We lift our TP by 17.3% and upgrade our rating from M-PF to O-PF thanks to 4% higher expected day rates in 2020-2021 and the roll-over effect. We raise reported NPAT 2019F by 51% mainly due to a change in the useful life for the depreciation of three PVD jack-up rigs. We forecast 2019 recurring NPAT of USD8.1mn vs a loss of USD1.9mn previously, assuming a day rate hike of 8% YoY and a utilization rate of 95% vs 85% in 2018. Meanwhile, reported 2019F NPAT-MI is further supported