We maintain our OUTPERFORM rating while trimming our target price by ~6%. While we keep 2020F earnings unchanged, we cut 2021F earnings by ~11% and 2022-2024F earnings by 4.5% on average as we expect COVID-19 to slow progress of new contract bidding for 2021F. We expect 2020F/21F recurring EPS to drop 29.8%/4.4% YoY due to declining profits from the M&C segment and FPSO Ruby’s lower day rate.