Borr Drilling Ltd (BORR) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Borr Drilling Limited Q4 2025 results presentation, webcast, and conference call.

您好，感謝您的耐心等待。歡迎參加 Borr Drilling Limited 2025 年第四季業績發表會、網路直播和電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to your speaker, Mr. Bruno Ronningstad, CEO.

現在我謹將會議交給你們的發言人，執行長布魯諾·羅寧斯塔德先生。

Good morning and thank you for participating in Borr Drilling’s fourth quarter earnings call. I'm Bruno Ronningstad, and with me here today in Dubai is Magnus Vaaler, our Chief Financial Officer.

早安，感謝各位參加Borr Drilling第四季財報電話會議。我是布魯諾·羅寧斯塔德，今天和我一起在杜拜的還有我們的財務長馬格努斯·瓦勒。

First, covering the required disclaimers, I'd 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 to our latest public filings. For today’s call, I’ll start with a review of the fourth quarter and highlight key developments since the quarter end. Magnus will then review our quarterly and full-year financial results.

首先，在必要的免責聲明方面，我想提醒所有參與者，其中一些陳述將具有前瞻性。這些事項涉及風險和不確定性，可能導致實際結果與這些聲明中預測的結果有重大差異。因此，我建議參考我們最新的公開文件。在今天的電話會議上，我將首先回顧第四季度，並重點介紹自季度末以來的關鍵進展。隨後，馬格努斯將審查我們的季度和全年財務表現。

I’ll follow with a deeper look into the commercial execution, and we'll conclude with some comments on the business outlook. Let’s get started.

接下來，我將深入探討商業執行情況，最後我們將對業務前景發表一些評論。讓我們開始吧。

Before going to the results, I would like to take a moment to recognize our teams around the world.

在公佈結果之前，我想花一點時間感謝我們世界各地的團隊。

During the fourth quarter, several of our rigs achieved noteworthy safety milestones. That includes the rigs Idun and Grid reaching six and three years LTI-free respectively, and the rigs Gunnlod and Gersemi reaching one year incident‑free.

第四季度，我們的幾台鑽孔機取得了值得關注的安全里程碑。其中包括 Idun 和 Grid 鑽井平台分別實現了 6 年和 3 年的 LTI 無事故記錄，以及 Gunnlod 和 Gersemi 鑽井平台實現了 1 年的 LTI 無事故記錄。

Additionally, we’re proud to highlight that our rig Arabia II has received an award from Aramco’s Offshore Department for the rig with the best safety score in 2025.

此外，我們很自豪地宣布，我們的「阿拉伯二號」鑽井平台獲得了沙烏地阿美海上部門頒發的2025年度最佳安全評分鑽井平台獎。

These achievements underscore the team’s commitment to safety, and I would like to take this opportunity to thank each member of the Borr Drilling family for their efforts.

這些成就凸顯了團隊對安全的承諾，我謹藉此機會感謝 Borr Drilling 大家庭的每位成員所付出的努力。

Now to the results. Our operational performance in the fourth quarter was solid, with technical utilization of 98.8% and economic utilization of 97.8%. Fourth quarter operational revenues totaled $259.4 million.

現在公佈結果。第四季我們的營運表現穩健，技術利用率為 98.8%，經濟利用率為 97.8%。第四季營運收入總計2.594億美元。

Adjusted EBITDA of $105.4 million came in line with our expectations, bringing full-year adjusted EBITDA to $470.1 million, at the top end of the guidance range.

調整後 EBITDA 為 1.054 億美元，符合我們的預期，使全年調整後 EBITDA 達到 4.701 億美元，處於指導範圍的上限。

This performance underscored the resilience of our organization, which navigated several headwinds in 2025 while delivering strong operational and financial execution.

這項業績凸顯了我們組織的韌性，我們在 2025 年克服了許多不利因素，同時實現了強勁的營運和財務表現。

Our fleet contract visibility continues to improve as we reduce remaining open days.

隨著剩餘空檔期的減少，我們的車隊合約透明度持續提高。

Recent awards and extensions have increased 2026 coverage to 80% in the first half and 48% in the second half, including the recently acquired rigs.

最近的授標和延期使 2026 年的覆蓋率在上半年提高到 80%，在下半年提高到 48%，其中包括最近收購的鑽井平台。

Since our last quarterly report, we secured new commitments for seven rigs, and expect further coverage gains in the coming months as we progress negotiations on multiple active leads.

自我們上一季報告發布以來，我們已獲得七座鑽井平台的新訂單，隨著我們推進多個活躍項目的談判，預計未來幾個月訂單量將進一步增加。

We believe the jack‑up market bottom is behind us, and we see fundamentals recovering gradually as demand increases.

我們認為自升式鑽井平台市場已經觸底反彈，隨著需求增加，基本面也逐漸恢復。

Most notably, in the Middle East, multi‑year tenders are in progress for an estimated 13 rigs.

最值得注意的是，在中東，正在進行為期多年的鑽井平台招標，預計涉及 13 個鑽井平台。

In Mexico, we’re seeing better visibility of payments and a more positive operating outlook.

在墨西哥，我們看到支付的透明度更高，營運前景也更加樂觀。

These improvements are being supported by financial measures introduced by the government, while at the same time Pemex announced plans for a 34% year‑on‑year increase in upstream contracts and reaffirmed its mandate to raise production.

這些改進得到了政府推出的財政措施的支持，與此同時，墨西哥國家石油公司宣布計劃將上游合約同比增長 34%，並重申了其提高產量的使命。

Overall, global jack‑up market utilization remains steady at approximately 90%.

整體而言，全球自升式鑽井平台市場利用率維持穩定，約 90%。

As tenders are awarded and available supply is absorbed, we expect market conditions to firm. Against this backdrop, we’re pleased to have expanded our fleet through the accretive acquisition of five premium rigs from Noble. These rigs are highly complementary to our existing portfolio and well suited to pursue near‑term opportunities. Integration is in progress and ahead of expectations.

隨著招標結果的公佈和可用供應的消化，我們預期市場狀況將趨於穩定。在此背景下，我們很高興透過從 Noble 收購五台優質鑽機來擴大我們的船隊。這些鑽井平台與我們現有的產品組合高度互補，非常適合抓住近期機會。整合工作正在進行中，並且超出了預期。

Looking ahead, market dynamics are setting the stage for improvements in the second half of 2026 and a recovery in day rates and earnings visibility into 2027. But before I add color to this, I’ll hand the call to Magnus to discuss our financial results.

展望未來，市場動態為 2026 年下半年的改善以及 2027 年日租金和收益可見度的復甦奠定了基礎。但在我補充細節之前，我會把電話交給馬格努斯，讓他來討論一下我們的財務表現。

Thank you, Bruno. I will now go into some details of the financials of the fourth quarter.

謝謝你，布魯諾。接下來我將詳細介紹第四季的財務狀況。

Total operating revenues were $259.4 million, a decrease of $17.7 million, or 6.4%, from Q3.

總營業收入為 2.594 億美元，比第三季減少了 1,770 萬美元，降幅為 6.4%。

This is mainly explained by a $16 million decrease in day‑rate revenue, primarily due to rigs transitioning into contracts with lower day rates. The activity level in terms of total number of operating days stayed even over the two quarters.

這主要是由於鑽井平台轉而簽訂日租金較低的合同，導致日租金收入減少了 1,600 萬美元。兩季的總營運天數活動水準保持穩定。

A decrease in variable charter revenue explains a further $3.1 million decrease, primarily due to the [rig’s] end of contract and its planned transfer to a contract in Angola.

可變租船收入的減少解釋了另外 310 萬美元的減少，這主要是由於鑽井平台合約到期，並計劃將其轉移到安哥拉的合約中。

These decreases were offset by a $1.4 million increase in O&M revenue.

這些下降被營運和維護收入增加的 140 萬美元所抵消。

Total operating expenses for the fourth quarter were $192.1 million, an increase of $13.2 million, or 7.4%, compared to the third quarter.

第四季總營運支出為 1.921 億美元，比第三季增加了 1,320 萬美元，增幅為 7.4%。

The increase in costs was primarily due to an $11.6 million increase in rig operating and maintenance expenses attributable to increased personnel costs, accelerated amortization of deferred costs for the ... and reimbursable expenses.

成本增加主要是由於鑽井平台營運和維護費用增加了 1,160 萬美元，這歸因於人員成本增加、遞延成本加速攤銷…以及可報銷費用。

Overall, for the quarter, we recorded a net loss of $1 million and adjusted EBITDA of $105.2 million.

整體而言，本季我們錄得淨虧損 100 萬美元，調整後 EBITDA 為 1.052 億美元。

Looking at full‑year 2025, net income was $45 million, and full‑year adjusted EBITDA came in at $470.1 million, a decrease of 7% compared to 2024.

展望 2025 年全年，淨收入為 4,500 萬美元，全年調整後 EBITDA 為 4.701 億美元，比 2024 年下降 7%。

Moving into cash, cash increased by $151.9 million in comparison to the prior quarter, primarily driven by:

現金方面，現金較上一季增加1.519億美元，主要原因是：

$34.8 million cash from operations, after $94.7 million of interest payments and $8.8 million of cash taxes paid $52.1 million spent in investing activities, consisting of $36 million deposits for the five‑rig acquisition and $15.9 million additions to jack‑up rigs.

營運活動現金流為 3,480 萬美元，扣除 9,470 萬美元利息支出和 880 萬美元現金稅後，投資活動支出 5,210 萬美元，其中包括為收購五座鑽井平台存入 3,600 萬美元，以及為自升式鑽井平台追加投資 1,590 萬美元。

Cash from financing activities of $169.2 million, consisting of: $159.3 million net proceeds from the bond issuance. $80.3 million net proceeds from share issuance. Offset by $70.8 million repayment of debt in the quarter.

融資活動產生的現金為 1.692 億美元，其中包括：債券發行所得淨收益 1.593 億美元；股票發行所得淨收益 8,030 萬美元。本季償還債務7080萬美元，抵銷了部分損失。

The company’s cash and cash equivalents as of December 31 were $379.7 million. In addition, we have $234 million of undrawn revolving credit facilities, resulting in total liquidity of $613.7 million.

截至 12 月 31 日，該公司的現金及現金等價物為 3.797 億美元。此外，我們還有 2.34 億美元的未提取循環信貸額度，總流動資金達 6.137 億美元。

It’s worth noting that after year‑end, we completed the five‑rig acquisition from Noble and paid $174 million in cash consideration in January. The remaining consideration was settled by way of $150 million in credits.

值得注意的是，在年底之後，我們完成了從 Noble 收購五台鑽孔機的交易，並在 1 月支付了 1.74 億美元的現金對價。剩餘款項以1.5億美元的抵免額支付。

We are very pleased with the acquisition and the accompanying capital market transactions we concluded in December. We completed an offering of an additional $165 million of bonds due 2030.

我們對此收購案以及 12 月完成的相關資本市場交易感到非常滿意。我們完成了額外發行1.65億美元2030年到期債券的任務。

In addition, we completed an equity offering raising gross proceeds of $84 million for the same purpose. Both transactions saw very high investor interest and were significantly oversubscribed.

此外，我們還完成了股權發行，籌集了 8,400 萬美元的總收益，用於同一目的。這兩筆交易都引起了投資者的極大興趣，並且認購額遠超預期。

In December, we also made the first steps to return to the Oslo Stock Exchange through a listing on Euronext Growth. The decision was made after seeing high investor interest from the Norwegian and European investor base, in addition to strong following by Norwegian sell‑side analysts. We are planning on a full uplisting to the main list of the exchange in the first half of 2026.

12 月，我們也邁出了重返奧斯陸證券交易所的第一步，透過在 Euronext Growth 上市來實現。在看到挪威和歐洲投資者群體表現出濃厚的興趣，以及挪威賣方分析師的強烈關注之後，做出了這個決定。我們計劃在 2026 年上半年全面升級至交易所主機板上市。

Then, I pass the word back to Bruno.

然後，我把訊息轉告給布魯諾。

Thank you, Magnus.

謝謝你，馬格努斯。

We have been busy on the contracting front to start the year. Year‑to‑date 2026, we’ve secured five new commitments, adding approximately $145 million to our backlog. Together with the two contracts we secured in December, this marks seven new commitments since our last quarterly report.

今年年初，我們在合約簽訂方面一直很忙。截至 2026 年，我們已獲得五項新的承諾，使我們的積壓訂單增加了約 1.45 億美元。加上我們在 12 月獲得的兩份合同，自我們上一季報告發布以來，我們已獲得七項新的承諾。

I’m pleased to see both short‑ and long‑term commitments in this mix. Filling idle space in our 2026 schedule remains a key focus, while at the same time, we’re mindful of our positioning of our fleet to capitalize on improving market conditions from late 2026 and onwards.

我很高興看到其中既有短期承諾也有長期承諾。填補 2026 年航班時刻表中的空檔期仍然是我們的重點，同時，我們也注意到，我們正在調整機隊的佈局，以充分利用 2026 年末及以後不斷改善的市場狀況。

I’ll now spend time discussing the commitments we secured since the last quarterly report. In the Americas, the Ran received a one‑well extension with ENI in Mexico. The well has an anticipated duration of 75 days, keeping the rig on firm contract through March 2026. ENI remains a core customer of ours in Mexico and globally. Ongoing engagements leave us reassured that we will have more positive news soon for the Ran.

接下來，我將花些時間討論自上一季報告以來我們所取得的各項承諾。在美洲，Ran 與 ENI 在墨西哥獲得了一口井的擴建計畫。該井預計開採時間為 75 天，鑽井平台將保持合約狀態至 2026 年 3 月。埃尼集團仍然是我們在墨西哥乃至全球的核心客戶。目前的進展讓我們確信，很快就會有更多關於 Ran 的好消息。

Additionally, the [Odin] secured a contract for two wells plus an optional well with an undisclosed operator in the United States. The campaign is expected to commence in July 2026, with an estimated firm duration of 120 days. As a result, the [Odin] is now committed into November, with options that could keep the rig utilized in the U.S. through mid‑2027.

此外，[Odin]與美國一家未公開的業者簽訂了兩口井和一口可選井的合約。該活動預計將於 2026 年 7 月開始，預計持續時間為 120 天。因此，[奧丁]號鑽井平台已確定服役至 11 月，並有選項可使其在美國繼續服役至 2027 年年中。

Staying in the Americas, today we announced a two‑year contract extension for the Njord in Mexico, keeping the rig committed into 2028. This extension highlights the strength of our business in Mexico, a market that remains critical to the jack‑up industry.

繼續關注美洲，今天我們宣布將墨西哥的 Njord 鑽井平台合約延長兩年，使其繼續服役至 2028 年。此次擴張凸顯了我們在墨西哥的業務實力，墨西哥市場對自升式鑽井平台產業仍然至關重要。

Moving to West Africa, the Natt secured work with ENI, keeping the rig busy through the end of this month. The rig is scheduled to move to Nigeria in early Q2 to commence its 11‑month contract with Shell.

前往西非後，Natt 號與 ENI 簽訂了合同，該鑽井平台將一直忙碌到本月底。該鑽井平台計劃於第二季初移至尼日利亞，開始與殼牌公司簽訂為期 11.5 個月的合約。

In Asia, Brunei Shell extended the Saga contract by an additional five months. The Saga is now committed into April 2027, with an additional one‑year option remaining available under the contract.

在亞洲，汶萊殼牌公司將 Saga 計畫的合約延長了五個月。該傳奇故事的續約期限已延長至 2027 年 4 月，合約中還保留了額外一年的選擇權。

In Thailand, the Mist secured a 75‑day extension with PTTEP, extending its commitment into the second quarter of this year.

在泰國，Mist 與 PTTEP 達成了 75 天的延期協議，將其承諾延長至今年第二季。

And finally, in Vietnam, we have entered into a contract with [Thai Long] for the Gunnlod for a one‑well campaign anticipated to commence in May. The well has an estimated duration of 70 days and should place the rig well to find follow‑on work in the region.

最後，在越南，我們與 [Thai Long] 簽訂了 Gunnlod 一口井的開採合同，預計將於 5 月開始開採。該井預計開採時間為 70 天，開採完成後，鑽井平台將進入該地區尋找後續作業。

I remain proud of the continued contracting success, which is a testament to our strong customer relationships and ability to deliver reliable and exceptional operational performance day in and day out.

我為我們持續取得的合約成功感到自豪，這證明了我們與客戶之間的牢固關係，以及我們日復一日提供可靠、卓越的營運績效的能力。

Now, looking ahead, as of today, our 2026 fleet coverage stands at 64%. With the inclusion of five newly acquired rigs, our coverage for the first half of the year currently sits at 80%. As a comparison, before factoring in these new rigs, this coverage figure would have been approximately 85%.

展望未來，截至目前，我們 2026 年的車隊覆蓋率已達 64%。加上新購置的五台鑽孔機，我們上半年的覆蓋率目前為 80%。相比之下，在將這些新設備考慮在內之前，這一覆蓋率約為 85%。

Based on current customer engagements, we are confident that in the coming months, our fleet will continue to secure commitments and bring our contract coverage above 70%. On a full‑year basis, we see a pathway that allows contracting days in 2026 to modestly exceed the number of days achieved in 2025.

根據目前與客戶的互動情況，我們有信心在未來幾個月內，我們的機隊將繼續獲得訂單，並將合約覆蓋率提高到 70% 以上。從全年來看，我們可以看到一條路徑，使得 2026 年的合約簽訂天數能夠略微超過 2025 年的簽訂天數。

In parallel, and as noted by various industry analysts, tender activity is entering levels not seen since January 2023. According to information from Petrodata, there are approximately 120 rig‑years in the tender and pre‑tender phase for opportunities commencing within the next 12 months, and based on operator schedules, we anticipate that a meaningful amount of these will be awarded by mid‑2026.

同時，正如多位產業分析師所指出的那樣，招標活動正進入自 2023 年 1 月以來未見的水平。根據 Petrodata 的訊息，未來 12 個月內將有大約 120 個鑽井平台年處於招標和預招標階段，根據運營商的計劃，我們預計到 2026 年年中，其中相當一部分將授予鑽井平台。

Should this materialize, we believe that several of the awarded rigs will need to undertake lengthy contract preparations, leading to a boost in utilization from this year. Noting the strength of the tendering pipeline coupled with current utilization levels, I remain optimistic that the foundation is set for positive momentum as we progress into 2026.

如果這種情況發生，我們認為一些中標的鑽井平台將需要長時間的合約準備工作，這將導致今年的利用率上升。鑑於招標項目的強勁勢頭以及目前的利用率，我仍然樂觀地認為，隨著我們邁入 2026 年，積極的發展勢頭已經奠定了基礎。

To close, I would like to reiterate key points around our 2025 execution and leave you with some thoughts on the business outlook.

最後，我想重申我們 2025 年執行計畫的要點，並就業務前景提出一些看法。

At the beginning of last year, we indicated that we were comfortable with consensus for a full‑year adjusted EBITDA that stood at $460 million. During the year, however, we faced unforeseen headwinds, including temporary contract suspensions and sanction‑related contract terminations. We responded by leaning into the Borr Drilling platform, which continues to be our competitive advantage.

去年年初，我們表示對全年調整後 EBITDA 為 4.6 億美元的共識感到滿意。然而，在這一年中，我們遇到了意想不到的不利因素，包括合約暫時中止和與制裁相關的合約終止。我們採取的因應措施是充分利用 Borr Drilling 平台，這仍然是我們的競爭優勢。

We filled the white space through close customer relationships, deep market knowledge, and our track record of safe and reliable execution. As a result, we delivered full‑year adjusted EBITDA of $470 million, which was at the top of our final guidance range.

我們透過與客戶建立緊密的聯繫、深入了解市場以及安全可靠的執行記錄填補了市場空白。因此，我們實現了全年調整後 EBITDA 4.7 億美元，達到了我們最終預期範圍的上限。

Further, in 2025, we took decisive action and completed successful equity and debt transactions that strengthened our liquidity and positioned the company to pursue consolidation opportunities. Then in December we announced the accretive acquisition of five premium jack‑ups. We acted opportunistically and bought these assets at an attractive price at a point in the cycle when demand is improving.

此外，在 2025 年，我們採取了果斷行動，成功完成了股權和債務交易，增強了我們的流動性，使公司能夠尋求整合機會。然後，在 12 月，我們宣布了對五座優質自升式鑽井平台的增值收購。我們抓住機會，在需求好轉的周期中以極具吸引力的價格買入了這些資產。

We expect the transaction to be immediately accretive to adjusted EBITDA and to reduce our debt per rig.

我們預計該交易將立即增加調整後的 EBITDA，並降低我們每台鑽孔機的債務。

Looking ahead, we expect market conditions to continue improving through the second half of 2026, with ongoing dynamics supporting a clear recovery in day rates in 2027 and beyond. Our expanded fleet will provide us with scale and operational flexibility, providing more drilling to deliver long‑term value to our shareholders.

展望未來，我們預期市場狀況將在 2026 年下半年持續改善，持續的動態將支持 2027 年及以後日租金的明顯復甦。我們擴大的船隊將為我們提供規模和營運靈活性，從而進行更多鑽探，為我們的股東創造長期價值。

With that, I’ll now turn the call over to Q&A.

接下來，我會把電話交給問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning. Appreciate all the detail this morning, and the tendering pipeline boost is certainly encouraging. I’m curious on the outlook for the two acquired rigs that are idle — the Cyrus and the Freya. Do you have any line of sight to securing contracts on those two?

是的，早安。非常感謝今天早上提供的所有細節，招標項目的進展無疑令人鼓舞。我很好奇目前閒置的兩艘已收購鑽井平台——Cyrus 和 Freya 的前景。你認為有可能拿下這兩份合約嗎？

Hey Scott, great to have you online and thanks for the question. Indeed, great question. We are looking at a pipeline of opportunities for both rigs. What is interesting is, as I said in the remarks, I think the capability of these rigs is very well suited for the pipeline tenders that we referred to at the moment, we feel quite confident that the Cyrus will have a contract in the coming months that will put the rig back into the operating fleet in the relatively short term. In the case of Freya, I do think that it may take a bit longer. But as you said, the pipeline in the second half of the year continues to shrink, so I would think about that rig probably going to work sometime in the back end of 2026, or potentially early 2027, depending on how the scope is defined.

嗨，斯科特，很高興你上線，謝謝你的提問。的確，問得好。我們正在考察這兩座鑽井平台的一系列潛在項目。正如我在演講中所說，有趣的是，我認為這些鑽井平台的性能非常適合我們目前提到的管道招標項目，我們相當有信心“賽勒斯”號將在未來幾個月內獲得一份合同，使其在相對較短的時間內重新投入運營。就弗​​雷雅而言，我認為可能需要更長時間。但正如你所說，下半年管道持續萎縮，所以我認為該鑽井平台可能要到 2026 年末或 2027 年初才能投入使用，具體取決於專案範圍的定義。

Great. And I apologize — I jumped on a minute late, so apologies if I missed this — but just thoughts on how EBITDA shapes up during the year. Consensus is close to $440 million. Just some initial thoughts on the achievability of that level of EBITDA.

偉大的。很抱歉，我晚了一分鐘才上線，所以如果我錯過了什麼，請見諒。只是想談談 EBITDA 在一年中的表現。市場普遍預期接近 4.4 億美元。關於能否實現該水準的 EBITDA，我有一些初步想法。

Yeah, for sure, Scott. I think at this stage it’s still probably a bit too early for us to provide a formal guidance. What I can share, as I said, is that the outlook continues to improve and the team is working really hard to make sure that we de‑risk and cover the days in 2026.

當然，斯科特。我認為現階段提供正式指導意見可能還為時過早。正如我所說，我可以透露的是，前景持續好轉，團隊正在努力工作，以確保我們降低風險並涵蓋 2026 年的各個階段。

What I’ll share — which is not far from what I mentioned during the last call — is that the outlook for 2026 right now seems to indicate that we should be able to achieve, or have a pathway to achieve, an activity level in contracting days that is modestly higher than 2025. And when I say that, I’m referring to a 2024 rig‑year to 2024 rig‑year comparison, with the Noble‑acquired rigs — or the recently acquired rigs — being an upside to that. So I think that’s the simple way to think about it. I think activity level will track slightly higher than it did in 2024.

我要分享的是——這與我上次電話會議中提到的內容相差不遠——那就是，目前看來，2026 年的前景似乎表明，我們應該能夠實現，或者有途徑實現，合約簽訂天數的活動水平略高於 2025 年。我說這話的時候，指的是 2024 年鑽井平台與 2024 年鑽井平台的比較，其中 Noble 收購的鑽井平台或最近收購的鑽井平台是有利的。所以我認為這是一種簡單的思考方式。我認為活動水準將略高於 2024 年的水準。

Now, let’s see how the rates mature in 2026, particularly in the second half, and that should leave us in a position to provide better guidance in the coming quarters.

現在，讓我們看看利率在 2026 年，特別是下半年將如何發展，這將使我們能夠在接下來的幾個季度提供更好的指導。

Okay, I appreciate the color. Thank you. I'll turn it back.

好的，我很喜歡這個顏色。謝謝。我會把它轉回去。

Thank you, Scott.

謝謝你，斯科特。

We are now going to proceed with our next question. Greg Lewis, BTIG.

接下來，我們將討論下一個問題。格雷格·劉易斯，BTIG。

Hey, thank you, and good afternoon — or good morning — and thanks for taking my questions. Bruno, I did have a question around what you're seeing in the Middle East. I mean, clearly part of what drove the more recent softness in the market was the laying down of rigs and just kind of a slowdown in overall Middle East activity. There have been some rumblings about tenders coming to market for, it seems like, some time now. Any sense for when we could actually see some of these talked‑about tenders in the Middle East — not necessarily rigs starting work — but when we could start seeing some rigs being contracted around some of that?

嘿，謝謝，下午好 âft 或 早上好 âft，謝謝您回答我的問題。布魯諾，我有個問題想問你對中東局勢的看法。我的意思是，很明顯，近期市場疲軟的部分原因是鑽井平台的停工以及中東整體活動的放緩。關於即將進行招標的消息似乎已經流傳了一段時間。有沒有人知道我們什麼時候才能真正看到中東地區這些被討論過的招標項目——不一定是鑽井平台開始作業——而是什麼時候才能看到圍繞這些項目簽訂一些鑽井平台合同？

Yeah, no — and thanks for joining, Greg. Very fair question. When we were talking about some of the tenders in the fourth quarter in our November call, we were looking at and anticipating them to be out.

是的，沒有âf，謝謝你的參與，格雷格。問得好。我們在 11 月的電話會議上談到第四季度的一些招標時，我們一直在關注並預計它們將會發布。

At the moment, the larger ones that we were expecting — including Aramco and KJO — are in progress. In fact, KJO is in full tender evaluation from what we understand, and the Aramco tender is still in the tender‑submission phase. So this is very actual, very real, very tangible.

目前，我們期待的大型項目——包括沙特阿美和KJO——正在進行中。事實上，據我們了解，KJO 正在進行全面的投標評估，而沙特阿美的投標仍處於投標/提交階段。所以這是非常實際的、非常真實的、非常具體的。

There are a few more prospects that we've been expecting to come into the tender pipeline, including KJO, which is not yet fully developed, but that should come in the next couple of months, we would think, as I mentioned earlier in the call.

我們預計還有一些專案會進入招標流程，包括 KJO，該專案尚未完全開發，但我們認為應該會在接下來的幾個月內進入招標流程，正如我之前在電話會議中提到的那樣。

And the outlook at the moment, based on conversations we have had with our customers, is that they should be planning to award sometime around mid‑year — maybe some a bit earlier, some slightly later — but by mid‑year I think that visibility should have formed quite nicely.

根據我們與客戶的交流，目前的展望是，他們應該計劃在年中左右授予合約——也許有些會早一點，有些會晚一點——但到年中，我認為情況應該會相當明朗。

That’s one of the reasons why we feel excited. There's a large volume of work coming from those tenders, and it's probably worth highlighting that not all of it — but a portion of these requirements — require very specific technical capabilities, right? And we feel the fleet that we have, particularly with the recent acquisition, is well placed to evaluate and pursue these long‑term tenders. It’s a very interesting body of work, but it has to make sense from a pure commercial standpoint as well.

這就是我們感到興奮的原因之一。這些招標項目帶來了大量的工作，值得強調的是，雖然並非所有項目都需要非常特定的技術能力，但其中一部分項目確實需要非常具體的技術能力，對嗎？我們認為，我們擁有的船隊，特別是最近收購的船隊，完全有能力評估和參與這些長期招標。這是一部非常有趣的作品，但它也必須從純粹的商業角度來看是合理的。

In any case, once that volume gets absorbed in the market — whether directly awarded to us or to the peer group — it will put a lot of tightness into the market, which I think is what everyone is looking forward to.

總之，一旦這些數量被市場吸收——無論是直​​接分配給我們還是分配給同業——都會為市場帶來很大的緊張局面，我認為這是每個人都期待的。

Okay, super helpful. Thanks for that, Bruno, and hey — congrats on the Noble acquisition — on those rig acquisitions. Clearly not transformational for the fleet, but definitely gives you a nice boost. It looks like we are at an inflection point, or the cycle is turning.

好的，非常有幫助。謝謝你，布魯諾，還有，恭喜你收購了 Noble 公司，也恭喜你收購了那些鑽井平台。這顯然不會對艦隊產生變革性的影響，但絕對能帶給你不錯的提升。看來我們正處於一個轉捩點，或者說週期正在轉變。

And I guess what I'm curious about is how you think about — is there room, where the fleet is today, to potentially acquire more rigs? I don’t know how deep you want to get into that conversation, but I am kind of curious around [Sembcorp] — I mean, it's not Keppel anymore; I guess they call it [Seatrium], if referring to the merged [Keppel O&M]. They still have some rigs that they’re operating — some jack‑ups from previous orders, from other customers — they have these rigs. Is there any sense for whether these rigs are being actively marketed for sale?

我想讓我好奇的是，您認為以目前的船隊規模，是否還有空間購買更多鑽井平台？我不知道你想在這個主題上深入探討到什麼程度，但我對[勝科]有點好奇。我的意思是，它不再是吉寶了；我猜如果指的是合併後的公司，他們現在叫它[Seatrium]。[吉寶海事]他們仍然有一些鑽井平台正在運作——一些自升式鑽井平台，來自以前的訂單，來自其他客戶——他們有這些鑽井平台。是否有跡象顯示這些鑽井平台正在積極地進行銷售？

Yeah, I mean, I guess that’s kind of it — and also where we think pricing is now for a premium [rig].

是的，我的意思是，我想大概就是這樣吧，這也是我們認為目前高端產品的定價策略。[rig]。

Very good, Greg. Let me tackle the question on the yard [rig] first. And you said [rig], but I understand that there is one of them that had been operating with Aramco before and was returned to the yard. I think the rest of them are either committed through BBCs or have been sold.

很好，格雷格。讓我先回答一下關於鑽井平台的問題。你說的是[鑽井平台]，但我了解到其中有一台鑽井平台以前曾為沙特阿美公司工作過，後來被送回了船廠。我認為其餘的要么是透過BBC發行的，要么已經被賣掉了。

I think it's probably fair to assume that the rig gets offered in the Middle East tenders. It was a rig that was with Aramco before, and it has specifications that comply with the requirements, so I would expect that rig to eventually be offered in that tender.

我認為可以合理推斷，該鑽井平台會在中東的招標項目中出現。這台鑽機之前屬於沙特阿美公司，其規格符合要求，所以我預計這台鑽機最終會參與招標。

From experience, we know the Singaporeans are not really in the business of selling rigs cheap. And they probably see the market responding and have their own expectations. So I’m not sure if they get sold, but I do expect that people will be looking at those rigs and trying to place them.

根據經驗，我們知道新加坡人並不真的打算低價出售鑽井平台。他們可能看到了市場的反應，並有自己的期望。所以我不太確定它們是否能賣出去，但我預計會有人關注這些設備並嘗試出售。

Now, on the broader M&A picture, the answer I have for you is probably not very different from what we said on the call last quarter. I think we have an operating platform that is very well recognized around the globe — well recognized by our customers — and that gives us a chance to look into M&A opportunities and see how we strengthen that platform further.

現在，就更廣泛的併購情況而言，我的答案可能與我們上個季度電話會議上所說的並沒有太大不同。我認為我們擁有一個在全球廣受認可的營運平台——我們的客戶也對其認可——這讓我們有機會去探索併購機會，看看我們如何進一步加強這個平台。

For us, we continue to think about consolidation very selectively — not consolidation or growth for the sake of growth. We would have to look at opportunities that are complementary to our fleet, and I think we are less likely to be looking at individual asset deals. We want to see things that could potentially help us continue to transform and consolidate the sector.

對我們來說，我們仍然會非常有選擇性地考慮整合——而不是為了成長而整合或成長。我們必須尋找與我們現有船隊互補的機會，而且我認為我們不太可能考慮單獨進行資產交易。我們希望看到一些可能有助於我們繼續轉型和鞏固該行業的事物。

Now, we said it before with 24 rigs, and I have to emphasize again now with 29, we think we have a very interesting fleet size. We have scale in pretty much every key market around the globe, so growth is something we will look at opportunistically. But I don't think it necessarily composes a core part of our strategy. I think we have a good operational platform to do so if an opportunity comes, but we will look at that very opportunistically.

我們之前說過，當時我們有 24 艘鑽井平台，現在我們有 29 艘，我必須再次強調，我們認為我們擁有一個非常有趣的船隊規模。我們在全球幾乎所有主要市場都擁有規模優勢，因此成長是我們視情況而定的機會。但我認為它未必是我們策略的核心部分。我認為我們擁有良好的營運平台，如果機會出現，我們可以這樣做，但我們會非常謹慎地考慮是否抓住這個機會。

Super helpful. Thank you very much.

非常有用。非常感謝。

We are now going to proceed with our next question. Fredrik Stene, Clarkson Securities.

接下來，我們將討論下一個問題。Fredrik Stene，克拉克森證券。

Hey now, Magnus, hope you are well, and as always, thank you for the good prepared remarks.

嘿，馬格努斯，希望你一切都好，一如既往，感謝你精心準備的發言。

I wanted to dig a bit deeper into what's going on with the market at the moment, and I think we share a view that it's exciting times. Tenders are up, and utilization will likely point upwards as well. On the back of that, I was hoping you could give a bit more color on how you specifically see rate‑development trajectory going forward, because typically you’ll see the tenders first, then the awards, and then the day rates.

我想更深入地了解一下當前市場的情況，我認為我們都認為這是一個令人興奮的時期。招標數量增加，利用率也可能隨之上升。在此基礎上，我希望您能更詳細地說明您如何看待未來的費率發展軌跡，因為通常情況下，您會先看到招標，然後是授標，最後是日費率。

So any color on when you think we’ll see these higher activity levels starting to really make an impact on bidding levels across the globe?

那麼，您認為這些較高的市場活躍度何時才能真正開始對全球競價水準產生影響？

Thanks.

謝謝。

Yeah, fair question, Fredrik. What we have seen over the last months — and we’ve been very open about this — is that rates have been moving a bit sideways in most regions. In some regions like Asia, maybe slightly downward, but it has been fairly contained.

嗯，問得好，弗雷德里克。過去幾個月我們看到的情況——而且我們也對此非常坦誠——是大多數地區的利率一直在橫盤整理。在亞洲等一些地區，降幅可能略有下降，但總體上得到了控制。

For us, the way we think about 2026 at the moment is that utilization is obviously at the forefront, particularly for opportunities that are short‑term in nature, which help us fill the gap and help us de‑risk execution during the year.

就我們目前對 2026 年的思考而言，利用率顯然是重中之重，尤其是那些短期性質的機會，這有助於我們填補缺口，並幫助我們降低年內執行的風險。

Now, what does it take for the market to change? You're absolutely right — I think tenders come first, then rates come second. As we said, a large volume of the work in the tender pipeline right now is driven by the Middle East. We currently anticipate that these awards will start coming out during the second quarter, around mid‑year, thereabouts.

那麼，市場需要什麼條件才能改變？你說得完全對❤️ 我認為投標是第一位的，價格是第二位的。正如我們所說，目前招標項目中很大一部分工作都來自中東地區。我們目前預計這些獎項將在第二季度，大約年中左右開始頒發。

And what is interesting — as I mentioned in the prepared remarks — is that Middle East tenders generally require a fairly lengthy preparation process for the rigs. That basically means once we see awards coming through, those rigs are effectively out of the market for several months until they can be deployed.

有趣的是——正如我在準備好的演講稿中提到的——中東的招標通常需要相當長的鑽井平台準備過程。這基本上意味著，一旦我們看到中標訊息，這些鑽井平台實際上就會退出市場幾個月，直到它們能夠部署為止。

So I expect the pricing dynamics to start progressing once those tenders conclude, or shortly after those tenders conclude, which would imply Q3 is when we will likely have better visibility of those dynamics playing out.

因此，我預計價格動態將在這些招標結束後或不久後開始發展，這意味著第三季我們可能會更了解這些動態的發展。

As I said earlier, for 2026, the name of the game for us is really to de‑risk the outlook and make sure the fleet is occupied. I think 2027 is when we turn our focus again very sharply toward economics and rates.

正如我之前所說，對於 2026 年來說，我們的首要任務是降低前景風險，並確保車隊得到充分利用。我認為2027年我們將再次把注意力高度集中在經濟和利率問題上。

No, that’s very clear. And just to follow up on that — and I guess you partially answered it — but in terms of recontracting your fleet now, while I appreciate that 2026 is a utilization game for you, do you have any strategy around what type of contract length you would go for at the current time? Are you favoring short contracts to reprice when the market accelerates again, or do you still want to have a baseload of longer‑term contracts if and when they’re available?

不，這一點很清楚。再跟進一下這個問題，雖然我覺得你已經部分回答了這個問題，但就現在重新簽訂機隊合約而言，雖然我知道 2026 年對你來說是一個利用率的問題，但你目前對於會選擇什麼樣的合約期限有什麼策略嗎？您傾向於持有短期合約，以便在市場再次加速上漲時重新定價，還是仍然希望在長期合約可用時持有一定數量的長期合約作為基礎？

And as a side question to that — since the current Middle East tenders are long in nature, and I would assume you would be interested in some of them — are there any changes to Saudi Aramco contracting terms? I’m referencing the suspension ability we saw two years ago.

順便問一下，由於目前中東的招標項目週期較長，而且我猜您會對其中一些感興趣，沙特阿美公司的合約條款是否有任何變化？我指的是我們兩年前看到的懸掛性能。

Thanks. Yeah, so let me break it down, Fredrik.

謝謝。好的，讓我來詳細解釋一下，弗雷德里克。

To your first question: yeah, with a 29‑rig fleet, we obviously need a mix of short‑ and long‑term contracts. It’s important that we have a baseline of backlog. Clearly, in regions where day rates are near cash operating cost, we don’t want to be locking into long‑term contracts. So we’re looking for opportunities to close gaps as best we can.

對於你的第一個問題：是的，我們有 29 個鑽井平台，顯然需要短期和長期合約的組合。了解待辦事項的基線非常重要。顯然，在日租金接近現金營運成本的地區，我們不想簽訂長期合約。因此，我們正在尋找機會，盡我們所能彌補差距。

In regions where margins are still more stretched — and more interesting — we’re obviously more flexible in extending the duration of the contracts, and that depends a lot on the opportunities. There are regions that can be competitive at times, but certain tenders in those regions have requirements that are very well suited for our fleet, and we look at how to optimize around that. So there is a strong combination of factors at play.

在利潤空間仍然比較狹窄且更有趣的地區，我們顯然在延長合約期限方面更加靈活，這很大程度上取決於機會。有些地區競爭可能比較激烈，但這些地區的某些招標項目的要求非常適合我們的船隊，我們會考慮如何圍繞這些要求進行最佳化。因此，多種因素共同作用導致了這種情況。

Now, regarding Aramco, yes — the tender is still ongoing, so let’s see where we land.

至於沙特阿美，是的，招標仍在進行中，所以讓我們看看結果如何。

It does seem that, in the tender documentation, Aramco has made some terms a bit more flexible, particularly some provisions around termination that were a concern after the last round of suspensions and terminations. They’ve indicated some flexibility to discuss a few terms — I think mainly on the technical side, perhaps not so much on the commercial side — but they do indicate some flexibility. So, let’s see how the tender progresses and where we land in that discussion.

看來，在招標文件中，沙烏地阿美確實讓一些條款變得更加靈活，特別是關於終止合約的一些規定，這些規定在上一輪暫停和終止合約後引起了人們的擔憂。他們表示願意在一些條款上進行一些討論——我認為這主要是在技術方面，可能在商業方面不太願意——但他們的確表示了一些靈活性。那麼，讓我們看看招標進展如何，以及我們在討論中會得出什麼結論。

All right, thank you very much. Have a good day.

好的，非常感謝。祝你有美好的一天。

Thank you, Freddie.

謝謝你，弗雷迪。

We are now going to proceed with our next question.

接下來，我們將討論下一個問題。

Jules Olsen, Fearnley Securities.

Jules Olsen，Fearnley Securities。

Thank you. Good afternoon, Bruno and Magnus. A couple of questions from me, starting off in Mexico.

謝謝。下午好，布魯諾和馬格努斯。我有幾個問題，先從墨西哥開始。

You commented a bit on collections from Pemex. Now, you are obviously confident about more regular payments coming from Pemex this year. How should we think about this, and what is the current level of outstanding on your balance sheet?

你對墨西哥石油公司的收藏品發表了一些評論。顯然，你對今年墨西哥國家石油公司（Pemex）更規律的付款充滿信心。我們該如何看待這個問題？貴公司資產負債表上目前的未償債務水準是多少？

Hey Jules, thanks for the question. I thought we’d go the whole call without a question for Magnus, so I’ll let him tackle this one.

嗨，朱爾斯，謝謝你的提問。我以為整個通話過程中都不會有人問馬格努斯問題，所以就讓他來回答這個問題吧。

Yeah, thanks Bruno, and thanks Jules. So yes, as I said, payments from [Pemex] have picked up over the past quarter, and we actually received around $46 million in total in the fourth quarter. We estimate we had around $90 to $100 million outstanding at the end of the quarter.

是的，謝謝布魯諾，也謝謝朱爾斯。是的，正如我所說，過去一個季度來自墨西哥國家石油公司 (Pemex) 的付款有所增加，我們在第四季度總共收到了約 4,600 萬美元。我們估計截至本季末，未償債務約為 9,000 萬至 1 億美元。

Also, at the beginning of January, we received a further $23 million, bringing the outstanding balance further down. So I think this is very positive to see. We see peers — other companies — reporting normalization of collections, and the indications we have from Mexico are that this will continue into 2026, and that they are preparing a new payment plan with the government to tackle 2026 invoices.

此外，1月初我們又收到了2,300萬美元，使未償餘額進一步減少。所以我認為這是一個非常積極的現象。我們看到同行——其他公司——報告收款情況正常化，而我們從墨西哥得到的消息表明，這種情況將持續到 2026 年，他們正在與政府制定新的付款計劃，以解決 2026 年的發票問題。

I think we are positive about the development. Also, as we noted in our previous contracting update, the contract extensions for the Galar and Gersemi include improved payment terms with our counterparty. We are guaranteed to have payment of operating costs within 45 days, and no more than 180 days of outstanding variable hire. So, we are also improving the terms with our counterpart.

我認為我們對這一發展持樂觀態度。此外，正如我們在先前的合約更新中所提到的，Galar 和 Gersemi 的合約延期包括與交易對手改善付款條件。我們保證在 45 天內收到營運成本款項，且未付可變租金的期限不超過 180 天。因此，我們也在改善與對方的條款。

Thanks. That’s great to hear, and I would expect those terms to be included on the rig under the letter of intent as well.

謝謝。聽到這個消息真是太好了，我希望這些條款也能包含在意向書中。

No, Jules. I think the rig that got extended right now continues on the historical contract structure, which is on a pay‑when‑paid basis. However, as Magnus pointed out, we do have encouraging signs that payments will reach a better normalization going forward.

不，朱爾斯。我認為目前延期的鑽井平台合約仍然沿用了以往的合約結構，即按付款時付款的方式。然而，正如馬格努斯所指出的那樣，我們確實看到了一些令人鼓舞的跡象，表明支付情況將在未來逐漸恢復正常。

Okay, thank you. Good to hear.

好的，謝謝。很高興聽到這個消息。

On another topic — and obviously it’s boring to talk about day rates, but it ultimately remains important — the spread seems to be very high at the moment. Obviously Asia and the Middle East are more competitive than West Africa. Are there other moving parts to think about? You talked briefly about terms being discussed with Aramco, in terms of that tender batch. How do you see that progressing or moving elsewhere?

再說另一個話題——顯然——談論日租金很無聊，但最終它仍然很重要——目前價差似乎非常高。顯然，亞洲和中東的競爭力比西非更強。還有其他需要考慮的因素嗎？你簡要地談到了與沙特阿美就該批招標項目進行談判的條款。您認為這種情況會如何發展，或會轉移到其他地方？

Yeah, I think the dynamics in contracting are always very fluid. We're always pushing and pulling on terms and conditions of the contract with customers. That’s normal in the cycle.

是的，我認為合約簽訂過程中的動態總是非常不穩定的。我們總是在與客戶簽訂的合約條款上反覆權衡。這是生理週期中的正常現象。

I would say that today, there is not a huge focus from our customers on trying to renegotiate terms. Terms have been fairly solid in the cycle so far. The discussion has largely been about rates, and as you pointed out, in some regions there is a bit more competitive pressure, and in others less.

我認為，目前我們的客戶並沒有非常重視重新協商條款。本輪週期至今，各項條款都相當穩定。討論主要集中在利率上，正如你所指出的，有些地區的競爭壓力較大，而有些地區的競爭壓力較小。

If I look at regions like the North Sea, for example, they have very well‑established frameworks for contracting. We haven’t spent a huge amount of time revisiting provisions with customers. Keep in mind we frequently deal with repeat customers for Borr, and we have well‑established frameworks in these contracts, which takes some pressure off both sides. But inevitably, there is always some commercial push and pull as negotiations mature through the cycles.

例如，如果我看看北海這樣的地區，它們都有非常完善的合約架構。我們沒有花大量時間與客戶重新討論條款。請記住，我們經常與 Borr 的回頭客打交道，而且我們在這些合約中建立了完善的框架，這可以減輕雙方的一些壓力。但不可避免地，隨著談判週期的推進，總是會存在一些商業上的拉鋸戰。

Thank you. And the final one from me — as we think about those rigs that you currently haven’t secured work for, the one that perhaps stands out a bit more is the [Var]. Should we think about that as probably the last one to find work, given that it has been inactive previously, or coming from the yard?

謝謝。最後，我想說的是，當我們想到那些你目前還沒有找到工作的鑽井平台時，其中一個可能更突出的是…[變數]。考慮到它之前一直處於不活躍狀態，或者來自院子裡，我們是否應該認為它可能是最後一個找到工作的？

Yeah, I think that’s a fair statement, Jules. When I look at the pipeline and the things we're pursuing at the moment, in the near term I would think — or hope — that we will have commitments for the Heidrun and the Idun. They’ve been operating until recently, and we have a pipeline of opportunities for them, so that’s the most obvious movement in the near future.

是的，我覺得這個說法很中肯，朱爾斯。當我審視管道和我們目前正在追求的目標時，在短期內，我認為或希望我們能夠對海德倫和伊頓做出承諾。他們一直運作到最近，我們為他們準備了一系列機會，所以這是近期最明顯的發展趨勢。

I do think the Var and the Freya are rigs that will probably come a bit later — likely back end of this year, early next year — with some focus on developments in the Middle East that will likely create the catalyst to deploy those rigs. But yes, that’s probably a fair way to think about it.

我認為Var和Freya鑽井平台可能會稍晚推出——可能在今年年底或明年年初——這主要取決於中東局勢的發展，而中東局勢的發展可能會成為部署這些鑽井平台的催化劑。但沒錯，這或許是一種合理的思考方式。

Understood. Good stuff. Thank you, guys. Keep up the good work.

明白了。好東西。謝謝大家。繼續保持。

We are now going to take our next question. [Joshua Jane], Daniel Energy Partners.

現在我們來回答下一個問題。 [Joshua Jane]，Daniel Energy Partners。

Thanks for taking my questions. First one — I just wanted to follow up on Scott’s question a little bit. As you talked about an asset that is stacked potentially coming back to work, how are you thinking about requirements from a return perspective in an initial contract to get a rig up and running today after it’s been stacked? Maybe you could just elaborate on that a little bit.

謝謝您回答我的問題。首先，我想稍微補充一下 Scott 的問題。既然您提到了閒置資產可能重新投入使用，那麼從回報的角度來看，您是如何考慮在初始合約中要求讓閒置的鑽井平台今天就能恢復運作的呢？或許您可以再詳細解釋一下。

Yeah, thanks, Joshua. And the answer to the question may vary a little bit from rig to rig. I think in our case, except for the Var, all of the rigs have either been working until recently or are rigs that will be rolling off contract. At this stage we don’t expect any meaningful CapEx in putting those rigs to work.

謝謝你，約書亞。這個問題的答案可能會因鑽井平台的不同而略有差異。我認為就我們而言，除了Var之外，所有鑽井平台要么直到最近還在運行，要么是即將結束合約的鑽井平台。現階段，我們預期這些鑽井平台投入使用不會有任何實質的資本支出。

The Var would probably require a bit more — probably somewhere close to $5 to $6 million, somewhere in that ballpark. So for rigs that require little CapEx, the calculation becomes a bit easier, and it is less a question of just off‑the‑gate economics and more a balance of the opportunity pipeline. We certainly don’t want to have a rig going back to work just for a very short amount of time and then come idle again — that defeats the purpose and hardly ever generates sufficient economics.

Var 可能需要更多一些——大概在 500 萬到 600 萬美元之間，差不多在這個範圍內。因此，對於資本支出需求較少的鑽井平台來說，計算就變得容易一些，這不再只是「開工」經濟效益的問題，而是機會管道平衡的問題。我們當然不希望鑽井平台只運作很短一段時間就再次閒置——那樣就失去了意義，而且幾乎無法產生足夠的經濟效益。

So balancing feasibility of the pipeline and rate is significant. But for the fleet we have at the moment, the CapEx or reactivation component is not a big factor, because as I said, these rigs have either been operating until recently or are normally rolling off contract.

因此，平衡管道的可行性和輸送速度至關重要。但就我們目前擁有的鑽井平台而言，資本支出或重新啟用部分並不是一個重要因素，因為正如我所說，這些鑽井平台要么直到最近還在運營，要么通常是合約到期。

Thanks for that. And then I’m going to ask the Venezuela question a little bit differently. Any thoughts on what you’re seeing and hearing there in the region? And if things are calmer there or quieter, does that further open up Trinidad, Colombia, and Guyana a bit more for the shallow‑water market? Maybe you could speak to that a little bit.

謝謝。然後，我會換個方式問委內瑞拉問題。你對在該地區所見所聞有什麼看法？如果那裡的情況更加平靜或安靜，這是否會進一步為淺水市場打開特立尼達、哥倫比亞和圭亞那的大門？或許您可以就此談談我的看法。

Yeah, and Trinidad has been a fairly busy jack‑up market over the years. There are still some opportunities around that. Suriname — there have been a few opportunities in discussion; it’s mostly exploration work and some of it is further in the future.

是的，多年來，特立尼達一直是相當繁忙的升降機市場。這方面仍然存在一些機會。蘇利南——有一些機會正在討論中；它主要涉及勘探工作，其中一些要等到更遠的未來。

Colombia has had some work in the past and has been quiet. I do think that as things calm down in the region, some operators may be a bit more compelled to go. Do I see a near‑term large volume of rig requirements there? Probably not. But I think the moment you start getting a couple of jobs in places like Suriname and Colombia, then it becomes interesting to see how you can put a scope together that supports a rig.

哥倫比亞過去曾有過一些工作，之後就一直很平靜。我認為，隨著該地區局勢趨於平靜，一些運營商可能會更有動力前往。我是否看到近期內那裡會有大量的鑽井需求？可能不會。但我認為，一旦你開始在蘇利南和哥倫比亞等地獲得一些工作機會，那麼看看如何組裝一個能夠支援鑽井平台的望遠鏡就變得有趣了。

Generally, it is a region that requires rigs with larger capabilities, which is interesting for our fleet. But I wouldn’t think that it is a large play.

一般來說，該地區需要性能更強大的鑽井平台，這對我們的船隊來說很有吸引力。但我認為這不算是一場大戲。

Understood, thanks for taking my questions.

明白了，謝謝你回答我的問題。

Thank you. That concludes the question‑and‑answer session. I will now turn the call back to Mr. Bruno Ronningstad for closing remarks.

謝謝。問答環節到此結束。現在我將把電話轉回給布魯諾·羅寧斯塔德先生，請他作總結發言。

Thank you. That concludes our call. Appreciate the interest in the company and I look forward to speaking to you again next quarter.

謝謝。通話到此結束。感謝您對公司的關注，期待下個季度再次與您交流。

This concludes today’s conference call. Thank you all for participating. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。

Thank you.

謝謝。