TechnipFMC PLC (FTI) 2025 Q3 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'd like to welcome everyone to the TechnipFMC third quarter 2025 earnings conference call. (Operator Instructions)

您好，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 年第三季財報電話會議。（操作員指示）

I'd 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 third 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。

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對未來發展和業務狀況的當前預期、信念和假設，但它們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聲明之後公開更新或修改任何前瞻性聲明的義務，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 third quarter earnings call. Total company revenue in the period was $2.6 billion, adjusted EBITDA was $531 million, with a margin of 20.1% when excluding foreign exchange impacts.

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。該期間公司總收入為 26 億美元，調整後 EBITDA 為 5.31 億美元，不包括外匯影響的利潤率為 20.1%。

I am very proud of the continued strength in our execution and the delivery of another quarter of high-quality inbound. With total company orders of more than $2.6 billion in the period, 15 of the past 16 quarters have achieved a book-to-bill above 1.

我對我們的執行力持續強勁以及又一個季度的高品質入站交付感到非常自豪。在此期間，公司訂單總額超過 26 億美元，過去 16 個季度中有 15 個季度的訂單出貨比超過 1。

We generated free cash flow of $448 million and distributed $271 million through dividends and share repurchases, continuing to deliver on our commitment to return a significant portion of free cash flow to shareholders.

我們產生了 4.48 億美元的自由現金流，並透過股利和股票回購分配了 2.71 億美元，繼續履行將大量自由現金流返還給股東的承諾。

Subsea realized quarterly inbound orders of $2.4 billion. This commercial success is the cornerstone of our ability to deliver growth in both revenue and profitability. In the quarter, we announced four awards driven by continued strength in South America.

海底業務季度訂單金額達 24 億美元。這項商業成功是我們營收和獲利成長的基石。本季度，我們宣布了四項獎項，這得益於南美市場的持續強勁成長。

We received multiple flexible pipe contracts from Petrobras, which included the direct award of a high-pressure gas injection risers for pre-salt projects. We were also awarded a contract to supply Subsea production systems to be deployed in an array of greenfield developments, brownfield expansions and asset revitalizations across Petrobras' extensive portfolio.

我們從巴西石油公司獲得了多份柔性管道合同，其中包括直接授予鹽下項目的高壓注氣立管。我們還獲得了一份合同，為巴西石油公司的廣泛投資組合中的一系列綠地開發、棕地擴建和資產振興提供海底生產系統。

In Guyana, we were awarded the Hammerhead project from ExxonMobil, where we leveraged our in-country experience and solid track record for providing schedule certainty. This award represents the seventh greenfield development on the Stabroek Block and will utilize our Subsea 2.0 technology. TechnipFMC has supplied all of the Subsea production systems for ExxonMobil in Guyana, since the first contract award in 2017.

在圭亞那，我們獲得了埃克森美孚的 Hammerhead 項目，我們利用我們在該國的經驗和良好的業績記錄來確保進度確定性。該獎項代表了 Stabroek 區塊的第七個綠地開發項目，並將利用我們的 Subsea 2.0 技術。自 2017 年簽訂第一份合約以來，TechnipFMC 已為埃克森美孚在圭亞那提供了所有海底生產系統。

Our commercial success year-to-date reinforces our confidence in delivering more than $10 billion of Subsea orders in 2025 as well as achieving $30 billion of inbound over the last three years. Beyond the current year, we believe that offshore projects will continue to receive an increasing share of capital investment.

我們今年迄今的商業成功增強了我們的信心，使我們有信心在 2025 年交付超過 100 億美元的海底訂單，並在過去三年中實現 300 億美元的入境訂單。我們相信，今年以後，海上計畫將繼續獲得越來越多的資本投資。

This change in spending allocation is due in part to the significant improvements made in developing the large, high-quality and prolific reservoirs found offshore. These strong attributes were always known and the resource quality was always there, but cost overruns and schedule delays in the past would ultimately challenge project economics.

支出分配的變化部分歸因於海上大型、優質、多產油藏的開發取得了重大進展。這些強大的屬性始終為人所知，資源品質也始終存在，但過去的成本超支和進度延誤最終將對專案經濟性提出挑戰。

In today's offshore market, much has changed, driven by a number of factors, including improvements in the quality and interpretation of seismic data, shortened delivery times for large production infrastructure, significant reductions in the time required for drilling and completion activities, and as reflected in our inbound awards, the introduction of new commercial models and innovative technologies.

在當今的海上市場，由於多種因素，許多方面已經發生了變化，包括地震資料品質和解釋的改進、大型生產基礎設施交付時間的縮短、鑽井和完井活動所需時間的大幅減少，以及如我們的入站獎項所反映的，新商業模式和創新技術的引入。

At TechnipFMC, we wake up every day with a single purpose, the relentless pursuit of cycle time reduction. This mindset led to the development of our pre-engineered configure-to-order product platform, Subsea 2.0 as well as the creation of the industry's only fully integrated execution model, iEPCI.

在 TechnipFMC，我們每天醒來只有一個目標，那就是不懈地追求縮短週期時間。這種思維方式促使我們開發了預先設計的按訂單配置產品平台 Subsea 2.0，並創建了業界唯一的完全整合的執行模型 iEPCI。

These innovations provide the elements to shorten cycle times and improve project returns. But even more importantly, to help provide our customers with greater schedule certainty in our project execution. It is this combination of higher economic returns and greater project certainty that is providing sustainability to current activity levels, underpinning our outlook and securing $10 billion of Subsea inbound in 2026 and our confidence that activity will remain strong through the end of the decade.

這些創新提供了縮短週期時間和提高專案回報的要素。但更重要的是，幫助我們的客戶在專案執行過程中獲得更大的進度確定性。正是這種更高的經濟回報和更大的項目確定性的結合，為當前的活動水平提供了可持續性，支撐了我們的前景，並確保了 2026 年 100 億美元的海底投資，並且我們相信活動將在本世紀末保持強勁。

In closing, the continued strength in our Subsea inbound orders reflects the confidence our customers have today and our ability to successfully execute their projects on time and on budget. This is making the offshore resurgence more durable as evidenced by the shift in spending to these markets.

最後，我們的海底訂單持續強勁，反映了我們客戶今天的信心以及我們按時按預算成功執行專案的能力。這使得離岸市場的復甦更加持久，支出向這些市場的轉移就是明證。

TechnipFMC is also driving this change in behavior. With iEPCI and Subsea 2.0, both having a profound impact on investment decisions by derisking and accelerating Subsea projects. The success of these unique offerings has also contributed to the notable increase in the level of direct awards to our company.

TechnipFMC 也在推動這種行為的改變。透過 iEPCI 和 Subsea 2.0，兩者都透過降低風險和加速海底計畫對投資決策產生了深遠的影響。這些獨特產品的成功也促使我們公司直接獎勵水準顯著提高。

With greater project certainty, we now see the execution phase of Subsea developments as an opportunity to further leverage lean operating principles. In doing so, we can learn, refine and enhance our own processes, driving a culture of continuous improvement to further shorten cycle times and improve project returns.

隨著專案確定性的增強，我們現在將海底開發的執行階段視為進一步利用精實營運原則的機會。透過這樣做，我們可以學習、改進和增強我們自己的流程，推動持續改進的文化，以進一步縮短週期時間並提高專案回報。

While focusing on the customer is always a top priority, we also believe that our shareholders should share in our success. Yesterday, we announced our Board of Directors authorized additional share repurchases of up to $2 billion. This significant increase to our share authorization exemplifies our confidence in the outlook as well as our commitment to maximize shareholder value.

雖然我們始終將客戶放在首位，但我們也相信股東應該分享我們的成功。昨天，我們宣布董事會批准額外回購高達 20 億美元的股票。此次股份授權的大幅增加反映了我們對前景的信心以及我們對最大化股東價值的承諾。

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

現在我將把電話轉給 Alf 來討論我們的財務結果。

Thanks, Doug. Inbound in the quarter was $2.6 billion, driven by $2.4 billion of Subsea orders. Total company backlog ended the period at $16.8 billion. Revenue in the quarter was $2.6 billion. Adjusted EBITDA was $531 million when excluding a foreign exchange loss of $12 million.

謝謝，道格。本季訂單金額為 26 億美元，主要由 24 億美元的海底訂單推動。本期間公司總積壓訂單金額為 168 億美元。本季營收為 26 億美元。扣除 1,200 萬美元的外匯損失後，調整後的 EBITDA 為 5.31 億美元。

Turning to segment results. In Subsea, revenue of $2.3 billion increased 5% versus the second quarter. The sequential improvement was largely driven by increased project activity, particularly iEPCI projects in Africa, Australia and the Americas. This was partially offset by reduced project activity in Norway. Adjusted EBITDA was $506 million, up 5% sequentially due to higher project activity. Adjusted EBITDA margin was 21.8%.

轉向細分結果。海底業務營收為 23 億美元，較第二季成長 5%。這項連續改善主要得益於計畫活動的增加，特別是非洲、澳洲和美洲的 iEPCI 計畫。挪威計畫活動的減少部分抵消了這一影響。調整後的 EBITDA 為 5.06 億美元，由於專案活動增加而較上季成長 5%。調整後的 EBITDA 利潤率為 21.8%。

In Surface Technologies, revenue was $328 million, an increase of 3% from the second quarter. The sequential increase was primarily driven by higher activity in the North Sea and Asia Pacific, partially offset by lower activity in North America. Adjusted EBITDA was $54 million, an increase of 3% sequentially due to higher activity in international markets. Adjusted EBITDA margin was 16.4%, in line with the second quarter results.

表面技術業務營收為 3.28 億美元，較第二季成長 3%。環比成長主要得益於北海和亞太地區活動的增加，但被北美活動的減少部分抵消。調整後的 EBITDA 為 5,400 萬美元，由於國際市場活動增加，季增 3%。調整後的 EBITDA 利潤率為 16.4%，與第二季業績一致。

Turning to corporate and other items in the period. Corporate expense was $28 million. Net interest expense was $11 million, and tax expense in the quarter was $76 million. Cash flow from operating activities was $525 million, and capital expenditures were $77 million. This resulted in free cash flow of $448 million.

轉向該期間的公司和其他項目。公司支出為 2800 萬美元。本季淨利息支出為 1,100 萬美元，稅金支出為 7,600 萬美元。經營活動現金流為 5.25 億美元，資本支出為 7,700 萬美元。這產生了 4.48 億美元的自由現金流。

We repurchased $250 million of stock in the third quarter. When including $20 million of dividends, total shareholder distributions were $271 million. We have also increased our share repurchase authorization by an additional $2 billion, providing us with $2.3 billion of current authorization.

我們在第三季回購了價值 2.5 億美元的股票。如果包括 2,000 萬美元的股息，股東分配總額為 2.71 億美元。我們也將股票回購授權金額額外增加了 20 億美元，目前授權金額已達 23 億美元。

Since the time of our initial authorization in 2022, we have distributed more than $1.6 billion through buybacks and dividends, representing nearly 60% of free cash flow generated over the period. During the quarter, we reduced debt by $258 million, including early repayment of the 6.5% senior notes maturing in February 2026.

自 2022 年首次授權以來，我們已透過回購和股息分配了超過 16 億美元，佔該期間產生的自由現金流的近 60%。本季度，我們減少了 2.58 億美元的債務，包括提前償還 2026 年 2 月到期的 6.5% 優先票據。

We ended the period with $438 million of gross debt, largely comprised of private placement notes that extend out to 2033, with interest rates of 4% and below. Cash and cash equivalents was $877 million. Our net cash position increased to $439 million.

本期間結束時，我們的總債務為 4.38 億美元，主要由期限至 2033 年的私募票據組成，利率為 4% 及以下。現金及現金等價物為8.77億美元。我們的淨現金狀況增加至 4.39 億美元。

Moving to our guidance. For Subsea, we expect seasonal impacts to our fourth quarter results, with revenue declining mid-single digits sequentially. Adjusted EBITDA margin is expected to decline approximately 300 basis points to 18.8%.

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，營收將季減中個位數。調整後的 EBITDA 利潤率預計將下降約 300 個基點至 18.8%。

For Surface Technologies, we anticipate revenue to decline low single digits sequentially, with an adjusted EBITDA margin similar to the 16.4% reported in the third quarter. Lastly, we expect corporate expense to approximate $35 million.

對於表面技術，我們預計營收將環比下降個位數，調整後的 EBITDA 利潤率與第三季報告的 16.4% 相似。最後，我們預計公司支出約為 3500 萬美元。

Moving to our full year outlook. I'm going to highlight a few items. Most notably, the updates we have made to our guidance ranges. For Surface Technologies, we now expect adjusted EBITDA margin to be in the range of 16% to 16.5%, above our prior full year view.

轉向我們的全年展望。我將重點介紹幾項內容。最值得注意的是，我們對指導範圍進行了更新。對於 Surface Technologies，我們現在預計調整後的 EBITDA 利潤率將在 16% 至 16.5% 之間，高於我們先前的全年預期。

And for total company, we are increasing our guidance for adjusted EBITDA by $30 million, which we now expect to approximate $1.83 billion for the full year when excluding foreign exchange. Lastly, with the continued strength in our cash conversion, we are also increasing free cash flow guidance for the year to a range of $1.3 billion to $1.45 billion. All other guidance items for the current year remains same.

對於整個公司而言，我們將調整後 EBITDA 預期提高了 3000 萬美元，目前我們預計不包括外匯因素，全年調整後 EBITDA 約為 18.3 億美元。最後，隨著現金轉換的持續強勁，我們也將今年的自由現金流預期提高至 13 億美元至 14.5 億美元之間。本年度的所有其他指導項目保持不變。

Before I move to my closing remarks, I want to recognize the tremendous progress the team has accomplished so far. The consistency in execution and further adoption of lean operating principles make us well positioned for continued improvement in most everything we do.

在結束發言之前，我想承認團隊迄今為止所取得的巨大進步。執行的一致性和進一步採用精益營運原則使我們在所做的大多數事情中都處於持續改進的有利地位。

Additionally, our commercial differentiation and the relative stability of offshore markets give us unique visibility, allowing us to provide an early view for Subsea for the upcoming year. For 2026, we are guiding Subsea revenue to a range of $9.1 billion to $9.5 billion, with adjusted EBITDA margin in the range of 20.5% to 22%. We will provide the remainder of our 2026 financial guidance with our fourth quarter earnings.

此外，我們的商業差異化和海上市場的相對穩定性為我們提供了獨特的可見性，使我們能夠為來年的海底業務提供早期展望。預計 2026 年海底業務收入將在 91 億美元至 95 億美元之間，調整後的 EBITDA 利潤率將在 20.5% 至 22% 之間。我們將透過第四季度的收益提供 2026 年剩餘的財務指引。

In closing, the continued momentum in operational performance drove another solid quarter for TechnipFMC. The strong execution was also reflected in robust free cash flow generation, leading us to increase our full year expectation to $1.375 billion at the midpoint of the guidance range.

最後，持續的營運績效勢頭推動 TechnipFMC 再創佳績。強勁的執行力也體現在強勁的自由現金流產生上，使我們把全年預期提高到指導範圍中點的 13.75 億美元。

We are on pace to return more than 70% of free cash flow to shareholders in 2025 through dividends and share buybacks. And with our increased free cash flow guidance, shareholder distributions now have the potential to double versus the prior year.

我們計劃在 2025 年透過股利和股票回購向股東返還 70% 以上的自由現金流。隨著我們增加自由現金流指導，股東分配現在有可能比前一年翻倍。

Yet even with this substantial increase in distributions, we have maintained the flexibility to further strengthen our balance sheet by reducing gross debt almost $450 million since the beginning of the year, including the opportunistic prepayment of our highest cost debt.

然而，即使分配額大幅增加，我們仍然保持靈活性，透過自今年年初以來減少近 4.5 億美元的總債務（包括機會性地提前償還成本最高的債務）來進一步加強我們的資產負債表。

And finally, as we look further ahead to 2026, we have provided our outlook for Subsea, which at the midpoint of the guidance implies double-digit growth in adjusted EBITDA. Importantly, this level of EBITDA growth in Subsea is essentially double the anticipated growth in revenue, further expanding margins, improving returns while providing strong support for robust shareholder distributions.

最後，展望 2026 年，我們提供了對海底業務的展望，在指導中期，這意味著調整後的 EBITDA 將實現兩位數成長。重要的是，海底業務的 EBITDA 成長水準實際上是預期收入成長的兩倍，進一步擴大了利潤率，提高了回報，同時為強勁的股東分配提供了強有力的支持。

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) Scott Gruber, Citigroup.

（操作員指示）花旗集團的斯科特·格魯伯。

Yes, good morning.

是的，早安。

Good morning, Scott.

早安，史考特。

Good morning. I wanted to start on the share repurchase authorization. It's going to be another good year of free cash this year, strong returns to shareholders above 70%. With the increase in the repurchase authorization and what should be a strong free cash year next year, how are you guys thinking about the right level of cash return in '26?

早安.我想開始進行股票回購授權。今年又將是自由現金豐厚的一年，股東報酬率將達到 70% 以上。隨著回購授權的增加以及明年將是強勁的自由現金年，你們如何看待 26 年的正確現金回報水準？

Sure, Scott. So obviously, we are very pleased with the year we've had with free cash flow generation this year, really supported by our strong commercial and operational execution that we had all year. This execution is foundational because the operational delivery uncertainty around that is really leading to the consistent achievement of milestones that then trigger billings and associated cash collections.

當然，斯科特。顯然，我們對今年產生的自由現金流感到非常滿意，這得益於我們全年強大的商業和營運執行力。這種執行是基礎性的，因為圍繞它的營運交付的不確定性實際上導致了里程碑的持續實現，然後觸發帳單和相關的現金收集。

So that's really, again, the fundamental strength in the cash flow conversion out of EBITDA clearly has increased significantly this year. However, when you exclude maybe working capital benefits and a few one-time benefits that we have seen in 2025, our free cash flow conversion from EBITDA may not be able to stay at that level.

因此，今年 EBITDA 現金流轉換的根本實力顯然已經大幅增強。然而，當你排除營運資本收益和我們在 2025 年看到的一些一次性收益時，我們從 EBITDA 獲得的自由現金流轉換可能無法保持在該水平。

But if you think about what we have said historically, we said that we're going to be around 50% of free cash flow conversion from EBITDA, and we think we're now approaching more like 55% when you're normalizing for working capital to a more neutral position.

但如果你想想我們過去所說的，我們說過，我們的自由現金流轉換率將達到 50% 左右，而當你將營運資本正常化到更中性的位置時，我們認為我們現在更接近 55%。

That's great. And how to think about the kind of level of return to shareholders from the free cash flow for next year kind of what's the framework you guys are thinking about?

那太棒了。以及如何考慮明年自由現金流為股東帶來的回報水平，你們考慮的框架是什麼樣的？

Yeah. So we are just recommitting that we will have at least 70% of free cash flow returned to shareholders. So that's -- we will continue at that level, at the same level as we've had in '25.

是的。因此，我們再次承諾，我們將把至少 70% 的自由現金流返還給股東。所以，我們將繼續保持這一水平，與 25 年的水平相同。

Great, I appreciate the color.

太好了，我很欣賞這個顏色。

Victoria McCulloch, RBC. Please go ahead.

維多利亞·麥卡洛克，RBC。請繼續。

Morning. Thanks very much for taking questions this morning and for the results. Just on the Subsea award intake, when we were speaking last quarter, you mentioned that there were some awards that haven't been announced to the market that we would see in the coming weeks.

早晨。非常感謝您今天上午回答問題並告知結果。就在我們上個季度談到海底獎項授予時，您提到有一些獎項尚未向市場公佈，我們將在未來幾週內看到。

I think there was one from Equinor in July. Has there been anything that possibly still yet to be announced from of the order intake. Certainly, it seems your -- the order intake is obviously very strong and running ahead for -- of others in the market. It's very strong by TechnipFMC.

我認為 Equinor 在 7 月就有一個這樣的消息。在訂單方面還有什麼消息尚未公佈嗎？當然，看起來你們的訂單量顯然非常強勁，並且領先於市場上的其他公司。TechnipFMC 非常強大。

And then as a follow-up, not totally linked, what are your working capital expectations for this year within the new free cash flow guidance? Thank you very much.

然後作為後續問題，不是完全相關的，在新的自由現金流指導下，您對今年的營運資本預期是什麼？非常感謝。

Sure. Thank you for the question, and happy to clarify. First of all, thank you for pointing out another solid quarter of inbound. We are differentiated in that. And I think that's very much a result of what we've done to create the company that we have, and it shows up in the level of direct awards it comes to our company.

當然。感謝您的提問，很高興能為您澄清。首先，感謝您指出另一個穩健的入境季度。我們在這方面有所不同。我認為這很大程度上是我們為創建現在的公司所付出的努力的結果，並且它體現在我們公司獲得的直接獎勵水平上。

So in other words, the total available market that's accessible by the rest is shrinking every day as our direct awards continue to increase. So if you think about it that way, that's what gives us the confidence, the reassurance and the ability to continue to outperform.

換句話說，隨著我們的直接獎勵不斷增加，其他人可進入的總可用市場每天都在縮小。所以如果你這樣想，這就是給予我們信心、保證和繼續超越的能力的原因。

In terms of those specific, the comment around potential future announcements, there are actually still more to come. That really is governed by our clients. It typically has to do with their conversations with the local governments or their partners.

就這些具體內容而言，圍繞未來可能發布的公告的評論，實際上還有更多內容。這確實由我們的客戶決定。這通常與他們與當地政府或其合作夥伴的對話有關。

And when they give us the green light, then we go ahead and make those announcements. But nothing -- there's no surprises there. There's no -- it's just a normal part of the process. It's struck out a little bit longer than we had anticipated when I made that comment.

當他們給我們綠燈時，我們就會繼續發布這些公告。但沒有什麼——沒有什麼驚喜。沒有——這只是流程的正常部分。當我發表那則評論時，它的刪除時間比我們預期的要長一些。

But again, thank you for pointing out the strength and resiliency of our outlook and our ability to win and secure the highest quality projects, realizing that we are being very selective in what we focus on.

但再次感謝您指出我們的前景的力量和彈性，以及我們贏得和獲得最高品質項目的能力，同時意識到我們在關注的重點上非常有選擇性。

Yes. And this is Alf. Regarding the free cash flow and the working capital assumptions. As you clearly point out, we have had a very exceptional year this year and a very strong year in terms of working capital performance.

是的。這是阿爾夫。關於自由現金流和營運資本假設。正如您明確指出的那樣，今年是我們非常出色的一年，而且在營運資本表現方面也是非常強勁的一年。

So whatever you can kind of gauge from the year-to-date numbers now is kind of one way to see the upside this year. When we guide for going forward, we will typically put ourselves with a neutral position. That's the right starting point.

因此，無論您現在能從年初至今的數據中判斷出什麼，都是看到今年上漲趨勢的方式。當我們引導前進時，我們通常會將自己置於中立的立場。這是正確的起點。

Super, thanks both for your color. Appreciate it today.

太棒了，謝謝你們的顏色。今天就好好欣賞一下吧。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Hey, good morning, Doug. How are you?

嘿，早上好，道格。你好嗎？

Great, Dave, and yourself?

太好了，戴夫，你呢？

Well, doing well. I was hoping you could unpack the '26 Subsea guide a little bit for us in relation to kind of what I'm hearing from the rest of the market. Recognizing the midpoint of the guide, the revenue guide on Subsea is in line of consensus.

嗯，做得很好。我希望您能根據我從其他市場聽到的消息，為我們稍微解釋一下 26 年海底指南。認識到指引的中點，海底收入指引符合共識。

I'm assuming the service component is up roughly cut 10%, like we've been seeing in the past years. So if as backlog conversion looks pretty steady for next year. We keep hearing about offshore picking up the late '26 building into '27.

我估計服務部分大約會上漲 10%，就像我們過去幾年看到的那樣。因此，如果積壓轉換看起來明年相當穩定。我們不斷聽到離岸公司將 26 年末的建築物帶入 27 年的消息。

I'm just curious if that's a trend that you think should also play out in your Subsea revenue. You mentioned shortened cycle times. I guess does that imply backlog conversion should start to accelerate in the second half of next year? And does Subsea 2.0 convert faster in the mix?

我只是好奇，您是否認為這種趨勢也應該反映在您的海底收入中。您提到縮短週期時間。我猜這是否意味著積壓訂單轉換應該在明年下半年開始加速？Subsea 2.0 的轉換速度是否更快？

Sure, Dave. I think you dropped off there at the end. You might have to bring me back. There were quite a few a few things packed in there, year back, Dave. So if I don't catch everything, just you can ask me a follow-up.

當然，戴夫。我想你最後就到那裡去了。你可能得把我帶回來。戴夫，幾年前，那裡面就裝了不少東西。因此，如果我沒有聽清所有內容，您可以向我詢問後續情況。

So first of all, thank you for asking us about 2026. I think we're the only ones talking about 2026, to be very clear, which again says a lot about who we are as a company, the unique visibility that we have, our position within the market and the confidence that our clients have in us to be able to award us projects far earlier than they have done historically or that they would do with the competition.

首先，感謝您詢問有關 2026 年的問題。我認為，我們是唯一一家談論 2026 年的公司，這再次充分說明了我們作為一家公司的身份、我們獨特的知名度、我們在市場中的地位以及客戶對我們的信心，相信我們能夠比以往或競爭對手更早地將項目授予我們。

So again, it's a privilege for us to be able to talk about 2026. When you -- as you said, as we kind of unpack that guidance, you're right, backlog coverage is strong. And it's not just the quantity of backlog coverage, it's the quantity of backlog coverage, and that was both in my prepared remarks as well as in Alf's, it's that ability to have confidence in increasing not just revenue, but also margin and margin at a faster rate than revenue growth.

因此，我們很榮幸能夠再次談論 2026 年。正如您所說，當我們解讀該指導意見時，您是對的，積壓覆蓋率很高。這不僅僅是積壓訂單覆蓋的數量，而是積壓訂單覆蓋的數量，這在我準備好的發言中以及在 Alf 的發言中都有所體現，這是一種有信心不僅增加收入，而且增加利潤率和利潤率的能力，其速度要快於收入增長。

So this isn't just about volume. This is about higher-quality inbound and just, quite frankly, exemplary execution, which I'm extremely proud of our team and all of our employees for what they've been able to deliver.

所以這不僅與數量有關。這是為了實現更高品質的入站，坦白說，也是為了實現模範執行，我為我們的團隊和所有員工所取得的成就感到非常自豪。

So those things set us up very well and give us the confidence to be able to go out now and no one else is talking about 2026, and we're able to go out with guidance for 2026, with a high level of confidence that we will be able to achieve that.

所以這些事情為我們做好了充分的準備，讓我們有信心現在就出發，沒有人談論 2026 年，我們能夠帶著 2026 年的指導出發，並且高度有信心我們能夠實現這一目標。

You asked a question about Subsea services and kind of its growth rate, like in 2025, I would think of it as in line with the growth of the overall business. So in other words, we gave you the revenue forecast. So you can look at that top line growth and reflect something similar for Subsea services.

您問到有關海底服務及其成長率的問題，例如到 2025 年，我認為它與整體業務的成長一致。換句話說，我們給了你收入預測。因此，您可以查看營收成長情況，並反映出海底服務的類似情況。

In terms of cycle time reduction and how that helps the conversion from backlog, indeed, it does, and that's a big part of the secret sauce is in terms of our ability to grow, whilst retaining a modest CapEx investment, meaning we don't have to invest to grow. We decided to do more with less.

就縮短週期時間以及它如何幫助從積壓訂單中轉換而言，確實如此，而這在很大程度上取決於我們的成長能力，同時保持適度的資本支出投資，這意味著我們不必投資就能實現成長。我們決定用更少的錢做更多的事情。

So we're not about building and spending capital and adding assets. The smart way to do it is to do more with less, which quite simply shows up in returns have not been achievable historically that we are demonstrating, and we'll continue to demonstrate as we go forward.

因此，我們並不是想要建造和花費資本並增加資產。明智的做法是用更少的資源做更多的事情，這很簡單地體現在我們正在展示的歷史上無法實現的回報中，並且我們將在前進的過程中繼續展示這一點。

So that's -- now we're not -- everything is tied to that accelerated cycle time, still the offshore installation side where there's work to be done. And it's an area we're focusing on how we can make that as efficient as we have the configure to order Subsea 2.0 product architecture.

所以，現在我們不是一切都與加速的週期時間有關，仍然有海上安裝方面需要完成的工作。我們正在關注如何使其像我們配置訂購的 Subsea 2.0 產品架構一樣高效。

And there's not everything in the Subsea 2.0, not every of our product architecture has achieved the level of Subsea 2.0 if you will, customization. So there's a lot of upside here left in the company, and those are all of the things that we're focusing on that we'll benefit from as we go forward. If I didn't cover everything you had hoped, please feel free to follow up.

Subsea 2.0 中並不是所有的東西，並不是我們的每個產品架構都達到了 Subsea 2.0 的客製化程度。因此，公司還有很多上升空間，這些都是我們關注的重點，未來我們將從中受益。如果我沒有涵蓋您所希望的所有內容，請隨時跟進。

Pretty close, pretty close. Let's hope I don't drop out here. So my second question is just about the Subsea margin guide for next year. What percentage of revenue are you expecting to be Subsea 2.0? And can you tell us how much -- what percentage of the inbound year-to-date has been Subsea 2.0?

非常接近，非常接近。希望我不會在這裡退學。所以我的第二個問題是關於明年的海底利潤指南。您預計 Subsea 2.0 將佔收入的百分之多少？您能告訴我們今年迄今入境的 Subsea 2.0 佔比是多少嗎？

Sure. So I think the easier way to think about it and maybe how it creates leverage for the company, is how much of it is actually flowing through the facilities. So we are right now -- let's say, when we exit 2025, exit this year, we'll be approaching about 40% on of our capacity, we'll be working on Subsea 2.0.

當然。因此，我認為思考這個問題的更簡單的方式以及它如何為公司創造槓桿作用，就是有多少資金實際上流經這些設施。所以我們現在——假設，當我們退出 2025 年時，也就是今年退出時，我們的產能將接近 40%，我們將致力於 Subsea 2.0。

Now the inbound levels of Subsea 2.0 have exceeded the 50% mark and continue to grow, and we would expect Subsea 2.0 orders to grow as a percentage of total orders also next year as well as iEPCI orders as a percent of our total orders will grow substantially.

現在，Subsea 2.0 的入庫水準已超過 50% 並將繼續增長，我們預計明年 Subsea 2.0 訂單佔總訂單的百分比也將增長，iEPCI 訂單占我們總訂單的百分比也將大幅增長。

So these are big, big leverages -- these create a lot of leverage for us as we continue to move forward in ensuring that we continue to grow, expand our margin, increase our leverage and drive returns.

因此，這些都是巨大的槓桿——這些為我們創造了很大的槓桿，因為我們將繼續前進，確保我們繼續成長，擴大我們的利潤率，增加我們的槓桿率並推動回報。

Great, thanks a lot, Doug.

太好了，非常感謝，道格。

Arun Jayaram, JPMorgan Securities.

摩根大通證券的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah, good morning. My first question is regarding your 2026 Subsea guidance. Doug, at the midpoint of the guide, it implies 175 basis point improvement in margins. I was wondering if you could help us understand how you think about the drivers of the margin expansion between Subsea 2.0 mix -- Subsea services mix and maybe pricing improvement?

是的，早安。我的第一個問題是關於您的 2026 年海底指南。道格，在指南的中點，它意味著利潤率提高 175 個基點。我想知道您是否可以幫助我們了解您如何看待海底 2.0 組合（海底服務組合和可能的價格改進）之間利潤擴張的驅動因素？

Sure, and good morning, Arun. So clearly, all of those factor in. I'm going to really focus on the first two because to me, those are the ones that are sustainable. I think too many companies for too long, have just focused on the last one, and that is never a long-term strategy. So we have redesigned our company.

當然，早安，阿倫。顯然，所有這些因素都是影響因素。我將真正關注前兩個，因為對我來說，它們是可持續的。我認為太多的公司長期以來只專注於最後一個，而這從來都不是長期策略。因此我們重新設計了我們的公司。

We changed our operating model to create that leverage that we can have that sustainable leverage regardless of the level of activity that there is in the marketplace. So when you think about it, there's really the three components.

我們改變了營運模式，以創造這種槓桿作用，無論市場活動水平如何，我們都可以擁有可持續的槓桿作用。所以當你思考它時，它實際上包含三個組成部分。

There's -- we do have some legacy backlog, some legacy projects still in our backlog, and those will be working off. And we're getting down now to below the 10% mark of what is left in our backlog. So there'll be some of that remaining in 2026.

我們確實有一些遺留的積壓工作，一些遺留的項目仍在積壓中，這些工作將會繼續進行。現在，我們的積壓訂單量已降至 10% 以下。因此到 2026 年還會剩下一部分。

And then -- but there will also be more Subsea 2.0, as I just responded to Dave, and more iEPCI execution going through. All of that is -- those are the things that are like, let's say, very tangible. But what you have to keep in mind is the entire organization, it's not just the manufacturing part of the organization.

然後——但也會有更多的 Subsea 2.0，正如我剛剛回复 Dave 的那樣，以及更多的 iEPCI 執行。所有這些——這些都是非常有形的東西。但你必須記住的是整個組織，而不僅僅是組織的製造部分。

The entire organization is on this industrialization journey, and it's real, it's real. And many of you have had the opportunity to visit and see how we operate today versus how we used to operate and the rest of the industry still operates, and it's very different.

整個組織都踏上了工業化旅程，這是真實的，這是真實的。你們中的許多人都有機會參觀並了解我們今天的運作方式與過去的運作方式以及業內其他公司的運作方式相比，有很大不同。

And it creates that what we call simplification, standardization and industrialization. And it goes across everything that we do, including the functions and every activity we have in the company. This is what creates that leverage.

它創造了我們所說的簡化、標準化和工業化。它涵蓋了我們所做的一切，包括公司內的職能和每項活動。這就是創造槓桿作用的原因。

So when you get over 20,000 women and men working together every single day, finding those incremental improvements and being rewarded and celebrating those successes, that creates that momentum that gives us just a high level of confidence, Arun, that we're going to be able to continue to accelerate and grow the performance of the company.

因此，當超過 20,000 名男女員工每天一起工作，發現這些漸進式的改進，並獲得獎勵並慶祝這些成功時，這就產生了一種勢頭，讓我們充滿信心，阿倫，我們將能夠繼續加速並提高公司的業績。

Great. Maybe one for Alf. Your net cash position has grown to just under the $500 million, I think it's like $439 million. You highlighted plans to return at least 70% of free cash flow. I just wanted to talk about what you think about the balance sheet and future uses of free cash flow because you have a very underlevered balance sheet.

偉大的。也許給阿爾夫一個。您的淨現金狀況已成長至略低於 5 億美元，我認為是 4.39 億美元。您強調了返還至少 70% 自由現金流的計劃。我只是想談談您對資產負債表和自由現金流未來用途的看法，因為您的資產負債表槓桿率很低。

And I guess the ultimate question is could we see you returning essentially all of your free cash flow, just given how strong the balance sheet sits today.

我想最終的問題是，考慮到目前資產負債表的強勁狀況，我們是否能看到您基本上返還所有的自由現金流。

Thanks, Arun. Thanks for the question. I think it's well placed. Yeah, for sure. I mean we have taken care of a lot of things on the balance sheet, pointed out in my prepared remarks, $450 million of reduction of debt this year in addition to delivering on our commitment to at least 70% to shareholders.

謝謝，阿倫。謝謝你的提問。我認為它的位置很好。是的，當然。我的意思是，我們已經處理了資產負債表上的許多事情，正如我在準備好的發言中指出的那樣，今年除了履行對股東至少 70% 的承諾外，還減少了 4.5 億美元的債務。

This debt reduction really reflects more than 50% of debt reduction since the beginning of the year. And clearly, our balance sheet needless to say, is just in great shape. We don't see any major change to our capital allocation, meaning we intend to continue to be a capital-light company.

這次減債確實反映了年初以來50%以上的減債。顯然，不用說，我們的資產負債表狀況非常好。我們的資本配置不會有任何重大變化，這意味著我們打算繼續成為一家輕資本公司。

We have guided in the past that we will have CapEx in the range of 3.5% to 4.5%, and we continue to intend to stay at the low end of that range. So given also that we have taken care of most of our debt obligation, and we have really -- we like the maturities that we have out there for the rest of our debt, and we really don't see work in the debt structure significantly at this point.

我們過去曾指導過我們的資本支出將在 3.5% 到 4.5% 的範圍內，我們繼續打算保持在該範圍的低端。因此，考慮到我們已經處理了大部分債務，而且我們確實——我們喜歡我們剩餘債務的到期日，而且我們目前確實沒有看到債務結構發生重大變化。

So it certainly leaves opportunity to -- when we say at least 70%, we clearly are focused on minimum that amount, but any excess cash, clearly, shareholder distributions will be one of the areas where we go to.

因此，這肯定留下了機會——當我們說至少 70% 時，我們顯然關注的是最低數額，但任何多餘的現金，顯然，股東分配將是我們關注的領域之一。

Great, thanks for your commentary.

太好了，謝謝你的評論。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning. Just to kind of keep going on Dave and Arun's comments about just the catalyst within the backlog improvement and the margin outlook. You talk about the industrialization, you have the Subsea 2.0.

嘿，早安。只是想繼續討論戴夫和阿倫關於積壓訂單改善和利潤前景中的催化劑的評論。說到工業化，就有海底 2.0。

But Doug, can you maybe talk to us about what 2.0 could mean for the SURF side or the installation side of things? Just thinking about those continued catalysts as we work towards the year, just the continued improvement of the business.

但是 Doug，您能否跟我們談談 2.0 對於 SURF 方面或安裝方面意味著什麼？在我們努力迎接新的一年時，我們只想著那些持續的催化劑，業務的持續改善。

Sure. Good morning, Derek. I don't want to say too much, but I think there is a significant opportunity to further industrialize the full iEPCI scope. So remember, back in history, we were running them in parallel. We were working on the Subsea 2.0 configure to order for the SPS or the Subsea equipment portion of the -- of our activity.

當然。早上好，德瑞克。我不想說太多，但我認為有一個重大的機會可以進一步實現整個 iEPCI 範圍的工業化。所以請記住，回顧歷史，我們是同時運行它們的。我們正在為 SPS 或我們活動的海底設備部分配置 Subsea 2.0。

And then as a result of the merger, we now have the ability as a single entity, and you cannot do this if you are not a single entity because it has, let's say, conflicting behaviors between a traditional surf company and a traditional equipment provider.

合併的結果是，我們現在有能力作為一個單一實體，如果你不是一個單一實體，你就無法做到這一點，因為它在傳統衝浪公司和傳統設備提供者之間存在衝突的行為。

So as a single entity, now for eight years. It's been eight years ago that we actually merged. It gives us the opportunity to expand that across the whole portfolio. So I am sure you all will have an opportunity to hear much more about that in the future. But I'm going to be a little bit quiet today, which I know is not my normal behavior, but there is a -- it's an incredible opportunity, but I am going to stop there. We're working hard at it.

作為一個單一實體，現在已經八年了。我們實際上合併已經八年了。這使我們有機會將其擴展到整個投資組合。因此我相信你們將來都會有機會聽到更多關於這方面的資訊。但今天我會保持安靜，我知道這不是我的正常行為，但這是一個難得的機會，但我將就此打住。我們正在努力。

Got it. Fair enough. I appreciate that. Second on the Subsea opportunities list, it's pretty noticeable and evident that scope of over $1 billion is meaningfully increasing really since the middle. Could you talk about the drivers behind that? I'm assuming the certainty that you guys bring to the table. But where could this ultimately go from a project scope perspective as we continue to see that wedge just increase over time?

知道了。很公平。我很感激。在海底機會清單中排名第二，非常引人注目且明顯的是，自中期以來，超過 10 億美元的範圍確實在顯著增加。您能談談背後的驅動因素嗎？我假設你們能帶來確定性。但是，從專案範圍的角度來看，隨著我們不斷看到這種差距隨著時間的推移而不斷擴大，這最終會走向何方？

Thank you. I didn't think of it as a wedge, but I'll take that. It's certainly been an ever-increasing wedge. And we've talked a lot about that, including the prepared remarks and that's really being driven by the fact that the best reservoirs are offshore, at least the best reservoirs that are accessible to the marketplace. So the capital is going to flow in that direction.

謝謝。我並不認為這是一個楔子，但我會接受它。這無疑是一個不斷擴大的隔閡。我們已經就此進行了很多討論，包括準備好的發言，而這實際上是因為最好的油藏都在海上，至少是市場上可以進入的最好的油藏。因此資本將會流向那個方向。

It was always -- there was always some hesitation by our customers in the past, again, because of the unpredictability of the execution of offshore projects. What we have brought back to the industry, we've given our customers their mojo back, we have our mojo, and it's simply a fact of being -- performing well every single day, giving our client confidence by providing certainty.

過去，我們的客戶總是有些猶豫，這也是因為離岸專案執行的不可預測性。我們為業界帶來了什麼，我們讓客戶重拾了他們的魔力，我們有了我們的魔力，這只是一個事實——每天都表現良好，透過提供確定性讓客戶充滿信心。

We have to reduce cycle time every single day. whilst providing certainty. If we can do that, and we will do that, we have done that, and we'll continue to do that. That will give our customers great -- ever greater confidence to invest more and more of their capital allocation to the offshore. It just makes economic sense.

我們必須每天縮短週期時間，同時提供確定性。如果我們能夠做到這一點，我們就會做到這一點，我們已經做到了，我們將繼續這樣做。這將使我們的客戶更有信心將越來越多的資本配置投資於離岸市場。這具有經濟意義。

The breakevens of the projects, the returns on the projects the reserve base of very minimal decline rates compared to other areas that they can invest in. It just makes sense. So look, the opportunity list continues to strengthen.

專案的損益平衡，專案的回報，與他們可以投資的其他領域相比，儲備基礎的下降率非常小。這很有道理。所以看，機會清單繼續加強。

As you pointed out, Interestingly, the three new projects that are on the list are all gas. I wouldn't overreact to that. I think -- but I do think there is something to be said about that. I do think gas is a bigger portion of the future of the hydrocarbon mix, in particular, in the offshore. And again, a lot of these offshore gas as LNG.

正如您所指出的，有趣的是，名單上的三個新項目都是天然氣項目。我不會對此反應過度。我認為——但我確實認為對此有些話要說。我確實認為天然氣在未來的碳氫化合物混合物中佔有更大的份額，特別是在海上。而且，很多海上天然氣都是液化天然氣。

So we often think about LNG in a terrestrial way because LNG is the physical thing that you see is often on the key side. But a lot of the supply of that gas is coming from offshore gas, particularly outside of the US. So anyways, it's an interesting combination of projects that were added, but here's something -- maybe here's just a little teaser for you. The list you don't get to see, which is our proprietary opportunity list, which drives our direct awards, that list has grown at an even faster rate.

因此，我們經常以陸地的方式考慮液化天然氣，因為液化天然氣是您所看到的物理實體，通常位於關鍵一側。但大部分天然氣供應來自海上天然氣，尤其是美國以外的地區。所以無論如何，這是一個有趣的添加項目組合，但這裡有一些東西——也許這只是給你的一個小預告。您看不到的列表是我們的專有機會列表，它推動了我們的直接獎勵，該列表的增長速度甚至更快。

Great. Thank you, Doug. I'll turn it back.

偉大的。謝謝你，道格。我會把它轉回去。

Ati Modok, Goldman Sachs.

Ati Modok，高盛。

Hey, good morning, Doug. How are you?

嘿，早上好，道格。你好嗎？

Wonderful, and yourself?

太棒了，您自己呢？

Good. Can you talk directionally about the outlook for Surface Technologies for '26 given the Saudi activity potential? And then you also raised the margin guide for '25. So maybe help us understand the drivers there as well.

好的。考慮到沙烏地阿拉伯的活動潛力，您能否對錶面技術 26 年的前景進行方向性展望？然後你還提高了 25 年的保證金指南。所以也許可以幫助我們了解那裡的驅動因素。

Sure. So we talked a bit about it last quarter. I'm super proud of the team. They've taken the necessary actions to ensure that they can provide adequate returns to the company and to our shareholders. We've focused where and what we do.

當然。所以我們上個季度討論過這個問題。我為這個團隊感到非常自豪。他們已採取必要措施，確保能夠為公司和股東提供足夠的回報。我們專注於我們所做的事情和我們所處的位置。

And as a result of that, they're able to deliver quite exceptional results and actually improving results when others in this realm, I think, are going the other direction. So I will tell you the outlook is less certain. It is why we did not include that in our early guidance.

因此，我認為，當這個領域的其他人朝著另一個方向發展時，他們能夠取得非常出色的成果，並且實際上還在不斷改進。所以我要告訴你，前景不太確定。這就是我們早期指導中沒有包括這一點的原因。

We were able to for Subsea, but the Surface or the Onshore business remains much less predictable. Certainly, the -- historically, the level of continuity in our international business or non-North America business, it's much more predictable. It has less, less downside swings to it, if you will. But it's still very early. And we are talking to our clients now. We're working through that on a budgetary work. There they're doing it themselves.

我們能夠進行海底業務，但地面或陸上業務仍難以預測。當然，從歷史上看，我們的國際業務或非北美業務的連續性水準更加可預測。如果你願意的話，它的下行波動會更小。但現在還為時過早。我們現在正在與客戶交談。我們正在製定預算工作來解決這個問題。他們自己就在那兒做這件事。

So there's not a lot of information to be exchanged. But we positioned ourselves with the right customers, in the right basins, providing the right technology. And we've had very good success with our iComplete offering, which is the digitalization of the entire frac pad, not just the pressure pumpers digitalizing their work or the wireline company digitalizing their work, but we put an overlay interface, where we can control the whole well site, allowing record performance in terms of continuous pumping.

因此沒有太多資訊可以交換。但我們定位在正確的客戶，在正確的領域，提供正確的技術。我們的 iComplete 產品取得了巨大的成功，它實現了整個壓裂平台的數位化，不僅僅是壓力泵工或電纜公司數位化他們的工作，而且我們還設置了一個覆蓋界面，我們可以在其中控制整個井場，從而實現連續泵送方面的創紀錄性能。

So we're going to continue to bring those high-end solutions as well as continue to benefit from the in-country investments that we've made in local manufacturing in the Middle East, where we are very well positioned with those clients, and we'll continue to succeed on a relative basis because of those investments that we've made.

因此，我們將繼續提供這些高端解決方案，並繼續受益於我們在中東當地製造業的投資，我們在中東地區擁有非常有利的客戶基礎，並且由於我們所做的這些投資，我們將繼續在相對基礎上取得成功。

So just a little less clear at this point, and I think we will provide that guidance along with our -- the full company guidance and with our Q4 results as we do historically. It's just a different business than our Subsea business.

所以目前還不太清楚，我認為我們將提供該指導以及我們的完整公司指導和第四季度業績，就像我們過去所做的那樣。這與我們的海底業務完全不同。

Got it. That's helpful. And then can you give us an update on the electric Subsea infrastructure opportunity, where that stands as of now, I've seen some announcements from some of your peers earlier this year as well. Just wondering if that is starting to become a little bit more topical and what that could mean in terms of orders and margins for you?

知道了。這很有幫助。然後，您能否向我們介紹一下電力海底基礎設施機會的最新情況，截至目前，我也在今年稍早看到了一些同行發布的公告。只是想知道這是否開始變得更具話題性，以及這對您的訂單和利潤意味著什麼？

Sure. It's progressing. What you've seen is to greenfield, all electric awards. TechnipFMC received the first-ever All-Electric Subsea award and that was for the BP Northern Endurance partnership project we announced a few quarters ago. And then more recently, there was an award in the North Sea.

當然。正在取得進展。您所看到的是綠地，全是電動獎。TechnipFMC 獲得了首個全電動海底計畫獎，該計畫是針對我們幾個季度前宣布的 BP Northern Endurance 合作計畫。最近，北海又頒發了一個獎項。

We have said this, and I'll repeat it. I think the level of transition in terms of greenfield developments, to all electric are not going to be as strong as I originally had anticipated. But there are three areas that are most definitely going to benefit from all electric.

我們已經說過這​​一點，我將重複一遍。我認為，從綠地開發到全電動化的過渡水平不會像我最初預期的那樣強勁。但有三個領域肯定會從全電動化中受益。

And the third one being actually very, very interesting and very new. So those three areas are carbon capture and storage. We believe they will go -- they have gone all electric, and we'll continue to go all electric.

第三個實際上非常非常有趣並且非常新穎。這三個領域就是碳捕獲和儲存。我們相信他們會——他們已經實現了全電動化，我們也將繼續實現全電動化。

So all of those opportunities that we're working on or we have secured are based on an all-electric infrastructure. And we have the industry's only certified all electric CO2 injection tree, and that's important. The second area is in the area of brownfield tiebacks. We've talked about this before.

因此，我們正在努力或已經獲得的所有機會都是基於全電動基礎設施。我們擁有業界唯一經過認證的全電動二氧化碳注入樹，這一點很重要。第二個區域是棕地回接區。我們之前已經討論過這個問題。

It increases the radius from the host facility by about 4 times and potentially even greater than that. And that has a lot of implications and positive implications in terms of customers being able to tie back to existing infrastructure, very low -- at a very low breakeven or very high returns.

它將主設施的半徑增加了約 4 倍，甚至可能更大。這對於客戶能夠以非常低的損益平衡點或非常高的回報與現有基礎設施進行連接具有許多影響和正面影響。

It helps us not only in the fact that we have the old electric solution, but we have other solutions like flexible pipe and Subsea processing that all kind of come together to create that opportunity. And then the third area is where we're actually now able to retrofit hydraulic trees with electric actuation, if hydraulic actuation was to be deteriorating, there's always redundancy, so it doesn't fail.

它不僅幫助我們擁有舊的電力解決方案，而且我們還有其他解決方案，如柔性管道和海底處理，所有這些都結合在一起創造了這個機會。第三個領域是我們現在能夠用電動驅動來改造液壓樹，如果液壓驅動故障，總是會有冗餘，所以它不會失效。

I don't want to say -- I don't want to put the wrong impression in your mind, but when it starts to deteriorate its performance over time, the customer would have to retrieve that tree, bring it back to the surface, take it back to the shore and retrofit, reinstalling, that is certainly months and can be quarters before that production is put back online.

我不想說——我不想給你留下錯誤的印象，但是當它的性能隨著時間的推移開始下降時，客戶必須取回那棵樹，把它帶回水面，帶回岸上並進行改造、重新安裝，這肯定需要幾個月甚至幾個季度的時間才能恢復生產。

We have developed a novel solution to be able to go into a -- in situ on the sea floor with the use of remote-operated vehicles and swap out hydraulic actuation controller for electric actuation. It is really interesting. And obviously, you don't lose that multiple months, multiple quarters of production. So it has a lot of upside for our clients, too.

我們開發了一種新穎的解決方案，能夠利用遙控車輛進入海底現場，並將液壓驅動控制器換成電動驅動控制器。這真的很有趣。顯然，你不會損失數月、數季的產量。因此，這對我們的客戶來說也有許多好處。

So I just think the original focus of electric as well, all new projects will go all electric. I just don't think that's the case anymore, but we are finding by having invested and developed the technology, we're finding these other applications that could be quite exciting as well.

所以我認為最初的重點也是電動的，所有新項目都將採用電動方式。我只是認為情況不再如此，但我們發現，透過投資和開發這項技術，我們發現這些其他應用也可能非常令人興奮。

Thank you, Doug. I appreciate that.

謝謝你，道格。我很感激。

Sebastian Erskine, Rothschild.

塞巴斯蒂安·厄斯金，羅斯柴爾德家族。

Can you hear me now?

現在你能聽到我說話嗎？

We can hear you.

我們能聽到你的聲音。

Yes, we can.

是的，我們可以。

Can you hear me? Yes, thanks very much. Apologies about that. Yeah, thanks for taking my question. The first one, just a bolt-on, it's a very strong year for TechnipFMC on order intake. But I think a theme that has emerged perhaps is that some operators have kind of chosen a bit, they're going to slow walk deepwater FIDs.

你聽得到我嗎？是的，非常感謝。對此我深表歉意。是的，感謝您回答我的問題。第一個，只是一個附加的，對於 TechnipFMC 來說，這是訂單量非常強勁的一年。但我認為可能出現的一個主題是，一些運營商已經做出了某種選擇，他們將緩慢地推進深水 FID。

Some competitors have called Sub-Saharan Africa is a good example of that. And I also saw an estimate that was putting company tree awards down mid-teens percentage year-over-year in '25. So it would be great to kind of get your perspective on how the cycles evolve year-to-date versus your expectations at the beginning of the year? And I guess, looking forward, perhaps, what are the specific key basins that are going to drive '26 for you?

一些競爭對手稱撒哈拉以南非洲就是一個很好的例子。我還看到一項估計，2025 年公司樹木獎勵的百分比比去年同期下降了百分之十五左右。因此，我很想了解您對今年迄今為止的周期演變情況以及與年初的預期有何看法？我想，展望未來，也許，哪些具體的關鍵盆地將為您帶來 26 年的發展？

Sure. So look, I just have to be candid. We're not experiencing that. And I think that's clear. I mean, three years ago, we called the market and we said that the market was going to be resilient. We were going to be able to secure $30 billion worth of awards over a three year period, and we're well on track to do that.

當然。所以，我只能坦誠相告。我們沒有經歷過這種情況。我認為這很清楚。我的意思是，三年前，我們曾預測市場將會具有彈性。我們原本計劃在三年內獲得價值 300 億美元的獎勵，而且我們正順利實現這一目標。

So -- and as far as our expectations for this year, they're right in line with original expectations, which is we said would be in that $10 billion range. And now we're saying we'll be more than $10 billion. So I'm not sure what others are experiencing, but our results, I think, speak for themselves.

所以 — — 就我們對今年的預期而言，它們與最初的預期完全一致，也就是我們所說的 100 億美元左右。現在我們說我們的收入將超過 100 億美元。所以我不確定其他人經歷了什麼，但我認為我們的結果不言而喻。

Now let me maybe explain why. Remember, 80% of our business is direct awarded to our company never goes out to competitive tender. So just think about what that does to the total available market. The total available market that's left is very small compared to what we have privileged access to because of the trust and the confidence that customers have in us, our unique offering and our ability to be able to reduce cycle time, improve their project returns, hence leading to those direct awards.

現在讓我解釋一下原因。請記住，我們 80% 的業務都是直接授予我們公司的，從未透過競爭性招標獲得。所以想想這對整個可用市場有何影響。由於客戶對我們的信任和信心、我們獨特的產品以及我們縮短週期時間、提高專案回報的能力，我們獲得了直接獎勵，因此，與我們享有的特權進入的市場相比，剩下的總可用市場非常小。

And that's why when I say that proprietary data set that we work on our opportunity set that we're working on, which is not on our public list. Even though that public list is growing, those other projects are only accessible by our company.

這就是為什麼當我說我們正在研究的專有資料集是我們正在研究的機會集時，它不在我們的公開清單中。儘管該公開名單不斷增長，但其他項目只有我們公司才能訪問。

And keep in mind, we are at the table very early because these are direct awards. We are doing the concept study. We're doing the pre-FEED study. We're doing the FEED study, and we're going straight into an iEPCI 2.0 execution. So I guess we just have greater visibility.

請記住，我們很早就開始談判，因為這些都是直接獎勵。我們正在進行概念研究。我們正在進行前期 FEED 研究。我們正在進行 FEED 研究，並直接進入 iEPCI 2.0 執行。所以我想我們的知名度就更高了。

Really appreciate that. And a follow-up on that. I mean, looking at your backlog at a very large level, I'd like to get your perspective on kind of resourcing to execute that level of work. And I read somewhere that had increased staffing at your manufacturing facilities in Brazil, Malaysia and the UK by some 20% to 40% in 2024 versus a kind of base of '21, so post-pandemic.

真的很感激。並對此進行跟進。我的意思是，從非常大的層面來看您的積壓工作，我想了解您對執行該級別工作所需的資源的看法。我從某處讀到，到 2024 年，你們在巴西、馬來西亞和英國的製造工廠的員工人數將比 2021 年（也就是疫情後）增加約 20% 至 40%。

Are you happy with the resourcing at the moment? I guess looking at it, given the tightness is, are there some concerns in the industry around potential bottlenecks or capacity constraints? And how are you positioning to execute that work?

您對目前的資源配置滿意嗎？我想，考慮到緊張的情況，業界是否存在一些對潛在瓶頸或產能限制的擔憂？您如何定位來執行這項工作？

Well, first of all, I can't confirm those numbers. Those are new numbers to me, but I'm not sure where they came from or what you heard, but let me just answer the question more broadly. First and foremost, and this is a commitment I make to every single customer, we do not take on any work that we can't execute.

嗯，首先，我無法確認這些數字。這些對我來說是新數字，但我不確定它們來自哪裡或您聽到了什麼，但讓我更廣泛地回答這個問題。首先，這是我對每位客戶的承諾，我們不會承擔任何我們無法完成的工作。

And so look, we no-bid work. I mean there's work out there with our competitors, we're no-bidding it. It's very clear if it doesn't meet our threshold in terms of the quality of the work or the type of execution that is expected or where it is expected or the currency in which we're going to be paid or the risk that we're asked to take on, and we will just no-bid that work.

所以你看，我們的工作是無競標的。我的意思是，我們的競爭對手有工作要做，但我們不會競標。很明顯，如果它在工作品質、預期執行類型、預期執行地點、我們將獲得的報酬貨幣或我們被要求承擔的風險方面沒有達到我們的標準，我們就不會對這項工作進行投標。

So first of all, it's -- what we inbound, we have a commitment to deliver and it's important, deliver on time, on budget. I mean the reason why we get repeat awards is only because we're performing at a very high level. We have never not gotten a repeat award. We often replace the competition.

首先，我們承諾交付我們收到的產品，而且重要的是按時、按預算交付。我的意思是，我們之所以屢獲殊榮，只是因為我們的表現非常高水準。我們從未失去重複獎項。我們經常更換競爭對手。

I mean it is a very different scenario in terms of how we are operating versus how we used to operate, which is all the industry -- the rest of the industry still operates. So I really can't say much more than that other than we just have a different operating model. It took a lot to get here. Thankfully, we did it 10 years ago. And so now we're singularly focused on execution.

我的意思是，就我們現在的運作方式和過去的運作方式而言，情況有很大不同，整個產業——其餘產業仍在運作。所以除了我們有不同的營運模式之外，我真的不能說太多。到達這裡需要花費很多時間。值得慶幸的是，我們十年前就做到了。因此，現在我們只專注於執行。

We're not focused on anything else than delivering to our clients and meeting their expectations. So long answer to your question is we are very confident in our staffing levels. We're very confident in the resource levels. The whole strategy of the company and reducing cycle time is the ability to do more with the same. So it's not about staffing levels. It's about being more efficient.

我們只專注於為客戶提供服務並滿足他們的期望。所以對你的問題的長篇回答是，我們對我們的人員配備水準非常有信心。我們對資源水準非常有信心。公司的整個策略和縮短週期時間是為了能夠用同樣的資源做更多的事情。所以這與人員配備水準無關。這是為了提高效率。

I really appreciate that. You can see that in the material improvements in project economics. Appreciate the color. I'll turn it back now. Thank you.

我真的很感激。您可以從專案經濟的實質改進中看到這一點。欣賞顏色。我現在就把它轉回去。謝謝。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hey, thanks. I wanted to start with some more questions on services. So Doug, can you remind us what the mix of services between like installation versus servicing your installed base is in the business like roughly? And the reason I ask is the comments earlier about kind of '26 and a service growth rate looking like the overall Subsea, I would have thought that services could be doing a better growth rate than sort of decelerating, so maybe you could unpack that a little bit for us?

嘿，謝謝。我想先問一些有關服務的問題。那麼 Doug，您能否提醒我們一下，在業務中，安裝與服務已安裝基礎之間的服務組合大致是怎樣的？我之所以問這個問題，是因為之前關於 26 年和服務增長率看起來像整體海底的評論，我原本以為服務的增長率可能會比減速更好，所以也許您可以為我們稍微解釋一下？

And then the second part of it is like if you look longer term, is there anything we should be thinking about how the integrated awards that you've taken in the past several years affect the servicing opportunity and then anything with like the vintaging of your installed base as we come up on maybe some anniversaries of more service opportunity?

然後第二部分是，如果你從更長遠的角度來看，我們是否應該考慮過去幾年中獲得的綜合獎項如何影響服務機會，以及在我們可能迎來更多服務機會的某些週年紀念日時，您的安裝基礎的複古情況？

Sure. And thanks, Marc, for bringing us back to service, its important. The only thing I would disagree with in your statement, I think you said deceleration. There certainly hasn't been a deceleration. Look, you do get a compounding effect.

當然。謝謝馬克，讓我們重新開始服務，這很重要。在您的聲明中，我唯一不同意的是，我認為您說的是減速。確實沒有出現減速。瞧，你確實得到了複合效應。

The larger the installed base, the more opportunity set there is, and certainly, the higher the volume, the longer the tail and the more opportunities you have. So let's talk a little bit about the mix of services. So yes, you have the original installation activity.

安裝基數越大，機會就越多，當然，數量越高，尾部越長，機會就越多。那麼讓我們來談談服務組合。是的，您有原始的安裝活動。

And then you have all of the activity around the inspection, maintenance and repair of the installed infrastructure. And then you have another bucket that's all around refurbishment of equipment. And then you have that final bucket that's all around intervention services.

然後，您就可以進行有關已安裝基礎設施的檢查、維護和修理的所有活動。然後還有另一個桶，裡面全是設備翻新。最後，您還有關於介入服務的最後一個桶子。

And what is very beneficial, not just driven by iEPCI, but just probably driven by the market presence that we have is that whenever the wellbore needs to be intervened on or in which happens at a much higher frequency than the equipment because the equipment is built to last for 25 to 35 years.

非常有益的是，這不僅是由 iEPCI 推動的，而且可能還受到我們市場影響力的推動，那就是每當需要對井筒進行幹預時，其發生的頻率都比設備高得多，因為設備的使用壽命為 25 至 35 年。

We come out -- we provide the services associated with giving the client access to the wellbore. So that's what I mean by that intermittent work. So -- and wellbores can fail within the first year, wellbores can fail within five years.

我們出來—我們提供與客戶進入井孔相關的服務。這就是我所說的間歇性工作。因此－井筒可能在第一年內失效，井筒可能在五年內失效。

The more intelligence and all that, that are put in the wellbores, it's just more opportunities for things to potentially need to be replaced or repaired, which means we are involved. So look, there is no doubt that we have -- the Subsea services business has grown substantially.

井筒中投入的智慧越多，需要更換或修理的東西就越多，這意味著我們參與其中。所以，毫無疑問，我們的海底服務業務已經大幅成長。

We I gave some prior guidance for this year at about $1.8 billion. As you know, that's almost double where we were not too long ago. So yes, very proud of our Subsea services business. It is a business that's going to -- it's not just the quality of the earnings associated with it, but it's having that leverage in that footprint and that sustainability and continuity.

我們之前對今年的預期是 18 億美元左右。如你所知，這幾乎是不久前的兩倍。是的，我對我們的海底服務業務感到非常自豪。這是一項業務——它不僅具有相關的收益質量，而且還具有影響力、可持續性和連續性。

So perhaps my remark about it being growing in line with the core business, which is also growing at a good rate, maybe made it seem understated, but that wasn't the intent.

因此，也許我說它的成長與核心業務同步，而核心業務也以良好的速度成長，可能讓它顯得低調，但這並不是我的本意。

Got it. Great, thanks for that. And my second question is just around fourth quarter. And if I sort of look at what the revenue guide is here for Subsea, it would look like you're highly covered with backlog like more than usual.

知道了。太好了，謝謝。我的第二個問題是關於第四季的。如果我看一下海底的收入指南，就會發現您的積壓訂單比平常多。

But I think there were some conversations during the quarter about some extra vessel downtime beyond normal seasonality. Maybe you could just unpack a little bit what's going on there, and maybe how we should think about how that progresses through the -- into the first quarter?

但我認為本季有一些關於正常季節性之外的一些額外船舶停工時間的討論。也許您可以稍微解釋一下那裡發生了什麼，也許我們應該考慮一下這件事在第一季會如何發展？

Sure, Marc, Alf here. So yes, you are right. First of all, we are well covered on the backlog. We did have a strong Q3, and -- but we are, as you point out, guiding Q4 down versus Q3. And that revenue is declining largely through the utilization of vessels.

當然，馬克，我是阿爾夫。是的，你是對的。首先，我們已經很好地處理了積壓的工作。我們的第三季確實表現強勁，但正如您所指出的，我們預計第四季的業績將低於第三季。而收入的下降主要是因為船舶的使用率下降。

We have this seasonal activity levels pretty much every year, where we see that decline, particularly in the North Sea. But overall, it's affecting our ability to go offshore and generate revenue. So that's there. And then we talked about the revenue -- the associated EBITDA decline.

我們幾乎每年都會看到這種季節性活動水準的下降，特別是在北海。但總體而言，這影響了我們走向海外並創造收入的能力。就是這樣。然後我們討論了收入——相關的 EBITDA 下降。

However, when you look at the big picture of where our guidance was in terms of revenue, we were at $8.6 billion of midpoint. And if you kind of take this all together between the Q3 and the Q4 performance, you'll see that there is an uptick and an expectation that we will be above midpoint for the full year when it's all said and done.

然而，當你從總體上看我們的收入預期時，我們的中點是 86 億美元。如果你把第三季和第四季的表現綜合起來看，你會發現有一個上升趨勢，並且我們預計當一切都結束後，全年的業績將高於中點。

Yes. All right, thanks, Alf. I'll turn it back.

是的。好的，謝謝，阿爾夫。我會把它轉回去。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi, good morning, Doug.

嗨，早上好，道格。

Good morning.

早安.

Doug, you gave some good color on 2026, and you gave that color early, a lot of good questions, but your revenue is still below the orders you have been booking for several years now, right? So there should be upside going forward. What I want to focus on bags as you enter deeper into the execution phase of this backlog, right? What are you focused on?

道格，你對 2026 年給出了很好的預期，而且你很早就給出了預期，提出了很多很好的問題，但你的收入仍然低於你幾年來預訂的訂單，對嗎？因此未來應該會有上漲空間。當您深入到這個積壓工作的執行階段時，我想重點關注的是袋子，對嗎？你關注的重點是什麼？

What are you looking at, especially among wondering both the installation, the side of things, the vessel side of the market, especially given some consolidation out there. Just maybe talk to the execution side of things as you execute on the backlog and orders you're booking.

您在關注什麼，特別是對安裝、事物方面、船舶市場方面感到疑惑，特別是考慮到那裡的一些整合。當您執行積壓訂單和預訂的訂單時，也許只需談論執行方面的事情。

Sure. I think the biggest thing to focus on, and we've talked about this previously on calls was just if leads the quality of the inbound, which obviously goes into the backlog, which then has to be executed. And what we know is we know there's more iEPCI, we know there's more 2.0, and that creates a significant level of confidence in our ability to be able to execute those projects. I said earlier, it came out on a couple of the earlier questions, it's all about relentless pursuit of the reduction of cycle time.

當然。我認為需要關注的最重要的事情是，我們之前在電話中討論過這個問題，那就是是否能夠引導入站的質量，這顯然會進入積壓工作，然後必須執行。我們知道的是，我們知道有更多的 iEPCI，我們知道有更多的 2.0，這對我們執行這些專案的能力產生了相當大的信心。我之前說過，這是針對之前的幾個問題提出的，都是關於不懈追求縮短週期時間。

Sure. That makes sense. It means our customers get a higher project return. It means they're happy for us to share a greater portion of the economic value that we create, but it also has to do with our internal efficiency.

當然。這很有道理。這意味著我們的客戶獲得更高的專案回報。這意味著他們樂意讓我們分享我們創造的更大部分經濟價值，但這也與我們的內部效率有關。

And again, being able to do more with the same or the same with the less, whatever scenario you might be in. But that's how we're able to ensure that we can deliver this backlog successfully for our clients and maintain that reputation and the honor position that we have with our client base today.

再說一次，無論你處於什麼情況，都可以用同樣的資源做更多的事情，或者用更少的資源做同樣的事情。但這就是我們能夠確保成功地為客戶交付這些積壓訂單並保持我們今天在客戶群中的聲譽和榮譽地位的方法。

Right, right. No, that makes sense, Doug. As maybe a quick one for you or maybe correct me if I'm wrong on this. I think I heard you talk about 55% normalized free cash flow conversion, right? And I think you were assuming neutral working capital in that, correct me if I'm wrong.

對，對。不，這很有道理，道格。這對你們來說可能是一個快速的解答，或者如果我錯了的話可以糾正我。我想我聽到您談論過 55% 的正常化自由現金流轉換，對嗎？我認為您假設營運資金是中性的，如果我錯了，請糾正我。

And then how does the order exceeding your revenue dynamic play into it, right, as long as orders are above your revenue, should we think that working capital should continue to be a tailwind? Maybe just spend a couple of minutes on that, Alf, please.

那麼訂單超過您的收入動態會如何發揮作用呢，對嗎，只要訂單高於您的收入，我們是否應該認為營運資金應該繼續成為順風？也許只需花幾分鐘時間討論一下這個問題，Alf。

Sure. So first of all, maybe the clarification maybe I made around our normalized working capital -- normalized free cash flow conversion. Again, I said that before, we have talked about it being 50%. And now as a guide at this point in time, we say that if you think about our EBITDA, we think we will be getting around 55% conversion from that EBITDA number if you assume working capital neutral. You're right about the dynamics of working capital being a variable to our business.

當然。首先，我可能要澄清一下我們的正常營運資本——正常自由現金流轉換。我再說一遍，我們之前討論過這個比例是 50%。現在作為此時的指導，我們說，如果您考慮我們的 EBITDA，我們認為，如果您假設營運資本中性，我們將從該 EBITDA 數字中獲得約 55% 的轉換率。您說得對，營運資本的動態是我們業務的一個變數。

And clearly, in a period of significant growth in inbound, providing that you can get the high-quality backlog that we've been able to do that gives us the ability to achieve early milestones and ongoing milestones in the projects and allowing us a consistent execution.

顯然，在入站業務顯著增長的時期，只要您能獲得我們能夠做到的高品質積壓，我們就有能力實現專案的早期里程碑和持續里程碑，並使我們能夠持續執行。

We have the ability to stay neutral or better which is always the ambition we have as we execute the incremental Subsea work. When you now look maybe a little bit at the inbound picture year-over-year as we kind of have similar inbound year after year.

我們有能力保持中立或更好，這始終是我們在執行增量海底工作時的目標。現在，您可以稍微看一下逐年增長的入境情況，因為我們每年的入境情況都差不多。

We may see some diminishing opportunities to incrementally build on that, but that's certainly always our ambition. But at this point, if I'm looking ahead, I wouldn't go much about neutral working capital at this point if you're looking ahead but that's certainly something to -- that we will come back and guide further on when we come back in February.

我們可能會看到一些逐步在此基礎上發展的機會越來越少，但這始終是我們的目標。但就目前而言，如果我展望未來，我不會過多談論中性營運資本，但這肯定是值得的——我們將在二月回來並進一步指導。

I got it. I got it. No, that's good. Okay, yeah guys, thank you. I'll send it back.

我得到了它。我得到了它。不，那很好。好的，是的，謝謝大家。我會把它寄回去。

Mark Wilson, Jefferies.

傑富瑞的馬克威爾遜。

Thank you all for your patience, for getting to me. Obviously, the adoption and the resilience of what you put in place here just jumps off the page yet again. And I'd say the ExxonMobil Hammerhead Subsea 2.0 awards seems to be the ultimate validation of that.

謝謝大家的耐心，謝謝你們對我的關注。顯然，您在這裡實施的措施的採用和彈性再次引人注目。我想說埃克森美孚 Hammerhead Subsea 2.0 獎項似乎是對此的最終驗證。

However, one part, Doug, I'd say that we haven't touched on is the question about installation capacity out there in the market, still essential for all clients. And obviously, you work with Saipem in Guyana at Hammerhead as well.

然而，道格，我想說我們還沒有觸及的一個問題是關於市場上的安裝容量的問題，這對所有客戶來說仍然至關重要。顯然，您也與圭亞那的 Saipem 公司的 Hammerhead 合作。

So could you just update us on TechnipFMC's view on that merger that's going on to Saipem7 in the market, and whether you see any impact from that regarding the vessel infrastructure you've spoken to in the past and indeed, if anything, worth commenting on your submissions regarding that process? Thank you.

那麼，您能否向我們介紹一下 TechnipFMC 對市場上正在進行的 Saipem7 合併的看法，以及您是否認為合併會對您過去談到的船舶基礎設施產生任何影響，如果有的話，是否值得對您關於該過程的意見進行評論？謝謝。

Sure, Mark, and thank you for your patience. So just a clarification. So well, first of all, thank you for the comments. Those are well received. Yes, the seventh project in Guyana was critical. The fact that 2.0 shows that evolution, that continued market adoption and with obviously a very important client to us.

當然，馬克，謝謝你的耐心。只是澄清一下。那麼，首先感謝您的評論。這些都受到了好評。是的，圭亞那的第七個項目至關重要。事實上，2.0 體現了這種演變、持續的市場採用，並且顯然對我們來說是一個非常重要的客戶。

The only thing I need to clarify is we don't work with Saipem in Guyana. So we do and our scope is our scope and then the installation scope is bid separately. So that question would really need to be answered by ExxonMobil, not by ourselves.

我唯一需要澄清的是，我們沒有與圭亞那的 Saipem 合作。所以我們這樣做，我們的範圍是我們的範圍，然後安裝範圍是單獨出價的。因此，這個問題確實需要由埃克森美孚來回答，而不是我們自己。

In regards to the merger, look, the regulators will make their decision. Our customers will make their decision. So they ever the regulator decides and then there's whatever behavior the clients decide on how they want to react.

關於合併，監理機關會做出決定。我們的客戶將做出他們的決定。因此，無論監管機構如何決定，客戶都會決定如何應對。

We are in a position where when asked or encouraged by our clients or the regulators to comment. We have a responsibility to comment, and we're just providing clarifications on market, market segmentation and the way that the market operates, but it will be what it will be.

當我們的客戶或監管機構要求或鼓勵我們發表評論時，我們就會這樣做。我們有責任發表評論，我們只是對市場、市場區隔和市場運作方式做出澄清，但事情就是這樣。

Keep in mind that we have this relentless pursuit of reduction of cycle time, meaning if we can now deliver a Subsea project in two years versus three years, I've created 33% more capacity with my existing fleet. So this is about being more efficient, having higher returns, not having more assets.

請記住，我們一直不懈地追求縮短週期時間，這意味著如果我們現在能夠在兩年內（而不是三年）完成一個海底項目，那麼我現有的船隊就創造了 33% 以上的產能。因此，這是為了提高效率、獲得更高的回報，而不是擁有更多的資產。

Appreciate the color, Doug. Thank you. I'll hand it back.

欣賞這顏色，道格。謝謝。我會把它還給我。

And I'll 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. If you have any further questions, please feel free to reach out to the Investor Relations team. Thank you for joining us.

我們的電話會議到此結束。這次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。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。

Regina, you may now end the call.

里賈納，你現在可以結束通話了。

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。