PVT’s 2017 revenue declined by 9% while NPAT-MI stayed relatively flat in 2017 vs 2016. Despite a lower utilization rate of the crude fleet due to a 52-day maintenance of Dung Quat refinery, earnings remained as strong as in 2016 mainly thanks to 1) PVT aggressively cut costs by 20%, mainly in Q4 2017 and 2) a new Operation & Maintenance (O&M) contract boosted the FSO segment. NPAT-MI beat our forecast by 17% thanks to the aggressive cost-cutting.