TechnipFMC PLC (FTI) 2025 Q4 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 fourth quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。在此，我謹代表 TechnipFMC 公司歡迎各位參加 2025 年第四季財報電話會議。（操作說明）

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

現在我謹將會議交給投資者關係和企業發展高級副總裁 Matt Seinsheimer 主持。請繼續。

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

謝謝你，雷吉娜。下午好，早上好，歡迎參加 TechnipFMC 2025 年第四季財報電話會議。您可以在我們的網站上找到我們今天早些時候發布的新聞稿和財務報表。

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

我想提醒各位注意，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商業狀況的預期、信念和假設，但它們受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些陳述中明示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. We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof.

可能導致我們實際業績與預期業績存在差異的已知重大因素已在我們最新的 10-K 報告、最新的 10-Q 報告以及其他定期向美國證券交易委員會提交的文件中進行了描述。我們謹此提醒您，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資訊。

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.

我們不承擔在作出前瞻性聲明之日後，因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務。

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

現在我想把電話交給 TechnipFMC 的董事長兼執行長 Doug Pferdehirt。

Thank you, Matt. Good afternoon and good morning to all. Thank you for participating in our fourth quarter earnings call. I am very proud to report our strong quarterly and full year results as we closed 2025 with solid operational momentum.

謝謝你，馬特。各位下午好/早安。感謝您參加我們第四季財報電話會議。我非常自豪地向大家報告我們強勁的季度和全年業績，我們在2025年末保持了穩健的營運勢頭。

Total company inbound for the year was $11.2 billion. Backlog ended the year at $16.6 billion. Total company revenue for the year grew 9% to $9.9 billion with adjusted EBITDA improving to $1.8 billion, an increase of 33% when compared to the prior year. Full year free cash flow increased to $1.4 billion and shareholder distributions grew to $1 billion, both more than double the levels achieved in the prior year.

全年公司入境總金額為112億美元。年底積壓訂單總額為166億美元。公司全年總營收成長 9% 至 99 億美元，調整後 EBITDA 增至 18 億美元，較上年成長 33%。全年自由現金流增至 14 億美元，股東分紅增至 10 億美元，均比上一年水準翻了一番以上。

Turning to Subsea. Orders in the quarter were $2.3 billion, resulting in $10.1 billion of inbound for the full year with iEPCI projects being the largest contributor of inbound in 2025. There was also continued momentum for new opportunities within existing basins with bp Tiber being our most recent iEPCI contract in the Paleogene. Notably, TechnipFMC has been awarded five of the six 20K projects sanctioned thus far.

轉向海底。本季訂單額為 23 億美元，全年訂單額為 101 億美元，其中 iEPCI 項目是 2025 年訂單金額的最大貢獻者。在現有盆地中，新的機會也持續湧現，其中 bp Tiber 是我們最近在古近紀簽訂的 iEPCI 合約。值得注意的是，TechnipFMC 已獲得迄今為止批准的六個 2 萬美元項目中的五個。

The widespread adoption of our differentiated offering has clearly been a catalyst for our commercial success. Over the last three years, we delivered on our goal to inbound more than $30 billion of subsea orders. This has driven Subsea backlog to $15.9 billion with legacy projects now representing less than 10% of backlog. Given our expectation for $10 billion of Subsea inbound in the current year, we anticipate further growth in backlog.

我們差異化產品的廣泛應用顯然是我們商業成功的催化劑。過去三年，我們實現了獲得超過 300 億美元海底訂單的目標。這使得海底工程積壓訂單總額達到 159 億美元，而傳統項目目前僅佔積壓訂單總額的不到 10%。鑑於我們預計今年海底工程進口額將達到 100 億美元，我們預計積壓訂單將進一步成長。

Direct awards, iEPCI and Subsea Services represent an increasing share of our inbound. In fact, this combination accounted for more than 80% of our total Subsea inbound in 2025. We continue to be selective in the work that we pursue. We prioritize projects that utilize our iEPCI and Subsea 2.0 configure-to-order offerings. And our services business has been a clear source of differentiation, leveraging the industry's largest installed base.

直接授予、iEPCI 和海底服務在我們入境業務中所佔比例越來越大。事實上，這種組合占我們 2025 年海底進口總量的 80% 以上。我們依然會謹慎選擇所從事的工作。我們優先考慮利用我們的 iEPCI 和 Subsea 2.0 按需配置產品的專案。我們的服務業務憑藉著業界最大的客戶基礎，成為了我們明顯的差異化優勢。

Most importantly, this high-quality inbound derisks project execution, enabling accelerated project timelines and increased schedule certainty. The inbound secured in 2025 also speaks to a change in customer behavior with more clients adopting a portfolio approach to offshore development.

最重要的是，這種高品質的入站資訊降低了專案執行的風險，從而加快了專案進度，提高了進度確定性。2025 年的入境投資也顯示客戶行為發生了變化，越來越多的客戶採用投資組合方式進行海外開發。

Instead of focusing on the next project exclusively, operators are taking a broader portfolio view of their opportunities, executing a vision for their entire asset base. An example of this mindset is simultaneous development of greenfield assets where operators execute multiple projects in parallel, industrializing the entire field.

營運商不再只專注於下一個項目，而是以更廣闊的視角看待他們的機遇，並為其所有資產制定願景。這種思維方式的一個例子是同時開發綠地資產，營運商並行執行多個項目，以實現整個油田的工業化。

Bp's approach to the Paleogene is an excellent example, where TechnipFMC is executing the Tiber and Kaskida projects at the same time, utilizing a consistent project methodology focused on our 20K equipment and integrated delivery.

BP 對古近紀地層的處理方式是一個很好的例子，TechnipFMC 同時執行 Tiber 和 Kaskida 項目，採用一致的項目方法，專注於我們的 20K 設備和整合交付。

To be clear, this is not business as usual. Historically, operators would wait for the completion of the first project to incorporate learnings into subsequent phases. Today, those benefits are seen as incremental to the more substantive improvements gained from a portfolio approach.

需要明確的是，這並非一切照舊。從歷史上看，營運商通常會等到第一個專案完成後，再將經驗教訓融入後續階段。如今，這些好處被視為投資組合方法所帶來的更實質改進的補充。

By executing as a single unit, operators benefit from integration and standardization that enable them to reach target production more quickly and economically than would be possible as stand-alone projects. This shift in customer focus from a single project to a more comprehensive portfolio view clearly benefits from our differentiation with TechnipFMC's iEPCI model and Subsea 2.0 solutions serving as key enablers of this change in behavior.

透過作為一個整體執行，營運商可以受益於整合和標準化，從而比作為獨立專案更快、更經濟地達到目標產量。客戶關注點從單一專案轉向更全面的產品組合視角，這顯然得益於我們與 TechnipFMC 的差異化優勢，我們的 iEPCI 模型和 Subsea 2.0 解決方案是促成這種行為轉變的關鍵因素。

The increased collaboration that comes with a portfolio approach also provides us with greater visibility into the project pipeline. Importantly, this early engagement provides us the greatest opportunity to help our customers more efficiently design and develop their entire program. Today, our clients are much more confident that they can build cost and schedule certainty into their expectations, and that is creating additional opportunities for our company.

採用專案組合管理方法帶來的協作增加，也讓我們對專案進度有了更清楚的了解。重要的是，這種早期介入為我們提供了最大的機會，可以幫助客戶更有效率地設計和開發他們的整個專案。如今，我們的客戶更有信心將成本和進度的確定性納入他們的預期，這為我們公司創造了更多機會。

This change in customer behavior also has a positive impact on the outlook for Subsea. We expect a greater share of capital spending to move offshore, where reservoirs are prolific, high-quality and accessible to many operators with attractive project economics that continue to improve. And we are seeing the impact of this change on our Subsea Opportunities list, with the latest update reflecting the sixth consecutive quarterly increase in value.

客戶行為的這種變化也對海底產業的前景產生了正面影響。我們預計，更大比例的資本支出將轉移到海上，因為海上油藏儲量豐富、質量高，而且對許多運營商來說都易於開採，項目經濟效益也極具吸引力，並且還在不斷提高。我們已經看到這項變更對我們的海底機會清單產生了影響，最新更新反映出該清單的價值連續第六個季度成長。

The list now highlights approximately $29 billion of opportunities for future development when using the midpoint of project values. This is the highest level ever recorded, and it was achieved even with a significant level of projects awarded in the period. And keep in mind, this only reflects a 24-month view and is not indicative of the full opportunity set for our company.

根據項目價值的中點數值計算，該清單目前列出了約 290 億美元的未來發展機會。這是有史以​​來的最高水平，而且是在這一時期授予了大量項目的情況下實現的。請記住，這僅反映了未來 24 個月的展望，並不代表我們公司面臨的全部機會。

There are multiple new frontiers under consideration for greenfield development, more than at any time I can remember. Greenfields are unique in that they provide a blank slate. They have no preexisting field infrastructure where legacy architecture and technologies can limit flexibility in future enhancements. This makes a portfolio approach very effective for accelerating development in new frontiers, reinforcing our confidence and continued strength in offshore activity through the end of the decade and beyond.

目前，綠地開發領域正在考慮多個新的方向，數量之多，是我記憶中最多的。綠地之所以獨特，是因為它們提供了一張白紙。他們沒有現成的現場基礎設施​​，因此傳統的架構和技術不會限制未來改進的靈活性。這使得投資組合策略能夠非常有效地加速新領域的開發，並增強我們對未來十年及以後在離岸業務方面的信心和持續實力。

I now want to close on a few key messages. First, 2025 was another year of exceptional performance for TechnipFMC. And I want to acknowledge the efforts of the 22,000 women and men across the globe. They take great pride in the company and are passionate about what they do. This is evident in our full year results, where continued strength in order inbound drove growth in high-quality backlog and continued strength in execution elevated the expansion in both EBITDA and free cash flow. This team has a strong desire to win and is unwavering in its commitment to deliver.

最後，我想強調幾個關鍵訊息。首先，2025 年對 TechnipFMC 來說又是業績表現卓越的一年。我還要感謝全球 22,000 名女性和男性的努力。他們以公司為榮，並對自己的工作充滿熱情。這一點在我們的全年業績中顯而易見，訂單流入的持續強勁推動了高品質積壓訂單的成長，而執行力的持續強勁則提高了 EBITDA 和自由現金流的成長。這支隊伍有著強烈的求勝慾望，並且堅定不移地致力於實現目標。

The second point I want to convey is that 2025 was another major milestone for TechnipFMC, but we are far from achieving optimal performance. We had great commercial, operational and financial success in the year, but the groundwork for these results was set in motion many years ago with our introduction of new commercial models and configure-to-order product architecture and our internal focus on the principles of simplification, standardization and industrialization.

我想表達的第二點是，2025 年是 TechnipFMC 的另一個重要里程碑，但我們距離最佳效能還很遠。我們在這一年中取得了巨大的商業、營運和財務成功，但這些成果的基礎早在多年前就已奠定，當時我們引入了新的商業模式和按需配置的產品架構，並且我們內部專注於簡化、標準化和工業化原則。

While the impact of these changes is real and sustainable, we are confident that considerable upside remains. And much like our current success, it won't be dependent upon any one driver. We are confident that we will deliver further advancements in integrated execution.

雖然這些變化的影響是真實存在的，並且具有可持續性，但我們相信仍有相當大的上升空間。就像我們目前的成功一樣，它不會依賴任何一個關鍵因素。我們有信心在整合執行方面取得進一步進展。

We will benefit from an expansion in configure-to-order offerings as we adopt them across more product platforms, and we will deliver greater operating leverage than what has historically been achieved in our industry.

隨著我們在更多產品平台上採用按需配置產品，我們將受益於按需配置產品的擴展，並且我們將實現比我們行業歷史上所取得的更大的營運槓桿。

Finally, I want to reiterate our commitment to the relentless pursuit of the reduction of cycle time. The actions we have taken, which are ultimately focused on driving project returns higher, clearly demonstrate our ability to create sustainable value for our customers and real differentiation for our company.

最後，我想重申我們致力於不懈地追求縮短週期時間。我們採取的行動，最終都是為了提高專案回報，這清楚地表明了我們有能力為客戶創造可持續的價值，並為公司帶來真正的差異化優勢。

We know that our work is not complete. We know that more value can be created. And with a culture focused on continuous improvement in everything we do, we also know that we have the right strategic mindset in place to make offshore investment an even bigger and more sustainable opportunity.

我們知道我們的工作還沒有完成。我們知道可以創造更多價值。而且，我們秉持著持續改善的文化，深知我們擁有正確的策略思維，能夠使海外投資成為更大、更永續的機會。

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

現在我將把電話交給阿爾夫，讓他來討論我們的財務表現。

Thanks, Doug. Revenue in the quarter was $2.5 billion. Adjusted EBITDA was $440 million when excluding $52 million of restructuring, impairment and other charges and a foreign exchange gain of $1 million.

謝謝你，道格。本季營收為25億美元。調整後的 EBITDA 為 4.4 億美元，不包括 5,200 萬美元的重組、減損和其他費用以及 100 萬美元的外匯收益。

Turning to segment results. In Subsea, revenue of $2.2 billion decreased 5% versus the third quarter. The sequential decline was primarily due to lower activity in the North Sea and Latin America, offset in part by higher activity in Asia Pacific.

接下來查看細分市場結果。海底業務收入為 22 億美元，比第三季下降 5%。這一輪環比下降主要是由於北海和拉丁美洲的活動減少，但亞太地區的活動增加部分抵消了這一影響。

Adjusted EBITDA was $416 million, down 18% sequentially, primarily driven by seasonally lower vessel-based activity and reduced fleet availability due to higher scheduled maintenance in the period. Adjusted EBITDA margin was 18.9%.

經調整的 EBITDA 為 4.16 億美元，環比下降 18%，主要原因是季節性船舶活動減少以及由於該期間計劃維護增加導致船隊可​​用性降低。調整後 EBITDA 利潤率為 18.9%。

For the full year, Subsea revenue grew 11% versus the prior period with Subsea adjusted EBITDA margin up 340 basis points to 20.1%.

全年來看，海底業務營收較上年同期成長11%，海底業務調整後EBITDA利潤率成長340個基點至20.1%。

In Surface Technologies, revenue was $323 million, a decrease of 2% from the third quarter. The sequential decrease was driven by lower activity in North America and timing of project-related activity in the Middle East, partially offset by higher activity in Asia Pacific.

表面技術業務收入為 3.23 億美元，比第三季下降 2%。北美地區的活動減少以及中東地區專案相關活動的安排導致環比下降，但亞太地區的活動增加部分抵消了下降。

Adjusted EBITDA was $58 million, an increase of 8% sequentially, due to higher services activity in the Middle East and operational efficiencies related to business transformation initiatives. Adjusted EBITDA margin was 18%, up 160 basis points from the third quarter. For the full year, adjusted EBITDA margin improved 170 basis points to 16.7% even with revenue essentially flat when compared to the prior period.

經調整後的 EBITDA 為 5,800 萬美元，環比成長 8%，主要得益於中東地區服務業務的成長以及與業務轉型計畫相關的營運效率的提高。調整後 EBITDA 利潤率為 18%，比第三季成長 160 個基點。全年來看，儘管營收與去年同期基本持平，但調整後的 EBITDA 利潤率仍提高了 170 個基點，達到 16.7%。

Turning to Corporate and Other items. Corporate expense was $35 million. Net interest expense was $5 million and tax expense was $33 million. Cash flow from operating activities was $454 million with capital expenditures totaling $94 million in the quarter. This resulted in free cash flow of $359 million. Free cash flow for the full year was $1.45 billion.

接下來是公司及其他事項。公司支出為3500萬美元。淨利息支出為 500 萬美元，稅金支出為 3,300 萬美元。本季經營活動產生的現金流量為 4.54 億美元，資本支出總額為 9,400 萬美元。這帶來了 3.59 億美元的自由現金流。全年自由現金流為14.5億美元。

We repurchased $168 million of stock in the fourth quarter. When including $20 million of dividends, total shareholder distributions were $188 million. For the full year, total shareholder distributions more than doubled versus the prior year to $1 billion. Cash and cash equivalents ended the year at $1 billion. Our net cash position increased to $602 million.

我們在第四季回購了價值 1.68 億美元的股票。加上 2,000 萬美元的股息，股東分紅總額為 1.88 億美元。全年來看，股東分紅總額比前一年翻了一番多，達到 10 億美元。年末現金及現金等價物為10億美元。我們的淨現金部位增加至 6.02 億美元。

Moving to our financial outlook. We have provided detailed guidance for the year in our earnings release. I will now provide additional color on the guidance and our first quarter outlook.

接下來談談我們的財務展望。我們在獲利報告中提供了全年的詳細業績指引。接下來，我將對業績指引和第一季展望做進一步說明。

Starting with Subsea. During the fourth quarter, we incurred restructuring charges related to simplification and industrialization actions being taken to further improve operating efficiency. As Doug indicated, our financial results and operating momentum remains strong, but we know we can achieve even more. These actions will deliver sustainable improvements in 2026 with additional benefits to be realized beyond the current year.

從海底開始。第四季度，我們因採取簡化和工業化措施以進一步提高營運效率而產生了重組費用。正如道格所指出的，我們的財務表現和營運動能依然強勁，但我們知道我們還能取得更大的成就。這些措施將在 2026 年帶來可持續的改善，並在今年以後帶來更多好處。

With that in mind, we are updating our previous Subsea guidance provided in October. We now expect revenue of $9.4 billion with adjusted EBITDA margin of 21.5% at the midpoint of the full year range. This implies growth in Subsea adjusted EBITDA of 16% when compared to 2025.

有鑑於此，我們正在更新先前於 10 月發布的海底作業指導意見。我們現在預計全年營收為 94 億美元，調整後 EBITDA 利潤率為 21.5%（取全年預期範圍的中位數）。這意味著與 2025 年相比，海底業務調整後 EBITDA 將成長 16%。

For the first quarter, we anticipate subsea revenue to increase low single digits sequentially, while adjusted EBITDA margin is expected to improve approximately 50 basis points from the 18.9% reported in the fourth quarter.

我們預計第一季海底業務收入將環比實現低個位數成長，而調整後的 EBITDA 利潤率預計將比第四季報告的 18.9% 提高約 50 個基點。

Moving to Surface Technologies. We are guiding to full year revenue of just over $1.2 billion with adjusted EBITDA margin improving to 17.25% at the midpoint of the guidance range. For the first quarter, we anticipate Surface Technologies revenue to decline approximately 10% when compared to fourth quarter results with an adjusted EBITDA margin of approximately 16.5%.

轉向表面技術。我們預計全年營收將略高於 12 億美元，調整後 EBITDA 利潤率將提高至預期範圍中位數的 17.25%。我們預計第一季表面技術營收將比第四季下降約 10%，調整後的 EBITDA 利潤率約為 16.5%。

And turning to Corporate. We are guiding to full year expense of $120 million with an expectation that we will incur approximately $40 million in the first quarter.

然後轉向企業界。我們預計全年支出為 1.2 億美元，其中第一季預計支出約為 4,000 萬美元。

Lastly, I want to comment on our free cash flow guidance. We remain committed to a very disciplined asset-light approach to capital management. We anticipate capital expenditures to approximate $340 million for the full year, representing just over 3% of revenue. Additionally, we expect full year free cash flow to be in a range of $1.3 billion to $1.45 billion. This would imply free cash flow conversion of approximately 65% at the midpoint of guidance.

最後，我想對我們的自由現金流預期發表一些看法。我們始終堅持以非常嚴謹的輕資產方式進行資本管理。我們預計全年資本支出約為 3.4 億美元，佔收入的 3% 多一點。此外，我們預計全年自由現金流將在 13 億美元至 14.5 億美元之間。這意味著按照預期中位數計算，自由現金流轉換率約為 65%。

And as previously indicated, we expect to return at least 70% of free cash flow to shareholders in 2026 through dividends and share repurchases.

如同先前所指出的，我們預計在 2026 年將至少 70% 的自由現金流透過股利和股票回購返還給股東。

In closing, I am very proud that we delivered on our financial targets in 2025. When excluding foreign exchange, we increased total company adjusted EBITDA to $1.8 billion, an increase of 33% versus 9% growth in revenue.

最後，我非常自豪地宣布，我們實現了 2025 年的財務目標。剔除外匯因素後，公司調整後 EBITDA 總額增至 18 億美元，增幅達 33%，而營收僅成長了 9%。

We drove strong improvement in adjusted EBITDA margin for Subsea and Surface Technologies with increases of 340 and 170 basis points, respectively. And we delivered growth in total company backlog to $16.6 billion, up 15% from the prior year.

我們推動了海底和地面技術業務調整後 EBITDA 利潤率的大幅提升，分別成長了 340 個基點和 170 個基點。公司總積壓訂單金額成長至 166 億美元，較上年成長 15%。

I'm also proud to share our full year guidance for 2026, which reflects continued operational momentum with total company adjusted EBITDA expected to exceed $2.1 billion at the midpoint of our guidance items. This represents growth in adjusted EBITDA of 15% versus 2025 when excluding foreign exchange with margin expansion in both segments.

我也很高興與大家分享我們對 2026 年全年的業績展望，這反映了公司持續的營運勢頭，預計公司調整後的 EBITDA 總額將超過 21 億美元（按我們預期項目的中位數計算）。不計外匯影響，這意味著與 2025 年相比，調整後 EBITDA 將成長 15%，兩個業務部門的利潤率均有所提高。

Lastly, we expect strong cash conversion from our growing EBITDA. And given the flexibility provided by our strong balance sheet, you should expect us to return the majority of this free cash flow to our shareholders.

最後，我們預計不斷成長的 EBITDA 將帶來強勁的現金轉換率。鑑於我們強勁的資產負債表所提供的靈活性，您應該會預期我們將大部分自由現金流返還給股東。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

(Operator Instructions) Arun Jayaram, JPMorgan Securities.

（操作員指示）Arun Jayaram，摩根大通證券。

Doug, I wanted to see if you could elaborate on your thoughts on margin expansion potential from industrializing the SURF process. And you talked about this morning in your prepared remarks about delivering further advancements in your integrated project execution. So just wondering if you could maybe shed some light on your thoughts on industrializing the SURF process to drive margins higher.

Doug，我想請你詳細闡述一下你對SURF製程工業化帶來的利潤擴張潛力的看法。今天上午，您在準備好的發言稿中談到了在綜合專案執行方面取得進一步進展。所以我想問您，能否就SURF製程的工業化以提高利潤率提出一些看法？

Thank you, Arun. Look, I'd be happy to. As I noted in, I think, a prior quarter, when we started down the path of industrialization and the configure-to-order product architecture, which we call Subsea 2.0, that was prior to the merger. So we're obviously focused on the assets that reside on the seabed because that what was within the scope of FMC Technologies at the time. As a fully integrated company, we now have access to not only the seabed but the water column in addition.

謝謝你，阿倫。我很樂意。正如我在上個季度提到的那樣，當我們開始走上工業化和按需配置產品架構的道路時，我們稱之為 Subsea 2.0，那是在合併之前。所以，我們顯然專注於海底資產，因為那是當時 FMC Technologies 的業務範圍。作為一家完全一體化的公司，我們現在不僅可以進入海底，還可以進入水體。

So that is where our focus is now, is to expanding that configure-to-order applications and all the efficiency gains and all the improvements in terms of reduction of cycle time for our clients and improved project certainty in terms of the delivery of the projects, which our clients benefit from, to the remainder of the subsea environment you're referring to the SURF or, if you will, the water column.

所以，我們現在的重點是擴展按需配置的應用，以及所有效率提升和改進，例如縮短客戶的周期時間，提高專案交付的確定性，讓我們的客戶從中受益，並將這些優勢擴展到您提到的其他海底環境，也就是 SURF，或者如果您願意的話，水柱。

I will say this. I think that the opportunities there are as substantial as the opportunities we are experiencing now from the Subsea 2.0 architecture on the seabed.

我要說的是…我認為那裡蘊藏的機會與我們現在從海底 2.0 架構中獲得的機會一樣巨大。

Great, great. And just my follow-up, Doug, is you mentioned how 10% of your backlog is legacy, call it, maybe lower margin kind of backlog from a few years ago. But as you look at the margins that you're booking in backlog today relative to your Subsea 2026 guide of 21.5% for EBITDA.

太好了，太好了。Doug，我還有一個後續問題，你提到你的積壓訂單中有 10% 是幾年前遺留的、利潤較低的積壓訂單。但當你檢視一下你目前積壓訂單的利潤率，以及你2026年海底業務EBITDA指導值21.5%時，你會發現情況並非如此。

Can you talk about how much visibility do you have on further margin expansion Subsea? How many years of margin expansion do you see when you think about that backlog versus what you've guided to this morning?

您能否談談您對海底業務利潤率進一步提升的預期？考慮到目前的積壓訂單量，以及您今天早上給出的預期，您認為利潤率還有多少年的擴張空間？

Sure. So let me start by confirming that we are inbounding at a level that is accretive to our backlog margin. And that's important. And that will obviously flow through revenue and then ultimately through EBITDA, EBITDA margin. So you will see that. And as you know, we have a substantial backlog already, which is very high quality, and we're adding additional quality to that.

當然。首先，我要確認的是，我們目前的訂單量水準能夠提升我們的積壓訂單利潤率。這一點很重要。這顯然會體現在收入上，並最終體現在 EBITDA 和 EBITDA 利潤率上。所以你會看到的。如您所知，我們已經有大量的積壓訂單，這些訂單的品質都非常高，而且我們還在不斷提高這些訂單的品質。

Look, I've said this publicly, I want our clients to win. And if our clients win, they like us to win as well. So this isn't about pricing or this isn't about margin. This is about the relentless pursuit of reduction of cycle time and certainty.

我公開說過，我希望我們的客戶獲勝。如果我們的客戶贏了，他們也希望我們贏。所以這與定價無關，也與利潤率無關。這是關於不斷追求縮短週期時間和提高確定性的過程。

If I can sit down with a client and show them that we have the unique capability and the only ones who can deliver them a project on a significantly shorter time frame, accelerating their time to first hydrocarbon and giving them certainty in that outcome, then I share a greater economic value that I create.

如果我能與客戶坐下來，向他們展示我們擁有獨特的能力，並且是唯一能夠在更短的時間內交付專案的人，從而加快他們獲得首個碳氫化合物的時間，並讓他們對結果有信心，那麼我就能分享我所創造的更大的經濟價值。

So we feel that we have a long way to go in terms of the reduction of cycle time. Remember, this industry, we just started this with the creation of TechnipFMC. We have a long way to go. We talked about it in response to the first part of your question. There's even more scope within our own remit, let alone further innovation that we are working on today as well.

因此，我們感覺在縮短生產週期方面還有很長的路要走。記住，我們這個產業，是從創建 TechnipFMC 開始的。我們還有很長的路要走。我們在回答你問題的第一部分時已經討論過這個問題了。在我們自身的職責範圍內還有更大的發展空間，更不用說我們目前正在進行的其他創新工作了。

So that is our focus. That's what we think about every single day. That's why we make our customers win. And that's why we win as well.

這就是我們的重點。我們每天都在思考這個問題。這就是我們幫助客戶成功的原因。這就是我們獲勝的原因。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Doug, you mentioned the renewed interest in greenfield developments. Just wanted to see if you could unpack that a bit more for us. Obviously, hearing exploration mentioned on some customer calls, but just how widespread is the renewed interest in exploration across your customer base and across geographies?

道格，你提到了人們對新建案重新燃起的興趣。我想請您再詳細解釋一下。顯然，我們在一些客戶電話中聽到了對探索的提及，但是這種對探索的重新興趣在您的客戶群和各個地區究竟有多普遍呢？

Yes, Scott. I'm going to parse the question just a little bit, right? Because there's greenfield developments and then there's exploration. And you're right to point out, exploration leads to future greenfield developments. But I want to make sure everybody recognizes or appreciates that there are substantial greenfield developments where the exploration has already been done.

是的，斯科特。我來稍微分析一下這個問題，好嗎？因為有新建項目，也有勘探項目。你說的沒錯，勘探會為未來的綠地開發帶來發展機會。但我希望確保每個人都能認識到或欣賞到，在勘探工作已經完成的情況下，還有大量的綠地開發項目。

These projects didn't move forward for a variety of reasons, including take everything I said to Arun's question in the inverse. The industry wasn't good about reducing cycle time. The industry was not good about certainty in terms of delivery.

這些項目未能推進的原因有很多，包括…（請將我對 Arun 問題的回答反過來理解）。該行業在縮短生產週期方面做得併不好。該行業在交貨確定性方面做得併不好。

And because of that, the economics didn't necessarily support those projects to move forward. So we're seeing quite a few greenfield developments that the exploration has been done, that, if you will, have been in the queue.

正因如此，經濟因素未必能支持這些項目向前邁進。所以我們看到很多綠地開發項目，勘探工作已經完成，可以說，這些項目一直在排隊等待開發。

In addition to that, you're hearing about increases in exploration budgets. You're hearing about new emerging basins being identified, be it the equatorial margin in Brazil. We're hearing about Colombia now. I mean, almost every day, we wake up hearing new news of new opportunities in the offshore environment. We would humbly like to think that's because we've given our customers the confidence and the ability to go back and really scrub that portion of their portfolio or their reserve base and look for those opportunities.

除此之外，你還會聽到勘探預算增加的消息。你聽過一些新發現的盆地，像是巴西的赤道邊緣盆地。我們現在聽到的都是關於哥倫比亞的消息。我的意思是，幾乎每天我們醒來都會聽到有關海上環境新機會的消息。我們謙虛地認為，這是因為我們讓客戶有信心和能力重新審視他們的投資組合或儲備金的這一部分，並尋找這些機會。

So really, Scott, they're quite global in nature. And I'm only parsing the fact that this isn't about waiting on seismic and waiting on exploration drilling. That's happening and that's good because that will continue to feed the hopper, if you will, and I kind of referred to that when I talked about through the end of the decade and beyond. But as importantly, there are opportunities out there that are being accelerated right now, and we have the tools and the kit and the ability necessary to accelerate those developments for our customers.

所以說，斯科特，它們實際上具有很強的全球性。我只是想說明，這件事與等待地震勘探和等待勘探鑽井無關。這種情況正在發生，而且是好事，因為這將繼續為發展提供動力，我在談到本十年末及以後的發展時也提到過這一點。但同樣重要的是，現在有許多機會正在加速發展，我們擁有必要的工具、設備和能力來加速這些發展，從而為我們的客戶創造價值。

I appreciate that. And then a quick follow-up on Arun's question around the SURF standardization. It sounds like there's a big opportunity here, and I remember having a detailed discussion with you maybe a year ago or so about it. And I know this takes a while to execute on. But where do you stand in that process?

我很感激。然後，我們快速跟進一下 Arun 關於 SURF 標準化的問題。聽起來這裡蘊藏著巨大的機遇，我記得大約一年前我曾就此與你進行過詳細的討論。我知道這需要一段時間才能完成。但你在這個過程中處於什麼位置？

And kind of how much more is there to go?

還有多遠的路要走？

Yes. I thought I was going to get away without committing to it, Scott, so thanks for circling back.

是的。史考特，我以為不用做出承諾就能蒙混過關，所以謝謝你再聯絡我。

Well, I wasn't going to let you.

我本來就沒打算讓你得逞。

That's fair. Look, we've been working on it for a bit. We're impatient. Our customers are impatient, and that's a good thing. But we want to make sure we do it right.

這很合理。你看，我們已經為此努力了一段時間了。我們等不及了。我們的顧客缺乏耐心，這是一件好事。但我們希望確保我們把事情做好。

But look, there will be more to come and we'll be excited to share that news with the industry.

但是，未來還會有更多消息，我們將非常高興地與業界分享這些消息。

Mark Wilson, Jefferies.

馬克威爾遜，傑富瑞集團。

I'd like to ask, Doug, about the point you make about you see considerable upside still. And just to check how clearly returns have been coming through. Margin has been improving three years now of $10 billion inbound in Subsea and another $1 billion to come and more opportunities in greenfield than you've ever seen.

道格，我想問你關於你提到的「仍然有很大的上漲空間」這一點。也要確認一下收益狀況是否清晰。海底領域利潤率已連續三年提高，新增投資額達 100 億美元，未來還將新增 10 億美元，綠地開發的機會也比以往任何時候都多。

So could I ask regarding the volume you see able to continue to do going forward, considering that CapEx also remaining just 3% of revenue?

那麼，考慮到資本支出僅佔收入的 3%，您認為未來能繼續維持這樣的銷售量是多少呢？

You spoke in the past about no expansion to roofline was a key element of previous years. In terms of the capacity that's within this business, should there be more of a response beyond, I don't know, the $10 billion level? How much volume capacity do you think there is within your existing setup? And I think I particularly speak to the Subsea 2.0, if that's done at two of your three facilities.

你之前說過，不擴大屋頂線是前幾年的關鍵因素。就該產業的產能而言，是否應該有超過，比如說，100億美元的規模的更大幅度的反應？您認為您現有的設備能容納多少體積的材料？我覺得我特別想談談 Subsea 2.0，如果你們三個設施中有兩個都採用了這項技術的話。

Thank you, Mark. I definitely knew I wasn't going to get away with this one. So it's a fair question, and let me give you a direct response. So as you pointed out, we've had a healthy rate of inbound. We've had $30 billion over three years.

謝謝你，馬克。我很清楚這次我肯定瞞不住。所以這是一個很合理的問題，讓我直接回答你。正如你所指出的，我們的入境率一直很健康。三年內我們獲得了 300 億美元。

We just now reaffirmed the $10 billion for 2026 but we're also showing a Subsea Opportunity list that is really expanding at a rate that we have not seen before.

我們剛剛重申了 2026 年 100 億美元的目標，但我們也展示了一份海底機會清單，該清單正以前所未有的速度擴張。

If you look at the number of projects that were awarded in this quarter, i.e., they came out of the Subsea Opportunity list, we're talking about the net increase. But if you look at the gross increase, it was quite substantial and there's others to come.

如果你看本季授予的項目數量，也就是從海底機會清單產生的項目數量，我們談論的是淨增長。但從總成長額來看，增幅相當可觀，而且未來還會有更多成長。

So as we look forward, and you're right, you're hearing this from our clients, which is more important. We're just basically gathering that information and sharing that with you. Their focus is on offshore. Their focus is on developing offshore reserves. Their focus is on adding reserves by focusing on offshore opportunities. And again, we're seeing that happen around the world across our client set.

所以展望未來，你說得對，你現在聽到的都是來自客戶的回饋，這才是最重要的。我們只是在收集這些信息，然後與您分享。他們的業務重點是離岸業務。他們專注於開發海上油氣資源。他們的目標是透過關注海上機會來增加儲量。而且，我們在世界各地的客戶群中都看到了這種情況。

And as we've talked about before, our client set has expanded quite dramatically 3 times to 4 times what it was historically. There's many new companies that are operating and performing offshore subsea developments enabled by the simplicity and the ability to work with one company, TechnipFMC, in an iEPCI 2.0 direct award manner.

正如我們之前討論過的，我們的客戶群已經大幅擴張，是以往的 3 到 4 倍。由於 iEPCI 2.0 直接授予方式的簡便性和與 TechnipFMC 一家公司合作的能力，許多新公司得以開展海上海底開發業務。

But if I really kind of encapsulate your whole question and, to me, what it really comes down to is, is this $10 billion a magic number? Or where do we go from here? And I want to be very, very clear that the Subsea Opportunity list is both growing and accelerating, and we fully expect that this will be reflected in inbound order growth in 2027 and beyond

但如果我真的要概括你的整個問題，對我來說，問題的關鍵在於，100億美元是一個神奇的數字嗎？我們接下來該何去何從？我想非常明確地指出，海底業務機會清單正在不斷增長並加速成長，我們完全預期這將在2027年及以後反映在訂單成長上。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Doug, I wanted to go back to your comments around your portfolio approach, specifically bp's Tiber and Kaskida. Maybe could you help provide us with tangible examples of how Tiber is leveraging the engineering and equipment progress with Kaskida to help drive down cost and increase your efficiencies?

Doug，我想回到你之前關於投資組合策略的評論，特別是關於 bp 的 Tiber 和 Kaskida。您能否提供一些具體的例子，說明 Tiber 如何利用 Kaskida 在工程和設備方面的進步來幫助降低成本並提高效率？

Ultimately, just trying to understand more what this means for your earnings power and margins moving forward, if you have more of this portfolio approach from your customers.

最終，我只是想多了解，如果你的客戶更多地採用這種投資組合方式，這對你未來的獲利能力和利潤率意味著什麼。

Sure, Derek. And look, all the credit goes to bp. We're humbled in order to be their partner in the Paleogene. I want to start with that. Working together in many, many discussions, we came to the conclusion that there was a different way of working than the historical way of working together.

當然可以，德瑞克。你看，所有的功勞都歸於英國石油公司。能夠成為他們在古近紀的合作夥伴，我們深感榮幸。我想先從那件事開始。經過多次討論，我們最終得出結論：我們需要一種不同於以往合作方式的工作方法。

And when we looked at it, we knew we wanted to go towards standardization. We knew we wanted to have repeatability, the old saying, design one, build many.

當我們審視這個問題時，我們就知道我們想要走向標準化。我們知道我們需要可重複性，正如那句老話所說，設計一個，製造多個。

But when you have large gaps of time and distance in between projects, when you introduce new project directors on both sides, our side, their side, when you introduce new engineering teams, both sides, our side, their side, et cetera, et cetera.

但是，當專案之間間隔時間長、距離遠，當雙方（我們這邊、他們那邊）都引入新的專案總監，當雙方（我們這邊、他們那邊）都引進新的工程團隊，等等等等。

And then you get into the supply chain and you're dealing with the supply chain that you turn on, you turn off, you turn on, you turn off, you're never going to get those efficiencies.

然後你進入供應鏈，你處理的是一條你開啟、你關閉、你開啟、你關閉的供應鏈，你永遠無法獲得那些效率。

So bp decided to take a very different approach. We are extremely humbled and honored to be part of it. I don't want to get into, if you will, the dollar savings because I think that would be not appropriate for me to do. That's more bp's business. But they clearly are benefiting.

因此，英國石油公司決定採取截然不同的方法。我們深感榮幸和謙卑，能夠參與其中。我不想談論具體的美元節省情況，因為我覺得我不適合談論這個話題。那更多是英國石油公司的業務。但他們顯然從中受益了。

We clearly are benefiting as a result of the ability to be able to have continuity, visibility and continuity into our own manufacturing, also being able to have one single project team instead of sending up two teams and in the supply chain because our suppliers benefit from that visibility and that continuity as well.

顯然，我們受益於自身生產的連續性、可視性和穩定性，也受益於只需一個專案團隊而不是派出兩個團隊，供應鏈中的供應商也受益於這種可視性和連續性。

So again, I don't like to talk about margin. I'd like to talk about improving Subsea project returns, which benefits our customer and also benefits us.

所以，我還是不喜歡談利潤率。我想談談如何提高海底工程專案的報酬率，這既有利於我們的客戶，也有利於我們自己。

Got it. No, that's very helpful. I appreciate that. And then maybe on Subsea Services, clearly a differentiator for the company. I think you previously guided that it should grow in line with your top line growth, which we have the guidance on.

知道了。不，這很有幫助。我很感激。然後，或許在海底服務方面，這顯然是公司的差異化優勢。我認為您之前曾表示，它應該與公司營收成長保持同步成長，我們也得到了這方面的指導。

But maybe could you touch upon what your expectations are for the Subsea Services side of things? Is this an expectation around $1.92 billion for the year? Just maybe some more color and help on how we should think about services as we look into 2026.

不過，您能否談談您對海底服務的期望？這是對全年19.2億美元左右的預期嗎？或許可以再補充一些細節，幫助我們更能思考2026年的服務業發展方向。

So again, in line with revenue, so let's call it $2 billion.

所以，根據收入情況，我們姑且稱之為 20 億美元。

Victoria McCulloch, RBC.

維多利亞麥卡洛克，加拿大皇家銀行。

Just one for me on Surface Technologies, I guess, to slightly discussion, but a similar theme. You've seen a material increase in the margin over the past 12 months in Surface Technologies. You attribute it in the presentation to operational efficiencies. This is what you spoke to us about a year ago. But can you give us an idea of how this compares to your expectation and how this was delivered?

我只想就 Surface 技術方面提一點意見，雖然討論起來可能有點複雜，但主題類似。過去 12 個月，表面技術產業的利潤率顯著提高。你在報告中將其歸因於營運效率的提升。這就是你大約一年前跟我們談的內容。您能否告訴我們這與您的預期相比如何，以及實際交付情況如何？

And again, on that, on Surface Technologies, how much more is there to achieve there?

再說一遍，關於表面技術，還有多少可以達成的成就？

Look, very proud of the segment. As we talked about in a prior call, we took a decision to really look at that business, make some tough decisions, really focus on the right customers in the right geographies utilizing the right technologies, so if you will, high grading our portfolio. That isn't a business, when you focus on market share, that ends up very well. So we took a different approach, and we said, look, we're going to focus on quality, not quantity, and we're going to high grade our portfolio.

你看，我對這個環節非常滿意。正如我們在之前的電話會議中討論的那樣，我們決定認真審視這項業務，做出一些艱難的決定，真正專注於在合適的地區使用合適的技術服務合適的客戶，也就是說，對我們的產品組合進行升級。如果只關注市場份額，那不是真正的商業模式，最終結果往往不盡人意。所以我們採取了不同的方法，我們說，我們要注重品質而不是數量，我們要提升我們投資組合的品質。

We've done that. It's performing very well, as you can see as a result of that. There were some incremental benefits in Q4. But as we move forward, we expect this segment to continue to operate at a very high level. It's now 65% of our business in Surface Technologies is in our international portfolio.

我們已經做到了。正如你所看到的，它的表現非常出色。第四季出現了一些增量收益。但展望未來，我們預期這項業務部門將持續維持非常高的營運水準。目前，我們在表面技術領域的業務中有 65% 來自國際市場。

We continue to benefit from the investments that we've made both in Saudi Arabia as well as in Abu Dhabi in terms of local content, local manufacturing. And so yes, that's how I would summarize.

我們在沙烏地阿拉伯和阿布達比的投資，包括在地化生產和本地製造，讓我們持續受益。所以，是的，這就是我的總結。

The outlook remains difficult because of the North America market. But we obviously benefit from the strength of having the majority of our portfolio outside of the North American market.

由於北美市場的原因，前景依然艱難。但很顯然，我們受益於我們的大部分投資組合位於北美市場之外的優勢。

And maybe just a follow-up to look at Subsea. Can you talk to us a bit about how your discussions with customers have been in a very choppy macro environment, but then reflecting how there is greater CapEx moving offshore? And we are seeing pressure certainly, and discussion points around resources and reserves alike.

或許還可以跟進海底領域。您能否談談在宏觀環境動盪不安，但資本支出不斷向海外轉移的情況下，您與客戶的討論是如何進行的？我們確實看到了壓力，也看到了圍繞資源和儲備的討論點。

Those are conflicting, I guess, points but more is being added to the Subsea. Do you think that potentially the market is more caught up in the stock pricing than your customers are when they have discussions with you? And how much does that benefit TechnipFMC from a, I guess, pricing perspective?

這些觀點似乎相互矛盾，但海底領域仍不斷增加新的內容。您是否認為，在與您交談時，市場可能比您的客戶更關注股票價格？那麼，從定價的角度來看，這對 TechnipFMC 來說有多大好處呢？

Sure. I would describe it this way. One of the benefits of being in the offshore market is our customers -- some of that near-term choppiness, if you will, is smoothed out. They understand, these are prolific reserves. These are prolific reserves.

當然。我會這樣描述它。進入離岸市場的好處之一就是我們的客戶—某些短期波動會被平緩化解。他們明白，這些都是儲量豐富的礦藏。這些都是儲量豐富的礦藏。

So when they're going after these, they have a denominator that's much different than any other investment opportunity they have in their portfolio.

所以當他們追求這些投資機會時，他們的目標與投資組合中的任何其他投資機會都大不相同。

So all that they're looking for is obviously a forward view of the commodity price and a confidence in the ability to execute the project both from their team as well as from the industry. And this has been the biggest change that has occurred in the last several years, is they have regained their confidence because of what we have created with TechnipFMC with the Subsea 2.0 configure-to-order product line and with our commitment to them and to the investment community of our relentless pursuit of the reduction of cycle time.

所以，他們顯然所尋求的只是對商品價格的前瞻性預測，以及對自身團隊和產業執行專案能力的信心。而這便是近幾年來發生的最大變化，他們重拾了信心，這得益於我們與 TechnipFMC 共同打造的 Subsea 2.0 按需配置產品線，以及我們對他們和投資界的不懈努力，即不斷縮短生產週期。

So we don't talk about price. We talk about improving project returns, which benefit our clients. As I said earlier, if it benefits our clients, it benefits us. And once you get that mindset and you get out of a fixed asset mindset of day rate utilization and pricing, you can really change your conversation with the clients.

所以我們都不談價格。我們探討如何提高專案回報，從而使我們的客戶受益。正如我之前所說，如果這對我們的客戶有利，對我們也有好處。一旦你轉變了思維方式，擺脫了按日計費和定價的固定資產思維模式，你就可以真正改變你與客戶的對話方式。

We have a seat at the table far earlier than anyone else, and they give us visibility, now as they look and take a project approach, that is unprecedented because they like what we're doing and they want to make sure that they have the access to our iEPCI 2.0 solution, which leads to this level of direct awards that is now over 80% of our business is direct awarded to our customer and never goes out to a competitive tender.

我們比任何人都更早獲得了參與決策的機會，他們現在給予我們前所未有的關注和專案管理方式，因為他們喜歡我們正在做的事情，並且希望確保他們能夠獲得我們的 iEPCI 2.0 解決方案，這促成了我們目前超過 80% 的業務直接授予客戶，而無需進行公開招標。

Dave Anderson, Barclays.

戴夫安德森，巴克萊銀行。

This is [Eddie] who came on for Dave who had a prior commitment this morning. Doug, you mentioned operators are increasingly taking a portfolio approach to their opportunities. Of course, this provides you with greater visibility on Subsea orders. But does this also maybe result in more content with this approach, where developing two projects simultaneously results in more content for you than if developed one after the other?

這是艾迪，他頂替了今天早上有事要忙的戴夫。道格，你提到營運商越來越多地採用投資組合的方式來把握機會。當然，這能讓您更清楚地了解海底訂單的情況。但是，這種方法是否也可能產生更多內容呢？同時開發兩個專案是否比先後開發兩個專案能產生更多內容？

And do you expect more companies to start to adopt this portfolio approach going forward? Or is this really limited to a few select majors?

您認為未來會有更多公司開始採用這種投資組合策略嗎？或者這真的僅限於少數特定專業？

Sure, Eddie. Thank you. In regards to the approach, you're on to something. Very astute. Remember, we're the architects.

當然可以，艾迪。謝謝。就方法而言，你確實抓住了要點。非常精明。記住，我們是建築師。

So when we're talking about either a portfolio approach or an integrated FEED study leading to an integrated EPCI study, we are the architects. Now we will always design the field to ensure the best suitability for the reservoir, the best in terms of the relentless pursuit of reduction of cycle time.

所以，當我們談論投資組合方法或綜合 FEED 研究以進行綜合 EPCI 研究時，我們就是建築師。現在，我們將始終以油田設計為目標，確保其最適合油藏，並不斷追求縮短週期時間。

But clearly, we are going to make sure that if we have any technologies that are applicable that are going to help meet those objectives, that we're going to incorporate those into the architecture. So the benefit of being the architect and the builder, if you will, it's pretty clear that there are benefits of being able to do both. And we're uniquely positioned as the only company that has the capability to do both. So that's the position we're in. So yes, to your point, it does create opportunities.

但很顯然，我們將確保，如果我們有任何適用的技術可以幫助實現這些目標，我們將把這些技術融入架構中。所以，身兼建築師和建造者兩職的好處顯而易見，能夠同時做這兩件事是有好處的。而我們是唯一一家有能力同時做到這兩點的公司，這讓我們擁有獨特的優勢。這就是我們目前的處境。所以，你說得對，這確實創造了機會。

Now in terms of the portfolio approach, look, you have to have the asset base, right? So not all clients have a reservoir that has a clear line of sight to doing multiple greenfield developments. Sometimes it's a one-off development. And that's absolutely fine. That's absolutely normal.

就投資組合策略而言，你看，你必須要有資產基礎，對吧？因此，並非所有客戶都擁有可以進行多個新建專案且視野開闊的水庫。有時這只是一次性事件。完全沒問題。這完全正常。

But where clients have the ability to do multiple greenfield developments within a area, if you will, it's certainly applicable to any client. And bp is not the only one. I thought it was appropriate to pass the message about bp and what they're doing to Paleogene because it was a recent award, and I do think it's appropriate to do so. But others are looking at the same approach.

但是，如果客戶有能力在一個區域內進行多個全新開發項目，那麼這當然適用於任何客戶。而且，英國石油公司並非唯一一家。我認為有必要傳達有關 bp 及其對古近紀生物所作所為的信息，因為這是最近才頒發的獎項，而且我認為這樣做是合適的。但其他人也在考慮採用同樣的方法。

Got it. So a number of signs pointing to a 2027 inflection in offshore activity that seems to be reflected in your growing Subsea Opportunity list. But could you talk to customer behavior and what you're seeing from them? You've consistently mentioned sort of this growing shift of capital into offshore. I guess what innings do you think we're in, in terms of operators shifting capital to offshore?

知道了。因此，許多跡象表明，2027 年海上活動將出現轉折點，這似乎也反映在您不斷增長的海底機會清單中。但是，您能否談談客戶行為以及您從他們身上觀察到的情況？你一直提到資本不斷向海外轉移的現象。我想問你，就營運商將資金轉移到海外而言，我們目前處於哪個階段？

Just wanted to get your sense of if most operators are already there at this point or if we're still in the early stages of this capital shift into offshore.

我只是想了解一下，目前大多數營運商是否已經進入這一階段，還是我們仍處於資本轉移到離岸的早期階段。

Good question. And I don't want to answer on behalf of my clients. That would be inappropriate. I'm a service guy, I always have been. I know where I am in the food chain.

問得好。我不想代表我的客戶回答這個問題。那樣做不合適。我是一名服務人員，一直都是。我知道自己在食物鏈中的位置。

I would just look at their behavior. And I think what you're seeing in their behavior is they are in the very early stages and they see a long runway ahead.

我只會觀察他們的行為。我認為從他們的行為可以看出，他們還處於非常早期的階段，他們看到了一條漫長的道路要走。

Caitlin Donohue, Goldman Sachs.

Caitlin Donohue，高盛集團。

Doug, you mentioned the iEPCI and Subsea 2.0, representing a good portion of total Subsea in orders in 2025. Can you speak to your long-term expectations for this continued adoption? How do you see this flowing through to further margin expansion over the next few years?

Doug，你提到了 iEPCI 和 Subsea 2.0，它們在 2025 年的海底訂單總量中佔相當大的比例。您能否談談您對這種持續採用方式的長期預期？您認為這將如何促進未來幾年利潤率的進一步提升？

Great question, Caitlin. We've identified -- we said that the iEPCI was the majority of our inbound orders this past year, which is really quite substantial. A new product architecture like Subsea 2.0 figure-to-order, introducing that into the market is one challenge. An even greater challenge is when you change the commercial model. So look, there was a point in time -- it was a few years ago admittedly.

問得好，凱特琳。我們已經確定——我們說過，去年 iEPCI 占我們入境訂單的大部分，這確實相當可觀。將像 Subsea 2.0 這樣的新型產品架構按訂單生產並推向市場是一項挑戰。當你改變商業模式時，挑戰會更大。所以你看，確實有那麼一段時間──那是幾年前的事了。

But there was a point in time where I said if we could achieve one third of our orders from iEPCI or the integrated approach, that would be substantial. We're obviously well beyond that. And when you look at the different applications around the world, neither iEPCI or Subsea 2.0 have any sort of a technical limit or commercial limit that they both couldn't go to 100%. What I did allude to in my prepared remarks, though, is in legacy fields, is Subsea 2.0 backwards compatible? Yes.

但曾經有一段時間，我說過，如果我們能透過 iEPCI 或整合方式獲得三分之一的訂單，那將是巨大的成就。我們顯然已經遠遠超越了那個階段。當你觀察世界各地的不同應用時，無論是 iEPCI 還是 Subsea 2.0，都沒有任何技術限製或商業限制，它們都可以達到 100%。不過，我在準備好的演講稿中確實提到了一點，那就是在傳統領域，Subsea 2.0 是否向下相容？是的。

Is iEPCI applicable in brownfield, greenfield, emerging markets, mature markets? Yes. But sometimes you will find customers who just want to either repeat the past because it's a small tieback and maybe the last activity in that field or that region for them.

iEPCI是否適用於現有專案、新建專案、新興市場和成熟市場？是的。但有時你會發現一些客戶只是想重蹈覆轍，因為這與他們之前的聯繫很小，而且可能是他們在那個領域或那個地區的最後一次活動。

So I think there's always going to be a percentage. But Caitlin, it's a fair challenge. And I think that we certainly approach every opportunity as iEPCI 2.0 until proven otherwise. And you will see and continue to see both iEPCI and 2.0.

所以我認為總是會存在一定比例。但是凱特琳，這的確是個公平的挑戰。而且我認為，在事實證明並非如此之前，我們肯定會把每個機會都視為 iEPCI 2.0 的機會。你會看到並將繼續看到 iEPCI 和 2.0。

As a result of that, you'll see iEPCI 2.0 continue to grow in our inbound.

因此，您將會看到 iEPCI 2.0 在我們的入站業務中持續成長。

That's helpful. And then just one more question on the Subsea 1Q revenue guide. I know it's the increase sequentially of low single digits. Is that just more of a comment on a little bit less of that muted seasonality we're seeing in 1Q as a result of some of these macro factors? Or there are certain regions that you can call out that you're really looking out for some of this increased activity through 2026?

那很有幫助。最後還有一個關於海底業務第一季營收預期的問題。我知道這是逐位數的小幅成長。這是否更反映了由於某些宏觀因素的影響，我們在第一季看到的季節性波動有所減弱？或者，您可以特別指出某些地區，您特別關注這些地區在 2026 年之前日益增長的活動？

Sure. I'm going to give that to Alf and he'll get into that detail. But if you don't mind, I'd like them just to first kind of summarize the revision to the 2026 guidance because I don't want that to get lost on the call. It was an important element.

當然。我會把這個交給阿爾夫，他會深入研究細節。但如果您不介意的話，我希望他們先簡要概括一下 2026 年指南的修訂內容，因為我不想在電話會議中遺漏這一點。這是一個重要因素。

Thanks for the question. So first of all, just to summarize, we did raise Subsea guidance, as you probably all noted. It's an important piece of reaching company EBITDA for the year. The adjusted EBITDA, we expect to be -- adjusted EBITDA, about $2.1 billion. So that is built on a lot of the things that Doug talked about already.

謝謝你的提問。首先，總結一下，正如大家可能都注意到的，我們確實提高了海底業務的業績預期。這是實現公司年度 EBITDA 目標的重要組成部分。我們預計調整後的 EBITDA 為——調整後的 EBITDA 約為 21 億美元。所以，這建立在道格之前談到的很多內容之上。

We clearly achieved our inbound objective in 2025. We have a growing opportunity list. We are committed to $10 billion and have a solid path to that. The high-quality backlog, all of those things come together and gives us confidence. And then the Subsea Services revenue and growth on top is giving us a $2 billion business.

我們已在 2025 年圓滿實現了入境目標。我們的機會清單正在不斷增加。我們致力於實現100億美元的目標，並且已經制定了切實可行的實現路徑。高品質的待辦事項清單，所有這些因素加在一起，給了我們信心。再加上海底服務業務的收入和成長，我們的業務規模達到了 20 億美元。

So we thought it was important, as we were overall initiating guidance for the company, to update this. If you look at the margin profile of Subsea, and again, I want to point out that we are introducing through the restructuring charges we've taken this quarter, we're initiating actions, and we are further taking actions in 2026 to further boost our margin expansion, not only in '26 but also beyond. And I think with what Doug said, we are very focused on driving revenue and margin expansion into the years beyond 2026.

因此，我們認為，鑑於我們正在為公司製定整體指導方針，更新這一點非常重要。如果你看一下海底業務的利潤率情況，我想再次指出，我們透過本季提列的重組費用，正在採取措施，並且我們將在 2026 年進一步採取措施，以進一步提高我們的利潤率，不僅是 2026 年，而且是未來。我認為，正如道格所說，我們非常注重在 2026 年以後推動營收和利潤率的成長。

Regarding the Q1, it is definitely what you were talking about. There is nothing big happening or anything structural that you should think about more than the seasonality. We continue to have two quarters a year, where several of our vessels in our fleet is either drydocked.

關於問題1，那肯定就是你之前說的問題。除了季節性因素之外，沒有什麼大事發生，也沒有什麼結構性問題需要特別考慮。每年我們都會有兩個季度，我們船隊的幾艘船需要進行乾船塢維修。

They might be in for maintenance or some sort of upgrade and taking advantage of the slower period, in particular in the North Sea area. And that's what you see pronounced, and you will continue to see some of that in the first quarter.

它們可能正在進行維護或升級，並利用這段較為清閒的時期，尤其是在北海地區。這就是你所看到的明顯現象，在第一季你還會看到一些這樣的現象。

But there is nothing really otherwise. The underlying run rate of our Subsea business is very strong. And then coupled with all the things that we already said about our outlook and our ability to expand margins, we're confident in the overall guidance that we have given for Subsea.

但除此之外，別無他法。我們海底業務的基本運作速度非常強勁。再加上我們之前提到的關於前景和擴大利潤率能力的所有因素，我們對我們為海底業務給予的整體指導充滿信心。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

Doug, I'm going to ask you if you could to quantify two things to the extent you're able to. So first, on this portfolio approach that you're talking about and working with the customers, can you maybe help us understand how much of the sales funnel of opportunities that you're looking at? And I realize we've got the Subsea opportunity slide and then there's like all these other discussions that you're having that might not be on the slide.

道格，我想請你盡可能量化兩件事。首先，關於您提到的這種投資組合方法以及您與客戶的合作方式，您能否幫助我們了解您正在關注銷售管道中的機會的多少？我知道我們已經有了海底商業機會的幻燈片，但你們可能還在進行其他一些討論，這些討論可能沒有出現在幻燈片上。

So if you sort of take that together, is there a percentage of the stuff that you're discussing with customers that would be part of a portfolio approach? And then as we think about $10 billion of orders this year, more than $10 billion in '27 and beyond, what proportion of those orders would be coming from the portfolio approach?

所以，綜合考慮這些因素，你與客戶討論的內容中，有多少比例屬於投資組合方法的一部分？然後，當我們考慮今年 100 億美元的訂單，以及 2027 年及以後超過 100 億美元的訂單時，這些訂單中有多少比例會來自投資組合策略？

Yes. Mark, hard to put a hard number on it only because, as I said earlier, it depends on the client and it depends upon their portfolio in that particular geography, if you will, because when you do the portfolio approach, it's more focused around a particular reservoir or a particular geography.

是的。馬克，很難給出一個確切的數字，因為正如我之前所說，這取決於客戶，也取決於他們在特定地區的投資組合，因為當你採用投資組合方法時，它會更加集中於特定的油藏或特定的地區。

So I would say today, it's a smaller portion, but it's something that our customers are responding well to and, I think, looking at their own future developments,and seeing where and how it could be applied within their own opportunity list.

所以我覺得，雖然目前佔比較小，但我們的客戶對此反應良好，而且我認為，他們正在考慮未來的發展，看看這項技術可以在他們自己的商機清單中如何應用。

So I guess that's the big difference, Mark, is we're sitting down looking at their opportunity list instead of, as we were in the past, sitting around waiting to receive a request for tender. So very different seat at the table than we used to have.

所以我想這就是最大的區別，馬克，我們現在是坐下來查看他們的機會清單，而不是像過去那樣，坐在那裡等待收到招標邀請。我們現在所處的地位和以前截然不同了。

Yes. Okay. That's helpful. And then the other thing to quantify, and this is really just to maybe level set and understand. You talked about 80% of the orders being direct awarded, right, so with services and iEPCI and so forth.

是的。好的。那很有幫助。還有另一件事需要量化，這實際上只是為了設定一個基準線並加以理解。你剛才提到 80% 的訂單是直接授予的，對吧，包括服務和 iEPCI 等等。

How much of revenue is coming from direct awarded projects maybe in '25, '26 and '27? Just so we can get a sense of the progression on the revenue side and maybe versus what the order percentage is.

2025年、2026年和2027年，直接授予的專案能帶來多少收入？這樣我們就可以了解收入方面的進展情況，以及訂單百分比是多少。

Sure, Marc. So I think if you go back just a couple of years, we used to talk about 50%. I think two years ago, maybe one year ago, we started talking about 70%, this year, 80%. Projects take two to three years to flow through. So I think that gave a pretty good road map, and that's obviously going to benefit us going forward.

當然可以，馬克。所以我覺得，如果回顧幾年前，我們通常會談到 50%。我想兩年前，或許一年前，我們開始談論 70%，而今年，是 80%。專案通常需要兩到三年才能完成。所以我認為這為我們未來的發展提供了一個很好的路線圖，這顯然對我們未來的發展是有益的。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Doug, maybe I'll just dig into the whole Subsea Opportunity list discussion. The one thing that I'm noticing, Doug, is that there are more and more projects that are gas-directed versus just oil-directed, right? We remember a decade back, anybody struck a big gas reservoir, it used to be a disappointing moment, right? But we are more and more developing these bigger reservoirs that are part of the opportunity list.

道格，或許我應該深入研究海底機會清單的討論。道格，我注意到的一點是，越來越多的專案是以天然氣為導向的，而不是僅以石油為導向的，對吧？我們還記得十年前，如果有人發現了大型天然氣儲層，那通常是一件令人失望的事，對吧？但我們正在越來越多地開發這些大型水庫，它們也是發展機會的一部分。

But for you as the subsea architect, how much difference does it make if a project is oil versus gas? Is there any revenue intensity impact? Anything we should read into the complexity and, by extension, margin impact potentially down the road from just the whole oil versus gas dynamic in subsea?

但對於您這位海底建築師來說，石油項目和天然氣項目之間究竟有多大區別？對營收強度有影響嗎？我們應該從海底石油與天然氣市場的整體動態中解讀出什麼，以及由此可能對未來利潤率產生的影響嗎？

No, it's a great observation. It actually is something we internally had anticipated would happen a bit sooner than it has happened. But we are seeing a shift towards gas, and that's partly driven by there was quite an expansion in terms of LNG capacity around the world.

不，這真是個絕妙的觀察。事實上，我們內部原本就預料到這件事會比現在更早發生。但我們看到能源結構正在向天然氣轉變，這部分是由於全球液化天然氣產能的大幅擴張所致。

That's slowing down but you got to feed that. And I guess, the dots that people don't necessarily connect is other than in the US and Russia, almost all LNG is fed by offshore reservoirs, not onshore reservoirs. That's a generalization but it's directionally correct.

雖然增速放緩，但你還是得繼續投入。我想，人們未必能將這一點連結起來的是，除了美國和俄羅斯之外，幾乎所有的液化天然氣都是由海上儲層而非陸上儲層供應的。這雖然是概括性的說法，但方向是對的。

So okay, two things happen. One, you have to develop the offshore assets therefore to feed gas. But then over time, you now have a massive investment in an LNG facility. You have to continue to feed that with gas. So you almost commit yourself to continuing doing subsea developments offshore once you build that LNG facility.

好的，現在發生了兩件事。第一，你必須開發海上資產來供應天然氣。但隨著時間的推移，你現在對液化天然氣設施進行了巨額投資。你必須不斷地給它供氣。所以，一旦建成液化天然氣設施，你幾乎注定要繼續進行海上海底開發。

So we see that happening around the world and we're obviously a beneficiary of that. In terms of gas versus oil, we love everybody equally. That being said, a gas tree tends to be as a higher unit cost than oil tree, and it typically has to do with a more corrosive environment and the velocities that we need to be able to control and operate safely in a subsea environment.

所以我們看到這種情況在世界各地都在發生，而我們顯然也是其中的受益者。就天然氣和石油而言，我們對它們一視同仁。也就是說，天然氣採油樹的單位成本往往比石油採油樹高，這通常是因為海底環境腐蝕性更強，我們需要控制和安全地操作海底環境中的流速。

So net-net, a gas equipment tends to be more complex. It's better for us because it's more differentiated, and that's who we are. It fits better. It just creates even greater differentiation versus the rest of the industry. But either way, we'll take either one. We're just here to help our customers reach their objective.

總的來說，燃氣設備往往更複雜。這對我們來說更好，因為它更具差異化，而這正是我們自身的特徵。它更合身。這只會使其與業內其他公司形成更大的差異化。但無論如何，我們都會接受其中任何一個。我們存在的目的是幫助客戶實現他們的目標。

Got it. Right. Okay, okay. That's fantastic color, Doug. And then Alf, maybe one for you on the whole free cash flow discussion.

知道了。正確的。好的，好的。道格，這顏色太棒了！然後，Alf，或許我可以就自由現金流的討論問你一個問題。

Like you said, '26 guidance implies 65% conversion out of EBITDA at the midpoint. But we were talking about orders. Working capital is a big part of it, right? So if orders start to inflect again from that $10 billion annualized run rate in '27 and beyond, working capital should be a tailwind, again, just how you get paid from a timing perspective, right?

如你所說，2026 年的績效指引意味著 EBITDA 中位數轉換率為 65%。但我們當時在討論訂單。營運資金是其中很重要的一部分，對吧？因此，如果訂單量在 2027 年及以後再次從 100 億美元的年化運行率回升，營運資金應該會再次成為一個有利因素，就像你從時間角度獲得報酬一樣，對吧？

So are we looking at a prolonged period, two to three years, where so free cash flow conversion out of EBITDA is going to be higher than that 55% working capital neutral number we were talking about on the last call?

所以我們是否會看到一段較長的時期（兩到三年），在此期間，EBITDA 的自由現金流轉換率將高於我們在上次電話會議上討論的 55% 的營運資本中立數字？

Thanks for the question. So first of all, your observation is correct. We've had, first of all, a really strong and exceptionally strong free cash flow generation this past year, I think our cash conversion is actually mathematic close to 80%.

謝謝你的提問。首先，你的觀察是正確的。首先，過去一年我們的自由現金流非常強勁，我認為我們的現金轉換率實際上接近 80%。

And it is, in terms of the foundation for this, is always going to be both commercial and operational execution towards your goals. And that is the foundation of improving our working capital.

從根本上來說，這始終是朝著你的目標進行商業和營運執行。這就是改善我們營運資金的基礎。

Now we are setting ourselves up for another strong year. We are clearly improving working capital once again from the same variables that I talked about, the commercials and operational side. And as well, we couldn't forget that our CapEx is being kept at a 3.2% level. However, having said that, looking out several years, there's always a mix of orders, et cetera, so you can never fully predict.

現在我們正為迎接另一個強勁的年份做好準備。我們顯然再次從我剛才提到的那些變數（商業和營運方面）改善了營運資金。此外，我們也不能忘記，我們的資本支出一直保持在 3.2% 的水平。不過話雖如此，展望未來幾年，總會有各種各樣的訂單等等，所以你永遠無法完全預測。

But in general, if we are able to continue to have good commercial success in terms of how work is falling into where we have commercial strengths to realize and, as well, we need to execute on this because it's not just commercial we'll be setting up, we need to execute on this. There is opportunity to continue this.

但總的來說，如果我們能夠繼續在商業上取得成功，讓工作落入我們擁有商業優勢的領域，我們還需要執行這些工作，因為我們不僅要建立商業關係，還需要執行這些工作。我們有機會繼續這項工作。

But I would caution against just assuming that you can in perpetuity keep putting up better and better working capital numbers. Because every year, you start at a better position, and you need to improve from there.

但我建議不要想當然地認為你可以永遠不斷地提高營運資本指標。因為每年你的起點都比去年好，你需要在此基礎上不斷進步。

And there are still, from some of the cash that you're collecting, you still need to execute, and that creates timing of where outflows could be higher. So I won't speculate out more, more than say that '26 is going to be a really, really good year where we improve working capital again. But I still think we need to focus on the neutral when we look in the very long term.

而且，在你收到的部分現金中，你仍然需要執行一些操作，這就造成了支出時間上的差異，某些時候的支出可能會更高。所以我不會再做更多推測，我只想說，2026 年將會是非常非常好的一年，我們將再次改善營運資金狀況。但我認為，從長遠來看，我們仍然需要關注中性因素。

Yes. No, that makes sense, Alf, right? I mean, the whole point is that yours a very low capital intensity business, right? So on a through-cycle basis, your free cash flow power would be really strong. That's what I wanted to just get into.

是的。沒錯，阿爾夫，你說得有道理，對吧？我的意思是，關鍵在於你們的業務是低資本密集的，對吧？因此，從整個經濟週期來看，您的自由現金流能力將非常強勁。那就是我想要深入了解的內容。

Yes. Thank you. Clearly confirmed.

是的。謝謝。已明確證實。

Paul Redman, BNP Paribas.

保羅‧雷德曼，法國巴黎銀行。

You mentioned earlier that you are the only company that is an architect and a developer. But I also wanted to ask, what are the risks about replication on iEPCI or Subsea 2.0 with your competitors? Because a company generating such fantastic margins growth, growth in backlog, you'd assume that companies would like to pick up and think about how, we could possibly challenge this. Are you seeing any actions by customers to copy what you're doing? Is it copyable?

您之前提到過，貴公司是唯一一家既是建築師又是開發商的公司。但我還想問，在 iEPCI 或 Subsea 2.0 領域與競爭對手複製有哪些風險？因為一家公司能夠產生如此驚人的利潤成長和訂單積壓成長，你可能會認為其他公司會想要抓住機會思考如何才能挑戰這種局面。您是否觀察到客戶有任何模仿您做法的行為？可以複製嗎？

Sure, Paul. The short answer is it's difficult. Many years ago, back in 2017, I said it took us four years, so kind of an idea of how much detailed engineering program it requires. Look, can others do it? Yes.

當然可以，保羅。簡而言之，這很難。很多年前，也就是 2017 年，我說過我們花了四年時間，所以大家可以大致了解它需要多麼詳細的工程方案。你看，其他人能做到嗎？是的。

We have never said we're the only ones that can do it. We were the only ones who chose to do it. We chose the path of integration while either our others have chosen a path of consolidation. Just a difference in strategy. We're going to stick with our strategy.

我們從未說過只有我們能做到。只有我們選擇了這樣做。我們選擇了整合之路，而我們的其他團隊則選擇了鞏固之路。只是策略不同而已。我們將繼續執行我們的策略。

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·塞恩斯海默，讓他做最後的總結演講。

Thank you. This concludes today's conference call. A replay of the call will be available on our website beginning at approximately 3 PM New York time today. If you have any further questions, please feel free to reach out to the Investor Relations team.

謝謝。今天的電話會議到此結束。本次電話會議的錄音重播將於今天紐約時間下午3點左右在我們的網站上提供。如果您還有其他疑問，請隨時聯繫投資者關係團隊。

Thank you for joining us. Regina, you may now end the call.

感謝您的參與。Regina，你可以結束通話了。

This does conclude our call today. Thank you again for joining. You may now disconnect.

今天的通話到此結束。再次感謝您的參與。您現在可以斷開連線了。