PVD announced 9M 2020 results with revenue of USD190mn (+47.8% YoY), reported NPAT-MI of USD5.3mn (+152.9% YoY) and recurring NPAT-MI of USD3.3mn (+64.3% YoY). The robust 9M 2020 NPAT-MI growth was driven by 1) strong profit growth from the well-related services, 2) a significant share of profit from the JV with Baker Hughes (which also conducts well-related services) and 3) a USD3.3mn bad debt collection from PetroVietnam Exploration and Production (PVEP) vs a USD1.7mn net bad debt