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PVD [M-PF -5.2%] - The start of another two difficult years - Update

We maintain our MARKET PERFORM recommendation. We cut our target price by 18% as we lower our dayrate assumption and cut tender-assisted-drilling rig (TAD)’s utilization rate to 0% and 25%, respectively for 2017 & 2018 on no visibility of securing contracts until late 2018.