Borr Drilling Ltd (BORR) 2023 Q4 法說會逐字稿

Good morning, good afternoon, and thank you for participating in the Borr Drilling fourth-quarter 2023 earnings call. I'm Patrick Schorn, and with me here today is Bruno Morand, our Chief Commercial Officer, and Magnus Vaaler, our Chief Financial Officer.

早上好，下午好，感謝您參加 Borr Drilling 2023 年第四季財報電話會議。我是 Patrick Schorn，今天和我在一起的是我們的首席商務官 Bruno Morand 和我們的財務長 Magnus Vaaler。

Next slide. First, covering the required disclaimers. I would like to remind all participants that some of the statements will be forward looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I therefore refer you to our latest public filings.

下一張投影片。首先，涵蓋所需的免責聲明。我想提醒所有參與者，一些陳述將具有前瞻性。這些事項涉及風險和不確定性，可能導致實際結果與這些聲明中的預測有重大差異。因此，我建議您參閱我們最新的公開文件。

Next slide. Our fourth-quarter performance has been strong, and we have closed the year, having achieved several major milestones. In the fourth quarter, revenue increased by 15% to $220 million, and our adjusted EBITDA increased to $105 million, which is 20% over previous quarter, resulting in a 48% adjusted EBITDA margin.

下一張投影片。我們第四季的業績表現強勁，我們已經結束了這一年，並實現了幾個重要的里程碑。第四季，營收成長 15%，達到 2.2 億美元，調整後 EBITDA 成長至 1.05 億美元，比上一季成長 20%，調整後 EBITDA 利潤率達到 48%。

Full year 2023 adjusted EBITDA reached $350 million. Our backlog has grown and improved significantly in quality during 2023, where we added $728 million to our revenue at an implied average dayrate of $161,000 per day.

2023 年全年調整後 EBITDA 達 3.5 億美元。2023 年，我們的積壓訂單數量有所增長，品質也顯著提高，我們的收入增加了 7.28 億美元，隱含的平均日費率為每天 161,000 美元。

On the operational front, we have finished the year with excellent technical utilization for the quarter at 98.7%, and a total recordable injury frequency of 0.65, the latter being well below the industry average. Both these numbers reflect the professionalism of our operational team, who have activated rigs continuously for the last three years and who have successfully commenced operations in numerous new countries. This performance has also resulted in external recognition that is dear to us.

在營運方面，我們以本季 98.7% 的出色技術利用率結束了這一年，總可記錄傷害頻率為 0.65，後者遠低於行業平均水平。這兩個數字都反映了我們營運團隊的專業精神，他們在過去三年中不斷啟動鑽孔機，並在許多新國家成功開始運作。這一表現也贏得了我們所珍視的外部認可。

And just to name two, our rig Saga has been awarded by Shell as Global Jackup Rig of the Year. Also, we have received the award for the Best Recordable Incident Rate for our rig Skald band Borr Drilling as a Company from the IADC Southeast Asia Chapter.

僅舉兩例，我們的 Saga 鑽井平台被殼牌評為年度全球自升式鑽井平台。此外，我們的鑽孔機 Skald band Borr Drilling as a Company 也獲得了 IADC 東南亞分會頒發的最佳可記錄事故率獎。

On the right-hand side, you see that we maintain operations in four main hubs, namely Mexico, West Africa, the Middle East, and Asia. This allows us to benefit from economies of scale while remaining diversified enough to provide a stable activity level.

在右側，您可以看到我們在四個主要樞紐開展業務，即墨西哥、西非、中東和亞洲。這使我們能夠從規模經濟中受益，同時保持足夠的多元化以提供穩定的活動水平。

There's been significant focus on the announcement by Saudi Aramco regarding their production target for 2027. On this, I can only comment from a Borr Drilling perspective and based on some of the discussions we had in Saudi a week ago.

沙烏地阿拉伯國家石油公司 (Saudi Aramco) 宣布的 2027 年產量目標備受關注。對此，我只能從 Borr Drilling 的角度並根據我們一周前在沙特進行的一些討論來發表評論。

First, we have three rigs out of our fleet of 24 rigs working in the Kingdom, all three of which are on multi-year contracts. Second, maintaining a production capacity of 12 million barrels per day versus 13 million barrels per day still requires a world-leading activity level and an operation second to none in size.

首先，我們的 24 台鑽孔機中有 3 台在沙烏地阿拉伯工作，所有三台都簽訂了多年合約。其次，維持1,200萬桶/日的產能仍需要世界領先的活動水準和首屈一指的營運規模。

Oil just doesn't come out of the ground by itself, not even in Saudi. And as such, large volumes of activity will continue to be required. And in order to remain most relevant to our customer, we continue focusing on the things we can control, which is the relentless pursuit of safety and operational excellence in order to deliver value to our customers.

石油不會自己從地下開採出來，即使在沙烏地阿拉伯也是如此。因此，將繼續需要大量活動。為了保持與客戶的最大聯繫，我們繼續專注於我們可以控制的事情，即不懈地追求安全和卓越運營，以便為客戶創造價值。

We continue to have a very tight check-up market. Supply has dried up and can only increase once we start to see new build orders coming in. And even then, the impact will be several years out as it takes multiple years to get units built and into the market.

我們的檢查市場仍然非常緊張。供應已經枯竭，只有當我們開始看到新的建造訂單進來時，供應才會增加。即便如此，其影響仍將持續數年，因為單位建成並投入市場需要多年時間。

On the demand side, Bruno will share some additional information in a minute, but also demand remains solid for the next two years plus. So based on our view of the business environment and a strong contracted fleet coverage, we maintain our estimate of adjusted EBITDA for the full year 2024 to be between $500 million to $550 million. We also announced that the Board approved for Q4 as well, a dividend payment of $0.05 per share.

在需求方面，布魯諾將在一分鐘內分享一些額外的信息，但未來兩年多的需求仍然強勁。因此，根據我們對商業環境的看法以及強大的合約機隊覆蓋範圍，我們維持對 2024 年全年調整後 EBITDA 的估計在 5 億至 5.5 億美元之間。我們也宣布董事會也批准了第四季每股 0.05 美元的股息支付。

Magnus will now step you through the financial details of the fourth quarter.

馬格努斯現在將向您介紹第四季度的財務細節。

Thank you, Patrick. Thank you, Patrick. So Q4 2023 was a very good quarter financially with quarter-on-quarter increases in revenues of 15% and adjusted EBITDA increasing by 20%. We continue the sequential increase that we have had now for eight quarters, as you can see in the graphs. And this trend of increases actually goes back even further, reflecting both that we have been putting more rigs to work and an improvement in dayrates.

謝謝你，派崔克。謝謝你，派崔克。因此，2023 年第四季的財務狀況非常好，營收季增 15%，調整後 EBITDA 成長 20%。正如您在圖表中看到的那樣，我們繼續連續八個季度的成長。這種成長趨勢實際上可以追溯到更早的時期，反映出我們一直在投入更多的鑽孔機以及每日費率的改善。

The operating revenues for the quarter was $220.6 million, an increase of $29.1 million compared to the third quarter. This is split in an increase of dayrate revenues of $24.4 million increase, primarily due to two more rigs starting up in the quarter, and an increase of bare boat income from our Mexico joint ventures of $4.7 million, mainly related to higher economic utilization for one rig and the release of an operational cost provision.

本季營業收入為2.206億美元，較第三季增加2,910萬美元。其中，日租收入增加了 2,440 萬美元，主要是由於本季又啟動了兩座鑽井平台，而我們墨西哥合資企業的光船收入增加了 470 萬美元，主要與一個鑽井平台的經濟利用率提高有關鑽機並發布營運成本條款。

The rig operating and maintenance expenses increased by $12.7 million or 15%, an increase that follows naturally from the increase in number of rigs increasing by two for the quarter. In addition, we had an increase of amortization of deferred costs of $3.8 million in the quarter. The operating income increase quarter-on-quarter was 26%.

鑽機營運和維護費用增加了 1,270 萬美元，即 15%，這一增長是由於本季度鑽機數量增加了兩台而自然產生的。此外，本季遞延成本攤銷增加了 380 萬美元。營業收入較上季成長26%。

Below the operating income line, the numbers were driven by total financial expenses net of $59.1 million, which was impacted largely by one-off expenses of $8.9 million recorded related to our refinancing and repayment of all debts. The income tax expense for the fourth quarter was a credit of $9.3 million, impacted by a $16.5 million release of a valuation allowance on deferred tax assets, as well as a $9.3 million release of an uncertain tax provision. That gives us a net income for the fourth quarter of $28.4 million, an increase of $28.1 million compared to the third quarter, and an adjusted EBITDA for the fourth quarter of $105.9 million, yielding 48% EBITDA margin.

在營業收入線以下，這些數字是由總財務費用淨額 5,910 萬美元推動的，這主要受到與我們的再融資和償還所有債務相關的一次性費用 890 萬美元的影響。第四季的所得稅費用抵免額為 930 萬美元，受到遞延稅資產估值備抵 1,650 萬美元以及不確定稅務準備金釋放 930 萬美元的影響。這使得我們第四季的淨利潤為 2,840 萬美元，比第三季增加了 2,810 萬美元，第四季調整後 EBITDA 為 1.059 億美元，EBITDA 利潤率為 48%。

Our free cash position at the end of Q4 was $102.5 million. In addition, we had an undrawn RCF facility of $150 million. So, in total, we have approximately $250 million of available liquidity. The cash in the quarter increased by $8.1 million, and this was affected by cash used in operating activities of $79.6 million. This number includes $99.2 million related to interest paid and approximately $10 million of income taxes paid. And this includes both cash interest incurred during the quarter and the repayment of capitalized interest on our legacy debt.

第四季末我們的自由現金部位為 1.025 億美元。此外，我們還有 1.5 億美元未動用的 RCF 融資。因此，我們總共擁有約 2.5 億美元的可用流動資金。本季現金增加 810 萬美元，這是受到經營活動使用現金 7,960 萬美元的影響。這一數字包括 9,920 萬美元的利息支付和約 1,000 萬美元的所得稅支付。這包括本季產生的現金利息以及我們遺留債務的資本化利息的償還。

In addition, the number was impacted by cash costs related to our financing and timing differences of working capital movements. Net cash used in investing activities were $35.5 million, primarily consisting of $34 million used on jackup additions, which is the activation cost for Hild and Arabia III, and also some CapEx additions over the fleet as such. And $1.3 million used on new-build additions.

此外，該數字還受到與融資相關的現金成本以及營運資金變動的時間差異的影響。投資活動使用的淨現金為 3550 萬美元，主要包括用於自升式鑽井平台擴建的 3400 萬美元，這是希爾德和阿拉伯 III 號的啟動成本，以及船隊本身的一些資本支出增加。130 萬美元用於新建擴建工程。

The net cash provided by financing activities was $123.2 million, primarily as a result from the net proceeds of the issuance of the senior secured notes and the net proceeds from our private placement offset by repayment of the debt.

融資活動提供的現金淨額為 1.232 億美元，主要來自發行優先擔保票據的淨收益以及我們私募配售的淨收益被償還債務所抵銷。

Next slide, please. Our 2023 full-year EBITDA came in at $350.5 million, and our 2024 EBITDA guidance remains in the range $500 million to $550 million. At the midpoint of this range, this shows an increase of approximately 50% from 2023. We're also very pleased to have completed our refinancing of all the company secured debt in November 2023, and we now have all our debt maturities in 2028 and 2030.

請下一張投影片。我們 2023 年全年 EBITDA 為 3.505 億美元，2024 年 EBITDA 指引仍維持在 5 億至 5.5 億美元範圍內。在此範圍的中點，與 2023 年相比增長了約 50%。我們也很高興在 2023 年 11 月完成了公司所有擔保債務的再融資，現在我們的所有債務都將於 2028 年和 2030 年到期。

The delivery installments for our two remaining new-builds in 2024 are largely funded by a commitment of delivery financing by the seller in the size of $130 million per rig. And additionally, we have secured $180 million senior secured facility, which includes $150 million RCF and a $30 million guarantee facility.

2024 年剩下的兩座新建鑽井平台的交付分期付款主要由賣方承諾的每台鑽機 1.3 億美元的交付融資提供資金。此外，我們還獲得了 1.8 億美元的優先擔保貸款，其中包括 1.5 億美元的 RCF 和 3,000 萬美元的擔保貸款。

The refinancing provides a stable foundation for the company going forward with a fixed amortization profile that allows us to de-lever our debts. In addition, it also provides us the possibility of distributions to shareholders, as evidenced by our implementation of a regular quarterly dividend, which we now have declared for two consecutive quarters of $0.05.

再融資為公司的未來發展提供了穩定的基礎，固定的攤銷額度使我們能夠去槓桿化債務。此外，它還為我們提供了向股東分配的可能性，我們實施定期季度股息就證明了這一點，我們現在已連續兩個季度宣布股息為 0.05 美元。

With this, I would like to turn the word over to Bruno.

說到這裡，我想把這個問題交給布魯諾。

Thanks, Magnus. Now, I'd like to provide a brief update on the jackup market and our most recent contracting and fleet developments. Jackup utilization levels have continued to increase since our last report. In particular, the market utilization for modern rigs has now exceeded 95% in line with our earlier projections. It is noteworthy that utilization levels have continued to improve while the market absorbed a few additional new-build rigs.

謝謝，馬格努斯。現在，我想簡要介紹一下自升式鑽井平台市場以及我們最近的承包和船隊發展。自我們上次報告以來，自升式鑽井平台的利用率持續上升。特別是，現代鑽機的市場利用率現已超過 95%，與我們先前的預測一致。值得注意的是，利用率水準持續提高，同時市場吸收了一些額外的新建鑽機。

Currently, the shipyard order book stands at 15 rigs. One of each has a future contract, and two are owned by Borr Drilling. The total order book represents less than 4% of the global jackup fleet, a record-low level.

目前，船廠訂單量為 15 座鑽井平台。其中一份擁有未來合同，其中兩份歸 Borr Drilling 所有。總訂單量僅佔全球自升式鑽井船船隊的不到 4%，創歷史新低。

We highlight again that shallow water projects, on average, have some of the lowest break-even prices and continue to be a viable and attractive alternative for our customers at the current commodity prices. Underlying that, and according to recent data by Reichstag Energy, global investments in shallow water projects are expected to experience double-digit growth in 2024 compared to last year. These factors support our views that the jackup drilling sector should continue to benefit from strong utilization and improving economics.

我們再次強調，淺水項目平均而言具有最低的盈虧平衡價格，並且以當前的商品價格仍然對我們的客戶來說是可行且有吸引力的替代方案。在此基礎上，根據 Reichstag Energy 的最新數據，預計 2024 年全球淺水計畫投資將比去年實現兩位數成長。這些因素支持了我們的觀點，即自升式鑽井產業應繼續受益於強勁的利用率和不斷改善的經濟效益。

Looking forward, we see a market scenario whereby incremental demand should continue to outpace any potential supply growth. From a supply side, based on a study conducted by Fearnley Offshore, it is anticipated that only 6 of the 15 rigs under construction could reasonably be brought into the market in the next 18 to 24 months. On the demand side, we anticipate demand for modern rigs to increase by 20 to 25 rigs in the next 24 months or so. Several of these programs are already in tendering phase, while others are expected to be tendered in the coming quarters.

展望未來，我們看到這樣的市場情景：需求增量將繼續超過任何潛在的供應成長。從供應方面來看，根據Fearnley Offshore的一項研究，預計在建的15座鑽井平台中，只有6座能夠在未來18至24個月內合理推向市場。在需求方面，我們預計未來 24 個月左右對現代鑽機的需求將增加 20 至 25 台。其中一些項目已經進入招標階段，而其他項目預計將在未來幾季進行招標。

In support of our views, data from S&P Global in their latest World Rig Forecast projects that global jackup demand will increase by 36 units by mid-2025. And based on the recent market trends and customer preferences, we anticipate a lion's share of this incremental demand will be fulfilled by modern rigs.

為了支持我們的觀點，S&P Global 在其最新的世界鑽機預測中的數據預計，到 2025 年中期，全球自升式鑽井平台需求將增加 36 台。根據最近的市場趨勢和客戶偏好，我們預計這一增量需求的大部分將由現代鑽機滿足。

We maintain a constructive view on the Asian, Indian, and Middle Eastern markets, and let me provide you some data points that support our views. In the Middle East, recent announcements by NOCs indicate the potential for several multi-year, multi-rig programs, particularly in Qatar, Kuwait, and the neutral zone between Saudi and Kuwait, where the large Al-Durra field development is expected to be tendered soon and should alone require four additional high-specification jackups.

我們對亞洲、印度和中東市場保持建設性的看法，讓我向您提供一些支持我們觀點的數據點。在中東，國家石油公司最近發布的公告顯示了多個多年期、多鑽機項目的潛力，特別是在卡達、科威特以及沙烏地阿拉伯和科威特之間的中立區，大型Al-Durra 油田開發預計將在該地區進行。很快就會招標，僅此一項就需要另外四艘高規格自升式鑽井平台。

In India, we note ONGC's stated plans of securing six new rigs as part of their fleet renewal strategy, noting that the average age of their current fleet is approximately 40 years old. This requirement is over and above ONGC's open tenders and unfulfilled demand from prior tenders, including the recent HPHD requirement. Similar fleet renewal ambitions have been recently indicated by ADNOC and [FINALPAC].

在印度，我們注意到 ONGC 聲稱計劃購買 6 個新鑽井平台，作為其船隊更新策略的一部分，並指出其當前船隊的平均年齡約為 40 年。這項要求超出了 ONGC 的公開招標和先前招標中未滿足的需求，包括最近的 HPHD 要求。阿布達比國家石油公司 (ADNOC) 和[最終太平洋]。

In Asia, Petronas activity outlook indicates incremental demand of two to three rigs in Malaysia within the next 24 months. Similar activity levels are projected to increase in Vietnam and Indonesia. Outside these areas, we see pockets of long-term activity developing in places such Angola, Libya, Americas, and Australia, to name a few.

在亞洲，馬來西亞國家石油公司的活動前景表明，未來 24 個月內馬來西亞將增加兩到三座鑽井平台的需求。預計越南和印尼的類似活動水準也會增加。在這些地區之外，我們也看到安哥拉、利比亞、美洲和澳洲等地正在進行一些長期活動。

The demand outlook coupled with our customer discussions support our positive view of the strength, duration, and resilience of the cycle.

需求前景加上我們的客戶討論支持了我們對週期的強度、持續時間和彈性的正面看法。

In 2024 to date, we have received three new commitments, adding a total of $82 million in backlog to the company at an average of $166,000 per day. These commitments include contract extensions for the Norve with BWE in Gabon, contract extension for the Mist with Valeura in Thailand, and a binding letter of award for the Thor with an undisclosed customer in Southeast Asia. Following these awards, our fleet coverage for 2024 has further increased to 87%.

2024 年至今，我們已收到三項新承諾，為公司增加總計 8,200 萬美元的積壓資金，平均每天增加 166,000 美元。這些承諾包括與加彭的 BWE 延長 Norve 的合同，與泰國的 Valeura 延長 Mist 的合同，以及與東南亞一位未公開的客戶簽訂具有約束力的 Thor 合同。繼這些獎項之後，我們的機隊覆蓋率在 2024 年進一步增加至 87%。

Considering our prospects and based on ongoing discussions with our customers, we remain positive about our ability to secure follow-on work for our rigs rolling off contract during the year, with limited white spaces, if any. Our only rigs expected to roll off contract in the first half of the year are the Prospector 1 in the North Sea and the Gunnlod in Asia. We're currently in advanced discussions with customers about continued work for these rigs and will provide further details in due course.

考慮到我們的前景並基於與客戶的持續討論，我們對確保年內合約到期的鑽機的後續工作的能力保持樂觀，並且空白空間有限（如果有的話）。我們預計今年上半年交付合約的唯一鑽井平台是位於北海的 Prospector 1 和位於亞洲的 Gunnlod。我們目前正在與客戶就這些鑽孔機的繼續工作進行深入討論，並將在適當的時候提供更多細節。

In relation to our new built units Vale and Var, we continue to make progress with the completion of their construction and commissioning and remain on track to have these units delivered around the fourth quarter this year. These units are currently being offered for several opportunities and are attracting considerable interest from our customers. We remain positive about our ability to secure meaningful term work for these units ahead of their delivery.

關於我們新建的Vale和Var機組，我們繼續在完成其建設和調試方面取得進展，並預計在今年第四季左右交付這些機組。這些單位目前提供了多種機會，並吸引了我們客戶的極大興趣。我們對我們在交付之前確保這些單元有意義的長期工作的能力仍然持樂觀態度。

On this note, I'd like to hand the call back to Patrick.

就此而言，我想將電話轉給帕特里克。

Thank you, Bruno. So, in conclusion, Bruno has walked you through the current utilization. Our view of the demand increase over the next 18 to 24 months and the corroboration of these numbers by IHS S&P Global. We are in a supply-constrained market with continued demand increases, which is the basis for further dayrate increases going forward.

謝謝你，布魯諾。總之，布魯諾已經向您介紹了目前的利用率。我們對未來 18 至 24 個月需求成長的看法以及 IHS S&P Global 對這些數字的證實。我們正處於供應受限的市場，但需求持續成長，這是未來進一步提高日費率的基礎。

Our 2024 adjusted EBITDA remains unchanged at $500 million to $550 million dollars. This is underpinned by a strong contract portfolio, which is covered currently at 87%.

我們的 2024 年調整後 EBITDA 維持在 5 億至 5.5 億美元不變。這是由強大的合約組合支撐的，目前覆蓋率為 87%。

The refinance of our 2025 debt maturities has been successfully completed with the issuance of $1.54 billion of secured notes with maturities in 2028 and 2030. This completes the refinancing of all our secured debt and provides the company with a solid long-term capital structure.

我們已成功完成 2025 年債務到期的再融資，發行了 2028 年和 2030 年到期的 15.4 億美元擔保票據。這完成了我們所有擔保債務的再融資，並為公司提供了堅實的長期資本結構。

Lastly, we have delivered on the commitment to become a dividend distributing company. The Board approved for Q4 as well a dividend payment of $0.05 per share.

最後，我們兌現了成為股利分配公司的承諾。董事會批准了第四季的股息支付每股 0.05 美元。

Ending on what for Borr Drilling our customers is the most important performance indicator, which is delivering operational excellence safely. This will continue to have our utmost attention going forward.

最後，對於 Borr Drilling 的客戶來說，最重要的績效指標是安全地提供卓越營運。今後我們將繼續高度關注這一點。

Ladies and gentlemen, I would like to end here our prepared remarks and we can go to Q&A.

女士們、先生們，我準備好的發言到此結束，我們可以進入問答環節了。

(Operator Instructions) Fredrik Stene, Clarksons Securities.

（操作員指示）Fredrik Stene，克拉克森證券。

Hey, Patrick, Magnus, Bruno. I hope all is well and thank you for taking my question. I wanted to start with 2024 guidance. EBITDA reiterated between $500 million and $550 million. Based on the contracts you announced earlier this month, you have reached 87% of fleet coverage, as you say. I was wondering, can you give some color on how we would end up on either side of that range? With 87%, would we still see 500 minimum or what's the moving parts here to underperform or outperform versus the mid?

嘿，派崔克、馬格努斯、布魯諾。我希望一切順利，感謝您提出我的問題。我想從 2024 年指導開始。EBITDA 重申在 5 億至 5.5 億美元之間。根據您本月早些時候宣布的合同，正如您所說，您的機隊覆蓋率已達到 87%。我想知道，您能否說明一下我們最終會如何處於該範圍的兩側？87% 的情況下，我們是否仍會看到最低 500 點，或與中等程度相比，哪些因素會導致表現不佳或優於表現？

All right. So, Fredrik, thanks for your questions. At the end of the day, we are still in February, so I think that the range that we have is appropriate. What it depends on is that we fill the 87% as we expect. The more we fill it, the more we will be towards the upper range. The more we are with dayrates over $150,000 per day, the more we will be at the upper range of that, right?

好的。弗雷德里克，謝謝你的提問。歸根結底，我們仍然處於二月，所以我認為我們的範圍是合適的。取決於我們是否如我們所期望的那樣填滿了87%。我們填得越多，就越接近上限。我們的日費率越多超過每天 15 萬美元，我們就越處於該上限，對吧？

So I think that those are the moving pieces. It is really filling up the 87% further to 100%. And as Bruno mentioned to you, we have many discussions ongoing and we expect to be able to manage any white spaces very well. We expect minimal for the year.

所以我認為這些都是移動的部分。它確實將 87% 進一步填充到 100%。正如布魯諾向您提到的，我們正在進行許多討論，我們希望能夠很好地管理任何空白。我們預計今年的產量將達到最低水準。

And secondly, you have seen from the dayrates in the contracts that we have announced so far that we are at the higher range of what we would normally have considered when making this type of forecast. So the more you see us announce higher dayrates of the $170,000-plus, the more that is going to make us end up in the upper range of our guidance. But that's probably all I can say this early in the year.

其次，從我們迄今為止宣布的合約中的日費率中可以看出，我們處於進行此類預測時通常考慮的較高範圍。因此，您越多看到我們宣布 170,000 美元以上的更高日費率，就越會使我們最終處於指導範圍的上限。但這可能就是我今年年初能說的全部。

Thank you, Patrick. Just on the rig sector, you mentioned the Prospector 1 and the Gunnlod. The two rigs are coming off contract now in the first half of this year. Prospector, that is the only rig you have in the North Sea currently. Is it fair to assume that it will remain in the North Sea or are those discussions elsewhere?

謝謝你，派崔克。就鑽孔機領域而言，您提到了 Prospector 1 和 Gunnlod。這兩座鑽井平台的合約將於今年上半年到期。Prospector，這是你們目前在北海擁有的唯一鑽井平台。假設它將留在北海是否公平，或者這些討論是否在其他地方進行？

I don't want to give you fully our commercial envelope at the moment, but we have always said that the North Sea is not a key market for us. However, there is interesting bits of work and if we can tie enough of that together, you could have a scenario in where we would remain around the North Sea, so to say. And there's other scenarios as well. But I would say that we intend to be announcing relatively soon the outlook for the P1 for the rest of the year.

我現在不想向您透露我們的商業範圍，但我們一直說北海不是我們的關鍵市場。然而，還有一些有趣的工作，如果我們能夠將足夠的工作結合在一起，那麼可以說，我們可能會留在北海周圍。還有其他場景。但我想說的是，我們打算相對快速地宣布 P1 今年剩餘時間的前景。

And on the Gunnlod, I think that Bruno, you want to say a few things about the Gunnlod?

關於 Gunnlod，我想 Bruno，你想談談 Gunnlod 的一些事情嗎？

Yeah, sure, Patrick. I think the Gunnlod is a rig that has been performing very well in the region where it's located. It's one that has unique features and certainly one that I think our customers would like to maintain in the region. We obviously acknowledge that moving rigs across regions comes with certain efficiencies and we remain positive that the rig will remain operating in Asia.

是的，當然，派崔克。我認為 Gunnlod 是一款在其所在地區表現非常好的鑽孔機。它具有獨特的功能，我認為我們的客戶當然希望在該地區保留這項功能。我們顯然承認，跨地區移動鑽機具有一定的效率，我們仍然樂觀地認為該鑽機將繼續在亞洲運作。

Perfect, thank you. And then just finally, you're declaring dividends $0.05 this quarter. You also have a share repurchase program in place for $100 million, but you haven't really used I think it's less than $1 million, if my math is correct. On that, can you give any color on how you would think about the trade-off between higher dividends or more share repurchases initially, since at least on my numbers, the real kicker on cash flow is coming in 2025 and beyond. So it would be interesting to hear what you're thinking now for 2024, if higher dividends or more cash allocated to share repurchases would make the most sense for you.

完美，謝謝。最後，您宣布本季股息為 0.05 美元。你們還制定了 1 億美元的股票回購計劃，但你們還沒有真正使用過。如果我的數學正確的話，我認為這個金額還不到 100 萬美元。對此，您能否詳細說明您最初如何考慮更高股息或更多股票回購之間的權衡，因為至少從我的數據來看，現金流的真正推動力將在 2025 年及以後出現。因此，如果更高的股息或分配更多現金用於股票回購對您來說最有意義，那麼聽聽您現在對 2024 年的想法將會很有趣。

Oh, so I think firstly, you are right that clearly the larger amounts of cash are going to be available in '25. But it's also clear from the way that we see the year shape up that there is opportunities to also in 2024 continue to distribute to the shareholders.

哦，所以我認為首先，你是對的，顯然 25 年將會有更多現金可用。但從我們對這一年的展望來看，也清楚地表明，2024 年也有機會繼續分配給股東。

You know that we are focused on deleveraging and that at the same time, we want to make sure that there is a return for the shareholders as well. At this moment, I can tell you that the Board wanted to have both instruments available, meaning end share buyback, as well as a dividend distribution, which is currently in place.

你知道，我們專注於去槓桿化，同時，我們也希望確保股東也能獲得回報。目前，我可以告訴您，董事會希望同時使用這兩種工具，即最終股票回購以及目前已到位的股息分配。

I think that there is a second guidance where there is going to be focus on that with more surplus cash becoming available, I would expect the dividends to be increasing over time. And then I think on a quarterly basis, based on where the share price might be, the Board will make a determination on where we are going to go, whether on the share buyback side or more towards dividend. But I think you have seen that the current sentiment is very much towards dividend being the second consecutive quarter in which the Board continues to focus on dividend. Apart from that, I would say follow us here in the quarters to come and we'll be able to give you more info on that.

我認為第二個指導方針將重點關注隨著更多剩餘現金的出現，我預計股息將隨著時間的推移而增加。然後我認為，董事會將根據股價的情況，按季度決定我們的發展方向，無論是股票回購還是股息。但我認為您已經看到，目前的情緒非常傾向於股息，這是董事會連續第二個季度繼續關注股息。除此之外，我想說在接下來的幾季中關注我們，我們將能夠為您提供更多相關資訊。

Thank you very much, Patrick and team. That's all from me. Have a good day.

非常感謝派崔克和團隊。這就是我的全部。祝你有美好的一天。

Thank you.

謝謝。

Greg Lewis from BTIG.

來自 BTIG 的格雷格·劉易斯。

Hey, thanks and good afternoon, everybody. And thanks for taking my questions.

嘿，謝謝大家，下午好。感謝您回答我的問題。

Patrick, I was hoping you could provide a little bit more color around the new builds. It sounded like in your prepared remarks, these are looking at potentially going on term work. Kind of curious a couple of things here. How you're kind of thinking about balancing these rigs into the market and the spot market versus term. And really, then I'll also ask, are we assuming any revenue contribution in '24 from maybe the rig that's supposed to be available later this year?

派崔克，我希望你能為新版本提供更多的色彩。聽起來就像在你準備好的發言中，這些正在考慮可能進行的定期工作。這裡有幾件事有點好奇。您如何考慮平衡這些鑽孔機進入市場和現貨市場與期限的關係。實際上，我還會問，我們是否假設 24 年可能會從今年稍後推出的鑽孔機中獲得任何收入貢獻？

No, that is fair, Greg. So let me say a few things, although I'll leave the lion's share of this for Bruno. So the way that it looks at this moment, one of the rigs will potentially two, maybe three months be available for service in 2024. The second one is only going to be really available to drill, call it January '25.

不，這是公平的，格雷格。因此，讓我說幾句話，儘管我會將大部分內容留給布魯諾。因此，從目前來看，其中一台鑽井平台可能會在 2024 年投入使用兩到三個月。第二個只有在 25 年 1 月才能真正鑽探。

And I think that what we were talking about seeing the additional demand of 24 to 25 rigs from our perspective. There is some interesting term work in that. And for us, it is really a matter that we want to see that these rigs get on some interesting contracts that have a bit of longevity in them. So term in this is important.

我認為我們所討論的是從我們的角度來看 24 至 25 台鑽機的額外需求。其中有一些有趣的術語工作。對我們來說，我們確實希望看到這些鑽機簽訂一些有趣的合同，這些合約具有一定的使用壽命。所以這個術語很重要。

But Bruno, maybe you can talk a little bit more about what you're seeing and where we're focused on. And I guess that people are quite interested when we would be interested in committing to award any work to these.

但是布魯諾，也許你可以多談談你所看到的以及我們關注的焦點。我想當我們有興趣承諾向這些人授予任何作品時，人們會非常感興趣。

Thanks, Patrick. Yeah, Greg, and we mentioned a little bit in the last quarter, these rigs that are being delivered late in the year are probably some of the most capable rigs that we have in our fleet. And because of that, because of the prior track record success of the sister rigs operating in Asia, they have been attracting a substantial interest from customers, particularly ones that are very performance focused.

謝謝，派崔克。是的，格雷格，我們在上個季度提到過，這些將於今年稍後交付的鑽機可能是我們船隊中功能最強大的鑽機之一。正因為如此，由於先前在亞洲運營的姐妹鑽機取得了成功，它們吸引了客戶的極大興趣，特別是那些非常注重性能的客戶。

Obviously, taking a rig out of the yard and everything that comes with it is not a small commitment. We're looking preferably to find work that has volume. And volume, I would say, programs that are 18 months plus, ideally to take them out of the yard. We're not concerned, obviously, about them finding continued work, but I think it's obviously preferable if we can find a good balance between attractive dayrates and a term that makes it easy for us to phase the rig into work.

顯然，將鑽孔機及其附帶的所有物品搬出院子並不是一個小承諾。我們最好尋找有量的工作。我想說的是，容量計劃是 18 個月以上，最好是讓他們走出院子。顯然，我們並不擔心他們能找到繼續工作的機會，但我認為，如果我們能夠在有吸引力的日費率和使我們能夠輕鬆地將鑽機投入使用的期限之間找到良好的平衡，那顯然是更好的選擇。

Okay, super helpful. Thanks. And then I guess just really given that you provided some great detail on the Indian market, realizing that's not a primary market for you guys, and just because it's timely around the decisions by Saudi Arabia last year in January around reining in some CapEx, clearly Saudi Arabia is a huge market. I can go and look at the 80-plus rigs there and look at different ages and quality of rig. Do you have any sense for maybe as we look at Saudi Arabia, how we could see maybe some rigs move out of there and where they could go, or is it something where a lot of those rigs are kind of nearing their useful life and maybe some of those rigs in Saudi probably aren't working in three to five years?

好的，超級有幫助。謝謝。然後我想，考慮到您提供了有關印度市場的一些詳細信息，意識到這對你們來說不是主要市場，而且只是因為沙烏地阿拉伯去年 1 月份關於控制一些資本支出的決定是及時的，顯然沙烏地阿拉伯是一個巨大的市場。我可以去那裡看看 80 多台鑽孔機，看看不同年齡和品質的鑽孔機。當我們觀察沙烏地阿拉伯時，您是否有任何感覺，我們如何可能看到一些鑽機離開那裡以及它們可以去哪裡，或者是很多鑽機都接近其使用壽命，也許沙烏地阿拉伯的一些鑽井平台可能在三到五年內就無法工作？

No, I think, Greg, it is a question. Clearly, Saudi is a tremendously large market that does govern what happens in the rest of the world. All I can tell you from the discussions that we had, and I think from everybody in the drilling department, it is quite clear that even with a non-pursuing 13 million barrels, but staying at 12 million barrels, the amount of work and the amount of wealth that needs to be drilled is still extraordinarily large. That requires a tremendous amount of rigs on land as well as offshore. So I think that that is the key thing in it.

不，我想，格雷格，這是一個問題。顯然，沙烏地阿拉伯是一個巨大的市場，確實控制著世界其他地區發生的事情。我從我們的討論中可以告訴你的是，我認為鑽井部門的每個人都非常清楚，即使不追求 1300 萬桶，但保持在 1200 萬桶，工作量和需要開采的財富數量仍然異常龐大。這需要大量的陸地和海上鑽井平台。所以我認為這是其中的關鍵。

Overall, I think that it is possible that some rigs at a certain moment roll off contract and are possibly not getting their contracts renewed. It's absolutely possible, and it is clear that the decision criteria that Aramco in general uses are performance, safety, and cost. So I think that all of these things are understood.

總的來說，我認為一些鑽機可能在某個時刻終止合同，並且可能不會續約。這絕對是可能的，而且很明顯，阿美公司通常使用的決策標準是性能、安全性和成本。所以我認為所有這些事情都是可以理解的。

It is possible that they call some of these rigs, but I think that that is not going to be tremendous amounts. And I think we should all take at least some information that there wasn't, after the announcement, a knee-jerk reaction or where rigs came falling out of the work and a lot of work was being stopped.

他們可能會調用其中一些鑽孔機，但我認為數量不會很大。我認為我們都應該至少了解一些信息，在宣布之後，沒有出現下意識的反應，或者鑽機從工作中掉下來並且很多工作被停止。

So I think that we just need to let it work through the system. Whatever comes out of Saudi, and if there is some rigs that are coming out, from the description that Bruno gave of the market, these rigs are going to be absorbed quite easily. And as you have stated, some of them could be significantly old, and operators might just decide not to further invest and maybe write some of them off.

所以我認為我們只需要讓它通過系統發揮作用。無論沙烏地阿拉伯生產什麼，如果有一些鑽孔機出現，從布魯諾對市場的描述來看，這些鑽孔機將很容易被吸收。正如您所說，其中一些可能已經非常陳舊，運營商可能只是決定不再進一步投資，甚至可能註銷其中一些。

But I think let's just -- we focus on what we can. We just want to keep performing as well as we can. And I don't think that there is an enormous amount of rigs coming out of Asia -- out of Aramco, that couldn't be absorbed in the market as we see the market developing today.

但我認為讓我們專注於我們能做的事情。我們只是想繼續盡我們所能地表現。我認為，從亞洲——沙特阿美公司出來的大量鑽井平台，不會被市場吸收，因為我們看到今天市場的發展。

Perfect. Super helpful. Thank you very much.

完美的。超有幫助。非常感謝。

All right.

好的。

Michael Boam, Sona Asset Management.

邁克爾·博姆 (Michael Boam)，Sona 資產管理公司。

Actually, all of my questions have been answered already. Thank you very much.

其實我所有的問題都已經有答案了。非常感謝。

No problem.

沒問題。

Thank you, Michael.

謝謝你，麥可。

Thank you. There are no further phone questions. Starting the call over for webcast questions.

謝謝。沒有進一步的電話問題。開始針對網路廣播問題進行通話。

Thank you. Are you seeing any changes in the length of contracts being asked for by clients?

謝謝。您是否發現客戶要求的合約期限有任何變化？

All right. Bruno, do you want to take this question?

好的。布魯諾，你想回答這個問題嗎？

Sure. Really, we see, as I mentioned in my previous remarks, we do see now an increasing number of long-term tenders either on the market or coming to the market soon. Certainly in the jackup space, you're always going to have a substantial number of smaller programs in places like Southeast Asia, for example. You inevitably have programs that are short in Asia. And I think the beauty of this market is really the combination of both things. We will focus on obviously having visibility of our backlog for the fleet, but not ignoring that short-term opportunities provide as well attractive opportunities to reprice in a tight market as we are.

當然。事實上，正如我在先前的發言中提到的，我們確實看到市場上或即將進入市場的長期招標數量不斷增加。當然，在自升式鑽井平台領域，例如在東南亞等地，總是會有大量小型專案。在亞洲，你不可避免地會遇到短缺的項目。我認為這個市場的美妙之處確實是兩者的結合。我們將重點關註明顯了解我們的機隊積壓情況，但不會忽視短期機會提供了在緊張的市場中重新定價的有吸引力的機會。

In the big scheme of things, we do see the contract durations of the holding. And in different regions, you have different profiles, obviously. And I think this is a bit of a nature of the particular geographies. But in general, we do see the contract durations holding and potentially elongate a little bit with the tenders coming up in the market now.

在大的計劃中，我們確實看到了持有的合約期限。顯然，在不同的地區，你有不同的個人資料。我認為這是特定地區的本質。但總的來說，我們確實看到合約期限不變，隨著現在市場上的招標，合約期限可能會延長一些。

Thanks, Bruno. What is the opportunity set looking like in terms of expansion of the fleet? And what about the under-construction rigs seeking buyers? What is Borr's view on this opportunity?

謝謝，布魯諾。就機隊擴張而言，機會是什麼？那麼正在尋找買家的在建鑽井平台又如何呢？鮑爾對這個機會有何看法？

So we are very happy with the size of our fleet, as we have stated many times. So I don't see a scenario where we'd be interested in selling the two rigs that are under-construction. As Bruno mentioned earlier, we have very fruitful discussion with a variety of parties that are interested to contract them. And that's really the business we're in, us being the drilling contractor and using our rigs. So I don't see selling as one of the preferred or likely avenues.

因此，正如我們多次聲明的那樣，我們對我們機隊的規模非常滿意。因此，我認為我們不會有興趣出售正在建造的兩台鑽孔機。正如布魯諾之前提到的，我們與有興趣與其簽約的各方進行了非常有成效的討論。這確實是我們從事的業務，我們是鑽井承包商並使用我們的鑽孔機。因此，我不認為銷售是首選或可能的途徑之一。

When it comes to overall expansion of the fleet, I think that there is, as we have said in the past, there's always opportunities. And we will look at them carefully. But we will want to make sure that some of the key strengths that we have remain intact. Meaning that we want to make sure that we continue to have a very solid financial footing. That any assets that would be added to the fleet are very similar in age and equipment as what we currently operate. Which, if you just set that as your parameters, the opportunity set actually becomes fairly small and might be a rig here or there.

當談到機隊的整體擴張時，我認為，正如我們過去所說，總是有機會的。我們會仔細研究它們。但我們希望確保我們擁有的一些關鍵優勢保持不變。這意味著我們希望確保我們繼續擁有非常堅實的財務基礎。將添加到機隊中的任何資產在年齡和設備上都與我們目前運營的資產非常相似。如果您只是將其設為參數，那麼機會集實際上會變得相當小，並且可能是這裡或那裡的鑽孔機。

So I would say at this moment, we focus very much on our own fleet. And as some opportunities come up, we will evaluate them. But they are not the main focus of the management team.

所以我現在想說的是，我們非常關注我們自己的機隊。當一些機會出現時，我們將對其進行評估。但它們並不是管理團隊的主要關注點。

Thanks Patrick. Last one. The leading edge dayrates have been flat at around $165,000 to $170,000 a day for the last six months. When do you think we are seeing the next leg up potentially hitting the $200,000 mark?

謝謝帕特里克。最後一個。過去六個月，前沿日費率一直穩定在每天 165,000 美元至 170,000 美元左右。您認為我們什麼時候會看到下一波上漲可能觸及 20 萬美元大關？

Yeah, I think that that is a fair question that obviously I will hand over to Bruno. But I think that it is the flattening of the level if we have been at a very high level. And actually, we have been able to get these level of contracts across the world in every region. And I think that that is a major step forward what we have.

是的，我認為這是一個公平的問題，顯然我會將其交給布魯諾。但我認為，如果我們一直處於很高的水平，那麼這就是水平的扁平化。事實上，我們已經能夠在世界各地的每個地區獲得這些等級的合約。我認為這是我們向前邁出的重要一步。

And Bruno, maybe you can comment a bit on what we are tendering today and the rates you are expecting. And therefore, when you think you'll be getting towards the $200,000.

布魯諾，也許您可以評論一下我們今天的招標內容以及您期望的價格。因此，當您認為您將獲得 200,000 美元時。

Sure, Patrick. And when we look at the market at the moment, and as I mentioned in my remarks, we do see a lot of opportunities now hitting the market and more to come. And it goes without saying that it is a market about utilization, it is a market about tightness. With these additional requirements, particularly multi-year requirements, potentially soaking some of the remaining capacity, then is when we would expect dayrates to accelerate further.

當然，派崔克。當我們審視目前的市場時，正如我在演講中提到的，我們確實看到市場上現在有很多機會，而且未來還會有更多機會。不言而喻，這是一個關於利用率的市場，這是一個關於緊張的市場。有了這些額外的要求，特別是多年的要求，可能會吸收一些剩餘的產能，那麼我們預計日費率將進一步加快。

I will fall short of providing more details on our particular bidding rates, but it's fair to say that our offers continue to push on the upside and frequently are getting very close to the higher end of the hundreds and not too far shy of the $200,000 a day.

我無法提供有關我們特定出價率的更多詳細信息，但可以公平地說，我們的報價繼續上漲，並且經常非常接近數百個的高端，並且離 200,000 美元不遠。天。

I think in the second half of the year, as a lot of these tenders come to the market, that is when we expect a higher acceleration. But it continues to move in the right direction. I mean, as an average, we were at $161,000$ during last year. This beginning of the year, we are at $166,000. And as Patrick highlighted, this is not hanging on one fixture and neither hanging in one region. It's been a development that is happening across the globe, which is very positive to see.

我認為在今年下半年，隨著大量招標進入市場，我們預計會有更高的加速。但它繼續朝著正確的方向前進。我的意思是，去年我們的平均收入為 161,000 美元。今年年初，我們的價格為 166,000 美元。正如帕特里克所強調的那樣，這不是懸掛在一個固定裝置上，也不是懸掛在一個區域。這是全球範圍內正在發生的進展，這是非常積極的。

Okay, then. I understand that we have reached the end of our questions. So, thank you very much for your attention. And we look forward again talking to you real soon with the next updates. Thank you.

好吧。我知道我們的問題已經結束了。所以，非常感謝您的關注。我們期待很快再次與您真正討論下一次更新。謝謝。