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).