PVS released 2020 results with revenue of VND19.8tn (USD851mn; +16.9% YoY) and reported NPAT-MI of VND649bn (USD28mn; -23.6% YoY). Meanwhile, excluding the impact of one-off provision expenses for FSO/FPSOs, we estimate 2020 recurring NPAT-MI of VND856bn (USD37mn; -13.7% YoY) mainly due to weak M&C profit and the FSO Orkid’s lower day rate.