PVD’s 9M 2017 revenue dropped 41.3% vs 9M 2016. Meanwhile, PVD, which reports results in USD, posted a loss of USD10 million in 9M 2017 vs a gain of USD3.9 million in 9M 2016. Jack-up day rates were too low to cover costs. In Q3, PVD recognized a small gain of USD1.1 million thanks to non-operating profit from the Science and Technology Development Fund (STDF), but this was only an accounting entry rather than an actual movement of cash and did not improve operating cashflow. PVD’s 2017 earnings