Diamond Offshore Drilling Inc (DO) 2023 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the First Quarter 2023 Diamond Offshore Drilling Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Bordosky, Senior Director of Investor Relations. Please go ahead.

早上好，謝謝你的支持。歡迎參加 2023 年第一季度鑽石海上鑽井收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係高級總監 Kevin Bordosky。請繼續。

Thank you, Michelle. Good morning or afternoon to everyone, and thank you for joining us. With me on the call today are Bernie Wolford, President and Chief Executive Officer; and Dominic Savarino, Senior Vice President and Chief Financial Officer. Before we begin our remarks, I remind you that information reported on this call speaks only as of today, and therefore, time-sensitive information may no longer be accurate at the time of any replay of this call.

謝謝你，米歇爾。大家早上好或下午好，感謝您加入我們。今天與我通話的有總裁兼首席執行官 Bernie Wolford；高級副總裁兼首席財務官 Dominic Savarino。在我們開始發言之前，我提醒您，本次電話會議報導的信息僅代表今天，因此，在重播本次電話會議時，時間敏感的信息可能不再準確。

Some of the information referenced on our call today is included in a slide presentation that you can find in the Investor Relations section of our website under Calendar of Events. In addition, certain statements made during this call may be forward-looking in nature. These statements are based on our current expectations and include known and unknown risks and uncertainties, many of which we are unable to predict or control. These risks and uncertainties may cause our actual results or performance to differ materially from any future results or performance expressed or implied by these statements. These risks and uncertainties include the risk factors disclosed in our 10-K and 10-Q filings with the SEC.

我們今天的電話會議中提到的一些信息包含在幻燈片演示中，您可以在我們網站的“投資者關係”部分的“活動日曆”下找到該演示文稿。此外，本次電話會議期間做出的某些聲明可能具有前瞻性。這些陳述基於我們目前的預期，包括已知和未知的風險和不確定性，其中許多是我們無法預測或控制的。這些風險和不確定性可能導致我們的實際結果或業績與這些聲明明示或暗示的任何未來結果或業績存在重大差異。這些風險和不確定性包括我們在向美國證券交易委員會提交的 10-K 和 10-Q 文件中披露的風險因素。

Further, we expressly disclaim any obligation to update or revise any forward-looking statements. Refer to the disclosure regarding forward-looking statements incorporated in our press release issued yesterday evening, and please note that the contents of our call today are covered by that disclosure. In addition, please note that we will be referencing non-GAAP figures on our call today. You can find a reconciliation to GAAP financials in our press release issued yesterday. And now I will turn the call over to Bernie.

此外，我們明確表示不承擔任何更新或修改任何前瞻性陳述的義務。請參閱我們昨天晚上發布的新聞稿中有關前瞻性陳述的披露，請注意，我們今天電話會議的內容已包含在該披露中。此外，請注意，我們將在今天的電話會議上參考非 GAAP 數據。您可以在我們昨天發布的新聞稿中找到與 GAAP 財務的對賬。現在我將把電話轉給伯尼。

Thanks, Kevin. Good morning or afternoon to everyone, and thank you for your interest in Diamond Offshore as we present our results for the first quarter of 2023. I'd like to start by recognizing that during the first quarter, Diamond reached its 1-year anniversary of relisting on the New York Stock Exchange. Since relisting, we have seen significant trading liquidity in our shares and our shareholder base has grown to nearly 200 institutional investors.

謝謝，凱文。大家早上好或下午好，感謝您在我們公佈 2023 年第一季度業績時對 Diamond Offshore 的關注。我想首先認識到，在第一季度，Diamond 迎來了成立一周年在紐約證券交易所重新上市。自重新上市以來，我們的股票交易流動性顯著，我們的股東基礎已發展到近 200 名機構投資者。

Today, I will cover financial and operating highlights for the first quarter. Our operational outlook for the remainder of 2023 and our view on the market for our services. I'll also provide more detail on our commercial successes achieved after the first quarter and then turn it over to Dominic to provide a review of our first quarter financials as well as guidance for the upcoming quarter.

今天，我將介紹第一季度的財務和運營亮點。我們對 2023 年剩餘時間的運營展望以及我們對服務市場的看法。我還將提供有關我們在第一季度後取得的商業成功的更多詳細信息，然後將其轉交給多米尼克，以提供對我們第一季度財務狀況的審查以及對下一季度的指導。

Our results for the quarter reflect growth in both revenue and adjusted EBITDA. Total revenue and adjusted EBITDA for the quarter were $232 million and $21.7 million, respectively. These improvements were driven primarily by the Ocean BlackHornet moving to a substantially higher day rate during the first quarter. The first quarter was an active one for our company.

我們本季度的業績反映了收入和調整後的 EBITDA 的增長。本季度總收入和調整後的 EBITDA 分別為 2.32 億美元和 2170 萬美元。這些改進主要是由於 Ocean BlackHornet 在第一季度大幅提高了日費率。第一季度對我們公司來說是一個活躍的季度。

I'm pleased to report that our recrews and operation support team delivered revenue efficiency of 95.9% across our fleet during the quarter. This efficiency number is notable considering the start-up of the Ocean GreatWhite, which safely commenced operations west of the Shetlands in late March and the redelivery of the Endeavor following completion of its special survey. These important milestones give us 3 harsh environment rigs working in the region and are a testament to our team's project management capability. In addition, we successfully commenced operations with a new client in the U.S. Gulf of Mexico, utilizing the seventh generation drillship Vela, and we received a well-based performance bonus in Senegal for the third consecutive quarter.

我很高興地報告，我們的船員和運營支持團隊在本季度為我們的機隊提供了 95.9% 的收入效率。考慮到 Ocean GreatWhite 的啟動，該效率數字是值得注意的，它於 3 月下旬在設得蘭群島以西安全開始運營，並且奮進號在完成特別調查後重新交付。這些重要的里程碑為我們提供了 3 個在該地區工作的惡劣環境鑽井平台，並證明了我們團隊的項目管理能力。此外，我們利用第七代鑽井船 Vela 成功地與美國墨西哥灣的一個新客戶開展業務，並且我們連續第三個季度在塞內加爾獲得基於油井的績效獎金。

Our industry-leading safety excellence was recognized by the IADC North Sea chapter, as it recently declared Diamond Offshore, the winner in 2 categories among the active rig fleets in the North Sea. We won Best Safety Performance in the floating rigs category and also Best Safety Performance for an individual floating rig, the Ocean Patriot. These awards demonstrate the company's commitment to honor safety and protect all and are a direct result of the hard work and dedication of the men and women who crew and support the Diamond Offshore fleet in the U.K.

我們行業領先的卓越安全性得到了 IADC 北海分會的認可，因為它最近宣布 Diamond Offshore 在北海活躍的鑽井船隊中獲得 2 個類別的冠軍。我們在浮動鑽井平台類別中贏得了最佳安全性能，並且還為單個浮動鑽井平台 Ocean Patriot 贏得了最佳安全性能。這些獎項證明了公司尊重安全和保護所有人的承諾，是英國 Diamond Offshore 船隊船員和支持人員辛勤工作和奉獻精神的直接結果。

Finally, at quarter end, we made the determination to categorize the Ocean Monarch as held for sale. This decision reflects our continuing commitment to capital discipline and our strategic focus on maximizing shareholder returns.

最後，在季度末，我們決定將 Ocean Monarch 歸類為持有待售。這一決定反映了我們對資本紀律的持續承諾以及我們對股東回報最大化的戰略重點。

Turning to the market outlook. We maintain our constructive outlook for our business as the up cycle in the offshore drilling sector continues to be supported by strong cash flows realized by oil and gas companies, continued evidence of growing demand and oil price forecast well above production breakeven costs and FID hurdles. These factors have prompted a significant recovery in offshore upstream capital expenditures. According to S&P Global, new tender demand for floating drilling rigs for the 12 months ended March 31, 2023, was at its highest level since 2012. Industry analysts expect offshore upstream CapEx spend to grow approximately 10% year-over-year on average from 2023 to 2025, approaching $200 billion by 2025.

轉向後市。我們維持對我們業務的建設性展望，因為海上鑽井行業的上升週期繼續受到石油和天然氣公司實現的強勁現金流的支持，不斷增長的需求和油價預測遠高於生產盈虧平衡成本和 FID 障礙的持續證據。這些因素促使離岸上游資本支出大幅回升。根據標準普爾全球數據，截至 2023 年 3 月 31 日的 12 個月，浮式鑽井平台的新招標需求處於 2012 年以來的最高水平。行業分析師預計海上上游資本支出平均同比增長約 10% 2023 年至 2025 年，到 2025 年接近 2000 億美元。

We anticipate these investments will grow further as the pursuit of supply diversity remains a global priority and gains further momentum. The ongoing pivot to offshore basins as a source of incremental supply is driving the market for our services. Additional capital being deployed for exploration and appraisal may further extend this cycle of investment.

我們預計這些投資將進一步增長，因為追求供應多樣性仍然是全球優先事項並獲得進一步的動力。持續轉向近海盆地作為增量供應來源正在推動我們的服務市場。為勘探和評估部署的額外資金可能會進一步延長這一投資週期。

Next, I would like to offer comments regarding the markets where we compete. Starting with the North Sea. The U.K. government's energy profits levy, or EPL continues to impact brownfield prospects offshore the U.K. However, there are a number of shorter-term programs starting later this year and early next, plus up to 2 significant new programs offshore in the U.K. starting in '24 or '25.

接下來，我想就我們競爭的市場發表評論。從北海說起。英國政府的能源利潤稅或 EPL 繼續影響英國近海的棕地前景。然而，今年晚些時候和明年初開始有許多短期計劃，加上從 ' 24 或 25 歲。

Overall, for the U.K., we expect 1 additional semisubmersible to be contracted in 2023 and an additional unit late in 2024. Although positive signs have emerged on the back of recent contract announcements in Norway, demand there remains relatively soft in 2023. This has prompted a number of high-specification rigs to leave the region for attractive opportunities in other areas, a trend that continues with the recent award in the news for work offshore Namibia. In Australia, a consortium for work offshore of the Southeast Coast and a development campaign on the Northwest Shelf will likely add a further 2 rig years of demand in the region. Also, owing to a mix of P&A, development and exploration work commencing later in 2024, a further 3 rig years of demand may materialize.

總體而言，對於英國，我們預計 2023 年將再簽約 1 艘半潛式平台，2024 年底再簽約 1 艘。儘管挪威最近公佈的合同出現了積極跡象，但 2023 年那裡的需求仍然相對疲軟。這促使許多高規格鑽井平台離開該地區，到其他地區尋找有吸引力的機會，這一趨勢隨著最近在納米比亞近海工作的新聞中獲獎而延續。在澳大利亞，一個在東南海岸海上作業的財團和西北大陸架的開發活動可能會增加該地區 2 個鑽井年的需求。此外，由於 P&A、開發和勘探工作將於 2024 年晚些時候開始，另外 3 年的需求可能會實現。

Southeast Asia remains relatively flat with incremental demand for 1 to 2 floaters late this year and into 2024. We expect India to grow modestly adding 1 semisubmersible and 1 drillship in 2024. West Africa is emerging as one of the key areas driving future demand growth. West Africa semisubmersible demand is being driven primarily by opportunities in Namibia, Equatorial Guinea and Nigeria. We expect semisubmersible demand to grow by up to 2 units in 2024. Drillship demand in the region is expected to grow by up to 3 rigs in 2024, driven primarily by activity in Angola, the Ivory Coast, Namibia, Ghana and Equatorial Guinea. East Africa, particularly Mozambique, has the potential for further upside to drillship demand.

東南亞仍然相對平穩，今年晚些時候和 2024 年對 1 到 2 艘浮式平台的需求增加。我們預計印度將在 2024 年適度增長，增加 1 艘半潛式和 1 艘鑽井船。西非正在成為推動未來需求增長的關鍵地區之一。西非半潛式需求主要是由納米比亞、赤道幾內亞和尼日利亞的機會推動的。我們預計 2024 年半潛式需求將增長多達 2 台。該地區的鑽井船需求預計將在 2024 年增長多達 3 台，主要受安哥拉、象牙海岸、納米比亞、加納和赤道幾內亞的活動推動。東非，尤其是莫桑比克，鑽井船需求有可能進一步上升。

We see modest increases in semisubmersible demand in the Mediterranean and Black Sea with potentially 1 incremental unit through 2024. Drillship demand in the region is expected to be relatively flat.

我們預計到 2024 年，地中海和黑海的半潛式需求將適度增長，可能增加 1 艘。該地區的鑽井船需求預計將相對平穩。

South America is the other corner of the Golden Triangle driving demand growth. In Latin and South America, drillship demand could grow by 8 or more rigs through 2024. Brazil is driving the bulk of this new demand with Guyana, Suriname and Colombia contributing. We expect Mexico and the rest of the Latin American region to remain relatively flat through 2024.

南美是推動需求增長的金三角的另一個角落。在拉丁美洲和南美洲，到 2024 年，鑽井船需求可能會增加 8 座或更多鑽井平台。巴西正在推動這一新需求的大部分，而圭亞那、蘇里南和哥倫比亞也做出了貢獻。我們預計墨西哥和拉丁美洲其他地區到 2024 年將保持相對平穩。

Finally, in North America, we see drillship demand remaining relatively flat with one incremental program in 2023 and possibly another in 2024. It is worth noting that day rates in the region remain biased to the upside due to the likely exodus of certain 6 and seventh generation units for opportunities in Brazil and West Africa. Canadian harsh environment semisubmersible demand remains a wildcard but with upside potential subject to exploration success in the region.

最後，在北美，我們看到鑽井船需求保持相對平穩，2023 年有一個增量計劃，2024 年可能還有一個增量計劃。值得注意的是，由於某些 6 和 7 可能外流，該地區的日費率仍然偏向上行發電機組在巴西和西非的機會。加拿大惡劣環境下的半潛式需求仍然不確定，但具有上升潛力，取決於該地區的勘探成功。

Translating this to a global perspective and factoring in some conservatism to allow for slippage and start dates, options not exercised and potential adverse final investment decisions, we foresee incremental demand for semisubmersibles growing by 4 to 6 units through 2024 and incremental demand for drillships growing by 7 to 10 units through the same period. A portion of this demand is already reflected in the number of open tenders we have in-house today.

將其轉化為全球視角，並考慮到一些保守主義因素，以考慮延遲和開始日期、未行使的選擇權以及潛在的不利最終投資決策，我們預計到 2024 年對半潛式平台的增量需求將增長 4 至 6 艘，對鑽井船的增量需求將增長同期通過7到10個單位。這種需求的一部分已經反映在我們今天的內部公開招標數量上。

Speaking of the strength in the markets, we have had great success in securing additional contract backlog. Yesterday, we announced $212 million of new contract awards across multiple geographies and rig types. These new contracts are in addition to our $1.6 billion backlog reported as of April 1, 2023.

說到市場實力，我們在確保額外合同積壓方面取得了巨大成功。昨天，我們宣布了跨越多個地區和鑽機類型的 2.12 億美元的新合同授予。這些新合同是對我們截至 2023 年 4 月 1 日報告的 16 億美元積壓訂單的補充。

With these commitments, we are now -- we now have 59% of 2024 marketed capacity contracted. This excludes priced options, which could take our 2024 commitments to 70%. These awards reflect not only the continued strength of the drillship in semi markets, but also Diamond Offshore's reputation for performance and our strategic approach to the markets.

有了這些承諾，我們現在 - 我們現在已經簽約了 2024 年市場容量的 59%。這不包括定價期權，這可能使我們 2024 年的承諾達到 70%。這些獎項不僅反映了鑽井船在半成品市場的持續實力，也反映了 Diamond Offshore 在性能和市場戰略方法方面的聲譽。

Starting with the Ocean BlackHawk. We have secured work with Anadarko Petroleum Corporation, a wholly owned subsidiary of Occidental in the U.S. Gulf of Mexico. The rig was awarded a 1-year contract with a 1-year priced option and is expected to commence mid-fourth quarter of 2023 after conclusion of the rig's current contract expected to be in early July, followed by a 5-year regulatory surveys, new contract preparations, including the installation of an MPD system and mobilization from Las Palmas.

從 Ocean BlackHawk 開始。我們已與西方石油公司在美國墨西哥灣的全資子公司 Anadarko Petroleum Corporation 達成合作。該鑽井平台獲得了一份為期 1 年的合同，其中包含 1 年期定價期權，預計將在 2023 年第四季度中期開始，該鑽井平台目前的合同預計將於 7 月初結束，隨後將進行為期 5 年的監管調查，新合同準備工作，包括安裝 MPD 系統和從拉斯帕爾馬斯動員。

Total firm term contract value, including mobilization, but excluding any managed pressure drilling services, is expected to be approximately $162 million. Occidental previously utilized the Ocean BlackHawk for 8 years prior to the rig working for Woodside on its current campaign in Senegal. It should also be noted that the rig should see a reduction in base operating expense of at least $30,000 per day as compared to current levels in Senegal.

固定期限合同總價值，包括動員，但不包括任何受控壓力鑽井服務，預計約為 1.62 億美元。 Occidental 之前使用 Ocean BlackHawk 已有 8 年時間，之後該鑽機為 Woodside 在其目前在塞內加爾的活動中工作。還應注意的是，與塞內加爾目前的水平相比，該鑽井平台的基本運營費用每天至少減少 30,000 美元。

Diamond also had contracting success in the U.K. North Sea with the Ocean Patriot securing a 2-well contract with an estimated duration of 60 days and a total contract value of approximately $10 million. The contract is expected to commence in September of this year. A potential second new contract currently under negotiation would fill out the remaining availability in late 2023 and keep the rig contracted through the winter season.

Diamond 在英國北海也取得了成功，Ocean Patriot 獲得了一份 2 口井合同，預計工期為 60 天，合同總價值約為 1000 萬美元。該合約預計將於今年9月開始。目前正在談判的第二份潛在新合同將在 2023 年底填補剩餘的可用性，並在整個冬季保持鑽井平台的合同。

The Ocean Endeavor was awarded an extension covering 2 wells with an estimated duration of 120 days with its current client. Total contract value for the extension is approximately $24 million and is expected to commence mid-contract in early November 2023, after which we will revert to the current contract rate for the balance of the contract term. Further, the Ocean GreatWhite had its first option well exercised by its current client with an estimated duration of 60 days. Total contract value for the option well is approximately $16 million and is expected to commence in mid-January 2024 after completion of the initial 5-well firm period.

Ocean Endeavor 獲得了與當前客戶的 2 口井的延期，估計持續時間為 120 天。延期的合同總價值約為 2400 萬美元，預計將於 2023 年 11 月上旬在合同中期開始，之後我們將在合同期限的剩餘時間內恢復到當前的合同費率。此外，Ocean GreatWhite 的第一個選擇權已由其當前客戶很好地行使，估計持續時間為 60 天。該井的合同總價值約為 1600 萬美元，預計在最初的 5 口井確定期結束後於 2024 年 1 月中旬開始。

There are priced options for up to 7 additional wells remaining. Securing these wins at improved day rates with quality customers further demonstrates the strength in the market and the value our team is delivering to clients and shareholders. I would like to thank all Diamond employees, both onshore and offshore for going above and beyond in securing this backlog.

還有多達 7 個額外油井的定價選項。與優質客戶一起以更高的日費率確保這些勝利進一步證明了市場實力以及我們團隊為客戶和股東提供的價值。我要感謝所有 Diamond 員工，無論是在岸還是離岸，感謝他們為確保這一積壓工作所做的努力。

The continued strength in global markets provides Diamond Offshore further upside opportunities in 2024. Our next drillship up for repricing will be the Ocean BlackRhino, currently working offshore Senegal, with anticipated availability late in the second quarter of 2024.

全球市場的持續走強為 Diamond Offshore 在 2024 年提供了進一步的上漲機會。我們下一個重新定價的鑽井船將是 Ocean BlackRhino，目前在塞內加爾海上作業，預計將於 2024 年第二季度末投入使用。

Given the continued demand for top-tier drillships and relatively constrained supply, great opportunities exist for the Ocean BlackRhino to secure work at rates that are significantly higher than the rig's current contract. Also, as previously mentioned, we are pursuing multiple opportunities for the Ocean Onyx in Southeast Asia and Australia. Commencement for these projects is anticipated to take place in the first half of 2024.

鑑於對頂級鑽井船的持續需求和相對有限的供應，Ocean BlackRhino 有很大機會以遠高於鑽井平台當前合同的價格獲得工作。此外，如前所述，我們正在東南亞和澳大利亞為 Ocean Onyx 尋求多種機會。這些項目預計將於 2024 年上半年開工。

Growing demand in Brazil, West Africa and Australia continue to put upward pressure on day rates while providing substantial opportunities for drillships and semisubmersibles alike. Through the first quarter, the resilience, breadth and depth of the upcycle has only become more evident. With that, I will turn the call over to Dominic before returning with some concluding remarks.

巴西、西非和澳大利亞不斷增長的需求繼續給日費率帶來上行壓力，同時為鑽井船和半潛式鑽井船等提供大量機會。整個第一季度，上升週期的彈性、廣度和深度只會變得更加明顯。有了這個，我會把電話轉給多米尼克，然後再返回一些結束語。

Thanks, Bernie, and good morning or afternoon to everyone. In my prepared remarks this morning, I'll provide a recap of our results for the first quarter, discuss the outlook for the second quarter and full year 2023 as well as provide some comments on our capital structure. And as Kevin alluded to in his opening remarks, we have a presentation on our website that includes some of the financial information I will refer to today. For the first quarter, we reported net income of $7.2 million or $0.07 per diluted share.

謝謝伯尼，大家早上好或下午好。在今天上午準備好的發言中，我將回顧我們第一季度的業績，討論第二季度和 2023 年全年的前景，並對我們的資本結構發表一些評論。正如凱文在開場白中提到的那樣，我們在我們的網站上有一個演示文稿，其中包含我今天將提到的一些財務信息。第一季度，我們報告的淨收入為 720 萬美元或每股攤薄收益 0.07 美元。

The reported income consists of a net loss before tax of $18.4 million and a recorded tax benefit of $26 million. The tax benefit recorded in the first quarter is based on the computation and application of the company's annual effective tax rate in accordance with U.S. GAAP accounting standards adjusted for discrete items. Taxes will continue to swing significantly quarter-to-quarter as our earnings before tax move from a net loss position to a net profit position over the course of the year. Despite these big swings, our total cash outlay for income taxes this year is expected to be below $10 million.

報告的收入包括 1840 萬美元的稅前淨虧損和 2600 萬美元的稅收收益。第一季度錄得的稅收優惠是根據美國公認會計準則對離散項目進行調整後的公司年度有效稅率的計算和應用。隨著我們的稅前收益在這一年中從淨虧損狀態轉變為淨利潤狀態，稅收將繼續按季度大幅波動。儘管出現了這些大幅波動，但我們今年用於所得稅的現金支出總額預計將低於 1000 萬美元。

The results for the first quarter included a reported adjusted EBITDA of $21.7 million as compared to adjusted EBITDA of $12.5 million reported in the fourth quarter of 2022. Excluding reimbursable revenue, revenue for the first quarter was $214 million, up from $208 million in the prior quarter primarily as a result of the Ocean BlackHornet rolling over to a new contract at higher day rates. Both our revenue and EBITDA came in above our prior guidance for the quarter, largely as a result of timing effects, including the Apex having more revenue earning days than anticipated before the start of the shipyard project, partially offset by later than anticipated deliveries of the Ocean Endeavor and Ocean GreatWhite.

第一季度的業績包括報告的調整後 EBITDA 為 2170 萬美元，而 2022 年第四季度報告的調整後 EBITDA 為 1250 萬美元。不包括可償還收入，第一季度收入為 2.14 億美元，高於上一季度的 2.08 億美元本季度，主要是由於 Ocean BlackHornet 以更高的日費率轉為新合同。我們的收入和 EBITDA 均高於我們之前的季度指引，這主要是由於時間效應，包括 Apex 的收入天數比造船廠項目開始前的預期更多，部分被晚於預期的交付所抵消Ocean Endeavor 和 Ocean GreatWhite。

It should be noted, however, that despite being later than originally anticipated, the Ocean GreatWhite reactivation was the shortest duration and lowest cost reactivation of any high specification floater that we're aware of.

然而，應該指出的是，儘管比最初預期的要晚，但 Ocean GreatWhite 的重新激活是我們所知道的所有高規格漂浮物中持續時間最短且成本最低的重新激活。

Contract drilling expense decreased to $173 million for the quarter compared to $178 million for the prior quarter, primarily as a result of the Ocean Onyx being cold stacked for the full quarter and the annual Pressure Control by the Hour bonus expense being included in the prior quarter results. We used approximately $12 million in operating cash for the quarter, driven by a change in working capital with negative free cash flow of $41 million after considering CapEx expenditures of $29 million in the quarter.

本季度的合同鑽井費用從上一季度的 1.78 億美元下降至 1.73 億美元，這主要是由於整個季度 Ocean Onyx 都被冷堆，並且上一季度的年度壓力控制按小時獎金費用被計入結果。在考慮本季度 2900 萬美元的資本支出後，我們在本季度使用了大約 1200 萬美元的運營現金，這是由於營運資金發生變化，自由現金流為負 4100 萬美元。

In contrast, our fourth quarter 2022 free cash flow generation of $15 million was largely a result of working capital swings in the other direction and lower CapEx expenditures.

相比之下，我們 2022 年第四季度產生的 1500 萬美元自由現金流主要是由於營運資金向另一個方向波動和資本支出較低。

Looking ahead to the second quarter, we expect contract drilling revenue excluding reimbursables, of $240 million to $250 million and adjusted EBITDA of $20 million to $25 million. While the Ocean GreatWhite and Ocean Endeavor have returned to work and should contribute with a full quarter of activity, that growth in EBITDA is offset by the Ocean Apex spending the second quarter in the shipyard for its special hull survey and certain upgrades returning to work in early Q3. And consistent with my comments from last quarter, adjusted EBITDA for Q2 is still anticipated to be quite similar to Q1 adjusted EBITDA before rising substantially in the second half of the year as a result of having more operating days at higher day rates.

展望第二季度，我們預計不包括可償還費用的合同鑽井收入為 2.4 億至 2.5 億美元，調整後的 EBITDA 為 2000 萬至 2500 萬美元。雖然 Ocean GreatWhite 和 Ocean Endeavor 已經恢復工作並且應該為整個季度的活動做出貢獻，但 EBITDA 的增長被 Ocean Apex 第二季度在造船廠花費的特殊船體調查和某些升級恢復工作所抵消第三季度初。與我在上一季度發表的評論一致，預計第二季度調整後的 EBITDA 仍將與第一季度調整後的 EBITDA 非常相似，然後在今年下半年大幅上升，這是由於在更高的日費率下有更多的營業天數。

I would also like to reiterate our full year 2023 guidance for contract drilling revenue, excluding reimbursables, of $950 million to $990 million, and adjusted EBITDA of $160 million to $180 million, as found on Page 7 of our earnings presentation. Our CapEx guidance for 2023 has increased to $120 million to $135 million as a result of the contract award we announced yesterday for the Ocean BlackHawk and the requirement to install a managed pressure drilling system. And as a reminder, our CapEx expenditure guidance for 2023 does not include any CapEx for the reactivation of the Ocean Onyx should it win a contract later this year.

我還想重申我們對 2023 年全年合同鑽井收入的指導，不包括可償還的費用，為 9.5 億美元至 9.9 億美元，調整後的 EBITDA 為 1.6 億美元至 1.8 億美元，如我們收益報告第 7 頁所示。由於我們昨天宣布授予 Ocean BlackHawk 合同以及安裝受控壓力鑽井系統的要求，我們 2023 年的資本支出指南已增加到 1.2 億至 1.35 億美元。提醒一下，如果 Ocean Onyx 在今年晚些時候贏得合同，我們的 2023 年資本支出指南不包括用於重新激活 Ocean Onyx 的任何資本支出。

Our new contract awards of $212 million, plus our backlog as of April 1, totals $1.8 billion. As a result of these new contracts, the average day rate in our 2024 backlog has increased to approximately $320,000 per day as compared to $283,000 per day for the 2023 backlog, with the average day rate for our owned and managed drillships for 2024 currently sitting at $366,000 per day. These new contracts award also increased our contract coverage in 2023 to 89% and 59% in 2024, as represented on Slide 5 in our earnings presentation. This level of contract coverage gives us greater visibility and certainty into our results for this year and next, yet still provides ample opportunity for contract awards at higher day rates to fill out the calendar for 2024 and beyond.

我們授予的新合同價值 2.12 億美元，加上截至 4 月 1 日的積壓訂單，總計 18 億美元。由於這些新合同，我們 2024 年積壓訂單的平均日費率從 2023 年積壓訂單的每天 283,000 美元增加到每天約 320,000 美元，我們擁有和管理的 2024 年鑽井船的平均日費率目前為每天 366,000 美元。這些新合同的授予還將我們在 2023 年的合同覆蓋率提高到 89% 和 2024 年的 59%，如我們收益報告中的幻燈片 5 所示。這種水平的合同覆蓋率使我們對今年和明年的結果有了更大的可見性和確定性，但仍然為以更高的日費率授予合同提供了充足的機會，以填寫 2024 年及以後的日曆。

Moving to some comments on our balance sheet. Our net debt, excluding our finance lease liability and restricted cash, stands at $327 million with a weighted average coupon rate of approximately 9.5%. And our total liquidity is $280 million as we exited the quarter.

轉到我們資產負債表上的一些評論。我們的淨債務（不包括我們的融資租賃負債和受限制的現金）為 3.27 億美元，加權平均票面利率約為 9.5%。當我們退出本季度時，我們的總流動資金為 2.8 億美元。

On the back of the continued improvement in the market and our own results, including the award of the new contracts we announced yesterday, we are evaluating opportunities to enhance our capital structure and establish regular way financing that provides more flexibility than our current post-emergence debt instruments. To be clear, we are not under any pressure to refinance our outstanding debt, given that maturities are still 3 and 4 years away in 2026 and '27, not to mention the increasing liquidity profile we anticipate as we exit '23 and move through 2024.

在市場持續改善和我們自身業績（包括我們昨天宣布的新合同的授予）的支持下，我們正在評估機會以加強我們的資本結構並建立常規方式融資，這比我們目前的後新興市場提供更大的靈活性債務工具。需要明確的是，鑑於到 2026 年和 27 年到期還有 3 年和 4 年，我們沒有任何壓力為未償債務再融資，更不用說我們預計隨著我們退出 23 年和 2024 年而增加的流動性狀況.

However, should we be able to simplify our debt stack, increase our liquidity, reduce our cost of capital, increase our weighted average time to maturity and maintain our revolving credit facility, we would opportunistically entertain a refinancing transaction or a series of transactions. Of course, the sizing, pricing and terms of such transactions would have to be attractive, and we would need modification to certain covenants and restrictions in our revolver to help facilitate this.

然而，如果我們能夠簡化我們的債務組合、增加我們的流動性、降低我們的資本成本、增加我們的加權平均到期時間並維持我們的循環信貸額度，我們將機會主義地進行再融資交易或一系列交易。當然，此類交易的規模、定價和條款必須具有吸引力，我們需要修改我們的左輪手槍中的某些契約和限制，以幫助促進這一點。

Overall, it was a great quarter for the company, and we remain on track to deliver our forecasted results. That concludes my prepared remarks. I will now hand it back to Bernie for some closing comments before we go into Q&A.

總的來說，這對公司來說是一個很好的季度，我們仍然有望實現我們的預測結果。我準備好的發言到此結束。在我們進入問答環節之前，我現在將把它交還給 Bernie 以徵求一些結束意見。

Thank you, Dominic. At Diamond, we have maintained -- we have remained productive since the beginning of the year, executing an important shipyard project, delivering a relatively low-cost rig reactivation for a key client and securing significant new backlog with higher margins, all while continuing to deliver industry-leading operational excellence for our customers and never compromising on safety. We appreciate your interest in Diamond Offshore, and we'll now open the call for questions.

謝謝你，多米尼克。在 Diamond，我們一直保持 - 自今年年初以來我們一直保持生產力，執行一個重要的造船廠項目，為主要客戶提供相對低成本的鑽井平台重新激活，並以更高的利潤確保大量新的積壓訂單，同時繼續為我們的客戶提供行業領先的卓越運營，從不在安全方面妥協。感謝您對 Diamond Offshore 的關注，我們現在將開始提問。

(Operator Instructions) The first question comes from Eddie Kim with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Eddie Kim。

Congratulations on the contracts, for the Ocean BlackHawk, which is one we've been keeping an eye on for a while. And that $152 million of firm backlog you mentioned in the prepared remarks would imply something around kind of $440,000 to $455,000 a day, which is right in line with what leading edge day rates are today. So you mentioned that the BlackRhino is the next drillship to come off contract in the second quarter of 2024. So just based on where day rates are trending, would you expect that rig to be signed at a higher level than what you just secured for the BlackHawk? And when should we expect a contract announcement for that rig?

祝賀 Ocean BlackHawk 的合同，我們一直在關注它。你在準備好的評論中提到的 1.52 億美元的公司積壓意味著每天大約 440,000 美元到 455,000 美元，這與今天的前沿日費率是一致的。所以你提到 BlackRhino 是下一艘將於 2024 年第二季度結束合同的鑽井船。因此，僅根據日費率的趨勢，你是否希望該鑽井平台的簽約水平高於你剛剛為黑鷹？我們什麼時候應該期待該鑽井平台的合同公告？

Thanks for the question, Eddie. So looking at the BlackRhino, I mean, as of today, we have it bid across the Golden Triangle. So certainly, the rates will be impacted by the location that the rig ultimately finds work in. As you know, rates for Petrobras in Brazil generally include a service provision that can cost anywhere from $30,000 to $60,000 a day for additional services. And so those rates are naturally somewhat inflated compared to similar rates earning the exact same margins in other regions.

謝謝你的問題，艾迪。所以看看 BlackRhino，我的意思是，截至今天，我們已經在金三角競標。因此，費率肯定會受到鑽井平台最終找到工作的位置的影響。如您所知，巴西國家石油公司的費率通常包括一項服務條款，每天額外服務的費用可能在 30,000 美元到 60,000 美元之間。因此，與在其他地區獲得完全相同利潤率的類似利率相比，這些利率自然有些誇大。

With regard to what rates we expect, we do expect rates marginally higher than what was awarded to the BlackHawk. The current rate structure today, we feel like it's sort of in the $420,000 to $460,000 range on a clean basis. We've seen rates as low as $380,000, but that's a somewhat special case and special relationship, and we've seen the highest clean rate closer to $460 to date. We understand there may be a fixture announced later this year at or around $500,000 per day, but understand it will be inclusive of services.

關於我們預期的利率，我們確實預計利率會略高於授予 BlackHawk 的利率。今天的當前利率結構，我們覺得它在 420,000 美元到 460,000 美元的範圍內是乾淨的。我們看到的房價低至 380,000 美元，但這是一個特殊的案例和特殊的關係，我們已經看到迄今為止最高的清潔率接近 460 美元。我們知道今年晚些時候可能會宣布固定裝置，每天大約 500,000 美元，但我們知道它將包括服務。

So long answer to your short question, we would see rates marginally higher than those of the BlackHawk as the most likely. In terms of when we would expect to secure a commitment for that rig, I would say it'd be approximately 6 months from now, just as a general guide, Eddie.

對你的簡短問題的如此長的回答，我們最有可能看到利率略高於 BlackHawk 的利率。就我們預計何時能獲得該鑽井平台的承諾而言，我想說的是大約 6 個月後，就像一般指南一樣，Eddie。

Got it. Got it. Okay. Great. That's great to hear. But my follow-up is just on the pace of drillship reactivations industry-wide, that there are a couple of reactivations going on currently. Some of your peers have recently alluded to the potential for additional reactivations later in the year. You, of course, don't have the cold-stacked drillship. But just is the pace of reactivations across the industry something that concerns you in terms of potentially keeping a lid on day rate progression over the next 6 to 12 months? Based on your response just now, it doesn't seem like it. Or is the demand strength right now, especially in places like Brazil and West Africa, kind of more than enough to absorb the impact of these reactivations?

知道了。知道了。好的。偉大的。聽到這個消息我很高興。但我的後續行動只是關於整個行業鑽井船重新啟動的步伐，目前正在進行幾次重新啟動。您的一些同行最近提到了今年晚些時候可能會重新啟動的可能性。你，當然，沒有冷堆鑽井船。但是，就可能限制未來 6 到 12 個月的日費率增長而言，整個行業重新啟動的速度是否讓您擔心？從你剛才的反應來看，好像不是。或者目前的需求強度，尤其是在巴西和西非等地，是否足以吸收這些重新激活的影響？

Yes, Eddie, I would say a couple of things on that. First of all, quite frankly, if it wasn't for the reactivations and anticipated reactivations, we would already be solidly into the 500s today. I mean, in my mind, there's no doubt about that. There is sufficient demand to absorb the reactivations. And I continue to believe that, on average, from contract commitment to reactivation completion, delivery and first day of day rate is going to range somewhere between 12 to 15 months.

是的，埃迪，我想就此說幾句。首先，坦率地說，如果不是因為重新激活和預期的重新激活，我們今天已經穩穩地進入 500s。我的意思是，在我看來，這是毫無疑問的。有足夠的需求來吸收重新激活。而且我仍然相信，平均而言，從合同承諾到重新激活完成、交付和首日費率將介於 12 到 15 個月之間。

So the pace, although it's quite obvious in some of the public tenders that we see currently in Brazil, it's not at an alarming rate, but it is preventing us from moving to the 500s sooner rather than later. So I think it does, to a certain extent, keep rates in the high 400s longer on average than we would have otherwise anticipated, but it doesn't drive any significant gaps in utilization.

因此，儘管我們目前在巴西看到的一些公開招標中的速度非常明顯，但速度並不驚人，但它阻止我們盡快進入 500 年代。因此，我認為它確實在一定程度上使利率保持在 400 美元以上的平均時間比我們原本預期的要長，但它不會在利用率方面造成任何重大差距。

(Operator Instructions) The next question comes from Frederick Stein with Clarkson Securities.

（操作員說明）下一個問題來自克拉克森證券公司的 Frederick Stein。

I wanted to touch a bit on the new contracts -- or 2 things. First, just on -- I think you had this question and you obviously there gave some good color. But as you kind of move forward, you tie up more and more capacity, and I think you mentioned close to 70% for 2024 if we assume that fixed price options are taken, how is your approach to fixing the remainder there? Has that changed over time?

我想談一談新合同——或者兩件事。首先，只是 - 我想你有這個問題，你顯然已經給出了一些很好的顏色。但隨著你向前邁進，你會佔用越來越多的產能，我認為你提到了 2024 年接近 70%，如果我們假設採用固定價格選項，你如何將剩餘的固定在那裡？這隨著時間的推移而改變了嗎？

Are you willing to take more risk? Or do you think that fixing terms similarly to what you did now yesterday with 1 year and potentially fixed price options thereafter is the way to go also if you're potentially looking to optimize/simplify the balance sheet, just for the visibility part of it?

你願意承擔更多的風險嗎？或者你是否認為，如果你可能希望優化/簡化資產負債表，只是為了它的可見性部分，那麼固定條款類似於你昨天所做的 1 年和之後可能的固定價格選項也是可行的方法？

Thanks, Frederick. Yes, I would say that generally speaking, our approach will be fairly similar. I mean, in the case of the BlackHawk, I believe we were pursuing 8 or 9 opportunities for that rig. We always look at what the bottom line margin is going to be for a project after consideration for all expenses associated with start-up, delivery and any associated services. And we're looking to maximize that margin and positive cash flow to the company.

謝謝，弗雷德里克。是的，我會說一般來說，我們的方法將非常相似。我的意思是，就 BlackHawk 而言，我相信我們正在為該鑽機尋求 8 或 9 個機會。在考慮與啟動、交付和任何相關服務相關的所有費用後，我們始終會關注項目的底線利潤率。我們希望最大限度地提高公司的利潤率和正現金流。

In terms of what kind of durations we're looking for, I would say, right now, 1 to 2 years is sort of the sweet spot for us in terms of what we're looking for, although we definitely bid the rig on longer-term projects as well, like you've seen in the Petrobras public tenders. But not much change in our approach, generally speaking. I mean utilization is important, but full utilization is not absolutely critical. Instead, we're really focused on what's going to give us the highest margin and the best EBITDA for the forward-looking periods.

就我們正在尋找的持續時間而言，我想說，就我們正在尋找的東西而言，1 到 2 年對我們來說是一種最佳選擇，儘管我們肯定會為鑽井平台出價更長的時間-term 項目，就像您在 Petrobras 公開招標中看到的那樣。但總的來說，我們的方法沒有太大變化。我的意思是利用很重要，但充分利用並不是絕對重要的。相反，我們真正關注的是什麼能給我們帶來最高的利潤率和前瞻性時期最好的 EBITDA。

Perfect. And the second question, you updated your CapEx guidance feature doing the MPD on the BlackHawk. Just on a general basis, I'm tying this to the comments from the written report as well about EBITDA and cash flow development through '23 and 2024. Are you able to give any comments on the pace of that slope and/or if you think it's going to be, call it, a bumpy ride, but still with the underlying improvements on average at least quarter-over-quarter going forward?

完美的。第二個問題，您更新了在 BlackHawk 上執行 MPD 的資本支出指導功能。總的來說，我將此與書面報告中的評論以及關於 23 年和 2024 年的 EBITDA 和現金流量發展的評論聯繫起來。您能否就該斜率的速度發表任何評論和/或您是否可以認為這將是一段顛簸的旅程，但平均而言至少每季度仍有潛在改善？

Yes, Frederick, this is Dominic. Yes, looking out into the future, I mean, as I alluded to, we're going to have, obviously, significant EBITDA uptick in Q3 and Q4 to achieve our results for the year, given where we have been for -- in terms of Q1 and what we're forecasting for Q2. But I would say that Q3 is going to be incrementally more than Q2, and then Q4 should be probably, again, incrementally more than that.

是的，弗雷德里克，這是多米尼克。是的，展望未來，我的意思是，正如我所暗示的那樣，我們顯然會在第三季度和第四季度實現 EBITDA 的顯著增長，以實現我們今年的業績，因為我們一直在 - 方面第一季度和我們對第二季度的預測。但我要說的是，第三季度將比第二季度增長更多，然後第四季度可能會再次增長。

So the EBITDA profile certainly grows quarter-to-quarter as we reap the benefit of being on higher day rates for full contracts. So as the Apex comes back, as we get the Courage on contract later in the fourth quarter as well as the BlackHawk, you'll see an increase in EBITDA quarter-over-quarter starting in Q3.

因此，EBITDA 概況肯定會逐季增長，因為我們從全合同的更高日費率中獲益。因此，隨著 Apex 的回歸，隨著我們在第四季度晚些時候獲得勇氣合同以及 BlackHawk，您將看到從第三季度開始的 EBITDA 環比增長。

And Frederick, I would add to that from a capital expenditure point of view. By the end of this year, we will have the Endeavor, Apex, Courage and BlackHawk SPSs behind us. So going into '24, we have the Ocean BlackHornet and the BlackRhino scheduled for their SPSs, and then in '25, the Ocean BlackLion. So this is probably one of our higher cost years when it comes to SPSs with next year being similar but somewhat less.

而弗雷德里克，我會從資本支出的角度補充這一點。到今年年底，我們將擁有 Endeavor、Apex、Courage 和 BlackHawk SPS。所以進入 24 年，我們為他們的 SPS 安排了 Ocean BlackHornet 和 BlackRhino，然後在 25 年，Ocean BlackLion。因此，就 SPS 而言，這可能是我們成本較高的年份之一，明年與明年相似但略少。

I show no further questions at this time. I would now like to turn the call back to Bernie Wolford for closing remarks.

我現在沒有進一步的問題。我現在想把電話轉回給伯尼·沃爾福德，請他作結束語。

Thanks to all for joining the call today, and we look forward to speaking to you again next quarter. Have a good day, all. Bye-bye.

感謝大家今天加入電話會議，我們期待下個季度再次與您交談。祝大家有個美好的一天。再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。