We attended PVD’s online AGM on August 4, 2021. The meeting focused on the 2021 and 2022 outlook, progress on a long-term contract for its tender assist drilling (TAD) rig, and the status of the bad debt collection from PetroVietnam Exploration & Production (PVEP) and KrisEnergy Cambodia. PVD foresees many challenges that could make its performance in 2021 even worse than in 2020. Management expects a recovery in 2022 assuming that COVID-19 is controlled and the drilling market starts to war