Borr Drilling Ltd (BORR) 2024 Q3 法說會逐字稿

Thank you. Good morning, and thank you for participating in the Borr Drilling third-quarter earnings call. I'm Patrick Schorn and with me here in Bermuda today following the Borr Drilling Board meeting is Bruno Morand, our Chief Commercial Officer; and Magnus Vaaler, our Chief Financial Officer.

謝謝。早安，感謝您參加 Borr Drilling 第三季財報電話會議。我是 Patrick Schorn，今天在百慕達參加 Borr 鑽井委員會會議之後與我一起來的還有我們的首席商務官 Bruno Morand；以及我們的財務長 Magnus Vaaler。

Next slide, please. 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.

請看下一張投影片。首先，涵蓋必要的免責聲明。我想提醒各位與會者，有些發言將是前瞻性的。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預測的結果有重大差異。

I, therefore, refer you to our latest public filings. This quarter's results were as expected, though slightly below the prior quarter. Recall that Q2 results were boosted by one-off benefits related to our Mexico contracts and suspension of the Arabia I.

因此，我請您參閱我們最新的公開文件。本季的業績符合預期，但略低於上一季。回想一下，第二季的業績受到與墨西哥合約相關的一次性福利以及阿拉伯一號的暫停的推動。

Without these one-off items, Q3 adjusted EBITDA of $115 million was essentially flat with Q1. Our core operations performed strongly with a technical utilization of 98.7% and an economic utilization rate of 96.9%. In terms of contracting, we have commenced new contracts at accretive day rates for the Skald, Norve, and Natt. Three other rigs, the Gunnlod, Gerd, and Arabia I had fewer operational days quarter over quarter as they undergo preparation for upgoing accretive contracts scheduled to start in Q4 and Q1 2025. Our contract portfolio has strong revenue visibility into 2025 with 78% of our fleet contracted through 2025 at an average day rate of $148,000 per day, which is 10% higher than in 2024.

除去這些一次性項目，第三季調整後的 EBITDA 為 1.15 億美元，與第一季基本持平。我們的核心業務表現強勁，技術利用率為 98.7%，經濟利用率為 96.9%。在承包方面，我們已經與 Skald、Norve 和 Natt 簽訂了增值日費率的新合約。另外三座鑽井平台 Gunnlod、Gerd 和 Arabia I 的營運天數較上一季有所減少，因為它們正在為計劃於 2025 年第四季和第一季開始生效的增值合約做準備。我們的合約組合在 2025 年具有很強的收入可見性，我們 78% 的船隊簽訂了到 2025 年的合同，平均日費率為 148,000 美元，比 2024 年高出 10%。

With the delivery of the Var next week, our newbuild program will be complete, bringing Borr's fleet to 24 premium rigs, the youngest fleet in the industry and a clear competitive advantage. The Var is now expected to be contracted by early 2025 rather than by the end of 2024 as previously anticipated. The completion of our newbuild program, along with a reduced number of special periodic surveys in 2025 compared to this year is projected to increase cash flow in 2025.

隨著下週 Var 號的交付，我們的新建鑽井平台計劃將正式完成，Borr 的船隊將擁有 24 個優質鑽井平台，成為業內最年輕的船隊，具有明顯的競爭優勢。目前預計 Var 將在 2025 年初簽訂合同，而不是先前預計的 2024 年底。2025 年，我們的新建船舶計畫將完成，加上特殊定期檢驗次數與今年相比有所減少，預計將增加 2025 年的現金流。

However, the (technical difficulty) near-term also exceeding demand and recently driven oil prices lower, leading customers to greater caution in confirming rig contracts and options and in some instances, delaying the start of new projects. This, coupled with the lingering impact of rig suspensions in Saudi earlier this year and potential suspensions in Mexico is creating uncertainties in the jack-up market in specific regions.

然而，短期內（技術難度）也超過了需求，並導致近期油價下跌，導致客戶在確認鑽井合約和選擇權時更加謹慎，在某些情況下，甚至推遲了新專案的啟動。再加上今年稍早沙烏地阿拉伯鑽井平台暫停以及墨西哥潛在暫停的持續影響，導致特定地區自升式鑽井平台市場出現不確定性。

Consequently, there is a risk of contract delays and potential gaps in activity in the coming quarters. Due to these developments in the market, we have updated our full year 2024 adjusted EBITDA guidance of $500 million to $550 million to be at or above the lower end of the range. This is a dynamic situation where headwinds may also abruptly abate. So we are managing the situation closely, and we'll provide a 2025 adjusted EBITDA guidance on the next earnings call in February. From a cash perspective, we are well positioned for the future.

因此，未來幾季存在合約延期的風險以及活動可能出現缺口。由於市場這些發展，我們已更新 2024 年全年調整後 EBITDA 指引，從 5 億至 5.5 億美元，達到或高於該範圍的下限。這是一個動態的局面，逆風也可能會突然減弱。因此，我們正在密切關注情況，並將在 2 月的下一次財報電話會議上提供 2025 年調整後的 EBITDA 指引。從現金角度來看，我們為未來做好了準備。

Last month, we tapped our 2030 bonds to finance the Var, our final newbuild, raising $175 million at more economic costs than the available shipyard financing. We have an undrawn $150 million revolving credit facility, a $45 million guarantee facility and $185 million in cash at the end of the quarter, resulting in a total liquidity of approximately $335 million. The Board has decided to continue with a total -- with a quarterly total shareholder return of $25 million, an amount similar to previous quarters.

上個月，我們利用 2030 債券為我們的最後一艘新船 Var 進行融資，籌集了 1.75 億美元，其經濟成本高於現有的船廠融資。截至本季末，我們擁有未動用的 1.5 億美元循環信貸額度、4,500 萬美元擔保額度和 1.85 億美元現金，總流動資金約為 3.35 億美元。董事會已決定繼續保持這一總水平——本季度股東總回報為 2,500 萬美元，與前幾季的金額相似。

The Board has declared a cash distribution of $0.02 per share for a total of $4.8 million for the third quarter and committed to buy back $20 million in shares under the company authorized share buyback program before the end of 2024. The fundamentals of the global jack-up rig market remains supportive in the medium and long term, favoring Borr with an aging global fleet, 30%, which is over 35 years old, driving additional retirements and now no new orders in a decade, conditions support our position as the operator of the youngest fleet of 24 premium rigs.

董事會宣布第三季每股現金分配 0.02 美元，總計 480 萬美元，並承諾在 2024 年底前根據公司授權的股票回購計畫回購 2,000 萬美元的股票。從中長期來看，全球自升式鑽井平台市場的基本面依然有利，這對 Borr 有利。

In closing, I would like to extend our gratitude to the Euronext Oslo Stock Exchange for their support of Borr Drilling since our listing in 2017. They have provided a supportive environment as our company has grown over the years. With the OSE approving our delisting application, our final trading day there will be December 30, 2024, after which Borr Drilling will maintain a single listing on the New York Stock Exchange. Magnus will now discuss the financial details of the quarter.

最後，我要向泛歐交易所奧斯陸證券交易所表示感謝，感謝他們自 2017 年上市以來對 Borr Drilling 的支持。在我們公司多年來的發展過程中，他們提供了一個支持性的環境。隨著 OSE 批准我們的退市申請，我們在 OSE 的最後一個交易日將是 2024 年 12 月 30 日，此後 Borr Drilling 將在紐約證券交易所保持單一上市。馬格努斯現在將討論本季的財務細節。

Thank you, Patrick. So going into the financials in a bit more detail, the Q3 2024 total operating revenues were $241.6 million, a decrease of $30.3 million compared to the second quarter. The quarter-on-quarter variance was mainly due to 2 one-off items in Q2 that did not repeat in Q3 related to the recognition of accelerated amortization of deferred revenue, namely $17.5 million related to the contract termination for the rig Arabia I and $10.6 million as a result of the amendments made to the operating structure of the Mexico JVs, which became effective April 1, 2024. Total operating expenses decreased by $9.5 million compared to the second quarter. Of the overall change, $7.5 million is related to the Arabia I.

謝謝你，派崔克。因此，更詳細地了解財務狀況，2024 年第三季的總營業收入為 2.416 億美元，與第二季相比減少了 3,030 萬美元。季度環比差異主要由於第二季度的 2 個一次性項目未在第三季度重複出現，這些項目與確認遞延收入的加速攤銷有關，即與 Arabia I 鑽井平台合同終止相關的 1,750 萬美元和由於對墨西哥合資企業的運營結構進行修改而產生的 1,060 萬美元，該修改於 2024 年 4 月生效。總營運費用與第二季相比減少了 950 萬美元。在全部變更中，有 750 萬美元與 Arabia I 有關。

The prior quarter included a one-off impact of $4.5 million associated with the recognition of the accelerated amortization of deferred costs and the remaining decrease for Arabia I relates to lower operating costs as a result of the rig preparing for its upcoming contract. Net income for the third quarter was $9.7 million, a decrease of $22 million compared to the second quarter. Adjusted EBITDA for the third quarter was $115.5 million, a decrease of $20.9 million or 15% compared to the second quarter. Our free cash position at the end of the third quarter was $185.7 million. In addition, we had $150 million undrawn under our RCF facility, resulting in total available liquidity of approximately $335.7 million.

上一季的一次性影響包括 450 萬美元，與確認遞延成本加速攤銷有關，而 Arabia I 的其餘減少則與鑽井平台為即將簽訂的合約做準備導致的營運成本降低有關。第三季淨收入為970萬美元，較第二季減少2,200萬美元。第三季調整後 EBITDA 為 1.155 億美元，較第二季減少 2,090 萬美元，降幅 15%。我們的第三季末自由現金狀況為1.857億美元。此外，我們的 RCF 工具下還有 1.5 億美元未提取，因此總可用流動資金約為 3.357 億美元。

Cash decreased by $7.8 million in comparison to the prior quarter and consists of the following elements. Net cash provided by operating activities was $48.4 million, which includes $6 million of cash interest paid and $9.7 million of income taxes paid. Net cash used in investing activities was $187.4 million. This includes $173.3 million in additions to newbuildings, of which $160 million relates to the payment of the final delivery installment for the Vale, which was delivered in August 2024. The remaining $13.4 million relates to the activation cost for the two newbuild rigs, Vale and Var.

與上一季相比，現金減少了 780 萬美元，包括以下部分。經營活動提供的淨現金為 4,840 萬美元，其中包括支付的現金利息 600 萬美元和支付的所得稅 970 萬美元。投資活動所用淨現金為 1.874 億美元。這包括1.733億美元的新造船附加款，其中1.6億美元涉及支付淡水河谷號的最終交付分期付款，該船將於2024年8月交付。剩餘的 1,340 萬美元與兩座新鑽井平台 Vale 和 Var 的啟動成本有關。

We also had [$14.1 million] cash costs related to special periodic surveys and long-term maintenance costs in the quarter. Net cash provided from financing activities was $131.1 million. This consists of $154.4 million in net debt proceeds from the issuance of $150 million principal amounts under our bonds due in 2028, less $23.9 million used for the payment of cash distributions to shareholders. With this, I will pass the word over to Bruno.

本季我們也產生了與特殊定期調查和長期維護成本相關的現金成本 [1,410 萬美元]。融資活動產生的淨現金為 1.311 億美元。這包括發行 2028 年到期的 1.5 億美元本金債券所得的 1.544 億美元淨債務收益，減去用於向股東支付現金分配的 2,390 萬美元。這樣，我就把這個話轉達給布魯諾。

Thank you, Magnus. I'll begin by covering our recent contract extensions and rig movements for our fleet. I'll then discuss global and regional markets, recent contracting trends and certain specific events that are of interest to our business. Since our last quarterly call, I'm pleased to report that we secured contract extensions for the Mist, Prospector 1, and Hild, all with current customers. These extensions are a testament to the strength of our performance and the trust we build with our clients, enabling us to maintain both operational efficiency and consistent revenues across our fleet.

謝謝你，馬格努斯。我將首先介紹我們最近的合約延期和我們船隊的鑽機調動。然後我將討論全球和區域市場、最近的承包趨勢以及我們的業務感興趣的某些特定事件。自從上次季度電話會議以來，我很高興地報告，我們已與現有客戶簽訂了 Mist、Prospector 1 和 Hild 的合約續約協議。這些延期證明了我們的強勁表現和與客戶建立的信任，使我們能夠維持整個機隊的營運效率和穩定的收入。

The Mist operating Valeura Energy offshore Thailand received a 1-year extension, keeping the rig active through the third quarter 2026. The unique off-line capabilities of the unit, combined with the strong collaboration of our operational teams enable us to consistently deliver wells ahead of schedule and generating substantial value for our customer. The Prospector 1 in the North Sea has further options exercised by ONE-Dyas, securing the rig's contract through July 2025. We're currently working with our customer on certain upgrades to the rig that will enable it to operate with 100% green energy supplied from a nearby wind farm and deliver this project at near zero emission levels. Finally, in Mexico, the Hild was extended for a period of 5 months.

負責營運泰國近海 Valeura Energy 鑽井平台的 Mist 號的租期獲得了 1 年的延期，將持續營運至 2026 年第三季。該裝置獨特的離線功能，加上我們營運團隊的密切合作，使我們能夠始終如一地提前交付油井，並為我們的客戶創造巨大的價值。北海的 Prospector 1 號鑽井平台擁有由 ONE-Dyas 行使的進一步選擇權，確保了該鑽井平台的合約有效期至 2025 年 7 月。我們目前正在與客戶合作對鑽機進行某些升級，使其能夠使用附近風電場提供的 100％ 綠色能源運行，並以接近零排放的水平完成該專案。最後，在墨西哥，Hild 期限被延長了 5 個月。

The rig is now firmly committed through Q1 '26. We're particularly pleased to see few good commitment to extend the rig more than a year in advance. Now regarding recent movements within our fleet, I'll start in Asia, where I'm delighted to update that the Gunnlod has commenced operations with ExxonMobil in Malaysia earlier this month. Also in Asia, the Thor concluded its contract in Vietnam and returned to Singapore earlier this week. We're actively pursuing opportunities for this rig.

該鑽機目前已確定將服役至26年第一季。我們特別高興地看到，很少有人承諾提前一年多延長鑽井平台的服役時間。現在關於我們船隊最近的動向，我先從亞洲開始講起，我很高興地告訴大家，Gunnlod 號已於本月初在馬來西亞開始與埃克森美孚合作運營。同樣在亞洲，Thor號在越南簽訂了合同，並於本週早些時候返回新加坡。我們正在積極尋求該鑽機的機會。

And while we anticipate some idle time in the near future, we remain confident that we'll be back operational in the early part of 2025. The Gerd is currently in route to Congo and is expected to commence its contract with ENI later this month. And lastly, our teams remain on track with the contract preparations for the Arabia I and Vale rigs. Both these units are expected to begin mobilization in Q4, ahead of their respective contract starts in Q1 next year. On a global basis, we continue to experience healthy jack-up utilization levels.

雖然我們預計在不久的將來會有一些停工時間，但我們仍然有信心在 2025 年初恢復營運。Gerd號目前正在前往剛果的途中，預計將於本月稍後開始與埃尼集團簽訂合約。最後，我們的團隊正在繼續推進 Arabia I 和 Vale 鑽井平台的合約準備工作。這兩個單位預計將在第四季開始動員，各自的合約將於明年第一季開始生效。從全球範圍來看，我們的自升式鑽井平台利用率持續保持健康水準。

Modern rig utilization levels remain strong, above 94% and around 90% if fully adjusted for Aramco suspensions. While there was some commodity price uncertainty in the quarter, the range of current and future Brent prices has held consistently above $70 per barrel, a level where the majority of the shallow water projects not only remain viable, but commercially attractive, providing a solid foundation for continued demand in the sector. At regional level, utilization and day rates across Africa, North Sea, and Americas have remained steady at levels comparable to those we saw earlier this year. In contrast, Asia and Middle East have experienced a softer environment due to rigs from the Middle East pursuing contracts aggressively within the region. We expect this trend to moderate and likely reverse as supply of available rigs is gradually absorbed through 2025.

現代鑽井平台利用率依然強勁，超過 94%，如果完全根據沙特阿美的停產情況進行調整，則約為 90%。雖然本季大宗商品價格存在一些不確定性，但當前和未來的布蘭特原油價格區間一直維持在每桶 70 美元以上，在這一水平上，大多數淺水項目不僅仍然可行，而且具有商業吸引力，為該行業的持續需求奠定了堅實的基礎。在區域層面，非洲、北海和美洲的利用率和日費率保持穩定，與今年早些時候的水平相當。相較之下，由於中東鑽井平台積極爭取區域內合同，亞洲和中東地區的環境較為疲軟。我們預計，隨著 2025 年可用鑽孔機的供應逐漸被吸收，這一趨勢將會緩和，甚至可能逆轉。

As we look back at the third quarter, customer concerns around commodity price, along with supply chain constraints drove delays in commitments and partner approvals, resulting in slowing contract activity. Despite this, outstanding tenders and inquiries, along with a visible pipeline of opportunity points to a reverse of this trend as we progress into 2025. In fact, we have noted an increase in tender issuances in Q3 '24 compared to the same period last year. Now before I hand the call back, I'll provide some commentary around the recent developments in Mexico. We are aware of reports suggesting Pemex intentions to reduce spending levels in Q4 and potentially short-term reduction in jack-up activity levels.

回顧第三季度，客戶對商品價格的擔憂以及供應鏈限制導致承諾和合作夥伴批准的延遲，導致合約活動放緩。儘管如此，尚未完成的招標和詢價以及顯而易見的機會管道都表明，隨著 2025 年的到來，這一趨勢將出現逆轉。事實上，我們注意到，與去年同期相比，2024年第三季的招標數量有所增加。現在，在我交回電話之前，我將對墨西哥最近的事態發展發表一些評論。我們注意到有報告顯示 Pemex 打算在第四季度削減支出水平，並可能在短期內減少自升式鑽井平台的活動水平。

Following a recent change in their executive management, we understand that Pemex will be focused its year-end efforts on projects that return maximum short-term value with emphasis on cost management. However, at this time, we have not received any formal communications or notifications from Pemex regarding any changes to their budget or potential rig suspensions. Based on the government and Pemex restated commitment to increase reserves and maintain production levels at 1.8 million barrels per day, we expect that reductions in activity, if any, will be likely short-lived. And based on open inquiries and ongoing discussions, we remain optimistic that, in fact, activity levels in Mexico for 2025 will remain strong, on par with, or above 2024 levels. In line with the administrative stated goals to focus on high-value activities, we believe our high-performing and proven fleet is well positioned to continue to serve Pemex.

我們了解到，在最近高階主管發生變動之後，Pemex 將把年底的工作重點放在能帶來最大短期價值的專案上，並專注於成本管理。然而，目前，我們尚未收到 Pemex 任何關於其預算變更或潛在鑽孔機暫停的正式通訊或通知。根據政府和 Pemex 重申的增加儲備並將產量維持在 180 萬桶/日的承諾，我們預計，即使產量減少，也可能是短暫的。基於公開調查和正在進行的討論，我們仍然樂觀地認為，事實上，墨西哥 2025 年的活動水平將保持強勁，與 2024 年的水平持平或更高。根據政府提出的專注於高價值活動的目標，我們相信，我們高性能且久經考驗的船隊完全有能力繼續為 Pemex 提供服務。

Further, we highlight that initial indications have been positive in relation to the commitments of the new administration of Pemex to find a constructive solution for issues associated with delayed payment. This is clearly a fundamental aspect to support activity levels in the country going forward. In closing, we will enter 2025 with nearly 80% coverage for our fleets available days at a strong average day rate of $148,000 per day. With this robust revenue visibility and strengthening pipeline of opportunity, I remain confident that we're well positioned to maintain strong fleet coverage through 2025 at levels comparable to those we achieved this year. With that, I'd like to hand the call back over to Patrick.

此外，我們要強調的是，初步跡象表明，Pemex 新管理層承諾為延遲付款相關問題找到建設性的解決方案。這顯然是支持該國今後活動水平的一個基本面向。最後，進入 2025 年，我們的車隊可用天數將達到近 80%，平均日費率將達到 148,000 美元。憑藉強勁的收入可見性和不斷加強的機會管道，我仍然相信，到 2025 年，我們有能力保持與今年相當的強大機隊覆蓋率。說完這些，我想把電話轉回給派崔克。

Thank you, Bruno. So in conclusion, we have confirmed that the guidance for full year 2024, which has been the guidance put in place at Q3 2023 will be at or around the lower end of the original $500 million to $550 million range. Considering the flurry of downward guidance revisions given by our peers during the year, I feel Borr Drilling delivers very well in comparison. Looking at the backlog for 2025, both qualitatively as well as quantitatively, I think we are in a good place again. Lastly, the Board has decided to continue with a quarterly total shareholder return of $25 million, an amount similar to the previous quarters.

謝謝你，布魯諾。因此，總而言之，我們已經確認 2024 年全年指引（即 2023 年第三季制定的指引）將處於或接近最初 5 億美元至 5.5 億美元範圍的低端。考慮到今年同業紛紛下調業績指引，我認為 Borr Drilling 的表現相比之下非常出色。從品質和數量兩個方面來看，我認為 2025 年的積壓情況又恢復到了良好的狀態。最後，董事會決定繼續實現 2,500 萬美元的季度股東總回報，與前幾季的金額相似。

The Board has declared a cash contribution of $0.02 per share, totaling $4.8 million for the third quarter of 2024 and committed to buy back $20 million in shares under the company's authorized share buyback program before year-end. I would like to leave it at this and continue with questions and answers.

董事會宣布每股現金出資 0.02 美元，2024 年第三季總計出資 480 萬美元，並承諾在年底前根據公司授權的股票回購計畫回購價值 2,000 萬美元的股票。我想就此打住並繼續提問和回答。

(Operator Instructions) Truls Olsen, Fearnley Securities.

（操作員指令） Truls Olsen，Fearnley Securities。

And this question perhaps is for you, Bruno. Thinking about the, call it, the dialogues with the various clients out there, how has that dynamic changed through the, call it, evolution of the year in as far as we're seeing a lot of tenders or tender activity being, call it, postponed, delayed, and retendered? I guess that leads to changing dynamics.

這個問題也許正是問你的，布魯諾。想想與各種客戶的對話，我們看到許多招標或招標活動被推遲、延遲和重新招標，這種動態在過去一年的發展中發生了怎樣的變化？我認為這會導致動態的變化。

Yes, Truls. I mentioned in the early notes that we've continued to see programs shift to the right. I think this is a fair statement. But equally, I think the pipeline continues to grow positively. So we mentioned we see some risk of near-term idle time for rigs that roll off contract in the early part of the year.

是的，特魯爾斯。我在早期的筆記中提到，我們不斷看到程式向右移動。我認為這是一個公平的說法。但同樣，我認為管道將繼續積極成長。因此，我們提到，我們看到年初合約到期的鑽井平台近期可能出現閒置風險。

That seems to strengthen as we get to the back end of the year. In terms of the dynamics in general, we mentioned in the earlier notes that some regions have been more sheltered from these near-term concerns about supply. In West Africa and Mexico, we have continued to fix rigs at levels comparable to those we've seen earlier in the year. Inevitably, the markets that are perhaps a bit more assessed more benign like Southeast Asia have seen a bit more of an aggressive competitive behavior. That said, if I reflect a little bit on Southeast Asia, obviously, we -- our rigs are mobile.

隨著年底的到來，這種趨勢似乎會進一步加強。就整體動態而言，我們在先前的報告中提到，有些地區並沒有受到近期供應擔憂的影響。在西非和墨西哥，我們繼續以與今年早些時候相當的水平修復鑽井平台。不可避免的是，像東南亞這樣可能被評估為更溫和的市場已經看到了更激烈的競爭行為。話雖如此，如果我稍微回顧一下東南亞，顯然，我們的鑽孔機是移動的。

We continue to look at the best employment opportunities for them across the globe. That said, Asia is a key market for us, and our rigs have very unique features. So we'll play by the constraints that exist in the region, but we feel very positive that this unique position that we have will continue to allow us to stay at the leading edge and have better utilization for those rigs than our peer group. So that's kind of in short, what we're seeing at the moment, Truls.

我們將繼續在全球範圍內為他們尋找最佳的就業機會。儘管如此，亞洲是我們的一個重要市場，我們的鑽井平台具有非常獨特的特性。因此，我們將根據該地區現有的限制開展工作，但我們非常積極地認為，我們所擁有的這一獨特地位將繼續使我們保持領先地位，並且比我們的同行更好地利用這些鑽井平台。簡而言之，這就是我們目前所看到的，特魯爾斯。

And as a follow-up, and as far as you think about the market and the incremental demand, if you -- where do you see, call it, the strongest incremental demand heading into '25 and also glimpsing into '26? And secondly, as part of that question, what about, call it, Middle East? And any view on Aramco and when they are going to sort of change tactics again?

接下來，就您對市場和增量需求的看法，您認為 2025 年和 2026 年最強勁的增量需求在哪裡？其次，作為該問題的一部分，那麼，中東呢？您對沙特阿美有何看法？

Yes, sure, Truls. And we've kind of gave a play-by-play before on demand. And I think that remains quite a bit unchanged. I think in the Middle East, there are some interesting pockets of activity that will be -- that are in the horizon, and that includes, as I said earlier, Kuwait, KJO, and obviously, we see ONGC now resuming as well contracting. So there are some pockets of demand in the Middle East that are quite interesting.

是的，當然，特魯爾斯。以前，我們曾根據需要提供實況報道。我認為這一點基本上沒有改變。我認為在中東，將會出現一些有趣的活動，其中包括我之前所說的科威特、科威特約翰尼斯堡，顯然，我們看到印度石油天然氣公司現在也在恢復合約。中東地區的一些需求領域相當令人感興趣。

In terms of Aramco specifically, it's hard to put a view on what Aramco is going to be doing. The reality is that they are back at levels -- activity levels now that are not much superior to where they were before they start contracting rates. So I think we're at a point that we are at or at the floor or activity levels that we would expect from Aramco. I don't think there's a lot of change. Now I think if oil price improves during the year, I think there is a good chance that Aramco could be resuming that.

具體到沙特阿美公司而言，很難預測沙特阿美公司會做什麼。現實情況是，它們已經回到原來的水平——目前的活動水平並不比開始收縮利率之前的水平高多少。因此，我認為我們目前所處的階段，或者說，是處於我們對阿美公司所預期的最低水平或活動水平。我認為不會有很大變化。現在我認為，如果今年油價上漲，沙烏地阿美公司很有可能恢復這項舉措。

I think that this is probably more a second half of 2025 event than it is a first half of 2025 event. But that's something that we're monitoring as things move along. Now in terms of the other regions, we do see interesting pockets of activity in West Africa. And we do believe that Americas, including Mexico, will provide some potential upside in demand in 2020 -- in 2025 as well. And in both regions, I think we're quite well positioned to tackle that.

我認為這可能更像是 2025 年下半年的事件，而不是 2025 年上半年的事件。但我們會隨著事態的發展持續監控。現在就其他地區而言，我們確實看到西非出現了一些有趣的活動。我們確實相信，包括墨西哥在內的美洲地區在 2020 年至 2025 年將提供一些潛在的需求上升空間。我認為，在這兩個地區，我們都有足夠的實力來應對這個問題。

Asia, we do see some demand. It's a bit more discrete. I don't think that we are looking at very long programs. And that's likely to absorb some of the excess capacity that is in the region as we go into 2025. That's why I said earlier that the first part of 2025 looks a bit more challenging for Asia, but that should normalize as we get into the year and the pipeline strengthens.

亞洲，我們確實看到了一些需求。它更加離散一些。我認為我們所看到的並不是很長的程序。到 2025 年，這可能會吸收該地區的一些過剩產能。這就是為什麼我之前說過，2025 年上半年對亞洲來說看起來更具挑戰性，但隨著進入新的一年並且管道加強，這種情況應該會恢復正常。

Fredrik Stene, Clarksons Securities.

克拉克森證券 (Clarksons Securities) 的 Fredrik Stene。

And I think we're in (inaudible) for good market commentary on Truls' question. I have two things that may be more relate to the balance sheet and the shareholder returns. First, could you maybe elaborate a bit on kind of not a change in distribution policy, but why you felt like it was right to actually swap quite a bit out of the cash dividend and put that into share buybacks? That's the first one.

我認為，我們（聽不清楚）將對 Truls 的問題做出良好的市場評論。我有兩件事可能與資產負債表和股東回報更相關。首先，您能否詳細說明一下，雖然這不是分配政策的改變，但您為什麼認為將相當一部分現金股利用於股票回購是正確的？這是第一個。

So I think with the recent developments that we have seen in the share price and then the pressure and the share price going down quite substantially over the past months, the Board was of the opinion that to maintain the gross amount of shareholder returns is appropriate. However, that it would be more attractive for our shareholders if we buy back our shares at what we see as very low and attractive levels and at low and high values of our rigs. So I think that is the main reason for the sort of change in that strategy on the returns. So I think also going forward, this kind of shows that we have -- we can be dynamic when it comes to either shareholder returns through dividends or to buy back shares if we find that more attractive.

因此，我認為，根據我們看到的近期股價走勢以及過去幾個月股價大幅下跌的壓力，董事會認為維持股東回報總額是合適的。然而，如果我們以我們認為非常低且有吸引力的價格以及鑽機價格的低值和高值回購我們的股票，這對我們的股東來說會更有吸引力。所以我認為這是回報策略改變的主要原因。因此，我認為展望未來，這表明我們可以積極地透過股息向股東回報，或者如果我們認為這更具吸引力的話回購股票。

And do you think the potential swap or ability to go between pure dividends and share buybacks, should we read anything into that in terms of the gross amount that you plan to distribute? Or is this more about allocating to what you think is accretive also going forward? I guess my question really relates to what should we expect of stability around those gross returns?

您是否認為，在純股利和股票回購之間有潛在的互換或轉換能力，我們是否應該從您計劃分配的總金額角度來解讀這一點？或者這更多的是關於分配給您認為未來也會增值的東西？我想我的問題其實與我們應該對這些總回報的穩定性抱持怎樣的期望有關？

I think it's important to reemphasize that the gross amount that we are distributing is the same. So although the cash amount in dividend goes down, we are compensating for that through using the same gross dollar amounts to buy back the shares. So that's important in the communication from the Board here that the distribution amount in gross term is the same. So it's more about finding the most attractive way of returning that to shareholders.

我認為有必要再次強調，我們分配的總金額是相同的。因此，儘管股息的現金金額下降，但我們會透過使用相同的總金額來回購股票來彌補這一點。因此，董事會在此傳達的訊息中很重要的一點是，總分配金額是相同的。因此，更重要的是找到最有吸引力的方式回報股東。

And second theme, you've done kind of reclassify the way you book revenues from Mexico and how you've structured that. Pemex has in general been a bad payer of receivables. And I think kind of the amount outstanding on your receivables side increased quite a lot this quarter. So you're kind of building working capital. Is that mostly Pemex related as well?

第二個主題是，您對來自墨西哥的收入記錄方式和結構進行了重新分類。整體而言，Pemex 是一家不良的應收帳款支付者。我認為本季你們應收帳款未償還金額增加了很多。所以你是在建立營運資本。這主要也與 Pemex 有關嗎？

Or are there other things that have impacted that movement right now? And I totally get the comments before that Pemex wants to work on this in the future, but I just want to get a clear picture of current status.

或者現在有其他事情對這項運動產生了影響？我完全明白之前 Pemex 希望在未來致力於此的評論，但我只是想清楚了解當前的狀況。

Yes. No, it's true, Mexico has a fluctuating way of paying off. And so it's true that over the past 2 quarters, we have received lower payments from Mexico than we would have expected when looking at what we have invoiced. So Mexico is definitely part of the buildup in the accounts receivable that you see. We are actively looking into ways to monetize on the receivables.

是的。不，事實確實如此，墨西哥的還款方式是波動的。因此，在過去兩個季度，我們從墨西哥收到的付款確實低於我們開立發票時的預期。因此，墨西哥肯定是您所看到的應收帳款累積的一部分。我們正在積極尋找將應收帳款貨幣化的方法。

There are several other service or larger service companies that have been successful in obtaining factoring agreements with Pemex, and this is something we're actively looking at and optimistic that we can get something done there. I think the second part is accounts receivables also increased due to fluctuations and there's natural fluctuations in accounts receivables due to when invoices go out, when invoices are approved and sent to customers and obviously, when they pay. So we currently have a situation also where we have some collections outstanding from a large IOC in Africa that has been slower than expected over quarter end.

還有其他幾家服務公司或大型服務公司已成功與 Pemex 達成保理協議，我們正在積極關注這一點，並樂觀地認為我們能夠在那裡取得一些成果。我認為第二部分是應收帳款也由於波動而增加，並且由於發票發出的時間、發票獲得批准並發送給客戶的時間以及顯然客戶付款的時間，應收帳款自然會出現波動。因此，我們目前也面臨這樣一種情況，即我們從非洲一家大型國際石油公司收到的一些未收回的款項，其收款速度在季度末比預期的要慢。

(Operator Instructions) Chris Lee, Evercore ISI.

(操作員指示) Chris Lee，Evercore ISI。

Just following up on Pemex. I know you guys gave out a lot of commentary around your expectations. But just kind of curious to know if there isn't a major change to their capital plans for 2025, is it fair to assume Pemex rigs could potentially get an extension? It seems like the five rigs in Mexico have been extended over the past three years. So just any color around this would be appreciated.

我只是在跟進 Pemex 的情況。我知道你們對自己的期望發表了很多評論。但我有點好奇，如果他們的 2025 年資本計劃沒有發生重大變化，那麼是否可以合理地假設 Pemex 鑽井平台可能會獲得延期？看起來墨西哥的五個鑽井平台在過去三年已經延長了。因此，只要圍繞著此顏色，就會受到歡迎。

Indeed, our rigs in Mexico continue to deliver quite successful programs for Pemex. They've been instrumental in assisting Pemex in maintaining production levels. So in general sense, I do believe that based on the stated commitment from the government administration to maintain production levels that those rigs will be a key component in the future of the activity in country. So we remain optimistic that there is obviously a long-term future for those rigs in Mexico. Clearly, Mexico activity level is not at peak levels, and Pemex has been fighting hard to offset depletion levels, which are quite high in country.

事實上，我們在墨西哥的鑽井平台繼續為 Pemex 提供相當成功的專案。他們在幫助 Pemex 維持生產水準方面發揮了重要作用。因此，從總體上講，我確實相信，基於政府管理部門所述的維持生產水準的承諾，這些鑽機將成為未來該國活動的關鍵組成部分。因此，我們仍然樂觀地認為，這些鑽井平台在墨西哥顯然有著長期的前景。顯然，墨西哥的活動水平尚未達到峰值水平，而 Pemex 一直在努力抵消該國相當高的消耗水平。

So think the general statements and the ambitions of the government in terms of production levels, increasing reserves continue to point actually towards the potential for an increase in activity in Mexico in 2025 and beyond, right? How we tackle that and how much of that we could be looking to, obviously, is a function of several things, including how the payment situation resolved, but we remain optimistic that we have a long-term outlook in Mexico indeed.

因此，認為政府在生產水平、增加儲量方面的總體聲明和目標實際上繼續指向墨西哥在 2025 年及以後活動增加的潛力，對嗎？顯然，我們如何解決這個問題以及在多大程度上我們可以考慮這個問題取決於多種因素，包括支付情況如何解決，但我們仍然樂觀地認為，我們對墨西哥的長期前景確實充滿信心。

And also, it seems like 2024 is particularly a CapEx heavy year driven by SPS. How should we be thinking about incremental CapEx for 2025? And what it really means for the cash flow in 2025 versus 2024?

而且，2024 年似乎是受 SPS 推動的資本支出特別高的一年。我們該如何考慮2025年的增量資本支出？那麼，這對 2025 年與 2024 年的現金流來說究竟意味著什麼呢？

Yes. So definitely, we have lower CapEx into next year, first of all, because of the 2 newbuilds that we have delivering this year is a large part of our CapEx, both on the delivery installments and on activation costs also to get them ready to drill. We budget around $20 million per rig in activation costs. So at least we will spend that on the first rig, Vale, which has an upcoming contract. Additionally, as you said, we have a quite heavy SPS program now in 2024.

是的。因此，毫無疑問，我們明年的資本支出會降低，首先，因為我們今年交付的兩艘新船佔了我們資本支出的很大一部分，包括交付分期付款和啟動成本，以及為準備鑽探而支付的費用。我們預算每個鑽孔機的啟動成本約為 2000 萬美元。因此，至少我們將把這些錢花在第一座鑽井平台上，淡水河谷公司即將簽訂合約。此外，正如您所說，我們在 2024 年現在有一個相當繁重的 SPS 計劃。

Going into next year, we have budget for around 2 rigs going through SPSs. And typically, we say it's around $5 million to $6 million per SPS. I think also we have obviously some regular long-term maintenance over the fleet, which we typically say is between around $1.5 million per rig per year. So I think that's the area you can expect CapEx to be going into next year.

進入明年，我們已預算大約有 2 個鑽孔機將通過 SPS。通常，我們認為每個 SPS 的成本約為 500 萬至 600 萬美元。我認為，我們顯然也會對船隊進行一些定期的長期維護，通常每台鑽機每年的維護費用約為 150 萬美元。所以我認為這就是您可以預期明年資本支出將進入的領域。

And I guess, lastly, if I could squeeze in another question. Bruno, during 2Q, you mentioned there was an incremental demand of 15 to 20 rigs over the next 12 to 18 months. Could you provide additional color on this or if there's any changes made to this outlook? And what kind of commercial opportunities are you seeing on the longer term, 2026-plus type of -- in the longer-term period?

最後，我想問另一個問題。布魯諾，您在第二季提到，未來 12 到 18 個月內鑽井需求將增加 15 到 20 座。您能否對此提供更多細節，或對此觀點有何改變？那麼，從長期來看，例如 2026 年以後，您認為有哪些商業機會？

And it's a good point because the situation in the market is fluid, and we continue to review our demand outlook to make sure that we have a good grasp on it and we understand how it's been changing. And we conduct a very similar exercise to what we've done last quarter, this quarter. And I think the general conclusion here is that in order of magnitude, the numbers of the incremental demand that we see in the kind of next 18 months remain largely unchanged. But as I said earlier in the call, I think what has changed and we need to acknowledge is that some of these demand that we expected to be a bit on the front end of these 18 months seems to be pushed a bit more towards the back end, right? But in general, in terms of order magnitude of demand, we are tracking along what we said in the earlier quarter.

這是個好的觀點，因為市場情況瞬息萬變，我們會繼續審查我們的需求前景，以確保我們對其有充分的了解，並了解它是如何變化的。我們進行的活動與上個季度和本季的活動非常相似。我認為這裡的總體結論是，從數量級來看，未來 18 個月內我們看到的增量需求數量基本上保持不變。但正如我早些時候在電話會議中所說的那樣，我認為情況已經發生了變化，我們需要承認的是，我們預計這 18 個月內前端的一些需求似乎被推向了後端，對嗎？但總體而言，就需求的訂單量而言，我們正在追蹤我們上一季所說的情況。

So that's positive. For us, when I look at 2025, we have a little bit of exposure in the front end of the year. And I think the Thor that has become idle is an example of that. And that's largely our focus. I think as we go into the back end of 2025, that exposure is definitely less concerning for us.

這是積極的。對我們來說，當我展望 2025 年時，我們會在年底獲得一些曝光。我認為變得閒置的雷神就是一個例子。這正是我們關注的重點。我認為，隨著我們進入 2025 年末，我們對於這種風險的擔憂肯定不會那麼大。

We do see quite long-term programs now starting to shape in 2026, and I had mentioned a few earlier in the call like KOC, KJO. And frankly, I think things remain quite fluid, but it wouldn't surprise me if we start seeing potential upside even in Saudi activity levels recovering as we go towards the back end of '25 into 2026, Chris. So that's kind of the way we see at the moment.

我們確實看到相當長期的計劃現在在 2026 年開始成形，而且我在之前的電話會議中提到過一些，例如 KOC、KJO。坦白說，我認為事情仍然相當不穩定，但如果我們開始看到潛在的上升空間，即使沙烏地阿拉伯的活動水平在 2025 年末到 2026 年逐漸恢復，我也不會感到驚訝，克里斯。這就是我們目前看到的情況。

There are no further questions. Speakers, please continue.

沒有其它問題了。請各位發言者繼續。

In this case, we would like to thank everybody for their attention and listening into the call. And we look forward to providing you with further updates to the business here in the coming months. Thank you very much.

在此，我們要感謝大家的關注與聆聽通話。我們期待在未來幾個月為您提供有關業務的進一步更新。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。