PVD - Drilling segment starts to recover; JV profit trails forecast - Earnings Flash
  • 2022-01-27T00:00:00
  • Company Research

PVD posted 2021 results with revenue of USD175mn (-22.5% YoY) and recurring NPAT-MI of USD1.8mn (-50.2% YoY) due to 1) the average jack-up day rate dropping 13.0% YoY and 2) fewer jobs for the well-related services segment. Reported NPAT-MI declined 89.3% YoY due to YoY lower bad debt collections from PetroVietnam Exploration & Production (PVEP).

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