Borr Drilling Ltd (BORR) 2024 Q1 法說會逐字稿

Good morning, and thank you for participating in the Borr Drilling first-quarter 2024 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. Next slide, please.

早安，感謝您參加 Borr Drilling 2024 年第一季財報電話會議。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。請下一張投影片。

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. Next slide.

首先，關於必要的免責聲明，我想提醒所有參與者，其中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。下一張投影片。

The first-quarter results have been strong, driven by solid operational performance, with technical utilization coming in at 99% and economic utilization at 98.6%. We operate currently a fleet of 22 rigs and have two new builds join the fleet later this year. The adjusted EBITDA margin increased this quarter to 47.2%, keeping us right on track to meet our annual plan.

在穩健的營運績效的推動下，第一季業績強勁，技術利用率為 99%，經濟利用率為 98.6%。我們目前運營著由 22 台鑽機組成的船隊，今年稍後將有兩座新船加入該船隊。本季調整後的 EBITDA 利潤率增至 47.2%，使我們能夠順利實現年度計劃。

We finished the first quarter with all 22 delivered rigs operating. However, after the close of the quarter, one rig in Saudi Arabia has been suspended. We expect this rig to be recontracted in a different region by the end of Q3, based on current customer discussions.

第一季結束時，所有 22 台已交付的鑽孔機均已投入運作。然而，本季結束後，沙烏地阿拉伯的一座鑽井平台已暫停。根據目前的客戶討論，我們預計該鑽機將在第三季末在不同地區重新承包。

On the contracting front, we continue to deliver strong results, securing $318 million in revenue backlog year to date, translating to an average day rate of approximately $183,000 per day. Notably, in the second quarter, we achieved our first-ever contract exceeding $200,000 per day on a clean day rate basis.

在承包方面，我們繼續取得強勁業績，今年迄今已積壓收入 3.18 億美元，相當於每天約 183,000 美元的平均日費率。值得注意的是，在第二季度，我們實現了第一份以乾淨日費率計算每天超過 20 萬美元的合約。

This milestone not only underscores the premium quality and operational excellence of our fleet, but it is a positive confirmation of our views of a well-balanced market, despite the recent developments in Saudi Arabia. Given the high utilization of our rigs and limited near-term availability, we expect that the new build rig Vali, which is to be delivered from the shipyard by the end of 2024, will immediately join the operational fleet to cover the newly contracted work scope.

這一里程碑不僅突顯了我們機隊的優質品質和卓越運營，而且積極證實了我們對均衡市場的看法，儘管沙烏地阿拉伯最近取得了發展。鑑於我們的鑽機利用率較高且近期可用性有限，我們預計將於 2024 年底從造船廠交付的新建鑽機 Vali 將立即加入運營船隊，以覆蓋新合約的工作範圍。

On the back of the strong operational performance and the positive market outlook, the Board has approved an increase of quarterly dividend to $0.10 per share. This doubling of the dividend versus the previous quarter is in line with our stated ambition of progressively increasing the dividend in line with our earnings projections. Lastly, we also reiterate our full-year adjusted EBITDA guidance for 2024 to be in the range of $500 million to $550 million.

在強勁的營運業績和積極的市場前景的支持下，董事會批准將季度股息提高至每股 0.10 美元。股息較上一季翻倍符合我們的既定目標，即根據我們的獲利預測逐步增加股利。最後，我們也重申 2024 年全年調整後 EBITDA 指引為 5 億至 5.5 億美元。

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

馬格努斯現在將向您介紹第一季的財務細節。

Thank you, Patrick.

謝謝你，派崔克。

Q1 2024 results continue the sequential increases that we have experienced over the previous eight quarters, with increases in revenue of 6% and adjusted EBITDA of 5% quarter on quarter.

2024 年第一季的業績延續了我們在前八個季度經歷的連續增長，收入環比增長 6%，調整後 EBITDA 環比增長 5%。

The Q1 2024 operating revenues were $234 million, an increase of $13.4 million compared to the fourth quarter. The increase is largely due to an increase in day rate revenues, primarily due to more operating days for the rigs Gerd and Hild than in the previous quarter.

2024年第一季營業收入為2.34億美元，較第四季增加1,340萬美元。這一增長主要是由於日費收入的增加，這主要是由於 Gerd 和 Hild 鑽機的營運天數比上一季增加。

Rig operating and maintenance expenses increased by $5.5 million to $104 million, a natural increase resulting from the increase in number of operating days.

鑽機營運和維護費用增加了 550 萬美元，達到 1.04 億美元，這是由於營運天數增加而自然增加的。

Net income for Q1 2024 was $14.4 million, a decrease of $14 million from Q4. The decrease is mainly explained by positive one-offs in income tax expense in the fourth quarter of 2023 of approximately $25 million. The same did not occur in Q1 2024.

2024 年第一季淨利為 1,440 萬美元，比第四季減少 1,400 萬美元。減少的主要原因是 2023 年第四季所得稅費用約為 2,500 萬美元的一次性正數。2024 年第一季並沒有發生同樣的情況。

Adjusted EBITDA for the quarter was $116.8 million, an increase of $5.3 million, or 5%, compared to the previous quarter.

本季調整後 EBITDA 為 1.168 億美元，比上一季增加 530 萬美元，成長 5%。

Our free cash position at the end of Q1 was $282.7 million. In addition, we have the undrawn RCF facility of $150 million, so in total, the company has approximately $432 million of available liquidity.

第一季末我們的自由現金部位為 2.827 億美元。此外，我們還有 1.5 億美元的未提取 RCF 額度，因此公司總共擁有約 4.32 億美元的可用流動資金。

The cash in the quarter increased by $180.2 million. And taking a closer look at the cash flows, we can see that the net cash provided by operating activities was $23.9 million, which includes $6.3 million of cash interest paid and $12.8 million of income taxes paid. Cash provided by operating activities in the quarter was impacted by working capital buildup due to some late invoicing for certain contracts, including invoicing for a mobilization fee at the start of our contract, and that led to an increase in accrued revenues.

本季現金增加 1.802 億美元。仔細觀察現金流，我們可以看到經營活動提供的淨現金為2390萬美元，其中包括支付的現金利息630萬美元和支付的所得稅1280萬美元。本季經營活動提供的現金受到營運資本累積的影響，原因是某些合約的發票延遲，包括在合約開始時開立動員費發票，這導致應計收入增加。

Net cash used in investing activities was $18.7 million. This includes $15.2 million used in jack-up additions, consisting of activation costs incurred in 2023 but with cash payments this year, costs for special periodic service and fleet spares, in addition to $3.3 million used for new building additions for activation costs of our two new fleets.

投資活動使用的現金淨額為 1,870 萬美元。這包括用於自升式鑽井平台擴建的1,520 萬美元，其中包括2023 年發生但今年以現金支付的啟動成本、特殊定期服務和船隊備件的費用，此外還有用於新建築擴建的330 萬美元，用於我們兩座鑽井平台的啟動成本。

Net cash provided by financing activities was $175.2 million, primarily as a result from the net proceeds of issuance of additional senior secured notes due in 2028 of $208.3 million. This was offset by $23.8 million used for the payment of cash distributions to shareholders and $10.6 million used for the repurchase of our convertible bonds.

融資活動提供的現金淨額為 1.752 億美元，主要是由於發行 2028 年到期的額外優先擔保票據的淨收益為 2.083 億美元。這被用於向股東支付現金分配的 2,380 萬美元和用於回購可轉換債券的 1,060 萬美元所抵消。

With this, I will pass the word over to Bruno.

有了這個，我會把這個消息轉達給布魯諾。

Thanks, Magnus.

謝謝，馬格努斯。

2024 has been a robust year for Borr Drilling on the commercial front. So far this year, we've secured 11 new commitments, adding over four years and $318 million in backlog and marketing leading rates. As Patrick mentioned, this newly secured backlog includes our first contract with a clean day rate above $200,000 a day. This milestone confirms the positive day rate trend and strength of the market, despite any concerns arising from the recently announced Aramco suspensions.

2024 年對 Borr Drilling 來說是商業方面強勁的一年。今年到目前為止，我們已獲得 11 項新承諾，四年多來，積壓訂單和行銷領先率增加了 3.18 億美元。正如帕特里克所提到的，這個新獲得的積壓訂單包括我們的第一份合同，清潔日費率超過每天 20 萬美元。儘管最近宣布的沙特阿美停產引發了一些擔憂，但這一里程碑證實了積極的每日費率趨勢和市場的實力。

Let me give you some context on some of these new fixtures. Firstly, the Prospector 1 has secured two new contracts in the UK and Netherlands, extending its firm commitments into 2025.

讓我向您介紹一些新設備的背景資訊。首先，Prospector 1 在英國和荷蘭獲得了兩份新合同，將其堅定的承諾延長至 2025 年。

In Southeast Asia, we secured new contracts for the Gunnlod and Thor. The Gunnlod has secured and subsequently commenced a new 90-day contract with an undisclosed operator in Malaysia. We are currently in advanced discussions with other customers in the region and remain confident that the rig will be continuously contracted through to 2025.

在東南亞，我們獲得了 Gunnlod 和 Thor 的新合約。Gunnlod 已與馬來西亞一家未公開姓名的營運商簽訂了一份為期 90 天的新合約。我們目前正在與該地區的其他客戶進行深入討論，並堅信該鑽孔機將持續承包至 2025 年。

The Thor has secured two new commitments that will start in direct continuation to its current contract in Indonesia. These awards will keep the Thor contracted until Q4 2024 when we see other prospective opportunities for it.

雷神號已獲得兩項新的承諾，這些承諾將直接延續其在印尼的現有合約。這些合約將使 Thor 的合約持續到 2024 年第四季度，屆時我們將看到其他潛在的機會。

In Africa, the Norve has secured two new commitments. The first is a further extension with BWE in Gabon, which will keep the rig contracted until mid-October 2024. The second is a 120-day contract with an undisclosed customer starting in February 2025.

在非洲，挪威已做出兩項新承諾。第一個是與加彭 BWE 的進一步延期，這將使該鑽機的合約持續到 2024 年 10 月中旬。第二個是與一位未公開身份的客戶簽訂的為期 120 天的合同，從 2025 年 2 月開始。

Additionally, I am pleased to report that we have received two letters of award for a combined term of 660 days at leading-edge rigs. The first program, which we previously announced, is expected to commence in Q1 2025 and has a total duration of 480 days. The second program, just awarded this week, is expected to commence in Q4 and has a total duration of 180 days.

此外，我很高興地報告，我們已收到兩份尖端鑽機合約期限合計為 660 天的授標信。我們先前宣布的第一個計劃預計將於 2025 年第一季開始，總持續時間為 480 天。第二個項目於本週剛授予，預計將於第四季開始，總持續時間為 180 天。

These contracts exemplify the current state of the industry and Borr Drilling's unique competitive position. We continue to see positive demand for the jack-up services, with many of our customers accelerating programs backed by strong oil prices.

這些合約體現了行業的現狀以及 Borr Drilling 獨特的競爭地位。我們繼續看到對自升式鑽井服務的積極需求，我們的許多客戶在強勁的油價支持下加速了專案。

As customers seek to secure near-term rig capacity, we leverage high-quality and uniformity of our fleet to provide flexibility in rig allocations, enabling us to meet our customer needs while maximizing our fleet utilization. For further information on our fleet and contracts, I refer you to the latest fleet status report published by the company on our website.

當客戶尋求確保近期鑽機產能時，我們利用機隊的高品質和一致性來提供鑽孔機分配的靈活性，使我們能夠滿足客戶需求，同時最大限度地提高機隊利用率。有關我們機隊和合約的更多信息，請參閱該公司在我們網站上發布的最新機隊狀態報告。

With these 11 new contracts, our contract coverage has now reached 93% for 2024 and 71% for 2025, including firm contracts and price options. We believe these levels provide a healthy balance between revenue visibility at market-leading rates and operational leverage amidst a favorable rate environment, as demonstrated by recent fixtures.

憑藉這 11 份新合同，我們的 2024 年合約覆蓋率現已達到 93%，2025 年合約覆蓋率達到 71%，其中包括確定合約和價格選擇權。我們相信，正如最近的賽程所證明的那樣，這些水準在市場領先利率的收入可見度和有利利率環境下的營運槓桿之間提供了健康的平衡。

On a broader market perspective, utilization for modern jack-ups remains strong at approximately 95%, not adjusted for Aramco suspension of the 22 rigs, including our Arabia I. We note that some of the suspended rigs have already been recontracted elsewhere, while others may not be competitive international markets due to their vintage capability, lack of international footprint of their current operators.

從更廣泛的市場角度來看，現代自升式鑽井平台的利用率仍然強勁，約為95%，未根據阿美公司暫停22 座鑽井平台（包括阿拉伯I 號）的情況進行調整。一些暫停的鑽井平台已經在其他地方重新承包，而其他鑽井平台則沒有調整。

We anticipate that around 13 of these rigs are potentially competitive international markets, which would result in utilization remaining at healthy levels above 90%. However, we see this fluctuation in utilization to be temporary, as incremental demand levels should offset and surpass the number of rigs potentially available in Saudi.

我們預計，其中約 13 個鑽機具有潛在的國際市場競爭力，這將導致利用率維持在 90% 以上的健康水準。然而，我們認為利用率的波動是暫時的，因為增量需求水準應該會抵消並超過沙烏地阿拉伯潛在可用的鑽機數量。

Based on the current standards and discussion with our customers, we continue to project incremental demand of 20 to 25 rigs within the next 12 to 18 months. On that note, we remain optimistic about our ability to recontract the Arabia I during the third quarter. While we have witnessed some competitive fixtures below general market rates in certain geographies, we expect these dynamics should be short lived, as fundamentally the jack-up market remains well balanced and tight.

根據當前標準以及與客戶的討論，我們繼續預計未來 12 至 18 個月內將增加 20 至 25 台鑽機的需求。在這一點上，我們對第三季重新承包阿拉伯一號的能力保持樂觀。雖然我們在某些​​地區看到了一些低於一般市場價格的競爭性固定資產，但我們預計這些動態應該是短暫的，因為從根本上說，自升式鑽井平台市場仍然保持著良好的平衡和緊張。

In the first phase of the jack-up rebound, selected NOCs, particularly Aramco, absorbed most of the available capacity. This rapid absorption has left several customers with limited choices for high-quality assets to fulfill their programs. We now appear to be entering a second phase of the rebound, whereby IOCs and other NOCs are seizing the opportunity to secure capacity and accelerate programs amidst the favorable oil pricing environment.

在自升式鑽井平台反彈的第一階段，選定的國家石油公司，特別是沙特阿美公司，吸收了大部分可用產能。這種快速吸收使得一些客戶在高品質資產方面的選擇有限，無法完成他們的計劃。我們現在似乎正在進入反彈的第二階段，國際石油公司和其他國家石油公司正在抓住機會，在有利的石油定價環境中確保產能並加速專案。

With that, I'll now hand the call back over to Patrick.

這樣，我現在將把電話轉回給派崔克。

Thank you, Bruno.

謝謝你，布魯諾。

So in conclusion, there are three main messages I would like to leave you with. Firstly, our ability to add backlog at market-leading rates remains intact and is strengthening our future earnings. Secondly, our adjusted EBITDA guidance is $500 million to $550 million for the full year 2024. Lastly, the Board approved a doubling of the quarterly dividend to $0.10 per share, reflecting our positive outlook. We would expect dividends to continue increasing over time, in line with our earnings outlook.

總之，我想向大家傳達三個主要訊息。首先，我們以市場領先的速度增加積壓訂單的能力保持不變，並正在增強我們未來的獲利。其次，我們調整後的 2024 年全年 EBITDA 指引為 5 億至 5.5 億美元。最後，董事會批准將季度股息增加一倍至每股 0.10 美元，反映了我們的積極前景。我們預計股息將隨著時間的推移繼續增加，這與我們的獲利前景一致。

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

女士們、先生們，我們準備好的發言到此結束，接下來進入問答環節。

(Operator Instructions) There are no questions at this moment on the audio lines.

（操作員說明） 目前音訊線路上沒有任何問題。

Very good. Are we starting to see any questions on the web?

非常好。我們是否開始在網路上看到任何問題？

We have one question, Patrick. Why was the rig suspended in Saudi Arabia?

我們有一個問題，派崔克。沙烏地阿拉伯的鑽井平台為何暫停？

Very good. So what we had seen earlier this year is that there has been a change in strategy in Saudi Arabia, in which a large number of rigs have been suspended -- in the order of 20 rigs have been suspended -- as their focus has changed from certain developments offshore to more developments onshore, which has caused them to have an oversupply after the very large influx of rigs that they have seen over the last two years.

非常好。因此，我們今年稍早看到的是，沙烏地阿拉伯的策略發生了變化，大量鑽井平台被暫停——大約有 20 座鑽井平台被暫停——因為他們的重點已經從某些海上開發項目轉向更多陸上開發項目，這導致過去兩年鑽井平台大量湧入後出現供應過剩。

So this has been the reason for the suspension under which we had one rig affected by that. We have a total of three rigs. The other two rigs remain operating normally, but so one of the 22 rigs suspended was ours.

因此，這就是我們的一台鑽孔機受到暫停影響的原因。我們一共有三台設備。另外兩台鑽孔機仍正常運作，但暫停的 22 台鑽孔機中有一台是我們的。

Thank you, Patrick. We have one more. Can you confirm the number of new rigs coming online in the next few years?

謝謝你，派崔克。我們還有一個。能否確認未來幾年上線的新鑽機數量？

We can say a few things around it. And Bruno, maybe you can shed a bit of light on our rigs coming online, as well as what we believe to be coming into the market.

我們可以圍繞它說一些事情。布魯諾，也許您可以介紹我們即將上線的設備，以及我們認為即將進入市場的設備。

Very good, Patrick. As we mentioned in our prepared remarks, two of our new rigs are scheduled to come out of the shipyard by the back end of this year. One of each, we remain positive that the commitment that we currently have in the books will be an appropriate allocation for all of them, and we continue to work on finding a commitment for the second one.

非常好，派崔克。正如我們在準備好的發言中所提到的，我們的兩座新鑽井平台計劃於今年年底從造船廠出廠。其中之一，我們仍然樂觀地認為，我們目前在帳簿中的承諾將是對所有這些的適當分配，並且我們將繼續努力尋找第二個承諾。

In a bigger picture, in the overall market, there is somewhere around 15 to 20 rigs that are currently under construction, or allegedly currently under construction, in the shipyard. That said, we've looked at several of those units which are dubbed to be under construction, and effectively, they are not more than just constructions that were abandoned long ago and would really struggle to come to the market. In general terms, we estimate that somewhere around five to six rigs could actually be coming to the market in the next 18 to 24 months, and we think that this is a quite low number of rigs that are likely to affect the general supply.

從更大的角度來看，在整個市場中，造船廠目前正在建造或據稱正在建造約 15 至 20 個鑽井平台。也就是說，我們已經研究了其中幾個被稱為正在建造的單元，實際上，它們只不過是很久以前被遺棄的建築，而且很難進入市場。總的來說，我們估計在未來 18 到 24 個月內實際上可能會有大約 5 到 6 台鑽機進入市場，我們認為這是一個相當低的鑽機數量，可能會影響整體供應。

Thanks, Bruno. Are you considering any acquisitions, or M&A, given the excess of liquidity available?

謝謝，布魯諾。鑑於可用流動性過剩，您是否正在考慮進行任何收購或併購？

Andreas, any further questions?

安德烈亞斯，還有其他問題嗎？

Yes. Are you considering any acquisitions?

是的。您是否正在考慮進行任何收購？

Perhaps we might have lost Andreas, but we have another question that came in here. Can you talk about Arabia I regarding contracting by Saudi Aramco by Q3 this year?

也許我們可能失去了安德烈亞斯，但我們還有另一個問題。您能談談今年第三季沙烏地阿美公司簽訂的阿拉伯一號合約嗎？

Sure. We obviously have been looking at a variety of prospects for the rig. The rig has finished its campaign now in May, so it's effectively available now if we can find a commitment for it. We are looking for several contracts or options around the globe, potential deployment for the rigs. At the moment, we don't have anything confirmed, but as I said, we do have a nice pipeline of opportunities that give us the confidence that the rig will be contracted near term.

當然。顯然，我們一直在關注該鑽機的各種前景。該鑽機現已在五月完成其活動，因此如果我們能找到對其的承諾，它現在就可以有效使用。我們正在全球範圍內尋找多個合約或選擇，以及潛在的鑽機部署。目前，我們還沒有得到任何確認，但正如我所說，我們確實有很多機會，這讓我們有信心該鑽機將在近期簽訂合約。

Worth to highlight that the Arabia I was a rig that came out of the shipyard and had a stellar operational performance since then. And obviously, at the moment, this is something that speaks very highly for our customers and gives us good confidence on their interest.

值得強調的是，「阿拉伯一號」是一艘從造船廠出來的鑽井平台，自那時起就擁有出色的運作性能。顯然，目前，這對我們的客戶來說非常重要，並使我們對他們的興趣充滿信心。

Any further questions?

還有其他問題嗎？

There are several questions. There's one question -- can you talk about working capital? Have you collected on these receivables, and can you discuss the free cash flow in Q2 to Q4?

有幾個問題。有一個問題——你能談談營運資金嗎？這些應收帳款您收回了嗎？

I can address that. As we mentioned on our cash flow from operations, we had some buildup in accrued revenues over a quarter, which mainly related to some invoices going out a bit late on our side. But these haven't done subsequently to core grant being collected, so we are par with that yet.

我可以解決這個問題。正如我們在營運現金流方面所提到的，我們在一個季度內的應計收入有所增加，這主要與我們這邊的一些發票發放得有點晚有關。但這些還沒有在收集核心撥款之後完成，所以我們還沒有達到這個目標。

Also, there's normally a question about Mexico collections. We continued with collections in Mexico in Q1 of $15 million, while in a regular quarter, we would expect around $30 million. However, just after Q1 ended, we collected these additional $15 million, which took us to a $30 million collection in Mexico during the quarter, which is in line with what we expect to receive there on a quarterly basis.

此外，通常還有關於墨西哥收藏的問題。第一季我們在墨西哥繼續收款 1,500 萬美元，而在常規季度，我們預計收款額約為 3,000 萬美元。然而，就在第一季結束後，我們又籌集了 1500 萬美元，這使我們在本季度在墨西哥籌集了 3000 萬美元，這與我們預計每季度收到的金額一致。

We can go back to a new question on the contracting. Which of the rigs TBD jobs is intended for your new build vali?

我們可以回到關於合約的新問題。哪些待定的鑽孔機作業適合您的新建瓦利？

Let me talk a little bit about that because it is clear that we have, on purpose, done press releases regarding the new contracts twice in this year. And I think it needs to be understood that our commercial strategy by customer and region needs to be safeguarded.

讓我談談這一點，因為很明顯，我們今年故意兩次發布了有關新合約的新聞稿。我認為需要理解的是，我們按客戶和地區劃分的商業策略需要得到保障。

And part of that is also the rig assignments that we do as such. And therefore, we have been not particularly clear regarding which particular customer and/or region has, for instance, the $200,000 per day day rate, nor which rig we are going to use in every particular instance. We take this purely from a commercial and a competitive point of view. We inform you of the contracts that we have, but these assignments at this moment are somewhat fluid, and that's why we have described it as we are.

其中一部分也是我們所做的鑽孔機分配。因此，我們並不清楚哪個特定客戶和/或地區擁有每天 200,000 美元的日費率，也不清楚我們將在每個特定實例中使用哪種設備。我們純粹是從商業和競爭的角度來看這一點。我們告知您我們所擁有的合同，但目前的這些任務有些不穩定，這就是我們如此描述的原因。

All I can tell you is that the Arabia I will be in the mix, as the Vali will be as well. But I can't give you further color on the exact contract they will be deployed on.

我只能告訴你，我將加入阿拉伯半島，瓦利也將加入其中。但我無法進一步透露他們將部署的確切合約。

I think with this, we have a question on the phone line, so we can turn the call over to the operator, please.

我想，我們的電話線路有問題，所以我們可以將電話轉給接線生。

Nikhil Bhat, JPMorgan.

尼基爾巴特，摩根大通。

Good afternoon. Thank you for taking my question. I have a question on the Aramco --

午安.感謝您回答我的問題。我有一個關於阿美石油公司的問題--

Any further on the website?

網站上還有嗎？

There is one question about capital distributions -- several questions about capital distributions. So in addition to dividends, do you think that even the shares trade at a significant discount to replacement value, a share repurchase would be accreted?

有一個關於資本分配的問題──幾個關於資本分配的問題。那麼，除了股利之外，您認為即使股票交易價格比重置價值大幅折扣，股票回購也會增加嗎？

So clearly, the Board has looked at both of the opportunities to return cash back to the shareholders. At this moment, it was deemed to be more attractive to start a proper dividend distribution with meaningful numbers before considering the buyback option.

顯然，董事會已經考慮了這兩種將現金回饋給股東的機會。目前，在考慮回購選擇之前，以有意義的數字開始適當的股息分配被認為更具吸引力。

I think that it is, however, true that the Board, as well as management, feel that the share is quite undervalued at this moment. So these discussions do take place in the Board quite frequently. But at this moment, as you have seen in our prepared remarks, the decision has been to increase the dividend.

然而，我認為董事會和管理層確實認為目前該股的價值被嚴重低估。因此，董事會中確實經常進行這些討論。但目前，正如您在我們準備好的演講中所看到的，決定是增加股息。

Then, one more question on the marketing. Which regions do you see the highest incremental demand and the most robust pricing? And I can add on another one. Are you worried about lack of discipline in day rates from certain players regarding extra capacity?

然後，還有一個關於行銷的問題。您認為哪些地區的需求增量最高且定價最強勁？我還可以添加另一項。您是否擔心某些玩家在額外容量方面缺乏每日費率紀律？

All right. Thank you. I think very much in line with our earlier reports, we have been monitoring very closely incremental demand across regions. And obviously, West Africa has been one that has been providing some positive surprise. Southeast Asia has been quite robust as well. And India is showing, obviously, open demand at the moment that is unaddressed. And I think that speaks for a large chunk of the incremental demand around the globe.

好的。謝謝。我認為與我們先前的報告非常一致，我們一直在非常密切地監控各地區的增量需求。顯然，西非一直帶給人們一些正面的驚喜。東南亞也相當強勁。顯然，印度目前表現出尚未解決的開放需求。我認為這說明了全球增量需求的很大一部分。

In terms of discipline, it's hard for us, obviously, to comment on the actions and decisions by our competitors. What we see is a market that remains well balanced and a utilization level that should continue to support strong day rates and a continued trend in improving day rates. With this incremental capacity shortly absorbing some of the extra supply that could come from Saudi Arabia, we see no reason why the competitor peer group should act differently, I think. But speaking for ourselves, we have continued to experience very solid rates.

在紀律方面，顯然我們很難對競爭對手的行為和決定發表評論。我們看到的是市場保持良好平衡，利用率水準應繼續支持強勁的日費率和日費率持續改善的趨勢。我認為，由於這種增量產能很快就會吸收一些可能來自沙烏地阿拉伯的額外供應，我們認為競爭對手沒有理由採取不同的行動。但就我們自己而言，我們繼續獲得非常穩定的利率。

Very good. Then, I would like to thank everybody for their participation in this call. We see the future to continue to be quite bright, as you have seen from our presentation given. And we look forward to talking to you again within the next month and give you further update on our business.

非常好。然後，我要感謝大家參與這通電話會議。正如您從我們的演講中看到的那樣，我們認為未來仍然非常光明。我們期待在下個月內再次與您交談，並向您提供有關我們業務的進一步更新資訊。

Thank you very much.

非常感謝。