PVD remains our favorite stock for its steady performance against a tough business environment. Especially in the current context, having cash flow streams locked in USD and low interest expenses are advantages PVDrilling is enjoying over a majority of enterprises in the marketplace. Our updated valuation for PVD now stands at USD2.1, with the slight downward revision coming from lower peer multiple applied. PER 2011 is at 8.4x & PB is now at 1.43x. We maintain an ADD rating for this stock.