PVD’s 9M15 results came as no surprise given the weak oil environment. NPAT fell 20% to USD 74m, accomplishing 84% of our FY15 projection. In 3Q15, PVD booked USD 8.9m in shared profit from its JV with Baker Hughes There will be no such profit in the last quarter. Our FY15 forecast is unchanged. FY16 outlook is also pessimistic with NPAT-MI to sink 31% to USD 60m. Our view is that oil will average USD 50/bbl over the next 2 years, capping any potential for upside.