Nabors Industries Ltd (NBR) 2024 Q3 法說會逐字稿

Good day, and welcome to the third-quarter 2024 Nabors Industries earnings conference call. (Operator Instructions)

美好的一天，歡迎參加 Nabors Industries 2024 年第三季財報電話會議。（操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to William Conroy, Vice President of Corporate Development and Investor Relations. Please go ahead.

請注意，此事件正在被記錄。我現在想將會議交給企業發展和投資者關係副總裁威廉康羅伊 (William Conroy)。請繼續。

Good morning, everyone. Thank you for joining Nabors' third-quarter 2024 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 2024 年第三季財報電話會議。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。今天與我們在一起的除了東尼、威廉和我之外，還有其他高階管理團隊的成員。

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。正如 Nabors 在向美國證券交易委員會提交的文件中不時披露的那樣，此類前瞻性陳述存在一定的風險和不確定性。

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 in our website and in our earnings release.

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。

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.

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，因為該非公認會計原則衡量標準在我們的收益發布中進行了定義。我們已在網站的投資者關係部分發布了這些非 GAAP 財務指標與最近可比較 GAAP 指標的調整表。

The presentation accompanying today's discussion includes important disclosures that apply to this call. Please also note this call does not constitute an offer to sell or buy or the solicitation of any offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. No offering of securities shall be made except by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

今天的討論附帶的簡報包括適用於本次電話會議的重要揭露。另請注意，本次電話會議並不構成出售或購買任何證券的要約，也不構成任何購買或出售任何證券的要約邀請，也不得在任何此類要約、邀請或出售為非法的司法管轄區出售任何證券。除非透過符合 1933 年《證券法》第 10 條要求的招股說明書，否則不得發行證券。

In connection with the proposed transaction, Nabors and Parker intend to file a registration statement on Form S-4 with the SEC, which will include a joint proxy statement and a prospectus. Nabors and Parker will file other documents regarding the proposed transaction with the SEC.

就擬議交易而言，Nabors 和 Parker 打算向 SEC 提交 S-4 表格登記聲明，其中包括聯合委託書和招股說明書。納伯斯和帕克將向美國證券交易委員會提交有關擬議交易的其他文件。

Before making any voting or investment decisions, investors and security holders of Nabors and Parker are urged to carefully read the entire registration statement and joint proxy statement and prospectus when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction.

在做出任何投票或投資決定之前，Nabors 和Parker 的投資者和證券持有人應仔細閱讀完整的註冊聲明、聯合委託書和招股說明書（如有），以及這些文件的任何修訂或補充，因為它們將包含有關擬議交易的重要資訊。

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. Before I comment on Nabors' results and the outlook, I would like to make a few comments about the acquisition of Parker Wellbore. I have stated that we are excited about the combination of our companies. Parker's portfolio of businesses and geographic footprint fit neatly into Nabors.

早安.感謝您今天加入我們。在評論 Nabors 的業績和前景之前，我想就收購 Parker Wellbore 發表一些評論。我已經說過，我們對兩家公司的合併感到興奮。Parker 的業務組合和地理足跡與 Nabors 完美契合。

We believe the acquisition accelerates our strategy, particularly in our drilling solutions segment. We see excellent growth prospects at Parker, especially for quail tools. And, in economic terms, we think this deal will benefit all Nabors' shareholders, including Parker's current owners, as the market recognizes the transaction's value and merits.

我們相信此次收購加速了我們的策略，特別是在我們的鑽井解決方案領域。我們看到 Parker 的良好成長前景，尤其是鵪鶉工具。而且，從經濟角度來看，我們認為這筆交易將使 Nabors 的所有股東受益，包括 Parker 的現任所有者，因為市場認可了交易的價值和優點。

Now, I will discuss our results and outlook. Adjusted EBITDA in the third quarter totaled $222 million. This was in line with our expectations. Margin in our international segment exceeded the $17,000 mark. Daily margins in the US Lower 48 remained above the $15,000 mark.

現在，我將討論我們的結果和展望。第三季調整後 EBITDA 總計 2.22 億美元。這符合我們的預期。我們國際業務的利潤率突破了 17,000 美元大關。美國 48 州地區的每日保證金仍高於 15,000 美元大關。

Adjusted EBITDA in our drilling solutions segment increased sequentially by 5.7%. This performance was driven primarily by growth in our international business and a positive mix shift in the US.

我們鑽井解決方案部門的調整後 EBITDA 較上季成長 5.7%。這一業績主要得益於我們國際業務的成長和美國業務的積極組合轉變。

I will begin my detailed remarks with comments on the international markets. For Nabors, the international markets remain a source of strong growth. Our prior rig awards are progressing into deployments and incremental EBITDA. I note that we have three more international rigs expected to start by the end of 2024.

我將首先對國際市場進行評論。對 Nabors 來說，國際市場仍然是強勁成長的來源。我們之前的鑽機獎勵正在進入部署和增量 EBITDA。我注意到，我們還有另外三座國際鑽井平台預計 2024 年底啟動。

We also have a considerable number of pending deployments in 2025 and beyond, which I will detail shortly. And the prospect for additional tenders and awards is robust. This provides the opportunity for us to be selective. We will only pursue the most attractive incremental projects.

我們還有大量 2025 年及以後的待部署部署，我很快就會詳細介紹。額外招標和授標的前景十分樂觀。這為我們提供了選擇性的機會。我們只會追求最具吸引力的增量項目。

Turning to the US market, I am pleased with our resilience in pricing and rig count. End to end, Lower 48 industry activity increased by six rigs over the course of the third quarter. The average Lower 48 industry rig count decreased by approximately 3% sequentially.

談到美國市場，我對我們在定價和鑽機數量方面的彈性感到滿意。從頭到尾，Lower 48 地區的產業活動在第三季增加了六台鑽孔機。下 48 個行業的平均鑽機數量比上一季減少了約 3%。

In this Lower 48 industry environment, leading-edge pricing for high-performance rigs remains stable. This market supports our daily rig margins at historically attractive levels. Our global average rig count was essentially in line with the previous quarter at 159. Our average international rig count increased slightly, while the US rig count declined modestly.

在 48 個州以下的產業環境中，高性能鑽機的前沿定價保持穩定。這個市場支持我們的每日鑽機利潤保持在具有歷史吸引力的水平。我們的全球平均鑽機數量與上一季基本持平，均為 159 台。我們的平均國際鑽機數量略有增加，而美國鑽機數量略有下降。

Nabors drilling solutions and rig technologies segments generated combined EBITDA of more than $40 million. Together, their total EBITDA increased from the previous quarter. As you may know, increasing the proportion of the CapEx-light segments is an important component of our strategy. In fact, as a portion of the company's consolidated EBITDA, their contribution increased to 18.3%.

Nabors 鑽井解決方案和鑽機技術部門產生的 EBITDA 總計超過 4,000 萬美元。他們的 EBITDA 總額比上一季增加。如您所知，增加輕資本支出領域的比例是我們策略的重要組成部分。事實上，作為公司合併 EBITDA 的一部分，他們的貢獻增加至 18.3%。

Next, I will make some comments on the five key drivers of our results. I'll start with our international drilling business.

接下來，我將對我們業績的五個關鍵驅動因素發表一些評論。我將從我們的國際鑽井業務開始。

The international drilling market continues to show broad strength. We see this across most of our important geographies and in some where we are not currently active. We are encouraged by the substantial number of pending opportunities for additional rigs. In this market, we will choose carefully, pursuing only the most attractive prospects, namely those that enable us to generate high returns and meet our free cash flow objectives.

國際鑽井市場持續展現出廣泛的強勢。我們在大多數重要地區以及我們目前不活躍的一些地區都看到了這一點。我們對大量懸而未決的額外鑽孔機機會感到鼓舞。在這個市場上，我們將謹慎選擇，只追求最具吸引力的前景，即那些使我們能夠產生高回報並實現我們的自由現金流目標的前景。

Next, I'll recap the developments in our international business. In the third quarter, we deployed the last of our four-rig award in Algeria. These deployments were accomplished in a capital-efficient manner by reactivating four of our idle rigs in the country. We have another four idle rigs in Algeria. We are optimistic to activate a number of those in the near term.

以下我簡單介紹一下我們國際業務的發展。第三季度，我們在阿爾及利亞部署了最後一批四台鑽機。這些部署是透過重新啟動我們在該國的四台閒置鑽機以資本效率高的方式完成的。我們在阿爾及利亞還有另外四台閒置鑽孔機。我們對在短期內啟動其中一些項目持樂觀態度。

During the fourth quarter, we also expect to commence operations with two of the three previous rig awards in Argentina. Similar to Algeria, we are putting idle rigs to work. In the case of Argentina, the rigs are coming from the US. The third rig should start in early 2025. In addition, we expect substantial drilling solutions content on all of the rigs.

在第四季度，我們也預計在阿根廷之前授予的三個鑽機中的兩個將開始運作。與阿爾及利亞類似，我們正在將閒置的鑽孔機投入使用。就阿根廷而言，鑽孔機來自美國。第三台鑽孔機將於 2025 年初啟動。此外，我們預計所有鑽孔機都會提供大量的鑽井解決方案。

In Kuwait, we have started upgrading the rigs for the three awards we announced earlier. Each of those rigs is currently in-country. All three are on a schedule to deploy in early 2025.

在科威特，我們已經開始為我們之前宣布的三個獎項升級鑽孔機。這些鑽孔機目前均位於國內。這三個項目均計劃於 2025 年初部署。

In Saudi Arabia, we have a number of items to update. First, I am sure you have seen reports of rig suspensions in the kingdom. Our joint venture with Saudi Aramco has received notice to suspend operation of three rigs out of 51. Two of those suspensions began early in the fourth quarter. Their stated duration is one year.

在沙烏地阿拉伯，我們有許多項目需要更新。首先，我相信您已經看到了有關沙烏地阿拉伯鑽井平台暫停的報告。我們與沙特阿美的合資企業已收到通知，暫停 51 座鑽井平台中 3 座的營運。其中兩次停賽是在第四季初開始的。他們規定的期限是一年。

At the same time, SAAD continues to add rigs under its new build program. I previously mentioned the seventh SAAD new build spud in early July. Also, at the end of the third quarter, the eighth commenced operations. The ninth is on schedule to deploy later this quarter. Another five are expected in 2025, and one more should start at the beginning of 2026.

同時，SAAD 繼續根據其新的建造計劃增加鑽機。我之前提到過七月初的第七個 SAAD 新建鑽孔機。此外，第三季末，第八號開始營運。第九個計劃按計劃於本季稍後部署。預計 2025 年再啟動 5 個項目，另外一個項目將於 2026 年初啟動。

Next, I will discuss our performance in the US daily rig margins in our Lower 48 fleet remain robust above the $15,000 mark. This performance reflects the resilient market for our high-performance rigs and the value they generate. Our focus remains on the portion of the market that demands performance and, increasingly, automation. The growth in long lateral welds is an excellent illustration of this focus.

接下來，我將討論我們在美國 Lower 48 船隊的每日鑽機利潤表現，其表現仍然強勁，高於 15,000 美元大關。這一業績反映了我們高性能鑽機的彈性市場及其產生的價值。我們的重點仍然是需要性能和越來越多的自動化的市場部分。長橫向焊縫的成長很好地說明了這一重點。

Recently, we have drilled a number of laterals in excess of four miles. Multiple operators across basins are extending their lateral lengths. With our advanced fleet, we are in an excellent position to enable clients to complete their increasingly challenging welds. Our approach to pricing continues to be resolutely disciplined. That combination is yielding attractive financial results and generating significant free cash flow.

最近，我們鑽了多條超過四英里的支管。跨盆地的多個營運商正在延長其橫向長度。憑藉我們先進的機隊，我們處於有利地位，能夠幫助客戶完成日益具有挑戰性的焊接。我們的定價方法繼續嚴格遵守紀律。這種組合正在產生有吸引力的財務表現並產生大量的自由現金流。

My earlier comments and our reporting on Lower 48 daily rig economics do not include any contribution from NDS. In addition to our rig margin, NDS generates significant margin on its own. I'll discuss this in more detail in a moment.

我之前的評論和我們對 Lower 48 每日鑽機經濟效益的報告不包括 NDS 的任何貢獻。除了我們的鑽機利潤之外，NDS 本身也產生了可觀的利潤。我稍後會更詳細地討論這個問題。

Next, let me discuss our technology and innovation. In the third quarter, NDS international revenue and EBITDA were each up sequentially. NDS international margin expanded, and EBITDA grew by more than 10%. Our results in these markets are validating our strategy. Driven by the international performance, overall, NDS EBITDA met our expectations.

接下來我來談談我們的技術和創新。第三季度，NDS 國際營收和 EBITDA 均較上季成長。NDS 國際利潤率擴大，EBITDA 成長超過 10%。我們在這些市場的業績正在驗證我們的策略。在國際績效的推動下，整體而言，NDS EBITDA 達到了我們的預期。

Now, I'll discuss the Lower 48 market specifically. The average daily margin from our drilling and drilling solutions businesses combined was $18,700 in the third quarter. Of that, NDS contributed $3,618 per day. This measure, NDS Lower 48 daily margin, increased sequentially.

現在，我將具體討論 48 州以下市場。第三季度，我們的鑽井和鑽井解決方案業務的平均每日利潤合計為 18,700 美元。其中，NDS 每天貢獻 3,618 美元。NDS 降低 48 日保證金這一指標連續增加。

During the quarter, we saw a shift in the mix of our NDS services as well as increased penetration on Nabors' rigs in the lower 48. Higher installations of our performance software and our automation suite in particular drove this growth. We saw expansion in the following automation systems, SmartSLIDE directional control, SmartNAV directional guidance, and SmartDRILL drilling process automation.

本季度，我們看到 NDS 服務組合發生了變化，Nabors 鑽孔機在 48 個州以下地區的滲透率也有所提高。我們的性能軟體和自動化套件的安裝量增加尤其推動了這一成長。我們看到了以下自動化系統的擴展：SmartSLIDE 定向控制、SmartNAV 定向引導和 SmartDRILL 鑽井流程自動化。

During the quarter, we also saw third-party growth in NDS SmartROS rig operating systems and ROCKit drill pipe oscillation software. Our results for the third quarter validate our strategies. We are expanding our international drilling rig presence and increasing the penetration of our automation software across our markets.

本季度，我們也看到第三方 NDS SmartROS 鑽孔機作業系統和 ROCKit 鑽桿振盪軟體的​​成長。我們第三季的業績驗證了我們的策略。我們正在擴大我們的國際鑽機業務，並提高我們的自動化軟體在市場上的滲透率。

Next, let me make some comments on our capital structure. During the quarter, we continued to work on our debt maturity profile through the issuance of seven-year notes. As of now, the weighted average maturity of our notes stands at approximately 4.5 years. Nabors has delivered over $80 million of free cash flow through three quarters net of $128 million of CapEx supporting the Senate new bill program. Heading into our strongest quarter of the year in terms of cash generation, we expect to retire debt with our free cash.

接下來我就我們的資本結構做一些評論。本季度，我們繼續透過發行七年期票據來完善我們的債務到期狀況。截至目前，我們票據的加權平均期限約為 4.5 年。Nabors 在三個季度內交付了超過 8000 萬美元的自由現金流，扣除支持參議院新法案計劃的 1.28 億美元資本支出。進入今年現金生成方面最強勁的季度，我們希望用我們的自由現金來償還債務。

I'll finish this part of the discussion with remarks on sustainability. Our energy transition portfolio focuses on improving operational performance and reducing emissions.

我將透過有關可持續性的評論來結束這部分的討論。我們的能源轉型投資組合著重於提高營運績效和減少排放。

Once again, in the third quarter, these solutions contributed to the results of our rig technology segment. The PowerTAP module, which connects rigs to the grid, remains the largest contributor to our ET business. The first PowerTAP unit in Argentina is slated to begin work in the next couple of weeks. Operators in several other international markets have expressed interest in units. We are optimistic that interest will translate into sales.

在第三季度，這些解決方案再次為我們的鑽孔機技術部門的表現做出了貢獻。將鑽孔機連接到電網的 PowerTAP 模組仍然是我們 ET 業務的最大貢獻者。阿根廷的第一台 PowerTAP 裝置預計在未來幾週內開始工作。其他幾個國際市場的營運商也表達了對設備的興趣。我們樂觀地認為興趣將轉化為銷售。

Next, I will discuss the rig pricing environment. Our third quarter results in the Lower 48 once again showed resiliency in leading-edge market pricing. We remain disciplined in our approach. As well, our competitors continue to recognize the imprudence of chasing market share with discounting in a flat market.

接下來，我將討論鑽孔機定價環境。我們在 48 個州的第三季業績再次顯示了領先市場定價的彈性。我們的方法仍然保持紀律。同樣，我們的競爭對手也繼續認識到在平淡的市場中透過打折來追逐市場份額的做法是不謹慎的。

In the international market, we have visibility to additional near-term rig awards. They are spread across geographies, including Asia, MENA, and Latin America. These markets are seeking as many as 40 rigs. The opportunities are located in countries where we work currently or that we consider attractive. Pricing in the international markets continues to have an upward trend.

在國際市場上，我們可以看到更多近期的鑽機合約。他們遍布亞洲、中東和北非和拉丁美洲等地區。這些市場正在尋求多達 40 台鑽孔機。這些機會位於我們目前工作的國家或我們認為有吸引力的國家。國際市場價格持續呈上升趨勢。

We surveyed the largest Lower 48 clients at the end of the third quarter. Our survey covered 15 operators, comprising approximately 46% of the Lower 48 industries working rigs at the end of the quarter. The latest survey indicates this group's year-end 2024 rig count will be somewhat lower than the total at the end of the third quarter.

我們在第三季末對 48 個州最大的客戶進行了調查。截至本季末，我們的調查涵蓋了 15 家營運商，約佔 48 個下游產業作業平台的 46%。最新調查顯示，該集團在2024年底的鑽機數量將略低於第三季末的總數。

The expected decline results from a combination of merger-related consolidation and the wind-down of certain drilling programs. Our survey is skewed toward the larger operators, including those that have participated in the recent industry consolidation.

預期的下降是由於合併相關的整合和某些鑽探計劃的結束共同造成的。我們的調查偏向於較大的營運商，包括那些參與了近期行業整合的營運商。

For the international market, our view remains bullish. We are on track to add three rigs in the fourth quarter of 2024. With these additions and factoring in the suspensions in Saudi Arabia, we expect to end the year with 85 international rigs working.

對於國際市場，我們的觀點仍然看漲。我們預計在 2024 年第四季增加三台鑽機。考慮到這些新增設備並考慮到沙烏地阿拉伯的停工，我們預計到今年年底，國際鑽機數量將達到 85 座。

As we look to 2025, we have nine rig awards that are scheduled to deploy during the year. Five new builds in Saudi Arabia, one activation in Argentina, and three activations in Kuwait. In addition to the nine I just mentioned, we have identified a significant number of incremental opportunities, so stay tuned.

展望 2025 年，我們計劃在年內部署 9 個鑽機合約。在沙烏地阿拉伯新建了 5 艘，在阿根廷啟用了 1 艘，在科威特啟用了 3 艘。除了我剛才提到的九個之外，我們還發現了大量增量機會，敬請期待。

Next, I will share a couple of highlights from the quarter, in addition to those we announced in the press release. The common thread in all of our highlights is the strong element of our advanced technology solutions.

接下來，除了我們在新聞稿中宣布的內容之外，我還將分享本季的一些亮點。我們所有亮點的共同點是我們先進技術解決方案的強大元素。

An operator in the Uinta Basin drilled what it believes is the record three-mile lateral in that basin. This was accomplished on a third-party rig. It ran NDS' [smart cruise] auto driller, REVit stick slip mitigation, and SmartDRILL process automation. This well is a notable example of NDS' opportunity to drive value for our customers.

尤因塔盆地的一名作業者在該盆地進行了三英里橫向鑽探，據信是創紀錄的。這是在第三方設備上完成的。它運行 NDS 的 [智慧巡航] 自動鑽孔機、REVit 黏滑緩解和 SmartDRILL 流程自動化。這口井是 NDS 為顧客創造價值的一個顯著例子。

Another operator drilled the three fastest wells in the Powder River Basin. Using NDS' SmartDRILL on a third-party rig, this project illustrates the repeatability of the NDS' value creation. It further demonstrates NDS' success targeting the third-party rig market.

另一名業者在保德河流域鑽探了三口速度最快的井。該專案在第三方鑽孔機上使用 NDS 的 SmartDRILL，說明了 NDS 價值創造的可重複性。這進一步證明了NDS在瞄準第三方鑽孔機市場方面的成功。

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. Our third-quarter drilling rig activity was stable, both in the US and in international markets. NDS' results were strong, reflecting growing international activity, particularly in casing running.

謝謝你，托尼，大家早安。我們第三季的鑽機活動在美國和國際市場都很穩定。NDS 的業績強勁，反映了國際活動的不斷增長，特別是在下套管方面。

Our data and software offerings also increased in the US and international markets. Rig technologies generally lagged, driven by sluggish sales in the US market. The trends we've experienced should continue into the fourth quarter.

我們在美國和國際市場上的數據和軟體產品也有所增加。由於美國市場銷售低迷，鑽機技術普遍落後。我們所經歷的趨勢應該會持續到第四季。

US Lower 48 drilling rigs should remain stable with similar rig count and pricing, and international will continue to expand with three additional rigs deployed in Saudi Arabia and Argentina. [SANAD] was affected by the drilling reductions in Saudi Arabia.

美國 Lower 48 鑽機數量和價格應保持穩定，國際鑽機數量將繼續擴大，在沙烏地阿拉伯和阿根廷部署了另外 3 個鑽機。 [SANAD] 受到沙烏地阿拉伯鑽探減少的影響。

During the quarter, we were notified that three of our 51 rigs were scheduled for 12-month suspensions starting in the fourth quarter. I will point out, though, that the suspended rigs are substantially lower margin performers as compared to the new deployments. There has been no indication of further suspensions, and the cadence of new build deployments remains unchanged. We expect fourth quarter increases in NDS activity in both US and international markets.

在本季度，我們接到通知，我們的 51 座鑽井平台中的 3 座計劃從第四季度開始暫停 12 個月。不過，我要指出的是，與新部署的設備相比，暫停的鑽機利潤率要低得多。沒有任何跡象表明會進一步暫停，並且新建部署的節奏保持不變。我們預計第四季度美國和國際市場的 NDS 活動都會增加。

Rig technologies is expected to improve as increased deliveries of equipment are forecast for the fourth quarter. Revenue from operations for the third quarter was $732 million, essentially in line with the prior quarter. Our US drilling segment decreased by $5 million. In terms of activity, Lower 48 revenue days were around the same level as the prior quarter. But as we forecast, revenue per day for the fleet fell as contracts continued to roll into the current rates.

隨著第四季設備交付量的增加，鑽機技術預計將會改善。第三季營運收入為 7.32 億美元，與上一季基本持平。我們的美國鑽井業務減少了 500 萬美元。就活動而言，美國 48 個州的收入天數與上一季大致持平。但正如我們預測的那樣，隨著合約繼續按當前費率增長，機隊的每日收入下降。

Lower 48 revenue decreased by 1.7%. Average daily revenue for the third quarter came in at $34,812, a sequential decrease of $522, leading its pricing held up well. On our latest contracts, revenue per day has remained at the low to mid $30,000 range. This level has held since the beginning of 2023. Revenue from our international segment increased by $11.9 million, or 3.3% for the quarter.

下 48 個州的收入下降了 1.7%。第三季日均營收為 34,812 美元，季減 522 美元，導致其定價保持良好。根據我們最新的合同，每天的收入保持在 30,000 美元的中低水平。自 2023 年初以來一直保持這一水平。本季國際部門的營收增加了 1,190 萬美元，即 3.3%。

In Saudi Arabia, we successfully deployed the eighth new build rig, and we started one more rig in Algeria, bringing our total working count to four in that country. Our remaining working rig in Kuwait finished operations during the third quarter. It is currently being prepared for its new contract. It should resume operations in early 2025, along with two other rigs.

在沙烏地阿拉伯，我們成功部署了第八座新建鑽井平台，並在阿爾及利亞又啟動了一座鑽井平台，使我們在該國的工作總數達到四座。我們在科威特的剩餘工作平台已於第三季完成營運。目前正在準備新合約。它應與其他兩個鑽井平台一起於 2025 年初恢復營運。

Nabors earning solutions revenue of $79.5 million declined sequentially by $3.4 million, or 4.1%. Healthy revenue increases in international NDS and in performance software globally were more than offset by reduced activity in US land, primarily in our lower margin business lines.

Nabors 的解決方案收入為 7,950 萬美元，比上一季下降了 340 萬美元，成長 4.1%。國際 NDS 和全球性能軟體的健康收入成長被美國本土（主要是我們利潤率較低的業務線）活動的減少所抵消。

Compared to the third quarter, NDS increased international revenue by 8.3%. Revenue in our rig technology segment at $45.8 million fell by $3.7 million, driven by lower deliveries of capital equipment and spare parts in the US, as well as a drop-off in energy transition.

與第三季相比，NDS 國際收入成長了 8.3%。鑽機技術部門的收入為 4,580 萬美元，下降了 370 萬美元，原因是美國資本設備和備件交付量減少以及能源轉型下降。

Now turning to EBITDA and the outlook. Total EBITDA improved by $3.7 million to almost $222 million in the third quarter, a 1.7% increase. US drilling EBITDA of $108.7 million was down by $5.4 million, or 4.7% sequentially, driven primarily by our Lower 48 business.

現在轉向 EBITDA 和前景。第三季 EBITDA 總額增加了 370 萬美元，達到近 2.22 億美元，增幅為 1.7%。美國鑽探 EBITDA 為 1.087 億美元，環比下降 540 萬美元，或 4.7%，這主要是由我們的 Lower 48 業務推動的。

In the Lower 48, our 68 average rigs were just below the prior quarter, but they were a couple of rigs below our expectations as we saw no increases in general market activity and our churn remained high. Average daily rig margins came in at $15,051, down $547 from the second quarter, and essentially in line with our forecast. This reduction was driven by a similar decrease in our revenue per day.

在48 個州以下地區，我們的68 台平均鑽機數量略低於上一季度，但有幾台鑽機低於我們的預期，因為我們看到總體市場活動沒有增加，而且我們的客戶流失率仍然很高。平均每日鑽機利潤為 15,051 美元，比第二季下降 547 美元，基本上符合我們的預測。這一減少是由於我們每日收入的類似減少所致。

For the fourth quarter, we project our Lower 48 daily margins at $15,000, as our fleet average pricing converges with our leading edge day rates. We anticipate a recount in this market to remain at about [68] for the fourth quarter. Our forecast is dependent on stable oil prices, a similar level of churn, and stability in the Lower 48 market.

對於第四季度，我們預計 48 個州的每日利潤為 15,000 美元，因為我們的車隊平均定價與我們領先的日費率趨同。我們預計第四季度該市場的重新計票將保持在 [68] 左右。我們的預測取決於穩定的油價、類似水平的客戶流失以及 48 個州以下市場的穩定性。

On a net basis, Alaska and the US offshore businesses perform somewhat better than we anticipated. In the third quarter, the combined EBITDA of these two operations was $20.8 million. In the fourth quarter, combined EBITDA for these two markets should increase by approximately $1.5 million, driven by increasing activity in Alaska.

從淨值來看，阿拉斯加和美國離岸業務的表現略優於我們的預期。第三季度，這兩項業務的 EBITDA 合計為 2,080 萬美元。在阿拉斯加活動增加的推動下，第四季這兩個市場的綜合 EBITDA 應增加約 150 萬美元。

International EBITDA at $116 million, was up $9.6 million, or 9%, despite only slight growth in the average working rig count. Daily gross margin increased by over $1,000 from approximately $16,050 to $17,080. This improvement is somewhat ahead of schedule, and primarily reflects substantially better-than-normal results in Saudi Arabia, as well as increased contributions from the SANAD newbuilds.

儘管平均工作鑽機數量僅略有增長，但國際 EBITDA 為 1.16 億美元，增長了 960 萬美元，增長 9%。每日毛利率增加了 1,000 多美元，從約 16,050 美元增加到 17,080 美元。這項改進有點提前，主要反映了沙烏地阿拉伯的業績明顯優於正常水平，以及 SANAD 新造船的貢獻增加。

Saudi Arabia margins improved by almost $1,200. Latin America also did exceptionally well, improving by over $1,300 per day. Argentina benefited from performance bonuses and incentive contracts, and Mexico experienced fewer low margin moves between rigs than in prior quarters.

沙烏地阿拉伯的利潤率提高了近 1,200 美元。拉丁美洲的表現也非常出色，每天增加超過 1,300 美元。阿根廷受益於績效獎金和激勵合同，而墨西哥的鑽機之間的低利潤變動比前幾季有所減少。

Our fourth-quarter forecast assumes the startup of the ninth SANAD newbuilds rig and two deployments in Argentina, offset by the rig suspensions in Saudi Arabia. Rig count in the fourth quarter should remain somewhat level with the third quarter at 84 rigs. We anticipate average daily gross margins to come in at $17,000, in line with the third quarter. Our fleet mix should improve in the fourth quarter. However, the better-than-norm performance we experienced in several geographies will be tough to match.

我們第四季的預測假設第九個 SANAD 新建鑽井平台啟動，並在阿根廷部署兩個鑽井平台，但被沙烏地阿拉伯的鑽井平台暫停所抵銷。第四季的鑽機數量應與第三季的 84 台鑽機數量保持一定水準。我們預計平均每日毛利率為 17,000 美元，與第三季持平。我們的機隊結構應該會在第四季有所改善。然而，我們在多個地區所經歷的好於正常水準的表現將是難以匹敵的。

Drilling solutions delivered EBITDA of $34.3 million in the third quarter, up 5.7%, and gross margin reached 53%. Among product lines, the largest improvements were in casing running services, performance software, and rig cloud.

鑽井解決方案第三季實現 EBITDA 3,430 萬美元，成長 5.7%，毛利率達到 53%。在產品線中，最大的改進是下套管服務、效能軟體和鑽孔機雲端。

US EBITDA was slightly above the prior quarter despite a material revenue decrease. In that market, our revenue mix was favorable, reflecting a higher proportion of performance software and data solutions revenue.

儘管收入大幅下降，但美國 EBITDA 仍略高於上一季。在該市場中，我們的收入組合是有利的，反映出效能軟體和數據解決方案收入所佔的比例較高。

At the same time, we experienced a decline in lower-margin wellbore placement activity. Internationally, EBITDA expanded by 12% as our casing running services were particularly strong and our software revenue grew. NDS gross margin per day for the lower 48 was $3,618, a 3.3% increase compared to the second quarter. This improvement took our combined drilling rig and solutions daily gross margin to approximately $18,700.

同時，我們經歷了低利潤井眼安置活動的下降。在國際範圍內，由於我們的下套管服務特別強勁且軟體收入成長，EBITDA 成長了 12%。下 48 個國家的 NDS 每日毛利率為 3,618 美元，比第二季成長 3.3%。這項改進使我們的鑽孔機和解決方案組合的每日毛利率達到約 18,700 美元。

For the fourth quarter, we are targeting higher NDS EBITDA by approximately 7% over the third quarter level. We expect increases in both international and US markets. Rig technologies delivered EBITDA of $6.1 million in the third quarter compared to $7.3 million in the second. The decrease in EBITDA came primarily from lower sales of energy transition products and spare parts in the US Capital equipment shipments also declined.

對於第四季度，我們的目標是 NDS EBITDA 比第三季水準提高約 7%。我們預計國際和美國市場都會有所成長。Rig Technologies 第三季的 EBITDA 為 610 萬美元，而第二季為 730 萬美元。EBITDA 的下降主要是因為美國能源轉型產品和零件銷售下降，資本設備出貨量也下降。

Fourth-quarter EBITDA should be in the range of $9 million to $10 million, reflecting several large equipment deliveries that slipped into the fourth quarter.

第四季 EBITDA 應該在 900 萬美元至 1,000 萬美元之間，反映出第四季的幾項大型設備交付量下滑。

Now, turning to liquidity and cash generation. In the third quarter, free cash flow totaled $18 million. This compares to free cash flow of $57 million in the second quarter.

現在，轉向流動性和現金產生。第三季自由現金流總計 1,800 萬美元。相比之下，第二季的自由現金流為 5,700 萬美元。

The third quarter included interest payments of approximately $82 million as compared to $31 million in the second. A significant portion of these interest payments was related to the notes we issued towards the end of last year with their initial coupon due eight months after issue. The extra 2.5 months of interest equates to approximately $11.7 million.

第三季包括約 8,200 萬美元的利息支付，而第二季為 3,100 萬美元。這些利息支付的很大一部分與我們去年年底發行的票據有關，其初始票息在發行八個月後到期。額外 2.5 個月的利息相當於約 1,170 萬美元。

Capital expenditures of $118 million in the third quarter were $20 million below the preceding quarter. The third quarter included $37 million for the SANAD newbuilds. Our target CapEx for the fourth quarter is now $230 million, with CAPEX for SANAD newbuilds now forecast at $105 million. The resulting annual CapEx forecast for 2024 is now $600 million. This includes $230 million related to the standard new bills.

第三季資本支出為 1.18 億美元，較上一季減少 2,000 萬美元。第三季包括用於 SANAD 新建船舶的 3700 萬美元。我們第四季的目標資本支出目前為 2.3 億美元，SANAD 新造船的資本支出目前預測為 1.05 億美元。由此得出的 2024 年年度資本支出預測目前為 6 億美元。其中包括與標準新帳單相關的 2.3 億美元。

In Saudi Arabia, standard rig supplier has improved its performance and manufacturing milestones. We now expect earlier delivery of new bills rigs going forward. As a result, approximately $40 million of new bill CAPEX has now moved up into 2024. We're targeting reductions in various geographies to offset this increase.

在沙烏地阿拉伯，標準鑽機供應商提高了其性能和製造里程碑。我們現在預計新的鑽井平台將提前交付。因此，約 4,000 萬美元的新帳單資本支出現已提前至 2024 年。我們的目標是在不同地區減少數量，以抵消這種增長。

Given SANAD's new bill CapEx shift into 2024, the recent rig suspensions by Aramco, and a slightly lower US activity in the fourth quarter, we now expect our 2024 free cash flow to end up between $100 million and $130 million.

鑑於SANAD 的新法案資本支出轉向2024 年、沙烏地阿美最近暫停了鑽井平台，以及第四季度美國活動略有下降，我們現在預計2024 年的自由現金流最終將在1 億至1.3 億美元之間。

Last week, we signed an agreement to acquire Parker Wellbore. The transaction is well aligned with our long-term strategy. It grows our CAPEX Lite NDS business, it expands our international footprint, and it helps us deliver Nabors. Additionally, Parker is expecting to provide meaningful EBITDA of $180 million in 2024, with attractive growth going forward.

上週，我們簽署了收購 Parker Wellbore 的協議。該交易與我們的長期策略非常一致。它發展了我們的 CAPEX Lite NDS 業務，擴大了我們的國際足跡，並幫助我們交付 Nabors。此外，Parker 預計到 2024 年將實現 1.8 億美元的有意義的 EBITDA，並且未來的成長具有吸引力。

And finally, Parker comes with a low debt, clean balance sheet and has positive cash flow, even before targeted annual synergies of $35 million. We are excited with the addition of Parker to our existing platform.

最後，即使在 3,500 萬美元的年度綜效目標之前，Parker 仍擁有低負債、乾淨的資產負債表和正現金流。我們很高興將 Parker 加入我們現有的平台。

And with that, I'll turn the call to Tony for his concluding remarks.

接下來，我將把電話轉給托尼，讓他作總結發言。

Thank you, William. I will now conclude my remarks this morning. Our performance in the third quarter met our expectations. We deployed additional rigs in our international markets, and our advanced solutions continue to deliver industry-leading performance across the client base.

謝謝你，威廉。我現在結束今天上午的演講。我們第三季的業績符合我們的預期。我們在國際市場部署了更多鑽機，我們的先進解決方案繼續為整個客戶群提供領先業界的性能。

With our pipeline of awards and additional opportunities, we have a clear path to strong expansion in our international segment. We believe this increased growth will drive this segment's free cash flow significantly higher.

憑藉我們不斷獲得的獎項和更多機會，我們有一條在國際市場上強勁擴張的明確道路。我們相信，這種成長將推動該部門的自由現金流顯著增加。

With this expansion, the drilling solutions business has the potential to grow at a faster rate. NDS' penetration internationally is accelerating. Operators there are increasingly looking to NDS' achievements in the Lower 48 and see a path to duplicate that success.

透過這種擴張，鑽井解決方案業務有潛力以更快的速度成長。NDS 的國際滲透正在加速。那裡的營運商越來越關注 NDS 在 Lower 48 地區的成就，並看到了複製這一成功的途徑。

And, as a final thought, the prospect of adding Parker expands the portfolio and essentially doubles the size of NDS. That concludes my remarks today. Thank you for your time and attention. With that, we will take your questions.

最後，Parker 的加入有望擴大產品組合，並使 NDS 的規模實質上擴大一倍。我今天的發言就到此結束。感謝您的時間和關注。這樣，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

Arun Jayaram, JP Morgan.

阿倫‧賈亞拉姆，摩根大通。

Tony, I wanted to start with the recent acquisition of Parker Wellbore. I was wondering if you could talk about the businesses and what kind of economic moat do you see in some of the businesses, the surface of the tubulars relative to NDS. And if you could just broadly discuss kind of the capital intensity of that segment as you integrate that with your existing businesses within NDS.

東尼，我想從最近收購的 Parker Wellbore 開始。我想知道您是否可以談論這些業務，以及您在某些業務中看到什麼樣的經濟護城河，即相對於 NDS 的管材表面。當您將其與 NDS 中的現有業務整合時，您是否可以廣泛討論該細分市場的資本強度。

Sure. Well, first of all, I think there's three principal areas. First is it's a layup with the existing rigs in jurisdictions like Alaska, forests, both the O&M contracts for offshore maintenance of offshore rigs. That fits in squarely with what we do today. And obviously, there's obvious cost synergies that are hopefully easily grabbed. So that's in the base business.

當然。嗯，首先，我認為有三個主要領域。首先，它是與阿拉斯加、森林等司法管轄區的現有鑽井平台的閒置，兩者都是海上鑽井平台海上維護的營運和維護合約。這與我們今天所做的完全吻合。顯然，存在明顯的成本協同效應，希望很容易獲得。這就是基礎業務。

Then the two principal areas are, as you point out, the well construction, which principally right now is casing running. There's some fishing in that as well. The casing running business, they have presences both in the US, Saudi, and the UAE, which complement all markets for us as well. And there, as you know, we have a strategy of migrating to an integrated model.

正如您所指出的，兩個主要領域是油井施工，目前主要是下套管。其中也有一些釣魚。在套管運作業務方面，他們在美國、沙烏地阿拉伯和阿聯酋都有業務，這也補充了我們的所有市場。如您所知，我們有一個遷移到整合模型的策略。

And so with that active base, we're hopeful that we're going to actually get higher margins out of that as we move them to a model where you use less people and more automation in carrying out those services. That's the upside in that business as well. And combined, I think we're a pretty significant player when we combine forces.

因此，有了這個活躍的基礎，我們希望當我們將它們轉移到一種模型時，我們能夠真正從中獲得更高的利潤，在這種模型中，您可以使用更少的人員和更多的自動化來執行這些服務。這也是該業務的優勢。綜合起來，我認為當我們聯合起來時，我們是一個非常重要的參與者。

And then the third is quail, which, as you've heard from what we've wrote, is a bet, frankly, on the -- first of all, quail is an industry, I think kind of a gold-plated company. It has a great reputation in the US. It's been coveted by many people over the years. It's always competed well against other people in the industry, including what Summer J. owned, Thomas Tools.

第三個是鵪鶉，正如您從我們所寫的內容中所聽到的，坦白說，這是一個賭注——首先，鵪鶉是一個行業，我認為是一家鍍金公司。它在美國享有盛譽。多年來一直被許多人所覬覦。它始終與業內其他公司競爭，包括 Summer J. 擁有的 Thomas Tools。

I think the guys have an established track record. There's no question they're first class. And there, that's the bet on the longer laterals, which we see continuing. And you can see from our announcement today about what success we have had, I think it's clear that economically operators are going to be driven to longer laterals. It makes more sense. And that's a way for – with equal recounts for us to get more content per well with the longer laterals with what they do.

我認為這些人已經建立了良好的記錄。毫無疑問，他們是一流的。這就是對更長支線的押注，我們認為這種情況仍在繼續。從我們今天的公告中您可以看到我們所取得的成功，我認為很明顯，經濟運營商將被迫走向更長的支線。這更有意義。這是一種方式，我們可以透過相同的重新計數，透過他們所做的事情，透過較長的側管獲得更多的內容。

And so when you combine it all, I think William can comment on capital intensity, but I think the quail free cash flow number is historically 60% to 70%, that kind of range. Now, obviously, NDS itself is higher than that, which is one thing we covet, which is close to 85%. But, of course, NDS has all that software.

因此，當你將所有這些結合起來時，我認為 William 可以對資本密集度進行評論，但我認為鵪鶉自由現金流量歷史上是 60% 到 70%，這樣的範圍。現在，很明顯，NDS本身比這個要高，這是我們覬覦的一件事，接近85%。但是，當然，NDS 擁有所有這些軟體。

And as I mentioned, though, part of our mission here is to drive at least a portion of that well construction activity to our model, which is a little more capital light than what they've done historically. But that was the thinking behind it.

不過，正如我所提到的，我們的部分任務是將至少一部分油井建設活動推向我們的模型，這比他們歷史上所做的要輕一些。但這就是背後的想法。

And obviously, the price that we pay is a very attractive entry price. And we think we have synergies on top of it, and it improves all our financial metrics, as you know. And so when you work it through, I think it just has a lot of industrial logic.

顯然，我們支付的價格是一個非常有吸引力的入門價格。我們認為除此之外我們還具有協同效應，正如您所知，它改善了我們所有的財務指標。所以當你完成它時，我認為它有很多工業邏輯。

So with that, I missed anything, William?

這麼說來，我錯過了什麼，威廉？

No. You said everything I would have said. But the one question that you answered about the capital intensity, the way we look at it is free cash conversion from EBITDA. And the quality of all of Parker's EBITDA is quite high. In fact, I must say that given the proportions of what they do, it's even a little bit better than our global free cash conversion.

不。你說了我想說的一切。但您回答的關於資本密集度的一個問題，我們看待它的方式是 EBITDA 的自由現金轉換。Parker 的所有 EBITDA 品質都相當高。事實上，我必須說，考慮到他們所做的事情的比例，它甚至比我們的全球自由現金轉換還要好一點。

So if you look at our legacy rig business, which means exclude the newbuilds in Saudi Arabia and NDS, just the drilling rig business, our free cash conversion is about 47%. Quail comes with 60% to 70%.

因此，如果你看看我們的傳統鑽機業務，這意味著排除沙烏地阿拉伯和 NDS 的新建鑽機業務，僅鑽機業務，我們的自由現金轉換約為 47%。鵪鶉含60%至70%。

So on a relative basis, it does improve our free cash conversion for the company as a whole. And it does take our NDS footprint from 15% of the total to about 31% of the total, which is one of the objectives that we have longer term.

因此，相對而言，它確實提高了整個公司的自由現金轉換率。它確實使我們的 NDS 足跡從總量的 15% 增加到約 31%，這是我們的長期目標之一。

We have said that we wanted to take NDS to about 20% to 25% of our total business for the obvious reasons. It is faster growth. And of course, it brings less CapEx than our traditional drilling rig business. But with Parker, we take that number from 15% to 31%. So we are pretty happy with that transaction.

我們說過，出於顯而易見的原因，我們希望 NDS 占我們總業務的 20% 到 25% 左右。這是更快的成長。當然，它帶來的資本支出比我們傳統的鑽孔機業務少。但對於 Parker，我們將這個數字從 15% 提高到 31%。所以我們對這筆交易非常滿意。

Two other follow-up comments on that. First of all, with respect to the number of shares on the transaction, obviously, it was an all equity transaction. We think that had value to it, because it does improve the various metrics, including our leverage, which we think is good. The whole transaction gives us size, which we think eventually will lead us to a path of re-rating us both from an investment bond rating as well as a multiple rating on the transaction. So that's the thinking.

對此還有另外兩個後續評論。首先，從交易的股份數量來看，顯然這是一筆全股權交易。我們認為這很有價值，因為它確實改善了各種指標，包括我們的槓桿率，我們認為這是好的。整個交易給了我們規模，我們認為這最終將引導我們從投資債券評級和交易的多重評級中重新評級。這就是我們的想法。

In terms of free cash flow, though, you should note that when you crank the numbers, the free cash flow per share today, it's accretive to free cash flow per share with the dilution of the transaction. That's number one. So that's, again, was part of our thinking. It does improve our free cash flow per share because of what William just said on the transaction. The other thing I'd also tell you to look at the fact that the deal does have a collar on it.

不過，就自由現金流而言，您應該注意，當您計算今天的每股自由現金流時，隨著交易的稀釋，每股自由現金流會增加。這是第一名。這又是我們想法的一部分。由於威廉剛剛就交易所說的話，它確實改善了我們每股的自由現金流。我還要告訴你的另一件事是，要注意這筆交易確實有限制。

And the collar was meant to protect Nabors' shareholders. And in fact, if people do realize the value of Nabors pre this deal, like they should because what the thing is going to trade at, if the deal trades at a multiple around what we've been trading at now, if you just crank the numbers, the stock price actually should be higher than what the collar price is and the actual number of shares would actually get cut down.

這個項圈是為了保護納伯斯的股東。事實上，如果人們在這筆交易之前確實意識到了Nabors 的價值，就像他們應該的那樣，因為該交易的交易價格是多少，如果這筆交易的交易價格是我們現在交易價格的倍數，如果你只是發動從數字上看，股票價格實際上應該高於領價，而實際股票數量實際上會被削減。

So that's a protective device that was built into the transaction for the shareholders if they all recognize the value of the transaction. So hopefully, you guys will do that when you write up an analysis of it. But it does work out that way. And that's another feature of the deal.

因此，如果股東都認識到交易的價值，那麼這就是交易中內建的保護措施。因此，希望你們在撰寫分析報告時能夠做到這一點。但它確實是這樣的。這是該交易的另一個特點。

Great. Thanks for the additional color. That's very helpful. Tony, I wanted to follow up on slide 15 because I have gotten a few buy-side queries on the slide. In the broader context is how do we think about efficiency gains?

偉大的。感謝您提供額外的顏色。這非常有幫助。東尼，我想跟進第 15 張投影片，因為我在投影片上收到了一些買方的詢問。在更廣泛的背景下，我們如何看待效率提升？

And how does that impact kind of your view of rig demand in 2025? Because we're quite surprised to see the ability to take a third off of well cycle times over the last four quarters. Obviously, it is using some of your technology.

這對您對 2025 年鑽孔機需求的看法有何影響？因為我們非常驚訝地看到過去四個季度的井週期時間減少了三分之一。顯然，它正在使用你們的一些技術。

But can you give us a sense of from a rig or efficiency gain perspective, what kind of drilling efficiency gains are you seeing on a year-over-year basis? And what are the implications for Lower 48 demand in 2025?Because the numbers are quite remarkable to be taking a third off of well cycle times this late and how mature US shale is today.

但您能否從鑽孔機或效率增益的角度讓我們了解一下，您看到的鑽井效率比去年同期有何提升？這對 2025 年 48 歲以下的需求有何影響？這麼晚了，油井週期時間減少了三分之一，而且美國頁岩氣如今已經非常成熟，這數字非常引人注目。

Yes. I do think there is a lot of diminishing returns on existing infrastructure that we have today. So -- and I think we're approaching that with some operators where we have some very large independents that are first-class in extracting all benefits. And so they're pushing the rigs awfully hard. And it's hard to say that you're going to see that kind of curve continue to develop.

是的。我確實認為我們今天擁有的現有基礎設施的回報正在遞減。因此，我認為我們正在與一些運營商合作，我們擁有一些非常大的獨立公司，他們在獲取所有利益方面都是一流的。所以他們非常努力地推動鑽孔機。很難說你會看到這種曲線繼續發展。

Now obviously, everyone is now focused on flat time. Flat time is the area that you want to really improve things on. From our point of view, obviously, the longer laterals and having rigs that can service the longer laterals change the economics of the well. And so not necessarily meaning less rigs, but it changed the economics of the well, which is positive for us. The other -- the drilling process add more value to the overall well construction.

現在顯然，每個人現在都專注於平坦的時間。平坦時間是你真正想要改進的地方。從我們的角度來看，顯然，較長的支管和擁有可以服務較長支管的鑽機會改變油井的經濟性。因此，這並不一定意味著鑽機數量減少，但它改變了油井的經濟效益，這對我們來說是積極的。另一個——鑽井過程為整個油井建設增加了更多價值。

By well construction, I mean, including completion. So some of the downhole tools now that we have, we're hoping that operators will realize the potential of using them to help them actually gain information while drilling that will help them not only geosteer better and optimize that, but also help with the completion design.

我所說的良好建設，包括竣工。因此，我們現在擁有的一些井下工具，我們希望操作員能夠意識到使用它們的潛力，幫助他們在鑽井時實際獲取信息，這不僅有助於他們更好地進行地質導向和優化，而且有助於完井設計。

So that's the leg we see that the next leg to help attack, which is helping the operator realize better economics off the wellbore from the production side, the EUR recovery. And whatever we can do and put into our rigs to help that happen, we think will be upside. And that's one of the things that Nabors is focused on a little bit different than other people right now.

因此，這就是我們看到的下一個幫助攻擊的階段，這正在幫助營運商從生產方面實現更好的井筒經濟效益，即歐元復甦。無論我們能做什麼並投入到我們的鑽孔機中來幫助實現這一目標，我們認為都會有好處。這是納博斯目前關注的事情之一，與其他人略有不同。

And I'll comment on that too, Arun, because it's a great question. I think back in -- when we had the last peak back in 2014 or so, I think our revenue -- our margin per day peaked at $11,000. And since then, we -- at the more recent peak, we peaked at $17,000. So that's a significant amount of value being delivered by our rigs. And on top of that, we had over $3,000 of NDS revenue, which is specifically related to that value creation that Tony was talking about.

阿倫，我也會對此發表評論，因為這是一個很好的問題。我回想一下——當我們在 2014 年左右達到最後一個高峰時，我認為我們的收入——我們每天的利潤率達到了 11,000 美元的峰值。從那時起，我們 - 在最近的峰值，我們達到了 17,000 美元的峰值。因此，我們的鑽孔機提供了巨大的價值。最重要的是，我們的 NDS 收入超過 3,000 美元，這與托尼所說的價值創造特別相關。

So we were comfortably above the $20,000, almost double the margins we're getting out of our rig platform than we used to get at the last peak. So I think that shows that, yes, there's efficiency, but we're also benefiting from that efficiency ourselves because that means that with a lower capital investment, we're getting twice -- or we're getting a significant amount of returns without having to invest in capital. And that's better for Nabors.

因此，我們輕鬆地超過了 20,000 美元，幾乎是我們從鑽機平台獲得的利潤比上一個高峰時獲得的利潤的兩倍。所以我認為這表明，是的，效率是存在的，但我們自己也從這種效率中受益，因為這意味著，透過較低的資本投資，我們可以獲得兩倍的回報——或者說，我們在沒有成本的情況下獲得了可觀的回報。這對納伯斯來說更好。

Dan Kutz, Morgan Stanley.

丹‧庫茨，摩根士丹利。

So I just wanted to ask a question on Saudi pricing as we've been getting this question from some investors and hearing some comments, but you guys had flagged the three 12-month Saudi suspensions and that they were lower-margin rigs. But just asking if there's any chance you could comment on what we've been hearing that Saudi is kind of asking for pricing concession from its service companies? And then I guess, regardless, just more broadly, I would love to hear your comments on pricing and margin trends that you're seeing in the international drilling space.

所以我只是想問一個關於沙烏地阿拉伯定價的問題，因為我們已經從一些投資者那裡收到了這個問題，並聽到了一些評論，但你們已經標記了沙烏地阿拉伯的三個為期12 個月的暫停，它們是利潤較低的鑽井平台。但只是想問一下，您是否有機會對我們所聽到的沙烏地阿拉伯要求其服務公司做出價格讓步的消息發表評論？然後我想，無論如何，更廣泛地說，我很想聽聽您對國際鑽井領域的定價和利潤趨勢的評論。

So let me give you some color on Saudi Arabia first. Saudi, about 55 rigs came down year-to-date. I think 28 in offshore, 27 on land. And as you noted, I think today, there's around 208 rigs working. And as we noted, we had 51, and we have notice of three suspensions, and we're putting back in the fourth quarter, so we're going to have 49.

首先讓我來跟大家介紹一下沙烏地阿拉伯的情況。沙烏地阿拉伯今年迄今約有 55 座鑽井平台發生故障。我認為 28 個在海上，27 個在陸地。正如您所指出的，我想今天大約有 208 台鑽孔機在工作。正如我們所指出的，我們有 51 場比賽，我們收到了 3 次停賽通知，我們將在第四節恢復比賽，所以我們將有 49 場比賽。

So on a relative basis, obviously, we're in a very strong position. And that strong position reflects the fact that today, probably 80% of our rigs are on gas-directed wells. That's number one. Number two, that the -- most of our oil rigs are on recently extended four-year contracts. So in terms of Nabors itself, it's in a pretty good position.

因此，顯然，相對而言，我們處於非常有利的地位。這一強勢地位反映了這樣一個事實：如今，我們大約 80% 的鑽機都位於天然氣井上。這是第一名。第二，我們大多數的石油鑽井平台都簽訂了最近延長的四年合約。所以就Nabors本身而言，它處於一個相當不錯的位置。

Secondly, obviously, the driver there is the newbuild program, and there has been absolutely no change in rates or cadence of the newbuild program. Aramco is very committed in this kind of environment is a little bit of an outlier when you're investing new dollars. And that explains in part why our free cash flow is taxed because we are investing, as William said, $230 million in CapEx in newbuild rigs. In fact, nobody in the industry is doing that.

其次，顯然，驅動力是新計劃，新建計劃的速度或節奏絕對沒有變化。沙特阿美在這種環境下非常堅定，當你投資新資金時，它有點異常。這在一定程度上解釋了為什麼我們的自由現金流要納稅，因為正如威廉所說，我們在新建鑽井平台上投資了 2.3 億美元的資本支出。事實上，業內沒有人這樣做。

And why are we doing that? We're doing that because those rigs. That's why we're doing it. So yes, it taxes our free cash flow in the interim, but we think it's worth it. In terms of -- so the other thing is that I think a lot of concern is what's really happening there in Saudi Arabia. And I wouldn't purport to have the inside track on what Aramco is thinking, but I would just make some observations, which are that, obviously, there is some concern there that supply in the global market is high.

我們為什麼要這樣做？我們這樣做是因為那些裝備。這就是我們這樣做的原因。所以，是的，它會暫時對我們的自由現金流徵稅，但我們認為這是值得的。就這一點而言，另一件事是，我認為很多人擔心的是沙烏地阿拉伯正在發生的事情。我不會聲稱了解沙特阿美公司的想法，但我只想發表一些觀察結果，顯然，人們對全球市場的供應量很高感到擔憂。

And I think there's some dissatisfaction with some other member countries what they're doing in terms of allocations. And the second probably more interesting point is that I think Aramco has been surprised by the amount of condensate on unconventional. And it's not just unconventional, but overall gas. In fact, I think I understand that more than almost 800,000 barrels equivalent per day is now coming from gas drilling. And that's what's driving some of these changes.

我認為其他一些成員國在分配上的做法有些不滿。第二個可能更有趣的點是，我認為阿美公司對非常規凝析油的數量感到驚訝。這不僅是非常規天然氣，而且是整體天然氣。事實上，據我了解，現在每天有超過近 80 萬桶當量來自天然氣鑽探。這就是推動其中一些變化的原因。

And then the third thing, of course, is there's some notion that the overall government budget is requiring more funding, and therefore, they're kind of looking to Aramco to ease them through something for at least a short period of time.

當然，第三件事是，有人認為政府總體預算需要更多資金，因此，他們希望沙烏地阿美至少在短時間內緩解一些困難。

So that's what -- that's affecting the environment. But in terms of us, it's business as usual. Aramco has treated its partner extremely well. We're very happy with their response and where they positioned us. And we think we're well-positioned to deal with this environment, the reason why we did the deal.

這就是影響環境的原因。但對我們來說，一切照舊。沙特阿美對待其合作夥伴非常好。我們對他們的回應以及他們對我們的定位感到非常滿意。我們認為我們有能力應對這種環境，這也是我們達成這筆交易的原因。

So a couple of comments, I think, on that. I mean the 27 rigs that have been suspended, it's a little bit misleading because they're expanding unconventional. So they have awarded about 14 rigs in unconventional. And they have also awarded -- we have 6 more rigs ahead for us. So if you add those 2 numbers, it's about 20. So the reduction of 27 rigs on land is a little bit misleading. They are cutting more -- a little bit more offshore, I would say. And we don't think that the pricing issue will be an issue for us.

我想對此有幾點評論。我指的是已暫停的 27 個鑽孔機，這有點誤導，因為它們正在非常規擴張。因此他們已經授予了大約 14 個非常規鑽機。他們還授予——我們還有另外 6 個鑽機可供使用。因此，如果將這 2 個數字相加，大約為 20。因此陸上鑽孔機減少 27 台有點誤導。他們正在削減更多——我想說的是，在海外削減更多一點。我們認為定價問題不會成為我們的問題。

Got it. All really helpful, and understood. Maybe just your comment on no change in the cadence of the SANAD newbuild program, you guys had the notes in the press release about how the SANAD rig supplier had improved its performance and was reaching manufacturing milestones sooner and then ultimately, you guys expect earlier delivery of rigs going forward. Are we to understand that, that might mean a pace faster than I think you have five slotted for next year? Is there a potential that the pace could be faster than that or it's --

知道了。一切都非常有幫助，並且理解。也許只是您對 SANAD 新建計劃的節奏沒有變化的評論，你們在新聞稿中註意到了 SANAD 鑽機供應商如何提高其性能並更快地達到製造里程碑，然後最終，你們期望更早交付未來的鑽機數量。我們是否可以理解，這可能意味著速度比我認為明年的五個位置要快？是否有可能速度會比這個更快或是--

No, we had four this year. We have four this year. Now they're getting to the correct pace now, which is five per year. We don't expect that to increase from that rate.

不，今年我們有四個。今年我們有四個。現在他們正達到正確的速度，每年五個。我們預計這一比率不會再增加。

Understood. And just one quick one. I think I'm fairly sure that this is pretty much out of Nabors' control, but any idea when you might receive the order for the fourth tranche of SANAD newbuilds?

明白了。只是一個快速的。我想我相當確定這幾乎超出了 Nabors 的控制範圍，但是您知道什麼時候可以收到第四批 SANAD 新建船的訂單嗎？

2025 is all I can say.

2025年我只能說。

Keith Mackey, RBC Capital Markets.

基思·麥基，加拿大皇家銀行資本市場部。

Just wanted to start out on the international rig margins. Certainly did very well this quarter with hitting the $17,000 mark. As you think about folding in some of these new SANAD rigs, some of these new Argentina rigs with the heavy NDS component and the removal of some of the lower-margin rigs you have suspended in Saudi. Can you just talk a little bit about how we should be thinking about daily rig margins through 2025 with all of that as context?

只是想從國際鑽機利潤開始。當然，本季表現非常好，達到了 17,000 美元大關。當您考慮折疊一些新的 SANAD 鑽機時，其中一些帶有重型 NDS 組件的阿根廷新鑽機以及移除您在沙烏地阿拉伯暫停的一些利潤較低的鑽孔機。您能談談我們應該如何考慮到 2025 年的每日鑽機利潤嗎？

So to be totally honest with you, I was surprised this quarter by how well International did. I mean, I did say it's ahead of schedule because we expected to see that $17,000 in the fourth quarter based on the mix of the rigs coming in and some of the things we've been doing to improve our performance.

老實說，國際航空本季的表現讓我感到驚訝。我的意思是，我確實說它提前了，因為根據進來的鑽機組合以及我們為提高性能所做的一些事情，我們預計第四季度將達到 17,000 美元。

But we did have some excellent performance in a couple of geographies that actually can move the needle, and that's what happened in the third quarter. So we think the mix is a little bit better in the fourth now. And we should -- if we just did the same performance in the third -- in the fourth as we did in the third in terms of operations, we would expect a higher than $17,000, which is the guidance.

但我們確實在幾個地區取得了一些出色的表現，實際上可以起到推動作用，這就是第三季度發生的情況。所以我們認為現在第四個的組合比較好一些。如果我們在第三個項目中表現相同，那麼我們應該在第四個項目中與第三個項目中的營運方面表現相同，我們預計將高於 17,000 美元，這是指導值。

But these things tend to average out. So I don't think we'll be as excellent as we were in the third quarter in those particular geographies, number one. And number two, we do have three rigs that are coming in. And that does create a little bit of uncertainty in terms of uptime and some of the costs that we have to incur. So being a little bit cautious, we put $17,000 for the fourth quarter.

但這些事情往往會趨於平均。因此，我認為我們在這些特定地區的表現不會像第三季度那麼出色，第一。第二，我們確實有三台設備即將投入使用。這確實在正常運行時間和我們必須承擔的一些成本方面造成了一些不確定性。因此，出於謹慎的考慮，我們為第四季度投入了 17,000 美元。

But we do think that going forward into 2025, as we add more SANAD rigs and hopefully get some more wins internationally that it's entirely possible that we could get higher margins than the $17,000. And we haven't finalized the budget, but that's something we'll be looking at for next year.

但我們確實認為，展望 2025 年，隨著我們添加更多 SANAD 鑽機並希望在國際上獲得更多勝利，我們完全有可能獲得比 17,000 美元更高的利潤。我們還沒有最終確定預算，但這是我們明年會考慮的事情。

Got it. No, that's helpful. And you gave us some very good color on the rig market in Saudi Arabia. Curious if you could just give us a little bit more commentary on the general supply-demand balance you're seeing internationally in the various regions. I know you mentioned you're still bullish international.

知道了。不，這很有幫助。你們為我們提供了有關沙烏地阿拉伯鑽機市場的一些非常好的資訊。我很好奇您能否就您在國際上各個地區看到的整體供需平衡情況向我們提供更多評論。我知道你提到你仍然看好國際市場。

But can you maybe just talk about the main geographic regions, what the supply-demand balance looks like? And maybe within the -- with the context being versus the US Lower 48, which is kind of a flattish market, like how are the international markets in supply and demand versus the US Lower 48? And how do you see that playing out through the next couple of quarters?

但您能否只談談主要地理區域以及供需平衡？也許是在與美國 48 州下層地區相比的背景下，這是一個持平的市場，例如與美國 48 州下層地區相比，國際市場的供需情況如何？您如何看待接下來幾季的情況？

Well, topically, looking by region, I think when I talk about the we see opportunities spread as follows. In Latin America, about 15 spread between Colombia, Argentina and Mexico. The markets there, the rigs, particularly in Colombia and Argentina, a lot of those rigs are -- don't really exist in a usable form.

嗯，就主題而言，按地區來看，我認為當我談論時，我們看到機會分佈如下。在拉丁美洲，大約有 15 例在哥倫比亞、阿根廷和墨西哥之間傳播。那裡的市場，鑽孔機，特別是在哥倫比亞和阿根廷，許多鑽孔機實際上並不以可用的形式存在。

So that does tend to drive pricing higher because the operator specifications, which is a good thing, I think, for us in those markets. In MENA, away from Saudi, you have several countries, Oman, Algeria, UAE, for example.

因此，這確實會推高定價，因為營運商的規格，我認為這對我們這些市場的我們來說是一件好事。在中東和北非地區，除了沙烏地阿拉伯之外，還有幾個國家，例如阿曼、阿爾及利亞、阿聯酋。

And there, there are rigs on the ground. But again, I would say maybe half of them maybe can go to work, but a lot of them -- most things that go to work are going to need capital, and therefore, it's going to drive pricing. It doesn't matter who the operator is, or who the contractor is. And that -- I think that's the environment we're getting to in international.

在那裡，地面上有鑽孔機。但我想說，也許其中一半的人可能可以去上班，但他們中的許多人——大多數上班的事情都需要資金，因此，這將推動定價。營運商是誰或承包商是誰並不重要。我認為這就是我們在國際上所面臨的環境。

In Asia, there's between various Asian company -- countries that we see another five or six opportunities right now as well. So it's a pretty diverse set of opportunities. And right now, we're obviously only going to cherry-pick the ones that we think are the most attractive.

在亞洲，在不同的亞洲公司和國家之間，我們現在也看到了另外五到六個機會。所以這是一個非常多樣化的機會。現在，我們顯然只會挑選我們認為最具吸引力的那些。

And given our asset base, we're trying to optimize those assets to the opportunity to make sure we minimize the capital and maximize the return and try to provide the customer with a fit-for-purpose solution. But that's the market we're in. That's why we're feeling so good about it because we think with that number of opportunities with our existing capital, we can do that kind of optimization.

鑑於我們的資產基礎，我們正在努力優化這些資產，以確保我們最大限度地減少資本並最大化回報，並努力為客戶提供適合其用途的解決方案。但這就是我們所處的市場。這就是為什麼我們對此感覺如此良好，因為我們認為利用現有資本的大量機會，我們可以進行這種優化。

So 15 in MENA, as Tony mentioned. So 15 in MENA, 14 in Latin America, and 6 in Asia, roughly, right?

正如托尼所提到的，中東和北非地區有 15 個。那麼中東和北非地區有 15 個，拉丁美洲有 14 個，亞洲有 6 個，大概是吧？

19 MENA.

19 中東和北非地區。

19 MENA? Sorry.

19 中東和北非？對不起。

19 in MENA, 15 in Latin America, and 6 in Asia. Yes.

中東和北非地區 19 家，拉丁美洲 15 家，亞洲 6 家。是的。

Got it. Okay. No, it's helpful. And maybe just one more. If we think about the capital for 2025, I'm sure it's early to talk about, but maybe can you just talk a little bit about the piece this is adding up to something meaningfully different than what you'd expect in -- to spend in 2024, which is that $600 million number?

知道了。好的。不，這很有幫助。也許還有一個。如果我們考慮 2025 年的資本，我確信現在談論還為時過早，但也許您可以稍微談談這部分內容，這與您的預期有很大不同——花費到2024 年，這個6 億美元是多少？

Well, next year, we're going to deploy five rigs in Saudi Arabia versus four this year. So just that is going to be a significant increase year-on-year, right? The good thing is within the SANAD envelope, so it doesn't really affect our cash flow outside SANAD. So that part, although you will see a higher headline CapEx is not outside SANAD, and that's the cash. Outside SANAD is the cash we can easily use to pay down our debt.

明年，我們將在沙烏地阿拉伯部署五個鑽井平台，而今年則是四個。那麼，這將是同比大幅增長，對吧？好處是在 SANAD 範圍內，所以它並不會真正影響我們在 SANAD 之外的現金流。因此，儘管您會看到更高的標題資本支出不在 SANAD 之外，但這就是現金。在 SANAD 之外，我們可以輕鬆使用現金來償還債務。

So -- but you'll see an increase there. You also -- we will also have a higher number of rigs across the globe next year than this year. So the maintenance CapEx should be somewhat up. I mean, I think maybe a 10% increase approximately. We don't have the same number of opportunities that we attack this year in the sense of how many we think we will try to get next year.

所以——但是你會看到那裡的成長。明年我們在全球擁有的鑽機數量也將比今年更多。因此，維護資本支出應該會上升。我的意思是，我認為可能會增加 10% 左右。就我們認為明年將努力獲得的機會而言，我們沒有今年所爭取的機會數量。

So potentially, the international CapEx for new contracts will not be as high. So to put all that in the grinder, and we haven't finalized the budget, so I'll give you -- take that with a grain of salt. But I think the CapEx will be higher next year. That's all I can say now.

因此，新合約的國際資本支出可能不會那麼高。因此，將所有這些放入研磨機中，而且我們還沒有最終確定預算，所以我會給你——對此持保留態度。但我認為明年的資本支出將會更高。我現在只能說這麼多。

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 very much, everyone, for joining us today. If you would care to follow up, please just reach out to us and Wyatt. With that, we'll conclude the call here.

非常感謝大家今天加入我們。如果您願意跟進，請聯絡我們和 Wyatt。至此，我們將在此結束通話。

The conference is 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。