Reviewed Interim Consolidated Financial Statements 6M2025

Deloitte



PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION

(Incorporated in the Socialist Republic of Vietnam)

REVIEWED INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

For the 6-month period ended 30 June 2025

MAKE

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PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION

4'hFloor. Sailing Tower, 11 1A Pasteur, Sai Gon Ward

No Chi Minh City, Vietnam

TABLE OF CONTENTS

STATEMENT OF THE BOARD OF MANAGEMENT

REPORT ON REVIEW OF THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONSOLIDATED BALANCE SHEET INTERIM CONSOLIDATED INCOME STATEMENT INTERIM CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

1 - 2

3-4

5 -6

7

9 - 53

rL.

PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION

4'hFloor, Sailing Tower, 111 A Pasteur, Sai Gon Ward Ho Chi Minh City, Vietnam

STATENENT OF THE BOARD OF NANAGEMENT

The Board of Management of PetroVietnam Drilling and Well Service Corporation (the "Company") presents this report together with the interim VND-converted consolidated financial statements of the Company and its subsidiaries (collectively refefred to as the "Group") for the 6-month period ended 30 June 2025.

THE BOARDS OF DIRECTORS AND I'4ANAGENENT

The members of the Boards of Directors and Management ot the Group during the period and to the date of this report are as follows:

Mr. Mai The Toan

Mr. Nguyen Xuan Cuong

M. Nguyen The Son

Mr. Vu Thuy Tuong Nlr. Nguyen Van Toan

Mr. Van Duc Tong

Mr. Hoang Xuan Quoc

Mr. Tran Van Hoat Mr. Pham Xuan Son

Mr. Nguyen Xuan Cuong Mf. Ho Vu Hai

Mr. Do Danh Rang

Mr. Nguyen Cong Doan

[" Mr. Dinh Quang Nhut

/ 1r. Nguyen Dinh Duong

Chairman Member Member Membef

Independent Member (resigned on 23 April 2025) Independent Member (resigned on 23 April 2025)

Independent Member

(tendered resignation on 25 June 2025, and the procedures for dismissal and election of a replacement membeF are in progress) Independent Nember (assigned on 23 April 2025)

Independent Member (assigned on 23 April 2025)

President

Vice President Vice President Vice President Vice President Vice President

THE BOARD OF MANAGEMENT'S STATEMENT OF RESPONSIBILITY

The Boafd Of Management of the Group is responsible fof preparing the interim VND-converted consolidated

financial statements for the 6-month period ended 30 June 2025, which give a true and fair view of the interim consolidated financial position of the Company as at 30 June 2025, and its consolidated financial

performance and its consolidated cash flows for the 6-month period then ended in accordance with Vietnamese accounting standafds, accounting regime for enterprises and legal regulations relating to

interim consolidated financial reporting. In preparing these interim VND-converted consolidated financial

statements, the Board of Management is required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

  
  
  

• State whether applicable accounting principles have been followed, subject to any material depaFtures disclosed and explained in the interim VND-converted consolidated financial statements;

  
  
  

• PrepaFe the interim VND-converted consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business, and

  
  
  

• Design and impemen1 an effective internal control system for the purpose of properly preparing and presenting the intefim VND-converted consolidated financial statements so as to minimise errors and frauds.

1

PETROVIETNAI'4 DRILLING AND WELL SERVICE CORPORATION

4'hFloor, Sailing Tower, 11 1A Pasteur, Sai Gon Ward

Ho Chi Minh City, Vietnam

STATEMENT OF THE BOARD OF MANAGEf'4ENT (Continued)

The Board of Management is responsible for ensuring that pFoper accounting records are kept, which disclose, with reasonable accuracy at any time, the consolidated financial position of the Group and that the interim VND-converted consolidated financial statements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations Relating to interim consolidated financial reporting. The Board of Planagement is also responsible for safeguarding the assets of the Group and hence

for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of Management confirms that the Group has complied with the above Requirements in prepaFing these interim VND-converted consolidated financial statements.

For and on behalf of the Board of Management,

Nguyen Xuan Cuong President

29 August 2025

DelOI tte.

No.: g /l§f //fA-HC-BC

Branch of Deloitte Vietnam Audit

Company Limited

1 8th Ftoor, Times Square Building, No. 57-69F Dong Khoi, Saigon Ward, Ho Chi Minh City, Vietnam

Tel: +84 24 71 0 1 4555

https://www.detoitte.com/vn

REPORT ON REVIEW OF THE INTERIN VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

T_g: The Shareholders, the Boards of Directors and Management of PetroVietnam Drilling and Well Service Corporation

We have reviewed the accompanying interim VND-converted consolidated financial statements of

PetroVietnam Drilling and Well Service Corporation and its subsidiaries (collectively referred to as the "Group"), prepared on 29 August 2025 as set out from page 5 to page 53, which comprise the interim consolidated balance

sheet as at 30 June 2025, the interim consolidated statement ot income and interim consolidated statement ot cash flows for the 6-month period then ended, and a summary of significant accounting policies and other

explanatory information.

Board of Management's Responsibility for the interim VND-converted Conso/idated Financial Statements

The Board of Management is responsible for the preparation and fair presentation of these interim VND-converted consolidated financial statements in accordance with Vietnamese Accounting Standards,

accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting and for such internal control as the Board ot Management determines is necessary to enable the preparation of

interim VND-converted consolidated financial statements that are free from material misstatement, whether

due to fraud or error.

Auditors'Responsibility

Our responsibility is to express a conclusion on the accompanying interim VND-converted consolidated

financial statements based on our review. We conducted our review in accordance with Vietnamese Standard on Review Engagements (VSRE) 241 0 - "Review of Interim Financial Information Performed by the Independent

Auditor of the Entity".

A review of interim consolidated financial statements consists of making inquiries, primarily of the persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review

is substantially less in scope than an audit conducted in accordance with Vietnamese Standards on Auditing

and consequently does not enable us to obtain assurance that we would become aware of all significant

matters that might be identified in an audit. Accordingly, we do not express an audit opinion.







Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim VND-converted consolidated financial statements do not present fairly, in al material respects, the consolidated financial position of the Company as at 30 June 2025, and ot its consolidated financial performance and its consolidated cash tlows for the 6-month period then ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim VND-converted consolidated financial reporting.

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" entities, which cannot obligate or bind each other in respect of third panies. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DITL does not provide services to clients. Ptease see www.deloitte,com/about to learn more.

Deloitte

REPORT ON REVIEW OF INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATENENTS (Continued)

Other matter

The Group has prepared a set of interim consolidated tinancia statements for the 6-month period ended 30 June 2025 in United States Dollar which is its functional currency, in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim

consolidated financial reporting, on which we issued unqualified conclusion in our review report dated 28 August 2025 about those interim consolidated financial statements.

cHi H

^." CONG

H

". KIEM TOAN

p IRT N

Ng sung

Audit Partner

Audit Practising Registration Certificate

No. 0733-2023-001-1

BRANCH OF DELOITTE VIETNAM AUDIT COI•jPANY UNITED

29 August 2025

Ho Chi Ptinh City, S.R. Vietnam

the State budget

I

-

Nguyen Xuan Cuong

President

29 August 202a"

Nguyen Ngoc Truong Chief Accountant

Tra Kim Hoang Preparer

PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION FORN B 02a-DN/HN

4"Floor, Sailing Tower, 111A Pasteur, Sai Gon Ward Issued under Circular No. 202/2014/TT-BTC Ho Chi Minh City, Vietnam dated 22 December 2014 ot the Ministry of Finance

INTERIM CONSOLIDATED INCOME STATENENT

For th e 6-month period ended 30 Run e 2015

Unit: VND

ITEMS

1. Gross revenue from goods sold and services rendered

2. Deduction

   
   
   

3. Net revenue from goods sotd and services rendered (10=01-02)

   
   
   

   5. Gross profit from goods sold and services rendered (20=10-11)		20		790,597,270,142	928,207,457,634
   6. Financial income		21	33	85,663,933,136	65,913,447,798
   7. Financial expenses		22	34	179,037,025,431	258,314,831,610
   - In which: interest expense		23		98,460,871,557	138,628,100,802
   8. Income/(loss) from investments in joint ventures		24	13	46,546,499,964	(14,922,497,394)
   9. Selling expenses		25		10,902,457,010	4,562,646,120
   10. General and administration expenses		26	35	313,553,367,852	268,138,610,346
   11.	Operating profit	30	419,314,802,949		448,182,319,962
   (30=20+(21-22)+24-(25+26))
   12. Other income		31	36	183,377,857,705	12,704,986,008
   13. Other expenses		32	37	85,434,446,657	36,948,865,920
   14.	Profit /(Loss)lrom other activities	40		97,943,411,048	(24,243,879,912)
   (40=31-32)
   15. Accounting profit before tax(50=30+40)		50		517,258,263,997	423,938,440,050
   16. Current corporate income tax expense		51	38	127,400,960,715	141,899,235,288
   17. Deferred corporate tax (income)/expense		52	15	(2,980,186,866)	1,300,723,098

4. Cost of sales

   r

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   (

   Codes Notes Current period

   01 30 3,950,433,125,517

   02 174,773,964

   10 3,950,258,351,553

   11 31 3,159,661,081,411

   Prior period

   4,038,736,552,590

   865,060,470

   4,037,871,492,120

   3,109,664,034,486

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   1. Net profit after corporate income tax

      
      
      

      (60=50-51-52)

      Attributable to:

      
      
      

      • The Company's shareholders

      • Non-controlling interests and Interests of

        
        
        

        partners in Business Cooperation Contract

   2. Basic earnings per share

   
   
   
   
   
   

   60 392,837,490,148

   280,738,481,664

   
   
   
   
   
   

   61	392,550,255,821		296,153,65 7,422
   62	2'7	287,234,327	(1ifi,415,17lfi,7Ifi8)
   70	39	631 488

   iANl MTN OAU tTT:

   
   
   
   
   
   

   Nguyen Xuan Cuong President

   29 August2026

   Nguyen Ngoc Truong Chief Accountant

   Tran Kim Hoang Preparer

   The accompanying notes are an integral part of these interim VND-converted consolidated f'inancia/ statements

   
   
   

   PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION FORN B 03a-DN/HN

   4t' Floor, Sailing Tower, 111A Pasteur, Sai Gon Ward Issued under Circular No. 202/2014/TT-BTC

   
   
   

   Ho Chi Minh City, Vietnam dated 22 December 2014 of the Ministry of Finance

   
   
   

   INTERII'4 CONSOLIDATED CASH FLOW STATEMENT

   
   
   

   ror the 6-month period ended 30 June 2025

   Unit: VND

   
   
   

   ITEMS

   1. CASH FLOWS FROM OPERATING ACTIVITIES

      
      
      

   2. Adjustments Tar:

      Depreciation and amortisation of fixed assets
      
      

      Provisions

      Foreign exchange (gain)/loss arising from translating foreign currency monetary items
      
      

      Codes Current period

      OF 57 7,258,263,997

      02 394,706,260,503

      03 (50,001,601,663)

      04 (14,902,209,680)

      Prior period

      423,938,440, 050

      432,547,048,398

      26,321,238,378

      
      
      

      62,636,642,814

      
      
      

      Gain from investing activities 05 (110,220,720,865)

      Jnterest expense 06 98,460,871,557

      Other adjustments 07 12,310,124,490
      
      

   3. Operac/ngprof'/t before movements in working capital 08 847,610,988,339

   Changes in receivables 09 (616,398,259,429)
   
   

   Changes in inventories 10 (180,139,208,408)

   Changes in payables 11 197,778,625,272
   
   

   Changes in prepaid expenses 12 (51,154,747,626)

   Interest paid 14 (31,628,756,521)
   
   
   
   
   

   Corporate income tax paid 15 (86,235,774,569)

   Other cash outflows 17 (65,601,045,188)

   Net oash generated 6y operating activities 20 14,231,821,870

   (19,328,201,958)

   138,628,100,802

   
   
   

   4,215,962,785

   1,068,959,231,269

   (978,689,449,890)

   (49,414,477,674)

   582,479,324,106

   39,201,613,632

   (13,097,290,374)

   (100,603,796,460)

   (63,329,434,050) 485,505,720,5E9

   
   
   

   II. CASH FLOWS FROM INVESTING ACTIVITIES

   
   
   

   1. Acquisition and construction of fixed assets and other long-term assets

      21 (454,793,406,487)

      (72,122,841,204)

   2. Proceeds from sale, disposal of fixed assets 22 32,521,425

   3. Cash outflow for buying debt instruments of other entities 23 (754,524,390,000)

      2,895,148,278

      (497,996,010,600)

      
      
      

   4. Cash recovered from selling debt instruments of other entities

      
      
      

   5. Interest earned, dividends and profits received

   Net cash used in invest/ng activities

   Ill. CASH FLOWS FRON FINANCING ACTIVITIES

   
   
   

   1. Proceeds from boFrowings

   2. Repayment of borrowings

      Net cash used in financing activities
      
      
      Newtdeorease) /increase in cash (50=20+30+40)
      
      
      Cash and cash equivalents at the beginning of the period
      
      
      
      
      

      Effects of changes in foreign exchange rates reign exchange differences from translation

      
      
      

      q 02 I 9S;t

      24 598,075,561,049

      27 24,944,035,003

      30 (586,265,62'9,010)

      33 484,390,351,909

      34 (496,611,877,917)

      40 (J2,22I,526,008)

      50 (584,255,383, J48)

      60 2,203,268,278,194

      61 2,889,815,565

      62 50,249,377,329

      400,590,077,868

      15,426,973,620

      (1ifi1,206,6S2,038)

      10,904,937, 180

      H

      
      
      

      (202,099,520,160)

      (191,194,562,980)

      143,104,485,541

      2,256,047,157,280

      3,965,782,872

      112,814,191,114

      _Cas ash equivalents at the end of the period 70 1,672.152,087,940

      2,515,931,616,807

      
      
      
      
      
      

      29 August 2025

      Nguyen Ngoc Truong Chief Accountant

      Try inn Hoang

      
      
      

      Preparer

      The accompanying notes are an integral part of these interim VND-converted consoliDatea financial statements

      8

      
      
      PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN
      
      
      

      4" Ftoor, Sailing Tower, 111A Pasteur, Sai Gon Ward Issued under Circular No. 202/2014/TT-BTC Ho Chi Minh City, Vietnam dated 22 December 2014 of the Ministry of Finance

      
      
      NOTES TO THE INTERII'4 VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS

      These notes are an integral part of and should be read in conjunction with tne accompanying interim VND-coverted

      consolidated financial statements

      
      
      GENERAL INFORMATION
      
      
      Structure of ownership
      
      
      

      The Group consists of PetroVietnam Drilling and Well Service Corporation (the "Company") and its 7 subsidiaries and 7 joint ventures.

      
      
      
      
      
      Details of the Group are as follows:

      The Company

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      k

      Petrovietnam Drilling and Well Service Corporation (the "Company") is a joint stock company estaDlished in Vietnam in accordance with the Business Registfation Certificate No. 4103004335 dated 15 February 2006 and other amendments issued by the Department of Planning and Investment ("DPI") of Ho Chi Minh City, Business code No. 0302495126. The Company has established from the equitization ot Petrovietnam Drilling and Well Service Company, a wholly-owned s"ubsidiary of Vietnam National Industry - Energy Group ("Petrovietnam").

      
      
      

      The Company consists of one division and offices in foreign countries.

      
      
      

      These offices were established through the changes of legal form based on the Decisions of the Board of Directors through the termination of the establishment of branches in foreign countries with details as follows:

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      • The Drilling Division was established in accordance with the Resolution of the Company's Board of Directors dated 9 April 2007 and the Decision No. 1249/QD-PVD issued by the President dated 24 May 2007 changing the Drilling Management Committee into the Drilling Division and in accordance with the Business Registration Certificate No. 03024951 26-007 dated 16 March 201 0 replacing the Business Registration Certificate No. 41 13028028 issued by the DPI of Ho Chi Minh City. The Drilling Division's registered office is located at3'° Floor, Sailing Tower, 1 1 1A Pasteur Street, Sai Gon Ward, Ho Chi Minh City, S.R Vietnam. The Division manages and operates 03 offshore drilling rigs: PV DRILLING I, PVD DRILLING II and PV DRILLING III.

        
        
        
        
        
        
        
        
        

      • The Office in Algeria was established in accordance with Decision No. 1857/QO-PVD dated 16 August 2007 issued by the President. The Office at Algeria is located at Cité Si El, Houas, No. 02, Villa No. 101, Hassi Messaoud, Ouargla, Algeria. Algeria Office is directly controlled and managed by the Drilling Division. The Office manages and operates 01 land drilling rig: PV DRILLING 11.

        
        
        
        
        
        
        
        
        

      • The Office in Malaysia was established under Decision No. 224/QD-PVD dated 10 July 2023 issued by the President. The Malaysia Office's registered office is located at 22.03, Level 22, Menara TA One, 22, Jalan P. Ramlee, 50250a Kuala Lumpur, Malaysia.

        
        
        

      • The Office in Brunei was established under Decision No. 226/QD-PVD dated 10 July 2023 issued by the President. The Brunei Office's registered office is located at 6th floor, Building 1, Lot 70321, Jalan Tungku link BE3619, Bandar Sefi Begawan, Brunei Darussalam.

        
        
        
        
        
        

      • The Office in Thaiand was established under Decision No. 225/QD-PVD dated 1 0 July 2023 issued by the President. The Thailand Office's registered office is located at Ceo Suite: Athenee Tower, 23'° floor, 63 Wireless Road, Lumpini, Pathumwan, Bangkok 1 0330 Thailand.

        
        
        
        
        
        

      • The Office in Indonesia was established under Decision No. 227/QD-PVD dated 1 0 July 2023 issued by the President. The Indonesia Office's registered office is located at Prof. Dr. Soepomo No. 231, Crown Palace Blok C-09, Tebet Jakarta Selatan 12870, Provinsi DKI Jakana. Indonesia.

        The numbef ot employees of the Company and its subsidiaries as at 30 June 2025 was 530 and 1,700 respectively (as at 31 December 2024 was: 517 and 1,642).

        r

        PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORI'•I B 09a-DN/HN NOTES TO THE INTERIN VND-CONVERTED CONSOLIDATED FINANCIAL STATEI'4ENTS (Continued)
        
        
        

        The subsidiaries

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

        PVD Offshore Services Company Limited ("PVD Offshore") was established as a limited liability company under the Business Registration Certificate No. 35008031 45 dated 1 September 2009 issued by DPI of Ba Ria - Vung Tau Province and its amendments. PVD Offshore's registered office is located at 43A, 30/4 Street, Rach Dua Ward, No Chi Minh City, S.R. Vietnam. PVD Offshore is principally engaged in providing repair, inspection and maintenance of equipment and facilities of oil and gas industry; drilling manpower suppy service, oil and gas exploitation for domestic and toreign contractor operations; consultant of environmental impact assessment, the rescue plan for oil spills and facilities and activities that have a risk of oil spills.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

        r

        PVD Well Services Company Limited ("PVD Well") was established as a limited liability company under the Business Registration Certificate No. 41 04001468 dated 1 August 2007 issued by DPI of Ho Chi Minh City and its amendments. PVD WeI's registered oftice is located at 4'^ FIOOF, Cantavil Premier Building, 1 Song Hanh Street, Binh Tfung Ward, Ho Chi Minh City, S.R. Vietnam. PVD Well is principally engaged in providing tubulaf services, drilling equipment rental services, well drilling technical services, supplying specialised tools and equipment to serve the well drilling services.

        
        
        
        
        
        
        
        
        

        Petroleum Well Logging Company Limited ("PVD Logging") was established as a limited liability company under the Business Registration Certificate No. 41 04001513 dated 7 August 2007 issued by DPI of Ho Chi Minh City and its amendments. PVD Logging's registered office is located at 4" Floor, PVFCCo Building, 43 Mac Dinh Chi Street, Sai Gon Ward, Ho Chi Minh City, S.R. Vietnam. PVD Logging is principally engaged in providing oil and gas wells geophysical survey service, oil and gas wells testing, reservoir testing, cementing pumps and supply of manpower, tools and equipment for the other related services.

        
        
        
        
        
        
        
        
        
        
        
        

        PVD Trading and Technical Services Joint Stock Company (formerly known as Petroleum Trading and Technical Services Company Limited, "PVD Tech") has changed legal form from a limited liability company to a joint stock company and commenced ils operation as a joint stock company under the Amended Business Registration Certificate No. 03051 24602 dated 25 February 2022 issued by DPI of Ho Chi Dinh City and its amendments. PVD Tech's registered oftice is located at 1 0'hFloor, Phuoc Thanh Building, 1 19 Dien Bien Phu Street, Gia Dinh Ward, Ho Chi Minh City, S.R. Vietnam. PVD Tech is principally engaged in providing materials and equipment for the oil and gas industry and other industries, implementation installation services, repair and maintenance of drilling fig, mending rig, exploiting rig, rental of drilling equipment set (DES).

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

        PVD Technical Training and Certification Joint Stock Company ("PVD Training"), formerly known as Cuu Long Company Limited, is a joint stock company that was established in accordance with Business Registration Certificate No. 3500677518 dated 12 August 2011 issued by DPI of Ba Ria -Vung Tau Province, and its amendments. PVD Training's registered office is located at Dong Xuyen Industrial Zone, 30/4 Street, Rach Dua Ward, Ho Chi Minh City, S.R. Vietnam. PVD Training is principally engaged in providing training, introduction and supply of manpower in the oil and gas industry in domestic and overseas markets; house, office and warehouse leasing.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

        PVD Deepwater Dfllling Compa•v Limited ("PVD Deepwater") was established as a limited liability company under the Business Registfation Certificate No. 0310139354 dated 14 July 2010 issued by DPI of Ho Chi Minh City and its amendments. PVD Deepwater's registered office is located at 3'dFloor, Sailing Tower, 111 A Pasteur Street, Sai Gon Ward, Ho Chi Minh Cily, S.R. Vietnam. PVD Deepwater is pfincipally engaged in providing supporting services in crude oil and natural gas exploitation; supply of deep-water rigs in service search, exploration and exploitation of oil and gas; supply of materials and equipment, machinery for supporting ot oil 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. The Drilling Division is currently managing and operating PV DRILLING V, undef a rig lease contract with PVD Deepwater.

        
        
        

        PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

        
        
        
        
        
        
        
        
        
        
        
        

        PV Drilling Overseas Company Private Limited ("PVD Overseas") was established in Singapore under joint venture contract with Falcon Energy Group Limited and Business Registration No. 201308977C dated 04 Apri 2013. PVD Overseas's registered office is located at at 75 High Street, The Co Building, Singapofe. PVD Overseas is principally engaged in providing investment, drilling fental, supplying drilling service and the services related to exploration and exploitation of oil and gas. The Drilling Division is currently managing and operating PV DRILLING VI, under a rig lease contract with PVD Overseas.

        
        
        
        
        
        

        Detailed information about capital contribution status and investment value in subsidiaries of the Company as at 30 June 2025 and 31 December 2024 are as follows:

        
        
        
        
        
        

        Opening balance

        
        
        
        
        
        

        of ownership Registered Contributedlnvestment interest/voting charter capital charter capito value

        
        
        

        power held

        of

        
        
        
        
        
        
        
        
        
        
        
        

        Registered Contributed Investment onarter capital charter capital value

        
        
        

        Name of

        
        
        

        su boldiariea PVD 0 ffsfiore PVD Welt

        
        
        

        PVD Tech

        PvD Training
        
        
        
        
        

        PVD Deepwater PVD Over*eae

        % (original currency) {original currency) USD

        400 VND 430,000,000,000 VND 480,000,000,000 6,748.980

        J 00 VND 80,090,000.OO0 VN0 8O,900,000.000 4,081,469

        400 VND 80,000,000,000 AND 80.OO0.000,000 4,236.959 t00 VM0 450,000,009,000 AND 450,000,0o0.000 2a ,0e9.060

        SI.8 VND28,958.6y0.000 VND 28,958,67O.000 J ,096,O66

        00 VN0 764,000,000,000 VND 764.000.000,000 39,69Y,090

        BJ .6 USD 66.698.050 USD 66,698.050 54,400,000

        
        
        

        USD

        
        
        
        
        
        
        
        
        

        400 AND 130,000,000, 009 VND 480.000.00 .000 6,748,980

        100 VND 80.000.000,000 ONO 80,000,000.000 4,08 4.469

        no vxoeom omx» v«Osc, omoo, 0 ‹.2zs,xs

        100 AND 450,OO0,0OO,000 AND 450,000.000.000 21.049,06S

        NJ.8 VND28.958,670,000 VND28,9S8.679,000 1,096,066

        100 VND 764,000,000,009 VND 764,000,000,000 39,692.090

        81.6 USD 66,698,050 USD 66.698,050 M,400,000

        131,308,629

        The Jo/nc V'entures

        
        
        

        Details of the Group's joint ventures with the proportion of voting rights held 50% are as follows:

        
        
        
        
        
        
        
        
        
        
        
        

        BJ Services-PV Drilling Joint Venture Company Limited ("BJ-PVD") was established in S.R. Vietnam as a joint venture company under the Investment Certificate No. 492021000003 dated 28 September 2006 issued by the People's Committee of Ba Ria - Vung Tau Province and its amendments. BJ- PVD*s registered office is located at 65A, 30/4 Street, Rach Dua Ward, Ho Chi I 1inh City, S.R. Vietnam. BJ-PVD is principally engaged in providing the entire package of services such as cementing pump, reservoir stimulation, dragging tubular and pumping nitrogen, etc., as wel as technical solutions, labofatory services and chemicals supply. The total charter capital of BJ-PVD is USD 5 million, in which the Group holds 49% of its ownership.

        
        
        
        
        
        
        
        
        

        PV Drilling-Baker Hughes Well Technical Services Joint Venture Company Limited ("PVD-Baker Hughes") was established in S.R. Vietnam under the Investment Certificate No. 411022000556 dated 26 January 2011 issued by the People's Committee of Ho Chi Minh City and its amendments. PVD-

        
        
        
        
        
        

        Bakef Hughes's registered office is located at 5t' Floor, Cantavil An Phu Center, No 1 Song Hanh 4N

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

        Street, Binh Trung Ward, Ho Chi Minh City, S.R. Vietnam. PVD-Baker Hughes is principally engaged in providing directional surveying drilling services, measurement while drilling services, coring sample services, well geophysical survey services, casehead hanging over services, stuck rescue services, artificial reservoir pressure, intelligent well completion services and other mine exploitation technology services. The total charter capital of PVD-Baker Hughes is USD 20 million, equivalent to VND 370,880,000,000, in which the Group holds 51% of its ownership.

        
        
        

        PVD Tubulars Management ("PVD Tubulars") was established in S.R. Vietnam under the Investment Certificate No. 492022000134 dated 7 October 2008 issued by the Board of Management of Ba Ria

        
        
        
        
        
        
        
        
        
        
        
        

      • Vung Tau Industrial Zone and its amendments. PVD Tubulars's registered office is located at Phu My 1 Industrial Zone, Phu My District, Ho Chi Minh City, S.R. Viet Nam. PVD Tubulars is principally engaged in providing products of drilling tube, casing, tubing operators and management service for casing package tor all oil and gas companies which operating in exploration and exploitation on shore, offshore and deep water regions in S.R. Vietnam. The total charter capital of PVD Tubulars is VND 57,995,000,000, equivalent to USD 3.5 million. The Group holds 51% of its ownership.

      r

      I

      PETROVIETNAI•1 DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      Vietubes Company Limited ("Vietubes") was established under the Investment Certificate No. 4920220001 1 1 dated 15 February 1 995 issued by the Board of Management of Industrial Zone of Ba Ria - Vung Tau Province and its amendment. Vietubes registered office is located at Street 1 1, Dong Xuyen Industrial Zone, Rach Dua Ward, Ba Ria - Vung Tau Province, S.R. Vietnam. Vietubes is principally engaged in providing forging, pFocessing, repair, recovery inspection, verification of drilling tube, fabricated connectors, couplings and by-product supporting for drilling operations, oil and gas exploitation; metal processing, including cutting, formatting and stabilizing metal structure; precision mechanical processing for large details on automatic machines. The total charler capital of Vietubes is VND 77,297,205,000, equivalent to USD 3,707,300. The Group holds 51% of its ownership.

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      PV Drilling Expo International Company Limited (formerly known as PV Drilling Production Testers International Company Limited, "PVD-Expro") was established as a joint venture company under the Investment Certificate No. 491022000098 dated 25 April 2008 issued by the People's Committee of Ba Ria - Vung Tau Province and its amendments. PVD-Expro registered office is located at 65A 30/4 Street, Thang Nhat Ward, Vung Tau City, Ba Ria - Vung Tau Province, S.R. Vietnam. The principal activities of PVD - Expro include providing drilling well reservoir testing service, mining equipment leasing, manpower supplying in operation field of itselt with skilled engineers, workers experienced in wofking for foreign contractors. The total charter capital of PVD-Expro is USD 6,371,352. The Group holds 51% of its ownership.

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      PVD Tech-Oil State Industries Joint Venture Company Limited ("PVD-OSI") was established in S.R.Vietnam as a joint venture company under the Investment Certificate No. 492022000217 dated 24 November 2011 issued by the Board of Management of Industrial Zone of Ba Ria - Vung Tau Province. PVD-OSI registered office is located at Street 11, Phu My Industrial Zone, Tan Thanh District, Ba Ria - Vung Tau Province, S.R. Vietnam. The principal activities of PVD - OSI include producing, manufacturing, forging, lathing tube connectors and components, spare parts in exploratory drilling sector and oil and gas industry; and providing repair, maintenance tube connectors services in exploratory drilling and oil and gas exploitation. The total charter capital of PVD - OSI is VND 105,000,000,000, equivalent to USD 5 million. The Group holds 51% of its ownership.

      
      
      
      
      
      
      
      
      
      
      
      

      Petrovietnam Drilling Indonesia Company Limited (international trade name: PT. Petrovietnam Drilling Indonesia, abbreviated as "PT PVD Indo") was established in Indonesia under a Joint Venture Agreement dated 09 May 2025 with PT Quest Semesta Raya and Mr. Yosep Arianto. The registered head office of PT PVD Indo is located at ). Prof. Dr. Soepomo No. 231, Crown Palace Blok C-09 Tebet, Jakarta Selatan, Indonesia 12870. The principal activity of PT PVD Indo is to provide drilling services and well engineering services to oil and gas companies in Indonesia. The charter capital of PT PVD Indo is USD 700,000, of which the Company contributes 40%. The Company completed the remittance of its offshore capital contribution to PT. Petrovietnam Drilling Indonesia on 15 August 2025.

      
      
      Principal activities
      
      
      
      
      
      
      
      
      

      The Group is principally engaged in providing drilling service, well service, wire line logging service, oil spill control service, drilling rig and equipment, manpower supply service for drilling rig, investment- management project consulting service, management consulting service, and other related services in the oil and gas industry.

      
      
      Normal production and business cycle
      
      
      

      The Group's normal production and business cycle is carried out for a time period of J2 months or less.

      
      
      Disclosure ot information comparability in the interim VND-converted consolidated financial statements
      
      
      

      The comparative figures of the interim VND-converted consolidated balance sheet are the figures of the Group's audited VND-converted consolidated financial statements for the year ended 31 December 2024 (the "Opening balance"). The comparative figures of the interim VND-converted consolidated income statement and interim VND-converted consolidated cash flow statement are the figures of the reviewed interim VND-converted consolidated financial statements for the 6-month pefiod ended 30 June 2024 (the "Prior period").

      
      
      PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORN B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
      
      
      2. ACCOUNTING CONVENTION AND FINANCIAL YEAR
      
      
      
      
      
      Accounting convention
      
      
      
      
      
      
      
      
      

      The Group uses United States Dolar (USD) as currency unit. The Board otManagement believes that the use of United States Dollar (USD) as currency unit is necessary in order to reflect the economic substance of the underlying events and circumstances relevant to the Group's business operations. Pursuant to prevailing accounting regulations in Vietnam, the Group convefted its audited VND-converted consolidated financial statements for the 6 month period ended 30 June 2025 prepared in United States Dollar (USD) into Vietnam Dong(VND) based on the following principles:

      
      
      
      
      
      
      
      
      

      Assets and liabilities are translated into Vietnam Dong at the actual exchange rate as at 30 June 2025 of 25,940 VND/USD (the femittance rate of the Joint Stock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh Branch, where that the Company has frequent transactions during the period of reporting); '

      
      
      
      
      
      

      • Equity items (including owners' contributed capital, share premium and treasury shares) are translated into Vietnam Dong at the actual transaction rates at the date of capital contribution or buy-baCk DItreasury shafes;

        
        
        

      • Exchange differences are translated into Vietnam Dong at the actual transaction rates at the revaluation date;

        
        
        
        
        
        

        Retained earnings, funds appropriated ffom retained earnings arising after the investment date are translated into Vietnam Dong based on the interim consolidated income statement items;

        
        
        
        
        
        
        
        
        

      • Items of interim income statements and interim cash flow statements are converted into vietnam Dong at the actual exchange rate at the time of the transaction. In case the average exchange rates of the accounting period is appfoximate the actual rate at the time of the transaction. Accordingy, consolidated income statement and consolidated cash flow statement are converted into VND at tne average exchange rate during the year of 25,507 VND/USD of Joint Stock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh City Blanch.

      
      
      

      Exchange differences arising on the translation of the interim consolidated financial statements prepared in foreign currency into Vietnam Dong are presented in the "Foreign exchange reserve" item - code 417 under the "Owners' Equity" section on the interim consolidated balance sheet.

      
      
      

      The interim consolidated financial statements are pfepared on the basis of consolidating data from the Company's separate interim financial statements and the interim financial statements of its subsidiaries.

      
      
      
      
      
      

      The accompanying interim VND-converted consolidated financial statements are not intended to present the financial position, financial performance and cash fows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam.

      Financial year/Accounting period

      The Group's financial year begins on 1 January and ends on 31 December. The interim accounting period begins on 1 January and ends on 30 June.

      
      
      
      
      
      PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM I VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
      
      
      

   3. SUNNARY OF SIGNIFICANT ACCOUNTING POLICIES

   
   
   

   The significant accounting policies, which have been adopted by the Group in the preparation of these interim VND-converted consolidated financial statements, are as follows:

   
   
   Accounting estimates
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   The preparation of the interim VND-converted consolidated financial stalements in contormity with Vietnamese Accounting Standards, accounting fegime for enterprises and legal regulations relating to interim VND-converted consolidated financial reporting requires the Board of Management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the interim VND-converted consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although these accounting estimates are based on the Board of Management's best knowledge, actual results may differ from those estimates.

   Basis of eonsotidation
   
   
   
   
   
   

   The interim VND-converted consolidated financial statements incorporate the interim financial statements of the Company and enterprises controlled by the Company(its subsidiafies) up to the VND-converted consolidated balance sheet date of each period. Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities.

   Where necessary, adjustments are made to the financial statements of subsidiaries to bring the

   
   
   accounting policies used in line with those used by the Company.
   
   
   

   lntragroup transactions and balances are eiminated in full on consolidation.

   
   
   
   
   
   

   Non-controlling inteFests consist of the amount of those non-controlling interests at the date of the original business combination (see below) and the non-controlling interests' share of changes in equity since the date of the combination. Losses in subsidiaries are respectively attributed to the non-controllinginterests even if this results in the non-controlling interests having a deficit balance.

   Business combination

   
   
   
   
   
   
   
   
   
   
   
   

   On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the acquiring cost below the fair vaues of the identifiable net assets acquired is credited to profit and loss in the year of acquisition.

   
   
   

   The non-controlling interests are initially measured at the non-controling shareholders' proportion of the net fair value of the assets, liabilities and contingent liabilities Recognised.

   
   
   Investment in Joint venture
   
   
   

   A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control, the strategic financial and operating policy decisions relating to the activities require the unanimous consent of the parties sharing control.

   
   
   

   Where a group entity undertakes its activities under joint venture arrangements directly, the Group's shafe of jointly controlled assets and any liabilities incurfed jointly with other ventures afe recognlsed in the tinancial statements of the relevant entity and classified according to their nature. Liabilities and expenses incurred directly in respect of interests in jointly controlled assets are accounted for on an accrual basis. Income from the sale or use of the Group's share of the output of jointly controlled assets, and its share of joint venture expenses, are recognised when it is probable that the economic benefits associated with the transactions will flow to/from the Group and their amount can be measured reliably.

   
   
   

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

   r Joint venture arrangements that involve the establishment ot a separate entity in which each party

   
   
   

   has an interest are referred to as jointly controlled entities.

   
   
   

   The Group reports its interests in jointly controlled entities using the equity method of accounting.

   
   
   

   Financial instruments

   
   
   

   loitia I recognition

   
   
   

   r

   Financial assets: At the date of initial recognition, financial assets are recognised at cost plus transaction costs that are directly attributable to the acquisition of the financial assets. Financial assets of the Group comprise cash and cash equivalents, held-to-maturity investments, trade and other receivables.

   
   
   

   Financial liabilities: At the date of initial recognition, financial liabilities are recognised at most plus transaction costs that are directly attributable to the issue of the financial liabilities. Financial liabilities of the Group comprise borrowings, trade and other payables and accrued expenses.

   Subsequent measurement after initial recognition

   
   
   

   Currently, there are no requirements fOf the subsequent measurement of the financial instruments aftef initial recognition.

   
   
   

   Cash and cash equivalents

   
   
   
   
   
   

   Cash and cash equivalents comprise cash on hand, demand deposits, cash in transit and short-term, highly liquid investments (not exceeding 3 months) that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

   
   
   

   Held-to-maturity investments

   
   
   

   Held-to-maturity investments comprise investments that the Group has the positive intent or ability to hold to maturity, including term deposits to earn periodic interest.

   
   
   
   
   
   

   Held-to-maturity investments are recognised on a trade date basis and are initially measured at acquisition price plus directly attributable transaction costs. Post-acquisition interest income from held-to-maturity investments is recognised in the interim VND converted consolidated income statement on accrual basis. Pre-acquisition interest is deducted ffom the cost of such investments at the acquisition date.

   
   
   

   Held-to-maturity investments are measured at cost less provision for doubtful debts.

   
   
   

   Provision for doubtful debts relating to held-to-maturity investments is made in accordance with prevailing accounting regulations.

   Receivables
   
   
   

   Receivables represent the amounts recoverable from customers or other debtors and are stated at " book value less provision for doubtful debts.

   Provision for doubtful debts is made for receivables that are overdue tor six months or more oi wfiien

   the debtor is unable to make settlement due to dissolution, in bankruptcy, of Is experiencing similar

   " difficulties and so may be unable to repay the debt.

   
   
   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERII'4 VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
   
   
   Inventories
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   Inventories are stated at the lower of cost and net realisable value. Costs of externaly purchased inventories comprise buying price of inventory and where applicable, purchasing costs that have been incurred in bringing the inventories to their present location and condition. Costs of manufactured inventories comprise direct materials and where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to theif present location and condition. The Group applies perpetual method to account for inventories. Cost is calculated using the weighted average method. Net realizable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distribution.

   
   
   

   r

   The evaluation of necessary provision for inventory obsolescence follows current prevailing accounting 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 interim balance sheet date.

   
   
   Tangible fixed assets and depreciation
   
   
   

   Tangible fixed assets are stated at cost less accumulated depreciation.

   
   
   
   
   
   

   The costs of pufchased tangible fixed assets comprise their purchase prices and any directly attributable costs of bringing the assets to their working condition and location for their intended use.

   
   
   
   
   
   

   The costs of sef-constructed or manufactured assets are the actual construction or manutacturin8 cost plus installation and trial run costs.

   
   
   

   Drilling rigs (machinery and equipment) are depreciated over operating hours of the rigs. equivalent to their useful lives as follows:

   Years

   
   
   

   PV DRILLING I 20

   
   
   

   PV DRILLING II 35

   PV DRILLING III 35

   
   
   

   PV DRILLING V 20

   PV DRILLING VI 35

   
   
   
   
   
   

   Other tangible fixed assets are depreciated using the straight-line method over their useful lives as follows:

   
   
   
   
   
   

   Years

   
   
   
   
   
   

   Buildings and structures Nachinery and equipment- Others Office equipment

   
   
   

   Motor vehicles Other assets

   6 - 50

   5 - 1 0

   3 - 5

   7 - 12

   3 - 7

   
   
   
   
   
   
   
   
   

   Loss or gain resulting from sales and disposals of tangible fixed assets is the difference between the net proceeds from sales or disposals of assets and their carrying amount and is recognised in the interim VND-converted consolidated income statement.

   
   
   

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO TH E INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

   r Leases

   
   
   
   
   
   

   Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases.

   
   
   
   
   
   

   The Group as lessor: Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arFanging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

   
   
   
   
   
   
   
   
   
   
   
   

   The Group as lessee: Rentals payable under operating leases are charged to the consolidated income statement on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term.

   
   
   Intangible assets and amortisation
   
   
   
   
   
   

   r

   Intangible assets represent land use rights, the copyright ot computer software and others. The totdf!' ""' amount is stated at cost less accumulated amortisation. Land use rights with indefinite time are,npft 'I *' amortised. Land use rights with definite time are amortised on a straight-ine basis over term of l , /*:< use rights. Computer softwafe and mother intangible assets are amortised using the straight-finge method over their estimated useful lives from three to five years.

   
   
   Construction in progress
   
   
   
   
   
   
   
   
   

   Properties in the course of construction for production, rental and administrative purposes or for other purposes are carried at cost includes any costs that are necessary to form the asset including construction cost, equipment cost, other directly attributable costs in accordance with the Company's accounting policy. Such costs willbe included in the estimated costs of the tixed assets (if settled costs have not been approved) when they are put into use.

   
   
   Prepayments
   
   
   
   
   
   

   Prepayments comprise tools, spare parts incurred, insurance incurred and pfepaid expense fof the drilling campaign in Brunei incurred during the year which are expected to provide future economic benefits to the Group.

   
   
   
   
   
   

   Tools, spare parts and insurance incurred have been capitalised as prepayments and allocated to the interim VND-converted consolidated income statement using the straight-line method from one to three years.

   
   
   
   
   
   
   
   
   

   Prepaid expenses for the drilling project in Brunei have been capitalised as prepayments are allocated to the interim VND-conveFted consolidated income statement on a straight-line basis base on over the estimated within 6 years when the drilling campaign commenced in Quarter I, 2022.

   
   
   

   Accrued expenses

   Accrued expenses include accruals for operation of drilling rigs, supply of goods and services and other expenses. Accrued expenses reflect the value of the amounts accrued as production and operating costs but not yet actually paid at the interim balance sheet date.

   
   
   

   Payable provisions are recognised when the Group has a present obligation as a result ot a past event, and it is probable that the Group will be required to settle that obligation. Provisions are

   " measured at the Board of Management's best estimate of the expenditure required to settte the obligation as at the interim balance sheet date.

   
   
   

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORN B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS {Continued)

   
   
   

   r

   The provision for overhaul costs of fixed assets represents the overhaul costs accrued at each period based on the reliable estimated costs to be incurred in accordance with technical requirements otthe Group's drilling rigs. In the accounting period that incurs overhaul cost of fixed assets, if actual cost is higher than estimated amount or vice versa, the different amount is recorded in the interim VND-converted consolidated income statement of that accounting period.

   
   
   

   Revenue recognitions

   r Revenue from the sale of goods is recognised when alt five (5) following conditions are satisfied:

   
   
   

   1. the Group has transferred to the buyer the significant risks and rewards of ownefship of the goods;

      
      
      

   2. the Group retains neithef continuing managerial involvement to the degree usually associated with ownership nof effective control over the goods sold;

      
      
      
      
      
      

   3. the amount of revenue can be measured reliably;

   4. it is probable that the economic benefits associated with the transaction will flow to the Group;

      
      
      

      and '

   5. the costs incurred or to be incurred in respect of the transaction can be measured reliably.

   
   
   
   
   
   
   
   
   

   Revenue of a transaction involving the rendering of services is recognised when the outcome of such transactions can be measufed reliably. Where a transaction involving the rendering of services is attributable to several periods, revenue is recognised in each period by reference to the percentage ot completion of the transaction at the baance sheet date of that period. The outcome of a tFansaction can be measured reliably when all four (4) following conditions are satisfied:

   
   
   

   1. the amount of revenue can be measured reliably;

   2. it is probable that the economic benefits associated with the transaction willflow to the Group;

      
      
      

   3. the percentage of completion of the transaction at the balance sheet date can be measured reliably; and

      
      
      

   4. the costs incurred for the transaction and the costs to complete the tFansaction can be measured reliably.

   
   
   
   
   
   

   Interest income is recorded on accrual basis, by reference to the principal outstanding and at the applicable interest rate.

   
   
   

   Dividend income from investments is recognised when the Group's right to receive payment has been established.

   
   
   Severance allowance payable
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   The severance allowance for employees is accrued at the end of each reporting period for all employees having worked at the Group for full 12 months and above. Working time serving as the basis for calculating severance allowance shall be the total actual working time subtracting the time when the employees have made unemployment insurance contributions as prescribed by law, and the working time when severance allowance has been paid to the employees. The allowance made for each year of service equals to a half of an average monthly salary under the Vietnamese Labour Code, Social Insurance Code and relevant guiding documents. The average monthly salary used for

   
   
   

   calculation of severance allowance shall be adjusted to De the average of the six consecutive

   . HI N

   months nearest to the date ot the interim VND-converted consolidated financial statements at the

   
   
   

   end of each reporting period. The increase or decrease in the accrued amount shall be recorded in thg inteFim VND-converted consolidated income statement.

   
   
   Foreign currencies
   
   
   

   Transactions aFising in currencies other than USD are translated into USD at exchange rates ruing at the transaction date. The balances of monetary items denominated in currencies other than USD as at the balance sheet date are translated into USD at the exchange rates of commercial bank where the Group usually transacts on the same date. Exchange differences arising from the translation of these accounts are recognised in the interim VND-converted consolidated income statement.

   
   
   
   
   
   
   
   
   

   IEM

   r

   PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION FORfd B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEI•1ENTS tC ontinued)

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   For the purpose of presenting interim consolidated financial statements, the assets and liabilities of subsidiaries and overseas offices are translated to reporting currency using exchange rates prevailing as at the balance sheet date. Income and expense items are translated at the average exchange rates for the yeaf, unless exchange rates fluctuate significantly during that year, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising when tFanslating the financial statements of subsidiaries and foreign offices are accumulatively recognised into the equity on the interim VND-converted consolidated balance sheet based on the following principles:

   
   
   

   • Exchange differences allocated for the Group are presented in the "Foreign exchange reserve"

     under the "Owners' Eguity" section on the interim consolidated balance sheei:;

     
     
     
     
     
     

   • Exchange differences allocated for the non-controllingshareholders are presented in the "Non-

   
   
   

   controlling interest".

   
   
   
   
   
   

   Exchange differences will be charged to the interim consolidated income statement once the subsidiaries and overseas offices are disposed.

   
   
   

   Borrowing costs

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   Borrowing costs are recognised in the interim VND-converted consolidated income statement in the period when incurred unless they are capitalised in accordance with Vietnamese Accounting Standard No. 16 "Borrowing costs". Accordingly, Dorrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment ot specific borrowings pending their expenditure on qualifying assets is deducted from the cost of those assets. For specific borrowings for the purpose of construction of fixed assets and investment propefties, borrowing costs are capitalised even when the construction period is under 12 months.

   Taxation

   Income tax expense represents the sum of the tax currently payable and deterred tax.

   
   
   
   
   
   
   
   
   

   The tax currently payable is based on taxable income for the period. Taxable income differs from profit before tax as reported in the interim VND-converted consolidated income statement because it excludes items of income or expense that are taxable or deductible in othef periods (including loss carried forward, if any) and it further excludes items that are non-taxable or non-deductible.

   
   
   
   
   
   
   
   
   

   Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities in the interim VND-convefted consolidated financial statements and the corresponding tax bases used in the computation of taxable income and are accounted for using balance sheet liability method. Deferred tax liabilities are genefally recognised for all temporary differences and deferfed tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.

   
   
   
   
   
   

   Deferred tax is calculated at1he tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deterred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

   Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes governed by the same tax authofity and the Group intends to settle its current tax assets and liabilities on a net basis.

   
   
   

   JANt

   
   
   

   i"O I

   
   
   
   
   
   

   r

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FOR/•1 B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

   
   
   

   The determination of the tax currently payable is based on the current interpretation of tax

   r regulations. However, these regulations are subject to periodic variation and their ultimate

   determination depends on the results of the tax authorities' examinations. Other taxes are paid in

   
   
   

   accordance with the prevailing tax laws in Vietnam.

   
   
   

   Other taxes are paid in accordance with the prevailing tax laws in Vietnam.

   
   
   Profit Distribution and Appropriation of Funds
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   The distribution of profits and appropriation to investment and development fund, bonus and welfare funds, and other funds are carried out in accordance with the Group's intefnal regulations and prevailing laws, following approval by the General Meeting of Shareholders.

   4. CASH AND CASH EQUIVALENTS
   	Cosing baance	Opening balance
   	VND	VND
   Cash on hand	3,788,381,360	7,854,904,323
   Bank demand deposits	1,310,889,962,100	1,887,343,724,826
   Cash equivalents	357,473,744,480	308,069,649,045
   	1,672,152,087,940	2,203,268,278,194

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   Cash equivalents represent time deposits vyith the term of three months or less.

   
   
   
   
   
   

   As at 30 June 2025, the Group has demand deposits with amounts of VND 13,579,559,691 (included USD 488,163 and VND 916,611,471) is a time deposit with a term of less than 3 months kept at Modern Bank ot Vietnam Limited (as at 31 December 2024: VND 13,015,075,987, included USD 488,280 and VND 685,517,707).

   
   
   
5. HELD-TO MATURITY INVESTNENTS
   
   
   

   Closing balance

   
   
   

   VND VND

   Cost carrying amount

   Opening balance

   VND VND

   Cost Carrying amount

   
   
   

   Time deposits 944,255,273,160 944,255,273,160 770,247,363,138 770,247,363,138

   
   
   
   
   
   

   Held-to-maturity investments as at 30 June 2025 represent time deposits by Vietnam Dong at commercial banks which expire in more than 3 months to 12 months and bear changeable interest rates notified by the banks at regular intervals.

   
   
   
   
   
   
   
   
   

   As at 30 June 2025, the Group had over three-month time deposits of VND 120,269,289,772, equivalent to USD 4,636,441 at Modern Bank of Vietnam Limited (as at 31 December 2024: VND 120,269,289,772 , equivalent to USD 4,762,952).

   
   
   

   PETROVIETNAN DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NoTEs To THE INTERIM VND-CONVERTED CONSOLIDAT ED FINANCIAL STATEMENTS (Continued)

   
   
   

6. SHORT-TERM TRADE RECEIVABLES

PT. Jimmulya

Petrovietnam Domestic Exploration Production Operating Company Limited

Petronas Carigali Overseas Sdn.Bhd Brunei Shell Petroleum Company Sdn.Bhd MKN Odyssey Ventures Sdn.Bhd

Others

In which

Related parties (Note 42)

Closing balance

VND

885,229,583,176

430,394,320,602

399,416,860,172

228,321,561,223

168,975,987,460

1,006,355,540,707

3,118,693,853,340

812,933,737,820

Opening balance

VND

458,561,344,d04

397,372,200,960

313,686,567,086

286,987,428,801

387,555,044,554

879,423,631,974

2,723,586,217,779

936,741,472,953

COSt

Closing balance

VND

Provision

Cost

Opening balance

VND

Provision

Total amount of receivables that were overdue for more than 6 months or not yet overdue but difticult to collect:

Destini Oil Services Sdn Bhd

23,261,539,360 (23,261,539,360) 26,431,332,744 (26,431,332,744)

Operating Company Production Corporation

l

PETROVIETNAF1 DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATENENTS (Continued)

1. OTHER RECEIVABLES

   
   
   
   
   
   

   1. Short-term

      
      
      
      
      
      
      
      
      

      Interest income receivables

      Cosing balance

      VND

      15,883,762,380

      Opening balance

      VND

      9,176,263,902

      Receivables from profit distribution of joint ventures (Details stated in Note 42)	60,362,743,160	60,362,742,759
      Receivables from employees	10,829,042,100	509,363,172
      Deposits	57,099,880,260	53,947,296,942
      Advanced payment of withholding tax in
      Maaysia Office	687,895,985,900	513,348,032,310
      Other receivables	155,834,005.260	53,907,955,884
      	987,905,419,060	691,251,654,969

      ' "*e'

      
      
      
      
      
      
      
      
      
      
      
      

   2. Long-term

Deposits

In which:

+ Deposit for contract performance with Pertamina

+ Deposit for contract performance with Pe tronas Carigali Sdn Bhd

+Other deposits

Others

r

Goods on

33,540,420 - 33,457,575

consignment

1,571,853,988,460 (136,553,918,680) 1,351,772,262,165 (135,825,078,498)

During the 6-month period ended 30 June 2025, the Group made additional provision for devaluation of inventories of VND 728,840,182 from a revaluation of current condition and future economic benefits (prior period: additional of VND 3,951,005,475).

" " " J

PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION

NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. INCREASES, DECREASES TANGIBLE FIXED ASSETS

   FORM 8 09a-DN/HN

   Buildings

   and structures

   COST
   Opening balance		481,341,076,758	25,903,415,515,965	97,075,626,177	92,043,253,383	4,505,561,181	26,578,381,033,464
   Additions		444,612,517	117,690,802,913	2,748,200,701	7,701,379,524	1,502,132,737	130,087,128,392
   Transfer from construction progress	n	51,177,295,814	78,025,913				51,255,321,727
   Other increase			156,510,952	47,443,020	2,955,292,034	-	3,159,246,006
   Disposals		(18,882,857,607)	(336,749,561,187)	(362,607,512)	(1,679,023,782)	-	(357,674,050,088)
   Other decrease		(1,112,666,354)	(7,374,379,784)	-	(1,567.124,573)	(1,831,326,079)	(11,885,496,790)
   Foreign exchange differences		9,406,396,432	536,174,602,428	2,169,159,754	1,785,270,454	22,955,001	549,558.384,069
   Closing balance		522,373,857,560	26,213,391,517,200	101,677,822,140	101,239,047,040	4,199,322,840	26,942,881,566,780
   ACCUI'4ULATED DEPRECIATION Opening balance			244,625,653,011	13,473,783,205,044	81,726,477,564	76,383,567,972	1,909,152,357	13,878,428,055,948
   Charge for the period			7,462,531,976	383,071,318,974	3,262,982,975	1,778,705,138	374,391,746	395,949,930,809
   Other increase					47,443,020	2,060,761,544	-	2,108,204,564
   Disposals			(18,457,783,452)	(307,293,950,052)	(315,138,985)	(290,856,321)	-	(326,357,728,810)
   Other decrease			(1,112,666,354)	(8,390,043,017)	(47,443,020)	(2,060,761,544)	(556,996,359)	(12,167,910,294)
   Foreign exchange differences 3,637,223,299			278,845,889,511	1,830,572,026	1,477,668,391	22,975,556	285,814,328,783
   Closing balance 236,154,958,480			13,820,016,420,460	86,504,893,580	79,349,085,180	1,749,523,300	14,223,774,881,000

   VND

   Nachinery

   and equipment

   VND

   Office equipment Motor vehicles

   VND VND

   Others

   VND

   Total

   VND

   
   
   
   
   
   
   
   
   

   NET BOOK VALUE

   Opening balance

   Ctosing balance

   236,715,423,747

   286,218,899,080

   12,429,632,310,921

   12,393,375,096,740

   15,349,148,613 15,659,685,411

   15,172,928,560 21,889,961,860

   2,596,408,824 12,699,952,977,516

   2,449,799,540 12,719,106,685,780

   As stated in Note 21 and 23, the Group has pledged some° tangible fixed assets which are drilling rigs - PV D Drilling V and PV D Drilling VI, some machineries and other equipments with the carrying amount of VND 6,793,093,997,320 as at 30 June 2025 (as at 31 December 2024: VND 6,838,964,123,838) as cotaterats for the Group's loans.

   
   
   

   The Group has a fixed asset is the original drilling equipment set of the drilling rig PV Driling V that had been dismantled completely since 31 December 2020 and temporarily out of use with the carrying amount of VND 263,072,896,924 as at 30 June 2025 (31 December 2024: VND 286,988,614,828). As at 30 June 2025, the Group is seeking for new drilling contracts to use the existing drilling equipment set.

   TNHI LAN 7'Ig

   23

   
   
   
   
   
   

   PETROVIETNAI'4 DRILLING AND WELL SERVICE CORPORATION FORPI B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEPIENTS (Continued)

   
   
   
   
   
   

   The cost of the Group's tangible fixed assets which have been fully depreciated but are still in use at 30 June 2025 is VND 1,986,735,780,400 (as at 31 December 2024: VND 2,211,420,945,503).

   
   
   

   Depreciation charged for the period included VND 6,947,041,531 of depreciation of fixed assets constructed and purchased by Scientific and Technological Development Fund for the purpose of scientific and technological developmental researches (prior period: VND 8,145,217,334).

   
   
   
   
   
   

   Foreign exchange differences resulted from the translation of the subsidiaries and the Algeria Office's financial statements from historical cost of assets expressed in Vietnam Dong("VND") and Algerian Dinar ("DzD") into United States Dollar ("USD") and translation of the Group's consolidated financial statements from USD to VND.

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

2. INCREASES, DECREASES IN INTANGIBLE FIXED ASSETS

   	Land use rights	Computer software	Others	Total
   GOST	VND	VND	VND	VND
   Opening balance	209,812,553,829	132,220,270,989	-	342,032,824,818
   Addition	-	804,133,682	39,306,287	843,439,969
   Other decrease	-	(543,375,621)		(543,375,621)
   Foreign exchange differences	4,217,997,071	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
   ACCUI'4ULATED AI'4ORTISATION
   Opening balance	57,806,230,515	123,252,226,833	-	181,058,457,348
   Charge for the perlod	1,982,888,673	3,957,130,473	1,377,378	5,941,396,524
   Other decrease	-	(543,375,621)	-	(543,375,621)
   Foreign exchange differences	1,214,808,892	2,921,049,61d	23,382	4,135,881,889
   Closing balance	61,003,928,080	129,587,031,300	1,400,760	190,592,360,140

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   NET BOOK VALUE

   
   
   

   Opening balance Closing balance

   152,006,323,314 8,968,044,156

   153,026,622,820 5,966,303,760

   - 160,974,367,470

   38,572,780 159,031,499,360

   
   
   
   
   
   

   Foreign exchange differences resulted from the translation of the subsidiaries and the Algeria Office's financial statements from historical cost of assets expressed in Vietnam Dong("VND") and Algerian Dinar ("DZD") into United States Dollar ("USD") and translation ot the Group's consolidated financial statements from USD to VND.

   
   
   

   As at 30 June 2025, the cost of the Group's intangible fixed assets, which have been fully amortised but are still in use is VND 98,058,652,847 (as at 31 December 2024: VND 95,299,221,094).

   
   
   

3. CONSTRUCTION IN PROGRESS

   
   
   
   
   
   
   
   
   

   PV Drilling VIII (*)

   
   
   

   Other construction works

   Closing balance

   VND

   1,521,298,017,940

   16,006,484,520

   1,537,304,502,460

   Opening balance

   
   
   

   VND

   1,165,039,223,340

   57,308,558,556

   1,222,347,781,896

   (") The Group has completed the acquisition ot the PV Drilling VIII jack-up rig with a total investment value of USD 81,000,000, as approved by the Board of Directors under Resolution No. 07/11/2024/NQ-BOD dated 15 November 2024. As of the date of this interim VND-converted consolidated financial statements, the PV Drilling VIII rig has completed its reactivation process, is ready for acceptance, and is expected to commence operations in September 2025.

   
   
   

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEt•'IENTS (Continued)

   
   
   

4. INVESTf'4ENTS IN JOINT VENTURES

   
   
   

   Summarised financial information of the Group's joint ventures is as follows:

   
   
   

   Name of joint Registered Ownership Contributed Cost of investment

   	USD	%	USD	VND	VND
   BJ-PVD	5,000,000	49	2,450,000	48,039,113,955	48,039,113,955
   PVD-Expro	6,371,352	51	3,249,390	59,528,570,997	59,528,570,997
   PVD Tubulafs	3,500,000	51	1,785,000	30,515,952,000	30,515,952,000
   PVD-Baker Hughes	20,000,000	51	10, 200,000	21 1, 753,000,000	21 1, 753,000,000
   Vietubes	3,707,300	51	1,890,723	86,637,631,068	86,637,631,068
   PVD-OSI	5,000,000	51	2,550,000	53,111,400,000	53,111,400,000

   ventures charter capital proportion charter capital Closing balance Opening balance

   
   
   

   r

   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   The value ot the investment in joint ventures using the equity method of accounting as at balance sheet date was as follows:

   	Closing balance	Opening balance	-
   	VND	VND
   BJ-PVD	99,588,796,120	96,249,186,198
   PVD-Expro	82,989,893,880	74,017,195,758
   PVD Tubulars	61,293,600,060	60,947,530,668
   PVD-Baker Hughes	337,880,406,460	293,287,486,386
   Vietubes	105,321,925,220	102,792,124,314
   PVD-OSI	56,255,351,680	54,091,050,885
   	743,329,973,420	681,384,574,209

   
   
   
   
   
   
   
   
   
   
   
   

   The movement of Group's share in joint ventures' profit and investment value during the period was

   as follows:

   
   
   
   
   
   

   Opening

   balance

   
   
   

   VND

   
   
   

   BJ-PVD 96,249,186,198

   PVD-Expro 74,017,195,758

   
   
   
   
   
   

   60,947,530,668 (1,294,964,883)	-	1,641,034,275	61,293,600.060
   293,287,486,386 35,979,485,51 1	(60,362,730,078)	68,976, 164,641	337,880,406,460

   PVD TubulgfS PVD-Baker Hughes

   Foreign exchange

   Shared differences

   profit/(loss) Declared profit from translation VND VND VND

   701,442,500 - 2,638,167,422

   8,972,724,925 - (26,803)

   Closing

   balance

   VNO

   99,588,796, 1 20

   82,989,893,880

   vietubes	102,792,124,314	23,466,440	-	2,506,334,466	105,321,925,220
   PVD-OSI	54,091,050,885	2,164,345,471	-	(44,676)	56,255,351,680

   
   
   

   681,384,574,209 46,546,499,964 (60,362,730,078) 75,761,629,325 743,329,973,420

   The Group has not assessed fair value of the investments in joint ventures as at the balance sheet date due to no specific guidance on determination of fair value.

   
   
   

   According to the Resoution No. 01/08/201 8/NQ-HOQT dated 06 August 2018 and the Resolution No. 05/12/2018/NQ-HOQT dated 28 December 2018, the Board of Directors has approved the restfucturing plans of BJ-PVD Joint Venture. Accordingly, BJ-PVD would be dissolved upon the expiry of the joint venture contract. As at the date of the interim VND-converted consolidated financial statements, BJ-PVD is conducting the dissolution procedures.

   The significant transactions and balances between the Group and its joint ventures are represented in Note 42.

   
   
   

   PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN

   NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS tContinued)

   
   
   
5. LONG-TERN PREPAYMENTS
   
   
   

   Closing balance

   
   
   

   VND

   
   
   

   Prepaid expenses for drilling campaign in Brunei (*) 292,562,785,480

   Others 193,761,268,360

   
   
   

   486,324,053,840

   Opening balance

   VND

   339,772,279,545

   147,255,953, 688

   487,028,233,233

   
   
   
   
   
   

   (*) Prepaid expenses for the drilling campaign in Brunei were related to reactivation and preparation works of the drilling rig PV Drilling V to serve the drilling campaign of Brunei Shell Petroleum Company Sdn Bhd ("BSP"), commenced from January 2022.

   
   
   

6. DEFERRED TAX ASSETS

   
   
   
   
   
   
   
   
   

   Deferred tax assets as at 30 June 2025 were derived from the temporary differences which were depreciation, accrued expenses, other provisions and unrealised foreign exchange differences from revaluation of cash and receivables.

   
   
   
   
   
   
   
   
   
   
   
   

   Prior year's opening balance Charge to the interim consolidated income statement for the year

   Foreign exchange difterences

   Depreciation,

   accrued expenses

   and other provisions

   VND

   216,182,919, 680

   33,367,91 2,119

   10,669,510,549

   Unrealised foreign exchange

   differences

   VND

   3,418,131,920

   (2,783,089,506)

   132,890,998

   Total

   VND

   219,601,051,600

   30,584,822,613

   10,802,401,547

   
   
   

   fFom translation

   
   
   

   Current period's opening balance

   
   
   
   
   
   

   Credit to the interim consolidated income statement for the period Foreign exchange differences from translation

   
   
   

   Current period's closing balance

   260,220,342,348

   767,933,412

   260,988,275,760

   
   
   

   2,483,820,646	496,366,220	2,980,186,866
   6,939,802,406	22,350,308	6,962,152,71 4
   269,643,965,400	1,286,649,940	270,930,615,340

   	Closing balance		Opening balance
   	VND		VND
   Amount	Amount able to be paid out	Amount	Amount able to be paid off
   61,719,248,742	61,719,248,742	169,118,825,010	169,118,825,010
   1 21,91 1,364,029	121,91 1,364,029	132,344,zI45,307	132,344,445,307
   153,442,181, 620	153,442,181,620	45,922,554,393	45,922,554,393

7. SHORT-TERN TRADE PAYABLES

Baker Hughes Energy Technology UK Ltd Borr Jack-up XXXII INC

Payables trom

related parties (Note

42)

Others 1,309,914,432,629 1,309,914,432,629 825,253,469,861 825,253,469,861

1,646,987,227,020 1,646,987,227,0201,172,639,294,5711,172,639,294,571

'M TO

ITR

r

PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FOR/1 B 09a-DN/HN

NQTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

18. TAXES AND OTHER RECEIVABLES FROI'1/PAYABLES TO STATE BUDGET

Obligations to the State budget during the period of the Group are as follows:

Opening

Foreign exchange

Closing

balance Additions Paid difterences balance

VND

VND

VND VND

VND

150,640,093,720 420,199,486,723 431,887,967,445 1,963,299,422 145,914,912,420

In which:

tax receivables

from the State (4,404,102,663)

dUdget

Tax payables

(1,616,295,460)

to the State

7 60,044,196,383

1d 7,531,20 7,880

budget

(*) During the first 6 months of 2025, PVD Tech incurred a cofporate income tax liability related to opeating leasing of machinery and equipment Drilling Equipment Set(DES) with the amount of VND 5,843,764,146(prior period: VND 5,561,769,643). This amount is paid in Biunei and credited against the tax payable in Vietnam under Double Taxation Avoidance agreement between Vietnam and Brunei.

During the first 6 months of 2025, the Company incurred corporate income tax obligations related to the drilling service of the PV Drilling II rig and PV Drilling rig III, amounting to VND 21,695,667,539 (prior period: 12,577,907,424). This tax has been paid in Indonesia and credited against the tax payable in Vietnam under the Double Taxation Avoidance Agreement between Vietnam and Indonesia.

PETROVIETNAM DRILLING AND WELL SERVICE CORPORATION FORM B 09a-DN/HN NOTES TO THE INTERIM VND-CONVERTED CONSOLIDATED FINANCIAL"STATENENTS (Continued)

19.

r

Accrued interest expenses

1. OTHER PAYABLES

   30,628,992,220 29,815,446,513

   
   
   

   30,628,992,220 29,815,446,513

   
   
   

   Closing balance

   VND

   Opening balance

   VND

   
   
   
   
   
   

   a. Short-term

   Profit shared to partners in Business Cooperation Contract ("BCC")	192,631,788,880	183,751,476,498
   Short-term deposits received	778,200,000	112,467,954,000
   Other payables	76,912,203,760	84,853,687,659
   	270,322,192,640	381,073,118,157
   b. Long-term

   
   
   
   
   
   
   
   
   

   The contributed capital of the parties under Business

   473,587,384,140

   474,522,246,216

   Cooperation Contract ("BCC")

   
   
   
   
   
   

2. SHORT-TERI"I LOANS

473,587,384,140

474,522,246,216

Opening balance

VND

VND

In the year

VND

VND

Foreign exchange

Closing baance

VND

Amount

Increases

Decreases differences

Amount

Short-term loans 9,058,493,238 484,390,351,909 (206,500,284,796) 1,059,161,129 288,007,721,480

Current portion of

long-term loans 498,240,258,006 141,208,869,081 (290,111,593,121) 8,353,717,414 357,691,251,380

(Note 23) 507,298,751,244 625,599,220,990 (496,611,877,917) "9,412,878,543 645,698,972,860,