Diamond Offshore Drilling Inc (DO) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third quarter 2023 Diamond Offshore Drilling, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Kevin Bordosky, Senior Director of Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加 Diamond Offshore Drilling, Inc. 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給投資者關係高級總監凱文·博爾多斯基(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. 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.

謝謝你，米歇爾。大家早安或下午好，感謝您加入我們。今天與我一起參加電話會議的有總裁兼首席執行官伯尼·沃爾福德 (Bernie Wolford) 和高級副總裁兼首席財務官多米尼克·薩瓦里諾 (Dominic Savarino)。在我們開始發言之前，我提醒您，本次電話會議中報告的資訊僅代表今天的情況。因此，時間敏感資訊在重播此通話時可能不再準確。我們今天電話會議中引用的一些資訊包含在幻燈片簡報中，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幻燈片簡報。

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 perform as 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.

此外，本次電話會議中所做的某些陳述可能具有前瞻性。這些陳述是基於我們目前的預期，包括已知和未知的風險和不確定性，其中許多風險和不確定性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中明示或暗示的任何未來結果或業績有重大差異。這些風險和不確定性包括我們向 SEC 提交的 10-K 和 10-Q 文件中揭露的風險因素。

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，我們明確不承擔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中引用非公認會計準則資料。您可以在我們昨天發布的新聞稿中找到 GAAP 財務數據的調整表。現在我會把電話轉給伯尼。

Thanks, Kevin. Good day to everyone and thank you for your interest in Diamond Offshore as we present our results for the third quarter of 2023. Today, I will cover recent contract awards, highlights for the third quarter, and perspectives on the market. Dominic will walk through our financial results, operations highlights for the quarter, and guidance for the fourth quarter and full year, before I wrap up and open the floor for questions.

謝謝，凱文。祝大家美好的一天，感謝您對 Diamond Offshore 的關注，我們將介紹 2023 年第三季的業績。今天，我將介紹最近授予的合約、第三季的亮點以及市場前景。在我結束演講並開始提問之前，多明尼克將介紹我們的財務業績、本季度的營運亮點以及第四季度和全年的指導。

I'm pleased to report that our rig crews and operations support teams delivered exceptional safety results, with revenue efficiency of 95% across our fleet during the quarter. This efficiency number is notable, given the high number of transitions within the fleet, as some rigs departed shipyards and commenced new contracts, while others finished contracts and commenced shipyard projects. A big thank you to our teams for their commitment to our safety pledge: Honor safety. Protect all.

我很高興地向大家報告，我們的鑽機人員和營運支援團隊取得了卓越的安全成果，本季我們機隊的收入效率達到 95%。鑑於船隊內的轉換次數較多，這一效率數字值得注意，因為一些鑽井平台離開造船廠並開始新的合同，而其他鑽井平台則完成合同並開始造船廠項目。非常感謝我們的團隊對我們的安全承諾的承諾：尊重安全。保護所有人。

Also, we achieved a significant financing milestone during the quarter. As previously announced, we closed a $550 million bond offering that replaced our previous debt at a lower interest rate. Our balance sheet is now stronger, with debt maturities extending to 2030. I couldn't be prouder of our finance team for delivering this improved capital structure.

此外，我們在本季實現了重要的融資里程碑。正如先前宣布的，我們完成了 5.5 億美元的債券發行，以較低的利率取代了我們先前的債務。我們的資產負債表現在更加穩健，債務期限延長至 2030 年。我為我們的財務團隊實現了這種改進的資本結構感到無比自豪。

Today, I will highlight four key strengths that underpin Diamond's opportunities for success. First, we are positioned to deliver increased value from our harsh environment assets, both DP and moored, as markets for those units continue to improve. Second, our better-than-forecast Q3 financial performance will improve our full-year results, so we are raising full-year guidance. Third, our lower anticipated shipyard days in 2024 versus 2023 set the stage for improved financial performance through more available revenue days at higher rates. And fourth, we remain well-positioned for multiple opportunities with our top-tier MPD-equipped seventh-generation drill ships rolling off contract in the second half of 2024.

今天，我將重點放在支撐戴蒙德成功機會的四個關鍵優勢。首先，隨著這些設備的市場不斷改善，我們的定位是從我們的惡劣環境資產（包括DP和繫泊資產）中創造更多的價值。其次，我們第三季的財務業績優於預期，這將改善我們的全年業績，因此我們提高了全年指引。第三，與 2023 年相比，我們對 2024 年造船廠天數的預期較低，為透過更高費率提供更多可用收入天數來改善財務表現奠定了基礎。第四，我們的配備 MPD 的頂級第七代鑽探船將於 2024 年下半年簽訂合同，因此我們仍處於有利位置，可以抓住多種機會。

Let's dive deeper into each of these, starting with the first point: delivering increased value from our harsh environment assets. Yesterday, we announced $240 million in new contract awards. After the quarter end, we were awarded a long-term plug and abandonment or P&A campaign for our moored harsh environment semi, the Patriot. And our customer exercised their third option well for the GreatWhite, following the exercise of their second option well earlier in Q3.

讓我們從第一點開始更深入地探討其中的每一個：從我們的惡劣環境資產中提供更多的價值。昨天，我們宣布授予 2.4 億美元的新合約。季度末後，我們獲得了針對我們的繫泊惡劣環境半拖車愛國者的長期插頭和廢棄或 P&A 活動。繼第三季早些時候行使第二個選擇之後，我們的客戶很好地行使了 GreatWhite 的第三個選擇。

The new Patriot contract, which commences in early 2025, comes with both a higher day rate and significant term. With contract duration based on 35 wells, the contract represents roughly three years of firm work, with price options that could extend it to four years in total. Both the contract execution lead time and term of the Patriot award are notable, and we believe indicative of future market tightness in the UK region.

新的愛國者合約將於 2025 年初開始，合約日費率更高，期限也更長。合約期限以 35 口井為基礎，該合約大約代表三年的工作時間，價格選項可以將其延長至四年。愛國者合約的執行週期和期限都很引人注目，我們認為這表明英國地區未來市場緊張。

Regarding my second point, our Q3 financial performance, total revenue and adjusted EBITDA for the quarter were $245 million and $28 million, respectively. These results were above our guidance for the quarter, primarily due to an additional 17 days of work for the Courage prior to contract end; a one-well early termination fee on the Apex, which subsequently proceeded in direct continuation to its next contract; commendable rig level expense management; and the deferral of certain contract prep costs for the BlackHawk. This beat should translate into improved performance relative to our prior guidance for the full-year 2023. Dominic will provide further detail on these results and guidance in his remarks.

關於我的第二點，我們第三季的財務表現、總營收和調整後 EBITDA 分別為 2.45 億美元和 2,800 萬美元。這些結果高於我們對本季的指導，主要是因為「勇氣號」在合約結束前額外工作了 17 天； Apex 的單井提前終止費，隨後直接延續至下一份合約；值得稱讚的鑽機級費用管理；以及延後黑鷹的某些合約準備成本。相對於我們之前對 2023 年全年的指導，這一突破應該會轉化為業績的改善。多米尼克將在他的演講中提供有關這些結果和指導的更多細節。

Referring now to my third point: lower shipyard days in 2024 as compared to 2023. At the conclusion of 2023, 5 out of our 10 actively marketed owned rigs will have completed their five-year special periodical surveys or SPSs in the last 18 months. Looking forward, we have only two rigs with these surveys due in 2024: the BlackRhino and BlackHornet, and one rig, the BlackLion, with an SPS due in 2025. As a result, we plan to spend significantly less time in the yard next year and thus benefit from more days available turn higher day rates.

現在談談我的第三點：與2023 年相比，2024 年的造船廠天數較低。到2023 年結束時，我們10 個積極行銷的自有鑽井平台中，有5 個將在過去18 個月內完成五年特別定期檢驗或SPS。展望未來，我們只有兩台鑽機將於 2024 年進行這些調查：BlackRhino 和 BlackHornet，以及一台 BlackLion，其 SPS 將於 2025 年進行。因此，我們計劃明年在院子里花費的時間大大減少從​​而受益於更多的可用天數和更高的日費率。

Now to my fourth and final point: we are well positioned for multiple opportunities in 2024. The upcycle in offshore drilling sector continues to be supported by persistent strong commodity prices and projections for significant year-on-year growth in final investment decisions or FIDs. This optimistic outlook continues to be confirmed by subsea tree awards in the third quarter. Additionally, we anticipate that the number of exploration wells drilled in 2024 will increase by approximately 20% as compared to 2023, which is indicative of our clients' commitment to investment in deepwater.

現在我想說的是第四點，也是最後一點：我們已做好充分準備，迎接2024 年的多個機會。持續強勁的大宗商品價格以及最終投資決策或FID 同比大幅增長的預測繼續支持海上鑽探產業的升級週期。第三季的海底樹獎項繼續證實了這種樂觀的前景。此外，我們預計2024年鑽探的探勘數量將比2023年增加約20%，這顯示了我們客戶對深水投資的承諾。

Taken together, these strengths set the stage for continued improvement in our financial performance for the next few years. I would now like to turn to the markets more generally and look ahead to opportunities for future contracts in the near term.

總而言之，這些優勢為我們未來幾年財務表現的持續改善奠定了基礎。我現在想更廣泛地關注市場，並展望短期內未來合約的機會。

In the UK sector of the North Sea, there have been a number of positive developments. Last week, the UK government awarded 27 new licenses in the 33rd oil and gas licensing round for areas that have the potential to be brought into production quickly. Also, we have seen a surge in P&A campaign tenders over the past several months. Today, we have visibility of some 4,000 days of uncontracted P&A demand scheduled to commence before the end of 2025.

在英國北海海域，出現了許多積極的進展。上週，英國政府在第 33 輪石油和天然氣許可中向有潛力快速投產的地區頒發了 27 個新許可證。此外，過去幾個月我們也看到 P&A 活動招標激增。今天，我們可以看到計劃於 2025 年底前開始的約 4,000 天的未簽訂合約的 P&A 需求。

More recently, a number of drilling and P&A opportunities have emerged with 2024 start dates, in part due to the scarcity of available supply anticipated for 2025. We are pursuing multiple opportunities for the Patriot with commencement dates in 2024 and are optimistic that we'll secure one or more of these prior to its long-term P&A contract.

最近，在 2024 年開始日期出現了許多鑽探和 P&A 機會，部分原因是預計 2025 年可用供應稀缺。我們正在為愛國者號尋找多個在 2024 年開始日期的機會，並樂觀地認為我們將在簽訂長期P&A 合約之前確保其中一項或多項。

Turning to drill ship opportunities. Later, in the second half of 2024, we will have two MPD-equipped seventh-generation drill ships with availability for contracts at higher day rates. The BlackRhino is currently working for Woodside, offshore Senegal, with the end of its campaign anticipated in early July of next year, to be closely followed by its SPS and MPD upgrade project.

轉向鑽探船機會。隨後，在 2024 年下半年，我們將擁有兩艘配備 MPD 的第七代鑽井船，並可以以更高的日費率簽訂合約。 BlackRhino 目前正在塞內加爾近海的 Woodside 工作，預計將於明年 7 月初結束，緊隨其後的是 SPS 和 MPD 升級項目。

Next up, the BlackLion, which is currently working for BP in the US Gulf of Mexico, will have availability commencing in the fourth quarter of 2024. The rig has a great performance record and is ideally suited for opportunities in the US Gulf of Mexico, commencing in that timeframe. All in, we are tracking 10 opportunities for these rigs, all with commencement dates in the back half of '24 and expect to secure contracts for both in that timeframe.

接下來，目前在美國墨西哥灣為 BP 工作的 BlackLion 鑽機將於 2024 年第四季度開始投入使用。該鑽井平台擁有出色的性能記錄，非常適合在美國墨西哥灣的機會，從該時間範圍開始。總而言之，我們正在追蹤這些鑽機的 10 個機會，所有開工日期都在 24 年下半年，並預計在該時間範圍內獲得這兩個鑽機的合約。

Wrapping up, we continue to see contracting lead times increasing. And average contract durations, currently standing at 360 days, are their highest point in over five years. The industry remains in a period of demand expansion, and Diamond is ideally positioned to capitalize on these opportunities. I will now turn the call over to Dominic, before returning with some concluding remarks.

總而言之，我們繼續看到合約交付時間在增加。目前平均合約期限為 360 天，是五年多來的最高點。該行業仍處於需求擴張時期，而 Diamond 處於充分利用這些機會的有利位置。現在我將把電話轉給多明尼克，然後回來並作一些總結發言。

Thanks, Bernie, and good morning or afternoon to everyone. In my prepared remarks this morning, I'll recap our results for the third quarter, including some operational highlights and additional details on our recent contract awards, discuss our outlook for the fourth quarter, and provide some brief remarks regarding 2024. I will also talk through some of the details of our refinancing transaction undertaken in the third quarter, and what it means for us going forward. 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.

謝謝伯尼，祝大家早安或下午好。在今天早上準備好的演講中，我將回顧我們第三季度的業績，包括一些營運亮點和我們最近授予的合約的其他細節，討論我們對第四季度的展望，並提供一些有關2024 年的簡短評論。談談我們在第三季進行的再融資交易的一些細節，以及這對我們未來的意義。正如凱文在開場白中提到的那樣，我們的網站上有一個演示文稿，其中包括我今天將提到的一些財務資訊。

For the third quarter, we reported a net loss of $145 million or $1.42 per diluted share. Our adjusted net loss normalized for one-time nonrecurring items was $138.8 million, after adjusting for the non-recurring $6.2 million after-tax loss on the extinguishment of debt. The reported loss consists of a net loss before tax of $20 million and a recorded tax expense at $125 million. The tax expense recorded is based on the computation and application of our annual effective tax rate in accordance with US GAAP accounting standards, adjusted for discrete items.

第三季度，我們報告淨虧損 1.45 億美元，即稀釋後每股虧損 1.42 美元。在對債務清償導致的 620 萬美元非經常性稅後損失進行調整後，我們一次性非經常性項目標準化的調整後淨虧損為 1.388 億美元。報告的虧損包括 2000 萬美元的稅前淨虧損和 1.25 億美元的記錄稅費。記錄的稅費是根據美國公認會計準則會計準則計算和應用我們的年度有效稅率，並針對離散項目進行調整。

As I have discussed in prior quarters, taxes will continue to fluctuate quarter to quarter this year, and the tax expense recorded this quarter is a partial reversal of the second quarter's tax benefit. Additional reversal of the prior tax benefit is expected in the fourth quarter, as our tax expense continues to normalize. Our total cash outlay for income tax this year, net of tax refunds, is expected to be below $5 million.

正如我在前幾季所討論的，今年稅收將繼續按季度波動，本季記錄的稅收支出是第二季稅收優惠的部分逆轉。隨著我們的稅收支出繼續正常化，預計先前的稅收優惠將在第四季度進一步逆轉。扣除退稅後，我們今年的所得稅現金支出總額預計將低於 500 萬美元。

Excluding reimbursable revenue, revenue for the third quarter was $225 million, down from $265 million in the prior quarter, primarily as a result of the BlackHawk completing its contract in Senegal and being in the shipyard, undergoing its managed pressure drilling or MPD upgrade, its five-year SPS, and contract preparations. The Patriot, being off contract for the full quarter, partially offset by the Apex, going back to work after spending the prior quarter in the shipyard conducting its SPS and upgrades. Our third-quarter revenue exceeded the high end of our prior guidance of $215 million, largely due to the Courage being on contract for 17 days longer than anticipated, the Apex recognizing a portion of the early termination fee from Woodside for one well due to permitting issues, and the receipt of a performance bonus for efficient injury-free operations in Senegal.

不計可報銷收入，第三季收入為 2.25 億美元，低於上一季的 2.65 億美元，主要是由於 BlackHawk 完成了在塞內加爾的合約並在造船廠進行受控壓力鑽井或 MPD 升級，其五年SPS 和合約準備。愛國者號整個季度的合約到期，部分被 Apex 抵消，在上個季度在造船廠進行 SPS 和升級後，又回到工作崗位。我們第三季的收入超過了我們之前指導的 2.15 億美元的上限，這主要是因為 Courage 的合約期限比預期長了 17 天，Apex 確認了 Woodside 因允許而提前終止一口井的部分費用。問題，並因在塞內加爾高效無傷害營運而獲得績效獎金。

Contract drilling expense decreased to $182 million for the quarter, compared to $213 million for the prior quarter, primarily as a result of lower operating costs, lower repair and maintenance costs, as well as the deferral of certain contract preparation expenses for the BlackHawk. Consequently, as a result of these positive revenue and cost drivers, our reported adjusted EBITDA of $28 million for the third quarter was above our breakeven guidance for the quarter and will contribute to improve results for the full year. We generated approximately $4 million in operating cash for the quarter, with negative free cash flow of $48 million, after taking into account capital expenditures of approximately $41 million and other working capital movements.

本季合約鑽井費用下降至 1.82 億美元，而上一季為 2.13 億美元，主要是由於營運成本降低、維修和維護成本降低以及 BlackHawk 的某些合約準備費用的推遲。因此，由於這些積極的收入和成本驅動因素，我們報告的第三季度調整後 EBITDA 為 2800 萬美元，高於我們對本季盈虧平衡的指導，並將有助於改善全年業績。考慮到約 4,100 萬美元的資本支出和其他營運資金變動，本季我們產生了約 400 萬美元的營運現金，負自由現金流為 4,800 萬美元。

Elaborating a bit more on the third-quarter operational highlights and results across the regions. In the UK, the Patriot commenced its two-well P&A campaign with Repsol, and the GreatWhite secured another one-well option.

詳細闡述第三季各地區的營運亮點和業績。在英國，Patriot 與 Repsol 開始了兩口井的 P&A 活動，而 GreatWhite 則獲得了另一口井的選擇。

In West Africa, the BlackHawk and BlackRhino combined efforts to earn a $1.9 million performance bonus, representing the seventh bonus achieved during the Senegal campaign. The BlackHawk's excellent performance during its campaign has set the stage for future bonus potential, as wells are completed by the BlackRhino. Also, the BlackHawk completed its five-year SPS., along with certain regulatory and customer-required upgrades, including the installation of an MPD system. Following its mobilization to the US Gulf of Mexico in October, the Blackhawk commenced its one-year campaign for our customer last week, on November 2.

在西非，黑鷹和黑犀牛聯手獲得了190萬美元的績效獎金，這是塞內加爾戰役期間獲得的第七筆獎金。黑鷹在戰役中的出色表現為未來的獎金潛力奠定了基礎，黑犀牛也完成了這些工作。此外，BlackHawk 還完成了為期五年的 SPS，以及某些監管和客戶要求的升級，包括安裝 MPD 系統。繼 10 月調動到美國墨西哥灣後，黑鷹於上週（11 月 2 日）開始為我們的客戶進行為期一年的活動。

In Brazil, the Courage finished its current Petrobras campaign and mobilized to Guanabara Bay to commence its SPS and contract prep work for its next contract with Petrobras, which is expected to commence in December. Finally, in Australia, the Apex completed its campaign with Woodside, after the last well in the contract was canceled and paid out. Subsequently, in direct continuation, we kicked off our campaign with Apex at a higher day rate. As a reminder, the Apex is firmly committed to a number of clients through the first quarter of 2025, with the potential for options that extend into the third quarter of 2025.

在巴西，Courage 號完成了 Petrobras 目前的活動，並前往瓜納巴拉灣開始其 SPS 和合同準備工作，以便與 Petrobras 簽訂下一份合同，預計將於 12 月開始。最後，在澳大利亞，在合約中的最後一口井被取消並支付費用後，Apex 完成了與 Woodside 的合作。隨後，我們直接繼續以更高的日費率透過 Apex 開始了我們的活動。需要提醒的是，Apex 堅定地致力於在 2025 年第一季之前為眾多客戶提供服務，並有可能延長至 2025 年第三季。

As Bernie referenced in his remarks, we also had some commercial successes during the third quarter and subsequent to the close of the quarter, securing contracts valued at approximately $240 million. Our customer in the North Sea exercised the second and third option wells for the GreatWhite at a slightly higher rate than its original term, adding 120 days of activity in 2024, with a total contract value of over $30 million. The rig is now firmly contracted through August 2024. This leaves five additional option wells that could potentially be exercised, as the GreatWhite continues to progress her operations.

正如伯尼在演講中提到的，我們在第三季和季末後也取得了一些商業成功，獲得了價值約 2.4 億美元的合約。我們的北海客戶以略高於原期限的價格行使了 GreatWhite 的第二口和第三口選擇井，在 2024 年增加了 120 天的活動時間，合約總價值超過 3000 萬美元。該鑽井平台現已牢固簽約至 2024 年 8 月。隨著 GreatWhite 繼續推進其作業，這還剩下 5 個可能會被行使的額外選項井。

Additionally, the Patriot was successful in its pursuit of a long-term P&A campaign with Taqa, commencing in early 2025 with a total contract value of approximately $210 million. The contract is for 35 P&A wells, representing approximately three years of firm term, plus up to additional 17 option wells that could extend the term to four years in total. This contract will allow the Patriot to earn approximately $35 million of fully burdened EBITDA per year for the life of the contract.

此外，愛國者隊還成功地與 Taqa 進行了長期的 P&A 活動，從 2025 年初開始，合約總價值約為 2.1 億美元。該合約涉及 35 口 P&A 井，固定期限約為三年，加上最多 17 口選擇井，期限總計可延長至四年。這份合約將使愛國者隊在合約期間每年賺取約 3500 萬美元的全額 EBITDA。

The option exercises for the GreatWhite and the new contract award for the Patriot clearly reflect our capabilities and track record of successful operations in the North Sea. And when combined with our already robust $1.4 billion of backlog reported as of October 1, these additional contract awards lay the foundation for strong financial performance over the next several years.

GreatWhite 的選擇權行使和 Patriot 的新合約清楚地反映了我們在北海成功運作的能力和記錄。加上截至 10 月 1 日我們已報告的 14 億美元積壓訂單，這些額外的合約授予為未來幾年強勁的財務業績奠定了基礎。

Now I would like to shift to a discussion of our fourth-quarter outlook. Looking ahead to the fourth quarter, we expect contract drilling revenue, excluding reimbursables, of $265 million to $275 million, slightly higher than prior guidance for the quarter. The increase in revenue compared to the third quarter is largely activity-driven, with the BlackHawk, Courage, and Patriot being on contract during the quarter, executing their new contracts at higher day rates. This results in expected revenue for the full-year 2023 of $970 million to $980 million.

現在我想談談我們第四季的前景。展望第四季度，我們預計合約鑽井收入（不包括可償還費用）為 2.65 億美元至 2.75 億美元，略高於該季度先前的指引。與第三季度相比，收入的增長主要是由活動驅動的，黑鷹、勇氣和愛國者在本季度簽訂了合同，以更高的日費率執行新合同。這導致 2023 年全年的預期收入為 9.7 億至 9.8 億美元。

EBITDA for the fourth quarter is anticipated to be between $50 million to $60 million, in line with prior guidance for the quarter, and would be our highest recorded quarterly EBITDA since mid-2018. This leads to expected full-year EBITDA of $135 million to $145 million, an approximately 25% increase over prior guidance due to our favorable third-quarter results carrying over to the full year.

第四季的 EBITDA 預計在 5,000 萬美元至 6,000 萬美元之間，與該季度先前的指導一致，這將是我們自 2018 年中期以來記錄的最高季度 EBITDA。由於我們將第三季的良好業績延續到全年，預計全年 EBITDA 為 1.35 億至 1.45 億美元，比先前的指引成長約 25%。

CapEx for Q4 is expected to be between $35 million to $40 million, as we wrap up the BlackHawk MPD installation, and Courage contract preparation and SPS, resulting in expected full-year CapEx of $130 million to $135 million, consistent with my prior remarks that we would exit the year at the higher end of our previously guided range. As a result of contract preparation activities and CapEx expectations, we expect free cash flow for Q4 to be generally consistent with the third quarter.

隨著我們完成BlackHawk MPD 安裝、Courage 合約準備和SPS，第四季度的資本支出預計將在3500 萬至4000 萬美元之間，預計全年資本支出將達到1.3 億至1.35 億美元，這與我之前的言論一致：我們將以先前指導範圍的高端結束今年。由於合約準備活動和資本支出預期，我們預期第四季的自由現金流將與第三季基本一致。

I would now like to provide some brief remarks regarding our 2024 outlook. We plan to provide specific guidance for 2024 during our Q4 earnings call early next year, as we are currently working through a number of opportunities that could positively influence our guidance. In the meantime, as I shared last quarter, we are positioned for a significant step up in EBITDA and cash flow generation in 2024. We expect to incur only 100 days in the shipyard in 2024 for rig upgrades, contract preparation activities, and SPSs, excluding mobilization, as compared to approximately 450 days off contract in 2023, leading to more revenue-generating days at higher day rates.

我現在想就我們的 2024 年展望發表一些簡短的評論。我們計劃在明年初的第四季財報電話會議上提供 2024 年的具體指導，因為我們目前正在研究許多可能對我們的指導產生積極影響的機會。同時，正如我上季度分享的那樣，我們準備在2024 年EBITDA 和現金流產生方面取得重大進步。我們預計2024 年在造船廠只需要100 天的時間來進行鑽機升級、合約準備活動和SPS ，不包括調動在內，與 2023 年約 450 天的合約休假相比，這將導致以更高的日費率獲得更多的創收天數。

The BlackHawk's operating cost should go down significantly as it begins work in a lower-cost region, not to mention its significantly higher day rate. And our CapEx expenditure should decrease meaningfully as a result of two SPSs as compared to five this past year. All of these factors combined provide the foundation for 2024 to continue the improved financial performance that we expect to begin in the fourth quarter of this year.

隨著「黑鷹號」在成本較低的地區開始工作，其營運成本應該會大幅下降，更不用說其日費率顯著提高了。由於兩次 SPS，我們的資本支出應該比去年的五次顯著減少。所有這些因素相結合，為 2024 年財務表現的持續改善奠定了基礎，我們預計將從今年第四季開始實現這一目標。

And finally, this morning, I wanted to provide some additional information about our previously announced refinancing transaction that took place during the third quarter. We completed the refinancing of our post-emergence capital stack through the issuance of $550 million of senior secured second lien notes due 2030, with a coupon of 8.5%.

最後，今天早上，我想提供一些有關我們之前宣布的第三季再融資交易的更多資訊。我們透過發行 2030 年到期的 5.5 億美元優先擔保第二留置權票據，票面利率為 8.5%，完成了新興後資本體系的再融資。

A portion of the proceeds from the bond offering was used to extinguish the borrowings under our revolving credit agreement, our $100-million term loan, and $85-million first lien notes. The remainder of the proceeds will be used for general corporate purposes. The 8.5% coupon secured for the bonds meaningfully lowers the weighted average interest rate of 9.9% associated with our prior capital structure.

債券發行收益的一部分用於償還我們循環信貸協議項下的借款、1億美元的定期貸款和8500萬美元的第一留置權票據。其餘收益將用於一般公司用途。債券的 8.5% 票息顯著降低了與我們先前資本結構相關的 9.9% 的加權平均利率。

In conjunction with the offering, we also amended our $400-million revolving credit facility due 2026 to provide more operational and financial flexibility in exchange for a reduction in capacity to $300 million. As a result of the refinancing, our liquidity grew by approximately $200 million and stood at $440 million at the end of Q3, through a combination of cash on the balance sheet and $298 million of available capacity on the revolver. The terms of the indenture and the amended revolving credit facility give us greater flexibility with regard to capital return to shareholders via dividends and/or share buybacks.

在發行的同時，我們也修改了 2026 年到期的 4 億美元循環信貸額度，以提供更大的營運和財務靈活性，以換取將容量減少至 3 億美元。再融資後，透過資產負債表上的現金和左輪手槍上 2.98 億美元的可用容量，我們的流動性增加了約 2 億美元，到第三季末達到 4.4 億美元。契約條款和修訂後的循環信貸安排使我們在透過股利和/或股票回購向股東返還資本方面具有更大的靈活性。

As we continue to transition to higher day rate contracts and increased EBITDA and cash flow generation in Q4 of this year and throughout 2024, we will grow into our ability to return capital to shareholders, vis à vis the covenants in the indenture and the revolver, and anticipate being in position to do so, subject to Board approval, as we move into 2025. We are very pleased to have secured the financing at favorable terms during this volatile time in the capital markets. This concludes my prepared remarks. I will now hand it back to Bernie for some closing comments before we move into Q&A.

隨著我們在今年第四季和整個2024 年繼續向更高的日費率合約過渡，並增加EBITDA 和現金流量的產生，我們將增強向股東返還資本的能力，而不是契約和左輪手槍中的契約，進入 2025 年，預計在董事會批准的情況下能夠這樣做。我們很高興在資本市場動盪的時期以優惠的條件獲得融資。我準備好的發言到此結束。現在，在我們進入問答環節之前，我將把它交還給伯尼，徵求一些結束語。

Thank you, Dominic. Our near-term focus remains on the safe and timely startup of the Courage's four-year campaign with Petrobras, which is anticipated in December. As the Courage rose to this higher day rate, we will have four rigs on improved market rates, with the fifth, the Patriot, contracted at a higher rate for long-term work commencing in 2025. The supply-demand picture in the UK sector has improved materially, which bodes well for the Patriot in 2024, and subsequently, opportunities for both the Endeavor and GreatWhite in 2025.

謝謝你，多米尼克。我們近期的重點仍然是安全、及時地啟動 Courage 與 Petrobras 的為期四年的活動，預計將於 12 月進行。隨著Courage 號升至更高的日費率，我們將擁有四台鑽井平台，其市場費率有所提高，其中第五台鑽井平台Patriot 將以更高的費率簽訂合同，於2025 年開始長期工作。 英國行業的供需情況有了實質性的改善，這對 2024 年的愛國者來說是個好兆頭，隨後對 2025 年的奮進號和 GreatWhite 來說都有機會。

We are well-positioned for multiple opportunities for our two high-spec seventh-gen drill ships, with availability in the back half of '24, which aligns favorably with visible demand in that same period. These factors, combined with a significant decrease in planned shipyard days next year, position us to deliver significant growth in both EBITDA and cash flow, while we benefit from further upside in the market as we progress through 2024. We appreciate your interest in Diamond Offshore and will now open the call for questions.

我們已做好充分準備，為我們的兩艘高規格第七代鑽探船提供多種機會，將於 24 年下半年投入使用，這與同期的可見需求非常吻合。這些因素，加上明年計劃造船天數的大幅減少，使我們能夠在EBITDA 和現金流方面實現顯著增長，同時隨著2024 年的進展，我們將受益於市場的進一步上漲。我們感謝您對Diamond Offshore的興趣現在將開始提問。

Thank you. (Operator Instructions) Eddie Kim, Barclays.

謝謝。 （操作員指示）Eddie Kim，巴克萊銀行。

Hi, good morning. Just wanted to ask about the BlackRhino and the BlackLion, what those rigs going to be available in the back half of next year. Are those rigs being actively bid into tenders today? I think you said there were 10 opportunities you were tracking for those rigs. And separately, there's been some commentary recently from your peers about potential white space between contracts next year. Do you expect that to be the case for these two drill ships or do you think we're likely to see a fairly seamless transition?

早安.只是想問 BlackRhino 和 BlackLion，這些設備將在明年下半年上市。這些鑽井平台今天是否積極參與招標？我想您說過您正在追蹤這些鑽孔機的 10 個機會。另外，最近同行們對明年合約之間可能存在的空白發表了一些評論。您是否預計這兩艘鑽探船會出現這種情況，或者您認為我們可能會看到相當無縫的過渡？

Hey, thanks for the question, Eddie. Both the BlackRhino and BlackLion are being actively bid now for various opportunities, with the primary focus on the BlackRhino. We don't expect white space for those units as they roll off contracts on to new contracts. We do recognize where the market is in terms of demand and do believe some non-hot or less capable rigs will see some white space next year. But for these two rigs, given their MPD and their capabilities and how well they're placed in the market relative to opportunities, we don't anticipate any white space.

嘿，謝謝你的提問，艾迪。 BlackRhino 和 BlackLion 目前都在積極競標各種機會，其中主要關注 BlackRhino。我們預計這些單位在將合約轉為新合約時不會出現空白。我們確實認識到市場的需求狀況，並且相信一些非熱門或能力較差的鑽機明年將會出現一些空白。但對於這兩個鑽機，考慮到它們的 MPD 和功能以及它們在市場中相對於機會的定位，我們預計不會有任何空白。

Okay. Got it. Got it. That's great to hear. My follow-up is just on cost inflation for next year. We've heard from one of your peers last week, they said they expect cost inflation in a mid-single-digits range. What are you expecting to see next year across your fleet? And what areas do you expect will be the biggest pinch points?

好的。知道了。知道了。聽到這個消息我很高興。我的後續行動只是明年的成本通膨。上週我們從一位同行得知，他們預計成本通膨將在中個位數範圍內。您希望明年在您的機隊中看到什麼？您預計哪些領域將成為最大的痛點？

Hey, Eddie, this is Dominic, thanks for the question. Yeah, that's consistent with what we're anticipating as well. Our cost base is generally essentially 50% labor and 50% other operating costs such as supplies, materials, services, and repairs and maintenance. We have had one of our largest suppliers indicate that services are going up 3% and equipment pricing is going up 6% next year as one particular data point. As well as other sources that we monitor have suggested that equipment and services globally may increase in excess of 4%, with certain regional differences.

嘿，艾迪，我是多明尼克，謝謝你的提問。是的，這也符合我們的預期。我們的成本基礎通常主要是 50% 的勞動力和 50% 的其他營運成本，例如用品、材料、服務以及維修和保養。我們最大的供應商之一表示，作為一個特定數據點，明年服務價格將上漲 3%，設備價格將上漲 6%。我們監測的其他來源表明，全球設備和服務的成長可能超過 4%，但存在一定的地區差異。

All in though, we do anticipate that we will have lower inflation offshore than we've seen in 2022 and 2023, where certain goods and services had double-digit inflation, so it's going to vary region by region. We will also anticipate some wage increases; that'll be of region-specific based on reactivations and pressure that may come from that. But all in, I think that a mid-single digit, when you consider the weighted average result of all the various components, is not an unreasonable expectation.

總而言之，我們確實預期離岸通膨率將低於 2022 年和 2023 年的水平，當時某些商品和服務的通膨率為兩位數，因此各個地區的通膨率會有所不同。我們也將預計工資會有所上漲；這將是基於重新激活和可能來自的壓力的特定區域。但總而言之，我認為，當考慮到所有各個組成部分的加權平均結果時，中個位數並不是一個不合理的期望。

Okay. Okay. Got it. Thanks for that color. I'll turn it back.

好的。好的。知道了。謝謝那個顏色。我會把它轉回來。

(Operator Instructions) David Smith, Pickering Energy Partners.

（操作員說明）David Smith，Pickering Energy Partners。

Good morning and thank you for taking my question.

早安，感謝您提出我的問題。

Sure thing, Dave.

當然可以，戴夫。

So I know we're not getting specific '24 guidance until the next call, but wanted to ask if it's fair to assume the main factors and where that guidance would shake out are just in potential time between contracts for the Rhino and the Lion. And I appreciate your expectation for limited downtime, but presumably, the Rhino might have some downtime just for transit, right, in addition to the shipyard time? Or maybe --

因此，我知道在下一次電話會議之前我們不會得到具體的 24 指導，但想問一下假設主要因素是否公平，以及該指導將在 Rhino 和 Lion 合約之間的潛在時間內發生變化是否公平。我很感激您對有限停機時間的期望，但據推測，除了造船廠時間之外，犀牛可能還會有一些僅用於運輸的停機時間，對吧？或者可能 -

Yeah, Dave, thank you for your question. Actually, the main factor at this stage would be the Patriot and the opportunities that we're currently pursuing for that rig. I think we're pursuing, today, three or four opportunities for the Patriot, all with commencement dates in 2024.

是的，戴夫，謝謝你的問題。實際上，現階段的主要因素是愛國者以及我們目前正在為該裝備尋求的機會。我認為今天我們正在為愛國者隊爭取三到四個機會，所有的開始日期都在 2024 年。

With regard to the BlackRhino, we would expect any mobilization to be paid. And so the only out-of-service time we're expecting for the Rhino is the time to conduct the SPS and install the new MPD system. We don't expect any white space on the Rhino, or the Lion, for that matter. So it's really the Patriot is the number one needle mover we have today, as well as just how we position our forecast relative to the options that will actually be exercised on the GreatWhite, which at this stage, we expect most, if not all of those options to be exercised.

至於黑犀牛，我們希望任何動員都是有薪水的。因此，我們預期 Rhino 唯一的停止服務時間是執行 SPS 和安裝新 MPD 系統的時間。就此而言，我們預計犀牛或獅子上不會有任何空白。因此，愛國者確實是我們今天擁有的第一大推動者，以及我們如何根據將在 GreatWhite 上實際執行的選項來定位我們的預測，在現階段，我們最期望（如果不是全部）那些要行使的選擇權。

Appreciate that. And also, I meant to say congratulations on the Ocean Patriot contract, just really solid backlog added. And I don't want to get greedy, does the improved outlook for P&A and the UK give you any optimism about potential future reactivation on the Valiant?

感謝。而且，我的意思是祝賀海洋愛國者合同，只是增加了非常堅實的積壓。我不想變得貪婪，P&A 和英國前景的改善是否讓您對英勇未來重新啟用的可能性感到樂觀？

Yes, it certainly is encouraging, David. I mean, it's not in the plan today, but the unit has been in the market. And the demand picture today would justify our continued interest in the market for that rig.

是的，這確實令人鼓舞，大衛。我的意思是，它不在今天的計劃中，但該單位已經上市。今天的需求情況證明我們對該鑽機市場的持續興趣是合理的。

Very much appreciated. And if I could sneak one last one in on the topic of potential reactivations. Sorry if I missed it but was there any update to the outlook or potential opportunities for the Ocean Onyx?

非常感謝。如果我能偷偷地講最後一篇關於潛在重新激活的話題。抱歉，如果我錯過了，但是 Ocean Onyx 的前景或潛在機會有任何更新嗎？

No, we didn't provide any update on that, primarily because we haven't seen the kind of programs in the market that would justify reactivating that unit in 2024, Dave. I noticed a few days ago that the public tender opening for Petrobras in Brazil revealed where that market stood. And for that particular opportunity, given our expectations for a relatively low day rate, the reactivation cost, as well as the capital expenditures required to meet the interestingly high spec for that rig in terms of the moored unit, we declined to bid that unit.

不，我們沒有提供任何更新，主要是因為我們還沒有在市場上看到那種可以證明在 2024 年重新激活該單元的計劃，戴夫。幾天前，我注意到巴西國家石油公司的公開招標揭示了該市場的狀況。對於這個特殊的機會，考慮到我們對相對較低的日費率、重新啟動成本的預期，以及滿足該鑽機在繫泊裝置方面有趣的高規格所需的資本支出，我們拒絕對該裝置進行投標。

Really appreciate the color. That's all from me.

真的很欣賞這個顏色。這就是我的全部。

Thanks much.

非常感謝。

Thanks, Dave.

謝謝，戴夫。

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

（操作員指示）我目前沒有提出任何進一步的問題。現在我想把電話轉回給伯尼，讓他發表結束語。

Thanks, operator. Thanks all for your participation in today's call, and we look forward to speaking with you again next quarter. Have a good day.

謝謝，接線生。感謝大家參加今天的電話會議，我們期待下季再次與您交談。祝你有美好的一天。

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。您現在可以斷開連線。