- PVD announced Q3 2022 results with revenue of USD54.0mn (+22.3% YoY) and recurring NPAT-MI of USD0.3mn (-88.8% YoY).

- We attribute the increase in Q3 2022 revenue to a 21.7% YoY recovery of jack-up day rates (per our estimates) and the revenue contribution from the TAD, which was leased at the highest day rate among PVD’s drilling rigs. Meanwhile, the minimal NPAT-MI was due to 1) the thin margin of the drilling segment, 2) PVD’s shared profit from JVs declining 73.7% YoY, and 3) lower interest income as well as a surge in interest expenses.