Independence Contract Drilling Inc (ICD) 2022 Q4 法說會逐字稿

Hello, and welcome to the Independence Contract Drilling, Inc. fourth-quarter and year-end 2022 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Philip Choyce, Executive Vice President and Chief Financial Officer. Please go ahead.

您好，歡迎參加 Independence Contract Drilling, Inc. 2022 年第四季度和年底財務業績電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給執行副總裁兼首席財務官 Philip Choyce。請繼續。

Good morning, everyone, and thank you for joining us today to discuss ICD's fourth-quarter 2022 results. With me today is Anthony Gallegos, our President and Chief Executive Officer.

大家早上好，感謝您今天加入我們討論 ICD 2022 年第四季度的業績。今天和我一起的是我們的總裁兼首席執行官 Anthony Gallegos。

Before we begin, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks and uncertainties. A number of factors and uncertainties could cause actual results in future periods to differ materially from what we talk about today. For a complete discussion of these risks, we encourage you to read the company's earnings release and our documents on file with the SEC.

在我們開始之前，我想提醒所有與會者，我們今天的評論將包括前瞻性陳述，這些陳述受到某些風險和不確定性的影響。許多因素和不確定性可能導致未來時期的實際結果與我們今天談論的結果大不相同。要全面討論這些風險，我們鼓勵您閱讀公司的收益發布和我們在美國證券交易委員會備案的文件。

In addition, we refer to non-GAAP measures during the call. Please refer to the earnings release and our public filings for a full reconciliation of net income and loss to adjusted net income and loss, EBITDA and adjusted EBITDA and for definitions of our non-GAAP measures. And with that, I'll turn it over to Anthony for opening remarks.

此外，我們在電話會議期間提到了非 GAAP 措施。請參閱收益發布和我們的公開文件，了解淨收入和虧損與調整後的淨收入和虧損、EBITDA 和調整後的 EBITDA 的完整對賬，以及我們的非 GAAP 指標的定義。有了這個，我將把它交給安東尼做開場白。

Hello, everyone. Thank you for joining us for our fourth-quarter earnings conference call. During my prepared remarks today, I want to talk about three things. First, I want to highlight our 2022 accomplishments. Second, I want to describe the current market for super-spec pad-optimal rigs and how that will impact ICD. And third, I want to close out with what we're focused on as we navigate 2023 and beyond.

大家好。感謝您加入我們的第四季度收益電話會議。在我今天準備好的發言中，我想談三件事。首先，我想強調我們 2022 年取得的成就。其次，我想描述一下目前超規格墊優化鑽機的市場，以及這將如何影響 ICD。第三，我想結束我們在 2023 年及以後導航時關注的重點。

But first, just a few comments on the quarter. Overall, ICD's fourth-quarter results came in well ahead of expectations in terms of revenues, margins, and adjusted EBITDA. Philip will go through the detail, but I want to point out that our reported revenue per day, margin per day, and quarterly adjusted EBITDA were all again records for ICD. This is the second quarter in a row we've produced record results.

但首先，只是對該季度的一些評論。總體而言，ICD 第四季度的業績在收入、利潤率和調整後的 EBITDA 方面遠超預期。菲利普將詳細介紹，但我想指出，我們報告的每日收入、每日利潤率和季度調整後的 EBITDA 都再次刷新了 ICD 的記錄。這是我們連續第二個季度取得創紀錄的業績。

In addition, as the full-year 2022 played out, we saw adjusted EBITDA increase by more than five times measuring fourth quarter to the [fourth] quarter of last year. And we're well positioned so that 2023 will be the best year by a wide margin in ICD's history, whether it's revenue per day, margin per day, or overall free cash flow.

此外，隨著 2022 年全年的結束，我們看到調整後的 EBITDA 比去年第四季度增長了五倍多。我們處於有利地位，因此 2023 年將成為 ICD 歷史上大幅增長的最好年份，無論是每天的收入、每天的利潤率還是整體自由現金流。

As we closed out last year, we achieved additional strategic goals. In addition to generating rig margin per day, exceeding most of our industry peers, we ended the year with 20 rigs operating, having activated two additional rigs during the fourth quarter. Both of those rigs went to work in the Haynesville on very good contracts.

當我們去年結束時，我們實現了額外的戰略目標。除了每天產生的鑽機利潤率超過我們大多數行業同行外，我們在年底還有 20 台鑽機在運營，並在第四季度啟用了另外兩台鑽機。這些鑽井平台都以非常好的合同在海恩斯維爾工作。

In addition, we successfully completed our first 200 to 300 Series conversion involving a rig working for a customer in West Texas. Proving that our 200 to 300 Series conversions are technically and commercially viable was very important for us as we can now market 100% of our marketed fleet with 300 Series specification, if the market pulls us that way.

此外，我們成功完成了第一個 200 到 300 系列的轉換，涉及為西德克薩斯州的客戶工作的鑽機。證明我們的 200 系列到 300 系列的轉換在技術上和商業上是可行的對我們來說非常重要，因為我們現在可以將 100% 的 300 系列規格的已上市機隊推向市場，如果市場推動我們這樣做的話。

On the operational safety front, our safety performance based upon reported TRIR was over 20% better than the US land average as reported by the International Association of Drilling Contractors.

在運營安全方面，根據報告的 TRIR，我們的安全績效比國際鑽井承包商協會報告的美國陸地平均水平高出 20% 以上。

We accomplished so much in 2022, and I'm very proud of how our operations and support teams continue to deliver high levels of customer service, performance, and professionalism, which our customers expect from ICD. This is especially noteworthy given the unprecedented challenges involving the labor market and supply chain challenges which continue to plague the global business community and, more recently, the softness in natural gas prices.

我們在 2022 年取得瞭如此多的成就，我為我們的運營和支持團隊如何繼續提供高水平的客戶服務、績效和專業精神感到自豪，這正是我們的客戶對 ICD 的期望。鑑於涉及勞動力市場和供應鏈挑戰的前所未有的挑戰繼續困擾著全球商業界，以及最近天然氣價格疲軟，這一點尤其值得注意。

Looking ahead, we're finalizing the reactivation of our 21st rig in our Odessa, Texas yard, which is another 300 Series rig. This reactivation project was started back in October of last year and will be our last reactivation for a while. Like our other 300 Series rigs, this rig possesses the technical capabilities that our target customers prefer today. We're in final contract negotiations for this rig and expect the rig will be mobilized into its maiden contract involving work in West Texas during the second quarter.

展望未來，我們正在德克薩斯州敖德薩船廠完成第 21 台鑽井平台的重新啟動，這是另一台 300 系列鑽井平台。這個重新啟動項目於去年 10 月開始，將是我們一段時間內的最後一次重新啟動。與我們的其他 300 系列鑽機一樣，該鑽機擁有當今目標客戶喜歡的技術能力。我們正在進行該鑽井平台的最終合同談判，預計該鑽井平台將在第二季度動員到涉及西德克薩斯工作的首份合同中。

All in all, ICD entered 2023 in a very strong position, whether from a margin per day and cash flow generation perspective or a fleet composition perspective, where we have materially increased the percentage of rigs marketed with our 300 Series specification. ICD has never been stronger. All of the hard work we've put into positioning ICD while bouncing off the pandemic bottom will be on full display as we navigate the new year.

總而言之，ICD 在進入 2023 年時處於非常有利的地位，無論是從每天的利潤率和現金流產生的角度還是從船隊組成的角度來看，我們都大幅增加了使用我們的 300 系列規格銷售的鑽井平台的百分比。 ICD 從未如此強大。在我們度過新的一年時，我們在從大流行底部反彈的同時為定位 ICD 所做的所有努力將得到充分展示。

And with that, I want to shift to our current market perspective and, in particular, what's on everyone's mind, what the softness in natural gas prices means for ICD strategically in 2023.

有了這個，我想轉向我們當前的市場觀點，特別是每個人的想法，即天然氣價格疲軟對 2023 年 ICD 的戰略意義。

But first, let me address the overall market and outlook for rig activity for pad-optimal super-spec rigs in our target markets of Texas and the contiguous states. Overall, demand for pad-optimal super-spec rigs remains strong. Today, overall utilization remains above 90% in the industry, and we expect continued improvement in our rig margin per day in the first quarter, driven by contract rollovers as we reprice rigs contracted early last year.

但首先，讓我談談在我們的目標市場德克薩斯州和鄰近州的墊最佳超規格鑽機的鑽機活動的整體市場和前景。總體而言，對墊最佳超規格鑽機的需求仍然強勁。如今，該行業的整體利用率仍保持在 90% 以上，我們預計第一季度每天的鑽機利潤率將繼續提高，這是由於我們對去年年初簽訂的鑽機合同進行了重新定價，從而推動了合同展期。

Philip will provide more detailed guidance, but I wanted to highlight that we currently expect our margin per day to increase to between $15,000 and $15,500 per day in the first quarter ahead of our prior guidance for that quarter. However, the sharp decline in natural gas prices during the past four months has created a disparity between our two primary operating basins. In the Permian, which is all directed activity, demand remains robust, and we're expecting an overall uptick in the super-spec rig count in that basin in 2023.

菲利普將提供更詳細的指導，但我想強調的是，我們目前預計第一季度的每日利潤率將比我們之前對該季度的指導增加到每天 15,000 美元至 15,500 美元。然而，過去四個月天然氣價格的急劇下跌造成了我們兩個主要運營盆地之間的差距。在全是定向活動的二疊紀，需求依然強勁，我們預計 2023 年該盆地的超規格鑽機數量將全面增加。

In terms of our Haynesville market, which is tied to natural gas commodity prices, we are seeing softness in the Haynesville rig market driven by E&P's response to Henry Hub natural gas prices, which have declined from $9.68 on August 22, to $2.12 per million BTU last week. As we're nearing the end of winter and gas inventory levels remain high on a historical basis, combined with takeaway constraints in the Haynesville, the outlook for natural gas price is to remain softer longer.

就與天然氣商品價格相關的海恩斯維爾市場而言，我們看到海恩斯維爾鑽井平台市場疲軟，這是由 E&P 對亨利中心天然氣價格的反應推動的，天然氣價格從 8 月 22 日的 9.68 美元跌至每百萬 BTU 2.12 美元上星期。隨著冬季臨近尾聲，天然氣庫存水平在歷史基礎上仍處於高位，再加上海恩斯維爾的外賣限制，天然氣價格的前景將在更長時間內保持疲軟。

With that market backdrop, we see two primary impacts on ICD. First, the overall Haynesville directed rig count is going to decline. We have one customer in particular who has informed us that they will be moving to zero operating rigs. Several current, prior, and prospective customers in the Haynesville are also trimming their active rig fleets. The impact to ICD's Haynesville fleet will include some rig relocations to West Texas, which have already commenced.

在這種市場背景下，我們看到了對 ICD 的兩個主要影響。首先，海恩斯維爾的整體定向鑽機數量將下降。我們有一位客戶特別告訴我們他們將轉向零操作鑽井平台。 Haynesville 的一些現有、先前和潛在客戶也在削減他們的現役鑽井船隊。對 ICD 海恩斯維爾船隊的影響將包括一些已經開始的鑽井平台搬遷到西德克薩斯。

Right now, we're confident that we'll need to relocate five to six rigs, which will take place primarily during the second and third quarters of this year. The process has already started with one rig relocating without any operational whitespace and I would be remiss if I didn't point out that we received a day rate increase in the process. We are in final contract negotiations for our second relocation, which will also occur with minimal white space and a day rate increase.

現在，我們有信心需要搬遷五到六個鑽井平台，這將主要在今年第二和第三季度進行。這個過程已經開始，一個鑽機在沒有任何操作空白的情況下搬遷，如果我不指出我們在這個過程中收到了一天的費率增加，那我就是失職了。我們正在進行第二次搬遷的最終合同談判，這也將以最少的空白空間和日費率上漲進行。

We believe market demand and strength in the Permian for pad-optimal super-spec rigs, as well as our customer base, is strong enough to absorb rig additions to the basin. We are already seeing some lower spec rigs get displaced as a result of the churn underway.

我們相信二疊紀的市場需求和實力對墊最佳超規格鑽井平台，以及我們的客戶群，足以吸收鑽井平台增加到盆地。我們已經看到一些較低規格的鑽機由於正在進行的流失而被取代。

Also, rigs brought from the Haynesville into the Permian will likely absorb rig count growth opportunities previously reserved for rig reactivations. In this environment, we expect overall rig reactivations to slow considerably or even stop until this overall rebalancing process is complete and the market is settled. Thus, we have elected to defer the reactivation of what would be our 22nd rig.

此外，從海恩斯維爾帶入二疊紀的鑽井平台可能會吸收以前為鑽井平台重新激活保留的鑽井平台數量增長機會。在這種環境下，我們預計整體鑽井平台重新激活將大幅放緩甚至停止，直到整體再平衡過程完成且市場穩定下來。因此，我們選擇推遲重新激活我們的第 22 座鑽井平台。

Overall, during this process, we expect the overall super-spec rig market to remain robust and maintain current utilization levels, which are above 90% utilization.

總體而言，在此過程中，我們預計整個超規格鑽機市場將保持強勁並保持當前的利用率水平，即高於 90% 的利用率。

As we've mentioned on prior calls, 80% utilization or above is typically where drilling contractors are able to maintain and increase pricing. But over the next two quarters or so, there's going to be some choppiness. As we reshuffle the deck as a result of what's happening in the Haynesville, I expect there will be more rig-on-rig competition where rig additions are occurring, our rig replacement opportunity exists.

正如我們在之前的電話中提到的那樣，80% 或更高的利用率通常是鑽井承包商能夠維持和提高價格的地方。但在接下來的兩個季度左右，將會出現一些波動。當我們因 Haynesville 發生的事情而重新洗牌時，我預計將會有更多的鑽機競爭，其中正在發生鑽機增加，我們的鑽機更換機會存在。

This will have some impact on pricing principally, we would expect the pace of day-rate margin acceleration to moderate. So as we move past the first quarter and all of the rigs have repriced to current market day rates, I expect day rate and margin improvement to flatten out for ICD after the first quarter. Philip will provide more financial details on our outlook. But overall, it means we will likely move sideways after the first quarter, for a quarter or two until the market is rebalanced following rigs transitioning between basins.

這主要會對定價產生一些影響，我們預計日利率利潤率加速的步伐將放緩。因此，隨著第一季度的過去，所有鑽井平台都已根據當前市場日費率重新定價，我預計 ICD 的日費率和利潤率改善將在第一季度後趨於平緩。菲利普將提供有關我們展望的更多財務細節。但總的來說，這意味著我們可能會在第一季度後橫盤整理，持續一兩個季度，直到鑽井平台在盆地之間轉移後市場重新平衡。

We remain optimistic about market momentum beginning to accelerate, again towards the back part of this year, primarily in the Permian, based upon our expectation that WTI will be higher in the back half of 2023.

我們對市場勢頭開始加速保持樂觀，再次回到今年下半年，主要是在二疊紀，基於我們對 WTI 將在 2023 年下半年走高的預期。

From a rig utilization perspective, while we relocate rigs to the Permian, we are not expecting a major reduction in our overall utilization rate. We will have some rigs in transit, but we do expect to reach full effective utilization of our 21 rigs operating in the fourth quarter or by year-end.

從鑽機利用率的角度來看，雖然我們將鑽機遷移到二疊紀，但我們預計整體利用率不會大幅下降。我們將有一些鑽井平台在運輸中，但我們確實希望在第四季度或年底前充分有效利用我們運營的 21 台鑽井平台。

Overall, we would expect to operate in the neighborhood of 19 to 20 average rigs during this year, taking into account the transition time that might occur on rig relocations during the second and third quarter. Philip will go through more of the details, but financially, our backlog of contracts in the Haynesville will mute much of the potential financial impacts, while rigs are transitioning.

總體而言，考慮到第二和第三季度鑽井平台搬遷可能發生的過渡時間，我們預計今年將在 19 到 20 個平均鑽井平台附近運營。菲利普將詳細介紹更多細節，但在財務方面，我們在海恩斯維爾的積壓合同將消除許多潛在的財務影響，而鑽井平台正在轉型。

So how will all this impact ICD this year and strategically? Overall, we do not expect it will have a material overall impact other than to postpone rig reactivations. All of ICD's strategic and financial goals regarding generating significant free cash flow and reducing overall leverage remain intact.

那麼，這一切將如何在今年和戰略上影響 ICD？總的來說，我們預計除了推遲鑽井平台重啟外，它不會產生實質性的整體影響。 ICD 關於產生大量自由現金流和降低整體槓桿率的所有戰略和財務目標保持不變。

As Philip will discuss, we still expect 2023 to be a record year for ICD from a revenue per day, margin per day, EBITDA and free cash flow perspective. In fact, in the near term, as we slow our capital investments in additional rig reactivations, our free cash flow and net debt reduction plans will accelerate as we improve our working capital position by putting some cash on the balance sheet. Strategically, we remain very focused on creating a pathway towards steadily decreasing our net debt position as we move towards the refinancing window for our convertible notes.

正如 Philip 將要討論的那樣，我們仍然預計 2023 年將是 ICD 從每天收入、每天利潤率、EBITDA 和自由現金流的角度來看創紀錄的一年。事實上，在短期內，隨著我們放慢對額外鑽井平台重新啟動的資本投資，我們的自由現金流和淨債務削減計劃將加速，因為我們通過在資產負債表上投入一些現金來改善我們的營運資本狀況。從戰略上講，隨著我們朝著可轉換票據的再融資窗口邁進，我們仍然非常專注於創造一條穩步減少淨債務頭寸的途徑。

One of our long term goals is to reduce our net debt to adjusted EBITDA ratio meaningfully, towards the range of less than 1 time to 1.5 times during the refinancing window involving our convertible notes. For reference, we're currently at 2.5 times levered on an annualized basis using our fourth-quarter results. And based upon the market expectation I just described, we expect to exit 2023 around two times or below utilizing the same metric.

我們的長期目標之一是在涉及我們的可轉換票據的再融資窗口期間，將我們的淨債務與調整後的 EBITDA 比率有意義地降低到不到 1 倍至 1.5 倍的範圍內。作為參考，我們目前使用第四季度業績的年化槓桿率為 2.5 倍。根據我剛才描述的市場預期，我們預計使用相同的指標將在 2023 年退出大約兩倍或更低。

So while we have some work to do in this regard, everything's in place for ICD to achieve its short- and long-term financial and strategic goals. I'll make some additional concluding remarks, but right now, I want to turn the call over to Philip to discuss our financial results and outlook in a little more detail.

因此，儘管我們在這方面還有一些工作要做，但 ICD 實現其短期和長期財務和戰略目標的一切都已準備就緒。我會做一些額外的結束語，但現在，我想把電話轉給菲利普，更詳細地討論我們的財務業績和前景。

Thanks, Anthony. We were essentially breakeven from a profitability standpoint in the fourth quarter. During the quarter, we reported an adjusted net loss of $87,000 or $0.01 per share and adjusted EBITDA of $18.5 million. Reported as adjusted EBITDA increased sequentially, 48% compared to the third quarter of 2023. Adjusted net loss and income excludes the impact of a tax benefit recognized during the fourth quarter, following completion of our analysis regarding the deductibility of interest expense under our convertible notes.

謝謝，安東尼。從第四季度的盈利能力來看，我們基本上實現了收支平衡。本季度，我們報告調整後淨虧損為 87,000 美元或每股 0.01 美元，調整後 EBITDA 為 1,850 萬美元。據報告，經調整的 EBITDA 與 2023 年第三季度相比環比增長 48%。經調整的淨虧損和收入不包括我們在完成對可轉換票據下利息支出可扣除性的分析後，在第四季度確認的稅收優惠的影響.

We operated 18.5 average rigs during the quarter, representing a 6% increase compared to the third quarter. Anthony previously mentioned our fourth-quarter revenue and margin per day were quarterly records for ICD. Revenue per day of $32,778 represented a 14% increase compared to the third quarter and margin per day of $14,517 represented a 28% sequential increase compared to the third-quarter metrics.

我們在本季度平均運營 18.5 台鑽井平台，與第三季度相比增長了 6%。安東尼之前提到我們第四季度的收入和每天的利潤是 ICD 的季度記錄。與第三季度相比，每天的收入為 32,778 美元，增長了 14%；與第三季度的指標相比，每天的利潤為 14,517 美元，環比增長了 28%。

SG&A costs were $7.7 million, which included approximately $1.9 million of stock-based and deferred compensation expense. Sequential increases in cash SG&A over the third quarter were driven by higher incentive compensation accruals based upon improvements in the company's safety, operational and financial performance compared to performance goals.

SG&A 成本為 770 萬美元，其中包括約 190 萬美元的股票和遞延補償費用。第三季度現金 SG&A 的連續增長是由於與績效目標相比，公司安全、運營和財務績效的改善導致激勵性薪酬增加。

Interest expense during the quarter aggregated $8.6 million. This included $2.4 million associated with non-cash amortization of deferred issuance costs and debt discounts, which were excluded when presenting adjusted net income and loss. During the quarter, cash payments for capital expenditures net of disposals were approximately $18.8 million. In this CapEx out, approximately 79% related to rig reactivations and upgrades, and 21% related to maintenance CapEx.

本季度的利息支出總計 860 萬美元。這包括與遞延發行成本和債務折扣的非現金攤銷相關的 240 萬美元，這些在列示調整後的淨收入和損失時被排除在外。本季度，資本支出扣除資產處置後的現金支付約為 1880 萬美元。在此資本支出中，約 79% 與鑽機重新激活和升級有關，21% 與維護資本支出有關。

Moving on to our balance sheet, adjusted net debt was $182.5 million at quarter end. This amount represents the face amount of our convertible notes and borrowings under our ABL. It ignores the impact from debt discounts, deferred financing costs, and finance leases. I do want to point out that the adjusted net debt we reported this quarter also includes accrued interest at year end that we intend to pay in-kind when due in March of 2023.

轉到我們的資產負債表，調整後的淨債務在季度末為 1.825 億美元。該金額代表我們 ABL 下的可轉換票據和借款的面值。它忽略了債務貼現、遞延融資成本和融資租賃的影響。我確實想指出，我們本季度報告的調整後淨債務還包括我們打算在 2023 年 3 月到期時以實物支付的年末應計利息。

Our backlog at year end was $79.1 million, with an average day rate over $35,000 per day. Our financial liquidity at quarter end was $26.6 million, comprised of $5.3 million of cash on hand and $21.3 million available under our revolving credit facility.

我們在年底的積壓訂單為 7,910 萬美元，平均日費率超過 35,000 美元/天。我們在季度末的財務流動性為 2660 萬美元，包括 530 萬美元的手頭現金和 2130 萬美元的循環信貸額度。

Now moving on to guidance for the first quarter and some items related to fiscal 2023. Let me start with the first quarter. We expect operating days to approximate 1,715 days, representing approximately 19 average rigs working during the quarter, reflecting some rigs beginning to transition from the Haynesville to the Permian. Our 21st rig is not expected to reactivate until the second quarter. We expect margin per day to come in between $15,000 and $15,500 per day, as Anthony mentioned. We expect revenue per day to come in between $33,200 and $33,600 per day.

現在繼續介紹第一季度的指導以及與 2023 財年相關的一些項目。讓我從第一季度開始。我們預計運營天數約為 1,715 天，代表本季度大約有 19 台平均鑽井平台在工作，反映出一些鑽井平台開始從 Haynesville 過渡到二疊紀。我們的第 21 座鑽井平台預計要到第二季度才能重新啟用。正如 Anthony 提到的，我們預計每天的保證金在 15,000 美元到 15,500 美元之間。我們預計每天的收入在 33,200 美元到 33,600 美元之間。

The cost per day is expected to range between $18,100 and $18,400 per day. Unabsorbed overhead expenses will be about $600,000 and are not included in our cost per day guidance. We also estimate approximately $800,000 of transition expenses associated with rig locations to the Permian, principally related to crew carrying costs during the transition period and unreimbursed transportation costs.

每天的費用預計在 18,100 美元到 18,400 美元之間。未吸收的管理費用約為 600,000 美元，不包括在我們的每日成本指導中。我們還估計與二疊紀鑽井位置相關的過渡費用約為 800,000 美元，主要與過渡期間的船員運送費用和未報銷的運輸費用有關。

We expect first-quarter cash SG&A expense to be approximately $5.9 million and stock-based compensation expense is expected to be approximately $2 million on top of that. [We] expect interest expense to be approximately $8.8 million, of this amount approximately $2.4 million will relate to non-cash amortization and deferred financing costs and debt discounts. Depreciation expense for the first quarter is expected to be $11 million.

我們預計第一季度現金 SG&A 費用約為 590 萬美元，除此之外基於股票的補償費用預計約為 200 萬美元。 [我們]預計利息支出約為 880 萬美元，其中約 240 萬美元將與非現金攤銷和遞延融資成本以及債務折扣有關。第一季度的折舊費用預計為 1100 萬美元。

As Anthony mentioned, we will be transitioning rigs from the Haynesville to the Permian. That process has already begun, and we currently expect it to occur over the second and third quarters of 2023 with most movement during Q2. Although, as Anthony mentioned, our first relocation occurred with minimal non-operating days, there could be some transitional time between contracts. Although we will look to minimize these periods, it is dependent on the timing of our Permian customers' drilling programs.

正如安東尼提到的，我們將把鑽井平台從海恩斯維爾過渡到二疊紀。這個過程已經開始，我們目前預計它會在 2023 年第二和第三季度發生，第二季度的變動最大。儘管正如 Anthony 提到的那樣，我們的第一次搬遷發生在最短的非運營日，但合同之間可能會有一些過渡時間。儘管我們會盡量減少這些時間，但這取決於我們二疊紀客戶鑽探計劃的時間安排。

So our internal planning processes are budgeting that we generate revenue on approximately 17, 18 average rigs during the second quarter, approximately 19 to 20 rigs in the third quarter, and then we resume full effective utilization of our 21 reactivated rigs in the fourth quarter or by year end.

因此，我們的內部計劃流程正在編制預算，我們在第二季度約有 17、18 個平均鑽井平台產生收入，在第三季度約有 19 至 20 個鑽井平台產生收入，然後我們在第四季度恢復對 21 個重新激活的鑽井平台的全面有效利用或到年底。

We will incur transitional costs associated with relocating the rigs and expect to maintain crews due to the brevity of this transition period. We currently estimate total transition costs associated with this exercise to be approximately $3 million to $4 million, with the majority of it occurring during the second quarter of 2023.

我們將承擔與重新安置鑽井平台相關的過渡成本，並預計由於過渡期的短暫而維持船員。我們目前估計與這項工作相關的總過渡成本約為 300 萬至 400 萬美元，其中大部分發生在 2023 年第二季度。

Now moving on to guidance relating to fiscal 2023 as a whole. Overall, our SG&A budget for 2023 is $27 million, comprised of $18.5 million of cash SG&A and $8.5 million of stock-based and deferred compensation expense. There is a component of stock-based compensation that is variable and tied to the value of our common stock for accounting purposes. So there will be some variability in that metric based on changes in our stock price at the end of each reporting period during the year.

現在轉向與整個 2023 財年相關的指導。總體而言，我們 2023 年的 SG&A 預算為 2700 萬美元，其中包括 1850 萬美元的現金 SG&A 和 850 萬美元的股票和遞延補償費用。基於股票的薪酬有一個組成部分是可變的，並且出於會計目的與我們普通股的價值掛鉤。因此，根據一年中每個報告期末我們股價的變化，該指標會有一些變化。

Capital budget for 2023 is $30.4 million net of disposals. It does not assume that we will reactivate our 22nd rig, which Anthony mentioned we have postponed. Breaking out our capital budget, $4.5 million relates to the reactivation and upgrade costs, principally associated with reactivation of our 21st rig. $21.5 million relates to maintenance CapEx and other matters, and $4.4 million relates to planned tubular purchases.

2023 年的資本預算扣除處置後為 3040 萬美元。它並不假設我們會重新啟動我們的第 22 個鑽井平台，Anthony 提到我們已經推遲了。打破我們的資本預算，450 萬美元與重新激活和升級成本有關，主要與我們第 21 台鑽井平台的重新激活有關。 2150 萬美元與維護資本支出和其他事項有關，440 萬美元與計劃的管材採購有關。

For 2023, we expect our overall effective tax rate to be 20%, although we do not expect to be a cash federal tax income [payer]. For weighted average shares outstanding in periods of net income, our fully diluted shares outstanding will include the shares associated with assumed full conversion of the convertible notes. And with that, I will turn the call back over to Anthony.

到 2023 年，我們預計我們的整體有效稅率為 20%，儘管我們不希望成為現金聯邦稅收收入 [付款人]。對於淨收入期間的加權平均流通股，我們完全稀釋的流通股將包括與假設的可轉換票據完全轉換相關的股份。有了這個，我會把電話轉回給安東尼。

Thanks, Philip. Before opening the call up for questions, I want to briefly summarize ICD's strategic positioning and what I think it all means for ICD's stockholders.

謝謝，菲利普。在開始提問之前，我想簡要總結一下 ICD 的戰略定位以及我認為這對 ICD 股東的意義。

Last year, we significantly transformed our company and positioning. In terms of our positioning, I think about three important facts: first, our utilization and margin growth coming out of the pandemic has been best in class. This speaks to the quality of our people, our assets, and our performance. Also today, our daily rig margins are the best in ICD's history, and are on par with and exceeding some of our larger company peers as we continue to earn recognition from our customers for industry-leading customer service and professionalism. The company has never performed better.

去年，我們對公司和定位進行了重大轉變。就我們的定位而言，我考慮了三個重要事實：首先，我們的利用率和利潤率增長在大流行之後一直是一流的。這說明了我們的人員、資產和績效的質量。同樣在今天，我們的每日鑽機利潤率是 ICD 歷史上最好的，並且與我們的一些較大的公司同行持平甚至超過我們繼續以行業領先的客戶服務和專業精神贏得客戶的認可。公司的表現從未如此出色。

Second, we have the youngest and we believe the best in class rig fleet. The market for pad-optimal super-spec rigs remains strong outside of the gas-driven basins. We continue to demonstrate our fiscal discipline by securing contracts that earn full simple payback on the reactivation CapEx we are investing and by deferring further investments in additional reactivations beyond the 21st rig, which will come out early this year until this market settles out.

其次，我們擁有最年輕的，我們相信一流的鑽井船隊。在天然氣驅動盆地之外，平台優化的超規格鑽井平台市場依然強勁。我們繼續展示我們的財政紀律，通過確保獲得在我們正在投資的重新激活資本支出中獲得全部簡單回報的合同，並推遲對第 21 座鑽井平台之後的額外重新激活的進一步投資，該鑽井平台將於今年年初問世，直到市場穩定下來。

And finally, we have substantially improved our liquidity and balance sheet and expect meaningful improvements in leverage ratios and other debt metrics as we move through 2023 and beyond.

最後，我們大幅改善了流動性和資產負債表，預計到 2023 年及以後，槓桿率和其他債務指標將出現顯著改善。

Although softness in gas markets will impact the pace of rig reactivations, and will require us to reposition some rigs, ICD has never been in a better position to navigate these types of short-term challenges. Our operational strength and reputation with our customers has never been stronger. Our fleet, which has been transformed by the market penetration of our 300 Series rigs and our ability to market and complete 200 to 300 Series conversions has never been more valuable.

儘管天然氣市場的疲軟將影響鑽井平台重新啟動的速度，並要求我們重新定位一些鑽井平台，但 ICD 從未處於更好的位置來應對這些類型的短期挑戰。我們的運營實力和在客戶中的聲譽從未如此強大。我們的機隊因我們 300 系列鑽機的市場滲透以及我們營銷和完成 200 到 300 系列轉換的能力而發生了翻天覆地的變化。

From a revenue per day, margin per day, EBITDA and free cash flow perspective, the outlook for ICD to improve those metrics in 2023 is intact and, in many ways, will accelerate.

從每天的收入、每天的利潤率、EBITDA 和自由現金流的角度來看，ICD 在 2023 年改善這些指標的前景是完整的，並且在許多方面將會加速。

So summing all this up, ICD checks all the boxes. Whether you're looking for best-in-class assets, leading rig margins, or an outstanding customer base, and rigs focused on the most important oil and gas shale plays in US and conventional, ICD delivers on those metrics.

綜上所述，ICD 勾選了所有方框。無論您是在尋找一流的資產、領先的鑽機利潤率，還是出色的客戶群，以及專注於美國和常規油氣頁岩油田的鑽機，ICD 都能滿足這些指標。

With all this in place, we are poised to generate meaningful free cash flow during 2023, which we believe will work toward closing the stock valuation gap between ICD and our peers as we continue to execute upon ICD's strategic initiatives. With that, operator, let's go ahead and open up the line for questions.

有了這一切，我們準備在 2023 年產生有意義的自由現金流，我們相信，隨著我們繼續執行 ICD 的戰略舉措，這將有助於縮小 ICD 與同行之間的股票估值差距。有了這個，接線員，讓我們繼續並打開問題熱線。

(Operator Instructions) Don Crist, Johnson Rice.

（操作員說明）Don Crist，Johnson Rice。

Morning, gentlemen. How are you all this morning?

早上好，先生們。今天早上你們好嗎？

Hey Don.

嘿唐。

Morning, Don.

早安，唐。

Anthony, I wanted to start with, obviously, the macro is very topical these days. And it's the contention amongst analysts and the investing community that the rig count is going to get a little bit weak towards the summer possibly, but then, increase as we go into the fall.

安東尼，我想首先說，很明顯，這些天宏指令非常熱門。分析師和投資界之間的爭論是，鑽機數量可能會在夏季變得有點疲軟，但隨著我們進入秋季，鑽機數量會增加。

And the genesis of my question is, what do we look like in 2024? We all think that it's going to be weak in 2023. But if gas-directed drilling comes back to a similar level to where it is today, could we find ourselves in a rig shortage opportunity there and potential for higher day rates as we go into 2024 as that Haynesville or gas-directed drilling increases?

我的問題的起源是，我們在 2024 年會是什麼樣子？我們都認為它會在 2023 年疲軟。但是，如果天然氣定向鑽井恢復到與今天相似的水平，我們是否會發現自己處於鑽機短缺的機會之中，並且隨著我們的進入，日費率可能會更高2024 年海恩斯維爾或氣導鑽井增加？

Yeah, Don. That's exactly what we see over the next 12 to 24 months. Where -- on a geographic basis where you'll likely see a rig count decline is in the Haynesville. I'm talking about our target markets of Texas and the contiguous states. Based on our conversations, certainly the negotiations that we've been in the last couple of months, we see the Permian relatively flat here in the first half of the year.

是的，唐。這正是我們在未來 12 到 24 個月內看到的情況。哪裡 - 在地理基礎上你可能會看到鑽機數量下降的地方是海恩斯維爾。我說的是德克薩斯州和鄰近州的目標市場。根據我們的談話，當然還有我們在過去幾個月中進行的談判，我們認為今年上半年二疊紀相對平穩。

What's interesting is when we talk to customers about the back half of the year and rolling into 2024, most of them are talking to us about incremental adds. In the short term, there's some high-grade opportunities where some lower spec rigs are getting changed out. And then there's a tranche of E&Ps that maybe haven't been busy, that are picking up rigs. And that's where we're finding opportunities today. I'm encouraged by the fact that we're not having to take a deep discount in day rate, to be able to place those rigs.

有趣的是，當我們與客戶談論今年下半年和進入 2024 年時，他們中的大多數人都在與我們談論增量添加。在短期內，一些低規格的鑽井平台正在被淘汰，這是一些高檔次的機會。然後是一部分可能並不忙的 E&P，它們正在接收鑽井平台。這就是我們今天尋找機會的地方。我感到鼓舞的是，我們不必在日費率上大幅打折，就可以放置這些鑽井平台。

One other anecdote I'd share with you is -- even in the Haynesville, this is true. When we talk to our customers who may be reducing activity levels, they're working very, very hard to make sure that they keep their people. And that's a pretty strong signal to me, that they expect activity to pick up maybe a little sooner than the overall market may be expecting.

我要與您分享的另一則軼事是——即使在海恩斯維爾，這也是事實。當我們與可能正在減少活動水平的客戶交談時，他們非常非常努力地工作以確保他們留住他們的員工。這對我來說是一個非常強烈的信號，他們預計活動可能會比整體市場預期的要早一點。

So no, I think it's a relatively flattish type rig count first half of the year, beginning Q3, Q4, I think it begins to tick up. We all know how tight it was in the fourth quarter of last year. And I think that's the environment that we're back in, probably sooner than people realize.

所以不，我認為上半年的鑽機數量相對持平，從第三季度開始，第四季度，我認為它開始上升。我們都知道去年第四季度有多緊張。我認為這就是我們回歸的環境，可能比人們意識到的要早。

And you touched on it in the comments a second ago, can you just talk about pricing? We've heard a couple of anecdotes of E&Ps -- larger E&Ps that are operating multiple rigs going back to operators and securing 5% or 10% discounts, but that still equates to 50% margins. Are you seeing any kind of haggling there on price?

你剛才在評論中提到了它，你能談談定價嗎？我們聽說過一些 E&P 的軼事——運營多個鑽井平台的大型 E&P 返回給運營商並獲得 5% 或 10% 的折扣，但這仍然相當於 50% 的利潤率。你看到有任何關於價格的討價還價嗎？

We haven't had any customers come to us and ask for a day rate reduction. We had positioned quite a few of our rigs -- especially the rigs in the Haynesville -- to roll over here in the second quarter anyway, which was going to give us an opportunity to increase rates a little more.

我們還沒有任何客戶來找我們要求降低日費率。無論如何，我們已經將相當多的鑽井平台——尤其是 Haynesville 的鑽井平台——在第二季度轉移到這裡，這將使我們有機會進一步提高利率。

To give you some a feel for what we're seeing, day rates are -- maybe they're [1,000 -- 2,000] a day less than we would have thought they would be at this time of the year, compared to when I answered that question the last time we had a call.

為了讓您對我們所看到的有所了解，日費率是——與我在一年中的這個時候相比，他們可能比我們想像的要少 [1,000 -- 2,000] 天上次我們打電話時回答了這個問題。

It's not a disaster by any means. As you said, margins are still very, very strong. Philip just provided some guidance on what we see here in the first quarter and even in the quarters beyond, in terms of it being relatively flattish. So -- I think one thing, Don, that probably isn't appreciated as much as it should, is the benefits that the super-spec rig fleet provides our customers.

這無論如何都不是災難。正如您所說，利潤率仍然非常非常強勁。菲利普剛剛就我們在第一季度甚至是以後幾個季度看到的情況提供了一些指導，就其相對平穩而言。所以 - 我認為一件事，唐，可能沒有得到應有的重視，那就是超規格鑽機車隊為我們的客戶提供的好處。

I was at a dinner last week here in Houston and was talking with a CEO of an E&P company. Of course, I'm in sales mode, right -- I'm always in sales mode. And he's telling me that he's taken advantage of an opportunity to pick up a couple of super-spec rigs and replace some lower-spec AC rigs that he had running. And a comment he made was already on the first pad they're seeing the benefits of the super-spec equipment. And I'd point out for our investors that that's 100% of our fleet, super-spec pad-optimal.

上週我在休斯敦的一次晚宴上與一家勘探與生產公司的首席執行官交談。當然，我處於銷售模式，對——我一直處於銷售模式。他告訴我，他利用這個機會挑選了幾台超級規格的設備，並更換了一些他運行的低規格交流設備。他發表的評論已經出現在他們看到超級規格設備的好處的第一個墊子上。我要向我們的投資者指出，這是我們 100% 的機隊，超規格墊最佳。

And when I think about rigs moving into the Haynesville, of course, we're going to move a few in, we've talked about that. We really think it's the SCR rigs that are running and the lower spec AC rigs that are running that's going to bear the brunt of the flattish rig count with the increasing supply.

當我考慮將鑽井平台搬進海恩斯維爾時，當然，我們會搬進一些，我們已經討論過了。我們真的認為，隨著供應的增加，正在運行的 SCR 鑽機和正在運行的低規格 AC 鑽機將首當其沖地承受扁平化鑽機數量的衝擊。

And I'd close with this comment, Don, and you know this. Remember how small the rig cost is in the total cost of a well. So day rates since -- I mean, look, our customers have to do their job and make sure they're spending money wisely. But when you look at the typical Permian well, a 15-day well, that costs $6 million to $8 million, the rig is less than 10% of that. So I would question just how sensitive they will be or how sensitive the day rates will be to the overall economics of what they're doing.

我會以這個評論結束，唐，你知道這一點。請記住，鑽機成本在一口井的總成本中所佔的比例是多麼小。所以日費率——我的意思是，看，我們的客戶必須做好他們的工作，並確保他們明智地花錢。但是當你看看典型的二疊紀井時，一口 15 天的井，成本為 600 萬到 800 萬美元，而鑽機還不到其中的 10%。因此，我會質疑他們對他們所做的事情的整體經濟狀況有多敏感，或者日費率有多敏感。

I appreciate all the color, I'll jump back in queue. Thanks.

我欣賞所有的顏色，我會跳回到隊列中。謝謝。

Yes, sir. Thanks Don.

是的先生。謝謝唐。

Steve Ferazani, SIDOTI.

斯蒂夫·費拉扎尼 (Steve Ferazani)，SIDOTI。

Morning, everyone. I appreciate all the detail on the call this morning. A lot of data here. I do want to follow the previous questions -- in terms of your confidence level that you can get five of your Haynesville rigs into the Permian, given there will be some competition there. And is that your thinking, that there's that many rigs that can replace drilling programs? Just do you have a better rig or how are you thinking about that? It just seems challenging to think that many rigs can move over to the Permian at similar day rates?

大家早上好。我感謝今天早上電話中的所有細節。這裡有很多數據。我確實想回答前面的問題——就你的信心水平而言，你可以將你的五個海恩斯維爾鑽井平台投入二疊紀，因為那裡會有一些競爭。你的想法是，有那麼多鑽機可以取代鑽井計劃嗎？只是你有更好的鑽機或者你是怎麼想的？認為許多鑽井平台可以以相似的日費率轉移到二疊紀似乎具有挑戰性？

Yes. Thank you for the question, Steve. I do think we're going to be successful. In fact, two of the five, one is already in basin. And the second one we signed the contract this morning for. So it's going to start moving next week. And when you compare what its day rate was in the Haynesville to what it's going to earn on the new contract, it's an increase in day rate. So that's two out of the five right there. Got a couple of more that are going to come to me here in the first part of the second quarter. Team's doing a great job.

是的。謝謝你的問題，史蒂夫。我確實認為我們會成功。事實上，五個中的兩個，一個已經在盆地裡了。第二個我們今天早上簽了合同。所以它將在下週開始移動。當你將它在海恩斯維爾的日費率與它在新合同中的收入進行比較時，它是日費率的增加。所以那是五分之二。在第二季度的第一部分，我還會收到更多的消息。團隊做得很好。

But look, it's a function of having the right equipment, the super-spec, pad-optimal equipment. It's a function of the reputation that ICD has in both basins. We're very concentrated in terms of our target market. I think everybody knows that the Permian and the Haynesville are home markets for us.

但是看，這是擁有合適設備的功能，超規格，墊最佳設備。這是 ICD 在兩個流域的聲譽的函數。我們非常專注於我們的目標市場。我想每個人都知道二疊紀和海恩斯維爾是我們的本土市場。

Yes, we've worked in the Eagleford, yeah, we've worked in other -- in the Chalk. But these two basins are home for us where we have a very strong reputation. And as you know, Steve, none of that would be possible if it wasn't for the hard work and dedication of our people. So yes, I'm very optimistic that we're going to be successful in doing that, without having to significantly drop day rates in the process. We're only talking about 5 rigs in a 300-rig market.

是的，我們在 Eagleford 工作過，是的，我們在其他地方工作過——在 Chalk。但這兩個盆地是我們的家，我們享有很高的聲譽。如你所知，史蒂夫，如果沒有我們員工的辛勤工作和奉獻精神，這一切都不可能實現。所以是的，我非常樂觀地認為我們將成功地做到這一點，而不必在此過程中大幅降低日費率。我們只談論 300 台鑽機市場中的 5 台鑽機。

And like said, we posted a PowerPoint this morning, and Philip did some really good analysis out there. There's a slide there -- I refer to it as the Pac-Man slide -- where we've put some analysis to this question. And the way we look at it, in the Permian, there's roughly 40 of what we would call lower-spec AC rigs. And then there's about two dozen SCR rigs that are running.

就像說的那樣，我們今天早上發布了一個 PowerPoint，菲利普在那裡做了一些非常好的分析。那裡有一張幻燈片——我稱之為吃豆人幻燈片——我們對這個問題進行了一些分析。我們看待它的方式是，在二疊紀，大約有 40 個我們稱之為低規格交流鑽井平台。然後大約有兩打 SCR 鑽機正在運行。

I'm ignoring the mechanicals because we're probably not the right tool for the work that the mechanical rigs are employing. But if you sum both of those up, that's 60-ish rigs, that should be high-grade opportunities for the super-spec pad-optimal fleet that we have and, like I said, we're only moving five.

我忽略了機械裝置，因為我們可能不是機械鑽機所使用的工作的正確工具。但如果你把這兩者加起來，那就是 60 台左右的鑽機，這應該是我們擁有的超級規格墊最佳機隊的高級機會，就像我說的，我們只移動了五個。

I don't think you're going to see a mass exodus of rigs out of the Haynesville. Certainly we're going to move a handful. I suspect some others might move a few. But yes, I'm very confident we're going to be able to do this. Are we going to be able to move all five without a single day of white space? Hopefully we can. But I would assume there's a small break in one or two of those.

我不認為你會看到海恩斯維爾的鑽井平台大量流失。當然，我們要移動一些。我懷疑其他人可能會移動一些。但是，是的，我非常有信心我們能夠做到這一點。我們是否能夠在沒有一天空白的情況下移動所有五個？希望我們可以。但我認為其中一兩個會有小的突破。

But we think that -- we hit the bottom in terms of that transition here in the second quarter. But certainly by the end of the year, and I would hope within the fourth quarter, we're back to 21 rigs running and positioned for what should be a really good 2024 when you think about the macro.

但我們認為 - 我們在第二季度的過渡方面觸底。但可以肯定的是，到今年年底，我希望在第四季度內，我們將恢復到 21 個鑽井平台的運行，並為 2024 年的宏觀經濟做好準備。

Excellent. Appreciate the explanation. If you can just walk through a little bit in terms of the mobilization time, how you're paid. I know Philip gave some detail on pricing, the average rig count in 2Q and then some of the costs. But in terms of the downtime, as you move -- the time it takes to move from Haynesville to Permian now. How you get paid during that interim, just a little bit of detail there to explain it to everyone.

出色的。感謝解釋。如果你能稍微了解一下動員時間，你是如何獲得報酬的。我知道 Philip 提供了一些關於定價的細節，第二季度的平均鑽機數量以及一些成本。但就停機時間而言，當你移動時——現在從海恩斯維爾移動到二疊紀所需的時間。在那段時間裡你是如何獲得報酬的，這裡只是一點點細節來向大家解釋。

Yeah, Steve, it's really a long rig move is what it is. And look, a year, year-and-a-half ago, we were moving rigs from Permian to Haynesville, and now we're going back. So the entire time to effect that mobilization is 7 days, 10 days -- our contracts in the Haynesville have demobilization provisions. There's typically a demobilization fee. Sometimes that's back to Houston. Sometimes there's a lump sum.

是的，史蒂夫，這真的是一個長期的鑽井平台移動。看看，一年半前，我們將鑽井平台從二疊紀轉移到海恩斯維爾，現在我們要回去了。所以動員的整個時間是 7 天，10 天——我們在海恩斯維爾的合同有復員條款。通常會有遣散費。有時回到休斯頓。有時會有一筆總付。

And what we're doing to mitigate the financial impact is taking the demote fee that we would receive to bring the rig back to Houston, to the extent we have to top it off to pay all of the trucking, we're doing that. And it's really not as big of a financial hit as you might think. I think where the exposure is, is if we're not successful moving them straight from one location to another, in other words, contract to contract, and there's idle time.

為了減輕財務影響，我們正在做的是收取將鑽井平台帶回休斯敦的降級費，在一定程度上我們必須支付所有卡車運輸費用，我們正在這樣做。而且它確實沒有您想像的那麼大的財務損失。我認為暴露的地方是，如果我們沒有成功地將它們從一個位置直接移動到另一個位置，換句話說，合同到合同，並且有空閒時間。

Because we see this as a relatively short-term phenomenon, our plan is to keep the crews, so you would incur the crew cost. But like I said, we've signed two contracts so far, optimistic that we're going to get them all done and mitigate that. But that would be the -- where exposure is. It really is the crew cost. Philip, you want to add anything?

因為我們認為這是一個相對短期的現象，我們的計劃是保留船員，所以你會承擔船員成本。但就像我說的，到目前為止，我們已經簽署了兩份合同，樂觀地認為我們將完成所有這些工作並減輕這種情況。但這就是 - 曝光的地方。這真的是船員成本。菲利普，你想補充什麼嗎？

Yeah, for the rigs, when we were successful going on these first two, there was really no -- I mean, just other than a long rig move, there were no incremental transportation costs and really no incremental crew costs. So to the extent we're successful going from contract to contract kind of direct continuation, that $3 million to $4 million guidance we gave could go to zero. It's going to be hard to do that on all five.

是的，對於鑽井平台，當我們在前兩個上取得成功時，真的沒有 - 我的意思是，除了長時間的鑽井平台移動之外，沒有增加運輸成本，也沒有增加船員成本。因此，就我們從合同到合同的直接延續的成功程度而言，我們提供的 300 萬至 400 萬美元的指導可能會變為零。很難在所有五個人身上做到這一點。

So we're probably a little ahead right now on where we thought we would be with these first two, and so we'll just have to wait and see. But it's not a big financial --. The rig moves a small part of it. The biggest part is just how we handle the crews if there's a month or two of whitespace between contracts.

所以我們現在可能在我們認為前兩個的位置上有點領先，所以我們只能拭目以待。但這不是一個大的財務——。鑽機移動了其中的一小部分。最重要的部分是如果合同之間有一兩個月的空白，我們如何處理船員。

Makes sense. Thanks for that. Last one for me in terms of how you're handling the toggle notes now. It sounds like you're saying -- are you switching -- are you going to be paying cash interest moving without -- given the limited CapEx you're now expecting this year or less than you were previously?

說得通。感謝那。就您現在如何處理切換音符而言，對我來說是最後一個。聽起來你是在說——你是否正在轉換——你是否要支付現金利息而不是——鑑於你現在預計今年的資本支出有限或比以前少？

Yeah. So we had previously guided to we would start paying cash interest in March. I think we could look at doing that -- March of 2024, I think would -- what's on the table now is we could start paying cash interest beginning in September. I think if you look at our working capital, we do need to improve that, and that's starting now.

是的。所以我們之前曾指導我們將在 3 月份開始支付現金利息。我認為我們可以考慮這樣做——2024 年 3 月，我認為——現在擺在桌面上的是我們可以從 9 月開始支付現金利息。我認為，如果你看一下我們的營運資金，我們確實需要改進它，而且現在就開始了。

We've got some items related to the rigs reactivated in AP at 12-31. We're going to pay that and then we'll look to increase our cash balance. And we'll make the decision in September weather to -- PIK interest for that or pay cash at that point in time.

我們在美聯社 12-31 重新激活了一些與鑽機相關的項目。我們將支付這筆費用，然後我們將尋求增加現金餘額。我們將在 9 月的天氣做出決定——PIK 利息或在那個時間點支付現金。

The other kind of thing that's available to us is under the indenture, the mandatory offer, we start offering to pay back at par beginning in June of this year, $5 million a quarter of notes. I don't know whether the note holders will accept that or not, but that will be a use of cash that will help de-lever the company as well if they accept those offers. So there's a couple of different things moving there.

我們可以使用的另一種東西是根據契約，強制性要約，我們從今年 6 月開始提供按面值償還，每季度 500 萬美元的票據。我不知道票據持有人是否會接受，但這將是現金的一種使用，如果他們接受這些提議，也將有助於降低公司的槓桿率。所以有一些不同的東西在那裡移動。

Great. Philip, Anthony, thanks for the responses this morning.

偉大的。菲利普、安東尼，感謝今天早上的回复。

Yes, sir. Thank you, Steve.

是的先生。謝謝你，史蒂夫。

Dave Storms, Stonegate Capital Markets.

戴夫風暴，斯通蓋特資本市場。

Morning. Appreciate you all taking my call. Just starting with the delta between the 200 and 300 rigs, I thought -- I remember right, the last quarter is approximately 2,500. Wasn't too sure if that has changed now with the market changing, moving rigs from Haynesville to the Permian.

早晨。感謝大家接聽我的電話。從 200 到 300 台鑽機之間的增量開始，我想——我沒記錯，最後一個季度大約是 2,500 台。不太確定現在是否隨著市場的變化而改變，將鑽井平台從海恩斯維爾轉移到二疊紀。

No, I don't think it's changed, Dave. The only thing that has changed, and it's positive, is in the fourth quarter, we were successful in converting one of those from 200 to 300 Series. And that was very, very important for us because we needed to prove it technically, but also prove it commercially that, look, we're making the capital investment -- and it's a very modest amount, I think we said $650,000 -- that we actually can earn a return on that. And we ticked all of those boxes with that conversion.

不，我認為它沒有改變，戴夫。唯一發生變化並且是積極的是，在第四季度，我們成功地將其中一個從 200 系列轉換為 300 系列。這對我們來說非常非常重要，因為我們需要在技術上證明這一點，但也要在商業上證明這一點，看，我們正在進行資本投資——這是一個非常適中的數額，我想我們說的是 650,000 美元——我們實際上可以從中獲得回報。我們用這種轉換勾選了所有這些方框。

So as the marketing team is sitting here today and thinking about the placement of the rigs that we're moving, for example, which are predominantly 200 Series rigs. They have that optionality. In other words, that is an option to the extent that the customer needs the enhanced racking capacity and is willing to pay for it, we can do that. But I think just the two that we've already moved and contracted show that the 200 Series rates in the Permian Basin, except for the little bit of softness I mentioned a second ago on the call, is pretty much held up.

因此，當營銷團隊今天坐在這裡並考慮我們正在移動的鑽機的位置時，例如，主要是 200 系列鑽機。他們有這種選擇權。換句話說，如果客戶需要增強的貨架容量並願意為此付費，那是一種選擇，我們可以做到。但我認為只有我們已經移動和簽約的兩個表明二疊紀盆地的 200 系列利率，除了我剛才在電話會議上提到的一點點疲軟外，幾乎沒有受到影響。

Okay, perfect. Thank you. Are you seeing any customers not want to do the conversion just because the 200 spec rigs meet all their -- everything that they need?

好的，完美。謝謝。您是否看到任何客戶僅僅因為 200 台規格的鑽機滿足了他們所有的需求而不想進行轉換？

Yes, we are. And in fact, we're seeing the opposite too. The one rig that we converted back in November has been working for an operator. It's one of, if not the biggest private operator in the Permian Basin. They love everything about that rig. I don't think they would ever let it go.

是的我們是。事實上，我們也看到了相反的情況。我們在 11 月改裝的一台鑽機一直在為操作員工作。如果不是二疊紀盆地最大的私人運營商，它也是其中之一。他們喜歡那個鑽機的一切。我認為他們永遠不會放手。

But when we made the pitch to them that, look, okay, if you want to drill an extra couple thousand feet of lateral, here's a rig that -- you know it, you love it, it's a well performing rig. We can make this enhancement to it, but you're going to have to pay for it. And they said, Yes, let's do it. And that was the first one we did.

但是當我們向他們推銷時，看，好吧，如果你想多鑽幾千英尺的橫向井，這裡有一個鑽機——你知道，你喜歡它，它是一個性能良好的鑽機。我們可以對其進行增強，但您將不得不為此付費。他們說，是的，讓我們開始吧。那是我們做的第一個。

But no, there -- these -- the 200 Series rigs, they're super-spec, they're pad-optimal, three mud pumps, four-gen, they're Omron controlled. They're Ferraris and they're very, very fast-moving. So you think about work, for example, in the Midland Basin where we're drilling 8-, 9-, 10-day wells, and we drill four wells on a pad and we move. Rig move time is very, very important to the customer. So they have their advantages. They're customers that love them. And we're just giving them an opportunity to love them even more. But we have to get paid for it.

但是不，那裡 - 這些 - 200 系列鑽機，它們是超規格的，它們是墊最佳的，三個泥漿泵，四代，它們由歐姆龍控制。他們是法拉利，他們的速度非常非常快。所以你想想工作，例如，在米德蘭盆地，我們正在鑽 8 天、9 天、10 天的井，我們在一個墊子上鑽了四口井，然後我們移動。鑽機移動時間對客戶來說非常非常重要。所以他們有他們的優勢。他們是愛他們的顧客。我們只是給他們一個機會，讓他們更加愛他們。但我們必須為此付出代價。

Absolutely, that's great color. One more, if I could. Anthony, I know you mentioned that you're not expecting a mass exodus from Haynesville, but you did mention that you are expecting to see other operators move out. Are you seeing any competition for logistics or the machinery equipment needed to transport rigs between Hayneville to the Permian?

沒錯，這顏色太棒了。再來一個，如果可以的話。安東尼，我知道你提到過你不希望海恩斯維爾出現大規模外流，但你確實提到過你希望看到其他運營商搬走。您是否看到在海恩維爾和二疊紀之間運輸鑽井平台所需的物流或機械設備存在任何競爭？

No, we haven't. We haven't yet, Dave. One of the things that Philip and I are looking at, for example, is trucking costs. If we were going to see a mass exodus of rigs out of the Haynesville go into the Permian, you would expect trucking to become tighter and the cost to go up.

不，我們沒有。我們還沒有，戴夫。例如，菲利普和我正在關注的其中一件事是卡車運輸成本。如果我們要看到海恩斯維爾的大量鑽井平台進入二疊紀，你會預計卡車運輸會變得更加緊張，成本也會上升。

And in fact, we were talking right before the call, the latest round of bids, the costs are actually less than the two that we've -- the one that we've already moved and the one that we're about to move. So it gives me a little bit more confidence that there's not a mass exit of rigs out of the Haynesville.

事實上，我們在電話會議之前就在談論，最新一輪的投標，成本實際上低於我們已經移動的兩個 - 我們已經移動的那個和我們即將移動的那個.因此，這讓我更有信心，海恩斯維爾的鑽井平台不會大量撤離。

That's perfect. Thank you very much.

那很完美。非常感謝。

David Marsh, Singular Research.

David Marsh，Singular Research。

Thank you for taking the questions. Good morning, guys. And congrats on the quarter.

感謝您提出問題。早上好傢伙。並祝賀本季度。

Morning, David. Thank you.

早上好，大衛。謝謝。

So quickly on -- I really appreciate the commentary about reducing leverage here as we move forward. I know you guys just took an opportunity in September to push out the ABL to 2025. But as the numbers come in and leverage continues to decline, would you potentially take another look at that, and maybe revisit rates on that agreement

這麼快——我真的很欣賞關於在我們前進的過程中降低杠桿率的評論。我知道你們剛剛在 9 月份抓住機會將 ABL 推遲到 2025 年。但是隨著數據的出現和槓桿率的持續下降，你們是否有可能再考慮一下，並重新審視該協議的利率

On the ABL? We could, yes. We've got -- certainly we're always going to be looking for opportunities to reduce our costs.

在 ABL 上？我們可以，是的。我們已經 - 當然，我們一直在尋找降低成本的機會。

Right. And I mean do you (multiple speakers)?

正確的。我的意思是你（多位發言人）嗎？

I wouldn't predict us using that -- we wouldn't use that. We probably wouldn't be using our ABL much in a debt reduction that -- we'll probably be paying that to zero here this year. And so it's -- that's not going to be a significant cost to us going forward.

我不會預測我們會使用它——我們不會使用它。我們可能不會在債務削減中大量使用我們的 ABL——我們今年可能會將其支付為零。所以它 - 這不會成為我們前進的重大成本。

And I have been a little out of touch with the market, but are there any restrictions on your ability to potentially repurchase any of these converts in the open market, should the market present that opportunity to you?

我與市場有點脫節，但是如果市場向你提供這個機會，你在公開市場上潛在回購這些轉換者的能力是否有任何限制？

Yes. So the converts are closely held by two holders. The indenture wouldn't allow -- we would have to negotiate that with the two holders.

是的。因此，皈依者由兩個持有人緊密持有。契約不允許——我們必須與兩個持有人協商。

Got it.

知道了。

And we do have the mandatory redemption provisions where we make an offer to them beginning in June, and we would buy those. It's $5 million a quarter and we would buy the notes back at par. I don't know whether they're going to accept those or not. It's at their option, but we do make those offers to them beginning in June of this year.

我們確實有強制贖回條款，我們從 6 月開始向他們提出要約，我們會購買那些。這是每季度 500 萬美元，我們會按面值買回這些票據。我不知道他們是否會接受這些。這是他們的選擇，但我們確實會從今年 6 月開始向他們提供這些優惠。

We're certainly hopeful they're going to accept the redemption offer though, David. As you guys know, we're very focused on doing the things necessary to bring the leverage down on the company. I think we're on a glide path to do that. So the sooner we can make progress -- certainly on a net debt basis, we're going to do it anyway. But the sooner we can make progress in actually taking out notes, the better, in my mind.

大衛，我們當然希望他們會接受贖回提議。正如你們所知，我們非常專注於做必要的事情來降低公司的影響力。我認為我們正在朝著這個方向前進。因此，我們越早取得進展——當然是在淨債務的基礎上，我們無論如何都會這樣做。但在我看來，我們越早在實際記筆記方面取得進展越好。

Absolutely. Well, congrats again on the quarter and good luck going forward. It sounds like you guys are on a great path.

絕對地。好吧，再次祝賀本季度，祝你好運。聽起來你們正走在一條偉大的道路上。

Great. Thank you, Dave.

偉大的。謝謝你，戴夫。

Jeff Robertson, Water Tower Research.

傑夫羅伯遜，水塔研究。

Thank you. Good morning. Anthony, on slide 22 of the deck you all posted this morning, you have your backlog and spot market exposure. Can you talk about the impact of rig transitions to the Permian and how that will impact rig pricing as you look into 2023 and 2024 -- I'm sorry, third and fourth quarter, when you're pretty much exposed to the spot market?

謝謝。早上好。安東尼，在你們今天早上發布的幻燈片 22 上，你們有積壓訂單和現貨市場風險。你能談談鑽機過渡到二疊紀的影響，以及當你展望 2023 年和 2024 年時，這將如何影響鑽機定價——對不起，第三和第四季度，當你幾乎接觸到現貨市場時？

Yeah. We made the decision in the second quarter of last year to put some backlog on the books, as you might remember, Jeff, we did that. Fourth quarter was about positioning our contracts to take advantage of what we thought was going to be increasing commodity prices this year and the activity that that would spur along.

是的。我們在去年第二季度做出決定，在賬簿上積壓一些工作，你可能還記得，傑夫，我們做到了。第四季度是關於定位我們的合同，以利用我們認為今年商品價格會上漲的因素以及隨之而來的活動。

That's why you've seen the backlog level come down, that combined with the fact that there's not a lot of one-year contract opportunities out there right now, it's more six months or pad to pad. Which is fine with where the market is and what we're doing.

這就是為什麼你看到積壓水平下降的原因，再加上現在沒有很多一年期合同機會的事實，需要六個月或更多的時間。市場在哪里和我們在做什麼都很好。

So we think it's going to take a couple of quarters for this to shake out. I think where you see the next inflection point, is going to be in the fourth quarter around 2024 CapEx programs as our customers begin to execute on those.

所以我們認為這需要幾個季度才能解決。我認為你看到下一個拐點的地方將是在 2024 年左右的第四季度資本支出計劃，因為我們的客戶開始執行這些計劃。

But it's just going to move sideways here for the next couple of quarters. And you look at where we are today in terms of margin generation, the guidance that Philips provided as well, this is still going to be a pretty good year for ICD. It is going to be good from an EBITDA perspective, but more importantly, from a free cash flow generating perspective.

但在接下來的幾個季度裡，它只會在這裡橫盤整理。你看看我們今天在利潤產生方面所處的位置，飛利浦也提供了指導，這對 ICD 來說仍然是非常好的一年。從 EBITDA 的角度來看，這將是一件好事，但更重要的是，從產生自由現金流的角度來看。

And the fact that we've made the decision and we've announced to you guys now that the 22nd rig is not going to happen this year tells you that things that Philip mentioned a second ago about enhancing our working capital, making sure that we have cash to redeem these notes when the opportunity presents itself to bring the leverage down in the company -- all that is actually being accelerated as this year is playing out.

事實上，我們已經做出決定，並且我們現在已經向你們宣布，今年不會建造第 22 座鑽井平台，這告訴你們菲利普剛才提到的關於增加營運資金的事情，確保我們當有機會降低公司的槓桿率時，有現金贖回這些票據——隨著今年的結束，所有這些實際上都在加速。

When you move rigs to the Permian, the remaining three -- I'm sorry, to the Permian, the remaining three rigs that you have in the Haynesville you'd like to move are you wait -- you're waiting on contracts to move those, so they go to work immediately. Is that correct?

當你將鑽井平台轉移到二疊紀時，剩下的三個 - 對不起，對於二疊紀，你在海恩斯維爾擁有的剩餘三個鑽井平台你想移動你正在等待 - 你正在等待合同移動那些，讓他們立即去工作。那是對的嗎？

Well, they're all working today, Jeff, we don't have any idle rigs. So if we've got to finish up the commitment that we have today in the Haynesville. And that's going to happen here in the second quarter. And as the -- so our goal would be as we finish the one contract in the Haynesville, we want to have a contract in the Permian that hopefully we're able to move pad-to-pad. And that's what we did with the first one. That's what we're about to do with the second one. Hopefully we'll do that with all of them.

好吧，他們今天都在工作，傑夫，我們沒有任何閒置的鑽井平台。因此，如果我們必須完成我們今天在海恩斯維爾所做的承諾。這將在第二季度發生。作為——所以我們的目標是當我們完成海恩斯維爾的一份合同時，我們希望在二疊紀簽訂一份合同，希望我們能夠逐個移動。這就是我們對第一個所做的。這就是我們要做的第二個。希望我們能對他們所有人都這樣做。

And then lastly, is there much of a margin difference between operating rigs in the Permian versus the Haynesville?

最後，Permian 和 Haynesville 的運營鑽井平台之間有很大的利潤差異嗎？

It -- we think there's a little bit of a margin improvement when we work in the Haynesville. It's a function of longer wells in terms of duration, you're on pads longer, some things like that. But it's not significant.

它——我們認為當我們在海恩斯維爾工作時，利潤率會有所提高。就持續時間而言，這是更長井的功能，你在墊子上的時間更長，諸如此類。但這並不重要。

Okay, thank you.

好的謝謝。

Yes, sir. Thank you, Jeff.

是的先生。謝謝你，傑夫。

Dick Ryan, Oak Ridge Financial.

橡樹嶺金融公司的迪克·瑞安 (Dick Ryan)。

Thank you and congratulations on a good quarter. So most of my questions have been asked, but I was looking at your Pac-Man chart, Philip and Anthony. What motivates the operator to pay a higher day rate when you're bringing those things into the Permian. And does that allow you any flexibility on discussing terms for these new contracts?

謝謝並祝賀一個好的季度。所以我的大部分問題都被問到了，但我正在看你的吃豆人圖表，菲利普和安東尼。當您將這些東西帶入二疊紀時，是什麼促使運營商支付更高的日費率。這是否允許您在討論這些新合同的條款時有任何靈活性？

Yeah, on the first point, you got to remember that there were several operators last year that would have liked to contract a rig like we're talking about, something that's super-spec and pad-optimal, all the bells and whistles, three by four configuration, the whole bit. But because of the market tightness, they weren't able to. So that's a very logical and obvious target for the rigs that we're bringing over, because they meet the -- what I just described -- to know we --.

是的，關於第一點，你必須記住，去年有幾家運營商希望承包我們正在談論的鑽機，這是超規格和墊最佳的東西，所有的花里胡哨，三個按四配置，全位。但由於市場緊張，他們無法做到。因此，對於我們帶來的鑽井平台來說，這是一個非常合乎邏輯和明顯的目標，因為它們符合——我剛才描述的——了解我們——。

Yeah, if you recall, the only way you could get -- in the fourth quarter to get a super -- an additional rig was to take a rig out of stack or reactivation. And all of our intelligence and what we're seeing is that's an $8 million to $10 million investment by the drilling contractor. We are requiring contractual payback. A lot of operators just couldn't -- for a lot of different reasons weren't willing to sign a year or longer contract that does -- that would require that.

是的，如果你還記得的話，你唯一能得到的方法——在第四節得到一個超級——一個額外的鑽機就是從堆棧中取出一個鑽機或重新激活。我們所有的情報和我們所看到的是，鑽井承包商投資了 800 萬到 1000 萬美元。我們要求合同回報。許多運營商只是不能——出於很多不同的原因，不願意簽署一年或更長時間的合同——這需要這樣做。

So obviously those opportunities, they now have an opportunity to take a rig that maybe they didn't -- they didn't have a chance to take before. And then obviously, after the market settles, if the rig count does tick up again, then we're going to be back in the -- if they need incremental rigs, then they're going to have to come back out from reactivations and we'll have to see when that occurs.

很明顯，這些機會，他們現在有機會獲得他們可能沒有的鑽機——他們以前沒有機會獲得。然後很明顯，在市場穩定之後，如果鑽機數量再次增加，那麼我們將回到——如果他們需要增加鑽機，那麼他們將不得不從重新激活中恢復過來，我們得看看什麼時候會發生。

And Dick, I would add, our marketing team, Scott and Mark, they do an amazing job and some of the opportunities that we're contracting today with the rigs coming out of the Haynesville are opportunities that you wouldn't see on any active customer chart.

迪克，我要補充的是，我們的營銷團隊，斯科特和馬克，他們做得非常出色，我們今天與來自海恩斯維爾的鑽井平台簽約的一些機會是您在任何活動中都看不到的機會客戶圖表。

So they're guys that wound down a program in the first half of last year, they were idle or maybe they couldn't get their hands on a super-spec rig in the back half of the year. And now we're in a new year, new budget season. Like I said, the guys do a great job staying in touch with a whole wide array of customers, and we're being very, very successful there. In addition to increasing the number of multi-rig clients that we have, guys that we've been working for that have maybe an underperforming rig, not a rig of ours, but someone else's.

所以他們是在去年上半年結束了一個項目的人，他們閒置了，或者他們可能在今年下半年無法獲得超規格鑽機。現在我們進入了新的一年，新的預算季節。就像我說的，這些人在與廣泛的客戶保持聯繫方面做得很好，我們在那裡非常非常成功。除了增加我們擁有的多鑽機客戶的數量外，我們一直在為他們工作的人可能有一個表現不佳的鑽機，不是我們的，而是別人的。

And okay, we go to them with a sister rig like what's already there. And we've been able to execute that here in the first part of the year. Like I said, it's kind of churn in the basin, so you won't see it. But as we look out over the next couple of quarters, we're going to look to try and create more of those opportunities like that. And we're in some pretty good discussions right now around those opportunities.

好吧，我們帶著一個姐妹鑽機去找他們，就像已經在那裡的那樣。我們已經能夠在今年上半年在這裡執行此操作。就像我說的，這是盆地裡的一種攪動，所以你不會看到它。但當我們展望未來幾個季度時，我們將嘗試創造更多這樣的機會。我們現在正在圍繞這些機會進行一些非常好的討論。

Okay, great. Thank you and congratulations.

好的，太好了。謝謝你，祝賀你。

Thank you so much, Dick.

非常感謝你，迪克。

Jeff Robertson, Water Tower Research.

傑夫羅伯遜，水塔研究。

Thanks. Anthony, you mentioned the refinancing window for the PIK notes. But can you just talk about the options that -- going into that window with much stronger balance sheet, as you talked earlier, pushed the 21st activation out and built cash and improved the metrics on the balance sheet? What kind of options that will give you as you think about alternatives to refinance the notes into something a little more conventional?

謝謝。安東尼，你提到了 PIK 票據的再融資窗口。但是你能不能談談這些選項——進入那個資產負債表更強大的窗口，正如你之前所說的那樣，將第 21 次激活推出並建立現金並改善資產負債表上的指標？當您考慮將票據再融資為更傳統的東西時，您有什麼樣的選擇？

Yes. We're kind of limited in what we can do right now, outside of negotiating something with our creditors. Our creditors are great partners, Jeff. As you know, we put the convertible note in place about this time last year. And we want to -- we're going to have to build cash, and we're going to have to take advantage of these mandatory redemption opportunities that we have, and make sure that we continue to build cash as we enter this defeasance period. And you want to take that?

是的。除了與債權人談判之外，我們現在能做的事情有點有限。我們的債權人是很好的合作夥伴，傑夫。如您所知，我們大約在去年的這個時候發行了可轉換票據。我們想要——我們將不得不積累現金，我們將不得不利用我們擁有的這些強制贖回機會，並確保我們在進入這個廢除期時繼續積累現金.你想接受嗎？

So that the fee -- that period begins in September of 2024, so we're early. And then and there's a make-whole under the terms of that. So it's pretty expensive to do it at that point in time. So we'd have to look at what's available to do that at that point in time and would it make economic sense. As you move closer to maturity, it gets cheaper.

所以費用——那個時期從 2024 年 9 月開始，所以我們還早。然後根據該條款有一個整體。所以在那個時間點做這件事是非常昂貴的。所以我們必須看看在那個時間點有什麼可用的方法，它是否具有經濟意義。當您接近成熟時，它會變得更便宜。

So it's hard to say now what opportunities will lie ahead and what alternatives there'll be, until we see what the market looks like and also depends on what the noteholders are interested in doing as well. But as far as the terms of the indenture, it's, again, September of 2024, and then, that's when the window opens up, but there's a make-whole. So it's pretty expensive at September and it gets cheaper as we move closer to maturity.

因此，現在很難說未來會出現哪些機會以及會有哪些替代方案，直到我們看到市場的情況，並且還取決於票據持有人有興趣做什麼。但就契約條款而言，再次是 2024 年 9 月，然後，窗口打開，但有一個整體。所以它在 9 月份非常昂貴，隨著我們接近成熟，它會變得更便宜。

And Jeff, I would just add, I mean, I'm so glad that we're able to give Philip a headache thinking about these kind of things now. It's a function of just everything that we've worked so hard to accomplish over the last couple of years. We had to get to an operating scale, one where we can survive the bumps and bruises that a cyclical industry like ours presents. But more importantly, so that we had operating scale to be able to -- like I said, seriously think about these kind of things and have these kind of discussions.

傑夫，我想補充一點，我的意思是，我很高興我們現在能夠讓菲利普頭疼地思考這些事情。這是我們在過去幾年中努力完成的一切的功能。我們必須達到一定的運營規模，這樣我們才能經受住像我們這樣的周期性行業所帶來的顛簸和挫折。但更重要的是，我們的運營規模能夠——就像我說的那樣，認真思考這些事情並進行這些討論。

I hope what everybody's taking away from this call is that this is going to be a pretty good year for ICD. Maybe not the year that we all thought three, four months ago. But when you think about making sure we're making progress down the pathway of being able to accomplish our long-term goals. This 2023, in spite of any softness coming out of the Haynesville, is still going to be a pretty good year toward making that progress.

我希望每個人都從這次電話會議中得到的是，今年對 ICD 來說將是非常好的一年。也許不是我們三四個月前都認為的那一年。但是當你考慮確保我們在能夠實現我們的長期目標的道路上取得進展時。 2023 年，儘管 Haynesville 出現了任何疲軟，但仍將是取得這一進展的相當不錯的一年。

Yes. Looking at slide 27 of the deleveraging profile just in terms of the leverage ratio, as you transition rigs, it seems like a pretty strong testament to the strength of the business.

是的。就槓桿率而言，看看去槓桿化概況的幻燈片 27，當您轉換鑽井平台時，這似乎是對業務實力的有力證明。

Yes, sir. Thank you. I would agree.

是的先生。謝謝。我同意。

This concludes the question-and-answer session. I would like to turn the conference back over to Anthony Gallegos for any closing remarks.

問答環節到此結束。我想將會議轉回給 Anthony Gallegos 作閉幕詞。

Thank you, MJ. Look, I hope as everybody's heard here, there are so many good things going on here at ICD. I want to make sure that I say thank you to all of the team members here, especially those around the rotary tables where the work gets done. Obviously, we're very, very excited about 2023, looking forward to updating you on our progress when we report our first-quarter results here pretty soon. So until then, we want to wish you all safety and success in your endeavors, and we'll sign off now. Thank you.

謝謝你，喬丹。聽著，我希望這裡的每個人都聽到了，ICD 正在發生許多美好的事情。我想確保我對這裡的所有團隊成員表示感謝，尤其是那些完成工作的旋轉台周圍的成員。顯然，我們對 2023 年感到非常非常興奮，期待在我們很快在這里報告第一季度業績時向您介紹我們的進展情況。因此，在此之前，我們希望祝愿您一切順利並在您的努力中取得成功，我們現在就結束。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。