The Report of the Board of Supervisors on Operation activities in 2025 and the Implementation 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 Operating Regulations of the Supervisory Board of PV Drilling,

The Supervisory Board of PV Drilling respectfully submits to the General Meeting of Shareholders the Report of the Board of Supervisors on Operation activities in 2025 and the Implementation plan for 2026 in accordance with the provisions of the Enterprise Law and the Securities Law as specified in Attachment hereto.

Respectfully submitted to the General Meeting of Shareholders for review and approval.

Sincerely,

(Attached to Proposal No. /2026/TTr-ĐHĐCĐ dated April , 2026)

1. Activities of the Supervisory Board in 2025
   1. Functions and tasks of the Supervisory Board

      The Supervisory Board of the Petrovietnam Drilling & Well Service Corporation ("PV Drilling") is elected by the General Meeting of Shareholders of PV Drilling ("GMS") and performs the tasks prescribed in the current Enterprise Law to ensure the shareholders' rights. Supervisors must possess the necessary knowledge, skills, and professional experience to properly perform their duties. The Supervisory Board of PV Drilling consists of three members who successfully completed their tasks in 2025 with activities stipulated in the Enterprise Law, the Corporation's Charter, and the Operating Regulations of the Supervisory Board, as outlined below:

      − Oversee the Board of Directors ("BoD") and the President & CEO in managing and operating the Corporation;

      − Examine the reasonableness, legality, integrity and due care in management and business operations; the systematic, consistent and appropriate approach to financial accounting, statistical processes and financial reporting;

      − Appraise the completeness, legality, and honesty of the Corporation's annual and semi-annual business performance reports, financial statements and evaluations of the BoD's management. Present appraisal reports at the annual General Meeting of Shareholders. Review contracts and transactions involving related parties under the authority of the BoD or GMS and provide recommendations on contracts and transactions requiring BoD or GMS approval;

      − Monitor the Corporation's financial status, capital balance and cash flow management; assess operational efficiency and debt repayment capability; oversee the use, management and preservation of capital and review the Corporation's quarterly and annual business plans;

      − Oversee the implementation of business plans in accordance with the resolutions of the GMS; inspect and monitor the business activities of affiliated units through financial statements and reports provided by PV Drilling representatives at subsidiaries and associate companies;

      − Review and assess the effectiveness and efficiency of the Corporation's internal control system, internal audit, risk management and early warning systems;

      − Recommend to the BoD measures for modifying, supplementing, or improving (if applicable) the organizational structure for management, supervision and business operations of the Corporation;

      − Propose and recommend the GMS to approve the list of auditing firms authorized to audit the Corporation's financial statements;

      − Perform other rights and obligations as stipulated by the Enterprise Law, the Corporation's Charter and the resolutions of the GMS.

   2. Activities of the Supervisory Board in 2025

      In 2025, the Supervisory Board conducted inspections and oversight activities at PV Drilling in accordance with the 2025 activity plan approved by the GMS under Resolution No. 01/2025/NQ-ĐHĐCĐ dated April 23, 2025, strictly adhering to the provisions of the Enterprise Law and the Corporation's Charter in managing and operating the business activities of PV Drilling. The regular activities of the PV Drilling Supervisory Board in 2025 include:

      − Inspecting and overseeing the implementation and compliance with the Corporation's Charter, the Enterprise Law and legal regulations;

      − Monitoring and evaluating the implementation of the 2025 GMS resolutions; reviewing financial status, capital balance and cash flow management; assessing operational efficiency, debt repayment abilit and the management and use of capital; preserving and developing capital; monitoring the implementation of business plans; inspecting and supervising the execution, progress and effectiveness of investment projects;

      − Collaborating with the Corporation's BoD in supervising the management and business activities at the Corporation and its subsidiaries. The Supervisory Board participated fully in BoD meetings to grasp business performance, provide feedback and make recommendations to the BoD and the President & CEO within their responsibilities and authority;

      − Reviewing contracts and transactions with related parties under the authority of the BoD or GMS and providing recommendations on contracts and transactions requiring BoD or GMS approval; overseeing the disclosure of information about related parties and related transactions;

      In 2025, the members of the Supervisory Board successfully completed their assigned tasks and duties in accordance with the provisions of the Law and the Charter of the Corporation, as detailed below:

      No	Full name	Title	Assigned Tasks
      1	Mr. Le Hong Phuong	Head of the Supervisory Board

      • Supervise the management and operations of the Corporation carried out by the BOD and the Executive Board;

      • Oversee the Corporation's restructuring process, investment activities and the use and management of funds;

      • Review, inspect and evaluate the effectiveness and efficiency of the internal control system, internal audit, risk management and early warning mechanisms of the Corporation;

      No	Full name	Title	Assigned Tasks
      2	Mr. Nguyen Binh Hop	Supervisor
      3	Mr. Nguyen Van Tai	Supervisor

      • Participate in GMS sessions, BOD's meetings and other meetings; convene and preside over meetings of the Supervisory Board;

      • Perform other tasks of the Head of the Supervisory Board as prescribed by the Law on Enterprises, the Corporation's Charter and the Supervisory Board's operational regulations.

      • Review and assess business performance reports and quarterly, semi-annual and annual financial reports of the Corporation;

      • Review contracts and transactions involving related parties under the approval authority of the BOD or the GMS;

      • Collaborate in supervising compliance with the Law, the Corporation's Charter and GMS resolutions;

      • Coordinate in reviewing, inspecting and evaluating the effectiveness and efficiency of the Corporation's internal control system, internal audit and risk management;

      • Cooperate in monitoring the organization of business operations and assessing the achievement of goals and tasks compared to the approved plan.

      • Review and assess business performance reports and quarterly, semi-annual and annual financial reports of the Corporation;

      • Review contracts and transactions involving related parties under the approval authority of the BOD or the GMS;

      • Collaborate in supervising compliance with the Law, the Corporation's Charter and GMS resolutions;

      • Coordinate in reviewing, inspecting and evaluating the effectiveness and efficiency of the Corporation's internal control system, internal audit and risk management;

      No	Full name	Title	Assigned Tasks
      			- Cooperate in monitoring the organization of business operations and assessing the achievement of goals and tasks compared to the approved plan.

   3. Salaries, Remuneration, Bonuses, Operating Costs and Other Benefits of the Supervisory Board and Its Members

      The salaries, bonuses, remuneration and other benefits of the Supervisory Board are implemented in accordance with the decisions of the GMS and comply with legal regulation.

      The number of shares, salaries, remuneration and other benefits of each member of the Supervisory Board as of December 31, 2025 are as follows:

      Unit: VND

      No.	Full Name	Position	Salary, Allowances, Bonuses	Remuneration	Shares owned	Notes
      1	Mr. Le Hong Phuong	Head of the Supervisory Board	1,522,561,782	-	0
      2	Mr. Nguyen Van Tai	Supervisor	-	84,000,000	0
      3	Mr. Nguyen Binh Hop	Supervisor	-	84,000,000	0
      	Total		1,522,561,782	168,000,000

2. Summary of Supervisory Board Meetings in 2025
   1. Number of meetings held by the Supervisory Board

      No.	Full Name	Position	Number of meetings attended	Attendance rate	Voting rate	Reason for non-attendance
      1	Mr. Le Hong Phuong	Head of the Supervisory Board	6/6	100%	100%
      2	Mr. Nguyen Van Tai	Supervisor	6/6	100%	100%
      3	Mr. Nguyen Binh Hop	Supervisor	6/6	100%	100%

   2. Content and Outcomes of the Meetings

      No.	Meeting	Content	Approval Voting Results
      1	March 13, 2025	Assess the plan for determining the salary fund for staffs and managers in 2024 of PV Drilling.	100%
      2	March 18, 2025	Assess the audited 2024 financial statements of the Parent Company and the consolidated report.	100%
      3	March 12, 2025		100%
      4	May 13, 2025	Assess the Q1 2025 financial statements of the Parent Company and the consolidated report of the Corporation.	100%
      5	September 9, 2025	Assess the audited semi-annual financial statements of 2025 for the Parent Company and the consolidated report of the Corporation.	100%
      6	November 17, 2025	Assess the Q3 2025 financial statements of the Parent Company and the consolidated report of the Corporation.	100%

      • Assess the Business Results Report of 2024 and activities plan of 2025 for PV Drilling.

      • Appraising the 2024 activities report of the BOD and activities plan of 2025.

      • Reviewing and evaluating the activities of the Supervisory Board in 2024 and the 2025 activity plan to be presented to the GMS.

      • Reviewing, evaluating, and selecting the list of audit firms to conduct the semi-annual and annual financial statement audits for 2025 to be presented to the GMS.

3. Results of Supervisory Monitoring of the Corporation's Operations and Financial Performance.
   1. Results of Monitoring the Situation and the Performance of Business Operations

      In 2025, the global economy continued to face significant challenges and risks such as geopolitical conflicts, the ongoing war between Russia and Ukraine, tensions between United States - Venezuela as well as tensions in Middle East and especially the global trade war initiated by the United States, which imposed unprecedented protectionist tariffs on more than 180 countries, causing disruptions and strongly affecting supply chains and energy market, leading to significant difficulties in transporting equipment and goods, increasing input costs/ operation cost of rig and other services. The Federal Reserve maintained high interest rates along with a strong

      appreciation of the USD which elevated financial expenses. The Fourth Industrial Revolution, with the rapid development of artificial intelligence (AI), is and will continue to impact economic development in general and the energy sector in particular. The trend toward developing new energy sources, renewable energy, and clean energy is making investment in the fossil fuel sector less attractive…

      Domestically, there have been highly transformative reforms: from July 01, 2025, the country transitioned its national governance model from a three-tier local government system to a two-tier system. This has led to the need to update governance and leadership approaches in line with directives, guided by the pioneering role of Petrovietnam. In addition, ESG standards in corporate governance and sustainable development have become mandatory, requiring transparency in emissions, occupational safety, and risk management.

      Against this backdrop, the BOD, the Executive Board and all PV Drilling employees made relentless efforts in management and business operations to retain customers and expand market share. PV Drilling's jack-up rigs and semi-submersible tender-assisted drilling rig operated consistently throughout the year with high operational efficiency and utilization rates. Technical services at PV Drilling's units continued to maintain a leading market share domestically, offering high-quality services, ensuring safety in a fiercely competitive environment and expanding new services in the wind power sector. New services, machinery and equipment were successfully delivered to customers and received high praise.

      The business performance in 2025 achieved positive results, a testament to the effective governance and management of the BOD and the Executive Board as well as the effort and unity of all employees in the Corporation. These achievements have been recognized and acknowledged by reputable organizations through major awards such as: "Mission: Zero Possible" from Petronas Malaysia; "Top 20 Best Annual Reports - Non-financial Group" and "Top 8 Best Corporate Governance - Large Cap Group"; co-organized by the Ho Chi Minh Stock Exchange and stock market of Vietnam from 2000-2025; "Top 50 Best Listed Companies of Forbes; Top 10 sustainable Companies of Vietnam (CSI) in commercial and services; Top 10 ESG Companies of Vietnam green 2025 in energy field; Top 100 ESG Vietnam green in AF8 Forum; Certificates of Pioneer and Commitment Companies to enhancing corporate governance in Vietnam - VNCG50.

      The consolidated business performance results of PV Drilling for the year 2025 are as follows:

      Unit: Billion VND

      Indicator	This Year's Plan	This Year's Performance	Last Year's Performance	Increase/Decrease vs. Plan		Increase/Decrease vs. Last Year
      				Amount	%	Amount	%
      Total Revenue (*)	7,200	11,553	9,566	4,353	60	1,987	21
      Net Profit After Corporate Income Tax	530	1,052	698	522	98	354	51
      Of which:

      Indicator	This Year's Plan	This Year's Performance	Last Year's Performance	Increase/Decrease vs. Plan		Increase/Decrease vs. Last Year
      				Amount	%	Amount	%
      Net Profit After Tax of the Parent Company	520	1,039	698	519	100	341	49
      Profit/(Loss) After Tax of Non-controlling Shareholders and Benefits of BCC Parties	10	13	-	3	30	-	-

      (*) Total revenue includes: revenue from sales and service provision, financial income, profits from joint ventures and other income.

      Total revenue achieved in 2025 is VND 11,553 billion, exceeding the approved 2025 plan by VND 4,353 billion (60%) compared to the target approved by the GMS of VND 7,200 billion and increasing by VND 1,987 billion (21%) compared to the revenue achieved last year. Total post-tax profit for 2025 is VND 1,052 billion, surpassing the approved 2025 plan by VND 522 billion (98%) compared to the target of VND 530 billion and increasing by VND 354 billion (51%) compared to the previous year.

      This result is primarily due to jack-up rigs, tender assist drilling rig and rental rigs of PV Drilling operate in high operational efficiency and utilization rates, good result from subsidiaries higher than plan, especially in well technical services mainly due to the vibrant domestic drilling market in 2025.

   2. Financial Situation

      The financial situation of PV Drilling as of December 31, 2025, is good, ensuring the company's ability to make payments and preserve the corporation's capital.

      Some key indicators from the balance sheet in the Corporation's consolidated financial statements as of December 31, 2025:

      Unit: Billion VND

      ASSETS	Start of Year	End of Year	LIABILITIES AND EQUITY	Start of Year	End of Year
      I. Current Assets	7,782	9,657	I. Liabilities	7,562	11,212
      1. Cash and Cash Equivalents	2,203	1,821	1. Current Liabilities	4,124	6,619
      2. Short-term Financial Investments	770	689	- Taxes Payable	160	215
      3. Short-term Receivables	3,469	5,320	- Short-term Expenses Payable	1,144	1,686
      4. Inventories	1,216	1,537	2. Non-current Liabilities	3,438	4,592

      ASSETS	Start of Year	End of Year	LIABILITIES AND EQUITY	Start of Year	End of Year
      II. Non-current Assets	15,832	18,653	II. Equity	16,052	17,098
      TOTAL ASSETS	23,615	28,310	TOTAL LIABILITIES AND EQUITY	23,615	28,310

      Financial Indicators as of December 31, 2025 are as follows:

      No.	Indicator	Unit	Formula	Start of Year	End of Year
      1	Debt Ratio / Total Liabilities	times	= Total Liabilities / Total Assets	0.32	0.40
      2	Debt Ratio / Equity	times	= Total Liabilities / Total Equity	0.47	0.66
      3	Quick Ratio	times	= (Current Assets and Short-term Investments - Inventory) / Total Current Liabilities	1.59	1.23
      4	Current Ratio	times	= Current Assets and Short-term Investments / Total Current Liabilities	1.89	1.46
      5	General Solvency Ratio	times	= Total Assets / Total Liabilities	3.12	2.53

      Overall, as of December 31, 2025, the debt ratio to total assets and the debt ratio to equity are 0.4 times and 0.66 times, respectively, demonstrating financial autonomy and minimal dependence on debt. The current ratio and quick ratio being greater than 1 indicate the ability to promptly meet debt obligations as they become due.

4. Assessment Report on Transactions between the Corporation, its subsidiaries and companies in which the Corporation controls more than fifty percent (50%) of charter capital with members of the BOD, the President & CEO, other executives, and their related persons; Transactions between the Corporation and companies where members of the BOD, the President & CEO and other executives are founders or managers within the past three years prior to the transaction.

   No such transactions were identified during the period.

5. Supervision of the BOD, President & CEO and Business Executives

   The Supervisory Board has regularly, promptly and fully received information from the BOD and the Executive Board, enabling it to assess and unanimously agree that the BOD and the President & CEO have managed and operated the production and business activities in strict compliance with the law, the Corporation's Charter and Resolutions of the GMS. They have

   fulfilled their roles as per the delineation of authority between the BOD and the President & CEO. The Board of Directors has provided timely direction, support and close supervision of the Executive Board's operations.

   In 2025, the BOD held 7 in-person meetings and frequently sought written opinions from its members, issuing 189 Resolutions/Decisions regarding strategy, production and business activities, investment tasks, organizational restructuring, personnel matters and more. All Resolutions/Decisions have been implemented diligently as required.

   The President & CEO's management of production and business activities at PV Drilling complied with legal regulations and internal policies of the Corporation. The President & CEO also directed Deputy President & CEOs, Departments/Offices/Units of the parent company and subsidiaries to carry out the BOD' Resolutions/Decisions effectively and rigorously.

   The President & CEO and the Executive Board have consistently worked with a high sense of responsibility, promptly identifying opportunities and challenges, focusing intensely and flexibly on the Corporation's activities. They have mobilized and utilized resources effectively, optimized production and business processes to enhance management efficiency, reduce costs and achieve operational results in 2025 that exceeded the plan approved by the GMS.

6. Assessment results on the Coordination activities between the Supervisory Board, the Board of Directors, the Executive Board and Shareholders

   The coordination between the Supervisory Board, the BOD, the Executive Board and Shareholders was conducted based on principles prioritizing the lawful interests of Shareholders and ensuring the stable and sustainable development of the Corporation, in compliance with the Corporation's Charter and legal regulations.

   The Supervisory Board worked closely with the BOD and the Executive Board in performing its assigned functions and duties. The BOD and the Executive Board created favorable conditions, providing the Supervisory Board with full information and documents related to the Corporation's activities and inviting the Supervisory Board to participate in all Board meetings and other important corporate meetings.

   The Head of the Supervisory Board participated fully in Board meetings, contributed opinions and recommendations within the scope of responsibilities and authority. The recommendations of the Supervisory Board were reviewed and implemented by the BOD and the Executive Board to ensure the Corporation's interests, complying with legal regulations and internal policies.

   The BOD provided direction and closely supervised the business operations of the Corporation. The Executive Board managed the Corporation's production and business activities in accordance with its functions and responsibilities, in compliance with the Enterprise Law and the current Charter. The Executive Board promptly implemented Resolutions and Decisions of the GMS and the BOD, frequently reporting to the BOD for timely guidance as required.

   The Supervisory Board reviewed quarterly, semi-annual and annual financial statements, effectively coordinated with the Executive Board in sharing information to ensure that details about the Corporation's business activities and financial information were promptly disclosed to Shareholders as per regulations of the State Securities Commission and the Stock Exchange, ensuring the legal rights of Shareholders according to the law.

7. Work on Reviewing Reports

   According to Articles 170 and 175 of the Enterprise Law and Article 13 of the Supervisory Board's Operational Regulations, the Supervisory Board has conducted the review of reports as stipulated. Specifically:

   1. Review of Audited Financial Statements

      Deloitte Vietnam Co., Ltd. audited the 2024 and 2025 financial statements of PV Drilling. These financial statements were prepared in accordance with the Accounting Standards and the Audit Standards for financial statements currently in effect. Members of the Supervisory Board received the documents and independent auditor's reports on time. The Board convened, reviewed documents and assessed the financial statements of the Parent Company and the consolidated financial statements for 2024 during a meeting held on March 18, 2025. The Board reviewed the Parent Company's semi-annual and consolidated financial statements for 2025 on September 9, 2025 and examined the audited financial statements of the Parent Company and consolidated statements for 2025. Upon review, the Board agreed with the audit results presented by the independent auditors. In general, the Corporation's financial statements provide a present fairly, in all material respects of business operations, accounting, recording and presentation in accordance with Vietnam's Accounting Standards and current regulations.

   2. Review of the Business Results Report by the Executive Board

      The business results report and the management activities for 2025 by the Executive Board were analyzed and evaluated by the Supervisory Board. The members of the Supervisory Board unanimously agreed that the business results report and management activities for 2025 align with the Corporation's practical operations. The revenue and profit indicators in the report were reflected and recorded in the audited 2025 financial statements by Deloitte Vietnam.

   3. Review of the BOD's Activity Report

      The Supervisory Board consistently monitored the activities of the BOD according to legal regulations, the Corporation's Charter and the Supervisory Board's Operational Regulations. The Supervisory Board received information and details about the Board meetings, thoroughly reviewed the BOD's reports and trusted the legality and propriety of the Board's Resolutions and Decisions. The activity report of the BOD for 2025 fully and appropriately reflects its operations throughout the year.

      The activity reports of both the BOD and the President & CEO regarding the management and administration of the Corporation in 2025 comply with practical realities as well as the rights and obligations specified in the Charter and relevant legal regulations.

8. SUPERVISORY BOARD'S ACTIVITY PLAN FOR 2026

Ho Chi Minh City, Date ….Month … 2026