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PVD - Well-prepared for difficult year ahead - AGM Note

PVD’s well-attended AGM took place today. Many investors raised queries about 2017 guidance, tender-assist-drilling (TAD) rig status and accounts receivable (AR) provisions. PVD targets for no loss in 2017 on management’s effort to recover bad debts, which is broadly in line with our expectation. We currently forecast a minimal loss of USD2.4 million in 2017. Management expects the company’s outlook to improve from H2 2018 on the back of a recovery in day rates as well as drilling demand