We downgrade our rating from BUY to OUTPERFORM while trimming our target price by 6.0% as we lower our 2020F and 2021-2024F recurring NPAT-MI by 24.6% and ~17% on average due to slow progress of M&C projects, which outweighs the impact of reducing our discount for oil price volatility to 20% from 30% as stated in our March 24, 2020 Energy Sector Update. We expect 2020F recurring EPS to drop 29.8% YoY as profit from the M&C/FPSO segments decline due to COVID-19 in addition to FPSO Ruby