Borr Drilling Ltd (BORR) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Borr Drilling Limited Q1 2025 results presentation webcast and conference call.

您好，感謝您的收看。歡迎收聽 Borr Drilling Limited 2025 年第一季業績發表會網路直播和電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Mr. Patrick Schorn, CEO. Please go ahead.

現在，我想將會議交給今天的第一位發言人，執行長帕特里克·紹恩先生。請發言。

Thank you. Good morning, and thank you for participating in the Borr Drilling first quarter earnings call. I'm Patrick Schorn, and with me here today in London are Bruno Morand, our Chief Commercial Officer; and Magnus Vaaler, our Chief Financial Officer.

謝謝。早安，感謝您參加Borr Drilling第一季財報電話會議。我是Patrick Schorn，今天和我一起在倫敦的還有我們的商務長Bruno Morand和財務長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. I, therefore, refer you to our latest public filings.

請翻到下一張投影片。首先，介紹必要的免責聲明。我想提醒各位與會者，部分聲明將具有前瞻性。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，請各位參閱我們最新的公開文件。

Next slide, please. Our first quarter results were largely as expected, reflecting the impact of temporary rig suspensions and preparatory work for upcoming contract. Total operating revenue declined by $46.5 million quarter-over-quarter, resulting in adjusted EBITDA of $96.1 million for the period.

請翻到下一張投影片。我們第一季的業績基本上符合預期，反映了鑽井平台臨時停工和即將簽訂的合約準備工作的影響。總營運收入季減4,650萬美元，導致本季調整後息稅折舊攤提前利潤（EBITDA）為9,610萬美元。

During the quarter, we averaged 16 active rigs out of our -- 24 rig fleet. Despite the lower activity level, operational performance remained robust with technical utilization at 99.2% and economic utilization at 97.9% for our active rigs a reflection of the continued strength and efficiency of our operations.

本季度，我們24座鑽井船隊平均有16座活躍鑽井。儘管活躍程度較低，但營運表現依然強勁，活躍鑽井的技術利用率達到99.2%，經濟利用率達到97.9%，這反映了我們營運的持續強勁和高效。

On the safety front, I'm pleased to report that several of our rigs received industry and customer recognition for outstanding safety performance. Notably, the Groa was awarded Qatar Energy's HSE Award for 2024. and the Prospector 1 received the 2024 Best Safety Performance Award from the IADC North Sea Chapter.

在安全方面，我很高興地報告，我們的多座鑽井平台因其出色的安全性能獲得了業界和客戶的認可。值得一提的是，「Groa」號榮獲卡達能源公司2024年度健康安全環境獎，而「Prospector 1」號則榮獲IADC北海分會頒發的2024年度最佳安全性能獎。

In Thailand, Borr Drilling received PTTEP's CEO Safety Excellence Award for the second consecutive year. These achievements are a statement to the commitment and professionalism of our crews, and I congratulate and thank the entire team for their efforts on safety.

在泰國，Borr Drilling連續第二年榮獲PTTEP執行長安全卓越獎。這些成就充分證明了我們團隊的敬業精神和專業素養。我謹向全體團隊在安全方面所做的努力表示祝賀和感謝。

Looking at the second quarter, we are seeing a meaningful ramp-up of activity. Three suspended rigs in Mexico have resumed operations, while the Vali and Arabia I have both commenced their contracts. In addition, the Thor and Ran have secured new contracts starting this quarter. As a result, our operating rig count has now increased to 22, laying the foundation for stronger financial performance in the quarters ahead.

縱觀第二季度，我們看到鑽井活動顯著增加。墨西哥三座暫停營運的鑽井平台已恢復運營，而「Vali」號和「Arabia I」號鑽井平台均已開始履行合約。此外，「Thor」號和「Ran」號鑽井平台也已於本季獲得新合約。因此，我們的營運鑽井平台數量現已增至22座，為未來幾季更強勁的財務業績奠定了基礎。

Our liquidity position improved during the quarter, supported by the collection of approximately $120 million in outstanding receivables from Mexico and $10 million in mobilization fees for the Vali. Following the quarter end, we received an additional $35 million in mobilization fees related to Vali and the Arabia I.

本季度，我們的流動性狀況有所改善，這得益於我們收回了約1.2億美元的墨西哥未償應收帳款以及1000萬美元的Vali專案動員費。季度結束後，我們又收到了與Vali計畫和Arabia I計畫相關的3,500萬美元動員費。

While we continue to pursue several opportunities in 2025, our commercial efforts are now increasingly focused on 2026. Our rigs in Mexico represent a significant portion of our available days in 2026 and beyond.

雖然我們將繼續在 2025 年尋求多個機會，但我們的商業努力現在越來越集中在 2026 年。我們在墨西哥的鑽井平台佔據了我們 2026 年及以後可用天數的很大一部分。

The combination of increased activity in Q2 and the advancement of private investment projects in Mexico are positive for future rig demand and extensions across our fleet in-country. In light of uncertain market conditions, the Board has decided to suspend the dividend to further reinforce the balance sheet and enhance long-term value creation. While we are not issuing specific EBITDA -- adjusted EBITDA guidance for 2025, we are, however, confirming to be comfortable with the current Bloomberg consensus estimate of approximately $460 million.

第二季活動的增加以及墨西哥私人投資項目的推進，對未來鑽井平台需求以及我們在墨西哥船隊的擴張均具有正面意義。鑑於市場環境的不確定性，董事會決定暫停派息，以進一步增強資產負債表並提升長期價值創造。雖然我們不會發布具體的2025年EBITDA（調整後EBITDA）指引，但我們確認對彭博目前約4.6億美元的普遍預期感到滿意。

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

我現在將電話轉給馬格努斯，請他評論第一季的財務狀況。

Thank you, Patrick. The results for the first quarter were highly impacted by temporary rig suspensions and mobilization of rigs to commence contracts, which led to us only having 16 out of our 24 rigs working on average during the quarter.

謝謝你，派崔克。第一季的業績受到鑽井平台臨時停工和為簽訂合約而調動鑽井平台的嚴重影響，導致我們24台鑽井平台在本季平均只有16台在運作。

The total operating revenues were $216.6 million, a decrease of $46.5 million compared to the fourth quarter. Day rate revenues decreased by $22.6 million, primarily due to a decrease in the number of operating days for Arabia II, Ran, and Thor, partially offset by an increase in operating days for Gerd, Gunnlod, and Vali.

總營運收入為2.166億美元，較第四季減少4,650萬美元。日費收入減少2,260萬美元，主要原因是「阿拉伯二號」、「蘭號」和「托爾號」營運天數減少，但「格爾德號」、「岡洛德號」和「瓦利號」營運天數增加部分抵消了日費收入的減少。

The overall decrease in day rate revenue also includes an $11.5 million decrease in deferred mobilization revenue related to Arabia II due to the recognition of accelerated amortization of deferred mobilization revenue in the prior quarter linked to its contract termination in Saudi Arabia in Q4.

日費率收入總體減少還包括與 Arabia II 相關的遞延動員收入減少 1,150 萬美元，因為上一季確認了與第四季度終止沙烏地阿拉伯合約相關的遞延動員收入加速攤銷。

Bareboat charter revenue decreased by $17.9 million as a result of the temporary suspension of the rigs Galar, Grid, and Gersemi in Mexico, who were suspended effective January 8. And management contract revenue decreased by $6 million due to the suspension of the Galar.

由於墨西哥的 Galar、Grid 和 Gersemi 鑽井平台於 1 月 8 日起暫停使用，光船租賃收入減少了 1,790 萬美元。由於 Galar 鑽井平台暫停使用，管理合約收入減少了 600 萬美元。

Total operating expenses for Q1 were $156.8 million, a decrease of $5.1 million compared to Q4. This is primarily due to $4.2 million decrease in rig OpEx and $1.1 million decrease in G&A. The decrease in rig OpEx consists of $10.2 million of lower expenses due to the decrease in operating days, partially offset by a $5.2 million increase in costs associated with Grid and Gersemi as a result of the company assuming their operating expenses and stacking costs during their temporary suspension period. Prior to the temporary suspension and during operations, these costs are borne by the JV.

第一季總營運費用為1.568億美元，較第四季減少510萬美元。這主要是由於鑽井平台營運支出減少420萬美元，以及一般行政費用減少110萬美元。鑽井平台營運支出的減少包括因作業天數減少而減少的1,020萬美元費用，但部分抵銷了Grid和Gersemi相關成本增加520萬美元，因為公司承擔了這兩家公司在暫停作業期間的營運費用和堆疊費用。在暫停作業之前和作業期間，這些費用由合資公司承擔。

Net loss for the first quarter was $16.9 million, a decrease of $43.2 million compared to the net income in the fourth quarter and adjusted EBITDA was $96.1 million, a decrease of $40.6 million from the previous quarter.

第一季淨虧損為1,690萬美元，較第四季淨收入減少4,320萬美元，調整後EBITDA為9,610萬美元，較上一季減少4,060萬美元。

Now moving into our cash. Our free cash position at the end of Q1 was $170 million. In addition, we had $150 million undrawn under our RCF facility, resulting in total available liquidity of $320 million. Cash increased by $108.4 million in the quarter in comparison to the previous quarter.

現在來看看我們的現金。第一季末，我們的自由現金部位為1.7億美元。此外，我們的循環信貸額度（RCF）工具下還有1.5億美元未提取，因此總可用流動資金為3.2億美元。本季現金較上一季增加了1.084億美元。

Net cash from operating activities was $138.7 million, which included approximately $120 million in settlement of outstanding receivables from customer in Mexico and $10 million of mobilization fees received for the Vali. We paid $6.1 million of cash interest and $16.9 million of cash taxes.

經營活動產生的淨現金為1.387億美元，其中包括約1.2億美元用於結清墨西哥客戶未償應收帳款，以及1,000萬美元的Vali專案啟動費。我們支付了610萬美元的現金利息和1690萬美元的現金稅費。

Net cash used in investing activities was $25.1 million, of which $25 million related to cash used on jack-up additions, primarily as a result of activation costs for the Vali and long-term maintenance costs.

投資活動所用淨現金為 2,510 萬美元，其中 2,500 萬美元與自升式鑽井平台增建所用現金有關，主要是由於 Vali 的啟動成本和長期維護成本。

Net cash used in financing activities was $4.9 million and can be explained mainly by the $4.7 million payment of cash distribution to shareholders. And subsequent to quarter-end, we have received approximately $35 million in mobilization fees following commencement of the contract for the Arabia I and the Vali.

融資活動所用淨現金為490萬美元，主因是向股東支付了470萬美元的現金分配。季度末之後，我們收到了約3500萬美元的動員費，用於「阿拉伯一號」和「瓦利」號的合約生效。

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

有了這個，我會把這個消息傳達給布魯諾。

Thank you, Magnus. Let me start with our recent commercial highlights before moving on to the market trends. Year-to-date, Borr Drilling has secured nine new contract commitments, adding $221 million to our backlog at an average rate of $141,000 per day.

謝謝，馬格努斯。我先介紹我們近期的商業亮點，然後再談市場趨勢。今年迄今為止，Borr Drilling 已獲得九份新合約承諾，新增訂單金額 2.21 億美元，平均每天 14.1 萬美元。

We're pleased to see the continued execution of our commercial strategy. Since our last report, we secured high-quality contracts at attractive day rates backed by our strong operational reputation.

我們很高興看到我們的商業策略持續執行。自上一份報告以來，我們憑藉良好的營運聲譽，以極具吸引力的日費率簽訂了高品質的合約。

In Asia, the Skald received a binding LOA from Medco in Thailand for a 170-day program starting in October following the completion of its current PTTEP contract. The Thor has been awarded a 75-day contract with Vietsovpetro in Vietnam, which has begun in late April. This allowed the rig to return to work earlier than previously expected, and the rig is now contracted into Q3, and we're pursuing active opportunities for work for the Thor into 2026.

在亞洲，Skald號鑽井平台已獲得泰國Medco公司具有約束力的LOA（許可協議），將在完成其現有的PTTEP合約後，於10月開始為期170天的鑽井工程。 Thor號鑽井平台已獲得越南Vietsovpetro公司為期75天的鑽井合同，該合約已於4月底開始。這使得該鑽井平台能夠比之前預期更早地恢復工作，目前該鑽井平台的合約已簽訂至第三季度，我們正在積極尋找Thor號鑽井平台在2026年的工作機會。

In Mexico, the rig Galar, Grid and Gersemi have been extended by a combined term of approximately 390 days. These extensions offset the suspension period experienced earlier this year and preserve our regional backlog. Further, the Ran has been awarded a 140-day contract with Eni in Mexico, which commenced in May. The contract includes options that could extend the rig into Q1 '26.

在墨西哥，Galar、Grid 和 Gersemi 鑽井平台的合約總期限已延長約 390 天。這些延期抵消了今年早些時候的停工期，並保留了我們區域內的積壓訂單。此外，Ran 鑽井平台已與埃尼公司簽訂了一份為期 140 天的墨西哥鑽井合同，該合約於 5 月開始生效。該合約包含可將鑽井平台合約延長至 2026 年第一季的選擇權。

In West Africa, the Norve has received a letter of award for an 11-month program expected to commence in the second half of '26. And finally, the Gerd has secured a 1-year contract with Foxtrot International in Ivory Coast expected to commence in Q4.

在西非，挪威公司已收到為期11個月的專案授標書，預計2026年下半年開始。此外，Gerd公司還與科特迪瓦Foxtrot International公司簽訂了為期一年的合同，預計將於第四季度開始生效。

These recent fleet developments, combined with the commencement of the contracts for the Vali and Arabia I has increased our operating rig count to 22 in May. Our 2025 fleet coverage now stands at 79% and an average day rate of $147,000. We're actively working with our customers on numerous opportunities. And based on advanced stage of negotiations, we expect the coverage to rise towards the 80% to 85% range in the coming months.

近期船隊發展，加上「Vali」號和「Arabia I」號合約的生效，使我們在役鑽井平台數量在5月增至22座。我們2025年的船隊覆蓋率目前為79%，平均日租金為14.7萬美元。我們正積極與客戶合作，拓展許多合作機會。根據談判的後期階段，我們預計未來幾個月船隊覆蓋率將升至80%至85%。

Our 2026 coverage has also grown. We're now at 35%, an increase of 12-percentage-points since our last report. In line with the normal tendering cycles for jack-ups, we see an increasing number of tenders being launched for work in '26, and our teams remain focused on firming up the coverage for the year.

我們對2026年的覆蓋率也有所提升。目前覆蓋率已達35%，較上一份報告增加了12個百分點。與自升式鑽井平台的正常招標週期一致，我們看到2026年下水的招標數量增加，我們的團隊將繼續致力於鞏固今年的覆蓋率。

Additionally, several of our customers have expressed interest in discussing potential extensions to their existing contracts. We remain actively engaged with the customers and believe our strong operational track record, high-quality fleet, and incumbent status will support further progress in building our 2026 coverage. This includes Mexico, where we believe the resumption of work on our three suspended rigs, including the private investment project, should create a favorable environment for potential renewals.

此外，我們的一些客戶已表示有意探討現有合約的續約事宜。我們將繼續積極與客戶溝通，並相信我們卓越的營運記錄、高品質的船隊和在職營運狀況將有助於我們進一步推進2026年合約覆蓋範圍的建設。這其中包括墨西哥，我們相信，包括私人投資項目在內的三座懸浮鑽井平台的復工將為潛在的續約創造有利環境。

Looking at the broader market, jack-up utilization has remained steady. Modern rig market utilization sits at 92%, relatively unchanged quarter-on-quarter. Adjusting for the net impact of the Aramco suspensions, modern utilization still sits just under 90%, which we see as a healthy level.

縱觀整體市場，自升式鑽井平台的利用率維持穩定。現代鑽井平台市場利用率為92%，較上季基本持平。在扣除沙特阿美停工的淨影響後，現代鑽井平台利用率仍略低於90%，我們認為這是一個健康的水平。

Recent changes in trade policies and OPEC+ decision to unwind production cuts have introduced some uncertainty and price volatility in commodity markets. We're actively monitoring these developments and engaging with our customers to assess how these may affect future activity levels.

近期貿易政策的變化以及OPEC+決定取消減產，為大宗商品市場帶來了一些不確定性和價格波動。我們正在積極監控這些動態，並與客戶溝通，評估這些變化可能如何影響未來的活動量。

Importantly, we continue to see shallow water project as resilient. The projects are primarily related to brownfields, offering attractive economics at the current oil price and faster cash flow cycles to our customers. Despite the recent market volatility, jack-up tenders and awards have remained largely on track as evidenced by our recent fixtures.

重要的是，我們仍然認為淺水項目具有韌性。這些項目主要與棕地相關，在當前油價下具有吸引力的經濟效益，並為我們的客戶帶來更快的現金流週期。儘管近期市場波動，但自升式鑽井平台的招標和授標工作基本上保持正常進行，這一點從我們近期的合約中可以看出。

On the rig supply side, this volatility continues to create a challenging environment for older jack-ups with reduced contracting opportunities as customer preference for modern rigs persist. We've seen a resumption in rig retirements in 2025 and expect this trend to continue.

在鑽井平台供應方面，由於客戶對現代鑽井平台的偏好持續，這種波動性持續為老舊自升式鑽井平台帶來了挑戰，其承包機會減少。我們已看到鑽井平台退役數量在2025年恢復，並預計這一趨勢將持續下去。

Conversely, with a limited number of new builds in the pipeline and no immediate prospects for further deliveries, we do not anticipate any future additions in the foreseeable future. Meanwhile, global demand outside of Middle East remains resilient. Regions like West Africa, Southeast Asia, and Americas are gradually absorbing some of the excess capacity resulting from Aramco's recent fleet adjustments.

相反，由於新建船舶數量有限，且近期沒有進一步交付的前景，我們預計在可預見的未來不會有任何新增船舶。同時，中東以外的全球需求依然強勁。西非、東南亞和美洲等地區正逐步吸收沙烏地阿美近期船隊調整所帶來的部分過剩運力。

At the same time, recent fixtures suggest that Aramco may be preparing to secure additional long-term jack-up capacity and create an optionality. Current jack-up activity levels in Saudi Arabia are in the mid-50s, a level consistent with 2019.

同時，近期的合約表明，沙烏地阿美可能正在準備獲得更多的長期自升式鑽井平台產能，並創造一種選擇權。目前，沙烏地阿拉伯的自升式鑽井平台活動水準在50左右，與2019年的水準一致。

Looking at Mexico, recent developments clearly show the link between rig activity and production. Since Q4 '24, Pemex's partial reduction in drilling activities led to nearly 10% drop in production in this period. We're pleased that our three rigs have now resumed operations in May and are again contributing to Mexico goal of restoring production to 1.85 million barrels per day.

綜觀墨西哥，近期事態發展清楚展現了鑽井活動與產量之間的關聯。自2024年第四季以來，墨西哥國家石油公司（Pemex）部分減少鑽井活動，導致同期產量下降近10%。我們很高興看到，我們的三座鑽井平台已於5月恢復運營，並再次為墨西哥實現產量恢復至185萬桶/日的目標做出貢獻。

In short, while near-term volatility may continue, we remain confident in the long-term fundamentals of the jack-up market. We are consistently delivering our strategy, maximizing 2025 backlog, and building 2026 coverage, whilst supporting our customers through the dynamic market.

簡而言之，儘管短期波動可能持續，但我們對自升式鑽井平台市場的長期基本面仍充滿信心。我們正持續推動策略，最大限度地提升2025年的訂單儲備，並建構2026年的覆蓋範圍，同時在充滿活力的市場中為客戶提供支援。

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

說完這些，我就把電話轉回給派崔克。

Thank you, Bruno. So in conclusion, in 2025, we've made solid progress expanding our contract coverage through a series of awards, and we now expect to reach 80% to 85% coverage for the full year. While we're still actively pursuing near-term opportunities, our commercial focus is now shifting towards 2026.

謝謝，布魯諾。總而言之，2025年，我們透過一系列合約授予，在擴大合約覆蓋率方面取得了紮實的進展，目前我們預計全年合約覆蓋率將達到80%至85%。雖然我們仍在積極尋求短期機會，但我們的商業重點現已轉向2026年。

Our operating rig count has grown to 22, up from 16 in the first quarter, giving us a solid foundation for earnings growth in the quarters ahead. In Mexico, all of our rigs are currently active, including one under a private investment contract supporting Pemex's production initiatives. This return to full operation positions us well for contract renewal discussions with Mexico, representing a meaningful share of our available rig base for 2026 and beyond.

我們的營運鑽井平台數量已從第一季的16個增至22個，這為未來幾季的獲利成長奠定了堅實的基礎。在墨西哥，我們所有的鑽井平台目前均處於活躍狀態，其中包括一個根據私人投資合約營運的鑽井平台，該合約旨在支援Pemex的生產計劃。此次全面恢復營運為我們與墨西哥進行續約談判奠定了良好的基礎，這將佔據我們2026年及以後可用鑽井平台基數的相當一部分。

And while we continue to navigate some short-term uncertainty, the business we have built is resilient. The long-term fundamentals of the market remain strong and Borr with its premium rig fleet is well positioned to capture future growth.

儘管我們仍在應對一些短期不確定性，但我們已建立的業務仍具有韌性。市場的長期基本面依然強勁，而Borr憑藉其優質的鑽井船隊，已做好準備，抓住未來的成長機會。

Finally, in light of uncertain market conditions, the Board has decided not to pay a dividend to reinforce the balance sheet and enhance long-term value creation. And with regards to adjusted EBITDA, we're on track to deliver 2025 consensus of approximately $460 million.

最後，鑑於市場環境的不確定性，董事會決定不派發股息，以增強資產負債表並提升長期價值創造。至於調整後的EBITDA，我們預計在2025年實現預期的約4.6億美元的目標。

Thank you. And ladies and gentlemen, we are now ready to go to Q&A.

謝謝大家。女士們、先生們，我們現在可以進入問答環節。

(Operator Instructions) Eddie Kim, Barclays.

（操作員指示）巴克萊銀行的 Eddie Kim。

I wanted to start off in Mexico. I think many were surprised that your three suspended rigs have now resumed operations, especially given the challenges in that market. Is this a sign that Pemex is finally getting their act together or does it speak more to the quality of your rigs specifically? And separately, you have two of your Pemex jack-ups coming off contract by year-end this year. What's the likelihood you think that those will be extended beyond that period?

我想先從墨西哥說起。我想很多人都對你們的三座懸浮式鑽井平台恢復運作感到驚訝，尤其是在墨西哥市場面臨許多挑戰的情況下。這是Pemex終於恢復營運的跡象，還是更能體現你們鑽井平台的品質？另外，你們的兩座Pemex自升式鑽井平台合約將於今年底到期。您認為這些鑽井平台續約的可能性有多高？

So I think it is maybe a combination of a few aspects here. I think, firstly, I think there's a very strong realization in Mexico that with very low or no activity production takes a very strong drop to that. And there is a lot of work going on to make sure that activity plans are drawn up to make sure that additional production is created going forward, which means putting rigs back to work.

所以我認為這可能是幾個方面共同作用的結果。首先，我認為墨西哥已經深刻意識到，如果活動非常低或沒有活動，產量就會大幅下降。目前，墨西哥正在進行大量工作，以確保制定活動計劃，從而創造更多產量，這意味著要讓鑽井平台重新投入使用。

Now clearly, where we benefit is on one side, on the quality of the rigs, but more importantly, the well construction work that we are involved in, in Mexico has, over the last few years, demonstrated that we can generate some of the lowest cost barrels, drill very efficient wells and have done this approximately just short of 100 wells offshore at the moment.

現在很明顯，我們的優勢一方面在於鑽機的質量，但更重要的是，過去幾年我們在墨西哥參與的油井建設工作已經證明，我們可以生產出成本最低的油桶，鑽出非常高效的油井，目前我們已經在海上鑽探了大約 100 口油井。

So I think that the concept work, I think that we have a fairly long history of performing well in the environment and being very cost efficient. And therefore, I think we are benefiting from being some of the, let's say, first rigs to go back. So I think that, that certainly has helped us.

所以我認為這個概念是可行的，我認為我們在環保方面有著相當悠久的歷史，而且成本效益很高。因此，我認為我們是第一批恢復營運的鑽井平台之一，這對我們來說是受益匪淺的。我認為這對我們肯定很有幫助。

Now as to your question regarding the contract extension, I think that, that is something that we will be discussing with our customer and Pemex here over the following months. I certainly expect that we have good contract extension opportunities in Mexico. The exact size of that is difficult to estimate at this moment, but I'm sure that we get more clarity in that towards the later part of this year. And clearly, based on the performance that we have had over the last three years in this contract, I would expect that we do reasonably well in that. But I'm very happy to kind of keep you up-to-date as soon as we have more information on that.

關於您關於合約續約的問題，我想，在接下來的幾個月裡，我們將與我們的客戶和墨西哥國家石油公司（Pemex）進行討論。我當然預計，我們在墨西哥會有很好的合約續約機會。目前很難估計具體的續約規模，但我相信，到今年下半年，我們會對此有更清晰的認知。顯然，基於我們過去三年在這份合約中的表現，我預計我們在這方面會做得相當不錯。一旦我們獲得更多信息，我很樂意及時向您通報。

My follow-up is just on the uncertain market conditions you highlighted as the reason for suspension of the dividend. Could you just expand on this a bit more for us? Are you seeing customers in certain regions getting increasingly more cautious about the outlook in your conversations with them and perhaps pushing back drilling programs? Or does it reflect more of your expectations for further oil price declines due to OPEC or maybe a combination of both? If you could just expand on that comment for us.

我的後續問題是，您強調的市場環境不確定是暫停派息的原因。能否進一步闡述？在與某些地區的客戶溝通時，您是否發現他們越來越謹慎地看待前景，甚至可能推遲鑽探計劃？或者，這更反映了您對歐佩克（OPEC）導致油價進一步下跌的預期，或者兩者兼而有之？能否請您進一步闡述這一點？

Yeah, Eddie, I think it's a little bit more a macro situation where I think that we have all tried to get a good understanding of what the latest macro developments really are going to mean to the market. I mean, we have clearly had a lot of discussions around tariffs and what that might do to global GDP and as a result, to oil demand.

是的，艾迪，我認為這更多的是一個宏觀形勢，我認為我們都試圖去理解最新的宏觀發展對市場究竟意味著什麼。我的意思是，我們顯然已經就關稅問題進行了大量討論，探討了關稅可能對全球GDP以及由此對石油需求造成的影響。

Counter that, we have seen that demand has remained actually quite strong. Overall, we see a lot of customers that do relative short contracts. So from that, I can see that they are certainly keeping a little bit their finger on the trigger, which I think is understandable as there is just quite a few items on the uncertainty list.

與此相反，我們看到需求實際上仍然相當強勁。總的來說，我們看到很多客戶簽訂的是相對較短的合約。因此，從這一點來看，我可以看出他們確實在保持謹慎，我認為這是可以理解的，因為不確定性因素確實很多。

Now what we also see is that when it coming to '26 and beyond, there are some larger packages of work. I think when we start to see that being tendered and actively negotiated, and ultimately being awarded, I think we start to all have a much better feel for it.

現在我們也看到，到了2026年及以後，會出現一些規模更大的工程項目。我認為，當我們開始看到這些工程項目被招標、積極談判，並最終被授予合約時，我們都會對此有更好的感受。

So I think it is purely a question of trying to be cautious, making sure that we have options on what to do with the cash as obviously, dividend is not the only option that we have, but also working on the debt is, at the moment, quite attractive. So I think we want to make sure that we have all options open while remaining cautious for as long as the uncertainty persists.

所以我認為這純粹是一個謹慎行事的問題，確保我們在處理現金方面有多種選擇，因為顯然，股息並非我們唯一的選擇，而且目前處理債務也很有吸引力。所以我認為，只要不確定性持續存在，我們就要確保我們擁有所有選項，同時保持謹慎。

Doug Becker, Capital One

道格貝克爾，Capital One

Patrick, your commentary around Mexico sounds encouraging. Do you have any visibility on the option for the run to be exercised then outside of Mexico, the Prospector?

派崔克，你對墨西哥的評論聽起來很鼓舞人心。你對墨西哥以外地區（例如「探礦者號」）的運作有什麼設想嗎？

Yeah, I'll turn that to Bruno, and thanks, Doug. I mean we have indeed options there.

是的，我把這個問題交給布魯諾，謝謝你，道格。我的意思是，我們確實有選擇。

Indeed, Doug, it's early days. The rig just basically just gone to work about a week ago. So we're still monitoring that. Conversations with the customers so far are encouraging. But we do see opportunities outside of that customer as well for the rig in Mexico. There's some other work with IOCs that could potentially keep that rig occupied well into 2026.

確實，道格，現在還為時過早。這座鑽井平台大約一週前才剛開始作業。所以我們仍在關注此事。目前與客戶的溝通令人鼓舞。但我們確實看到了除了該客戶之外，這個鑽井平台在墨西哥也存在著機會。目前與國際石油公司（IOC）的其他一些合作，可能會讓這個鑽井平台在2026年保持活躍。

So we'll see. It's definitely was a good timing to get the rig back to work. As we get closer to end of '25 and early in '26, we do see an outlook that is more favorable to see that rig continue to work, but I'll probably leave it at that. Early days, the rig just went to work. We're pretty happy with that.

所以我們拭目以待。現在絕對是讓鑽孔機恢復工作的好時機。隨著2025年末和2026年初的臨近，我們確實看到了更樂觀的前景，希望鑽機能夠繼續工作，但我可能就此打住。初期，鑽孔機能夠正常運作。我們對此非常滿意。

Are there -- are you able to provide any color on which rigs are expected to increase the contract coverage to 80%, 85%? Are there one or two rigs or is it kind of a risk opportunity set?

您能否透露一下，哪些鑽井平台可望將合約覆蓋率提高到80%或85%？是一、兩座鑽井平台，還是某種風險機會組合？

Yeah. No, we were looking at the moment, about three of our rigs representing that gap at the moment, Doug. And we're encouraged. We're quoting that number out of the team there. We do have very active conversations with the customers at the moment, including some nonbinding LOIs that we're working to progress. I wouldn't want to share more details at this time, but I'm pretty convinced that in the next couple of weeks, we'll be able to say something more about it.

是的。不，道格，我們目前正在研究，大約有三台鑽機目前處於這個缺口。我們感到很受鼓舞。我們引用了團隊給出的數字。我們目前確實在與客戶進行非常積極的溝通，包括一些我們正在努力推進的非約束性意向書（LOI）。我現在不想分享更多細節，但我確信在接下來的幾週內，我們能夠透露更多資訊。

Fredrik Stene, Clarksons Securities.

克拉克森證券公司的 Fredrik Stene。

So I want to touch a bit upon liquidity in general because at least from the discussions that I've had with clients recently, I think it's very, very thematic. And some of this ties to Mexico, Pemex and the lack of just payment visibility from them.

我想就流動性整體談談，因為至少從我最近與客戶的討論來看，我認為這是一個非常重要的主題。這部分與墨西哥、Pemex以及他們缺乏支付透明度有關。

And the second comes to 2026 coverage and beyond. And you've obviously given kind of good commentary on that already. But I was hoping that you could potentially provide a bit more color on how you see your own liquidity situation going forward? And by extension of that, if you -- or how you feel you're positioned to, call it, weather a short-to-medium term storm? And also if you envision to touch the RCF either this year or next year in some of the, call it, more adverse scenarios that you might be running within your own sensitivity analysis?

第二個問題是關於2026年及以後的覆蓋範圍。您顯然已經對此給出了很好的評論。但我希望您能更詳細地介紹一下您如何看待未來的流動性狀況？此外，您認為自己如何能夠度過中短期風暴？此外，如果您預計在今年或明年，在您自己進行敏感度分析時可能遇到的一些更不利的情景下，RCF（循環現金流量）會受到影響，您又會如何呢？

Very good. I'll ask Magnus to comment on that.

非常好。我會讓馬格努斯對此做出評論。

I think we're in a good position going into this year with almost 80% of our days covered at just below $150,000 per day. So it's a very solid day rate as the fundament of our liquidity going into the year. And also, as you see, Bruno here is now starting to fill up the beginning of 2026 also with backlog at rates that are above our cash breakeven rate, which are derisking, I think, our liquidity -- any liquidity issues for us. We have received $120 million payment from Mexico so far this year, which is about one year of receivables or earnings. So that's obviously also very, very positive and fills up our bank account.

我認為，我們今年的狀況良好，幾乎80%的訂單都已覆蓋，每日平均收入略低於15萬美元。因此，這是一個非常穩健的日均收入，也是我們今年流動性的基礎。而且，如你所見，Bruno現在也開始在2026年初以高於我們現金損益平衡點的利率來填補積壓訂單，我認為這可以降低我們的流動性風險——任何流動性問題都會對我們造成影響。今年到目前為止，我們已經從墨西哥收到了1.2億美元的付款，這大約相當於一年的應收帳款或收益。這顯然也是非常積極的，它充實了我們的銀行帳戶。

We do expect that Pemex should go back to regular payments now throughout in 2025. Invoicing seems to be progressing as planned. And the signals that we are seeing is that Mexico should come back to their regular payments that they have shown over the past few years up until mid last year, I would say. So all-in-all, I think the base case looks very solid. I do not foresee any reasons for drawing on the RCF as long as collections come in with the forecast that that we are currently seeing.

我們確實預計Pemex應該在2025年全年恢復定期付款。發票開立似乎正在按計劃進行。而且我們看到的訊號是，墨西哥應該會恢復到過去幾年（直到去年年中）一直保持的定期付款水準。總而言之，我認為基本情況看起來非常穩健。只要實際收款狀況符合我們目前的預測，我認為沒有任何理由動用循環信貸資金。

That being said, in scenarios where there are delays in payments from our customers or that we have experienced before from Mexico, we have the RCF of $150 million, which provides us with additional comfort there.

話雖如此，在我們的客戶延遲付款或我們之前經歷過墨西哥付款的情況下，我們有 1.5 億美元的 RCF，這為我們提供了額外的保障。

I would also maybe lastly add that when you saw the regular payments stopped from Pemex last year, we were also able to find alternative ways of getting paid with this financing or factoring agreement, which released almost 75% of our receivables on the balance sheet from Pemex. So I think we have a lot of lot of opportunities to also to monetize on the receivables should not the base case go through.

最後，我可能還想補充一點，去年Pemex停止了定期付款，我們也透過這項融資或保理協議找到了其他付款方式，這使得Pemex在資產負債表上釋放了近75%的應收帳款。所以，我認為，如果基本情況沒有解決，我們仍然有很多機會將這些應收帳款變現。

Yeah. Maybe I can add a few things because, Fredrik, of course, it starts all with proper quality of revenue. And I think we have shown that we can generate that in '24, where we ended up with $500 million of adjusted EBITDA.

是的。也許我可以補充幾點，因為弗雷德里克，當然，一切都始於高品質的收入。我認為我們已經證明，我們可以在2024年實現這一目標，最終實現了5億美元的調整後EBITDA。

We are indicating a number now that is along the lines of Bloomberg consensus for '25 of $460 million, where you also see that we are still in an environment where it's very competitive and where jobs are not easy to find. We're able to continue to fill up the coverage for '25 as well up to what we have indicated, the 80% to 85% we have no different intention to do with '26. So you see that we have 35% at a very decent day rate.

我們現在給出的數字與彭博社對2025年4.6億美元的預測一致，你也能看出，我們仍然處於競爭非常激烈、工作機會難求的環境中。我們能夠繼續填補2025年的空缺，達到我們之前提到的80%到85%的空缺，我們對2026年也沒有任何改變的打算。所以，你看，我們目前有35%的空缺，日薪也相當不錯。

If you think about what Mexico represents on top of that, it's about 20%. So you could say that with that, you're already starting to talk getting to the 55% to 60% of coverage. And we intend to continue to fill that throughout the year and try to be getting the right balance as we get this year between pricing and utilization.

如果你考慮到墨西哥的份額，它大約佔20%。所以可以說，我們已經開始談論55%到60%的覆蓋率了。我們打算全年繼續實現這一目標，並努力在今年實現定價和利用率之間的平衡。

And I think as long as we can continue to be very focused on starting off with the right quality of revenue and keeping the costs under control, then I think with the efforts on collections, we can do a good job on liquidity as well. At least that's what we've been doing so far, and we intend to approach it no different for '26.

我認為，只要我們能夠繼續專注於以良好的收入品質起步，並控製成本，那麼我相信，透過努力收回成本，我們也能夠在流動性方面做得很好。至少到目前為止，我們一直在這樣做，我們打算在2026年也採取同樣的措施。

And I think, Patrick, you started to touch upon my follow-up here because as you're building either the rest of 2025 and also through 2026, and maybe this one goes to Bruno. First part of that would be the discussions with your clients, are you still able and confident that you can secure premium rates or rates with a premium above market for your high-spec capabilities or are you in the current market getting pushback on that?

派崔克，我想你開始觸及我的後續問題了，因為你正在建造2025年剩餘時間以及到2026年的航程，也許這個航程會交給布魯諾。首先，你會與你的客戶進行討論：你是否仍然能夠並且有信心確保高規格機型能夠獲得溢價或高於市場的溢價？還是說，在目前的市場環境下，你是否面臨阻力？

I guess what you've signed so far proves that you can, but interested to hear how is that looking forward? And maybe for Magnus on the cost side also in the context of liquidity here, if you're faced with idle time on some of these rigs, and that pertains to Arabia II and Vali for that matter. How quickly are you able to ramp costs down and up if there's open capacity in between contracts?

我想你們目前簽署的協議已經證明了你們有能力，但我也很想知道未來前景如何？對於Magnus來說，成本方面，以及流動性方面，如果一些鑽井平台出現閒置，例如Arabia II和Vali，你們的成本會如何？如果在合約期間有剩餘產能，你們能夠多快地降低和提高成本？

All right, Fredrik. So in terms of your question, and probably difficult to provide a single answer to that and whether we can get a premium on every job going forward. I think it depends a lot on the specifics of the projects. We're obviously very well aware of the value that we bring to the customers with our high-end rigs, offline capabilities and features like that.

好的，弗雷德里克。關於你的問題，可能很難給出一個統一的答案，以及我們未來能否在每項工作中獲得額外報酬。我認為這很大程度上取決於項目的具體情況。我們非常清楚，我們的高階鑽孔機、離線功能以及諸如此類的功能能為客戶帶來什麼價值。

And to the tune that we know we create value for our customers, we think it's fair that we continue to claim a bit of a premium for those rigs and have been doing so for a while now. That all said, as we've been repeating for the last couple of quarters, at the moment, coverage is obviously just as important, if not more important than the premium. So we keep an eye.

我們知道我們為客戶創造了價值，因此我們認為繼續對這些鑽機收取一些溢價是合理的，而且我們已經這樣做了一段時間。話雖如此，正如我們過去幾季反覆強調的那樣，目前，保障顯然與溢價同樣重要，甚至更重要。因此，我們會持續關注。

When we deliver value for the customer because of project specifics, we certainly are very keen and driving to get that, and I think we have continued to do so. Maybe a bit more on projects that are a bit more cookie-cutter where we don't necessarily add an immense amount of value to the customer. We compete with the market trend. So we're comfortable with that.

當我們根據專案具體情況為客戶創造價值時，我們當然會非常熱衷並努力實現這一點，我認為我們一直在這樣做。也許我們會更專注於那些比較千篇一律的項目，因為這些項目並不一定能為客戶創造巨大的價值。我們與市場趨勢競爭。所以我們對此感到滿意。

I think what is important is that the quality of our fleet still means that a lot of our customers default back to us and look at us as the preferred alternatives, and that should give us a chance to fuel up that coverage better than our peers or at a faster pace than our peers. And that's really the focus that we have at the moment.

我認為重要的是，我們機隊的高品質仍然意味著許多客戶會預設選擇我們，並將我們視為首選，這應該會讓我們有機會比同行更好、更快地提升加油覆蓋率。這正是我們目前的重點。

Yeah. Then was your question on cost side of things when we have our rigs stacked. We currently have our rigs warm stacked. So they are relatively easy to get back to work as you saw from the rigs that we have suspended in Mexico and Ran, we keep warm enough that there will not be a lot of cost to bring the rigs out. And I would say a typical stacking cost for those rigs are in the mid-$20,000 per day approximately.

是的。那您問的是鑽機停工期間的成本問題。我們目前採用暖機停機模式。因此，它們相對容易恢復工作，正如您從我們在墨西哥和蘭暫停的鑽機上看到的那樣，我們保持了足夠的溫度，因此恢復鑽機的成本不會很高。我認為這些鑽孔機的典型停機成本大約在每天2萬美元左右。

The exception is obviously the Var, which is a new build coming out of the shipyard where we can actually have a lower cost while it's sitting idle, and that's more in the area of $15,000 per day. So if we look at stacking periods of up to more than one year, you will probably go into a cold stacking mode where you need to do more preservation, but you could also have a lower per day cost while stacked, but we have not gone to those stages yet as we are very optimistic that we actually will get work for them in less than one year.

例外顯然是Var號，它是剛從船廠出廠的新船，閒置期間我們的成本實際上更低，大約在每天1.5萬美元左右。所以，如果閒置期超過一年，可能會進入冷堆模式，需要進行更多的維護，但閒置期間的每日成本也可能更低，但我們還沒有進入這個階段，因為我們非常樂觀地認為，我們實際上會在不到一年的時間內為它們找到工作。

Greg Rossi, Bank of America.

美國銀行的格雷格·羅西。

Can you talk a little bit about the Saudi market? Just you mentioned on the long-term demand there, but we've been hearing what's been out in the press about rates potentially being dropped. Could you help us understand what you're seeing and how that may be affecting the Saudi market and just other adjacent markets? Sure, Bruno, could you take that Saudi question?

您能談談沙烏地阿拉伯市場嗎？您剛才提到了那裡的長期需求，但我們聽到媒體報告說利率可能會下調。您能否幫助我們了解您所看到的情況，以及這可能會如何影響沙烏地阿拉伯市場以及其他鄰近市場？好的，布魯諾，您能回答一下關於沙烏地阿拉伯的問題嗎？

Sure. Bruno, could you take the Saudi question?

當然。布魯諾，你能回答一下沙烏地阿拉伯的問題嗎？

Looking at the Saudi market, and we -- I mentioned in the earlier remarks, we saw obviously over the cycle, Saudi going from about 50 rigs to 90 rigs. And then following the suspension, we're now back down to levels in the 50s. So activity level offshore is now back at same levels as 2019.

看看沙烏地阿拉伯市場，我之前提到過，我們顯然看到沙烏地阿拉伯的鑽井平台數量在整個週期內從大約50座增加到了90座。暫停之後，現在又回落到了50座左右的水平。所以，海上鑽井活動水準現在回到了2019年的水準。

As we understand, the land operation in Saudi has seen a significant reduction in activity as well. Clearly, the Kingdom at the moment is resolving for cash. They seem to think that there is production available at their fingertip. And I think optimizing that has been in the forefront.

據我們了解，沙烏地阿拉伯的陸上作業活動也大幅減少。顯然，沙烏地王國目前正在解決資金問題。他們似乎認為，生產唾手可得。我認為，優化生產一直是當務之急。

Now interestingly, in the last couple of quarters, there's a few things that would indicate that we could be at a trough and possibly working towards a reversal. On one of those indications has been the increased interest from Saudi about lumpsum turnkey projects offshore. They've been quite successful with that onshore over time, not so much offshore. And now they seem to be exploring those opportunities or wanting to discuss these opportunities with the service companies and consequently, the jack-up providers. So let's see how things mature over time.

有趣的是，過去幾個季度，有幾件事表明我們可能正處於低谷，並可能正在走向逆轉。其中一個跡像是沙烏地阿拉伯對海上一次性交鑰匙計畫的興趣日益濃厚。長期以來，他們在陸上專案上取得了相當大的成功，但在海上專案上則表現不佳。現在，他們似乎正在探索這些機會，或希望與服務公司，以及自升式鑽井平台供應商，就這些機會進行探討。所以，讓我們拭目以待，隨著時間的推移，情況會如何發展成熟。

And then equally, they've been now securing long-term rigs for some of the rigs that -- long-term contracts with some of the rigs that had been previously suspended in the part of the kingdom, indicating that they're starting to build some long-term capacity or potentially optionality. So that's what we see at the moment.

同樣，他們現在也正在為一些先前在沙烏地阿拉伯部分地區暫停營運的鑽井平台簽訂長期合同，這表明他們正在開始建立一些長期產能或潛在的可選性。這就是我們目前看到的情況。

When Saudi is going to be back in the market, I think we will see. Certainly, we do feel that at the current activity level going back to same levels as 2019, meaningful reduction in activity are unlikely, and we start to see some signs of that potentially reversing going forward. But we'll see. Time will tell. I'll probably leave it at that. I guess we try to predict Aramco's steps in the past, and I think people have been proven wrong. So we will just monitor that going forward.

沙烏地阿拉伯何時重返市場，我想我們拭目以待。當然，我們確實認為，以目前的活動水平，回到2019年的水平不太可能出現顯著的減產，而且我們開始看到一些跡象表明，未來這種情況可能會逆轉。但我們拭目以待。時間會給出答案。我可能就此打住。我想，我們過去曾試圖預測沙烏地阿美的舉動，但我認為人們的預測已經被證明是錯的。所以我們接下來會繼續關注。

And I appreciate all the commentary on liquidity and the prudency of suspending the base dividend. How should we think about share buybacks? Is that a possibility in this environment or is that also off the table?

我感謝大家對流動性以及暫停基本股利的審慎性的評論。我們該如何看待股票回購？在目前的環境下，股票回購還有可能嗎？還是說也不可能？

Clearly, I think that, that is something that at a certain moment is clearly attractive at where equity pricing is currently. I think that there is a variety of things that we can do. I think everything is on the table at the time that we have a good visibility on the cash coming out of the business, and that would include everything from buybacks, from retiring debt from straight dividends.

顯然，我認為，在當前股價水準下，這在某個時刻顯然具有吸引力。我認為我們可以做很多事。我認為，當我們對業務現金流有清晰的預期時，所有措施都擺在桌面上，包括回購、償還債務和直接派息等。

I think that there is a whole slew of things you can think of that all will be appropriately evaluated and we looked at what would be the most appropriate at that moment in time. But yes, I think that there is nothing that is excluded. We will diligently work through it to make sure that we have the cash work in the best interest of the company.

我認為你能想到的很多事情都會得到適當的評估，我們也研究了在當時最適合的方案。是的，我認為沒有什麼是可以排除的。我們會認真處理，確保現金流符合公司的最佳利益。

Fady Chammas, Triton Partners.

費迪·查馬斯（Fady Chammas），Triton Partners 的合夥人。

A quick question about the backlog. How does this backlog work? Does it have clauses for termination for convenience? Can the customers just stop the contracts? Are there any penalty payments? Yeah, any color about that would be great.

關於積壓合同，我有個簡短的問題。積壓合約是如何運作的？它有方便終止合約的條款嗎？客戶可以直接終止合約嗎？有罰款嗎？是的，如果能提供一些細節就更好了。

Yeah. No problem, Fady. And if you look at -- probably difficult to give you a single answer for all the contracts, but our contracts, in its vast majority, probably close to totality at the moment include -- if includes a clause for termination for convenience, it comes with a level of payout.

是的，沒問題，Fady。如果你仔細想想——可能很難針對所有合同給出一個統一的答案，但我們的合同，絕大多數，目前可能接近全部，都包含——如果包含方便終止的條款，就會附帶一定程度的賠付。

That payout varies from contract-to-contract, but in general terms, it's equivalent to the EBITDA backlog expectation of that -- of the remaining term. So if the customer decides to exercise that option, we do recover the profit expectation that we had for the contract. And that's the general terms for the contract. It varies a little bit from contract-to-contract, but they are fairly similar.

不同合約的賠付金額有所不同，但一般來說，它相當於剩餘期限的EBITDA積壓預期。因此，如果客戶決定行使該選擇權，我們就能收回合約的利潤預期。以上就是合約的一般條款。不同合約略有不同，但大致相同。

Okay. So just to double check, you'd say that the bulk of the backlog is standard protected, i.e., even if oil prices drop materially, you wouldn't expect customers just to cancel contracts and you guys wouldn't get anything?

好的。所以再確認一下，您說大部分積壓訂單都受到標準保護，也就是說，即使油價大幅下跌，您也不會指望客戶直接取消合同，而你們什麼也得不到？

That is correct, yes.

是的，沒錯。

Okay. And then one quick follow-up is around the CapEx per rig. Like how do you guys think about it? And how should we think about it like average CapEx per rig per year? Can you also please give some guidance around that?

好的。接下來我想快速問一下關於每台鑽孔機的資本支出。你們是怎麼看待這個問題的？我們該如何計算每台鑽孔機每年的平均資本支出？您能否在這方面提供一些指導？

Yeah, sure. As you know, we've now last year, finalized our newbuild program. So there's no further growth CapEx. And what we're left with then is maintenance CapEx, special periodic surveys, long-term maintenance. We have already indicated we expect around $50 million in 2025 on CapEx, which equates to around $2 million per rig. And I think that is a decent number to also use going forward for modeling purposes and into the next couple of years as well.

是的，當然。如你所知，我們去年已經完成了新建鑽井平台的規劃。所以資本支出沒有進一步成長。剩下的就是維護資本支出、特殊定期檢驗和長期維護。我們已經表示，預計2025年的資本支出約為5,000萬美元，相當於每座鑽井平台約200萬美元。我認為，這個數字在未來的建模以及未來幾年的預測中都相當不錯。

And I think, with this, we have come to the end of the Q&A session. Thank you very much for your attention.

我想，問答環節到此結束了。非常感謝大家的關注。

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。您可以掛斷電話了。