PVD released Q1 2022 results with revenue of USD50.6mn (+111.4% YoY) and a recurring net loss of USD0.9mn vs a loss of USD4.0mn in Q1 2021. The jump in Q1 2022 revenue was mainly thanks to a new revenue contribution from the TAD from the beginning of 2022. Meanwhile, the net loss in Q1 2022 was due to 1) the continued weak performance of the jack-up segment and 2) a minimal loss from the TAD. 

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