- PVD announced its H1 2023 results with revenue of USD112.9mn (-3.2% YoY) and reported NPAT-MI of USD9.7mn vs a net loss of USD5.1mn in H1 2022, which completed 51.9% and 75.6% of our respective full-year forecasts.

- The slight decrease in H1 2023 revenue was mainly due to lower YoY revenue from well-related services and no revenue from leased rigs. In H1 2023, PVD’s average jack-up (JU) day rate rose 26.6% YoY while its drilling fleet operated at 95.4% vs 76.0% in H1 2022, per our estimates. Meanwhile, revenue from well-related services declined 27.6% YoY and there was no revenue from leased rigs in H1 2023 vs revenue from one leased rig in H1 2022.

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