Helix Energy Solutions Group Inc (HLX) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be your operator for today. At this time, I would like to welcome each and every one of you to the Q2 2025 Helix Energy Solutions Group E earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, can the press start one again. It is not my pleasure to turn today's call over to Brent Arriaga, Vice President of finance and accounting. Please go ahead.

感謝您的支持。我叫蓋爾，今天我將擔任您的接線生。現在，我歡迎大家參加 2025 年第二季 Helix Energy Solutions Group E 財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提問，只需按下電話鍵盤上的星號，然後按下數字 1 即可。如果您想撤回您的問題，媒體可以重新提出一個嗎？我很不高興將今天的電話轉給財務和會計副總裁布倫特·阿里亞加 (Brent Arriaga)。請繼續。

Good Morning everyone, and thanks for joining us today on our conference call where we will be reviewing our second quarter 2025 earnings release. Participating on this call for Helix today are Owen Kratz, our CEO, Scotty Sparks, our COO, Erik Staffeldt, our CFO, Ken Neikirk, our general counsel, Daniel Stuart, our Vice President of commercial, and myself.

大家早安，感謝您今天參加我們的電話會議，我們將在會議中回顧我們 2025 年第二季的財報。今天參加 Helix 電話會議的有我們的執行長 Owen Kratz、我們的營運長 Scotty Sparks、我們的財務長 Erik Staffeldt、我們的總法律顧問 Ken Neikirk、我們的商業副總裁 Daniel Stuart 和我自己。

Hopefully you've had an opportunity to review our press release and the related slide presentation released last night. If you do not have a copy of these materials, both can be accessed through the Investor Relations page on our website at www.helixesg.com

希望您有機會閱讀我們昨晚發布的新聞稿和相關幻燈片演示。如果您沒有這些資料的副本，可以透過我們網站 www.helixesg.com 上的投資者關係頁面存取。

The press releases and slides can be accessed on the news and events tab.

您可以在「新聞和事件」標籤上存取新聞稿和幻燈片。

Before we begin our prepared remarks, Ken Neikirk will make a statement regarding forward-looking information. Ken.

在我們開始準備好的發言之前，肯·尼柯克 (Ken Neikirk) 將就前瞻性資訊發表聲明。肯。

During this conference call, we anticipate making certain projections and forward-looking statements based on our current expectations and assumptions as of today. Such forward-looking statements may include projections and estimates of future events, business or industry trends, or business or financial results. All statements in this conference call or in the associated presentation other than statements of historical fact are forward-looking statements and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

在本次電話會議中，我們預計將根據目前的預期和假設做出某些預測和前瞻性陳述。此類前瞻性陳述可能包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。本次電話會議或相關演示中除歷史事實陳述外的所有陳述均為前瞻性陳述，均根據 1995 年《私人證券訴訟改革法》的安全港條款作出。

Our actual future results may differ materially from our projections and forward-looking statements due to a number and variety of risks, uncertainties, assumptions, and factors, including those set forth in slide two of our presentation in our most recently filed Annual Report on Form 10k, our Quarterly Reports on Form 10k, and on our other filings with the SEC. You should not place undue reliance on. And we do not undertake any duty to update any forward-looking statement. We disclaim any written or oral statements made by any third party regarding the subject matter of this conference call. Also, during this call, certain Non-GAAP financial disclosures may be made in accordance with SEC rules. The final slides of our presentation provide reconciliations of certain Non-GAAP measures to comparable GAAP financial measures.

由於存在多種風險、不確定性、假設和因素，包括我們最近提交的 10k 表年度報告、10k 表季度報告和向美國證券交易委員會提交的其他文件中演示文稿第二張幻燈片中列出的風險、不確定性、假設和因素，我們的實際未來結果可能與我們的預測和前瞻性陳述存在重大差異。您不應過度依賴。並且我們不承擔更新任何前瞻性聲明的義務。我們不承認任何第三方就本次電話會議主題所發表的任何書面或口頭聲明。此外，在本次電話會議期間，可能會根據美國證券交易委員會 (SEC) 規則進行某些非公認會計準則財務揭露。我們簡報的最後一張投影片提供了某些非公認會計準則 (Non-GAAP) 指標與可比較公認會計準則 (GAAP) 財務指標的對帳。

These reconciliations along with this presentation, the Earnings press release, our Annual Report on Form 10k, and a replay of this broadcast will be available under the for the Investor section of our website at www.helixesg.com, Please remember that information on this conference call speaks only as of today, July 24, 2025, and therefore you are advised that any time sensitive information may no longer be accurate as of any replay of this call. Scott.

這些對帳以及本簡報、收益新聞稿、我們的 10k 表年度報告以及此廣播的重播將在我們網站 www.helixesg.com 的「投資者」部分提供。請記住，本次電話會議中的資訊僅截至今天（2025 年 7 月 24 日），因此請注意，任何時間敏感資訊在重播此電話會議時可能不再準確。斯科特。

Thanks, Ken.

謝謝，肯。

Good Morning everyone.

大家早安。

Thank you for joining our call today. We hope everybody is doing well. This morning we will review our second quarter highlights, financial performance and operations. We provide our view the current markets and update our guidance for 2025.

感謝您今天參加我們的電話會議。我們希望每個人都一切順利。今天上午，我們將回顧第二季的亮點、財務表現和營運情況。我們提供對當前市場的看法並更新我們對 2025 年的指導。

Teams offshore and onshore safely delivered another well executed quarter. Our current safety statistics are among our best on record.

海上和陸上團隊安全地完成了另一個出色季度。我們目前的安全統計數據是有史以來最好的。

Moving on to the presentation, slides six and seven provide a high level summary of our results and key highlights for the quarter.

繼續演示，第六張和第七張幻燈片高度概括了我們的本季業績和主要亮點。

As expected, our second quarter results were negatively impacted by the regulatory docking of the Q5000 the transit and demobilization of the Q4000 from Nigeria, and the market conditions in the UK leading to the continued warm stacking of the sea well.

正如預期的那樣，我們的第二季業績受到 Q5000 監管對接、Q4000 從尼日利亞運輸和退役以及英國市場狀況導致海井持續熱堆積的負面影響。

In addition to these factors, we also experienced a later start to a Gulf of America shelf season. And we incurred a high number of deferred mobilization days at the end of the second quarter on the Q5000, Q4000, and one enhancer that have shifted revenues into the next quarter.

除了這些因素之外，美國灣陸棚海冰季節的開始時間也較晚。並且，我們在第二季末在 Q5000、Q4000 和一項增強器上產生了大量延期動員天數，這些天數已將收入轉移到下一季。

Revenues for the second quarter were $302 million with a gross profits of $15 million and a net loss of $3 million compared to $278 million in revenue, $28 million in gross profits, and a net income of $3 million in Q1.

第二季營收為 3.02 億美元，毛利為 1,500 萬美元，淨虧損為 300 萬美元，而第一季營收為 2.78 億美元，毛利為 2,800 萬美元，淨收入為 300 萬美元。

Adjusted EBITDA was $42 million for the quarter and had a negative operating cash flow of $17 million, resulting in negative free cash flow of $22 million.

本季調整後的 EBITDA 為 4,200 萬美元，經營現金流為負 1,700 萬美元，導致自由現金流為負 2,200 萬美元。

Year-to-date we have generated revenues of $5,180 million, gross profits of $42 million, and a break-even net income. We've adjusted EBITDA of $94 million.

今年迄今為止，我們的收入已達 51.8 億美元，毛利達 4,200 萬美元，淨收入達到收支平衡。我們已調整 EBITDA 為 9,400 萬美元。

Our cash and liquidity remain strong, with cash and cash equivalents of $320 million and liquidity of 375 at the quarter end.

我們的現金和流動性仍然強勁，季末現金和現金等價物為 3.2 億美元，流動性為 3.75 億美元。

Highlights for the quarter include Brazil operates in free vessels on longer term contracts, successful completion of operations for the Q4000 in Nigeria, and safe passage back to the Gulf of America, deployments of our third boulder grab and utilization in the quarter for all free boulder grabs, deployments of the JD assist and the IPA in the Baltic Sea.

本季度的亮點包括巴西在長期合約中運營自由船、成功完成尼日利亞 Q4000 的作業並安全返回美洲灣、部署我們的第三個巨石抓斗並在本季度利用所有自由巨石抓斗、在波羅的海部署 JD 輔助和 IPA。

Execution of a three year framework agreement with Exxon for shallow water decommissioning in the Gulf of America.

與埃克森美孚簽署了為期三年的框架協議，用於美國灣的淺水退役。

And in July, we signed a multi-year minimum 800 days trenching contract for the North Sea, commencing in 2027, securing trenching work well into 2030.

今年 7 月，我們簽署了一份為期多年的北海挖溝合同，合約有效期至少為 800 天，從 2027 年起，確保挖溝工作能夠持續到 2030 年。

I slide nine. Slide nine provides a more detailed review of segment results and segment utilization.

我滑第九次。第九張投影片更詳細地回顧了細分結果和細分利用率。

In the second quarter, we continue to operate globally with minimal operational disruption with operations in Europe, Asia Pacific, Brazil, Africa, the Gulf of America, and the US East Coast.

第二季度，我們繼續在全球範圍內開展業務，並將營運中斷降至最低，業務範圍包括歐洲、亞太地區、巴西、非洲、美洲灣和美國東海岸。

Our second quarter results were supported by strong seasonal improvements in robotics activity, free well intervention vessels operating in Brazil, and the marginal improvements in shallow water abandonment. These were offset by the regulatory docking of the Q5000 the demobilization of the Q4000 and the stacking of the sea.

我們第二季度的業績受到機器人活動的強勁季節性改善、巴西運營的免費井幹預船以及淺水廢棄的邊際改善的支持。這些都被 Q5000 的監管對接、Q4000 的復員和海上堆放所抵消。

Slide 10 provides further detail of our intervention segment.

幻燈片 10 提供了我們幹預部分的更多細節。

The Q4000 completed operations in Nigeria and a safe transit back to the Gulf of America during the quarter. The vessel then performed a brief shipyard visit for planned repairs, after which it commenced work on a free well decommissioning project.

Q4000 在本季度完成了在尼日利亞的作業並安全返回美洲灣。隨後，該船對船廠進行了短暫的訪問，進行了計劃內的維修，之後開始進行自由井退役項目。

Due to some gaps in the schedule, on completion of the works, we plan to pull forward the 2026 planned regulatory docking into 2025 to facilitate a clean runway in 2026.

由於時間安排上存在一些差距，在工程完成後，我們計劃將 2026 年計畫的監管對接提前到 2025 年，以便在 2026 年實現跑道清潔。

The Q5000 worked on one well in the Gulf of America in Q2 prior to undertaking planned regulatory 5 year class maintenance and inspection. The vessel is currently working on a multi-well program for one client prior to its scheduled return to work for Shell.

Q5000 於第二季度在美國灣的一口油井上作業，之後將進行計劃中的 5 年期監管維護和檢查。該船目前正在為一家客戶執行多井作業計劃，之後將按計劃返回為殼牌作業。

In the North Sea, the enhances had 100% utilization during the quarter, working on 4 wells for free customers. Due to the well-known market turmoil, the sea well remained warm stacked and is expected to remain warm stacks at a low-cost base for the remainder of 2025.

在北海，本季增強型產能利用率為 100%，為免費客戶在 4 口井上作業。由於眾所周知的市場動盪，海井仍保持暖堆狀態，預計在 2025 年剩餘時間內仍將在低成本基礎上保持暖堆狀態。

In Q2, the Q7000 completed work on five wells for shell on the 400 day decommissioning campaign in Brazil.

第二季度，Q7000 在巴西為期 400 天的退役活動中為殼牌完成了五口井的作業。

The SH1 had 94% utilization working for Trident, and in late Q3, early Q4, the vessel is expected to transfer to the 3 year Hedge Risk contract with a GAAP in operations whilst undergoing vessel acceptance.

SH1 在 Trident 公司的營運利用率為 94%，預計在第三季末和第四季初，該船將轉入 3 年期對沖風險合同，並在接受船舶驗收的同時按照 GAAP 運營。

PSH2 had a very strong quarter with 100% utilization for Petrobras.

PSH2 本季表現非常強勁，巴西石油的利用率達到 100%。

Moving to slide 11 provides further detail of our Robotics Business. Robotics had a strong quarter. The business performed at high standards, operating seven vessels during the quarter, working between trenching, RV support and site survey work on renewables and oil and gas related projects globally.

移至幻燈片 11，查看有關我們的機器人業務的更多詳細資訊。機器人技術本季表現強勁。該業務表現優異，本季營運了七艘船舶，在全球範圍內從事挖溝、RV 支援和現場勘測工作，涉及再生能源和石油天然氣相關項目。

Robotics worked six vessels on renewables related projects within the quarter and had strong vessel utilization overall with three vessels working on trenching projects. We operated three vessel trenching spreads in Europe, including the GC-3 and the North Sea enabler with jet trenches and the JD assisted with the.

本季度，機器人公司有六艘船隻參與了再生能源相關項目，總體而言，船隻利用率很高，其中三艘船參與了挖溝項目。我們在歐洲經營三艘挖溝船，包括配備噴射挖溝的 GC-3 和北海推進器，並由 JD 協助。

The Glomar wave and the trim support vessels are working on renewable site clearance utilities in the eye of boulder grabs in Europe, and the Sharia board long completed a small project in the Gulf of America prior to transiting to the US East Coast for renewables works.

Glomar 波浪船和調整支援船正在歐洲巨石抓斗眼中開展可再生能源場地清理公用設施工作，而伊斯蘭教法委員會在前往美國東海岸開展可再生能源工作之前，早已在美國灣完成了一個小型項目。

Also in renewables, we have the T1401 trencher working on a longer-term contract from a third-party vessel off Type 1, and in July we are mobilizing the T1402 on a third-party vessel for a longer-term contract in the Mediterranean.

此外，在可再生能源領域，我們已與 1 型船附近的第三方船隻簽訂了長期合同，其中有 T1401 挖溝機；7 月份，我們將調動第三方船隻上的 T1402 在地中海簽訂長期合同。

The GC2 in the Asia Pacific region performed all the gas support work offshore Malaysia during the.

亞太地區的GC2在馬來西亞海上執行了所有天然氣支援工作。

Our renewables and trenching outlook remain very robust. Numerous contracted works in 2025 through to 2030. We are extremely pleased to recently announce that we executed a multi-year 800 day minimum trenching spread contract in the North Sea.

我們的再生能源和挖溝前景依然十分強勁。2025年至2030年期間承包大量工程。我們非常高興地宣布，我們最近在北海執行了為期多年的 800 天最低挖溝合約。

The contract commences in 2027 for an initial four-year period plus options, and the long-term outlook for global renewables market is very strong, with a solid pipeline of tender activity as far out as 2032.

合約於 2027 年生效，初始期限為四年，另加選擇權，全球再生能源市場的長期前景非常強勁，遠期至 2032 年的招標活動十分活躍。

Slide 12 provides detail of our shallow water ed business.

投影片 12 詳細介紹了我們的淺水教育業務。

In Q2, activity levels increased as the season commenced, led by the start of the season for the Hedron heavy lift barge and an increase in utilization with a high number of P&A spreads working offshore.

在第二季度，隨著季節的開始，活動水平有所提高，其中以 Hedron 重型起重駁船的季節開始以及大量海上 P&A 作業的利用率提高為主導。

We expect similar or improved activity into Q3.

我們預計第三季的活動將會出現類似或改善的情況。

Whilst 2025 continues to be a soft year, we continue to believe in the long term outlook of this segment, as well as age, and customers look to reduce their decommissioning obligations.

儘管 2025 年仍將是疲軟的一年，但我們仍然相信該領域的長期前景以及年齡，客戶希望減少其退役義務。

This is further supported by a recent award of a three year agreement for the decommissioning services with Exxon.

最近與埃克森美孚簽訂的為期三年的退休服務協議進一步支持了這一點。

In summary, whilst we have seen a softer than expected UK intervention market and some potential gaps possible later in the year for the Q4000 due to work being pushed back into 2026, we are encouraged by our strong robotics in Brazil segments, and we are pleased to see improved tender activity with some quite sizable tenders in the UK globally.

總而言之，雖然我們看到英國幹預市場表現弱於預期，並且由於工作被推遲到 2026 年，今年晚些時候第四季度可能會出現一些潛在缺口，但我們對巴西機器人領域的強勁表現感到鼓舞，並且我們很高興看到投標活動有所改善，英國在全球範圍內進行了一些相當規模的投標。

We're expecting Q3 to be a very strong quarter. I'd like to thank our employees for their efforts, delivering again at a high level of execution and for securing backlog and long-term contracts.

我們預計第三季將是一個非常強勁的季度。我要感謝我們的員工的努力，再次以高水準的執行力交付成果並確保了積壓和長期合約。

And now turn the call over to Brent.

現在將電話轉給布倫特。

Thanks, Scotty. Moving to slide 13, it outlines our debt instruments and key balance sheet metrics as of June 30.

謝謝，斯科蒂。轉到第 13 張投影片，它概述了截至 6 月 30 日的債務工具和關鍵資產負債表指標。

We had $320 million of cash and availability under the ABL facility of $70 million with the resulting liquidity of $375 million.

我們擁有 3.2 億美元的現金，ABL 貸款下的可用資金為 7,000 萬美元，因此流動資金為 3.75 億美元。

Our funded debt was $319 million and we had negative net debt of $8 million at quarter end. Our balance sheet is strong and is expected to strengthen further as we anticipate generating meaningful free cash flow in the second half of 2025 and beyond and have minimal debt obligations between now and 2029.

我們的已償債務為 3.19 億美元，季末淨債務為負 800 萬美元。我們的資產負債表強勁，預計會進一步增強，因為我們預計在 2025 年下半年及以後將產生有意義的自由現金流，並且從現在到 2029 年期間的債務負擔將降至最低。

I'll now turn the call over to Erik for a discussion on our outlook.

現在我將把電話轉給埃里克，討論我們的前景。

Thanks Brent.

謝謝布倫特。

As we provide an outlook for the second half of 2025, our customers are reacting to the uncertainties created by the current geopolitical environment and the financial impact of low prices. Our customers are deferring work in the North Sea and Gulf of America, impacting our well intervention and shallow water abandonment segments. We are taking steps to mitigate the impacts of the slower market.

在我們展望 2025 年下半年時，我們的客戶正在對當前地緣政治環境造成的不確定性和低價造成的財務影響做出反應。我們的客戶正在推遲北海和美國灣的工作，這影響了我們的井下作業和淺水廢棄部分。我們正在採取措施減輕市場放緩的影響。

As discussed last quarter in the North Sea, we have stacked the sea well. In the shallow water abandonment segment, we have stacked five of our vessels.

正如上個季度在北海所討論的那樣，我們已經很好地堆砌了海洋。在淺水廢棄區，我們堆了五艘船。

This quarter, in response to the slowing Gulf of America well intervention market, we have accelerated the regulatory maintenance on the Q4000 into 2025 from 2026. The maintenance period is expected to take approximately 30 days and be performed in the third quarter. This will limit the utilization on the Q4000 during 2025 during this period of slower demand, but is designed to provide greater availability in 2026.

本季度，為因應美國灣油井幹預市場放緩，我們將 Q4000 的監管維護從 2026 年提前至 2025 年。預計維護期約30天，將於第三季進行。這將限制 2025 年需求放緩期間 Q4000 的利用率，但旨在 2026 年提供更大的可用性。

In our outlook, we have endeavored to account for the increased uncertainty and risk in our markets. We are adjusting our outlook as follows revenue to a range of $1.2billion to $1.3 billion and EBITDA to a range of $225 million to $265 million decreasing with the softer Gulf of America well intervention market.

在我們的展望中，我們努力解釋市場中日益增加的不確定性和風險。我們調整了預期，將營收調整為 12 億美元至 13 億美元之間，將 EBITDA 調整為 2.25 億美元至 2.65 億美元之間，因為美國灣油井幹預市場疲軟。

Free-cash flow, a range of $90 million to $140 million variability driven by EBITDA changes as well as the ultimate working capital movements.

自由現金流在 9,000 萬美元至 1.4 億美元之間波動，受 EBITDA 變動以及最終營運資本變動的影響。

Capital of $70 million to $80 million, slight increase in CapEx due to the acceleration of the regulatory maintenance period on the Q4,000 into 2025.

資本額為 7,000 萬美元至 8,000 萬美元，由於 2000 年第四季的監管維護期加速至 2025 年，資本支出略有增加。

These ranges include some key assumptions and estimates adjusting for the current market environment with any significant variation from these assumptions and estimates causing results that could fall outside our estimates and ranges provided.

這些範圍包括一些根據當前市場環境進行調整的關鍵假設和估計，與這些假設和估計的任何重大差異都可能導致結果超出我們提供的估計和範圍。

Our quarterly results typically follow a seasonal pacing with more active summer months and slower winter months. For the second half of 2025, we expect the third quarter to be our strongest quarter of 2025 with good contract coverage. The timing of our expected free cash flow generation is concentrated to the latter half of the year.

我們的季度業績通常遵循季節性節奏，夏季月份較為活躍，冬季月份則較為緩慢。對於 2025 年下半年，我們預計第三季將成為我們 2025 年表現最強勁的季度，合約覆蓋率良好。我們預期的自由現金流產生時間集中在下半年。

Providing our key assumptions by segment first with our well intervention segment, the Q4000 is currently completing a project and scheduled to commence regulatory docking by the end of July. The vessel is expected to be available in September. We are pursuing opportunities but do expect gaps in its schedules. Q5000 has strong contract coverage and expected to have high utilization into 2026.

首先根據我們的井下作業部門提供按部門劃分的關鍵假設，Q4000 目前正在完成一個項目，並計劃於 7 月底開始監管對接。該船預計將於九月投入使用。我們正在尋求機會，但預計時間表上會有空白。Q5000 擁有強大的合約覆蓋率，預計到 2026 年利用率仍將很高。

As discussed, the UK North Sea is weak, and we have stacked the sea welling work on the well enhancer.

正如所討論的，英國北海的情況較弱，我們已經將海湧工作堆積在井增強器上。

The enhancer is expected to have good utilization into Q4.

預計該增強劑將在第四季度得到良好的利用。

Q7000 is operating for Shell in Brazil on a firm 400 day project.

Q7000 正在巴西為殼牌公司營運為期 400 天的計畫。

The CM Helix 2 is on contract for Petrobras. The CM Helix 1 is currently performing well abandonment for Trident, with contracted work to extend to the end of Q3, followed by a three-year contract with Petrobras.

CM Helix 2 是與巴西石油公司簽訂的合約。CM Helix 1 目前正為 Trident 進行廢棄作業，合約工作將延長至第三季末，隨後與巴西石油公司簽訂三年合約。

The vessel is expected to have an approximate 30 day off hire period as it transitions for vessel acceptance between contracts.

由於該船正處於合約驗收過渡期，預計會有大約 30 天的停租期。

Moving to the Robotics segment, it continues to generate positive returns. The activity has been and continues to be extremely active. We recently announced a significant trenching contract in the North Sea representing over 800 days of trenching beginning in 2027.

轉向機器人領域，它繼續產生正回報。該活動一直非常活躍並且將繼續活躍。我們最近宣布了一項重要的北海挖溝合同，從 2027 年開始為期 800 多天的挖溝作業。

In the North Sea, the Grand Canyon 3 is expected to have an active trenching season with overall strong utilization. The North Sea neighbours has contracted trenching projects into Q4. The Glomar wave and trim are forecasted to have good utilization performing site clearance operations.

在北海，大峽谷 3 號預計將迎來活躍的挖溝季節，整體利用率很高。北海鄰國已將挖溝工程承包至第四季。預計 Glomar 波浪和修剪裝置在執行場地清理作業時將發揮良好作用。

T1402 is contracted for its first work in the Mediterranean in the second half of 2025.

T1402 合約將於 2025 年下半年在地中海進行首次作業。

The APAC region, the Grand Canyon 2, has contracted work through Q4. The trencher is working on provided vessel and is expected to remain in Taiwan through the end of '25. The US, the Borderland has contracted work in the Gulf of America and the US East Coast into Q3 then is scheduled to transition back to the Gulf Coast with good utilization expected into Q4.

亞太地區大峽谷2號已簽訂了第四季的工作合約。該挖溝機正在提供的船上工作，預計將在台灣停留至2025年底。美國邊境地區已在美國灣和美國東海岸簽訂了第三季度的工作合同，然後計劃轉移回墨西哥灣沿岸，預計第四季度利用率會很高。

Moving to production facilities, the HP1 is on contract. Balance of '25 recently extended to June of 26 with no current expected change.

轉向生產設施，HP1 已簽訂合約。25 年的餘額最近延長至 26 年 6 月，目前預計沒有變化。

We do have expected variability with production as the Droski field continues to deplete and Thunder hot field is shut in.

隨著 Droski 油田產量持續下降以及 Thunder 熱田關閉，我們確實預期產量將會改變。

Continuing our shallow water abandonment segment a strong third quarter before being impacted by the normal seasonal slowdown during the fourth quarter.

我們的淺水廢棄業務在第三季持續表現強勁，但在第四季受到正常季節性放緩的影響。

We expect the offshore marine business to maintain good utilization on five to seven lift boats with some variable seasonality on the OSVs and crew boats. The energy services should have seasonal utilization for up to 10 P&A spreads and up to two coal tubing units and 25.

我們預計，海上船舶業務將保持五至七艘起重船的良好利用率，而 OSV 和船員船則受季節性影響。能源服務應具有最多 10 個 P&A 範圍和最多 2 個煤管單元和 25 個季節性利用率。

There is seasonality in the diving and heavy lift business where the epihedron and diving vessels are expected to have good utilization during Q3 but slow down during Q4.

潛水和重型起重業務具有季節性，預計面體船和潛水船在第三季度的使用率較高，但第四季的使用率會下降。

Moving to slide 18, our CapEx forecasts for '25 is heavily impacted by the dry docks and maintenance periods on our vessels. The CO Q7000 Q5000 completed their dry docks in the first half of 2025. The Q4000 is now planned to enter dry dock in the third quarter with forecasted completion at the end of August.

轉到投影片 18，我們對 25 年的資本支出預測受到船舶乾船塢和維護期的嚴重影響。CO Q7000 Q5000 將於 2025 年上半年完成乾船塢維修。Q4000 目前計劃於第三季進入乾船塢，預計於 8 月底完工。

We are increasing our CapEx range for 2025 to $70 million to $80 million to account for the acceleration. Of the Q4000 docking into 2025.

為了因應這項加速，我們將 2025 年的資本支出範圍提高到 7,000 萬美元至 8,000 萬美元。Q4000 對接至 2025 年。

The majority of our CapEx forecast continues to be maintenance and project related, which primarily falls into operating cash flows.

我們對資本支出的預測大部分仍與維護和專案有關，主要涉及營運現金流。

Reviewing our balance sheet, our funded debt of $319 million at June 30th is expected to decrease further by $4 million in 2025 with scheduled principal payments on our debt. We were purchased shares, $30 million worth of our shares during the second quarter.

審查我們的資產負債表，截至 6 月 30 日，我們的已償債務為 3.19 億美元，預計到 2025 年將進一步減少 400 萬美元，並按計劃償還債務本金。我們在第二季度購買了價值 3000 萬美元的股票。

At this time, I'll turn the call back to Owen for discussion on our current outlook for '25 and beyond and for closing comments.

現在，我將把電話轉回給歐文，討論我們對 25 年及以後的當前展望並發表最後評論。

Thanks Erik.

謝謝埃里克。

Well, I've never been one to gloss over the challenges we're facing or have faced in the past and what we tell investors.

好吧，我從來都不是那種會掩蓋我們現在面臨的挑戰、過去面臨的挑戰以及我們向投資者所說的內容的人。

Last year going into the year, higher rates and major contract awards, it was easy to think we were in a sustainable up cycle.

進入去年，利率上升、重大合約授予，我們很容易認為我們正處於可持續的上升週期。

Many companies, including Helix, are disappointed in the 2025 market. While the long-term fundamentals are solid and cash flow outlook is still strong, the market is more nuanced than the expectations for continuing improvements it would suggest.

包括 Helix 在內的許多公司對 2025 年的市場感到失望。儘管長期基本面穩固且現金流前景依然強勁，但市場情況比其所暗示的持續改善的預期更加微妙。

The markets for 2025 can best be described as impacted by uncertainty and indecision on the part of the producers. We have three primary markets that have disappointed and negatively impacted our expected results.

2025 年的市場將受到生產商不確定性和猶豫不決的影響。我們有三個主要市場令我們失望並對我們的預期結果產生了負面影響。

You might notice in this that these are areas where we're most exposed to the spot market nature of the market.

您可能會注意到，這些是我們最容易受到現貨市場性質影響的領域。

First, the UK North Sea market has come to a temporary standstill. Coming into the year, to some degree, we expected this as a result of government policy uncertainty, continuation of the excess profit tax and merger activity with resulting integration periods as producers with profitable outlooks merge with producers with net loss tax positions, but I'm not sure anyone anticipated the true weakness of this market this year.

首先，英國北海市場暫時陷入停滯。進入今年，在某種程度上，我們預計會出現這種情況，因為政府政策的不確定性、超額利潤稅的延續以及合併活動，以及由此產生的整合期，因為有盈利前景的生產商與有淨虧損稅收狀況的生產商合併，但我不確定是否有人預料到今年這個市場的真正疲軟。

We know several major producers have announced their intentions to leave the UK North Sea. This should generate meaningful levels of abandonment work, with most of it being forecasted to occur starting in 2027.

我們知道幾家主要生產商已宣布打算離開英國北海。這將產生有意義的廢棄工作，其中大部分預計將於 2027 年開始發生。

At this time, planning and engineering is occurring. We do see at least two significant larger projects for 2026, but the competition for them is expected to be stiff, affecting potential margins. Our expectations for 2025 remain low, with improvement in 2026 and recovery by 2027.

目前，規劃和工程正在進行中。我們確實看到 2026 年至少有兩個重要的大型項目，但預計這些項目的競爭將會非常激烈，從而影響潛在的利潤率。我們對 2025 年的預期仍然較低，預計 2026 年將有所改善，2027 年將出現復甦。

In the Gulf of America intervention market, the intervention market is also looking soft for the second half of the year. The Q5,000 backlog looks solid.

在美國灣幹預市場，下半年幹預市場也顯得疲軟。Q5,000 積壓訂單看起來很穩定。

Depending on demand, the Q4,000 may be able to find more consistent opportunities deployed elsewhere. To position for this flexibility, we're bringing the regulatory dry docking forward into 2025.

根據需求，Q4,000 可能能夠在其他地方找到更一致的機會。為了實現這種靈活性，我們將監管乾船塢提前到 2025 年。

This will have ramifications in 2025 but sets up for more available days in 2026 and flexibility on regional deployment.

這將對 2025 年產生影響，但為 2026 年更多可用天數和區域部署的靈活性奠定基礎。

Third area to mention is the shallow water abandonment. There continues to be a significant backlog of regulatory required abandonment work in the Gulf of America shelf. The abandonment orders are being given out, but 2025 has proven to be a year planning, engineering, and permitting.

要提到的第三個領域是淺水廢棄區。美國灣大陸架仍積壓著大量監管要求的廢棄工作。廢棄命令已經下達，但事實證明 2025 年是規劃、工程和許可的一年。

As a result, the volume demand has been low, with competitive pressures to pressing margins and increasing labor costs, as all contractors struggle to find skilled people. We believe we've right sized the business for 2025, but lower margins and higher labor costs will result in the second year of less than satisfactory results. We expect 2026 to improve with further improvement in 2027.

結果，需求量一直很低，競爭壓力壓縮了利潤率並增加了勞動力成本，因為所有承包商都在努力尋找熟練的人才。我們相信我們已經為 2025 年確定了正確的業務規模，但較低的利潤率和較高的勞動力成本將導致第二年的業績不盡人意。我們預計 2026 年將會有所改善，2027 年將會進一步改善。

Elsewhere, Helix is operating as expected with a strong three vessel market in Brazil for intervention, and the offshore wind trenching and site clearance market demand remaining strong globally despite the challenges of the US wind farm market.

在其他方面，Helix 的營運情況符合預期，巴西幹預船舶市場擁有強勁的三艘船，儘管美國風電場市場面臨挑戰，但全球離岸風電挖溝和場地清理市場需求仍然強勁。

In production facilities, our Drosky field continues to produce well beyond the original expected end of production.

在生產設施方面，我們的 Drosky 油田的產量持續遠遠超出了最初預期的產量。

The Thunderhawk field remains shut in while planning and long lead items are prepared for an intervention. At this time we're planning for production to be restored in early 2026.

Thunderhawk 油田目前仍處於關閉狀態，正在進行規劃，並準備長期設備進行幹預。目前我們計劃在 2026 年初恢復生產。

Again, I've never been one to shy away from the challenges we face, and whether it's good or bad, we're open with our shareholders. There's no doubt that 2025 has not gone as well as we'd expected, but the overarching themes are macro instability and market uncertainty, lower oil prices, and resulting lower cash flows.

再說一次，我從來都不是一個迴避我們所面臨的挑戰的人，無論是好是壞，我們都對股東持開放態度。毫無疑問，2025 年的發展並不像我們預期的那樣順利，但總體主題是宏觀不穩定和市場不確定性、油價下跌以及由此導致的現金流減少。

The customers are facing their own challenges, and it's pushing out their spend and impacting our business.

客戶面臨著自己的挑戰，這增加了他們的支出並影響了我們的業務。

In spite of these unexpected hiccups for 2025, Helix remains financially very strong. Even in this down market, we're anticipating free cash flow generation that's likely greater than $100 million. With a strong balance sheet and good long-term backlog, with signs of renewed activity in the North Sea well intervention market, we still have expectations for a meaningful improvement in 2026 and a return to full strength results by 2027.

儘管 2025 年出現了這些意外的障礙，但 Helix 的財務狀況仍然非常強勁。即使在低迷的市場中，我們預期自由現金流的產生可能超過 1 億美元。憑藉強勁的資產負債表和良好的長期積壓訂單，以及北海油井幹預市場重新活躍的跡象，我們仍然預計 2026 年將出現顯著改善，到 2027 年將恢復全面強勁的業績。

So, thanks Erik and thank everybody for joining us today. We very much appreciate your interest and participation and look forward to having you on our third quarter '25 call in October.

所以，感謝 Erik，也感謝大家今天的參與。我們非常感謝您的關注和參與，並期待您參加我們十月份的 25 年第三季電話會議。

The operator at this time will go ahead and take any questions.

此時接線員將繼續回答任何問題。

At this time, I would like to remind everyone that in order to ask a question, please press star and the number one on your telephone keypad. We will just pause for just a moment to compile the Q&A roster.

此時，我想提醒大家，要提問，請按電話鍵盤上的星號和數字 1。我們將暫停一會兒來整理問答名單。

Okay, so your first question comes from the line of Gregory Lewis with BTIG. Please go ahead.

好的，您的第一個問題來自 BTIG 的 Gregory Lewis。請繼續。

Yeah, hey, thank you and good morning and thanks for taking my questions, everybody. I want to appreciate the comments and clearly as we look at shallow water abandonment, it's kind of been, it's kind of just been there, not maybe not as good, definitely see kind of hanging in there, I guess my question is, as you think about that market, there's always this give and take around, well, there's a lot of wells that need to be plug and abandoned. The regulatory backdrop around that and then of course the oil price also seems to matter as you kind of think about, what we should be looking at for potential signs of shallow water in SWA, like what do you think we should be focused on just thinking that it looks like we might be finding a bottom here.

是的，嘿，謝謝大家，早安，謝謝大家回答我的問題。我想要感謝這些評論，顯然，當我們看淺水廢棄時，它就那樣，就那樣存在著，可能沒有那麼好，肯定看到有點堅持在那裡，我想我的問題是，當你考慮那個市場時，總是有這種給予和接受，嗯，有很多井需要被封堵和廢棄。圍繞這一問題的監管背景，當然還有油價，似乎也很重要，正如您所想，我們應該關注西南地區淺水的潛在跡象，例如您認為我們應該關注什麼，只是認為看起來我們可能會在這裡找到底部。

I think we are at a bottom right now.

我認為我們現在正處於底部。

When the Fieldwood and the Cox bankruptcies occurred, I think it became apparent to the industry that the model was sort of broken, and this is the first time we've seen massive boomerang properties going back to the majors. That's been a relatively new thing for the government and the producers to deal with, and I think what you're seeing right now is a little indecision on the part of both. The government basically came out and allowed the producers a three year period to come up with a plan. And some producers are going ahead and getting ahead of that curve, but when that happened and the Cox bankruptcy was delayed, that basically means that right now all the producers are sort of trying to figure out what are they going to do, what are their plans, and then doing the engineering and permitting all takes time.

當菲爾德伍德和考克斯破產時，我認為業界意識到這種模式已經失效，這是我們第一次看到大規模的迴旋鏢資產回歸大公司。對於政府和生產者來說，這是一個相對較新的問題，我認為你現在看到的是雙方都有些猶豫不決。政府基本上出面給予生產者三年的時間來制定計畫。一些生產商正在向前邁進，並走在這條曲線的前面，但當這種情況發生並且考克斯破產被推遲時，這基本上意味著現在所有的生產商都在試圖弄清楚他們要做什麼，他們的計劃是什麼，然後進行工程和許可都需要時間。

I think by 2027, that period expires. So, what I would look at is the bidding activity between now and '27.

我認為到 2027 年，這個期限就會到期。因此，我要關注的是從現在到 27 年之間的競標活動。

Are you going to see producers getting ahead of the curve and coming out with major bids? I think we just announced that we won a major contract. With Exxon three years, it's 195 wells or thereabouts.

您是否會看到生產商領先一步並提出重大投標？我想我們剛剛宣布我們贏得了一份重要合約。埃克森美孚將在三年內開發約 195 口油井。

So that was a major bid that came out. I think you'll see follow on bids coming out, so I would watch the bid activity over the next 12 months to judge as to when the market returns to normalcy.

所以這是一個重要的出價。我認為你會看到後續出價，因此我會觀察未來 12 個月的出價活動，以判斷市場何時恢復正常。

Okay, great. And then just on the well intervention in the Gulf of Mex in the Gulf of America, yeah.

好的，太好了。然後就有關墨西哥灣和美國灣的油井幹預，是的。

When we, when we think about that with the Q5 and the Q4, clearly you know the Q5 is good for the remainder of 2025, and I know we don't necessarily comment on pricing, but maybe could you talk a little bit about, maybe the difference in, and how we should think about if we're able to secure like multi-quarter work versus spot work and. And I'm kind of curious on your view, I know one of the globetrotter rigs that had previously kind of competed in well intervention is leaving the Gulf, right? It's heading over to, I believe the Black Sea. So just kind of curious how that positions, your assets in the Gulf of America just, sometimes things benefit from a little less competition.

當我們考慮 Q5 和 Q4 時，顯然您知道 Q5 在 2025 年剩餘時間內表現良好，而且我知道我們不一定會評論定價，但也許您可以稍微談談其中的區別，以及我們應該如何考慮是否能夠確保像多季度工作與現貨工作這樣的目標。我對您的觀點有點好奇，我知道之前參加過油井幹預比賽的環球旅行者鑽井平台即將離開墨西哥灣，對嗎？我相信它正前往黑海。所以我只是有點好奇，你們在美國灣的資產定位如何，有時候競爭少一點會比較有利。

That that's true.

確實如此。

I don't really see the competition as being the hurdle for us. That's not the challenge for us. I think we're very competitive and our efficiency can compete rigs. I don't see that as the issue. I think what happened this year is we were anticipating a little bit of a softness, which is why we took the work in Nigeria with the Q4000. That work unfortunately ended a little bit short because a couple of the wells that they were planning to do got eliminated from the schedule by the client and that cut our time in West Africa short, which was not a major issue because we were looking and in discussions with a lot of clients about work that originally at the beginning of the year they had planned to do for the second half of the year.

我並不認為競爭會成為我們的障礙。這對我們來說不是挑戰。我認為我們非常有競爭力，我們的效率可以與鑽孔機競爭。我不認為這是問題所在。我認為今年發生的情況是我們預計會出現一些疲軟，這就是我們在尼日利亞開展 Q4000 業務的原因。不幸的是，這項工作結束得有點早，因為他們計劃做的幾口井被客戶從計劃中取消了，這縮短了我們在西非的時間，但這不是什麼大問題，因為我們正在尋找並與許多客戶討論他們原本在年初計劃在下半年進行的工作。

By the time we got back to the Gulf though, most of these producers decided not to spend the money and the work all pushed out into 2026, which has left us with a gaping hole in the second half of the year for the Q4000, which was unanticipated, and it wasn't even visible until we got back here. So, we're scrambling right now. I wouldn't say that it's a fait complete.

然而，當我們回到海灣地區時，大多數生產商決定不花這筆錢，並將所有工作推遲到 2026 年，這導致我們在今年下半年的 Q4000 中出現了一個巨大的缺口，這是意料之外的，直到我們回到這裡才顯現出來。所以，我們現在很忙。我不會說這已經是既定事實。

But we did decide that we would move the dry docking forward into this year so that we would have the vessel fully available for what we would expect as an increase in demand for 2026, so we'd have more available days and Scotty, you may have a little more insight.

但我們確實決定將乾船塢提前到今年，這樣我們就可以完全滿足 2026 年需求的成長需求，這樣我們就會有更多可用天數，斯科蒂，你可能會有更多的了解。

Yeah, I think we should add that the Q5000 is very well contracted at good rates for the remainder of 2025 and has a good backlog going into 2026.

是的，我認為我們應該補充一點，Q5000 在 2025 年剩餘時間內的合約簽訂率很高，而且到 2026 年還有大量積壓訂單。

Shell and options with other clients plus options into 2027. So Q5000 is in very good shape at good rates. Q4000, one of the reasons we've moved the regulatory docking forward into 2025 is we're also looking at works out with the Gulf of Mexico again, Southern America back in Africa, whereas we wouldn't be able to undertake the regulatory planning and docking for that asset.

殼牌和其他客戶的選擇以及 2027 年的選擇。因此 Q5000 的狀況非常好，匯率也很好。Q4000，我們將監管對接提前到 2025 年的原因之一是我們還在考慮再次與墨西哥灣、南美洲和非洲合作，而我們無法為該資產進行監管規劃和對接。

And we're seeing a lot of work go from '25 into '26. There's some good discussions with clients, but Q5000 is looking good, and international opportunities are in discussion for the Q4000 again.

我們看到很多工作從 2025 年延續到了 2026 年。與客戶進行了一些很好的討論，但 Q5000 看起來不錯，並且 Q4000 的國際機會再次受到討論。

I think I'll just add a little bit more because if you're looking for a bridge from last year to this year and what happened, I think, as I mentioned earlier, you don't need to look further than the exposure to the spot market, which segments of ours are exposed mostly to the spot market.

我想我只需要補充一點，因為如果你想要了解去年和今年之間的聯繫以及發生了什麼，那麼，正如我之前提到的，你只需要關注現貨市場，我們的哪些部分主要受到現貨市場的衝擊。

The areas that we are having that exposure is the Wellops UK, the shallow water abandonment, and the fourth quarter here for the Gulf of America for the Q4000. Those are the three areas where we It's typically a spot market. It's not a matter of the competition or the rigs white space or anything else. It's simply a matter that the clients, we can suffer a slowdown in one area, maybe two, but when all three areas slow down in the same year, that results in the impact that you're seeing on our results for this year.

我們所接觸到的領域包括 Wellops UK、淺水廢棄區以及美國灣的 Q4000 第四季。這三個領域是我們通常所說的現貨市場。這與競爭、鑽機空白或其他任何事情都無關。問題很簡單，對於客戶來說，我們可能會在一個領域，也許是兩個領域遭遇經濟放緩，但是當所有三個領域在同一年都出現經濟放緩時，就會對我們今年的業績造成影響。

Okay, super helpful, thanks for the caller.

好的，非常有幫助，謝謝來電。

Your next question comes from the line of James Schumm with TD Cowen. Please go ahead.

您的下一個問題來自 TD Cowen 的 James Schumm。請繼續。

Hey, good morning, guys.

嘿，大家早安。

Maybe just starting in robotics. If I look at the subsidy robotics revenue this quarter, year over year, the revenues are up a little bit, but EBIT was way down.

也許剛開始從事機器人技術。如果我看一下本季的補貼機器人收入，與去年同期相比，收入略有上升，但息稅前利潤卻大幅下降。

So, what's driving that? Is that, I mean, I see some lower integrated trenching work, but is that it or is there something else?

那麼，是什麼原因導致這現象的發生呢？是這樣的，我的意思是，我看到一些較低的綜合挖溝工作，但就是這樣還是還有其他什麼？

The main reason for that is that last year we had the T1401 and the vessel and the full package operating in Taiwan. This year the client is providing the vessel and the survey, so we just have the trench on contract for the clients in Taiwan. So there's quite a big difference, I think year over year it results in about $10 million worth of difference of not providing the full trench and spread and just providing the trencher.

主要原因是去年我們在台灣有T1401和船隻以及全套設備營運。今年客戶提供了船舶和勘測，所以我們只與台灣客戶簽訂了溝槽合約。因此差異很大，我認為每年由於不提供完整的溝槽和鋪設而僅提供開溝機而造成的差異約為 1000 萬美元。

So, I think Jim, yeah, I think there is a little bit of a margin difference in our in our contract makeup. I think we have a bit more vessel days as our contracts are primarily day rate contracts. Last year we had some lump sum contracts. That were completed at the end of the second quarter at very good margins and so I think that's where you see probably an increase in cost is higher asset activity, so to speak, on day rates as opposed to some of the lump sum benefit from last year.

所以，我認為吉姆，是的，我認為我們的合約構成中存在一點點的利潤差異。我認為我們的船期會稍微多一些，因為我們的合約主要是日費率合約。去年我們簽訂了一些總價合約。這些項目在第二季末完成，利潤率非常高，所以我認為成本的增加可能是由於資產活動增加，也就是說，日費率與去年的一些一次性收益相反。

Okay, thank you. On the shallow water, you said you've right size the business, but you know it is Q2, it's a seasonally strong quarter typically and you're EBIT neutral. So, I mean, what's the, I would think that maybe you'd want to go after more cost cuts here, but you said your right size, so how should we, how are you thinking about that?

好的，謝謝。在淺水區，您說您已經正確確定了業務規模，但您知道現在是第二季度，通常這是一個季節性強勁的季度，而且您的息稅前利潤是中性的。所以，我的意思是，我想也許你想在這裡進一步削減成本，但你說了你的合適規模，那我們應該怎麼做，你是怎麼考慮的？

So I think, one of the second quarter in shallow water was a bit disappointing. I think the biggest driver from our standpoint was the later start on our heavy lift.

所以我認為，第二季的淺水錶現有點令人失望。我認為從我們的角度來看，最大的驅動力是我們的重型起重起步較晚。

That is a season that's usually between 150 and 180 days.

這個季節通常持續 150 到 180 天。

We had expected to be able to start in early May. And due to weather patterns in the Gulf, we weren't able to, I think, mobilize that asset until the middle of June. And so I think that had a significant impact on our expectations there. Obviously increased the cost, ready to mobilize. And were hampered by the weather patterns there. So that was a big driver of that. I think Owen, you could speak to perhaps the P&A side of things, but that was a big driver of some of the, I guess, poor performance in the second quarter.

我們原本預計在五月初開始。而且由於墨西哥灣的天氣狀況，我認為我們直到六月中旬才能夠調動該資產。所以我認為這對我們的期望產生了重大影響。明顯增加了成本，準備調動。並受到那裡天氣模式的阻礙。所以這是造成這現象的一個重要驅動因素。我認為歐文，你可以談談損益方面的問題，但我認為這是導致第二季業績不佳的一個重要原因。

I think in addition we're seeing downward pressure on lift boats in the near term. The market utilization at the moment is fairly low, so our larger lift boats are having to compete with the smaller lift boats that command a lower rate in the marketplace. So that coupled with the huge and late start has really led to the lower than expected results, but we do expect improvement on a go forward basis. I think very telling and as Owen sort of mentioned previously, is the bid activity and the recent three-year exon framework agreements on a go forward basis we expect that to provide roughly 1,000 days of overall utilization and the P&A spreads over that three-year period with pull through for other assets. So, we do want to. That we can.

此外，我認為我們近期還會看到升降船面臨下行壓力。目前市場利用率相當低，因此我們的大型升降船必須與市場上價格較低的小型升降船競爭。因此，再加上規模龐大且起步較晚，確實導致了結果低於預期，但我們確實預計未來會有所改善。我認為非常有說服力，正如歐文之前提到的那樣，投標活動和最近的三年期外顯子框架協議在未來的基礎上，我們預計這將提供大約 1,000 天的總體利用率，並且 P&A 將在三年內傳播，並通過其他資產的拉動。所以，我們確實想這麼做。我們可以。

And I think just an overview we did right size the business. We cut roughly $15 million worth of cost out of the business, but we had to maintain sufficient personnel and equipment on the ready to be able to deal with the peak of the market.

我認為，我們只是對業務規模進行了概述。我們削減了大約 1500 萬美元的業務成本，但我們必須保留足夠的人員和設備，以應對市場高峰。

The problem is with the dearth of work out there, all of the competitors are seeking utilization, so the competitive rates have been reduced greatly, margins have been reduced greatly, and in order to.

問題是由於工作機會的匱乏，所有的競爭對手都在尋求利用率，因此競爭價格大幅降低，利潤率大幅降低，並且為了。

Provide for that utilization. There's been a real competition on personnel.

提供該用途。人才方面的競爭確實激烈。

When we right size the business, we did let people go. We've stacked five vessels, and that started sort of an exodus of people and due to the competitive pressures, we then. By increasing our labor costs, so that sort of gives you a picture of we did cut costs, had to add back, and we're carrying the right size capacity to meet the peak demand during the middle of the season so that we can maintain market share.

當我們調整業務規模時，我們確實會解僱員工。我們已經堆放了五艘船，這導致人員大量流失，然後由於競爭壓力，我們。透過增加我們的勞動成本，這樣你就可以看出我們確實削減了成本，不得不增加成本，並且我們擁有適當的產能來滿足季節中期的高峰需求，以便我們能夠維持市場份額。

Understood, thank you. And then what about the, so I under I understand the rationale for the Q4000 accelerating the regulatory maintenance here, but why not?

明白了，謝謝。那麼，我理解 Q4000 加速監管維護的理由，但為什麼不呢？

Why not remediate the Thunder hawk well this year while you have this downtime? Like why wait till early 2026 when potentially you could be doing customer work at that time.

為什麼不趁著今年的停工期好好修復雷霆鷹隊呢？例如，為什麼要等到 2026 年初，那時你有可能正在做客戶工作。

Why not pull that forward.

為什麼不把它提前呢？

To the intervention on the Thunder hawk well first of all, it took a lot of time to this year and diagnose what was going on and we work with partners, so in order to bring them along, one of the potentials is that the town hall safety valve could be faulty.

首先，對於雷鷹井的干預，今年我們花了很多時間來診斷發生了什麼，我們與合作夥伴一起努力，所以為了讓他們參與進來，其中一個可能性是市政廳安全閥可能存在故障。

Among other things, but that required a long lead order time in order to have the insert valve manufactured and to make sure that we had the right SOPs in place to be able to carry that out.

除其他事項外，但這需要很長的交貨週期才能製造插入閥並確保我們擁有正確的 SOP 來執行該操作。

Beyond that, the partners would. You know there's different methodologies for clearing the blockage and the partners of both partners are strongly in favor of exhausting all possibilities prior to doing an intervention, and I don't know, Daniel, you have a little more clarity on that.

除此之外，合作夥伴還會這麼做。您知道，清除障礙的方法有很多種，而且雙方都強烈主張在進行幹預之前用盡所有可能性，我不知道，丹尼爾，您對此是否有更清晰的認識。

I think that's accurate. We're expecting the delivery of long lead items towards the back end of Q3 going into the beginning of Q4 and also the partners have a preference for the intervention to be carried out at a slightly later date. So earlier Q1 of 2026 is also their preference.

我認為這是準確的。我們預計長週期產品將在第三季末至第四季初交付，合作夥伴也傾向於在稍晚的時間進行幹預。因此，2026 年第一季早些時候也是他們的偏好。

Okay, great, thank you. I'll get back in you.

好的，太好了，謝謝。我會回到你身邊。

Your next question comes from the line of James Rollyson with Raymond James. Please go ahead.

您的下一個問題來自 Raymond James 的 James Rollyson。請繼續。

Hey, good morning guys. Owen, you kind of covered this a little bit, but maybe just to dive in a little bit more on intervention and the decisions from some of your customers to push work. Just curious when you have these conversations. What's the main challenges that they're looking at that's kind of driven incremental, pushes from 90 days ago to now? Is it the tariff uncertainty? Is it the oil price, I'm just kind of curious as we set up for what you're kind of describing as a maybe better '26 and heading into an even better '27, maybe just so we understand the drivers better so you can kind of think about, how realistic those time frames are when that work comes back if that makes sense.

嘿，大家早安。歐文，您稍微談到了這一點，但也許只是想更深入地談談幹預以及一些客戶推動工作的決定。我只是好奇你什麼時候進行這些對話。從 90 天前到現在，他們面臨的主要挑戰是什麼？是關稅的不確定性嗎？是油價嗎？我只是有點好奇，當我們為您所描述的可能更好的26年和甚至更好的27年做好準備時，也許只是為了讓我們更好地了解驅動因素，這樣您就可以思考，當這項工作恢復時，這些時間框架有多現實，如果這有意義的話。

And I think it's a matter of all of the above. I think you have weaker oil prices, you have the regulatory uncertainty in the fiscal regime in the North Sea.

我認為這是以上所有問題共同造成的。我認為油價疲軟，北海財政制度的監管存在不確定性。

It's just a plethora of reasons.

原因有很多。

What happens is that the producers, basically, because of all the uncertainty, just decide that they're going to sit on the sidelines right now and everything just gets pushed to the right. Now how far it gets pushed to the right, that. The question that we're trying to figure out and probably the industry as well.

實際情況是，由於種種不確定性，製片人基本上決定現在袖手旁觀，一切都被推向了正確的方向。現在它被推到右邊多遠呢？我們正在試圖弄清楚這個問題，或許整個產業也是如此。

I've seen some people coming out saying second half of '26, we think it's going to be more. It's not a light switch that turns on at some point in time. I think what we're expecting is that Some of the activity can't be pushed out to the right forever, and some of the some of the producers are going to get back into the game a little early, so that's why we're seeing a gradual ramp up during 2026 and who knows, but I'm hoping that a lot of the uncertainty or the pent up demand.

我看到一些人說 26 年下半年，我們認為數字會更高。它不是一個在某個時間點打開的電燈開關。我認為，我們預期的是，一些活動不能永遠被推到右邊，一些生產商將會提早重返遊戲，所以這就是為什麼我們看到 2026 年期間逐漸增加，誰知道呢，但我希望很多不確定性或被壓抑的需求能夠得到緩解。

Allows us to get back to a more normalized market by 2027. We're certainly seeing the green shoots in for instance the UK where producers, even the producers that say they're going to get out that then trips the clock on when they do their P&A and everything that I've seen right now would indicate that that's going to become pretty heavy between '27 and '30 '31.

讓我們到 2027 年恢復更正常的市場。我們確實看到了復甦的跡象，例如在英國，製片人，甚至那些說要退出的製片人，在進行 P&A 時都會開始計時，而我現在看到的一切都表明，在 2027 年到 2030 年 31 年之間，這種情況會變得相當嚴重。

Yeah, we're in.

是的，我們進來了。

We're in discussion with some large tenders in the North Sea that would take us back hopefully in 2060 to a two-vessel market, and the feedback from the customers in the Gulf of Mexico, they, they've seen two sizable drops in oil price and they're just pushing decommissioning work out into 2026.

我們正在與北海的一些大型招標人進行討論，希望到 2060 年能讓我們回到雙船市場，而墨西哥灣客戶的反饋是，他們已經看到油價兩次大幅下跌，他們只是將退役工作推遲到 2026 年。

Thanks for that, Owen and Scotty. Yeah, that was why I was asking because obviously tariff uncertainty is probably more clarified. The UK, who knows, and there's a lot of speculation that oil prices may get worse before they get better. So that was kind of the context of the question.

謝謝你，歐文和斯科蒂。是的，這就是我問的原因，因為顯然關稅不確定性可能更明確。英國的情況誰知道呢，有很多猜測稱，油價在好轉之前可能會變得更糟。這就是問題的背景。

When you look at 3Qs specifically. When you think about the guidance adjustment lower, is most of that reduction coming in 4Q, like you mentioned 3Q being your best quarter, seasonally stronger, etc.

當你具體看一下 3Q 時。當您考慮降低指導調整時，大部分的減少是否發生在第四季度，就像您提到的第三季度是您最好的季度、季節性更強等。

But I'm just kind of curious as we think about the magnitude of improvement in three versus maybe what we were expecting, 90 days ago.

但我只是有點好奇，當我們思考與 90 天前我們預期的相比，這三年的改善幅度有多大。

Yeah, no, I think, thinking about it, from a perspective of impacting our fourth quarter is the right way to visualize it. We do have a very strong contracted backlog. Probably have a little bit of weakness on the Q4000 towards the end of the quarter, but the driver of, you could say, our adjustment to guidance and the uncertainty that we see is really in the fourth quarter. It's always a challenge with the normal.

是的，不，我認為，從影響我們第四季的角度來看，這是正確的方式來形象化它。我們確實有大量的合約積壓。在本季末，第四季的表現可能會有些疲軟，但可以說，我們對指導的調整以及我們看到的不確定性的驅動因素實際上是在第四季度。這對於正常情況來說始終是一個挑戰。

Seasonal downturn how quickly operators are going to shut down activity, but then of course on top of that is the general reluctance to spend and the impact that that's having on our well intervention market in the Gulf of Mexico. So, it is concentrated in the fourth quarter.

季節性低迷會導致業者快速停止活動，但當然，最重要的是人們普遍不願意花錢，這對我們墨西哥灣的油井幹預市場產生了影響。所以，它集中在第四季。

Got it. And Eric, just one last thing on the free cash flow, obviously you mentioned second half ramp versus first half. Looks like DSOs picked up a decent amount this quarter, maybe just a little color on kind of what's going on there and and I presume unwinding some of that is part of what helps drive the second half improvement.

知道了。艾瑞克，關於自由現金流，還有最後一件事，顯然你提到了下半年相對於上半年的成長。看起來 DSO 本季度獲得了相當可觀的收益，也許只是對那裡發生的事情有一點了解，我認為解除其中的一些影響是推動下半年改善的部分原因。

Yeah, I think you know we our DSO did jump up quite a bit here in the second quarter. I think we have a couple of larger blue-chip customers that are pushing out payments and making that a little bit challenging, but I think that's something that we'll be able to address obviously before the end of the year.

是的，我想你知道我們的 DSO 在第二季度確實大幅上升了。我認為我們有幾個較大的藍籌客戶正在推遲付款，這給我們帶來了一些挑戰，但我認為我們顯然能夠在年底之前解決這個問題。

Got it thank you. Guys.

明白了，謝謝。夥計們。

Your next question comes from the line of David Smith with Pickering Energy Partners. Please go ahead.

您的下一個問題來自 Pickering Energy Partners 的 David Smith。請繼續。

Hey, Good Morning, and I apologize in advance if my if my question's been touched on. It's been a busy morning in OFS land.

嘿，早上好，如果我的問題被觸及，我提前道歉。對 OFS 來說這是一個繁忙的早晨。

And I understand there can be quarter to quarter volatility and well intervention, right, things like contract transitions, regulatory downtime, accounting for mobilizations. I'm just struggling a little bit to reconcile the Q2 segment results with Q1 based on disclosed utilization, it looks like operating days were actually a little higher in Q2.

我知道可能會存在季度波動和井下乾預，對的，諸如合約過渡、監管停機、動員核算等。我只是有點難以根據披露的利用率將第二季度的分部業績與第一季進行協調，看起來第二季度的營業天數實際上略高一些。

The revenue and profitability, came down pretty sharply. Can you walk us through the main drivers of that step down and was there anything in the Q2 segment result that was much different than what you, expected 90 days ago?

收入和盈利能力急劇下降。您能否向我們介紹一下此次下滑的主要驅動因素？第二季的業績與您 90 天前的預期有什麼很大不同嗎？

So, from that standpoint, David, we don't give annual guidance, but we did, I think qualitative qualitatively say that we expected our Q2 results to be more in line with Q1 because of the regulatory drivers. Q1 was about $52 million. We came in about $42 million of II in the second quarter. Two big drivers there, number one, I think the shallow water that slower start to the season that impacted us a bit and then of course we mentioned before the number of mobilization days where we had deferred revenue costs and margins associated with well intervention that got pushed into the 3rd quarter. That was approximately about 20 days.

因此，從這個角度來看，大衛，我們不提供年度指導，但我認為我們確實定性地表示，由於監管驅動因素，我們預計第二季的業績將與第一季更加一致。Q1 約 5,200 萬美元。我們在第二季獲得了約 4,200 萬美元的 II 收入。這裡有兩個主要驅動因素，第一，我認為淺水導致季節開始較慢，這對我們產生了一些影響，然後當然，我們之前提到過動員天數，我們遞延了與井幹預相關的收入成本和利潤，這些被推遲到了第三季度。那大約是20天左右。

And so those were probably the two biggest drivers that did not allow us to achieve sort of results in line with the first quarter. As far as the revenue, I think what we'll say is, I think the utilization numbers include 45 days of transit on the Q4000 which were not revenue days but were cost incurred days, so I think that that is possibly skewing the numbers and then the rates. On the Q4000 working overseas in Nigeria where there's a significant amount of pass throughs also definitely skews the revenue and per day rate that you see in Q1. I don't know, Brent, if there's anything you like.

因此，這可能是導致我們未能取得與第一季相當的業績的兩個最大因素。就收入而言，我想我們要說的是，利用率數字包括 Q4000 的 45 天運輸時間，這些天不是收入日，而是成本發生日，所以我認為這可能會扭曲數字，進而扭曲費率。在第四季度，尼日利亞的海外業務存在大量的轉手，這也肯定會扭曲第一季的收入和每日費率。我不知道，布倫特，你喜歡什麼。

No, I think Eric, I think you've covered all the main points there.

不，我認為埃里克，我認為你已經涵蓋了所有要點。

Yeah, I do appreciate it. Just a quick housekeeping question, were the mobilization days, so I did exclude the 45 days for the Q4.

是的，我非常感激。這只是一個簡單的內部問題，是動員日，所以我確實排除了第四季的 45 天。

We were the mobilization days for the Q7 in the first quarter, contributing to the Q1 revenue?

我們第一季是Q7的動員日，對Q1收入有貢獻嗎？

So, the Q1 revenue on the Q7000, we only had about five or six days of revenue in Q1 on the Q7000 and so obviously second quarter we had the vessel working I think other than down time the vessel was working in the second quarter.

因此，對於 Q7000 的第一季收入，我們在第一季度只有大約五到六天的收入，所以顯然第二季度我們的船隻仍在運行，我認為除了停機時間外，船隻在第二季度都在運行。

Perfect. I have six days.

完美的。我有六天時間。

The mobilization days Erik's talking about is relating to Q 5000, Q4000, and the well enhancers.

艾瑞克所說的動員日與 Q 5000、Q4000 和井增強劑有關。

Those mobilization, two days he's talking about are going into Q3.

他所說的兩天的動員將進入第三季。

I appreciate it. We'll follow up later.

我很感激。我們稍後會跟進。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from the line of Josh Jayne with Daniel Energy Partners. Please go ahead.

您的下一個問題來自 Daniel Energy Partners 的 Josh Jayne。請繼續。

Thanks. First one, I just wanted to go back to the three-year agreement you signed with Exxon on the shallow water abandonment side.

謝謝。首先，我只是想回顧一下您與埃克森美孚簽署的淺水廢棄區三年協議。

I think in your commentary you said close to 200 wells. Maybe could you frame the number of other opportunities that are out there that are being bid on today just so we can sort of think about how that could progress over the next couple of years.

我認為您在評論中說過接近 200 口井。也許您能列舉今天正在競標的其他機會的數量，以便我們可以思考這些機會在未來幾年將如何發展。

We are seeing similar although probably slightly less utilization opportunities in the marketplace. There is bidding activity ongoing through Q3-Q4 of this year for work on a go forward basis.

我們在市場上看到了類似的利用機會，儘管可能略少一些。今年第三季至第四季正在進行的招標活動。

Generally, what we're seeing is that framework agreements are discussion rather than firmly contracted work. However, we are getting better visibility on the marketplace.

總體而言，我們看到的框架協議只是討論，而不是確定的合約工作。然而，我們在市場上的知名度正在提高。

To properties to boomerang back and for the demand to increase in 2026.

到 2026 年，房產需求將回升並增加。

A little clarity around the contract that that contract was for the well work the there's a separate contract that was let that's ongoing right now which is for the make safe work.

關於合同，需要澄清的是，該合約是針對油井工作的，目前還有一份單獨的合約正在進行中，該合約是為了確保安全工作。

Our work really starts once that completes.

一旦完成，我們的工作才真正開始。

But then our contract is for the well work and then there is additional work for the sub architecture and the and the provision of heavy lift and lift boats and everything that will be forthcoming. So this award puts us in good position to expand to what Ex could contract us for later on.

但是我們的合約是針對油井作業的，然後還有針對子架構的額外工作以及重型起重和起重船的提供以及即將發生的一切。因此，此次合約授予使我們處於有利地位，可以擴大 Ex 以後與我們簽訂的合約範圍。

Okay, thanks. And then one on the intervention side, I think you had mentioned the potential for the North Sea to be a two vessel market again in 2026. Any thought because I assume you know the timing of figuring that out will factor into your how to handle the sea well from a cost standpoint. Could you speak to when you might anticipate knowing if it's going to be a one-vessel or two. Vessel market in '26 and how you could also see regardless of what happens in 20 do you think that it will be a two-vessel market in 2027.

好的，謝謝。然後從幹預方面來說，我想您提到過北海有可能在 2026 年再次成為雙船市場。任何想法，因為我認為你知道弄清楚這一點的時機將會影響你如何從成本的角度妥善處理海洋問題。您能否談談預計何時會知道這是一艘船還是兩艘船？26 年的船舶市場，無論 20 年發生什麼，您都認為 2027 年的市場將是雙船市場嗎？

Thanks.

謝謝。

So right now, we're concentrating all the work onto the well enhancer. The SeaWorld is stacked at a very low-cost base, reduced the crew down to minimum safe manning, that sort of thing. We're in discussions with a couple of clients on larger decommissioning tenders. If those tenders are awarded to us, then we would expect to go back to a two vessel market in 2026. I think to be fair, the timing of the award of those tenders will be laid to Q3, Q4, and then they'll go into the planning stage. So those tenders are looking very good.

因此現在，我們把所有工作都集中在井增強器上。海洋世界建立在一個非常低成本的基地上，將船員人數減少到最低安全人數，諸如此類。我們正在與一些客戶討論更大規模的退役招標事宜。如果我們得標，那麼我們預計 2026 年市場將重回雙船市場。我認為公平地說，這些投標的授予時間將定於第三季、第四季度，然後進入規劃階段。所以這些投標看起來非常好。

What I will say they're very competitive, but I'm also of the mindset that they could easily shift that work into 2027. So based on the awards and the timing and when the work happens, we should know around Q4 where will we go back to a two-vessel market or whether we stay in stack mode with the sea.

我想說的是，他們非常有競爭力，但我也認為他們可以輕鬆地將這項工作推遲到 2027 年。因此，根據獎項、時間和工作開展情況，我們應該知道在第四季度左右我們將回到雙船市場，還是繼續保持海上堆疊模式。

There's certainly enough activity out there to keep the enhanced busy for next year, but those tenders come into fruition, we'll decide on whether or not we go back to a two vessel market.

當然，那裡有足夠的活動來讓明年的增強型船舶市場保持忙碌，但是這些招標一旦實現，我們將決定是否回到雙船市場。

Okay, thank you. I'll turn it back.

好的，謝謝。我會把它轉回去。

Next question will come from the line again of Mr. James Schumm TD Cowen, please go ahead.

下一個問題仍來自 Cowen TD James Schumm 先生，請繼續。

Yeah, thank you, and I'm going to hit on the UK North Sea again and you addressed it a little bit, but why not take this opportunity with the sea well stacked, why not upgrade the vessel to be able to mobilize it out of the UK North Sea? I mean, I think, and what you were saying is, if the customers.

是的，謝謝你，我將再次談到英國北海，你也稍微提到了這一點，但是為什麼不趁著海上形勢良好的時候，升級船隻，以便能夠將其調動出英國北海呢？我的意思是，我認為，你所說的是，如果顧客。

Decide that they're not going to do work then that'll trip the need to do a lot of P&A work, but they can just they can just delay that, right? Like they can just not do work and just by their time. I mean, we, the P&A market, as you know has been a great opportunity forever but it always gets pushed to the right, so.

決定他們不去做工作，那麼這將導致需要做大量的 P&A 工作，但他們可以只是推遲這一點，對嗎？就像他們可以不工作，只按自己的時間安排。我的意思是，正如你所知，我們的 P&A 市場一直是一個很好的機會，但它總是被推向右邊，所以。

Why is that not going to happen again? Why not take this opportunity? You've got a vessel stacked.

為什麼這種事不會再發生？為什麼不抓住這個機會呢？您已經堆放了一艘船。

Why not take the opportunity? You have plenty of cash, give yourself some optionality and be able to serve another region because the UK North Sea seems like very challenged going forward. Is it because you would rather upgrade the well enhancer and the well enhancer is working and or just help me understand that.

為什麼不抓住這個機會呢？你有充足的現金，給自己一些選擇權，並且能夠服務其他地區，因為英國北海在未來似乎面臨著很大的挑戰。是因為您寧願升級井增強器並且井增強器正在工作，或者只是幫助我理解這一點。

I think it boils down to capital deployment and return on capital. If the forecasts and all the indicators right now are for a strong market from '27 to '31, we're going to need both vessels. So, you're looking at an upgrade in order to redeploy the vessel for 2026. The cost of that upgrade is not cheap.

我認為這取決於資本部署和資本回報。如果目前的預測和所有指標都表明 2027 年至 2031 年市場將會強勁，那麼我們將需要這兩艘船。因此，您正在考慮升級以便在 2026 年重新部署該船。升級的成本並不便宜。

There's no way that it would be cost effective to do it for a one year. Deployment and then have to return it to the North Sea by '27. So I think it's a little early to make that decision. I'm not saying that that's not the right long-term decision, and we are in discussions with producers in other regions about what their needs are, but there's no concrete definitive demand for a riserless vessels in other regions right now. There's a lot of talk. Hypothetical, so it'd be a little bit of a risk to spend that much capital on upgrading the Seawell at this time.

僅用一年的時間做這件事絕對不划算。部署，然後必須在 27 年之前將其返回北海。所以我認為現在做出這個決定還為時過早。我並不是說這不是正確的長期決定，我們正在與其他地區的生產商討論他們的需求，但目前其他地區對無立管容器還沒有具體的明確需求。有很多話題。這只是假設，所以此時花費那麼多資金來升級 Seawell 會有點風險。

We've decided that we're going to see how these two large projects play out for 2026. If we're successful on both of them, then there's a high probability that we return to a two vessel market in the UK for 2026 without the large capital expenditure.

我們決定觀察這兩個大型計畫在 2026 年的進展。如果我們在這兩個專案上都取得成功，那麼我們很有可能在 2026 年重返英國雙船市場，而無需投入大量資本。

Okay, understood thank you.

好的，明白了，謝謝。

I just add to that, we are finally seeing that the government in the North Sea is putting pressure for decommissioning to happen. So, these projects are planned for '26 with government pressure finally.

我還要補充一點，我們終於看到北海政府施加壓力，要求退休。因此，在政府的壓力下，這些項目最終計劃於 26 年實施。

And given the uncertainty of the North Sea, if one of these clients were talking to other regions wants a riserless vessel with better terms and more certainty of duration of the contracts, then then we would certainly price it to them and make that decision. And if the North Sea returned to a two-vessel market, then we We'd have, we crossed that bridge when we came to it, but we would take the more certain long-term future.

考慮到北海的不確定性，如果這些客戶之一正在與其他地區洽談，希望獲得一艘條款更優惠、合約期限更確定的無立管船舶，那麼我們肯定會向他們定價並做出決定。如果北海恢復到雙船市場，那麼我們就會跨越這座橋樑，但我們會選擇更確定的長期未來。

Got it, thank you very much.

明白了，非常感謝。

Thank you so much, everyone, and that concludes our QA session for today. I will now turn the call back over to Mr. Brent Aragga for the co.

非常感謝大家，今天的問答環節到此結束。現在我將把電話轉回給公司的 Brent Aragga 先生。

Please go ahead.

請繼續。

Thanks for joining us today. We very much appreciate your interest and participation.

感謝您今天加入我們。我們非常感謝您的關注和參與。

And we look forward to having you on our third quarter call 2025 in October.

我們期待您參加 10 月份的 2025 年第三季電話會議。

Thank you.

謝謝。

Ladies and gentlemen, that conclude today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may not disconnect. Have a nice day ahead.

感謝大家的加入。您不能斷開連線。祝您有個愉快的一天。