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PVS [MARKET PERFORM -8.0%] - Red Emperor goes on; worsening prospects for FPSO Lam Son - Update

We lower our target price by 5.7% but maintain the MARKET PERFORM rating. We lower our 2017 EPS growth forecast from -24.9% to -29.6% due to (1) a higher expected loss from the Seismic Survey and Remotely Operated Vehicle (SS&ROV) segment and (2) a lower Lam Son Floating production, storage & offloading (FPSO) day rate, although Mechanics & Construction (M&C) remains strong.