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PVD: Board Resolution dated July 31, 2020
HOSE - 8/12/2020 11:13:00 AM
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According to the Board resolution dated July 31, 2020, the Board of Directors of PetroVietnam Drilling & Well Service Corporation (short name: PV Drilling) allowed PV Drilling to guarantee (back to back guarantee) Marubeni-Itochu Tubulars Asia Pte Ltd (MITA) for the period from July 01, 2020 to June 30, 2021 at the capital contribution ratio of PV Drilling in PVD Tubulars for the credit limit of US$10,000,000 of PVD Tubulars with MUFG Bank – Hochiminh Branch and Sumitomo Mitsui Trust Bank Limited – Singapore Branch, which will be guaranteed by MITA at these banks. Of which, PV Drilling guarantee US$5,100,000, equivalent to 51% stake, for PVD Tubulars’ business operations.

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