On April 22, 2020 the Board of Directors of Petrovietnam Drilling & Well Service Corporation (short name: PV Drilling) allowed PV Drilling to use the funds of US$15,198,400 on its trading account to deposit at the bank of Letter of Credit (L/C) to guarantee PVD Tech’s L/C opening according to Agreement No.2019.1650 dated January 23, 2020 with National Oilwell Varco, L.P (NOV).

−      Type of L/C: deposit 100% value

−      Term of L/C:  from the date of deposit to the ending date of L/C, about 01 year.

The Board of Directors also allow PV Drilling to lend PVD Tech the deposited funds above to pay for L/C in the case that the disbursement from the long-term credit agreement for DES Project is delayed in L/C payment.