Borr Drilling Limited (BORR) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Borr Drilling Limited Q1 2026 results presentation webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 Borr Drilling Limited 2026 年第一季業績發表網路直播與電話會議。（接線員指示）敬請注意，今日會議將進行錄音。

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

現在我想將會議交給今天的第一位講者——執行長 Bruno Morand 先生。請開始。

Good morning, and thank you for joining Borr Drilling's first-quarter earnings call. I'm Bruno Morand, and with me here today in Bermuda is Magnus Vaaler, our Chief Financial Officer.

各位早安，感謝您參加 Borr Drilling 第一季財報電話會議。我是 Bruno Morand，今天在百慕達與我一同出席的是我們的財務長 Magnus Vaaler。

I would like to remind all participants that certain statements made on this call are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. For further details, please refer to our latest public filings. On today's call, I'll start with a review of the first quarter and key developments since quarter end. Magnus will then cover financial results, after which I'll return to discuss contract activity and our market outlook.

我想提醒各位與會者，本次電話會議中的部分陳述屬於前瞻性陳述，並涉及可能導致實際結果與這些陳述所預期結果出現重大差異的風險與不確定性。更多細節請參閱我們最新的公開申報文件。在今天的會議中，我將先回顧第一季表現以及季末以來的關鍵進展。接著 Magnus 將說明財務結果，之後我會再回來討論合約動態與我們的市場展望。

Before I begin, I would like to recognize our teams around the world for their continued commitment to safe and reliable operations. During the quarter, several rigs achieved important safety milestones. The Gerd, Natt, and Mist each achieved 7 years LTI 3, while the Saga and the Arabia III reached six and three years respectively. The Norve also attained two years recordable incident free. These milestones reflect a strong safety culture across the organization, and I would like to thank all of my colleagues for their continued dedication to zero harm operations.

在開始之前，我想表揚我們遍布全球的團隊，持續致力於安全且可靠的營運。本季期間，多座鑽井平台達成重要的安全里程碑。Gerd、Natt 與 Mist 各自達成 7 年 LTI 3，而 Saga 與 Arabia III 分別達成 6 年與 3 年。Norve 也達成連續兩年無可記錄事故。這些里程碑反映出公司整體強健的安全文化，我要感謝所有同仁持續投入「零傷害」營運的承諾與奉獻。

Operationally, we delivered technical utilization of 99.4% and economic utilization of 97% in the first quarter. Revenue for the period was $247 million and adjusted EBITDA, $8.5 million, primarily impacted by the delayed start-up of the $8.4 million credit loss provision. During the quarter, the Odin completed its mobilization from Mexico, where operations had initially been expected to start in February.

在營運方面，我們第一季技術稼動率達 99.4%，經濟稼動率達 97%。本期營收為 2.47 億美元，調整後 EBITDA 為 8,850 萬美元，主要受到 840 萬美元信用損失準備金延後啟動的影響。本季期間，Odin 完成自墨西哥的動員（mobilization），原先預期作業將於 2 月開始。

However, the start-up was delayed due to disruptions during transit, additional contract preparation work, as well as approvals. While these delays are unfortunate, bringing the Odin into the U.S. was based on the long-term opportunity outlook in that market. I remain confident in the unique position with capabilities available to operators in the US Gulf, and we believe the rig will remain well-placed to seek in that region.

然而，由於運輸途中出現干擾、額外的合約準備工作以及核准程序，導致啟動延後。雖然這些延誤令人遺憾，但將 Odin 引進美國是基於該市場的長期機會展望。我仍對其在美國墨西哥灣可提供給營運商的獨特定位與能力充滿信心，我們相信該平台將持續具備在該區域爭取業務的良好條件。

Looking ahead, we expect second-quarter results to continue to be affected by the delayed start-up of the Odin, now anticipated to commence in late June, as well as rig transition between contracts. During the quarter, rising tensions and hostility in the Middle East created disruptions, but we navigated with little financial impact. Most importantly, all of our personnel remain safe. I would like to thank our teams for their professionalism and flexibility that they've shown through this period.

展望未來，我們預期第二季業績仍將受到 Odin 延後啟動的影響（目前預計於 6 月下旬開始），以及鑽井平台在合約間轉換的影響。本季期間，中東緊張局勢升高與敵對行動造成干擾，但我們在應對上幾乎沒有產生財務影響。最重要的是，我們所有人員皆安然無恙。我要感謝團隊在此期間展現的專業與彈性。

As announced in April, following temporary suspensions, all affected rigs were called back to work. After resuming operations, the Groa and the Forseti have now completed their contract in Qatar. The Forseti remains with a variable charter with the former owner into December 2026. Our contracting strategy remains focused on increasing near-term coverage while balancing day rates and contract tenor. Since our last earnings report, we've secured eight contract commitments, representing more than 1,100 days of firm work. Full-year 2026 coverage has increased to 71% at an average day rate of approximately $137,000, while second half 2026 coverage now stands at 65% as compared to 48% in the prior earnings report.

如 4 月所公告，在短暫停工後，所有受影響的平台皆已被召回復工。恢復作業後，Groa 與 Forseti 現已完成其在卡達的合約。Forseti 仍與前船東維持可變租船（variable charter）安排至 2026 年 12 月。我們的承攬策略仍聚焦於提升近期覆蓋率，同時在日費率與合約期限之間取得平衡。自上次財報發布以來，我們已取得 8 項合約承諾，代表超過 1,100 天的確定工作量。2026 全年覆蓋率已提升至 71%，平均日費率約 137,000 美元；而 2026 年下半年覆蓋率目前為 65%，相較於前次財報時的 48% 明顯提高。

We also announced the acquisition of five premium jackup rigs from Paratus for $287 million through a new 50/50 joint venture with our longstanding Mexican well construction partners. This transaction will expand our fleet from 29 to 34 rigs and further strengthen our position in the Mexican market, while adding flexibility to two higher specification units with broader redeployment potential. In April, we successfully completed an upsized $300 million convertible senior notes offering due in 2033, using the proceeds to repurchase a significant portion of our 2028 convertible bonds. This transaction meaningfully extends our maturity profile and strengthens our capital structure ahead of what we expect to be a constructive market environment. Magnus will walk through this in more detail shortly. While the Middle East conflict has created near-term uncertainty, key tenders in the region continue to progress with some modest delays.

我們也宣布透過與長期合作的墨西哥井建（well construction）夥伴成立新的 50/50 合資企業，以 2.87 億美元向 Paratus 收購 5 座高規格自升式鑽井平台（premium jackup rigs）。此交易將使我們的船隊由 29 座擴增至 34 座，進一步強化我們在墨西哥市場的地位，同時為兩座規格更高、具更廣泛再部署潛力的機組增添彈性。4 月，我們成功完成規模擴大的 3 億美元 2033 年到期可轉換優先票據（convertible senior notes）發行，並以募集資金回購我們 2028 年可轉債的相當部分。此交易顯著延長我們的到期結構並強化資本結構，以迎接我們預期將具建設性的市場環境。Magnus 稍後將更詳細說明。儘管中東衝突帶來短期不確定性，該區域的關鍵招標仍持續推進，僅出現一些輕微延遲。

More broadly, in our view, recent events have strengthened the long-term outlook for the sector, providing for higher oil prices and a renewed focus on energy security. Shallow water basins continue to represent an attractive resource, offering low cost and short-cycle barrels. Due to our customers' planning and budgeting cycles, we expect that improved activities and day rates will lag oil price increase by 6 to 12 months. The dynamic was recently seen in 2022, when the military invasion of Ukraine caused oil price to spike and a corresponding increase in day rates occurred several quarters later. Therefore, we are increasingly confident about the company's prospects for '27 and 2028, as we expect disruptions from the conflict in the Middle East to be both substantial and long-lasting. With this backdrop, Borr Drilling's expanded fleet is well-placed to support our customers' demand and deliver long-term shareholder value as the cycle develops.

更廣泛而言，我們認為近期事件強化了產業的長期展望，帶來較高油價並重新聚焦於能源安全。淺水盆地仍是具吸引力的資源，具備低成本與短週期產量的優勢。由於客戶的規劃與預算編列週期，我們預期活動量與日費率的改善將落後油價上升約 6 至 12 個月。此一動態在 2022 年亦曾出現，當時俄烏戰爭導致油價飆升，而日費率的相應上升則在數個季度後才發生。因此，我們對公司在 2027 與 2028 年的前景愈發有信心，因為我們預期中東衝突造成的干擾將既重大且持久。在此背景下，Borr Drilling 擴增後的船隊已具備良好條件，可支援客戶需求，並在景氣循環發展過程中為股東創造長期價值。

I will walk you through our business outlook in more color later in the call, but now I'll hand the call to Magnus to discuss the first-quarter financial results.

我稍後會在電話會議中更具體地說明我們的業務展望，但現在先把時間交給 Magnus，請他說明第一季的財務結果。

Thank you, Bruno. I will now go into some details of the financials for the first quarter. Total operating revenues for Q1 were $247 million, a decrease of $12.4 million or 4.8% compared to Q4. This is mainly explained by a $15.5 million decrease in day rate revenue, offset by a $3 million increase in bareboat revenue. The decrease in day rate revenue is driven mainly by $10.4 million lower reimbursable expenses, in addition to fewer operating days combined with lower day rates for some rigs. The $3 million increase in bareboat charter revenue was due to more rigs earning bareboat revenues after the rig acquisition from Noble. The total operating expenses were $201 million, up $8.9 million or 4.6% versus Q4. The increase was primarily due to $4.7 million of increased depreciation following the five-rig acquisition from Noble, and $4.6 million higher rig OpEx.

謝謝你，Bruno。接下來我將說明第一季財務的部分細節。第一季總營運收入為 2.47 億美元，較第四季減少 1,240 萬美元或 4.8%。主要原因為日費率收入減少 1,550 萬美元，但部分被光船租賃（bareboat）收入增加 300 萬美元所抵銷。日費率收入下降主要來自可報銷費用（reimbursable expenses）減少 1,040 萬美元，此外亦因營運天數較少，且部分平台日費率較低。光船租賃收入增加 300 萬美元，係因自 Noble 收購鑽井平台後，有更多平台開始賺取光船租賃收入。總營運費用為 2.01 億美元，較第四季增加 890 萬美元或 4.6%。增加主要來自於完成自 Noble 收購 5 座平台後折舊增加 470 萬美元，以及鑽井平台營運費用（rig OpEx）增加 460 萬美元。

The increase in rig OpEx was primarily due to $8.4 million on credit loss provision that we incurred in the quarter, partly offset by lower reimbursable expenses of $7.4 million. In addition to this, financial expenses increased by $6.9 million in the quarter due to the recent seller credit financing incurred in connection with the Noble rig acquisition and the bond tap late last year. Overall, for the quarter, we had net loss of $29 million and adjusted EBITDA of $88.5 million, down $16.7 million quarter-on-quarter. The adjusted EBITDA was highly impacted by the non-operational matter of $8.4 million credit loss provision taken in the quarter. In addition, as mentioned, the Odin's delayed commencement was also impacting the adjusted EBITDA compared to expectations at the beginning of the year. In the first quarter, we recognized no revenues but started incurring standard operating expenses for the rig.

鑽井平台營運費用增加主要是因本季認列 840 萬美元的信用損失準備金，部分被可報銷費用減少 740 萬美元所抵銷。此外，本季財務費用增加 690 萬美元，係因近期為 Noble 平台收購相關所產生的賣方信貸融資（seller credit financing），以及去年年底的債券增發（bond tap）。整體而言，本季淨損為 2,900 萬美元，調整後 EBITDA 為 8,850 萬美元，較前一季減少 1,670 萬美元。調整後 EBITDA 受到本季認列 840 萬美元信用損失準備金這項非營運因素的顯著影響。此外，如前所述，Odin 延後開工也使調整後 EBITDA 低於年初預期。第一季我們未認列任何營收，但已開始為該平台發生標準營運費用。

Going into Q2, the rig is continuing to undergo contract preparation and regulatory approvals, and we now expect the rig to commence operations in June. The rig is expected to incur additional contract preparation expenses of approximately $10 million in addition to standard OpEx before commencing its contract.

進入第二季，該平台仍持續進行合約準備與監管核准程序，我們目前預期將於 6 月開始作業。在合約開始前，除標準 OpEx 外，該平台預計還將發生約 1,000 萬美元的額外合約準備費用。

Moving into cash. Cash at the end of the quarter was $246 million, but total liquidity was $480 million, including undrawn revolving credit facilities of $234 million. Cash and restricted cash decreased by $133.7 million in the quarter, primarily as a result of the following. We used $182.9 million in investing activities, consisting primarily of the $175.1 million cash spent to complete the Noble acquisition in January. In addition, we incurred $7.5 million of CapEx for long-term maintenance expenses and costs. The cash used in investing activities was offset by $48.1 million cash from operating activities.

接著談現金。季末現金為 2.46 億美元，但包含 2.34 億美元未動用循環信貸額度（revolving credit facilities）在內的總流動性為 4.80 億美元。本季現金及受限制現金合計減少 1.337 億美元，主要原因如下：我們在投資活動中使用 1.829 億美元，主要包括 1 月完成 Noble 收購所支付的 1.751 億美元現金。此外，我們亦支出 750 萬美元資本支出（CapEx），用於長期維護費用與相關成本。投資活動所使用的現金，部分被營運活動帶來的 4,810 萬美元現金所抵銷。

This includes $6 million of interest payments and $6.7 million of taxes. Other financial events in the quarter that is worth highlighting, and as we have highlighted, is that we completed the five-rig acquisition from Noble for a total purchase price of $360 million, partly financed by $150 million seller credits. We also issued $300 million of convertible notes post-quarter end. We mainly used the proceeds to repurchase and cancel $195.2 million of our 2028 convertible notes, which extends the maturity profile by five years until 2033. The new convertible has a coupon of 3.5% compared to 5% on the 2028, and has an improved conversion price increase to $8 per share.

這包括600萬美元的利息支付以及670萬美元的稅款。本季度其他值得強調的財務事項（正如我們先前所提及）是，我們已完成向Noble收購五座鑽井平台的交易，總購買價為3.6億美元，其中部分由1.5億美元的賣方信貸融資。我們也在季度結束後發行了3億美元的可轉換公司債。我們主要將所得款項用於回購並註銷1.952億美元的2028年到期可轉債，將到期結構延長五年至2033年。新可轉債票息為3.5%，相較於2028年可轉債的5%更低，且轉換價格上調至每股8美元，轉換條件亦有所改善。

With this, I would like to pass the word back to Bruno.

接下來，我想把話交回給Bruno。

Thank you, Magnus. Activity on the contracting front has continued to track largely in line with our expectations. Year to date 2026, we've secured 13 new commitments, adding approximately $274 million to our backlog. In Americas, Eni extended a runs contract in Mexico, keeping the rig firmly committed through September 2026. Additionally, the Sif, one of our recently acquired rigs from Noble, has secured a contract offshore Suriname for one well. Drilling is targeted to commence in July and has an estimated duration of 100 days. In West Africa, the Prospector 5 secured work with BW Energy in Gabon. The rig is scheduled to complete operations with Eni in Congo later this month before mobilizing to Gabon in early third quarter, following its scheduled SBS. The rig is now firmly committed into Q2 2027, with unpriced options that extend into 2028.

謝謝你，Magnus。合約承攬方面的活動持續大致符合我們的預期。截至2026年迄今，我們已取得13項新承諾，為我們的在手訂單（backlog）增加約2.74億美元。在美洲地區，Eni延長了其在墨西哥的合約，使該平台確定承作至2026年9月。此外，Sif（我們近期自Noble收購的平台之一）已在蘇利南外海取得一口井的合約。鑽井預計於7月開始，估計工期為100天。在西非，Prospector 5與BW Energy在加彭取得工作。該平台預計於本月稍晚完成在剛果與Eni的作業，並在完成既定的SBS後，於第三季初動員前往加彭。該平台目前已確定承作至2027年第二季，並附有未定價的選擇權可延伸至2028年。

In Europe, the options on the Gerd were exercised, keeping the rig utilized through May. As a reminder, the rig was under the BBC to allow the previous owner to complete the ongoing accommodation work with Siemens. The Gerd will now demobilize later this month, and operations will be handed over from Noble to Borr. In Asia, the Scout received a 180-day contract with Vestigo in Malaysia and is scheduled to mobilize to the first well location later this month. The Thor also received two contract awards in Vietnam and is now committed to the first quarter of 2027. I remain proud of our continuous contracting success, which has a notable presence of repeat customers, demonstrating our strong relationships and ability to deliver safe and efficient operations.

在歐洲，Gerd的平台選擇權已被行使，使該平台可持續利用至5月。提醒一下，該平台先前處於BBC之下，以便前任所有人完成與Siemens進行中的住宿設施改裝工作。Gerd將於本月稍晚撤場（demobilize），作業也將由Noble移交給Borr。在亞洲，Scout在馬來西亞獲得Vestigo一份180天合約，並預計於本月稍晚動員至第一口井位。Thor也在越南獲得兩項合約授予，目前已確定承作至2027年第一季。我仍為我們持續的承攬成果感到自豪，其中相當比例來自回頭客，展現我們穩固的客戶關係，以及提供安全且高效率作業的能力。

Recent awards have meaningfully increased our 2026 coverage, particularly in the second half. We continue to work on several opportunities and remain optimistic in securing additional contracts in the coming months.

近期的合約授予已顯著提升我們在2026年的覆蓋度，尤其是下半年。我們仍在推進數個機會，並對未來幾個月取得更多合約保持樂觀。

Looking at our core markets around the globe, in the Middle East, visible open tender demand has further increased to 17 rigs. Although the current disruptions may delay activity in near-term, we believe its resolution will release pent-up demand that would likely be driven not only by deferred programs returning to the market, but also by the work required to restore shut-in wells and related infrastructure before production can return to pre-conflict levels. As a result, we see a credible pathway for incremental recovery-related demand once conditions normalize. Outside of the Middle East, we continue to receive positive customer signals across most of our operating regions, supporting our view that additional work is approaching the pipeline.

從全球核心市場來看，在中東，可見的公開招標需求已進一步增加至17座平台。雖然目前的干擾可能會延後短期活動，但我們相信一旦情勢解決，將釋放被壓抑的需求；這些需求很可能不僅來自延後的計畫回到市場，也來自在產量恢復至衝突前水準之前，修復停產井與相關基礎設施所需的工作。因此，我們認為在條件正常化後，存在可信的路徑出現額外的復原相關需求。除中東以外，我們在多數營運區域持續收到客戶的正面訊號，支持我們對更多工作正逐步進入管線的看法。

That is consistent with the broader trend we referenced earlier in our remarks and with the historical pattern that offshore activity typically responds with some lag as customers work through planning, budgeting, and procurement processes before converting demand into contracted work. In particular, I would like to highlight developments in Asia and Mexico. In Asia, we see signs of new requirements in Malaysia and Vietnam. While both countries are showing growth, they remain below past cycle jack-up counts and provide notable upside as the current environment progresses. Energy security is clearly a priority topic for many important countries, and we expect demand to accelerate as global disruptions impact their access to hydrocarbons. We have continued to execute at a high level in this competitive region and remain optimistic we will fill the majority of our 2026 available days in the near future.

這與我們先前提到的更廣泛趨勢一致，也符合歷史模式：離岸活動通常會有一定滯後，因客戶在將需求轉化為簽約工作之前，需要完成規劃、預算與採購流程。特別是，我想強調亞洲與墨西哥的發展。在亞洲，我們看到馬來西亞與越南出現新的需求跡象。雖然兩國皆呈現成長，但其自升式平台（jack-up）數量仍低於過去景氣循環的水準，隨著目前環境推進，仍具備顯著上行空間。能源安全顯然是許多重要國家的優先議題，我們預期當全球干擾影響其取得碳氫化合物的能力時，需求將加速。我們在這個競爭激烈的區域持續維持高水準執行力，並仍樂觀預期在不久的將來可填補我們2026年大部分可用天數。

Additionally, we see rig demand increasing in China. While not a location international contractors tend to operate, any notable demand pulling rigs into China has the potential to absorb a considerable amount of supply. As we have discussed in the past, Mexico continues to hold consequential shallow water production capacity, and we see jackup utilization as a fundamental variable in the formula for PEMEX to reach their stated production targets. Recent news of stacked rigs returning to work, along with a fresh market inquiry from PEMEX, leaves rigs in country well-suited to benefit from developing demand.

此外，我們也看到中國的鑽井平台需求正在增加。雖然國際承包商通常不在該地營運，但任何顯著的需求將平台拉入中國，都有可能吸收相當可觀的供給。正如我們過去討論的，墨西哥仍擁有具關鍵性的淺水產能，而我們認為自升式平台的利用率是PEMEX達成其宣示產量目標公式中的基本變數。近期有消息指出，先前停放（stacked）的平台正重返作業，加上PEMEX最新的市場詢問，使得在該國的鑽井平台非常適合受惠於正在形成的需求。

Looking further ahead, we see our 2027 availability as strategically valuable. It gives us flexibility to participate in what we believe could be a stronger contract environment as demand and day rates continue to develop. Our approach remains balanced, continue building near-term coverage while preserving exposure to future upside. With that context, let's turn to the conclusions slide.

展望更長期，我們認為2027年的可用性具有策略價值。這讓我們在需求與日費率持續發展之際，能更有彈性地參與我們認為可能更強勁的合約環境。我們的做法仍維持平衡：一方面持續建立短期覆蓋度，另一方面保留對未來上行的曝險。在此背景下，讓我們轉到結論頁。

I'll leave you with a few key takeouts. First, renewed focus on energy security, coupled with improved project economics and elevated oil prices, will drive demand for jackups. Second, it's clear that we have near-term uncertainty in the Middle East. That being said, tenders are progressing, and we see an increasing likelihood of pent-up demand forming regionally and beyond. We continue to focus on increasing 2026 coverage and remain strategic in doing so while balancing rates and tenure.

我最後總結幾個重點。第一，對能源安全的重新聚焦，加上專案經濟性改善與油價維持高檔，將推動自升式平台需求。第二，很明顯中東在短期內存在不確定性。儘管如此，招標仍在推進，我們看到區域內及區域外形成被壓抑需求的可能性正在提高。我們將持續專注提升2026年的覆蓋度，並在兼顧費率與合約期限的同時，以策略方式推進。

Finally, we have proven our ability to opportunistically grow our fleet as we see a favorable time in the cycle. At the same time, we continue to take actions to enhance capital structure to support long-term value shareholder creation. In conclusion, taking these points together, the broader message is clear. We are managing through near-term variability while positioning the company for stronger performance as the market improves.

最後，我們已證明在景氣循環中遇到有利時點時，具備把握機會擴充船隊的能力。同時，我們也持續採取行動強化資本結構，以支持長期為股東創造價值。總結而言，綜合以上要點，整體訊息很清楚：我們在管理短期波動的同時，也在為市場改善時公司更強勁的表現做好布局。

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

接下來，我將把電話會議交給問答環節。

(Operator Instructions) Ben Summers, BTIG.

（接線員指示）Ben Summers，BTIG。

First, it was great to see you guys continue to grow the fleet during the quarter. I guess, just curious how we're thinking about expanding the fleet moving forward. You mentioned the ongoing focus on energy security and just higher oil prices creating a strong long-term macro environment. Just curious how we think about potential fleet expansion down the road.

首先，很高興看到你們在本季度持續擴充船隊。我想問的是，我們接下來如何看待進一步擴張船隊。你們提到持續聚焦能源安全，以及較高油價正在創造強勁的長期總體環境。我想了解一下，我們如何看待未來可能的船隊擴張。

When we think about expansion, I think it's fair to say that we are pretty happy with what we achieved in late Q4 and into Q1 this year. Our fleet is now 34 rigs. I think it's a pretty interesting size as we complete the Paratus acquisition through the year. We are well-represented, in every market where we operate in different scale. I think in line what we comment before, I think any further expansion from here, I think is in a strategic flexibility that we have and is more a strategic mandate, let me put it this way.

當我們談到擴張時，我認為可以說，我們對今年第四季末到第一季所達成的成果相當滿意。我們的船隊目前有34座平台。隨著我們在今年內完成Paratus收購，我認為這是一個相當有意思的規模。我們在各個營運市場都有布局，只是規模不同。我想，正如我們之前評論的，從現在起任何進一步擴張，我認為更多是基於我們所擁有的策略彈性，也更像是一項策略性任務，我這樣說。

I think for now, out of the rigs that we acquired, we have a couple of them to put back to work, and that remains our priority in the near term. We'll continue to monitor market to see if other opportunities are out there. But I think at this time, our key priority is finding employment opportunities for these rigs before we look into further growth.

我認為就目前而言，在我們收購的平台中，仍有幾座需要讓它們重新投入作業，而這仍是我們短期內的優先事項。我們會持續觀察市場，看看是否還有其他機會。但在此時此刻，我們的首要重點是在考慮進一步成長之前，先為這些平台找到就業機會。

Super helpful. I appreciated the color on some notable regions. Kind of wanted to ask around West Africa, kind of curious anything you guys are seeing there then, potentially the longer-term demand profile in that region once again, especially as you're seeing this ongoing, I guess, prioritization of energy security. Just kind of curious, in a region like West Africa, any color on the demand outlook?

非常有幫助。也感謝你們對一些重點區域的補充說明。我想問一下西非的情況，想了解你們目前在那裡看到什麼，以及該區域較長期的需求輪廓，特別是在你們看到能源安全持續被優先考量的背景下。像西非這樣的地區，對需求前景有沒有更多看法？

Yeah, for sure, Ben. I know that we've seen already in the last few years, and I think more pronounced in the last several quarters now, that demand in West Africa has tracked positively and is being largely driven by Angola, Nigeria. I think that that continues. Oil price is supportive to development of some of those programs. In our conversations with customers, even wells that were maybe allocated to be drilled a bit far in the future, a bit further in the future, there is consideration about moving these programs forward. The demand in a region is likely in the near term to attract rigs from outside of the region that should help particularly regions like Asia, that have been more competitive. I think this is a very positive development.

是的，當然，Ben。我知道我們在過去幾年已經看到，而且我認為在最近幾個季度更為明顯，西非的需求呈現正向走勢，主要由安哥拉、奈及利亞所帶動。我認為這個趨勢仍會持續。油價也支持其中一些計畫的開發。在我們與客戶的對話中，即便是原本可能安排在更久之後才鑽的井，也正在考慮把這些計畫提前。該區域的需求在短期內很可能會吸引區域外的平台進入，這應該有助於像亞洲這類競爭更激烈的區域。我認為這是非常正面的發展。

West Africa supply-demand balance is quite healthy. What we have seen, including our recent fixtures, that continues to provide opportunity for us to print leading-edge rates. We see now as the cycle develops, that there are more longer-term opportunities popping in the market. That's all positively, it's a market that I think 400-foot capable rigs tend to fare well because of their operational flexibility, and we are largely in control of the capacity of 400-foot capable rigs in the region. That gives us, I think, a positive outlook in terms of maintaining the fleet contracted as well as pushing prices when we think we have a strategic positioning.

西非的供需平衡相當健康。我們所看到的情況（包括我們近期的簽約/派工）持續為我們提供以領先市場的費率成交的機會。隨著景氣循環發展，我們也看到市場上出現更多較長期的機會。整體而言這是正面的；我認為具備 400 英尺作業能力的自升式鑽井平台，因其作業彈性，往往在這個市場表現良好，而我們在該區域對 400 英尺級平台的產能在很大程度上是可控的。我認為這讓我們在維持船隊合約覆蓋、以及在我們認為具備策略性位置時推動價格方面，都有正向展望。

Dan Good, Morgan Stanley.

Dan Good，摩根士丹利。

I wanted to ask, I guess, something somewhat similar to the last line of questions, but just from a little bit different angle, and that's that, you guys have flagged some incremental demand in certain regions driven by energy security concerns. You flagged Southeast Asia, and you flagged Pemex in Mexico. I guess the question is Borr clearly has one of the highest spec fleets, if not the highest spec in the shallow water drilling space. I guess, in a theoretical scenario where there's incremental demand pool outside of the Middle East, how do you think about how your fleet mix, is potentially positioned to benefit from that?

我想問一個問題，某種程度上和上一輪問題的最後一題有點類似，但角度稍微不同。你們提到在某些地區因能源安全疑慮而帶來的增量需求，包括東南亞，以及墨西哥的 Pemex。我想問題是：Borr 顯然擁有淺水鑽井領域中規格最高、即便不是最高也是名列前茅的船隊。假設在理論情境下，中東以外出現一個增量需求池，你們如何看待你們的船隊組合在其中可能受益的定位？

I know the Middle East tends to be a relatively high-spec market in terms of the mix of rigs that are working, but some of the other regions that you flagged have a higher mix of high-spec rig demand as well, like Asia-Pacific and Mexico. Yeah, just wondering if you could talk about how the new macro outlook plays into Borr's kind of fleet mix and mix overall.

我知道中東在作業平台組合上通常是相對高規格的市場，但你們提到的其他一些地區也有較高比例的高規格平台需求，例如亞太與墨西哥。是的，我想請你談談新的總體環境展望如何影響 Borr 的船隊組合與整體配置。

Yeah. No, thanks for joining, Dan. Great question. The way I would frame it is, I think the higher specification of our rigs shouldn't be perceived as a limitation. I think much the opposite. I think our higher specification fleet is actually very well suited for higher specification work. We are in a position to compete very efficiently and effectively across all kinds of work, right? I think we're selective. The rigs are capable of delivering successful wells pretty much across all geographies. So I think that gives us tremendous amount of flexibility.

是的。Dan，謝謝你加入。問題很好。我會這樣表述：我認為我們平台較高的規格不應被視為限制，反而恰恰相反。我認為我們的高規格船隊其實非常適合高規格的作業。我們有能力在各類型工作上以非常高的效率與效果競爭，對吧？我想我們是有選擇性的。我們的平台幾乎在所有地理區域都能交付成功的井作業。因此我認為這給了我們非常大的彈性。

Maybe if I put into context and look at the larger picture, I think last quarter when we were reporting here in Q2, what did we have ahead of us? We had a modern jackup fleet that was very resilient, still tracking around 90% utilization. We had developing demand largely geared towards the Middle East, where we saw about 13 rig requirements in the Middle East alone at that point in time. Now you fast-forward a quarter, what has changed effectively? I think the answer is, other than timing, nothing has changed, at least not negatively.

也許把它放到脈絡裡、從更大的圖像來看：我想上一季我們在這裡報告 Q2 時，當時我們面前是什麼？我們有一支非常具韌性的現代化自升式平台船隊，利用率仍維持在約 90%。我們看到的需求發展主要集中在中東，當時僅中東我們就看到大約 13 座平台的需求。現在快轉一季，實際上改變了什麼？我想答案是：除了時點之外，沒有什麼改變，至少沒有負面的改變。

Jackup utilization for modern rigs still tracking at 90%, meaning there's limited supply available out there. The demand in the Middle East that we counted at that point in time, potentially 13 rigs, has now increased to 17. I think the disruptions in large continue to drive incremental demand from what we saw in Q2 across the various geographies.

現代化自升式平台的利用率仍維持在 90%，意味著市場上可用供給有限。當時我們估算中東可能需要 13 座平台的需求，現在已增加到 17 座。我認為整體上的擾動仍持續推動各地理區域相較於 Q2 所見的增量需求。

I think outside of the Middle East, it's clear that energy security is the driver in countries, I think particularly in Asia, that have been exposed to the availability of hydrocarbons, the limited availability of hydrocarbons. We see some of those discussions accelerating. If we look at the Middle East alone, obviously the timing may be variable, but ultimately, we are positive that incremental work is going to be needed to bring production capacity back to where it were. Wells, even in the Middle East, they don't work like light switches, and you turn them off and turn them back on, and they come online when you want, right? If you keep in mind that about 8% to 10% of the global supply has been basically shutting, there's certainly a lot of work that is going to be needed in intervention, going into these wells, getting back into production.

我認為在中東以外，很明顯能源安全是各國的驅動因素，特別是在亞洲，一些國家暴露於碳氫化合物供應可得性、以及其有限可得性之下。我們看到其中一些討論正在加速。若只看中東，顯然時點可能有變動，但最終我們對於需要增量工作以把產能帶回原本水準抱持正面看法。即使在中東，油井也不像電燈開關一樣，你把它關掉再打開，它就會在你想要的時候上線，對吧？如果你記得全球供給中約 8% 到 10% 基本上已經被關停，那麼在介入作業方面勢必需要大量工作——進入這些井、讓它們恢復生產。

That should drive a higher demand for rigs or a higher intensity for rigs. I think beyond that, if you look across the globe, SPRs across pretty much every country, every region, seem to be tracking at all-time low levels or definitely recent low levels. So I think on top of that, once the situation normalizes, there will be an urgency to replenish those SPRs. That should drive as well a near-term demand that is perhaps higher than what we had coming into the conflict.

這應該會推動對平台更高的需求，或是平台作業強度更高。除此之外，如果放眼全球，幾乎每個國家、每個地區的戰略石油儲備（SPR）似乎都處於歷史低位，或至少是近期低位。因此我認為在此之上，一旦情勢正常化，補充這些 SPR 將會有急迫性。這也將推動短期需求，可能高於我們在衝突爆發前所預期的水準。

So I think the landscape is quite interesting here. The timing remains obviously a bit variable considering this conflict. In the context of that, having the highest specification rigs that can actually address demand, wherever it comes from, whether it's in West Africa, whether it's in Mexico, whether it's in Asia, I think it positions us very uniquely.

所以我認為這裡的局勢相當有意思。考量到這場衝突，時點顯然仍有些變動。在這樣的背景下，擁有最高規格、能夠因應需求（不論需求來自哪裡——西非、墨西哥或亞洲）的平台，我認為讓我們具備非常獨特的定位。

Certainly, if we find jobs that by default require only an exclusively high-specification rig, we're even better off. But in any case, I think we're very well-positioned.

當然，如果我們找到的工作本質上就只需要高規格平台，那我們會更有利。但無論如何，我認為我們的定位非常好。

That's great color and context. Thank you. Maybe one on UAE. With UAE announcing its exit from OPEC and we're seeing some big incremental upstream investment and production growth plans coming out of UAE following that decision. Borr's one of the few contract drillers outside of ADNOC Drilling that works in the UAE, and so I was just wondering if you could talk about the implications of the UAE exit and the potential activity upside in that market and the implications for Borr, given your unique position as a company that does work in the UAE.

這些補充與脈絡很有幫助，謝謝。再問一題關於阿聯酋（UAE）。隨著 UAE 宣布退出 OPEC，我們也看到在該決定之後，UAE 釋出一些大幅增加的上游投資與產量成長計畫。Borr 是少數在 ADNOC Drilling 之外、仍在 UAE 作業的合約鑽井商之一，所以我想請你談談 UAE 退出的意涵、該市場活動上行的潛力，以及鑑於你們作為在 UAE 有作業的公司所具備的獨特位置，對 Borr 的影響。

For sure, Dan. I think it's obviously the developments in the UAE and then leaving OPEC are quite fresh, and we're yet to assess what that means a bit in the longer term. What seems clear to me is that they will continue with their ambition to increase their sustainable production capacity and ramp that up to the 5 million barrels that they've been targeting. Inevitably, I think that entails more jackups being needed, right? Whether it happens through ADNOC Drilling, whether they will be looking to foreign players to come and help, I think time will tell.

當然，Dan。我認為 UAE 的發展以及退出 OPEC 都是相當新的消息，我們仍需評估其較長期的意涵。對我而言比較清楚的是，他們會持續推進提高可持續產能的企圖，並把產能提升到他們目標的 500 萬桶。不可避免地，我認為這意味著需要更多自升式平台，對吧？至於是透過 ADNOC Drilling 來完成，或是他們會尋求海外業者來協助，我想時間會給出答案。

The development is positive. We are currently located there, as you said, we do have established presence. We do have an operating reputation, and we'll have to watch what happens. I do think that inevitably a key component to Middle East growth or recovery at the moment lies in the shallow water barrels inevitably.

這項發展是正面的。我們目前就在當地，如你所說，我們確實已建立據點。我們也有營運口碑，我們會觀察後續發展。我確實認為，眼下中東的成長或復甦，其中一個關鍵組成部分不可避免地在於淺水產量（shallow water barrels）。

Great. All really helpful. Thanks, Bruno. I'll turn it back.

很好。都非常有幫助。謝謝你，Bruno。我把時間交回去。

Doug Becker, Capital One.

Doug Becker，第一資本（Capital One）。

Thank you. Bruno, I want to ask a difficult hypothetical question about Middle East demand. If we just paint a scenario where the conflict continues to drag on, the strait remains closed, but kinetic activity is limited, how do you see Middle East jackup demand evolving in this kind of prolonged conflict situation?

謝謝。Bruno，我想問一個比較困難的、關於中東需求的假設性問題。如果我們描繪一個情境：衝突持續拖延、海峽仍然關閉，但實際武力行動有限，在這種長期衝突的情況下，你如何看待中東自升式平台需求的演變？

Hey, Doug. Thanks for joining. Yeah. You're right. I think that if we look hypothetically about the strait remaining closed for a long time, inevitably you create eventually a situation where less activity is needed in the Gulf because otherwise you just don't have ability to export that production. How realistic I think it is at the moment that the world can actually afford the strait being closed for a long time, I think I would have questions about what can be effectively the full duration of that. But the reality is that different than during the 2024 kind of Saudi suspensions terminations, the reality is that the Middle East for now is landlocked, right?

嗨，Doug。謝謝你加入。是的，你說得對。我認為如果假設海峽長時間維持關閉，最終不可避免會出現一種情況：海灣地區需要的活動會變少，因為否則你就沒有能力出口那部分產量。至於我認為目前世界是否真的負擔得起海峽長期關閉，我會對其可能的實際持續時間有所疑問。但現實是，與 2024 年那種沙烏地暫停/終止的情況不同，現階段中東是被陸路封鎖的，對吧？

If the strait remains closed, the Middle East is landlocked, and any activity that results in other regions from that or any requirements that result from there will not be affected by rigs that will be available in the Middle East. I think that creates a bit of a unique dynamic compared to what we saw in the past. We have four rigs in the Middle East, which is not necessarily a small exposure, but I think it's very manageable at the moment. I think if you see that happening and you're now expecting commodity prices to be tracking way higher, because I think that's what you should think about if the Strait was to stay closed, activity in other places will pick up.

如果海峽仍然關閉，中東就等於被陸路封鎖，而因此在其他地區產生的任何活動、或由此衍生的任何需求，都不會被中東可用的平台所影響。我認為這相較於過去我們看到的情況，形成了一種有點獨特的動態。我們在中東有四座平台，這不算小的曝險，但我認為目前是非常可控的。我認為如果真的發生那種情況，而你也預期大宗商品價格會走得更高——因為我認為若海峽維持關閉，你就應該這麼想——那麼其他地方的活動將會增加。

I do think that what that brings is an upside to economics and everything else that is likely to offset for us, in particular, our relatively small presence in the Middle East, if that makes sense.

我確實認為，這帶來的是對經濟以及其他各方面的上行助益，這些因素很可能會抵銷我們所面臨的影響，特別是考量到我們在中東的相對小規模布局，如果這樣說得通的話。

No, that definitely makes sense. I wanted to shift to the US Gulf. I know in the past you kind of mentioned it's a new frontier for Borr. There might be a bit of a learning curve. I was just hoping to get some more color on the contract prep and regulatory issues that Odin's been seeing, and what this might mean for additional rigs moving to the market going forward.

不，這絕對說得通。我想把話題轉到美國墨西哥灣。我知道過去你提到這對 Borr 來說有點像新前沿，可能會有一些學習曲線。我只是希望能更了解一些關於合約準備與監管議題的細節，Odin 目前遇到的是哪些狀況，以及這對未來是否會有更多鑽井平台進入該市場可能意味著什麼。

No, very good, Dan. See, I think it's fair to say that the performance of the Odin started in the US as being lagging to what we would have expected. Starting raising in new regions always come with a degree of challenge. I think over the last years, we've done that very successfully. If I look at a lot of the startups that we have, cross-regional startup, cross-country startup, I think we've maintained a pretty strong track record. Coming to the US, I think we found a bit more challenging than we would have anticipated. It's showing now in the delays, not only in terms of getting the rig ready, but as well as some challenges we had with the weather while we were moving the rig from Mexico to the US that caused about a 40-day delay during that process alone.

不錯，Dan。你看，我想可以公平地說，Odin 在美國的表現一開始確實落後於我們的預期。進入新區域的啟動總會伴隨一定程度的挑戰。我認為過去幾年我們在這方面做得非常成功。若我回顧我們許多跨區域啟動、跨國啟動的案例，我覺得我們維持了相當強的紀錄。來到美國，我們發現比預期更具挑戰性。這也反映在目前的延誤上，不僅是在讓鑽井平台就緒方面，另外在把平台從墨西哥移往美國的過程中，我們也遇到一些天候方面的挑戰，光是那段移動流程就造成約 40 天的延誤。

As I said in the earlier remarks, we didn't bring a rig into the US Gulf hoping to just patching short-term work. When we look at the US, what we saw is a market that was lacking high specification, shallow water capacity. If you think about the US on the onshore side, tremendous amount of progress has been done in shale by using technology, new work practices to streamline the well progress, while offshore space, that market still heavily rely on 1970, 1980s rigs that had limitations in terms of how efficiently and effectively they can drill wells to the newer standards. The Odin coming to country stands alone in that space. It brings tremendous amount of capabilities that are related to factory drilling, how we accelerate wells, and we're getting a lot of traction from customers.

如我在先前的發言中提到，我們把鑽井平台帶進美國墨西哥灣，並不是希望只做一些短期、零碎的工作。當我們看美國市場時，我們看到的是一個缺乏高規格、淺水作業能力的市場。若你看美國陸上端，頁岩領域透過技術與新的作業方式已取得巨大進展，讓鑽井進度更精簡；但在離岸領域，市場仍高度依賴 1970、1980 年代的鑽井平台，這些平台在以新標準鑽井的效率與效能上都有其限制。Odin 進入美國後在這個領域可說是獨樹一幟。它帶來與工廠化鑽井相關的大量能力，能加速井的建置，我們也從客戶那裡獲得很大的關注與回響。

I was in the US just a couple of weeks back and had a chance to engage with a lot of customers, and the commentary has been quite exciting about how they're looking at that, how they're interested to see the capability of the Odin, and how that will translate into well efficiencies. I think that the outlook is positive. We should be starting soon this work with Cantium. We have follow-on work with Exxon. I do believe there's a very good likelihood that, across these two customers, there could be more work coming. Lot of the chatter across the customers that we were able to see in the last couple of weeks in the US. I think that is how we're thinking about. In terms of incremental demand, I think it's possible.

我幾週前才在美國，並有機會與許多客戶交流；他們對此的評論相當令人振奮，包括他們如何看待這件事、他們有多期待看到 Odin 的能力，以及這將如何轉化為鑽井效率的提升。我認為展望是正面的。我們應該很快就會與 Cantium 開始這項工作。我們也有與 Exxon 的後續工作。我確實相信，在這兩家客戶之間，很有可能會有更多工作機會出現。過去幾週我們在美國與客戶接觸時，聽到很多相關討論。我想這就是我們的思考方式。就增量需求而言，我認為是有可能的。

At the moment for us, we need to get the housing order, get the Odin operating, make sure that we have very clear lessons learned from that so we're ready for a second rig, and at that time, we evaluate what the landscape looks like.

就目前而言，我們需要先把住宿安排（housing order）處理好，讓 Odin 進入運作，並確保我們從中得到非常清楚的經驗教訓，這樣我們才準備好迎接第二座平台；到那個時候，我們再評估市場環境會是什麼樣子。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（接線員指示）Josh Jayne，Daniel Energy Partners。

Maybe you could just go into a little more discussion on line of sight for the rigs that are idle going back to work. Just given your comments around Mexico and Asia, are those two of the markets that you might expect them to go to work in? Maybe just elaborate further.

也許你可以再多談一點，對於目前閒置的鑽井平台重返作業，你們的可見度（line of sight）如何？考量你對墨西哥與亞洲的評論，這兩個市場是否是你們可能預期它們投入工作的地方？能否再進一步說明。

We have, indeed, line of sight for quite a few of our rigs, and I mentioned Asia and Mexico in particular, not so much because those are the only areas where we see potential in line of sight, just because those are the areas where we see very clear development in terms of incremental activity, for example, right? Our exposure is not only those regions. We have a few rigs that could become available in West Africa, for example. As I mentioned earlier here in the questions, it is a market where we see the demand steady and often positive enough to give us line of sight for continued work. Don't take my comment as Asia and Mexico being the only interesting markets. I think they are the ones that are clearly showing the earlier signs of demand recovery, right?

我們確實對相當多座平台有可見度。我特別提到亞洲與墨西哥，並不是因為那是我們唯一看到可見度的地區，而是因為那些地區在增量活動方面的發展非常明確，例如對吧？我們的曝險不只在那些區域。舉例來說，我們也有幾座平台可能會在西非釋出可用性。如我先前在問答中提到，那是一個我們看到需求穩定、且往往正向到足以讓我們對持續工作有可見度的市場。不要把我的評論解讀為亞洲與墨西哥是唯一有趣的市場。我認為它們只是更清楚地展現出需求復甦的早期跡象，對吧？

I think that's the way you should think about that, Josh.

Josh，我認為你應該用這樣的方式來理解。

Okay, thanks for that. Then I wanted to go back to M&A. You talked about it earlier. You've been pretty active with respect to acquiring assets over the last 12 months, and you talked earlier in Q&A about incremental transactions not being sort of a mandate, but most of the things announced were in motion pre-war. Could you just speak to how the M&A environment you think has potentially changed for the industry since the war started? Do you expect to see more consolidation, potentially, amongst your peers in the current environment?

好的，謝謝你的說明。接著我想回到併購（M&A）。你先前提到過。過去 12 個月你們在收購資產方面相當積極，你也在先前的問答中提到，進一步的交易並不是一種「必須做」的任務，但多數已公告的事項是在戰爭前就已在推進中。你能否談談，自戰爭開始以來，你認為產業的併購環境可能有哪些變化？在目前環境下，你是否預期同業之間可能會出現更多整併？

Yeah. See, you're right. I think the consolidations that we completed or we announced were pre-war. I don't think that looking at the current context, that any of the developments in terms of the conflict, things that would have changed the outcome of our decisions. I think we're pretty pleased with the assets that we acquired, pretty pleased with the valuation, the structure of the deals that we're able to put together. As I said earlier, I do think that the conflict brings some uncertain terms of timing, but looking forward, it's hard to see a scenario where the outcome after the conflict is not actually a stronger demand for our service, for our jackups than it was coming into it, right? I think that's the way I think about it.

是的。你說得對。我們完成或公告的整併確實是在戰前。我不認為在目前情境下，衝突相關的任何發展會改變我們決策的結果。我們對所收購的資產相當滿意，也對估值、以及我們能夠組合出的交易結構相當滿意。如我先前所說，我確實認為衝突會帶來一些時間點上的不確定性，但往前看，很難想像衝突結束後的結果不會使我們的服務、我們的自升式平台（jackups）需求比衝突前更強，對吧？我就是這樣看待的。

Now from our side at least, we're not having a different view to consolidation because of the conflict. As I said earlier, for us, the priority near term is to find employment for those rigs, and that's what we're focusing at the moment. The sector as a whole, I think, can do with more consolidation. I think consolidation is a good thing. It's not a bad thing, and it's in the jackup space, consolidation is good, not only for the contractors, but I do think that they are positive for the customers as well. I wouldn't think about the conflict having a significant bearing to decisions on M&A, at least not from our side. I agree that M&A is something that should be looked very seriously in the sector because it is still a fairly fragmented market in the jackups.

至少就我們而言，我們不會因為衝突而對整併有不同看法。如我先前所說，對我們來說，短期的優先事項是為那些平台找到工作，這也是我們目前的重點。就整個產業而言，我認為可以有更多整併。我認為整併是好事，不是壞事；而在自升式平台領域，整併是好事，不僅對承包商有利，我也認為對客戶同樣是正面的。我不會認為衝突會對併購決策造成重大影響，至少從我們這邊來看是如此。我同意，併購是這個產業應該非常嚴肅看待的事情，因為自升式平台市場仍然相當分散。

Understood. Thanks. I'll turn it back.

了解，謝謝。我把時間交回去。

Thank you. There are no further questions at this time. I would now like to turn the conference back to Mr. Bruno Morand for closing remarks.

謝謝。目前沒有其他問題。我現在想把電話會議交回給 Bruno Morand 先生作結語。

Thanks for joining, and thanks for your interest in Borr Drilling. I look forward to speaking to you next quarter.

感謝各位參與，也謝謝各位對 Borr Drilling 的關注。我期待在下個季度再與各位交流。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。