Hornbeck Offshore Services, Inc. (HOS) 2026 Q1 法說會逐字稿

Good morning, and welcome to today's conference call to discuss the combination of Helix Energy Solutions and Hornbeck Offshore as well as Helix's first-quarter 2026 results. Please note this event is being recorded. (Operator Instructions) You can find today's investor presentation as well as the press release regarding the transaction at each company's Investor Relations website. The press release regarding Helix's first-quarter 2026 results can be found at Helix's Investor Relations website as well as the earnings presentation.

各位早安，歡迎參加今天的電話會議，討論 Helix Energy Solutions 與 Hornbeck Offshore 的合併案，以及 Helix 2026 年第一季業績。請注意，本活動將被錄音。（接線員指示）您可於兩家公司之投資人關係網站找到今日的投資人簡報，以及與本交易相關的新聞稿。關於 Helix 2026 年第一季業績的新聞稿，可於 Helix 的投資人關係網站以及盈餘簡報中查閱。

I would now like to turn the call over to Erik Staffeldt, Executive Vice President and Chief Financial Officer at Helix. Please go ahead.

現在我想把電話會議交給 Helix 執行副總裁兼財務長 Erik Staffeldt。請開始。

Thank you, and good morning. As highlighted, any forward-looking statements we make during today's conference call are given in the context of today only and are subject to important risks as discussed in the presentation. Actual results and events could differ materially from those discussed here. Please also refer to the additional information discussed on this slide as well as in our SEC filings.

謝謝，各位早安。如先前所強調，我們在今天電話會議中所做的任何前瞻性陳述，僅以今天的情況為背景，並受簡報中所討論之重要風險影響。實際結果與事件可能與此處討論內容有重大差異。也請參閱本投影片以及我們向 SEC 提交文件中所揭露的其他資訊。

I'll now turn to a brief overview of Helix's first-quarter 2026 results. Helix's team delivered another well-executed quarter, safely and efficiently providing our customers with world-class service. Our first-quarter results reflect expected seasonal levels during the winter in the North Sea and Gulf of America shelf, impacting our Well Intervention, Robotics and Shallow Water Abandonment segments, and they reflect the cost of the successful workover of Thunder Hawk field.

接下來我將簡要概述 Helix 2026 年第一季業績。Helix 團隊再度交出執行良好的一季，在安全且高效率的前提下，為客戶提供世界級服務。我們第一季的結果反映了北海與美洲灣（Gulf of America）陸棚冬季期間的預期季節性水準，影響了我們的井口介入（Well Intervention）、機器人（Robotics）與淺水棄置（Shallow Water Abandonment）部門，同時也反映了 Thunder Hawk 油田成功修井（workover）的成本。

Revenues for the first quarter were $288 million with a gross profit of $9 million, resulting in a net loss of $13 million. Adjusted EBITDA for the quarter was $32 million with operating cash flow of $62 million, resulting in free cash flow of $59 million.

第一季營收為 2.88 億美元，毛利為 900 萬美元，淨損為 1,300 萬美元。本季調整後 EBITDA 為 3,200 萬美元，營運現金流為 6,200 萬美元，自由現金流為 5,900 萬美元。

Highlights for the quarter include strong utilization on the Q4000 performing low intervention work at improved rates, the successful workover and recommencement of production of our Thunder Hawk field. A return to a two-vessel market in the North Sea with the Seawell reactivation and return to operations, good utilization expected in 2026 and strong cash flow generation of $59 million, as I shared earlier.

本季重點包括：Q4000 在較佳費率下執行低介入作業，使用率強勁；Thunder Hawk 油田修井成功並恢復生產；隨著 Seawell 重新啟用並恢復營運，北海市場回到雙船供給格局；預期 2026 年使用率良好；以及如我先前所分享，自由現金流強勁，達 5,900 萬美元。

With that, our cash position and liquidity remains strong with $501 million of cash and $612 million of liquidity at the end of the quarter. Overall, our first-quarter results were as expected, perhaps even marginally better than expected. The current macroenvironment remains uncertain, but we are seeing some positive developments in the markets we serve.

因此，我們的現金部位與流動性仍然強勁，季末現金為 5.01 億美元，流動性為 6.12 億美元。整體而言，我們第一季結果符合預期，甚至可能略優於預期。目前總體環境仍不確定，但我們在所服務的市場中看到一些正向發展。

Oil supply disruptions, increased commodity prices, and increased regulatory enforcement in the North Sea are providing positive catalysts that may drive increased activity by our customers for the balance of '26 and into '27. We also expect momentum to continue to build in the offshore market.

石油供應中斷、商品價格上升，以及北海監管執法加強，正提供正向催化因素，可能推動客戶在 2026 年剩餘期間並延續至 2027 年增加活動。我們也預期離岸市場的動能將持續增強。

With the results we delivered in Q1 and supported by our backlog in several key contracts, we are maintaining our guidance for 2026: revenue of $1.2 billion to $1.4 billion in line with 2025; EBITDA of $230 million to $290 million, impacted by the Thunder Hawk workover in Q1 and the upcoming Sea Helix 1 docking; CapEx of $70 million to $80 million, primarily a mix of regulatory maintenance on our vessels and intervention systems and fleet renewal by robotics ROVs; free cash flow of $100 million to $160 million, we expect continued meaningful free cash flow generation with variability driven by ultimate working capital movements.

基於我們在第一季交出的成果，並由多項關鍵合約的在手訂單（backlog）支撐，我們維持 2026 年指引不變：營收 12 億至 14 億美元，與 2025 年相當；EBITDA 2.30 億至 2.90 億美元，受第一季 Thunder Hawk 修井以及即將進行的 Sea Helix 1 進塢（docking）影響；資本支出（CapEx）7,000 萬至 8,000 萬美元，主要為船舶與介入系統的法規維護，以及機器人 ROV 的船隊汰換更新；自由現金流 1 億至 1.6 億美元，我們預期將持續產生可觀自由現金流，但最終仍會因營運資金變動而有所波動。

Key forecast drivers for our annual guidance include second half utilization on the Q4000 and Q7000, late-season North Sea intervention market, strong markets for our Robotics fleet, and the stable Shallow Water Abandonment segment.

我們年度指引的主要預測驅動因素包括：Q4000 與 Q7000 在下半年的使用率、北海介入市場的季末需求、我們機器人船隊的強勁市場，以及穩定的淺水棄置部門。

Our quarterly financial performance in 2026 is expected to follow the same cadence as previous year's results with the second and third quarters being our most active quarters and the first and fourth quarters impacted by winter weather. Our balance sheet is strong, $310 million of funded debt, $501 million of cash, and a strong cash flow generation expected in 2026. If you have any questions on our quarterly results, our outlook for 2026, please feel free to reach out to our team directly.

我們預期 2026 年的季度財務表現將延續往年節奏，第二與第三季為最活躍季度，而第一與第四季受冬季天候影響。我們資產負債表強健：有息負債 3.10 億美元、現金 5.01 億美元，且預期 2026 年將有強勁的現金流產生。若您對我們季度業績或 2026 年展望有任何問題，歡迎直接與我們團隊聯繫。

With that, we will transition to the transaction announcement portion of the call. With that, I am joined by Bill Transier, Helix's Chairman of the Board; Scotty Sparks, Helix's Executive Vice President and Chief Operating Officer; Todd Hornbeck, Hornbeck's Chairman, President, and Chief Executive Officer.

接下來我們將轉入交易公告部分。我也與 Helix 董事長 Bill Transier、Helix 執行副總裁兼營運長 Scotty Sparks，以及 Hornbeck 董事長、總裁兼執行長 Todd Hornbeck 一同參與。

Also joining us for the question-and-answer portion of the call will be Jim Harp, Hornbeck's Executive Vice President and Chief Financial Officer; and Potter Adams, Hornbeck's Senior Vice President of Finance.

另外，參與問答環節的還有 Hornbeck 執行副總裁兼財務長 Jim Harp，以及 Hornbeck 財務資深副總裁 Potter Adams。

Now before I kick it over to Bill, I do want to note, we have slides supporting the following information on each company's Investor Relations website, so please feel free to refer to those as we go through the call.

在我把時間交給 Bill 之前，我想先提醒：兩家公司投資人關係網站上都有支援以下資訊的投影片，請在我們進行電話會議時隨時參考。

With that, Bill, over to you.

那麼，Bill，交給你。

Thanks, Erik. By combining Helix and Hornbeck, we are bringing together two market leaders and establishing a premier integrated offshore services company poised to create value for current shareholders of both Hornbeck and Helix. There are many compelling benefits to this combination.

謝謝你，Erik。透過結合 Helix 與 Hornbeck，我們將兩家市場領導者匯聚一處，打造一家頂尖的一體化離岸服務公司，並有望為 Hornbeck 與 Helix 現有股東創造價值。這項合併具有許多令人信服的效益。

First, the strategic combination will create a recognized leader in offshore operations with a diversified and expanded high-specification fleet of specialty vessels supported by subsea robotics, well intervention, and technical service capabilities, including transient subsea pipelines and cables.

首先，這項策略性合併將打造一家具公認地位的離岸作業領導者，擁有多元化且擴充的高規格專用船隊，並由海底機器人、井口介入與技術服務能力提供支援，其中包括臨時性海底管線與電纜。

Also, the combined company will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense, and renewables, thereby expanding service offerings moving forward.

此外，合併後公司將為深水能源、國防與再生能源等領域的客戶提供創新且整合的海底與海運運輸解決方案，從而在未來擴大服務內容。

Further, combining Helix's well intervention and robotic vessels with Hornbeck specialty and ultra-high specification offshore support vessels will allow us to offer a complementary end-to-end service offering that will materially expand the combined company's ability to meet a broader share of customers' deepwater needs spanning the offshore cycle.

再者，將 Helix 的井口介入與機器人船舶，與 Hornbeck 的專用及超高規格離岸支援船舶結合，將使我們能提供互補的一站式端到端服務，並將實質擴大合併後公司在整個離岸循環中滿足客戶更廣泛深水需求的能力。

All of this, in combination with the significant annual revenue and cost synergies, the transaction is expected to generate of $75 million or more within three years following the close, make for a strong combination rationale. We'll dig deeper into the strategic and financial benefits shortly, and I do want to cover the terms of the transaction in more detail, too.

綜合以上，再加上可觀的年度營收與成本綜效，本交易預期在交割後三年內可產生 7,500 萬美元或以上的綜效，構成強而有力的合併理由。我們稍後會更深入說明策略與財務效益，我也想更詳細地介紹交易條款。

First, I would be remiss if I didn't take the opportunity to acknowledge Owen Kratz, Helix's President and Chief Executive Officer. For the significant role he has held in building Helix into what it is today. I want to announced last year his plan to retire from Helix. I'm sure you saw his quote in the press release reiterating his support for the transaction. He has agreed to support Todd through the close of the deal and will remain available thereafter as needed. He, along with the entire executive management team, are committed to getting this combination across the line.

首先，如果我不把握機會致謝 Helix 總裁兼執行長 Owen Kratz，那就說不過去了。他在將 Helix 打造成今日樣貌的過程中扮演了重要角色。我想提到，他去年已宣布計畫自 Helix 退休。我相信各位也在新聞稿中看到他的引述，再次表達他對本交易的支持。他已同意在交易完成前協助 Todd，並在此後視需要持續提供支援。他與整個高階管理團隊都致力於推動這項合併順利完成。

With that, I'll turn to the highlights of the transaction. This is structured as an all-stock transaction, which will allow shareholders from both sides to participate in the significant upside potential of the combined company. The terms of the agreement, which are outlined in the press release we issued this morning, have been approved by the Boards of Directors of both companies.

接下來我將說明本交易重點。本交易採全股票（all-stock）架構，讓雙方股東都能參與合併後公司顯著的上行潛力。我們今早發布的新聞稿中已概述協議條款，且該等條款已獲兩家公司董事會核准。

At closing, which we expect to occur in the second half of 2026, subject to approval by Helix shareholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions, Helix shareholders will own approximately 45% of the combined company, and Hornbeck shareholders will have approximately 55% ownership.

在交割時（我們預期將於 2026 年下半年發生），仍須取得 Helix 股東核准、取得適用之監管核准，並滿足其他慣常交割條件。交割後，Helix 股東將持有合併後公司約 45% 股權，Hornbeck 股東將持有約 55% 股權。

I will note the parties representing a significant majority of the ownership of Hornbeck, including Ares Management Funds, have delivered written consent approving the transaction. Through this combination, we will bring together two best-in-class teams with aligned cultures.

我想指出，代表 Hornbeck 絕大多數所有權的各方（包括 Ares Management Funds）已提交書面同意，批准本次交易。透過此次結合，我們將匯聚兩支同級最佳（best-in-class）、文化一致的團隊。

Following the close, Todd Hornbeck will serve as President and Chief Executive Officer of the combined company. The combined company's Board of Directors will combine seven directors, three of whom will be from Helix and four from Hornbeck, including Todd. I will serve as Chairman of the combined company's Board.

交易完成後，Todd Hornbeck 將擔任合併後公司的總裁兼執行長。合併後公司的董事會將由七名董事組成，其中三名來自 Helix、四名來自 Hornbeck（包括 Todd）。我將擔任合併後公司董事會主席。

Post-closing, the combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange, and the ticker symbol HOS, with the Helix brand to be retained for well intervention services. The combined company's headquarters will be in Houston, Texas and Covington, Louisiana.

交割後，合併後公司將以 Hornbeck Offshore Services 名稱營運，並於紐約證券交易所上市交易，股票代號為 HOS；Helix 品牌將保留用於井介入（well intervention）服務。合併後公司的總部將設於德州休士頓及路易斯安那州科溫頓。

I also want to touch on why we're stronger and more competitive together as a combined company. In 2025, Helix had revenue and EBITDA of $1.3 billion and $272 million, respectively, with more than $500 million in cash at the end of the first quarter. When you include Hornbeck's 2025 annual results, the combined company will increase revenue and EBITDA by 56% and 106%, respectively. As well, we will have incremental growth drivers of two newbuild MPSVs and 23 vessels that will be available for reactivation.

我也想談談為何作為合併後公司，我們將更強大且更具競爭力。2025 年，Helix 的營收與 EBITDA 分別為 13 億美元與 2.72 億美元，且在第一季末擁有超過 5 億美元現金。若納入 Hornbeck 2025 年全年業績，合併後公司的營收與 EBITDA 將分別增加 56% 與 106%。此外，我們還將擁有額外的成長驅動因素，包括兩艘新造 MPSV，以及 23 艘可供重新啟用的船舶。

In summary, we believe this unique combination is a compelling opportunity to enhance value for Helix's shareholders and deliver sustainable long-term growth.

總結而言，我們相信這項獨特的結合是一個極具吸引力的機會，可提升 Helix 股東價值並帶來可持續的長期成長。

Now, Todd will provide you an overview of the Hornbeck.

接下來，Todd 將為各位概述 Hornbeck 的情況。

Thank you, Bill. Let me start by sharing some background on Hornbeck. We're one of the preeminent market-leading providers of ultra-high spec marine logistics services to a broad range of offshore energy, infrastructure and defense customers. We have a leading deepwater high and ultra-high spec fleet with geographic footprint across the US, North of America, Mexico, the Caribbean, Guyana, Surinam, and Brazil. Our focus at the end of the day is tailored logistics solutions that address a broad spectrum of unique customer life of field requirements, and we have proven operational capabilities and our unwavering commitments to safety and risk management as Helix does as well.

謝謝你，Bill。讓我先分享一些關於 Hornbeck 的背景。我們是超高規格海上物流服務的領先供應商之一，為廣泛的離岸能源、基礎設施與國防客戶提供服務。我們擁有領先的深水高規格與超高規格船隊，地理布局涵蓋美國、北美、墨西哥、加勒比海、蓋亞那、蘇利南與巴西。歸根結底，我們專注於量身打造的物流解決方案，以滿足客戶在油氣田全生命週期（life of field）中各式獨特需求；同時，我們具備經驗證的營運能力，並如同 Helix 一樣，對安全與風險管理有堅定不移的承諾。

We've also included key highlights of the company by the numbers, including approximately 71 vessels in our current fleet with 2 MPSVs under construction and expected to deliver in 2027 and giving us a pro forma fleet of 73 vessels with a fair market value of $2.8 billion. We generated adjusted EBITDA of $288 million and an adjusted EBITDA margin of 40% for fiscal year 2025.

我們也列出了公司以數字呈現的重點摘要，包括目前船隊約 71 艘船舶，另有 2 艘 MPSV 正在建造中，預計於 2027 年交付，使我們的備考（pro forma）船隊達到 73 艘，公允市場價值為 28 億美元。2025 會計年度我們創造調整後 EBITDA 2.88 億美元，調整後 EBITDA 利潤率為 40%。

I'd also like to note that if you have any additional questions about Hornbeck as a company, in our financials, you can find that information in the appendix section of this presentation. We're also confident that this transaction maximizes value provides the best long-term prospects to deliver superior returns for our combined investors. We are pleased that all stock -- this is an all-stock consideration will allow Helix and Hornbeck investors to participate in the upside of this combination.

我也想補充說明，若各位對 Hornbeck 這家公司或我們的財務資料有任何其他問題，可在本簡報的附錄部分找到相關資訊。我們也有信心，本次交易能夠最大化價值，並提供最佳的長期前景，為合併後的投資人帶來更優異的報酬。我們很高興本次為全股票對價（all-stock consideration），可讓 Helix 與 Hornbeck 的投資人共同參與此次結合所帶來的上行空間。

With that, I'll turn it over to Scotty Sparks, Helix's Executive Vice President and Chief Operating Officer, to walk you through the combined company's global presence and complementary business offerings.

接下來，我將把時間交給 Helix 的執行副總裁兼營運長 Scotty Sparks，由他帶各位了解合併後公司的全球布局與互補的業務服務。

Thank you, Todd. Another important benefit of this transaction is the geographical alignment of our two companies. Helix's credible presence in West Africa, Asia Pacific, and the North Sea regions as well as the United States and Brazil and Hornbeck's concentration in the Americas, including Brazil and Mexico, creates a combined global footprint spanning the key offshore basins worldwide.

謝謝你，Todd。本次交易的另一項重要效益，是兩家公司在地理上的高度契合。Helix 在西非、亞太與北海地區，以及美國與巴西皆有可信的據點；而 Hornbeck 則集中於美洲地區（包括巴西與墨西哥）。這使合併後公司形成涵蓋全球主要離岸盆地的全球版圖。

The combined company's footprint will include capital protected markets will have direct access to leading offshore customers, enabling the delivery of premier deepwater services through a technologically advanced asset. This global presence translates to a diversified revenue stream with approximately half of the combined company's revenue expected to come from the United States, followed by Brazil and in the North Sea region.

合併後公司的布局將涵蓋資本受保護的市場，並可直接接觸領先的離岸客戶，使我們能透過技術先進的資產提供頂級深水服務。此一全球布局將轉化為多元化的營收來源；預期合併後公司約一半的營收將來自美國，其次為巴西與北海地區。

We also want to share more information on our combined customer base and how we expect to serve customers as a combined company. We provide essential services to many of the key organizations and companies that fuel the global economy. We see the integration of complementary service offerings, increasing our combined company's relevance with customers, and creating unique cross-selling opportunities that will drive growth and improved margins.

我們也想分享更多關於合併後客戶基礎的資訊，以及我們預期將如何以合併後公司的身分服務客戶。我們為許多推動全球經濟運轉的關鍵組織與企業提供不可或缺的服務。我們看到互補服務的整合將提升合併後公司對客戶的重要性，並創造獨特的交叉銷售機會，進而帶動成長與利潤率改善。

Further, the combined fleet of vessels and specialty equipment will enable comprehensive suites of combined services as a one-stop shop for customers while enhancing profitability through asset optimization and enhanced scale. Those companies have high-quality blue chip customers with whom we have developed strong in-depth relationships. Among our customers are global market-leading companies operating at the forefront of innovation in their respective fields. We are looking forward to delivering an enhanced offering of integrated solutions to our expanded customer base.

此外，合併後的船隊與專用設備將使我們能以一站式（one-stop shop）方式為客戶提供完整的綜合服務組合，同時透過資產最佳化與規模擴大提升獲利能力。兩家公司皆擁有高品質的藍籌客戶，我們與其建立了深厚且緊密的關係。我們的客戶包括在各自領域引領創新的全球市場領導企業。我們期待為擴大的客戶群提供更強化的整合式解決方案。

On the outset, I'll turn it back to Todd talk for our world-class water fleet and seems to be a leading position in the (inaudible) industry.

接下來，我把時間交還給 Todd，談談我們世界級的水上船隊，以及在（聽不清）產業中的領先地位。

Thank you, Scotty. Now, we mentioned a moment ago that together, Helix and Hornbeck will have a fleet of high-quality deepwater high-spec vessels. The combined company will focus on drill intervention, subsea and specialty services, robotics, ring transportation, and emerging technologies to support the deepwater energy, defense, and renewables markets.

謝謝你，Scotty。正如我們剛才提到的，Helix 與 Hornbeck 合併後將擁有一支高品質的深水高規格船隊。合併後公司將聚焦於鑽井介入（drill intervention）、海底與專業服務、機器人技術、環形運輸（ring transportation）以及新興技術，以支援深水能源、國防與再生能源市場。

The combined company will have the highest specification fleet of specialty vessels designed to support deepwater life of field services globally. It will be the only company capable of providing riser-based well intervention, subsea operations, and IRM and surface vessel logistics support.

合併後公司將擁有最高規格的專用船舶船隊，旨在全球範圍支援深水油氣田全生命週期（life of field）服務。它將是唯一能同時提供以立管為基礎的井介入（riser-based well intervention）、海底作業，以及 IRM 與水面船舶物流支援的公司。

Additionally, we are combining Helix's market leading position in subsea trenching of pipeline and cable with Hornbeck's leading position in providing support to offshore energy development.

此外，我們將結合 Helix 在管線與電纜海底開溝（subsea trenching）方面的市場領先地位，以及 Hornbeck 在支援離岸能源開發方面的領先地位。

It's also important to note that the combined company will have increased exposure to the defense industry through a cutting-edge fleet supporting military operations and related capabilities. Together, Helix and Hornbeck will have operations that provide multiple types of defense services. This includes circuits and subsea vessels, vessel management, and emerging technologies such as marine autonomy and artificial intelligence. These capabilities, along with advantages like trusted relationship with key officials and decades of experience in the industry, will position the combined company extremely well to increase revenue and defense customers.

同樣重要的是，合併後公司將透過一支支援軍事行動及相關能力的尖端船隊，提高對國防產業的曝險。Helix 與 Hornbeck 合併後將具備提供多種類型國防服務的營運能力，包括（聽不清）與海底船舶、船舶管理，以及海事自主與人工智慧等新興技術。這些能力，加上與關鍵官員之間的可信關係以及數十年的產業經驗等優勢，將使合併後公司在提升營收並拓展國防客戶方面具備極佳的定位。

Now, I'd like to transition to an essential element of growth transactions that combined company's scale and growth platform and the significant synergy potential. We're confident that the combined company will be poised for future growth and shareholder value creation with a strong balance sheet, low leverage, and a significant cash at the closing to advance the combined company's value-driven strategy.

接下來，我想轉到成長型交易的一個關鍵要素：合併後公司的規模與成長平台，以及可觀的協同效益潛力。我們有信心，合併後公司將憑藉強健的資產負債表、低槓桿，以及交割時可觀的現金水位，推進以價值驅動的策略，並為未來成長與股東價值創造做好準備。

Importantly, this financial strength and projected substantial free cash flow generation will provide significant flexibility organic growth and investments in the business or other strategic M&A to increase long-term shareholder value creation. The combined company scale life-of-field business is expected to mitigate through cycle earnings volatility while also enabling flexible global asset deployment where the demand is strongest.

重要的是，這項財務實力與預期可觀的自由現金流產生能力，將為有機成長、對業務的投資，或其他策略性併購（M&A）提供高度彈性，以提升長期股東價值創造。合併後公司具規模的油氣田全生命週期（life-of-field）業務，預期可緩解景氣循環下獲利波動，同時也能在需求最強的地區彈性部署全球資產。

As you'll see in the slide deck, another key part of why we're so confident in this combined company's strong financial profile going forward is significant synergies opportunities this transaction presents.

如各位在簡報中所見，我們對合併後公司未來強勁財務表現充滿信心的另一個關鍵原因，是本次交易所帶來的重大協同效益機會。

Specifically, we expect to realize $75 million or more in annual cost and revenue synergies just within three years following the transaction. The synergies are expected to result from combined and integrated service offerings as well as expanded service offer to existing customers, driving revenue pull-through, we also -- the scale of the combined company's fleet will enable asset optimization, reducing reliance on third-party vessel charters, and delivering efficiencies across maintenance, procurement, and operations.

具體而言，我們預期在交易完成後三年內，每年可實現 7,500 萬美元或以上的成本與營收協同效益。協同效益預期將來自服務內容的整合與一體化，以及向既有客戶擴大服務範圍，帶動營收拉動效應（revenue pull-through）；此外，合併後公司船隊的規模將使資產最佳化成為可能，降低對第三方船舶租賃的依賴，並在維修保養、採購與營運方面帶來效率提升。

In short, we expect to operate more efficiently and benefit from growth opportunities post-closing.

簡而言之，我們預期在交割完成後能以更高效率營運，並受惠於成長機會。

I'd now like to turn it back to Bill to close it out.

我現在想把時間交回給 Bill 來做結語。

I'll wrap things up by reiterating that we believe this transaction represents an incredibly exciting opportunity for Helix and Hornbeck as well as both companies, shareholders, and other stakeholders. By bringing these two leaders together, we will create an even stronger combined company designed to innovate, execute with scale, and grow.

我將以重申作結：我們相信這筆交易對 Helix 與 Hornbeck，以及兩家公司、股東與其他利害關係人而言，都是一個極其令人振奮的機會。透過結合這兩位領導者，我們將打造一家更強大的合併公司，旨在創新、以規模執行並成長。

I'd also like to take a moment just to thank the talented teams of both Helix and Hornbeck. This transaction reflects their continued hard work and dedication, and we would not have been able to reach this milestone without their efforts. I know I speak for the leadership teams of both companies when I say we are grateful for your many contributions.

我也想花點時間感謝 Helix 與 Hornbeck 兩家公司才華洋溢的團隊。這筆交易反映了他們持續的辛勤工作與投入；若沒有他們的努力，我們不可能達成這個里程碑。我想我代表兩家公司領導團隊發言：我們感謝各位的諸多貢獻。

Thank you for joining us today. I'll now open the floor to questions. Operator, we'll take our first question now.

感謝各位今天與會。我現在開放提問。接線員，我們現在開始第一個問題。

(Operator Instructions) Keith Bachman, Pickering Energy Partners.

（接線員指示）Keith Bachman，Pickering Energy Partners。

Hey, thanks for taking my question, and congratulations, guys.

嗨，謝謝讓我提問，也恭喜各位。

Thank you.

謝謝。

So I just wanted to -- I wanted to ask first, could you bucket the $75 million of synergies a little bit better? And then maybe that's over three years. What do you kind of expect the initial capture to be maybe within the first six months to a year or so?

我想先問一下，你們能否把 7,500 萬美元的協同效益再更清楚地分項說明？另外，這可能是三年內達成。那麼在前六個月至一年左右，你們預期初期可實現的比例大概是多少？

I think the capture will be revenue synergies and being able to combine these assets together to offer a full plentiful offering to the customers that should increase utilization across the board from ROVs and supply vessels, the subsea construction vessels and well intervention. So that combination and offering life-of-field services to be able to take to the full field development or full field decommissioning is a real added value to the customer base.

我認為實現的部分會來自營收協同效益，也就是把這些資產整合起來，向客戶提供更完整、更多元的服務組合，從 ROV 與補給船、海底施工船到井介入作業，全面提升使用率。因此，這種整合以及提供全油田生命週期服務，能夠支援完整油田開發或完整油田除役，對客戶群而言是實質的附加價值。

The crossover services that we've pulled together as one company provides some very good revenue synergies, but then there's also the size of the fleet provides good cost synergies on procurement and engineering and all those things as we create a much bigger fleet on a global basis.

我們作為一家公司的交叉服務整合，能帶來相當不錯的營收協同效益；此外，船隊規模也能在採購、工程以及各項作業上帶來良好的成本協同效益，因為我們將在全球範圍內建立更大的船隊。

Awesome, thanks. And then my second question, which is kind of -- obviously, Hornbeck has had an advantage in kind of cabotage-protected markets on a lot of the OSVs in the Americas. Now with the merger of the two companies, I mean, is there any plan over time to move some of the vessels outside of Cabotage markets and potentially go outside of the Americas, maybe West Africa, et cetera. Just any thoughts on that at all?

太好了，謝謝。我的第二個問題是——顯然 Hornbeck 在美洲許多 OSV 的沿海運輸（cabotage）保護市場中一直具有優勢。現在兩家公司合併後，長期來看是否有計畫把部分船舶移出沿海運輸保護市場，並可能走出美洲、例如西非等地？想聽聽你們是否有任何想法。

Our plan is we're going to be a growth company, and we plan to continue to grow every segment of the business. But we're going to move the assets where they're most valuable to the company and returns for the company. So we do have assets that can move across the globe and some of the largest and best assets in the industry, and we're going to move where the business is.

我們的計畫是要成為一家成長型公司，並持續擴張業務的每個板塊。但我們會把資產配置到對公司最有價值、能為公司帶來最佳報酬的地方。因此，我們確實有能在全球調度的資產，也擁有業界最大、最優質的一些資產；我們會往有業務需求的地方移動。

Awesome. Really appreciate you guys taking my questions, and congratulations again.

太好了。非常感謝你們回答我的問題，也再次恭喜。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Hey, good morning, and congrats on the announcement. So my first question is just on the $2 billion of backlog that you guys mentioned in the presentation. Just kind of curious around the duration of this backlog. And then any color you can give on just the makeup across now the various business lines.

嗨，早安，恭喜你們發布這項消息。我第一個問題是關於你們在簡報中提到的 20 億美元在手訂單（backlog）。我想了解這些在手訂單的期間長度大概如何？另外，能否說明一下目前在各個業務線的組成？

So from -- Helix reports their backlog close to $1 billion, covering a significant portion this year and into next year. So the Helix portion of it is about $1 billion.

就——Helix 所揭露的在手訂單接近 10 億美元，涵蓋今年相當大一部分並延伸到明年。因此，Helix 的部分大約是 10 億美元。

Hornbeck is about $1 billion as well. And that includes our long-term contracts with the military and the specialty vessels as well.

Hornbeck 也大約是 10 億美元，其中包含我們與軍方的長期合約以及特種船舶的合約。

As you know, we've been primarily a shorter-term player because of the type of assets that we have been able to -- on shorter-term contracts, you got a lot better returns. But this is the biggest backlog we've had, I think, in our history, showing you where the market is going and a lot of opportunity also in our fleet to turn and mark-to-market those vessels as well.

如你所知，我們過去主要偏向短期合約，因為以我們的資產類型而言，短期合約通常能帶來更好的報酬。但這是我們歷史上最大的在手訂單，我想這也顯示市場的走向；同時，我們船隊也有很多機會可以輪替並將這些船舶按市價重新定價（mark-to-market）。

Awesome, thank you. Super helpful. And then I know you guys mentioned it in the prepared remarks, but just kind of on the strong balance sheet of the combined company. I guess, kind of any color on what you're seeing in the market and then kind of just detailing a bit more on the potential growth opportunities or creation of shareholder value from that strong balance sheet?

太好了，謝謝，非常有幫助。接著我知道你們在事先準備的講稿中提到，但我想再問一下合併後公司強勁的資產負債表。你們能否談談目前市場上看到的情況，以及更進一步說明，這樣的強勁資產負債表可能如何帶來成長機會或創造股東價值？

Yes, I think we've got a superior balance sheet. A lot of cash on the balance sheet. Like I said, we're going to grow all the divisions between the ROV Subsea group and well intervention and supply vessels. So we're looking forward to grow on it to be an international player worldwide, not just -- our main focus is right now or has been with the company is about 50% of revenue coming out of the US Gulf or the America -- Gulf of America, but we see great opportunities of growth in Brazil. The whole South America Northern flank of South America with Colombia and Guyana and Surinam of that whole region. Also West Africa is showing great signs of opportunity as well.

是的，我認為我們擁有非常優異的資產負債表，帳上現金很多。正如我所說，我們將在 ROV 海底（Subsea）事業群、井介入，以及補給船等各個部門全面成長。我們期待把公司推進成為全球性的國際玩家，而不僅僅——我們目前或過去的主要重點大約是 50% 的營收來自美國墨西哥灣或美洲——美洲灣（Gulf of America）。但我們在巴西看到很好的成長機會；整個南美洲、南美北側沿線，包括哥倫比亞、蓋亞那與蘇利南的整個區域也有機會。此外，西非也顯示出很好的機會跡象。

So with this balance sheet, we should be able to really move the company forward with a lot of opportunities whether they're organic or acquisitions as well.

因此，憑藉這樣的資產負債表，我們應該能夠把公司大幅向前推進，掌握許多機會，不論是有機成長或併購。

Great. Thank you, guys, and congrats again.

很好。謝謝各位，也再次恭喜。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

Thanks. Good morning. The $75 million of synergies, can you -- did you say what the split was between revenue and cost synergies there? And then --

謝謝，早安。關於 7,500 萬美元的協同效益——你們能否說明其中營收協同與成本協同的分拆比例？然後——

No, we haven't. We're going to have more of that in the merger proxy, but the majority of it probably would be from revenue synergies and cost efficiencies by putting the companies together and streamlining our services.

沒有，我們尚未提供。我們會在合併委託書（merger proxy）中提供更多細節，但其中大部分可能來自營收協同效益，以及把兩家公司整合、精簡服務所帶來的成本效率。

But the company is -- that much in services. That's what makes this combination such a strong combination putting together because where we didn't have robotics and all the tooling and whatnot, we had the MPSVs heavy iron, Helix has all that, where we were not in well intervention or decommissioning that when you're in that business as well, they need supply vessels, MPSVs and all the things that we have. So we don't overlap a lot. So that's what's great about this. We're going to be able to build all of that and retool the business model to be able to grow in all of those areas.

但這家公司——在服務面向上有這麼多能力。這也是為什麼這次結合如此強大：我們過去沒有機器人技術以及所有工具設備等，而我們有 MPSV 的重型裝備；Helix 擁有那些。另一方面，我們過去不在井介入或除役領域；而當你在那個業務中，他們也需要補給船、MPSV 以及我們所擁有的一切。因此我們的重疊不多，這正是這件事很棒的地方。我們將能建立所有這些能力，並重新調整商業模式，以便在所有這些領域成長。

What we will be able to do is offer a very good bundled service. So if you take a deepwater field decommissioning program, we have the Helix assets that can do all the deepwater P&A and the well work.

我們將能做的是提供非常好的打包式服務。舉例來說，如果是深水油田除役計畫，我們有 Helix 的資產可以完成所有深水 P&A（封井與棄置）以及井作業。

Now we have the construction assets to take away the subsea infrastructure. We have the supply boats to support the subsea infrastructure takeaway and the wells P&A work. We can offer that to one client take away their procurement costs and give them one contract.

現在我們也有施工資產可以移除海底基礎設施。我們有補給船可支援海底基礎設施移除以及井 P&A 作業。我們可以把這些提供給單一客戶，降低他們的採購成本，並給他們一份合約。

So that's quite compelling. There will always be some oil procurement companies out there that won't like that, but there will be a bunch of oil companies out there that see the cost benefits of one contract and one service.

所以這非常有吸引力。市場上總會有一些石油採購公司不喜歡這樣的模式，但也會有不少石油公司看得到一份合約、單一服務所帶來的成本效益。

Okay, great. Thank you. And I haven't covered OSVs in 12 or 13 years. Can you help me -- what's the capital intensity of this business now just in terms of CapEx to sales?

好的，很好，謝謝。我已經有 12 或 13 年沒有追蹤 OSV 了。你能幫我一下——就資本密集度而言，這個業務現在大概是什麼情況，例如資本支出（CapEx）相對於營收的比例？

I'll tell you, the -- on the OSV side, we're strictly deepwater, ultra deepwater with the largest PSVs in the world. So a lot of them are cabotage-protected in the US. We have a big presence in Brazil and Mexico and the whole South America.

我跟你說，在 OSV 這一端，我們嚴格聚焦於深水、超深水，並擁有全球最大的 PSV。因此其中很多在美國都受到沿海運輸法（cabotage）保護。我們在巴西、墨西哥以及整個南美都有很大的布局。

Right now, the market is basically an equilibrium by the second half of this year just with the demand that's coming from the additional rigs coming online, we see that market getting very tight and a lot of revenue growth there or day rate expansion there as well.

目前市場基本上在今年下半年就會達到供需平衡，單就新增鑽機上線所帶來的需求而言，我們看到市場會變得非常吃緊，營收成長或日租金擴張也會相當明顯。

With the subsea construction market, and you know how many trees and installations that are going in, in deepwater over the next several years. Those vessels also work very, very well in the subsea construction area and also in renewables in the defense market.

至於海底施工市場，你也知道未來幾年深水區將會有多少海底樹（trees）與設施安裝。這些船舶在海底施工領域也非常、非常適用，同時也能用於再生能源以及國防市場。

Our defense market is really looking good. And you know why I just read the paper, and they like the large PSVs to accommodate that business.

我們的國防市場看起來真的很不錯。你知道我剛看了報紙，他們很喜歡用大型 PSV 來承接那類業務。

And you have vessels to bring back into the market, too.

而且你也有船舶可以重新投入市場。

Yes.

是的。

It won't cost you really minor capital.

這不會讓你付出太多資本。

So minor capital, yeah, we've got 23 vessels that we can reactivate as this market goes under supplied. Whether it's renewables, defense or drilling support or subsea support. And those are vessels that have been preserved and in good shape and very low cost to reactivate to put in the market.

對，資本支出很小——我們有 23 艘船可以在市場供給不足時重新啟用。不論是再生能源、國防、鑽井支援或海底支援。這些船都已妥善保存、狀況良好，重新啟用成本非常低，就能投入市場。

Thanks. And because I was just going to ask about the two new MPSVs that you have, like what the capital requirements are left on those? Are they substantial, or can you say?

謝謝。我本來正要問你們那兩艘新的 MPSV——目前還需要多少資本支出？金額大嗎？你方便說嗎？

We really don't have any capital requirements to talk about very much left. We have about $50 million, I think, left to spend on those vessels for delivery, but very low cost entry for those vessels, unique nature. They'll be the largest in MPSVs in the US flag fleet. And we're really excited about the robotics and the subsea infrastructure and on all everything that Helix is doing and folding that -- into that program.

其實剩下可談的資本需求不多。我想大約還有 5,000 萬美元要花在這兩艘船的交付上，但這兩艘船的進入成本非常低，而且性質獨特。它們將會是美國旗船隊中最大的 MPSV。我們也對 Helix 在機器人與海底基礎設施方面所做的一切感到非常興奮，並會把那些——整合進這個計畫。

So defense markets, renewable markets and deepwater subsea construction markets are really anxious to get the hands on those vessels.

所以國防市場、再生能源市場以及深水海底施工市場都非常急著想要取得這兩艘船。

When those vessels sit in '27, they're going to be the highest-spec Jones Act vessels, and then we'll be combining Helix robotics into those vessels as well. So it'll be quite unique and ultra-high spec vessels for the Jones Act Gulf of America fleet.

等到這些船在 2027 年投入時，它們將會是規格最高的《瓊斯法案》（Jones Act）船舶，並且我們也會把 Helix 的機器人系統整合到這些船上。因此，對《瓊斯法案》下的美國灣（Gulf of America）船隊而言，這將是相當獨特、超高規格的船舶。

Great. Thanks a lot, gentlemen. Appreciate it. Congrats.

太好了。非常感謝，各位先生。感激不盡。恭喜。

(Operator Instructions) Don Crist, Johnson Rice.

（接線員指示）Don Crist，Johnson Rice。

Morning, guys. And I'll echo my sentiments for a good deal. Congrats.

早安，各位。我也呼應一下我的看法，這是一筆很好的交易。恭喜。

Since I cover Helix and have for a while, Scotty, can you walk around the world and kind of talk about demand like you normally do on an earnings call. I know there's been a lot of rig contracts let recently that soaked up a lot of white space. And can you just kind of walk around the world and tell us how that is influencing activity for the 4000 in Well Enhancer and Seawell going forward throughout the rest of the year?

我追蹤 Helix 一段時間了，Scotty，你能不能像你在法說會上通常那樣，帶我們環遊一圈、談談各地需求？我知道最近簽了很多鑽機合約，填補了不少空檔。你能否說說這如何影響今年剩餘時間 4000、Well Enhancer 與 Seawell 的後續作業活動？

Sure. Good morning, Don. So firstly, the North Sea, as you know, last year, we had some headwinds against us and had to stack one of the vessels. I'm happy to report now that we have both vessels are actively working, and we're expecting good utilization for the manholes in the North Sea. We're seeing high demand for decommissioning in the North Sea and starting to see a slight improvement in rates. So that dip that went with us last year is behind us, I'd like to think.

當然。早安，Don。首先是北海，如你所知，去年我們遇到一些逆風，不得不讓其中一艘船停航封存。我很高興現在可以回報，兩艘船都在積極作業中，我們預期北海的井口作業（manholes）利用率會不錯。我們看到北海除役（decommissioning）需求很高，也開始看到費率小幅改善。所以我想，去年那段低迷已經過去了。

In the America, we're seeing more production enhancement activity. We have the Q5000 out currently working for Shell, the Q4000 out working for OXY and OXY and others are looking to add more wells because of the obviously increase in the price of oil is looking to further enhance activity.

在美洲，我們看到更多增產（production enhancement）活動。目前 Q5000 正在為 Shell 作業，Q4000 正在為 OXY 作業；而 OXY 以及其他客戶也在考慮增加更多井，因為顯然油價上升，正推動他們進一步提升活動量。

The Q7000 has recently finished up with Shell in Brazil -- sorry, we'll finish up at the end of this month. And then we're very close to taking that vessel to Nigeria again and that's looking good, very close to being contracted.

Q7000 最近在巴西為 Shell 的案子——抱歉，會在本月底結束。之後我們非常接近再次把那艘船帶到奈及利亞，目前看起來不錯，幾乎就要簽約了。

And then we expect to take that vessel back to Brazil where there's high levels of activity and good tendering activity for that vessel. The two Sea Helix 1 and Sea Helix 2 are under long-term contracts in Brazil. So our one intervention segment looks very good at the moment, we're improving activity and increasing rates going forward.

接著我們預期會把那艘船帶回巴西，那裡活動量很高，且針對該船的招標活動也很活躍。Sea Helix 1 與 Sea Helix 2 兩艘船在巴西都有長期合約。因此我們的介入（intervention）業務目前看起來非常好，活動正在改善，費率也在往上走。

The robotics side is very busy. As you know, our Trenching side of the company is very, very active, high utilization, very much increased rates, increasing rates year over year. We have work booked out in '26, '27 on Trenching, work booked out all the way to 2030 in bid activity and a very good pipeline of activity out to 2032 on the Trenching side.

機器人（robotics）這一端非常忙。如你所知，我們公司的海溝開挖（Trenching）業務非常、非常活躍，利用率高，費率大幅提升，且逐年上升。我們在 Trenching 方面已經有排到 2026、2027 年的工作量；投標活動方面的工作能見度一路到 2030 年；而 Trenching 端的案源管線也很充足，可望延伸到 2032 年。

And then the robotics business is strengthened and bringing these two companies together, there's good opportunities for putting ROVs with high-class vessels in the Gulf of America. So very confident by the end of this year, we'll have no ROVs available to the market. We might have to look at starting to place capital to increase spend on growth activity.

此外，機器人業務也在走強，把這兩家公司結合起來後，在美國灣（Gulf of America）以高階船舶搭配 ROV 有很好的機會。因此我們非常有信心，到今年底市場上將沒有多餘的 ROV 可供租用。我們可能得開始考慮投入資本、增加支出以支持成長活動。

I appreciate that. And can you just comment on day rates? I know day rates for the offshore drillers have been kind of flat on these contract renewals, but are you seeing any urgency from customers seeing white space go away and urgency and contracting given recent events in the Middle East and oil price running up?

了解，謝謝。你能否評論一下日租金？我知道離岸鑽井商在這些續約合約上的日租金大致持平，但你們是否看到客戶因空檔消失而更急著簽約？再加上近期中東事件與油價上漲，是否帶來更強的急迫性與簽約動能？

We talk about this each quarter, Don, and I would say it's relatively flat at the moment in the Gulf. We are seeing increased rig activity that will lead into end of '26/'27 to increased rates.

Don，我們每季都會談這個。我會說目前在墨西哥灣（Gulf）大致仍相對持平。我們確實看到鑽機活動增加，這將在 2026/2027 年底帶動費率上升。

We have definitely seen an increase in rates and better activity in the North Sea, and we're stable and locked into long-term contracts in Brazil. So it's definitely increased and better environment than where we were two or three quarters ago.

我們在北海確實看到費率上升、活動更好；而在巴西我們則穩定且已鎖定在長期合約中。所以整體而言，環境確實比兩、三個季度前更好、也更有利。

Okay. I appreciate that. And Todd, just one for you. Any changes in Mexico? I know you've had a presence there for a while, but not really worked for the government down there. But any improvement down there that can soak up any of the boats that came back to the US side of the Gulf of America going back to Mexico anytime soon?

好的，謝謝。Todd，我再問你一題。墨西哥那邊有什麼變化嗎？我知道你們在那裡有布局一段時間，但並沒有真的替當地政府做太多案子。那邊有沒有任何改善，能吸收一些回到美國灣（Gulf of America）美國側的船，讓它們近期能再回墨西哥作業？

Well, as you know, we've got a large component of Mexican flag vessels in Mexico, and that's a cabotage protected market. And yes, there's been upside even though the turmoil with Pemex that unfolded over the last few years, we were not levered to that company.

如你所知，我們在墨西哥有相當大比例的墨西哥旗船舶，而那是一個受沿海運輸法（cabotage）保護的市場。是的，儘管 Pemex 過去幾年出現動盪，我們並未對那家公司有曝險或高度依賴，因此反而看到一些上行空間。

So Woodside just started the Trion project, and we have four long-term contracts with Woodside, and that has started in earnest now in February. So that will go for many years. We also have a 10-year commitment for all their marine support for supply vessels for the next 10 years. So for that development of that field.

此外，Woodside 剛啟動 Trion 專案，我們與 Woodside 有四份長期合約，而且該專案已在 2 月正式全面展開，將會持續很多年。我們也有一項 10 年承諾，未來 10 年將為其提供所有海上支援——也就是供應船（supply vessels）的海事支援，用於該油田的開發。

What we're seeing in Mexico, though is a little bit of a change in tone with bringing IOCs back into the country. A couple of years ago under AMLO they really wanted to get all the IOCs out and all the foreign companies out of Mexico. That's turned around. It looks like we're seeing a green shoots starting to happen at other IOCs are interested in doing structures like Woodside had done there. So it looks promising.

不過我們在墨西哥看到的是語氣上有些轉變，開始把國際石油公司（IOC）帶回國內。幾年前在 AMLO 執政下，他們其實想把所有 IOC、所有外國公司都趕出墨西哥。現在情勢反轉了。我們看起來開始看到一些復甦的萌芽，其他 IOC 也有興趣採用類似 Woodside 在那裡所做的架構。所以前景看起來不錯。

I think over the next couple of years, we're going to see some growth in Mexico. Mexico is Mexico. So we've been down there a long time and done very well in that market.

我認為在未來幾年，我們將會看到墨西哥出現一些成長。墨西哥就是墨西哥。所以我們在那邊深耕很久了，並且在那個市場表現得非常好。

I appreciate the color. Congrats again, guys.

感謝你提供的補充說明。再次恭喜各位。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（接線員指示）Josh Jayne，Daniel Energy Partners。

Good morning. Thanks for taking my question. First one for me. Todd, maybe you could just go into a bit more detail on the your views on OSV supply and demand. Ultimately, you mentioned some vessels going back to work. Maybe you could just elaborate on your views on the market, not only in the markets that you serve, but just opportunities elsewhere. It would just be good to hear your views today.

早安。謝謝讓我提問。第一個問題。Todd，也許你可以更詳細談談你對 OSV 供需的看法。最終你提到有些船舶會回到市場投入工作。也許你可以進一步闡述你對市場的看法，不僅是你們所服務的市場，也包括其他地區的機會。很希望聽聽你今天的觀點。

Yeah. I think the market -- on the big -- look, we're just really focused on above 4,000 deadweight class all the way to 6,000. So ultra deepwater is where our bread and butter is, and that market has traded very thinly now. A lot of capacity is term contracted because Petrobras soaked up a lot of tonnage as we know. And with the rigs in the second half of the year coming back online, we see that marketing tightening. Our rates are, I can say, leading edge rates are in the mid-40s, but they're kind of all over the board because it's been a little sloppy with the white space but our rigs seem to held up very well.

好的。我認為市場——從大的面向來看——你看，我們主要聚焦在 4,000 載重噸以上到 6,000 載重噸的級別。所以超深水是我們的核心業務，而那個市場目前成交非常稀薄。由於 Petrobras 如我們所知吸收了大量運力，很多運能都以長約方式被鎖定。隨著今年下半年鑽機重新上線，我們看到市場在收緊。我可以說，我們的前緣（leading edge）日租率在 40 多（美元）中段，但因為空檔期（white space）有點混亂，價格其實分布很廣；不過我們的鑽機相關業務似乎維持得相當不錯。

The second half of the year is where we really see the growth opportunity in the market getting really, really tight for the supply-demand imbalance. But the subsea construction market, the renewables market, and our defense market is doing extremely well. So we're servicing a lot of that market with the PSVs today.

我們真正看到成長機會是在下半年，因為供需失衡會讓市場變得非常、非常緊。但海底施工市場、再生能源市場，以及我們的國防市場表現都非常好。所以我們目前用 PSVs 服務了其中很大一部分需求。

On our total revenue, about 70% of our revenues come from the specialty business, not from the drill bit. So that's a testament of the type of equipment that we have.

以我們的總營收來看，大約 70% 的營收來自專業化業務，而不是來自鑽探（drill bit）。這也證明了我們所擁有設備的類型與配置。

And then on the ROV side, it was alluded to a little bit in the last answer, but is this transaction -- I know Helix has been a bit conservative to spend capital. But when we think about the tightness of the ROV business, is this the type of transaction that has the potential, just given the tightness of that market to accelerate capital spending sort of over the next few years?

另外在 ROV 方面，上一個回答有稍微提到，但這筆交易——我知道 Helix 在資本支出上一直比較保守。不過當我們考量 ROV 業務的緊俏程度時，這類交易是否有可能在未來幾年、在那個市場供給吃緊的背景下，加速資本支出？

And then could you update us on lead times for ROVs today? That's my final question. Thanks.

另外也請你們更新一下目前 ROV 的交期（lead times）。這是我最後一個問題。謝謝。

I think Scotty can answer the lead times, but you're correct. That market is very tight. But I think there's opportunities there besides, you can always build ROVs, and that takes -- he'll tell you how long that takes and what the cost is.

我想 Scotty 可以回答交期的問題；但你說得沒錯，那個市場非常緊。不過我認為除了這點之外也有機會；你當然可以建造 ROV，而那需要——他會告訴你需要多久以及成本是多少。

But I think there may be opportunities out there now that we've put this together of ROV opportunities and other opportunities in the company and do some acquisitive and grow our platform.

但我認為，現在我們把這件事整合起來之後，除了 ROV 的機會之外，公司也可能有其他機會，並且可以做一些併購來擴大我們的平台。

I think one of the good side of the ROV business is we can scale up very quickly. And so to build a new ROV right now is a six-month lead time. And if we did a batch build, every month after we can have another ROV. So we can scale up the ROV business very quickly.

我認為 ROV 業務的一個優點是我們可以非常快速地擴張規模。因此現在建造一台新的 ROV 交期大約是六個月。如果我們採用批量建造（batch build），之後每個月都可以再交付一台 ROV。所以我們可以非常快速地擴大 ROV 業務。

There's also, Hornbeck at this time, they hire ROVs in and now will be an internal cost to Hornbeck. So we can scale up very quickly and bring the two services together.

另外，目前 Hornbeck 會外租 ROV，而未來這將成為 Hornbeck 的內部成本。所以我們可以非常快地擴張，並把兩項服務整合在一起。

Yeah. If we can't find adequate equipment out there on the ROV side and the tooling side, we can be in the market very, very quickly with what Scott is saying. So it will happen one way or the other on it.

是的。如果我們在 ROV 端和工具（tooling）端找不到足夠的設備，依照 Scott 所說，我們也可以非常、非常快地進入市場。所以不管怎樣，這件事都會以某種方式推進。

Yeah. And we're also seeing an increased demand for ROV activity in the renewables business in Taiwan and the APAC region as well. So there's lot of growth potential on the ROV side, the robotics side.

是的。我們也看到在台灣以及亞太（APAC）地區的再生能源業務中，對 ROV 作業的需求正在增加。所以在 ROV 端、機器人端都有很大的成長潛力。

We also have some plans. We have, as a robotics company, have never been an IRM company. And as we bring these two companies together, we're definitely going to build an IRM division, which leads to further growth as well.

我們也有一些規劃。作為一家機器人公司，我們過去從來不是一家 IRM 公司。而當我們把這兩家公司整合在一起時，我們肯定會建立一個 IRM 事業部，這也會帶來進一步的成長。

Understood. Congrats on the transaction. Thanks for taking my questions.

了解。恭喜這筆交易。謝謝回答我的問題。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

Hey, thanks. Just the Hornbeck net debt, did I calculate that right? Is that around $480 million?

嗨，謝謝。關於 Hornbeck 的淨負債，我算得對嗎？大約是 4.8 億美元？

Yes.

是的。

No, that's the gross debt. That's gross debt. Our cash is under -- between [$75 million and $180 million, $90 million], something like that. And the [$440 million] is gross debt.

不，那是總負債。那是總負債。我們的現金在——介於［7,500 萬美元到 1.8 億美元，9,000 萬美元］之間，差不多那樣。而［4.4 億美元］是總負債。

I said $480 million. So what do you have -- what's your net debt? Is it $380 million? Or what's the net debt?

我說的是 4.8 億美元。所以你們的——淨負債是多少？是 3.8 億美元嗎？還是淨負債是多少？

Yeah, around $380 million.

是的，大約 3.8 億美元。

Okay. And then maybe just one for the Helix guys. I mean, how do you position this for your shareholders? Like why is this a good deal for the Helix shareholders.

好的。那接著可能問 Helix 團隊一題。我的意思是，你們要如何向股東定位這件事？也就是說，為什麼這對 Helix 股東來說是一筆好交易？

This is Bill. I'll take that on. First of all, if you can't sell the enthusiasm of these two guys across the table have been talking about their combined businesses, it represents a really kind of a unique opportunity for these companies to come together and do more than they could on a standalone basis.

我是 Bill。我來回答。首先，如果你無法把坐在桌子對面的這兩位在談論其合併後業務時所展現的熱情傳達出去，那麼這其實代表了兩家公司結合的一個相當獨特的機會，能做出單打獨鬥時做不到的事情。

And I think that's what Helix has been looking at for quite a while, is it was a good company, well run, like Hornbeck, good capital structure, but it was only so big and the ability to kind of build scale, reduce cost of capital, and do some of the things that Scotty and Todd are talking about in terms of growing the business. This makes for a better outcome going forward, a real growth company that can deliver significant shareholder value going down the road.

我認為 Helix 觀察這件事已經有一段時間了：它是一家好公司、經營良好，就像 Hornbeck 一樣，資本結構也不錯，但規模就只有那麼大；而要建立規模、降低資本成本，並做一些 Scotty 和 Todd 所談到的、關於擴大業務的事情，這筆交易能帶來更好的未來結果——成為一家真正的成長型公司，並在未來為股東創造可觀的價值。

So I look at that as the compelling reasons why, and we're excited about it.

所以我認為這些就是最有說服力的原因，我們也對此感到非常興奮。

Okay. Thanks a lot, guys. Appreciate it.

好的。非常感謝各位。感激不盡。

Thank you. I'm not showing any further questions in the queue. I will now turn back over to the company for closing remarks.

謝謝。我這邊顯示隊列中沒有其他問題了。現在我把電話交回公司作結語。

Thank you for joining us today. We appreciate your interest in today's call that highlighted the exciting opportunity that the combination of Helix and Hornbeck creates for our investors and customers. Thank you.

感謝各位今天加入。我們感謝各位對今天電話會議的關注；本次會議重點說明了 Helix 與 Hornbeck 的結合，為我們的投資人與客戶所帶來的令人振奮的機會。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。