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PVD - Losses continue, but smaller than expected - Earnings Flash

PVD posted H1 2017 revenue of USD63.7 million, -57.5% vs H1 2016. Meanwhile, H1 2017 earnings incurred a loss of USD10.9 million compared to a gain of USD3.4 million in H1 2016. The results were better than we expected as we had anticipated a greater loss in H1 2017 due to low day rates and limited room for cost-cutting. We plan to raise our forecast for a smaller loss in 2017