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Petrovietnam Technical Services Corporation Table of Contents PETROVIETNAM TECHNICAL SERVICES CORPORATION TABLE OF CONTENTS GENERAL OVERVIEW 08 History of Establishment & Development 10 Partners, Clients 14 Organizational Structure, Management System 16 Business Field Organization 24 Resources 30 Development Strategies 41 SUSTAINABLE DEVELOPMENT REPORT 42 BUSINESS ACTIVITIES IN 2016 54 Business Performance Result in 2016 56 Report From The Board of Management 60 Assessment From The Board of Directors 77 CORPORATE GOVERNANCE 80 Activities in 2016 and the plan of the board of Directors in 2017 82 Supervisory Board’s Activities in 2016 and Action plan in 2017 88 Remuneration and other benefits of The Board of Directors, 92 The Supervisory Board, and The Board of Management in 2016 Domestic trading name: Tổng công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam Ricks management 94 Foreign trading name: Petrovietnam Technical Services Corporation Trading name abbreviation: PTSC PVS SECURITIES 98 Tax code: 0100150577 Shareholder 100 Address: 5th Floor, PetroVietnam Tower, 1-5 Le Duan Street, Ben Nghe Ward, District1, HCM City, VietNam Investor Relations 103 Tel: (+84).8.39102828 PVS Stock 104 Fax: (+84).8.39102929 STOCK CODE Website: www.ptsc.com.vn FINANCIAL REPORT 108 www.ptsc.com.vn 3 ALONG WITH PERFORMING INTERIOR PROJECTS EFFECTIVELY AND SAFELY, WE ALSO STEPPED UP SERVICES TO EXTERNAL AND OVERSEA MARKET TO SEEK WORK WHICH MADE UP FOR LOST BY OIL PRICE FALLING. THIS IS A DISTINGUISHED POINT IN 2016 MESSAGE FROM Along with performing interior projects effectively and With our ever - effort, creation, activation to overcome safely, we also stepped up services to external and difficulties and challenges, we steered the business CHAIRMAN oversea market to seek work which made up for lost through the hardest time in 2016. I am confident by oil price falling. This is a distinguished point in PTSC will well accomplish business plan assigned by 2016. In international market, PTSC won bidding for shareholders’ meeting. projects: Danman - India; putting out housing barge to lease in Myanmar; supplying manpower to work On behalf of PTSC’s management team and staff, I in Brunei, Qatar… In interior market, PTSC performed would like to express my sincere thanks to our Parent these projects: manufacturing DK platform for Ministry Company - Petrovietnam, fellow shareholders, esteemed of Defense; Long Phu 1 Power Plant; procurement partners and clients for your contribution, belief and packages of Nghi Son project, NPK, NH3, GPP support during what has been a very difficult year in Ca Mau, Duyen Hai – Tra Vinh Power Center… We the oil and gas industry and we are hoping for your ensured jobs for our employees and continued to continued support in the coming year. maintain our stable development in tough period. Ladies and gentlemen, Dear Fellow Shareholders, In such tough environment, we ran into difficulties to CHAIRMAN OF BOARD OF DIRECTORS perform our business plan in 2016. For achieving our In 2016, the crude oil prices strongly descended business target entrusted by the shareholders’ meeting, Oil price’s signal seems to be more positive in 2017, and maintained to its low level after 2 years of falling executive board viewed and assessed the situation, built however, it is still another tough year. Recognizing this, crude oil pressure which not only impacted on global business action plans and solutions to steer the business a general strategic plan has been made by executive oil and gas activities but also on Vietnamese oil and through difficult times and to best perform our goals. board to maintain sustainable development target and gas industry. Most of oil field exploration, development We also encouraged our staff to share difficulties with to adapt to international competition and integration, in and production projects interior and in region have the executive board to take actions included increasing which we focus on 4 solutions: (1) stepping up market Thai Quoc Hiep been canceled or deferred to consider financial target practice and reducing operating expenses in order to expanding and services to external and oversea market; or wait for oil price lifting. As a result, the working aim at the target. Therefore, PTSC ended FY 2016 with (2) developing manpower resources with international volume and price in technical service market was commendable result: total revenue was 19,293 billion standards; (3) standardizing management system; (4) seriously reduced, fierce competition was created by dong reached 87,7%, profit before tax was 1,256 strictly carrying out economical policy, cutting down unwanted resources. Facing to the danger of going billion dong reached 104,7% (in point of fact, Brent operational expense and reducing service cost. bankruptcy, series of big technical services companies averaging 45 USD per barrel 75% equivalent of year had to cut down operating scale or performed their plant built with averaging 60 USD per barrel). Although In such hard time, PTSC’s management team and staff, business moderately. In spite of getting great support the result is not as good as we expected, I believe that more than ever, determined to sustain the leading from Petrovietnam, its’ service supply subsidiaries met our esteemed shareholders have acknowledged our advanced technology service supplier in Vietnam as lots of challenges because of declining working volume staffs’ ever - effort, our managing team’s decision and well as to affirm our strong brand name in international and technical service cost. flexibility in implementing 2016 - business plan. market. 4 ANNUAL REPORT 2016 www.ptsc.com.vn 5 BUSINESS FIELDS SEISMIC, GEO, SURVEY AND ROV OFFSHORE SUPPORT VESSELS EPC FOR INDUSTRIAL, PLANTS EPCI FOR OFFSHORE FACILITIES FSO/FPSO PORT & SUPPLY BASE INSTALLATION, OPERATION AND MAINTENANCE OFFSHORE FACILITIES 6 ANNUAL REPORT 2016 www.ptsc.com.vn 7 GENERAL OVERVIEW History of Establishment & Development Partners, Clients Organizational Structure, Management System Business Field Organization Resources Development Strategies 8 ANNUAL REPORT 2016 www.ptsc.com.vn 9 HISTORY OF ESTABLISHMENT & DEVELOPMENT 1993 1994 - 2005 2006 - 2010 • 09/02/1993: Foundation of Petroleum • Separation of: Parts of Hotel services from PTSC’s core • 2006: Implementing equitization process, • 2010: Technical Services Company (PTSC) by merg- business and found PetroSetco, Offshore Technical Work- successfully offered IPO stock to public. ing 2 companies PSC & GPTS. It is the unique shop & Drilling Team from PTSC Marine and found PetroVi- - Being awarded the title of “Hero of government business enterprise supplies oil etnam Drilling (PVD). • 01/01/2007: Officially operating busi- Labor in the innovation-time” granted by and gas technical services with the initial core ness as joint stock company model. Vietnamese Party and Government. business: offshore support vessels; port and • Developing fleet of offshore support vessels and expand- supply base and technical manpower supply ing PTSC Vung Tau Supply base. • Officially notice of PTSC’s stock in HNX - The first time PTSC’s turnover has ever for oil and gas contractors. with stock code PVS. reached USD 1 billion. • Successfully performing accommodation block LQ-CPC 99 for Vietsopetro, laying the foundation of strong devel- • Operating business under joint stock com- - Initial public offering to increase charter oping oil and gas mechanical fabrication and construction pany structure and steering the business in capital up to 2,978 billion VND. service. the form of Parent company– Affiliated com- panies in which Parent company directly • Investing in the first seismic survey vessel - • Performing O&M contract for Dinh Co Gas Processing accomplished core business by transferring 2D with ROV units, GEO vessel, improved Plant, 370 km 2 phase gas pipeline and Lan Tay Tech- Key subsidiaries back to PetroVietnam Tech- competitive ability in marking high technol- nological Platform which set foundation of O&M services. nical Services Corporation as dependent ogy services - seismic survey, GEO Survey companies. and Subsea Services. • Signing shareholding agreement of investment in FPSO Ruby Princess by and between PTSC, PVI and PVFC, begin- • Restructuring business by transferring petro- • Participating in main contractor consortium ning of a potential service, FSO/FPSO. leum trading enterprises to PV Oil in order to for Long Phu Power Plant 1, affirming ability concentrate on core business. in performing EPC industry and plant. • Joining with MISC to invest in FSO Orkid and FPSO Ruby, affirming ability in FSO/ FPSO field. 10 ANNUAL REPORT 2016 www.ptsc.com.vn 11 HISTORY OF ESTABLISHMENT & DEVELOPMENT 2011 - 2015 2016 • Organizing the 20th year anniversary ceremo- • Receiving the award:Vietnam Gold Star for 7 times • Receiving the award Vietnam Value for the 5th time • Launching, transporting, installing PIP Platform ny “20 years of building and firm development” in succession; Vietnam Value for 4 times in succession; in succession. Module 1 and Module 2 of Su Tu Trang development (09/02/1993-09/02/2013 and the first Grade La- Top 100 Vietnam Brands; Top 10 Golden Star Award project - stage 1 on September 5th, 2016. STTFFD-P1 bor Medal Granting ceremony. of typical social responsibility and PTSC was one of • Continuing control business stably in tough environment successfully launched which continued affirm PTSC’s two big service enterprises given Silver prize for the of oil crisis condition. prestige and leading brand in field of EPCI For • The first time revenue exceeded 30,000
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