Revenue contribution from North America fell to 4.4% in 1Q21, and we continue to see limited order recovery visibility from US shale projects. We expect orders in 2Q21F to barely exceed W420bn level, which will likely reverse order growth rate to -35% yoy from -13% yoy in 1Q21. Offshore order recovery and partial resumption plans of upstream oil gas projects thus far are insufficient to prompt upward EPS revisions.
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