TechnipFMC PLC (FTI) 2025 Q2 法說會逐字稿

Hello. And thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the TechnipFMC second-quarter 2025 earnings conference call. (Operator Instructions)

你好。感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 TechnipFMC 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

現在，我想將會議交給投資者關係和企業發展高級副總裁 Matt Seinsheimer。請繼續。

Thank you, Regina. Good morning and good afternoon and welcome to TechnipFMC's second-quarter 2025 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.

謝謝你，里賈娜。早上好，下午好，歡迎參加 TechnipFMC 2025 年第二季財報電話會議。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。

I'd like to caution you with respect to any forward-looking statements made during this 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.

我想提醒大家注意本次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，但它們仍受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 our 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.

我們向美國證券交易委員會提交的最新 10-K、最新 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期結果不同的已知重大因素。

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.

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文發布之日的觀點。我們不承擔在作出任何前瞻性陳述之後公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

I will now turn the call over to Doug Pferdehirt, TechnipFMC's Chair and Chief Executive Officer.

現在我將把電話轉給 TechnipFMC 董事長兼執行長 Doug Pferdehirt。

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our second quarter earnings call.

謝謝你，馬特。早安，下午好。感謝您參加我們的第二季財報電話會議。

Total company revenue in the period was $2.5 billion. Adjusted EBITDA was $509 million with a margin of 20.1% when excluding foreign exchange impacts. We generated free cash flow of $261 million and distributed $271 million through dividends and share buybacks further demonstrating our commitment to return a significant portion of free cash flow to shareholders.

該期間公司總收入為 25 億美元。調整後的 EBITDA 為 5.09 億美元（不含外匯影響），利潤率為 20.1%。我們產生了 2.61 億美元的自由現金流，並透過股息和股票回購分配了 2.71 億美元，進一步表明了我們致力於將很大一部分自由現金流返還給股東的承諾。

I am very proud of what our team has accomplished. This was another solid quarter driven by continued strength and execution from both the commercial and operational teams.

我對我們團隊所取得的成就感到非常自豪。這是又一個穩健的季度，得益於商業和營運團隊的持續實力和執行力。

I regularly speak to transformation we have made in Subsea to achieve meaningful and sustainable improvements. These include the complete reinvention of our commercial models, the development of configurable product offerings that provide solutions to our customers' unique challenges, and the optimization of operational workflows that drive continuous improvement in everything we do.

我經常談論我們在海底領域所做的變革，以實現有意義和可持續的改進。這些包括徹底改造我們的商業模式、開發可配置的產品以解決客戶的獨特挑戰，以及優化營運工作流程以推動我們所做的一切的持續改進。

But I also want to recognize the much-improved performance of Surface Technologies, a direct result of a similar transformation, driven by the right leadership, focused on the right customers in the right markets, and executing with the team working in new ways that are fundamentally changing the way we operate our business today.

但我也想承認 Surface Technologies 的業績有了很大的提高，這是類似轉型的直接結果，在正確的領導下，專注於正確市場中的正確客戶，並與團隊一起以新的方式開展工作，從根本上改變了我們今天的業務運營方式。

In North America, this means doing more with less. Here, we exited unprofitable markets and product lines, and we have closed and consolidated facilities throughout the region. In fact, including the actions taken in the second quarter, we have reduced our North America footprint by 50% over the last three years while improving operating margins and increasing cash flow.

在北美，這意味著用更少的資源做更多的事情。在這裡，我們退出了無利可圖的市場和產品線，並關閉和整合了整個地區的設施。事實上，包括第二季度採取的行動，我們在過去三年中將北美業務減少了 50%，同時提高了營業利潤率並增加了現金流。

Looking beyond North America to the international markets, which today represent nearly two-thirds of our Surface Technologies' revenue, we continue to focus on core markets with longer term production growth ambitions where our strong customer relationships and technology leadership can provide unique avenues of growth for our company.

除了北美之外，我們還放眼國際市場，目前國際市場佔據了我們表面技術業務收入的近三分之二，我們將繼續專注於核心市場，並實現長期的生產成長目標，在這些市場中，我們強大的客戶關係和技術領導地位可以為公司提供獨特的成長途徑。

Now, moving to Subsea orders. We achieved $2.6 billion of inbound in the quarter, representing a diverse set of awards. We continue to benefit from our unique combination of iEPCI, Subsea Services, and direct awards. Subsea Services were particularly robust, representing one of the highest quarterly inbound levels ever achieved.

現在，轉向海底訂單。本季度，我們獲得了 26 億美元的入境旅遊收入，這代表著一系列多元化的獎項。我們繼續受益於 iEPCI、海底服務和直接授予的獨特組合。海底服務表現尤為強勁，達到了有史以來最高的季度入庫水平之一。

I would also add that while brownfield activity remains strong, nearly half of our project inbound was tied to greenfield developments. We look forward to sharing more about some of these projects in the coming weeks.

我還要補充一點，雖然棕地活動依然強勁，但我們近一半的入站專案都與綠地開發有關。我們期待在未來幾週內分享有關這些項目的更多資訊。

The uniqueness and diversity of our order book gives us continued confidence in delivering more than $10 billion of Subsea inbound for the year. Our differentiated orders, most of which are direct awards to our company speak in part to the strength of our customer relationships, which we work to build and enhance every day.

我們的訂單的獨特性和多樣性使我們有信心在今年交付價值超過 100 億美元的海底訂單。我們的差異化訂單大部分是直接授予我們公司的，這在一定程度上體現了我們與客戶之間關係的牢固性，我們每天都在努力建立和加強這種關係。

I'm proud to announce we recently entered into a new iEPCI collaboration agreement with VÃ¥r Energi, supporting their subsea developments on the Norwegian continental shelf. Working together, we will utilize our integrated execution model to optimize development solutions and maximize value creation.

我很自豪地宣布，我們最近與 VÃ¥r Energi 達成了新的 iEPCI 合作協議，支持他們在挪威大陸架的海底開發。透過合作，我們將利用我們的整合執行模型來優化開發解決方案並最大限度地創造價值。

Our differentiation goes beyond customer relationships. It is also fueled by technology leadership. We have been pioneering technology for decades, and we are constantly working with clients to solve their unique challenges.

我們的差異化不僅限於客戶關係。它也受到技術領導力的推動。幾十年來，我們一直致力於開拓技術，並不斷與客戶合作解決他們面臨的獨特挑戰。

For instance, in partnership with Petrobras, we recently developed the technology behind HISEP, a high-pressure separation process that enables the capture of CO2-rich dense gasses directly from the well stream, all taking place on the sea floor.

例如，我們最近與巴西石油公司合作開發了 HISEP 技術，這是一種高壓分離工藝，可以直接從井流中捕獲富含二氧化碳的高密度氣體，所有過程都在海底進行。

We have also been working with the same client to create a definitive solution for stress corrosion cracking that occurs in flexible pipe applications where there is a very high CO2 content, predominantly in pre-salt fields. We approached this industry challenge as a technology leader. Rather than simply evolving to the next iteration of an existing product, we set our sights on an innovative technology that would retain the advantages of flexibles but provide unrivaled corrosion resistance without compromising on other attributes such as weight.

我們也一直與同一客戶合作，為柔性管道應用中出現的應力腐蝕開裂問題提供最終解決方案，這種應用主要發生在鹽下油田，其中二氧化碳含量非常高。我們以技術領導者的身分來應對這項行業挑戰。我們並不是簡單地發展現有產品的下一代產品，而是著眼於一種創新技術，該技術既能保留柔性材料的優勢，又能提供無與倫比的耐腐蝕性，同時又不影響重量等其他屬性。

Product weight significantly impacts the design of the entire Subsea architecture and can influence other major cost drivers, such as the vessel requirements for the installation campaign. Our new hybrid flexible pipe is both disruptive and scalable and is fully aligned with our goal of delivering certainty through industrialization.

產品重量對整個海底架構的設計有顯著影響，並可能影響其他主要成本驅動因素，例如安裝活動的船舶要求。我們的新型混合柔性管道既具有顛覆性又具有可擴展性，完全符合我們透過工業化實現確定性的目標。

We continue to advance our solution and are currently in the qualification process. Importantly, we have created a solution that can be used more broadly in applications that extend well beyond the pre-salt.

我們將繼續推進我們的解決方案，目前正處於資格認證過程中。重要的是，我們創建了一個解決方案，可以更廣泛地應用於鹽下層以外的領域。

Another focus of innovation is all electric technology. Last year, we were awarded the industry's first all-electric subsea system for BP's Northern Endurance CCS project. This flagship project shows the critical importance of electric technology and the opportunities it can help clients realize.

另一個創新重點是全電動技術。去年，我們獲得了英國石油公司北方耐力 CCS 計畫的業界首個全電動海底系統。這個旗艦專案展示了電力技術的關鍵重要性以及它可以幫助客戶實現的機會。

However, carbon capture and storage is just one application and electrification is not a one size fits all solution. Additionally, the use of all electric technology can be extended beyond new developments. It can also help our clients exploit their sizable existing portfolios, including systems that are currently operating on the seabed today.

然而，碳捕獲和儲存只是一種應用，電氣化並不是一個萬能的解決方案。此外，所有電動技術的使用都可以擴展到新發展之外。它還可以幫助我們的客戶利用其現有的大量產品組合，包括目前在海底運行的系統。

Here, we are collaborating with Petrobras to extend the performance of existing production systems using electric solutions. Whether it be new commercial agreements like our iEPCI collaboration with our VÃ¥r Energi, or the development of innovative technologies like hybrid flexible pipe and all electric, we are honored to be our client's trusted partner and the team they turned to for their most challenging projects.

在這裡，我們正在與巴西石油公司合作，利用電力解決方案擴展現有生產系統的效能。無論是像我們與 VÃ¥r Energi 合作的 iEPCI 這樣的新商業協議，還是像混合柔性管道和全電動這樣的創新技術的開發，我們都很榮幸成為客戶值得信賴的合作夥伴和他們在最具挑戰性的專案中求助的團隊。

Turning to the outlook. Offshore activity remains robust. Front-end engineering activity is strong. And our Subsea opportunity list remains healthy with named projects progressing across multiple basins over the next 24 months. This supports continued strength in Subsea inbound.

轉向展望。海上活動依然強勁。前端工程活動強勁。我們的海底機會清單仍然保持健康，未來 24 個月內，指定項目將在多個盆地取得進展。這支持了海底入境業務的持續強勁成長。

In Guyana, where a significant ramp in production is already underway, we are excited about the progression of future projects sanctioning. And we also see emerging potential for brownfield opportunities to provide incremental activity in the region.

圭亞那的產量已開始大幅提升，我們對未來專案審批的進展感到興奮。我們也看到了棕地機會的新興潛力，可以為該地區帶來增量活動。

Mozambique continues to be one of the most promising areas for new development, particularly in gas. Suriname is also exciting as we were recently awarded an iEPCI contract from TotalEnergies for the first oil and gas development in the region. TechnipFMC is also involved in front end engineering for multiple operators in the Orange Basin offshore in Namibia and the surrounding area in South Africa.

莫三比克仍然是新開發領域最有前景的地區之一，尤其是在天然氣領域。蘇利南也令人興奮，因為我們最近獲得了道達爾能源公司的 iEPCI 合同，這是該地區第一個石油和天然氣開發項目。TechnipFMC 也參與了納米比亞近海橙色盆地和南非週邊地區多家營運商的前端工程。

Taken together, these constitute a rich set of near-term opportunities even before considering other frontier developments in the Americas, Eastern Mediterranean, and Asia. We continue to believe that offshore markets will attract more capital due to the superior quality of these abundant reserves, their broad accessibility to operators, and the strong economics these resources provide, which we aim to further enhance in part through greater execution certainty.

綜合起來，即使在考慮美洲、東地中海和亞洲的其他前沿發展之前，這些也構成了豐富的近期機會。我們仍然相信，由於這些豐富的儲量品質優良、運營商可廣泛獲取資源以及這些資源提供的強勁經濟效益，海上市場將吸引更多的資本，我們希望透過提高執行確定性來進一步增強這些效益。

In closing, the market is not without challenges. However, as our results clearly demonstrate, we are navigating the issues and mitigating the impacts to our company. This reflects both the actions we are taking today and the structural changes we have made over the last several years.

最後，市場並非沒有挑戰。然而，正如我們的結果清楚表明的那樣，我們正在解決這些問題並減輕對我們公司的影響。這不僅反映了我們今天採取的行動，也反映了我們過去幾年所做的結構性變革。

We have emphasized the importance of new commercial models and configurable product offerings as key enablers to our continued success. Our inbound also highlights the importance of strong and enduring customer relationships. This is further supported by our legacy of technology innovation focused on solving some of the industry's biggest challenges.

我們強調新的商業模式和可配置產品的重要性，它們是我們持續成功的關鍵推動因素。我們的入站行銷也強調了牢固而持久的客戶關係的重要性。我們的技術創新傳統進一步支持了這一點，我們專注於解決產業面臨的一些最大挑戰。

Our visibility into the market continues to benefit from the high level of direct awards to our company. Our unique opportunity set also gives us confidence that we will reach our three-year goal of $30 billion in Subsea inbound by the end of this year. And we see strength in offshore continuing, supported by client discussions for projects that are likely to be sanctioned through the end of the decade.

我們公司獲得的高額直接獎勵繼續提高了我們在市場上的知名度。我們獨特的機會也讓我們有信心在今年年底前實現海底投資 300 億美元的三年目標。我們看到離岸市場將繼續保持強勁勢頭，這得益於客戶對本世紀末可能獲得批准的專案的討論。

I am very proud of the financial results we shared today and want to acknowledge the unwavering efforts of our global teams that continue to drive our performance to higher levels.

我對我們今天分享的財務表現感到非常自豪，並要感謝我們全球團隊的不懈努力，他們繼續將我們的業績推向更高的水平。

I will now turn the call over to Alf to discuss our financial results and more importantly, our strengthened outlook for the balance of the year.

現在我將把電話轉給阿爾夫，討論我們的財務業績，更重要的是，我們對今年餘額的展望。

Thanks, Doug. Inbound in the quarter was $2.8 billion, driven by $2.6 billion of Subsea orders. Total company backlog increased 5% sequentially to $16.6 billion. Revenue in the quarter was $2.5 billion.

謝謝，道格。本季訂單金額為 28 億美元，主要由 26 億美元的海底訂單推動。公司總未完成訂單季增 5%，達 166 億美元。本季營收為 25 億美元。

Adjusted EBITDA was $509 million when excluding a foreign exchange gain of $12 million and restructuring impairment and other charges totaling $16 million, most of which were related to business transformation initiatives in Surface Technologies.

調整後的 EBITDA 為 5.09 億美元，不包括 1,200 萬美元的外匯收益和 1,600 萬美元的重組減損及其他費用，其中大部分與表面技術的業務轉型計畫有關。

Turning to segment results. In Subsea, revenue of $2.2 billion increased 14% versus the first quarter. The sequential revenue improvement was largely driven by increased iEPCI project activity in the North Sea and higher installation activity and flexible pipe supply in Brazil offset in part by project completions in Asia Pacific.

轉向細分結果。海底業務營收為 22 億美元，較第一季成長 14%。收入的連續增長主要得益於北海 iEPCI 項目活動的增加以及巴西安裝活動和柔性管道供應的增加，但亞太地區的項目完工部分抵消了這一增長。

Services revenue also increased due to seasonal improvements. Adjusted EBITDA was $483 million, up 44% sequentially due to strong execution, improved earnings from backlog, and higher project and services activity. Adjusted EBITDA margin was 21.8%, up 450 basis points from the first quarter.

由於季節性改善，服務收入也有所增加。調整後的 EBITDA 為 4.83 億美元，環比增長 44%，這得益於強勁的執行力、積壓訂單收益的提高以及項目和服務活動的增加。調整後的 EBITDA 利潤率為 21.8%，較第一季上升 450 個基點。

In Surface Technologies, revenue was $318 million, an increase of 7% from the first quarter. The sequential increase in revenue was driven by higher project and services activity in the Middle East, modestly offset by lower activity in North America.

表面技術業務營收為 3.18 億美元，較第一季成長 7%。收入的連續增長是由於中東地區項目和服務活動的增加，但北美地區的活動減少略微抵消了這一增長。

Adjusted EBITDA was $52 million, an increase of 12% sequentially due to the higher project and services activity in the Middle East, modestly upset by North America. Adjusted EBITDA margin was 16.4%, up 70 basis points versus the first quarter.

調整後 EBITDA 為 5,200 萬美元，較上季成長 12%，原因是中東地區的專案和服務活動增加，略微受到北美地區的衝擊。調整後 EBITDA 利潤率為 16.4%，較第一季上升 70 個基點。

Going into corporate and other items in the period. Corporate expense was $27 million. Net interest expense was $14 million and tax expenses in the quarter was $106 million. Cash flow from operating activities was $344 million and capital expenditures were $84 million. This resulted in free cash flow of $261 million.

進入本期間的公司及其他項目。公司支出為 2700 萬美元。本季淨利息支出為 1,400 萬美元，稅金支出為 1.06 億美元。經營活動現金流為 3.44 億美元，資本支出為 8,400 萬美元。這產生了 2.61 億美元的自由現金流。

We repurchased $250 million of stock in the second quarter. When including $21 million of dividends, total shareholder distributions were $271 million. During the quarter, we repaid EUR200 million of private placement notes that matured in June, reducing our gross debt to $696 million.

我們在第二季回購了價值 2.5 億美元的股票。如果計入 2,100 萬美元的股息，股東分配總額為 2.71 億美元。本季度，我們償還了 6 月到期的 2 億歐元私募票據，使我們的總債務減少至 6.96 億美元。

We ended the period with cash and cash equivalent of $950 million. Net cash decreased modestly to $254 million.

本期間結束時，我們的現金和現金等價物為 9.5 億美元。淨現金小幅下降至2.54億美元。

Moving to our guidance. For the third quarter. We expect Subsea revenue to grow low- to mid-single digits sequentially with an adjusted EBITDA margin that is similar to the 21.8% reported in the second quarter. For Surface Technologies, we anticipate revenue to increase low-single digit sequentially with an adjusted EBITDA margin of approximately 16%.

轉向我們的指導。第三季。我們預計海底業務收入將環比成長低至中等個位數，調整後的 EBITDA 利潤率將與第二季報告的 21.8% 相似。對於表面技術，我們預計營收將環比成長低個位數，調整後的 EBITDA 利潤率約為 16%。

Moving to our full year outlook. For both Subsea and Surface Technologies, we continue to expect revenue to come in near the midpoint of their respective guidance ranges. However, we are increasing our expectations for adjusted EBITDA margin, which we now expect to come in near the top end of the guidance range for both segments.

轉向我們的全年展望。對於海底技術和地面技術，我們繼續預期收入將接近各自指導範圍的中點。然而，我們提高了對調整後 EBITDA 利潤率的預期，目前我們預計該利潤率將接近兩個部門指導範圍的上限。

When including corporate expense at the midpoint of guidance, we anticipate total company full year adjusted EBITDA to approximate $1.8 billion when excluding foreign exchange. Our current estimated impact from tariffs is contained within our updated guidance.

當將公司費用納入指導中點時，我們預計不包括外匯的情況下公司全年調整後的 EBITDA 總額約為 18 億美元。我們目前估計的關稅影響已包含在我們更新的指引中。

With the improved operational performance, we now expect free cash flow to come in near the top end of the guidance range of $1 billion to $1.15 billion. All other guidance items remain the same.

隨著營運績效的改善，我們現在預計自由現金流將接近指導範圍的上限，即 10 億美元至 11.5 億美元。所有其他指導項目保持不變。

In closing, given the strength in Q2, we have solid momentum as we enter the second half of the year. We have increased our full year guidance for total company adjusted EBITDA by $40 million with an expectation that we will now deliver $1.8 billion in 2025, an increase of 30% versus the prior year. This guidance is supported by our substantial backlog and continued strength in our execution.

最後，鑑於第二季的強勁表現，我們進入下半年將擁有強勁的勢頭。我們已將公司全年調整後 EBITDA 總額預期上調 4,000 萬美元，預計 2025 年將達到 18 億美元，較上一年增長 30%。這項指導得到了我們大量積壓訂單和持續強勁執行力的支持。

Through the first six months of the year, we have distributed 85% of free capital to shareholders. We are reiterating our commitment to distribute at least 70% of free cash flow. And given the strength of our balance sheet, we certainly have the flexibility to exceed that level.

今年上半年，我們已向股東分配了85%的自由資本。我們重申分配至少 70% 自由現金流的承諾。鑑於我們資產負債表的實力，我們當然有能力超越這個水準。

Operator, you may now open the line for questions.

接線員，您現在可以打開熱線來回答問題了。

(Operator Instructions) David Anderson, Barclays.

（操作員指示）巴克萊銀行的大衛安德森。

Thank you. Good morning, Doug. How are you?

謝謝。早安，道格。你好嗎？

Good morning, Dave. And yourself?

早上好，戴夫。那你自己呢？

I'm doing great. So another strong subsea order book this quarter. Clearly, you're confident beating the $10 billion target this year. I was hoping you could break down sort of the composition a bit more and kind of how you see it changing this year.

我很好。因此本季又有一批強勁的海底訂單。顯然，您有信心今年超越 100 億美元的目標。我希望您能更詳細地分析一下其組成，以及您認為今年它將如何變化。

I'm first curious about the services. You called about services being very strong this quarter. I'm curious it was kind of a one-off where this is a new trend.

我首先對這些服務感到好奇。您來電稱本季服務業務非常強勁。我很好奇，這是一次性的新趨勢。

And secondarily, as you're expecting more awards in the second half, I'm curious if you're expecting more awards in the second half to come from the Subsea opportunities list or is that more like the iEPCI direct awards.

其次，由於您預計下半年會有更多獎項，我很好奇您是否預計下半年會有更多獎項來自海底機會列表，或者更像是 iEPCI 直接獎項。

Sure, Dave. Thank you. So regarding Subsea Services, I think it’s evident that we have been successful in the marketplace and our clients’ adoption of our iEPCI and Subsea 2.0, which has resulted in a significant number of direct awards, meaning they don’t go to competitive tender, they’re just direct awarded to our company, has changed the market dynamic, let’s say. That results in us having an ever-increasing installed base on the seafloor.

當然，戴夫。謝謝。因此，關於海底服務，我認為很明顯我們在市場上取得了成功，我們的客戶採用了我們的 iEPCI 和 Subsea 2.0，這導致了大量直接授予，這意味著他們沒有參加競爭性投標，而是直接授予我們公司，這改變了市場動態。這使得我們在海底的安裝基礎不斷增加。

This is an OEM model. We inspect, maintain, repair, service all of our products that are on the seafloor, typically for a 20- to 35-year life, depending upon the design of the equipment and the requirement of the contract. So a very long sustainable tail of services, which is increasing in size as we’ve been more successful as we talked about a moment ago.

這是一個 OEM 模型。我們對所有位於海底的產品進行檢查、維護、修理和保養，使用壽命通常為 20 至 35 年，具體取決於設備的設計和合約要求。因此，服務的可持續尾部非常長，正如我們剛才談到的，隨著我們取得更大的成功，其規模也在不斷擴大。

So when you put the two together, it’s certainly a very positive trend for our Subsea Services business. We talked about the growth last year where we had achieved $1.6 billion for Subsea Services and we said that it would grow in line with revenue again this year or approximate $1.8 billion. And I can confirm that that is indeed the plan.

因此，當你將兩者結合起來時，這對我們的海底服務業務無疑是一個非常積極的趨勢。我們談到了去年海底服務業務的成長，當時我們的海底服務業務實現了 16 億美元的收入，我們表示今年海底服務業務將再次與收入同步成長，或達到約 18 億美元。我可以確認這確實是計劃。

So yes, no one off, just a this is a result of the strategy of the company, the winning rate that we have had, the success, the repeat orders, the direct awards, the unique alliances that we have been able to form and the continuous focus on supporting those through innovation and technology, superior execution both in terms of the project execution, but also the service execution has set up our Subsea Services business to be a very strong and important component of our inbound.

是的，這不是一次性的，這只是公司策略的結果，我們的中標率、成功、重複訂單、直接獎勵、我們能夠形成的獨特聯盟以及持續關注透過創新和技術來支持這些聯盟，無論是在項目執行方面還是在服務執行方面，卓越的執行都使我們的海底服務業務成為我們入站業務的一個非常強大和重要的組成部分。

I believe there was a second follow-up, and I missed I lost it already. I --

我相信還有第二次後續行動，但我錯過了，我已經失去了它。我--

I was just sort of asking, You have your Subsea opportunities list, which you update. I’m just curious. You’re talking about the direct awards, which are different from that. I was just curious. Are more -- in the second half, are more awards kind of shifting more towards the Subsea opportunities list? Is it more the direct awards side? Just kind of curious how that’s shaping up.

我只是想問一下，您有更新的海底機會清單嗎？我只是好奇。您談論的是直接獎勵，這與此不同。我只是好奇。下半年是否會有更多獎項轉向海底機會名單？這更多的是直接獎勵嗎？只是有點好奇事情進展如何。

Yeah, a good question. And just to remind everyone else, we publish the industry’s Subsea opportunity list, those opportunities that are likely to FID over the next 24 months broadly across the industry. So that’s something that can be used as a reference document and we update that every quarter, which we did again this quarter and that list has continued to grow.

是的，這是個好問題。並且只是為了提醒其他人，我們發布了行業的海底機會清單，這些機會很可能在未來 24 個月內在整個行業範圍內實現最終決定。因此，這是可以用作參考文件的東西，我們每個季度都會更新它，本季度我們再次更新它，並且該清單還在增加。

But there’s also a secondary list that is very important and exclusive to our company. And this is a result of the fact that we have the only iEPCI and Subsea 2.0 offering, which results in us working in the very early stages, typically two to three years before a contract is awarded exclusively with our clients to develop a subsea architecture that is unique and quite frankly can’t be designed or developed by others because they don’t have the tools and resources and technology that we have.

但還有一個對我們公司來說非常重要且專屬的次要名單。這是因為我們擁有唯一的 iEPCI 和 Subsea 2.0 產品，這使我們能夠在非常早期的階段開展工作，通常是在與客戶簽訂獨家合約之前的兩到三年，以開發獨特的海底架構，坦白說，其他人無法設計或開發，因為他們沒有我們擁有的工具、資源和技術。

So they work with us on a proprietary basis. And then those projects, when and if they go to FID, are direct awarded to our company. That list, I will tell you, is also growing. So both the public list and the private list, for lack of a better term, are both growing in size.

因此他們以專有方式與我們合作。然後，這些項目一旦進入最終投資決定階段，就會直接授予我們公司。我要告訴你，這個名單還在增加。因此，由於缺乏更好的術語，公共名單和私人名單的規模都在增長。

In terms of the mix in the second half, where is it likely to come from, I think it will continue to be strongly supported by both of those. And I think I am confident that our level of direct awards will continue to be very robust, which means that private list is very, very critical to our company.

就下半年的組合而言，它可能來自哪裡，我認為它將繼續受到這兩者的強有力支持。我認為，我們有信心我們的直接授予水準將繼續保持強勁，這意味著私人名單對我們公司來說非常非常重要。

And Doug, if I could sneak one more in here, I know it's early, but I was wondering if you could just kind of give us an early look at how you think orders are starting to shape up for 2026. Based upon what you were just saying there, is another $10 billion in 2026 a reasonable assumption at this time?

道格，如果我可以再偷偷問一句，我知道現在還早，但我想知道您是否可以提前告訴我們，您認為 2026 年的訂單情況會如何。根據您剛才所說的，目前 2026 年再增加 100 億美元是個合理的假設嗎？

Yes

是的

Thank you.

謝謝。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hey, thank you. I wanted to drill down a little bit more into the services success that you had this quarter. And specifically, it sounds like the services orders were quite strong. I’m curious if the revenue was also strong because historically this was like a book and ship type of business, but I think more recently some of that’s been going into backlog. So maybe you could talk a little bit about that and how we should think about the growth of services for 2025 and beyond?

嘿，謝謝你。我想更深入地了解本季你們在服務上的成功。具體來說，服務訂單聽起來相當強勁。我很好奇收入是否也很強勁，因為從歷史上看，這就像是一種書籍和船舶類型的業務，但我認為最近其中一些已經積壓。那麼也許您可以稍微談談這個問題以及我們應該如何看待 2025 年及以後的服務業成長？

Sure, Mark. You correctly point out it’s largely a book and turn, but we do have a backlog and a growing backlog actually in our services business. And that just depends upon the type of awards and the nature of the awards that we receive. But the majority is book and turn. So yes, if inbound is strong, revenue is most likely to be strong as well. So I can confirm that to the first part of your question.

當然，馬克。您正確地指出，這在很大程度上是一種書本和輪換，但我們的服務業務中確實存在積壓，而且積壓的訂單還在增加。這取決於我們獲得的獎項類型和性質。但大多數都是書本和書籍。所以是的，如果入站流量強勁，收入很可能也會強勁。因此我可以確認你問題的第一部分。

In terms of the growth and the trajectory, as I was commenting earlier to Dave’s question, the installed base as a significant contribution to that very long and sustainable services revenue, again, over decades following the initial project. Clearly, we’ve been successful. And if we’ve been successful on the project side and on the Subsea inbound side, that will reflect in the Subsea Services growth, not only at the time of the award, but again, very importantly, creates a very long sustainable important contributor to our company going forward.

就成長和軌跡而言，正如我之前對戴夫的問題的評論，安裝基礎對長期和可持續的服務收入做出了重大貢獻，同樣，在初始項目之後的幾十年裡也是如此。顯然，我們成功了。如果我們在專案方面和海底入境方面取得成功，這將反映在海底服務的成長中，不僅在授予獎項時，而且非常重要的是，這將為我們公司未來的發展創造一個非常長期可持續的重要貢獻者。

Doug, I think previously the outlook was for services revenue to grow in line with all of Subsea for this year. Is that still the case or are we seeing an acceleration of that?

道格，我認為先前的預期是今年服務收入將與整個海底業務同步成長。情況仍然如此嗎？或者我們看到這種情況正在加速？

Let’s stick with the current guidance itself there, is the $1.8 billion which would be in line with the revenue growth. But I’m very confident that our Subsea Services will continue to respond very favorably.

讓我們堅持目前的指導方針，即 18 億美元，這將與收入成長保持一致。但我非常有信心，我們的海底服務將繼續獲得良好的迴響。

Super. And if I could just ask one really quick from Alf. The corporate has been running quite a bit below the mid or right quite a bit below the guidance range here. But you’d frame the guidance, the updated guidance with kind of solving for the corporate at [$120 million]. What’s going on there? And how should we think about that once we get past the back half of this year?

極好的。我可以快速向阿爾夫問一個問題。該公司的營運狀況一直遠低於指導範圍的中位數或略低於指導範圍。但你會制定指導方針，更新後的指導方針，為企業提供解決方案[1.2億美元]。那裡發生什麼事了？那麼，當我們度過今年下半年時，我們該如何看待這個問題呢？

No. I appreciate the question. Clearly, there is some timing in this. As a reminder, corporate expense includes executive management expense and corporate functions as well as some programs. And there are some timings in spend the first half versus second half in our programs and in particular the spending for upgrading our ERP environment that has a higher run rate in the second half compared to the first half.

不。我很感謝你提出這個問題。顯然，這其中有一定的時機。提醒一下，公司費用包括行政管理費用和公司職能以及一些專案。我們的專案上半年和下半年的支出有一些時間安排，特別是升級 ERP 環境的支出，下半年的運行率高於上半年。

Got it. Okay. Thank you very much. I'll turn it back.

知道了。好的。非常感謝。我會把它轉回去。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes. Good morning. I want to come back to the inbound details that you mentioned, Doug. You mentioned that we’ll hear more about some greenfield projects in the coming weeks. Will those be included in your 3Q volume? Or are we going to get the details on some projects that were included in 2Q?

是的。早安.我想回到你提到的入站細節，道格。您提到我們將在未來幾週聽到更多有關一些綠地項目的消息。這些會包含在您的第三季銷售中嗎？或者我們會獲得第二季包含的一些項目的詳細資訊？

Thank you, Scott, and good morning. And the answer is most likely both. So I would fully expect that you’ll hear about some Q3 awards that will be inbound in Q3. But there is -- there will be some press releases potentially in the coming weeks that will refer back to the awards that we had received in the second quarter.

謝謝你，斯科特，早安。答案很可能是兩者兼具。因此，我完全相信您會聽到有關第三季即將頒發的一些獎項的消息。但未來幾週可能會發布一些新聞稿，提及我們在第二季度獲得的獎項。

And look, I want to be clear. The only reason that occurs is if the client or the host country or someone involved has set a requirement around the disclosure of such a public disclosure of such award. Once we receive all of the requirements to be able to inbound per our internal requirements then we are obligated to inbound that and account that for the current quarter. So I think you’ll be hearing about some awards, some of which will refer back to Q2, but some will also be Q3 awards.

瞧，我想說清楚。發生這種情況的唯一原因是，如果客戶或東道國或相關人員對此類獎項的公開披露提出了要求。一旦我們收到所有符合內部要求的入站要求，我們就有義務將其入站並記入本季。所以我想你會聽到一些獎項的消息，其中一些將與第二季有關，但有些也將是第三季的獎項。

I appreciate that. I’m just trying to get a sense for the brownfield and the small projects because just contemplating history, usually when crude prices moderate, the elevated returns and lower capital intensity of the brownfield projects kind of drive a mix shift toward tiebacks and brownfield. But this cycle, it seems like the appetite for greenfield remains robust. You see it in your project list, but it also seems robust on the brownfield side.

我很感激。我只是想了解棕地和小型項目，因為回顧歷史，通常當原油價格適中時，棕地項目的高回報和較低的資本密集度會推動混合投資轉向回購和棕地。但在這個週期中，對綠地的興趣似乎依然強勁。您可以在項目清單中看到它，但它在棕地方面似乎也很強大。

Can you just kind of discuss the appetite for brownfield and large greenfield kind of both sustaining even in light of more moderate crude prices? Does that just reflect the volume of capital dollars kind of shifting towards deepwater? Some color there would be great.

您能否討論一下，即使在原油價格較為溫和的情況下，人們對棕地和大型綠地的需求是否依然能夠維持？這是否僅僅反映了資本金轉移至深水區的數量？有些顏色會很棒。

Scott, thank you. I mean, that’s one of the key takeaways that I would hope everyone takes from this call and referred to it in my prepared remarks. There has been an absolute focus and commitment to moving offshore greenfield projects forward. We’ve seen no change in that behavior.

斯科特，謝謝你。我的意思是，這是我希望大家從這次通話中得到的關鍵啟示之一，並在我準備好的發言中提到它。我們始終致力於並全力推進海上綠地計畫。我們沒有看到這種行為有任何改變。

And as a matter of fact, the visibility that we now have, including conversations that I had just as recently as yesterday with a major operator, there is a firm commitment to moving these projects forward for a variety of different reasons, including commitments that they have made, their visibility into the market, and understanding that these are projects that will take multiple years before they come online and are producing. So they’re looking at their models and their forecast as well as, as you said, the capital flow, which is now, let’s say, prioritizing the offshore versus other investment opportunities of the past decade.

事實上，根據我們現在掌握的信息，包括我昨天與一家主要運營商的對話，他們堅定地致力於推進這些項目，原因有很多，包括他們做出的承諾、他們對市場的了解，以及他們明白這些項目需要數年時間才能上線生產。因此，他們正在研究他們的模型和預測，以及正如你所說，資本流動，現在，可以說，優先考慮離岸投資機會，而不是過去十年的其他投資機會。

This is a significant amount of additional capital coming into the offshore market. So the greenfield has remained very resilient and the brownfield has been steady. And that really shows up in our unannounced awards, which based on your earlier question, I’ve indicated that there was probably a couple more projects that would have could have been announced in Q2, but the client did not have -- we didn’t have the opportunity to do so, but we will in the coming weeks.

這是進入離岸市場的大量額外資本。因此，綠地保持了極強的彈性，而棕地則保持了穩定。這確實體現在我們未公佈的獎項中，根據您之前的問題，我已經指出，可能還有幾個項目本來可以在第二季度宣布，但客戶沒有——我們也沒有機會這樣做，但我們將在未來幾週內宣布。

Even if you take those into account, let’s say the unannounced bucket, which is direct awards and a lot of it is the brownfields and the smaller type awards is still approaching $1 billion. So the brownfield activity is very strong.

即使將這些因素考慮在內，假設未宣布的金額（即直接獎勵，其中許多是棕地獎勵和較小類型的獎勵）仍接近 10 億美元。因此棕地活動非常活躍。

You correctly point out and that it is extremely constructive in terms of economics, very little capital investment required because the host facility already exists. The host facility is normally operating below nameplate capacity. So if you will, you’re improving the returns on that initial investment by adding the incremental barrels without the significant upfront capital costs, which is often associated with large greenfield projects.

您正確地指出，從經濟角度來看，這是非常有建設性的，因為主設施已經存在，所以只需要很少的資本投資。主設施的正常運作能力低於額定容量。因此，如果您願意，您可以透過增加增量石油產量來提高初始投資的回報，而無需大量的前期資本成本，這通常與大型綠地專案有關。

So we’re very focused on the brownfield market in an area we continue to innovate in, including the application of all electric, which will increase the radius around an existing host facility for up to 4 times further distance that we’ll be able to tie stranded reserves back to a host facility. So increasing the total available market, if you will, for brownfield opportunities. So that remains very important as well.

因此，我們非常關注棕地市場，並不斷在該領域進行創新，包括全電動應用，這將使現有主機設施周圍的半徑增加多達 4 倍，使我們能夠將擱淺的儲量重新連接到主機設施。因此，如果你願意的話，可以增加棕地機會的總可用市場。所以這仍然非常重要。

I appreciate the color. Thank you, Doug.

我很欣賞這個顏色。謝謝你，道格。

Arun Jayaram, JPMorgan Securities.

摩根大通證券的阿倫‧賈亞拉姆 (Arun Jayaram)。

Hey, good morning. Doug, I wondering if you could highlight what you’re seeing outside of the Golden Triangle across the globe and perhaps some emerging areas where we could see some FID activity over the next, call it, 12 to 24 months as well as maybe address some of the recent question marks around Namibia.

嘿，早安。道格，我想知道您是否可以強調一下您在全球範圍內看到的金三角以外的情況，以及在未來 12 到 24 個月內我們可能看到一些 FID 活動的新興地區，以及解答最近圍繞納米比亞的一些疑問。

Sure. And good morning, Arun. I actually think we probably need to redefine the Golden Triangle because I don’t know if it’s a polygon now or what. I’ll have to think about that, but it clearly has changed. And just a historical reference for those on the call, the Golden Triangle really being the North Sea, West Africa, and Brazil encompassing the Gulf of Mexico. So it’s really changed quite dramatically.

當然。早安，阿倫。我實際上認為我們可能需要重新定義金三角，因為我不知道它現在是不是多邊形。我必須考慮一下，但顯然情況已經改變了。對於電話會議中的人來說，這只是一個歷史參考，金三角其實是指北海、西非和巴西，包括墨西哥灣。所以它確實發生了巨大的變化。

Those activities remain robust. Norway is particularly important and continues to be a key source of energy security to Continental Europe. The US Gulf continues to be very active, not only in brownfield activity, but now with the Paleogene in greenfield activity. And that’s a very important area for our company where we provide our 20K solution for the Paleogene.

這些活動依然強勁。挪威尤為重要，並將繼續成為歐洲大陸能源安全的重要來源。美國墨西哥灣持續非常活躍，不僅有棕地活動，現在古近紀也有綠地活動。這對我們公司來說是一個非常重要的領域，我們為古近紀提供 20K 解決方案。

West Africa, indeed, has slowed down over the last decade, but we’re seeing increased activity. We announced an award in Nigeria not that long ago, and we see increasing activity in Angola.

西非在過去十年確實有所放緩，但我們看到其活動增加。不久前，我們宣佈在尼日利亞授予一項合同，並且我們看到安哥拉的活動日益增多。

Now, you have obviously had the strength of Brazil and the continued commitment by Petrobras and other international operators, which is very important. There’re multiple billion-dollar projects going on in Brazil operated by international oil companies as well as Petrobras.

現在，你們顯然已經擁有了巴西的實力以及巴西石油公司和其他國際營運商的持續承諾，這非常重要。巴西目前有多個價值數十億美元的項目正在進行中，這些項目由國際石油公司和巴西石油公司營運。

And now we have Guyana, and we all know the importance of Guyana and certainly the importance of Guyana to TechnipFMC. We were honored to be the exclusive provider of subsea equipment in the country.

現在我們有了圭亞那，我們都知道圭亞那的重要性，當然也知道圭亞那對 TechnipFMC 的重要性。我們很榮幸成為全國海底設備的獨家供應商。

And now what we added Suriname, in Suriname where we received the first project award for their offshore production, which was an iEPCI, an integrated project for our company. And we continue to see other areas in South America looking like future opportunities as well.

現在我們又增加了蘇利南，在蘇利南我們獲得了他們海上生產的第一個項目獎，這是一個 iEPCI，是我們公司的一個綜合項目。我們也看到南美洲其他地區也存在未來機會。

So if we kind of draw the triangle a little more broadly, you start to encompass actually quite a few additional unique opportunities as well. Now, if we shift kind of from the triangle to the polygon or whatever angle we want to go, you have to talk about East Africa. I mean, East Africa is important. This is gas.

因此，如果我們將三角形畫得更寬一些，你實際上也會開始包含相當多額外的獨特機會。現在，如果我們從三角形轉到多邊形，或者無論我們想轉到哪個角度，就必須談論東非。我的意思是，東非很重要。這是氣體。

Gas is important for the future of the global economy and for the world. And East Africa has significant gas reserves and particularly in Mozambique in particular that as I mentioned in my prepared remarks, we have been and will continue to be very important to our company where we’ve been the first mover in the country and where we’ve had a significant presence and that we believe will have a growing presence going forward.

天然氣對於全球經濟和世界的未來都至關重要。東非擁有豐富的天然氣儲量，特別是莫三比克。正如我在準備好的演講中提到的那樣，我們對公司一直非常重要，並將繼續如此。我們是該國的先行者，擁有重要的業務，我們相信，未來我們的業務將不斷成長。

You have the Eastern Mediterranean, which is also gas, very prolific gas reserves, where we’re operating projects today, but we think will continue to be an area of investment going forward.

東地中海地區也蘊藏著豐富的天然氣，我們目前在那裡運營項目，但我們認為該地區未來仍將是投資領域。

You have the southern part, if you will, of Africa, Southwest Africa, which is Namibia in the Orange Basin. I actually think one of the major operators had comments earlier today, and he is much better positioned to comment on it than I am. But I think they were very positive and constructive. And I can just say, from our perspective, we’re involved in multiple pre-FEED and FEED studies and actively in commercial negotiations today on projects in Namibia.

如果你願意的話，這裡是非洲南部，西南非洲，也就是橘色盆地的納米比亞。我實際上認為今天早些時候有一家主要運營商發表了評論，他比我更適合對此發表評論。但我認為他們非常積極且具有建設性。我可以說，從我們的角度來看，我們參與了多個前期 FEED 和 FEED 研究，並且目前積極參與納米比亞專案的商業談判。

Beyond that, I would look towards Asia Pacific, where in Indonesia, massive gas reserves. We’ve seen success by quite a bit of success by one of the international operators and we believe they will continue to invest in others, in Indonesia, in the gas reserves.

除此之外，我還將關注亞太地區，其中印尼擁有豐富的天然氣儲量。我們已經看到一家國際營運商取得了相當大的成功，我們相信他們將繼續在印尼等其他地區投資天然氣儲備。

And I think I’ll stop there only because I think it just shows the robustness both in the traditional basins or the traditional Golden Triangle, but now well beyond that. And it’s what gets us so excited and keeps us so motivated to continue to do what we do.

我想我就此打住，因為我認為這不僅顯示了傳統盆地或傳統金三角的穩健性，而且遠遠超出了這一點。這也是讓我們如此興奮並激勵我們繼續做我們所做的事情的原因。

Great. Thanks for the fulsome answer there. Really appreciate it. Doug, my follow-up is regarding Surface. You announced some business transformation, some self-help activities, I think concentrated in North America.

偉大的。感謝您的詳細回答。真的很感激。道格，我的後續問題是關於 Surface 的。你們宣布了一些業務轉型、一些自助活動，我認為這些都集中在北美。

I was wondering if you could address maybe some near term changes in the competitive dynamics with Cactus planning to enter the Middle East surface market through the transaction with Baker. Talk to us about they’re pretty capable player looking at what they’ve done in North America. But how does that change? Does that impact FTI in any way as you think about that transaction?

我想知道您是否可以談談 Cactus 計劃透過與 Baker 的交易進入中東地面市場時競爭動態的一些近期變化。請跟我們談談，從他們在北美的表現來看，他們是相當有能力的選手。但情況會如何改變呢？當您考慮該交易時，這會對 FTI 產生任何影響嗎？

Sure. Let me first step back a little bit on the transformation because it’s really important. As I said, this has been going on for three years. This isn’t a response to any kind of current events, if you will. We recognize that in order to have a sustainable high returns business in North America, we needed to change our approach.

當然。首先讓我稍微回顧一下轉型，因為它確實很重要。正如我所說，這種情況已經持續了三年。如果你願意的話，這並不是對任何時事的回應。我們認識到，為了在北美擁有可持續的高回報業務，我們需要改變我們的方法。

And it needed to be very focused, and we needed to really bring the knowledge and the technology that we have in the company, particularly in the area of automation and control. And that’s what we’re doing, and we’re doing it in a very focused effort. Hence, the reason we’ve reduced our footprint by over 50%, and it’s important while increasing cash flow. So I think clearly, it was the right thing to do.

而且我們需要非常專注，需要真正發揮公司所擁有的知識和技術，特別是在自動化和控制領域。這就是我們正在做的事情，而且我們正在非常專注地做這件事。因此，我們將環境足跡減少了 50% 以上，這對於增加現金流至關重要。所以我清楚地認為這是正確的做法。

As we look outside of North America, we are also using a similar playbook outside of North America. So it’s not exclusive to North America. And it’s important that there too, we really identify where is it that we can create the greatest value and gain our portion of the economic value we create for our clients. And we’re doing that by looking at the footprint and the products and services and, again, increasing the amount of digital offerings in our business outside of North America for Surface Technologies.

當我們將目光投向北美以外時，我們也在北美以外使用類似的策略。所以它並非北美獨有。同樣重要的是，我們要真正確定在哪裡我們可以創造最大的價值，並從我們為客戶創造的經濟價值中獲得屬於我們自己的份額。我們透過專注於足跡、產品和服務來做到這一點，並再次增加我們在北美以外業務中為 Surface Technologies 提供的數位產品數量。

Speaking specifically to The Middle East and the recent transactions, look, this is a very high-end portion of our Surface Technologies business. At an investor conference that we had a few years ago, we actually did a side by side of a surface tree for the unconventionals or for the US versus a surface tree for the Middle East. And it’s about 10 times, 10 times the degree of difficulty, 10 times the cost, 10 times the complexity.

具體來說，談到中東和最近的交易，這是我們表面技術業務中非常高端的部分。在我們幾年前舉辦的一次投資者會議上，我們實際上並排展示了非常規能源或美國的地表樹與中東的地表樹。它的難度是原來的 10 倍，成本是原來的 10 倍，複雜度是原來的 10 倍。

There is no translation between the North American market and the Middle East market. There is no translation. It is a very different market. And look, I think everybody knows that and acknowledges that. But it’s important that, that is emphasized.

北美市場和中東市場之間沒有翻譯。沒有翻譯。這是一個非常不同的市場。瞧，我想每個人都知道並承認這一點。但重要的是，這一點必須強調。

So what we have seen historically is a very focused group of companies, two to maximum three of us, who work on that very high end. So in this transaction, you’re just swapping one for the other, but with a massive learning curve associated with it.

因此，從歷史上看，我們看到的是一群非常專注的公司，最多有兩到三家公司，致力於高端業務。因此，在這筆交易中，您只是將一個交換為另一個，但卻伴隨著巨大的學習曲線。

So we look forward to continuing to have a very focused market structure in the Middle East. And we will continue to invest both in technology, where we are the leader in technology and qualified technology in the Middle East, which is important and very much recognized and rewarded by our clients.

因此，我們期待繼續在中東擁有非常集中的市場結構。我們將繼續在技術方面進行投資，我們是中東地區技術和合格技術的領導者，這一點非常重要，並且得到了客戶的高度認可和獎勵。

Thanks, Doug.

謝謝，道格。

Sebastian Erskine, Rothschild.

塞巴斯蒂安·厄斯金，羅斯柴爾德家族。

Yes. Hi, good morning, Doug. Good morning, Alf. Thanks for taking my questions. I’d like to start on Brazil and you kind of touched on it in a bit of detail there on the response to Arun. I mean, historically with some of the Brazilian tenders, you kind of haven’t been happy with the kind of non-integrated nature of those scopes' kind of SURF only or SPS only. It didn’t make sense to kind of pull vessels away from integrated work to do that.

是的。嗨，早上好，道格。早上好，阿爾夫。感謝您回答我的問題。我想先從巴西開始，您在回答阿倫的問題時已經稍微詳細地談及了這一點。我的意思是，從歷史上看，對於一些巴西的招標，你對這些範圍的非整合性質（僅限 SURF 或僅限 SPS）感到不太滿意。將船隻從綜合作業中抽離出來去做這件事是沒有意義的。

We’re obviously seeing kind of a top two come out that looks like it’s gone to all these quite a low bid and there are some other activities. How do you view Brazil specifically evolving? You’ve got a great relationship with Petrobras, but just specifically on the prospects, how many of those realistically would you hope to convert?

我們顯然看到了排名前兩位的出現，看起來它們都出價很低，而且還有一些其他活動。如何看待巴西的具體發展？您與巴西石油公司的關係很好，但具體到前景，您實際上希望轉化多少家公司？

Sure. And good afternoon. The Brazilian market has its own dynamic. It’s incredibly important. We have had a very long-term relationship with Petrobras. We have been recognized and continue to be recognized as their number one subsea supplier, something we’re very proud of, and it’s reflected in our installed base and a very significant Subsea Services business that we have in Brazil.

當然。午安.巴西市場有其自身的活力。這非常重要。我們與巴西石油公司有著長期的合作關係。我們已被認可並將繼續被認可為他們的頭號海底供應商，對此我們感到非常自豪，這反映在我們在巴西的安裝基礎和非常重要的海底服務業務中。

In terms of the construct of their awards, actually, they’ve done integrated awards. And the one and only integrated award they did, not surprisingly, is the only integrated company, went to TechnipFMC, and that was the HISEP project. Petrobras continues to invest in technology and innovation. They always have, and we’ve always been right there beside them, and we’re proud of that, and we will continue to do that. The most recent example of that, as I pointed out, is some work we’re doing on all electric to retrofit hydraulic equipment that exists on the seafloor today, which is completely, completely game changing.

就獎項的建構而言，實際上，他們已經實施了綜合獎項。而他們獲得的唯一一個綜合獎項，毫不奇怪，也是唯一一個綜合性公司，頒給了 TechnipFMC，那就是 HISEP 專案。巴西石油公司持續投資於技術和創新。他們一直都是這樣的，我們也一直在他們身邊，我們對此感到自豪，我們將繼續這樣做。正如我所指出的，最近的例子是我們正在對目前海底現有的所有電動液壓設備進行改造，這將徹底改變遊戲規則。

So, look, an important relationship, very much focused on technology. In terms of their opportunity set, it remains robust, and we remain selective. Beyond the Petrobras portfolio of opportunities in Brazil, we must remember there are many other operators now in Brazil. We have done iEPCI projects for some smaller independents and we are executing iEPCI projects for some of the largest international companies in the world today.

所以，你看，這是一種重要的關係，非常注重技術。就他們的機會集而言，它依然強勁，而我們依然有選擇性。除了巴西石油公司在巴西的投資機會組合之外，我們必須記住，巴西現在還有許多其他業者。我們已經為一些較小的獨立公司完成了 iEPCI 項目，並且我們正在為當今世界上一些最大的國際公司執行 iEPCI 項目。

So the market remains a mix of integrated projects, which we benefit from and non-integrated projects where we remain selective and a lot of focus on technology and technology development. We’re proud to be considered to be a trusted partner and the number one supplier to Petrobras.

因此，市場仍然是綜合項目和非綜合項目的混合體，我們從中受益，而對於非綜合項目，我們仍然保持選擇性，並將重點放在技術和技術開發上。我們很榮幸成為巴西石油公司值得信賴的合作夥伴和第一供應商。

Appreciate that, Doug. And just a quick follow-up on the opportunities list. I noticed there could be a couple in changes in scope value on VÃ¥r Energi, kind of post the exclusive agreement with them and you. And then on Eni is kind of Coral Norte.

非常感謝，道格。並快速跟進機會清單。我注意到 VÃ¥r Energi 的範圍值可能會有一些變化，有點像是發布與您和他們之間的獨家協議。埃尼 (Eni) 是珊瑚北部地區。

Is that clearly like a tree count increase or anything specific you can flag there? And kind of going forward, is this kind of typical in terms of a developer might look to change kind of quite like notice a scope and hence that increase in the value of project?

這顯然是樹木數量的增加，還是您可以標記的任何具體內容？展望未來，這是否很典型，因為開發人員可能會尋求改變，例如注意範圍，從而增加專案的價值？

No. And a good observation and an important question. And for a while there, we were seeing project sizes as they move towards FID decrease. And that was either because operators decided to do them in phases or just the reservoirs themselves did not, let’s say, pan out to be as prolific as they had originally anticipated.

不。這是一個很好的觀察和一個重要的問題。有一段時間，我們看到專案規模在接近 FID 時有所減少。這要不是因為業者決定分階段進行，就是因為油藏本身的產量沒有達到他們最初預期的那樣。

I think what you’re seeing here is the quality of the reservoirs that are offshore, the increased technology that they’re able to use in terms of evaluation is giving them greater certainty as they move into the field development phase and the FID phase of projects. So in one case, and I don’t want to be specific because I would leave that to the client. But in one case, they’ve actually added an additional reservoir to be tied in with the other reservoirs, which increased the scope of the project. And in other cases, it’s just the again, the increased confidence in the quality of the reservoir.

我認為您在這裡看到的是海上油藏的質量，他們在評估方面能夠使用的技術進步使他們在進入油田開發階段和專案的最終投資決定階段時更加確定。因此，在一種情況下，我不想具體說明，因為我會把這個問題留給客戶來解決。但在一個案例中，他們實際上增加了一個與其他水庫相連的附加水庫，這增加了專案的範圍。而在其他情況下，這只是再次增強了對油藏品質的信心。

And look, underlying all of that, I do believe that there is an understanding that the market dynamic in subsea has changed dramatically. It’s very concentrated and they have a strong desire to secure our resources, given our unique capability in doing integrated projects and our configured to order Subsea 2.0.

從所有這些來看，我確實相信人們已經認識到海底市場動態已經發生了巨大變化。鑑於我們在執行綜合項目方面的獨特能力以及我們按訂單配置的 Subsea 2.0，他們的注意力非常集中，並且他們強烈希望獲得我們的資源。

Appreciate that. Thanks very much for taking the time. And congrats on a strong quarter. Thank you.

非常感謝。非常感謝您抽出時間。恭喜本季業績強勁。謝謝。

Victoria McCulloch, RBC.

維多利亞·麥卡洛克（RBC）。

Hi. Thanks very much for taking questions this morning. So just firstly, tends well to carry on. Vår Energi’s CEO commented about cost depreciation that he’s seeing in the market. Obviously, that doesn’t appear to be aligned particularly with the upsizing of the scope that you mentioned for their projects in Norway.

你好。非常感謝您今天上午回答問題。所以首先，傾向於繼續下去。VÃ¥r Energi 的執行長對他在市場上看到的成本貶值發表了評論。顯然，這似乎與您提到的挪威項目範圍的擴大並不一致。

Now, I appreciate you’re not responsible for the entirety of the project, so it’s not maybe this is, you know, out with your scope, but maybe you that helps us to kind of get your view on where pricing is in the market, and you talked to the competitive environment, but your views on that would be interesting. Thanks.

現在，我知道您不負責整個項目，所以這可能不超出您的範圍，但也許這有助於我們了解您對市場定價的看法，並且您談到了競爭環境，但您對此的看法會很有趣。謝謝。

Sure, Victoria. And thank you for the question. Keep in mind, most over 80% of our business is direct awarded to our company. So there is no pricing dynamic or competitive dynamic in that portion of -- the significant portion of our business. So that’s what makes us just absolutely unique and something we’re very proud of and something we work very hard to earn from our clients every single day and almost always results in direct -- repeat direct awards. So that changes that whole dynamic that you were describing, which I think would be more applicable to other parts of the industry or other companies in other parts of the industry.

當然，維多利亞。感謝您的提問。請記住，我們 80% 以上的業務都是直接授予我們公司的。因此，在我們業務的很大一部分中，不存在定價動態或競爭動態。這就是我們獨一無二的地方，也是我們引以為傲的地方，也是我們每天都努力從客戶那裡獲得的東西，而且幾乎總是能帶來直接的——重複的直接獎勵。所以這改變了你所描述的整個動態，我認為這更適用於該行業的其他部分或其他行業部分的其他公司。

In regard to the actual opportunity that you’re referencing, look, our focus is on shortening the cycle time. So this isn’t about unit cost. This isn’t about a pricing. This is about shortening the cycle time. So one of the successes we’ve had with Vår and predecessor companies that we had this a similar relationship with was allowing them to achieve first oil far sooner than they would by working with anyone else. And by accelerating time to first oil, the overall project returns are improved significantly.

關於您所提到的實際機會，我們的重點是縮短週期時間。所以這與單位成本無關。這與定價無關。這是為了縮短週期時間。因此，我們與 VÃ¥r 以及我們與之有類似關係的前公司取得的成功之一是，使他們能夠比與其他任何人合作更快地獲得第一批石油。透過加快首次採油時間，專案整體回報顯著提高。

So I think you have to separate the two subjects. One is a unit cost inflation, but more importantly, what is the project return? And focusing on the project returns is where we deliver value to our customers. That’s why we get 80% direct awards. That’s why they enter into these proprietary exclusive agreements with us. That’s why they value us and give us repeat awards. So we’re going to continue to focus on shortening the cycle time and improving their project economics.

所以我認為你必須將這兩個主題分開。一是單位成本的膨脹，更重要的是專案報酬是多少？專注於專案回報是我們為客戶提供價值的地方。這就是我們獲得 80% 直接獎勵的原因。這就是他們與我們簽訂這些專有獨家協議的原因。這就是他們重視我們並屢屢授予我們獎項的原因。因此，我們將繼續致力於縮短週期時間並提高專案經濟效益。

What’s happening from the rest of their supply chain, I can’t comment, but that’s our role. We take it very seriously. This isn’t a pricing game. This isn’t a supply and demand game. We are not an asset company. We think very differently. We’re a technology company, and we’re focused on improving their project returns while we share a portion of the economic value we create.

我無法評論他們的其他供應鏈發生了什麼，但這是我們的職責。我們對此非常重視。這不是定價遊戲。這不是供需遊戲。我們不是資產公司。我們的想法非常不同。我們是一家科技公司，我們專注於提高他們的專案回報，同時分享我們創造的部分經濟價值。

Thanks. That’s really helpful, Doug. And I think that aligns with sort of maybe the comments being misconstrued in that it wasn’t necessarily deflationary on the sort of Subsea side of pricing. That’s interesting to hear that you’re aligning with my views on that one.

謝謝。這真的很有幫助，道格。我認為這可能與某些評論被誤解的情況一致，即海底價格方面不一定會出現通貨緊縮。很高興聽到您與我的觀點一致。

And if I can ask a follow-up, not really connected, but interesting comments on the hybrid flexible pipe. Ex-Brazil, where would this be most like, what markets would be this must be attractive to sell into?

如果我可以問一個後續問題，雖然不是真正相關的，但關於混合柔性管道的有趣的評論。除了巴西以外，這最像哪裡？哪些市場對銷售有吸引力？

Good question. We are still kind of exploring that and considering that ourselves. But you could come to the conclusion that it could not only be applicable in all existing markets for flexible pipe but could increase the total market for flexible pipe. So what do I mean by that?

好問題。我們自己仍在探索和考慮這個問題。但您可以得出這樣的結論：它不僅適用於所有現有的柔性管道市場，而且還可以增加柔性管道的整體市場。那我這樣說是什麼意思呢？

Brazil has clearly been a key market and a key driver for flexible pipe technology. And as a matter of fact, Petrobras has built an entire ecosystem, including vessels, onshore support, investment in products to make the hybrid flexible pipe or the flexible pipe market interesting in many, many ways.

巴西顯然是柔性管道技術的關鍵市場和關鍵推動力。事實上，巴西石油公司已經建立了一個完整的生態系統，包括船舶、陸上支援、產品投資，使混合柔性管道或柔性管道市場在許多方面都變得有趣。

And they benefited from this because one, you know, very interesting attribute of flexible pipe is you can reuse it. You can use it for a while in one field, move it to another field. You can’t do that with a rigid pipe. A rigid pipe, by definition, only has X length and can only be used in one application. So it’s much better over the long term to be used in a project.

他們從中受益，因為柔性管道的一個非常有趣的特性就是可以重複使用。你可以在一個領域使用一段時間，然後將其移動到另一個領域。你不能用剛性管道來做到這一點。根據定義，剛性管道只有 X 長度，且只能用於一種用途。因此，從長遠來看，在專案中使用它要好得多。

Flexible pipe is used globally. It’s used in many of the -- when I went around the world earlier talking about all of the existing basins and the activity in some of the new basins, I can tell you our architecture and part of the unique opportunity and differentiation that we bring, including shortening the cycle time, is because of flexible pipe. So yeah, it’s actually quite broad.

柔性管道在全球範圍內使用。它被用在許多領域——當我之前走遍世界各地談論所有現有的盆地和一些新盆地的活動時，我可以告訴你，我們的架構以及我們帶來的部分獨特機會和差異化，包括縮短週期時間，都是因為採用了柔性管道。是的，它的範圍實際上相當廣泛。

Now, why do I say hybrid flexible pipe could be used anywhere where conventional flexible pipe could be used? Because it actually has a very positive attribute, which I, hinted to or, I guess, directly addressed in my script, which is weight. And the weight factors into everything. It factors into the manufacturing cost, the transportation cost, most importantly, into the cost of installation.

現在，為什麼我說混合柔性管道可以在任何可以使用傳統柔性管道的地方使用？因為它實際上具有一個非常積極的屬性，我在我的腳本中暗示過，或者我猜是直接提到的，那就是重量。而體重是影響一切的因素。它是製造成本、運輸成本，最重要的是安裝成本的因素。

The heavier, the bigger the vessel, the bigger the crane, the more costly the vessel is. We don’t think that way, right? We’re trying to drive reduction in cycle time and improved economics for our customers. I’m not trying to sell bigger boats. So we’re out there really being disrupted to the boat industry and to the vessel industry by thinking about it as what can we do to make this product lighter, simpler, could be installed with a much lower cost vessel, as an example.

船舶越重、越大、起重機越大，船舶的成本就越高。我們可不這麼認為，對吧？我們正在努力縮短週期時間並提高客戶的經濟效益。我並不是想賣更大的船。因此，我們真正對船舶產業和船舶產業進行了顛覆性思考，例如，我們可以做些什麼來使這個產品更輕、更簡單，可以安裝在成本更低的船舶上。

And in addition to that, the lack of the durability of the product and the design life of the product will be greater than conventional flexible pipe. So if you think about all of that, you could say, well, why couldn’t it be used anywhere, and why wouldn’t it be used anywhere, and why wouldn’t it soon start to displace some rigid pipe applications? And I think those are all viable challenges and opportunities for us and why we have invested so much and continue to be strong believers that this will truly be a disruptive technology.

除此之外，該產品的耐用性以及產品的設計壽命都會比傳統的柔性管有所欠缺。所以如果你考慮所有這些，你可能會說，好吧，為什麼它不能在任何地方使用，為什麼它不能在任何地方使用，為什麼它不能很快開始取代一些剛性管道應用？我認為這些對我們來說都是可行的挑戰和機遇，也是我們投入如此多資金並繼續堅信這將是一項真正顛覆性技術的原因。

Thanks very much. Really appreciate the color you provided.

非常感謝。非常感謝您提供的顏色。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi. Good morning, Doug.

你好。早安，道格。

Good morning.

早安.

Doug, I think at the top of the Q&A, I heard a short and sweet yes to Dave’s question on $10 billion for Subsea 2026 potential. So that was fantastic. And maybe I’ll ask another question on life beyond ’25.

道格，我想在問答環節的開頭，我聽到了對戴夫關於 2026 年海底潛力 100 億美元問題的簡短而肯定的回答。這真是太棒了。也許我會問另一個關於 25 歲以後生活的問題。

But this time, maybe on the margin front. I know it’s hard to guide numerically. But, Doug, how should we think about where Subsea margins can go? Because there are a ton of moving pieces, Subsea 2.0. Just more integrated work, more backlogs roll off. Just maybe help us think about potential margins and what are the moving pieces for us there, please.

但這一次，也許是在利潤方面。我知道用數字來指導很困難。但是，道格，我們該如何考慮海底利潤的走向呢？因為海底2.0有很多活動部件。只是更多的整合工作，更多的積壓工作會滾滾而來。請幫助我們思考潛在的利潤空間以及我們可以採取哪些行動。

Sure. So for all the reasons that you stated, in addition to a very robust backlog that we continue to grow and the new inbound opportunities that we talked about are continued to be accretive to the backlog margins, we would anticipate further growth in our EBITDA margin for Subsea in 2026.

當然。因此，基於您所述的所有原因，除了我們持續成長的非常強勁的積壓訂單以及我們談到的新的入境機會繼續增加積壓訂單利潤率之外，我們預計 2026 年海底業務的 EBITDA 利潤率將進一步成長。

Right. That’s fantastic. That makes a ton of sense. And then maybe one follow-up question on what you said in your prepared remarks, Doug, on the all-electric side of things, especially the opportunity to replace hydraulics on current projects. That sounds like a pretty big opportunity over a longer duration of time. Maybe just talk to that, Doug. How big could that opportunity be? How quickly could that manifest? And in what regions?

正確的。太棒了。這很有道理。然後也許還有一個後續問題，關於您在準備好的發言中所說的內容，道格，關於全電動方面，特別是在當前項目中更換液壓系統的機會。從長遠來看，這聽起來像是一個相當大的機會。也許只是談論這個，道格。這個機會有多大？這多快能實現？在哪些地區？

Sure. So let me expand on that just a little bit. In my prepared remarks, I talked about all electric not being a one size fits all. So like everything else, when we looked at the development, we wanted to have something that was scalable and configurable that we could apply on across multiple different purposes and solutions to help meet our customers’ needs.

當然。因此，請容許我稍微詳細闡述這一點。在我準備好的發言中，我談到全電動並不是萬能的。因此，就像其他所有事物一樣，當我們考慮開發時，我們希望擁有可擴展和可配置的東西，以便我們可以將其應用於多種不同的目的和解決方案，以幫助滿足客戶的需求。

So the initial focus was on new oil and gas production. And then we very quickly realized that probably the biggest a bigger market was going to be the carbon capture and storage market, which is where we’ve then focused on, which was our CO2.0 tree, again, configurable and designed for the CO2 application. And it led to the award from BP for the Northern Endurance Partnership, which is the first all-electric subsea field development.

因此最初的重點是新的石油和天然氣生產。然後我們很快意識到，最大的市場可能是碳捕獲和儲存市場，這也是我們當時關注的重點，也就是我們的 CO2.0 樹，同樣，它是可配置的，專為二氧化碳應用而設計。這也促使英國石油公司授予北方耐力夥伴關係項目合同，這是第一個全電動海底油田開發項目。

And why is electric important there? Because the emitters are onshore, so they’re going to capture the CO2 onshore, but then it needs to be transferred 145 kilometers offshore to be stored safely and permanently in a subsea structure. So you can only get that done by using an all-electric solution because being able to control hydraulics over 145 kilometers would not be economically viable.

為什麼電在那裡很重要？因為排放源位於岸上，所以它們將在岸上捕獲二氧化碳，但隨後需要將其轉移到離岸 145 公里處，以便安全且永久地儲存在海底結構中。因此，您只能使用全電動解決方案來實現這一目標，因為控制超過 145 公里的液壓系統在經濟上是不可行的。

And now what we’re working on, and I’m not going to say too much because this is an active R&D program for us and one that we’re extremely excited about, is how do we address the existing market that’s out there today, that huge installed base that I talk about that we have well over 50% of. But how do we address 100% of that market, meaning not only our own equipment, and go out and find a way to retrofit?

現在我們正在努力解決的問題是如何應對現有的市場，也就是我所說的龐大的安裝基礎，我們佔據了超過 50% 的市場份額，我不會說太多，因為這對我們來說是一個積極的研發項目，也是我們非常興奮的項目。但是，我們如何解決該市場的全部問題，這不僅意味著要解決我們自己的設備問題，還要找到改造的方法？

They’re all hydraulics. Everything down there is hydraulics today and hydraulically operated. And then hydraulics have, you know, over time, they do deteriorate, and it could lead to a situation where valves aren’t operating appropriately or to design, which typically then results in the well either being shut in and abandoned or the well-being shut in, the tree being recovered from the seafloor brought back to the onshore facility, retrofitted or I shouldn’t say retrofitted, but repaired and then taken back offshore and reinstalled. That’s a 6-, 9-, 12-, 15-month process. So in other words, you’ve shut in production for quite an extended period of time.

它們都是液壓的。如今，那裡的一切都採用液壓技術並由液壓操作。然後，你知道，隨著時間的推移，液壓系統會老化，這可能導致閥門無法正常運作或不符合設計的情況，這通常會導致油井被關閉並廢棄，或者油井被關閉，採油樹從海底被打撈出來帶回岸上設施，進行改造，或者我不應該說改造，而是進行維修，然後帶回海上重新安裝。這是一個 6 個月、9 個月、12 個月、15 個月的過程。換句話說，你們已經關閉生產相當長一段時間了。

As opposed to let let’s just play make believe for a moment. If there was a company that was an industry leader in robotics, an industry leader in automation and control, and an industry leader in all electric, if we could find a way to send a robot down there to actually retrofit an existing tree and remove the hydraulic controls and put on electric actuation whilst not having to stop production for any more than the short period of time, you know, a couple of days that that process may take. That’s a game changer. So you bet. We’re very excited.

與此相反，讓我們只是玩一會兒假裝遊戲。如果有一家公司是機器人行業的領導者、自動化和控制行業的領導者以及全電動行業的領導者，如果我們可以找到一種方法，將機器人送到那裡，對現有的樹木進行實際改造，並拆除液壓控制裝置，換上電動驅動裝置，同時不必停止生產超過短時間，你知道，這個過程可能需要幾天的時間。這將會改變遊戲規則。所以你打賭。我們非常興奮。

Right. We need to start flying by wire subsea, Doug. (laughter) That makes a ton of sense. Thank you, Doug. I’ll turn it back.

正確的。我們需要開始透過海底電傳飛行，道格。（笑聲）這很有道理。謝謝你，道格。我會把它轉回去。

And I will now turn the call back over to Matt Seinsheimer for any closing comments.

現在我將把電話轉回給馬特·塞因斯海默 (Matt Seinsheimer)，請他發表最後評論。

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.

我們的電話會議到此結束。該電話會議的重播將於今天紐約時間下午 3 點左右開始在我們的網站上提供。

If you have any further questions, please feel free to contact the Investor Relations team. Thank you for joining us. Regina, you may end the call.

如果您有任何其他問題，請隨時聯繫投資者關係團隊。感謝您加入我們。里賈娜，你可以掛斷電話了。

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

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。