Petrovietnam Drilling & Well Services JscHOSE: PVD

Separate 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 SEPARATE 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 17th admendment

dated 26 September 2022 issued by the Department of Planning and Investment ('UPS') of Ho Chi Mirth City

Board of Directors

Board of iVfanagement

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 Juan 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. Dinh Quang Nhut Mr. Nguyen Dinh Duong

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

Saigon Ward, Ho Chi Minh City,

S.R Vietnam.

Chairman Member Member Member Member Member

Membet

Member Member

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

(resigned on 23rd April 2025) (resigned or 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 Petrovietriam Drilling And Well Services Corporation

4th Floor, Sailing Tower, 111A Pasteur Street, Sais • Ward, HCMC

Form B 01 -DN

(Iss'ued under Circular 20012014fTf-BTC dated 227I2?2019 of the !tfinismy of Finonce)

SEPARATE BALANCE SHEET

As at 30/6/2025

TTEMS

Codes

Notes

Closing balance

Opening balance

A - CURRENT ASSETS

100

6,634,312,793,020

6,1T0,972,743,638

I. Cash «»a ash equivalents

110

1,356,848,352,960

1,886,098,3d5,506

1. Cash

111

V.01

1,069,374,606,380

1,616,028,699,102

2. Cash equivalents

Tl2

287,473,746,580

270,069,646,404

II. Short-term financial investments

120

V.02

835,042,036,660

604,794,124,794

1. Short-term held to maturity investments

123

835,042,036,660

604,794,124,794

m. Short-term receivables

130

3,409,761,405,340

2,587,511,836,158

1. Short-term receivables from customers

l3 I

v.o3

2,271,216,855,120

1,803,715,619,703

2. Short-term advances to suppliers

132

167,938,413,400

102,545,977,566

3. Other short-term receivables

136

V 04

1,004,584,501,840

7 I 1,402,761,001

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

137

V.05

(33,978,365,020)

(30,152,522,112)

lV. Inventories

t40

861,233,569 20

933,073,083,426

1. Inventories

141

V.06

915,040,062,820

985,450,601,451

2. Provision for inventories (*)

149

(53,806,693,500)

(52,377,518,025)

V. Other short-term assets

150

171,d27,628,740

99,495 53,754

1. Short-term prepayments

151

V.10

22,425,078,120

5,354,449,299

2. Deductible value added tax

152

149,002,550,620

94,140,904,455

B - NON-CURRENT ASSETS

200

11,726,263,976,820

11,429 76,694,656

1- Lonp•-term receivables

210

313,539,735,860

362,817,83t,95d

1. Other long-term receivables

216

V.04

313,639,735,860

362,817,831,954

n. rt«a assets

220

5,831,551,011,160

5,833,433,295,912

1. Tangible fixed assets

221

V.08

5,713,891,788,480

5,715,949,205,511

- Cost

222

14,784,466,580,240

14,640,407,155,893

- Accumulated depreciation (*)

223

(9,070,574,791,760)

(8,924,457,950,382)

2. Intangible fixed assets

227

V.09

117,659,222,680

117,484,090,401

- Cost

228

274,728,490,740

266,821,155,756

- Accumulated depreciation (*)

229

(157,069,268,060)

(149,337,065,355)

m. I.ong-term assets in progress

t,535,558,532,9d0

1,193,458,870 26

1. Construction in progress

1,535,558,532,940

1,193,458,870,326

IV. Long-term financial investments

250

V.02

3,475,161,696,500

3,449,878,634,946

1. Investments in subsidiaries

251

3,390,448,141,500

3,300,393,447,225

2. Investments in joint ventures and associates

252

467,606,009,240

455,185,787,946

3. Provision for long-term financial investments (*)

254

(382,892,454,240)

(305,700,600,225)

V. Other non-current assets

260

570,353,000,360

589,788,061,518

1. Long-term prepayments

261

* i 0

555,783,384,320

575,605,433,352

2. Deferred tax assets

262

V.17

14,569,6t6,040

14,182,628,166

TOTAL ASSETS (170 = 100 + 200)

270

l8@60,576,769840

17,540,349,438,294

tTEMS	Codes	Notes	Closing balance	Opening balance
C - LIABILITIES	300		2,534,930,780,880	2,309,612,612,184
I. Current liabilities	310		2,286,059,100,560	2,064,669,478,350
1. Short-term payables to suppliers	3 I I	v.Iz	1,433,137,711,380	1,277,666,359,644
2. Short-term advance from customers	3 I2		8,819,600,000	I I, I 10,440,000
3. Taxes and amounts payable to the State budget	313	V.13	73,710,740,840	73,784,917,264
4. Payables to employees	314		35,157,675,240	74,892,849,936
5. Short-term accrued expenses	315	V.14	' 288,361,517,140	234,762,435,654
6. Other short-term payables	3 l9	v.15	51,706,980,200	155,449,574,925
7. Short-term loans and finance leases	320	V.11	209,925,675,600
8. Provision for current liabilities	321	V.16	97,689,080,220	140,744,478,318
9. Bonus and welfare funds	322		87,550,119,940	94,258,422,609
II. Non-current liabilities	330		248,871,680,320	244,943,133,834
1. Provision for non-current liabilities	342	v. I6	228,973,33 9,780	222,891,5 I 1,287
2. Scientific and technological fund	343		19,898,340,540	22,051,622,547
D - OWNER'S EQUITY (400 = 410 + 430)	400		15,825,645,988,960	15,230,736,826,110
I. Shareholders' equity	410	V.I8	15,825,645,988,960	15,230,736,826,110
1. Contributions from owners	41 I		5,562,960,060,000	5,562,960,060,000
- Ordinary shares with voting right	4 I la		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. I9	3,520,986,259,158	3,118,279,151,677
5. Investment and development fund	418		3,585,409,146,419	3,520,452,178,488
6. Retained earnings	421		743,152,708,570	615,907,621,132
- Accumulated by the end of the previous period	421a		615,907,621,132	263,341, 120,911
- Retained earnings of current period	421b		127,245,087,438	352,566,500,221
TOTAL RESOURCES (440 = 300 + 400)	440		18,360,576,769,840	17,540,349,438,294

Preparer Chiet Accountant

Nguyen Ngoc Truong

Vietnam National Piduscy - Energy Group Peirovielnam Drillinq And W‹• Services Corporation

4th Ploor, Sailing Tower, 1 1 I A Pastcur Street, Saigon Ward. HCMC

SEPARATE INCOME STATEMENT

Quarter 27202J

ITEMS

Quarter 2

Axumualed

Current yes r

Prior year

Curenlyear

Prior yes r

1. Gross revenue from goods sold and services rendered

VLl

I ,568,478,612,09d

1,703,648,801,994

2,599,314,760,566

3,017,751,700,026

2. Deductions

3. Net revcnue tron goods sold and services rendered

I,568,478,6 12,095

1,703,648,801,994

2,599,314.760,566

3,017,751,700,026

I I

VU,7

1,3f4,882,101,350

1,447,88 I ,683,040

2,218,347,l31,417

2,455,313, l53,952

S. Gross profit from goods sold and ser-vices rendered

2 Z3,596,5t0,745

255,767,1.18,954

38£1,967,62g,1d9

562,438,546,074

6. financial income

VI 3

63,659,707,418

50,206,713,102

I53,913,625,204

83,634,893,100

7. Financial expenses

VL4

44,584,501,524

42,232,135,764

f30,132,989,978

80,565,445, 104

- /n wfiicâ.' /n/erest expense

673,333,786

9. Sefling expenses

VZ.6,y

3,613,908,28 I

1,43 T,96 I ,d98

7,495,02y,g94

2,199,261,792

10. General and adminisuztion expenses

VL6,7

I 25,492,501,468

97,366,412,580

187,463,5 j 7,95 I

173,280,117,888

11. 0 pera ting profit7{Loss)

T03,565,306,890

64,943/22,014

209,789,78,530

390,028,614J90

12. Other income

Vk5

57,6l7,813,314

4,94 8,759,98b

170,676,978,646

5,627,51 1,168

13. Other expenses

(56b,J10,470)

7,434,419,070

80,710,346,20 l

7,349,287,314

14. {Loss)fProfit trom other activities

58,184,323,784

(2,485,659,084)

89,966,632,445

(1,721,776,146)

15. Accounting profit before tax

161,749,630,674

162,457,662,930

299,Y56,350,975

388J06,8O8,244

16. Current corporate income tax expense

48,179,713, I74

f0,884,399,518

83,233,065,022

96,297,585,612

t7. Deferred corporate tan expensed(income)

(192,995,028)

18. Net profit7(I ,ops) after corporate income tax

113,569,917, 100

I 11,766,2S8,440

216,S23,285, g53

292,202,247,660

30 July 2025

& CEO

Chief Accountant

Tran Kim Hoang

Nguyen Ngoc Truong

Nguyen Zula C1f'dng

Vietnam National Industry - Energy Group

Petrovietnam Drilling And Well Services Corporation

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

Form B 03 - DR

(Issued ynder Cireu far 200/2014f1f-BTC .

dored 22712/2014 o/fee fiinisry o/firi‹ance9

SEPARATE CASH FLOW STATEMENT

(Indirect method)

Quarter 2/2025

Unit: VND

ITEMS

Codes

Notes

Accumulated

Current year

Prior year

I. CASH FLOWS FROM OPERATINC• ACTIVITIES

I. Profit before tax

299,7S6,350,97S

388,306,838,244

2. Adjustments for:

9,307,453,286

205,180,210,104

- Depreciation and amortization

225,682,645,597

212,108,023,416

- Provisions

24,541,228,459

5,834,521,488

- Unrealized foreign exchange

(13,928,530,969)

49,233,269,358

- Gains from investing activities

(227,661,223,587)

(61,995,604,158)

- Interest expense

673,333,786

3. Operating profit before movements in working capital

309,063,804,261

593,487,048,348

- Changes in account receivables

(638,193,761,366)

(748,548,103,782)

- Changes in inventories

95,675,430,636

5,400,418,866

- Changes in account payables (excluding interest payables,

corporate income tax payables)

(157,377,849)

488,117,210,700

- Changes in prepaid expenses

l8,292,982,725

69,926,476,566

- Corporate income tax paid

(64,200,965,958)

(84,994,104,042)

- Other cash outflows

(33,627,025,915)

(36,455,235,450)

NET CASH (OPERATED BYZ(USED IN) OPERATHE

ACTIMTIES

(313,646,417,047)

286,933,711,206

II. CASH FLOWS FROM INVESTING ACTIVITIES

- Acquisition of fixed assets and other non-current assets

(405,127,017,818)

(9,38l,925,608)

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

112,842,968,000

672,436,872

- Cash outflow for buying debt instruments of other companies

(749,524,390,000)

(471,596,012,486)

- Cash recovered from lending, selling debt instruments of other

519,276,478,134

328,339,330,829

- Interest, dividends and profits received

4l,979,701,177

13,424,272,584

SET CASH(USED IN)/GENERATED BY TMVESTING

ACTIMTIES

(480,552,260,507)

(138,541,897,809)

ITEMS	Codes	Notes	Accumulated
ITEMS	Codes	Notes	Current year	Prior year
IH. CASH FLOWS FROM FINANCING ACTIVITIES
1. Proceeds from borrowings	33		290,851,500,518	-
2. Repayments of borrowings	34		(82,195,338,234)
NOT CASH USED IN FINANCING ACTIVITIES	40		208,656,162,284	-
NET INCREASE IN CASH AND CASH EQUIVALENTS	50		(58S,542,5J S,2TO)	148,391,813,397
Cash and cash equivalents at the beginning of the year	60		I,886,098,34S,S06	1,932,023,113,440
Effect of changes in foreign exchange rates	61		1,827,933,648	3,137,716,830
Forreign exchange differences in translation	61		54,464,589,076	114,801,386,632
Cash and cash equivalents at the end of the year	70		1,356,848,352,960	2,198,354,030,299

Preparer

Tran Kim Hoang

Chief Accountant

Nguyen Ngoc Truon

C, 30 July 2025

'**z

_I' id t & CEO

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

4th Floor, Sailing Tower, 111A Pasteur Street, Saigon Ward, HCMC

NOTES TO THE SEPARATED FINANCIAL STATEMENTS

For the period ended As at 30/6/2025

CI-LARACTERISTICS OF OPERATIONS OF THE SUBSIDIARIES WITBJ THE CO3D•ANY

Ownership structure The Company
Petrovietnam Drilling and Well Services Corporation (the "Company") is a joint stock company established in Vietnam in accordance with the Business Registration Certificate No. 4103004335 dated 15 February 2006 and the 17th amendment dated 26 September 2022 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 of Petrovietoam Drilling and Well Services Company, a wholly-owned subsidiary of Vietnam National Industry - Energy Group ("PetroVietnam").
- Summary of ownership structure:
+ PetroVietnam:
-I- Other shareholders:
50.4%
49.6%
Business operation
The Company is principally engaged 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 oi1 and gas industry.
Principal activities:
The Company's principal activities include:
+ PVD Trading and Technical Services Joint Stock Company ("PVD Tech"): Provide materials and equipments for the oil and gas industry and other industries, implementation installation services, inspecta6on, repair, and maintenance of drilling rig, mending rig, exploiting rig and DES equipment rental services.
- PVD Well Services Company Limited ("PVD Well"): Tubular services, drilling equipment rental services, well drj1ling technical services, supplying specialized tool and equipments to serve the well drilling services.
- PVD Offshore Services Company Limited ("PVD Offshore"): Repair, inspection and +riaintenance of equipment and facilities of oil and gas industry; drilling manpower supply service, oil and gas exploitation for domestic and foreign contractor operations; consultant of environmental 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 oi1 and gas wells geophysical survey service, oil and gas wells testing, reservoir testing, cementing pumps and supply of manpower, tool and equipments for the other related services.
  + PVD Deepwater Drilling Company Limited ("PVD Deepwater"): Supporting services in crude oil and natural gas exploitation; supply of deepwater rigs in exploration and exploitation of oil and gas; supply of materials and equipment, machinery for supporting of 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. PVD Deepwater manages and operates 0 l 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 01 offshore drilling rig: PV DRILLING VI.
  + 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 oveneas markets; house, office and warehouse leasing.
Normal producfion and business cycle
the Company's normal production and business cycle is carried out for a time period of 12 months.
8
The operating characteristics o.f The Company in the financial year may affect the financial statements.
fn the accounting period ending on 30 June 202a, the Company continued to be affected by the Russia-Ukraine conflict, the war in the Middle East and the impact of global trade tensions, especially the U.S tariff policy disrupting global supply chains, falling oil prices, fluctuations in the drillin• rig market's supply and demand, rising input costs and increasing exchange rates and interest rates ... Ttie Company proactively 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 to expand into new sectors aligned with the energy transition trend.

The Company's structure

List of subsidiaries

Company's name	Address	The Group's inleresl	The Group's voGogrighl
PVD Offshore Services Company Limited ("PVD Offshore")	No. 61, 30/4 Street, Rach Dua Ward, Ho Chi Minh City, Vietnam	100%	100%
PVD Well Services Company Limited ("PVD yq\|}")	4th Floor, An Phu Cantavil Premier, 1 Song Hanh Street, Binh Trung Ward, Ho Chi Minh City, Vietnam	100%	100%
Petroleum Well Logging Company Limited ("PVD Logging")	4th Floor, PVFCCo Building, 43 Mac Dinh Chi Street, Saigon Ward, Ho Chi Mirth City, Vietnam	00%	100%
PVD Trading and Technical Services Joint Stock Company ("PVD Tech")	l0th Floor, Phuoc Thanh Building, 199 Dien Bien Phu Street, Gia Dinh Ward, Ho Chi Minh City, Vietnam	97%	97%
PVD Deepwater Drilling Company Limited ("PVD Deepwater")	3rd Floor, Sailing Tower, 111A Pasteur Street, Saigon Ward, Ho Cbi Minh City, Vietnam	100%	100%
PM Drilling Overseas Private Limited (PVD Overseas)	No. 9 Temasek Boulevard, #31 00 Suntec Tower 2, Singapore	81.56%	81.56%
PVD Technical Training and Certification Joint Stock Company ("PVD Training")	Dong Xuyen Industrial done, 30/4 Street, Rach Dua Ward, Ho Chi Minh City, Vietnam	51.79%	51.79%

- List of joint ventures

Company's name	Address	The group's interest	The Group's voting right
BJ Services-PV Drilling Joint Venture Com{.any Limited ("BJ-PVD")	65A, 30/4 Str-eet, Rach Dua Ward, Ho Chi Minh City, Vietnam	49%	50%
PV Drilling-Baker Hughes Well Technical Services Joint Venture Company Limited ("PVD-Baker Hughes")	5th Floor, An Phu Cantavil Premier, 1 Song Hanh Street, Biah Trung Ward, Ho Chi Minh City, Vietnam	51%	50%
PV Drilling Tubulars Management Company Limited ("PVD Tubulars")	Phu My I Industrial Zone, Phu My Ward, Ho Chi Minh City, Vietnam	› %	50%
Vietulaes Company Limited ("Vietubes")	Dong Xuyen Industrial Zone, Rach Dna Ward, Ho Chi Minh City, Vietnam	3 I %	50%

*** PT PetroVietnam Drilling Indonesia ("PT PVD Undo") was established in Indonesia under joint venture contract with PM Quest Semesta Raya and Yosep Arrianto dated 09 May 2025. PT PVD ludo's registered office is located st RUKAN CROWN PALACE BLOK C-09, JL. PROF. DR. SOEPOMO NO. 231, Desa/kelurahan Menteng Dalam, Kec. Tebet, Kota Adm, Jakarta, Indonesia. PT PVD ludo 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 holds 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.

Company's name	Address
The Drilling Division	3rd Floor, Sailing Tower, 1 1 lA Pasteur Street, Saigon Ward, Ho Chi iVtinh City, Vietnam
PVDrilling - Branch office in Algeria	Cité Si El, Houas, No. 02, Villa No. 101, Hassi Messaoud, Ouargla, Algeria
PVDrilling - Branch office in Malaysia	Unit No. 22.03, Level 22, Menara TA One, 22, Jalan P. Rarnlee, 50250 Kuala Lumpur, Malaysia
PVDrilling - Branch office in Brunei	Level 6, Building 1, Lot 70321, Jalan Tungku link BE3619, Bandar Seri Begawan, Brunei Darussalam
PVDrilling - Branch office in Thailand	Ceo Suite: Atlienee Tower, 23rd floor, 63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand.
PVDrilling - Branch office in Indonesia	Prof. Dr. Soepomo No. 231, Crown Palace Blok C-09, Tebet Jakarta Selatan 12870, Indonesia, Desa/Kelurahan Menteng Dalam, Kec. Tebet, Kota Adm. Jakarta Selatan, Provinsi DKl Jakarta

Disclosure of information comparability in the financial statements
The Company's VND-Converted separated financial statements are comparable.

ACCOUNTING PERIOD, REPORTING CENCY
1. The Company's financial year begins on l January and ends on 31 December.
2. 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 date of the transaction

EH. ADOPTED ACCOUNTING CONVENTIONS

The Company has adopted Circular No. 20O/2014/TT-BTC issued by the Ministry of Finance on 22 December 2014 ("Circular 200") guiding the accounting regime for enterprises.
Statement of compliance with Accounting Standards and Accounting Regimes. The Board of Directors has complied with the principles of accounting standards as well as the regulations of the current Vietnamese accounting regime in preparing and presenting financial statements

IV. SIGNIFICANT ACCOUNTING POLICIES

Principles of conversion of financial statements prepared in foreign currency into Vietnamese Dong.
- Assets and liabilities are converted into VND at the actual exchanp•e rate as at the balance sheet date (the remittance rate of the Joint Stock Commercial Bank for Foreign Trade of Vietnam - Ho Chi Minh Branch, the bank that the Company has transacnon 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 from retained earnings arisin• after the investment date are converted into VND based on the income statement items.
- Items of separate income statement and separate cash flow statement are converted into VND at the average exchange 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 cash flow statement are converted into VND at the average exchange rate during the period of Joint Stock Commercial Bank for Foreign Trade of Vieti+am -Ho Chi Minh City Branch.
  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.
Types of exchange 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 Corrunercial Bank for Foreign Trade of Vietnam (VIETCOMBANK), Citibank Vietnam (CITIB ANK), 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 capital cost of the investment project, the long-term inflation rate, and the risk ratio for each specific project.
Cash and cash equivalents
Casb and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial investments
1. Trading securities: Not applicable.
2. Held-to-maturity investments: Time deposits with a maturity period of over 3 months are recognized as held-to-maturity investments.
3. Loans and receivables: Not applicable.
4. Investment in subsidiaries, associates, and joint ventures: The investments are recognized as investment in subsidiaries when the parent company contributes capital by cash or assets and holds controlling interest in the subsidiary. The investments 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 contributes 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.
6. Other accounting treatments for financial investment transactions: Not applicable.
Receivables
Receivables represent the amounts recoverable dom customers or other debtors and are stated at book value less 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 using 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 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 balance sheet date.
11

T,angible 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 ihe assets to their working condition and location for their intended use

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

PV DRILLING I

PVDMLLINGM PVD9]LELGM

Yars

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

Other tangible fi*ed assets

Method

Buildings and structures

Straight-line

6 - 50

Machinery and equipments - Others

Straight-line

5 - 10

Office equipments

Straight-line

3 - 5

Motor vehicles

Straight-line

7 - 12

Other assets

Straight-line

3 - 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
Prepayrnents are costs 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 I year are recorded as short-term borrowings, and those with a term of over 1 year are recorded as long-term borrowin•s.
Recognition and capitalization of borrowin• 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 the cost of the assets until they are ready for use or operation.
Accrued expenses

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.

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

l5.Recognition of unearned revenue.

Unearned revenue is recognized as revenue that must satisfy the following principles: Revenue from the provision of goods, service" or related activities spanning multiple accounting 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 1 year, the Corporation will recognize it as long-term or short-term unearned revenue.

16 . Recognition of convertible bonds: Not applicable

Recognition of owner's equity:
Principle of recognition of owner's investment, share premium, and other owner's equity: Owner's investment refers to the contributed capital received from shareholders; share premium represents the difference between the par value of shares and the selling price to sharebolders, net of issuance costs.
Principle of recognition of exchange rate differences: Exchange rate differences are recognized when there is a disparity in exchange rares for transactions denominated in a currency different from tfie accounting currency, and they are reevaluated at the end-of-period exchange rate.
Principle of recognition of undistributed profits: Undistributed profits refer to the remaining post-tax profits after the allocation of reserves as stipulated in the Company's bylaws.
I2
Revenue recognition
Revenue from sales of goods and services is recognized when the Company has completed the delivery of goods 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 from the sale of investments; dividends, profit distributions; exchange rate differences; and payment discounts.
Any income that does not meet the criteria for revenue from sales of goods and provision of services or financial income is recognized as other income.
Revenue deductions:
Revenue deductions are recognized when transactions related to trade discounts, sales discounts, and returned goods occur.
Cost of goods sold:
Direct or indirect costs incurred to produce goods or provide services, including material costs, labor costs, depreciation costs, outsourcing service costs, and otiier monetary costs, are recognized as the cost of goods sold.
Financial expenses:
Interest expenses from 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 expenses:
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 the cost of goods sold are also recognized as administrative expenses.
Current income tax expenses and deferred income tax 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.
Other accounting principles and methods: Not applicable.

4. Other receivables

Closing balance

Opening balance

Carrying value Provision

a) Short-term

1,004,584,501,840

- 711,402,761,001

- Receivables of Profit shared dom Joint Ventures

60,362,743,160

- 60,362,742,759

- Receivables dom employees

9,428,904,660

- 162,591,189

- Deposits

56,183,394,120

50,312,440,743

- Interest income receivables

14,766,708,160

7,786,246,854

- Inter-company receivables from subsidiaries

I57,191,808,620

51,195,064,197

- Advanced payment of withholding tax in Malaysia branch

687,895,985,900

- 513,348,032,310

- Other receivables

18,754,957,220

28,235,642,949

b) Long-term

313,639,735,860

362,817,83t,954

- Deposits

214,251,014,960

- 302,381,735,040

+ In which.- deposit for contract performance guarantee with Pertainrna

206,608,685,258

- 201,120,890,95 8 -

- Inter-company receivables dom PVD Deep Water	97,849,622,880	- 58,954,368,234
- Other receivables	1,539,098,020	- t,481,728,680
Total	1,318 224 237,700	- 1,074,220,592,955

S. Doubtful debts

- Overdue or doubtful receivables and loans Petrovietnam Exploration Production

Corporation

Pebovietnam Domestic Exploration Production Operating Company Limited

Other customers

Closing balance

41,914,292,980	(33,978,365,020)	32,614,292,604	(30,152,522,112)
8,354,002,940	(8,354,002,940)	8,1 46,755,38 I	(8,I 46,755,381)
26,021,244,080	(22,315,118,460)	20,847,326,604	(20,304,909,873)
7,539,045,960	(3,309,243,620)	3,620,210,619	(1,700,856,858)

Recoverable Cost

Openin

balance

Recoverable

6. Inventory

Closing balance

Opening balance

Cost

Cosi

- Goods in transit - 39,400,726,113

- Raw materials

910,843,723,080

(53,806,693,500)

946,049,875,338

(52,377,518,025)

- Tools and supplies

4,196,339,740

Total

915,040,062,820

(53,806,698 500}

985,d50,601,451

(52 77,518,02 S)

7. Lonq•-term assets in progress

+ Construction in progress

Closing balance

Opening balance

- Purchase

1,535,558,532,940

1,193,458,870,326

Rig PV DRILMNG VIII

I,521,298,017,940

1,165,039,223,340

Construction of other assets in progress

14,260, S15,000

28,419,646,986

Tatal

1,535,558,532,940

1,193,45B,870926

8. Tangible fixed assets

Items	Building, structures	Machinery, equipments	Motor vehicle	Office equipments	Others	Total
Cost
Opening balance	356,437,586,031	14,145,042,330,261	60,105,687,S79	77,931,681,531	889,870,491	14,640,407,155,893
- Additions	-	87,797,058,039	7,701,379,524	2,024,618,125	-	97,523,055,688
- From construction in progress
- Other increases	-	156,510,552	2,955,292,034	47,443,020	-	3,159,246,006
- Reclassified (increases)
- To investment property
- Disposals	(18,741,395,785)	(329,711,134,100)	(1,475,375,894)	(186,634,719)		(350,114,540,498)
- Other decreases	-	(156,510,952)	(1,567,124,573)	-	-	(1,723,635,525)
- Reclassified (decreases)
- Foreign exchange differences	9,407,624,194	381,855,636,520	1,769,302,810	2,158,454,103	24,281,049	395,215,298,676
Closing balance	347,103,814,440	14,284,983,890,720	69,489,161,480	81,975,562,060	914,151,540	14,784,466,580,240
Accumulated depreciation
Opening balance	141,579,528,888	8,664,109,231,950	54,728,562,882	63,150,756,171	889,870,491	8,924,457,950,382
- Additions	4,978,430,753	215,989,092,852	995,257,633	2,457,803,506	-	224,420,584,744
- Other increases		-	2,060,761,544	47,443,020	-	2,108,204,564
- Reclassified (increases)
- To investment property
- Disposals	(18,316,321,630)	(300,255,522,965)	(87,208,433)	(139,166,192)	-	(318,798,219,220)
- Other decreases	-	(1,392,937,270)	(2,060,761,544)	(47,443,020)	-	(3,501,141,834)
- Reclassified (decreases)
- Foreign exchange differences	3,636,725,369	234,955,170,573	1,508,740,998	1,762,495,135	24,281,045	241,887,413,124
Closing balance	131,878,363,380	8,813,405,035,140	57,145,353,080	67,231,888,620	914,1Sl,540	9,070,S74,791,760
Carrying value
Opening balance	214,858,057,143	5,480,933,098,311	5,377,124,697	14,780,925,360	-	5,715,949,205,511
Closing balance	215,22S,451,060	5,471,578,855,580	12,343,808,400	14,743,673,440	-	5,713,891,788,480

In Q1/2025, the Company completed the sale of the land rig PV DRILLING 11 to Creativo Oil Trading L.L.C.
Cozt of assets fully depreciated but are still in use 216,289,021,945

9. Intnngible fixed assets Unit: VND

Items

Land use rights

Computer software

Others

Co1

Opening balance

154,584,551,418

112,236,604,338

266,821,15S,7S6

- Additions

722,256,212

39,306,287

761,562,499

- Internally generated

49,075 468

49,075,468

- from business combination

- Other tncreases

- Reclassified (increases)

- Disposals

(194,261,312)a

(194,261,312)

- Other decreases

- Reclassified (decreases)

- Foreign exchange differences

4,218,001,502

3,072,289,574

667,253

7,290,958,329

Closing balan ce

158,802,552,920

115,885,964,280

39,973,540

274,728,490,740'

Accumulated depreciation

Opening balance

43,695,971,715

105,641,093,640

149,337,065,355

- Additions

l,325,420,241

2,463,'797,6S 1

1,377,378

3,790,595,270

- Other increases

- Reclassified (increases)

- Disposals

(194,261,312)

- Other decreases

- Reclassified (decreases)

- Foreign exchange differences

I ,214,790,364

2,921,055,00 l

23,382

4,135,868,747

Closing balance

46,236,182,320

110,831,684,980

1,400,760

157,069,268,060

Carrying value

Opening balance

110,888,579,703

6,595,510,698

117,484,090,401

Closing balance

142,566,370,600

5,054,279,300

38,S72,780

117,659,222,680

* Cosl of assets fully depreciated but are slill in use 92,912,675,647

I 0• PrepoJnieniy '

Closing balance "Opening bsI«nce

a) Short-term

22,425,078,120

5/54,449,299

- Prepaid expenses incurred from fixed asset operar*og lease

47,003,280

- Assurance premiums

l7,984,331,700

2,450,533,797

- Other short-term prepayments

4,393,743, 140

2,853,943,773

b) 1.ong-term

55S,783,S84,S20

575,605,433O52

- Prepaid expenses for drilling campaign in Brunei

400,$37,$ I6,680

465,096, 199,422

- O ther long-term prepayments

155,245,867,640

110,509,233,930

Total

538,208,•62,440

580,fi59,8g2,651

Opa»*ng 6aHuee

Carrying value

Payable amount

Carrying value Payable amount

a) Short-term 209,915,675,600

209,925,675,600

295,094,963,975

(82,195,347,672)

Shon-term Joans 209,925,675,600

209,925,675,600

295,094,963,975

(82, I95,34J,672)

?099?S, A 00

?%9iS,67S, 0

2g5,094,963,975

t82,l9SJ47,672)

J2• boj*si7es to suppliers

a) Short-term

PVD Overseas

368,969,846,326

382,701,145,320

PVD Tech

Id l,67l,726,659

63,645,328,588

Other suppliers

902,496,t38,39S

83 t,319,885,736

1,277,666359,644

b) Payables to related parties

602,550,63y,t26

724/3y,029,462

Subsidiaries

602,530,637,126

PVD Logging

24,074,032,040

PVD Offshore

51,800,286,380

2f,828,237,860

PVD Tech

16 1,829,154,300

63,645,322,257

PVD Deepwater

80,033,330,300

53,498,233, 158

PVD Overseas

260,2d7,062,89d

PVD Training

24,546,8 I l,0f0

l98,6d4,090,867

13. 'Taxes aad aaiounls payable to the State âud•ez

P•ia

£'orreign cscbooge

a) Payables
Import duties		9,232,2t7,592	9,232,2l7,592
Corporate income lx	44,094,928,715	28,238,692,650	44,094,928,715		28,238,692,650
Personal income tax	9,721,498,176	75,195,285,289	75,279,326,364	-	9,63'/,457,101
Other taxes	20,750,067,450	24,615,613,477	45,047,017,703	-	3l8,663,224
Business liceiise fax Tip/i/iofdirg tour	20.750,067,450	#,OOO¿OO 24,6t l,6t3,477	4,000,000 43,043,0 f'7,703	-	318,663,224
Fotreign exchange aaerences in translation	1.218,422,923		-	34,297,504,942	35,515,927,865
7oial	75,784,917,264	137,281,809,008	t'73,653,490,374	34 93/04,942	73,3t0,740,840

14. Accrued expenses	Closing balance	Opening balance
Short-term
- Accrued expenses related to cost of good sold	280,950,926,060	223,665,782,700
+ Operation of drilling rigs	280,950,926,060	223,665,782,700
- Others	7,410,591,080	11,096,652,954
+ Interest expense	176,781,100
Other accrued expenses	7,233,809,980	11,096,652,954
Total	288,361,517,140	234,762,435,654
I5. Other payables	Closin•q balance	Opening balance
Short-term
- Funding of trade union	227,805,080	644,228,763
- Social insurance	1,167,818,800
- Health insurance	208,972,640
- Unemployment insurance	113,357,800
- Short-term deposits		111,710,424,000
- Inter-company payables to subsidiaries		2,611,130,157
- Other payables	49,989,025,880	40,483,792,005
Total	51,706,980,200	155,449,574,925
16. Provisions	Closing balance	Opening balance
a) Short-term - Other provisions	97,689,080,220	140,744,478,318
+ Provfsion for overhaul cost of fixed assets	89,777,094,880	133,042,645,557
+ Other short-term provisions	7,911,985,340	7,701,832,761
Total	97,689,080,220	140,744,478,318
a) Long-term
- Other provisions	228,973,339,780	222,891,511,287
+ Provision for overhaul cost of fLxed assets	228,973,339,780	222,891,511,287
Total	228,973,339,780	222,891,511,287

17 Deferreil iitcom e tax assets and ileferred incom e ta.x payables

Deferred income tax assets:

Opening b Bloncc

- CIT tax rate

20%

- Related to deductible temporary differences

I4,56S,6l 6,040

14,182,628,166

Total

J8. Otviter's equity

Statement of changes in equity

14,569,616,040 Jd,J82,628,J66

	Share capital	Share premium	Treasury shares (*)	foreign exchange differences	ZnvesEment and development fund	Retained earning	Total
A		z	a	‹		6	7
Prior year opening balance	5,552,960,060,000	2,434,086,374,663	(20,948,559,850)	2,458,496,115,678	3,332,073,171,798	253,341,120 911	14,030,008,283 200
- Capital increased
- Profit for the year	-	-	-	-	-	627,929,994,124	627,929,994,124
- Transfer from subsidiaries
- Treasury shares transactions
- Loss for the year
- Fund appropriation	-	-		-	188,375,006,690	(225,363,493,903)	(86,984,487,213)
- Dividend declared
- Other decreased
- Foreign exchange differences	-		-	659,783,035,SSS	-	-	655,783,035,599
Prior year closing balance	5,562,960,050,000	2,434,086,374,663	(20,948,559,8S0)	3,118,279,151,677	3,520,452,178,488	615,907,62I,132	15,230,736,826,110
Current period opening balance	S,562,S60,0S0,000	2,434,086,374,663	(20,948,559,8S0)	3,118,279,151,677	3,520,452,178,488	61S,907,62I,132	15,230,736,826,110
- Capital increased
- Profi I for the year	-	-	-			216,523,285,953	216,523,285,953
- Treasury shares transactions
- Capital decreased
- Loss for the year
- Fund 8ppropriation	-	-	-		64,956,967,931	(89,278, 198,5 IS)	t24,321,230,584)
- Dividend declared
- Transfer from subsidiaries
- Foreign exchange differences	-	-	-	402 707,107,481	-	-	402,'707,107,481
Current period closing balance	5,562,960,06(*,900	2,43^.,086,374,663	t20,948,5S9,850)	3,510,986,259,158	3,585,409,146,4J 9	743,152,708,570	15,825,645,588,960

b) Details of share capital

- Petrovietnam

2,804,965,720,000

2,804,965,720.000

- Others shareholders

2,757,994,340,000

2.757,994,340,000

Total

5 562,960,060,000

5,562,960,060,000

Capital transactions with owners and distrihution of dividends or profits
- Share capital
+ As at opening
+ Increase in capital Decrease in capital
+ As at closing
- Dividend and profit distributed

Number of shares

Prior year

5,562,960,060,000 5,562,960,060,000

3,562,060,060,000 5,562,960,060,000

Closing bnl nnce

	556,296,006	556,296,006
+ Ordinary shares	556,296,006	556,296,006
- Treasury shares
+ Ordinary shares	416,000	416,000
+ Preference shares
- Shares in circulation
+ Ordinary shares	555,880,006	555,880,006
+ Preference shares

Authorized shares
Issued shares

* Par value per share: 10,000 VND

Funds

Investment and deveIopment fund

Scientific and technological development thud

Closing b mance 0 penin g balance 3,585,409,146,419 3,520,452,1.78,4 88

19,898,340,540 22.051,622,547

+ Availnble

TO, 2#4,458,260

10,151.003,004

-F The carrying amoiml of assets formed fFOm the fund

9,653.882.280

11.900.619,543

19. Foreign exchange âiffereiices

Opening balance

- Translation of financial statements of foreign operation (Algeria Branch)

(98,985,357.57 l)

(83112,530,020)

3,520,986.259,158

3,118,279,151,677

20. Off balan ce-sheet

Foteign currencies

Closing balance

Opening balance

- GBP

1,950

J,950

- VND

1,227,413,7 16,138

928,542,692,04 I

- EUR

7,423

- SGD

19,914

- DZD

2,243,955

35,624,374

7J,143

82,44 I

- THB

2259

2,255

- BND

10,'706

61,499

- IDR

42.886,935,237

47,4g9,201,247

Overdue uncollectible debts that have been handled

The CDfflpuN f cffVried out financial handling in 2023 for the uncollectible debt of KrisEnergy Apsara, ainoun fing fo USD 3,485,805.69, in accordance with the Board of Directors' Eevolution No. 03/03/2024/NQ-HDQT dated March 26, 2024.

This financial liability, once handled, is tracked off-balance sñeef/or a period of 10 years from the date of resolution, and the Corporation comlinues to take measures to recover the debt.

IV. Extracted notes to the Consolidated income statement:

1. Net revenue

Quarter 2/2025

Quarter 2/2024

a) Net revenue from goods sold and services rendered

- Sales of drilling services

1,373,903,895,586

1,539,076,340,454

- Sale of other services rendered

194,574,716,509

164,572,46 1,540

Total

1,568,478,612,09S

1,703,648,801,994

b) Sales transactions with related parties

Subsidiaries

22,95t,368,589

1,514,383,809

PVD Logging

2,471,139,33 I

PVD Offshore

31,178,48 I

PVD Deepwater

3,132,779,914

B79,8l0,512

PVD Overseas

16,963,282,295

634,573,298

PVD Training

352,988,567

point-ventures

25,593,060,618

9,420,558,136

PVD-Expro

538,427,263

PVD-Baker Hughes

25,054,633,355

9,420,158,136

Total

48,544,429,207

10,934,541,945

2. Cost of goods sold and services rendered

Quarter 2/2025

Quarter 2/2024

- Cost of drilling services

1,173,378,446,991

1,288,863,808,578

- Cost of other services rendered

181,503,654,359

159,017,874,462

Total

354,882,101,350

1,447,881,683,040

3. Financial income

Current year

- Interest income

15,331,620,025

12,949,461,234

- Dividends or distributed profits;

31,916,960,1 14

22,128,437,490

- Foreign exchange gain

16,411,127,279

14,937,280,308

- Interests of safe under deferred payment or payment discounts

191,534,070

Total

63,659,707,d18

50,206,713,102

4. Financial expenses

Current year

- Interests of loans

673,333,786

- Foreign exchange loss

35,728,828,222

32,886t 84,360

- Other financial expenses

8,182,339,516

(0,634048,396)

Total

44,584,501,524

42,232,135764

5. Other Income

Current year

- Disposal of fixed assets

(3,441,918)

- Other Income

57,617,813,314

4,952,201,904

Total

57,6l7,8t3,3t4

4,948,759,986

6. Other Expenses

Current year

- Disposal of fixed assets

(566,510,470)

- Other expenses

7,434,419,070

Total

(566,510,470)

7,43d,419,070

7. Se1lin• expenses and administration expenses

Current year

a) Creneral and Administratioii expenses

97,366,412,580

- Cost of labour

67,131,873,300

51,312,782,1 18

- Depreciation of fixed assets

2,809,289,966

3,347,005,254

- Provisions expenses

1,272,773,793

(298,134,480)

- Cost of hired services

35,755,125,939

25,446,892,158

- Other expenses in cash

18,523,438,470

17,557,867,530

b) Selling expenses

- Cost of}aired services

3,6t3,908,281

3,075,455,51 I

t,43I,961,698

l, l42,J68,204

- Other expenses in cash

538,452,770

289,393,494

Total

129,t06,409,749

98,798,374,278

8. Cost by nature

C urrcnt year

Current year

- Cost of raw materials and consumables

92,923,429,392

88,725,316,488

- Cost of labour

339,550,790,94 I

378,149,515,368

- Depreciation and amortization expenses

104,786,684,078

I 16,77 l,500,548

- Provisions expenses

80,418,597,135

40,368,844,788

- Cost of hired services

816,116,079,883

863,694,474,270

- Other expenses in cash

50,192,929,670

58,970,405,856

Total

1,483,988,511,099

1,546,680,057,318

9. Current corporate income tax expense

Current year

Currcn I year

- Corporate income tax expense based on taxable profit in the current year

48,179,713,174

30,884,399,3t8

Total

48,179,713,174

50,884,399,8l8

(*): Corporate income tax incurred in overseas business

IO. Deferred corporate income tax expense

Current year

- Deferred corporate income tax expense arising from taxable temporary differences;

(192,995,028)

To tal (192,995,028)

VII. Other informations
l- Financial instruments	Closinp• balance	Unit: VND Opening bal»cce
+ Financial asset
Cash and cash equivalents	1,356,848,352,960	1,886,098,345,506
Trade and other receivables	3,555,462,727,800	2,847,783,690,546
Held-to-maturity investments	835,042,036,660	604,794,124,794
Total	5,7d7,353,1l7,420	5,338,676,160,846
+ Financial liability
Trade and other payables	1,483,167,644,640	1,432,471,705,806
Accused expenses	288,36l,5J 7,140	234,762,435,654
Total	1,981,454,837,380	1,667,234,141,460

The Company has not yet assessed fair value of its financial assets and liabilities as at the balance sheet date since there are no comprehensive guidance under Circular No. 210/2009/TT-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 instruments, it did not adopt the equivalent guidance for the recognition and measurement of financial instruments, including application of fair value, in accordance with IFRS.

Financial risk

Financial risks include market risk (including foreign currency risk, interest rate risk and price risk), credit risk, liquidity risk. The Company 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 instruments.

+ Credit risk

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

+ Liquidity risk

The Company consistently ensures sufficient capital to meet current and future financial obligations, maintains a controllable surplus between maturing assets and liabilities, and regularly monitors and manages its financial resources. Additionally, it ensures adequate levels and reserves of necessary financial resources to maintain liquidity in both the sbort and long term.

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

Opening balance

Financial asset

Cash and cash equivalents

Less than 1 year

1,886,098,345,506

From 1- 5 years

Over5 ars

To|al

1,886,098,345,506

Trade and other receivables

2,545,40 I,955,506

302,381,735,040

2,847,783,690,546

Held-to-maturity investments

604,794,124,794

604,794,t24,794

5,036,294,425,806

302/81,735,040

5,338,676,160,846

Financial liability

Cac khoan vay va ng

Less than I year

Froml Syeas

Ove 5 yes

Total

Trade and other payables

l,432,471,705,806

1,432,471,705,806

Accrued expenses

234,762,435,654

Total

1,667,234,141,460

Liquidity gap

3,369,060,284,346

302,381,735,040

3,671,442,019,386

Financial asset	Less than I year	From 1- 5 vears	Over 5 years	Closing balance Total
Cash and cash equivalents	1,356,848,352,960			1,356,848,352,960
Trade and otber receivables	3,241,822,991,940	313,639,735,860	-	3,555,462,727,800
Held-to-maturity investments	835,042,036,660		-	835,042,036,660
Total	5,433,713,381,560	313,639,735,860	-	5,747,353,l17,d20
Financial liability C*c khoan vay va rig	Less than l year 209,925,675,600	From I- 5 years	Over 5 years	Total 209,925,675,600
Trade and other payables	1,483,167,644,640		-	1,483,167,644,640
Accrued expenses	288,361,517,140		-	288,361,517,140
Total	1,981,454,837,380		-	1,981,454,837,380

Liquidity gap 3,452,258,544,180 313,639,735,860 - 3,765,898,280,040

-1- Market risk

++ Foreign currency risk management: The Company undertakes certain transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. However, the Company 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.

Contingent liabilities, commitment and other information: None
Events after the reporting date: None

Related parties information

Receivables

Pe0'ovietnam's Joint Ventures/Joint Operating Companies/Petroleum Sharing Contracts	108,203,487,240	191,072,524,179
The Company's subsidiaries	255,041,431,500	110,802,207,317
The CompanJs joint ventures	155,423,918,244	78,187,953,930
Payables
Petrovietnam Company's subsidiaries		2,934,822,726
Petrovietnam's Joint Ventures/Joint Operating Companies/Petroleum Sharing Contracts The Company's subsidiaries	602,550,677,126	2,305,264,794 726,948,159,619

Petrovietnam Company's subsidiaries

Closing balance

869,927,472

Opening balance 22,238,631,453

Segment reporting: A business segment includes repomng entities thai have similar business operation and risks characteristics. A geographical segment includes reporting entities that have same operation location and are subject to local regulations.
Comparative information: This period and compamtive period financial performance figures had been converted to VND u• s avernge excl 'se rate of the period.
This period and compantive period cash-flow statement figures had been converted to VND using avemge exchange rate of tfie period. For certain cases, for example for significant economic transactions, the exchange rate at the transaction date is used.
Going concern assumption: The Company is a going 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.

Prepared

Tran Kim Hoang

Chief Accountant

30 July 2025

Nguyen Ngoc Truong

PETROVIETNAM DRILLING AND WELL SERVICES CORPORATION

(Incorporated in the Socialist Republic of Vietnam)

SEPARATE 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 17th 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.Lai the loan

Mr. Nguyen Xuan Cuong Mr. Nguyen The Son

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

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 C •s Doan Mr. Dinh Quang Nhut Mr. Nguyen Dinh Duong

4th Floor, Sailing Tower, l l lA Pasteur Street,

Saigon Word, 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 Drillirig And Well Services Corporation

4th Floor, Sailing Tower, I I lA Pasteur Street, Saigon War6, HCMC

flssued under Cire'ulor 200?20147TT-B DC

SEPARATE BALANCE SHEET

As at 30/6/2025

Unit: USD

ITEMS

Codes

Notes

Closing balance

Opening balance

A - CURRENT ASSETS

TOO

255,756,083

242,009138

I. Cash and cash equivalents

i10

52,307,184

74,694,006

1. Cash

111

V.01

41,224,927

63,998,602

2. Cash equivalents

112

11,082,257

10,695,404

II. Short-term financial investments

1 . Short-term held to maturity investments

120

123

VOz

32,191,289

23,951,294

m. Short-term receivables

130

131,448,011

102,471,658

1. Short-term receivables from customers

13 I

V.03

87,556,548

71,431,453

2. Short-term advances to suppliers

132

6,474,110

4,061,066

3. Other short-term receivables

136

V.04

38,727,236

28,173,251

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

137

V05

(1,309,883)

(1,194,112)

IV. Inventories

140

33,200,978

36,951,926

1. Inventories

141

V.06

35,2?5,253

39,026,20 1

2. Provision for inventories (*)

149

(2,074,2'75)

(2,074,275)

V. Other short-term assets

150

6,608,621

3,940,254

1. Short-term prepayments

151

V.10

864,498

212,049

2. Deductible value added tax

152

5,744,123

3,728,205

B - NON-CURRENT ASSETS

200

452 053,353

452,630,656

I- Lon•-term receivables

210

12 Q90,969

14,368,454

1. Other long-term receivables

216

V.04

12,090,969

14,368,454

II. Fixed assets

220

224,809,214

231,017,912

1. Tangible fixed assets

221

V.08

220,273,392

226,365,261

- Cost

222

569,948,596

579,795,143

- Accumulated depreciation (*)

223

(349,675,204)

(353,429,882)

2. Intangible fixed assets

227

V.09

4,535,822

4,652,651

- Cost

228

10,590,921

10,566,756

- Accumulated depreciation (*)

229

(6,055,099)

(5,914,105)

III. Long-term assets in progress

240

v.#7

59,196,551

47,263,826

1. Construction in progress

242

59,196,551

47,263,826

IV. Long-term financial investments

250

V.02

133,969,225

136,623,446

l. Investments in subsidiaries

251

130,703,4'75

130,703,475

2. Investments in joint ventures and associates

252

18,026,446

3. Provision for long-term financial investments (*)

254

(14,760,696)

(12,106,475)

V. Other non-current assets

260

21,987,394

23,357,018

1. long-term prepayments

261

v.10

21,425,728

22,795,352

2. Deferred tax assets

262

*. II

56i,666

56 1,666

TOTAL ASSETS (270.= 100 + 200)

270

707809,436

694,639,794