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PVS - Exciting AGM due to investor interest in Red Emperor project - AGM Note

PVS’s AGM was very informative today. Management addressed investor queries about the newly awarded Red Emperor contract, 2017 conservative guidance and Q1 results. Floating production, storage & offloading (FPSO) contract for the Red Emperor project bagged, which will lift PVS’s earnings by 20% from 2020 onward. We will factor this into our forecast in the next update report. PVS targets 2017 revenue and NPAT to drop 20% and 32% to USD587 million and USD25 million respectively.