We lift our target price by 7.4% and upgrade to an OUTPERFORM rating as a DCF roll-over, coupled with new floating oil storage (FSO, FPSO) and mechanics & construction (M&C) contracts, outweighed the impact of lower 2019F earnings and a higher risk-free rate. We revise up our 2018 earnings by 1.8% due to faster progress at the Sao Vang – Dai Nguyet project (SV-DN), which offset continued deterioration of other segments (ship, Seismic Survey and FSO management).