■ The revenues generated by PVS’s FSO/FPSO services were stable in 2016, but marine, port, M&C, O&M and sub-sea services were all hit by low oil prices.
■ PVS’s management expects the launch a plethora of new oil & gas projects if oil prices remain above US$55/bbl; oil production fell 8% in 2016.
■ PVS’s share price fell 25% from its 2016 peak, so we upgrade PVS to an Add rating.
