- PVD announced its Q3 2023 results with revenue of USD58.8mn (+9% YoY) and reported NPAT-MI of USD6.4mn vs a net loss of USD1.5mn in Q3 2022. PVD’s average jack-up (JU) day rate increased 32% YoY to ~USD78,000 in Q3 2023 and PVD’s drilling fleet operated at 89% capacity in Q3 2023 vs 94% in Q3 2022. A 32% YoY higher average JU day rate and a one-off profit before tax (PBT) of USD3mn outweighed financial expenses increasing 66% YoY (partly caused by recording FX loss of USD3mn in Q3).

- In Q3 2023, PVD recorded a one-off PBT of USD3mn from the termination of a drilling contract for the PVD I JU rig with Valeura (Thailand). We note that PVD also recorded a one-off PBT of USD3mn from this termination in Q2 2023. As a result, the total amount of USD6mn from this termination was fully recorded in 9M 2023.

- In 9M 2023, PVD recorded revenue of USD171.7mn (+1% YoY) and reported NPAT-MI of USD16.2mn vs a net loss of USD6.5mn in 9M 2022. In 9M 2023, PVD’s average JU day rate rose 28% YoY, while its drilling fleet operated at 94% vs 82% in 9M 2022, per our estimates.

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