PVD announced 2020 results with revenue of USD226mn (+19.8% YoY), reported NPAT-MI of USD8.0mn (flat YoY) and recurring NPAT-MI of USD3.5mn (+11.5% YoY). For Q4 2020, revenue and recurring NPAT-MI dropped 40.7% YoY and 96.6% YoY, respectively. The increase in 2020 recurring NPAT-MI was mainly thanks to robust profit from the JV with Baker Hughes (which conducts well-related services), despite weak performance from the drilling segment following a lower utilization rate for jack-up rigs amid