We upgrade our rating to OUTPERFORM while lifting our TP by ~40% as 1) we remove our 20% “oil price volatility” discount because we assume oil price volatility has normalized from the extreme levels in H1, and 2) roll our TP forward to end-2021 and reduce WACC by 80 bps. While we keep 2020F earnings nearly unchanged, we cut reported 2021F earnings by 22% due to a lower forecast day rate and utilization rate. In addition, we trim 2022-24F earnings by 9% on average due to a weaker jack-up day ra