Borr Drilling Ltd (BORR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Borr Drilling Limited Q4 2024 Results Presentation Webcast and Conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

您好，感謝您的支持。歡迎參加 Borr Drilling Limited 2024 年第四季業績報告網路直播和電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。

[Operator Instructions] Please be advised that today's conference is being recorded. I would now like to the conference over to your first speaker, Mr. Patrick Schorn, CEO. Please go ahead.

[操作員指示]請注意，今天的會議正在被錄音。現在我請會議的第一位發言者、執行長 Patrick Schorn 先生發言。請繼續。

Good morning and thank you for participating in the Borr Drilling fourth quarter earnings call.

早安，感謝您參加 Borr Drilling 第四季財報電話會議。

I'm Patrick Schorn, and with me here today in Dubai are Bruno Morand, a Chief Commercial Officer, and Magnus Vaaler, our Chief Financial Officer. Next slide, please.

我是派崔克·紹恩，今天與我一起在杜拜的還有首席商務官布魯諾·莫蘭德和財務長馬格努斯·瓦勒。請看下一張投影片。

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.

首先，關於必要的免責聲明，我想提醒所有參與者，有些聲明將是前瞻性的。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。因此，我請您參閱我們最新的公開文件。

This quarter's results were as expected. Operating revenue increased by $21.5 million over Q3, driven primarily by higher day rates for the Natt and Prospector1The termination of the Arabia II contract in Saudi had a $5 million net positive effect due to the accelerated amortization of the mobilization fee. As a result, Adjusted EBITDA for the quarter was $136.7 million.

本季的業績符合預期。營業收入較第三季增加了 2,150 萬美元，主要原因是 Natt 和 Prospector1 的日費率上漲。因此，本季調整後的 EBITDA 為 1.367 億美元。

A core operation performed strongly with a technical utilization rate of 98.9% and an economic utilization rate of 97.1%. Despite the various headwinds experienced during the year, we were still able to deliver the full year Adjusted EBITDA within the original guidance range of $500million to $550 million, which was set back in Q3 2023.

核心業務表現強勁，技術利用率為98.9%，經濟利用率為97.1%。儘管今年經歷了各種不利因素，我們仍然能夠實現全年調整後 EBITDA 在最初指引的 5 億至 5.5 億美元範圍內，該指引在 2023 年第三季被下調。

In the second half of '24, softening demand and declining day rates signaled potential headwinds for the jack up market heading into 2025. And a weaker market was observed with rigged suspensions in Saudi and Mexico. However, this was partially offset by incremental demand in West Africa and Southeast Asia.

2024年下半年，需求疲軟和每日租金下降預示著自升式平台市場在2025年將面臨潛在阻力。沙烏地阿拉伯和墨西哥的停牌行為也導致市場表現疲軟。然而，西非和東南亞的增量需求部分抵消了這一增長。

We anticipate that the market will continue to face uncertainties in 2025. However, recent increases in contracting and tendering levels provide some early signs of improving conditions toward the second half of the year as per S&P Petrodata.

我們預計 2025 年市場將繼續面臨不確定性。不過，標準普爾石油數據顯示，近期合約和招標水準的上升為今年下半年情勢改善提供了一些早期跡象。

Despite near term uncertainties, we remain confident in the strong fundamentals of the global jacobrick market. In November 24, we successfully completed a new build program with the delivery of our final rig VAR, marking the end of our growth capital expenditures as we move into 2025.

儘管近期存在不確定性，但我們仍然對全球雅各布磚市場強勁的基本面充滿信心。11 月 24 日，我們成功完成了新建項目，交付了最後一座鑽孔機 VAR，標誌著我們在 2025 年成長資本支出的結束。

Additionally, with fewer special periodic surveys scheduled compared to last year, we anticipate a positive impact on cash flow. As a result, our budgeted capital expenditures for '25 are said to be below $50 million for the year.

此外，與去年相比，安排的特殊定期調查數量減少，我們預計這將對現金流產生積極影響。因此，我們預算的25年資本支出據說低於5000萬美元。

Currently we have approximately 6,700 contracted rig days in 2025, representing 77% of our total available rig days in the year at an average day rate of 149,000 compared to 136,000 in 2024. The first quarter of 2025 will be negatively impacted by suspensions of three rigs in Mexico. In addition to idle time on Arabia One and the Bali ahead of the commencement of their respective contracts.

目前，我們在 2025 年的合約鑽機天數約為 6,700 天，佔全年總可用鑽機天數的 77%，平均日費率為 149,000 天，而 2024 年為 136,000 天。2025 年第一季將受到墨西哥三座鑽井平台暫停營運的負面影響。除了 Arabia One 號和 Bali 號在各自合約開始前有空閒時間之外。

We expect to receive approximately $44 million in mobilization payments upon their contract commencements. In addition, liquidity in the first quarter will be positively impacted by the previously announced Mexican payment arrangement of $125 million.

我們預計在合約開始時將收到約4400萬美元的動員付款。此外，先前宣布的 1.25 億美元墨西哥付款安排將對第一季的流動性產生積極影響。

The Board has decided to declare a cash distribution of $0.02 per share for the 4th quarter of 2024. In addition, the company has an existing share repurchase authorization which can be used opportunistically. This decision reflects the board's focus on maintaining a strong balance sheet and taking a prudent approach to cash conservation.

董事會已決定宣布 2024 年第四季每股現金分配 0.02 美元。此外，該公司還擁有現有的股票回購授權，可以適時使用。這項決定反映了董事會對維持強勁資產負債表和採取審慎現金保護措施的重視。

Ensuring the company remains well positioned to navigate market uncertainties while maintaining a solid financial foundation for future opportunities.

確保公司始終處於有利地位以應對市場不確定性，同時為未來的機會打下穩固的財務基礎。

I'll pass the call now to Magnus for the fourth quarter financial commentary.

我現在將電話轉給馬格努斯，請他評論第四季的財務狀況。

Thank you, Patrick. Total operating revenues increased by $21.5 million primarily due to a $22.7 million increase in day rate revenue compared to the third quarter. The increase in day rate revenue includes a $5.1 million net increase related to the Arabia II comprised of $8.5 million increase in deferred mobilization revenue offset by a $3.54 million decrease in direct revenue. Both as a result of the termination of its contract with Aramco.

謝謝你，派崔克。總營業收入增加了 2,150 萬美元，主要由於日費率收入與第三季相比增加了 2,270 萬美元。日費收入的增加包括與阿拉伯二號相關的 510 萬美元淨增加額，其中包括 850 萬美元的遞延動員收入增加額和 354 萬美元的直接收入減少額。這兩項事件均是由於其與沙烏地阿美公司的合約終止而導致的。

Rig operating and maintenance expenses were in line with the previous quarter. However, it's worth mentioning that the total cost for the quarter includes $2.3 million acceleration or amortization and mob and compact prep costs related to Arabia II

鑽機營運維護費用與上一季持平。不過，值得一提的是，本季的總成本包括與 Arabia II 相關的 230 萬美元加速或攤銷以及暴民和緊湊型準備成本

Depreciation increased by $3.9 million and led to total operating expenses increasing by $3.8 million compared to the third quarter.

折舊增加了 390 萬美元，導致總營運費用與第三季相比增加了 380 萬美元。

Other movements below the operating income line that's worth mentioning are total financial expenses increased by $5.7 million, primarily due to interest on the additional $175 million bond issued in November 2024, as well as the $150 million bond cap in August 2024 that were both were issued to finance the delivery of our two last news.

值得一提的營業收入線以下的其他變動是總財務支出增加了 570 萬美元，這主要是由於 2024 年 11 月發行的額外 1.75 億美元債券的利息，以及 2024 年 8 月發行的 1.5 億美元債券上限，這兩筆債券都是為了資助我們最後兩條新聞的發布而的發行。

The income tax expense decreased by $5.9 million from Q3 and is mainly due to a one-off release of a evaluation allowance during Q4. Net income for the fourth quarter was $26.3 million, an increase of $16.6 million, resulting in earnings per share of $0.11.

所得稅費用較第三季減少了 590 萬美元，主要原因是第四季度一次性釋放了評估準備金。第四季淨收入為 2,630 萬美元，增加 1,660 萬美元，每股收益為 0.11 美元。

And just to leave it up for the fourth quarter was $136.7 million, an increase of $21.2 million or 18%. Compared to the 3rd quarter. Our free cash position at the end of Q4 of $61.6 million. In addition, we had a $150 million unrawn under our RCS facility, resulting in total available liquidity of $211.6 million.

第四季的營收為 1.367 億美元，成長 2,120 萬美元，增幅為 18%。與第三季相比。截至第四季末，我們的自由現金狀況為 6,160 萬美元。此外，我們的 RCS 工具下還有 1.5 億美元未動用，因此總可用流動資金為 2.116 億美元。

Cash decreased by $124.1 million in comparison to the prior quarter due to the following. Net cash used in operating activities was $14.8 million, which includes $93.4 million of cash interest paid and $15.5 million of income taxes paid.

由於以下原因，現金與上一季相比減少了 1.241 億美元。經營活動所用淨現金為 1,480 萬美元，其中包括支付的現金利息 9,340 萬美元和支付的所得稅 1,550 萬美元。

Net cash used in investing activities was $189.9 million, which includes the delivery installment for the last new build, the VAR of $159.9 million. In addition, we spent $11.2 million on activation costs for renewable rigs and $18.7 million on other maintenance CapEx, primarily special periodic surveys and long-term maintenance costs.

投資活動所用的淨現金為 1.899 億美元，其中包括上次新建項目的交付分期付款，即 1.599 億美元的 VAR。此外，我們還花費了 1,120 萬美元用於再生鑽機的啟動成本，以及 1,870 萬美元用於其他維護資本支出，主要是特殊定期調查和長期維護成本。

Net cash from financing activities was $80.6 million and is comprised of $175 million from the issuance of additional senior secure notes to finance the bar.

融資活動產生的淨現金為 8,060 萬美元，其中包括為酒吧融資而發行額外優先擔保票據的 1.75 億美元。

We also paid down $70.8 million of our debt under the regular semiannual amortization of the bonds. Additionally, we used$19.9 million to repurchase the company's shares and $4.7 million for the payment of cash distributions to shareholders.

我們還根據債券的定期半年攤銷償還了 7,080 萬美元的債務。此外，我們還使用了 1,990 萬美元回購公司股票，並花費 470 萬美元向股東支付現金分配。

Following quarter end, we announced an agreement with our major Mexican customer to receive payment settlement for approximately $125 million related to our outstanding receivables in February. So far, we have collected $105 million of these, and the remaining $20 million have been released by Pemex and is expected to be received by us shortly.

在季度末之後，我們宣布與我們的主要墨西哥客戶達成協議，根據該協議，我們將獲得與 2 月份未償還應收帳款相關的約 1.25 億美元的付款結算。到目前為止，我們已收回其中的 1.05 億美元，剩餘的 2000 萬美元也已由 Pemex 發放，預計我們很快就能收到。

We are also due to receive $44 million in mobilization payments upon commencement of the contracts for Arabia One and Bali in the first half of 2025. From a liquidity perspective going forward, as Patrick pointed out, we have concluded our growth CapEx program with our final new build delivered last year. For 2025 we expect regular maintenance CapEx to be below $50 million.

我們也將於 2025 年上半年阿拉伯一號和峇裡島合約開始執行時收到 4,400 萬美元的動員付款。從流動性的角度來看，正如帕特里克指出的那樣，我們已經完成了成長資本支出計劃，並在去年交付了最後一座新建築。到 2025 年，我們預計定期維護資本支出將低於 5,000 萬美元。

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

這樣，我就把這個話轉交給布魯諾。

Thank you, Magnus. I'll begin with our recent contracts and rig movements before covering global and regional market trends. In 2024, or drilling secured $795 million in backlog at an average rate of $177,000 per day, which we believe is market leading.

謝謝你，馬格努斯。我將首先介紹我們最近的合約和鑽機動向，然後再介紹全球和區域的市場趨勢。2024 年，鑽探訂單積壓金額達 7.95 億美元，平均每日平均 177,000 美元，我們認為這一數字處於市場領先地位。

This achievement is particularly notable given the year's challenges and underscored the quality of our assets and operations that enable us to achieve strong contracting performance. Since our last quarter, we secured new commitments for 4 of our rigs.

考慮到今年的挑戰，這項成就尤其引人注目，並強調了我們的資產和營運質量，使我們能夠實現強勁的承包績效。自上個季度以來，我們已獲得 4 座鑽孔機的新承諾。

The Norva has secured a contract with Valco for 320 days commencing in July '25 and extending through April '26. We're pleased to see the rig recontracted by Valco following a successful campaign delivered to the customer earlier in 2022.

Norva 已與 Valco 簽訂了一份為期 320 天的合同，從 25 年 7 月開始一直持續到 26 年 4 月。我們很高興看到 Valco 在 2022 年初成功向客戶交付該鑽機後重新簽訂了合約。

The tour has secured a contract with an undisclosed customer in Southeast Asia and is expected to return to the active fleet by May 25. While this is a short-term commitment, we are currently in discussions with other customers in the region for further work that could see the recontracted for a significant portion of the year.

該巡洋艦已與東南亞一家未公開的客戶簽訂了合同，預計將於 5 月 25 日重返現役艦隊。雖然這只是一項短期承諾，但我們目前正在與該地區的其他客戶討論進一步的工作，可能會在一年中的大部分時間內重新簽訂合約。

The GERD has secured a binding letter of award from undisclosed customer in West Africa for a 100 day program starting in June 2025 following its ENI contract. Even the strong jack up demand in West Africa will remain optimistic about securing follow-on work for this rig into 2026.

GERD已從西非未公開的客戶處獲得一封具有約束力的中標書，該項目將於2025年6月開始，為期100天，是其與ENI簽訂合約之後的項目。即使西非對自升式鑽井平台的需求強勁，人們對於該鑽井平台在 2026 年的後續工作仍持樂觀態度。

And lastly, the grower has had its less available option exercised by Qatar Energy and is now firmly contracted until April 26th. Regarding fleet movements, the Valley and Arabia One have completed the mobilizations and are undergoing acceptance for long-term contracts with Melita and Petrobras.

最後，卡達能源公司已行使了該種植商不太可用的選擇權，目前已簽訂了固定合同，有效期至 4 月 26 日。在船隊調動方面，Valley號和Arabia One號已完成動員，正在接受與Melita和巴西石油公司簽訂的長期合約的驗收。

Both rigs are expected to begin operations in March, strengthening our revenue stream and enabling us to collect meaningful mobilization payments as highlighted by Magnus. On a global basis, checkup utilization levels have remained steady since last quarter. Modern market utilization stands at 93% and just under 90% if adjusted for the netaramco suspensions.

這兩個鑽井平台預計將於 3 月開始運營，這將增強我們的收入來源，並使我們能夠收取馬格努斯所強調的有意義的動員付款。從全球來看，自上個季度以來，體檢利用率一直保持穩定。現代市場利用率為 93%，如果考慮到 Netaramco 的暫停影響，則利用率略低於 90%。

While utilization levels remain relatively flat in the last couple of months, it is positive to note that 12 of the rigs previously under contract suspensions with Aramco have now been recontracted elsewhere, which includes our Arabia one.

儘管過去幾個月的利用率水準保持相對平穩，但值得積極注意的是，先前與沙烏地阿美公司中止合約的12座鑽井平台現已在其他地方重新簽約，其中包括我們的阿拉伯鑽井平台。

Looking at regional dynamics, in Southeast Asia, demand is expected to rise slightly, with increased activity in Vietnam and Indonesia offsetting reductions in Malaysia due to the Petros dispute. As a resolution to dispute nears, demand could increase more substantially in 2026.

縱觀區域動態，在東南亞，預計需求將略有上升，越南和印尼的活動增加將抵消馬來西亞因 Petros 爭端而導致的減少。隨著爭端解決臨近，2026 年的需求可能會進一步大幅成長。

While we anticipate that this market will remain competitive, our fleet capabilities, performance, and well established local alliances positioned well for upcoming contracts, although intermittent idle periods are likely. In the Middle East, we're encouraged to see some of the anticipated multi-rig multi-ear tenders finally coming to the market.

雖然我們預計這個市場將保持競爭力，但我們的機隊能力、性能以及完善的本地聯盟為即將到來的合約做好了準備，儘管可能會出現間歇性的閒置期。在中東，我們很高興看到一些預期的多鑽機多耳投標器終於進入市場。

KJO, the joint operated zone between Saudi and Kuwait, has launched a four rig, three-year tender for work commencing throughout 2026. This tender combined with other requirements from the same customers as we understand could represent an incremental demand of up to six rigs for long-term contracts.

沙烏地阿拉伯和科威特聯合營運的 KJO 油田已啟動為期三年的四座鑽井平台招標，工作將於 2026 年開始。據我們了解，此招標加上同一客戶的其他要求可能意味著長期合約對多達六座鑽孔機的需求增加。

Similarly, we anticipate another multi-re multi-year tender to be launched by KLC in the coming months. These programs combined have a potential to absorb a significant portion of the regional supply overhang resulting from the wrong suspensions.

同樣，我們預計 KLC 將在未來幾個月內推出另一項多年期多階段招標。這些計劃結合起來有可能吸收因錯誤暫停而導致的大部分區域供應過剩。

In West Africa, strong demand persists with multiple short and long-term prospects across the region from Angola to Ivory Coast. We believe our fleet is well positioned to capture the incremental demand, bolstering our backlog for '25 and '26.

在西非，需求持續強勁，從安哥拉到科特迪瓦的整個地區都有多個短期和長期發展前景。我們相信，我們的機隊已做好準備，滿足不斷增長的需求，並增加我們'25年和'26年的訂單積壓量。

In Mexico, overall activity levels have been impacted by PME temporary suspensions that started in Q4 '24. including our 3 suspended rigs in January, we estimate that approximately 12 rigs, or 45% of FEMA contracted fleet is currently suspended.

在墨西哥，自 2024 年第四季開始的 PME 暫停措施影響了整體活動水準。包括我們 1 月暫停營運的 3 座鑽井平台在內，我們估計目前約有 12 座鑽井平台（佔 FEMA 簽約鑽井平台的 45%）處於暫停營運狀態。

This reduction in activity has quickly affected the country's production, which has dropped below 1.7 million barrels per day in December, down over 120,000 barrels per day from September. Positively The government and PMEs continue to reaffirm commitments to stabilize underpayments and restore production to 1.85 million barrels per day.

石油產量的減少很快就影響了該國的石油產量，12 月該國石油產量已降至 170 萬桶/日以下，較 9 月減少了 12 萬桶/日以上。積極方面，政府和私人及中小企業繼續重申承諾，穩定欠款並將產量恢復到每天 185 萬桶。

We remain optimistic that such commitments will result in a strong rebound during the second half of 25 and pave the way for long-term extensions for our rigging country. At this time, we anticipate that our 3 weeks suspended in Mexico will gradually return to work during the 2nd quarter.

我們仍然樂觀地認為，這樣的承諾將導致25年下半年強勁反彈，並為我們的操縱國家長期延長鋪路。目前，我們預計在墨西哥暫停的3週工作將在第二季逐步恢復。

In 2024, the headwinds resulting from a roco change in production target and broader market uncertainties resulted in a significant contraction in rig fixtures, particularly in the first half of the year. However, H2 saw a gradual recovery, especially for modern rigs.

2024年，生產目標的大幅變化和更廣泛的市場不確定性帶來的不利因素導致鑽井設備大幅萎縮，尤其是在上半年。然而，H2 出現了逐步復甦，尤其是現代鑽井平台。

With the increasing number of open tenders, we see early signs of strengthening contract activity in 2025, primarily for programs commencing the latter part of the year in 2026. While near-term volatility is expected to persist, the long-term fundamentals of the jack up market remain strong.

隨著公開招標數量的不斷增加，我們看到了 2025 年合約活動加強的早期跡象，主要針對 2026 年下半年開始的專案。儘管預計短期波動將持續，但自升式鑽井平台市場的長期基本面仍然強勁。

Entering 2025, we had strong contract coverage at leading rates, providing us with a solid foundation. As opportunities expand, we now turn our focus to reducing idle periods in the year and strengthening our backlog feasibility into 2026.

進入2025年，我們擁有強大的合約覆蓋率和領先的利率，為我們奠定了堅實的基礎。隨著機會的擴大，我們現在將重點轉向減少一年中的閒置期並增強到 2026 年的積壓可行性。

With that I'd like to go back over to Patrick.

說到這裡我想回到派崔克的話題。

Thank you, Bruno. So in conclusion, The business we have built is quite resilient. We have dealt with numerous headwinds in 2024 and still delivered the year within the original guidance given to the market.

謝謝你，布魯諾。所以總而言之，我們建立的業務具有很強的彈性。我們在 2024 年克服了許多阻力，但仍按照最初給予市場的指引完成了全年業績。

Successful execution in a quite volatile environment. In 2025, we have had a good contract coverage to get us through the year, not only from a coverage perspective, but also considering the quality of the revenue in the backlog. We have some open capacity to deal with an opportunity to get the contract coverage further up, which will be our focus going forward.

在相當動盪的環境中成功執行。2025 年，我們擁有良好的合約覆蓋率，可以幫助我們度過這一年，不僅從覆蓋率的角度，而且從積壓收入的品質來看。我們有一些開放的產能來抓住機會進一步提高合約覆蓋率，這將是我們未來的重點。

The collections in Mexico have given renewed confidence in PAMEX and the Mexican government to put the country's oil and gas industry on a dependable long-term trajectory from a collection perspective. Given the decline in the production volumes, it is clear that drilling activity will have to be restarted.

墨西哥的收款工作讓人們對 PAMEX 和墨西哥政府重拾信心，從收款角度來看，他們將使該國的石油和天然氣產業走上可靠的長期發展軌道。鑑於產量下降，顯然必須重新開始鑽井活動。

Despite these short-term headwinds, the global jack up market fundamentals remain strong, with 30% of the global fleet over 35 years old and no new rig orders in the past decade, retirements are expected to tighten supply, creating a vaporable market for our premium rigs going forward. With that, we can now move to the Q&A.

儘管存在這些短期不利因素，全球自升式鑽井平台市場基本面依然強勁，全球 30% 的鑽井平台年齡超過 35 年，且過去十年沒有新的鑽井平台訂單，預計退役將導致供應收緊，從而導致我們未來優質鑽井平台的市場蒸發。這樣，我們現在可以進入問答環節。

Thank you, sir. [Operator Instructions]

謝謝您，先生。[操作說明]

We are now going to proceed with our first question. The questions come from the line of Eddie Kim from Barclays. Please ask a question. Your line is opened.

我們現在開始討論第一個問題。這些問題來自巴克萊銀行的 Eddie Kim。請提問。您的線路已開通。

Hi, good morning. Just wanted to ask about, leading edge day rates. Could you remind us where leading edge day rates for for benign market jackups have been, kind of over the past 6 or 12 months or so, and in your prepared remarks you highlighted some market uncertainty this year.

嗨，早安。只是想問一下前沿日費率。您能否提醒我們過去 6 到 12 個月左右良性市場上漲的前沿日費率是多少，並且在您準備好的評論中您強調了今年的一些市場不確定性。

So in light of that, do you expect to see some day rate pressure kind of industry-wide in the jack up market this year before rebounding perhaps in 2026 just your overall thoughts on kind of the day rate trajectory from here be great.

那麼，有鑑於此，您是否預計今年整個自升式市場都會出現一定的日費率壓力，然後在 2026 年出現反彈，您對現在的日費率走勢的總體看法是很好的。

Thanks for the question.

謝謝你的提問。

I'll probably not walk you to region by region because I think our views on the market is part of our commercial strategy, but in line with what we've discussed earlier, we've seen a few markets that suffered a bit more with the competitive pressure, and I think it's fair to say that Asia has been one of those markets. \

我可能不會帶您逐個地區地了解，因為我認為我們對市場的看法是我們商業戰略的一部分，但根據我們之前討論的內容，我們已經看到一些市場在競爭壓力下遭受了更大的打擊，我認為可以公平地說亞洲就是其中之一。\

We've seen some of the competitive features, fixtures, coming close or just. Under $100,000 a day, but leading edge rates staying kind of in a 130, 120, 130 range. Conversely, if you go into markets that suffered less with competitive pressure as in West Africa, we've seen numbers that still hover and often above the kind of 150 range, so we do have a fair spread here.

我們已經看到了一些競爭的特徵、裝置，接近或僅僅接近。每天低於 100,000 美元，但前沿利率保持在 130、120、130 的範圍內。相反，如果你進入競爭壓力較小的市場，例如西非，我們看到的數字仍然徘徊在 150 左右，而且經常超過 150 的範圍，所以我們在這裡確實有一個公平的分佈。

We see now going forward a, increasing number of tenders, and I think that alone would help the industry and help the peer group and reducing a little bit of the competitive pressure.

我們現在看到，投標數量正在不斷增加，我認為僅此一點就會對行業有所幫助，幫助同行，並減輕一點競爭壓力。

In addition to that, some of the players that have been more aggressively chasing work seem to have achieved now full utilization or pre-calls to full utilization, which should take a little bit of the edge as well from this competitive pressure.

除此之外，一些一直積極追逐工作的球員似乎已經實現了充分利用或預先呼籲充分利用，這也應該會減輕這種競爭壓力。

Now, I think that the dynamic will remain. Some markets that are a bit more benign will be subject to higher competition and they will keep the rates of it, compressed. Other markets where it takes a lot of history, a lot of competency to kind of penetrate will be a bit more insulated. So, I don't see.

現在，我認為這種動態將會持續下去。一些較為溫和的市場將面臨更激烈的競爭，並且它們的利率將保持壓縮。而其他市場則需要很長的歷史和能力才能滲透，因此對它們的保護會比較薄弱。所以，我不明白。

For now, as an area where the rates fall off the bottom, I think we have, we are in a range that activity level roughing should start to stabilize or potentially go up as the months come by.

就目前而言，作為費率從底部回落的地區，我認為我們已經處於一個範圍內，隨著時間的推移，活動水平粗略應該開始穩定或可能上升。

Understood, that's helpful. And then just by follow up is on is on Mexico, a lot of good color there. So you have three rigs of PAMEX that are currently temporarily suspended and two, that are contracted through year end. I believe I heard that the 3 that are temporarily suspended, you expect those rigs to return to work in the second quarter.

明白了，這很有幫助。接下來是墨西哥，那裡有很多美麗的色彩。因此，目前有三台 PAMEX 鑽孔機暫時停機，還有兩台鑽孔機已簽約至年底。我聽說暫時停產的 3 座鑽孔機預計在第二季恢復工作。

Did I hear that correctly and I guess what's your confidence level around that and if that's the case, I mean it seems like you're fairly confident that your other two jack ups that are currently still contracted will continue to work until the end of their contracts later this year. So just, I guess if you could confirm that for me that'd be great.

我聽得對嗎？所以，我想如果你能向我確認這一點那就太好了。

Yeah, I think that the numbers that you have are correct. We do indeed expect these rigs to go back to work in the second quarter, but quite frankly, we don't know exactly when in the quarter that is going to be. That is at the moment a working assumption. And the main reason for that is that we have seen that there is a lot of actions that have taken place in PAMEX if you.

是的，我認為你的數字是正確的。我們確實預計這些鑽井平台將在第二季度恢復工作，但坦白說，我們不知道具體時間是什麼時候。目前這只是一個工作假設。主要原因是我們看到 PAMEX 已經採取了許多行動。

Think about the last few months since the new administration is in place, the amount of work that has been done in getting people paid and now an aggressive plan on how activity needs to be restarted, we're still having a very strong commitment on getting production up. I think that based on the production data as We see it and the strong decline that otherwise you would see in Mexico.

想想新政府上任以來的幾個月，在支付員工工資方面做了大量工作，現在又制定了關於如何恢復活動的積極計劃，我們仍然堅定地致力於提高產量。我認為，根據我們看到的生產數據，以及墨西哥原本會出現的大幅下滑。

I would assume that there is going to be a significant focus in getting rig back to work, particularly the ones that already are contracted. So that is our working assumption obviously the future here will have to tell, but those are kind of the guidelines that we have and the reasoning for us to be fairly positive about the business environment there.

我認為，我們將專注於鑽機的恢復工作，特別是那些已經簽訂合約的鑽孔機。所以這是我們的工作假設，顯然未來將會告訴我們答案，但這些是我們的指導方針，也是我們對那裡的商業環境相當樂觀的理由。

Got it. Great. Thank you very much. I'll turn it back.

知道了。偉大的。非常感謝。我會把它轉回去。

Thank you. We are now going to proceed with our next question. The questions come from the line of Doug Becker from Capital One. Please ask your question.

謝謝。我們現在繼續討論下一個問題。這些問題來自 Capital One 的 Doug Becker。請提出你的問題。

Thank you. I was maybe hoping you could expand on the latest in Saudi Arabia. Just looking at some industry data. It did seem like one of the suspended rigs actually did return to work with Aramco, a competitor rig, but just the latest you're seeing in Saudi Arabia.

謝謝。我可能希望您能詳細介紹一下沙烏地阿拉伯的最新情況。只是看一些行業數據。看起來其中一座懸掛的鑽井平台確實恢復了與 Aramco 競爭對手的合作，但這只是沙烏地阿拉伯最新出現的現象。

All right, thanks, Doug. And yes, indeed there was some reports earlier about Rick returning to work. I'm not sure if that was a true story. I think that was actually a rig swap done by one of our competitors.

好的，謝謝，道格。是的，之前確實有一些關於瑞克重返工作崗位的報導。我不確定那是不是真實的故事。我認為這實際上是我們的一個競爭對手進行的鑽機交換。

The situation in Saudi remains steady state at the moment where we see quite a bit of focus on their end is in relation to the offshore gas work. Aramco has been quite vocal on the companies on the countries focus on expanding on the gas side, and that's where some of the conversations are taking place at the moment.

目前沙烏地阿拉伯的局勢仍保持穩定，我們看到他們相當關注的是海上天然氣工程。沙特阿美公司一直直言不諱地表示，各國公司都專注於擴大天然氣業務，目前的一些談判也圍繞著這個主題。

In addition to that, the, I think interesting to note is in the last couple of months now, there's been an increased talk about Aramco awarding large EPC contracts for projects like Zulu or Sahania that were originally planned to be put on hold, right, as that Progresses Increases our level of confidence that a pipeline starts to form in Saudi Aramco.

除此之外，我認為值得注意的是，在過去的幾個月裡，關於沙特阿美將授予祖魯 (Zulu) 或薩哈尼亞 (Sahania) 等項目大型 EPC 合約的討論越來越多，這些項目最初計劃被擱置，隨著這一進展，我們對沙特阿美開始建設管道更加有信心。

Now, the other interesting discussion that we see in country is a revamped interest from Aramco talking to service companies about lump sum turnkey or integrated projects offshore. This has been something that they looked in the past and I think they see that as a Good way to improve efficiency and the overall ability of the country to deliver well.

現在，我們在國內看到的另一個有趣的討論是，沙烏地阿美公司對與服務公司就總價交鑰匙或海上綜合項目進行談判的興趣有所重重。這是他們過去一直在研究的事情，我認為他們認為這是提高效率和國家整體履行職責能力的好方法。

Those conversations seem to be resuming at the moment. I think it's going to take some time, but combined with the EPC awards and the pipeline gives us some hope that as the year progresses, the pipeline from Aramco should start to fill up. At the moment I think the situation is steady state.

這些對話目前似乎正在恢復。我認為這將需要一些時間，但結合 EPC 獎項和管道，我們有了一些希望，隨著時間的推移，沙特阿美的管道將開始填滿。目前我認為情況處於穩定狀態。

No, that's encouraging. And then, it looks like the 4 did get some incremental work for the 2nd quarter, just any color you could provide around that. Are there potential extensions related to that or is this more of a one off?

不，這令人鼓舞。然後，看起來 4 確實為第二季度做了一些增量工作，您可以圍繞此提供任何顏色。是否有與此相關的潛在擴展，或者這僅僅是一次性的？

Yeah, no, and we, the rig came off contract back end of last year. Obviously we've been working hard to see it going back to work. Reality is that in Asia, a lot of the programs that we see at the moment, not exclusively, but a lot of the programs we see are short term in Asia.

是的，我們的鑽機合約在去年年底就到期了。顯然，我們一直在努力讓它恢復運作。現實情況是，在亞洲，我們目前看到的許多項目（並非全部）都是短期的。

So the challenge that we have is obviously to put the rig back to work and string a sequence of programs that will maintain the rig working. So that's obviously something that we're working, the team is working quite hard to deliver. It is a short-term program.

因此，我們面臨的挑戰顯然是讓鑽機重新運轉，並串聯一系列可使鑽機維持運轉的程序。所以這顯然是我們正在努力實現的目標，團隊正在非常努力地實現這一目標。這是一個短期項目。

We'll see the rig working. We have, accepted that commitment on the back of visibility of other programs, so we'll have to work through it. I do believe, as I mentioned in my earlier remarks, that there is a good chance that we will be contracted for the remainder of the year or a large portion of the year.

我們將看到鑽孔機運轉。我們已經在其他項目的可見性的基礎上接受了這一承諾，因此我們必須努力完成它。我確實相信，正如我在之前的評論中提到的那樣，我們很有可能會簽訂今年剩餘時間或大部分時間的合約。

Got it thank you. My pleasure.

明白了，謝謝。我的榮幸。

We are now going to proceed with our next question. The questions come from the line of Frederic Steen from Clarksons Securities. Please ask a question.

我們現在繼續討論下一個問題。這些問題來自克拉克森證券公司的 Frederic Steen。請提問。

Hey Patrick and team, hope you are well. So I wanted to circle a bit back to Mexico, at least, with the discussions that I'm having with my clients, the situation there, even though you've been able to collect a good chunk of the $125 million already, I think, getting proper confidence for future payments is still, bit hard and one of the risks that is currently weighing onto the stock, so. And as a side note, being a bit low on the dividend, while kind of itself it's.

嘿派崔克和團隊，希望你們一切都好。所以我想稍微回顧一下墨西哥，至少，根據我與客戶的討論，那裡的情況是，儘管你已經能夠收回 1.25 億美元中的很大一部分，但我認為，對未來的付款獲得適當的信心仍然有點困難，這是目前壓在股票上的風險之一。順便說一句，股息有點低，但就其本身而言。

Not necessarily what investors want. I think it was what investors wanted in this case just to make sure that you're prudent with the balance sheets. But on the Mexico situation, have they given any signals on, how future, payment schedules can look at, or should we expect that, from time to time you have to renegotiate similar kind of receivable deals that have been done now, I guess some sort of regularity or frequency to these payments would be.

這不一定是投資人想要的。我認為，在這種情況下，投資人想要的就是確保你對資產負債表保持審慎。但就墨西哥的情況而言，他們有沒有給出任何信號，關於未來的付款計劃應該如何考慮，或者我們是否應該預期，有時你必須重新協商現在已經完成的類似應收賬款交易，我猜這些付款會有一定的規律性或頻率。

Great in terms of its ability. So anything you can share on that front would be super helpful. Thanks.

從能力上來說，很偉大。因此，您在這方面所分享的任何內容都將非常有幫助。謝謝。

Oh Fred, thank you, and I mean I think it is clear that if it were to be clockwork, yes, it would be easier to run our business. You're absolutely right. I think though that given where we have come from with the business in Mexico, the way it has grown.

哦，弗雷德，謝謝你，我的意思是，我認為很明顯，如果它是時鐘的話，是的，經營我們的業務會更容易。你完全正確。我認為，考慮到我們在墨西哥的業務發展歷程和成長方式。

And also the way that we have always been paid, I think we have to give a bit of credit to the management team that is now in place and the government of what they have been able to pull off in what is essentially 4 months, so I think that.

而且，從我們一直以來的薪酬方式來看，我認為，我們應該對現在的管理團隊和政府給予一些讚揚，因為他們在短短 4 個月的時間裡取得了成就，所以我認為是這樣。

Tremendous efforts are being made to get suppliers paid. It was immediately seen as one of the key priorities which in the past maybe wasn't as prevalent, but looking at the overall picture, I would say it's a market that has a decent rig rate.

我們正在做出巨大努力來讓供應商付款。它立即被視為主要優先事項之一，在過去可能不那麼普遍，但從整體來看，我會說這是一個擁有不錯鑽機率的市場。

It is a market where we have ultimately always been paid. We have a strong set up and a very good local partner to work through ultimately for Pemex. So would I like it to be all more clockwork like? Absolutely. Is that realistic? I don't think so. Now there are a few things that are changing the market in Mexico, and I would definitely point towards.

這是一個我們最終都能獲得報酬的市場。我們擁有強大的機構和非常優秀的本地合作夥伴，能夠為 Pemex 提供最終幫助。那我希望一切都更像鐘錶嗎？絕對地。這現實嗎？我不這麼認為。現在有幾件事正在改變墨西哥市場，我肯定會指出這一點。

The increased private investments that we are likely to see going offshore, which therefore means that we are in essence are going to have a different counter party, a counterparty that is having a different cash flow than let's call it Pemex had in the past.

我們可能會看到越來越多的私人投資流向海外，這意味著我們本質上將有一個不同的交易對手，這個交易對手的現金流與過去的 Pemex 不同。

So I'm quite encouraged by that and I think that the mechanism that is set up for that where the private investor is going to be the direct beneficiary of the commercialization of the oil that they produce and therefore in a position to deal, let's call it differently with their suppliers, I think is a very positive sign. Is that all going to be in place here next month? No, that will take a bit of time, but I can't say that I see far more positive movements in the Mexican business than I would see negative movements.

所以我對此感到非常鼓舞，我認為為此建立的機制，即私人投資者將直接受益於他們生產的石油的商業化，因此能夠與他們的供應商進行交易，讓我們換一種說法，我認為這是一個非常積極的信號。下個月這一切都會到位嗎？不，這需要一些時間，但我不能說我看到的墨西哥業務的積極變化比消極變化多得多。

That that's a really comprehensive, answer, Patrick. Thank you. And just to follow up on that. I'm sorry if I missed it, but I had a bit of a choppy line here.

這是一個非常全面的答案，派崔克。謝謝。只是為了跟進這一點。如果我錯過了，我很抱歉，但是我在這裡的表達有點不連貫。

Bruno, did you say anything about your thinking around extending the rigs, the fire rigs that are currently with PAMEX and, how would be like that could eventually look like, and again ultimately, I guess it depends on you guys having enough confidence that you'll get paid if you extend, but. Securing those rigs for longer would be, meaningful trend of your 2026 and beyond coverage fix already.

布魯諾，你有沒有說過你對延長鑽機、目前與 PAMEX 合作的消防鑽機的想法，以及最終會是什麼樣子，最終，我想這取決於你們是否有足夠的信心，如果你們延長鑽機，你們會得到報酬，但是。更長時間地保護這些鑽孔機將成為 2026 年及以後覆蓋範圍修復的重要趨勢。

Most definitely, Fred. I mean, Mexico is a key component to our business. It's something that we're looking quite closely, but picking up from where Petrick left, we do see tremendous amount of effort being put by the government to stabilize the situation in Mexico, and that includes.

絕對是弗雷德。我的意思是，墨西哥是我們業務的關鍵組成部分。我們正在密切關注此事，但從佩特里克所說的來看，我們確實看到政府為穩定墨西哥局勢付出了巨大努力，其中包括。

Reinforce commitment to maintain production level and as you can clearly see from the current amount or from the current levels, or the current data, it is dropping. So we do anticipate that these reduced activity levels can have to be reversed and very soon. And not only that, they will have to do some catch-up work to get back to where they were a few months back.

加強維持生產水準的承諾，從當前的數量、當前的水準或當前的數據可以清楚地看到，生產水準正在下降。因此，我們確實預計，這些活動水平的降低可能很快就會扭轉。不僅如此，他們還必須做一些追趕工作才能恢復到幾個月前的狀態。

So that is kind of where my comment came from in the earlier notes that we think that that's going to strengthen activity levels in, as we kind of move to the second half of the year and I think very likely create a venue for us to extend these rigs further in the future.

因此，這有點像我之前在筆記中提到的評論，我們認為這將會加強活動水平，因為我們即將進入今年下半年，而且我認為很有可能為我們在未來進一步擴展這些鑽機創造一個場所。

Super. Thank you very much. That's all for me. Have a good day.

極好的。非常感謝。對我來說這就是全部了。祝你有美好的一天。

Thank you We are now going to proceed with our next question. The questions come from the Truls Olsen from Fernley Securities. Please ask a question.

謝謝我們現在繼續討論下一個問題。這些問題來自 Fernley Securities 的 Truls Olsen。請提問。

Afternoon guys. A couple of questions for me, firstly, Bruno I think probably for you. What's the Dialogue like with your clients at the moment. I mean what sort of call it the pressing points if you will in terms of getting things done or is it just that takes time.

大家下午好。我有幾個問題，首先，布魯諾，我想可能是問你的問題。目前您與客戶的對話狀況如何？我的意思是，從完成任務的角度來看，您可以稱其為緊迫點，或者這只是需要時間。

Fair truths, and we normally work with kind of a leading period of four to six months ahead of contracts, right? So obviously, what we see now is obviously a lot of customers or quite a few customers organizing themselves for further working 2025 and 2026.

公平地說，我們通常會在合約簽訂前四到六個月留出準備期，對嗎？因此顯然，我們現在看到的是許多客戶或相當多的客戶正在組織起來，為 2025 年和 2026 年的進一步工作做準備。

We have a variety of constructive discussions with customers at the moment. I think it's fair to say that the larger names like the NOCs have a bit more flexibility in their schedules and maybe sometimes a bit more leeway in delaying programs and things of that nature. Well, we see a variety of NOCs in general, quite committed to certain schedules, quite committed to.

我們目前正在與客戶進行各種建設性的討論。我認為公平地說，像國家奧委會這樣的大組織在時間安排上會更靈活一些，有時在推遲項目和諸如此類的事情上也會有更大的迴旋餘地。嗯，我們看到各種各樣的國家奧委會都相當致力於某些時間表，相當致力於。

Using the opportunity where there is capacity in the market to drill some of these companies when coming to the market a year ago or so had limitations on finding access to rigs and they seem to be keen on coming to the market. Now, what I think is quite interesting is that the customers, particularly the customers with programs that are not.

當一些公司在大約一年前進入市場時，利用市場有鑽井能力的機會進行鑽井，但由於難以找到鑽井平台，他們似乎很熱衷於進入市場。現在，我認為非常有趣的是，客戶，特別是那些沒有程式的客戶。

Multi-year in nature, they obviously understand very clearly the importance of having a high performing contractor, right? When you have a smaller campaign, you cannot really afford delays or issues with the program and then quite a few of these customers seem to be very keen to engage with us and discuss and understand how they can benefit from the proven performance of our rigs and it's very beneficial in that sense. But so that, that's kind of where we are in terms of the discussion rules.

從多年的經驗來看，他們顯然非常清楚擁有高績效承包商的重要性，對嗎？當您的活動規模較小時，您實際上無法承受程序延遲或問題，而相當多的客戶似乎非常熱衷於與我們接觸，討論並了解如何從我們鑽機經過驗證的性能中受益，從這個意義上來說，這是非常有益的。但就討論規則而言，這就是我們所處的境況。

We do see pipeline increasing. It's fair to say that it's obviously focused on the second half of the year because as you said, it takes time for some of these programs to get going, but we do see a increasing number of opportunities now building up in the pipeline. I hope I address your question.

我們確實看到管道在增加。公平地說，它顯然專注於今年下半年，因為正如你所說，其中一些專案需要時間才能啟動，但我們確實看到越來越多的機會正在醞釀中。我希望我能夠解答你的問題。

Yeah, thanks. I guess, and I could follow up to that, I mean, I guess there's nothing really much moving in terms of the TNCs on the contract. It's more about, I mean, it's not about really the economics of things. It's more about timing of things general activity level.

是的，謝謝。我想，我可以跟進一下，我的意思是，我想就合約中的 TNC 而言，沒有什麼太大的變化。我的意思是，這其實與事物的經濟學無關。這更多地與事物的一般活動水平的時間安排有關。

Obviously 2024 was a year that we have been very focused on increasing our backlog, elevating the quality of backlog, and I think we've achieved a lot as we go now into 2025, we don't necessarily shift the focus. I think we have an extremely competent commercial group that does a great job maximizing the commercial value of these negotiations and discussions.

顯然，2024 年是我們非常專注於增加積壓訂單、提高積壓訂單品質的一年，我認為，隨著我們進入 2025 年，我們已經取得了許多成就，我們不一定會轉移重點。我認為我們擁有一支非常能幹的商業團隊，他們在最大限度地提高這些談判和討論的商業價值方面做得非常出色。

Certainly, customers will use leverage that they have at the moment to try to claw back some of the [Ts and Cs] in the contract, that's part of the natural flow as the cycle progresses. But, at the moment our focus is really making sure that we don't leave idle time on rigs unnecessarily and we increase our backlog visibility to 2026 for sure.

當然，客戶會利用他們目前擁有的槓桿來試圖收回合約中的部分條款，這是週期進展過程中自然流程的一部分。但目前我們的重點是確保我們不會在鑽孔機上留下不必要的閒置時間，並且肯定會將積壓訂單的可見度提高到 2026 年。

Thanks, and lastly, I'm sorry if I missed this, but '25 guidance.

謝謝，最後，如果我錯過了這一點，我很抱歉，但有'25 指導。

Yeah, no, that is, that's a good point, Truls, and obviously I would have been quite keen to give you more visibility on that, but I think that the point is that today visibility is somewhat limited during in part the re suspensions in Mexico, the lingering impact of the Saudi suspensions. And there is just too wide a range of outcomes currently with many moving pieces.

是的，不，那是，特魯爾斯，這是一個很好的觀點，顯然我本來很想讓你更多地了解這一點，但我認為關鍵在於今天的能見度有些有限，部分原因是墨西哥的重新停產，以及沙特停產的揮之不去的影響。目前的結果範圍實在太廣，而且有太多變數。

The only thing I can tell you is that as soon as there is more clarity in the market and some of these suspension impacts are resolved and in visibility then improved. We will update you at that time, but for right now the best thing we can do is give you an idea of contract coverage and then give you an idea on the EBITDA when it's really when we're in a position to give you some credible data points, otherwise we'd be just making everybody more confused.

我唯一能告訴你的是，一旦市場更加明朗，一些暫停的影響就會得到解決，可見度也會提高。到時候我們會向您更新情況，但是現在我們能做的最好的事情就是讓您了解合約覆蓋範圍，然後在我們真正能夠向您提供一些可靠的數據點時讓您了解 EBITDA，否則我們只會讓每個人更加困惑。

Fair enough. Thank you guys.

很公平。謝謝你們。

Thank you. We are now going to proceed with our next question. The questions come from the line of Nikki Batt from JP Morgan. Please ask a question.

謝謝。我們現在繼續討論下一個問題。這些問題來自摩根大通的 Nikki Batt。請提問。

Hi, thank you for taking my question. I have two, if you don't mind, for 2025 right now, in your free status report, you see that there are three available rigs including your the new build.

你好，謝謝你回答我的問題。如果您不介意的話，我有兩個，針對 2025 年，在您的免費狀態報告中，您會看到有三個可用的鑽機，包括您的新建鑽機。

Can you please update us on the sort of current discussions you're having with clients about these rigs and especially, the new build in terms of which sort of region are you looking to contract this out to and the second question is more about how should we think about your financial policy going forward given that, both is expected to generate significant free cash flow this year. Would you be looking to prioritize some debt repayment, in the near term?

您能否向我們介紹一下目前您與客戶就這些鑽機，特別是新建鑽機進行的討論情況，您希望將其承包給哪個地區，第二個問題是，我們應該如何考慮您未來的財務政策，因為預計今年兩者都將產生可觀的自由現金流。您是否希望在短期內優先償還部分債務？

Very good, Nikhil. I'll take the first part of the question, and I'll hand it over to Magnus for your second part. Thinking about the fleet, you're right, we have three weeks currently available, one in Mexico that recently finished the contract, one in the Middle East that has been suspended by Romco and subsequently terminated in December, and the new build.

非常好，尼基爾。我將回答問題的第一部分，然後馬格努斯將回答您的第二部分。考慮到船隊，您說得對，我們目前有三個星期的空閒時間，一個在墨西哥，最近完成了合同，一個在中東，已被 Romco 暫停，隨後於 12 月終止，還有新建的。

At the moment we do have these rigs offered in a variety of tenders around the globe. As I said earlier, generally speaking, we're looking at a lead time for these contracts that are somewhere between four or six months at the short end, so it's fair to indicate that the likelihood of these rigs returning to work is definitely towards the second half of the year, right? And Regional deployment where they go to work. I think we're considering opportunities available at the moment.

目前，我們確實在全球各地的各種招標中提供這些鑽孔機。正如我之前所說，一般來說，這些合約的準備​​時間在四到六個月之間，因此可以公平地表明這些鑽井平台恢復工作的可能性肯定是在下半年，對嗎？以及他們工作所在的區域部署。我想我們正在考慮目前可用的機會。

We do see, we do have one rig in America, we do see a set of opportunities for the rig in the region. I don't think we're constrained to that. West Africa continues to be a market showing some potential. Sides and at some point in time could support the inflow of rigs and the similar thing goes to the Arabia too that just finished contract with Aramco. It's warm and ready so that rig could be deployed, including for some opportunities that we now see in the Middle East coming up in 2025.

我們確實看到，我們在美國確實有一個鑽井平台，我們確實看到了該地區鑽井平台的一系列機會。我認為我們不會受到此種限制。西非仍然是一個顯示出一定潛力的市場。各方在某個時間點可能會支持鑽機的流入，類似的事情也發生在剛與阿美公司簽訂合約的阿拉伯石油公司身上。現在天氣溫暖，準備就緒，鑽井平台就可以部署了，包括我們現在看到的 2025 年在中東出現的一些機會。

In relation to the new build, it's fair to say that I think we were quite optimistic. During 2024 to have it working in the early part of 2025. Obviously without us now having the Arabia II as an additional rig available in our toolbox here to deploy near to that has less of a focus, that rig is in Singapore will continue to market a rig, but I think at the moment the immediate priority is to see if we can find homes for the run, and they are to. I might be able turn up to Magnus for second question.

關於新建築，公平地說，我認為我們非常樂觀。在 2024 年期間，到 2025 年初開始運作。顯然，現在我們工具箱中沒有 Arabia II 作為額外的鑽井平台可供部署，因此我們的關注度較低，該鑽井平台在新加坡將繼續推銷，但我認為目前的當務之急是看我們是否能找到適合該平台的下家，而他們正在這樣做。我或許可以向馬格努斯提出第二個問題。

Yeah, thanks. So. I think for this quarter the board has continued the dividend of 22 sets, but the focus is very much now given the short term, uncertainties to build a strengthening balance sheet, conserve cash. And then we'll see, during the year and closer to later in the year what would be most beneficial for the company, whether that is to buy back debt, depending on debt levels, or whether it is to apply.

是的，謝謝。所以。我認為本季度董事會繼續派發 22 股股息，但考慮到短期的不確定性，目前的重點是建立強化的資產負債表並保留現金。然後我們將看到，在今年內以及接近年底的時候什麼對公司最有利，是否回購債務（取決於債務水平）或是否應用。

Our share buyback program or pay out, I think it's important also to emphasize again that our bonds they do already amortize by $135 million per year, so we are already very much focused on the deleveraging of the company as a function of the of how the bonds are structured so I think right about now the board has so it was prudent to continue to build the balance sheet and focus on preserving the cash to see what's most beneficial going.

我們的股票回購計劃或支付，我認為再次強調我們的債券每年已攤銷 1.35 億美元也很重要，因此我們已經非常關注公司的去槓桿化，因為這是債券結構的功能，所以我認為現在董事會已經明智地繼續建立資產負債表並專注於保留現金以了解最有利的進展。

Thank you. So I think that we have come to our last question if I understood it correctly.

謝謝。所以我認為如果我理解正確的話我們已經到了最後一個問題了。

Yes, that's right. This concludes the question-and-answer session, so I'll hand back to you for closing remarks.

是的，沒錯。問答環節到此結束，我將把發言交還給各位，請大家作結束語。

No further closing remarks.

沒有進一步的結束語。

So this concludes today's conference call. Thank you all for participating. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。