Nabors Industries Ltd (NBR) 2023 Q4 法說會逐字稿

Good day, and welcome to the Nabors Industries fourth quarter 2023 earnings call (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Nabors Industries 2023 年第四季財報電話會議（操作員說明）請注意，此事件正在錄製中。

I would now like to turn the conference over to William Conroy, Vice President of Business Development and Investor Relations. Please go ahead.

我現在想將會議交給業務發展和投資者關係副總裁 William Conroy。請繼續。

Good morning, everyone. Thank you for joining Nabors fourth quarter 2023 earnings conference call. Today, we will follow our customary format with Tony Petrello, our Chairman, President and Chief Executive Officer; and William Restrepo, our Chief Financial Officer, providing their perspectives on the quarter's results along with insights into our markets and how we expect Nabors to perform in these markets.

大家，早安。感謝您參加 Nabors 2023 年第四季財報電話會議。今天，我們將按照慣例與我們的董事長、總裁兼執行長 Tony Petrello 進行對話；我們的財務長 William Restrepo 提供了他們對本季業績的看法，以及對我們市場的見解以及我們預期 Nabors 在這些市場中的表現。

In support of these remarks, a slide deck is available, both as a download within the webcast and in the Investor Relations section of nabors.com. Instructions for the replay of this call are posted on the website as well. With us today, in addition to Tony, William and me are other members of the senior management team.

為了支持這些言論，我們提供了幻燈片，可以在網路廣播中和 nabors.com 的投資者關係部分下載。網站上也發布了重播此電話會議的說明。今天和我們在一起的除了東尼之外，威廉和我也是高階管理團隊的其他成員。

Since much of our commentary today will include our forward expectations, they may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties as disclosed by Nabors from time-to-time in our filings with the Securities and Exchange Commission.

由於我們今天的大部分評論將包括我們的前瞻性預期，因此它們可能構成 1933 年《證券法》和 1934 年《證券交易法》含義內的前瞻性陳述。此類前瞻性陳述受到 Nabors 在我們向美國證券交易委員會提交的文件中不時揭露的某些風險和不確定性的影響。

As a result of these factors, our actual results may vary materially from those indicated or implied by such forward-looking statements. Also, during the call, we may discuss certain non-GAAP financial measures, such as net debt, adjusted operating income, adjusted EBITDA and adjusted free cash flow.

由於這些因素，我們的實際結果可能與此類前瞻性陳述所顯示或暗示的結果有重大差異。此外，在電話會議期間，我們可能會討論某些非公認會計準則財務指標，例如淨債務、調整後營業收入、調整後 EBITDA 和調整後自由現金流。

All references to EBITDA made by either Tony or William during their presentations, whether qualified by the word adjusted or otherwise, mean adjusted EBITDA as that term is defined on our Web site and in our earnings release. Likewise, unless the context clearly indicates otherwise, references to cash flow mean adjusted free cash flow as that non-GAAP measure is defined in our earnings release. We have posted to the Investor Relations section of our website a reconciliation of these non-GAAP financial measures to the most recently comparable GAAP measures.

東尼或威廉在演講中對 EBITDA 的所有提及，無論是否用「調整」一詞限定，均指調整後的 EBITDA，正如我們網站和收益報告中所定義的那樣。同樣，除非上下文另有明確說明，否則提及的現金流量是指調整後的自由現金流量，因為該非公認會計準則衡量標準在我們的收益發布中定義。我們已在網站的投資者關係部分發布了這些非 GAAP 財務指標與最新可比較 GAAP 指標的調整表。

With that, I will turn the call over to Tony to begin.

接下來，我將把電話轉給托尼開始。

Good morning. Thank you for joining us today as we present our results and outlook. Adjusted EBITDA in all our segments exceeded our expectations in the fourth quarter. Daily margins in the US Lower 48 and international drilling improved. Our two technology segments once again performed well.

早安.感謝您今天加入我們，我們將介紹我們的成果和展望。第四季度，我們所有部門的調整後 EBITDA 都超出了我們的預期。美國 Lower 48 州和國際鑽探的每日利潤有所改善。我們的兩個技術板塊再次表現出色。

As we forecasted, the industry rig count in the Lower 48 declined modestly in the fourth quarter. Our major international markets were essentially in line with our prior view. During the quarter, we deployed three rigs in these markets. One was a new build unit in Saudi Arabia.

正如我們預測的那樣，第四季度 48 個州的行業鑽機數量略有下降。我們的主要國際市場與我們先前的看法基本一致。本季度，我們在這些市場部署了三台鑽孔機。其中之一是沙烏地阿拉伯的一個新建單位。

Leading edge pricing in Lower 48 was stable. This helped drive the increase in our daily rig margin along with outstanding expense control. For the fourth quarter, adjusted EBITDA totaled $230 million. Our global average rig count for the fourth quarter declined by two rigs. All of this decline occurred in the US.

下 48 州的前沿價格保持穩定。這有助於推動我們每日鑽機利潤的增加以及出色的費用控制。第四季調整後 EBITDA 總計 2.3 億美元。第四季我們的全球平均鑽機數量減少了兩台。所有這些下降都發生在美國。

Our drilling solutions and rig technologies segments together generated EBITDA of $43 million, a record. As a portion of total EBITDA, these segments accounted for nearly 19% in the quarter, also an all-time high.

我們的鑽井解決方案和鑽機技術部門合計創造了 4,300 萬美元的 EBITDA，創歷史新高。作為 EBITDA 總額的一部分，這些細分市場在本季的比例接近 19%，也創歷史新高。

Next, let me make some comments on five key drivers of our results. I'll start with our performance in the US. Daily rig margins in our Lower 48 rig fleet exceeded our expectations. They increased by almost $400 compared to the third quarter. Daily revenue in the fourth quarter increased slightly. Daily expenses declined by more than $300. I am pleased with this performance.

接下來，讓我對我們結果的五個關鍵驅動因素發表一些評論。我將從我們在美國的表現開始。我們 Lower 48 鑽機隊的每日鑽機利潤超出了我們的預期。與第三季相比增加了近 400 美元。第四季日均營收小幅成長。日常開支減少了 300 多美元。我對這次的表現很滿意。

These results demonstrate our team's ability to execute at an impressive level in this market environment. Our reported Lower 48 daily rig margin reflects the financial results of just our drilling rigs. The drilling solutions portfolio, NDS, generates significant margins on top of that. I'll discuss this in more detail in a few moments.

這些結果證明了我們團隊在這種市場環境中以令人印象深刻的水平執行的能力。我們報告的 48 台日鑽機利潤率僅反映了我們鑽機的財務表現。除此之外，鑽井解決方案組合 NDS 也產生了可觀的利潤。我稍後將更詳細地討論這個問題。

Now I'll discuss our international drilling business. Daily margin in this segment increased by nearly $900. This result exceeded our expectations. During the quarter, we set up three rigs. We restarted two in Colombia, another newbuild rig in Saudi Arabia also started up. With these additions, we have now deployed the first five of the ongoing international startups that I detailed last year.

現在我將討論我們的國際鑽井業務。該細分市場的每日利潤增加了近 900 美元。這個結果超出了我們的預期。在本季度，我們安裝了三台鑽孔機。我們在哥倫比亞重啟了兩個鑽井平台，在沙烏地阿拉伯的另一個新建鑽井平台也啟動了。透過這些補充，我們現在已經部署了我去年詳細介紹的前五家正在進行的國際新創公司。

Margins increased in Saudi Arabia, where our SANAD joint venture operates 48 rigs. This fourth quarter improvement resulted from the contribution from newbuilds deployed during the third and fourth quarters of last year, plus strong operating performance across the entire fleet. Let me add a few more comments concerning the newbuild program in Saudi Arabia.

沙烏地阿拉伯的利潤率有所增加，我們的 SANAD 合資企業在那裡運營 48 台鑽機。第四季的改善得益於去年第三季和第四季部署的新船的貢獻，以及整個船隊強勁的營運表現。讓我補充一些關於沙烏地阿拉伯新建專案的評論。

The fifth rig started in the fourth quarter. The second tranche of five rigs is currently under construction in the Kingdom. We currently expect the first of this group to spud during the current quarter. Two of the remaining four rigs should be deployed by the third quarter of 2024. The last two rigs of that tranche are expected to spud in early 2025. We expect the first unit of the previously awarded third tranche to start around midyear 2025.

第五台鑽機於第四節開始。第二批五台鑽井平台目前正在沙烏地阿拉伯建造。我們目前預計該組中的第一個將在本季度發芽。其餘四個鑽孔機中的兩個應在 2024 年第三季之前部署。該部分的最後兩台鑽機預計將於 2025 年初開鑽。我們預計先前授予的第三批項目的第一批項目將於 2025 年年中左右啟動。

The outlook for the balance of our international business, both in the Middle East and in Latin America, remains quite positive. Three of the four total rigs we rewarded in Algeria just started this quarter. We see prospects to add additional rigs in a number of international markets. These include Kuwait and Algeria in the Middle East and elsewhere in the Eastern Hemisphere, and Argentina in Latin America.

我們在中東和拉丁美洲的國際業務平衡前景仍然相當樂觀。我們在阿爾及利亞獎勵的四台鑽機中有三臺本季剛剛啟動。我們看到在許多國際市場上增加更多鑽孔機的前景。其中包括中東和東半球其他地區的科威特和阿爾及利亞，以及拉丁美洲的阿根廷。

Let me finish this discussion on the international business with a few comments on the recent news on Saudi Arabia. SANAD currently operates 48 rigs there. Of these, 40 work in gas and the balance in oil. Contracts for the oil directed rigs have really been extended for a four year period.

讓我對最近有關沙烏地阿拉伯的新聞發表一些評論，結束對國際業務的討論。SANAD 目前在那裡運作著 48 個鑽井平台。其中，40 人從事天然氣工作，其餘則從事石油工作。石油鑽井平台的合約實際上已經延長了四年。

With the Kingdom's focus on developing the natural gas resource, we are very comfortable with our position there. As to the newbuild program, this was contemplated well before capacity expansion plans in Saudi Arabia. The newbuild program is also a key element in the Kingdom’s Vision 2030 plan. As such, we are confident in the program's future.

由於沙烏地王國專注於開發天然氣資源，我們對自己在那裡的地位感到非常滿意。至於新建計劃，早在沙烏地阿拉伯的產能擴張計劃之前就已經考慮過了。新建案也是沙烏地阿拉伯 2030 年願景計畫的關鍵要素。因此，我們對該計劃的未來充滿信心。

Next, let me discuss our technology and innovation. Revenue grew sequentially in all three portions of NDS's business, on Nabors Lower 48 rigs, on third-party Lower 48 rigs, and in international markets. The international business recorded the strongest growth with revenue up 13% sequentially.

接下來我來談談我們的技術和創新。NDS 業務的所有三個部分（Nabors Lower 48 鑽機、第三方 Lower 48 鑽孔機以及國際市場）的收入均持續成長。國際業務成長最為強勁，營收季增 13%。

Revenue grew in Lower 48, both on Nabors and third-party rigs. I would like to stress NDS grew faster than the rig counts in both of these market segments. Our NDS EBITDA increased by 13%, which beat our expectations. This performance represents the highest sequential quarterly progress in all of 2023. From a product line perspective, casing running and performance software drove NDS' growth.

Lower 48 的 Nabors 和第三方鑽孔機收入均有所成長。我想強調的是，在這兩個細分市場中，NDS 的成長速度都快於鑽孔機數量的成長速度。我們的 NDS EBITDA 成長了 13%，超出了我們的預期。這一業績代表了 2023 年全年最高的季度連續進展。從產品線的角度來看，下套管和性能軟體推動了 NDS 的成長。

Next, I will detail the value that NDS generates in Lower 48 market. The average daily margin in the Lower 48 from our drilling and drilling solutions business combined was over $20,000 in the fourth quarter. Of that, NDS contributed more than $3,900 per day. This significant incremental margin contribution, a quarterly record, comes with limited capital spending. Returns on capital in NDS are the highest in our company.

接下來，我將詳細介紹NDS在Lower 48市場所產生的價值。第四季度，我們的鑽井和鑽井解決方案業務在美國下游 48 州的平均每日利潤超過 20,000 美元。其中，NDS 每天貢獻超過 3,900 美元。這一顯著的利潤增量貢獻（創季度記錄）伴隨著有限的資本支出。NDS 的資本報酬率是我們公司中最高的。

In the fourth quarter, penetration of NDS services increased on Nabors rigs in Lower 48 to nearly seven per rig. Once again, we saw growth in our SmartSLIDE directional steering system and our SmartNAV directional guidance software. These installs were up 19%. The casing running job count also grew significantly, up 17%.

第四季度，NDS 服務在 Lower 48 州 Nabors 鑽機上的滲透率增加至每台鑽機近 7 台。我們再次看到了 SmartSLIDE 定向轉向系統和 SmartNAV 定向引導軟體的成長。這些安裝量增加了 19%。下套管作業數量也顯著成長，增加了 17%。

As shown by the fourth quarter results, our multi-cloud growth strategy for the NDS portfolio is proving successful. Looking ahead, we see increasing interest globally across product lines, particularly for our advanced technology solutions.

正如第四季度的業績所示，我們的 NDS 產品組合的多雲成長策略被證明是成功的。展望未來，我們看到全球對各種產品線的興趣日益濃厚，特別是對我們的先進技術解決方案。

Next, let me make some comments on our capital structure. With the proceeds from our recent debt offering, we redeemed the notes that were due in 2024 and 2025, pushing our next maturity to 2026. As we look ahead, our first priority for free cash flow remains reducing net debt and improving our credit ratings.

接下來我就我們的資本結構做一些評論。利用我們最近發債的收益，我們贖回了 2024 年和 2025 年到期的票據，將下一個到期日推遲到 2026 年。展望未來，我們自由現金流的首要任務仍然是減少淨債務和提高信用評級。

I'll finish this part of the discussion with remarks on sustainability and the energy transition. Our energy transition initiatives, as you know, focus on improving operational efficiency and reducing emissions intensity. These technology solutions once again contributed visible margins to our rig technologies segment. The most impactful is our PowerTAP module. This unit connects rigs to the grid.

我將透過有關永續性和能源轉型的評論來結束這部分的討論。如您所知，我們的能源轉型計劃專注於提高營運效率和降低排放強度。這些技術解決方案再次為我們的鑽機技術領域帶來了明顯的利潤。最有影響力的是我們的 PowerTAP 模組。該裝置將鑽孔機連接到電網。

In the fourth quarter, we had 24 modules running, more than 20% of those were on third-party rigs. In addition, two units are in transit to Argentina. These two are the first PowerTAP units incorporating a frequency converter for the international market. We have eight more units under construction, including two destined for the international market, one more for Argentina and the second for a large market in the Middle East.

第四季度，我們有 24 個模組在運行，其中超過 20% 在第三方鑽孔機上。此外，還有兩架正在運往阿根廷。這兩個是國際市場上第一批配備變頻器的 PowerTAP 裝置。我們還有八個機組正在建造中，其中兩個用於國際市場，一個用於阿根廷，第二個用於中東的大型市場。

Our energy transition portfolio continues to gain traction. We are encouraged by the emerging opportunities internationally, complementing those in the US on both Nabors and third-party rigs.

我們的能源轉型投資組合持續受到關注。我們對國際上不斷出現的機會感到鼓舞，這些機會補充了美國納博爾和第三方鑽井平台的機會。

Geopolitical events in the Middle East, interest rates, and lingering inflation concerns, all make for the continued elevated volatility of commodity prices. In this environment, the operator response has been to restrain ambitions and exercise capital discipline. It is understandable why operators are looking at mergers in this environment. The near term effect of recently announced mergers is yet to be fully determined.

中東地緣政治事件、利率上升以及揮之不去的通膨擔憂，都導致大宗商品價格波動持續加劇。在這種環境下，營運商的反應是抑制野心並實行資本紀律。在這種環境下運營商考慮合併的原因是可以理解的。最近宣布的合併的短期影響尚未完全確定。

Notwithstanding this uncertainty, international prospects, particularly those driven by NOCs, remain very attractive. Our geographical position is unique in the global land drilling industry. It enables us to capture international growth. At the same time, we are positioned to capitalize on any emerging growth in the US.

儘管存在這種不確定性，國際前景，特別是由國家石油公司推動的前景，仍然非常有吸引力。我們的地理位置在全球陸地鑽探產業中是獨一無二的。它使我們能夠抓住國際成長的機會。同時，我們準備充分利用美國的任何新興成長。

Next, I will discuss the pricing environment. Our fourth quarter results for the Lower 48 reflect continued stabilization of leading edge market prices. I want to reemphasize, the rates for our highest spec rigs exceed all of the pre-2023 market highs.

接下來，我將討論定價環境。我們的 48 個州第四季業績反映了前沿市場價格的持續穩定。我想再次強調，我們最高規格鑽孔機的價格超過了 2023 年之前的所有市場高點。

Our focus in the Lower 48 market remains profitability while we stay committed to delivering superior value to our customers. As such, we continue to demonstrate the value of our technology portfolio with NDS.

我們在 48 個州以下市場的重點仍然是盈利能力，同時我們仍然致力於為客戶提供卓越的價值。因此，我們將繼續透過 NDS 展示我們的技術組合的價值。

As I mentioned, in the international market, we have committed seven additional rigs in 2024. This growth should provide substantial uplift potential to our earnings. We believe there is room for additional rig deployments in the Eastern Hemisphere and Latin America. I will discuss these in a few minutes.

正如我所提到的，在國際市場，我們在 2024 年承諾增加 7 個鑽孔機。這種成長將為我們的獲利帶來巨大的提升潛力。我們相信東半球和拉丁美洲還有部署更多鑽孔機的空間。我將在幾分鐘內討論這些內容。

We surveyed the largest Lower 48 clients at the end of the fourth quarter. Our survey covers 17 operators, which account for approximately 46% of the working rigs at the end of the quarter. During the fourth quarter, consistent with the prior surveys results, this group added more than 10 rigs. The latest survey indicates this group's year end 2024 rig count will be essentially in line with the year end 2023. More than half of the group signals no change. The balance indicates minor additions or decreases. We believe that with the uncertainty in commodity prices customers remain cautious about their plans for 2024.

我們在第四季末對 48 個州最大的客戶進行了調查。我們的調查涵蓋 17 家營運商，約佔本季末工作鑽機的 46%。第四季度，該集團增加了 10 多台鑽機，與先前的調查結果一致。最新調查顯示，該集團 2024 年底的鑽機數量將與 2023 年底基本一致。超過一半的人表示沒有改變。餘額表示少量增加或減少。我們認為，由於大宗商品價格的不確定性，顧客對其 2024 年的計畫仍持謹慎態度。

Our plan for our Lower 48 business this year fully contemplates the current environment. We continue to focus on maximizing free cash flow while we look for opportunities to put additional rigs to work. Our view of the international market is bullish. With the international additions already in hand, we would increase our international rig count by almost 10% by the end of 2024. We expect our segment revenue to grow by low double digits and our EBITDA margins to expand.

我們今年的 Lower 48 業務計劃充分考慮了當前的環境。我們繼續專注於最大化自由現金流，同時尋找機會讓更多鑽機投入使用。我們對國際市場的看法是看漲的。隨著國際鑽機數量的增加，到 2024 年底，我們的國際鑽機數量將增加近 10%。我們預計我們的部門收入將以低兩位數成長，並且我們的 EBITDA 利潤率將擴大。

Next, I will share some of our notable recent highlights and accomplishments. First, NDS was selected by a very large operator in the Middle East to install NDS' advanced rig control and automation system of five working rigs. The multi-round award process was competitive. This award marks the first rig automation project in this market. It is notable that Nabors was chosen to lead this effort.

接下來，我將分享我們最近的一些值得注意的亮點和成就。首先，NDS被中東一家大型業者選中，為五台工作鑽孔機安裝NDS先進的鑽孔機控制和自動化系統。多輪頒獎過程具有競爭性。該獎項標誌著該市場上的第一個鑽孔機自動化項目。值得注意的是，納博斯被選來領導這項工作。

Second, we commenced operations in Arkansas to drill well supporting lithium production. ExxonMobil selected a Nabors PACE-X rig for this project. Third, another of our PACE-X rigs was awarded beginning of the year by one of the largest operators in the Permian for the second consecutive year. Competition for this award came from rigs operated by six other drilling contractors.

其次，我們開始在阿肯色州開展鑽探支持鋰生產的業務。埃克森美孚為此計畫選擇了 Nabors PACE-X 鑽孔機。第三，我們的另一個 PACE-X 鑽孔機在今年年初連續第二年被二疊紀最大的營運商之一授予。該獎項的競爭來自其他六家鑽井承包商營運的鑽孔機。

Next, we are now providing support to a drilling contractor in Libya under a recently signed technical services agreement. Under the agreement, we are providing expertise but have no capital at risk.

接下來，我們現在根據最近簽署的技術服務協議向利比亞的鑽井承包商提供支援。根據協議，我們將提供專業知識，但不存在資本風險。

In addition to these highlights, I want to mention the normal agreement between Nabors and SLB. Together, we will collaborate to scale automated drilling solutions for operators and drilling contractors. This integration of both companies' platforms expands the breadth of drilling automation technologies available to customers. It also increases their flexibility to utilize existing rig control systems from either Nabors or SLB.

除了這些亮點之外，我還想提一下 Nabors 和 SLB 之間的正常協議。我們將共同合作，為營運商和鑽井承包商擴展自動化鑽井解決方案。兩家公司平台的整合擴大了客戶可用的鑽井自動化技術的廣度。它還提高了他們利用 Nabors 或 SLB 現有鑽孔機控制系統的靈活性。

And to wrap up, the SPAC sponsored by Nabors closed the previously announced business combination with Vast Renewables Limited. The combined company trades on the Nasdaq Exchange under the ticker VSTE.

最後，Nabors 贊助的 SPAC 完成了先前宣布的與 Vast Renewables Limited 的業務合併。合併後的公司在納斯達克交易所上市，股票代號為 VSTE。

Let me finish my remarks with the following. We are encouraged by our operational performance as we close out the year. Looking ahead in 2024, we see significant opportunities, both in our global markets and for our advanced technology solutions.

請允許我用以下內容結束我的演講。當我們結束這一年時，我們對我們的營運表現感到鼓舞。展望 2024 年，我們在全球市場和先進技術解決方案方面都看到了巨大的機會。

Now let me turn the call over to William, who will discuss our financial results.

現在讓我把電話轉給威廉，他將討論我們的財務表現。

Thank you, Tony, and good morning, everyone. Fourth quarter financial results surpassed our expectations with EBITDA for all segments increasing sequentially. In the US, we managed to maintain our Lower 48 daily revenue at the strong level we achieved in the third quarter, while our operational expenses decreased meaningfully, following measures to reduce our field overhead.

謝謝你，托尼，大家早安。第四季的財務表現超出了我們的預期，所有部門的 EBITDA 均連續成長。在美國，我們成功地將 48 個州的每日收入維持在第三季的強勁水平，同時，在採取了減少現場管理費用的措施後，我們的營運費用大幅下降。

Consequently, our daily margins improved materially rather than decreasing as we had anticipated. International drilling benefited from increased rig count in Colombia and Saudi Arabia, together with disciplined cost control across geographies. Drilling solutions delivered strong results well above our expectations, bolstered by year end sales of casing running tools as well as robust deployments of our software and data offerings.

因此，我們的每日利潤率大幅提高，而不是像我們預期的那樣下降。國際鑽探受益於哥倫比亞和沙烏地阿拉伯鑽機數量的增加，以及跨區域嚴格的成本控制。由於年底套管下入工具的銷售以及我們軟體和數據產品的穩健部署，鑽井解決方案取得了遠遠超出我們預期的強勁成果。

For rig technologies, we believe an upgrade and recertification cycle is developing as global rig count increases. The segment also overdelivered with strong year end shipments of rig components together with higher than expected equipment rentals and sales of spare parts. In addition, the margin mix of our revenue contributed favorably to the healthy fourth quarter result for the segment.

對於鑽機技術，我們認為，隨著全球鑽機數量的增加，升級和重新認證週期正在發展。該部門也超額交付，鑽機組件年底出貨量強勁，設備租賃和備件銷售高於預期。此外，我們收入的利潤率組合對該部門第四季度的健康業績做出了積極貢獻。

We expect the first quarter drilling activity in the Lower 48 markets to improve over fourth quarter levels, though at somewhat lower average pricing. We also anticipate that the international growth we have experienced should continue throughout 2024. Although we are forecasting positive trends for our drilling solutions and rig technologies to persist in the first quarter, we will miss the impact of the seasonal year end equipment sales.

我們預計 48 個州以下市場第一季的鑽探活動將比第四季的水平有所改善，但平均價格會有所下降。我們也預計，我們所經歷的國際成長將持續到 2024 年。儘管我們預測第一季鑽井解決方案和鑽機技術將持續呈現正面趨勢，但我們將錯過季節性年終設備銷售的影響。

For the full year 2023, revenue from operations totaled $3 billion. This compares to $2.65 billion for 2022, a 13% improvement year-over-year. NDS and Rig Technologies led the way with both delivering 24% growth. Our drilling rig segments also grew significantly. Lower 48 improved by 15% while international increased by 12%.

2023 年全年，營運收入總計 30 億美元。相比之下，2022 年為 26.5 億美元，年增 13%。NDS 和 Rig Technologies 處於領先地位，均實現了 24% 的成長。我們的鑽機業務也大幅成長。本土 48 州成長了 15%，而國際成長了 12%。

For the fourth quarter, revenue from operations was $726 million or 1% below the third, a slight decrease, reflecting a decline in US average rig count. This impact was partially offset by strong increases in drilling solutions as well as incremental rig count in Colombia and Saudi Arabia.

第四季營運收入為 7.26 億美元，比第三季下降 1%，略有下降，反映出美國平均鑽機數量下降。這種影響被哥倫比亞和沙烏地阿拉伯鑽井解決方案的強勁增長以及鑽機數量的增加部分抵消。

Revenue for our US drilling segment at $266 million was down $11 million or 4%. This decrease reflected a 3.4 rig reduction in our Lower 48 rig count. Daily revenue of $35,800 was up slightly versus the third quarter.

我們美國鑽井部門的收入為 2.66 億美元，下降了 1,100 萬美元，即 4%。這一減少反映了我們的 Lower 48 鑽機數量減少了 3.4 台。每日收入為 35,800 美元，較第三季略有成長。

Revenue from our international segment of $343 million remained essentially in line with the prior quarter. In Saudi Arabia, we successfully deployed the fifth newbuild rig and improved operating efficiency. In addition, two rigs restarted operations in Colombia. Revenue from this incremental activity was offset by a reduction in low margin reimbursable in certain geographies.

國際業務收入為 3.43 億美元，與上一季基本持平。在沙烏地阿拉伯，我們成功部署了第五座新建鑽井平台，提高了營運效率。此外，哥倫比亞的兩座鑽井平台已重新開始運作。這項增量活動的收入被某些地區可償還的低利潤率的減少所抵消。

Revenue from Nabors drilling solutions grew sequentially by $4.2 million, an increase of 6%. Despite lower rig count in the Lower 48, NDS demonstrated resilience by continuing to add third-party revenue and expanding its presence in international markets. Compared to the third quarter, NDS increased Lower 48 third party revenue by 8% and international revenue improved by 13%.

Nabors 鑽井解決方案的營收季增 420 萬美元，增幅為 6%。儘管 48 個州的鑽機數量較少，但 NDS 透過持續增加第三方收入並擴大其在國際市場的影響力，展現出了韌性。與第三季相比，NDS 在 48 個州的第三方收入成長了 8%，國際營收成長了 13%。

Rig technologies revenue decreased by $2.2 million or 3.5%, primarily due to lower capital equipment sales through the Nabors fleet. Nonetheless, we experienced a material increase in third party high margin rig component, rental and spare part sales.

鑽機技術收入減少了 220 萬美元，即 3.5%，主要是由於 Nabors 船隊的固定設備銷售減少。儘管如此，我們仍經歷了第三方高利潤鑽機組件、租賃和備件銷售的大幅成長。

Full year 2023 EBITDA reached $915 million, increasing by 29% from $709 million in 2022. This growth was spread across all of our segments. The improvement was primarily driven by significant daily margin expansion in both our drilling businesses and rig count expansion in international markets.

2023 年全年 EBITDA 達到 9.15 億美元，比 2022 年的 7.09 億美元成長 29%。這種增長遍布我們的所有部門。這項改善主要是由於我們的鑽井業務的每日利潤率大幅成長以及國際市場鑽機數量擴張所推動的。

NDS and Rig technologies also contributed meaningfully. Combined, these two businesses grew EBITDA by $43.6 million in 2023, a 38% improvement year-over-year. For the fourth quarter, total adjusted EBITDA was $230 million, $20 million higher than the third quarter and 9.6% improvement.

NDS 和 Rig 技術也做出了有意義的貢獻。2023 年，這兩項業務的 EBITDA 合計成長了 4,360 萬美元，較去年同期成長 38%。第四季調整後 EBITDA 總額為 2.3 億美元，比第三季增加 2,000 萬美元，成長 9.6%。

All of our segments contributed to the growth. Despite decreased Lower 48 activity, US Drilling EBITDA increased by $1 million or 1% compared to the prior quarter. This improvement was driven by the M-400's maintenance related downtime in the third quarter and higher daily margins in the Lower 48 market.

我們所有的部門都為成長做出了貢獻。儘管 48 個州的活動有所減少，但美國鑽探 EBITDA 與上一季相比仍增加了 100 萬美元，即 1%。這一改善是由於第三季 M-400 與維護相關的停機時間以及 Lower 48 市場每日利潤率的提高所推動的。

Lower 48 drilling rate EBITDA decreased by $1.2 million or 1.2% sequentially. Average rig count of 70.3 declined by 4.6%. Average daily rig margin of $16,240 was almost $400 higher than the prior quarter on a moderate increase in daily revenue and a $300 per day reduction in operating expenses.

下 48 個鑽探率 EBITDA 環比下降 120 萬美元，即 1.2%。平均鑽機數量為 70.3 台，下降 4.6%。平均每日鑽機利潤為 16,240 美元，比上一季高出近 400 美元，這得益於每日收入的適度增長以及每日運營費用 300 美元的減少。

The leading edge price environment continues to hold steady and our efforts to limit costs are proving effective. For the first quarter, we project our average daily rig gross margin at approximately $15,300. The expected sequential reduction reflects repricing of renewals as rigs roll to new contracts.

領先的價格環境繼續保持穩定，我們限製成本的努力被證明是有效的。對於第一季度，我們預計平均每日鑽機毛利率約為 15,300 美元。預期的連續減少反映了隨著鑽機轉入新合約而重新定價。

During the fourth quarter, our rig count was 70.3 on average and we exited the quarter at 74 rigs. We anticipate a high level of churn during the first quarter. Consequently, despite an underlying favorable trend in activity, we expect rig count in the first quarter to average between 73 and 75 rigs.

第四季度，我們的平均鑽機數量為 70.3 台，本季末的鑽機數量為 74 台。我們預計第一季的客戶流失率會很高。因此，儘管活動存在潛在的有利趨勢，但我們預計第一季的鑽機數量平均在 73 至 75 台之間。

On a net basis, Alaska and the US offshore businesses performed better than we anticipated. In the fourth quarter, the combined EBITDA of these two operations was $18.7 million, an increase of $2.2 million. EBITDA rebounded following third quarter planned maintenance on our M-400 rig in the Gulf of Mexico. The strong offshore results were partially offset by year end maintenance on two Alaska rigs. Combined EBITDA for Alaska and US offshore should increase between $1.5 million and $2 million in the first quarter driven by a rebound in Alaska activity and partly offset by a one rig drop offshore.

從淨值來看，阿拉斯加和美國離岸業務的表現優於我們的預期。第四季度，這兩項業務的 EBITDA 合計為 1,870 萬美元，增加了 220 萬美元。在墨西哥灣 M-400 鑽井平台第三季規劃維護後，EBITDA 出現反彈。強勁的海上業績被阿拉斯加兩座鑽井平台的年底維護部分抵消。在阿拉斯加活動反彈的推動下，第一季阿拉斯加和美國海上的綜合 EBITDA 應增加 150 萬至 200 萬美元，部分被海上鑽井平台的減少所抵消。

International EBITDA increased by $9.4 million and 9.7% to $105.5 million. Average rig count and average daily gross margin improved, largely driven by the additional three rigs deployed as well as by operating expense reductions and improved operational performance in Saudi Arabia.

國際 EBITDA 成長 940 萬美元，成長 9.7%，達到 1.055 億美元。平均鑽機數量和平均每日毛利率有所改善，這主要是由於沙烏地阿拉伯增加了三台鑽機以及營運費用的減少和營運績效的改善。

For the quarter, average rig count increased by 2.4 to 79.6 rig. Average daily gross margin came in at $16,650, up almost $900 from the third quarter. We project international average rig count in the first quarter to increase by approximately two rigs, driven by new build start-ups in Saudi Arabia and the commencement of our contract awards in Algeria. For average daily gross margins, we are targeting between $16,100 and $16,300. The anticipated sequential decrease, as compared to the fourth quarter, reflects potentially higher start-up costs for several rigs during the first quarter.

本季平均鑽孔機數量增加 2.4 台至 79.6 台。平均每日毛利率為 16,650 美元，比第三季增加近 900 美元。我們預計，在沙烏地阿拉伯新建新創公司和阿爾及利亞合約授予開始的推動下，第一季國際平均鑽機數量將增加約兩台。對於平均每日毛利率，我們的目標是在 16,100 美元到 16,300 美元之間。與第四季度相比，預期的環比下降反映了第一季多個鑽機的啟動成本可能較高。

Drilling solutions’ adjusted EBITDA grew by 13.4% to $34.5 million in the fourth quarter. Gross margin for NDS was 52.4%, up from 51.2%. We continue to see increased market penetration, particularly in third-party rigs and in international markets.

鑽井解決方案第四季調整後 EBITDA 成長 13.4%，達到 3,450 萬美元。NDS 的毛利率為 52.4%，高於 51.2%。我們繼續看到市場滲透率不斷提高，特別是在第三方鑽孔機和國際市場。

Internationally, NDS grew EBITDA by almost 10% sequentially. In the US, casing running and performance software drove robust growth. We expect first quarter EBITDA for drilling solutions to come in between $30 million and $31 million, primarily driven by the absence of seasonally high equipment sales.

在國際範圍內，NDS EBITDA 環比增長近 10%。在美國，下套管和性能軟體推動了強勁成長。我們預計第一季鑽井解決方案的 EBITDA 將在 3,000 萬至 3,100 萬美元之間，這主要是由於缺乏季節性高設備銷售所致。

NDS daily gross margin for the Lower 48 was $3,912, up 15% from the prior quarter. Our combined drilling rig and solutions daily gross margin reached $20,151, a 4.7% improvement. It is worth highlighting the NDS growth year-on-year. Comparing to full year 2022, NDS EBITDA increased by over 30%. NDS EBITDA contribution to Nabors as a whole also increased, while gross profit margin widened.

NDS 下 48 州的每日毛利率為 3,912 美元，較上一季成長 15%。我們的鑽孔機和解決方案組合每日毛利率達到 20,151 美元，提高了 4.7%。值得強調的是 NDS 的年成長。與2022年全年相比，NDS EBITDA成長了30%以上。NDS EBITDA 對 Nabors 整體的貢獻也有所增加，同時毛利率擴大。

Rig technologies generated EBITDA of $8.8 million, a 22% increase versus the third quarter. This growth was primarily related to high margin year end capital equipment shipments, rentals and spare part sales. I would also like to point out that our energy transition business has started to contribute meaningfully to our rig technologies’ EBITDA. We expect rig technologies’ EBITDA in the first quarter of $5 million to $6 million.

鑽孔機技術產生的 EBITDA 為 880 萬美元，較第三季成長 22%。這一增長主要與年終資本設備發貨、租賃和備件銷售的高利潤率有關。我還想指出，我們的能源轉型業務已開始為我們的鑽機技術 — EBITDA 做出有意義的貢獻。我們預計第一季鑽機技術的 EBITDA 為 500 萬至 600 萬美元。

Now turning to liquidity and cash generation. Overall, our 2023 EBITDA was historically strong. It is true, however, that last year we had a significant EBITDA showfall in our US segment driven by the market. And in Saudi Arabia, we delayed newbuild deployment. Notwithstanding these shortfalls totaling nearly $200 million in EBITDA, we still generated $111 million in free cash flow.

現在轉向流動性和現金產生。總體而言，我們 2023 年的 EBITDA 處於歷史最高水準。然而，去年在市場的推動下，我們美國業務的 EBITDA 確實出現了顯著的下降。在沙烏地阿拉伯，我們延後了新船的部署。儘管 EBITDA 缺口總計近 2 億美元，我們仍然產生了 1.11 億美元的自由現金流。

Other factors did affect our free cash flow in 2023. Our CapEx for the year at $553 million was higher than we had forecasted by about $70 million, most of the variance coming from Saudi Arabia. In addition, we incurred capital expenditures from incremental international awards that required significant upfront investment spent well before the corresponding EBITDA generation. Also, we purchased our operating base in Vaca Muerta, Argentina, as our activity in that basin continues to expand.

其他因素確實影響了我們 2023 年的自由現金流。我們今年的資本支出為 5.53 億美元，比我們的預測高出約 7,000 萬美元，其中大部分差異來自沙烏地阿拉伯。此外，我們也因增量國際獎勵而產生了資本支出，這些獎勵需要在相應的 EBITDA 產生之前就投入大量的前期投資。此外，隨著我們在阿根廷巴卡穆爾塔盆地的活動不斷擴大，我們購買了我們的營運基地。

Interest expense was also higher than we planned with rates increasing sharply during the year. Finally, working capital rather than being a tailwind, actually increased in the second half of the year as clients held on to their cash for longer likely driven by the higher interest rate environment.

利息支出也高於我們的計劃，年內利率急遽上升。最後，營運資金在下半年實際上有所增加，而不是順風，因為客戶可能會在利率上升的環境下更長時間地持有現金。

In terms of capital structure, we remained busy during 2023, addressing our debt maturity profile. During the year, we completed capital market transactions for a total of $900 million. Late in 2023, Nabors issued $650 million of senior priority guaranteed notes due in 2030.

在資本結構方面，我們在 2023 年仍然忙碌，解決我們的債務到期狀況。年內，我們完成資本市場交易總額達9億美元。2023 年末，Nabors 發行了 6.5 億美元的優先優先擔保票據，將於 2030 年到期。

During January of this year, we retired $630 million of our near term debt maturities, mainly our 2024 convertible debt and our 2025 senior unsecured notes. These transactions extend our next debt maturity into 2026.

今年 1 月，我們償還了 6.3 億美元的近期債務到期日，主要是 2024 年可轉換債務和 2025 年優先無擔保票據。這些交易將我們的下一個債務期限延長至 2026 年。

Free cash flow totaled $52 million for the fourth quarter. This result includes an increase in capital expenditures versus our projection and working capital headwinds. CapEx of $124.5 million in the fourth quarter fell by $32 million below the level of the preceding quarter, but was significantly higher than our target mainly in Saudi Arabia. This amount included investments for the SANAD newbuild program of $42.9 million.

第四季自由現金流總計 5,200 萬美元。這結果包括資本支出相對於我們的預測和營運資本逆風的增加。第四季資本支出為 1.245 億美元，比上一季的水準下降了 3,200 萬美元，但明顯高於我們主要在沙烏地阿拉伯的目標。這筆金額包括 SANAD 新建案的 4,290 萬美元投資。

For the first quarter of 2024, we expect capital expenditures of approximately $170 million to $180 million, including $50 million for SANAD newbuild. This should be the high water quarterly mark for the year. We will refrain from providing annual free cash flow and CapEx guidance at this point. We're currently considering a total of eight additional international tenders.

2024 年第一季度，我們預計資本支出約為 1.7 億至 1.8 億美元，其中 SANAD 新建案的資本支出為 5,000 萬美元。這應該是今年的季度高水位。目前我們將不提供年度自由現金流和資本支出指導。我們目前正在考慮總共八項額外的國際招標。

In conclusion, the fourth quarter had many positives. First, our EBITDA rebounded close to the levels of the first half and was significantly above our expectations. Second, the Lower 48 was higher than we expected and very strong price and cost performance. We are seeing increasing rig count in that market with stability in leading edge pricing.

總而言之，第四季度有很多積極因素。首先，我們的 EBITDA 反彈至接近上半年水平，並顯著高於我們的預期。其次，Lower 48的價格高於我們的預期，而且性價比非常強。我們看到該市場的鑽機數量不斷增加，且前沿價格保持穩定。

Third, international rig count increased and margins were also significantly stronger than expected, almost $900 over the prior quarter. Fourth, NDS was strong on international and third party sales with our gross margin profitability expanding. Fifth, rig technologies also grew with signs that an upgrades rectification cycle is commencing and with encouraging performance from our [ETE] business.

第三，國際鑽機數量增加，利潤率也明顯高於預期，比上一季接近 900 美元。第四，NDS 在國際和第三方銷售方面表現強勁，毛利率不斷擴大。第五，鑽孔機技術也有所成長，有跡象顯示升級整改週期正在開始，並且我們的 [ETE] 業務表現令人鼓舞。

And finally, I can say that the future bodes well with double-digit international revenue growth expected in 2024 and a base being built for further Lower 48 recovery. This improved drilling environment and further progress on our market penetration strategies should also continue to drive improved results for drilling solutions and rig technologies.

最後，我可以說，未來前景良好，預計 2024 年國際收入將實現兩位數成長，並且正在為 48 個州進一步復甦奠定基礎。鑽井環境的改善和我們市場滲透策略的進一步進展也應繼續推動鑽井解決方案和鑽機技術取得更好的成果。

Although, at this point we will not provide annual guidance, we expect Lower 48 rig count to recover throughout the year from the 2023 quarterly average. Our full year 2024 average should end up somewhere close to our average for the full year 2023.

儘管目前我們不會提供年度指導，但我們預計 Lower 48 鑽機數量將在全年恢復到 2023 年季度平均值。我們 2024 年全年的平均值最終應接近 2023 年全年的平均值。

International average rig count should increase by somewhere between 7 and 10 rigs, depending on timing of deployments. We also expect drilling solutions and rig technologies to increase significantly as compared to 2023. And during 2024, we expect to deliver a significant sequential increase in free cash flow. And of course, we are planning to allocate this cash generation towards reducing our net debt.

國際平均鑽機數量應增加 7 至 10 台，視部署時間而定。我們也預計鑽井解決方案和鑽機技術與 2023 年相比將大幅增加。2024 年，我們預期自由現金流將顯著持續成長。當然，我們計劃將產生的現金分配用於減少我們的淨債務。

With that, I will turn the call back to Tony for his concluding remarks.

接下來，我將把電話轉回給托尼，讓他作總結發言。

Thank you, William. I will now conclude my remarks this morning. As we look ahead, we see significant opportunities. As mentioned previously, we have enhanced seven rig startups in 2024, which, combined with [partial starts] in 2023 will yield sizable EBITDA contributions in 2024.

謝謝你，威廉。我現在結束今天上午的演講。展望未來，我們看到了巨大的機會。如前所述，我們在 2024 年增強了 7 家鑽機新創公司的實力，再加上 2023 年的[部分啟動]，將在 2024 年產生可觀的 EBITDA 貢獻。

Looking ahead, we still have in our pipeline additional opportunities which we are evaluating. Those markets include Algeria, Kuwait, Argentina, and one more rig in a market in the Eastern Hemisphere. That totals eight rigs in these markets. On top of these eight, we have committed orders for seven more rigs in Saudi Arabia in 2025 and 2026. Altogether, these add up to 15 incremental opportunities on top of the seven committed rigs for 2024.

展望未來，我們仍在評估更多機會。這些市場包括阿爾及利亞、科威特、阿根廷以及東半球市場的另一台鑽孔機。這些市場上總共有八台鑽孔機。除了這八台鑽孔機外，我們還承諾在 2025 年和 2026 年在沙烏地阿拉伯訂購另外 7 台鑽孔機。除了 2024 年承諾的 7 個鑽孔機之外，這些總共增加了 15 個增量機會。

We believe it is imperative to use our strong geographical position to take advantage of these favorable market opportunities. The Nabors portfolio is uniquely positioned to take advantage of multiyear contracts with attractive returns in international markets.

我們相信，必須利用我們強大的地理位置來利用這些有利的市場機會。Nabors 投資組合具有獨特的優勢，可以利用在國際市場上獲得有吸引力回報的多年合約。

Ultimately, when combined with the prospects for our NDS business, this is one of the most attractive environments we've seen in years. This concludes our remarks today. Thank you for your time and attention.

最終，結合我們 NDS 業務的前景，這是我們多年來見過的最具吸引力的環境之一。我們今天的演講到此結束。感謝您的時間和關注。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions) Kurt Hallead, Benchmark.

（操作員指示）Kurt Hallad，基準。

Thanks for that thorough assessment. So Tony, I'm really curious in the context you’re right, it looks like there's this continued growth wedge between international and the US. And you kind of laid out how you think things are going to run. So when you think about the opportunities outside of Saudi, there's always been -- seems to have always been something that kind of get in a way that impede timing or startup, or something along those lines. So just kind of curious on how you think about that with respect to that 7 to 10 rig increase that you're thinking out through 2024 and what could be some of the risk factors again outside of Saudi?

感謝您的全面評估。所以東尼，我真的很好奇，你是對的，國際和美國之間似乎存在著持續成長的鴻溝。你也闡述了你認為事情會如何進行。因此，當你想到沙烏地阿拉伯以外的機會時，你會發現，似乎總是存在某種阻礙時機或啟動的因素，或類似的因素。因此，我想知道您如何看待您正在考慮的到 2024 年增加 7 到 10 台鑽機的計劃，以及沙烏地阿拉伯以外的一些風險因素是什麼？

Let's break it down first. So just to put it in context, because you mentioned outside Saudi, in the last half of 2023, we actually added five rigs internationally. One in the UAE and two in Colombia in addition to the two newbuilds in Saudi Arabia. So that's where -- how we closed out the year.

我們先來分解一下。綜上所述，因為您提到在沙烏地阿拉伯以外的地區，2023 年下半年，我們實際上在國際上增加了 5 台鑽機。除了沙烏地阿拉伯的兩艘新船外，一艘在阿聯酋，兩艘在哥倫比亞。這就是我們結束這一年的方式。

Then for this year, as I mentioned, we have seven rigs, which three are for Saudi and four are for Algeria actually. And Algeria is a market we've known real well. Canrig has a great presence in that market as well, still on the track. The -- and the state drilling companies are actually a big customer as well of Canrig. So we have a good infrastructure. So we're pretty confident in our ability to get out there. And as I said, these three newbuilds, three of those four we’re expecting to hit this first quarter. So -- and I think the organization has been looking at this for a long time, so it's well loyal to address that.

今年，正如我所提到的，我們有七個鑽井平台，其中三個用於沙特，四個實際上用於阿爾及利亞。阿爾及利亞是我們非常熟悉的市場。Canrig 在該市場也佔有重要地位，而且仍在發展中。事實上，國營鑽井公司也是 Canrig 的大客戶。所以我們有良好的基礎設施。所以我們對我們走出去的能力非常有信心。正如我所說，這三艘新船，我們預計將在第一季推出這四艘新船中的三艘。所以——我認為該組織長期以來一直在關注這個問題，所以它非常忠誠地解決這個問題。

So that's seven rigs committed for 2024 clearly and that's locked in. And then as I said on the call, we have an additional committed orders for seven rigs. This is not just -- I maybe misspoke a little to call them opportunities. There are actually seven more rigs committed by Aramco for 2025 and 2026. So when you add those together that means over the next two years with a little bleeding over depending on timing for that seven of the newbuilds into early 2026, you've got 14 rigs going there.

因此，明確承諾在 2024 年建造 7 個鑽孔機，並且已經鎖定。正如我在電話中所說，我們還有七台鑽孔機的額外承諾訂單。這不僅僅是——我可能說錯了一點，稱它們為機會。實際上，阿美公司也承諾在 2025 年和 2026 年建造 7 個鑽井平台。因此，當你把這些加在一起時，這意味著在接下來的兩年裡，根據 2026 年初這 7 艘新船的建造時間，會有一點出血，你將有 14 艘鑽機在那裡建造。

The organization -- on the Saudi side, we've actually reinforced that organization really well. We've added some people from Houston over there to help them with all the stuff that's been going on. And we have a pretty good feeling now for -- that we have our arms around the scaling up what needed to make sure that's all successful, which then has led us to reorganize for the rest of the company to focus on some of these key markets that you're referring to.

在沙特方面，我們實際上已經很好地加強了該組織。我們已經從休斯頓增加了一些人來幫助他們處理正在發生的所有事情。我們現在有一種非常好的感覺——我們已經全力擴大所需的規模，以確保一切成功，這導致我們對公司的其他部門進行重組，以專注於其中一些關鍵市場你指的是。

So that's one of those other key markets. Those key markets, remember, if I back to my conference call last quarter, I listed off out 10, 12 markets. And those markets today still have about 50 tender opportunities. 50 tender opportunities. And what we're doing now is we're trying to streamline our focus in our slide deck on the website, I think it refers to 12 opportunities. But I would say, in my remarks, I refer to eight. So really, it's eight of the short list of 12 that we're focused on.

這是其他關鍵市場之一。請記住，如果我回到上個季度的電話會議，我列出了 10 個、12 個市場。如今這些市場仍有約 50 個招標機會。 50 個投標機會。我們現在正在做的是，我們正在努力簡化網站幻燈片中的重點，我認為它指的是 12 個機會。但我想說，在我的發言中，我指的是八個。事實上，這是我們重點關注的 12 個候選名單中的 8 個。

And one of the things we're focused on when we do that is obviously what you just said to make sure that we actually can deliver from an execution point of view. So these selections will be both a function of the economics as well as our ability to make sure we get it on board as much and as quickly and as efficiently as possible. That is all part of our logic in evaluating the stuff right now.

當我們這樣做時，我們關注的事情之一顯然就是你剛才所說的，以確保我們實際上可以從執行的角度交付。因此，這些選擇既取決於經濟狀況，也取決於我們確保盡可能多、盡可能快、盡可能有效率地參與其中的能力。這就是我們現在評估這些東西的邏輯的一部分。

But I think the big message here is I think we have a unique geographical position and portfolio. I mean we're the only one that has such a balance between a huge percentage in the US and internationally, and we want to exploit this position as much as possible, taking advantage of what everyone has recognized as a clear secular uptrend in international. So that's the thinking, if that helps you.

但我認為這裡最重要的訊息是我認為我們有獨特的地理位置和投資組合。我的意思是，我們是唯一一家在美國和國際市場之間保持巨大比例的平衡的公司，我們希望盡可能地利用這一地位，利用每個人都認為國際市場明顯的長期上升趨勢。這就是想法，如果這對你有幫助的話。

No, that's really helpful. Now, the second element of the question, right, you referenced the quarterly survey that you do with E&P companies. And again, if I heard you correctly, you referenced that those companies would effectively exit 2024 flat with year end 2023, which, from this point, would effectively represent no change in overall drilling activity.

不，這真的很有幫助。現在，問題的第二個要素，對吧，你提到了你對勘探與生產公司所做的季度調查。再說一遍，如果我沒聽錯的話，您提到這些公司實際上將在 2024 年退出，並在 2023 年年底持平，從這一點來看，這實際上意味著整體鑽探活動沒有變化。

However, you referenced that you expect your rig count in 2024 in the US to average the same as it did in 2023, which by math would infer you're going to add anywhere around 8 to 10 rigs between now and year-end. So the question is, are you displacing other contractors if the overall rig market is not expected to grow?

然而，您提到，您預計 2024 年美國的鑽機數量平均與 2023 年相同，從數學上看，您將在現在到年底之間添加大約 8 到 10 台鑽機。所以問題是，如果整個鑽孔機市場預計不會成長，您是否會取代其他承包商？

Right. So let me put it this way. We get paid for doing better, right? So that's what we have to do better. And I think one of the things in this market that goes sideways is the operators now -- you're not as excited about things. And so everyone has -- is going to be focused on improving what they're doing. And so that means technology and that means also maybe upgrading your service providers.

正確的。讓我這樣說吧。我們因做得更好而獲得報酬，對嗎？所以這就是我們必須做得更好的事情。我認為這個市場中正在橫行的事情之一是現在的營運商——你對事情不再那麼興奮。所以每個人都會專注於改進他們正在做的事情。因此，這意味著技術，也意味著可能升級您的服務提供者。

So I think with the churn going on, I think it will provide us an opportunity and some of our big competitors as well to upgrade the position. And that's what we're referring to, that's what we're going to intend to play into, because we think there will be that opportunity. If you listen to the guys that have recently done the big acquisition, in particular, the good news is that those acquisitions show that there's long term value in the US, and they need to make money and it's all powered them to make money, which is good for us.

因此，我認為隨著客戶流失的持續，我認為這將為我們和我們的一些大競爭對手提供提升地位的機會。這就是我們所指的，這就是我們打算參與的，因為我們認為會有這樣的機會。如果你聽聽那些最近完成了大型收購的人的聲音，特別是，好消息是這些收購表明美國有長期價值，他們需要賺錢，而這一切都推動他們賺錢，這對我們有好處。

But the benefit to us is that with this consolidation stuff that's going on, that means they're going to turn to bigger players to help execute that. And that's what we're -- and that's hopefully, what we're going to plan on playing to.

但對我們來說的好處是，隨著這種整合的進行，這意味著他們將轉向更大的參與者來幫助執行這項任務。這就是我們的目標──希望這也是我們計畫的目標。

And then if you listen to the remarks of some of the CEOs of these companies, the next play for really them getting their economics going is the better technology, better technology on the wellbore as was as intelligent completions. And so we think we have a unique portfolio that help us address both of those things with our DrillView technology, et cetera, that we have.

然後，如果你聽聽這些公司的一些執行長的言論，你會發現，真正讓他們的經濟發展的下一個目標是更好的技術，更好的井眼技術，就像聰明完井一樣。因此，我們認為我們擁有獨特的產品組合，可以幫助我們利用我們擁有的 DrillView 技術等解決這兩個問題。

And also the longer laterals that -- you have one super major really buying into that others haven't yet got there in large part because they don't have the acreage to do it. But Nabors is unique in terms of our capacity to do that. I think today, I don't want to say that is not true, but I think we do have the longest lateral out there. I think it was something like 32,900 feet for Exxon, it was -- with the total measured depth, I think the lateral was like more than 22,000 feet.

還有更長的支線——你有一個超級大公司真正購買了其他公司尚未達到的水平，很大程度上是因為他們沒有足夠的面積來做到這一點。但納伯斯在這方面的能力是獨一無二的。我想今天，我不想說這不是真的，但我認為我們確實擁有最長的側線。我認為埃克森美孚的深度約為 32,900 英尺，根據總測量深度，我認為橫向深度約為 22,000 英尺。

And so our top drive and the rest of our equipment is really poised to handle that racking capacity and other things. So that's what gives me some confidence. Now obviously, I need the market to break well, I need some break to get to that number, but we're sitting -- that's the objective for the management here to try to make that happen. But you're right, it's a heavy lift and I don't want to -- but we're putting out there, that's our aspiration for the year to try to gain in that fashion. Does that make sense to you?

因此，我們的頂驅和其他設備確實已經做好了處理貨架容量和其他事情的準備。所以這給了我一些信心。現在顯然，我需要市場良好突破，我需要一些休息才能達到這個數字，但我們正在坐下來——這是管理層努力實現這一目標的目標。但你是對的，這是一項艱鉅的任務，我不想——但我們正在努力，這是我們今年的願望，試圖以這種方式取得成果。這對你來說有意義嗎？

Derek Podhaizer, Barclays.

德里克·波德海澤，巴克萊銀行。

Appreciate the comments around Saudi's recent announcement, and I understand that it should not affect your new build program. But what about from what we heard as far as potentially slowing down existing activity. Would there be a threat to the cadence of your rig deployments and how you've previously got around on a quarter as the first three charges awarded? But should -- is there any threat that that can get stretched out from where you stand today?

感謝圍繞沙烏地阿拉伯最近公告的評論，我理解它不應該影響您的新建設計劃。但從我們所聽到的情況來看，現有活動可能會放緩。是否會對您的鑽孔機部署節奏以及您之前在前三項費用授予時的季度表現產生威脅？但是，從你今天的立場來看，是否有任何威脅？

The short answer is no, but let me give you some reasons why I get there. So let's put everything in context here. There's 210 rigs -- land rigs working to Saudi and 87 offshore rigs. The conventional oil and gas account for 73% of the market. The unconventional accounts for about 10% of the market, and there's 22 unconventional rigs working today.

簡短的回答是否定的，但讓我給你一些我到達那裡的原因。因此，讓我們將所有內容放在上下文中。有 210 個鑽井平台——為沙烏地阿拉伯工作的陸地鑽井平台和 87 個海上鑽井平台。常規石油和天然氣佔73%的市佔率。非常規鑽機約佔市場的 10%，目前有 22 台非常規鑽機正在運作。

Now, in process today right now is awards by Aramco for 2024 and 2025 for 20 additional rigs, and you've heard some other announce some awards that may be playing to that. So those 20 are in process and we have not seen any sign that any of those changes are going to be impacted. And the reason for that is twofold. Again, I can't predict what really is going on there. But our impression is there's a growing domestic consumption that natural gas is needing to solve for. And then, of course, the attraction of having a burgeoning export market. And those two things are not affected by the capacity issue you've heard about.

現在，沙烏地阿美公司正在為 2024 年和 2025 年另外 20 個鑽井平台授予獎項，您也聽說過其他一些公司宣布了一些可能與此相關的獎項。這 20 項正在實施中，我們沒有看到任何跡象表明這些變化會受到影響。其原因是雙重的。再說一遍，我無法預測那裡到底發生了什麼事。但我們的印像是，國內消費不斷成長，天然氣需要解決這個問題。當然，還有蓬勃發展的出口市場的吸引力。這兩件事不會受到您聽說過的容量問題的影響。

Now SANAD currently operates 48 rigs and more than 75% of them are gas directed. And in fact, this year, the only two rigs we have up for renewal are two gas-directed rigs. So for this year, we're looking pretty good. The newbuild program that you referred to, of course, was done back when we did the joint venture more than five years ago. And it's part of a longer term industrial policy for the Kingdom, part of 2030, and those long term policies are sort of like act of God. Once they're in place, they're hard to move, they’re like dirt barges. So I really don't see things changing.

目前，SANAD 營運 48 座鑽井平台，其中 75% 以上是天然氣鑽井平台。事實上，今年，我們僅有的兩個需要更新的鑽孔機是兩台天然氣鑽孔機。所以今年，我們看起來相當不錯。當然，你提到的新建案是五年多前我們合資時就完成的。這是王國長期產業政策的一部分，是 2030 年的一部分，而這些長期政策有點像天災。一旦它們就位，就很難移動，就像土駁船一樣。所以我真的沒有看到事情改變。

Will it affect some cadence? Yeah, I'm sure, over time, depends on what happens. It could be some cadence about whether it's four rigs or five rigs, which is the target per year, that could get affected. But we have not heard anything. We haven't heard anything that affects any of the rollout so far at all.

會影響一些節奏嗎？是的，我確信，隨著時間的推移，取決於會發生什麼。每年的目標是四台鑽孔機還是五台鑽孔機，這可能會受到影響。但我們還沒有聽到任何消息。到目前為止，我們還沒有聽到任何影響任何推出的消息。

So today, as you know, we have five rigs, newbuilds that are on the ground working. We have 45 to go. Our view is that this is an unparalleled growth opportunity that we're just beginning to see the fruits of. And we think when realized, what the numbers are, this thing could approach $500 million in EBITDA just from these [intended] rigs when all 50 of them are on board.

所以，正如你所知，今天我們有五台新建造的鑽井平台正在地面工作。我們還有 45 場比賽要走。我們認為，這是一個無與倫比的成長機會，我們才剛開始看到其成果。我們認為，當意識到這些數字是多少時，當所有 50 台鑽機全部上船時，僅從這些[預期的]鑽機中獲得的 EBITDA 就可能接近 5 億美元。

So it's a huge thing that we're playing to and that's why we're spending the capital to do it, which obviously is truing into our free cash flow. We spent quite a bit -- a little bit more than planned for this year because of timing issues. But we think it's a play in a unique market and we have a very unique position that we need to take advantage of and exploit as much as possible. And so we're really happy that Aramco has been part and parcel, has been a great partner along the way. And as I said, we haven't seen any second guessing of this at all.

所以這是我們正在做的一件大事，這就是我們花費資本來做這件事的原因，這顯然會影響我們的自由現金流。由於時間問題，我們今年花了很多錢——比計劃多一點。但我們認為這是在一個獨特的市場中進行的遊戲，我們擁有非常獨特的地位，我們需要盡可能地利用和開發。因此，我們非常高興阿美公司一直是重要的組成部分，一直是我們一路走來的偉大合作夥伴。正如我所說，我們根本沒有看到任何對此的猜測。

I appreciate all the detail, that is very helpful. Just switching over to the US. So you talked about the dynamic of repricing your rigs lower down the current market rates, which is putting some pressure on your first quarter margins. You've also talked about how current rates are remaining steady. So maybe just expand on that churn as your higher priced rigs go down to the current market rates? And maybe when should that spread narrow from what you see in your blended average versus where we are at current rates, and then maybe talk about contracted versus spot exposure across the fleet today?

我很欣賞所有的細節，這非常有幫助。剛轉去美國。因此，您談到了將鑽機重新定價為低於當前市場價格的動態，這給您第一季的利潤率帶來了一些壓力。您還談到了當前利率如何保持穩定。那麼，當您價格較高的鑽孔機價格下降到當前的市場價格時，也許只是擴大這種流失？也許什麼時候這個差距應該從你在混合平均中看到的與我們目前的水平相比縮小，然後也許可以談談今天整個船隊的合約暴露與現貨暴露？

Well, let me start. Yeah, I think our guidance for the first quarter does reflect some continued churn and the current market pricing. Let me first comment by basin, just give you a feel for the market, maybe that makes sense.

好吧，讓我開始吧。是的，我認為我們對第一季的指導確實反映了一些持續的客戶流失和當前的市場定價。我先按盆地來評論一下，給大家感受一下市場，也許是有道理的。

West Texas, I would describe the rate of churn as high and activity level is down. South Texas, I would call the churn low and activity flat. East Texas, I would call the churn medium, activity down. Northeast, I'd call that low and activity flat. And North Dakota, I'd say, low but activity flat, but Nabors recent activity had some upturns there.

西德克薩斯州，我將客戶流失率描述為高，而活動水平下降。德州南部，我認為客戶流失率較低，活動持平。德州東部，我稱之為流失中等，活動下降。東北，我認為這是低水平和活動平淡。我想說的是，北達科他州的經濟活動較低，但活動持平，但納博斯最近的活動有所改善。

44% of our rigs are in West Texas. And so that does affect the overall thinking in terms of -- we got to be concerned about churn given that market today, and that's why you see the numbers where we are. I think there’s two positives in our numbers. The first is that our customers has shifted more to public operators from last year. So year end, this year, we're exiting -- around 72% of our client base is public versus 61 before.

我們 44% 的鑽孔機位於德州西部。因此，這確實影響了整體思維——考慮到當今的市場，我們必須擔心客戶流失，這就是為什麼你看到我們現在的數字。我認為我們的數據有兩個積極的方面。首先是我們的客戶從去年開始更多地轉向公共營運商。今年年底，我們將退出——大約 72% 的客戶群是公眾客戶，而之前則是 61%。

And then the second point is our gas rig count change mix has changed. It was 30% in early 2023 and we're down to 14% today. So I think our guidance reflects the fact that to deal with that and to maintain a disciplined approach on selection of the jobs and pricing and find customers that also -- that we can share our journey to on technology as well technology deployment, which is key to us realizing even better returns.

第二點是我們的天然氣鑽機數量變化混合已經改變。2023 年初這一比例為 30%，如今已降至 14%。因此，我認為我們的指導反映了這樣一個事實：為了解決這個問題，在工作選擇和定價方面保持嚴格的方法，並尋找客戶，我們可以分享我們的技術和技術部署之旅，這是關鍵幫助我們實現更好的回報。

And as you know, when you measure us for returns, you got to make sure you add the NDS margin per rig to the base drilling margin. When you do that NDS margin this last quarter is $3,900 and you add that to the margin of over $20,000 per rig, which I think is pretty good in this market. And so the goal is try to maintain our outperformance and to try to select customers that play into those factors I just talked about. That make any sense?

如您所知，當您衡量我們的回報時，您必須確保將每台鑽機的 NDS 利潤添加到基礎鑽井利潤中。當您計算 NDS 上個季度的利潤為 3,900 美元時，您將其添加到每台鑽機超過 20,000 美元的利潤中，我認為這在這個市場上相當不錯。因此，我們的目標是努力保持我們的卓越表現，並嘗試選擇能夠發揮我剛才談到的這些因素的客戶。這有什麼意義嗎？

It does. And then maybe just quickly on the narrowing of your blended revenue per day and then just where the current spot is, like just as we think about the churn through the year, how is that going to narrow, maybe how wide it is now just as (Multiple Speakers)

確實如此。然後也許很快就會縮小每天的混合收入，然後就是目前的位置，就像我們考慮一年中的流失一樣，它會如何縮小，也許現在有多寬，就像（多位發言者）

Yeah. I'll let Bill give you more color.

是的。我會讓比爾給你更多的色彩。

So I think the latest contracts that we are signing are somewhere a couple of thousand dollars in terms of revenue per day beyond where the blended average is. Now we do have a ton of contracts that are locked in already. I would say, 30% have a lot of term on them remaining. So the other 70 are basically exposed to where the leading edge day rates are over the next six months or so. So average, that's why we are forecasting a reduction in about $1,000 per day in the first quarter.

因此，我認為我們正在簽署的最新合約每天的收入超出了混合平均水平幾千美元。現在我們確實已經鎖定了大量合約。我想說，30% 的人還有很多任期。因此，其他 70 個基本上都面臨著未來六個月左右的前沿日費率。平均而言，這就是我們預測第一季每天減少約 1,000 美元的原因。

At this point, we're not ready to look at the second quarter, but we think that prices have steadied and we are even managing to get leading edge prices in some cases that were higher than the prior contracts. So we think we're in a good situation right now.

目前，我們還沒有準備好關注第二季度，但我們認為價格已經穩定，在某些情況下我們甚至設法獲得高於先前合約的領先價格。所以我們認為我們現在的情況很好。

But undoubtedly, because of where our revenue per day and in fact, the fourth quarter was a bit of a surprise to us and how well we managed to renew our contracts and maintain the day rates at a pretty high level, but we do think we'll see some deterioration in the first quarter. And we would hope that the second we see some stability for the average day rate or the average revenue per day, so that's how we're seeing the narrowing happening sometime and crossing over, I guess, sometime in the second quarter.

但毫無疑問，由於我們每天的收入，事實上，第四季度對我們來說有點意外，以及我們如何成功地續約合約並將日費率維持在相當高的水平，但我們確實認為我們第一季度會出現一些惡化。我們希望第二次我們看到平均日費率或平均每日收入有一定的穩定性，所以這就是我們看到收縮發生在某個時候並交叉的方式，我想是在第二季度的某個時候。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

My question relates to free cash flow. And that's the number question I'm getting from clients right now. You've not given guidance for free cash flow for 2024. Is that because you're not sure of any additional contract wins internationally, or anything on what's driving the reason or what's the reason behind not providing guidance?

我的問題涉及自由現金流。這就是我現在從客戶那裡得到的數字問題。您尚未給出 2024 年自由現金流的指導。這是因為您不確定是否會在國際上贏得任何額外的合同，或者不確定是什麼原因導致的，或者不提供指導的原因是什麼？

We're not providing guidance. I'll address that first because it's still very early in the year and we do have a very meaningful amount of contracts that are being negotiated and vendors outstanding, as Tony mentioned. And those can have a significant impact on EBITDA, but also on CapEx.

我們不提供指導。我首先要解決這個問題，因為現在還很早，正如托尼提到的，我們確實有大量正在談判的合約和優秀的供應商。這些不僅會對 EBITDA 產生重大影響，也會對資本支出產生重大影響。

So before we get the outcomes of those contracts, we feel it's a bit premature to go out on a free cash flow for the year. But if you're referring to the fourth quarter, also, you mentioned that some clients are asking about it. What I'm focusing on is that our underlying cash flow generation, Waqar, was very strong from our operations. In fact, the underlying cash flow was strong and remained strong.

因此，在我們獲得這些合約的結果之前，我們認為現在就確定今年的自由現金流還為時過早。但如果你指的是第四季度，你也提到一些客戶正在詢問這個問題。我關注的是我們的營運產生的潛在現金流量 Waqar 非常強勁。事實上，基礎現金流強勁且持續強勁。

Now we did have some unplanned items that fell in the fourth quarter. So if I focus just on the fourth quarter, the biggest shortfall was really working capital, Waqar, and that was about $50 million versus what we forecast. The working capital was higher. $40 million of that was our accounts receivable. We were planning to reduce our accounts receivable inventories for the quarter, but those increased during the fourth quarter mostly in worst collections than we targeted.

現在我們確實有一些計劃外的項目在第四季度下降了。因此，如果我只關注第四季度，最大的缺口實際上是營運資金，Waqar，與我們的預測相比，約為 5000 萬美元。營運資金較高。其中 4000 萬美元是我們的應收帳款。我們原計劃減少本季的應收帳款庫存，但第四季應收帳款庫存的增加主要是在收款情況比我們的目標最差的情況下。

So the US was the main driver, but it was not the only one, by the way. We really have had a tougher time in the second half of this year collecting from our customers. I do suspect that interest rates have something to do with this. Nonetheless, it is true we need to adjust to this environment and find a way to bring this DSO down, and we are planning to do that to bring the DSO back to the records we had in the first half.

因此，美國是主要驅動力，但順便說一句，它並不是唯一的驅動力。今年下半年，我們確實在向客戶收取費用方面遇到了困難。我確實懷疑利率與此有關。儘管如此，我們確實需要適應這種環境，並找到一種方法來降低 DSO，我們計劃這樣做，讓 DSO 回到我們上半年的記錄。

So I think that with the -- [largely], shortfall CapEx was also an issue this quarter, about $30 million to $40 million more than we targeted, all of that in Saudi Arabia. I think about $30 million of that was really legacy rigs. In Saudi Arabia, we will have about 20 rigs going through their four year recertification. In Saudi Arabia that's a massive undertaking, because it's not only the rig but all the related equipment. And a lot of equipment after four years needs to be replaced, refurbished and upgraded.

因此，我認為，[很大程度上]，資本支出短缺也是本季的問題，比我們的目標高出約 3,000 萬至 4,000 萬美元，所有這些都發生在沙烏地阿拉伯。我認為其中大約 3000 萬美元是真正的遺留鑽孔機。在沙烏地阿拉伯，我們將有大約 20 個鑽井平台進行為期四年的重新認證。在沙烏地阿拉伯，這是一項艱鉅的任務，因為它不僅涉及鑽孔機，還涉及所有相關設備。而且很多設備四年後就需要更換、翻新和升級。

So we are preparing for that and we have ordered required components to make sure we minimize the downtime related to this certification process. So I think AFEs for these certifications are about $1.5 million per rig, Waqar. So we had expected our suppliers to get this material ready at the beginning of the first quarter. But based on our client schedules and requests, we have to move out some of the deliveries of these items, and that hit us pretty bad in the fourth quarter. So that was the lion's share of the CapEx hit.

因此，我們正在為此做好準備，並且已經訂購了所需的組件，以確保最大限度地減少與此認證過程相關的停機時間。因此，我認為這些認證的 AFE 約為每台設備 150 萬美元，Waqar。因此，我們預計供應商會在第一季初準備好這種材料。但根據我們的客戶時間表和要求，我們必須移出這些物品的部分交付，這對我們第四季的打擊相當嚴重。所以這是資本支出衝擊最大部分的部分。

Again, that's something that we would have had to absorb anyway. So it's not like an extra incremental CapEx, but it did hit us in the fourth quarter. And you may remember that we issued senior notes in November. So between fees and some carry on the cash for a bit more than a month, we had an extra outflow of about $50 million or so for the fourth quarter. So basically, if you add all that up, it's about a $100 million shortfall, but half of that is really accounts receivable.

再說一遍，這是我們無論如何都必須吸收的東西。因此，這不像是額外的增量資本支出，但它確實在第四季度給我們帶來了打擊。您可能還記得我們在 11 月發行了優先票據。因此，在費用和一些保留現金一個多月的時間之間，我們第四季度的額外流出約為 5000 萬美元左右。所以基本上，如果把所有這些加起來，大約有 1 億美元的缺口，但其中一半實際上是應收帳款。

And that's where we -- and inventory is and that's the area of focus for us for 2024. So we do have to get better at adjusting to the customers' attempts to keep their cash, and we have a plan for materially reducing our inventory. So we expect those to have a very positive impact in 2024.

這就是我們的目標——庫存所在，也是我們 2024 年的重點領域。因此，我們確實必須更好地適應客戶保留現金的嘗試，並且我們有一個大幅減少庫存的計劃。因此，我們預計這些將在 2024 年產生非常積極的影響。

I hope that answers your question, Waqar.

我希望這能回答你的問題，Waqar。

Thank you for that great detail. It's really helpful. Just on 2024 CapEx, are you prepared to provide just the book ends on the kind of range? And I'm sure it's a pretty wide range, because reactivations can be quite costly internationally. But maybe a broad range of if you don't get a contract, where it could be, and if you get additional then where it could go?

謝謝你提供這麼詳細的資訊。這真的很有幫助。就 2024 年資本支出而言，您準備好只提供本書結尾的範圍嗎？我確信這是一個相當廣泛的範圍，因為在國際上重新激活的成本可能相當高。但也許範圍很廣，如果你沒有得到合同，它可能在哪裡，如果你得到額外的合同，它會去哪裡？

We have our Board meeting today, and I mean starting today until Friday. So we're going to -- obviously, these are important items right now. Because as you well know, CapEx and free cash is a very important topic for us, as you well pointed out. So until we have the Board blessing on what we can actually focus on and what they're going to basically give us a green light to go for, I think giving some very wide range like a range that's $50 million, $60 million different is not very useful at this point. So I think we're going to -- I'll just say that we expect our CapEx to be a bit higher next year than it was this year. That's all I will say at this point. So that's --

我們今天召開董事會會議，我的意思是從今天開始直到週五。所以我們要──顯然，這些現在都是重要的項目。因為正如您所知，正如您所指出的，資本支出和自由現金對我們來說是一個非常重要的主題。因此，在董事會批准我們真正可以關注的事情以及他們基本上會給我們綠燈之前，我認為給予一些非常廣泛的範圍，例如 5000 萬美元、6000 萬美元的不同範圍是不可行的。此時非常有用。所以我認為我們會 - 我只想說我們預計明年的資本支出會比今年高一些。這就是我現在要說的全部。所以那是--

Thank you for the detailed answer. Appreciate this.

謝謝您的詳細回答。欣賞這一點。

The only other comment I'd add to this, Waqar, is that if you look at our free cash flow for the year and you add back the in-Kingdom rigs, which is really a newbuild program investment, together that amount of free cash flow that we generate this year, I think, is really a remarkable total number. So it really shows the strength of the portfolio that -- what we do have here as a company.

Waqar，我要補充的唯一其他評論是，如果你看看我們今年的自由現金流，然後再加上王國內的鑽井平台，這實際上是一項新建項目投資，再加上那麼多的自由現金我認為，我們今年產生的流量確實是一個了不起的總數。因此，它確實顯示了我們作為一家公司所擁有的產品組合的實力。

So I'm pretty proud of that that we actually could do a newbuild program that no one's doing newbuild proram -- of the size that we're doing here at all. And so the fact that we could do that and still chip away at debt and do other things, I think, is a distinction that we have uniquely given our portfolio. So that’s the other thing I'd add.

所以我感到非常自豪的是，我們實際上可以做一個沒有人做的新建項目——就像我們在這裡所做的規模一樣。因此，我認為，我們可以做到這一點，同時仍然減少債務並做其他事情，這是我們獨特地賦予我們的投資組合的一個區別。這就是我要補充的另一件事。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Gentlemen, I appreciate the fact that you don't have a Board approved budget for 2024, but the CapEx commentary was helpful. Tony, you mentioned 7 to 10 incremental international rigs that you expect by year end. Can you give us maybe a little bit of a flavor of the type of rig that you expect to deploy. And what type of CapEx do you see on those, call it, reactivations and upgrades? Are these rigs that are already located internationally or are you moving some capacity from a Lower 48?

先生們，我很欣賞你們沒有董事會批准的 2024 年預算，但資本支出評論很有幫助。東尼，您提到預計到年底將增加 7 到 10 個國際鑽孔機。您能為我們介紹一下您希望部署的裝備類型嗎？您認為這些（稱之為重新啟動和升級）的資本支出是什麼類型？這些鑽井平台是否已經位於國際各地，或者您正在從 Lower 48 的地區轉移部分產能？

The seven rigs that I'm talking about four -- that are in hand that you're going to see, the four are in Algeria, which are existing rigs with upgrades and the three of those are inked into newbuilds. Inked into newbuilds, have a ticket more than 50 million a pop, and the other ones are upgrades, and there's upgrades of rigs that are on site in Algeria, they're not being brought in the US.

我所說的七個鑽井平台中的四個——你將看到的已經在手，四個在阿爾及利亞，它們是經過升級的現有鑽井平台，其中三個被納入新建鑽井平台中。簽入新造船，門票超過 5000 萬，其他都是升級，並且在阿爾及利亞現場有鑽井平台的升級，它們不會被帶到美國。

So when you look at -- the size of those rigs are not equal to the average size of the goods rigs in Saudi Arabia. So when you actually look at blended margins, we are having some change in mix because the Algeria rigs are a little bit smaller rigs, 1,500 horsepower rigs that are little smaller than the other rigs that we have.

因此，當你觀察時，這些鑽井平台的規模並不等於沙烏地阿拉伯貨運鑽井平台的平均規模。因此，當你實際觀察混合利潤時，我們在組合上發生了一些變化，因為阿爾及利亞的鑽機稍微小一點，1,500 馬力的鑽機比我們擁有的其他鑽機小一點。

Therefore, when you look at our margin for the first quarter that we're talking about, there's consensus. There is some change in mix and timing that affects margin as you work all the numbers through. But those rigs are all -- do not include anything from the US, there's no upgrades required from the US, which again, is unique to us because we have rigs in the international market already.

因此，當你看看我們正在討論的第一季的利潤率時，你會發現這是一致的。當您計算所有數字時，組合和時間安排上的一些變化會影響利潤。但這些鑽孔機都是——不包括來自美國的任何東西，美國不需要升級，這對我們來說也是獨一無二的，因為我們已經在國際市場上擁有鑽孔機。

So we did dial in a slight reduction in margin in the first quarter. Because we're going to have like seven rigs coming in, we took a little bit of a cautious view on deploying those rigs and the amount of uptime we're going to get at the beginning until those rigs are fully operational. So there is a little bit of that included in the forecast for the first quarter.

因此，我們確實在第一季略微降低了利潤率。因為我們將有大約七台鑽機投入使用，所以我們對部署這些鑽機以及在這些鑽機完全投入運行之前我們將在開始時獲得的正常運行時間持謹慎態度。因此，第一季的預測中包含了一些內容。

And maybe just one follow-up, Tony. One question that's come in as you do deploy the SANAD newbuild as part of the JV, are these take-or-pay contracts and what kind of contract commitments do you have on those, because you are investing capital there?

也許只是一個後續行動，東尼。當您將 SANAD 新建築部署為合資企業的一部分時，出現的一個問題是，這些合約是照付不議嗎？您對這些合約有什麼樣的合約承諾，因為您在那裡投資？

Yeah, these are 10 year contracts, 6 years take-or-pay, and a 4 year renewal option as well -- 4 year guaranteed renewal basically. So they're 10-year contracts.

是的，這些是 10 年合同，6 年照付不議，還有 4 年續約選項——基本上是 4 年保證續約。所以他們的合約為期10年。

Great. Thanks a lot.

偉大的。多謝。

That's what's unique about everything I'm talking about. No one has that kind of contract, six years with a four year renewal guaranteed 10-year contract.

這就是我所談論的一切的獨特之處。沒有人有這樣的合同，六年，四年續約，保證十年合約。

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

我們的問答環節到此結束。我想將會議轉回給威廉康羅伊（William Conroy）發表閉幕詞。

Thank you all for joining us this morning. If there are any additional questions, please follow up with us offline. And Dave, with that, we’ll end the call there. Thanks very much.

感謝大家今天早上加入我們。如果還有其他問題，請離線關注我們。戴夫，我們就到此結束通話。非常感謝。

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。您現在可以斷開連線。