PVS booked H1 2021 results with revenue and recurring NPAT-MI dropping 35.2% YoY and 34.1% YoY, respectively, which was mainly due to a smaller workload for the mechanics & construction (M&C) segment despite strong profit from the FSO segment. In Q2 2021, PVS’s revenue and recurring NPAT-MI declined 44.5% YoY and 38.6% YoY, respectively. M&C gross profit in H1 2021 decreased 5.0% YoY and completed 33.3% of our forecast as PVS only had workload from two projects — Gallaf and the Thi Vai LNG