack-up rig, a new Hydraulic Workover Unit (HWU) along with well technical equipment; expand the workshop at Dong Xuyen Industrial Park, and inaugurate PV Drilling's office building in Vung Tau. Governance, finance, investment, training, and HSEQ assurance work all achieved positive results. Notably, at the end of 2024, PV Drilling announced a resolution and implemented procedures to contribute capital to establish a joint venture in Indonesia – a strategic step in the journey of "Reaching out to the ocean - Sustain the future".
Mr. Mai The Toan, Chairman of PV Drilling’s BOD, reported at the Annual General Meeting of Shareholders.
Reporting on the governance activities, Chairman of the Board of Directors Mai The Toan affirmed that PV Drilling always prioritizes the application of corporate governance principles according to best practices, including the ASEAN Corporate Governance Scorecard. In 2024, PV Drilling was honored as Top 10 Best Corporate Governance – Large Cap Group, Top 20 Best Annual Reports (ranked first in Non-financial Industry Group) at the 17th VLCA. PV Drilling was also recognized in VNCG50 – the group of pioneering companies in enhancing corporate governance at the 7th Annual Forum organized by VIOD, affirming its efforts to comply with information disclosure regulations as well as strengthen corporate governance practices according to best practices towards sustainable development.
Mr. Nguyen The Son, Member, PV Drilling’s Board of Directors, reported at the AGM.
Mr. Do Danh Rang, Vice President, reported at the AGM.
Forecasting for 2025, the demand for drilling rigs is expected to increase due to a series of major projects such as Dai Hung Phase 3, Su Tu Trang Phase 2B, Kinh Ngu Trang – Kinh Ngu Trang Nam, Thien Nga – Hai Au, Lac Da Vang, Block B - O Mon, etc. This presents an opportunity for PV Drilling to confidently put the PV DRILLING VIII rig into operation to meet rig demand, enhance market share and domestic reputation, and create a basis for considering investment in the PV DRILLING IX rig. With an optimistic yet careful spirit, PV Drilling has set financial targets for 2025 with a consolidated revenue of 7,200 billion VND, a pre-tax profit of 790 billion VND, and an after-tax profit of 530 billion VND, while also aiming for growth in 2025 amidst a market that still presents many risks and challenges.
At the 2025 Annual General Meeting, Member of Petrovietnam’s Members’ Council Tran Binh Minh highly praised PV Drilling's efforts and outstanding achievements in 2024 – a year full of both opportunities and challenges. Amidst the volatility of the global oil and gas drilling industry, PV Drilling has remained steadfast in its strategy, operated flexibly, affirming its position as the leading drilling contractor in Vietnam and the region. In particular, Petrovietnam acknowledged the success of the "One PVD" strategy and PV Drilling's completion of business result ahead of schedule.
Member of Petrovietnam’s Members’ Council Tran Binh Minh directed at the AGM.
Regarding the 2025 plan, Petrovietnam proposes that PV Drilling focus on: maintaining its position in the domestic market, selectively expanding its international market share, optimizing investment according to actual needs and capabilities, strengthening ESG activities, and aiming towards sustainable development goals. Simultaneously, it should continue to research and expand services in the green energy and renewable energy sectors.
In its role as a major shareholder, Petrovietnam is committed to always accompany and support PV Drilling to build upon its 23 years of development achievements and attain even more new successes in 2025.
On behalf of PV Drilling, Chairman of the Board of Directors Mai The Toan sincerely thanked Petrovietnam for their concern and support; affirmed that PV Drilling will fully absorb the guidance and committed to striving to overcome challenges and effectively implement solutions to achieve the highest business and production results possible in 2025, successfully realizing the motto 'Reaching out to the ocean – Sustain the future,' meeting expectations of shareholders and investors.
Following the conclusion of the General Meeting of Shareholders, the reports of the Board of Directors and the Board of Management, report on the business and production results in 2024, the 2025 business plan, and the 2024 financial report, along with other submissions, were approved by the shareholders with a nearly unanimous vote.
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