TechnipFMC PLC (FTI) 2026 Q1 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 first quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 TechnipFMC 2026 年第一季財報電話會議。(接線員指示)

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

現在我想將會議交給投資人關係與企業發展資深副總裁 Matt Seinsheimer。請開始。

Thank you, Regina. Good morning, and good afternoon, and welcome to TechnipFMC's first quarter 2026 earnings conference call. Our news release and financial statements issued earlier today can be found on our website.

謝謝你，Regina。各位早安、午安，歡迎參加 TechnipFMC 2026 年第一季財報電話會議。我們今天稍早發布的新聞稿與財務報表可在公司網站上查閱。

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.

我想提醒各位注意本次電話會議中所作的任何前瞻性陳述。儘管這些前瞻性陳述係基於我們對未來發展與營運環境的目前預期、信念與假設，但仍可能受到若干風險與不確定性影響，致使實際結果與這些陳述所明示或暗示者存在重大差異。

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. 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.

可能導致我們實際結果與預測結果不同的已知重大因素，已載於我們最新的 10-K、最新的 10-Q，以及向美國證券交易委員會提交的其他定期申報文件中。我們提醒各位勿過度依賴任何前瞻性陳述；該等陳述僅截至本日為止有效。對於在作成後因新資訊、未來事件或其他原因而需公開更新或修訂任何前瞻性陳述，我們不承擔任何義務。

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

接下來我將把電話會議交給 TechnipFMC 董事長兼執行長 Doug Pferdehirt。

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

謝謝你，Matt。各位早安、午安。感謝各位參與我們第一季財報電話會議。

Our quarterly results reflect strong operational performance throughout the company, driven by solid execution. Total company revenue in the period was $2.5 billion. Adjusted EBITDA was $453 million with a margin of 18.2% when excluding foreign exchange. Free cash flow was $277 million with total shareholder distributions of $285 million in the quarter. This early momentum positions us well to achieve our full-year financial targets.

本季業績反映公司整體強勁的營運表現，主要受惠於扎實的執行力。本期公司總營收為 25 億美元。若排除外匯影響，調整後 EBITDA 為 4.53 億美元，利潤率為 18.2%。自由現金流為 2.77 億美元，本季對股東的總回饋為 2.85 億美元。這股早期動能使我們具備良好條件達成全年財務目標。

Turning to Subsea. Orders in the quarter were $1.9 billion, driven by robust services and unannounced project activity. Our inbound highlights the importance of strong and enduring customer relationships as we continue to benefit from a high level of direct awards to our company. Importantly, we see a strengthening trend in order activity as we move through the year, supporting our confidence in achieving $10 billion of Subsea orders in 2026.

接著談海底（Subsea）業務。本季訂單為 19 億美元，主要由強勁的服務業務與未公告的專案活動所帶動。我們的新增訂單凸顯穩固且長期的客戶關係之重要性，因為我們持續受惠於大量直接授予本公司的合約。更重要的是，隨著年度推進，我們看到訂單活動呈現增強趨勢，支持我們對於 2026 年海底業務訂單達到 100 億美元的信心。

Turning to the Middle East. Our thoughts are first and foremost with the people who have been affected. The well-being of our employees and their families is paramount. We took immediate and comprehensive measures to ensure the safety of our teams in the region. We were able to operate safely with minimal disruption.

接著談中東地區。我們首先且最重要的關切，是所有受影響的人們。員工及其家人的福祉至關重要。我們立即採取全面措施，以確保區域內團隊的安全。我們得以在安全情況下營運，且干擾降至最低。

As a reminder, only 4% of our revenue is derived from the Middle East. This is almost entirely related to work we execute through onshore activities within our Surface Technologies segment. Our offshore operations in Subsea have not been impacted.

提醒各位，我們僅有 4% 的營收來自中東。這幾乎完全與我們在地面技術（Surface Technologies）事業部門透過陸上活動所執行的工作相關。我們在海底業務的離岸作業未受影響。

Even before the conflict, the queue of potential deepwater projects had been expanding over the last five years. The significant impacts to both security and energy supply resulting from the conflict are likely to have lasting impacts on the perceived risk assigned to the region. We believe this builds further momentum in the ongoing shift in capital flows toward offshore developments with the potential to accelerate opportunities in markets with extensive infrastructure, including the US Gulf and the North Sea in regions with previously discovered and well identified resources that can add material volumes to an operator's reserve base such as West Africa.

即使在衝突發生之前，過去五年潛在深水專案的排隊量就已持續擴大。衝突對安全與能源供應造成的重大影響，可能會對市場對該地區所賦予的風險認知產生長期影響。我們認為，這將進一步推動資本持續轉向離岸開發的趨勢，並可能加速在具備完善基礎設施的市場中的機會，包括美國墨西哥灣與北海；同時也包括如西非等地區，擁有先前已發現且資源辨識度高的儲量，可為營運商的儲量基礎帶來可觀增量。

Our Subsea opportunities list highlights several of these opportunities. With our quarterly update, the list now identifies approximately $30 billion of opportunities for potential award over the next 24 months, representing the seventh consecutive quarterly increase in value.

我們的海底業務機會清單凸顯了其中若干機會。隨著本季更新，該清單目前辨識出未來 24 個月內可能授標、約 300 億美元的機會，價值已連續第七季增加。

Over the last two years, this list has grown by more than 30% when using the midpoint of project values. While all global regions have experienced growth during this time, the most significant increases have come from Africa, Asia Pacific, and the North Sea. The average project size has expanded to nearly $800 million driven by more than doubling our potential developments over $1 billion versus just two years ago.

過去兩年，以專案價值中位數計算，該清單已成長超過 30%。雖然全球各區域在此期間皆有成長，但增幅最顯著的來自非洲、亞太與北海。平均專案規模擴大至接近 8 億美元，主要因為相較於兩年前，我們潛在開發案中金額超過 10 億美元者已增加逾一倍。

Additionally, this list now includes 22 distinct clients, which speaks to our expanding customer base. This trend has been supported by our unique capabilities an integrated execution as demonstrated by our proven iEPCI model.

此外，該清單目前涵蓋 22 家不同客戶，顯示我們的客戶基礎正在擴大。此一趨勢受惠於我們獨特的能力與整合式執行方式，並已由我們經驗證的 iEPCI 模式所展現。

Looking ahead, we believe there will be a step-up in inbound orders in 2027 and extending through the end of the decade. Importantly, this growth will be supported by iEPCI, Subsea 2.0, and Subsea Services, much of which will be direct awarded to our company.

展望未來，我們認為 2027 年新增訂單將出現一波提升，並延續至本十年末。重要的是，這項成長將由 iEPCI、Subsea 2.0 與海底服務（Subsea Services）所支撐，其中相當大部分將以直接授予方式交由本公司承接。

I now want to close with a few key messages. First, we remain focused on the relentless pursuit of the reduction of cycle time. With every activity we undertake, with every change in process we pursue, and with every capital investment we propose, we ask ourselves, does this shorten project cycle time? This unique mindset continues to serve as the fundamental driver to improving project economics, benefiting both our customers and TechnipFMC.

最後我想以幾個重點訊息作結。第一，我們仍專注於不懈地縮短週期時間。對於我們所進行的每一項活動、所推動的每一項流程變更，以及所提出的每一項資本投資，我們都會自問：這是否能縮短專案週期時間？這種獨特的思維模式，持續作為改善專案經濟性的根本驅動力，讓客戶與 TechnipFMC 皆能受益。

Second, as we continue to drive a different paradigm around capital investment, we are delivering improved capital efficiency and higher free cash flow conversion. Importantly, we remain committed to returning at least 70% of free cash flow to shareholders through both dividends and share repurchases.

第二，隨著我們持續推動不同的資本投資典範，我們正實現更佳的資本效率與更高的自由現金流轉換率。重要的是，我們仍致力於透過股利與庫藏股回購，將至少 70% 的自由現金流回饋給股東。

Lastly, our strong commercial success and high-quality backlog built upon an expanding mix of direct awards, iEPCI, and services position us well to increase Subsea inbound revenue and EBITDA margin in 2027. TechnipFMC is in full growth mode.

最後，我們強勁的商業成功與高品質在手訂單（backlog），建立在直接授予、iEPCI 與服務業務占比擴大的組合之上，使我們具備良好條件在 2027 年提升海底業務的新增營收與 EBITDA 利潤率。TechnipFMC 正處於全面成長模式。

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

接下來我將把電話會議交給 Alf，請他說明我們的財務結果。

Thanks, Doug. Revenue in the quarter was $2.5 billion, adjusted EBITDA was $453 million when excluding a foreign exchange gain of $13 million.

謝謝你，Doug。本季營收為 25 億美元；若排除 1,300 萬美元的外匯收益，調整後 EBITDA 為 4.53 億美元。

In Subsea, revenue of $2.2 billion increased 1% versus the fourth quarter. Results in the period benefited from higher iEPCI project activity, particularly in Brazil. Project revenue grew sequentially in Latin America, Africa, and North America, partially offset by lower revenue in Asia Pacific and the North Sea. Adjusted EBITDA was $441 million, up 6% sequentially, primarily driven by the increased project activity. Adjusted EBITDA margin improved to 20%.

在海底業務方面，營收 22 億美元，較第四季增加 1%。本期業績受惠於較高的 iEPCI 專案活動，尤其是在巴西。專案營收在拉丁美洲、非洲與北美依序成長，但部分被亞太與北海較低的營收所抵銷。調整後 EBITDA 為 4.41 億美元，較前一季增加 6%，主要由專案活動增加所帶動。調整後 EBITDA 利潤率提升至 20%。

In Surface Technologies, revenue was $284 million, a decrease of 12% from the fourth quarter. The sequential decline was primarily driven by the scheduled timing of project-related activity in the Middle East with only a minimal portion related to the regional conflict. The decline was partially offset by higher completion activity in North America. Adjusted EBITDA was $50 million, a decrease of 15% sequentially, largely due to the lower activity in the Middle East offset in part by higher collision activity in North America. Adjusted EBITDA margin was 17.4%, down 60 basis points from the fourth quarter.

在地面技術（Surface Technologies）方面，營收為 2.84 億美元，較第四季下降 12%。此一季對季下滑主要由中東專案相關活動的排程時點所致，僅有極小部分與區域衝突相關。下滑部分被北美較高的完井活動所抵銷。調整後 EBITDA 為 5,000 萬美元，較前一季下降 15%，主要因中東活動降低，部分被北美較高的碰撞活動所抵銷。調整後 EBITDA 利潤率為 17.4%，較第四季下降 60 個基點。

Turning to corporate and other items. Corporate expense was $37 million. Net interest expense was $6 million, and tax expense was $96 million. Cash flow from operating activities was $332 million, with capital expenditures totaling $56 million in the quarter. This resulted in free cash flow of $277 million.

接著談公司費用及其他項目。公司費用為3,700萬美元。淨利息費用為600萬美元，所得稅費用為9,600萬美元。營運活動現金流為3.32億美元，本季資本支出合計5,600萬美元。因此，自由現金流為2.77億美元。

We repurchased $265 million of stock in the first quarter. When including $20 million of dividends, total shareholder distributions were $285 million. Cash and cash equivalents was $961 million. We ended the quarter with a net cash position of $540 million.

我們在第一季回購了2.65億美元的股票。加計2,000萬美元股利後，股東總回饋為2.85億美元。現金及約當現金為9.61億美元。本季結束時，我們的淨現金部位為5.40億美元。

Moving to guidance. For the second quarter, we expect Subsea revenue to increase high single digits sequentially, with adjusted EBITDA margin improving approximately 300 basis points to 23%. For Surface Technologies, we anticipate revenue to decline low single digits sequentially with an adjusted EBITDA margin of approximately 17%. And as previously indicated, we expect corporate expense to decline approximately 25% in the second quarter. This assumes the remainder of our annual guidance is evenly distributed across the remaining three quarters when using the midpoint of the range.

接著談展望。第二季我們預期海底（Subsea）營收將季增高個位數百分比，調整後EBITDA利潤率約提升300個基點至23%。就地面技術（Surface Technologies）而言，我們預期營收將季減低個位數百分比，調整後EBITDA利潤率約為17%。此外，如先前所述，我們預期第二季公司費用將下降約25%。此假設係以區間中點計算，並假設年度指引其餘部分平均分配於剩餘三個季度。

In summary, I am pleased with the team's performance in the quarter. The solid financial results are tangible evidence of our continued success in driving greater operational efficiency. These results also reflect our continued success in winning high-quality backlog for future execution. The strong performance gives me confidence in our ability to meet our financial commitments for all of 2026.

總結來說，我對團隊本季的表現感到滿意。穩健的財務成果是我們持續提升營運效率的具體證明。這些結果也反映我們持續成功取得高品質在手訂單（backlog），以供未來執行。強勁的表現讓我對我們在2026全年達成財務承諾的能力更具信心。

The Middle East remains a key driver of long-term growth for Surface Technologies, but it's also important to put our exposure into proper context. Today, Middle East revenue for the segment represents just 4% of total company revenue. And for Subsea, when we consider the remaining $5.2 billion of backlog scheduled for 2026, along with the balance of our expected services revenue, we have revenue coverage of approximately 95% when using the midpoint of guidance.

中東仍是地面技術長期成長的關鍵驅動力，但同樣重要的是要把我們的曝險放在適當的脈絡中理解。目前，中東對該事業部的營收僅占公司總營收的4%。而就海底業務而言，當我們考量2026年排程的剩餘52億美元在手訂單，以及我們預期服務營收的其餘部分時，以指引中點計算，我們的營收覆蓋率約為95%。

So let me close on just two simple points. We remain very confident in our ability to exceed $2.1 billion of total company EBITDA in 2026, with each segment contributing to EBITDA, in line with their full-year guidance. And the operational momentum and improving commercial backdrop gives us high confidence in our ability to deliver continued growth in 2027.

最後我用兩點簡單結語。我們仍非常有信心在2026年公司整體EBITDA超過21億美元，且各事業部對EBITDA的貢獻將符合其全年指引。同時，營運動能與改善中的商業環境，讓我們對於在2027年持續實現成長的能力具高度信心。

Operator, you may now open the line for questions.

接線員，您現在可以開放提問。

(Operator Instructions) David Anderson, Barclays.

(接線員指示) David Anderson，巴克萊。

So it's been a long time since I've heard a service company talk about being in full growth mode here. So obviously, when looking towards '27, you're getting pretty optimistic. Just curious how much of that has to do with what's happened in the last 60 days and how this impacted the deepwater cycle? Are you expecting FIDs to kind of accelerate from here? I'm just kind of curious, your customers, are they getting more confident in long-term oil prices? Just some insight into how they're thinking about deepwater, please.

我已經很久沒聽到服務公司談到目前處於全面成長模式了。所以很明顯，展望到2027年，你們相當樂觀。我想了解其中有多少與過去60天發生的事情有關，以及這對深水週期造成了什麼影響？你們是否預期FID（最終投資決策）會從現在開始加速？我也想請教，你們的客戶是否對長期油價更有信心？請分享一些他們如何看待深水開發的觀點。

Thanks for the question, David, and it gives me an opportunity to clarify. I could have made the same statement in prior quarters. Certainly, last quarter, we talked a lot about the growth of the market in terms of the Subsea opportunity list, which again grew this quarter for the seventh consecutive quarter, now achieving $30 billion, a 30% increase over the last two years.

謝謝你的問題，David，也讓我有機會釐清。其實在前幾季我也可以做出同樣的陳述。當然，上季我們談了很多市場成長，特別是海底機會清單（Subsea opportunity list）的成長；該清單本季再度成長，已連續第七季增加，目前達到300億美元，較過去兩年增加30%。

So we talked about that aspect a lot last quarter and how that was going to translate into a step-up in inbound orders for TechnipFMC from 2027 through the end of the decade. So the short answer would be we could have made the comment prior to the conflict.

所以上季我們已大量談到這一點，以及它將如何轉化為TechnipFMC自2027年至本十年末的新增訂單加速。因此，簡短回答是：即使在衝突發生之前，我們也可以做出這樣的評論。

What is true, David, is, indeed, our customers are looking at their portfolios. We are in discussions on opportunities to accelerate both brownfield tiebacks as well as some greenfield developments. At the same time, our customers are looking at replacing their reserve base. The reservoirs offshore are prolific. They're well known, and the economics now are extremely attractive by our ability to be able to reduce cycle time and accelerate time to first oil. If you complement that with a higher commodity price, yes, clearly, those project economics look increasingly interesting to our clients.

David，確實如此的是，我們的客戶正在檢視其資產組合。我們正就加速棕地（brownfield）回接（tiebacks）以及部分綠地（greenfield）開發的機會進行討論。同時，客戶也在思考補充其儲量基礎。離岸油藏資源豐富。這些油藏已相當成熟且為人所熟知，而在我們能夠縮短週期時間並加速首次出油時間（time to first oil）的能力帶動下，目前經濟性極具吸引力。若再搭配較高的商品價格，沒錯，這些專案的經濟性對我們的客戶而言顯得愈來愈有吸引力。

So Doug, Subsea 2.0 has obviously been a game changer for you. You talked about reducing the cycle time that has been critical there. Just curious how that's tying into what you're seeing in terms of Subsea margins for '27. You're guiding them higher.

Doug，Subsea 2.0顯然對你們而言是改變遊戲規則的關鍵。你提到縮短週期時間在其中至關重要。我想了解這如何連結到你們對2027年海底業務利潤率的觀察。你們的指引是更高。

Can you talk about kind of what percent of that revenue you're expecting to be Subsea 2.0 within kind of the '27 number and how that's trending forward? I know we've been talking kind of looking historically, the last kind of year or two, Subsea 2.0 has been something like 80% of some of your orders. Can you just sort of talk about the orders and into revenue and how that's sort of impacting your margins in the '27?

你能否談談在2027年的數字中，你們預期有多少比例的營收會來自Subsea 2.0，以及這個趨勢往前如何發展？我知道我們一直在談，從過去一兩年的歷史來看，Subsea 2.0大概占你們部分訂單的80%左右。你能否說明訂單如何轉為營收，以及這對你們2027年利潤率的影響？

Yeah. David, I don't have an exact number. We haven't rolled that forward, if you will. But if I think about where we are today and where we would likely to be in 2027 in terms of the revenue being recognized from the Subsea 2.0 orders, I would put it in the neighborhood of about 50%, perhaps a bit north of 50%.

是的。David，我沒有精確數字。我們尚未把它往前推算。但如果我思考我們目前的位置，以及到2027年時，來自Subsea 2.0訂單所認列的營收可能占比，我會估計大約在50%左右，或許略高於50%。

What's important is what you also said, which is 80% of our new orders are coming in with Subsea 2.0 is representing about 80% of our new orders. So that obviously demonstrates the glide path that we have to improve the efficiency simply by converting the higher-quality backlog as a result of our customers' acceptance and the significant impact of Subsea 2.0 and the integrated model, iEPCI, is having on shortening cycle times and improving their economics. And as I said in the prepared remarks, we're happy is when our client wins and we win.

重要的是你也提到的一點，也就是我們的新訂單中約80%採用Subsea 2.0，Subsea 2.0約占我們新訂單的80%。這清楚展現我們提升效率的路徑：透過轉化更高品質的在手訂單，這是因為客戶的接受度提升，以及Subsea 2.0與整合模式iEPCI對縮短週期時間、改善其經濟性所帶來的重大影響。正如我在事先準備的發言中所說，我們高興的是客戶贏、我們也贏。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

So it looks like we're probably going from a good market to potentially a great market. And so I want to dovetail off the full growth mode commentary.

看起來我們可能正從一個不錯的市場走向一個潛在非常好的市場。因此我想延伸你們關於全面成長模式的評論。

You guys have obviously increased your own internal capacity with Subsea 2.0. But just curious how you're thinking about preparing the organization for additional growth, especially if there are some kind of pull forward on some projects. Do you anticipate any constraints, whether that's potentially roofline or engineers or vessel capacity? Just give some color on needing that growth and what you're doing to prepare to meet that.

你們顯然已透過Subsea 2.0提升了自身的內部產能。但我想了解，若有些專案出現提前（pull forward），你們如何思考為額外成長做組織準備。你們是否預期會有任何限制，不論是廠房上限（roofline）、工程師人力或船舶產能？請提供一些補充說明：為了支撐成長，你們需要什麼，以及你們正在做哪些準備以因應並達成。

Sure. Thank you for the question and an important question. And I think something that really differentiates our strategy and the vision that we laid out now almost 10 years ago, and I have been executing against it, both in terms of Subsea 2.0 and iEPCI, creating TechnipFMC back on January 17, 2017. So I guess or approaching that 10-year anniversary.

當然。謝謝你的提問，這也是一個重要問題。我認為這正是我們策略的關鍵差異之一，也是我們近10年前提出並持續執行的願景：包括Subsea 2.0與iEPCI，以及在2017年1月17日成立TechnipFMC。所以我想我們也正接近那個10週年。

What is true, Scott, is that every single day and every single decision that we make, we ask ourselves, will this, whatever this is a change in process, change in structure and investment, whatever it may be, will this reduce cycle time? Why is that important? Reducing cycle time allows our customers to win, while we also win. So it's a true scenario where both sides are satisfied and complementing each other.

Scott，真實的情況是，我們每天、每一個決策都會問自己：這件事——不論是流程變更、組織架構變更與投資，或任何其他事項——是否能縮短週期時間？為什麼這很重要？縮短週期時間能讓我們的客戶贏，同時我們也能贏。因此，這是一個雙方都滿意、彼此相輔相成的真實情境。

But it also means we can do more with the same. It's as simple as that. If we can reduce cycle time, I can take whatever that is, people or plant, and I can get more capacity because I'm doing things faster.

但這也意味著我們可以用相同的資源做更多事。就是這麼簡單。如果我們能縮短週期時間，我就可以把不論是人力或廠房等資源拿來，因為做得更快而取得更大的產能。

So this doesn't just affect the manufacturing. This is everything we do in every part of our company. Alf has finance organization, and everyone else throughout the organization is looking at ways that we can be more efficient. That means our people, by the way, are more satisfied because we reduced some of the mundane redundant type tasks that they have to perform. They're doing more value-added work, which is much more motivating. And quite frankly, we can generate more with the same.

所以這不只影響製造端。這是我們公司各個部門所做的一切。Alf負責財務組織，而組織內的每個人都在尋找讓我們更有效率的方法。順帶一提，這也代表我們的員工更滿意，因為我們減少了他們必須執行的一些單調、重複性的任務。他們在做更多增值的工作，這更有激勵效果。坦白說，我們可以用相同的資源創造更多。

So our ability to be able to do that, which we have much more to go. There's more runway ahead of us to be able to continue this journey that we're on is what allows us to continue to grow without being constrained or without having to have a big significant CapEx expenditures. As you may have seen, CapEx this quarter was again in line, a bit actually below the guidance level, just a bit of a seasonal effect, but also demonstrates the fact that we are able to grow this company with the infrastructure that we have in place, and we'll continue to do that by becoming more and more efficient every single day by reducing cycle time.

因此，我們能做到這一點的能力——而且我們還有很大的進步空間。前方還有更長的跑道，讓我們能持續走在這段旅程上，這正是讓我們能在不受限制、或不必進行大規模重大資本支出（CapEx）的情況下持續成長的原因。如你所見，本季CapEx再次符合指引，甚至略低於指引水準；這一方面是些許季節性因素，但也證明我們能以既有的基礎設施來推動公司成長；而我們也會透過每天持續縮短週期時間、讓效率愈來愈高來延續這點。

I appreciate all that color. And then turning to your initiative to industrialized SURF. I'm curious, Doug, as you reap those benefits, which I assume includes some installation efficiency gain, how does that impact your overall kind of vessel needs and your vessel strategy?

感謝你提供這麼多補充說明。接著談到你們推動SURF工業化的計畫。Doug，我很好奇，當你們收穫這些效益（我假設其中包含一些安裝效率提升）時，這會如何影響你們整體的船舶需求以及船舶策略？

I'll give you a short answer, Scott, since I gave you a long answer to the first one. It's really exactly what I said to the first comment. So it applies as much to Subsea 2.0 going through the manufacturing plant as when we start to think about the remainder of the industrialization of the work stream of Subsea. And just to remind everybody, we started now over a decade ago back in 2014, premerger, we started working on industrializing the sea floor. So all of the assets that sit on the sea floor not just the trees, but there's an entire village down there and really working on industrializing all of that infrastructure, and that's what we have referred to as Subsea 2.0 thus far.

Scott，我給你一個簡短的回答，因為第一題我回答得比較長。其實就完全如同我對第一個評論所說的。所以，這同樣適用於Subsea 2.0在製造工廠內的流程，也適用於當我們開始思考海底（Subsea）工作流其餘部分的工業化時。提醒大家一下，我們在2014年、也就是合併前，十多年前就開始著手海床工業化。也就是把所有位於海床上的資產——不只是採油樹（trees），而是下面整個「村落」——並真正推動那整套基礎設施的工業化；到目前為止，我們把這稱為Subsea 2.0。

When we -- post-merger, we obviously picked up the water column and products in the water column. I think about umbilical, risers, flow lines, flexible pipe, et cetera. And then we also picked up installation capability. And we've begun that process, but we're only in the very early stages of the industrialization of, let's say, the remaining two-thirds. So as we industrialize that, it will be the same concept. We'll do more with the same, or we'll do more with less. And that's the entire strategy of the company, and we think we can be as impactful or more impactful than what we've already experienced from what we've done on the sea floor.

合併後，我們顯然也納入了水柱（water column）中的產品。我想到的是臍帶纜（umbilical）、立管（risers）、流線（flow lines）、柔性管（flexible pipe）等等。我們也取得了安裝能力。我們已經開始這個流程，但就剩下約三分之二的部分而言，我們仍處於工業化的非常早期階段。因此，當我們把那部分也工業化時，概念會是一樣的。我們會用相同的資源做更多，或用更少的資源做更多。這就是公司的整體策略；而我們認為，我們能帶來的影響將不亞於、甚至超過我們在海床端已經體驗到的成果。

Arun Jayaram, JPMorgan Securities.

Arun Jayaram，摩根大通證券（JPMorgan Securities）。

Yeah, Doug, I know one of the core objectives of the company is to reduce cycle times. And I was wondering maybe as a follow-up to Scott's question, if you could maybe elaborate a little bit more on your SURF 2.0 strategy. It feels like you're putting together kind of a Manhattan project type of a group at FTI to tackle this objective? And maybe give us a sense of where you're at in terms of the process. You get any pilots going on today, maybe some of the technology you're thinking about bringing to the installation part of the SURF process to reduce cycle times?

是的，Doug，我知道公司的一個核心目標是縮短週期時間。我想作為對Scott問題的延伸追問，你是否可以再多談一點你們的SURF 2.0策略？感覺你們在FTI組建了一個有點像「曼哈頓計畫」那樣的團隊來攻克這個目標？也請讓我們了解一下你們目前在流程上進展到哪個階段。你們現在有任何試點（pilot）在進行嗎？以及你們考慮在SURF安裝環節導入哪些技術來縮短週期時間？

Arun, I'd like to use the rest of the time on the call to talk about it, but it probably wouldn't be the right thing for me to do. And what I mean by that is we are in the concept select stage. We have a ton of really great ideas. We have a phenomenal team of individuals working on this, but I don't want to get ahead of them.

Arun，我很想用這通電話剩下的時間來談這件事，但那可能不是我該做的事。我的意思是，我們目前處於概念篩選（concept select）階段。我們有非常多很棒的想法。也有一支非常出色的團隊在做這件事，但我不想搶在他們前面。

And I certainly don't want to disclose anything that wouldn't be appropriate at this time. I can only repeat Arun, I am as excited and I think the impact will be as important as what we did on the sea floor. And now having had the pleasure and the opportunity to have been involved in both of these, I can say with great confidence that the impact will be significant, but I really need to be careful not to go much further than that right now, Arun.

而且我當然也不想在此時披露任何不適合公開的內容。Arun，我只能重申：我同樣非常興奮，而且我認為其影響將與我們在海床端所做的一樣重要。如今我有幸也有機會同時參與這兩件事，我可以非常有信心地說，影響會很顯著；但我現在確實需要小心，不能再往下講太多。

But we -- our customers and hopefully, you all have the confidence that we've demonstrated that we think differently that we approach challenges differently and that if we bring something to the market, it will be significant and meaningful and structurally change not only our company but the industry.

但我們——我們的客戶，以及希望你們各位——都對我們有信心；我們已經證明我們的思考方式不同、面對挑戰的方式也不同；而且如果我們把某樣東西帶到市場上，它將會是重大且有意義的，並在結構上改變的不僅是我們公司，也包括整個產業。

Yeah. Fair enough, fair enough. My follow-up, Doug, I was wondering if you can give us a little bit of an update on the flexibles segment at FTI. One of your peers talked about their plans to maybe double some of their capacity in Brazil. I know the industry is working on some solutions to tackle CO2 corrosion for flexibles, particularly with Petrobras.

好的。可以理解，可以理解。Doug，我的追問是，想請你更新一下FTI的柔性管（flexibles）業務板塊。你們的一家同業談到他們可能計畫把在巴西的部分產能提高到兩倍。我知道業界也在研擬一些解決方案，以應對柔性管的CO2腐蝕問題，特別是與巴西國油（Petrobras）相關的部分。

But just maybe give us an update there and what kind of visibility do you have in that business and your ability to meet what looks to be a really good market for flexibles.

所以想請你就這方面提供一些最新情況：你們在這項業務上的能見度如何？以及你們滿足目前看起來相當不錯的柔性管市場需求的能力如何？

Sure. I'm going to go a few different -- come out from a few different angles here. Let me start by saying flexible pipe is an integral part of our iEPCI offering. So as the Subsea architects, and we're the only ones out there actually involved very, very early in the life cycle of a project working with our clients to unlock the full economic potential of the project.

當然。我會從幾個不同角度來回答。先說，柔性管是我們iEPCI方案中不可或缺的一部分。作為海底系統的架構師（Subsea architects），而且我們是唯一真正非常、非常早期就介入專案生命週期、與客戶合作以釋放專案全部經濟潛力的業者。

Often, flexible pipe is a key contributor to the architectural design, allowing us to have not only meet the functional requirements but to be able to do it in the most efficient manner. So it really is a key offering of ours. It's an area that we continue to be the market leader, both in terms of the specifications of our flexible pipe, but also in the ability to meet the market demand.

很多時候，柔性管是架構設計中的關鍵貢獻者，使我們不僅能滿足功能需求，還能以最高效率達成。因此，這確實是我們的核心產品之一。這也是我們持續保持市場領先的領域——不論是在柔性管規格本身，或是在滿足市場需求的能力方面。

So that's important to us as well. It's an area we continue to invest in, not only as a result of what we're doing with iEPCI today, but as we look towards the future together. So very exciting about that.

所以這對我們同樣很重要。這是我們持續投資的領域，不僅因為我們今天在 iEPCI 上所做的事情，也因為我們著眼於未來共同前進。因此我們對此感到非常振奮。

On the stress corrosion cracking angle that you mentioned, yes, the industry has -- is a well-known industry problem. The industry has been working on it. We have been working hand-in-hand with Petrobras for several years. We are well into the qualification phase of our definitive solution for the stress corrosion cracking challenge. And we'll be able to say more as we continue to advance through that qualification program with Petrobras.

關於你提到的應力腐蝕開裂（SCC）議題，是的，這在業界一直是眾所周知的問題。業界一直在處理這個問題。我們也已與巴西國油（Petrobras）攜手合作了好幾年。我們針對應力腐蝕開裂挑戰的最終解決方案，目前已深入進入資格認證階段。隨著我們持續與巴西國油推進該資格認證計畫，我們之後也會分享更多進展。

I was just in Brazil. I will tell you they are very pleased with our technical solution, which is different and unique to us. And they are also very pleased with the pace of the qualification and the success that we're having in the qualification.

我剛從巴西回來。我可以告訴你，他們對我們的技術解決方案非常滿意，這個方案與眾不同，而且是我們獨有的。他們也對資格認證的進度以及我們在認證過程中取得的成功感到非常滿意。

Finally, in terms of the global demand and the global capacity, it's not just for iEPCI. We do use flexible pipe outside of iEPCI. We obviously prioritize it within the iEPCI projects that we have, but we also have just some direct flexible contract awards. An example of that would be Petrobras in Brazil. We have always been their leading flexible pipe provider.

最後，談到全球需求與全球產能，這不僅僅是針對 iEPCI。我們在 iEPCI 之外也會使用柔性管。我們當然會在現有的 iEPCI 專案中優先配置，但我們也有一些直接取得的柔性管合約。例如巴西的巴西國油（Petrobras）。我們一直都是他們最主要的柔性管供應商。

I think you should expect that to continue to be the case. Often, we are the only ones who have the technical -- the ability to meet certain technical specifications. And in other cases, it's a more generic technical specification that others can also participate in that activity.

我認為你應該預期這種情況會持續。很多時候，我們是唯一具備技術能力、能滿足某些技術規格要求的供應商。而在其他情況下，技術規格較為通用，其他廠商也能參與該類業務。

Keep in mind when I said we're industrializing more than just the seafloor. So when you think about our approach to our capacity, that's going to be by increasing efficiency through the plant. We have multiple flexible plants not only in Brazil, but outside of Brazil. And as we look every single day to industrialize and lean out the processes, we're finding the ability to increase the throughput quite significantly through those plants. So we are increasing capacity, but we're increasing capacity by improving efficiency, not extending roofline.

請記住，我提到我們正在工業化的不只是海底設備。因此當你思考我們對產能的做法時，將是透過提升工廠效率來增加產能。我們在巴西以及巴西以外都有多座柔性管工廠。而且我們每天都在推動工業化、精實流程，因此我們發現能夠在這些工廠中相當顯著地提升產出吞吐量。所以我們確實在增加產能，但我們是透過提升效率來增加產能，而不是擴建廠房面積。

Victoria McCulloch, RBC.

Victoria McCulloch，RBC。

Can we start with a quick chat on Subsea Services? There were notable contributor in 1Q order intake. Can you give us some color on how that addressable market has evolved on a quarterly basis over the last year? And how much of the $10 billion order intake do you expect to come from Subsea Services?

我們能先簡單聊一下海底服務（Subsea Services）嗎？它在第一季訂單流入中是相當顯著的貢獻者。你能否提供一些背景，說明過去一年這個可服務市場（addressable market）在季度層面是如何演變的？以及在 100 億美元的訂單流入中，你預期有多少會來自海底服務？

Well, in terms of the how has it evolved, Victoria, it continues to grow quite significantly. I think if you look back over the last several years, we've indicated that it would be about $2 billion or about 20% of our revenue this year. It continues to be quite a significant contributor. It's been growing at a pretty steady -- well, I'd say, a slightly accelerated rate. It's been in line with the growth of the overall segment.

Victoria，關於它如何演變，這個市場仍在相當顯著地成長。我想如果你回顧過去幾年，我們曾表示今年大約會是 20 億美元，或約占我們營收的 20%。它仍然是相當重要的貢獻來源。它一直以相當穩定——我會說略為加速的速度在成長。其成長與整體事業部門的成長一致。

Quite frankly, that's only because of the strength of the growth of the market. I think if you look at kind of the underlying and sustainable growth rate of Subsea Services, which is what gets us most excited, it is quite significant. And you should expect that this location at some point in time, and it's not going to be anytime soon just because, again, the overall market is growing so significantly. But the dislocation will be that the Subsea Services growth rate will continue for an extended period of time. And that's quite important to us.

坦白說，這只是因為市場成長力道非常強。我認為如果你看海底服務的底層、可持續的成長率——這也是最讓我們興奮的部分——其實相當可觀。你應該預期在某個時間點會出現這種「脫鉤」，但不會是近期，因為如我所說，整體市場仍在非常顯著地成長。但所謂的脫鉤是指：海底服務的成長率將在更長的一段時間內持續。這對我們非常重要。

As you know, this is an important contributor to the financial performance of our company. It's a differentiator. As we continue to grow and have the success that we've been having as a result of everything we've talked about earlier on this call, which has increased our position in the market, which means we have a much larger and ever-growing installed base on the sea floor, all of that needs to be maintained. All of that needs to be inspected, et cetera, and that is an OEM model where we perform all of that activity on our own infrastructure. So it's important today, and it will be even more important as we move forward.

如你所知，這是我們公司財務表現的重要貢獻來源。它也是一項差異化優勢。隨著我們持續成長，並因為我們在本次電話會議前面談到的各項因素而取得成功，我們在市場上的地位提升，意味著我們在海床上的已安裝基礎（installed base）更大且持續擴張，而這些都需要維護。這些都需要檢測等等，而這是一種 OEM 模式，我們在自有基礎設施上自行執行所有這些工作。所以它今天很重要，未來只會更重要。

And just a follow-up one for Alf. Obviously, Q1, incredibly strong free cash flow and CFFO despite working capital outflows. Can you give us some insights into how you expect cash and working capital to look for the remainder of the year?

另外再追問 Alf 一題。顯然第一季自由現金流與營運現金流（CFFO）非常強勁，儘管營運資金是流出。你能否分享一下，你預期今年剩餘期間的現金與營運資金走勢會如何？

Sure. No, thank you. Indeed, the first quarter free cash flow was to us a very solid start. We see consistent execution in both our segments really, and the strong Subsea backlog that we have continued to really fuel the free cash flow generation throughout the year. The working capital usage that you see in this period is primarily really due to the annual incentive plans that we pay once a year. And we do that in the first quarter.

當然。不，謝謝。確實，第一季的自由現金流對我們而言是非常扎實的開局。我們看到兩個事業部門都在持續穩定執行，而我們強勁的海底訂單存量（backlog）也將在全年持續推動自由現金流的產生。你在本期看到的營運資金使用，主要是因為我們一年支付一次的年度激勵計畫款項。而我們是在第一季支付。

So that is not something that we expect to see be a headwind in working capital in the same way as we go through the year here. And as you also -- as Doug already pointed out, the capital expenditures are well under control. We expect clearly to be at the guidance where we are anticipating capital expenditures to be, which is just above 3% of our revenue. We continue to see that we will convert from EBITDA -- at about 65% conversion from EBITDA into free cash flow.

因此，這不會像今年接下來的期間那樣，持續以同樣方式對營運資金形成逆風。另外，如 Doug 已指出，資本支出也控制得很好。我們明確預期會落在指引範圍內，也就是我們預期資本支出略高於營收的 3%。我們仍然預期，自 EBITDA 轉換為自由現金流的轉換率約為 65%。

And when it comes to thinking about how it goes for the rest of the quarter, the best I can say at this point is we expect a fairly evenly distributed free cash flow across the remaining quarters of the year.

至於今年剩餘季度的走勢，目前我能說的是：我們預期剩餘各季的自由現金流分布會相對平均。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

I wanted to ask about the Subsea orders first in the first quarter here. So maybe the headline was a bit lower than the midpoint for the year, and you talked about confidence going forward. But I'm curious about the composition of the awards in the first quarter because you didn't have anything large that you press released or large that you mentioned in the press release for the quarter.

我想先問第一季海底訂單的情況。所以也許從表面看，這個數字比全年中位數略低，而你也談到對後續的信心。但我好奇第一季得標的組成，因為你們沒有任何大型項目發布新聞稿，或在季度新聞稿中提到任何大型項目。

So I'm wondering, is there a message here about the recurring small award composition and kind of the breadth that maybe we could take away as we think about the go-forward order level?

所以我想問，這是否傳達了一個訊息：第一季主要由經常性的小型得標所構成，以及其廣度；當我們思考未來的接單水準時，是否可以從中得到一些啟示？

Sure, Marc. Fair question. As you know, and you've got the experience, there's no way that this is ever going to be linear. It always comes and goes. It can be a matter of a few days at the end of one quarter or a few days at the beginning of the other quarter.

當然，Marc。這是個合理的問題。如你所知，而且你也有經驗，這不可能是線性的。它總是有起有落。有時只是因為某些訂單在一個季度末的幾天、或另一個季度初的幾天落定。

I can only strongly reiterate my confidence that we will achieve $10 billion for the full year, and nothing should be read into Q1 other than the kind of second part of your question, which was a very strong quarter, given the fact that the amount of announced awards -- versus the amount of announced awards.

我只能再次強調，我非常有信心我們全年能達到 100 億美元；對第一季不需要做其他解讀，除了你問題的第二部分：在已公告得標金額——相對於已公告得標金額——的情況下，第一季其實是非常強勁的一季。

So look, I just want to reassure everybody that the underlying business is very solid. You see the strength of having the installed base that you -- that we have. You see the show up in our Subsea Services. You see the strength of the customer relationships that we have in the direct awards as a result of that that shows up into the large portion of unannounced awards.

所以你看，我只是想讓大家放心，基本面業務非常穩健。你可以看到我們——我們所擁有的裝機基礎所帶來的優勢。你可以在我們的海底服務（Subsea Services）中看到這一點。你也可以看到我們客戶關係的強度，這使得我們在直接授標中受益，而這也反映在大量尚未公告的授標之中。

And look, embedded in the quarter, there was a large project that we will be announcing once the customer gives us the permission to announce that award here sometime in the near future.

另外，本季當中其實包含了一個大型專案；一旦客戶允許我們對外公告，我們就會在不久的將來某個時間宣布這項授標。

Okay. That's helpful, Doug. And then on the Surface guidance, I guess just considering the commentary in the press release, how it didn't seem like there was a big effect from the conflict, and it's only 4% of revenue. I was surprised to see it down, just given the strength that everybody is looking for in North America. Can you kind of unpack what's driving second quarter if there is an assumed war impact and what your sort of macro assumptions are around that?

好的。這很有幫助，Doug。接著關於地面（Surface）的指引，我想考量新聞稿中的評論——看起來衝突並沒有造成很大的影響，而且它只占營收的4%。在大家都在期待北美走強的情況下，我有點意外會看到它下滑。你能否拆解一下第二季是什麼在驅動？是否有假設戰爭影響？以及你們對此的總體（macro）假設是什麼？

Yeah. This is Alf here. I'll take that one. So first of all, as I as I kind of mentioned in my prepared remarks, backlog scheduling in the Middle East is a big portion of the answer here. So even before the conflict, the backlog scheduling not as high in terms of activity levels in the first half of the year. So you're just continuing to see that spillover into the second quarter as well.

是的。我是Alf。我來回答這題。首先，正如我在事先準備的發言中提到的，中東的在手訂單（backlog）排程是這裡答案的重要部分。所以即使在衝突發生之前，上半年在手訂單排程的活動水準就沒有那麼高。因此你會看到這種外溢效應也延續到第二季。

But the reality is that that is still a far bigger effect on the overall than the content itself. So that's an important point. We continue to see strength in the back half of the year. We continue to see that our US business is doing well. We are introducing technologies in our US business that is driving our activities, and they are creating efficiencies, both for us and our clients. And that is also supporting a more favorable margin mix.

但實際上，這對整體的影響仍然遠大於衝突本身的影響。所以這是一個重點。我們仍然看到下半年有強勁動能。我們也持續看到我們的美國業務表現良好。我們正在美國業務中導入技術，推動我們的活動量，並為我們與客戶創造效率。這也在支持更有利的利潤率組合。

So when you look at Surface for the full year, you should probably, at this point, expect that the revenue will be slightly lower compared to full-year guidance. But on the other hand, the offset is that we are seeing an opportunity for stronger margin performance. So overall, we expect that the total EBITDA dollars for Surface will be in line with whatever you see implied by the midpoint of the current guidance.

因此，當你看地面（Surface）全年表現時，此刻你大概應該預期營收會較全年指引略低一些。但另一方面，抵銷因素是我們看到利潤率表現有機會更強。所以整體而言，我們預期地面（Surface）的EBITDA金額將與你從目前指引中位數所隱含的水準一致。

And just to be overly clear, the Subsea guidance remains unchanged. And thus, what we are confident in is what I said before. We will exceed $2.1 billion of company EBITDA. It's just that the mix a little bit on the surface right now could be tilted a little bit towards lower revenue but higher margin.

再非常清楚地說，海底（Subsea）的指引維持不變。因此，我們有信心的是我先前所說的：我們將超過公司EBITDA 21億美元。只是目前地面（Surface）的組合可能會稍微偏向較低營收但較高利潤率。

Caitlin Donohue, Goldman Sachs.

Caitlin Donohue，高盛。

You mentioned seeing an order step up in inbound into 2027, which you anticipate to drive further earnings growth. Can you walk us through where you're seeing the most inbound geographically? Particularly as we now may see a move towards more incentivized exploration, whether this is greenfield versus brownfield work?

你提到看到流入訂單（inbound）在2027年前後出現躍升，你預期這將帶動進一步的獲利成長。你能否說明你們在地理區域上看到最多的流入來自哪裡？特別是考量我們現在可能會看到更具激勵的勘探趨勢，這會是綠地（greenfield）相對於棕地（brownfield）的工作嗎？

Sure, Caitlin. I'm happy to take your question. In terms of the 2027 inflection, it's really -- let me kind of talk about the big buckets that it's being driven by, and then we can maybe get into the geographies. 2026 is going to be a year of a lot of smaller awards as we just saw in Q1, fewer big announced awards. That was always -- we talked about that back in 2025.

當然可以，Caitlin。我很樂意回答你的問題。就2027年的拐點而言，這其實——讓我先談談驅動它的幾個大類別，然後我們再進一步談地理區域。2026年將會是許多較小授標的一年，就像我們在第一季看到的那樣，而大型、已公告的授標會比較少。這一直是——我們在2025年就談過。

We saw that kind of -- it was just a period of time. And a lot of that is a result of the contribution from some of the new and emerging markets that we've also been highlighting for quite some time. And what we're seeing is that those will really be -- they'll have some impact on 2026, but the larger impact will be on 2027 through the end of the decade. So think about it as new big contributors to the offshore space in terms of capital expenditures. That's one bucket.

我們看到那種——那只是一段時間的現象。其中很大一部分是來自一些我們也已經強調相當一段時間的新興市場的貢獻。而我們看到的是，這些市場在2026年會有一些影響，但更大的影響會在2027年一直到本十年末。所以可以把它想成是在離岸領域資本支出方面的新大型貢獻者。這是一個類別。

The other bucket is this continual flow of capital from the unconventional US onshore to the offshore as customers are focused on reserve replacements, as customers are focused on bringing in some of these very prolific offshore reservoirs. Now that they have the economic means to be able to achieve that, not because of the increase in the current commodity prices I spoke to earlier on the call, but because of their increased confidence in our company being able to deliver an integrated 2.0 contract to them on time, on schedule or ahead of schedule, shortening cycle time, improving their economics, and giving them certainty in that outcome. That's very, very important to them.

另一個類別是資本持續從美國非常規陸上（unconventional US onshore）流向離岸（offshore），因為客戶專注於儲量替代（reserve replacements），也專注於開發一些非常高產的離岸油藏。現在他們具備達成這些目標的經濟能力，並不是因為我先前在電話會議中提到的當前商品價格上漲，而是因為他們對我們公司能夠按時、按進度或提前交付整合式2.0合約的信心提升，能縮短週期時間、改善他們的經濟性，並讓他們對結果有確定性。這對他們非常、非常重要。

And then finally, yes, we do see now with a higher commodity price potentially being around for longer than many anticipated that that will also have a contribution -- a positive contribution to those economics. And then finally, we were really seeing a shift towards offshore gas developments. And I would say we're going to see that a more balanced approach now with more offshore oil developments as well as the continuing drive up in the offshore gas developments.

最後，是的，我們確實看到，若較高的商品價格可能維持更久、超出許多人的預期，這也會對那些經濟性帶來貢獻——正向貢獻。另外，我們也確實看到正轉向離岸天然氣開發。而我會說，現在我們將看到更均衡的做法：在持續推升離岸天然氣開發的同時，也會有更多離岸石油開發。

So when you think about the offshore gas developments, now I'll get to the geographical part of your question, you're thinking about East Africa. You're thinking about Asia Pacific, Australia, Indonesia. You're thinking about the Eastern Mediterranean. When you think about the oil -- offshore oil developments, you're thinking about Latin America, be it Brazil, Guyana, Suriname. You're thinking about the US Gulf. You're thinking about West Africa. And I think those are areas that we'll start to see a lot of increased activity from as well.

所以當你想到離岸天然氣開發——現在我來回答你問題中的地理部分——你會想到東非。你會想到亞太地區、澳洲、印尼。你會想到東地中海。當你想到離岸石油開發時，你會想到拉丁美洲，不論是巴西、蓋亞那、蘇利南。你會想到美國墨西哥灣。你會想到西非。我認為這些地區也將開始出現大量增加的活動。

And I don't want to forget my Norwegian friends. Also, when you think about the offshore gas, you should think about Norway and the significant contribution that it's making to Continental Europe gas supply by being able to accelerate projects in the Norwegian sector of the North Sea.

我也不想忘了我在挪威的朋友們。另外，當你想到離岸天然氣時，也應該想到挪威，以及它透過加速北海挪威區塊的專案，對歐洲大陸天然氣供應所做出的重大貢獻。

That's helpful. And then just a follow-up there. For the magnitude of the step-up post-2027, I know you said FTI is in growth mode, and we're going to see some of these larger projects come in and towards the end of the decade. Can you just help frame the magnitude of what orders might look like over the longer term for FTI?

這很有幫助。接著再追問一下。關於2027年之後躍升的幅度，我知道你說FTI正處於成長模式，而且我們會在本十年末看到一些更大型的專案進來。你能否協助我們界定一下，從更長期來看，FTI的訂單量可能會是什麼樣的幅度？

That's a fair question, Caitlin, and I thought I filibustered enough on the prior question, I might have gotten away from it. No, I'm just teasing you, fair question. Look, if we thought it was going to go from 10% to 10.1%, we wouldn't make such a bold statement. So I would consider it a bold statement.

這是個合理的問題，Caitlin。我原本以為我在上一題已經講得夠多，可能就能躲過去了。不，我只是跟你開玩笑，這問題很合理。你看，如果我們認為它只會從10%變成10.1%，我們就不會做出這麼大膽的說法。所以我會把它視為一個大膽的說法。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

So I appreciate the company's advancement in making offshore markets more short cycle than longer cycle. But given the current oil prices and macro, renewed focus on energy security, just wanted to ask about the shortest cycle barrel of the offshore markets, maybe from a regional perspective and how FTI can support that and have exposure through that maybe whether it's brownfield tiebacks, electrification or the Subsea Services piece.

所以我很感謝公司推動離岸市場朝向更短週期、而非較長週期的方向發展。但考量目前油價與總體環境、以及對能源安全的重新聚焦，我想請教離岸市場中最短週期的油桶（barrel）是哪些，或許從區域角度來看，以及 FTI 如何支援並透過這些領域取得曝險——不論是棕地回接（brownfield tiebacks）、電氣化，或是海底服務（Subsea Services）這一塊。

So maybe, Doug, just some thoughts around the shorter-cycle barrel of offshore and your exposure into those markets.

所以也許，Doug，想請你談談離岸最短週期油桶的一些看法，以及你在那些市場的曝險。

Sure. An important question, and I referred to it earlier in the conversation when we were talking about some of the recent client conversations that we're having. So as they look around their portfolio, they've always got a list of what they would call stranded reservoirs. That does not mean poor quality reservoirs. It just means the reservoirs don't have the reserves in place or the barrels in place to be able to justify their own development.

當然。這是個重要的問題，我在先前的對話中也提到過，當時我們在談近期與客戶的一些交流。因此，當他們檢視自身投資組合時，總會有一份他們所謂「擱淺油藏」（stranded reservoirs）的清單。這並不代表油藏品質不好。它只是表示該油藏的可採儲量或可開發油桶數不足，無法合理化其獨立開發。

So then the way that those get developed is through technology and innovation that will allow those smaller or stranded assets to be tied back to an existing infrastructure, wherever that may be floating something or a fixed bottom something or back to the shore, just depending upon which country and which we're working.

因此，這些油藏的開發方式，是透過技術與創新，讓這些較小或擱淺的資產能回接到既有基礎設施——可能是回接到某個浮式設施、或某個固定式平台、或回接到岸上，取決於所在國家以及我們合作的情境。

So we are absolutely spending a lot of time on working on those stranded assets. It's the shortest cycle time to bringing barrels online because you're not waiting and building or having a large capital expenditure around building a host facility. In this case, the host facility would exist.

所以我們確實投入大量時間在這些擱淺資產上。這是讓油桶上線（bringing barrels online）最快的週期，因為你不需要等待、也不需要投入龐大的資本支出去建造一座主體設施（host facility）。在這種情況下，主體設施是既有的。

The role that we're playing is one, from a technology point of view, it's Subsea 2.0 plays a big part of that because remember, in the old Subsea world or, let's say, the way that the rest of the industry is operating today, when they take an order, from the moment they take that order, that order is a fixed to that client and that project. It can never be used for someone else or for a different project even for the same client because it's built to a unique specification.

我們扮演的角色之一，從技術角度來看，Subsea 2.0 在其中扮演很重要的部分。因為請記得，在傳統海底（Subsea）世界，或說產業其他公司今天的運作方式是：當他們接到一張訂單，從接單那一刻起，該訂單就被固定綁定在那個客戶與那個專案上。它永遠不能用在其他客戶或不同專案上，即使是同一個客戶的另一個專案也不行，因為它是依照獨特規格打造的。

With Subsea 2.0, when we take a 2.0 order, pretty much up until the time it's delivered, we can modify that because it's just a series of features that we add or subtract onto that core product, meaning it can be shifted from one asset to another from one client to another, and we have real examples of how we've been able to do that to help our clients accelerate their developments and accelerate their production levels by doing such.

但在 Subsea 2.0 下，當我們接到 2.0 訂單時，幾乎直到交付前，我們都可以進行調整，因為它只是針對核心產品加上或減去一系列功能特徵；這代表它可以從一個資產轉移到另一個資產、從一個客戶轉移到另一個客戶。我們也有實際案例，說明我們如何做到這點，來協助客戶加速開發、並藉此提升其產量水準。

And again, we always refer to the automotive industry. Think about the automotive industry. When you order a car, that is not your car. The engines already been designed. The transmission has been designed. The frame and the chassis has been designed. It's only yours when they put everything on when they put all the pieces together, apply the final paint color, then it's yours.

而且我們總是拿汽車產業來類比。想想汽車產業。當你訂一台車，那台車並不是「你的車」。引擎早就設計好了。變速箱也設計好了。車架與底盤也設計好了。只有當他們把所有零件組裝起來、噴上最後的車漆顏色，那才是你的車。

And so it's a very similar approach, and it's really changed the game for our customers, and they're really beginning to recognize that attribute that it provides. So that helps in the short -- that helps shorten the shortest cycle barrel.

所以這是非常類似的做法，也確實改變了我們客戶的遊戲規則，而他們也開始真正認知到這項特性所帶來的價值。因此，這有助於縮短——有助於縮短最短週期油桶的週期時間。

The other way that we do that is through our all-electric system. And the all-electric system allows us to increase the distance from those host facilities to look for these stranded reservoirs and to tie those back.

我們做到這點的另一種方式，是透過我們的全電系統（all-electric system）。全電系統讓我們能夠增加從主體設施到這些擱淺油藏的距離，並將其回接。

And then finally, it will be the way that we do the rest of the project or the rest of the work stream, meaning the water column as well as the installation. And as we talked about earlier, that's a portion -- that's a big effort that's going on within our company today to look at how we can industrialize that.

最後，還包括我們如何執行專案其餘部分或其餘工作流程，也就是水柱（water column）以及安裝作業。如同我們先前談到的，這部分——這是我們公司目前正在進行的一項重大工作，目標是研究如何將其工業化（industrialize）。

So we have the 2.0 seafloor. We have the all-electric today, and in the future, we'll have even more. So our belief that today that we can continue to reduce a significant portion of time off of an offshore development where as we've already taken anywhere from 9 to 15 months off of the cycle time of a project, we believe there's even more to come in the future.

所以我們有 2.0 海床（seafloor）。我們今天就有全電系統，而未來還會有更多。因此我們相信，今天我們仍能持續從離岸開發中再削減相當一部分時間；我們已經把專案週期時間縮短了約 9 到 15 個月，我們相信未來還能縮得更多。

Got it. That's very helpful and encouraging. Maybe just switching gears up. Just curious if there's any updates around some of the new technologies or R&D projects you're working on with third parties or start-up communities in the new energy sector or bringing some onshore industries to the Subsea. Just maybe some updates around there -- around that, some of the advancements you're making?

了解。這非常有幫助，也令人鼓舞。也許換個話題。我想了解一下，你們與第三方或新創社群在新能源領域合作、或把一些陸上產業技術帶到海底（Subsea）的新技術或研發專案，是否有任何更新？也就是那方面——你們正在取得的一些進展，有沒有可以分享的更新？

Derek, that's another one I'd love to talk about, but it's probably not appropriate. But yes, please -- rest assured, as a company, we are looking at challenges that are occurring in the world today. We look at them from a different perspective. We look at them from what could be done. 70% of the world is covered by water. The seabed is quite attractive. At least to us, it's quite attractive, and how can we leverage that portion of the geography in a different way than people have considered using it today. I won't go much further than that, but so lots of kind of innovative thinking around that, in the area of new energy specifically.

Derek，這也是我很想談的話題，但可能不太適合。不過，是的——請放心，作為一家公司，我們正在關注當今世界正在發生的挑戰。我們從不同的角度看待它們。我們從「能做些什麼」的角度來看。世界有 70% 被水覆蓋。海床相當有吸引力。至少對我們而言，它非常有吸引力；我們在思考如何以不同於人們今天所考慮的方式，去運用這部分的地理環境。我就不再多說了，但在新能源領域，確實有很多創新思維在進行。

The work that we're doing in carbon transportation and storage continues to be very important to us. I just got back from Brazil where we were focused on our HISEP project. And Petrobras is very pleased with the progress that we're making. This will be the -- again, this is a very novel technology, the first time that CO2 will ever be separated on the seabed and reinject it, meaning it doesn't come up to the FPSO. It's never exposed to the atmosphere. So it's a significant improvement in the way that things are done today and also debottlenecks in existing production facility for Petrobras, allowing them to produce more oil and generate, obviously, the financial benefit from that. So that's a really interesting project and it's going well.

我們在碳運輸與封存（carbon transportation and storage）方面所做的工作，對我們仍然非常重要。我剛從巴西回來，當時我們聚焦在 HISEP 專案。Petrobras 對我們取得的進展非常滿意。這將是——再次強調，這是一項非常新穎的技術，將是史上第一次在海床上分離 CO2 並將其回注（reinject），也就是 CO2 不會上到 FPSO。它從未暴露在大氣中。因此，這在現行作法上是重大改進，同時也能為 Petrobras 的既有生產設施去瓶頸（debottlenecks），讓他們能生產更多石油，並且顯然能從中獲得財務效益。所以這是一個非常有意思的專案，而且進展順利。

And then in the North Sea, we are going in June to participate with my peers there. And with our clients, we're looking at -- that's where we're taking CO2 that's being captured from the meters onshore and then we're taking at 145 kilometers offshore for permanent storage offshore. Again, these are really novel technologies. That one is enabled by our all-electric system because you wouldn't be able to do that with hydraulics and certainly not be able to do with hydraulics all on the seafloor like we can with the all-electric.

另外在北海，我們將在六月前往，與我在那裡的同業一起參與。並且與我們的客戶一起，我們正在研究——那裡是我們把在岸上以計量點（meters）捕集的 CO2，運送到離岸 145 公里處，進行永久離岸封存。同樣地，這些都是非常新穎的技術。那個專案之所以可行，是因為我們的全電系統；若用液壓系統你做不到，當然更不可能像我們用全電系統那樣，全部在海床上以液壓方式完成。

So yes, some really neat things, Derek. There'll be more to talk about in the future, and we look forward to the opportunity to do so when the time is appropriate.

所以是的，Derek，確實有一些很棒的事情在進行。未來還會有更多可以談的，我們也期待在適當的時機，有機會再與大家分享。

Samantha Hoh, HSBC.

Samantha Hoh，匯豐。

Hey, Doug. Thanks for all the information that you shared about Subsea, and very exciting what's in store. I wanted to spend some time on Surface. I was surprised to see in your prepared remarks that you called out higher completion activity in North America. And I was just wondering if you could elaborate on that.

嗨，Doug。謝謝你分享了所有關於海底（Subsea）的資訊，未來的發展也令人非常期待。我想花點時間談談地面（Surface）業務。我在你準備好的發言稿中看到你特別提到北美完井活動增加，這讓我有點意外。我想請你能否再多做一些說明？

Sure. So thank you, Samantha. Your question was on Surface and completion activity in Surface?

當然。謝謝你，Samantha。你的問題是關於地面（Surface）以及地面業務中的完井活動？

In North America.

在北美。

Yes. Okay. Sure. So we did see North America had a strong contribution. As you know, there was a an acceleration in the conversion of wells that had previously been drilled but uncompleted to complete those wells that obviously consume. We provide the surface assets to be able to allow that to be accomplished.

是的。好的。當然。所以我們確實看到北美有很強的貢獻。如你所知，先前已鑽但未完井的井（DUC）轉為完井的速度加快，而完井當然會消耗相關設備與資源。我們提供地面端的資產，使這些作業得以完成。

We're not seeing a big recovery in the North America business, if that's maybe what you're wanting to -- if that's where you're wanting to go. It's been a pretty steady business for us.

我們並沒有看到北美業務出現大幅復甦——如果那是你想問的方向或你想切入的重點。對我們而言，這一直是一個相當穩定的業務。

What's most important for us in that business is how we're transforming our product offering within that business, so moving away from the commodity products where there's a significant number of competitors doing the same thing we are and really focusing on our digital offering, which we call CyberFrac, which allows us to be able to automate the entire completion well site and actually allows our customers to be able to monitor and operate the assets remotely from their own office, wherever that may be.

對我們來說，該業務最重要的是我們如何在其中轉型產品組合：也就是逐步遠離商品化產品（因為有大量競爭者在做與我們相同的事），並真正聚焦在我們的數位化方案，我們稱之為 CyberFrac。它讓我們能夠自動化整個完井井場，並且讓客戶能在其自己的辦公室（不論在哪裡）遠端監控與操作這些資產。

And you would have heard about this in the past. The drillers do that for the drilling and the frac companies do that for the fracking, but we've actually put in place now an architecture that is an open architecture, allowing us to plug in the various service providers, including ourselves, on the well site, but in a fully integrated approach allowing a single interface for our clients. And that continues to make good inroads. And that's a very different business model for us as again, it's a digital offering with very minimal capital investment. But a very important financial contribution to the segment.

你過去應該也聽過這個概念。鑽井承包商在鑽井階段會這麼做，壓裂公司在壓裂作業也會這麼做；但我們現在已建立一套開放式架構，讓我們能把包括我們自己在內的各種服務供應商接入井場，同時以完全整合的方式，為客戶提供單一介面。而這持續取得不錯的進展。這對我們而言是非常不同的商業模式，因為它是數位化方案，資本投入非常少。但對該事業部門的財務貢獻非常重要。

And as a follow-up, I was wondering if you guys have looked into maybe expanding into Argentina or Venezuela?

另外追問一下，我想知道你們是否有研究過擴展到阿根廷或委內瑞拉？

So we have -- certainly, we are and have worked in Argentina for quite some time like everyone else -- or most everyone else, I should say. We worked in Argentina up until the sanctions, and then we recognized and did the right thing and left when the sanctions were put in place.

我們有——當然，我們在阿根廷已經營運相當長一段時間，跟其他人一樣——或者我應該說，跟大多數人一樣。我們在制裁之前也在委內瑞拉運作，之後在制裁生效時，我們認知到並做了正確的事，也就是在制裁實施後退出。

As we move forward now in Venezuela, we are looking at the opportunities as they present themselves. We are talking to our clients, both -- remember in Surface, our clients are both the E&P operators, but also the service companies. So we are talking to our clients in Venezuela. And as they start to put together their plans their plans to potentially move back into Venezuela, then we will be there to support them as they need us.

展望未來，在委內瑞拉方面，我們會在機會出現時評估。我們正在與客戶溝通——請記得在地面（Surface）業務中，我們的客戶既包括上游勘探與生產（E&P）營運商，也包括油服公司。因此我們正與委內瑞拉的客戶對話。當他們開始制定計畫、可能準備重返委內瑞拉時，我們就會在那裡按其需求提供支援。

But we're going to allow them to really identify an environment, an investable environment. And once they achieve that, then we'll support them. And again, back to Argentina, we've been there for a long time. We continue to be there. And yes, when we have a technology offering in the US, we also -- Argentina is a natural extension to take those type of unconventional technologies to that market as well.

但我們會先讓他們去確認當地環境——一個可投資的環境。一旦他們達成這點，我們就會支援他們。再回到阿根廷，我們在那裡已經很久了。我們也會持續在那裡。而且是的，當我們在美國有一套技術方案時，阿根廷也是很自然的延伸市場，可以把這類非常規技術帶到那個市場。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Maybe I want to just go back to some of the line of questioning initially, right? Full growth mode, uptick in inbounds in '27 and beyond. But just from a supply chain standpoint, right, I want to go back to that. I know Subsea 2.0 makes things easier, right? But as you look at your supply chain, Doug, right, I'm thinking things like castings and forgings and your own vendor base, how are you preparing your supply chain for the growth that you see coming?

我想回到一開始那條提問脈絡，好嗎？全面成長模式、2027 年及以後入站訂單（inbounds）回升。但從供應鏈角度來看，我想再回到這點。我知道 Subsea 2.0 讓事情更容易，對吧？但當你檢視你的供應鏈時，Doug，我想到像是鑄件、鍛件，以及你們自己的供應商基礎，你們如何為你們看到即將到來的成長做供應鏈準備？

And then related to that, things on the partnership side of things, right, especially on the vessel ecosystem, maybe just give us some color on how you are thinking that partnership structure you have worked to put in place. How is that looking in terms of supporting your growth outlook?

另外也相關的是合作夥伴面向，尤其是在船舶生態系（vessel ecosystem）方面，能否請你多分享一些你們如何看待並建立的那套合作架構？就支援你們的成長展望而言，目前進展如何？

Sure, Saurabh. So let's do the -- let's tackle the supply chain first. First and foremost, I want to recognize my team. They've done a tremendous job, not only dealing with the uncertainties around the tariffs, which we manage quite effectively, but now looking at potential disruptions and how we can manage that. And at the same time, we're growing the company. So yes, indeed, that means the supply chain is also growing.

當然，Saurabh。我們先處理供應鏈。首先我想肯定我的團隊。他們做得非常出色，不僅有效管理了關稅相關的不確定性，現在也在因應潛在的中斷並思考如何管理。同時，我們也在擴大公司規模。所以沒錯，這也意味著供應鏈同樣在成長。

You said it earlier, Saurabh, the shift to a configure-to-order system or Subsea 2.0 and has significantly reduced our reliance upon the supply chain, and it has significantly reduced and/or eliminated their requirement to build things for the first time on a project-by-project basis. So when we talked about in the Subsea 1.0 world or again, the way that the rest of the industry is still operating, when they get that order, they've never built it before. So everything is specific to the specifications of that project. So by definition, it's a novelty or a new product.

你剛才也提到，Saurabh，轉向按配置接單（configure-to-order）的系統，也就是 Subsea 2.0，已大幅降低我們對供應鏈的依賴，也大幅降低並／或消除了供應鏈需要在每個專案上「第一次」製造某些東西的要求。所以當我們談到 Subsea 1.0 的世界——或者說產業其他公司目前仍在運作的方式——當他們拿到訂單時，他們從未做過那個產品。因此所有內容都依該專案的規格量身打造。所以按定義來說，那就是一個新奇品或新產品。

So the same thing when they place an order with the supply chain, so in order to place that order with the supply chain, they have to do the drawings. They have to create all the building materials before they can even go to the supply chain. That typically takes 9 to 12 months of engineering. So you get an order, you spend 9 to 12 months of engineering, and then you go to the supply chain and ask them to build something they've never built before. That's Subsea 1.0.

同樣地，當他們向供應鏈下單時也是如此；要能向供應鏈下單，他們必須先完成圖紙。他們必須先建立所有物料清單，才能去找供應鏈。這通常需要 9 到 12 個月的工程設計。所以你拿到訂單，先花 9 到 12 個月做工程設計，然後才去供應鏈，請他們製造一個他們從未做過的東西。這就是 Subsea 1.0。

In Subsea 2.0, it's all pre-engineered preconfigure component, including the components that are being manufactured by our supply chain. So at the time of the order, we place -- it flows naturally straight into the supply chain. We eliminate the 9 to 12 months of engineering, one of the key reasons we can shorten the cycle time on these projects, but also it's very important. They now are building something, and they're getting quantities. They're not getting specifications to build something they haven't built before.

在 Subsea 2.0 中，一切都是預先工程化、預先配置的元件，包括由我們供應鏈製造的元件。因此在接單時，我們下單——它會自然地直接流入供應鏈。我們消除了 9 到 12 個月的工程設計，這也是我們能縮短這些專案週期時間的關鍵原因之一；但同時也非常重要的是，供應商現在是在製造他們已經做過的東西，而且會拿到數量。他們不再是拿到一堆規格、要去製造一個從未做過的東西。

So Alf and I were actually hosting a charity dinner a while back for some of our key suppliers that were supporting a charity that we support TechnipFMC. And I always give them the opportunity and ask them, what could we do better? How could we work better with your company? And across the board, and this was suppliers from all around the world, they were thanking us for the way that we operate today.

所以前陣子 Alf 和我為一些關鍵供應商辦了一場慈善晚宴，他們也在支持我們 TechnipFMC 所支持的一個慈善項目。我總是會給他們機會並問他們：我們還能做得更好的是什麼？我們如何能與你們公司合作得更好？結果一致的是——而且這些供應商來自世界各地——他們都在感謝我們如今的運作方式。

And just to put that into context, we sit down with them now on an annual basis. And on an annual basis, we say we're going to need 50 of this or 500 of this or 5,000 of this, but this is a defined product that they built before. Then by giving them the quantities, they can decide to do it divide by 12 and do it over a monthly basis. They could accelerate it and do it early and hold it on their balance sheet for us for future consumption, but whatever is easy as for them and whatever is best for their business model and for their capacity.

為了把這點放在脈絡中說明，我們現在每年都會與他們坐下來討論一次。每年我們都會說，我們將需要 50 個這個、或 500 個這個、或 5,000 個這個，但這是他們以前就做過的既定產品。接著在我們提供數量之後，他們就可以決定把它除以 12，按月來安排生產。他們也可以加速、提早生產，並先放在他們的資產負債表上替我們持有，以供未來使用；總之，怎麼做對他們最方便、最符合他們的商業模式與產能配置就怎麼做。

So it really has changed the way that things are done. We obviously retain redundancy to address challenges that occur sometimes around the world. So we have redundancy, but we have a much more streamlined supply chain, I would say, a more sophisticated supply chain as a result of moving to the configure-to-order approach.

所以這確實改變了事情的做法。我們當然會保留冗餘，以因應全球各地有時會發生的挑戰。因此我們有冗餘，但我會說，因為轉向按單配置（configure-to-order）的方式，我們的供應鏈變得更精簡，也更成熟。

And I'm sorry, Saurabh, I've already forgotten your second question.

抱歉，Saurabh，我已經忘了你的第二個問題。

No worries, Doug. So I was thinking on the partnership side of things, right? You addressed the supply chain side of things, right, to the partnership, especially the way vessel ecosystem.

沒問題，Doug。所以我在想的是合作夥伴這一塊，對吧？你談到了供應鏈這一塊，對吧，至於合作夥伴，特別是船舶生態系的方式。

No, no. Thank you for reminding me. So let me start by saying the partnership approach also applies to our suppliers. So we spend a lot of time with our suppliers like we do with our clients. We have partnership agreements like we have with our clients, we have with our suppliers. We like the way our clients treat us, and we think that's the way to treat our suppliers.

不、不。謝謝你提醒我。那我先說，合作夥伴的做法也同樣適用於我們的供應商。所以我們花很多時間和供應商在一起，就像我們和客戶一樣。我們和客戶有合作夥伴協議，和供應商也有。我們喜歡客戶對待我們的方式，也認為就應該用同樣的方式對待供應商。

So first and foremost, they are part of the partnership. Beyond that, as you indicated, we also have partners with other providers of assets for us to be able to utilize on our integrated projects. The ecosystem is strong. And I will tell you the ecosystem is growing. Probably since the last time we've talked about it, we've added one or two additional companies to the ecosystem. There is a queue that will -- that also want to join the ecosystem. And we are considering those as we move forward.

所以首先也是最重要的，他們是合作夥伴的一部分。除此之外，正如你所指出的，我們也與其他資產提供者建立合作夥伴關係，讓我們能在整合式專案中使用他們的資產。這個生態系很強。我也可以告訴你，這個生態系正在成長。大概自從上次我們談到它以來，我們又新增了一到兩家公司加入生態系。還有一個排隊名單——也有其他公司想加入這個生態系。我們會在往前推進時一併評估這些。

So again, the success of the iEPCI model, the success of the direct awards to our company as other providers of assets, very interested and enticed to work with us to be able to have access to that market, which is now direct awarded to TechnipFMC.

所以再說一次，iEPCI 模式的成功、以及直接授標給我們公司的成功，讓其他資產提供者非常有興趣、也很受吸引想與我們合作，以便能接觸到這個市場——而這個市場現在是直接授標給 TechnipFMC 的。

That's fantastic color, Doug. And just a very quick follow-up, Doug. I know somebody asked this question every quarter, right, but I want to make sure we get an updated view on this, right? We're talking about growth, obviously, a lot today than we did maybe a year back.

這些補充資訊非常棒，Doug。再很快追問一下，Doug。我知道每一季都有人問這個問題，對吧，但我想確保我們能得到最新的看法，對吧？我們今天談成長的篇幅，顯然比可能一年前多很多。

But in terms of the margin outlook, Doug, right, obviously, the 2026 outlook, we got Subsea 21% to 22%. Maybe just help us think through the moving pieces as you pursue the growth that you see ahead, right? Where can margins go? And what are the key moving pieces that we should bear in mind? Again, Subsea 2.0 is one of that, right? But just a reminder of the key moving pieces.

但就毛利率展望而言，Doug，對吧，顯然 2026 年的展望，我們看到 Subsea 是 21% 到 22%。也許請你幫我們梳理一下，當你追求你所看到的前方成長時，這些變動因素是什麼，對吧？毛利率可以走到哪裡？以及我們應該記住的關鍵變動因素有哪些？再說一次，Subsea 2.0 是其中之一，對吧？但請再提醒一下關鍵的變動因素。

Sure, Saurabh. I also just gave you 2027. So I thought we were being pretty generous. Here, we are committing to not only inbound growth, but revenue growth and EBITDA margin growth in 2027 for Subsea, just to remind everybody of that comment, which I think is pretty spectacular and speaks to the high quality of our backlog, our execution capability and our deep insight into the market and our customers' need because of the privileged position that they allow us to be in.

當然，Saurabh。我也剛剛給了你 2027 年。所以我覺得我們已經相當慷慨了。在這裡，我們承諾的不只是訂單流入（inbound）成長，還包括 2027 年 Subsea 的營收成長與 EBITDA 利潤率成長；提醒大家我剛才那段話，我認為相當驚人，也反映了我們在手訂單（backlog）的高品質、我們的執行能力，以及我們對市場與客戶需求的深刻洞察——這源自於客戶讓我們處於一個具優勢的特殊位置。

Look, the underlying fundamentals, it goes back to the earlier question about Subsea 2.0, and it's ever increasing contribution to the revenue. So I indicated that it would be going to about 50% in 2027, yet inbound levels are 80%. So you know that's going to continue to go up. iEPCI, the amount of integrated work that we're doing today and inbounding today is at an all-time high. That will continue to be converted into backlog. There's less and less low-quality historical legacy backlog left. So as that continues to get worked off, that's obviously a tailwind as well.

你看，底層基本面回到先前關於 Subsea 2.0 的問題，以及它對營收的貢獻持續提高。所以我指出，到 2027 年它將達到大約 50%，但訂單流入（inbound）水準是 80%。所以你知道那還會繼續上升。iEPCI——我們今天正在做、以及正在流入的整合式工作量——已經來到歷史新高。這些將持續轉化為在手訂單（backlog）。低品質的歷史遺留在手訂單所剩無幾。因此，隨著這些持續被消化，這顯然也是一股順風。

And then sure, the market dynamics are also a position of strength, and we benefit from that as well. But I try not to focus on that one. It's why I said it last, but we really focus on what are the things that we can do, what are the things that are within our control, so that we build the sustainable business and continue to drive the financial results even higher. So thank you.

然後當然，市場動態也處於有利位置，我們也能從中受益。但我盡量不把焦點放在那一點上。這也是我為什麼把它放在最後說；我們真正專注的是：哪些事情是我們能做的、哪些是在我們可控範圍內的，讓我們建立可持續的業務，並持續把財務成果推得更高。謝謝。

And we have reached our allotted time for questions. I will now hand the call back over to Matt for any closing comments.

我們的提問時間已到。我現在把電話交回給 Matt，請他做任何結語。

This concludes today's conference call. A replay 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 contact the Investor Relations team.

今天的電話會議到此結束。今天約紐約時間下午 3:00 起，我們的網站將提供重播。若您還有任何問題，歡迎隨時聯絡投資人關係團隊。

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

感謝各位參與。Regina，現在可以結束通話了。