PVD - Another quarterly loss due to weak day rate recovery - Earnings Flash
  • 2022-07-29T00:00:00
  • Company Research

•    PVD announced H1 2022 results with revenue of USD116.7mn (+61.9% YoY) and a recurring net loss of USD0.2mn vs a loss of USD3.5mn in H1 2021. 

•    The surge in H1 2022 revenue was thanks to the revenue contribution from the TAD, which resumed operation at the beginning 2022. However, the recurring net loss was due to 1) a continued loss from the drilling segment, 2) PVD’s shared profit from JVs declining 80.0% YoY and 3) lower interest income and higher interest expenses. These weak results were despite the resilient recovery of the well-related services segment. 

•    In Q2 2022, PVD’s revenue increased 37.2% YoY and its recurring net profit improved YoY thanks to a 14.5% YoY jack-up day rate recovery. Meanwhile, PVD delivered recurring profit in Q2 2022 vs a loss in Q1 2022 thanks to the higher utilization of its jack-up fleet. However, these recoveries were still slow and trailed our expectation. 


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