Nabors Industries Ltd (NBR) 2024 Q4 法說會逐字稿

Good day and welcome to the Nabors fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Nabors 2024 年第四季財報電話會議。（操作員指示）請注意，該事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁 William Conroy。請繼續。

Good morning, everyone. Thank you for joining Nabors' fourth-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. 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.

大家早安。感謝您參加 Nabors 2024 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 進行交流；以及我們的財務長 William Restrepo，他們對本季業績發表了自己的看法，並給出了對我們市場的見解以及我們對 Nabors 在這些市場中的表現的預期。為了支持這些言論，我們提供了一份投影片，可在網路廣播中下載，也可在 nabors.com 的投資者關係部分下載。該通話的重播說明也已發佈在網站上。

With us today, in addition to Tony, William and me, are other members of the senior management team. 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. As a result of these factors, our actual results may vary materially from those indicated or implied by such forward-looking statements.

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成員。由於我們今天的大部分評論都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》所定義的前瞻性陳述。此類前瞻性陳述會受到 Nabors 在提交給美國證券交易委員會的文件中不時揭露的某些風險和不確定性的影響。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。

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. 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 website 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.

此外，在電話會議中，我們可能會討論某些非 GAAP 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。Tony 或 William 在演示過程中對 EBITDA 的所有引用，無論是否使用調整後一詞限定，均指調整後的 EBITDA，該術語的定義已在我們的網站和收益報告中體現。同樣，除非上下文另有明確說明，否則對現金流的提及均指調整後的自由現金流，因為該非公認會計準則指標在我們的收益報告中有定義。

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. The presentation accompanying today's discussion includes important disclosures that apply to this call.

我們已在我們網站的「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 指標的對帳表。今天討論中附帶的簡報包括與本次電話會議相關的重要揭露。

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.

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或購買或出售任何證券的要約的邀請，也不得在任何司法管轄區出售此類證券，如果在該等司法管轄區的證券法下註冊或取得資格之前，此類要約、邀請或出售屬於非法行為。除透過符合 1933 年證券法第 10 條要求的招股說明書的方式外，不得進行任何證券發行。

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 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 打算向美國證券交易委員會提交 S-4 表格註冊聲明，其中將包括聯合代理聲明和招股說明書。Nabors 和 Parker 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整個註冊聲明、聯合代理聲明和招股說明書（一旦發布）以及對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.

說完這些，我會把電話交給東尼開始。

Good morning. Thank you for joining us today as we review our fourth-quarter results. We will also comment on our prospects for 2025.

早安.感謝您今天加入我們，回顧我們的第四季業績。我們也將對 2025 年的前景發表評論。

Let me start with our performance. Free cash flow this quarter fell short. Like others in the sector, we had a very substantial receivable in Mexico outstanding at year-end and the pace of new build delivery milestone payments in Saudi accelerated more than planned. William will provide further color on these in his remarks.

讓我先從我們的表現開始說。本季的自由現金流不足。與該行業的其他公司一樣，我們在年底在墨西哥有大量未償還的應收帳款，並且沙特新建項目交付里程碑付款的速度超出了計劃。威廉將在他的演講中進一步闡述這一點。

Adjusted EBITDA in the fourth quarter totaled $221 million. The Lower 48 market has remained at the levels of the prior quarters. This is disappointing since the market has not improved as we anticipated. That performance directly impacts two of our businesses, our own drilling rigs in the Lower 48 and NDS, both on Nabors rigs and on third-party rigs. At the same time, margins in these two businesses remain solid. Pricing in the Lower 48 drilling market continues to reflect the significant value that our rigs and NDS's portfolio generate.

第四季調整後EBITDA總計2.21億美元。美國本土 48 州的市場仍維持在前幾季的水準。這令人失望，因為市場並沒有如我們預期的那樣改善。這項績效直接影響了我們的兩項業務，即我們在美國本土 48 個州和 NDS 的鑽井平台，包括 Nabors 鑽井平台和第三方鑽井平台。同時，這兩項業務的利潤率依然穩健。美國本土 48 個鑽井市場的定價持續反映出我們的鑽孔機和 NDS 產品組合所創造的巨大價值。

I will start my detailed remarks with the international markets. For Nabors, the international markets have remained stable over the past few years. More recently, we have entered a period of robust growth. Our earlier rig awards are now progressing into deployments. In 2024, we activated a total of 10 international rigs.

我將從國際市場開始我的詳細評論。對 Nabors 來說，過去幾年國際市場一直保持穩定。最近，我們進入了強勁成長時期。我們先前授予的鑽機合約現在正進入部署階段。2024年，我們共啟用10座國際鑽井平台。

For 2025, we previously announced nine start-ups. In addition, we expect to reactivate a recently idle rig in Colombia. So another 10 deployments this year.

針對 2025 年，我們先前宣布了 9 家新創公司。此外，我們預計將重新啟動哥倫比亞一座最近閒置的鑽井平台。因此今年又有 10 次部署。

On top of this total, we have a strong pipeline of additional tenders. These opportunities are in markets which meet our financial thresholds. They are also in key geographies for oil and gas production. We are optimistic for incremental rig awards this year, which we deploy in 2026.

除此之外，我們還有一系列額外的招標項目。這些機會存在於符合我們財務門檻的市場。這些國家也位於石油和天然氣生產的關鍵地區。我們對今年的增量鑽機獎勵持樂觀態度，我們將在 2026 年部署這些獎勵。

Turning to the US market, the weekly industry rig count masks an elevated level of rig churn. Even so, leading-edge pricing for high-performance rigs remained relatively stable. Daily rig margins in the fourth quarter remained at attractive levels, in line with our guidance.

轉向美國市場，每週的行業鑽機數量掩蓋了鑽機流失率的上升。即便如此，高性能鑽機的前沿定價仍然相對穩定。第四季的每日鑽井利潤率仍保持在有吸引力的水平，符合我們的預期。

Our global average rig count declined slightly compared to the previous quarter. This decrease was almost entirely due to a reduction in our Lower 48 rig count.

與上一季相比，我們的全球平均鑽井數量略有下降。這一下降幾乎完全是由於美國本土 48 個鑽井數量的減少。

Our technology-focused businesses, NDS and rig tech generated combined EBITDA of more than $43 million. Together, their total EBITDA grew from the previous quarter. A key element of our strategy is to grow the contribution from these CapEx-light segments. In the fourth quarter, their contribution increased to 19.5% of the company's consolidated EBITDA.

我們以技術為中心的業務 NDS 和鑽孔機技術合計創造了超過 4,300 萬美元的 EBITDA。總體而言，他們的 EBITDA 較上一季有所成長。我們策略的關鍵要素是增加這些輕資本支出部門的貢獻。第四季度，他們的貢獻增加到公司合併 EBITDA 的 19.5%。

Now I will make some comments on the key drivers of our results. I will start with our international drilling business. Across multiple international markets, we see a large number of opportunities and tenders for additional rigs. This favorable backdrop offers the prospect to redeploy several currently idle rigs. At the same time, the broad market strength enables us to focus on prospects that recognize the value that Nabors can deliver.

現在，我將對我們業績的關鍵驅動因素發表一些評論。我先從我們的國際鑽井業務開始。在多個國際市場上，我們看到了大量額外鑽井平台的機會和招標。這一有利背景為重新部署幾個目前閒置的鑽井平台提供了前景。同時，廣泛的市場實力使我們能夠專注於那些認可 Nabors 所能提供的價值的潛在客戶。

Now I'll summarize the recent developments in our international drilling business. In the fourth quarter, we deployed two rigs in Argentina. These are part of the three rigs awarded last year. We are utilizing idle rigs in the US to meet this demand for unconventional development in Argentina. We are also providing a significant amount of NDS content on these rigs.

現在我來總結一下我們國際鑽井業務的最新進展。第四季度，我們在阿根廷部署了兩座鑽井平台。這是去年中標的三座鑽孔機的一部分。我們正在利用美國閒置的鑽孔機來滿足阿根廷非常規開發的需求。我們還在這些設備上提供了大量 NDS 內容。

In Kuwait, we expect the first of the three previously announced rigs to be deployed later in the first quarter. The second and third rigs are scheduled to commence operations in the second quarter. We see a considerable number of opportunities for additional rigs. They are spread across geographies, including Asia, MENA, and Latin America. Operators in these markets are collectively seeking more than 50 rigs. This number of additional opportunities supports our own rig count progression and pricing improvements in the international markets. We will maintain a disciplined approach to these opportunities to ensure we meet our 2025 free cash flow target.

在科威特，我們預計先前宣布的三座鑽井平台中的第一座將於第一季稍後部署。第二座和第三座鑽井平台計劃於第二季開始營運。我們看到了增加鑽孔機的大量機會。它們遍布亞洲、中東和北非以及拉丁美洲等地區。這些市場的營運商總共尋求超過 50 座鑽井平台。這些額外的機會支持了我們自己的鑽機數量的增加以及國際市場的定價改善。我們將採取嚴謹的態度來抓住這些機會，以確保實現 2025 年的自由現金流目標。

In Saudi Arabia, SANAD deployed its ninth newbuild during the fourth quarter. Another five are scheduled for 2025 with 2 of those in the first quarter and one more should start at the beginning of 2026. That will bring the total working to 15. On top of these 15 deployments, SANAD expects to receive awards this year for another five new builds. Upon award, construction on all five of these rigs will commence.

在沙烏地阿拉伯，SANAD 在第四季度部署了第九艘新船。另外 5 個項目計劃於 2025 年啟動，其中 2 個將在第一季啟動，還有一個將於 2026 年初啟動。這樣總工作人數將達到 15 人。除這 15 個部署外，SANAD 預計今年還將獲得另外 5 個新建案的建設合約。合約授予後，所有五座鑽井平台的建造都將開始。

I would like to make a few more comments on SANAD. Specifically, I'll address the newbuild rig program. This program, as you know, calls for 50 rigs built in the Kingdom over a 10-year period. SANAD only places orders for rigs from the manufacturer when SANAD receives an award from the operator, Saudi Aramco. The rigs work under six-year initial term contracts. That contract is structured to ensure a return on invested capital in five years.

我還想就 SANAD 發表一些評論。具體來說，我將討論新建鑽井平台計畫。如您所知，該計劃要求沙烏地王國在 10 年內建造 50 座鑽井平台。只有當 SANAD 獲得營運商沙特阿美公司的合約時，它才會向製造商訂購鑽孔機。這些鑽井平台的初始合約期限為六年。該合約旨在確保五年內收回投資資本。

When the initial contract finishes, it is normally followed by a four-year renewal. That's at least 10 years of firm utilization. SANAD is now entering the fourth year of the program. As the operator, Aramco continues to push ahead towards a total of 50. As these rigs are deployed, each rig contributed significant EBITDA to SANAD.

當初始合約結束時，通常會進行為期四年的續約。這相當於至少 10 年的穩固利用率。SANAD 計劃目前已進入第四年。作為營運商，沙特阿美繼續朝著 50 個油田的目標邁進。隨著這些鑽井平台的部署，每個鑽井平台都為 SANAD 貢獻了可觀的 EBITDA。

The early units generate more than $10 million per year. We expect the more recent ones to produce approximately $13 million annually. This increase primarily reflects some cost inflation as well as rig mix. Even with that, SANAD still recoups its investment within five years.

早期單位每年創收超過 1,000 萬美元。我們預計最近的項目每年的產值將達到約 1,300 萬美元。這一增長主要反映了成本上漲以及鑽機組合的變化。即使如此，SANAD 仍在五年內收回了投資。

Let me break down the status of the program. SANAD began 2025 with nine newbuilds working, six more are currently under construction. Five of these six should start in 2025 with two scheduled for the current quarter. Altogether, we forecast the working newbuild fleet will generate adjusted EBITDA of more than $140 million in 2025. With another five expected to start in 2026, SANAD is looking at earning approximately $200 million in EBITDA in 2026 just from the newbuilds. The program reflects Saudi Arabia's strategic decision to build a sizable drilling rig fleet in the Kingdom.

讓我詳細分析一下該計劃的現狀。SANAD 於 2025 年開始建造 9 艘新船，目前還有 6 艘正在建造中。其中五項將於 2025 年開始，兩項計畫於本季開始。總體而言，我們預測，到 2025 年，新建船隊將產生超過 1.4 億美元的調整後 EBITDA。預計另外 5 艘船將於 2026 年動工，SANAD 預計 2026 年僅憑新建船舶就能實現約 2 億美元的 EBITDA 收入。該計畫體現了沙烏地阿拉伯在國內建設龐大鑽井平台隊伍的戰略決策。

We are proud to be part of this effort. Our partner and client is the largest player in the global energy industry. It is known for prudent long-term investments. In SANAD's case, together, we are building one of the preeminent drilling rig companies in the Middle East. We are not aware of another opportunity in the industry approaching the scale and certainty of the SANAD newbuilds. By our estimates, the returns on this fleet are greater and lower risk than most other investments in the drilling rig business.

我們很榮幸能夠成為這項工作的一部分。我們的合作夥伴和客戶是全球能源產業最大的參與者。它以審慎的長期投資而聞名。就 SANAD 而言，我們正在共同打造中東地區最傑出的鑽井平台公司之一。我們尚未發現業界還有其他能與 SANAD 新建船舶規模和確定性相媲美的機會。根據我們的估計，該船隊的回報比鑽井平台業務中的大多數其他投資更高且風險更低。

While recognizing the capital requirement is significant, we see a path to free cash flow in SANAD in the 2027, '28 time frame. That should lead to distributions to the partners. Longer term, we aim to capture the significant valuation afforded to drilling contractors in the Middle East. We are confident that would generate significant value for our shareholders. And it is important to note that this growth is built on top of a very healthy legacy business, which continues to generate a strong positive free cash flow.

雖然我們意識到資本需求龐大，但我們認為 SANAD 在 2027 年、2028 年期間將實現自由現金流。這應該會導致向合夥人進行分配。從長遠來看，我們的目標是獲得中東鑽井承包商應得的可觀估值。我們相信這將為我們的股東創造巨大的價值。值得注意的是，這種成長建立在非常健康的傳統業務之上，而該業務繼續產生強勁的正自由現金流。

Now I'll discuss our performance in the US. Our daily rig margins in the Lower 48 rig fleet remained at high levels in the fourth quarter. Strong demand for high-performance rigs continues to support attractive pricing. While there is an active churn in the marketplace and resulting friction on daily margins, pricing remains generally disciplined.

現在我來討論一下我們在美國的表現。第四季度，美國本土 48 座鑽井平台船隊的每日鑽井利潤率仍維持在高點。對高性能鑽孔機的強勁需求繼續支撐具有吸引力的定價。儘管市場中存在活躍的流動性並導致每日利潤產生摩擦，但定價總體上仍保持規範。

Select operators are looking to longer lateral well designs in order to extract more value from their assets. Given our rig capabilities, several clients already use Nabors to drill the longest wells. The trend toward increasing lateral lengths continues. Our Lower 48 operation is well positioned to capitalize on this trend now and even more so once we close the Parker acquisition. In this environment, even at current fleet utilization, our operation generates significant free cash flow.

部分營運商正在尋求更長的水平井設計，以便從其資產中獲得更多價值。鑑於我們的鑽機能力，一些客戶已經使用 Nabors 來鑽探最長的井。橫向長度不斷增加的趨勢仍在持續。我們的美國本土 48 家業務目前已準備好利用這一趨勢，一旦我們完成對派克的收購，就更能利用這一趨勢。在這種環境下，即使以目前的車隊利用率，我們的營運也能產生大量自由現金流。

All of our comments on our Lower 48 drilling results reflect only the rigs themselves. In addition to the margin on our rigs, NDS generates significant margin on its own. I'll elaborate on this in a moment.

我們對美國本土 48 州鑽探結果的所有評論僅反映鑽機本身。除了我們鑽機的利潤外，NDS 本身也能產生可觀的利潤。我稍後將詳細說明這一點。

Next, let me discuss our technology and innovation. In the fourth quarter, NDS once again made an important contribution to our overall results. NDS's gross margin exceeded 54% in the quarter. This performance is a record. It demonstrates the benefits of the NDS portfolio to clients.

接下來我來討論一下我們的技術和創新。第四季度，NDS再次為我們的整體業績做出了重要貢獻。NDS本季毛利率超過54%。這次演出創下了紀錄。它向客戶展示了 NDS 產品組合的優勢。

In the Lower 48 market, the average daily margin from our drilling and drilling solutions businesses combined was approximately $18,700 in line with the third quarter. Of that, NDS contributed $3,722 per day. This measure, NDS Lower 48 daily margin increased by more than $100 per day. These NDS results validate our strategy.

在美國本土 48 個市場中，我們的鑽井和鑽井解決方案業務的平均每日利潤約為 18,700 美元，與第三季持平。其中，NDS 每天貢獻 3,722 美元。此舉一出，NDS Lower 48 州的每日保證金將增加 100 多美元。這些 NDS 結果驗證了我們的策略。

Next, let me make some comments on our capital structure. While our top priority remains the reduction of our debt, our fourth quarter was challenged by three main factors. First, in Mexico, significant delays in payments from our customer of approximately $50 million. We are working diligently to rectify the situation. We expect the customer to resume payments during the first half of 2025.

接下來，我對我們的資本結構發表一些評論。雖然我們的首要任務仍然是減少債務，但我們的第四季面臨著三個主要因素的挑戰。首先，在墨西哥，我們的客戶嚴重延遲支付約 5,000 萬美元。我們正在努力糾正這一情況。我們預計客戶將在 2025 年上半年恢復付款。

Second, a lack of growth in the Lower 48 market. And third, in Saudi Arabia, the pace of payments for newbuilds accelerated. This was due to faster milestone completion by the rig manufacturer.

第二，美國本土48個市場缺乏成長。第三，在沙烏地阿拉伯，新建船舶付款速度加快了。這是由於鑽機製造商更快完成了里程碑。

The ongoing investment in Saudi Arabia is significant. The US market remains sluggish. We will respond to this environment with actions to improve efficiency and align our cost structure.

對沙烏地阿拉伯的持續投資意義重大。美國市場依然低迷。我們將採取行動應對這種環境，提高效率並調整成本結構。

At the end of the fourth quarter, we surveyed the largest Lower 48 industry clients. After a number of E&P mergers, our survey now covers 15 operators. These clients account for approximately 46% of the Lower 48 industries working rigs at the end of the quarter. The latest survey indicates this group intends to reduce its rig count 4% by the end of 2025. This expected decline is concentrated among three operators. Reasons for the decline include improved performance and concerns about the market environment. Outside of these three operators, the indication is to add a modest number of rigs.

第四季末，我們對美國本土 48 個最大產業客戶進行了調查。經過多次 E&P 合併，我們的調查現已涵蓋 15 家營運商。截至本季末，這些客戶約占美國本土 48 個產業在役鑽機總數的 46%。最新調查顯示，該集團計劃在 2025 年底前將鑽井數量減少 4%。預計這一下降主要集中在三家營運商。下滑的原因包括業績改善以及對市場環境的擔憂。除這三家業者之外，還有跡象顯示將增加適量鑽孔機。

Consistent with my earlier comments, our view for the international market remains bullish. Our deployment plan includes four rigs in the first quarter of 2025. With these additions, we expect to end the quarter with 89 international rigs working. For the full year 2025, including the 4 I just mentioned, we have 10 total rigs scheduled to be deployed: 5 newbuild rigs in Saudi Arabia, 3 activations in Kuwait, 1 activation in Argentina and 1 activation in Colombia.

與我之前的評論一致，我們對國際市場的看法仍然樂觀。我們的部署計劃包括 2025 年第一季的四個鑽井平台。加上這些新增鑽井平台後，我們預計本季末將有 89 個國際鑽井平台投入營運。到 2025 年全年，包括我剛才提到的 4 個鑽井平台，我們總共計劃部署 10 個鑽井平台：沙烏地阿拉伯 5 個新建鑽井平台、科威特 3 個啟用鑽井平台、阿根廷 1 個啟用鑽井平台和哥倫比亞 1 個啟用鑽井平台。

Early in the fourth quarter, we announced an agreement to acquire Parker Wellbore. Shareholders of both companies have approved the merger. While the antitrust review period in the US has passed, approvals in a few countries are pending. The teams have completed a substantial amount of integration planning.

第四季初，我們宣布了收購 Parker Wellbore 的協議。兩家公司的股東均已批准此合併案。雖然美國的反壟斷審查期已經過去，但仍有幾個國家的批准尚未完成。這些團隊已經完成了大量整合規劃。

We are confident we will realize an annualized cost synergies of at least $35 million in 2025. We are looking forward to adding Parker to the Nabors portfolio and to realizing significant strategic and financial benefits. Now let me turn the call over to William, who will discuss our financial results.

我們有信心在 2025 年實現至少 3,500 萬美元的年化成本綜效。我們期待將帕克納入 Nabors 投資組合併實現重大的策略和財務利益。現在，我將電話轉給威廉，他將討論我們的財務結果。

Thank you, Tony. Good morning, everyone, and thank you for joining us today. Before commenting on the financial results for the quarter, I would like to make some general remarks on our global markets. In the Middle East and North Africa, we deployed one more newbuild rig in Saudi Arabia, which was offset by the three rig suspension we previously announced. We're preparing for six more newbuilds in that market and for the start-up of three rigs in Kuwait.

謝謝你，托尼。大家早安，感謝大家今天的參與。在評論本季的財務業績之前，我想對我們的全球市場做一些總體評論。在中東和北非，我們在沙烏地阿拉伯部署了一座新建鑽井平台，這抵消了我們先前宣布的三座鑽井平台暫停部署的影響。我們正準備在該市場建造另外六艘新船，並準備在科威特啟動三座鑽井平台。

We believe that in Saudi Arabia, natural gas activity on land will continue to expand, both in traditional basins and for the more recent and conventional projects. We also expect to benefit from more natural gas opportunities in the MENA market during 2025. This regional expansion should benefit all our segments over the coming year.

我們相信，在沙烏地阿拉伯，陸地上的天然氣活動將繼續擴大，無論是在傳統盆地還是在較新的常規項目中。我們也預計 2025 年將從中東和北非市場獲得更多的天然氣機會中受益。此次區域擴張將使我們明年的所有部門受益。

In Latin America, we recently deployed two rigs in Argentina and expect to add one more during 2025. This market should benefit from the ongoing expansion in the Vaca Muerta Basin as new pipelines and export facilities are underway.

在拉丁美洲，我們最近在阿根廷部署了兩座鑽井平台，預計 2025 年將再增加一座。隨著新管道和出口設施的建設，該市場將受益於瓦卡穆埃爾塔盆地的持續擴張。

In addition, the current government continues to take actions favorable to the business environment. We believe Argentina will provide a natural destination for more of the idle Lower 48 rigs over the next couple of years, and our progress in drilling solutions should also continue.

此外，本屆政府持續採取有利於營商環境的措施。我們相信，未來幾年，阿根廷將為更多美國本土 48 個閒置鑽井平台提供天然的目的地，我們在鑽井解決方案方面的進展也將持續。

In Colombia, one of our rigs had downtime between contracts during the fourth quarter, but is resuming operations in the first quarter. That market is expected to remain at current levels with the government in effect limiting activity by our largest customer.

在哥倫比亞，我們的一座鑽井平台在第四季度合約之間停工，但在第一季恢復營運。由於政府實際上限制了我們最大客戶的活動，因此預計該市場將保持在當前水平。

In Mexico, Pemex has announced reduced activity for 2025, reflecting budgetary challenges. It's not clear at this point when the government will loosen restraints on our customer, but we expect this decreased investment to have some effect on our 2025 revenue. In the Lower 48 market, the potential increases we previously expected failed to materialize with operators continuing to demonstrate significant capital discipline in their oil-related drilling while delivering only muted improvement in gas basins.

在墨西哥，Pemex 已宣布減少 2025 年的業務量，以應對預算挑戰。目前尚不清楚政府何時會放鬆對我們客戶的限制，但我們預計投資減少將對我們 2025 年的收入產生一定影響。在美國本土 48 個市場中，我們先前預期的潛在成長未能實現，營運商在石油相關鑽探中繼續表現出嚴格的資本紀律，而天然氣盆地的改善卻十分有限。

As longer-term contracts continue to expire, we experienced an elevated level of churn in the fourth quarter. We expect this trend to continue in the first quarter of 2025. At this point, we see limited indication of a near-term recovery in the Lower 48 drilling rig market.

隨著長期合約不斷到期，我們在第四季度經歷了較高的客戶流失率。我們預計這一趨勢將在 2025 年第一季持續下去。目前，我們認為美國本土 48 個鑽井平台市場短期內復甦的跡像有限。

Despite these headwinds, our revenue per day has held up relatively well, and our daily gross margin has remained around $15,000. The weakness in the general US drilling rig market as well as our own reduced rig count in the Lower 48 have also had an impact on our drilling solutions revenue. Nonetheless, we anticipate that increased penetration on our own fleet and our third-party rigs will help us compensate for the stagnant market activity.

儘管面臨這些不利因素，我們的每日收入仍保持相對較好，每日毛利仍維持在 15,000 美元左右。美國整體鑽井平台市場的疲軟以及我們在美國本土 48 個州的鑽井平台數量的減少也對我們的鑽井解決方案收入產生了影響。儘管如此，我們預計，我們自己的船隊和第三方鑽井平台的滲透率提高將幫助我們彌補市場活動的停滯。

Revenue from operations for the fourth quarter was $730 million, a $2 million sequential reduction. Revenue from the three deployments in Saudi Arabia and Argentina was more than offset by the three rig Aramco suspension and by declining average rig count in the Lower 48.

第四季營業收入為 7.3 億美元，比上一季減少 200 萬美元。沙烏地阿拉伯和阿根廷三個鑽井平台部署的收入被阿美三個鑽井平台的停產和美國本土 48 個州平均鑽井平台數量的下降所抵銷。

The US drilling segment declined by [$13 million] sequentially or 5.2%, driven by reduced rig count in the Lower 48 market. Our rig count in the Lower 48 averaged 66 at 2 rigs decrease. However, our average day rate for the fourth quarter slipped by only 1% as we rolled our contracts onto the current market rates.

美國鑽井部門季減 [1,300 萬美元]，降幅 5.2%，原因是美國本土 48 個市場鑽井數量減少。美國本土 48 個州的鑽井數量平均為 66 個，減少了 2 個。然而，由於我們將合約延展至當前市場價格，第四季度的平均日費率僅下滑了 1%。

Daily revenue came in at $33,400, a reduction of $1,400 sequentially. This decline was driven essentially by a drop in low-margin reimbursable revenue, while average rig rates barely decreased. Leading-edge pricing remains stable. On our latest contracts, revenue per day remains in the low- to mid-$30,000 range.

每日收入為 33,400 美元，比上一季減少 1,400 美元。這一下降主要是由於低利潤可報銷收入的下降，而平均鑽機費率幾乎沒有下降。前沿定價保持穩定。根據我們最近的合同，每天的收入仍然在 30,000 美元左右。

International drilling revenue was $371 million, an increase of $2.8 million. In Saudi Arabia, we successfully deployed a ninth newbuild rig, and we started two additional rigs in Argentina. These increases were somewhat offset by the suspensions in Saudi Arabia. At the same time, the cadence of SANAD's newbuild deployments remains unaffected.

國際鑽井收入為 3.71 億美元，增加 280 萬美元。在沙烏地阿拉伯，我們成功部署了第九座新建鑽井平台，並在阿根廷啟動了另外兩座鑽井平台。這些成長在一定程度上被沙烏地阿拉伯的停產所抵消。同時，SANAD 新專案的部署節奏不受影響。

Drilling solutions revenue of $76 million decreased sequentially by $3.6 million or 4.5%. This decline was largely driven by the Lower 48 market, which affected our well replacement activity.

鑽井解決方案營收為 7,600 萬美元，比上一季減少 360 萬美元，降幅為 4.5%。這一下降主要是由於美國本土 48 州的市場影響了我們的油井更換活動。

Revenue in our rig technologies segment reached $56.2 million, up $10.4 million or 22.6%, driven by a robust increase in deliveries of capital equipment and part sales in the Middle East. Total adjusted EBITDA for the quarter was $221 million compared to $222 million in the third quarter. New rig deployments and a strong increase in rig technologies were offset by weakness in the Lower 48 market and SANAD's three rig suspensions.

我們的鑽孔機技術部門的營收達到 5,620 萬美元，成長 1,040 萬美元或 22.6%，這得益於中東地區資本設備交付和零件銷售的強勁成長。本季調整後 EBITDA 總值為 2.21 億美元，第三季為 2.22 億美元。新鑽井平台的部署和鑽井技術的強勁成長被美國本土 48 個市場的疲軟和 SANAD 的三座鑽井平台的暫停所抵消。

US drilling EBITDA of $105.8 million was down by $2.9 million or 2.7% sequentially. This deterioration reflected a two-rig reduction and a slight decrease in daily margins. Average daily margins came in just under $15,000, down around $100 from the third quarter.

美國鑽井業務 EBITDA 為 1.058 億美元，季減 290 萬美元，降幅 2.7%。這種惡化反映了兩座鑽孔機的減少和每日利潤的略微下降。平均每日利潤略低於 15,000 美元，較第三季下降約 100 美元。

For the first quarter, we expect Lower 48 daily margins of approximately $14,800 as our average fee rates converge with leading-edge daily revenue. We anticipate our average rig count in this market to be approximately 61.

對於第一季度，我們預計下 48 個州的每日利潤率約為 14,800 美元，因為我們的平均費率與領先的每日收入一致。我們預計該市場的平均鑽機數量約為 61 個。

On a combined basis, Alaska and the US offshore businesses performed in line with our projections. In the fourth quarter, the total EBITDA of these two operations was $21.4 million. First-quarter EBITDA from these businesses should be similar to the fourth quarter.

整體來看，阿拉斯加和美國的海上業務表現符合我們的預測。第四季度，這兩項業務的 EBITDA 總額為 2,140 萬美元。第一季這些業務的 EBITDA 應該與第四季度相似。

International EBITDA decreased by $4 million to $112 million in the fourth quarter on a stable average rig count of 85. EBITDA from the new deployments was offset by the suspensions in Saudi Arabia.

在平均鑽井數量穩定在 85 個的情況下，第四季國際 EBITDA 減少 400 萬美元至 1.12 億美元。新部署帶來的 EBITDA 被沙烏地阿拉伯的停產所抵消。

Daily gross margin was approximately $16,700, a $400 decrease. The deterioration was essentially driven by one-time items. Our first-quarter forecast assumes the start-up of the 10th and 11th SANAD newbuild rigs and the restart of our rig in Colombia. We anticipate average daily gross margin to increase to $17,000 in the first quarter. Average rig count in the first quarter should range between 85 and 86 rigs.

每日毛利約16,700美元，減少了400美元。這種惡化主要是由一次性物品造成的。我們的第一季預測假設第 10 座和第 11 座 SANAD 新建鑽井平台啟動以及我們在哥倫比亞的鑽井平台重啟。我們預計第一季平均日毛利率將增加至 17,000 美元。第一季的平均鑽井數量應在85至86座之間。

Drilling solutions delivered EBITDA of $33.8 million in the fourth quarter, down 1.5%. Among product lines, international improvements in managed pressure drilling were more than offset by some deterioration in casing running. Gross margin for this segment increased to more than 54%, up from 53% in the third quarter on a better mix. NDS gross margin per day for the Lower 48 was $3,720, a 2.8% increase compared to the third quarter. This improvement took our combined Lower 48 drilling rig and solutions daily gross margin to $18,660, in line with the prior quarter.

鑽井解決方案第四季的 EBITDA 為 3,380 萬美元，下降 1.5%。在產品線中，國際上在控壓鑽井方面的進步被套管下入方面的一些惡化所抵消。由於產品組合優化，該部門的毛利率從第三季的 53% 上升至 54% 以上。NDS 在美國本土 48 州的每日毛利為 3,720 美元，較第三季成長 2.8%。這項改進使我們美國本土 48 個鑽井平台和解決方案的綜合每日毛利率達到 18,660 美元，與上一季持平。

For the first quarter, we expect NDS EBITDA of approximately $33 million. Better penetration on Nabors rigs as well as revenue on third-party rigs should offset reduced Lower 48 drilling activity.

我們預計第一季 NDS EBITDA 約為 3,300 萬美元。Nabors 鑽井平台滲透率的提高以及第三方鑽井平台的收入應能抵消美國本土 48 個州鑽井活動的減少。

Rig technologies delivered EBITDA of $9.2 million in the fourth quarter, up sequentially from $6.1 million. First-quarter EBITDA for rig tech should be approximately $5 million. Our EBITDA matched prior-quarter levels as we managed to compensate for the decline in the Lower 48.

Rig technologies 第四季的 EBITDA 為 920 萬美元，比上一季的 610 萬美元有所成長。第一季鑽孔機技術的 EBITDA 應約為 500 萬美元。我們的 EBITDA 與上一季水準持平，因為我們成功彌補了美國本土 48 州的下滑。

But our free cash flow disappointed in the fourth quarter. During the quarter, we consumed approximately $50 million as compared to our expectations of generating close to $20 million. The largest component of this shortfall was the lack of collections in Mexico as our client delayed $50 million of expected payments. In addition, CapEx for Saudi newbuilds was $40 million above forecast as SANAD supplier accelerated completion of construction milestones. Capital expenditures were $241 million in the fourth quarter, $123 million above the level of the preceding quarter. CapEx for the SANAD newbuilds was $143 million.

但我們的自由現金流在第四季令人失望。本季度，我們消耗了約 5,000 萬美元，而我們預期的收入接近 2,000 萬美元。造成這一缺口的最大原因是我們的客戶延遲了 5000 萬美元的預期付款，導致墨西哥未能收款。此外，由於 SANAD 供應商加快完成建設里程碑，沙烏地阿拉伯新建船舶的資本支出比預期高出 4,000 萬美元。第四季資本支出為 2.41 億美元，比上一季增加 1.23 億美元。SANAD 新建船舶的資本支出為 1.43 億美元。

CapEx for the full year 2024 was $610 million, about $20 million higher than we expected at the beginning of the year. Capital spending for the Saudi newbuilds totaled $271 million, $71 million more than what was targeted when we started 2024. Outside the Saudi deployment, CapEx was $338 million, $51 million below our original target.

2024 年全年資本支出為 6.1 億美元，比我們年初預期的高出約 2,000 萬美元。沙烏地阿拉伯新船的資本支出總計 2.71 億美元，比我們 2024 年初的目標高出 7,100 萬美元。除沙烏地阿拉伯部署外，資本支出為 3.38 億美元，比我們最初的目標低 5,100 萬美元。

For the first quarter of 2025, CapEx should land between $195 million and $205 million with $80 million to $85 million for the SANAD newbuilds.

2025 年第一季度，資本支出應在 1.95 億至 2.05 億美元之間，其中 8,000 萬至 8,500 萬美元用於 SANAD 新建案。

The closing date on the Parker Wellbore transaction is not yet known as we await regulatory approvals, but we anticipate closing sometime in the first quarter. With the release of first-quarter financials, we intend to provide guidance on our consolidated results for the company, including the impact of Parker Wellbore. We are preparing for a flat year ahead in the US market for growth in international markets and in drilling solutions and for continued investment in Saudi Arabia.

由於我們正在等待監管部門的批准，因此 Parker Wellbore 交易的完成日期尚不清楚，但我們預計將在第一季的某個時候完成。隨著第一季財務數據的發布，我們打算為公司綜合業績提供指導，包括 Parker Wellbore 的影響。我們正在為未來一年美國市場的平淡做準備，以迎接國際市場和鑽井解決方案的成長以及繼續在沙烏地阿拉伯進行投資。

For the full year 2025, we anticipate Lower 48 average rig count in the range of 62 to 64 and daily gross margin of approximately $14,600. Total combined EBITDA from Alaska and offshore is expected to decline 5% year over year. International drilling, Nabors drilling solutions and rig technologies should more than offset the expected US declines.

對於 2025 年全年而言，我們預計美國 48 個州的平均鑽機數量將在 62 至 64 個之間，每日毛利約為 14,600 美元。阿拉斯加和近海的合併 EBITDA 預計將年減 5%。國際鑽井、Nabors 鑽井解決方案和鑽機技術應能抵銷預期的美國鑽井下滑。

For international drilling, we are targeting average daily margin of $17,600, an increase of $1,100 or 6.8% as we continue to deploy rigs at better pricing levels. Average rig count should land between 88 and 89 rigs.

對於國際鑽井，我們的目標是平均每日利潤為 17,600 美元，增加 1,100 美元或 6.8%，因為我們會繼續以更優惠的價格水平部署鑽機。平均鑽井數量應在88至89個之間。

Anticipated deployments in Saudi Arabia and Argentina will be partially offset by the SANAD suspensions. Reductions in activity at Pemex could also impact our 2025 rig count.

沙烏地阿拉伯和阿根廷的預期部署將因 SANAD 的暫停而部分抵消。Pemex 活動的減少也可能影響我們 2025 年的鑽井數量。

NDS is expected to improve by approximately 6% to close the year at $140 million. And rig technologies EBITDA should improve slightly to come in at $30 million.

NDS 預計年底將成長約 6%，達到 1.4 億美元。鑽機技術的 EBITDA 應會略有上升，達到 3,000 萬美元。

Now turning to CapEx, we are currently forecasting our 2025 capital expenses in the range of $710 million to $720 million. SANAD newbuild CapEx should reach approximately $360 million, an increase of roughly $90 million from the spend in full year 2024 as we deploy five rigs compared to four last year.

現在談到資本支出，我們目前預測 2025 年的資本支出在 7.1 億美元至 7.2 億美元之間。薩那德新建鑽井平台的資本支出應達到約 3.6 億美元，比 2024 年全年支出增加約 9,000 萬美元，因為我們部署了五座鑽井平台，而去年只有四座。

As we invest in our Saudi growth commitment, we continue to identify opportunities for overhead reductions and other initiatives to improve free cash flow. Including these measures that total approximately $80 million, we expect around breakeven free cash flow for 2025. I would point out that our consolidated free cash flow projection includes negative free cash flow for SANAD of approximately $150 million.

在我們投資沙烏地阿拉伯成長承諾的同時，我們繼續尋找削減管理費用和其他措施的機會，以改善自由現金流。包括這些總額約 8,000 萬美元的措施，我們預計 2025 年的自由現金流將達到損益兩平。我要指出的是，我們的綜合自由現金流預測包括 SANAD 約 1.5 億美元的負自由現金流。

This implies that outside SANAD, our free cash flow will be around $150 million. We plan to use this cash flow outside SANAD to reduce our gross debt. The 2025 free cash flow forecast excludes the Parker Wellbore results.

這意味著，在 SANAD 之外，我們的自由現金流將達到 1.5 億美元左右。我們計劃利用 SANAD 以外的現金流來減少我們的總債務。2025 年自由現金流預測不包括 Parker Wellbore 的結果。

We expect the acquired business to generate considerable cash flow in 2025, even before the material synergies we have mentioned. Our 2025 projections also assume no favorable impact on Lower 48 drilling from changes in policies by the new administration.

我們預計，收購的業務將在 2025 年產生可觀的現金流，甚至在我們提到的重大協同效應之前就已經產生。我們對 2025 年的預測也假設新政府的政策變化不會對美國本土 48 州的鑽探產生有利影響。

Similarly, projections don't include any impact from incremental US gas drilling, potentially driven by new infrastructure or from data center-related demand. Needless to say, improvement in US drilling would have a very significant impact on our free cash flow. We will benefit from significantly higher rig count with very limited incremental CapEx as well as from improved pricing and margins compared to the levels in our current projections.

同樣，預測不包括美國天然氣鑽探增量的影響，這些增量可能是由新的基礎設施或資料中心相關需求所推動的。不用說，美國鑽探的改善將對我們的自由現金流產生非常重大的影響。與我們目前的預測水準相比，我們將受益於鑽機數量的大幅增加和資本支出的增加，以及定價和利潤率的提高。

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

現在，我將請托尼作最後發言。

Thank you, William. I will now conclude this morning with a few remarks on our industry and Nabors in particular. As you know, our industry is characterized by short-term, often sharp fluctuations in demand and economics. These occur against the backdrop of sustained longer-term transformation and innovation. At Nabors, our objective is to manage near-term volatility while we develop and deploy enabling technology.

謝謝你，威廉。今天上午，我將以對我們的行業、特別是 Nabors 的一些評論作為結束。眾所周知，我們的行業特徵是需求和經濟波動短期內且經常劇烈。這些都是在長期持續轉型和創新的背景下發生的。在 Nabors，我們的目標是在開發和部署支援技術的同時管理短期波動。

In this environment, we are positioning Nabors for the future. With our joint venture in Saudi Arabia, we have a unique large-scale opportunity in one of the industry's most important markets. SANAD is currently in its investment phase and already generating long-term value. We are working toward completing the merger with Parker. Parker's drilling rig business dovetails neatly with our existing footprint, offering meaningful synergy potential.

在這種環境下，我們正在為 Nabors 的未來做好準備。透過我們在沙烏地阿拉伯的合資企業，我們在該行業最重要的市場之一獲得了獨特的大規模機會。SANAD 目前處於投資階段，並且已經產生長期價值。我們正在努力完成與派克的合併。派克的鑽機業務與我們現有的業務完美契合，並且具有巨大的協同潛力。

This addition widens our [taking money] business and expands our drilling solutions portfolio. It also adds a high-performance tubular rental business as the growth in wellbore laterals increases demand for drill pipe. Parker should be immediately accretive to our free cash flow and has the potential to generate significant synergies.

此次收購擴大了我們的（賺錢）業務，並擴展了我們的鑽井解決方案組合。由於井筒水平段的成長帶來了對鑽桿的需求，該公司還增加了高性能管材租賃業務。帕克應該立即增加我們的自由現金流，並有可能產生顯著的協同效應。

Thinking about Nabors, we have a very good Lower 48 business. On its own, it generates significant free cash flow. At the same time, we are investing in growth in Saudi Arabia, which has its own dynamics. We are deploying new assets there on top of the very large existing operation that generates considerable cash flow.

想想 Nabors，我們在下 48 個州的業務非常好。它本身就能產生大量的自由現金流。同時，我們也在投資沙烏地阿拉伯，該國有自己的發展動力。我們在現有的可產生大量現金流的龐大業務基礎上部署了新資產。

Nabors consolidated free cash flow today masks the strength of our company away from SANAD. In 2025, without the EBITDA from newbuilds scheduled to deploy or the CapEx for rigs under construction, we estimate our free cash flow would be more than $320 million higher. That's the real power of the existing business.

Nabors 今天的合併自由現金流掩蓋了我們公司在 SANAD 之外的實力。到 2025 年，如果不考慮計劃部署的新船的 EBITDA 或在建鑽井平台的資本支出，我們估計我們的自由現金流將增加 3.2 億美元以上。這就是現有業務的真正力量。

This also shows that our Saudi Arabia operation without additional new investment is already generating substantial cash flow in excess of $200 million. And keep in mind, this number is expanding at about $50 million per year. Given the clear profitability and the inherent cash generation potential of the Saudi operation, we are reinvesting all SANAD's cash flow to continue to build for the future. This investment supports the long-term contracted growth plan that our partner, the largest operator in the world, is committed to deliver.

這也表明，我們在沙烏地阿拉伯的業務無需額外的新投資就已經產生了超過2億美元的大量現金流。請記住，這個數字每年還在以約 5,000 萬美元的速度成長。鑑於沙烏地阿拉伯業務明顯的獲利能力和固有的現金創造潛力，我們將重新投資 SANAD 的所有現金流，繼續為未來做準備。這項投資支持了我們的合作夥伴（全球最大的營運商）致力於實現的長期合約成長計劃。

So wrapped inside our company, we have a singular growth story, which already has great value. SANAD also has a clear path for continued growth. Notwithstanding short-term pressure on our consolidated free cash flow, we believe this investment for growth creates significant long-term value for our shareholders. To summarize, we are positioning Nabors to not only capitalize on the future, but also to drive it. I look forward to reporting our progress. Thank you for your time and attention.

所以在我們公司內部，我們有一個獨特的成長故事，它已經具有巨大的價值。SANAD 也有明確的持續成長道路。儘管我們的合併自由現金流面臨短期壓力，但我們相信，這項成長投資將為我們的股東創造巨大的長期價值。總而言之，我們對 Nabors 的定位不僅是利用未來，更是推動未來。我期待著報告我們的進展。感謝您的時間和關注。

With that, we will take your questions.

我們將回答您的問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Kurt Hallead, Benchmark.

庫爾特·哈萊德 (Kurt Hallead)，基準。

Hey. Good morning, everybody. I appreciate all that, intel and info, especially on the Saudi front, very helpful. Hey, I wanted to get a little bit more clarity around, the commentary that you made in the press release and then again here in the conference call around free cash flow. And I think, William had -- the comment was you expect to be free cash flow positive and substantially reduce gross debt. So can you help us just, kind of ring-fence what you mean by substantially reducing gross debt?

嘿。大家早安。我感謝所有這些情報和信息，特別是有關沙特方面的情報和信息，非常有幫助。嘿，我想更清楚地了解您在新聞稿中以及在電話會議中關於自由現金流的評論。我認為，威廉的評論是您預計自由現金流為正，並且大幅減少總債務。那麼，您能否幫助我們明確一下，所謂大幅減少總債務到底是什麼意思呢？

So, Kurt, you know we have a few pieces in within the company. One of them is SANAD, which, of course, is a little bit ring-fenced. And in fact, most of the cash flow from that piece is going to be used for the growth program over the coming years. So in 2025, because we're spending about $360 million in CapEx in SANAD, we're going to be in the rate about $150 million in terms of free cash flow generation within SANAD, right? So that means the fleet is generating about over $200 million, the current fleet in EBITDA, but then we're spending $360 million on the growth going forward.

那麼，庫爾特，你知道我們公司內部有幾件東西。其中之一是 SANAD，當然，它的監管有點嚴格。事實上，該部分現金流的大部分將用於未來幾年的成長計畫。因此，到 2025 年，由於我們在 SANAD 的資本支出約為 3.6 億美元，因此 SANAD 內部的自由現金流產生率將達到約 1.5 億美元，對嗎？所以這意味著機隊創造了約 2 億多美元的收益，也就是目前機隊的 EBITDA，但我們在未來的成長上將花費 3.6 億美元。

So what that implies, though, is that outside the SANAD legal entity, all our other legal entities are going to be generating roughly $150 million of free cash, because we're forecasting a little bit of a breakeven for the full year on a consolidated basis. So that money is usable for neighbors for whatever you want to do with it, and we're going to allocate that to reducing debt. So I would expect to see our gross debt next year in 2025 be reduced by approximately the $150 million that we're going to generate outside SANAD.

所以這意味著，除了 SANAD 法人實體之外，我們所有其他法人實體都將產生約 1.5 億美元的自由現金，因為我們預測在合併基礎上將全年實現損益平衡。這樣，鄰居就可以用這筆錢做任何想做的事情，我們會把這筆錢用於減少債務。因此，我預計明年（2025 年）我們的總債務將減少約 1.5 億美元，這筆錢我們將在 SANAD 之外產生。

That's great. Thanks. That's great color. And then maybe just, again, a follow-up on the international outlook, right? Is it your read with respect to Saudi that their overall reductions of rig count is complete and are you expecting any more additional kind of rig releases outside of SANAD as the year goes on?

那太棒了。謝謝。顏色真棒。然後也許只是再次關注國際前景，對嗎？您是否認為沙烏地阿拉伯的鑽井數量整體削減已經完成？

With respect to the market as a whole, I think it could well be that there may be some other releases coming. But as you can see from how we were treated very well by Aramco over the past year, and we at the big brunt of what others have hit -- I think it's important, Kurt, to understand the big picture here. The big picture is the same person taking down rigs is the same person building rigs with the joint venture with Nabors. And that's the biggest oil company in the world, who has the best long-term view of the market and the short-term view of the market out there.

就整個市場而言，我認為很可能還會有一些其他產品的發布。但正如你所看到的，在過去的一年裡，我們受到了沙特阿美公司的良好待遇，而我們也受到了其他公司沉重打擊——我認為，庫爾特，了解這裡的大局很重要。從總體上看，拆除鑽井平台的人和與 Nabors 合資建造鑽井平台的人是同一個人。這是世界上最大的石油公司，它對市場的長期眼光和短期眼光最為敏銳。

And so they've decided with us that they want to continue the newbuild program, notwithstanding the rig coming down in the short term. Now whether that's because they believe long term, these rigs are going to be the preferred rigs or they believe long term, there's going to be uplift in the market, I can't answer that. But there's absolute commitment by them to maintain the current pace of the newbuild program. So you got the guy who decides whose rigs come down, how many rigs there are, telling us they want to continue investing.

因此，他們與我們共同決定，儘管鑽井平台短期內會拆除，但他們仍希望繼續新建計畫。現在，是否因為他們相信從長遠來看這些鑽井平台將成為首選，或者他們相信從長遠來看市場將會出現上漲，我無法回答。但他們絕對致力於維持現有的新建船舶計畫進度。因此，你找到了那個決定誰的鑽孔機被拆除、有多少鑽機的人，並告訴我們他們想繼續投資。

And we think they're a great partner. I think we're privileged to have them as partners. And so we're in with them supporting them to do that. If I had my druthers, would I like to take a break for a year in a new build and take that $360 million and take my share and pay down some debt? I would. But the absolute -- the opportunity here is unique in the industry.

我們認為他們是一個很好的合作夥伴。我認為我們很榮幸能與他們合作。因此，我們支持他們這樣做。如果我有選擇權，我是否願意在新建項目上休息一年，拿著那 3.6 億美元，拿走我的那一份，並償還一些債務？我會的。但絕對的——這裡的機會在行業中是獨一無二的。

Other people have announced deals where they have 8-year payouts on an EBITDA basis, which look like maybe 10- to 12-year payouts on a free cash flow basis. This deal for these new builds are 5-year payouts with 10-year contracts. It's unparalleled. And I don't think people really understand what's going on.

其他人已宣布了一些交易，根據 EBITDA 計算，他們有 8 年的支出，根據自由現金流計算，這看起來可能是 10 到 12 年的支出。這些新建築的交易為 5 年付款和 10 年合約。這是無與倫比的。我不認為人們真正明白到底發生了什麼事。

If you look at the SANAD cash flow and we stopped the new builds, just with where we're at today and you do any valuation metrics with using the stuff in the region, which you know what the multiples are either on a cash flow basis or an EBITDA enterprise basis, you'll get numbers anywhere from $2.5 billion to $3.5 billion for SANAD today.

如果您查看 SANAD 的現金流，並且我們停止了新建項目，就我們目前的情況而言，如果您使用該區域的數據進行任何估值指標，您就會知道基於現金流或 EBITDA 企業基礎的倍數，那麼您將獲得今天 SANAD 的 25 億美元到 35 億美元之間的數字。

So I think people don't appreciate the strategic importance of what's happening here, and Aramco's guiding hand -- because they're basically guiding us what they want to do. I hope that gives you some understanding of why we think we're making the right decision.

所以我認為人們沒有意識到這裡發生的事情的戰略重要性，以及沙特阿美公司的指導作用——因為他們基本上是在指導我們做他們想做的事情。我希望這能讓你理解為什麼我們認為我們做了正確的決定。

We understand the short-term pressure. And like I said, but given the unique opportunity, we think it's compelling.

我們了解短期壓力。正如我所說的，但考慮到這個獨特的機會，我們認為它很引人注目。

I think the good news also is given what's happening, not just there, but elsewhere, you've seen from our announcements with the other deployments, the 10 rigs for 2025, which include rigs outside Saudi. We've had good success in Latin America and Argentina and Colombia, notwithstanding Colombia's negative comment that William referred to.

我認為好消息是，考慮到目前發生的情況，不僅在那裡，而且在其他地方，您可以從我們宣布的其他部署中看到，到 2025 年將部署 10 個鑽井平台，其中包括沙烏地阿拉伯以外的鑽井平台。儘管威廉提到了哥倫比亞的負面評論，但我們在拉丁美洲、阿根廷和哥倫比亞取得了良好的成功。

And you saw from our press release, maybe it wasn't clear in the remarks, that we've announced that we have three additional rigs going on term contracts in Argentina. One of them is the current rig that's working in 2025. It's going to be relocated with two additional ones in 2026. And the pipeline for additional opportunities is pretty robust, both in MENA and in Latin America and a few in Asia as well.

您可以從我們的新聞稿中看到，也許評論中沒有明確說明，我們已經宣佈在阿根廷還有三座額外的鑽井平台正在簽訂定期合約。其中之一是目前運轉於2025年的鑽孔機。2026 年，它將與另外兩個一起搬遷。此外，中東和北非地區、拉丁美洲以及亞洲的額外機會管道也相當充足。

So I think all this stuff actually is supporting pricing and supporting a growth story. The other thing is if you look at NDS, NDS has actually increased its share of EBITDA from 35% to 45% coming from international, again, reflecting the fact that we're seeing this growth happening. And some of these new projects we're getting, people are realizing the value of putting things like MPD with the rig, which Nabors has as part of the portfolio. So I think, all in all, we feel very comfortable about the international story.

所以我認為所有這些東西實際上都在支持定價和支持成長故事。另一件事是，如果你看看 NDS，NDS 實際上已將其 EBITDA 份額從 35% 提高到了 45%（來自國際市場），這再次反映了我們正在看到這種增長正在發生的事實。在我們承接的一些新項目中，人們開始意識到將 MPD 之類的東西與鑽孔機結合起來的價值，而 Nabors 已將鑽機作為其投資組合的一部分。所以我認為，總的來說，我們對國際情勢感到非常滿意。

Kurt, I'll add to Tony's comment on the Saudi Arabia, specifically. Yes, we're very bullish on international, of course. But in Saudi Arabia, the focus of the government and Aramco is to improve and increase production of natural gas. Our fleet in Saudi Arabia is predominantly drilling for natural gas. And that's part of the reason we've been treated favorably by our client in terms of how many rigs have fallen down.

庫爾特，我將特別補充托尼對沙烏地阿拉伯的評論。是的，我們當然非常看好國際市場。但在沙烏地阿拉伯，政府和阿美公司的重點是改善和增加天然氣產量。我們在沙烏地阿拉伯的船隊主要用於鑽探天然氣。這也是我們在鑽孔機墜毀數量方面受到客戶青睞的原因之一。

So we don't expect a lot of movement on any further reductions in rig count. Of course, this is our opinion and our assessment. But again, the fact that most of our rigs and almost all of our rigs are now drilling for natural gas is really very helpful.

因此，我們預計鑽井數量不會有太大減少。當然，這是我們的觀點和評估。但事實是，我們大多數的鑽井平台、幾乎所有的鑽井平台現在都在鑽探天然氣，這確實非常有幫助。

That's great. And if you don't mind, just one more additional follow-up just on the international. I appreciate you guys also kind of laying out how you think the year is going to evolve. So I'm not a mathematical wiz by any stretch, but you're starting the year with international cash margin at 17% and averaging over 17.5%. So obviously, a very favorable progression going on there. Is that kind of a steady progression? Or is there going to be kind of a stair step function in any one particular quarter to kind of get to that average run rate for the year?

那太棒了。如果您不介意的話，我再就國際問題再問一次。我很感謝你們對今年的發展前景的描述。所以，無論從哪一方面來說，我都不是一個數學天才，但今年年初你的國際現金利潤率為 17%，平均超過 17.5%。顯然，那裡正在發生非常有利的進展。這是一種穩定的進步嗎？或者是否會在某個特定季度中有一個階梯式函數來達到該年度的平均運行率？

I think since we're adding 10 rigs and they're coming in at various times in the year and prices are improving in the international markets, so our new rigs coming in are better priced than our average. We are going to see a gradual progression over the year, yes.

我認為，由於我們增加了 10 個鑽機，而且它們在一年中的不同時間進入，而且國際市場的價格也在提高，所以我們新進入的鑽機價格比我們的平均價格更優惠。是的，我們將會看到今年的逐步進展。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yeah. Good morning. I appreciate all the color. William, one for you. What's your outlook for working capital and cash taxes that's embedded in the breakeven free cash guide pre-Parker? And what do you incorporate for Mexican collections? Is there a catch-up or continued delays? How are you thinking about it?

是的。早安.我欣賞這一切的色彩。威廉，給你一個。您對帕克之前的損益兩平自由現金指南中所包含的營運資本和現金稅的前景如何？您在墨西哥收藏品中融入了哪些元素？是否有追趕或繼續延遲的情況？您覺得怎樣？

That's like a three-part question, right? Okay.

這就像一個由三個部分組成的問題，對嗎？好的。

Throw it all out there.

把一切都扔出去。

So I'll start with the Mexico collections. We think those are going to be sorted out -- we've been told that it's going to happen in the first quarter, but knowing Mexico, I would say, more like the first half. So it's going to be a catch-up. The government is working on it. They're still working also on the budgetary issues to see if they can maintain activity.

因此，我將從墨西哥系列開始。我們認為這些問題都會得到解決——我們被告知這些問題將在第一季解決，但在了解墨西哥後，我會說，更有可能是在上半年。因此這將是一場追趕。政府正在努力解決此問題。他們仍在努力解決預算問題，看是否能維持活動。

But again, we're being cautious in our forecast and assuming some reduction in Mexico. That's part of our assumptions and our guidance that we gave. If it doesn't happen, then we'll have a little bit of an upside there. But again, Mexico is always -- they always pay, and they always deliver, but sometimes it takes a while.

但是，我們再次謹慎預測，並假設墨西哥的產量會減少。這是我們給出的假設和指導的一部分。如果沒有發生這種情況，那麼我們還會獲得一點好處。但墨西哥總是——他們總是付款，他們總是交貨，但有時需要一段時間。

In terms of the working capital for 2025, we ended the year at a high-ish DSO and partially because of Mexico. So we think this year, since overall revenue is not going to go up a very large amount given the sort of trajectory in the US, there is some higher revenue, but we believe that DSO will go down a few days and that -- including the Mexico impact, and that will help us keep working capital under control for the full year. So we don't expect huge growth in working capital.

就 2025 年的營運資本而言，我們在當年年底的 DSO 較高，部分原因是墨西哥。因此，我們認為，由於今年美國的整體收入不會大幅增加，因此收入會增加，但我們認為 DSO 會下降幾天，包括墨西哥的影響，這將有助於我們全年控制營運資本。因此我們預期營運資本不會大幅成長。

And then what was the third piece again?

那麼第三件又是什麼呢？

Cash taxes.

現金稅。

Cash taxes. Yeah. So it will be a similar level to this year, somewhere in the range of $50 million or so.

現金稅。是的。因此它將與今年的水平相似，在 5000 萬美元左右。

Okay. And just a quick follow-up. The business climate in Argentina, obviously improving. And obviously, they have a large resource base. The cash extraction has been an issue historically. Is that improving? Or how are you guys addressing that going forward as you add assets down the country?

好的。接下來是快速的跟進。阿根廷商業環境明顯改善。顯然，他們擁有龐大的資源基礎。現金提取在歷史上一直是一個問題。這樣有改善嗎？或者，隨著你們在全國範圍內增加資產，你們將如何解決這個問題？

Yeah. We have a new operating model there, where we actually can extract the cash and the profits denominated in US dollars. And that's one of the reasons why we've been able to put our foot on the pedal a bit in Argentina, because we have that in place, and it's working very well so far. And we've had pretty good customer reception to using this model, and that's what's in place already.

是的。我們在那裡有一個新的營運模式，我們實際上可以提取以美元計價的現金和利潤。這就是我們能夠在阿根廷稍微加大力度的原因之一，因為我們已經做到這一點，而且到目前為止效果很好。客戶對這項模型的反應非常好，而這個模型已經到位。

So we do have a (multiple speakers) for the new rigs that are coming in, which helps with the -- not getting cash trapped in country. And secondly, the government has made some changes to the central control -- to the exchange control rules that allow us a little bit more flexibility in transferring money out using our leasing mechanisms. So all those things are converging and helping us clear cash much quicker than in the past.

因此，我們確實有（多位發言者）針對即將到來新鑽機的情況，這有助於避免現金滯留在國內。其次，政府對中央控制——外匯管理規則——進行了一些修改，使我們在使用租賃機制轉移資金時更加靈活。所以所有這些因素結合在一起，幫助我們比過去更快地清算現金。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹‧庫茨 (Dan Kutz)。

Hey. Thanks. Good afternoon. Just wanted to see if you could help me put the pieces together on the full-year '25 guidance that you gave. So I guess coming at this from one of two angles, if I just assume that kind of US and international G&A and the other reconciling EBITDA line item is flat year-over-year, I think that will give me in the ballpark of $900 million of Nabors's stand-alone EBITDA this year. So wondering if you guys would endorse that or alternatively, if there's anything you could share on the G&A and the reconciling line item outlook for full year '25. Thanks

嘿。謝謝。午安.只是想看看您是否能幫助我整合您給出的 25 年全年指導意見。因此，我想從兩個角度來考慮這個問題，如果我只假設美國和國際 G&A 以及其他調節 EBITDA 項目與去年同期持平，我認為這將使我估算出 Nabors 今年的獨立 EBITDA 大約為 9 億美元。所以想知道你們是否會贊同這一點，或者，你是否可以分享有關 25 年全年 G&A 和調節項目前景的任何信息。謝謝

That's a great question, Dan. Listen, I mean, we gave a lot of the pieces to try to get to the number next year, and I'm sure you're doing your homework. In terms of the SG&A and R&D and some of those items, we are working diligently trying to become more efficient and find ways to reduce those costs. So you could assume those could be somewhat lower in 2025 than they were in 2024.

丹，這個問題問得真好。聽著，我的意思是，我們已經做了許多努力來達到明年的數字，我相信你正在做你的功課。就銷售、一般及行政費用、研發費用和其中一些項目而言，我們正在努力提高效率並尋找降低這些成本的方法。因此，你可以假設 2025 年的數字可能會比 2024 年略低。

And in terms of the rest, I think we are going to be -- we have a lot of confidence that we're going to be higher than in 2024, all the operational pieces, obviously, with ups and downs: reduction in the U.S., improvement in NDS and international and rig tech. So all in all, you can assume that we're going to beat 2024 by some margin.

至於其他方面，我認為我們將會——我們非常有信心，我們將比 2024 年更高，所有的營運部分，顯然都有起伏：美國的減少，NDS 和國際和鑽井技術的改善。總而言之，你可以假設我們將會以一定優勢擊敗 2024 年。

Great. That's really helpful. Thank you. And then on the SANAD newbuild budget, and sorry if I missed this, but could you guys comment on whether the $360 million is for five rigs or six rigs or somewhere in between? Just trying to kind of triangulate what -- where new build cost per rigs are now. And the other part was you made the comment about $13 million of EBITDA for the recent new builds and that mix was a factor there. Was that a gas versus oil comment? Like are the gas-directed SANAD new builds higher margin versus the oil rigs? Or yeah, just wanted to see what you meant by the mix comment. Thanks.

偉大的。這真的很有幫助。謝謝。然後關於 SANAD 新建預算，如果我錯過了這個，很抱歉，但你們能否評論一下 3.6 億美元是用於五座鑽井平台還是六座鑽井平台，或者介於兩者之間？只是想對現在每個鑽孔機的新建成本進行三角測量。另一部分是，您評論了最近新建項目的 EBITDA 為 1300 萬美元，而這個組合是其中一個因素。這是關於天然氣與石油的評論嗎？例如，新建天然氣導引 SANAD 鑽井平台的利潤是否比新建石油鑽井平台更高？或者是的，只是想看看你的混合評論是什麼意思。謝謝。

Sure. So I'm glad you're listening. So the $360 million number includes -- is a milestone number. So it's not in sync with a five rig count. Actually, the total for five rigs is actually $310 million. And that's one of the issues. That's the reason why we've had the strain on cash flow like in the fourth quarter because milestones don't necessarily equate with numbers of rigs that you're committed to just because of the way the sequencing works.

當然。我很高興你能聽我講。因此，3.6 億美元是一個里程碑數字。因此，它與五個鑽機數量不同步。實際上，五座鑽井平台的總價值為 3.1 億美元。這就是其中一個問題。這就是為什麼我們在第四季度面臨現金流壓力的原因，因為由於排序方式的原因，里程碑並不一定等同於您所承諾的鑽機數量。

And when that sequencing accelerates, that's what causes the shortfall, which we have accepted in the fourth quarter under the mission of getting these rigs out according to an overall schedule. So the number is close to $310 million, which is higher than the initial -- when the initial deal was done. It was originally done for five rigs at $250 million.

當這種排序加速時，就會導致短缺，我們已經在第四季度接受了這一短缺，因為我們的任務是按照總體計劃將這些鑽機運出。因此，這個數字接近 3.1 億美元，高於最初的交易達成時的數字。該項目最初包括五座鑽井平台，總價值為 2.5 億美元。

In the meantime, there's been two changes. One, some changes to specs to account for things like you were talking about gas rates and other issues that -- technical issues with the rigs; and number two, cost inflation. But the important point is here that Aramco approves this and Aramco is behind it and Aramco is paying for it because when the numbers adjust, it's part of the deal that all the contracts and paybacks adjust, which again, is an unheard of deal.

同時，發生了兩處變化。第一，對規格進行了一些修改，以解決您所談論的天然氣價格以及其他問題——鑽孔機的技術問題；第二，成本上漲。但重要的一點是，沙特阿美批准了這項計劃，沙特阿美支持該計劃並為此買單，因為當數字調整時，這是交易的一部分，所有合約和回報都會調整，這也是一項聞所未聞的交易。

No one else has ever had such a deal. But Aramco, because they're the ones deciding numbers of rigs, the planning, et cetera, they're actually supporting it all. So that's why we feel strongly that supporting them in their efforts makes great sense for Nabors because those numbers when -- with a 5-year return and a 10-year contract, we think those kinds of deals are unheard of in the sector.

從來沒有其他人達成過這樣的交易。但是，由於沙特阿美公司是決定鑽井數量、規劃等事宜的人，所以他們實際上支持這一切。因此，我們強烈認為支持他們的努力對 Nabors 來說非常有意義，因為這些數字——加上 5 年的回報和 10 年的合同，我們認為這種交易在該行業是聞所未聞的。

And by the way, we're pretty happy with the performance of our rig supplier, which is a joint venture of NOV. They have been improving enormously the performance on delivering those milestones, which means rigs are being now delivered in time. They're meeting milestones. And so we're pretty happy about that in the sense that we're going to get five rigs delivered in 2025 when in 2024, it was only four rigs.

順便說一句，我們對鑽機供應商的表現非常滿意，該供應商是 NOV 的合資企業。他們在實現這些里程碑方面取得了巨大的進步，這意味著鑽機現在能夠按時交付。他們正在達到里程碑。因此，我們對此感到非常高興，因為我們將在 2025 年交付 5 座鑽機，而 2024 年只有 4 座鑽機。

But again, the calculation of the $360 million is not five rigs on whatever price. It's all the milestones that are going to be completed next year. And because NOV is catching up on some of those milestones as they improve their performance on deliveries, we saw the big number. So we would expect that number to go down somewhat in 2026, more of a real run rate for five rigs on year in, year out, which would be more a number in the low $300 million, $310 million range.

但同樣，3.6 億美元的計算並不包括無論什麼價格的 5 座鑽井平台。這些都是明年要完成的里程碑。由於 NOV 在提高配送績效的同時，正在追趕一些里程碑，所以我們看到了龐大的數字。因此，我們預計這個數字在 2026 年會有所下降，更多的是五個鑽井平台年復一年的實際運作率，這個數字將在 3 億美元到 3.1 億美元的範圍內。

Great. That's all helpful. And then sorry, just on the mix comment as it relates to EBITDA per rig, I think $13 million is what you guys cited. Was that also a factor of increase --

偉大的。這一切都很有幫助。然後抱歉，僅關於與每台鑽孔機的 EBITDA 相關的混合評論，我認為你們提到的是 1300 萬美元。這是否也是增加的因素--

That's a factor of just the calculation. If the rig cost more, we get paid more; the day rate is higher to guarantee that 5-year return on the investment. So if the cost goes up on the rig because we're doing more 3,000 horsepower rigs or whatever the reason is, we recover it in the rate and the EBITDA goes up.

這只是一個計算因素。如果鑽機成本更高，我們得到的報酬也更多；日利率較高，以確保5年的投資報酬。因此，如果因為我們生產更多的 3,000 馬力的鑽機或其他原因導致鑽機成本上升，我們會按費率收回成本，EBITDA 也會上升。

Keith Mackey, RBC.

基斯·麥基（RBC）。

Hey. Thanks. Maybe just to start out on or continue along the SANAD line of questioning. I think you said you expect it could likely breakeven on a free cash basis in '27 or '28. Would that effectively assume a five-rig new build cadence continues? So you spend roughly at $310 million a year for the next couple of years and grow the EBITDA commensurately?

嘿。謝謝。也許只是開始或繼續沿著 SANAD 的提問。我記得您說過，您預計它很可能在 27 年或 28 年在自由現金基礎上實現收支平衡。這是否可以有效地假設五座鑽機的新建節奏會持續下去？那麼，未來幾年您每年的支出約為 3.1 億美元，並相應增加 EBITDA？

Correct. You got that right. What happens is once you reach a certain baseload number of cumulative rigs and your number is at that cadence level, then the existing rigs then fund stuff and then you get excess cash flow going forward. So the quest here is to try to get to that breakeven number. And that's why I think Aramco wants to continue with the pace we're doing it right now.

正確的。你說對了。一旦累積鑽機數量達到一定基本負荷，並且達到該節奏水平，現有鑽機就會為專案提供資金，然後您將獲得未來的剩餘現金流。因此這裡的任務是嘗試達到損益平衡的數字。這就是為什麼我認為沙烏地阿美公司希望繼續保持目前的步伐。

Got it. And just to follow up on that, like what are sort of the decision points in terms of those five rigs getting awarded? Like when do you know about the next five and the five after that? It sounds like you think they're likely going to happen, but just curious for a little more comment on that, if you can.

知道了。只是為了跟進這個問題，例如這五個鑽孔機獲獎的決策點是什麼？例如，您什麼時候知道接下來的五個以及再接下來的五個？聽起來你認為它們很可能會發生，但如果可以的話，我只是好奇地想對此發表一些評論。

So typically, because these rigs take about maybe 9 months, 10 months to construct or maybe even 12 in some cases, depending on how big the rig is, we would expect sometime in the first half of this year to get the awards for the next batch of rigs, right? And as soon as we get those awards, we'll let our investors know.

因此通常情況下，由於這些鑽井平台的建造時間大約為 9 個月、10 個月，甚至在某些情況下可能需要 12 個月，具體取決於鑽井平台的大小，我們預計今年上半年某個時候會獲得下一批鑽井平台的合同，對嗎？一旦我們獲得這些獎項，我們就會告知我們的投資者。

Yeah. Got it. Okay. And maybe just one last one for me. Roughly, how many rigs do you have operating in Mexico? And sort of what is the cushion that you kind of have baked into that year-end rig count that you talked about?

是的。知道了。好的。對我來說這也許只是最後一個了。大概來說，你們在墨西哥經營多少個鑽井平台？您所說的年底鑽機數量緩衝空間是多少？

So because we did disclose that, I'll be fairly transparent on that. We do have four rigs operating. These are big needle movers. These are big rigs on offshore platforms. And so the EBITDA in Mexico is considerable.

因為我們確實披露了這一點，所以我會相當透明地說明這一點。我們確實有四座鑽孔機在運作。這些都是巨大的推動力。這些是海上平台上的大型鑽孔機。因此墨西哥的 EBITDA 相當可觀。

If we are dialing in about a $13 million reduction in our 2025 EBITDA versus the number if the four rigs were operating in the full year at full pace, right? So we are assuming some reduction. And that reduction is $13 million, $14 million or so.

如果我們將 2025 年的 EBITDA 與四座鑽井平台全年全速運作的情況相比，減少約 1,300 萬美元，對嗎？因此我們假設會有所減少。減少的金額約為 1,300 萬美元至 1,400 萬美元。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah. First question is just regarding the SANAD newbuild program in 2026, you mentioned that you'd expect $200 million of EBITDA from the 15 rigs. So is that fair that the run rate will be about $13 million per rig for the new builds? Or does the $200 million include additional EBITDA from the next, call it, tranche of five rigs?

是的。第一個問題是關於 2026 年 SANAD 新建計劃，您提到預計 15 座鑽井平台的 EBITDA 為 2 億美元。那麼，新建鑽井平台的運作成本約為每座 1,300 萬美元，這公平嗎？或者這 2 億美元包括下一批（所謂的）五座鑽井平台的額外 EBITDA？

No, listen, we're not operating 15 rigs. We're operating 9 right now.

不，聽著，我們並沒有操作 15 座鑽孔機。我們目前營運 9 家。

No, I'm talking about 2026, pardon me.

不，我說的是 2026 年，對不起。

No, we're not saying anything about 2026. But 15 rigs, the average will be somewhere in the $12 million range per rig if you want to use that.

不，我們沒有提到 2026 年。但如果要使用 15 個鑽井平台的話，每個鑽井平台的平均成本將在 1200 萬美元左右。

Okay. I heard that the SANAD newbuild program could generate around $200 million of EBITDA in '23.

好的。我聽說 SANAD 新建案可以在 23 年創造約 2 億美元的 EBITDA。

That was that was in 2024, but remember, every year we're adding more.

那是在 2024 年，但請記住，每年我們都會增加更多。

Understood. Okay. And just for the follow-up would be, you've guided to a little over $700 million of CapEx, $360 million for the SANAD program, newbuild program. Can you give us a little bit of a breakdown for the remaining, call it, $350 million of CapEx, the buckets where that's going to?

明白了。好的。後續問題是，您指導的資本支出略高於 7 億美元，其中 3.6 億美元用於 SANAD 計劃和新建計劃。您能否向我們詳細介紹剩餘的 3.5 億美元資本支出的去向？

So we guided -- the midpoint is about $715 million. So $355 million would be the remainder of CapEx at the midpoint, excluding those $360 million. And we have somewhere in the range of about $280 million, $285 million in sustaining CapEx for the year. That includes some Category 4 recertifications. So it's going to be a little bit higher than the prior year, but not terribly so.

因此我們的估算是——中間值約為 7.15 億美元。因此，3.55 億美元將是資本支出中點的剩餘部分（不包括 3.6 億美元）。我們今年的維持資本支出大約在 2.8 億美元到 2.85 億美元之間。其中包括一些 4 類重新認證。因此，它將比前一年高一點，但不會高太多。

Then we have some international contracts in Kuwait and Argentina that require CapEx, that's going to be about $56 million. And then the rest is just drips and drafts. NDS only requires about $5 million. So that's indeed very CapEx light. And then corporate, so that's like license -- IT licenses and R&D prototypes, maybe even a little bit -- all that is about $9 million. That's where you get to the $715 million.

然後我們在科威特和阿根廷有一些需要資本支出的國際合同，大約需要 5600 萬美元。剩下的就只是水滴和氣流了。NDS 僅需約 500 萬美元。所以這確實是資本支出很輕的。然後是公司，這就像許可證 - IT 許可證和研發原型，甚至可能一點點 - 所有這些大約需要 900 萬美元。這就是 7.15 億美元的價值來源。

Last year, we spent $339 million outside the in-Kingdom investment. That number goes to $355 million this year. So it's about $15 million up, and that's mainly because of the Category 4s I mentioned before.

去年，我們在沙烏地阿拉伯國內投資以外花了 3.39 億美元。今年這數字將達到 3.55 億美元。所以增加了大約 1500 萬美元，這主要是因為我之前提到的 4 級地震。

This will conclude 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。我想將會議交還給威廉康羅伊 (William Conroy) 做最後發言。

Thank you, everyone, for joining us today. If you care to follow up, please reach out to us in IR here at Nabors. And Nick, with that, we'll conclude the call.

感謝大家今天的參與。如果您有意跟進，請聯絡 Nabors 的 IR。尼克，我們就此結束通話。

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。