PVS’s 2018 revenue and reported NPAT-MI decreased 13.3% YoY and 3.6% YoY, respectively. 2018 NPAT-MI surpassed 35.3% of our full-year forecast and beat our expectation due to a strong Mechanical & Construction (M&C) segment and income from floating oil storage (FSO/FPSO) joint ventures, despite a higher-than-expected loss from the dissolution of the Seismic Survey segment. Meanwhile, we also estimate that recurring NPAT-MI surpassed our forecast by 38.2%. Therefore, we foresee upside risk to our