Great Lakes Dredge & Dock Corp (GLDD) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2023 Great Lakes Dredge & Dock Corp Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Great Lakes Dredge & Dock Corp 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

And I would now like to hand the conference over to your speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係總監蒂娜·巴金斯基斯 (Tina Baginskis)。請繼續。

Thank you. Good morning, and welcome to our third quarter 2023 conference call. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Petterson; and our Chief Financial Officer, Scott Kornblau. Lasse will provide an update on the events of the quarter, then Scott will continue with an update on our financial results for the quarter. Lasse will conclude with an update on the outlook for the business and the market. Following their comments, there will be an opportunity for questions.

謝謝。早上好，歡迎參加我們的 2023 年第三季電話會議。今天早上與我一起參加電話會議的是我們的總裁兼執行長 Lasse Petterson；以及我們的財務長 Scott Kornblau。 Lasse 將提供本季度事件的最新情況，然後 Scott 將繼續介紹我們本季財務表現的最新情況。最後，Lasse 將介紹業務和市場的最新前景。在他們發表評論後，將有機會提問。

During this call, we will make certain forward-looking statements to help you understand our business. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in our earnings release and in filings with the SEC, including our 2022 Form 10-K and subsequent filings. During this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website, along with certain other operating data.

在本次電話會議中，我們將做出某些前瞻性陳述，以幫助您了解我們的業務。這些陳述涉及許多風險、不確定性和其他因素，可能導致實際結果與我們的預期有重大差異。我們業務中固有的某些風險因素已在我們的收益發布和向 SEC 提交的文件中列出，包括我們的 2022 年 10-K 表格和後續文件。在這次電話會議中，我們也提到了某些非公認會計原則財務指標，包括調整後的EBITDA，這些指標在我們的收益發布所附的淨利潤與調整後EBITDA 調節表中進行了解釋，並發佈在我們的投資者關係網站上，以及某些其他營運數據。

With that, I will turn the call over to Lasse.

這樣，我會將電話轉給 Lasse。

Thank you, Tina. The third quarter, as expected, was a challenging quarter due to vessel dry docks and idle equipment due to the market delays from 2022 and the first half of 2023. Despite the challenges, we were successful in building a solid backlog for the fourth quarter and for 2024 and onwards. We continue to see positive developments with both a larger number of capital projects and a better mix of projects coming to the market, which provides us with confidence that we are on a path to return to normal operations going into 2024.

謝謝你，蒂娜。正如預期的那樣，由於2022 年和2023 年上半年的市場延誤，船舶乾船塢和設備閒置，第三季度是一個充滿挑戰的季度。儘管面臨挑戰，但我們成功地為第四季度建立了堅實的積壓訂單， 2024 年及以後。我們繼續看到積極的發展，更多的資本項目和更好的項目組合進入市場，這讓我們充滿信心，相信我們將在 2024 年恢復正常運作。

Great Lakes ended the quarter with a record dredging backlog of $1.03 billion, which does not include approximately $50 million in performance obligations related to offshore wind contracts and $225 million in low bids and options pending award.

五大湖區本季末的疏浚積壓金額達到創紀錄的 10.3 億美元，其中不包括與離岸風電合約相關的約 5,000 萬美元的履約義務，以及 2.25 億美元的低價投標和待授予的選擇權。

At the end of the third quarter, 71% of Great Lakes' backlog consisted of capital projects. In the third quarter, we added $519 million in capital projects, which includes two LNG projects, the Brownsville Ship Channel project for Next Decade Corporation's Rio Grande LNG project and the Port Arthur LNG Phase 1 project. The Rio Grande Brownsville LNG project is the largest projects undertaken in Great Lakes history. Subcontract work on this project is anticipated to start later this year with a major dredging effort starting in Q2 of 2024 and lasting for proximately 2.5 years.

截至第三季末，五大湖區 71% 的積壓項目為資本項目。第三季度，我們新增了 5.19 億美元的資本項目，其中包括兩個液化天然氣項目：Next Decade Corporation 裡奧格蘭德液化天然氣項目的布朗斯維爾航道項目和亞瑟港液化天然氣一期項目。裡奧格蘭德布朗斯維爾液化天然氣計畫是五大湖史上最大的計畫。該專案的分包工作預計將於今年稍後開始，主要疏浚工作將於 2024 年第二季開始，持續約 2.5 年。

Our proven performance and safety culture allows us to win and execute these projects and support the growth of LNG exports in the U.S. In addition to these two capital projects, Great Lakes added $235 million in maintenance and coastal protection projects to our dredging backlog in the third quarter.

Our proven performance and safety culture allows us to win and execute these projects and support the growth of LNG exports in the U.S. In addition to these two capital projects, Great Lakes added $235 million in maintenance and coastal protection projects to our dredging backlog in the third四分之一.

As we have navigated the challenges from 2022 and have seen the ramp-up in bidding in 2023, we continue to be proactive on cost reductions and fleet adjustments, and we have reduced our general and administrative and overhead headcount by more than 50% during the year. As we have stated previously, we're temporarily cold stacked vessels to reduce costs and these vessels can easily be reactivated as the market improved as we did for one of our recent new projects.

隨著我們應對 2022 年以來的挑戰並看到 2023 年投標的增加，我們繼續積極主動地降低成本和調整機隊，並在 2022 年期間將一般、行政和間接費用人員數量減少了 50% 以上。年。正如我們之前所說，我們暫時冷堆船舶以降低成本，隨著市場的改善，這些船舶可以輕鬆重新啟用，就像我們最近的新項目所做的那樣。

Our newest hopper dredge, the Galveston Island is expected to be operational later in the fourth quarter, and our sister ship, the Amelia Island, is expected to be delivered in 2025. In the quarter, we took delivery of our two multicats, Cape Hatteras and the Cape Canaveral, which supports our pipeline operations with a stable work platform for making pipeline connections safely and quickly in most weather condition, in line with our strong safety culture.

我們最新的漏斗挖泥船 Galveston Island 預計將於第四季度晚些時候投入運營，我們的姊妹船 Amelia Island 預計將於 2025 年交付。本季度，我們接收了兩艘多貓船 Cape Hatteras卡納維拉爾角，它透過穩定的工作平台支援我們的管道運營，可在大多數天氣條件下安全、快速地進行管道連接，這符合我們強大的安全文化。

We are executing on our strategy to enter the U.S. offshore wind market. In July 2023, we were honored to have President Biden attend the steel-cutting ceremony for Great Lakes' offshore wind rock installation vessel, the Acadia, which marks another step forward as construction begins with expected delivery in 2025.

我們正在執行進入美國離岸風電市場的策略。 2023 年7 月，我們很榮幸邀請拜登總統出席五大湖離岸風岩安裝船阿卡迪亞號的鋼材切割儀式，這標誌著該船的建造又向前邁出了一步，預計將於2025 年交付。

In addition, we signed the first ever subcontract for procurement of U.S. rock with Carver Sand & Gravel, a U.S. quarry in the state of New York. Both milestones solidify our entry into the offshore wind market, and we support Great Lakes awarded rock installation contracts for the Empire Wind I and II projects with estimated installation windows in 2025 and 2026.

此外，我們也與美國紐約州採石場 Carver Sand & Gravel 簽署了首份美國岩石採購分包合約。這兩個里程碑都鞏固了我們進軍離岸風電市場的地位，我們支持 Great Lakes 授予的 Empire Wind I 和 II 項目岩石安裝合同，預計安裝時間為 2025 年和 2026 年。

We continue to monitor our developments on related offshore wind power purchase agreements after the refusal by the New York State Energy Research and Development Authority to renegotiate the agreements for Equinor and BP's Empire Wind projects and Orsted's Sunrise projects. We expect updates from Equinor in the first quarter on potential impacts to the development plans for the Empire Wind projects.

在紐約州能源研究與發展局拒絕重新談判 Equinor 和 BP 的 Empire Wind 專案以及 Orsted 的 Sunrise 專案協議​​後，我們繼續關注相關離岸風電採購協議的進展。我們預計 Equinor 將在第一季發布有關 Empire Wind 專案開發計畫潛在影響的最新資訊。

The U.S. offshore wind market has seen other projects delayed or canceled due to higher interest rates and inflation. However, on October 24 this year, the third round of PPAs for the state of New York saw 4 gigawatts of new PPAs awarded to three operators, and we continue to bid on projects with scheduled offshore installation windows in 2026 and onwards.

由於利率上升和通貨膨脹，美國離岸風電市場的其他項目被推遲或取消。然而，今年 10 月 24 日，紐約州第三輪購電協議中，三個營運商獲得了 4 吉瓦的新購電協議，我們將繼續投標 2026 年及以後預定海上安裝窗口的項目。

I will now turn the call over to Scott to further discuss the results for the quarter, and then I'll provide further commentary around the market and our business.

我現在將把電話轉給斯科特，進一步討論本季度的業績，然後我將針對市場和我們的業務提供進一步的評論。

Thank you, Lasse, and good morning, everyone. For the third quarter of 2023, revenues were $117.2 million, net loss was $6.2 million and adjusted EBITDA was $5.3 million. Revenue of $117.2 million in the third quarter of 2023 decreased $41.1 million from the prior year third quarter. The quarter-over-quarter decrease in revenue was primarily due to lower utilization for the hydraulic fleet as that segment of the market has remained soft. However, we do expect hydraulic utilization to improve during the fourth quarter.

謝謝你，萊塞，大家早安。 2023 年第三季度，營收為 1.172 億美元，淨虧損為 620 萬美元，調整後 EBITDA 為 530 萬美元。 2023 年第三季營收為 1.172 億美元，比去年第三季減少 4,110 萬美元。營收季減的主要原因是液壓機隊的使用率較低，因為市場仍然疲軟。然而，我們確實預計第四季度水力利用率將有所改善。

Despite the lower quarter-over-quarter revenue, including $36 million less capital revenue, current quarter gross profit and gross profit margin increased to $9 million and 7.7%, respectively, compared to $3.8 million and 2.4%, respectively, in the third quarter of 2022. The increase in gross margin is primarily due to improved project performance and lower operating costs due to our continued focus on cost reductions.

儘管營收季減，包括資本收入減少 3,600 萬美元，但本季毛利和毛利率分別增至 900 萬美元和 7.7%，而去年第三季分別為 380 萬美元和 2.4%。2022 年。毛利率的成長主要是由於專案績效的改善以及我們持續關注成本削減而降低的營運成本。

Third quarter 2023 G&A of $14.2 million is $900,000 higher than the same quarter last year, primarily due to higher incentive pay, profit sharing and severance pay in the current year quarter partially offset by lower costs due to our continued cost-cutting initiatives. Current quarter's operating loss of $5.1 million improved $4.4 million from the prior year's quarter net loss of $9.5 million, driven by the improved gross profit.

2023 年第三季的一般管理費用為1,420 萬美元，比去年同期高出90 萬美元，這主要是由於本季度更高的激勵工資、利潤分享和遣散費，部分被我們持續的成本削減舉措帶來的成本降低所抵銷。由於毛利潤改善，本季營運虧損 510 萬美元，比上年同期淨虧損 950 萬美元減少了 440 萬美元。

Net interest expense of $2.8 million for the third quarter 2023 was down from $3.6 million in the third quarter of 2022, primarily due to an increase in capitalized interest related to our new build program, partially offset by current quarter revolver interest expense. Third quarter 2023 net income tax benefit of $1.8 million compared to $3.3 million of net income tax benefit in the same quarter of 2022 due to the higher current quarter income. Rounding out the P&L, net loss for the third quarter 2023 was $6.2 million, an improvement from a $9.9 million net loss in the prior year quarter.

2023 年第三季的淨利息支出為280 萬美元，低於2022 年第三季的360 萬美元，主要是由於與我們的新建計畫相關的資本化利息增加，部分被本季循環利息支出所抵消。由於本季收入較高，2023 年第三季的淨所得稅收益為 180 萬美元，而 2022 年同一季度的淨所得稅收益為 330 萬美元。在完善損益表後，2023 年第三季的淨虧損為 620 萬美元，較去年同期的 990 萬美元淨虧損有所改善。

Turning to our balance sheet. We ended the third quarter of 2023 with $14.1 million in cash and $55 million drawn on our $300 million revolver, which doesn't mature until the third quarter of 2027. Total capital expenditures for the third quarter of 2023 were $46.6 million, which includes $28.4 million for the construction of the subsea rock installation vessel, the Acadia, $10.1 million for the Galveston Island and $2.2 million for the recently delivered multicast. So far in the fourth quarter, we have paid an additional $42 million for new build payments and currently have $85 million drawn on the revolver.

轉向我們的資產負債表。截至2023 年第三季末，我們擁有1,410 萬美元現金和3 億美元左輪手槍提領的5,500 萬美元，該資金要到2027 年第三季才會到期。2023 年第三季的總資本支出為4660 萬美元，其中包括28.4 美元1010萬美元用於建造海底岩石安裝船阿卡迪亞號，1010萬美元用於加爾維斯頓島，220萬美元用於最近交付的多播。到目前為止，第四季度，我們已經額外支付了 4,200 萬美元的新建付款，目前已從左輪手槍中提取了 8,500 萬美元。

Full year CapEx guidance of approximately $145 million is down $30 million from previous guidance due to the timing of milestone payments on the Acadia, which we expect to take delivery in the first half of 2025. As previously discussed, in January of this year, we applied with the Maritime Administration or MARAD, which is a unit of the Department of Transportation for Title 11 financing on our new wind vessel, which typically comes with very attractive terms. The review is ongoing, and a few weeks ago, we hit a key milestone with the commencement of an independent financial assessment, which is the next step in the process. But in parallel, we continue to explore other sources of capital. Post quarter end, we closed on a sale leaseback of various support equipment, bringing in approximately $29 million of cash.

由於Acadia 的里程碑付款時間安排，全年資本支出指引約為1.45 億美元，比之前的指引減少了3,000 萬美元，我們預計該車將在2025 年上半年交付。如前所述，今年1 月，我們向海事管理局或 MARAD（交通部下屬單位）申請為我們的新風電船舶提供 Title 11 融資，該融資通常附帶非常有吸引力的條款。審查正在進行中，幾週前，我們開始了獨立的財務評估，這是該過程的下一步，達到了一個重要的里程碑。但同時，我們繼續探索其他資本來源。季度末後，我們完成了各種支援設備的售後回租，帶來了約 2,900 萬美元的現金。

Looking towards the fourth quarter, we expect utilization to greatly increase from the third quarter as most of the non-cold stacked vessels are scheduled to work and there are no planned dry dockings. We should also see a larger amount of revenue coming from capital and beach projects, which typically come with higher margin than maintenance projects.

展望第四季度，我們預計利用率將較第三季度大幅增加，因為大多數非冷堆船已計劃投入使用，並且沒有計劃進行乾塢。我們還應該看到大量收入來自資本和海灘項目，這些項目的利潤率通常高於維護項目。

With that, I'll turn the call back over to Lasse for his remarks on the outlook moving forward.

接下來，我將把電話轉回給 Lasse，聽取他對未來前景的評論。

Thank you, Scott. For the 9 months ending September 30, the bid market, not including LNG and offshore wind projects was $1.8 billion, of which Great Lakes 131%. The increase in the mid-market was driven by a strong market for capital projects, which has already seen seven bids for port improvement projects, including ports such as Freeport, San Juan and Norfolk. The total capital bid market for port improvement projects through the third quarter totaled $459 million, of which 39% of the market year-to-date was won by Great Lakes.

謝謝你，斯科特。截至9月30日的9個月，競標市場（不包括液化天然氣和離岸風電項目）為18億美元，其中五大湖區佔131%。中端市場的成長是由強勁的資本項目市場推動的，該市場已經出現了七個港口改善項目的投標，其中包括自由港、聖胡安和諾福克等港口。截至第三季度，港口改善項目的資本投標市場總額為 4.59 億美元，其中五大湖區今年迄今佔了 39% 的市場份額。

We expect the budgeted appropriations to support the funding of several previously delayed capital report improvement projects that are still expected to bid before the end of the year, including Sabine, Houston and Mobile.

我們預計預算撥款將支持幾個先前推遲的資本報告改進項目的資金，這些項目預計仍將在年底前投標，包括薩賓、休斯頓和莫比爾。

We continue to see strong support from the Biden Administration and Congress for the dredging industry. In March this year, President Biden released the President's fiscal year 2024 executive budget. The proposed amount for the core targets, $7.4 billion, which is a record amount for President's budget. In June this year, the House proposed an increased 2024 budget of $9.6 billion for the quarter, which is $910 million above the fiscal year 2023, and includes $2.8 billion of the Harbor Maintain Trust Fund and the $1.5 billion for flood and storm damage reduction.

我們繼續看到拜登政府和國會對疏浚業的大力支持。今年3月，拜登總統發布了總統2024財政年度行政預算。核心目標的提議金額為 74 億美元，這是總統預算的創紀錄金額。今年 6 月，眾議院提議將 2024 年季度預算增加 96 億美元，比 2023 財年增加 9.1 億美元，其中包括 28 億美元的港口維護信託基金和 15 億美元的洪水和風暴減災資金。

In July, the Senate Committee for Appropriations passed the budget, which targets $8.9 billion for the Corps. This will move to the Senate floor for further deliberations and considerations. This proposed budget is expected to provide a strong 2024 bid market, if passed by Congress over the next few months. Currently, the government is operating under a continued resolution until the budget is approved.

7月，參議院撥款委員會通過了預算，目標是為軍團提供89億美元。這將移交參議院進行進一步審議和考慮。如果國會在未來幾個月內通過該提案預算，預計將為 2024 年投標市場提供強勁的支持。目前，政府正在根據一項持續的決議運作，直到預算獲得批准。

Offshore wind has been recognized around the world as a reliable source of renewable energy. Globally, installed offshore wind power generation capacity is targeted to reach about 260 gigawatt by 2030, up from 40 gigawatts in place in 2020. In 2021, the Biden administration announced the ambitious goal of 30 gigawatts in the United States offshore wind by 2030 and provided $3 billion in federal loan guarantees for offshore wind projects. The administration support for offshore wind culminated in the Inflation Reduction Act, the largest Climate Mitigation Act ever passed by Congress.

離岸風電已被全世界公認為可靠的再生能源。在全球範圍內，離岸風電裝置容量目標是到2030 年達到約260 吉瓦，高於2020 年的40 吉瓦。2021 年，拜登政府宣布了到2030 年美國離岸風電裝置容量達到30 吉瓦的宏偉目標，並提供了為離岸風電項目提供 30 億美元的聯邦貸款擔保。政府對離岸風電的支持最終形成了《通貨膨脹減少法案》，這是國會有史以來通過的最大的氣候減緩法案。

As stated previously, Great Lakes was awarded the Rock installation contract for Equinor and BP's Empire Wind I and II projects with estimated installation windows in 2025 and 2026. The developer requested adjustments to the power purchase agreements for these two projects, which New York rejected in October, and we are awaiting updates in the fourth quarter for potential impacts on the project schedules.

如前所述，Great Lakes 獲得了Equinor 和BP 的Empire Wind I 和II 項目的Rock 安裝合同，預計安裝時間為2025 年和2026 年。開發商要求調整這兩個項目的購電協議，但遭到紐約州拒絕十月份，我們正在等待第四季度的更新，以了解對專案進度的潛在影響。

New York continues to take a step forward in meeting their renewable energy goals with an announcement in October 24, 2023, of three new projects awarded with a capacity of approximately 4 gigawatts of offshore wind energy and a new accelerated fourth bid round for additional PPAs that was announced for early 2024. Although the market is facing some short-term challenges, the long-term outlook for offshore wind in the U.S. is optimistic based on strong fundamentals and commitments by the U.S. to meet its energy independence and decarbonization targets.

紐約在實現再生能源目標方面繼續向前邁出一步，於2023 年10 月24 日宣布授予三個新項目，離岸風能容量約為4 吉瓦，並針對其他購電協議進行新的第四輪加速投標，該計劃將於 2024 年初宣布。儘管市場面臨一些短期挑戰，但基於強勁的基本面以及美國對實現能源獨立和脫碳目標的承諾，美國離岸風電的長期前景是樂觀的。

Great Lakes has established a unique business position in the United States offshore wind market, and we continue to tender bids on multiple offshore wind projects for the Acadia our, subsea rock installation vessel currently being constructed.

Great Lakes 在美國離岸風電市場建立了獨特的商業地位，我們繼續為目前正在建造的 Acadia 海底岩石安裝船的多個離岸風電項目進行投標。

In conclusion, our main focus for the year has been to keep managing through the various challenges that the 2022 delayed market presented us with, with a goal of delivering improved year-over-year results. As expected, so far this year, we have seen strong overall bid market, including a number of large capital projects that finally got bid, leading us to a record backlog of over $1 billion. This, combined with the fleet adjustments and the cost reductions and production initiatives we have in place will continue to provide improved results in the coming years.

總之，我們今年的主要重點是繼續應對 2022 年延遲市場給我們帶來的各種挑戰，目標是實現同比業績的改善。正如預期的那樣，今年到目前為止，我們看到整體投標市場強勁，包括一些最終中標的大型資本項目，導致我們的積壓金額超過 10 億美元，創歷史新高。再加上我們的機隊調整、成本削減和生產計劃，我們將在未來幾年繼續提供更好的業績。

And with that, I'll turn the call over for questions.

接下來，我將轉接電話詢問問題。

(Operator Instructions) Our first question will come from Joe Gomes of NOBLE Capital Markets.

（操作員說明）我們的第一個問題將來自 NOBLE Capital Markets 的 Joe Gomes。

Good morning. So I wanted to start off on the revenues. I mean, look back at the second quarter, your commentary there, and you talked about the delayed bid market was coming to an end, that the number of dredges were completely booked and very, very few had availability for the rest of the year. But then you came in at a revenue number, which is the lowest quarterly revenue number in at least 5 years and just trying to square that comment with the number that actually was generated in the quarter. I wondered if you could give us a little more color on that.

早安.所以我想從收入開始。我的意思是，回顧第二季度，您在那裡的評論，您談到延遲的投標市場即將結束，挖泥船的數量已完全預訂，並且非常非常少的挖泥船在今年剩餘時間內可用。但隨後你得到了一個收入數字，這是至少 5 年來最低的季度收入數字，並且只是試圖將該評論與該季度實際產生的數字相匹配。我想知道你能否給我們更多的資訊。

Yes, Joe, what I had said and we said that at the beginning of the year and the commentary did not change throughout was that even though we were continuing to see an improving bid market, and we were winning our fair share of those, really didn't expect to see that turn into revenue until the fourth quarter and then going into next year. We'd always said the first 3 quarters would be somewhat muted.

是的，喬，我和我們在今年年初說過的話，而且評論自始至終都沒有改變，那就是，儘管我們繼續看到投標市場的改善，並且我們贏得了其中的公平份額，真的預計要到第第四季才能看到收入，然後進入明年。我們總是說前三個季度會有些平靜。

In addition, I'd also talked about last quarter, we had three dry docks scheduled for the third quarter as well. And we had talked about all year that the hydraulics market was still somewhat challenged, and we're starting to see that recover now with the LNG. I think I laid all the pieces out that we thought revenue would be down in Q3. Utilization would be down in Q3. And yet, you're right, this is the lowest revenue we've had in a very, very long time and still outperformed prior year quarter with $40 million more revenue. So I think this is proving out the things that we can control on the cost reduction is on production we are. The revenue is about to come forward with supported by $1 billion worth of backlog.

此外，我還談到了上個季度，我們第三季也安排了三個乾船塢。我們一整年都在談論液壓市場仍然面臨一些挑戰，現在我們開始看到液化天然氣市場的復甦。我想我已經列出了我們認為第三季收入會下降的所有內容。第三季利用率將下降。然而，你是對的，這是我們在很長一段時間以來的最低收入，但仍然優於去年同期，收入增加了 4000 萬美元。所以我認為這證明了我們可以控制生產成本降低。在價值 10 億美元的積壓訂單的支持下，收入即將實現。

So on that, I understand the backlog, and it's a great -- you guys have done a great job in the backlog, but we do have that continuing resolution there, how comfortable are you in the revenue actually coming into the fourth quarter, if that continuing resolution goes on further than I think it's supposed to be next Monday or Tuesday, but next week.

因此，我了解積壓的情況，這很棒 - 你們在積壓方面做得很好，但我們確實有持續的解決方案，如果您對第四季度實際收入感到滿意，如果持續的解決方案比我想像的下週一或週二要持續更久，而是下週。

Yes, I think you're asking how that will impact our revenues going forward. The good news is that the -- it will not impact the revenue from the LNG projects that starts up in Q2 with the dredging. And also the capital project that has already been awarded that is in our backlog will continue to perform.

是的，我想您是在問這將如何影響我們未來的收入。好消息是，這不會影響第二季啟動的疏浚液化天然氣計畫的收入。我們積壓中已授予的資本項目也將繼續執行。

So the short-term impact of continued resolution that lasts for a long time as it did in 2022 is not really there. It will impact the ability for the Corps to issue new contracts on new projects, and that will have an impact towards the end of 2024 and not the first half. But we will just have to monitor what goes on in Congress and be optimistic about getting the continued resolution being short. As it normally is, it lasts 2, 3, 4 months, and that's normal. But in 2022, we had 8 months of continued resolution that created a problem.

因此，像 2022 年那樣持續很長時間的持續解決方案的短期影響並不真正存在。這將影響海軍陸戰隊為新項目簽發新合約的能力，並將影響到 2024 年底而不是上半年。但我們只需要關注國會的進展，並對短期內繼續通過決議持樂觀態度。一般情況下，持續2、3、4個月，這是正常的。但到了 2022 年，我們花了 8 個月的時間持續解決造成的問題。

And on the wind segment, unfortunate that there seems to be these delays going on. What would be the plan -- the Acadia if Empire I and II were not to go move forward anymore? I mean do you have some comfort level in some of the bids with some of the other projects out there that you'd be able to move the Acadia over to those projects?

在風電領域，不幸的是，似乎出現了這些延誤。如果第一帝國和第二帝國不再繼續前進，阿卡迪亞計畫會是什麼？我的意思是，您對其他一些項目的投標是否有一定程度的放心，您可以將阿卡迪亞移至這些項目？

Yes. The short answer is yes. We have seen some uncertainty in the market, particularly with Orsted, who canceled their Ocean Wind I and II for New Jersey. The article was citing cost and inflation and also shortage of installation vessel capacity for the project, which tells me that once Acadia is out there, there will be a good demand for it.

是的。簡短的回答是肯定的。我們看到市場存在一些不確定性，特別是 Orsted，他們取消了新澤西州的 Ocean Wind I 和 II。文章提到了成本和通貨膨脹，以及該項目安裝船容量的短缺，這告訴我，一旦阿卡迪亞建成，將會有很好的需求。

And also the new rounds for the PPA bidding that -- happened in October, sets up the installation windows in 2028 and onwards. And some of the projects that was slated for '24, '25 installation is slipping into '25/'26. It's a bit of a fluid situation at this point in time. But I'm optimistic that we have a backlog to execute on when Acadia comes out of construction. There is also an international market that we can address. And as you have seen, the European market is very strong for offshore wind installations going towards 2030, and it far outpaces what we do here in the U.S.

10 月發生的新一輪購電協議招標將安裝窗口設定在 2028 年及以後。一些原定於 24、25 年安裝的項目將推遲到 25/26 年安裝。目前的情況有點不穩定。但我樂觀地認為，當阿卡迪亞完工時，我們還有待處理的積壓工作。我們還可以開拓國際市場。正如您所看到的，到 2030 年，歐洲離岸風電裝置市場非常強勁，遠遠超過我們在美國的表現。

Okay. One more, if I may. Scott, you keep getting this question every quarter. So last year, we had the site condition. You had talked about your thought, you're one of though -- the issues would be resolved in the third quarter, one in the fourth quarter. Just maybe give us an update on where those stand today?

好的。如果可以的話，再來一張。史考特，每個季度你都會收到這個問題。所以去年我們就有了場地條件。你已經談到了你的想法，但你是其中之一——問題將在第三季度得到解決，一個在第四季度得到解決。可否為我們介紹一下目前的最新情況？

Yes. So I actually get to give you a different answer than I have for the last four quarters. We have settled two of those during the quarter. And it was -- if you remember, we had kind of a small and medium and large and it was the medium to large that got settled.

是的。所以我實際上可以給你一個與過去四個季度不同的答案。我們在本季解決了其中兩個問題。如果你還記得的話，我們有小型、中型和大型，最終解決的是中型到大型。

The smaller of the two that we settled did get fully booked in the quarter, and it is now resolved. The larger one now fully resolved and settled just the way the accounting works. About half of that has been booked and the other half will mostly be Q4 and maybe a little stub piece into Q1. So for this quarter, we were able to book about mid-single-digit millions of revenue and the total settlement came in as we've kind of previously guided to the low double digits.

我們解決的兩家酒店中較小的一家確實在本季度被預訂滿了，現在已經解決了。較大的一個現在已經完全解決並按照會計工作的方式解決了。其中大約一半已被預訂，另一半將主要用於第四季度，也許還有一小部分進入第一季。因此，在本季度，我們能夠預訂大約數百萬美元的中個位數收入，並且總和解金額正如我們之前指導的低兩位數那樣。

Our next question will come from Adam Thalhimer of Thompson, Davis.

我們的下一個問題將來自湯普森戴維斯公司的 Adam Thalhimer。

Congrats on the record backlog. Scott, can you comment on kind of how we should be thinking about Q4 sales? I'm just curious if you see the potential for growth year-over-year.

恭喜積壓記錄。斯科特，您能否評論一下我們應該如何考慮第四季度的銷售？我只是好奇你是否看到了同比增長的潛力。

Yes. Q4 is now we're going to start seeing the fruits of some of the backlog that we had won earlier this year. I mentioned in my prepared remarks that most of the non-cold stacked vessels are fully utilized for the quarter and expect the hydraulics, which I mentioned were definitely stressed in the Q3. Those are not completely booked, but a lot more full than they were in the third quarter and the rest of the fleet is -- should be pretty busy during the quarter.

是的。第四季度，我們將開始看到今年稍早贏得的一些積壓訂單的成果。我在準備好的發言中提到，大多數非冷堆船舶在本季度已得到充分利用，並預計液壓系統，我提到的液壓系統在第三季度肯定受到壓力。這些航班尚未全部預訂完畢，但比第三季的預訂量要多得多，而且機隊的其餘部分在本季度應該會非常繁忙。

And we will now start, I think, seeing the shift of having more capital projects in revenue than we had for the first 9 months of the year. So yes, I'm expecting very similar to how we laid out at the beginning of the year, we'll start seeing the fruits of this fantastic bid market starting to come to bear.

我認為，我們現在將開始看到收入中資本項目數量比今年前 9 個月更多的轉變。所以，是的，我預計與我們年初的佈局非常相似，我們將開始看到這個夢幻般的投標市場的成果開始顯現。

Okay. Great. And then last, I'm trying to -- let's see, you talked about some of the larger projects that are currently in backlog, significant dredging begins in Q2 of '24. Was that just for Rio Grande or is that really a comment on the capital backlog in general?

好的。偉大的。最後，我正在嘗試 - 讓我們看看，您談到了目前積壓的一些較大項目，重大疏浚工作將於 24 年第二季度開始。這只是針對格蘭德河還是真的是對總體資本積壓的評論？

No, it was really a comment on the two LNG projects. As Scott has been saying, the -- market or the hydraulic market has been challenged [over all of] 2023. And we are, with the Port Arthur and with the Brownsville project, we are putting those assets back in full operation, which is really generating some good revenues once they are active.

不，這實際上是對兩個液化天然氣項目的評論。正如斯科特所說，市場或水利市場在 2023 年[全年]都受到了挑戰。我們正在透過亞瑟港和布朗斯維爾項目，讓這些資產重新全面運營，這就是一旦它們活躍起來，確實會產生一些不錯的收入。

And then, Scott, do you have any sense for like dry docking schedule in 2024?

然後，斯科特，您對 2024 年的乾船塢時間表有什麼了解嗎？

Yes, a little early. I'll give more color on the next call. But I'll tell you, it's probably going to be relatively flat to this year. Excuse me, I think it's going to be in that 3 to 4 range. I will say though, Adam, that the way we have it scheduled out now, and again, I'll give more color on the year-end call, it is much more weighted to the beginning of the year than the end, especially on some of the hydraulics as we get ready to execute this LNG, will go ahead and pull those dry docks to the left, so we can get those done and out of the way. So once we get on payroll, we don't have to stop.

是的，有點早。我會在下次通話中提供更多資訊。但我會告訴你，今年的情況可能會相對持平。對不起，我想它會在 3 到 4 的範圍內。不過，亞當，我要說的是，按照我們現在安排的方式，我會在年終電話會議上提供更多的色彩，年初的比重比年末的比重要大得多，尤其是在年終電話會議上。當我們準備好執行液化天然氣時，一些液壓系統將繼續將這些乾船塢拉到左側，這樣我們就可以完成這些任務並讓開。因此，一旦我們拿到工資，我們就不必停下來。

Got it. And then high level, for next year, we still have some vessels in dry dock. And then I'm curious what the revenue -- like what is your annual revenue potential at this point, given all the moving pieces with the boats, now that we have a full backlog, I'm just curious.

知道了。然後高層，明年我們仍然有一些船停在乾船塢裡。然後我很好奇收入是多少——比如你目前的年收入潛力是多少，考慮到所有與船隻有關的移動部件，現在我們有完整的積壓訂單，我只是好奇。

Yes. I mean I'm not going to give the full potential because, as you know, a lot of it depends on mix and when the jobs are starting. I will say, though, of our roughly $1 billion of backlog with some of these large capital projects, they're going well into 2025 and one of the LNG projects is going into 2026. So we will earn rough numbers of the backlog, probably about half of it next year in 2024. So there is still some white space for us to fill next year, but we also have a lot more backlog already into '25 into '26 and we typically have a couple of years out.

是的。我的意思是，我不會充分發揮潛力，因為如您所知，這很大程度上取決於組合以及何時開始工作。不過，我要說的是，在我們的一些大型資本項目的大約10 億美元的積壓訂單中，它們將順利進入2025 年，其中一個液化天然氣項目將進入2026 年。因此，我們可能會獲得積壓訂單的粗略數字明年（2024 年）大約有一半。所以明年我們仍然有一些空白需要填補，但我們在 25 到 26 年間也有更多的積壓，而且我們通常還有幾年的時間。

Our next question will come from Jon Tanwanteng of CJS Securities.

我們的下一個問題將來自 CJS 證券的 Jon Tanwanteng。

My first one, just on the wind, I guess, end market is, do you expect the Equinor project to be pushed out or canceled or somehow renegotiated on your end? And if so, what are your options for the Acadia and the timing of delivery of the financing construction if that happens?

我的第一個想法是，我想，終端市場是，您是否預計 Equinor 專案會被推遲或取消，或以某種方式重新談判？如果是這樣，您對阿卡迪亞有什麼選擇，以及如果發生這種情況，融資建設的交付時間是什麼？

Yes. We -- the only thing that we know is that we have been informed by Equinor that they are reevaluating the new situation as New York were reluctant to or did not renegotiate those PPAs. So we are expecting information from them in the fourth quarter.

是的。我們唯一知道的是，Equinor 通知我們，他們正在重新評估新情況，因為紐約不願意或沒有重新談判這些購電協議。因此，我們期待他們在第四季度提供資訊。

There are a number of other projects that are going forward and we have biddings in most of these projects that have the installation windows from 2026 and onwards. It's a bit of a fluid situation, as you can see in the press with the headlines. But the outlook for Orsted Wind towards the end of this deck is very good.

還有許多其他項目正在推進中，我們對大多數項目進行了招標，這些項目的安裝窗口期為 2026 年及以後。正如您在媒體的頭條新聞中看到的那樣，情況有點不穩定。但奧斯特德風在這套牌結束時的前景非常好。

Okay. Are those projects that are still -- you're still in bidding on, are they under better contract agreements with the states that they're supplying power to? We have not been updated to reflect the cost and the interest rates that have been coming up.

好的。那些項目是否仍在競標中，它們是否與供電州簽訂了更好的合約協議？我們尚未更新以反映即將上漲的成本和利率。

Yes. Most of the projects that has now been canceled or delayed was -- had power purchase agreements from 2018 and '19 before COVID and before the inflationary pressures that we've seen has kicked in since then. That includes Empire, that includes Ocean Wind, that includes the revolution win for Orsted.

是的。現在已被取消或推遲的大多數項目都是在 2018 年和 19 年新冠疫情爆發之前以及我們看到的通膨壓力出現之前簽訂的購電協議。這包括帝國，包括海風，包括奧斯特德的革命勝利。

So now that we see the new PPAs coming through, there are projects that has been awarded since then, which have -- that has adjustments for inflation going forward, and those projects are continuing. And the new PPAs that has just been bid for New York had inflation adjustments included RWE, CIP, total energies were successful in winning those projects. And we are currently in discussions to tender those projects for them.

現在我們看到新的購電協議即將通過，自那時以來已經授予了一些項目，這些項目已經針對未來的通貨膨脹進行了調整，並且這些項目正在繼續進行。紐約剛競標的新購電協議進行了通貨膨脹調整，包括RWE、CIP，總能源成功贏得了這些項目。我們目前正在討論為他們招標這些項目。

Okay. So it's fair to say that the projects that are scheduled for '26 and on pretty much have the risk priced in and don't have as much potential for cancellation to push out as we've seen in the ones that have made the news recently.

好的。因此，可以公平地說，計劃於 26 年及以後的項目幾乎已經計入了風險，並且沒有像我們在最近成為新聞的項目中看到的那樣有很大的取消潛力。 。

I think we have seen the bad headlines, both from Orsted, from BP, from Equinor. And the others are proceeding forward. So particularly for the PPAs that had the inflation adjustments in them, they are continuing as planned.

我認為我們已經看到了 Orsted、BP、Equinor 的糟糕頭條新聞。而其他人則繼續前進。因此，特別是對於包含通膨調整的購電協議，它們正在按計劃繼續進行。

Got it. Okay. Scott, a question for you just on the utilization. You mentioned the hydraulics wouldn't be -- Q2, I think. So what's your expected utilization for Q4 and Q1 just on the number of vessels you expect to have out there?

知道了。好的。斯科特，有一個關於利用率的問題。你提到液壓系統不會是－我想是Q2。那麼，僅就您預計擁有的船舶數量而言，您對第四季度和第一季的預期利用率是多少？

Yes. And we mentioned Q2 because that's when the LNG works, and that's going to keep a number of the hydraulics busy for a period of time. We still have utilization and work for those in Q4 and the first half of Q1 right now continue to bid more. So Q4 utilization just on the Hydraulics will be more than double what we saw in Q3. So again, they are starting to get busy. As I mentioned, Q1 is starting to shape up. Then Q2 and beyond, we have a number of those that will be tied up on the two LNG projects.

是的。我們提到第二季度是因為那是液化天然氣工作的時候，這將使許多液壓系統忙碌一段時間。我們仍然有第四季和第一季上半年的使用率和工作，現在繼續出價更高。因此，第四季液壓系統的利用率將是第三季的兩倍多。於是，他們又開始忙碌起來。正如我所提到的，第一季已經開始成形。然後是第二季及以後，我們有許多項目將與這兩個液化天然氣項目相關。

Understood. And then just quickly, is there an update on the competitive environment and how people are bidding now that there's more projects and work out there?

明白了。然後很快，競爭環境以及人們如何競標，現在有更多的項目和工作，是否有更新？

Well, the competitive environment, the dredging industry in the United States is very competitive, and there is a number of new vessels that have been added to the fleet over the last couple of years, both in the Hopper segment and in the -- segment. So we have seen some aggressive bidding on projects, and you can see that from the U.S. Army Corps of engineers records that there is quite some competitive bidding on some of the projects that has been awarded recently. But the market is also very good. Strong capital projects announcements from the Corps. So I'm optimistic about the market, but just with our current backlog and also with the number of projects that are now coming to bid as we estimate over the next 6 months.

嗯，競爭環境，美國的疏浚行業競爭非常激烈，過去幾年裡，船隊中增加了許多新船，無論是在 Hopper 部分還是在 -- 部分。所以我們看到了一些項目的積極投標，你可以從美國陸軍工程兵團的記錄中看到，最近授予的一些項目有相當多的競爭性投標。但市場也很好。軍團宣布了強而有力的資本項目。因此，我對市場持樂觀態度，但僅考慮到我們目前的積壓訂單以及我們預計未來 6 個月內即將投標的項目數量。

Our next question will come from William Hong of Reorg Research.

我們的下一個問題將來自 Reorg Research 的 William Hong。

Perhaps to Scott, you can tackle this one. When do you guys expect to receive notice of approval for your Title XI application? Is the company currently seeking any additional sources of financing to fund your CapEx initiatives?

也許對斯科特來說，你可以解決這個問題。你們預計什麼時候會收到 Title XI 申請的批准通知？公司目前是否正在尋求任何其他融資來源來為您的資本支出計劃提供資金？

Yes. So as I mentioned in the prepared remarks, we did hit a key milestone a few weeks ago, which was the next step we've been waiting on. Now that MARAD has done their due diligence, they're statutory acquired to get a third-party review. That is what's ongoing right now. And that process is still ongoing.

是的。正如我在準備好的發言中提到的，幾週前我們確實達到了一個關鍵的里程碑，這是我們一直在等待的下一步。既然 MARAD 已經完成了盡職調查，他們就被法定收購以獲得第三方審查。這就是現在正在進行的事情。這個過程仍在繼續。

My guess, and again, each one of these projects are different and not to have a specific time line. If I had to guess, I think this is kind of a late Q1, early Q2, just kind of based on the cadence and the pace that this is going.

我的猜測是，這些項目中的每一個都是不同的，並且沒有特定的時間表。如果我必須猜測，我認為這是第一季末、第二季早期，只是基於節奏和節奏。

And then the second part of your question, yes, I'm not going to get into all the nitty-gritty of what we're looking at. But yes, we're having conversations in parallel with MARAD with many others to get through this new build program. We still -- we'll take delivery of the Galveston later this year, but we still have not only the Acadia, but another hopper, the Amelia Island. So we still have a lot of CapEx to go. So we're going to continue to look at initiatives. I mentioned that we did bring in about $30 million in the last week or so on a sale leaseback, and I'll continue a lot of the conversations that I'm having in parallel with MARAD.

然後是你問題的第二部分，是的，我不會深入探討我們正在研究的所有細節。但是，是的，我們正在與 MARAD 以及許多其他人同時進行對話，以完成這個新的建造計劃。我們仍然 - 我們將在今年稍後接收加爾維斯頓號，但我們不僅擁有阿卡迪亞號，還有另一個漏斗號，阿米莉亞島。因此，我們還有大量資本支出需要投入。因此，我們將繼續研究相關措施。我提到，我們在上週左右的售後回租中確實賺到了大約 3000 萬美元，我將繼續與 MARAD 進行大量對話。

Our next question will come from Jacob Christiansen of [X Brooke Capital].

我們的下一個問題將來自 [X Brooke Capital] 的 Jacob Christiansen。

Could we talk about the CapEx investment cycle and sort of how much CapEx you expect for the rest of the year and give us a way to think about what to expect for 2024?

我們能否談談資本支出投資週期以及您預計今年剩餘時間的資本支出是多少，並讓我們思考 2024 年的預期？

Yes. So as I mentioned, we'll have full year CapEx of about $145 million for this year, and we've spent another $40 million already in the fourth quarter. So there's very little left to spend for this year, we'll be at the $145 million. And right now, we're in the 135-ish range or so. We just have the final payment to make on the Galveston Island and just some maintenance CapEx.

是的。正如我所提到的，今年我們的全年資本支出約為 1.45 億美元，第四季我們又花了 4,000 萬美元。所以今年可花的錢已經所剩無幾了，我們的開銷只有 1.45 億美元。現在，我們處於 135 左右的範圍內。我們只需支付加爾維斯頓島的最後一筆款項以及一些維護資本支出。

As I look forward to next year, and I'll give more specific guidance on the next call, but right now, it's laying out to probably be in the upper 100, so call it $175 million to $195 million, but I'll dial that in a little more on the year-end call.

我期待明年，我會在下一次電話會議上給出更具體的指導，但現在，它可能會進入前 100 名，所以稱之為 1.75 億美元到 1.95 億美元，但我會撥打在年終電話會議上會詳細介紹這一點。

Got it. And could you maybe try to parse that 2024 ballpark into maintenance projects?

知道了。您是否可以嘗試將 2024 年的大概情況解析為維護項目？

Yes. So our maintenance CapEx has decreased over the last couple of years as you bring on new vessels. That's the expectation is that your maintenance CapEx comes down. So we run about $25 million a year in maintenance CapEx, and then the rest will be for the wind vessel, the Acadia and the new hopper dredge, the Amelia Island.

是的。因此，隨著您引進新船，我們的維護資本支出在過去幾年中有所下降。這就是您的維護資本支出下降的預期。因此，我們每年的維護資本支出約為 2500 萬美元，其餘的將用於風船阿卡迪亞號和新的漏斗挖泥機阿米莉亞島號。

Our next question will come from Gregory Bennett of [Sell].

我們的下一個問題將來自 [Sell] 的 Gregory Bennett。

How much of your current backlog that I think you said half of it you expect to monetize over the next 12 months. Half of that is fixed at costs that are going up in this inflationary environment. Do you expect you have adjustments in these contracts for fuel or personnel? Or could we be stuck with low-margin contracts that were delayed over the last several months?

您目前的積壓訂單中有多少（我認為您曾說過您預計在未來 12 個月內將其中的一半貨幣化）。其中一半是固定的，因為在通貨膨脹環境下成本不斷上升。您預計這些燃料或人員合約會有所調整嗎？或者我們會陷入過去幾個月被推遲的低利潤合約？

Yes. So for the majority of our government contracts, those are fixed-price contracts. However, based on what happened last year, we have changed the way that we bid costs and future inflation into those. So we -- and we're not going to get burned again like we did last year. So we've taken some very aggressive assumptions on what inflation will be. That was built into our bid when we priced it out.

是的。因此，對於我們大多數的政府合約來說，這些都是固定價格合約。然而，根據去年發生的情況，我們改變了將成本和未來通膨納入其中的方式。所以我們——我們不會像去年那樣再次陷入困境。因此，我們對通貨膨脹採取了一些非常激進的假設。當我們定價時，這已納入我們的出價中。

Now that we're also starting to win a lot of nongovernment jobs, those contracts, are RFPs and you can negotiate those. And I can't get into the specifics of all of those contracts, but they are a lot more favorable than the off-the-shelf government contracts.

現在我們也開始贏得很多非政府工作，這些合約是 RFP，您可以進行談判。我無法詳細介紹所有這些合約的具體情況，但它們比現成的政府合約要有利得多。

So you're expecting when we hear your next -- with your fourth quarter earnings announcement that the expectation is you should be profitable and have significant cash flow. Is that what you're telling us?

因此，當我們聽到您的下一個第四季度收益公告時，您會期望您應該實現盈利並擁有大量現金流。這就是你告訴我們的嗎？

Telling you that we're expecting a much higher revenue and much higher margin in the fourth quarter than we have seen in the first 3 quarters of this year.

告訴您，我們預計第四季的營收和利潤率將比今年前三個季度高出許多。

One other comment, too, on the cost and the inflation. Two of the larger costs that we have, one is labor. We do have a lot of union labor. Those agreements are fixed, and we just recently signed a 3-year labor agreement. So we know what that is. Another large component is fuel, and we hedge our fuel as we win a contract, but we mitigate the impact of that as well.

另一種評論也是關於成本和通貨膨脹的。我們有兩個較大的成本，一是勞力。我們確實有很多工會勞工。這些協議是固定的，我們最近剛簽署了一份為期三年的勞動協議。所以我們知道那是什麼。另一個重要組成部分是燃料，我們在贏得合約時對沖燃料，但我們也減輕了其影響。

On the new vessel that you're building for offshore wind, my take is a lot of the contracts aren't going to happen. Why not wait until you have your financing in place, stop construction, wait until you have your contract, your financing -- your favorable financing in place and wait until you have contracts, definitive contracts, take-or-pay contracts for that vessel and not put us at risk?

在你們為離岸風電建造的新船上，我的看法是很多合約都不會發生。為什麼不等到你的融資到位，停止建造，等到你有你的合同，你的融資——你有利的融資到位，等到你有合同，最終合同，該船的照付不議合同和不會讓我們處於危險之中嗎？

Well, the contract for the vessel in the United States, it takes 3 to 3.5 years to build a vessel. So we entered into this contract, what is now 1.5 years ago. And we have a delivery in 2025 to go to work on the Equinor's Empire I contract. That is a firm contract, the firm backlog, which fills up most of our 2025. And then we have Empire II, which comes in 2026, where we also have our performance obligation.

那麼美國的船舶合同，建造一艘船需要3到3.5年。所以我們簽訂了這份合同，距今已經是 1.5 年前的事了。我們將於 2025 年交付，並開始執行 Equinor 的 Empire I 合約。這是一份確定的合同，確定的積壓訂單，它填滿了我們 2025 年的大部分時間。然後我們有帝國 II，它將在 2026 年到來，我們也有我們的履約義務。

As you heard earlier on the call, Equinor will come back to us in the second quarter -- in fourth quarter with their firm plans for those two projects, and that will be a time to reconsider whatever we have planned. But currently, the construction program is going as scheduled, and we are bidding a number of projects for '26 and onwards that will require the vessels to be ready and operational.

正如您早些時候在電話會議中聽到的那樣，Equinor 將在第二季和第四季向我們報告他們對這兩個項目的堅定計劃，這將是重新考慮我們計劃的時候。但目前，建造計劃正在按計劃進行，我們正在招標 26 年及以後的一些項目，這將要求船舶做好準備並投入運作。

What happens if they don't happen?

如果它們不發生會發生什麼？

Well, then we have to reconsider and we will come back to that in the fourth quarter. Otherwise, it's just speculations.

好吧，那麼我們必須重新考慮，我們將在第四季度再討論這個問題。否則，這只是猜測。

And I'm seeing no further questions in the queue. I would now like to turn the conference back to Tina Baginskis, for closing remarks.

我在隊列中沒有看到更多問題。現在我想請蒂娜·巴金斯基 (Tina Baginskis) 致閉幕詞。

Thank you. We appreciate the support of our shareholders, employees and business partners, and we thank you for joining us in this discussion about the important developments and initiatives in our business. We look forward to speaking with you during our next earnings discussion. Thank you.

謝謝。我們感謝股東、員工和業務夥伴的支持，感謝您加入我們有關我們業務的重要發展和舉措的討論。我們期待在下一次收益討論中與您交談。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連接，並度過愉快的一天。