Petrovietnam Drilling & Well Services JscHOSE: PVD

Consolidated Financial Statements Q2/2025 USD & VND

Jul 30, 2025 at 3:08 PM UTC · Issued by Petrovietnam Drilling & Well Services JSC

PETROVIETNAM DRILLING AND WELL SERVICES CORPORATION

(Incorporated in the Socialist Republic of Vietnam)

VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

Quarter 2/2025

Petrovietnam Drilling And Well Services Corporation

General information about the Company

Business Registration Certificate

No. 4103004335 dated 15 February 2006 and its l7th admendment

dated 26 September 2022 issued by the Department of Planning and Investment ("DPI") of Ho Chi Minh City

Board of Directors

Board of Management

Registered office

Mr.Mai The Toan

Mr. Nguyen Xuan Cuong Mr. Nguyen The Son

Mr. Vu Thuy Tuong Mr. Nguyen Van Toan Mr. Van Due Tong

Mr. Hoang Xuan Quoc Mr. Tran Van Hoat Mr. Pham Xuan Son

Mr. Nguyen Xuan Cuong Mr. Ho Vu Hai

Mr. Do Danh Rang

Mr. Nguyen Cong Doan Mr. Dirih Quang Nhut Mr. Nguyen Dinh Duong

4th Floor, Sailing Tower, 1 llA Pasteur Street,

Saigon Ward, Ho Chi Minh City,

S.R Vietnam.

Chairman Member Member Member Member Member

Member Member Member

President & CEO Vice President Vice President Vice President Vice President Vice President

(resigned on 23rd April 2025) (resigned on 23rd April 2025) (submitted resignation on 25th June 2025; the dismissal and election of a replacement are in progress) (appointed on 23rd April 2025) (appointed on 23rd April 2025)

Vietnam National Industry - Energy Group Petrovietnam Drilling And Well Services Corporation

4th Floor, Sailing Tower, Ill A Pasteur Street, Saigon Ward, HCMC

Form B 01 - DN/HN

flssued under Circular 202/20l4fTT-B TC dated 22/12/2014 of tbe Ministry of nuance)

CONSOLIDATED BALANCE SHEET

As at 30/6/2025

Unit: VND

ITEMS

Codes

Notes

Closing balance

Opening balance

ASSETS

A - CURRENT ASSETS

100

8,606,551,200,280

7,782,381,355,167

I. Cash and cash equivalents

11fi

1,672,152,087,940

2,203,268,278,194

1. Cash

lll

V.01

l,3l4,678,343,460

1,895,198,629,149

2. Cash equivalents

112

357,473,744,480

308,069,649,045

II. Short-term financial investments

120

V.02

944,255,273,160

770,247,363,138

1. SLort-term held to maturity investments

123

944,255,273,160

770,247,363,138

III. Short-terza receivables

130

4,323,268,284,460

3,469,317,637,527

1. Short-term receivables from customers

131

V.03

3,228,272,817,900

2,723,586,217,779

2. Short-term advances to suppliers

132

280,503,694,520

125,602,867,674

3. Other short-term receivables

136

V 04

888,334,988,460

691,251,654,969

4. Provison for doubtful short-term receivables (*)

137

V 05

(73,843,216,420)

(71,123,102,895)

IV. Inventories

140

V.06

1,435,300,069,780

1,215,947,183,667

1. Inventories

141

1,571,853,988,460

1,351,772,262,165

2. Provision for devaluation of inventories (*)

149

(136,553,918,680)

(135,825,078,498)

V. Other short-term assets

150

231,575,484,940

123,600,892,641

1. Short-term prepayrnents

151

V.10

57,423,533,640

16,468,121,427

2. Deductible value added tax

152

172,535,655,840

102,728,668,551

3. Taxes and other receivables from the State budget

153

1,616,295,460

4,404,102,663

B - NON-CURRENT ASSETS

200

16,201,854,639,040

15,832,176,406,056

I- Long-term receivables

210

236,381,959,420

319,500,195,972

1. Other long-term receivables

216

V.04

236,381,959,420

319,300, t95,972

II. Fixed assets

220

12,827,908,280,420

12,860,927,344,986

1. Tangible fixed asses

221

V.08

12,668,876,781,060

12,699,952,977,516

- Cost

222

26,89l,704,255,440

26,578,38 l,033,464

- Accumulated depreciation (*)

223

(14,222,827,474,380)

(13,878,428,055,948)

2. Intangible fixed assets

227

V.09

159,031,499,360

160,974,367,470

- Cost

228

349,623,859,500

342,032,824,818

- Accumulated depreciation (*)

229

(190,592,360,140)

(181,058,457,348)

III. Long-term assets in progress

240

V.07

1,635,656,064,340

1,222,347,781,896

1. Construction in progress

242

1,635,656,064,340

1,222,347,781,896

IV. Long-term financial investments

250

V.02

743,329,973,420

681,384,574,209

1. Investments in joint ventures and associates

252

743,329,973,420

681,384,574,209

V. Other non-current assets

26fi

758,578,361,440

748,016,508,993

1. Long-term prepayments

261

V.10

487,647,746,100

487,028,233,233

2. Deferred tax assets

262

V.17

270,930,615,340

260,988,275,760

TOTAL ASSETS (270 = 100 + 200)

270

24,808,405,839,320

23,614,557,761,223

ITEMS	Codes	Notes	Closing balance	Opening balance
1	2	3	4	5
C - LIABILITIES	300		8,043,555,769,640	7,562,215,436,820
I. Current liabilities	3t0		4,'745,256,520,980	4,124,097,177,363
1. Short-term payables to suppliers	311	V.12	1,635,317,313,880	1,172,639,294,571
2. Short-term advance from customers	312		144,973,912,980	48,704,229,804
3. Taxes and amounts payable to the State budget	313	V.13	147,924,562,040	160,044,196,383
4. Payables to employees	314		102,886,703,960	194,298,162,672
5. Short-term accrued expenses	315	V.14	1,265,972,569,380	1,143,718,389,984
6. Other short-term payables	319	V.15	270,209,976,200	381,073,118,157
7. Short-term loans	320	V.11	645,698,972,860	507,298,751,244
8. Provision for current liabilities	321	V.16	387,902,116,740	352,669,606,560
9. Bonus and welfare funds	322		144,370,392,940	163,651,427,988
II. Non-current liabilities	330		3,298,299,248,660	3,438,118,259,457
1. Long-term accrued expenses	333	V.14	30,628,992,220	29,815,446,513
2. Other long-term payables	337	V.15	473,587,384,140	474,522,246,216
3. Long-term loans and finance leases	338	V.11	2,464,109,237,240	2,541,390,l52,379
4. Provision for non-current liabilities	342	V.16	244,925,661,580	312,624,272,919
5. Scientific and technological development fund	343		85,047,973,480	79,766,141,430
D - OWNER'S EQUITY (400 - 410 + 430)	400		16,764,850,069,680	16,052,342,324,403
I. Shareholders' equity	410	V.18	16,764,850,069,680	16,052,342,324,403
1. Contributions from owners	411		5,562,960,060,000	5,562,960,060,000
- Ordinary shares carrying voting right	411a		5,562,960,060,000	5,562,960,060,000
2. Share premium	412		2,434,086,374,663	2,434,086,374,663
3. Treasury shares (*)	415		(20,948,559,850)	(20,948,559,850)
4. Foreign exchange differences	417	V.19	3,164,009,720,921	2,792,241,545,827
5. Investment and development fund	418		4,120,297,242,094	4,012,253,033,539
6. Retained earnings	421		1,266,015,014,511	1,021,741,898,048
- Accumulated by the end of the previous period	421a		1,021,741,898,048	693,559,803,718
- Retained earnings of current period	421b		244,273,116,463	328,182,094,330
7. Non-controlling interests	429		238,430,217,341	250,007,972,176
TOTAL RESOURCES (440 = 300 + 400)	440		24,808,405,839,320	23,614,557,761,223

Preparer

Tran Kim Hoang

Chief Accountants

Nguyen Ngoc Truong

HCMC, 30 July 2025

nt & CEO

Vietnam National Judus6y - Energy Group Petrovietnam Drilling Rd Well Services Corporation

CONSOLIDATED INCOME STATEMENT

Quarter 2/2025

form B 02 - Diy/T4N

(Issued under Cizr#7'zr 202/20J 4/TT-BTC

Unit: VND

Quarter 2

Current year

l. Grnss revenue from goods sold and services rendered

Vt i

2,43l,085,586,682

2,253,920,465,082

3,95 I,122,885,811

4,038,736,552,590

2. Deductions

1,021,886,941

865,060,470

3. Rei revenue fiom goods sold and services rendered

2,430,063,699,741

2,253,920,465,082

3,950,100,998,870

4,037.87 t,492,120

4. Cost of goods sold and services rendered

VII

1,911,173,064,265

I,284,493, 166,266

3,157,727,l40,671

3,109,664,034,486

S. Gross profit

? 18,890,63o,4'76

469,42'7,298,816

792,3'73,858,t99

928,20'7,4^I3,634

6. Financial income

z i

vt.ñ

4 1,055,786,623

39,6l0,137,108

85,663.933,136

65,913,447,798

IL4

92,04 l,3 97,332

133,483,770,540

176,9:y4,047,290

258,314,83I,6I0

- la which: Interest expense

46,388,84l, t97

67,450,821,330

98,463,422,257

138,628, 100,802

15,297,823,250

(4,8J3,376,762)

46,546,499,964

(14,922,497,394)

9. Sefting expenses

VL7

6,00 l,924,635

3,082,844,238

l0,902,457,010

4,562,646,120

10. €iencraI and adminisoation expenses

vI.7

20),T9f,083,866

I50,23I,37S,906

313,396,015,169

268,138,610,346

11. Operating profi t

3++

236,005,839,5t6

217/86,068,4T8

423/3t,77t,830

448,t82/19,962

12. Other income

ILS

63,522,632,800

I l,S72,892,)30

2l0,845,657,3t6

l2,'704,98d,008

13. Other expenses

vt.s

J8,626,0I7,J70

23,085,3 t5,4S6

I I'4,98S,224,409

36,948,865,920

l4. (L ss)fProfit from other activities

44,g94,6f5,630

(I I,5 t2,423,326}

95,860,432,907

(24,243,8'79,9l2}

15. Accounting profitf(lost) before tas

s+i

320,900,455,t46

205,873,645,152

'2t9,192,204,73T

423,938,440,050

16. Current corporate income tax expense

vt.9

y6,275,26S,562

3S,376,543,242

127,y87,'748,863

I4 f,899,235,288

17. Deferred corporate tax expensed(income)

VI.10

(S,194,653,592}

'i46,224,958

(2,980,186,866)

t,300,723,098

18. Set grofit after corgorata iacome tas

249,819,843,176

129,950,836,952

394,384,642,340

280,'738,48J,664

ATbutable to:

t9. The Group's shareholders

6 t

239,502,440,225

135.810,804,252

394,093,4 08,413

296, IS3,65'7,422

20 Non-controllinq interest

10,317,402,951

,859›927,3 00)

287,23342

(15,4 T5 I75,T58

21. Basic earn mgs per share

22 Diluted earnings per share

7 t

A6Z

&42

200

634

488

Preparer

Chief Aeeouncant

Nguyen Ngoc Truong

Vietnam National -Industry - Energy Group Petrovietnam Drilling And Well Services Corporation

th Floor, Sailing Tower, I I lA Pasteur Street, Saigon Ward, HCMC

Form B 03 - DNfHN

(Issued under Circular 202/2074/TT-BTC

dated 22/12/2014 ofttie Ministry of Finance)

CONSOLIDATED CASH FLOW STATEMENT

(Indirect method)

Quarter 2/2025

Unit: VND

Accumulated

Items

Codes

Notes

Current year

Prior year

I. CASH FLOWS FROM OPERATING ACTIVITIES

L Profit before tax

5I9,192,204,737

423,938,440,050

2. Adjustments for:

354,576,926,298

645,020,791,219

- Depreciation and amortization

393,758,854,002

432,547,048,398

- Provisions

(51,935,542,403)

26,321,238,378

- Unrealized foreign exchange

(19,115,557,968)

62,636,642,814

- Gains from investing activities

(78,904,374,080)

(19,328,201,958)

- Interest expense

98,463,422,257

138,628,100,802

- Other adjustments

12,310,124,490

4,215,962,785

3. OperatingproJf before movements in working capital

873,769,131,035

1,068,959,231,269

- Changes in account receivables

(681,610,373,881)

(978,689,449,890)

- Changes in inventories

t180,l39,208,408)

(49,414,477,674)

- Changes in account payables (excluding interest payables, corporate income tax payables)

243,107,727,140

582,479,324,106

- Changes in prepaid expenses

(27,37l,842,277)

39,201,613,632

- Interest paid

(31,631,307,221)

(13,097,290,374)

- Corporate income tax paid

(94,812,987,952)

(100,603,796,460)

- Other cash outflows

(65,601,045,188)

(63,329,434,050)

NET CA5I-I GENERATED BY/(USED IN) OPERATING

ACTIMTIES

3S,710,093,248

485,505,720,559

II. CASB FLOWS FROM INVESTING ACTIVITIES

1. Acquisition of fixed assets and other non-current assets

2 l

(508,619,961,349)

(72,122,841,204)

2. Proceeds from disposal of fixed assets and other non-current assets

32,380,830,416

2,895,148,278

3. Cash outflow for buying debt instruments of other entities

(769,524,390,000)

(497,996,010,600)

4. Cash recovered from lending, selling debt instmments of other entities

613,075,539,060

400,590,077,868

5. Interest, dividends and profits received

24,944,035,003

15,426,973,620

NUT CASH fUSED IN)/GENERATED BYINVFSTING ACTIMTIES

(607,743,946,870)

(I51,206,652,038)

			Accumulated
Items	Codes	Notes	Current year	Prior year
IH. CASH FLOWS FROM FINANCING ACTIVITIES
1. Proceeds from borrowings	33		484,390,351,909	10,904,937,180
2. Repayments of borrowings	34		(496,611,877,917)	(202,099,520,160)
NOT CASH USED IN FINANCING ACTIMTIES	40		(12,221,526,008)	(191,194,582,980)
NET INCREASE IN CASH AND CASH EQUIVALENTS	5fi		(584,255,379,630)	143,104,48S,541
Cash and cash equivalents at the beginning of the year	60		2,203,268,278,194	2,256,047,157,280
Effects of changes in foreign exchange rates	61		2,889,815,565	3,965,782,872
Foreign exchange differences from translation	62		50,249,373,811	112,814,191, 114
Cash and cash equivalents at the end of the year	70		1,672,152,087,940	2,515,931,616,807

Nguyen Ngoc Truong

Preparer

Tran Kim Hoang

Vietnam National Industry - Energy Group Petrovietrram Drilling And Well Services Corporation

4th Floor, Sailing Tower, 11 lA Pasteur Street, Saigon Ward, HCMC

NOTES TO THE VND-CONVERTED CONSOLIDATED FINANCIAL

ror the period ended As at 30/6/2025

CHARACTERfSiics or oezmTlONS OF THE SUBSIDIARIES WITHIN THE COMPANY

Ownership structure
The Company
Petrovietnam Drillin g and Well Services Corporation (the "Company") is a joint stock company established in Vietnam in accordance with the Business Registration Certificate No. 4103004335 dated IJ February 2006 and the 17th amendment dated 26 September 2022 issued by the Department of Planning and 1nvestm°•' t"DPr') of Ho Chi Minh City, Business code No. 0302495126. The Company has established 6om the equitization of Petrovietnam Drilling and Well Services Company, a wholly-owned subsidiary ot Vietnam National Industry - Energy Group ("PetroVietnam").
- Summary of ownership structure:
* PetroVietnam:
Other shareholders:

50.4%
49.6%
Business operation
The Company is principally engap°ed in providing drilling services, well services, wire line logging, oil spill control service, drilling rig, materials, equipment, manpower supply for drilling rigs, investment and project management consulting service, management consulting service, and other related services in the oil and gas industry.
Principal activities:
The Company's principal activities include:

+ PVD Trading and Technical Services Joint Slock Comp•• t" VD Tech"): Provide materials and equipments for the oil and gas indusny and other industries, implementation installation services, inspectation, repnir, and maintenance of drilling rig, mending rig, exploiting rig and DES equipment rental services.
- PVD Well Services Company Limited ("PVD Wet1"): Tubular services, drilling equipment rental services, well drilling technical services, supplying specialized tool and equipments to serve the well drilling services.
- PVD Offshore Services Company limited ("PVD Ofsbore"): Repair, inspection and maintenance of equipment and facilities of oil and gas industry; drilling manpower supply service, oil and gas exploitation for domestic and foreign conbactor operations; consultant of enviroranental impact assessment, the rescue plan for oil spills and facilities and activities that have a risk of oil spills.
  + Petroleum Well Logging Company Limited ("PVD Logging"): Provide oil and gas wells geophysical survey service, oil and gas wells tesGag, reservoir test rig, cementing pumps and supply of manpower, tool and equipments for the other related services.
- PVD Deepwaier Drilling Company Limited ("DVD Deepwatef'): Supporting services in crude oil and natural gas exploitation; su{'ply of deepwater rigs in explorañon and exploitation of oil and gas; supply of materials and equipment, machinery for supporting of oi1 and gas researching, exploring and exploiting; industry and other related industries; research and natural and technical sciences experimental development of natural and technical sciences; technological consultancy in the field of oil and gas. PVD Deepwater manages and operates 01 semi-submersible drilling rig: PV DRILLING V.
- PV Drilling Overseas Company Private Limited ("PVD Overseas"): Investment, drilling rental, supplying drilling service and the services related to exploration and exploitation of oil and gas. PVD Overseas manages and operates 0 I offshore drilling rig: PV DRILLING VI.
  -r PVD Technical Training and Certification Joint Stock Company ("PVD Training")• Training, introduction and supply of manpower in the oil and gas industry in domestic and overseas markets; house, office and warehouse leasing.
Normal production and b usiness cycle
The Company's normal production and business cycle is carried out for a time period ot 12 months.
8
The o peratis g characteristics ot The Company in the financial year may affect the fnancial statements.
In the accounting period ending on 30 June 2025, the Company continued to be affected by the Russia-Ukraine conflict, the war in the Middle East and the *mpact of global trade tensions, especially the U.S tariff policy disrupting global supply chains, falling oil prices, fluctuations in the drilling rig market's supply and demand, rising input costs and increasing exchange rates and interest rates ... The Company proactiveiy implemented measures to maintain drilling rig performance, reduce costs, actively participate in building a value chain with other units within the Group, implement investment projects, and seek opportunities io expand into new sectors aligned with tJae energy transition trend.

The Comp any's structure

- list of subsidiaries

Address

The Group's interest

The Group's vefing right

PVD Offshore Services Company Limited ("PVD Offshore")

No. 61, 30/4 Street, Rach Dua Ward, Ho Chi Mick City,

Viz€am

100%

PVD Well Services Company Limited ("PVD Well")

4th Floor, An Phu Cantavil Premier, 1 Song Hanh

Street, Binh Trung Ward, Ho Chi Minh City, Vietnam

I 00%

100%

Petroleum Well Logging Company Limited

4th Floor, PVfCCo Building, 43 Mae Dinh Chi Street, Saigon Ward, Ho Chi Minh City, Vietnam

I00%

100%

PVD Trading and Technical Services Joint Slock Company ("PVD Tech")

10th Floor, Phuoc Thanh Building, 199 Dien Bien Phu Street, Gia Di0is Win:d, Plo Chi Minh City, Vietnam

9'/%

9'7%

PVD Deepwater Drilling Company Limited ("PVD Deepwater")

3rd Floor, Sailing Tower, l I l A Pasteur Street, Saigon Ward, Ho Chi Minh City, Vietnam

100%

PV Drilling Overseas Private Limited (PVD

Overseas)

No. 9 Temasek Boulevard, g31 00 Suntec Tower 2, Singapore

81.56%

PVD Technical Training and Certificntion Joint Srock Company ("PVD Training")

Dong Xuyen Industrial Zone, 30/4 Sheet, Rack Dna Ward, Ho Chi Minh City, Vietnam

.79%

d1.79%

List of joint ventures

Companjs«smz

Address

The Group's interest

The group's voting right

BJ Services-PV Drilling Joint Venture Company Limited ("BJ-PVD")

65A, 30/4 Street, Racli Dua Ward, Ho Cfn Minh City,

Vietnam

49%

50%

PV Drilling-Baker Hughes Well Technical

Services Joint Venture Company Limited ("PVD-Baker Hughes")

5th Floor, An Pliu Cantavil Premier, 1 Song Hanh Street, Binh Trung Ward, Ho Chi Minh City, Viemam

50%

PV Drilling Expo International Company Limited ("PVD-Expro")

65A, 30/4 Smeet, Rach Dua Ward, Ho Chi Minh City,

Vietnam

50%

PV Drilling Tubulars Management Company Limited ("PVD Tu bulars")

Phu My I Industrial Zone, P hu My Ward, Ho Chi Minh

City, Vietnam

S l%

J0%

Vietubes Company Limited ("Vietubes")

Dong Xuyen Industrial Zone, Racfi ma Ward, Ho Chr Minh City, Vietnam

5 l° »

50%

PVD Tech-Oil State Industries Joint Venture Company Limited ("PVD-'PSI")

Phu My I Industrial Zone, Phu My Ward, Ho Chi Minh City, Vietnam

5 I%

50%

*** PT PetroVietoam Drilling Indonesia ("PT PVD fndo") was estabhshed in Indonesia under joint venture contract with PT Quest Semesta Rnya and Yosep Arrianto dated 09 May 2025. PT PID Indo's registered of:Vice is located st RUKAN CROWN PALACE BLOK C-09, JL. PROF. DC. SOEPOMO NO. 231, Desfkelurahan Menteng Dakun, Kec. Tebei, Kota Adm, Jakarta, Indonesia. PT PVD lndo is principally engaged in providing drilling services, specialized tools and equipment for well drilling services in Indonesia. The total registered capital is 700.000 USD, in which PV Drilling bolds 40% equity interest. As at 30 June 2025, the Company is in the process of procedures for the capital contribution, which is expected to be finalized in the third quarter of 2025.

List oF dependent units without legal status For subsidiary accounting.

Address

The Drilling Division

3rd Floor, Sailing Tower, 1 11 A Pasteur Street, Saigon Ward, Ho Chi Minh City, Vietnam

PVDrilling - Branch office in Algeria

Cité Si El, Howas, No. 02, Villa No. 101, Hassi Messaoud, Ouargla, Algeria

PVDrilling - Branch omce in Malaysia

Unit No. 22.03, Level 22, Menara TA One, 22, Jalan P. Ramlee, 50250 Kuala Lumpur, Malaysia

PVDrilIing - Branch office in Brunei

Level 6, Building 1, Lpt 70321, Jalan Tungku link BE3619, Bandar Seri Begawan, Brunei Damssulam

PVDriIling - Branch omce in Thailand

Cen Suite: Athenee Tower, 23rd floor, 63 Wireless Road, Lu mpini, Pathumwafl, Bangkok 10330

Thailand.

PVDrilling - Branch office in Indonesia

Prof. Dr. Soepomo No. 231, Crown Palace Blok C-09, Tebet Jakarta Selatan l28'70, Indonesia, Desa7Keturahan Menteng Dalam, Kec. Tebet, Kota Adm. Jakarta Selatan, Provinsi DK1 Jakarta

Disclosure of information comparability in the financial statements

The Company's VND-Converted separated financial statement are comparable.

B. ACCOUNTING PERIOD, REPORTING CURRENCY

The Company's financial year begins on I January and ends on 31 December.
The US Dollar USD) is used as the accounting currency, and economic transactions in other currencies are converted to USD based on the exchange rate on the dare of the transaction

III. ADOPTED ACCOUSTING CONVENTIONS

The Company has adopted Circular No. 200/2014fFf-BTC issued by the Ministry of Finance on 22 December 2014 ("Circular 200") guiding the accounting regime for enterprises.
Statement ot compfiance with Accounting Standards and Accounting Regimes. The Board otDirectors has complied with the principles of accounfing standards as well as the regu Nations of the current Vietnamese accounting regime in preparing arid presenting financial statements

IV. SIGNIFICANT ACCOUNTING POLICIES

Principles of conversio n of financial statements prepared in foreip°n currency into Vietnamese Dong.
- Assem and liabilities are converted into VND at the actual exchange rate as at the balance sheet date (the remittance rate of the Joint Slock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh Branch, the baak that the Company bas transaction frequently in the time of reporting);
- Equity items (including owners' contributed capital, share premium and treasury shares) are converted into VND at the actual transaction rates at the capital contribution or buy-back treasury shares dates;
- Retained earnings, reserves appropriated front retained earnings arising after the investment date are converted into VND based on the income statement items.
- Hen of separate income statement and separate cash flow statement are converted into VND at the average exchaoge rates for the financial year because if this exchange rate is equivalent to the actual exchange rate at the date of transaction. Accordingly, income statement and casb flow statement are converted into VND at the average exchange rate during the period of Joint Slock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh Ciy Bmnch.
  Exchange differences arising on the translation of the separate financial statements prepared in foreign currency into VND are presented in the "Foreign exchange reserve" item in the separate balance sheet.
Tyges aF ezchs nge rates applied in accounting.
The Company applies the following exchange rates in accounting°: actual transfer rates and selling rates of banks with regular transactions, including the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VIETCOMBANK), Citibank Vietnam (CITIBANK), and some other banks when significant economic transactions occur at those banks.
Principles for determining the actual interest rate (effective interest rate) used to discount cash flows.
The interest rate used to discount cash flows is determined based on the average eapiml cost of tlae investment project, the long-term inflation rate, and tbe risk ratio for each specific project.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and short•term, high ly liquid investments that are readily convertible to known amounts of cash and which are su bject to an insignificant risk of changes in value.
WnanbaWxv*Vens
1. Trading securities: Not applicable.
2. Held-to-maturity investments: Time deposits with a rriaturity period of over 3 months are recognized as held-to-maturity investments.
3. Loans and receivables: Not applicable.
4. fnvesiment in subsidiaries. associates, and joint ventures: The investments are recognized as investment in subsidiaries when tfie parent company contributes capital by cash or assets and holds controlling interest in the subsidiary. The invesbnents are recognized as investment in associates when the parent company contributes capital by cash or assets and is able to influence the investment policy of the associate. The investments are recognized as investment in joint ventures when the parent company conuibutes capital by cash or assets and is able to affect the investment policy of the joint venture.
5. Investment in the equity of other entities: Not applicable.
fj 0 flier accounting treatments for financial investment bansactions: Not applicable.
Receivables
Receivables represent the amounts recoverable fiom customers or other debtors and are stated at book value tess provision for doubtful debts.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs comprise purchase price of inventory and where applicable, purchasing costs that have been incurred in bringing the inventories to their present location and condition. Cost is calculated us ing the weighted average method. Net realisable value represents the estimated selling price less costs to be incurred in marketing, selling and distribution.
The evaluation of necessary provision for inventory obsolescence follows current prevailing accoi'nting regulations which allow provisions to be made for obsolete, damaged, or sub-standard inventories and for those which have costs higher than net realisable values as at the balance sheet date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. The costs of purchased tangible fixed assets comprise their purchase prices and any directly attributable costs of bringing the assets to their working condition and location for theé intended use
Drilling rigs (machinery and equipment) are depreciated over drilling rigs' opetnting hours, equivalent to the useful lives of the rigs as follows:
Rig PV D RfLLDtG I 20
Rig PV DRILLING II 55

20
35

Other tangible fixed assets are depreciated us ing the straight-line method over their estimated useful lives as follows:
0 ther tangible fixed assets Buildings and structures
Machinery and equipments - Others Office equipment
Motor vehicles Other assets
Method
Straight-line

Straight-1ine Straight-line Straight-line
Years 6 - 50
5 - 10
3-8
7-12
5 -7
Deferred corporate income tax
The deferred corporate income tax is recognized when there is a temporary difference in tax calculation and is recorded as an expense (income) of the deferred corporate income tax
Prepayments
Prepayments are cosu incurred once but are utilized over multiple periods and gradually allocated to each period.
Payables.
Payables with a term of less than 1 year are recorded as short-term payables, and those with a term of over 1 year are recorded as long-term payables. Borrowings and finance lease liabilities with a term of less than 1 year are recorded as short-term borrowings, and those with a term of over 1 year are recorded as long-term borrowings.
Recognition and capitalization of borrowing costs:
Interest expenses related to the acquisition or construction of assets that require a relatively long period of time to complete and put into use are capitalized and added to tlae cost of the assets until they are ready for use or operation.
Accrued espouses
Accrued expenses reflect the value of the amounts accrued as production and operating costs but not yet actually paid at the balance sheet date. Accrued expenses include accruals for operation of drilling rigs, supply of goods and services and other expenses.
Provisions

Payable provisions are recognized when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation.

IS.Recognifion ct unearned revenue.

Unearned revenue is recognized as revenue that must satisfy the following principles: Revenue from the provision of goods, services, or related activities spanning multip le aecoimting periods in the future, which the Company has already performed and the customers have made payment or accepted payment. Depending on the timeframe of providing goods or services, whether it is over or under I year, the Corporation will recognize it as long-term or short-term unearned revenue.

16 . Recognifion of convertible bonds: Not applicable

Recognition of owner's equity:
Principle of recogqition of owner's investment, share premium, and other owner's equity: Owner's investment refers to the contributed capital received from sharehoiders; share premium represents the difference between the par value of shares and ttte selling price to shareliolden, net of issuance costs. Principle of recognition of exchange rate differences: Exchange rate differences are recognized when there is a disparity in exchange rates for transactions denominated in a cwency different from the accounting currency, and they are reevaluated at the end-of-period exchange rate. Principle of recognition of undistributed profits: Undistributed profits refer to tJae remaining post-tax profits a£ter the allocation of reserves as stipulated in 1de CompanJs bylaws.
Revenue recognifion
Revenue 6om sales of goods and services is recognized when the Company has completed the delivery of p°oods and services to customers. Revenue is recognized in the period in which it is earned.
Financial income is derived from interest on deposits, loans; gains fiom the sale of investments; dividends, profit distributions; exchange rate differences; and payment discounts.
Any income that does not meet the criteria for revenue fiom sales ot goods and provision of services or financial *ncome is recognized as other income.
Revenue deductions:

Revenue deductions are recogpized when transactions related to trade discount, sales discounts, and returned goods occur.

Diect or indirect costs incurred to produce goods or provide services, including material costs, labor costs, depreciation costs, outsourcing service costs, and other monetary costs, are recognized as the cost of goods sold.

Financial expenses:
Interest expenses fi-om operations, discount interest expenses, expenses from interest rate option contracts, exchange rate losses on receivables or payables, and losses from financial investments are recognized as financial expenses when they occur. Expenses incurred are allocated to the corresponding period.
Selling expenses and administrative expeases:
Costs related to the consumption of goods and the provision of services are recognized as selling expenses. Costs related to administrative management that do not constitute tlae cost of goods sold are also recognized as administrative expenses.
Current income tax expenses and deferred income tcx expenses:
Current income tax expenses refer to the income tax payable on taxable profits. Deferred income tax expenses arise from temporary differences that are subject to taxation.
0 ther accoun fing principles and methods: Not applicable.

t9,755,753*W

53,ttt,40, 0

I9.755.J51.TOO

19.355,t 53

4. Other receivables Closing balance Opening balance

Carrying value Provision

Short-term 888,334,988,460
- Interest income receivables 15,883,762,380
- Dividend, shared profit receivables 60,362,743,160
- Receivables from employees 10,829,042,100
  - Deposits 57,099,880,260
- Advanced payment of withholding tax in Malaysia brancf 687,895,985,900
- Other short-term receivables 56,263,574,660

Long-term 236,381,959,420

- Deposits 233,503,475,440

Carrying value

- 69E,251,654,969 9,176,263,902

60,362,742,759

509,363,172

53,947,296,942

513,348,032,310

- 53,907,955,884

- 3t9,500,l95,972

- 317,326,261,629

Provision

+ In wbich.- deposit %r contract performance guarantee with Pertamina

Other long-term receivables

Total

S. Daubful debts

206,608,685,258

2,878,483,980

1,124,716,947,880

Closing balance

20 I ,120,890,958

- 2,173,934,343

- 1,010,751,8S0,94t

Opening balance

Cost

Recoverable

Cost

Recoverable

- Overdue or doubtful receivables and loans

882,327,096,940

(73,843,216,420)

631,813,199,814

(71,123,102,895)

Petrovietnam Domestic Exploration Production

Operating Company Limited

241,727,311,460

(26,938,638,120)

391,643,287,761

(24,67'7,448,'786)

Petrovietnam Exploration Production Corporation

10,230,269,080

(10,230,269,080)

10,008,461,109

(10,008,461, 109)

Destini Oil Services SDN BHD

23,300,838,460

(23,261,539,360)

26,469,588,009

(26,431 ,332,744)

Other customers

607,068,657,940

(13,412,769,860)

2fi3,691,862,935

(10,005,860,256)

6. Invezz/ories Closing balance Opening balance

Cost

Provision

Cost

Provision

- Goods in transit

6,953,3'72,640

49,12 I ,881,344

- Raw materials

I, I55,733,794,980

(133,321,587,160)

1, I 93,596,3 I 1,519

(t32,592,748,490)

- Tools and supplies

33,367,114,$60

(10,090,660)

23,062,672,587

(t0,075,149)

- Work in progress

349,824,816,680

33,886,791,498

- Merchandise

25,941,348,880

(3,222,240,860)

52,071,147,642

(3,222,254,859)

- Goods on consignment

33,540,d20

33,457,575

1,571,853,988,460

(136,fi53,918,680)

1J51,772,262,165

(135,825,078,498)

Long-term assets in progress
+ Construction in progress
Closing balance Opening balance
- Purchase
  Rig PV DRILLING VM
  T,635,656,064,340
  1,521,298,0 I '7,940
  1,222,347,781,896
  I,165,039,223,340
  Other asset. 114,358 46400 57,308,558,556
  Total
  16356S6064@J0
  1,222,347,781,896
  15

Tangible fixed assets

Linit: USD

	Duilding, structures	Machinery, equipments	Motor vehicles	Office equipments	Others	Total
Cost
Opening balance	481,341,076,758	25,S03,415,5lS,965	92,043,253,383	97,075,626,177	4,S0S,56l,181	26,578,381,033,464
- Additions	444,612,517	117,690,802,913	7,70) ,379,524	2,748,200,701	1,502,132,737	130,087, 128,392
- From construction in progress		78,025,913				78,025,9 l3
- Other increases		156,510,952	2,955,292,034	47,443,020		3,159,246,006
- Reclassified (increases)
- To investment property
- Disposals	(18,882,857,607)	(336,749,561,187)	(1,679,023,782)	(362,607,512)		(3S7,674,0$0,088)
- Other decreases	(1,112,666,354)	(7,374,379,784)	(1,567,124,573)		(1,831,326,079)	(11,885,496,790)
- Reclassified (decreases)
- Foreign exchange differences	9,406,380,906	536,174,602,428	1,785,270,454	2,169, ls9,754	22,955,001	549,558,368, 543
Closing balance	471,195,546,220	26,213,391,517,200	101239,047040	10t,677,822,t40	4,t99,322,840	26,891,704,255,440
Accumulated depreciation
Opening balance	244,625,653,0T T	T3,473,783,205,044	76,383 S67,972	B1726,477,S64	â,909,152,357	13,878,428,055,948
- Additions	6,515,125,475	383,071,3 I 8,574	1,778,705,138	3,262,982,975	374,351,746	395,002,524,308
- Other increases			2,060,761,544	47,443,020		2,108,204,564
- Reclassified (increases)
- To investment property
- Disposals	(18,457,783,452)	(307,293,950,052)	(290,856,321)	(315,138,985)		(326,35'7,J28,810)
- Other decreases	(1,112,666,354)	(8,390,043,017)	(2,060,'76l,544)	(47,443,020)	(556,596,359)	(12,167,910,294)
- Reclassified (decreases)
- Foreign exchange differences	3,637,223,180	278,845,889,5 I I	1,477,668,391	1,830,572,026	22,975,556	285,814,328,664
Closing balance	235 207,551,860	13,820,016,420,460	79,349,085,180	86,504,893,S80	7,749,523,300	14,222,827,474,380
Carrying value
Opening balance	13S,7l5,473,747	t2,429,632,310,92G	15,659,685,411	15,349,148,613	2,596,408,824	l2,6SS,9S2,977,516
Closing balance	235,988,994,360	12,393,375,096,740	21,889,961,860	15,172,928,560	2,449,799,540	12,668,876,781,060

In Q1/2025, the Company completed the sale of the land rig PV DULLING II to Creativo Oil Trading L.L.C.
Carrying vnlue of pledged assets as collateral for loans
Cost of assets fully depreciated but are still in use

6,793,093,997,320

1,985,735.7B4,775

intangible fixed assets

Unit: USD

	Land use rights	Computer software	Others	Total
Cost
Opening balance	209,812,553,829	132,220,270,989		342,032,824,818
- Additions		804,133,682	39,306,287	843,439,969
- Internally generated
- From business combination
- Other increases
- Reclassified (increases)
- Disposals		(543,375,62 I)		(543,375,621)
- Other decreases
- Reclassified (decreases)
- Foreign exchange differences	4,2 l 7,997,071	3,072,306,010	667,253	7,290,970,334
Closing balance	214,030,550,900	135,553,335,060	39,973,540	349,623,859,500
Accumulated depreciation
Opening balance	57,806,230,515	123,252,226,833		181,058,457,348
- Additions	1,982,888,673	3,957,130,473	1,377,378	5,941,396,524
- Additions
- Other increases
- Disposals		(543,375,621)		(543,375,621)
- Other decreases
- Reclassified (decreases)
- Foreign exchange differences	1,214,808,892	2,921,049,615	23,382	4,135,881,889
Closing balance	61,003,928,080	129,587,031,300	1,400,760	190,592,360,140
Carrying value
Opening balance	152,006,323,314	8,968,044,156		160,974,367,470
Closing balance	! 53,026,622,820	5,966,303,760	38,572,780	159,031,499,360

* Cost of assets fully deprecfated but are still in use

98,058,652,847

TO. Prepoymeii Is

Opening bsIance

a) Stiort-term

5'7,423,533,640

I 6,468,t2t,427

- Prepaid expenses incurred from fixed asset operating lease

47,003,280

49,971,729

- Tools and supplies

934,255,040

787,326, 180

32,906,887,380

4,737,390,6 12

23,535,387,940

I 0,893,432,90d

b) Long-term

487,647,746,100

48'7,028,233,233

- Prepaid expenses for drilling campaign in Brunei

292,562,?85,480

339,772,279,545

Ot her long-term prepayments

196,084,960,620 147,15!5,953,£88

545,07t,279,740

S03,496354,660

Closing bata nce Opening baiance

Carrying value

Payable amount

Cains value

Payable atoouot

e) Short-term

645,698,972,860

645,698,972,860 625,599,220,990

{48'7, 198,999/74) 507,298,75t$44

507,298,75t,244

Short-term loans

2g8,00'7,721,480

288,007,72 I ,4g0 484,390,331,909

(205,441,123,667) 9,058,493,238

9,058,493,238

Current portions o F long-term ]oans

357,691,25 1,380

357,69 I ,251,380 I4I,208,869,08l

(281,757,875,707) 498,240,258,006

498,240,258,006

b) Long-term

2,464,z 09,233,240

2,464,109,233,240 1,41d,684,778,796

(1,491,965,é93,935) 2,541390,1S2379

2,S41390,152379

Second year

315,311,36 I ,340

3I 5,311,36 1,340 30,608,400,002

5,288,096,59 l 279.414,864,747

279,414,864,747

Third to fiflh year Inclusive

Afier five years

2,148,797,875,900

2, I48,797,875,900 l,384,0'76,378,794

t^ !.9d0,dI 1,709) 816,682, 108,815

(1,445,293,178,817) 1,445,293,178,8 t7

816,682,108,815

1,445,293,178,8 t7

3,109,808,210,100

3,10s,808,210,J 00

0,048,688,903,623

3,048,688,903,623

12. Payables in suppliers

Opening balance

f,635,317,313,880	I ,172,639,294,571
1,635,317313,880	1,172,639,294,571
56,894,266,042	27,299,444,592
39,340,542,810	2 I ,244,238,202
I 5,022,260,390	5,848,728,752
2,d31, 62,8‹2	206,477,637

Other suppliers

faiol

PV Drilling Expo International Company Limited ("PVD-Ezpro")

PV Drilling-Baker Hughes Web I Technical Services Joint Venture Company Limited ("PVD-Baker Hughes")

Vietubes Company Limited ("VieNbes")

Opening biiIance Additions

FT difference on

conversion

Closing balance

Value added tax - Dornestic

21,934,028,640

43,997,917,045

47,206,008,956

719,95 I

18,726,656,680

Value added tax - frtaport

25,320,441,802

2S,262,562,363

(777,979)

S 7,30 f,J60

Import duties

26,053,155,884

26,012,93 I 4f

(562,279)

39,b62,260

Corporate income tax

58,452,656,115

106,092,081,324

75,573,083,359

L,304,665,140

90,279,319,220

Personal income tax

50,962,957,005

163,784,426,092

187,869,232,293

538,613,396

27,4 I 6,764,200

Property tax, land rental

93,228,085

Other taxes

24,290,451,960

55,156,234,772

69,782,33 I,177

t24,207,205

9,788,562,760

- Busts ess license tax

22,063,555

- Wittil:olding tax

24,290,451,960

55,134,171,217

69,760,267,622

1 24,207,205

9,788,562,760

Fees and other payables

88,789,867

Total

155,640,093,720

420,586,274,87t

43t,887,967,445

1,969,865,434

T46/08,266,580

- Yax receivables from the Stole budget

160,044, I 96,383

Jd Z.92#.dd2. 0#0

14. Accrued expenses	Closing balance	Opening balance
+ Short-term
- Accrued expenses related to cost of good sold	485,287,309,860	389,294,363,988
+ Operation of drilling rigs	319,469,984,320	273,381,037,293
+ Goods supplied and services rendered	165,817,325,540	115,913,326,695
- Other accrued expenses	780,685,259,520	754,424,025,996
-F Interest expense	665,391,479,500	601,454,528,538
+ Other expenses	115,293,780,020	152,969,497,458
Total 1,265,972,569,380 1,143,718,389,984
15. Other payables	Closing balance	Openin•p balance
- Trade union fee	1,490,719,920	2,237,996,130
- Social insurance	3,225,172,080	202,361,514
- Health insurance	512,211,240	11,640,711
- Unemployment insurance	233,460,000	5,024,949
- Deposits	778,200,000	112,467,954,000
- Profit shared to partners in Business Cooperation Contract ("BCC")	192,631,788,880	183,751,476,498
- Others	71,338,424,080	82,396,664,355
Total	270,209,976,200	381,073;118,157
b) Long-term
- Capital conLbuted from partners in BCC	473,587,384,140	474,522,246,216
Total	473,587,384,140	474,522,246,216
16. Provision	Closing balance	Opening balance
a) Short-term - Warranty provisiolj	7,463,119,580	6,388,199,988
- Other provisions	380,438,997,160	346,281,406,572
+ Provision for severance allowance	25,806,798,100	25,632,012,339
+ Provision for perlodic overhaul of fixed assets	354,099,598,980	319,896,863,931
+ Other provisions	532,600,080	752,530,302
Total	387,902,116,740	352,669,606,560
b) Long-term
- Warranty provision	3,739,354,760	2,120,073,960
- Other provisions	241,186,306,820	310,504,198,959
+ Provision for periodic overhaul of feed assets	241,186,306,820	310,504,198,959
Total	244,925,661,580	312,624,272, 19

/7. Deferreil inc	Closln g 1›alance	Opening bn mrite
- CAT tax date	20%	20%
- Related to deductable temporary differences	270,930,6t 5.340	260,988,27S,'/60
Deferred tax asset	270,930,615,3 40	260,988,275,760
a) Statement of changes in equity

She re capitn I

Share premium

Treasury shores t*)

foreign exchn nge differences

Investment and development fund

Retained earning

No n-controlling interest (NCI)

To1o1

Prior year opening brimmed	S,562,960,060,000	2,434,086,374,663	(20,948,559,850)	2,206,837,331,099	3,784,367,536,054	693,559,803,718	237,294,994,316	14,898,157,840,000
- Capital increased
- Profit for theeg						697,970,710.425		697,P70,'710,425
- Other increased
- Fund approiago			-		227,885,4 57,485	(370,273,518,750)	(317,723,580)	(142,705,744,845)
-Dividend declared	-		-	-		-	(3,490,427.500)	(3,490,42'?,500)
- Allocation to NCI			-			(17,875,233,027)	17,875,233,027
- Distributed to BCC	-	-	-		-	I 7,756,336,575	-	I 7,7J6,336.575
- Foreign exchange differences	-	-		585,404,2 I4,728	-	603,759,107	(1.354, 104,087)	584,653,909.748
Prior year closing balance	5,562,960,0 60,000	2,434,086,374,663	(20,548,559,850)	2,792,241,54 5,827	d,012,253,033,S39	J,021,741,898,048	250,007,972,176	t 6,052,342,324,403

Current period opening ba lance	5,8S2,960,060,000	2,d3d,086,374,663	{26,948,559,850)	2,792,241 S45,B27	d,012,253,033,53P	1,021,74 â,898,0# 8	250,007,972,176	16,0S2,342,324,403
Cha ital increased
- Profit for tehge		-	-			394,384,642,740		394,384,642,740
- Other increased
- Fund appropriation					108,044,208,555	(150, I 14,740,159)	(363.423,736)	(42,433,9S 5,340)
- Dividend declared
- Al location to NCI		-		-		9,083,348,784	(9,083,348,'784	-
- Distributed to BCC	-	-	-		-	(9,370,583,11 I)	-	(9,370,583, 111)
- Foreign exchange differences	-	-	-	371768,t7S,094	-	290,448,209	(2]50.982,3td)	369927,640,988
Current period closing balance	5,562,960,0 60,000	2,434,086,374,663	(20,948,559,850)	3,154,009,720,921	4,120,2P7,242,094	I,266,0f5,014,511	238,430,217,341	I 6,76d,850,069,680

b- Details of share capital	Closing b+iIqnce	Opening bolon ce
-'etroyiemAm	2,804,965,720,000	2, 24,974,040,000
- Other s}jareholders	2,757,994,340,000	3,437,986,020,000
Total	5,562,960,060,000	5,562,P60,060,000

Transactions with shareholder and profit distribution

Share eapifal

+ As at Opening balance + Increased + As at Closing balance		5,562,560,060,000 5,562,960,060,000	5,562,960,060.000 5,562,960,060,000
- Dividend and profit distributed	"
d) Number of shares		Cl osing balance	Opening ba la ice
- Authorized shares		556,296,006	556,296,006
- Issued shares
-1- Ordinary shares		556,296,006	S56.296,006
- Treasury shares
* Ordinary shares	416,000		416.000
- Shares in circulation
+ Ordinary shares	555,880,006		555,880,006
* Par value per share: 10,000 VND
e) Funds		Closin6 balance	Openin g ba lance
- Investment and development fund		4,120,297,242,094	4,0 I2,253,033,539
- Scientific and technological fund		85,047,973,480	75,766,14 I ,430
- Scientific and technologica I fund available		53,8 I6,291,300	41,643,26'7,423
- The remaining value of the property is formed from the Scientific and Technological Fund		31,231,682,180	38,122,874,007
f) Income and expense directly recorded into equity: None

29. Fpreigii cvchnnge ilifferenees

Closing bn Iance

Opening balance

- FX differences on conversion financial statements of subsidiaries

3,25 I,726,642, 172

2,864,085,639,527

- Translation of financial statements of foreign operation

(87,716,921,251)

(71,844,093,700)

3,164,009,720,921

2,792,241,545,827

20. Off balance-sheet

a) Foreign currencies

Closing bolon ce

Open Ing balance

-GDP

,950

1.950

- VND

I .56y.275,662,4 02

1,289,987,570,61 1

- EUR

82,350

769,928

- SGD

20,202

2,243,995

35,624.374

- THB

2.259

2,259

- MYR

75,1.43

82,441

- BND

1.0,706

61,499

- DR

42,886,939,237

47,499,201,247

b) Overdue uncollectible debts that h.ave been handled

The Company carried out financial honâling in 2023 for Ihe uncollectible deht ofKrisEnergy Apsara, canoiinting to UsD 3,93.9,360 (including: Parent Company PV Drilling is USD 3,485,805.69 and Subsidiary-P VD Well is USD 453,5S3.69), according to the Board of Directors'Resolution No. OJ/0J/20247NQ-HDQT dated March 26, 2024.

PVD Tech has proces,sed ltte financial handling ofsh orl-term receivavles for Carling Air Compressor Sdn Bhd and OLTREMA BE with lhe amoimts of VND 2,722,115,396 and ID 1,955,347,130 respectively, according to the resoliilions of the Board of Directors of PVD Tech No. 057/PT-HDQT and No. 05d/PT-HD QT dated December 31, 2.0.19.

Thi.s fmancial liabilit y, once handled. is tracked off-balance sheet for a period of 10 years from the date of resolution, and the Corpot-ation contin aes to take ineasiires to recover the debt.

VI. Extracted notes to the Consolidated income statement:

Unit: VND

1. Net revenue - Sales of trading	Quarter 2/2025 118,072,285,605	Quarter 2/2024 159,778,810,722
- Sales of drilling services	1,353,581,040,294	1,537,851,587,172
- Sale of techincal well & other services	959,432,260,783	556,290,067,188
Total	2,431,085,586,682	2,253,920,465,082
2. Cost of sales	Quarter 2/2025	Quarter 2/2024
- Cost of trading	110,644,060,544	149,795,118,990
- Cost of drilling services	1,071,110,885,247	1,200,294,690,786
- Cost of techincal well & other services	729,418,118,474	434,403,356,490
Total	1;911,173,064,265	1,784,493,166,266
3. Financial income	Quarter 2/2025	Quarter 2/2024
- Interest income	17,135,526,079	15,262,380,606
- Foreign exchange gain	23,920,260,544	24,156,222,432
- Deferred sales interest, discount payment		191,534,070
Total	41,055,786,623	39,610,137,108
4. Financial eapenses	Quarter 2/2025	Quarter 2/2024
- Interest expense	46,388,841,197	67,450,821,330
- Foreign exchange loss	45,652,556,135	66,032,949,210
Total	92,041,397332	133,483,770,540
5. Other Income	Quarter 2/2025	Quarter 2/2024
- Liquidation, transfer of fixed assets	(382,605)	2,219,269,488
- Interest is waived	(307,410,364)
- Other income	63,830,425,769	9,353,622,642
Total	63,522,632,800	11,572,892,130
6. Other Expenses	Quarter 2/2025	Quarter 2/2024
- Remainlng value of fixed assets and expenses for	(566,510,470)

liquidation and sale of fixed assets - Loss due to revaluation of assets	11,822,264,937	11,773,984,332
- Penalties	(127,535)
- Other expenses	7,372,390,238	11,311,331,124
Total	18,628,017,170	23,085,315,456

7. Selling eapenses and administration expenses	Quarter 2/2025	Quarter 2/2024
a) Enterprise management expenses incurred in the per	201,195,083,866	150,231,375,906
- Cost of raw materials	902,182,590	606,099,474
- Cost of labour	106,819,847,048	82,762,007,838
- Depreciation of fixed assets	4,066,810,573	4,498,363,968
- Provisions expenses	1,716,748,635	191,435,022
- Cost of hired services	52,168,599,862	36,282,817,644
- Other expenses in cash	35,520,895,158	25,890,651,960
b) Selling expenses incurred in the period	6,001,924,635	3,082,844,238
- Cost of hlred services	4,659,720,788	2,006,910,576
- Other expenses in cash	1,342,203,847	1,075,933,662
Total	207,197,008,501	153,314,220,144
8. Cost by nature	Quarter 2/2025	Quarter 2/2024
- Cost of raw materials and consumables	332,087,825,346	306,759,976,032
- Cost of labour	709,008,488,368	588,060,332,238
- Depreciation and amortization expenses	172,832,753,765	217,631,336,088
- Provisions expenses	83,154,044,336	37,608,897,030
- Cost of hired services	722,934,953,270	708,168,759,906
- Other expenses in cash	98,352,007,681	79,578,085,116
Total	2,118,370,072,766	1,937,807,386,410
9. Current corporate income tax expense	Quarter 2/2025	Quarter 2/2024

Corporate Income Tax is calculated based on taxable income of the current year
Adjust the Corporate Income Tax Cost of previous years to the current Income Tax Cost this year

Total

Deferred corporate income tax expense
- Deferred income tax expensed arising from temporary differences that are taxable;
- Deferred corporate income tax expenses arising
  from the reimbursement of deferred income tax assets;
- Deferred income tax income arising from temporary

76,275,265,562

Quarter 2/2025

(5,560,806,577)

328,555,667

37,597,318

75,370,451,790

6,091,452

75,376,543,242

Quarter 2/2024

(192,995,028

378,437,646

360,782,340

deductible differences;

Total

(5,194,653,592) 546,224,958

VII. Other informations

1- Financial instruments

Closing balance

Unit:VND

Opening balance

Cash and cash equiva[ents	1,672,152,087,940	2,203,268,278,194
Trade and other receivables	4,279,146,549,360	3,663,214,965,825
Other investments	944,255,273,160	770,247,363,138
Total	6,895,553,910,460	6,636,730,607,157
+ E'tnancial liability
Loans and borrowings	3,109,808,210,100	3,048,688,903,623
Grade and other payables	1,707,433,937,960	1,367,503,912,926
Accrued expenses	1,296,601,561,600	1,173,533,836,497
Total	6,113,843,709,660	5,589,726,653,046

The Group has not yet assessed fair value of its financial assets and liabilities as at the halance sheet date since there are no comprehensive guidance under Circular No. 210/2009a-BTC dated 06 November 2009 ("Circular 210") and other relevant prevailing regulations to determine fair value of these financial assets and liabilities. While Circular 210 refers to the application of International Financial Reporting Standards ("IFRS") on presentation and disclosures of financial instniinents, it did not adopt the equivalent guidance for the recoyition and measurement of financial instruments, including application of fair value, in accordance with IFRS.

+ Financial risk

Financial risks include market risk (includins foreign currency risk, interest rate risk and price risk), credit risk, liquidity risk. The Group has hedging these risks exposures by controlling and managing the cash flows (including foreign currencies cash flows) and closely tracking with market information to have proper hedging instniments.

+ Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in l"inancial losses to the Group. The Group has a credit policy in place and the exposure to credit risk is monitored on an on - going basis. the Group assess that there is no signifi cant credit risk exposure to any counterparty because receivables are from huge and trustful customers operating in the oil and gas industry.

+ liquidity risk

liquidity is also managed by ensuring that the excess of maturing liabilities over maturing assets in any year is kept to manageable levels relative to the amount of funds that the Group believes can generate within that year. The Group policy is to regularly monitor cwent and expected liquidity requirements to ensure that the Group maintains sufficient reserves of cash, borrowings and adequate committed funding from its owners to meet its liquidity requirements in the short and longer term.

The following tables detail the Group's remaining contractual maturity for its financial assets and financial liabilities.

Financial asset

Cash and cash equivalents Trade and other receivables

Less than 1 year 2,203,268,278,194

3,345,888,704, t96

From l- 5 years

317,326,261,629

Over 5 years

Opening éa2acee

Total

- 2,203,268,278,194

3,663,214,965,825

Other investments

770,247,363,138 - 770,247,363,138

Total

6,319,404,345,528

317,326,261,629

- 6,636,730,607,157

Financial liability

Loans and borrowings Grade and other paynbles Accrued expenses

Total

liquidity gap

Less rhan I year From I - 5 years O^.r § years Total

507,298,751,244 1,096,096,973,562 1,445,293,178,817 3,048,688,903,623

1,367,503,912,926 - - 1,367,503,912,926

1,143,718,389,984 29,815,446,513 - 1,173,533,836,497

3,018,521,054,154 1,125,912,420,075 1,445,293,178,817 5,589,726,653,046

3,300,883,291,374 (808,586,158,446) (1,445,293,178,817) 1,047,003,954,111

Financial asset

Cash and cash equivalents

Trade and other receivables

Less than I year

1,672,152,087,940

4,042,764,589,940

Frorñ 1- 5 years

236,381,959,420

Over 5 years

Total

1,672,152,087,940

4,279,146,549,360

Other investments

944,255,273,160 - 944,255,273,160

Total	6,659,171,951,040		236,381,959,420		- 6,895,553,910,460
Financial liability	Less than 1 year		From 1- 5 years	Over 5 years	Total
Loans and borrowings	24,892,019		94,992,646		- 3,109,808,210,100
Trade and other payables	65,822,434				- 1,707,433,937,960
Accrued expenses	48,803,877	1,180,763			1,296,601,561,600
Total	139,518,330		96,173,409	-		6,113,843,709,660

Liquidity gap	117,196,086		(87,060,766)	-		781,710,200,800
+ i4arket risk

'++ Foreign currency risk management: The Group undertakes certain transactions denominated in forelgri currencies; consequently, exposures to exchange rate fluctuations arise. However, the Group manages to balance the cash inflow and outflow of foreign currencies by negotiating business contracts based on the demand foreign currencies payables to its receivables sources in order to minimize the foreign currency risk.

'++ Interest rate risk management: the Group is exposed to interest rate risks arising mainly from interest bearing loans. The Group is exposed to interest rate risk as the Group borrows funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate ratio between fixed and floating rate borrowings.

Contingent liabilities, commitment and other information: None
Evenis after the reporting date: done
Related parties information

Opening balance

Receivables

33,389,838,300		36,813,483,402
679,3 l0,630,040		843,101,851,350
181,201,613,220		I 17,214,081,458
146,l97,l9l,500		134,775,192,420
11,168,077,900		3,094,282,79 1
		113,769,340,867
278,173,894,859		278,173,894,859
56,894,266,042		27,299,444592

Petrovietnam Company's subsidiaries

Petrovietnam's Joint Ventures/Joint Operating Companies/Petroleum Sharing Contracts

The joint venture companies of the Corporation

Payables

Petrovietnam Company's subsidiaries

Petrovietnam's Joint Ventures/Joint Operating Companies/Petroleum Sharing Contracts

Payables to Petrovietriam

Petrovietnam capital connibuted in BCC

The joint venture companies of the Corporation

VII. Other informations (continued)

Segment reporting:

A business segment includes reporting entities that have similar business operation and risks characteristics. A geographical segment includes reporting entities that have same operation location and are subject to local regulations.

- Business segments

Our rter 2/2025

Ouarter 2/2024

Business Segment

+Trading

Drilling services

+ Technical well & olher services

Segment Assets	Liabilities	Revenue	Gross profit
1, I 95,582,745, 160	785,3J4,770.800	1 18,072,285,605	7,428,225,061
22,I 69,048,374,500	6,578,766,952,220	1,353.581,040,294	282,470, I 55,047
I ,443,774, 74 9,660	679,434,046,620	958,410,373,842	228,992,255,368

Assri

Revenue

G FO 6s g FO fi t

1,024,328,953,992

731,965,957,671

IS9.7'78,8 I 0,'722

9,983,691,732

21, I 81,769,346, 141

6,402,452,6 1 1,32 I

1,537,851,587. I '72

337,S56,896,386

1,148,634,977,'770

478,494,652,096

556,290,067, 1 88

I 21,886,710,698

24,808,405,839,320	8,043,555,769,640	2,430,063,6P9,741	518,890,635,476

23,354,733,277,503

7 612,943,221,088

2,253,920,465,082

469,d27,298,81 6

- Geographical segments

has business activities that generate revenue in different geographical areas which are divided into the following sections.

The Corporation

Ouorttz2i202S

Gross profit

Assc I

Liability

Revenue

grOs&pfofN

§pWza1Se§mznñ

Assvls

Revenue

8,150,170,672,280

0 versaas

+ jvIalosia

+ Bmnei

* U/gierio

+ liiâonesio

+ Myanma'

+ Thailand

16,658 235,217,040

6,727,191,378,060

3,466,483,365,740

14,223,446,740

6,450,337,026,500

7,768,011,742,946 l5,586,T21,534,959 8,662,840,686,626

3,811,l09,753,577 I 39,491,688,051

2,973,21y,082,299

62,324,404

8.195,949,618

469,427,298,816

a‹,808,J05,839,320

8,043,5SS,769,640 2,430,063,699,741

518,890,635,476

23,354,'733,277,903

7,6t 2,913,221,088 2,253,920,465,082

Ouarter 2/20?S4


2,861,758,879,660	1,256,831,790,46S	214 210,668,291

5,181,796,889,980	1,173,231,909,276	304,679,967,185
4 323,613,831,200	605,468,025,296	137,307,292,854
s4s,615,475,000	223,5S3,474,279	53,146,385,200
17,285,144,940	381,916,311	(4,478,442,539)
295,282,438,840	343,828,493,390	118,704,731,670

5,695,886,247,31S	1,065,399,931,562	86,591,104,4 70
1,917,026,973,773	1t188,s20,533,120	382,836,194,346

959,886,145,99 I	y63,764,228,972	314,398,384,458
674,398,057,233	230,116,881,252	14,092,351,344
101,055,561,425	4,741,700, 142	(29,597,597,646)

141,687,209,124	189,897,722,754	75,747,106,S72

VII. Other informations (continued)

Comparative Information
+ The figures for the business results of the current year and the comparison year are presented on the average transfered exchange rate to the reporting period.
+ Current and comparative year figures of the Cash Flow Statement apply the average transfered exchange rate as of the reporting period. In some cases, for material economic transactions, the actual exchange rate applied at the time of arising.
Goin• concern assumption: The Company is a goinp• concern entity and no significant discruption in business occurred.
Other information: Several comparative information about transaction with related parties had been re-classified based on updated information about Petrovietnam's subsidiaries.

Preparer

Tran Kim Hoang

Chief Accountan

0 July 2025

Nguyen Ngoc Truong

PETROVIETNAM DRILLING AND WELL SERVICES CORPORATION

(Incorporated in the Socialist Republic of Vietnam)

CONSOLIDATED FINANCIAL STATEMENTS

Quarter 2/2025