PRESIDENT & CEO OF PTSC HAD A WORKING SESSION WITH PTSC THANH HOA

Strong strategy, fostering PTSC Thanh Hoa brand to the international market

On the 13^th July, 2024, President & CEO of Petrovietnam Technical Services Corporation (PTSC) – Mr. Le Manh Cuong had a working session with PTSC Thanh Hoa Technical Services Company about production and business of the first 6 months, plan for the last 6 months in 2024 and strategic development plan in the future.

Attending the working session, on behalf of PTSC there were Mr. Le Manh Cuong – Deputy Party Secretary, President & CEO of PTSC, Mr. Pham Van Hung – Vice President of PTSC and Leaders from executive department of PTSC, Leaders of member units.

On behalf of PTSC Thanh Hoa there were Mr. Le Van Nga – Party Secretary, Chairman of the Board of Directors, Mr. Pham Hung Phuong – Director and Leaders in Management Board, officials of Company.

Overview of the working session

For and on behalf of PTSC Thanh Hoa, Mr. Pham Hung Phuong – Director of PTSC Thanh Hoa was reporting about the production and business of the first 6 months, plan for the last 6 months, its crucial issues at the present, strategic development of core services and existing difficulties as well, offering proposal to Management of PTSC.

Mr. Pham Hung Phuong – Director of PTSC Thanh Hoa was reporting the production and business result of first 6 months and plan for the last 6 months in 2024

In the first 6 months of the year 2024, PTSC Thanh Hoa has made effort to enhance the working of production and business on 4 core services. Estimated revenue in the first 6 months of 2024 has reached 535.13 billion VND, estimated to reach 50.96% of annual plan. In particular, for Operation and Maintenance Service (O&M), PTSC Thanh Hoa has developed the area with the conversion by successfully implementing the AR Tank package - converting crude oil tanks into AR tanks at NSRP. Within the first 6 months of the year, O&M service is estimated to reach 81.34% of the 2024 revenue plan and expected to reach 200% of the revenue plan by the end of 2024. For Port Operation & Logistics, PTSC Thanh Hoa has maintained good contracts with traditional customers, besides developing the market to looking for new customers. The output of goods through PTSC Thanh Hoa port in the first 6 months of the year reached 2.9 million tons, estimated revenue is 164 billion VND, reaching 61.89% of annual plan. Vessel Services of PTSC Thanh Hoa has achieved targets in the first 6 months, estimated revenue is 99,06 billion VND, reaching 55,37% of annual plan. Recently, PTSC Thanh Hoa's vessel fleet tugged the 200th VLCC vessel to dock at SPM of NSRP effectively and safely. Despite many difficulties and challenges ahead, Mechanical and Construction Service has been striving to complete ongoing projects, set the goal to reach the planned revenue in 2024.

With the results achieved in the first 6 months of the year, PTSC Thanh Hoa continues to make plans with specific targets for the last 6 months of 2024 as well as long-term strategies. PTSC Thanh Hoa keep expanding O&M services and Mechanical services to become 2 key fields and foster the brand with new, large-scale projects, especially projects for fabricating and manufacturing oversize, overweight components and becoming a connection in the service chain related to offshore renewable energy. To keep that goal, in 2024, PTSC Thanh Hoa will implement an investment plan in each phase for the following items: temporary load-out berth, structural cleaning & painting workshop, upgrading berth infrastructure 1-2, mechanical - maintenance complex and other projects. For ongoing projects, PTSC Thanh Hoa's Board of Management and employees will focus resources to bring the projects to completion, meeting progress, safety and quality. In addition, the market development team will be proactive in seeking new contracts as well as actively coordinating with PTSC and its member units in bidding and market development.

After the report has been presented, Mr. Le Manh Cuong – President & CEO of PTSC acknowledged and highly appreciated the comprehensive results that PTSC Thanh Hoa has achieved in the first 6 months of the year. He also praised the spirit of learning and actively coordinating with other member units to participate in large bidding packages. In particular, He emphasized the importance and congratulations on PTSC Thanh Hoa for successfully bidding and implementing DMS (Daily Maintenance Service), creating chances to develop human resources for skills and experience and opening up many future opportunities for services related to maintenance. In terms of investment, President & CEO highly appreciated PTSC Thanh Hoa for its impressive results in the past time in building infrastructure, facilities and optimal equipment to serve production and business, and a spacious office building, creating the best working environment for employees. Besides, PTSC Thanh Hoa has planned and prepared detailed investment roadmaps in the upcoming time.

Mr. Le Manh Cuong – President & CEO also directed PTSC Thanh Hoa to set a stronger strategic goal, develop PTSC Thanh Hoa as the expectations and goals of PTSC, becoming a key subsidiary, inheriting and fully promoting the capacity of Corporation in the North - Central region of Vietnam. PTSC Thanh Hoa also needs to concretize actions, bring the brand "go global" by cooperation solutions, connecting with other subsidiaries that already have international markets such as POS... Regarding investment, besides the decisive and strong implementation, PTSC Thanh Hoa also has to pay attention to compliance with legality, flexibility in capital sources and effective investment portfolio management. In his directive speech, He assigned specialized divisions to coordinate with the unit to tackle difficulties and resolve proposals as soon as possible.

Mr. Le Manh Cuong – President & CEO of PTSC at the working session

Mr. Pham Van Hung – Deputy President of   PTSC emphasized the importance of restructuring, improving, innovating, managing risks and actively participate in digital transformation strategy and sustainable development orientation.

Mr. To Ngoc Tu – Director of PTSC M&C congratulated PTSC Thanh Hoa and offered a few cooperation chances in the future for both companies, especially in Mechanical and Fabrication.

Making conclusion of the meeting, the representative of the BOM of PTSC, President & CEO expressed confidence in the success of PTSC Thanh Hoa in its production and business tasks and the strategic orientations that the unit has set, as well, making contribution to the general development of the entire Corporation in the future. The visit and working session of the delegation - the BOM of PTSC at PTSC Thanh Hoa affirmed the continuous and close companionship of the Corporation with its member units in general and PTSC Thanh Hoa in particular in the process of implementing production and business tasks, towards the common goals of the Corporation.