We maintain a MARKET PERFORM rating while we trim our TP by 2.8%. We cut 2021F recurring earnings by 12.6% as we lower the projected jack-up utilization rate due to COVID-19’s negative impact. Meanwhile, we keep 2020F and 2022-2024F earnings nearly unchanged. We expect 2020F recurring NPAT-MI growth of 31.6% YoY to be driven by robust profit from the well-related service segment and the drilling segment’s modest recovery. While we expect the jack-up day rate to rise 10% YoY