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Message from the Chairman

In 2018, the overall Thai economy expanded slightly from the previous year. By receiving important support factors from the public and private sector investment and private consumption In line with the global economic recovery that has continued to grow, especially the US and China still have a high growth rate. While in Euro Zone and Japan has a decrease growth rate. For the global oil price situation for the year 2018, rising from the previous year. However, there are still fluctuations from factors that may be caused by oversupply from non-OPEC producers.

Sea Oil Public Company Limited remains committed to running the business for continuous and sustainable growth. To achieve the organization’s goals, aiming to be a leading organization in petroleum and petrochemical energy under the management of good governance. With responsibility to all stakeholders.

In 2018, another year of corporate challenges. Board of Directors has a policy to adjust the organization strategy proactively. Increase competitiveness both locally and internationally to increase market share as much as possible. Resulting in the company with operating results including net profit of 5.85 million baht, EBITDA of 87.83 million baht, sales of both domestic and international oil Increasing from the previous year by 30%. Sales increased mainly due to the Offshore customer group, and foreign customers. For the expansion of the petroleum exploration and production business at the end of the year from the opening of a new round of concession bidding. As a result, the business of the Company and its subsidiaries is highly beneficial both in the distribution of oil and the Supply Management business. As a result, customers in Offshore Group will return to buy more oil and other services. To support the increased activities in the Gulf of Thailand from the petroleum exploration and production business that has been auctioned.

In late 2018, the Board of Directors Has received good news from the Pan Orient Energy (Siam) Limited (POES) joint venture, which the Company holds 49.99% of the shares. The results of the survey found in the concession area of Suphan Buri Province, L53-DD. As a result, in 2018, the Company received a share of profit from the joint venture of 2.71 million baht. The Board of Directors believesthat the survey results will make this investment receive positive returns in the long run.

The Board of Directors of Sea Oil Public Company Limitedcontinues to focus on the importance of conducting business with transparency and fairness, continuous development of organizational potential. Change the business strategy to be in line with the current situation. Both in Risk Management and Corporate Governance. To conduct business with ethics and anti-corruption, personneldevelopment in all levels, develop information technology systems. Continuous improvement of service standards for better efficiency. To meet customers satisfaction and taking into account to all stakeholders. As well as participation in community, social and environmental development. To achieve sustainable development goals.

Finally, on behalf of the Board of Directors I would like to thank the shareholders, customers, business partners, financial institutions and every who has support in all aspects that has always trusted and supported the business of the Group. Thanks to all executives and employees for their commitment and dedication, honesty and sacrifice. Together to drive the organization to grow continuously. May you all believe that all directors will perform their duties with full responsibility. To enable the organization to grow steadily and sustainably

the company with operating results including
net profit of 5.85
Million Baht

Mr. Apisit Rujikeatkamjorn
Chairman of the board