PVD posted Q1 2021 results with revenue of USD24mn (-66.8% YoY) and a reported net loss of USD4.5mn vs net profit of USD1.0mn in Q1 2020. These disappointing results were due to 1) a jack-up utilization rate of only 52% vs 100% of the jack-up fleet working in Malaysia in Q1 2020, 2) the average jack-up day rate dropping 9% YoY and 3) fewer jobs for the well-related services segment.