PV Drilling's News

Voting by documentation(12/09/2008)

To: Esteemed Shareholders of PV Drilling

PetroVietnam Drilling & Well Services Corporation (PV Drilling) would like to express our sincere thanks to all Shareholders for your kind supports to PV Drilling over the past. Your strong supports had created more energy for us to continue developing and expanding our business with the target of bringing the long-term benefits to all of our Shareholders.

The merging plan of PVD Invest into PV Drilling is not only to resolve the current difficulties for the investment of the two jack-up rigs PV DRILLING II and PV DRILLING III but also to develop and improve the current position of PV Drilling in the drilling market. As well, it is expected to bring the long-term benefits to all Shareholders.

In order to determine a fair and reasonable conversion ratio between PVD Invest shares and the capital contribution of PVD Invest shareholders with PVD share, PV Drilling has invited an International auditing and consulting Company- PricewaterhouseCoopers (Vietnam), Ltd. to perform PVD Invest’s evaluation and determine the conversion ratio of shares and capital contribution between PVD Invest and PV Drilling when merging. In the PV Drilling’s EGM held on last Sunday the 09th of Nov. 2008, we already presented to all of you the reasons and benefits from the merger and get the approval for the followings objects: 
  • Approval of the merger of PVD Invest into PV Drilling
  • Approval of the increased chartered capital through issuing new shares based on ratified conversion ratio for the share and capital contribution for jack-up rig PV Drilling III of PVD.
  • Approval for share conversion ratio between PVD Invest share and PVD share: 5,5 PVD Invest shares will be exchanged for 1 PVD share.
  • Assigning PV Drilling’s Board of Directors to approve the merging contract and make other decisions related to the implementation of the merging plan.
As for the issue relating to “Approval on the conversion ratio between PV Drilling’s share and capital contribution (with the condition to exchange to PVDI share) of PVD Invest (such as convertible bond), the undersigned person’s name on the contract of capital contribution will exchange 55,000 VND for 1 PVD  share” could not be voted due to the fact that the number of shares attended the meeting or the valid authorized shares after deducting the number of shares from PetroVietnam (PVN) were not enough to vote as regulated. This issue is one of the requirements which was approved and got the agreement on the merger of PVD Invest into PV Drilling in the PVD Invest’s EGM. Therefore, in order to have your support on this matter, we would like to provide further information for your consideration and approval as attached files below

   47Totrinh.261108.English.doc     47Shareholder.ballot261108.pdf
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www.pvdrilling.com.vn 
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