- PVD announced Q1 2023 results with revenue of USD52.4mn (+4% YoY) and reported NPAT-MI of USD2.8mn vs a net loss of USD2.5mn in Q1 2022. The slight increase in revenue was due to the average jack-up (JU) day rate rising 24% YoY and the drilling fleet operating at 100% capacity, per our estimates. These factors were partly offset by revenue from well technical services declining 32% YoY and having no leased rigs in Q1 2023 vs one leased rig in Q1 2022.

- The 24% YoY higher average JU day rate and 72% YoY higher financial income (mainly due to FX gains) outweighed 71% YoY higher financial expenses (mainly due to higher LIBOR), leading to strong reported NPAT-MI in Q1 2023.