We increase our target price by 1.8% and maintain a MARKET PERFORM rating. We lower 2018F net loss by 7.1% thanks to a higher expectation for profit from the Baker Hughes JV. We expect a net loss of USD13.2mn in 2018 due to 1) a 3.6% drop in the average jack-up (JU) day rate, 2) higher depreciation costs from rising utilization rates (as the depreciation method is unit of activities) and 3) the tender-assist-drilling (TAD) rig remains idle.