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PVD - Low day rates prevent PVD from recovery - Earnings Flash + AGM Note

Q1 2018 results. PVD posted Q1 2018 revenue of USD48.7mn, double that of Q1 2017, due to a higher utilization rate of 70% vs 35% in Q1 2017. Despite the jump in utilization rate, PVD recognized a net loss of USD10.5mn in Q1 2018, which is higher than the loss of USD8.9mn in Q1 2017, due to (1) jack-up day rates remaining low at ~USD50,000/day, (2) higher depreciation expenses and (3) the tender-assisted-drilling rig (TAD) was still idle.