The latest Enauta development offers greater clarity, in terms of structure and values, which led us to revise FY23-24 earnings (+3%) and TP (-3%). Structurally, this deal offers lower-than-expected execution risk (‘real’ EPC profit, zero capital upfront) and dayrates (-15%), which is reasonably fair, in our view. Meanwhile, it has also proposed a 1-for-1 bonus and up to MYR1.2b rights issue plus warrants.