The review covered PV Drilling's implementation of its 2026 business plan, strategic objectives and risks, financial and cash flow management, investment portfolio oversight, corporate governance and internal controls. It also examined the company's 2026-2030 plan, its development strategy through 2030 with a vision to 2050, and matters related to NASOS.
Reporting to the delegation, PV Drilling representatives said the company had maintained stable employment for all its owned drilling rigs in Vietnam and Southeast Asia in 2026, in line with its operating motto, "Explore, Create, Develop." It had also operated an average of 3.3 leased drilling rigs in Vietnam.
Revenue and profit from other services recorded strong year-on-year growth, while the company's asset and capital structures remained stable, balanced and financially sound.
PV Drilling continued to accelerate investment, bringing the PV DRILLING IX rig into operation in April 2026, completing the acquisition of the PV DRILLING X jack-up rig and a hydraulic workover unit (HWU). Its restructuring activities also proceeded in accordance with the plan approved by PETROVIETNAM.
In corporate governance, PV Drilling has sought to improve the parent company's capital management through its system of authorized representatives while strengthening strategic direction for subsidiaries and enhancing risk forecasting and management tailored to the drilling service sector.
The company has also stepped up reviews and revisions of internal regulations to ensure compliance while gradually embedding sound corporate governance principles and best practices into its operations. It is pursuing environmental, social and governance (ESG) objectives aligned with its sustainability strategy for the next phase of development. Directives and policies issued by PETROVIETNAM have been implemented in accordance with applicable regulations.
Mr. Nguyen Xuan Cuong, President and CEO of PV Drilling, said the corporation's nine-month performance and full-year projections indicated that it would meet the targets assigned by its general shareholders' meeting.
"Our owned rigs currently have stable contracts, with some secured under long-term agreements. We prioritize contracts of at least two years to ensure stable and sustainable growth," Mr. Nguyen Xuan Cuong said.
PV Drilling currently has the capacity to operate ten drilling rigs simultaneously, he added.
The corporation is actively pursuing expansion opportunities and exploring potential markets in the Middle East, Australia, India, North Africa, and the North Sea.
Mr. Nguyen Xuan Cuong said PV Drilling's operational experience in the North Sea through PV DRILLING IX and in North Africa through PV DRILLING X provided a solid foundation for developing partnerships, expanding its market presence and strengthening its international competitiveness.
On behalf of PETROVIETNAM's leadership, Mr. Tran Binh Minh commended PV Drilling's achievements in 2025 and the first nine months of 2026, highlighting positive growth indicators, stable employment across its owned and leased drilling fleets, increased investment, continued safety performance, capital preservation and growth, and fulfillment of management targets assigned by the parent group.
He also praised the company's progress in corporate governance toward standards set by the Organization for Economic Co-operation and Development (OECD), as well as its financial management and brand development, which have helped improve operational efficiency and competitiveness.
Looking ahead, Mr. Tran Binh Minh urged PV Drilling to consolidate its international market share and prepare the resources needed to participate more extensively in the Block B project. He also called on the company to assess promising markets and develop investment strategies aligned with the energy transition, while investing in the next generation of leaders and encouraging new talent and fresh thinking to support sustainable growth.
Mr. Mai The Toan, Chairman of PV Drilling's Board of Directors, thanked PETROVIETNAM for its close guidance and timely support, particularly in investment matters that enabled the company to complete the acquisitions of PV DRILLING IX and PV DRILLING X at an early stage.
PV Drilling will strive to achieve double-digit growth in 2026 and deliver its financial plan for 2026-2030, contributing to PETROVIETNAM's overall performance and supporting the Party and government's policy of promoting double-digit economic growth.
