PetroVietnam Drilling & Well Servic : The Separate Financial Statement and Consolidated Financial Statement for Quarter 4/2016

Dear stakeholders,

PV Drilling would like to release the Separate FS and Consolidated FS for Quarter 4/2016 as well as analyze our business performance as follows:

	Separate FS			Consolidated FS
	Q4/2016	Q4/2015	% variance	Q4/2016	Q4/2015	% variance
Revenue	478,7	1.250,0	-61,7%	811,0	2.333,9	-65,3%
NPAT for sharehoders	23,8	165,2	-85,6%	34,2	76,6	-55.4%

Unit: Bil VND

Compared to the same period last year, Holding Company and Consolidated NPAT of Quarter 4/2016 showed a decline of 85,6% and 55,4% respectively, primarily due to the following reasons:

- The average number of rigs operating in Quarter 4/2016 was only 2,3 rigs compared to 4,2 rigs in the same period last year; Rigs' operating efficiency achieved only 46%;

- Rigs' day rate reduced significantly 55%-60%;

- There were no hired rigs working in Q4/2016;

- The workload and price of drilling-related services dropped about 40%-60%

Sincerely,

The Consolidated Financial Statement: Link

The Seperate Financial Statement: Link