PTSC Annual Shareholders’ Meeting in 2013 - Continue to develop stably and sustainably

The General Meeting of Shareholders discussed and approved the following activities: Report on activities of BOD and Supervisory Board in 2012 and Plan for 2013; 2012 production and business reports and General Director's 2013 Plan; pass the audited financial report for 2012 and select auditors for financial statements in 2013; report the inspection and supervision in 2012 and the plan in 2013. Accordingly, the total revenue is 26,500 billion; of which consolidated revenue is 24,000 billion; consolidated profit before tax is 1,000 billion, dividend payout ratio is 12%.

The General Meeting of Shareholders also approved the decision of the Board of Directors to appoint Mr. Doan Minh Man to be the member of the Board of Directors concurrently replacing Mr. Ta Duc Tien.

Mr. Nguyen Hung Dung - General Director of PTSC said: With the tradition of solidarity, unity, spirit of enthusiasm, dynamic, creative, PTSC has made great efforts to accomplish excellence, exceeding the targets of 2012 approved by the General Assembly of Shareholders.

The year of 2013 will be difficulties and challenges. From the beginning of the year, the Board of Directors and General Director of the PTSC have developed operational strategies and emulation movement for production; At the same time, it is required that each unit must have a program of action to ensure the stable and sustainable development of its units as well as the general development of PTSC.

In order to achieve the targets set in 2013, PTSC is committed to the implementation of six core services of the PTSC, setting out specific strategies and objectives for each sector in order to maintain and expand the market. One of the important goals of PTSC is to identify the services and target markets to implement the strategy of offshore services development. This is an important decision of the leaders of PTSC as well as of the PetroVietnam in building prestige and trademark in the field of petroleum technical services.

On behalf of Petrovietnam, Mr. Dinh Van Son - Member of Board of Directors commented on achievements in production and business of PTSC; At the same time, we would like to focus on a number of issues such as: maintaining solidarity as an important driving force for development; intensify close coordination with units in the sector; study and adjust the operational strategy for the period of 2012 - 2015 and orientation to 2025 in line with the economic situation and development strategy of PetroVietnam; stepping up the restructuring of enterprises; intensify inspection, supervision, reduce costs and ensure safety; expand the provision of technical services abroad.

PetroVietnam will create maximum conditions for PTSC as well as other units in the industry to participate in projects of PetroVietnam domestic and international. Some projects of PTSC that are facing difficulties are also common difficulties of PetroVietnam. Therefore, PetroVietnam will co-operate with PTSC to remove and submit to the competent authorities to assist in removing these difficulties.

Speaking at the meeting, Mr. Thai Quoc Hiep - Chairman of PTSC confirmed that the Board of Directors, General Director will develop the program of action, specific solutions to implement the resolution of the General Assembly of shareholders approved and resolved to fulfill the objectives assigned by the meeting.