Borr Drilling Ltd (BORR) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Borr Drilling Limited second-quarter 2025 results presentation, webcast, and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Borr Drilling Limited 2025 年第二季業績報告、網路廣播和電話會議。（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者，執行長帕特里克·肖恩先生。請繼續。

Good morning, and thank you for participating in the Borr Drilling second-quarter earnings call. I'm Patrick Schorn. And with me here today in Dubai are Bruno Morand, our Chief Commercial Officer; and Magnus Vaaler, our Chief Financial Officer. Next slide, please.

早安，感謝您參加 Borr Drilling 第二季財報電話會議。我是派崔克·肖恩。今天與我一起來到杜拜的還有我們的商務長 Bruno Morand 和我們的財務長 Magnus Vaaler。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，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。因此，我請您參閱我們最新的公開文件。

Now before we dive into our second quarter results, I'd like to briefly reference the recent press release announcing both our new financing package and the CEO succession plan. We will cover the financing package in detail during our prepared remarks. As it represents a significant step forward in strengthening our capital position and supporting our long-term strategy.

在我們深入了解第二季業績之前，我想簡要地參考一下最近發布的新聞稿，其中宣布了我們的新融資方案和執行長繼任計畫。我們將在準備好的演講中詳細介紹融資方案。因為它代表我們在加強資本地位和支持長期策略方面邁出了重要一步。

I will return to the CEO succession towards the end of the call. Our second quarter results were strong with technical utilization of 99.6% and an economic utilization of 97.8%. As anticipated, our activity rebounded in the second quarter with 22 out of 24 rigs active.

在會議即將結束時，我將再次討論執行長繼任問題。我們第二季的業績表現強勁，技術利用率達 99.6%，經濟利用率達 97.8%。正如預期的那樣，我們的活動在第二季度出現反彈，24 個鑽井平台中有 22 個處於活躍狀態。

Revenue increased by $51.1 million this quarter and EBITDA rose by $37 million to $133 million, up by 39% versus the first quarter of this year, underscoring the profitability of the revenue stream. Additionally, $106.5 million free cash flow was generated in the first six months of the year.

本季營收增加了 5,110 萬美元，EBITDA 增加了 3,700 萬美元，達到 1.33 億美元，比今年第一季成長了 39%，凸顯了營收流的獲利能力。此外，今年前六個月還產生了 1.065 億美元的自由現金流。

During the quarter, we have secured significant new awards, including a multi-rig contract in Asia and a new contract for the Arabia II, which is expected to return to our active fleet in September. These contract awards and commitments improve our contract coverage to 84% at an average day rate of $145,000 for 2025 and 47% coverage at an average day rate of $139,000 for 2026.

在本季度，我們獲得了重要的新合同，包括亞洲的多鑽井合約和 Arabia II 的新合同，預計該合約將於 9 月重返我們的現役船隊。這些合約授予和承諾將使我們的合約覆蓋率在 2025 年提高到 84%，平均日費率為 145,000 美元，在 2026 年提高到 47%，平均日費率為 139,000 美元。

Last month, we took a decisive step to strengthen Borr Drilling's longer-term financial position through a comprehensive financing package. This initiative, which included a $102.5 million equity raise and amendments to the size and covenants of our revolving credit facilities effectively increased our liquidity by $200 million and strengthens our balance sheet.

上個月，我們採取了決定性的措施，透過全面的融資方案來加強 Borr Drilling 的長期財務狀況。這項措施包括 1.025 億美元的股權融資以及對循環信貸額度規模和契約的修改，有效地增加了 2 億美元的流動性並增強了我們的資產負債表。

We acted proactively to secure financing while market conditions were favorable, reinforcing our ability to execute on our long-term strategy, including disciplined growth and potential industry consolidation. Looking into the third quarter, we see a comparable level of activity as in the second quarter and anticipate a similar performance.

我們在市場條件有利時積極採取行動以確保融資，增強了我們執行長期策略的能力，包括有紀律的成長和潛在的產業整合。展望第三季度，我們看到其活動水平與第二季度相當，並預計會有類似的表現。

As previously indicated in our commentary on 2025 adjusted EBITDA guidance, we are comfortable with the current Bloomberg consensus estimate of approximately $470 million. We are encouraged by the Mexican government's renewed commitment to strengthening Pemex's liquidity and its restated production goal of achieving 1.8 million barrels per day.

正如我們先前在 2025 年調整後 EBITDA 指引的評論中所指出的，我們對彭博目前約 4.7 億美元的普遍預期感到滿意。墨西哥政府再次承諾加強 Pemex 的流動性，並重申實現每天 180 萬桶的產量目標，這令我們感到鼓舞。

These actions should also enhance Borr Drilling's liquidity, enabling us to leverage our proven track record of delivering best-in-class wells and uniquely positioning Borr Drilling to capture incremental drilling activity, particularly under private investment projects that are expected to play an increasingly important role in the future of Mexico's oil and gas production.

這些舉措還將增強 Borr Drilling 的流動性，使我們能夠利用我們提供一流油井的良好記錄，並使 Borr Drilling 處於獨特的地位，以抓住增量鑽井活動，特別是在預計在墨西哥未來石油和天然氣生產中發揮越來越重要作用的私人投資項目下。

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

我現在將電話轉給馬格努斯，請他發表第二季的財務評論。

Thank you, Patrick. I will now go into some more details around the results for the quarter, which were positively impacted by an increase in activity and the number of rigs working in comparison to the prior quarter.

謝謝你，派崔克。現在，我將詳細介紹本季的業績，與上一季相比，本季的業績受到活動增加和鑽機數量增加的正面影響。

Total operating revenues were $267.7 million for the second quarter, an increase of $51.1 million or 24% compared to the first quarter. Included in this, our day rate revenues increases of $36.3 million, primarily due to an increase in the number of operating days for the Vale and the Tor. Bareboat charter revenues increased by $12.7 million due to the start-up of Arabia I's contract in Brazil and the commencement of the Galar Grid and Gersemi recommencement in Mexico.

第二季總營業收入為 2.677 億美元，較第一季增加 5,110 萬美元，增幅為 24%。其中，我們的日費收入增加了 3,630 萬美元，這主要是由於 Vale 和 Tor 的營運天數增加。由於 Arabia I 在巴西的合約啟動以及 Galar Grid 和 Gersemi 在墨西哥的重新啟動，光船租賃收入增加了 1,270 萬美元。

And lastly, management contract revenue increased by $2.1 million, primarily due to the recommencement of the Galar. Total operating expenses were $171.2 million for the second quarter, an increase of $14.4 million or 9% compared to the first quarter. This is also due to the Vale and the Tor rig operating expenses increase of around $12.4 million.

最後，管理合約收入增加了 210 萬美元，這主要歸功於 Galar 專案的重新開始。第二季總營運費用為 1.712 億美元，較第一季增加 1,440 萬美元，增幅 9%。這也是由於淡水河谷和 Tor 鑽井平台營運費用增加了約 1,240 萬美元。

This in total gives us an operating income of $96.5 million, which is a $36.3 million or 60% increase from the prior quarter. Further below the operating income line, we saw total financial expenses decreasing by $6.3 million, mainly due to a decrease in financing fees related to the Mexico settlements in the first quarter of 2025 with no comparable in the second quarter, in addition to positive FX movements.

總計我們的營業收入達到 9,650 萬美元，比上一季增加 3,630 萬美元，即 60%。在營業收入線以下，我們發現總財務支出減少了 630 萬美元，這主要是由於 2025 年第一季與墨西哥結算相關的融資費用減少，而第二季度沒有可比費用，此外還有積極的外匯變動。

Income tax expenses decreased by $7.8 million, primarily due to a one-off deferred tax asset recognized during the quarter and decrease in tax expense in Africa. All of the above resulted in a net income of $35.1 million, an increase of $52 million compared to the previous quarter. Adjusted EBITDA was $133.2 million, an increase of $37.1 million or 39%. Now moving into liquidity. Our free cash position at the end of Q2 was $92.4 million.

所得稅費用減少了 780 萬美元，主要原因是本季確認了一次性遞延所得稅資產以及非洲稅收費用減少。以上所有因素導致淨收入達到 3,510 萬美元，較上一季增加 5,200 萬美元。調整後的 EBITDA 為 1.332 億美元，增加 3,710 萬美元，增幅 39%。現在轉向流動性。我們第二季末的自由現金狀況為 9,240 萬美元。

In addition, we had $150 million undrawn under our revolving credit facility, resulting in total available liquidity of $242.4 million. Cash decreased by $77.8 million in comparison to the prior quarter, explained by the following.

此外，我們的循環信貸額度下還有 1.5 億美元未提取，因此總可用流動資金為 2.424 億美元。與上一季相比，現金減少了 7,780 萬美元，原因如下。

Net cash provided by operating activities were $6.3 million. This was highly impacted by $98.3 million in cash interest payments, which we make semiannually on our senior secured bonds. Additionally, $20.8 million of income taxes were paid in the quarter. The cash flow from operating activities in the quarter is impacted by working capital build. However, this is expected due to several reasons.

經營活動提供的淨現金為 630 萬美元。這在很大程度上受到了我們每半年對優先擔保債券支付的 9,830 萬美元現金利息的影響。此外，本季還支付了 2,080 萬美元的所得稅。本季經營活動產生的現金流受到營運資本建設的影響。然而，由於多種原因，這是可以預料到的。

First of all, we continue to see delays in collections in Mexico. However, due to recent positive developments through financing initiatives by the Mexican government, we expect this to improve in the second part of the year. Additionally, we have experienced increased accrued revenue as a natural result of the start-up of new contracts for the Vale, Ran and Arabia I, where services have been performed but not yet built.

首先，我們繼續看到墨西哥的收款延遲。然而，由於墨西哥政府最近透過融資措施取得了積極進展，我們預計今年下半年情況將會改善。此外，由於 Vale、Ran 和 Arabia I 等專案新合約的啟動，我們的應計收入自然也增加了，這些專案的服務已經完成，但尚未開工。

In addition, certain rig contract rates increased compared to the previous quarter. Net cash used in investing activities was $13.4 million and is comprised of jack-up additions primarily as a result of long-term maintenance costs and activations. We still expect maintenance CapEx levels for the year around $50 million.

此外，某些鑽機合約費率與上一季相比有所增加。投資活動所用淨現金為 1,340 萬美元，主要包括因長期維護成本和啟動而增加的自升式鑽井平台。我們仍然預計今年的維護資本支出水準將在 5,000 萬美元左右。

And in addition to these $50 million, a large portion of the contract preparation and activation cost for the rig Vale, we were able to capitalize and classify as CapEx as opposed to deferring expenses as we normally do for contract start-up. This is due to the rig being a newbuild commencing its first contract. Lastly, net cash used in financing activities were $70.7 million, which relates to the semiannual debt repayments on our senior secured notes due in 2028 and 2030.

除了這 5000 萬美元（Vale 鑽井平台合約準備和啟動成本的很大一部分）之外，我們還能夠將其資本化並歸類為資本支出，而不是像合約啟動時通常那樣遞延費用。這是因為該鑽井平台是一艘新建的、剛開始簽訂第一份合約的鑽井平台。最後，融資活動所用淨現金為 7,070 萬美元，與 2028 年和 2030 年到期的優先擔保票據的半年債務償還有關。

It's also worth adding that year-to-date, our free cash flow generation was $106.5 million. As Patrick summarized, in July, we announced an initiative to significantly strengthen our balance sheet and increase liquidity of approximately $200 million through an equity raise of $102.5 million and increases in revolving credit facilities of $84 million and a reduction in the minimum liquidity covenants.

另外值得補充的是，今年迄今為止，我們的自由現金流產生了 1.065 億美元。正如帕特里克所總結的那樣，7 月份，我們宣布了一項計劃，透過股權融資 1.025 億美元、增加 8,400 萬美元的循環信貸額度以及降低最低流動性契約，大幅加強我們的資產負債表並增加約 2 億美元的流動性。

With these transactions, the Q2 pro forma liquidity increases to approximately $425 million, which consists of $192 million of cash and $234 million in available RCF capacity. This strengthened liquidity position provides a solid foundation for pursuing opportunistic transactions and supporting future growth.

透過這些交易，第二季的預期流動性增加至約 4.25 億美元，其中包括 1.92 億美元的現金和 2.34 億美元的可用 RCF 容量。流動性狀況的增強為尋求機會交易和支持未來成長奠定了堅實的基礎。

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

這樣，我就把這個話轉達給布魯諾。

Thank you, Magnus. Year-to-date, Borr Drilling has secured 14 new contract commitments, adding $318 million to our backlog. Several of these new commitments include options with the potential to significantly extend their duration and earnings visibility.

謝謝你，馬格努斯。年初至今，Borr Drilling 已獲得 14 份新合約承諾，為我們的積壓訂單增加了 3.18 億美元。這些新承諾中的一些包括可能大幅延長其期限和盈利可見性的選擇。

Since our last report, we secured high-quality contracts backed by our market-leading operational performance. In Vietnam, we received a multi-rig award from Hong Kong for rig store and gunboat totaling approximately 500 days, including priced options.

自上一份報告以來，我們憑藉市場領先的營運業績獲得了高品質的合約。在越南，我們從香港獲得了多鑽機合同，包括鑽機倉庫和砲艇，總計約 500 天，包括定價選擇權。

Both contracts are expected to commence in early Q4 in direct continuation of the rig's existing contracts, clearly demonstrating our ability to eliminate idle time and maximize asset utilization. These awards strengthen our market position in Vietnam, where we see near-term demand growth in Southeast Asia.

這兩份合約預計將於第四季度初開始生效，直接延續鑽井平台的現有合同，這清楚地表明了我們消除閒置時間和最大限度提高資產利用率的能力。這些獎項鞏固了我們在越南的市場地位，我們看到東南亞地區近期的需求將會成長。

In the Middle East, the rig Arabia II received a 500 days contract expected to commence in early September, enabling the rig to return to the active fleet. While this tender has been awarded on a competitive basis, the rig's track record of high performance allows us to collaborate with the customer around certain performance incentives, which could result in day rate uplift of up to 10% to 15%.

在中東，Arabia II 鑽井平台獲得了一份為期 500 天的合同，預計將於 9 月初開始生效，這將使該鑽井平台重返現役船隊。雖然此次投標是在競爭的基礎上授予的，但該鑽井平台的優異性能記錄使我們能夠與客戶就某些性能激勵措施進行合作，這可能導致日費率上漲高達 10% 至 15%。

In Mexico, the run had a 100-day option exercised by ENI, keeping the rig contracted into early '26. As part of this extension, the parties agreed to add another set of options to that contract that if exercised, would result in full year coverage for 2026.

在墨西哥，埃尼公司行使了為期 100 天的選擇權，使鑽井平台的合約持續到 26 年初。作為此次延期的一部分，雙方同意在該合約中增加另一組選擇權，如果行使，將涵蓋 2026 年全年。

And lastly, in June, the Odin received a notice of suspension by Pemex. Following this, we secured a letter of intent from an independent oil company in Mexico for an approximately 75-day program expected to commence in late August.

最後，6 月份，Odin 號收到了 Pemex 的停運通知。隨後，我們獲得了墨西哥一家獨立石油公司的意向書，該計劃為期約 75 天，預計將於 8 月底開始。

In addition to these awards, we have converted the previously announced LOAs for the [Scout] in Thailand and the Norve in West Africa into contracts. As you note in our fleet status report, the award associated with the Norve in West Africa has now been assigned to the Natt, which will enable us to optimize scheduling flexibility and maximize revenue days.

除了這些獎項之外，我們還將先前宣布的泰國[Scout]和西非Norve的LOA轉換為合約。正如您在我們的船隊狀況報告中所指出的，與西非 Norve 相關的獎項現在已分配給 Natt，這將使我們能夠優化調度靈活性並最大限度地提高收益天數。

On the back of the recent contracts, our 2025 fleet coverage has now reached a robust 84% at an average day rate of 145. This is in line with our earlier targets of achieving 80% to 85% coverage in the year, and we see potential for further improvements as we have line of sight of additional contracts for the rigs Natt and P1, which we still have open capacity this year.

在最近簽訂的合約的支持下，我們的 2025 年車隊覆蓋率現已達到 84%，平均日費率為 145。這與我們早先設定的在今年實現 80% 至 85% 覆蓋率的目標一致，而且我們看到了進一步改善的潛力，因為我們已經看到了 Natt 和 P1 鑽井平台的額外合同，今年我們仍有開放產能。

Our 2026 coverage, including price options, now stand at 47%, a 12-point improvement since our last report. Mexico remains a significant and strategically important part of our portfolio, representing circa 20% of our available coverage in 2026. The announcements made by the Mexican government last week provide us with increased confidence in sustained rig demand and contract stability for our rigs in country.

我們對 2026 年的覆蓋率（包括價格選項）目前為 47%，比上次報告提高了 12 個百分點。墨西哥仍然是我們投資組合中具有戰略重要性的重要部分，占我們 2026 年可用覆蓋範圍的 20% 左右。墨西哥政府上週發布的公告讓我們對該國持續的鑽機需求和鑽機合約的穩定性更有信心。

I'll cover these in more details in a few minutes. From a macro perspective, the oil and gas sector continues to contend with a complex global environment recently shaped by regional conflicts, uncertainty over global trade tariffs and OPEC's accelerated rollback of its 2.2 million barrels per day voluntary cuts.

我將在幾分鐘內更詳細地介紹這些內容。從宏觀角度來看，石油和天然氣產業繼續應對近期由地區衝突、全球貿易關稅的不確定性以及歐佩克加速取消每日220萬桶的自願減產所形成的複雜全球環境。

Regional conflicts have continued to underwrite the fragility of the global oil and gas supply chains with escalations in the Middle East causing Brent prices to reach highs of $75 in June and revising discussions about the importance of pragmatic government policies as illustrated by the Dutch government's reinstated commitment to develop local gas and New Zealand's reversal of its prior bank on new offshore licenses.

地區衝突繼續加劇了全球石油和天然氣供應鏈的脆弱性，中東局勢升級導致布倫特原油價格在 6 月達到 75 美元的高位，並改變了關於務實政府政策重要性的討論，荷蘭政府重新承諾開發本地天然氣，新西蘭撤銷了之前對新海上許可證發放的承諾，都表明了這一點。

Despite this complex environment, Brent crude prices have remained resilient, averaging approximately $68 in Q2, a level that continued to support the development of shallow water projects, which offer some of the lowest breakevens and faster cash flow generation to our customer.

儘管環境如此複雜，布蘭特原油價格仍然保持堅挺，第二季度平均價格約為 68 美元，這一價格水平繼續支持淺水項目的開發，這些項目為我們的客戶提供了最低的盈虧平衡點和更快的現金流產生。

Looking specifically at jack-ups, global utilization has remained generally steady with modern rig market utilization holding above 90%. Day rates have continued to experience downward pressure as the market works to absorb the excess capacity resulting from the Saudi suspensions.

具體來看自升式鑽井平台，全球利用率整體維持穩定，現代鑽井平台市場利用率維持在 90% 以上。由於市場努力吸收沙烏地阿拉伯停運造成的過剩產能，日費率持續面臨下行壓力。

While more than half of the modern rig capacity from the suspension has been absorbed, we estimated that less than 10 modern units remain available and competitive in international markets. Positively, visible incremental demand in the Middle East, particularly in Kuwait and the neutral zone, points towards a significant part of this oversupply being absorbed in the near future.

雖然暫停營運期間超過一半的現代鑽井平台容量已被吸收，但我們估計，在國際市場上仍然可用且具有競爭力的現代鑽井平台不到 10 台。積極的一面是，中東地區（尤其是科威特和中立區）的需求明顯增加，表明這種供應過剩的很大一部分將在不久的將來被吸收。

While we acknowledge that these projects have experienced delays due to supply chain constraints and complex procurement processes, recent orders of long lead items provide increased confidence that they remain on track to materialize in '26 and '27.

雖然我們承認這些項目由於供應鏈限制和複雜的採購流程而遭遇延誤，但最近對長週期項目的訂單增強了我們的信心，相信它們仍將在 2026 年和 2027 年順利實現。

Additionally, we are encouraged by recent data points relating to Aramco EPCI tender awards and nearing awards for an estimated total of $8 billion, surpassing 2024 levels. These awards cover key projects such as Zulu and margin and are understood to include several wellhead platforms.

此外，有關阿美 EPCI 招標授予和即將授予的獎項的最新數據令我們感到鼓舞，這些獎項的總金額估計為 80 億美元，超過了 2024 年的水平。這些獎項涵蓋了Zulu和Margin等重點項目，據了解還包括幾個井口平台。

With jack-up activity in Saudi already back to 2019 level, we believe further development of these projects are supportive of long-term incremental demand in the Kingdom. In Southeast Asia and West Africa, demand has continued to track positively. Since the beginning of the year, contracted jack-up counts in these regions has increased by 10 rigs.

隨著沙烏地阿拉伯自升式鑽井平台活動已恢復到 2019 年的水平，我們相信這些計畫的進一步發展將支持沙烏地王國的長期增量需求。在東南亞和西非，需求持續呈現正面趨勢。自今年年初以來，這些地區的自升式鑽井平台簽約數量增加了10座。

While the inflow of rigs from the Middle East to both regions has pressured rates in recent opportunities and more marketing in Southeast Asia, supply and demand in these regions is fundamentally balanced for modern units. In Mexico, we're encouraged by the government's renewed focus on strengthening Pemex's liquidity and its restated goal of achieving 1.8 million barrels per day in production.

儘管近期來自中東的鑽井平台流入這兩個地區給費率帶來了壓力，而且東南亞的營銷也增加了，但這些地區的現代鑽井平台的供需基本上保持平衡。在墨西哥，政府重新將重點放在加強 Pemex 的流動性以及重申實現每天 180 萬桶產量的目標，這令我們感到鼓舞。

The government has laid out a clear plan, including a $12 billion debt offering to refinance short-term obligations and another $13 billion facility to provide funding for Pemex's current and future projects. Given our track record of delivering best-in-class wells, Borr is uniquely positioned to capture incremental work, especially on private investment projects, which are projected to contribute to 1/4 of the country's production by 2033.

政府已經制定了明確的計劃，包括發行 120 億美元的債券來為短期債務進行再融資，以及再發行 130 億美元的債券來為 Pemex 的當前和未來項目提供資金。鑑於我們交付一流油井的往績，Borr 具有獨特的優勢來獲取增量工作，特別是私人投資項目，預計到 2033 年這些項目將為該國的產量貢獻 1/4。

The bottom line is this, stronger liquidity at Pemex is a clear positive for Borr Drilling. As supply and demand continue to rebalance, retirement activity has now resumed as owner of old assets face challenges to find suitable and economic redeployment opportunities. So far this year, according to IHS, four units have been retired and several others are being held for sale.

底線是，Pemex 更強的流動性對於 Borr Drilling 來說顯然是一個利好。隨著供需不斷重新平衡，退休活動現已恢復，因為舊資產的所有者面臨著尋找合適且經濟的重新部署機會的挑戰。據 IHS 稱，今年到目前為止，已有四台機組退役，另有幾台機組正在出售。

We expect the dynamic to accelerate, particularly in the context of ongoing industry consolidation. In short, while near-term volatility may continue, the long-term fundamentals of the jack-up market remain compelling. Demand for oil and gas to support global energy needs is expected to continue to grow and support investment.

我們預計這一動態將會加速，特別是在持續的產業整合背景下。簡而言之，雖然短期波動可能會持續，但自升式鑽井平台市場的長期基本面依然強勁。預計全球能源對石油和天然氣的需求將持續成長並支持投資。

Shallow water projects represent a sizable portion of global production, characterized by attractive breakeven prices, short cash flow cycles and relatively low emissions. With an aging global fleet and no new builds in sight, the supply of jack-ups should continue to high, supporting high utilization levels and economics. We are consistently delivering in our commercial strategy, maximizing 2025 backlog and building 2026 coverage while supporting our customers through this dynamic cycle.

淺水項目佔全球產量的很大一部分，其特點是損益平衡價格具有吸引力、現金流週期短、排放量相對較低。由於全球船隊老化且沒有新建船隊的跡象，自升式鑽井平台的供應量應會持續保持高位，從而支持高利用率和經濟效益。我們始終如一地執行我們的商業策略，最大限度地增加 2025 年的訂單量並建立 2026 年的覆蓋範圍，同時透過此動態週期為客戶提供支援。

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. Now I'd like to discuss our CEO succession plan. Effective September 1, Bruno Morand will succeed me as Chief Executive Officer. At that time, I will transition to the role of Executive Chairman. This is the culmination of a multiyear succession plan developing in close partnership with our Board of Directors.

謝謝你，布魯諾。現在我想討論一下我們的執行長繼任計劃。自 9 月 1 日起，Bruno Morand 將接替我擔任執行長。屆時，我將轉任執行主席一職。這是與董事會密切合作制定的多年繼任計畫的成果。

I'm very pleased that the Board has selected Bruno to lead Borr Drilling into its next chapter. While many of you already know him, let me take a moment to highlight his background. Bruno is a 20-year veteran of the offshore drilling industry with a strong track record in operational management, project execution, marketing and customer relationship development.

我很高興董事會選擇布魯諾來領導 Borr Drilling 邁入新的篇章。雖然你們中的許多人已經認識他，但請容許我花點時間來介紹他的背景。布魯諾 (Bruno) 是海上鑽井行業 20 年的資深人士，在營運管理、專案執行、行銷和客戶關係發展方面擁有豐富的經驗。

Prior to joining Borr Drilling in 2017, he held senior roles with international offshore drilling companies, giving him broad exposure to global markets and operational complexity. Since joining Borr Drilling, he has been deeply involved in managing the relationships with our key clients and strategic partners and has contributed significantly to our operational and commercial progress.

在 2017 年加入 Borr Drilling 之前，他曾在國際海上鑽井公司擔任高階職位，這使他能夠廣泛接觸全球市場和營運複雜性。自從加入 Borr Drilling 以來，他一直深入參與管理與我們關鍵客戶和策略合作夥伴的關係，並為我們的營運和商業進步做出了重大貢獻。

His dynamic leadership, customer focus and strategic insight position him to advance our current priorities and unlock new growth. To our shareholders, I want to underscore that this transition is not just about continuity. It's also about accelerating our momentum.

他的活力領導力、客戶至上精神和策略洞察力使他能夠推進我們當前的優先事項並開啟新的成長。我想向我們的股東強調，這種轉變不僅僅是關於連續性。這也有助於加速我們的發展勢頭。

Bruno brings a fresh yet experienced perspective that will be invaluable as we navigate evolving market dynamics and pursue new avenues of growth. Alongside this leadership change, I'm pleased to share updates to our Board composition.

布魯諾帶來了全新而又經驗豐富的視角，這對於我們應對不斷變化的市場動態和尋求新的成長途徑將非常寶貴。隨著領導階層的變動，我很高興與大家分享董事會組成的最新情況。

Firstly, our Founder and current Chairman, Mr. Tor Olav Troim, will remain on the Board as a Director, ensuring continuity of our founding vision. Mr. Dan Rabin will become our Lead Independent Director, ensuring continuity of objective and independent governance. And Mr.

首先，我們的創辦人兼現任董事長 Tor Olav Troim 先生將繼續擔任董事會董事，以確保我們創始願景的連續性。丹·拉賓先生將成為我們的首席獨立董事，確保客觀和獨立治理的連續性。還有先生

Thiago Mordehachvili, Founder and Chief Investment Officer of Granular Capital and a long-standing shareholder will be joining our Board. Mr. Mordehachvili brings deep financial acumen and a strong shareholder perspective, which will help to further sharpen our focus on long-term value creation.

Granular Capital 創辦人兼首席投資長兼長期股東 Thiago Mordehachvili 將加入我們的董事會。Mordehachvili 先生擁有深厚的財務敏銳度和強大的股東視角，這將有助於我們進一步專注於長期價值創造。

These changes significantly strengthen our Board's capabilities and align with our strategic vision for long-term success. The combined experience and diverse expertise of this group will support the leadership team in driving innovation, performance and shareholder returns.

這些變化大大增強了我們董事會的能力，並符合我們長期成功的策略願景。該團隊的綜合經驗和多元化專業知識將支持領導團隊推動創新、績效和股東回報。

Now as I reflect on the past seven years, initially as a director and subsequently as CEO, I'm incredibly proud of what we have built together. During that time, we have assembled a world-class leadership team, expanded our presence in key markets and established Borr Drilling as the leading international jack-up drilling contractor.

現在，當我回顧過去七年，最初擔任董事，後來擔任執行長時，我為我們共同創造的一切感到無比自豪。在此期間，我們組建了一支世界一流的領導團隊，擴大了我們在主要市場的影響力，並將 Borr Drilling 打造成為領先的國際自升式鑽井承包商。

The strong foundation we stand on today is a direct result of the hard work and dedication of our employees, the continued support of our customers and the confidence of our shareholders, and I sincerely thank each one of them for that.

我們今天所站的堅實基礎直接歸功於我們員工的辛勤工作和奉獻精神、客戶的持續支持以及股東的信任，我真誠地感謝他們每一個人。

Looking ahead to this next chapter, I'm excited about the path ahead for Borr Drilling, and I'm confident in our ability to deliver on our long-term vision and create value for our shareholders. Thank you. Ladies and gentlemen, we are now ready to go to Q&A.

展望下一篇章，我對 Borr Drilling 的未來之路感到興奮，我相信我們有能力實現我們的長期願景並為股東創造價值。謝謝。女士們、先生們，我們現在進入問答環節。

(Operator Instructions) Eddie Kim, Barclays.

（操作員指示）巴克萊銀行的 Eddie Kim。

Just wanted to get an update on where things stand in Mexico. It's certainly great to see the Mexican government raising debt, so Pemex can hopefully pay their suppliers like yourselves. But from an operational perspective, do you think the worst is sort of behind us in Mexico?

只是想了解墨西哥的最新情況。看到墨西哥政府增加債務當然是件好事，這樣 Pemex 就有望向像你們這樣的供應商付款了。但從營運角度來看，您是否認為墨西哥最糟糕的時期已經過去了？

You have, I believe, five jack-ups drilling for Pemex currently, most of which are coming off contract in the first half of next year. Just curious, what's your confidence level on extensions for these jack-ups? And looking even further ahead, how do you see maybe your Pemex rig count trending from here over the next, let's say, 12 to 18 months?

我相信，目前你們有五座自升式鑽井平台為 Pemex 進行鑽探，其中大部分將於明年上半年合約到期。只是好奇，您對這些自升式鑽井平台的延伸有多大信心？展望未來，您認為未來 12 到 18 個月內 Pemex 鑽孔機數量將如何變化？

Very good Eddie. Bruno here. So let me tackle that in small chunks here. But indeed, positive, what we know is the government announced this $13 billion facility, which is clearly earmarked to support vendor payments for projects that are current and future in the Pemex portfolio.

非常好的艾迪。我是布魯諾。因此，讓我在這裡分小塊來解決這個問題。但確實，積極的一面是，我們知道政府宣布了這項 130 億美元的融資，這筆資金明確用於支持 Pemex 投資組合中當前和未來項目的供應商付款。

And there has been a hint that in 2026, there will be a similar facility that will come to support Pemex in getting back behind the strategy. So that is positive. It's hard to comment more. I think it's going to take a little bit of time for agreements to be put in place. There's obviously banking agreements associated before revenues or revenues start to come through. But there seems to be a very clear pathway for that.

有跡象表明，2026 年將會有一個類似的設施來支持 Pemex 重新實施該策略。這是積極的。很難發表更多評論。我認為達到協議還需要一點時間。在收入或收益開始到帳之前，顯然存在相關的銀行協議。但似乎有一條非常清晰的途徑可以實現這一點。

So that is very positive, very positive for us. In terms of activity, what we see in Mexico at the moment has been less about Pemex's desire to continue with activity and it's more about their ability to continue to pay vendors and sustainably continue operation.

所以這對我們來說是非常積極的。就活動而言，我們目前在墨西哥看到的並不是 Pemex 繼續活動的願望，而是他們繼續向供應商付款並持續運作的能力。

I think with the funding, the desire and the work scope has been there and that the payment should enable now some of that activity to return in quite short near term. It is indeed positive. I think it does paint a better picture and a clear environment for us in Mexico going forward.

我認為，有了資金、意願和工作範圍，付款應該能夠使部分活動在短期內恢復。這確實是積極的。我認為這確實為我們未來在墨西哥的發展描繪了更好的圖像和清晰的環境。

We do have ongoing discussions about new contracts for multiyear work on our rigs, and we are quite optimistic and positive that we'll see those coming to a conclusion in very short term. So we'll update you more as we move along, but I think the optimism is certainly there.

我們確實正在就鑽井平台的多年期新合約進行討論，我們非常樂觀且積極地認為這些合約將在短期內達成。因此，我們會隨時向您通報更多進展，但我認為樂觀情緒肯定存在。

Great. Great. My follow-up is just on potential M&A. So you have a lot more dry powder now than you did three months ago. You mentioned potentially targeting some opportunistic transactions. Could you expand on that a bit for us? Are you looking to target maybe some larger corporate M&A?

偉大的。偉大的。我的後續關注點只是潛在的併購。因此，與三個月前相比，您現在擁有的乾粉要多得多。您提到可能針對一些機會性交易。您能為我們詳細解釋一下嗎？您是否正在考慮進行一些更大規模的企業併購？

I know we had a big merger announcement recently in the sector or more targeting smaller kind of asset purchases? And are you looking to target specific regions? Just curious on your thoughts on the opportunities and what you're looking for.

我知道我們最近在該領域發布了一項重大合併公告，還是更專注於小規模的資產購買？您是否希望針對特定區域？只是好奇您對這些機會的看法以及您在尋找什麼。

Yes, Eddie, I think -- I mean, part of the answer is probably already what you said in that with the recent announcements that have been done, any bit of color that we give probably immediately identifies exact direction and candidates of where we're thinking and how we're thinking about it.

是的，艾迪，我認為——我的意思是，部分答案可能已經是你所說的，根據最近發布的公告，我們提供的任何一點信息都可能立即確定確切的方向和候選人，以及我們正在思考的地方和我們如何思考。

So given the fact that there have been some moves and some signs of consolidation in the market already, I think it's very difficult to comment in further detail. I think that the key maybe takeaway is that we look forward to see more consolidation in the space. We believe that the time is right for it. And we believe that, that will go hand-in-hand potentially with actions that we will see happening in the deepwater space as well.

因此，鑑於市場已經出現了一些走勢和整合跡象，我認為很難進一步發表評論。我認為關鍵的一點可能是我們期待看到該領域的更多整合。我們相信現在時機已經成熟。我們相信，這將與我們在深水空間看到的行動齊頭並進。

Out of all of that, I do think that there is going to be some interesting assets that might fall off and that might be interesting for us as well. As you maybe remember from the Paragon acquisition that we did, when we acquire, we also have no problem provided that the valuation is right that we cut up, in some cases, a significant amount of rigs that are not of the profile any longer that fit with our fleet.

在所有這些之中，我確實認為將會有一些有趣的資產可能會下跌，這對我們來說也可能很有趣。您可能還記得，我們​​收購了 Paragon，在收購時，只要估值正確，我們就可以毫無問題地分割掉一些不再適合我們船隊的鑽機，在某些情況下。

So we certainly look as well at parts of the market where we could rationalize further. But I think we'll have to leave it at that as additionally commentary just because, I mean, the space where we operate in is relatively small and some others have made moves already. So I think we'll just have to keep our eye open here in the months to come and see how this space develops further.

因此，我們當然也會關注可以進一步合理化的市場部分。但我認為我們必須將其作為額外的評論，因為我們運營的空間相對較小，而且其他一些人已經採取了行動。所以我認為在接下來的幾個月裡我們必須保持關注，看看這個領域將如何進一步發展。

Understood. Sounds good. And Patrick, you navigated the company through some very challenging times. So a job well done and wish you the best in your next chapter.

明白了。聽起來不錯。派崔克，您帶領公司度過了一些非常艱難的時期。所以，恭喜你，工作做得很好，祝你在接下來的篇章中一切順利。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 的創始人。

Patrick, you mentioned private investment projects are expected to play an increasing role in Mexico. Just wanted some color on the current status of private projects. Historically, it's been able to find -- it's been difficult to find agreements that are suitable for all the parties. So just a little color on what milestone should we be keeping an eye out for that might show a broader acceleration here?

帕特里克，您提到私人投資項目預計將在墨西哥發揮越來越大的作用。只是想了解一下私人專案的現況。從歷史上看，要找到適合所有各方的協議一直很困難。那麼，我們應該關注哪個里程碑，以顯示更廣泛的加速？

Yes, I'll ask Bruno to give a bit more color on this, Doug.

是的，我會請布魯諾對此做出更詳細的解釋，道格。

Very good. No, the private investment is a reality in Mexico at the moment. If you look at our fleet, one of our rigs in Mexico, as we speak, is operating in a field called Bacab-Lum, which is a private investment project.

非常好。不，私人投資目前在墨西哥是現實存在的。如果你看看我們的船隊，我們位於墨西哥的其中一座鑽井平台正在一個名為 Bacab-Lum 的油田作業，這是一個私人投資項目。

And the way to think about it, these are basically in general fields that are already identified by Pemex and sometimes relatively mature that are then assigned to a private investment group that has a 15-year timeline to develop these fields and get remunerated for the additional production that they can get out of these fields. So it seems to be a quite attractive value proposition.

想想看，這些基本上是 Pemex 已經確定的一般油田，有時相對成熟，然後分配給一個私人投資集團，該集團有 15 年的時間來開發這些油田，並根據從這些油田獲得的額外產量獲得報酬。所以這似乎是一個非常有吸引力的價值主張。

It's one that incentivize performance and at the same time, reduces a bit of the strain on Pemex balance sheet to fund some of these projects. Equally important is that these projects allow the investment group to actually get paid from production and consequently minimizing as well some of the exposure to the Pemex payment cycle. So that's a quite interesting thing.

這是一種激勵績效的方法，同時，它還可以減輕 Pemex 資產負債表對資助這些專案的壓力。同樣重要的是，這些項目使投資集團能夠從生產中真正獲得報酬，從而最大限度地減少對 Pemex 支付週期的風險。這是一件非常有趣的事。

In terms of scale, the one that we're participating at the moment is the first one in country and started very successfully. In the recent plans from Pemex that were released last week, they have now a target and ambition to see those projects represent about 1/4 of the total country production by 2033 and about 450,000 barrels a day at that point in time.

從規模上看，我們這次參加的這個是全國第一個，而且起步很成功。在上週發布的最新計畫中，Pemex 設定了目標和雄心，即到 2033 年，這些項目的產量將佔到全國總產量的四分之一左右，屆時日產量將達到 45 萬桶左右。

So there's quite a significant growth expected and certainly a type of project that will value or benefit performance-oriented contractors like ourselves.

因此，預計會有相當顯著的成長，這類專案肯定會重視或有利於像我們這樣以績效為導向的承包商。

No, it definitely sounds encouraging. Maybe a quick one for Magnus. It wasn't clear to me, are you currently having conversations around the Pemex accounts receivable being paid? Or is it just that the funding is coming in and obviously, that bodes well.

不，這聽起來確實令人鼓舞。對馬格努斯來說，這也許是一個快速的動作。我不清楚，您目前是否正在討論支付 Pemex 應收帳款的問題？或者只是因為資金正在到位，這顯然是一個好兆頭。

I think it is the recent signals we have received from Mexico through the announcements they have made and clearly stated they have $13 billion of financing program now to pay their suppliers and vendors for work conducted in 2025, which makes us believe in that the payments will pick up in Mexico because we have seen that they have actually actioned this financing now. Although they have talked about it for a long time, at least now we see the actions.

我認為這是我們最近從墨西哥收到的信號，他們發布的公告明確表示他們現在有 130 億美元的融資計劃，用於支付 2025 年所開展工作的供應商和供應商的費用，這讓我們相信墨西哥的付款將會增加，因為我們已經看到他們實際上已經開始了這筆融資。儘管他們談論了很久，但至少現在我們看到了行動。

That's what I was getting at.

這就是我要說的。

Fredrik Stene, Clarksons Securities.

克拉克森證券公司的 Fredrik Stene。

Yes, Patrick and Bruno, I guess, it's fair to say congrats to you both if you view it as a double promotion here. So looking forward to continuing discussions in the years ahead as well, although in slightly different roles for the two of you.

是的，派崔克和布魯諾，我想，如果你們認為這是雙重晉升，那麼向你們表示祝賀是公平的。因此，儘管你們兩人的角色略有不同，但我們仍期待在未來幾年繼續討論。

With that said, I wanted -- I think Mexico has been well covered already, but just maybe to Magnus before I move to my main question, what's the amount of outstanding receivables that relates to Pemex on your balance sheet at the moment?

話雖如此，我想——我認為墨西哥的情況已經得到很好的解決了，但在我轉到我的主要問題之前，也許可以先問馬格努斯，目前您的資產負債表上與 Pemex 相關的未償應收賬款金額是多少？

Yes. So currently, we have around $60 million, $65 million of outstanding bareboat payments from Mexico, which follows our comment in the first quarter where we received $120 million of cash receivables, which took down our receivable balance by approximately 75% and then adding on the variables that we have burned in the meantime. So that gets you to mid- $60 million.

是的。因此，目前，我們有大約 6000 萬美元、6500 萬美元的未付光船付款來自墨西哥，這是我們在第一季度收到 1.2 億美元現金應收賬款後做出的評論，這使我們的應收賬款餘額減少了約 75%，然後又增加了我們在此期間燒掉的變量。這樣你的收入就達到了 6000 萬美元左右。

Okay. No, that's very helpful. Then to -- with Mexico out of the way, I wanted to talk about the market in general and through that focusing a bit on Saudi. I think you said in the prepared remarks that you feel quite comfortable that there is some incremental demand in the Middle East in other countries than Saudi.

好的。不，這非常有幫助。然後——談完墨西哥之後，我想談談整個市場，並專注於沙烏地阿拉伯市場。我想您在準備好的發言中說過，您對中東地區除沙烏地阿拉伯以外的其他國家也存在一些增量需求感到相當滿意。

But at some point, Saudi will also add incrementally to its rig count. There's been some, I think, market reports over the last week that Saudi has contacted, I think, all the eight rig owners that have supplied offshore rigs for them to inquire about rig availability on suspended rigs.

但到了一定時候，沙烏地阿拉伯也會逐步增加其鑽井數量。我認為，上週有一些市場報告稱，沙烏地阿拉伯已經聯繫了所有八家為其提供海上鑽井平台的鑽井平台所有者，詢問懸浮鑽井平台上的鑽井平台可用性。

And I just wanted to hear if you have any commentary around that because there's not that much that's needed on the demand side to potentially accelerate rates a bit. So anything else on that front?

我只是想聽聽您對此有何評論，因為需求方面並不需要太多的投入就能稍微加快利率。那麼關於這方面還有其他什麼嗎？

Yes. Indeed, Fredrik. And so you've heard the commentaries and they reflect what we've seen as well. I think at an operational level, we have had previous discussions with Aramco about updating them the status of the rigs that operated with them earlier and what it would take to have them back. But I must say that these conversations so far have been very much on an operational level and not in a contractual basis.

是的。確實，弗雷德里克。所以你們聽到了這些評論，它們也反映了我們所看到的情況。我認為在營運層面，我們之前曾與沙烏地阿美進行過討論，向他們通報先前與他們一起運作的鑽井平台的狀況，以及如何讓它們恢復運作。但我必須說，到目前為止，這些對話主要停留在營運層面，而不是合約層面。

Obviously, we've said before that we expected Aramco to eventually come back to the market. Aramco is a very strong engineering company. At one point in time, when they designed that they needed another 40 rigs, certainly wasn't by a mistake in a calculation. They know that, that demand is there. And I think that they encountered some issues with timing maybe related to capital constraints in the Kingdom.

顯然，我們之前就說過，我們預期沙特阿美最終會重返市場。沙特阿美是一家非常強大的工程公司。他們在設計時一度認為需要另外 40 台鑽孔機，當然不是計算錯誤。他們知道，有這種需求。我認為他們遇到了一些時間問題，可能與沙烏地阿拉伯的資本限制有關。

And when we said before in several occasions that we expected that demand to eventually come back. It's fair to say that estimating Aramco's actions and time line is far from an easy thing. And I think we're not going to be the ones trying to put a prediction on what happens.

我們之前曾多次表示，我們預計需求最終會回升。公平地說，評估阿美公司的行動和時間表絕非易事。我認為我們不會試圖預測會發生什麼。

But indeed, I think the talks about the status of the rigs as well as the positive new flows on the EPCI side in terms of award starts to give us a bit of a brighter picture for the Kingdom. We are aware of reports talking about Aramco potentially to bring rigs in the first quarter next year.

但事實上，我認為有關鑽井平台狀況的談判以及 EPCI 方面在獎勵方面的積極新流動開始讓我們對沙烏地王國的前景更加樂觀。我們知道有報道稱阿美公司可能在明年第一季引進鑽井平台。

That's not something we have particularly heard from Aramco. We'll have to watch. I think the moment seems to be coming closer and closer to the time that Aramco could be needing rigs. And as you said, I think any movements from Aramco at this stage with an oversupply that is not that significant, will be very welcome and supportive to the market. So we'll have to see what happens in the coming weeks and months.

我們從阿美公司那裡並沒有聽過這樣的消息。我們得觀察一下。我認為距離沙特阿美需要鑽井平台的時間似乎越來越近了。正如您所說，我認為，在供應過剩並不嚴重的現階段，沙特阿美的任何舉措都將受到市場的歡迎和支持。因此我們必須觀察未來幾週和幾個月會發生什麼。

Yes. That's very good color. Just a bit more broadly on your 2026 coverage, including options, now you're close to 50% at rates that would be higher than where the market is today. As you're working and Mexico is definitely a part of this, of course. But as you're working with your coverage for 2026, how are you prioritizing utilization versus pushing day rates in the environment that you're in at the moment?

是的。顏色非常好。更廣泛地看一下您的 2026 年保險範圍（包括選擇權），現在您的利率已接近 50%，高於目前的市場水平。當然，當你工作時，墨西哥肯定是其中的一部分。但是，當您制定 2026 年的覆蓋範圍時，在當前環境下，您如何優先考慮利用率而不是提高日費率？

Yes. Nothing changed in terms of our strategy, Freddie. We're still looking at optimize the utilization of our assets. We know that a rig idle has a significant impact to our economics, and it's important that we optimize the earnings potential of these rigs and utilization remains king in the current environment.

是的。弗雷迪，我們的策略沒有任何改變。我們仍在尋求優化資產的利用率。我們知道鑽機閒置會對我們的經濟產生重大影響，重要的是我們要優化這些鑽機的獲利潛力，並且在當前環境下利用率仍然是最重要的。

We do have a fair bit of rollovers as we walk into 2026. So irrespective of the improvement sentiment about the market being in an upwards or in the potential starting an upward trend, I think we're well positioned to capture an upside as it comes, but we'll focus at the moment in making sure that we have the best possible utilization for our fleet.

當我們邁入 2026 年時，我們確實經歷了相當多的轉變。因此，無論市場情緒是否改善，是處於上升趨勢還是可能開始上升，我認為我們都已做好準備，抓住機會，但目前我們將專注於確保我們的船隊得到最佳利用。

All right. And just one super quick follow-up on some rig specifics. You said that the Natt will now take the place of the Norve for the work starting in late 2026. Norve has options at that point. Should we interpret the rig swap as that there's a high likelihood that those options will be executed? Or is there some other factors to consider?

好的。並且僅對一些鑽孔機細節進行一次非常快速的跟進。您說過，從 2026 年底開始，Natt 將取代 Norve 來開展工作。此時，諾夫有多種選擇。我們是否應該將鑽機交換解讀為這些選擇很有可能被執行？還是有其他因素要考慮？

Well, there is that, Freddie. I think that the work that we've been doing on the Norve has a good potential for the options to be exercised. And we said before that we think quite a few of our options have a potential to be exercised.

嗯，就是這樣，佛萊迪。我認為我們在挪威所做的工作具有很好的可實施性。我們之前說過，我們認為我們的許多選擇都有可能實施。

Now what equally is important as well is that the customer that has that rig contract on the Natt now has indicated a desire to potentially move that work earlier, subject to a few constraints and long lead items. So obviously, having that work moved to the Natt allows us to potentially bring that forward if the customer is able to achieve an accelerated schedule.

現在同樣重要的是，擁有 Natt 鑽機合約的客戶現在表示希望提前完成這項工作，但要受到一些限制和長交付週期專案的約束。因此，顯然，如果客戶能夠實現加速進度，將這項工作轉移到 Natt 可以讓我們有可能提前完成。

And that obviously would be very beneficial for the customer in terms of earlier production, but equally very beneficial for us in terms of improving our coverage for the year.

這對於客戶早期的生產來說顯然非常有利，但對於我們提高全年的覆蓋率來說同樣非常有利。

All right. That's very clear. Congrats again, Bruno in particular, on the role -- new role.

好的。這非常清楚。再次恭喜你，特別是布魯諾，獲得這個新角色。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

Congrats, Bruno and Patrick. Best of luck in the new roles. So I wanted to ask about a couple of, I guess, a bit more emerging opportunities in the shallow water space or at least areas that historically haven't been thought of as growth areas. The first is on gas activity. So are there any four rigs that are doing work in in gas plays currently.

恭喜，布魯諾和派崔克。祝你在新角色中好運。所以我想問淺水區或至少是歷史上未被視為成長領域的一些新興機會。首先是關於天然氣活動。那麼，目前有四座鑽井平台正在天然氣田中作業嗎？

And I think, Bruno, you mentioned a couple of positive developments, one of which was the Dutch government looking to develop more local gas and you mentioned New Zealand as well. I'm not sure if that was a gas or oil opportunity or both. But just basically trying to get a sense of any work you're doing now in gas basins and any customer conversations or opportunities you see for gas work moving forward?

布魯諾，我認為您提到了一些積極的發展，其中之一就是荷蘭政府希望開發更多的本地天然氣，您也提到了紐西蘭。我不確定那是天然氣還是石油的機會，或者兩者兼具。但基本上只是想了解一下您現在在天然氣盆地所做的工作以及任何客戶對話或您認為未來天然氣工作進展的機會？

Very good. And indeed, we do have a sizable portion of our fleet that has been working gas. I think if you think specifically about larger pockets, we have done a significant amount of work with ENI in Congo that is largely focused on LNG and a very interesting project.

非常好。確實，我們的車隊中確實有相當一部分使用天然氣。我認為，如果你具體考慮更大的領域，我們已經與 ENI 在剛果進行了大量合作，主要集中在液化天然氣和一個非常有趣的項目。

We at some point in time, had three rigs operating with ENI in that project. And then we do have other projects around the globe that involve gas, including the North Sea, in the Netherlands, specifically, as I mentioned, which has a restated commitment to support the local gas development.

在某個時間點，我們曾與 ENI 合作在該專案上部署了三台鑽機。然後，我們在全球還有其他涉及天然氣的項目，包括荷蘭的北海項目，具體來說，正如我所提到的，荷蘭重申了支持當地天然氣開發的承諾。

We have been working very closely with ONE-Dyas in the North Sea on a very interesting development, one of the largest gas fields to be developed in the North Sea in recent years. While the news flow is positive, the project has faced some challenges on permitting timeline, but we do expect that to be back in a schedule very, very soon.

我們一直與北海的 ONE-Dyas 公司密切合作，開發一個非常有趣的氣田，這是近年來北海開發的最大的天然氣田之一。雖然消息是積極的，但該專案在許可時間表方面面臨一些挑戰，但我們確實希望很快就能回到計劃中。

So gas is part of what we do around the globe. Our rigs are very capable and suitable for that. And it is a decent chunk of our portfolio.

因此，天然氣是我們全球業務的一部分。我們的鑽孔機性能強大，非常適合此用途。這是我們投資組合中相當重要的一環。

Great. That's really helpful. And then next one probably for Bruno as well. It's more on the type of work that the bore fleet or that the shallow water fleet globally more broadly is doing and any kind of trends that you're seeing there.

偉大的。這真的很有幫助。下一個可能也適合佈魯諾。它更多的是關於全球範圍內鑽井船隊或淺水船隊所從事的工作類型以及您在那裡看到的任何趨勢。

But basically, it's -- as kind of global oil and gas basins mature, you're hearing a lot more service companies talking about mature field work or more greenfield versus brownfield. But yes, I was just wondering if you could share any thoughts on what you're seeing in terms of trends in development versus the kind of more mature focused infill and attention type work.

但基本上，隨著全球石油和天然氣盆地的成熟，你會聽到越來越多的服務公司談論成熟的油田工作或更多的綠地與棕地。但是的，我只是想知道您是否可以分享您所看到的發展趨勢與更成熟的集中填充和關注型工作之間的差異。

Yes. Fair. And it's fair to say that a large chunk or the largest -- the lion's share of the work that we do is development work, so basically in discovered and somewhat mature fields. And I think that's going to stay. I think that's one of the beauties of the shallow water market is that a lot of these projects have infrastructure in place.

是的。公平的。可以公平地說，我們所做的大部分工作是開發工作，基本上是在已經發現的和比較成熟的領域。我認為這種情況將會持續下去。我認為淺水市場的優點之一是許多這類專案都已具備基礎設施。

And even if you're doing some near-field developments, we can bring barrels to the pipeline relatively quick. We have seen, though, an increase in uptick in investment for exploration projects in some areas more so than others.

即使您正在進行一些近場開發，我們也可以相對快速地將原油運送到管道。不過，我們看到，某些地區的勘探項目投資增幅比其他地區更大。

So if you think about Asia, we do see now more and more coming to the pipeline in terms of future exploration work in places such as, for example, Malaysia. And equally, in West Africa, it has been a quite significant part of our portfolio, whether it's complete greenfield developments or whether it's near-field new exploration programs as we've seen, for instance, with BWE in West Africa. So we are participating in both.

因此，如果你想想亞洲，我們確實看到越來越多的未來勘探工作進入管道，例如在馬來西亞。同樣，在西非，它一直是我們投資組合中相當重要的一部分，無論是完整的綠地開發，還是近場新勘探項目，例如我們在西非看到的 BWE。因此，我們兩者都參與。

We do think that in the coming years, more investment in exploration will be required. There has been very subdued investment in exploration in the last couple of years. But we are placed to basically develop work both in exploration and development work.

我們確實認為，未來幾年需要在勘探方面進行更多的投資。過去幾年，勘探投資一直非常低迷。但我們主要從事勘探和開發工作。

Gregg Brody, Bank of America.

美國銀行的格雷格·布羅迪。

Just a few sort of subtle questions as a lot was covered. You alluded to that the Natt has some opportunity to move up some work. But there's -- as the way the contract stands today, there's a decent amount of white space between the conclusion of the current contract.

只涉及一些微妙的問題，涉及的內容很多。您提到 Natt 有機會推進一些工作。但是，按照目前的合約情況，目前合約的簽訂之間存在相當大的空白。

How do you think about the use of that rig and the options there? You mentioned the opportunity to have it go to work early. Curious how much early and are there other opportunities?

您如何看待該鑽孔機的用途及其選項？您提到了讓它早點開始工作的機會。好奇要多早，還有其他機會嗎？

Very good. And we are working on a set of opportunities, not one only, but a set of opportunities, Gregg. And we have been working on both projects that could have a commencement this year, optimizing our coverage for this year as well as some projects in the region for the earlier part of 2026.

非常好。我們正在努力尋找一系列機會，不只是一個，而是一系列機會，格雷格。我們一直在致力於今年可能開始的兩個項目，優化我們今年的覆蓋範圍，以及 2026 年初該地區的一些項目。

So if we're successful on these and we've been inching closer and closer, that would provide a very nice bridge over to the work that we already have assigned for the rig, but we'll have to see as things materialize in the coming weeks. I feel optimistic that we'll be able to have most of that white space, if not all of it contracted for the rig and a nice utilization for that rig in West Africa.

因此，如果我們在這些方面取得成功，並且我們已經越來越接近目標，那麼這將為我們已經為鑽機分配的工作提供一個非常好的橋樑，但我們必須在未來幾週內看到事情的進展。我感到樂觀的是，我們將能夠獲得大部分空白空間，即使不能將所有空白空間都簽給鑽井平台，也能很好地利用該鑽井平台在西非的用途。

And one -- you mentioned the exploration uptick. One of your peers alluded to the fact that some of that may be trying to take advantage of short-term availability of rigs to go after some concepts. Do you see those opportunities potentially at lower day rates just to put more rigs to work in the interim? Or do you feel like the day rates are holding up for those opportunities?

首先，您提到了探索的上升。您的一位同事暗示，其中一些可能試圖利用鑽孔機的短期可用性來追求某些概念。您是否認為，在過渡期內，可以透過降低日費率來增加鑽機投入使用的可能性？還是您覺得日利率足以支撐這些機會？

Yes. And indeed, I think the theme in the industry has been obviously protecting coverage, and that has led, as I mentioned in the early notes to more aggressive behaviors in different regions more marked than others.

是的。事實上，我認為該行業的主題顯然是保護報道，正如我在早期筆記中提到的那樣，這導致不同地區的行為比其他地區更明顯。

If I think about the not specifically that we were talking about in West Africa, it's important to note that in West Africa, what we have experienced over the quarters is that a lot of the customers are extremely focused on getting rigs that are in the region and particularly have a very strong reputation for operational delivery.

如果我考慮我們在西非談論的具體情況，重要的是要注意，在西非，我們在過去幾個季度中經歷的情況是，許多客戶非常注重獲得該地區的鑽機，特別是在營運交付方面享有盛譽。

We oftentimes are looking at programs that are slightly shorter in nature. And I think our customers understand that predictable results, good operational efficiency stacks up higher than costing and the risk that sometimes comes with taking a less known name or maybe a rig outside of the region. So we will continue to balance that. I feel confident that for now, the rate structure that we see in West Africa is pretty well maintained.

我們常常會關注本質上稍微短一點的程序。我認為我們的客戶明白，可預測的結果、良好的營運效率比成本以及有時因選擇較不知名的品牌或區域外的鑽井平台而帶來的風險更為重要。因此我們將繼續保持平衡。我相信，目前西非的利率結構維持得相當好。

Got it. And just turning to Mexico, I know there's a lot of questions asked there. I appreciate that all these -- all the capital raise and the facility they set up and their goals of Mexico are to encourage oil production and growth.

知道了。說到墨西哥，我知道那裡有很多問題。我很欣賞所有這些——他們籌集的所有資金和設立的設施以及他們在墨西哥的目標都是為了促進石油生產和成長。

What's -- has the government communicated to you directly on sort of timing around paying -- resuming payables or excuse me, receivables, anything like that? Or is this more you looking at the general policy statements and actions?

政府是否直接與您溝通過有關支付時間的問題—恢復應付款項或應收款項，諸如此類的事情？或者您更多是在看一般的政策聲明和行動？

Yes. No, we have not discussed anything directly with the government. Obviously, keeping in mind that our work in Mexico is not directly through Pemex. It's through a local conglomerate that we have been partners with. And therefore, I wouldn't expect that communication to have come directly to us.

是的。不，我們沒有直接與政府討論任何事情。顯然，請記住我們在墨西哥的工作不是直接透過 Pemex 進行的。我們透過當地的一家企業集團與其建立了合作夥伴關係。因此，我並不期望這些訊息直接傳達給我們。

What we know is that they have been talking to local banks and institutions to start putting things in place. And the government themselves have indicated that they expect payments to be starting now in Q3. So we have to watch.

我們知道的是，他們一直在與當地銀行和機構進行洽談，以開始落實相關事宜。政府本身也表示，他們預計付款將於第三季開始。所以我們必須觀察。

Obviously, they've been working on a quite comprehensive solution for Mexico. We know that the regulatory and the bureaucratic state of the country sometimes force these things to take a bit more time than what we hoped for. But nonetheless, the indications are positive that the flow of money should be sooner rather than later.

顯然，他們一直在為墨西哥尋找一個相當全面的解決方案。我們知道，國家的監管和官僚體係有時會迫使這些事情花費比我們所希望的更多的時間。但儘管如此，積極的跡象表明，資金的流入宜早不宜遲。

And then just the last one. Obviously, the equity raise has created a lot of optionality for you. I'm curious if you think about that capital raise to potentially address some debt opportunistically. Is that a possibility?

然後就剩最後一個了。顯然，股權增資為你創造了許多選擇權。我很好奇，您是否考慮過透過籌集資金來機會性地解決一些債務問題。有可能嗎？

I think we will obviously see how our liquidity will evolve throughout the year, especially with Mexico in mind and no longer day rates going into 2026 and how we fill up our coverage. But it's definitely something that we have as a tool in our capital allocation box and that we will consider.

我認為我們將清楚地看到我們的流動性在全年將如何演變，特別是考慮到墨西哥，到 2026 年將不再採用日利率，以及我們如何填補我們的覆蓋範圍。但它絕對是我們資本配置工具中的一個工具，我們會考慮它。

And recently, the debt has been trading below par and it is obviously very attractive for us to look at buying back bonds. After the capital raise in the recent weeks that the bonds are back at par, which we obviously view as positive. I think it's also good for us to have this strength of good liquidity on the balance sheet.

最近，債務交易價格一直低於票面價值，這對我們來說顯然非常有吸引力，值得考慮回購債券。經過最近幾週的融資，債券價格已恢復到票面水平，我們顯然認為這是正面的。我認為資產負債表上擁有良好的流動性對我們也有好處。

It puts us in a position of strength where we can act on other strategic opportunities that might come up. We've been talking about potential acquisitions or M&As. So I think it's just -- we see -- it's invaluable to have a strong position with our balance sheet as we have it today.

它使我們處於有利地位，可以抓住可能出現的其他戰略機會。我們一直在談論潛在的收購或併購。所以我認為——我們看到——擁有像我們今天這樣的資產負債表的強勢地位是無價的。

And this concludes the Q&A session. I will pass it back to Patrick Schorn for closing remarks.

問答環節到此結束。我將把它交還給帕特里克·肖恩 (Patrick Schorn) 作最後發言。

Thank you, operator. So a few comments in conclusion. We delivered a strong Q2 adjusted EBITDA of $133.2 million and expect a similar activity and performance for the third quarter. In July, we have proactively strengthened the balance sheet and are now well positioned to execute on our long-term strategy.

謝謝您，接線生。最後，我總結幾點意見。我們第二季的調整後息稅折舊攤銷前利潤 (EBITDA) 表現強勁，達到 1.332 億美元，預計第三季也將維持類似的活動和業績。7月份，我們積極加強了資產負債表，目前已做好充分準備來執行我們的長期策略。

For the full-year 2025, we're on track to deliver the consensus estimate of approximately $470 million in adjusted EBITDA. And Bruno Morand will be the CEO effective September 1, and I wish him all the best in doing that. Ladies and gentlemen, thank you very much.

對於 2025 年全年而言，我們預計將實現調整後 EBITDA 約 4.7 億美元的普遍預期。布魯諾·莫蘭德 (Bruno Morand) 將於 9 月 1 日就任首席執行官，我祝他一切順利。女士們、先生們，非常感謝你們。

And this concludes our conference. Thank you for participating. You may now disconnect.

我們的會議到此結束。感謝您的參與。您現在可以斷開連線。