We maintain our MARKET PERFORM rating while increasing our target price by ~3% as we reduce our cost of equity assumption by 50 bps and roll over our target price to mid-2022. Meanwhile, we keep our 2021-2025F earnings forecasts nearly unchanged. We expect 2021F recurring EPS to drop 24.1% YoY as we forecast 1) fewer M&C jobs in 2021, 2) a smaller M&C guaranteed provision reversal and 3) lower day rate for the FPSO Ruby II — despite the profit contribution from the new FSO Sao Vang – Dai Ng