The 2025 Business performance report and the Business plan for 2026 (Draft)

Addressed to: The General Meeting of Shareholders

Petrovietnam Drilling & Well Service Corporation

Pursuant to the Charter of Petrovietnam Drilling & Well Service Corporation (PV Drilling);

Pursuant to the Working Regulations of PV Drilling's Board of Directors,

The PV Drilling's Board of Directors respectfully submits to the Annual General Meeting of Shareholders the Report of the Board of Management on Business performance in 2025 and the Business plan for 2026 as specified in Attachment hereto.

We respectfully submit to the General Meeting of Shareholders for consideration and approval.

Yours sincerely,

(Attached to Submission No. …/2026/TTr-DHDCD dated 2026)

1. BUSINESS PERFORMANCE REPORT IN 2025
   1. Overview of Business performance in 2025

      2025 was a highly eventful year, as the global economy faced significant volatility, escalating geopolitical tensions, and ongoing supply chain disruptions across many regions. In particular, tensions between the world's two largest economies, the United States and China intensified; while the prolonged tariff war continued; armed conflicts in Russia-Ukraine and the Middle East persisted; alongside potential conflict risks in South America and the Asia-Pacific region. In addition, the increasingly pronounced impacts of climate change and extreme weather events placed further pressure on the global economy. The combined effect of these factors resulted in a slow and uneven global economic recovery.

      In this context, a notable bright spot in 2025 was the U.S. Federal Reserve's (Fed) implementation of three cuts of interest rate, which helped ease inflationary pressures and bolster sentiment in global financial markets. At the same time, 2025 marked the official breakout phase of artificial intelligence (AI), as it transitioned from the experimental stage to large-scale application across the economy. This shift triggered intense competition among enterprises and nations in terms of cost efficiency, performance, and practical application value.

      The "headwinds" from the external environment had direct and multidimensional impacts on highly open economies, including Vietnam. Nevertheless, through decisive and flexible governance measures, Vietnam in 2025 continued to maintain macroeconomic stability and effectively control inflation. GDP growth was estimated at 8.02%, placing Vietnam among the fastest-growing economies in Asia. Monetary policy was administered in a proactive manner and aligned with domestic conditions, contributing to the mobilization of investment capital beyond the planned target. Vietnam's economy continued to record many positive milestones, with total import-export turnover for the year estimated at USD 920 billion, positioning the country among the world's top 15 largest trading nations. This achievement further affirmed Vietnam's increasingly important role in the global supply chain.

      In the energy sector, global oil prices declined sharply in 2025 compared to the previous year. By the end of final trading session of the year, Brent crude stood at USD

      60.85 per barrel (2024: USD 74.64 per barrel), while WTI crude reached USD 57.42 per barrel (2024: USD 71.72 per barrel). The oil market closed 2025 with its steepest annual decline since 2020, amid rising geopolitical risks and increasingly evident global oversupply conditions.

      In this context, the jack-up rig market in Southeast Asia remained positive in 2025, with stable demand in countries such as Indonesia, Malaysia, and Thailand, alongside

      Vietnam's acceleration of large-scale upstream projects. According to S&P Global, the number of new rigs entering the global market remained limited, while the existing fleet has been gradually aging. This dynamic helped maintain a relatively balanced supply-demand environment in the region, thereby creating favorable operating conditions for available rigs with stable day rates.

      By the end of 2025, PV Drilling achieved its the highest business performance in the past decade. Total revenue reached VND 11,553 billion, while profit after tax amounted to VND 1,052 billion, representing increases of 60% and 98%, respectively, compared to the targets approved by Annual General Meeting of Shareholders (AGM). These outstanding results were driven by an operating efficiency rate of over 99% across the rig fleet, with all owned rigs operating continuously throughout the year, together with positive contributions from an average of 1.7 leased rigs in the Vietnam market. At the 2025 Senior Leadership Meeting with Service Partners organized by PETRONAS, PV DRILLING I rig was honored with the prestigious "Mission: Zero Possible" award. This recognition affirms PV Drilling's continued commitment to operational excellence and absolute safety. Furthermore, the revenue structure continued to shift toward greater diversification and sustainability, with well technical services, auxiliary services, and international markets accounting for approximately 40% of total revenue. All subsidiaries recorded strong growth and successfully introduced new services to the market, demonstrating PV Drilling's increasingly enhanced competitiveness. In 2025, with strong alignment and determination across its leadership and workforce, PV Drilling advanced in line with its strategic direction of "Reach out to the ocean - Sustain the future," contributing to the overall prosperity of the oil and gas industry.

      Consolidated Business Performance for 2025 (audited):

      Indicators	Unit	Actual	Plan	Increase (+) / Decrease (-) vs. Plan
      Total Revenue (*)	VND billion	11,553	7,200	60%
      Profit Before Tax	VND billion	1,386	790	75%
      Profit After Tax	VND billion	1,052	530	98%
      Contribution to State Budget	VND billion	1,089	480	127%
      Charter Capital (end of period)	VND billion	5,563	5,563	0%
      Owner's equity	VND billion	17,098	16,223	5%
      Total Assets	VND billion	28,310	24,590	15%

      Holding Company's Business Performance for 2025 (audited):

      Indicators	Unit	Actual	Plan	Increase (+) / Decrease (-) vs. Plan
      Total Revenue (*)	VND billion	7,475	4,750	57%
      Profit Before Tax	VND billion	878	700	25%
      Profit After Tax	VND billion	663	520	28%

      Contribution to State Budget	VND billion	463	290	60%
      Charter Capital (end of period)	VND billion	5,563	5,563	0%
      Owner's equity	VND billion	16,026	15,405	4%
      Total Assets	VND billion	21,272	18,885	13%

      (*) Total revenue is inclusive of revenue from sales and service provision, financial activities, profit from joint ventures, and other incomes.

   2. The performance of services in 2025:
      1. Drilling Services

         In 2025, drilling services recorded revenue and profit after tax increases of 7% and 24%, respectively, compared to 2024. The operation and management of 11 rigs including both owned and leased rigs represented a notable achievement for PV Drilling. Key performance indicators for the segment included: an average utilization rate of four jack-up rigs with an average day rate of exceeding USD 89,000 per day; the operation of an average of 1.7 leased rigs; and the stable performance of the deepwater rig with a 100% utilization rate. A key driver of growth was the successful commissioning of the newly invested PV DRILLING VIII rig for VSP's drilling campaign starting in the third quarter of 2025. In parallel, PV Drilling expanded its presence in Indonesia, with two rigs operating continuously throughout the year.

         Revenue by geographic market also showed a clear shift. Indonesia recored strong growth, supported by three-year contracts for the PV DRILLING II and PV DRILLING III rigs. Meanwhile, the Malaysia market remained stable through leasing and operating contracts for the PV DRILLING I and PV DRILLING VI. The PV DRILLING V continued to perform reliably its operational commitments.

         The Corporation's strategy to expand its owned rig fleet, with a focus Southeast Asian, represents a decisive and step toward reinforcing its position as a "Leading Drilling Contractor in the Region."

         A brief overview of the rig operation in 2025 is as follows:

         • PV DRILLING I rig: operated stably and efficiently in Malaysia for PCSB under a firm two-year contract commencing in late January 2024 and expected to conclude in the first quarter of 2026. As the Corporation's first and longest-serving jack up rig, it remains a key contributor to revenue and profit.

         • PV DRILLING II rig: in early November 2025, the rig completed its first firm three-year contract for Pertamina ONWJ in the West Java, Indonesia, which commenced on December 7th, 2022. Subsequently, it secured another firm three-year contract with the same client in late November 2025, futher reinforcing its market position.

         • PV DRILLING III rig: After completing its contract for PCSB in Malaysia, the rig joined PV DRILLING II in expanding operation in Indonesia under a drilling contract with Pertamina starting on May 9th, 2025. The program includes a firm

           three years term until approximately May 2028, with an optional two-year extension.

         • PV DRILLING VI rig: Following dry docking work in early 2025, the rig performed short-term drilling work for POSCO and subsequently resumed operations for PCSB Malaysia from mid-May to mid-December 2025. It is scheduled to commence operations for SKEO in Malaysia in January 2026.

         • PV DRILLING V rig: Continued its drilling contract with Brunei Shell Petroleum (BSP) from January 28th, 2022. The program includes a firm six-year term with optional extensions of (2+2) years.

         • PV DRILLING VIII rig: Commenced VSP's drilling campaign on September 1, 2025, comprising six firm wells over approximately 267 days, plus six optional wells. The rig is expected to be a key contributor to PV Drilling's future growth.

         • Leased rigs: In 2025, PV Drilling managed and operated five leased rigs in Vietnam (HAKURYU-11, BORR-THOR, GUNNLOD, and SHELF DRILLING

           ENTERPRISE under the HAKURYU-14 name), marking the highest level since 2020. Average utilization reached 1.7 rigs. Revenue from leased rigs made a significant contribution to overall growth.

      2. Drilling-Related Services

         In 2025, the drilling services market experienced stronger momentum compared to 2024. By ensuring full utilization of all owned drilling rigs and operating an average of 1.7 leased rigs to serve domestic clients, together with the robust growth of well technical services and other auxiliary services, PV Drilling exceeded all planned revenue and profit targets for the year. Alongside the expanding of drilling services into international market, PV Drilling also accelerated the overseas deployment of well technical and supporting services, integrating them with rig operations. As a result, the Corporation successfully surpassed all management and performance targets.

         Total revenue and profit after tax of this segment increased by 33% and 102%, respectively, compared to 2024. reflect strong efforts by member units in securing contracts, maintaining high safety and service quality standards, and effectively managing risks in a highly competitive environment. Key growth contributors within this segment included well technical services, workshop services, and manpower services.

         • Well technical services:

           As the primary profit driver of this segment, well technical services contributed 49% of total profit after tax of this segment. This was driven by high value technical service contracts directly executed by PV Drilling, including wireline and slickline for Bien Dong POC, PVEP POC, and Idemitsu; as well as tool rental services for VSP, PVEP POC, Murphy, and AMNGR JSC. In addition, PV Drilling's subsidiaries signed contracts with Bien Dong Bien Dong POC to provide well workover and completion services, p for Hai Thach and Moc Tinh projects.

           In addition, PV Drilling also signed a Memorandum of Understanding (MoU) with Vietsovpetro to jointly deliver bundled drilling and well technical services for both domestic and international markets. This collaboration aims to diversify service offerings and provide integrated solutions, leveraging the combined strengths of both parties in line with growing trend of bundled services.

         • Workshop services: This segment is highly competitive, with many market participants. In 2025, increased demand and expanded domestic drilling campaigns-including the participation of foreign rigs such as Thor, Hakuryu 10, 11 & 14, Perserverance, AOJSC, and the reactivation of PV DRILLING VIII, supported improved profitability compared to the previous year.

         • Manpower services: In previous years, the performance was closely tied to the number of PV Drilling rigs operating domestically. In 2025, by proactively capturing opportunities from increased activity of foreign rigs in Vietnam (such as Thor, Hakuryu 10, 11, and 14), the segment recorded improved results, with profit after tax rising by 16% compared to 2024. This reflects PV Drilling's strong capabilities in workforce organization, coordination, and flexible deployment. Maintaining high quality personel with strong technical expertise and compliance with international safety standards remain a key foundation for growth.

         • Trading and procurement services: As a key revenue contributor, this segment recorded a decline in revenue compared to 2024. However, PV Drilling secured several equipment supply contracts for offshore wind projects with partners outside the oil and gas sector. In addition, PV Drilling is exploring cooperation with Vietsovpetro to participate in offshore wind supply chains, including the provision of semi-finished steel for turbine foundations, submarine cables, and fabrication of structures components.

      3. Business performance of Joint ventures

         Total profit from joint venture operations recognized in PV Drilling's 2025 business performancce increased by 193% compared to 2024. In 2025, drilling programs undertaken by contractors such as PVEP, JVPC, Murphy, and Cuu Long, among others, became more active, resulting in a higher workload for the joint venture companies. Notably, PVD Baker Hughes joint venture delivered strong business performance, driven by increased work volume, improved service rates, and effective cost control. In addition, following several years of limited workload, the Vietubes joint venture secured new threading orders, contributing to higher revenue and profit in 2025. Furthermore, increased demand for well testing services supported solid growth of the PVD Expro joint venture compared to the previous year.

2. INVESTMENT PLAN 2025

   In 2025, PV Drilling disbursed VND 2,938 billion, achieving 79.1% of the approved plan. Of this amount, the Holding Company accounted for approximately VND 2,817 billion, equivalent to 84.2% of the approved plan. The lower-than-planned disbursement was primarily attributable to delays in the implementation of several key projects: "Procurement of a Jack-up Drilling Rig" project, the "Hydraulic Workover Unit (HWU)"

   project, and "the MPD Equipment" project, all of which progressed more slowly than initially scheduled.

   For the investment projects from subsidaries, total disbursement in 2025 amounted to approximately VND 121 billion, equivalent to 32.7% of the 2025 annual plan.

   Detailed disbursement for investment project of the Holding company and its subsidaries is presented as follows:

   No.	Investment Category in 2025	Plan (VND billion)	Actual (VND billion)	% plan achieved
   A	Carry forward investment	1,305.13	1,002.20	76.8%
   I	Investments of Holding company	1,172.75	925.50	78.9%
   1	Procurement of a Hydraulic Workover Unit (HWU)	105.25	20.50	19.5%
   2	MPD Equipment	167.50	-	0.0%
   3	Purchasing Jack-up Drilling Rig	900.00	905.00	100.6%
   II	Investments of PV Drilling's subsidaries	132.37	76.70	57.9%
   1	PV Drilling Office construction (Vung Tau)	24.12	17.29	71.7%
   2	Casing Running Tool (CRT) equipment set	108.25	59.40	54.9%
   B	Investment Category in 2025	2,409.13	1,935.98	80.4%
   I	Investments of Holding company	2,172.29	1,892.02	87.1%
   1	Purchase of Jack-up Rig	2,060.00	1,812.50	88.0%
   2	Procurement of TDS 8SA Top Drive System (TDS) as Backup Equipment for the Rigs	18.19	46.50	255.7%
   3	Crane for Jack-up rigs	15.00	6.91	46.1%
   4	Substructure Crane for Jack-up Rigs	12.00	5.91	49.2%
   5	Information technology (IT) projects	45.00	2.66	5.9%
   6	Establishment of a Joint venture in Indonesia	7.00	7.00	100.0%
   7	Other projects/procurements	15.10	10.54	69.8%
   II	Investments of PV Drilling's subsidaries	236.84	43.96	18.6%
   1	Lathe machine	7.00	-	0.0%
   2	Barstock Boring Machine	13.00	-	0.0%
   3	Power tong positioning system c/w Power Pack	8.50	-	0.0%
   4	Hydraulic Extendable Bail Arm 2 (HEBA Ver2) c/w power pack	8.50	-	0.0%

   No.	Investment Category in 2025	Plan	Actual	% plan achieved
   		(VND billion)	(VND billion)
   5	Tubular running Equipment	31.25	17.58	56.2%
   6	DTRS Equipment	30.63	18.54	60.5%
   7	Mass spectrometer	5.00	-	0.0%
   8	4.0 PCE set	15.00	-	0.0%
   9	Eline unit + 70ft Mast + Eline tool house	54.50	-	0.0%
   10	Solid Control Equipment Package (02 sets) for PQPOC's Drilling Program	45.00	-	0.0%
   11	Others	18.46	7.85	42.5%
   	Total	3,714.25	2,938.18	79.1%

3. OTHER MANAGEMENT ACTIVITIES
   1. Service execution in overseas markets

      Continuing the trend of previous years, a significant proportion of PV Drilling's owned rigs operated in overseas markets. Specifically, approximately 4.6 out of 5 rigs were deployed in Malaysia, Indonesia, and Brunei in 2025. Details of operation across key markets are as follows:

      • In 2025, three rigs were deployed in the Malaysian market. PV DRILLING I operated continuously from 2024 through the end of 2025 for client PCSB. PV DRILLING III also performed drilling services for PCSB from 2024 and completed its campaign in early May 2025 before mobilizing to Indonesia for a new contract. Following the completion of its dry docking activities, PV DRILLING VI was mobilized to Malaysia to execute drilling programs for POSCO and PCSB during 2025.

      • In Indonesia: Similar to 2024, PV DRILLING II continued its firm three-year drilling program for Pertamina ONWJ in West Java, Indonesia, which commenced in December 2022 and completed in late November 2025. subsequently, the rig secured a new 3-year firm contract with the same client at a higher day rate. In 2025, PV DRILLING III also entered the Indonesian market from May 2025, supporting drilling operations for Pertamina ONWJ. In addition, the joint venture PT PetroVietnam Drilling Indonesia commenced operations in 2025, establishing a solid foundation for PV Drilling to secure stable and long-term workloads for its existing rig fleet, while supporting tits strategic expansion through further rig investments and the development of well technical and related services in this potential market.

      • In Brunei: PV DRILLING V continued its contract with BSP since January 28th, 2022. The drilling program for BSP has a firm term of six (6) years, with two optional extensions of two (2) years each.

      For drilling-related services, PV Drilling further expanded its international service offering. In 2025, PV Drilling continued to provide manpower for geothermal drilling rigs and carbon capture and storage wells (CCS) in Japan, receivingstrong recognition from clients for the quality of its workforce. In Malaysia, PV Drilling successfully delivered Mud Logging and tool rental services, demonstrating the Corporation's increasingly strong competitiveness. PV Drilling consistently strives to seize opportunities and identify market-specific solutions to effectively approach clients. In 2025, PV Drilling also actively participated in bidding for CRTS services in Malaysia, Myanmar, and Indonesia, in line with its spirit of "Reach out to the ocean - Sustain the future."

   2. Human Resources Management

      As of 31 December 2025, PV Drilling had a total workforce of 2,754 employees, including 557 employees at Holding Company and 2,197 employees at at its subsidiaries (including joint ventures).

      Training and human resource development continued to be identified by PV Drilling as one of the key pillars for enhancing competitiveness and ensuring safe and efficient operations. In 2025, PV Drilling organized 610 training courses, with 3,681 participant attendances, achieving 99% of the annual plan. Total training expenditure amounted to approximately VND 29.39 billion, equivalent to 97% of the plann. Training programs focused on four core competency groups: professional competencies, - aimed at strengthening industry-specific knowledge and operational requirements; cultural competencies - to enhance safety awareness and responsibility in the workplace; leadership competencies - to support data-driven decision-making and effective management; Complementary skills - including technology application, data analysis, and communication skills. Training programs primarily targeted direct operational personnel, with mandatory safety courses, on-the-job training (OJT), and a strong emphasis on developing Vietnamese personnel to assume key positions on drilling rigs. This approach helps optimize operating costs, particularly as the Corporation's rig fleet continues to expand rapidly and manpower demand increases significantly. Up to now, the localization rate of key positions has reached approximately 70%.

      In 2025, PV Drilling implemented a range of focused training programs aimed to enhance workforce capabilities, including: 05 petroleum drilling knowledge enhancement courses with 163 participants; 04 safety culture classes with 110 participants; 03 digital transformation courses with 95 participants; 02 presentation skills courses with 52 participants; 01 ESG awareness training course with 44 participants; 02 data analysis and visualization using Power BI courses with 72 participants; and 02 finance for nonfinancial managers courses with 79 participants. These training programs were designed to align closely operational practices, thereby enhancing professional capabilities, management skills, and decision-making capacity, while supporting PV Drilling in meeting the requirements of digital transformation and sustainable development in the coming period.

   3. Other Management Activities

      • Financial management: In 2025, PV Drilling effectively managed and tightly controlled cash flow to ensure sufficient capital for the investment in two new rigs, PV DRILLING VIII and PV DRILLING IX, while fulfilling debt obligations to credit institutions and maintaining adequate liquidity for ongoing operations. Regarding borrowing costs, PV Drilling successfully negotiated with MB, VCB, and TP Bank to reduce interest rates for PV DRILLING VI and the DES equipment, as well as to lower interest expenses through the early repayment of the loan for PV DRILLING V. In 2025, the withholding tax refund process related to the jack-up rig operating in Malaysia achieved encouraging results, as the Malaysian tax authority agreed to refund almostly the tax paid for the 2020-2023 period. In addition, PV Drilling continued to implement budget control measures, cost optimization initiatives, and strengthened efforts in recovering overdue receivables, thereby optimizing cash flow efficiency and ensuring sufficient capital for business operations and investment plans for 2026 and the coming years.

      • Risk Management (ERM): In 2025, PV Drilling translated international governance standards into practical implementation across its production and business operations, specifically, as follows:

      • Standardization and alignment: restructured and standardized the corporate governance documentation system (including regulations, procedures, risk appetite, risk metrics) in accordance with the COSO ERM 2017 framework and aligned with PVN's regulations.

      • Strategic and investment risk management: conducted an in-depth and independent risk assessment for the Noble Highlander jack-up rig investment project, ensuring that major investment decisions were strickly controlled in terms of financial discipline and operational efficiency amid market volatility.

      • Digital governance: developed intelligent reporting dashboards, enabling the Board of Management to transition from static reporting to real-time data monitoring, thereby supporting timely and informed decision-making.

      • Control and self-assessment: implemented the Control Self-Assessment (CSA) program and conducted internal audits of risk management activities at subsidiaries, ensuring compliance and enhancing the effectiveness of the internal control system at the operational level.

        • Safety, Health, Environment (HSE) & Sustainable Development: In 2025, PV Drilling continued to identify occupational safety, health, and environmental protection as the foundation of its operations. The Corporation maintained and continuously improved its HSEQ Management System in alignment with international standards, legal regulations, and customers expectations, ensuring safe, stable, and efficient operations. During the year, many of PV Drilling's owned rigs achieved Zero Lost Time Incident (Zero LTI) and no environmental incidents recorded. Waste management, efficient energy utilization, and compliance with environmental regulations were consistently implemented across all units and drilling rigs. In parallel, PV Drilling implemented greenhouse gas

          emission reduction initiatives, including replacing conventional lighting systems with LED lighting and the partial converting fuel from diesel to biodiesel on selected rigs. These initiatives reduced total emissions by approximately 7,816 tons of CO₂e, while improving energy efficiency and minimizing environmental impact. In recognition of these efforts, PV Drilling was ranked among the Top 10 Sustainable Enterprises in Vietnam (CSI) 2025, affiming its commitment to operational excellence alongside safety, environmental protection, and social responsibility. During 2025, PV Drilling also strengthened its sustainable development strategy by issuing a Sustainable Development Policy Framework, establishing ESG objectives, and defining measurable ESG targets for 2026 with a vision toward 2030. These initiatives provide a foundation for integrating ESG into governance and operations, meeting the expectations of shareholders, customers, and other stakeholders.

        • Science & Technology (S&T), Innovation, and Digital Transformation: In 2025, PV Drilling implemented its S&T, Innovation, and Digital Transformation initiatives under a unified direction aligned with the national S&T development strategy, the Group's strategic orientation, and the Corporation's business strategy. PV Drilling focused on establishing foundation its Technology and Digital Transformation Roadmap for the 2025-2030, closely linked to enhancing operational efficiency and strengthening competitiveness. The Corporation deployed strategic technology products and services aligned with operational needs, prioritizing research initatives, the application of advanced technologies, and artificial intelligence in core business areas. These initiatives have gradually improved operational efficiency, optimized costs, and enhanced service quality. At the same time, PV Drilling expanded research and innovation activities into selected related fields, in line with global energy transition trends and sustainable development objectives. In addition, PV Drilling implemented shared digital platforms, centralized databases, and digital reporting and management tools to improve governance efficiency, operational performance, and decision-making capability. The Corporation also organized training programs on innovation and digital transformation, progressively enhancing employees' ability to adopt and apply new technologies, thereby fostering a culture of innovation and digital mindset across the organization. In 2025, PV Drilling successfully executed several major digital transformation projects, including: Digitalization of the administrative procurement process within the Oracle ERP system to support the operations of the Corporate Office, optimizing and shortening processing time; Completion of the relocation of PV Drilling's data center to a new facility that meets international standards, thereby enhancing infrastructure readiness for digital transformation and ensuring information security and cybersecurity; Successful enterprise-wide deployment of the Microsoft 365 platform, establishing a foundation for accelerating digital initiatives, standardizing data, improving workflow efficiency, and strengthening collaborative working in line with the Corporation's digital transformation strategy.

        • Corporate Culture: In 2025, PV Drilling actively promoted corporate culture through a range of meaningful and socially responsible activities. The Corporation implemented tree-planting programs at the Military Region 9 Command Headquarters; the contracted forest protection area in Tan Hai Commune, La Gi Town, Binh Thuan

          Province; planted cajuput trees in Tan Phuoc Commune, Can Tho City; and sponsored fruit trees for the Can Tho City Military Command, contributing to environmental protection and community development. Notably, in 2025, the Corporation inaugurated the PV Drilling Building in Vung Tau, marking an important milestone in its development journey and reinforcing corporate identity and brand presence. PV Drilling also contributed to communication and participated in the creative contests "Dấu ấn Petrovietnam" and "Petrovietnam & Tôi" organized by PVN, achieving several awards and further strengthening internal engagement and pride. Internally, the Corporation implemented practical initiatives to cultivate and promote PV Drilling's corporate culture, including providing uniforms for employees, organizing team-building activities, participating in corporate culture forums, supporting employees facing difficult circumstances, and conducting direct visits and encouragement programs for employees at nine units during Workers' Month. These activities have helped foster solidarity, enhance employee engagement, and reinforce shared values across the Corporation.

        • Other management activities: PV Drilling continued to enhance marketing efforts, secure new contracts and expand well technical services and related services into international markets. In parallel, the Corporation reviewed and updated internal regulations and policies while strengthening value chain linkages with other PetroVietnam entities to improve overall operational efficiency and business performance.

4. BUSINESS PLAN FOR 2026
   1. Business plan for 2026

      The global economy enters 2026 amid heightened fluctuations, while continuing to present both challenges and opportunities. Shaped by geopolitical tensions, rapid technological advancements, and evolving perspectives on economic security, globalization is no longer expanding uniformly but is instead shifting toward a selective and fragmented structure. Although inflationary pressure in major economies has eased, interest rates remain elevated and subject to volatility.

      Building on the solid foundation established in 2025, PV Drilling has formulated its 2026 plan with a focus on sustaining operational efficiency, proactively expanding its business footprint, and strengthening corporate governance. The Corporation will continue to prioritize the safety of personnel and equipment, ensure service quality, and optimize the performance of its rig fleet and equipment systems, while enhancing marketing activities for drilling rigs services and well technical services. At the same time, PV Drilling will expand its international presence, with a focus on potential markets in the Middle East, West Africa, and India.

      In particular, in 2026, PV Drilling will closely monitor market developments and actively pursue opportunities to invest in additional drilling rigs and well technical equipment to support its next phase of growth. PV Drilling will also place strong emphasis on cost optimization and operational efficiency through stringent cost control measures, optimized investment and procurement strategies, and the restructuring of its specialized

      equipment portfolio toward the stronger core business segments aligned with market demand.

      In addition, PV Drilling identifies science and technology, innovation, and digital transformation as key long-term growth drivers. The Corporation will focus on developing high value-added, technology-driven services, including those related to energy transition, energy efficiency, and emission reduction on drilling operations, thereby gradually expanding its growth in the next development phase.

      The 2026 business plan is developed based on the following key assumptions:

      • Five owned rigs are expected to operate throughout the year, and the PV DRILLING IX rig is anticipated to commence operations from Q2/2026. The average day rate for jack-up rigs is estimated at approximately USD 90,000 per day;

      • One TAD semi-submersible rig is expected to operate continuously throughout the year in Brunei;

      • Two leased rigs are expected to be operated in 2026, compared to an average of 1.7 leased rigs in 2025.

      Consolidated business plan for 2026:

      Indicator	Unit	Plan 2026	Actual 2025
      Total revenue	VND billiion	11,185	11,553
      Profit before tax	VND billiion	1,085	1,386
      Profit after tax	VND billiion	800	1,052
      Contribution to the State Budget	VND billiion	685	1,089
      Charter capital (end of period)	VND billiion	9,282	5,563
      Owner's equity	VND billiion	17,851	17,098
      Total assets	VND billiion	28,714	28,310

      Holding company 's business plan for 2026:

      Indicator	Unit	Plan 2026	Actual 2025
      Total revenue	VND billiion	8,100	7,475
      Profit before tax	VND billiion	920	878
      Profit after tax	VND billiion	750	663
      Contribution to the State Budget	VND billiion	350	463
      Charter capital (end of period)	VND billiion	9,282	5,563
      Owner's equity	VND billiion	16,812	16,026
      Total assets	VND billiion	22,499	21,272

   2. Investment Plan for 2026

      The total investment expenditure for 2026 is projected at approximately VND 4,229 billion. This primarily comprises the continued implementation of carry-over projects from 2025; the buyout of equity interests held by partners in the BCC; and the investment in an additional multi-purpose jack-up rig. These investments are intended to enhance PV Drilling's ability to proactively deliver services to both domestic and international oil and gas companies, while contributing to revenue and profit growth for PV Drilling and PetroVietnam in 2026.

      Key investment projects for 2026 include the following:

      No.	Investment Category for 2026	Plan	Owner Equity	Science & Technology Fund	Loans (VND Billion)
      		(VND billion)	(VND billion)	(VND billion)
      A	Ongoing Investments	721.18	383.60	9.14	328.44
      I	Investments by Holding Company	462.73	168.58		294.15
      1	Jack-Up Rig (PV DRILLING IX)	294.15			294.15
      2	Procurement of Hydraulic Workover Unit (HWU) 2024	80.35	80.35
      3	Procurement of a TDS 8SA Top Drive System (TDS) as Backup Equipment for Drilling Rigs	22.95	22.95
      4	Procurement of an Offline Activity Crane (OAC) Installed in the Derrick for PV Drilling's Jack-Up Rigs	24.21	24.21
      5	Under-Floor Crane (UFC) for Jack-Up Rigs	41.08	41.08
      II	Investments by Subsidiaries	258.46	215.02	9.14	34.29
      1	Power tong positioning system c/w Power Pack	9.01	9.01

      No.	Investment Category for 2026	Plan	Owner Equity	Science & Technology Fund	Loans (VND Billion)
      		(VND billion)	(VND billion)	(VND billion)
      2	Casing Aligment System c/w Hydraulic Power Pack	9.14		9.14
      3	Procurement of CRTS Equipment	139.13	139.13
      4	Procurement of DTRS Equipment	32.60	32.60
      5	Procurement of Equipment Packages for Wireline & Slickline Services: E-line Unit #3; 70ft Wireline Mast #2; Flyline Unit #5	68.58	34.29		34.29
      B	Investments in 2026	3,507.88	1,838.09	2.65	1,667.15
      I	Investments by Holding Company	3,362.22	1,736.50	0.00	1,625.72
      1	Jack-Up Rig (JU10)	2,252.50	675.75		1,576.75
      2	Procurement of Hydraulic Workover Unit (HWU)	69.96	20.99		48.97
      3	MPD Equipment	177.55	177.55
      4	Upgrade of the Accommodation Module for PV DRILLING IX	39.75	39.75
      5	Upgrade of the Accommodation Module for PV DRILLING I	33.13	33.13
      6	13 5/8" 10k BOP	66.25	66.25
      7	Double unit 18 ¾" 15K LFS-5	79.50	79.50
      8	Procurement of a Drilling String	106.00	106.00

      No.	Investment Category for 2026	Plan	Owner Equity	Science & Technology Fund	Loans (VND Billion)
      		(VND billion)	(VND billion)	(VND billion)
      9	IT and Other Projects	27.00	27.00
      10	Establishment of a Joint venture in Malaysia	9.09	9.09
      11	Repurchase of Capital Contributions under the BCC Contract	480.00	480.00
      12	Repurchase of Capital Contributions from PVD Offshore and PVD Well Services in PVD Tech	13.50	13.50
      13	Procurement of Office Equipment and Furniture, Computers, and car	8.00	8.00
      II	Investments by Subsidiaries	145.66	101,59	2.65	41.43
      1	Lathe machine	7.00	7.00
      2	CNC Lathe machine	15.63			15.63
      3	Milling machine	6.20			6.20
      4	Solid Control System	37.10	37.10
      5	Pneumatic Hydraulic Power Pack for HEBA and Vermilion Operations	2.65		2.65
      6	Relocation Costs and Procurement of Equipment for the Workshop and Yard	5.30	5.30
      7	Downhole SLK	7.95	7.95

      No.	Investment Category for 2026	Plan	Owner Equity	Science & Technology Fund	Loans (VND Billion)
      		(VND billion)	(VND billion)	(VND billion)
      	tool
      8	Coil tubing fishing tool	5.30	5.30
      9	Eline loging unit	2.39	2.39
      10	C1-C3 / C1-C8 Gas Analysis Equipment	4.50	4.50
      11	Workshop Upgrade and Expansion	28.00	8.40		19.60
      12	Other Machineries and Equipments	16.30	16.30
      13	Purchase Car	7.35	7.35
      	Total	4,229.07	2,221.69	11.79	1,995.59

   3. Solutions and implementing in 2026

      To achieve the 2026 targets, PV Drilling will focus on implementing the following key initiatives:

      • Proactively monitor the market and customers: Closely follow the drilling plans of both domestic and international clients; strengthen marketing activities for drilling services and drilling-related services; develop competitive pricing strategies to improve bidding success and expand PV Drilling's regional market share.

      • Promote technology advancement and digital transformation: Enhance research, technological applications, and innovation in operations and corporate governance; implement digital transformation initiatives across the Corporation; apply advanced technological solutions to improve service efficiency and quality.

      • Ensure safe and efficient rig operations: Maintain and improve the performance of rigs and equipment through operational process optimization and effective maintenance; strengthen the use of information technology in rig management and operation to meet production requirements and improve customer satisfaction.

      • Strengthen collaboration and value-chain development within the PetroVietnam: Proactively coordinate with other drilling contractors to supply rigs for the domestic market when PV Drilling's rigs are deployed overseas; actively participate in developing value chains with units within PetroVietnam to optimize the use of equipment and infrastructure in exploration drilling, well abandonment, and oil and gas construction.

      • Accelerate investment to enhance service capabilities: Focus on executing approved investment projects, particularly the acquisition of additional rigs and high-tech equipment to strengthen PV Drilling's competitiveness in the regional drilling market; continue to implement other planned investment projects.

      • Develop high-quality human resources: Strengthen training and development to improve the technical competency of employees; focus on leadership training for key personnel; organize practical training programs for young drilling engineers; gradually train and replace expatriates with domestic personnel.

      • Expand business activities in line with energy transition trends: Proactively seek and evaluate investment opportunities in new sectors aligned with PetroVietnam's energy transition direction.

      • Increase international investment and cooperation: Strengthen market research, pursue international cooperation opportunities and overseas M&A transactions to expand business operations and increase revenue contribution from international markets.

      • Strengthen financial management and cost control: Implement comprehensive cost-control measures and enhance financial and budget management efficiency; proactively develop capital plans aligned with business development needs to ensure effective mobilization of financial resources for investment and corporate growth.

      • Enhance financial supervision and receivables management: Maintain strict control over revenue, actively pursue receivables collection, manage cash flow effectively, and ensure financial safety for the Corporation.

      • Promote sustainable corporate development: Continue improving the governance model in line with modern standards; advance PV Drilling's development in accordance with ESG principles and global sustainability trends.

      • Monitor and evaluate implementation: Closely track performance against the approved targets; conduct periodic reviews and promptly implement corrective measures to ensure the successful achievement of 2026 objectives.

5. PETITION

Based on the 2025 business performance and the 2026 business plan as presented above, PV Drilling respectfully submits to Annual General Meeting of Shareholders for approval of:

• Report on business performance in 2025.
• Business plan for 2026.