PVD released its H1 2019 results with revenue of USD83mn (-31.2%YoY) and reported NPAT-MI of USD1mn vs a net loss of USD13.5mn in H1 2018. This revenue decline was mainly due to the trading & other segment that had a very thin margin, while the drilling segment improved slightly. The H1 2019 gain was thanks to 1) changes in the useful life for the depreciation of the three jack-up rigs PVDII, III and VI, 2) a USD2.6mn non-operating profit from the reversal of withholding tax incurred