TechnipFMC PLC (FTI) 2024 Q3 法說會逐字稿

Good day and welcome to the TechnipFMC third quarter 2024 earnings conference call.

美好的一天，歡迎參加 TechnipFMC 2024 年第三季財報電話會議。

(Operator instructions)

（操作員說明）

And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Matt Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Matt, over to you.

最後，我想告知所有參與者，本次通話正在錄音。謝謝。現在我要歡迎投資人關係和企業發展資深副總裁 Matt Seinsheimer。馬特，交給你了。

Thank you, Pauly. Good morning and good afternoon and welcome to TechnipFMC's third quarter 2024 earnings conference call. Our news release and financial statements issued earlier today can be found on our website. I'd like to caution you with respect to any forward-looking statements made during today's call. Although these forward-looking statements are based on our current expectations, beliefs, and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

謝謝你，保利。早上好，下午好，歡迎參加 TechnipFMC 2024 年第三季財報電話會議。我們今天早些時候發布的新聞稿和財務報表可以在我們的網站上找到。我想提醒您注意今天電話會議中所做的任何前瞻性陳述。儘管這些前瞻性陳述是基於我們目前對未來發展和業務狀況的預期、信念和假設，但它們受到某些風險和不確定性的影響，可能導致實際結果與這些陳述中表達或暗示的結果有重大差異。

Known material factors that could cause our actual results to differ from projected results are described in our most recent 10-K, most recent 10-Q, and other periodic filings with the US Securities and Exchange Commission. We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise. I will now turn the call over to Doug Pferdehirt, TechnipFMC's Chair and Chief Executive Officer.

我們向美國證券交易委員會提交的最新 10-K、最近 10-Q 和其他定期文件中描述了可能導致我們的實際結果與預測結果不同的已知重大因素。我們希望提醒您不要過度依賴任何前瞻性陳述，這些陳述僅代表截至本新聞稿發布之日的情況。我們沒有義務在前瞻性陳述做出後公開更新或修改這些陳述，無論是因為新資訊、未來事件或其他原因。我現在將把電話轉給 TechnipFMC 董事長兼執行長 Doug Pferdehirt。

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our third quarter earnings call. The TechnipFMC team continues to demonstrate solid execution, which is reflected in our quarterly results. Adjusted EBITDA and margin improved sequentially for both subsea and surface technologies. These results were supported by a relentless focus on industrialization and standardization, as well as integrated business models, all of which are allowing us to execute more efficiently with greater certainty of outcome and repeatability of success.

謝謝你，馬特。早安，下午好。感謝您參加我們的第三季財報電話會議。TechnipFMC 團隊持續展現出紮實的執行力，這反映在我們的季度業績中。海底和地面技術的調整後 EBITDA 和利潤率連續改善。這些成果得益於對工業化和標準化以及整合商業模式的不懈關注，所有這些都使我們能夠更有效地執行，具有更大的結果確定性和成功的可重複性。

Revenue in the third quarter was $2.3 billion. Adjusted EBITDA was $389 million with an adjusted EBITDA margin of 16.6% when excluding foreign exchange impacts. Total company inbound was $2.8 billion, driving backlog to a new record level of $14.7 billion. Subsea inbound orders were $2.5 billion, a book-to-bill of $1.2, with subsea backlog also reaching a new record of $13.7 billion.

第三季營收為23億美元。調整後 EBITDA 為 3.89 億美元，排除外匯影響後調整後 EBITDA 利潤率為 16.6%。該公司入境總額為 28 億美元，將積壓訂單推至 147 億美元的新紀錄水準。海底入庫訂單為 25 億美元，訂單出貨比為 1.2 美元，海底積壓訂單也達到 137 億美元的新紀錄。

Subsea inbound continues to be supported by our differentiated orders, with this quarter particularly driven by our unique iEPCI offering, technology leadership, and extensive subsea services capabilities. More specifically, we announced awards from Petrobras for flexible pipe and subsea production systems and an iEPCI for BP's Kaskida project in the Gulf of Mexico, a 20K development in the Paleogene.

海底入站業務繼續受到我們差異化訂單的支持，本季尤其受到我們獨特的 iEPCI 產品、技術領先地位和廣泛的海底服務能力的推動。更具體地說，我們宣布巴西國家石油公司授予柔性管道和海底生產系統獎項，並為 BP 位於墨西哥灣的 Kaskida 項目（古近紀 20K 開發項目）授予 iEPCI 獎項。

The Kaskida Award represents our second iEPCI to utilize a 20K production system. This marks our fourth overall award for 20K production equipment, and we are confident that high-pressure, high-temperature reservoirs remain an important opportunity set going forward as clients look to produce from deeper waters and reservoirs.

Kaskida 獎代表我們第二個使用 20K 生產系統的 iEPCI。這標誌著我們第四次獲得 20K 生產設備總獎項，我們相信，隨著客戶希望從更深的水域和水庫生產，高壓高溫油藏仍然是未來的重要機會。

In Brazil, we were awarded scope for both subsea production systems and flexibles from Petrobras. Our nearly 70-year legacy in Brazil reflects our deep commitment to the region and highlights our continuing support of Petrobras's strategic vision. We will draw on our extensive in-country operations to deliver on these contracts. Notably, the flexibles inbound further builds on our global leadership position in flexible technology for which we've been awarded nearly 250 kilometers this year.

在巴西，我們獲得了巴西國家石油公司的海底生產系統和彈性生產範圍。我們在巴西近 70 年的歷史反映了我們對該地區的堅定承諾，並凸顯了我們對巴西國家石油公司戰略願景的持續支持。我們將利用我們廣泛的國內業務來履行這些合約。值得注意的是，靈活入站進一步鞏固了我們在靈活技術方面的全球領導地位，今年我們已獲得近 250 公里的獎勵。

We also believe this technology is likely to be a key enabler in new frontiers where we see continued momentum. Beyond announced awards, orders also included a large iEPCI and another strong quarter of inbound for subsea services, driven by installation and life afield opportunities on our growing install base.

我們也相信，這項技術很可能成為新領域的關鍵推動者，我們看到該領域的發展勢頭持續強勁。除了宣布的獎項之外，訂單還包括大型 iEPCI 和另一個強勁的季度入站海底服務，這是由我們不斷增長的安裝基礎上的安裝和現場生活機會推動的。

Moving to surface technologies, solid execution on key customer projects in the Middle East, particularly in the UAE and Saudi Arabia, was a major contributor to the quarterly results. We expect to continue benefiting from our exposure to these markets driven by our client's continued investment and long-term production growth.

轉向表面技術，中東地區（尤其是阿聯酋和沙烏地阿拉伯）關鍵客戶專案的紮實執行是季度業績的主要貢獻者。在客戶的持續投資和長期產量成長的推動下，我們預計將繼續受益於我們在這些市場的投資。

The completion of our new state-of-the-art facility in Saudi Arabia and the qualification of our product portfolio are favorably impacting our company today and represent a differentiated growth opportunity for TechnipFMC.

我們在沙烏地阿拉伯的最先進的新工廠的竣工以及我們產品組合的認證對我們公司今天產生了有利的影響，並為 TechnipFMC 帶來了差異化的成長機會。

Turning to our outlook. We remain very confident in the sustainability of the market backdrop, particularly for subsea. As a reminder, our subsea opportunities list highlights sizable projects with the potential for award over the next two years. When using this midpoint value of these subsea developments, the list grew sequentially to a record $25 billion.

轉向我們的展望。我們對市場背景的可持續性仍然非常有信心，特別是對於海底市場。提醒一下，我們的海底機會清單重點介紹了未來兩年內有可能獲獎的大型專案。當使用這些海底開發的中位數時，該清單連續增長至創紀錄的 250 億美元。

And while these projects are typically available to the broader market, the strength of our outlook is predicated on our unique view into the subsea market, much of which is not reflected on the opportunities list. Often these opportunities involve an iFEED study which converts to a direct award to our company.

雖然這些項目通常適用於更廣泛的市場，但我們的前景強勁取決於我們對海底市場的獨特看法，其中大部分並未反映在機會清單中。這些機會通常涉及 iFEED 研究，該研究可轉化為我們公司的直接獎勵。

When we think about 2025, we see an even more diversified mix of opportunities than what we expect to inbound in the current year. Said another way, we see a more extensive list of clients, a broader range of geographies, more projects that utilize our unique technologies, more subsea 2.0, and more iEPCI. And when you also factor in the continued growth we expect from subsea services, it is clear why we remain so confident in achieving our guidance of $30 billion of orders over the three-year period ending 2025.

當我們展望 2025 年時，我們會看到比我們今年預期的入境機會更加多元化的組合。換句話說，我們看到了更廣泛的客戶名單、更廣泛的地理、更多利用我們獨特技術的項目、更多的海底 2.0 和更多的 iEPCI。當您還考慮到我們對海底服務的持續成長預期時，就很清楚為什麼我們對在截至 2025 年的三年期間實現 300 億美元訂單的指導仍然如此有信心。

Looking beyond 2025, I would highlight the significant presence of projects on the subsea opportunities list that serves as a strong baseline for projects likely to be sanctioned in 2026, which notably includes New Frontiers. Additionally, the feed pipeline for subsea developments remains at a record level, many of which are for projects advancing towards FID in the latter half of the decade.

展望 2025 年以後，我要強調海底機會清單上的大量項目，該清單為可能在 2026 年獲得批准的項目奠定了堅實的基礎，其中尤其包括 New Frontiers。此外，海底開發的供給管道仍保持在創紀錄的水平，其中許多項目是在本世紀後半葉向最終投資決定推進的項目。

It's this combination of factors that gives us increased visibility and, more importantly, greater confidence in the project pipeline in 2025, 2026, and beyond. In closing, we are clearly demonstrating our ability to execute on our expanding backlog, as evidenced by our year-to-date results and increased guidance for subsea in 2025.

正是這些因素的結合，讓我們提高了知名度，更重要的是，讓我們對 2025 年、2026 年及以後的專案儲備更有信心。最後，我們清楚地展示了我們執行不斷擴大的積壓訂單的能力，我們今年迄今為止的業績和 2025 年海底增加的指導就證明了這一點。

Importantly, our backlog has been built by a differentiated set of inbound orders, driven by iEPCI, innovative technologies, and subsea services, all strengths of TechnipFMC that deliver value for our customers and higher and more sustainable returns for our company. These factors, along with our robust market outlook, support a strong capital allocation policy.

重要的是，我們的積壓訂單是由一組差異化的入庫訂單建立的，這些訂單是由iEPCI、創新技術和海底服務驅動的，這些都是TechnipFMC 的優勢，為我們的客戶創造價值，並為我們公司帶來更高、更永續的回報。這些因素加上我們強勁的市場前景，支持強而有力的資本配置政策。

Yesterday, we increased our share repurchase authorization by an additional $1 billion, providing us with nearly $1.2 billion of current authorization. At the same time, we increased our distribution target for 2024 with a goal to nearly double shareholder distributions versus the prior year. We will continue to drive TechnipFMC forward with conviction in both our execution and outlook, validated by the uniqueness of our business, intimacy of our customer relationships, and strength of our backlog.

昨天，我們將股票回購授權額外增加了 10 億美元，為我們提供了近 12 億美元的當前授權。同時，我們提高了 2024 年的分配目標，目標是將股東分配比前一年增加近一倍。我們將繼續對我們的執行力和前景充滿信心，推動 TechnipFMC 向前發展，我們業務的獨特性、客戶關係的親密性以及我們積壓訂單的實力都證明了這一點。

I will now turn the call over to Alf to discuss our financial results.

我現在將把電話轉給阿爾夫，討論我們的財務表現。

Thanks, Doug. Inbound in the quarter was $2.8 billion, driven by $2.5 billion of subsea orders. Total company backlog increased sequentially to $14.7 billion. Revenue in the quarter was $2.3 billion. EBITDA was $389 million when excluding restructuring, impairment and other charges, totaling $4 million, and a foreign exchange loss of $3 million.

謝謝，道格。在 25 億美元的海底訂單的推動下，本季入境金額為 28 億美元。公司積壓訂單總額連續增加至 147 億美元。該季度營收為 23 億美元。扣除總計 400 萬美元的重組、減損和其他費用以及 300 萬美元的外匯損失後，EBITDA 為 3.89 億美元。

Turning to the segment results, in subsea, revenue of $2 billion increased modestly versus the second quarter. The revenue increase was driven by higher project activity in Asia Pacific, Latin America, and Canada, largely offset by lower activity in the Gulf of Mexico and Norway, following completion of significant project milestones in the second quarter.

談到分部業績，海底業務收入較第二季小幅成長 20 億美元。收入成長是由亞太地區、拉丁美洲和加拿大的專案活動增加所推動的，但在第二季完成重要專案里程碑後，墨西哥灣和挪威的活動減少在很大程度上抵消了收入的成長。

The increased project activity included higher revenue from flexible pipe in Brazil. Subsea services activity improved modestly in the period. Adjusted EBITDA was $371 million, with a margin of 18.3%, up 60 basis points from the second quarter. The sequential increase was due to improved earnings mix from backlog and strong project execution in the quarter.

計畫活動的增加包括巴西軟管收入的增加。海底服務活動在此期間略有改善。調整後 EBITDA 為 3.71 億美元，利潤率為 18.3%，較第二季成長 60 個基點。環比增長是由於本季度積壓訂單和強勁的項目執行帶來的收益組合的改善。

In surface technologies, revenue was $320 million, a modest increase sequentially. The revenue improvement was primarily driven by increased project and services activity in the Middle East, partially offset by lower wellhead equipment sales in North America. Adjusted EBITDA was $49 million, up 7% versus the second quarter. The improvement was due to the higher activity in the Middle East and improved execution, partially offset by the lower activity in North America. Adjusted EBITDA margin was 15.3%, up 80 basis points versus the second quarter.

在表面技術領域，營收為 3.2 億美元，環比小幅成長。收入的成長主要是由中東項目和服務活動的增加所推動的，但部分被北美井口設備銷售的下降所抵消。調整後 EBITDA 為 4,900 萬美元，較第二季成長 7%。這項改善是由於中東地區活動的增加和執行力的改善，部分被北美地區活動的減少所抵消。調整後 EBITDA 利潤率為 15.3%，較第二季上升 80 個基點。

Turning to corporate and other items in the period. Corporate expense was $31 million, net interest expense was $16 million, and income tax in the quarter was a benefit of $6 million. Tax expense was significantly below plan due in large part to a net $61 million positive benefit from the release of a valuation allowance. The release of the valuation allowance resulted from a reassessment of the carrying value of deferred tax assets driven by our improving profitability. These tax assets are now expected to benefit future periods.

轉向該時期的公司和其他項目。公司費用為 3,100 萬美元，淨利息費用為 1,600 萬美元，本季所得稅收益為 600 萬美元。稅收支出大大低於計劃，這在很大程度上是由於釋放估價津貼帶來了 6,100 萬美元的淨收益。評估備抵的釋放是由於我們獲利能力改善而重新評估遞延所得稅資產的帳面價值。這些稅收資產現在預計將使未來受益。

Cash flow from operating activities was $278 million. Capital expenditures were $53 million. This resulted in free cash flow of $225 million. Total shareholder distributions in the quarter were $101 million, including $80 million of share repurchases. This brings year-to-date distributions to $395 million, putting us on a path to nearly double distributions versus last year.

經營活動現金流量為 2.78 億美元。資本支出為 5300 萬美元。這導致自由現金流達到 2.25 億美元。本季股東分配總額為 1.01 億美元，其中包括 8,000 萬美元的股票回購。這使得年初至今的分配額達到 3.95 億美元，使我們的分配額比去年幾乎翻倍。

As Doug mentioned in his prepared remarks, we now have nearly $1.2 billion of remaining authorization following the increase to our share repurchase authorization announced yesterday. We ended the period with cash and cash equivalents of $837 million. Net debt declined sequentially to $129 million.

正如道格在他準備好的演講中提到的，繼昨天宣布增加股票回購授權後，我們現在還有近 12 億美元的剩餘授權。期末我們的現金和現金等價物為 8.37 億美元。淨債務連續下降至 1.29 億美元。

Moving to our guidance. For subsea, we expect seasonal impacts to our fourth quarter results, with revenue declining low single digits sequentially, and adjusted EBITDA margin of approximately 16.5%. This implies full-year adjusted EBITDA for subsea should approach $1.3 billion. For surface technologies, we expect revenue in the fourth quarter to increase low single digits sequentially, driven by growth in our international business, with incremental margins of approximately 30%. And finally, we expect corporate expense to be modestly above third quarter results.

轉向我們的指導。對於海底業務，我們預計第四季業績將受到季節性影響，營收季減至低個位數，調整後 EBITDA 利潤率約為 16.5%。這意味著海底全年調整後 EBITDA 應接近 13 億美元。對於表面技術，我們預計第四季度的營收將在國際業務成長的推動下連續成長較低的個位數，增量利潤率約為 30%。最後，我們預期企業支出將略高於第三季的業績。

Now moving to full year guidance, we are increasing our expectations for total company-adjusted EBITDA to approximately $1.37 billion when excluding foreign exchange. We now expect net interest expense of $65 to $70 million, down from the previous guidance range of $70 million to $80 million. And moving to tax, this year we have had a favorable earnings mix that is allowing us to benefit from our tax positions, reducing our expectations for tax expense even with our improved profitability.

現在轉向全年指引，我們將公司調整後 EBITDA 總額（不包括外匯）的預期提高至約 13.7 億美元。我們現在預計淨利息支出為 65 至 7000 萬美元，低於之前 7000 萬美元至 8000 萬美元的指導範圍。轉向稅收，今年我們擁有有利的盈利組合，這使我們能夠從稅收狀況中受益，即使我們的盈利能力有所提高，也降低了我們對稅收支出的預期。

When also including the release of the valuation allowance, we have revised our reported tax provision guidance for 2024 to a range of $170 million to $180 million. This is down from the previous guidance range of $280 million to $290 million. Going forward, as we have previously communicated, we are focused on achieving a normalized effective tax rate of 30%. All other guidance items remain unchanged.

在考慮評估津貼的釋放時，我們已將 2024 年報告的稅務撥備指引修訂為 1.7 億至 1.8 億美元的範圍。這低於先前 2.8 億至 2.9 億美元的指導範圍。展望未來，正如我們之前所傳達的，我們的重點是實現 30% 的標準化有效稅率。所有其他指導項目保持不變。

Let me now address our outlook for subsea in 2025. We are guiding subsea revenue to a range of $8.3 billion to $8.7 billion, an increase from the previous outlook of approximately $8 billion. We are guiding subsea adjusted EBITDA margin to a range of 18.5% to 20%, also an increase from the previous outlook of approximately 18%. The midpoint of the range implies growth in adjusted subsea EBITDA of more than 25% when compared to our updated guidance for 2024. We will provide the remainder of our 2025 financial guidance with our fourth quarter earnings.

現在讓我談談 2025 年海底的展望。我們將海底收入預測為 83 億至 87 億美元，比先前約 80 億美元的預期增加。我們將海底調整後 EBITDA 利潤率指導在 18.5% 至 20% 的範圍內，也比之前約 18% 的預期有所增加。該範圍的中點意味著與我們更新的 2024 年指引相比，調整後的海底 EBITDA 成長超過 25%。我們將在第四季度收益中提供 2025 年財務指引的剩餘部分。

In closing, our third quarter results demonstrate solid financial performance with adjusted EBITDA margin for subsea increasing to 18.3% and surface technologies improving to 15.3%. With these strong quarterly results, we have also increased our full-year expectations for total company-adjusted EBITDA to $1.37 billion.

最後，我們第三季的業績展現了穩健的財務業績，海底調整後的 EBITDA 利潤率增至 18.3%，地面技術提高至 15.3%。憑藉這些強勁的季度業績，我們還將公司調整後 EBITDA 總額的全年預期提高至 13.7 億美元。

The continued strength in execution, combined with our confidence in the market backdrop, has led to a material increase in our 2025 subsea financial outlook, with the upper end of our EBITDA margin guidance now at 20%. Lastly, returning cash to shareholders remains a top priority, and we now expect to nearly double distributions versus the prior year. Importantly, the increase of $1 billion to our existing share repurchase authorization supports our expectations for further growth in shareholder distributions.

持續強勁的執行力，加上我們對市場背景的信心，導致我們對 2025 年海底財務前景的大幅提升，目前我們的 EBITDA 利潤率指導上限為 20%。最後，向股東返還現金仍然是重中之重，我們現在預計分配額將比前一年增加近一倍。重要的是，我們現有的股票回購授權增加了 10 億美元，這支持了我們對股東分配進一步成長的預期。

Operator, you may now open the line for questions.

接線員，現在可以撥打電話提問。

Thank you. And as noted, the floor is open for questions.

謝謝。如前所述，現在可以提問。

(Operator instructions)

（操作員說明）

Arun Jayaram, JP Morgan.

阿倫‧賈亞拉姆，摩根大通。

Yes, good morning. My first question is just on the 2025 subsea outlook which you raised. At the midpoint of the range, your margin guidance implies 250 basis points of margin expansion year over year and over 300 at the top end of the range. I was wondering if you could discuss some of the drivers of the higher margins? In particular, I was wondering if you could provide some insights on the mix of Subsea 2.0, direct awards, integrated projects '25, how that mix changes in '25 versus 24.

是的，早安。我的第一個問題是關於您提出的 2025 年海底展望。在該範圍的中點，您的利潤率指引意味著利潤率年增 250 個基點，在該範圍的上限則超過 300 個基點。我想知道您是否可以討論一下利潤率較高的一些驅動因素？特別是，我想知道您是否可以提供一些有關 Subsea 2.0、直接獎勵、綜合項目 '25 的組合的見解，以及這種組合在 '25 與 24 中的變化。

SPEAKER_08^ Good morning, Arun. Thank you for the question, and more importantly, thank you for acknowledging the 250 basis point uplift in our guidance. It is quite significant given the performance that we've had already in 2024 versus 2023, and clearly demonstrates the path that we're on and the success that we're having. So thank you very much for that.

SPEAKER_08^ 早上好，阿倫。感謝您提出這個問題，更重要的是，感謝您認可我們的指導意見上調了 250 個基點。考慮到我們在 2024 年與 2023 年相比已經取得的表現，這是相當重要的，並且清楚地展示了我們所走的道路和我們所取得的成功。非常感謝您。

I'll handle the second part of your question first, and then I'll pass it over to Alf to add some additional color. Simply stated, there will be more iEPCI and more 2.0 in 2025, and that certainly helps with the quality of the of the performance of the conversion of those orders from backlog into revenue and profitability.

我將首先處理你問題的第二部分，然後將其傳遞給阿爾夫以添加一些額外的顏色。簡而言之，到 2025 年，將會有更多的 iEPCI 和更多的 2.0，這肯定有助於提高這些訂單從積壓訂單轉化為收入和盈利能力的績效品質。

Thank you, Doug. And clearly, 250 basis points, we're very pleased, obviously excited about this upgrade to our financial outlook. So a few factors, of course, we remain extremely confident in our inbound order guidance that we have given, the $30 billion over a three-year period ending in 2025. With this quarter and with prior quarters demonstrating our ability to convert a higher quality backlog and they are resulting in stronger operating margins.

謝謝你，道格。顯然，250 個基點，我們對財務前景的升級感到非常高興，顯然感到興奮。當然，由於一些因素，我們對我們給出的入庫訂單指引（截至 2025 年的三年期間 300 億美元）仍然非常有信心。本季度和前幾季都證明了我們有能力轉換更高品質的積壓訂單，並帶來了更高的營業利潤率。

Our execution has been strong and we maintain a relentless focus on industrialization of our business, which I think is reflected in our 2024 performance where clearly we are exceeding the initial guidance. If you look commercially, we have been able to continue to increase our backlog margins on the back of our unique iEPCI capabilities and the 2.0 technology that clearly Doug referenced as well being a favorable mix to us.

我們的執行力很強，並且持續關注業務的工業化，我認為這反映在我們 2024 年的業績中，我們顯然超越了最初的指導。如果從商業角度來看，我們能夠繼續增加我們的積壓利潤，這得益於我們獨特的 iEPCI 能力和 Doug 明確提到的 2.0 技術，這也是對我們有利的組合。

And with shorter cycle times that we're demonstrating for ourselves as well, we're demonstrating value to our clients as well as this translating into improved financial performance for us. So all in all, I think these factors really gives us the greater confidence and thus putting forward this revised 2025 subsea outlook at this point.

透過我們自己展示的更短的周期時間，我們向客戶展示了價值，這也轉化為我們財務表現的改善。所以總而言之，我認為這些因素確實給了我們更大的信心，從而在此時提出了修訂後的2025年海底展望。

Great. My follow-up is, judging by some of the commentary and earnings seasons thus far from SLB, Baker, as well as your results, SURF appears to be one of the strongest parts of the OFS food chain, but this will include obviously a tightening market for vessels. Doug, I was wondering if you could talk about, your thoughts on just managing through a tighter vessel market, because this is one of the recent concerns I've heard from the buy side is how is FTI going to execute some of these projects, given the sense that the vessel market is quite tight today. I was wondering if you could elaborate on that.

偉大的。我的後續行動是，從 SLB、Baker 迄今為止的一些評論和財報季以及你們的結果來看，SURF 似乎是 OFS 食物鏈中最強大的部分之一，但這顯然包括收緊政策船舶市場。道格，我想知道您是否可以談談您對管理船舶市場趨緊的想法，因為這是我最近從買方那裡聽到的擔憂之一，即 FTI 將如何執行其中一些項目，鑑於目前船舶市場相當緊張。我想知道你能否詳細說明一下。

Arun, a fair concern by the buy side. If we were still operating the company as we had historically or others in this space as they still are operating as they were historically, there will be limitations. It's just, there's no doubt about it, as you're stating the concern that you're hearing from some of your clients and our shareholders. In 2019, 2019, we recognized this. And we recognized that business needed to be done differently.

阿倫，買方的合理擔憂。如果我們仍然按照我們歷史上的方式經營公司，或者這個領域的其他公司仍然按照歷史上的方式運營，那麼就會存在局限性。只是，毫無疑問，正如您所表達的，您從一些客戶和我們的股東那裡聽到了擔憂。2019年，2019年，我們認識到了這一點。我們認識到，業務需要以不同的方式進行。

And we went from building and relying on our own internal capacity by building out relationships and moving into what we call the vessel ecosystem. This allows us to work together with partners' vessels to deliver our iEPCI projects. As you know, iEPCI projects are the premium in the market today and quickly becoming the model of choice for our clients, many of which we have converted to go 100% iEPCI which, for us is obviously flattering because it means 100% direct awards.

我們從建立和依賴我們自己的內部能力，轉變為建立關係並進入我們所說的船舶生態系統。這使我們能夠與合作夥伴的船舶合作交付我們的 iEPCI 專案。如您所知，iEPCI 項目是當今市場上的優質項目，並迅速成為我們客戶的首選模型，其中許多項目我們已轉換為100% iEPCI，這對我們來說顯然是受寵若驚的，因為這意味著100 % 直接獎勵。

So as a result of that, we can continue to grow that iEPCI offering, as Alf pointed out, creating value for our customers, by shortening cycle time or accelerating time to first oil by up to one year versus the conventional hardware versus installation contracts being bid and tendered separately.

因此，正如 Alf 所指出的那樣，我們可以繼續發展 iEPCI 產品，與傳統硬體相比，透過縮短週期時間或將首次投油時間加快一年，為我們的客戶創造價值。

So on those projects, we look at our capacity, we look at the capacity of our partners, we have conversations and we make commitments. And as a result of that, we can continue to grow and have confidence in our ability and our outlook to continue to grow the iEPCI market through our own utilization of our own assets, as well as through the ecosystem and our partners within the ecosystem.

因此，在這些項目上，我們會審視我們的能力，我們會審視我們合作夥伴的能力，我們進行對話並做出承諾。因此，我們可以繼續發展，並對我們的能力和前景充滿信心，透過我們自己利用自己的資產以及透過生態系統和生態系統內的合作夥伴繼續發展 iEPCI 市場。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Good morning. I wanted to start off, I was looking at your subsea opportunities list. I couldn't help but notice that there's four Petrobras projects that were increased in their scope. So I just want to get some color, those projects getting bigger from a well count perspective or is there more scope being added from a technology perspective? Just some color on what's driving the award value potential upsizing would be great.

早安.我想開始，我正在查看你們的海底機會清單。我不禁注意到，巴西國家石油公司有四個計畫的範圍有所擴大。所以我只是想了解一些顏色，從井數角度來看這些項目變得越來越大，或者從技術角度來看是否增加了更多範圍？只要能說明一下推動獎項價值潛在提升的因素就太好了。

Sure, Scott. A little bit of all of the above. This is the challenge of having, you know, kind of ranges, and if something's near the top end of the range, by the time the feed work is done, it may very well go higher or lower. In this case, they obviously ticked higher. I would say there was indeed some changes to scope. Maybe not as much on the well count, but more so on the infrastructure and the layout of the field. And this is driven to higher values. And then some of them are just projects that are out in 2026, where we're just learning more from the feed activity that's being conducted today. But indeed, those have grown in value.

當然，斯科特。以上都是一點點。這是一個挑戰，你知道，有一定的範圍，如果某個東西接近範圍的頂端，那麼當進給工作完成時，它很可能會更高或更低。在這種情況下，它們顯然走高了。我想說範圍確實有一些變化。也許不那麼重要的是井數，但更多的是基礎設施和油田佈局。這被驅動到更高的價值。其中一些只是 2026 年推出的項目，我們只是從今天正在進行的 Feed 活動中了解更多。但事實上，這些的價值已經成長。

That's great. Just a question on what we're hearing from the offshore drillers. A lot of questions we're getting today is around this white space issue for the offshore drillers. And if there's any read-through for FTI and the order cadence that you guys are looking at in 2025. Doug, you reiterated confidence in that $30 billion over three years. I guess, can you just kind of provide some color on what you're seeing on the market and why it's different from the offshore drillers the white space issues that they're having?

那太棒了。只是一個關於我們從海上鑽探公司聽到的消息的問題。我們今天收到的許多問題都是圍繞著海上鑽探商的空白問題。如果有任何關於 FTI 的通讀以及你們正在關注的 2025 年訂單節奏。道格，您重申了對三年內 300 億美元的信心。我想，您能否提供一些您在市場上看到的情況以及為什麼與海上鑽探公司所遇到的空白問題不同的一些資訊？

Scott, thank you for bringing this up. This clearly has been a somewhat recent topic within the community. The short answer is no, but let me add a little more color to that. Just got done doing a tour around three quarters of the world anyways, visiting with all of our top customers, understanding what they needed from us, you know, as they look at their portfolio for 2025 and 2026.

斯科特，謝謝你提出這個問題。這顯然是社區中最近出現的一個話題。簡短的回答是否定的，但讓我對此添加更多色彩。無論如何，我剛剛完成了對世界四分之三的巡演，拜訪了我們所有的頂級客戶，了解他們對我們的需求，你知道，因為他們正在考慮 2025 年和 2026 年的投資組合。

Simply did not, it did not come up one time. I mean, it is simply a non-issue in regards to their expectations from us and for their project FIDs to continue to move forward at, I would say, as an accelerated cadence. In no way has it been a slowing or a deferral. And look, I also want to point out, at the risk of being a bit contentious, but this was started by one or two companies.

根本沒有，一次都沒出現過。我的意思是，對於他們對我們的期望以及他們的專案最終投資決定繼續以加速的節奏向前推進而言，這根本不是問題。這絕不是放緩或推遲。我還想指出，冒著有點爭議的風險，但這是由一兩家公司發起的。

It was never endorsed broadly by not only the drilling community, but certainly the rest of the industry. This is a company-specific issue. It is not an industry issue.

它不僅從未得到鑽井界的廣泛認可，而且肯定也得到了行業其他部門的廣泛認可。這是公司特定的問題。這不是一個行業問題。

Part of the issue that the offshore rigs are drilling faster, we've heard about that, to be honest. Is that part kind of what bridges the gap?

老實說，我們已經聽說過海上鑽井平台鑽探速度加快的部分問題。這部分是彌補差距的部分嗎？

Can you repeat that one more time, Scott?

你能再重複一遍嗎，史考特？

Offshore rig efficiency seems to be improving in certain locations. Is that part of what bridges the gap between some extra white space for a few offshore drillers versus the well count and project count that you execute on?

在某些地區，海上鑽井平台的效率似乎正在提高。這是否是彌補一些海上鑽探商的額外空白空間與您執行的井數和項目數之間差距的一部分？

Again, Scott, it is not an issue that's being raised by our clients. It is not a concern in terms of the project timing for FID or for the execution of existing projects. And, you know, pleased to hear that the drilling efficiency is improving because that fits very well with our strategy, which is reducing cycle time for our clients. So we certainly encourage that greater efficiency and we would all mutually benefit from that.

再次強調，史考特，這不是我們的客戶提出的問題。就最終投資決定的專案時間或現有專案的執行而言，這不是一個問題。而且，您知道，很高興聽到鑽井效率正在提高，因為這非常符合我們的策略，即縮短客戶的週期時間。因此，我們當然鼓勵提高效率，我們都會從中受益。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, good morning, Doug, everybody. So Doug, I'm glad you brought up the dynamics at play where you've traveled around the globe and met with varying customers. I want to extend upon that dynamic, right? So there seems to be a disconnect between some short-term concerns about maybe oil demand vis-a-vis oil supply, yet the customer base that you're talking to and you're dealing with seems to have a more constructive outlook relative to the investor base.

嘿，大家早安，道格。道格，我很高興你提到了你環遊世界並會見不同客戶的動態。我想擴展這種動態，對嗎？因此，對石油需求與石油供應的一些短期擔憂之間似乎存在脫節，但與您交談和與之打交道的客戶群似乎對石油需求的前景更具建設性。

So with that as a backdrop, when you're having your conversations with these executives and they're going through their thought process on executing on their programs, what are you learning from that dynamic in terms of how they're viewing the demand prospects, supply demand balances, and what's giving them the conviction to continue to push forward?

因此，以此為背景，當您與這些主管進行對話時，他們正在經歷執行計劃的思維過程，您從他們如何看待需求前景的動態中學到了什麼，供需平衡，是什麼讓他們有信心繼續前進？

So, Kurt, and again this is a generalization, which is always difficult to do because each company, each of our clients has its own specific portfolio, its own opportunities, its own risk profile, et cetera. But I'm going to generalize if you'll allow me, although again you can't apply it across the board to every client. At a high level generalization, there is the understanding that their highest quality reservoirs lie offshore.

所以，庫爾特，這又是一個概括，這總是很難做到，因為每個公司、我們的每個客戶都有自己特定的投資組合、自己的機會、自己的風險狀況等等。但如果您允許的話，我將進行概括，儘管您無法將其全面應用於每個客戶。從高水準概括來看，人們認為最高品質的儲層位於近海。

There is an understanding and strong belief and conviction in what we have delivered to the industry, meaning iEPCI and 2.0 will continue to reduce cycle time. The combination of a quality reservoir and improved efficiency at a broad level, let's call it efficiency, improved efficiency or accelerated time to first oil, very quickly, very quickly makes those project economics extremely attractive.

我們對產業所提供的服務有著深刻的理解和堅定的信念，這意味著 iEPCI 和 2.0 將繼續縮短週期時間。優質油藏和廣泛提高的效率相結合，我們稱之為效率，提高的效率或加速第一次石油的時間，非常快，非常快，使這些項目的經濟效益極具吸引力。

Therefore, the primary conversation we're having today is our choice, our preference is iEPCI 2.0 direct award to TechnipFMC. It's humbling, but that is the conversation. And therefore, we're working with our clients and our partners, and certainly those who are prepared to direct award iEPCI 2.0, knowing that that's going to be the most favorable for the project economics going forward to ensure that we will make commitments to them to assure them that they will have our capacity to be able to deliver on those projects.

因此，我們今天的主要對話是我們的選擇，我們的偏好是 iEPCI 2.0 直接授予 TechnipFMC。這是令人謙卑的，但這就是談話。因此，我們正在與我們的客戶和合作夥伴，當然還有那些準備直接授予 iEPCI 2.0 的人合作，因為我們知道這將是最有利於項目未來經濟效益的，以確保我們向他們做出承諾向他們保證我們有能力完成這些項目。

At the end of the day, We want every subsea project to be extremely successful. That's what differentiates our company and creates the sustainability for our company is the sustainability of offshore. We don't think of it as a cycle. We think of it as how do we continuously drive that project economics, subsea project economics, towards continuous improvement.

歸根究底，我們希望每個海底計畫都取得巨大成功。這就是我們公司的與眾不同之處，並為我們公司創造了永續性，那就是離岸業務的可持續性。我們不認為這是一個循環。我們認為這是我們如何持續推動專案經濟、海底專案經濟不斷改進。

The good thing is, it's embarrassing to say, but the good thing is we have a lot of runway. We have a lot yet to be done on our side of the equation versus some of the other areas that our clients have access to in terms to using their capital in other reservoirs outside of subsea that are quite mature and quite highly efficient already. So I think that's what gives them the confidence and the understanding.

好處是，說起來很尷尬，但好處是我們有很多跑道。與我們的客戶可以進入的其他一些領域相比，我們還有很多工作要做，即在海底以外的其他水庫中使用他們的資金，這些水庫已經相當成熟且效率很高。所以我認為這給了他們信心和理解。

Also, keep in mind these are longer cycle projects. Although we're trying to shorten them every day by a day, by a day, a week, and a month, The reality of the situation is they are making a bit of a longer-term bet, and I think that takes out some of the short-term noise that we're hearing in the macro market today.

另外，請記住這些是周期較長的項目。儘管我們每天都在努力將它們縮短一天、一天、一周和一個月，但現實情況是他們正在做一些長期的賭注，我認為這會帶來一些損失。 。

Yes, no, that's good context, and I appreciate that. So the second thing maybe to follow up here, and for either you or Alf, is on the increased share repurchase, right? And obviously you mentioned you're going to double the distribution of shareholders this year. So how do you guys think about the timing of that dynamic? Are you thinking programmatic, share repo, opportunistic? And do you have a sense that given what you expect to generate in terms of free cash flow into 2025 that, the bulk of that billion-dollar share repo will be exhausted in 2025?

是的，不，這是很好的背景，我很欣賞這一點。因此，對於您或阿爾夫來說，接下來要跟進的第二件事可能是增加股票回購，對嗎？顯然，您提到今年要將股東分配增加一倍。那麼你們如何看待這種動態的時機呢？您是否正在考慮程序化、共享回購、機會主義？鑑於您對 2025 年自由現金流的預期，您是否認為 10 億美元的股票回購中的大部分將在 2025 年耗盡？

Yes, thank you. Thanks for the question. I'll try to tackle this one. You know, so first of all, really, the business outlook, the strong cash generation we see ahead is really foundational for this. I mean, obviously, we announced this additional $1 billion authorization this quarter. And again, as you said, we have announced that we nearly will double this year.

是的，謝謝。謝謝你的提問。我會盡力解決這個問題。你知道，首先，我們看到的業務前景和強勁的現金產生能力確實是這一點的基礎。我的意思是，顯然，我們本季宣布了額外的 10 億美元授權。正如您所說，我們再次宣布今年的銷售額幾乎將翻倍。

And when you kind of put that in context also of the fact that we have said that we will always distribute, or not always, but we will distribute at least 60% of our free cash flow to shareholders, but I just want to put the $1 billion maybe in context. With this year, with the nearly doubling, we're implying that we would be buying back shares of around $400 million maybe. Again, our commitment that we also stated very clearly is that we will be growing this going forward.

當你把這一點放在這樣的背景下時，我們已經說過，我們將始終分配，或不總是分配，但我們將至少 60% 的自由現金流分配給股東，但我只想把在上下文中可能是10 億美元。今年，隨著股價幾乎翻倍，我們暗示我們可能會回購約 4 億美元的股票。再次強調，我們也非常明確地承諾，我們將繼續發展這項業務。

So I think when you look at that authorization and think about growth, clearly we look to increase this during the upcoming year.

因此，我認為，當您查看授權並考慮增長時，顯然我們希望在來年增加授權。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Thank you. First of all, congrats on a great quarter and for raising guidance. Thank you very much. Doug, my question relates to the surface business. Some of your larger peers have guided the Street to low single digits to mid-single digits type upstream spending increase in international markets in 2025. Now, for your surface business, do you think that it could grow next year in the same kind of range, or do you have any opportunities for market share gains in Saudi Arabia because of your new manufacturing setup there?

謝謝。首先，祝賀一個出色的季度並提高了指導。非常感謝。道格，我的問題與地面業務有關。一些較大的同業已引導華爾街在 2025 年國際市場上游支出實現低個位數到中個位數的成長。現在，對於您的地面業務，您認為明年它是否會在同樣的範圍內增長，或者您是否有機會因為您在沙烏地阿拉伯的新製造設施而增加市場份額？

So Waqar, thank you very much for acknowledging the performance in the quarter. It's a reflection of the 22,000 women and men which we're simply humbled and honored here to represent, so thank you for that. And also, thank you for asking around the surface business. So as far as the international portion of our surface business, which, you know, is the largest portion and very differentiated. We are very differentiated in that marketplace and a very different business than the North American market.

Waqar，非常感謝您對本季業績的認可。這反映了我們在這裡代表的 22,000 名女性和男性，我們對此感到謙卑和榮幸，所以謝謝你們。另外，感謝您詢問地面業務。就我們地面業務的國際部分而言，您知道，這是最大的部分並且非常差異化。我們在這個市場上非常與眾不同，業務也與北美市場非常不同。

We remain optimistic, and you summarized it well, so I'll just try to repeat what you said. There's the overall market activity. And then there's the result of our investment and the ramp up of our activity within the region, both within Saudi Arabia as well as in the United Arab Emirates. So we remain very confident in the performance of our international business for those reasons.

我們保持樂觀，你總結得很好，所以我就試著重複你說的話。這是整體市場活動。然後是我們在沙烏地阿拉伯和阿拉伯聯合大公國的投資和我們在該地區的活動的增加的結果。因此，出於這些原因，我們對我們的國際業務表現仍然非常有信心。

And on the same topic, as they move towards unconventional gas, does that provide any opportunity for unit price improvement, or things like that in the Middle East?

在同一主題上，當他們轉向非常規天然氣時，這是否提供了單價改善的機會，或者中東的類似情況？

Indeed, more wells and, from our equipment's perspective, a much higher specification, a much higher specification. So indeed, it is a positive trend for the business, for the products and services that we provide in the Kingdom.

事實上，更多的井，從我們設備的角度來看，規格更高，規格更高。因此，對於我們在王國提供的業務、產品和服務來說，這確實是一個積極的趨勢。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD·考恩。

Hey, thanks. So it looks like 50% of the backlog in subsea is scheduled to ship beyond 2025. And I think you said you expect a higher proportion of direct awards during '25. So can you help us understand how representative the 2025 margin outlook is for margins in 2026 and beyond?

嘿，謝謝。因此，海底積壓訂單的 50% 預計將在 2025 年後出貨。我想你說過你預期 25 年期間直接獎勵的比例會更高。那麼您能否幫助我們了解 2025 年的利潤率前景對於 2026 年及以後的利潤率有何代表性呢？

Sure, Mark. Obviously, when we're looking at opportunities today, as indicated on one of the earlier questions, you know, we do have options, and we are quite selective in supporting those projects that we believe can be the most successful and create the greatest success for our clients. And when we think about, you know, direct awards and iEPCI 2.0, we're creating a lot of value for our clients, so they have no problem sharing that value with us. I'll let Alf add a little additional color.

當然，馬克。顯然，當我們今天尋找機會時，正如前面的問題之一所示，您知道，我們確實有選擇，並且我們非常有選擇性地支持那些我們認為可以最成功並創造最大成功的項目為我們的客戶。當我們考慮直接獎勵和 iEPCI 2.0 時，我們正在為客戶創造大量價值，因此他們可以毫無問題地與我們分享該價值。我會讓阿爾夫添加一點額外的顏色。

I just want to maybe remind you of a couple of things. First, as we look at what we are still taking in in terms of quality of orders in 2024, pretty much all orders that we're taking in are accretive to our backlog. So that is setting up for future growth in margins as well. I think we've talked about that we have a portion of legacy projects in our backlog.

我只是想提醒您幾件事。首先，當我們審視 2024 年仍在接受的訂單品質時，我們接受的幾乎所有訂單都會增加我們的積壓訂單。因此，這也為未來利潤率的成長奠定了基礎。我想我們已經討論過我們的積壓工作中有一部分遺留項目。

We have said that that's around 10%, 11% at the end of 2025. And clearly as we execute, that portion of the backlog keeps getting smaller. So overall, just that relative mix is going to help overall margins going forward.

我們說過，到 2025 年底，這一比例約為 10%、11%。顯然，隨著我們的執行，這部分積壓工作不斷變小。因此，總體而言，這種相對組合將有助於提高整體利潤率。

Right. Okay. Thanks, Alf. Maybe while you've got the mic, on cash conversion, so you've got this, tax assets that's releasing and you've got some better EBITDA outlook for '25, I'm just curious how we should be thinking about conversion of EBITDA to free cash in light of these upticks.

正確的。好的。謝謝，阿爾夫。也許當你有關於現金轉換的麥克風時，所以你已經得到了這個，正在釋放的稅收資產，並且你對 25 年有更好的 EBITDA 前景，我只是好奇我們應該如何考慮轉換鑑於這些增長，息稅折舊攤銷前利潤（EBITDA）將釋放現金。

'We're not going to give free cash flow. Will give that guidance for '25 with our fourth quarter earnings call. But I will of course admit that we are expecting growth in free cash flow based on first of all the earnings as you point out, but we stand by the 50% free cash flow conversion at this point and any variability due to tax or anything else we'll come back to that at the fourth quarter call in February.

“我們不會提供自由現金流。我們將在第四季財報電話會議上給予 25 年的指引。但我當然承認，正如您所指出的，我們首先基於收益來預期自由現金流的增長，但我們支持此時 50% 的自由現金流轉換以及由於稅收或其他因素造成的任何變化我們將在二月份的第四季電話會議上再次討論這一點。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi, good morning, Doug and Alf. Doug, if you don't mind, maybe I would like to start on the flexible side of things. The orders, the project, the opportunity is pretty strong. And we saw that for you, we saw that for a couple of your peers. Maybe, Doug, spend a little time on the flexible market. We know Petrobras is a big opportunity, but other than that, what are the key drivers for that flexible market over the next couple of years?

嗨，早上好，道格和阿爾夫。道格，如果你不介意的話，也許我想從靈活的方面開始。訂單、項目、機會都非常多。我們為你看到了這一點，我們為你的幾個同行看到了這一點。也許，道格，花一點時間在靈活的市場上。我們知道巴西國家石油公司是一個巨大的機會，但除此之外，未來幾年靈活市場的主要驅動因素是什麼？

Good morning and thank you. An important question and a very important technology for our company. This is a technology that we've been a leader in for a very long time. There's just a few players who participate in this space. Historically, it's been split between, let's call it Tier 1 or the high end, and then the commodity. We've almost exclusively played in the tier one side. And we've had a very significant market presence in the Tier 1 side and that's really driven by continuous investment in R&D and not only product technology development. But more importantly now very much focusing on the industrialization, just like with this Subsea 2.0 equipment where we've doubled the cadence through the facility that's still an opportunity on the flexible side of the business where we're seeing some improvement but we have additional opportunity which obviously drives much higher returns because without capital expenditure we can't increase capacity.

早安，謝謝。對我們公司來說，這是一個重要的議題，也是一項非常重要的技術。這是一項我們長期以來一直處於領先地位的技術。參與這個空間的玩家只有少數。從歷史上看，它被分為第一層或高端，然後是商品。我們幾乎只在一級球隊踢球。我們在一級市場擁有非常重要的市場份額，這實際上是由對研發的持續投資所推動的，而不僅僅是產品技術開發。但更重要的是，現在非常關注工業化，就像這個海底2.0 設備一樣，我們透過設施的節奏增加了一倍，這仍然是業務彈性方面的一個機會，我們看到了一些改進，但我們還有更這顯然會帶來更高回報的機會，因為如果沒有資本支出，我們就無法增加產能。

When I think about markets outside of Brazil, and let me pause and say Brazil is a very important market and a market that we've been the leader and will remain the leader and continue to serve Petrobras and are humbled and privileged and proud to serve Petrobras, but there's actually a significant market outside of Brazil. And that's being driven by iEPCI.

當我想到巴西以外的市場時，讓我停下來說，巴西是一個非常重要的市場，我們一直是並將繼續保持領先地位，並繼續為巴西國家石油公司提供服務，並為服務而感到謙卑、榮幸和自豪巴西國家石油公司，但實際上在巴西以外還有一個重要的市場。這是由 iEPCI 推動的。

So we are, you know, we have iEPCI and we have flexible pipe. And therefore one could conclude that we have a unique ability to be able to design subsea architecture like no one else has in the industry. And our ability to do that can vastly, vastly simplify the architecture, improve the flexibility, no pun intended, of the layout of the field. And all this results in acceleration of first oil and much, much greater certainty in the project delivery.

所以，我們有 iEPCI，我們有柔性管道。因此，人們可以得出這樣的結論：我們擁有一種獨特的能力，能夠設計業內其他人所沒有的海底建築。我們做到這一點的能力可以大大簡化架構，提高領域佈局的靈活性，這不是雙關語。所有這些都加快了第一批石油的投產速度，並提高了專案交付的確定性。

When you are welding pipes together and deploying them real time, there is simply risk associated and there is simply a limit to the efficiency that one can ascertain. It's just, there's just limitations. We break that. We break that issue by being able to change the architecture. So in the past, I've referred to it as the secret ingredient. But this was why the combination of FMC and Technip occurred in the first place. And this is why we created TechnipFMC, because having access to the flexible pipe is clearly the differentiator.

當您將管道焊接在一起並即時部署它們時，只會存在相關風險，並且可以確定的效率也是有限的。只是，有限制。我們打破了這一點。我們透過改變架構來解決這個問題。所以在過去，我稱它為秘密成分。但這就是 FMC 和 Technip 合併的最初原因。這就是我們創建 TechnipFMC 的原因，因為使用軟管顯然是我們的優勢所在。

So that market outside of Brazil is growing and largely attributed to our iEPCI offering because keep in mind on an iEPCI project we're the field architect so we're doing the design years ahead. That's what we're working on right now. That's why we have visibility through the end of the decade because we're working on those projects right now and obviously our ability to be able to leverage that flexible technology in the architecture is a game changer.

因此，巴西以外的市場正在成長，這很大程度上歸功於我們的 iEPCI 產品，因為請記住，在 iEPCI 專案中，我們是現場架構師，因此我們正在提前幾年進行設計。這就是我們現在正在努力的事情。這就是為什麼我們在本世紀末擁有可見性，因為我們現在正在研究這些項目，顯然我們能夠在架構中利用這種靈活技術的能力將改變遊戲規則。

Right. Right. No, that's fantastic. And if I can continue with that point on visibility and switching to the overall backlog in subsea that you have, obviously a record backlog. But if I just zero in on how you staged that backlog, you give those numbers in the press release. 2025 backlog staging went up by $1 billion, which is very impressive. And if you do the numbers, it gives you a lot better backlog coverage for next year versus at least the prior two to three years.

正確的。正確的。不，那太棒了。如果我可以繼續討論可見性並切換到海底的總體積壓，顯然是創紀錄的積壓。但如果我只是將你如何處理積壓的問題歸零，你就可以在新聞稿中給出這些數字。 2025 年的積壓工作增加了 10 億美元，這是非常令人印象深刻的。如果你計算一下數字，你會發現明年的積壓覆蓋率至少比前兩三年好得多。

So if we just talk about everything other than that's your backlog for the implied revenue, guidance, and subsea, how should we think about the book and turn business, the shorter cycle business that you would book and deliver in 2025? How should we think about that in light of the macro uncertainty and any risk associated with that?

因此，如果我們只談論除隱含收入、指導和海底業務的積壓之外的所有內容，那麼我們應該如何考慮預訂和周轉業務，即您將在 2025 年預訂和交付的較短週期業務？鑑於宏觀不確定性以及與之相關的任何風險，我們應該如何看待這一點？

Great observation. It's one we are obviously observing too and very proud and excited. As you're saying, we're de-risking our ability to be able to forecast. Here we are today giving 2025 guidance. I don't think other companies are in a position to do that or most are not in a position to do that because of that visibility that we have in that backlog coverage, as you're referring to, that we have.

很棒的觀察力。我們顯然也在觀察這一現象，並且非常自豪和興奮。正如你所說，我們正在降低我們的預測能力的風險。今天我們在此給予 2025 年指導。我認為其他公司沒有能力這樣做，或者大多數公司沒有能力這樣做，因為我們在積壓工作覆蓋範圍內具有可見性，正如您所指的那樣。

Look, the backlog's growing. You know, the book to bills, we've been above a 1.0 for a long time now. So you're growing that backlog, which obviously is the first variable in the equation. And then it's also the quality of the backlog. And then the third is we're growing our services business. So when you kind of put those altogether, it's what gives us the greater coverage and maybe earlier coverage and greater visibility and coverage than we've had historically.

看，積壓的訂單正在增加。你知道，從帳本到帳單，我們已經超過 1.0 很長一段時間了。所以你正在增加積壓，這顯然是等式中的第一個變數。還有積壓的質量。第三是我們正在發展我們的服務業務。因此，當你把這些放在一起時，它給了我們比歷史上更大的覆蓋範圍，也許更早的覆蓋範圍以及更大的可見性和覆蓋範圍。

You know, this is why we give, we've now given you a revenue range for 2025. So we're trying to take the mystery out of converting backlog to revenue. We'll just go ahead and we'll give you the number so that you can have the certainty. And you know, if we're giving the numbers, we certainly expect to be able to deliver, or we will deliver against those numbers as well. So, but good observation.

您知道，這就是我們給出的原因，我們現在已經為您提供了 2025 年的收入範圍。因此，我們正試圖揭開將積壓訂單轉化為收入的神秘面紗。我們會繼續提供您號碼，以便您確定。你知道，如果我們給出這些數字，我們當然希望能夠實現目標，或者我們也會根據這些數字實現目標。所以，但要善於觀察。

Thank you all for your questions. I will conclude the Q&A session at this time and hand back over to Matt for closing remarks.

謝謝大家的提問。我將在此時結束問答環節，並將交回給馬特致閉幕詞。

This concludes our conference call. A replay of the call will be available on our website beginning at approximately 3:00 PM New York time today. If you have any further questions, please feel free to reach out to the Investor Relations team. Thank you for joining us. Pauly, you may now end the call.

我們的電話會議到此結束。紐約時間今天下午 3 點左右開始，我們的網站上將提供電話會議的重播。如果您還有任何疑問，請隨時聯繫投資者關係團隊。感謝您加入我們。保利，你現在可以結束通話了。

Thank you. This does conclude today's conference call. Thank you all for joining us. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家加入我們。您現在可以斷開連線。