Nabors Industries Ltd (NBR) 2025 Q2 法說會逐字稿

Good day, and welcome to the Nabors Industries second-quarter 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to William Conroy, Vice President, Corporate Development and Investor Relations. Please go ahead.

大家好，歡迎參加 Nabors Industries 2025 年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。現在，我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' second-quarter 2025 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 2025 年第二季財報電話會議。今天，我們將按照慣例，與我們的董事長、總裁兼首席執行官 Tony Petrello 和首席財務官 William Restrepo 一起分享他們對本季度業績的看法，以及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。為佐證以上言論，我們提供了幻燈片，可在網路直播中下載，也可在 nabors.com 的「投資者關係」板塊查看。本次電話會議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.

今天和我們在一起的，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含我們的前瞻性預期，因此它們可能構成《1933 年證券法》和《1934 年證券交易法》所定義的前瞻性聲明。此類前瞻性陳述受 Nabors 在向美國證券交易委員會提交的文件中不時揭露的某些風險和不確定性的影響。由於這些因素，我們的實際結果可能與所顯示或暗示的結果有重大差異。

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.

在電話會議中，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。Tony 或 William 在演示過程中對 EBITDA 的所有引用，無論是否使用「調整」一詞限定，均指調整後的 EBITDA，該術語的定義見我們的網站和收益報告中。

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，否則所提及的現金流量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。我們已在網站的投資者關係部分發布了這些非 GAAP 財務指標與最新可比較 GAAP 指標的對帳表。

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

現在，我將把發言權交給 Tony。

Good morning. Thank you for joining us today as we review our second-quarter results. We will also comment on the Parker Wellbore business that we acquired in March and on the current market environment. The second quarter had several positive developments. Adjusted EBITDA totaled $248 million.

早安.感謝您今天加入我們，回顧我們的第二季業績。我們也將對 3 月收購的 Parker Wellbore 業務以及當前的市場環境發表評論。第二季度出現了一些積極的進展。調整後的 EBITDA 總計 2.48 億美元。

This performance was in line with our expectations. It includes a full quarter contribution from the Parker operations, improved results in our US Drilling business and 4 rig deployments in the Middle East. The Parker businesses performed well. They made a meaningful contribution to our overall results, and we are on track to achieve our $40 million cost synergy target for 2025. I also want to mention our legacy Nabors business, excluding Parker, improved in the quarter. This performance speaks to the strength of our portfolio.

這一表現符合我們的預期。其中包括帕克業務的整個季度貢獻、美國鑽井業務的業績改善以及在中東的 4 個鑽井平台部署。派克業務表現良好。他們對我們的整體業績做出了有意義的貢獻，我們預計將實現 2025 年 4000 萬美元的成本協同目標。我還想提一下，我們原有的 Nabors 業務（不包括 Parker）在本季有所改善。這一表現證明了我們投資組合的實力。

Next, I'll address the broader market environment. A number of factors currently influence oil. Global oil demand remains strong and growing. US trade policy, specifically tariffs, appears to be gaining clarity. At the same time, production is increasing in certain countries, particularly in offshore reservoirs and US production, especially from unconventionals, continues to benefit from efficiency gains. In sum, the global oil market appears stable. This backdrop is supportive.

接下來，我將談談更廣泛的市場環境。目前，有許多因素影響石油。全球石油需求依然強勁且不斷成長。美國貿易政策，特別是關稅政策，似乎正在變得更加明朗。同時，某些國家的產量正在增加，特別是海上油藏的產量，而美國的產量，尤其是非常規油氣產量，繼續受益於效率的提高。整體而言，全球石油市場呈現穩定。這種背景是有利的。

Along with our presence in most major producing countries, we are well positioned to capitalize on opportunities across the globe. As for natural gas, that market has proved resilient. In part, this is driven by increasing LNG exports. The gas-directed industry rig count in the Lower 48 has increased thus far in 2025. Our own rig count in the gas basins has grown since February. Natural gas activity in the US appears poised for further recovery over the upcoming quarters. We are prepared to act quickly to stand up rigs in that event.

由於我們在大多數主要生產國都有業務，所以我們有能力利用全球各地的機會。至於天然氣，該市場已證明具有彈性。部分原因是液化天然氣出口增加。截至目前，2025 年美國本土 48 個州的天然氣導向產業鑽井數量已增加。自二月以來，我們在天然氣盆地的鑽井數量一直在增加。美國天然氣活動似乎有望在未來幾季進一步復甦。我們已準備好在發生此類事件時迅速採取行動並建立鑽孔機。

Next, I will elaborate on our results. In the second quarter, the US Offshore and Alaska drilling operations, in particular, demonstrated the value of our differentiated businesses. Together, these contributed more than $28 million adjusted EBITDA in the second quarter. Nabors Drilling Solutions gross profit margin reached 53%. Margins increased in most of the NDS product lines. EBITDA from NDS now accounts for approximately 25% of our total operational EBITDA.

接下來我將詳細說明我們的結果。第二季度，美國近海和阿拉斯加鑽井業務尤其體現了我們差異化業務的價值。這些因素合計為第二季度貢獻了超過 2800 萬美元的調整後 EBITDA。Nabors Drilling Solutions毛利率達53%。大多數 NDS 產品線的利潤率都有增加。NDS 的 EBITDA 目前約占我們總營運 EBITDA 的 25%。

Our own Lower 48 average rig count increased by nearly 2 rigs. Activity in natural gas basins continued to improve. We entered the second quarter at 63 above our 61 rig average for the first quarter. We held at 63 to 64 until mid-June. We then finished the quarter at 60.

我們本土 48 州的平均鑽孔機數量增加了近 2 個。天然氣盆地的活性持續改善。進入第二季度，我們的鑽機數量已比第一季的平均鑽機數量 61 台高出 63 台。直到 6 月中旬，我們的股價一直保持在 63 至 64 之間。我們最終以 60 的成績結束了本季。

Now our rig count stands at 59. The Lower 48 market continues to feel some pressure from activity reductions in oil-focused basins as clients rationalize their operations.

目前我們的鑽機數量為 59 個。隨著客戶合理化運營，美國本土 48 個市場繼續感受到以石油為主的盆地活動減少所帶來的壓力。

Next I'll discuss the international markets. Let me start with Saudi Arabia. A significant transformation is underway in this market, one that has accelerated in the past two years. The Kingdom has progressively shifted its drilling focus from oil to natural gas. Since the beginning of 2024, in line with those objectives, a substantial number of land rigs have been idled.

接下來我將討論國際市場。我先從沙烏地阿拉伯說起。這個市場正在發生重大轉變，並且在過去兩年中加速發展。沙烏地已逐步將其鑽探重點從石油轉向天然氣。自2024年初以來，為了實現這些目標，大量陸上鑽機處於閒置狀態。

The majority of those rigs were drilling for oil. Over the same time period, the equivalent of half that number has started operating. These are primarily in deep gas and unconventional gas basins. These actions have taken the land rig count from 207 to 178 over this time.

大多數鑽井平台都用於鑽探石油。在同一時期，相當於該數字一半的企業已開始營運。這些主要位於深層天然氣和非常規天然氣盆地。這些行動使得陸地鑽井平台數量在此期間從 207 個增加到 178 個。

During this period, SANAD's own rig count has increased by 4 rigs. In the second quarter, SANAD delivered strong results as two more newbuilds were deployed. Looking ahead, we are pleased to announce SANAD has received awards for 5 more rigs. With the award of this fourth tranche, the newbuild deployment schedule calls for two more in 2025, four in 2026, and two in 2027. Elsewhere in the Eastern Hemisphere, we see industry activity improving.

在此期間，SANAD自有鑽井平台數量增加了4座。第二季度，SANAD 業績表現強勁，又部署了兩艘新船。展望未來，我們很高興地宣布 SANAD 已獲得另外 5 台鑽孔機的獎勵。隨著第四批合約的授予，新建船舶部署計畫要求在 2025 年再部署兩艘，2026 年再部署四艘，2027 年再部署兩艘。在東半球的其他地區，我們看到工業活動正在改善。

We've identified more than 25 opportunities to add rigs. Markets where we currently operate account for approximately 40% of this total. This total opportunity set is healthy. The addition of that number of rigs would support both industry utilization and pricing.

我們已經發現了超過 25 個增加鑽孔機的機會。我們目前經營的市場約佔該總額的 40%。總體而言，這個機會集是健康的。增加這些鑽機數量將有助於提高行業利用率和定價。

In Latin America, activity in Mexico remains uncertain. We currently have three offshore platform rigs working. Our fourth rig reached the end of its contract. Our customer has expressed interest in recontracting the rig. With their specifications and capabilities, our rigs are ideally suited for the customers' offshore platform activity.

在拉丁美洲，墨西哥的活動仍然不確定。我們目前有三個海上平台正在運作。我們的第四台鑽孔機的合約已到期。我們的客戶已表示有興趣重新簽訂該鑽機的合約。我們的鑽孔機憑藉其規格和能力，非常適合客戶的海上平台活動。

They have a modular design, which enables rapid moves between platforms. This provides us with a significant competitive advantage. However, with our customers' current initiatives to reduce costs, there could be some exposure to our rig count. Our receivables collections in Mexico were below our target for the quarter. The Mexican government recently announced a structured transaction designed to support our customers' vendor payments. We are encouraged by this development and anticipate progress during the third quarter.

它們採用模組化設計，能夠在平台之間快速移動。這為我們提供了顯著的競爭優勢。然而，由於我們的客戶目前正在採取降低成本的舉措，我們的鑽機數量可能會受到一定影響。我們在墨西哥的應收帳款回收低於本季的目標。墨西哥政府最近宣布了一項旨在支持我們客戶的供應商付款的結構化交易。我們對這一發展感到鼓舞，並預計第三季將取得進展。

In Colombia, we now have 7 rigs working following the previously announced release of 1 rig. The rig should be recontracted in the third quarter with another customer. In Argentina, one of our clients reduced its activity, impacting one of our rigs at the end of the second quarter. That rig has been committed to another customer with an early fourth-quarter start.

在哥倫比亞，繼先前宣布釋放 1 個鑽井平台後，目前共有 7 個鑽井平台投入營運。該鑽井平台將於第三季與另一位客戶重新簽訂合約。在阿根廷，我們的一個客戶減少了活動，這在第二季末影響了我們的一個鑽井平台。該鑽機已承諾供另一位客戶使用，並將於第四季初開始投入使用。

At the same time, we have 2 more rigs preparing to start in the Vaca Muerta basin for the same customer, one in the fourth quarter and the second early next year. These deployments will bring our rig count in Argentina to 13 in early 2026. We see a number of opportunities to add rigs in Latin America. These are primarily in both Argentina and Colombia.

同時，我們還有另外兩座鑽井平台準備在瓦卡穆埃爾塔盆地為同一客戶啟動，一座將在第四季啟動，第二座將在明年年初啟動。這些部署將使我們在阿根廷的鑽井數量到 2026 年初達到 13 個。我們看到在拉丁美洲增加鑽井平台的大量機會。這些主要位於阿根廷和哥倫比亞。

Now let me comment on the US market. The Baker Hughes weekly Lower 48 rig count declined by 7% from the end of March through the end of June. As this overall rig count declined, we noted a small shift in mix towards larger operators. Our own mix in this market is approximately 80% public and 20% private.

現在我來評論一下美國市場。從 3 月底到 6 月底，貝克休斯每週美國本土 48 個州的鑽井數量下降了 7%。隨著鑽機總數的下降，我們注意到營運商組合略微向大型營運商轉變。我們在這個市場的投資組合大約是 80% 為公有，20% 為私有。

Operator consolidation continues to impact drilling activity predominantly in oil basins. While the pace of merger announcements has slowed, the activity rationalization process takes time. That continued through the first half.

營運商合併繼續對油田鑽井活動產生主要影響。雖然合併公告的速度已經放緩，但活動合理化過程需要時間。這種情況一直持續到上半場。

Once again, we surveyed the expected drilling activity of the largest Lower 48 operators. This group accounted for approximately 44% of the Lower 48 industry's working rig count at the end of the quarter. This most recent iteration indicates a slight decline in the group's rig count through the end of the year. 70% of the operators expect no change in activity. The rest are a mix of up and down.

我們再次調查了美國本土 48 家最大業者的預期鑽井活動。截至本季末，該集團約占美國本土 48 州作業鑽機總數的 44%。最新的數據顯示，到今年年底，該集團的鑽機數量將略有下降。 70% 的業者預計活動不會改變。其餘的都是上下混合。

The expected aggregate change for the group in total is down around 1%. The pace of decline in Lower 48 rig count for the industry has diminished. We see stability in our own rig count through the remainder of the year.

預計該集團的整體變化將下降約 1%。美國本土 48 州的石油鑽井數量下降速度已減緩。我們認為今年剩餘時間內我們的鑽井數量將保持穩定。

Now I will make some comments on the key drivers of our results. I'll start with our international drilling business. This segment is a core contributor to our long-term success. Currently, we are deploying previously awarded rigs. We started five in the Middle East since the beginning of the second quarter.

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。此部分是我們長期成功的核心貢獻者。目前，我們正在部署先前授予的鑽孔機。自第二季初以來，我們已經在中東開展了五項活動。

Several attractive markets are growing. Our advanced technology gives us an advantage as we tender rigs. Importantly, we are able to propose currently idle assets. This is a capital-efficient path to growth.

一些具有吸引力的市場正在成長。我們的先進技術使我們在投標鑽孔機時具有優勢。重要的是，我們能夠提出目前閒置的資產。這是一條資本高效率的成長之路。

Next I'll highlight the recent developments in our international drilling business. First, Kuwait. This is a very important market. It offers opportunities for the highly capable rigs in our fleet. In the second quarter, we deployed two of our three previously awarded units on multiyear contracts.

接下來我將重點介紹我們國際鑽井業務的最新發展。首先是科威特。這是一個非常重要的市場。它為我們船隊中性能強大的鑽井平台提供了機會。在第二季度，我們部署了先前簽訂多年期合約的三個單位中的兩個。

Early this quarter, we deployed the third. These additions should help fuel the sequential EBITDA growth we expect in our International segment. Second, Saudi Arabia. Our SANAD joint venture deployed two newbuild rigs in the second quarter. These are the 11th and 12th in the newbuild program.

本季初，我們部署了第三個。這些新增業務應有助於推動我們國際部門預期的連續 EBITDA 成長。第二，沙烏地阿拉伯。我們的 SANAD 合資企業在第二季度部署了兩座新建鑽井平台。這是新建計畫中的第 11 艘和第 12 艘。

The total program calls for 50 rigs over 10 years. SANAD is on track to deploy the next two builds before the end of 2025. Also in Saudi Arabia, SANAD has been awarded the next tranche of 5 rigs. Deployment of these rigs is scheduled to begin in 2026, with the final one starting in early 2027. This tranche will take the number of new builds to 20.

整個計劃需要在 10 年內建造 50 座鑽井平台。SANAD 預計將在 2025 年底前部署接下來的兩棟建築。此外，在沙烏地阿拉伯，SANAD 還贏得了下一批 5 座鑽井平台的訂單。這些鑽井平台的部署計劃於 2026 年開始，最後一座鑽井平台的部署將於 2027 年初開始。此次投資將使新建船的數量達到 20 艘。

Let me add a few more remarks regarding SANAD. The newbuild program is a unique opportunity in the global land drilling industry. It was a key factor in our decision to pursue the opportunity to partner with Saudi Aramco 10 years ago. The addition of new build rigs creates an embedded growth trajectory for several years to come. Those rigs have 10 years of expected initial utilization.

讓我再補充幾點有關 SANAD 的評論。新建案是全球陸地鑽井產業的獨特機會。這是我們十年前決定與沙烏地阿美合作的關鍵因素。新建鑽井平台的增加為未來幾年創造了一條嵌入式成長軌跡。這些鑽井平台的預期初始使用期限為 10 年。

That visibility is unmatched in our industry. With this robust anticipated growth, SANAD shareholders are committed to realizing the value that is building in the joint venture.

這種可見性在我們的行業中是無與倫比的。憑藉這一強勁的預期成長，SANAD 股東致力於實現合資企業的價值。

Now I'll discuss our performance in the US. We are the only drilling contractor with operations in all three of the major markets in the US, the Lower 48, the Gulf of America and Alaska. Our offshore and Alaska businesses combined contributed nearly 30% of our US adjusted EBITDA. These businesses benefited from the addition of assets from Parker Wellbore.

現在我來討論一下我們在美國的表現。我們是唯一在美國本土 48 州、美國灣和阿拉斯加這三大主要市場都有業務的鑽井承包商。我們的離岸業務和阿拉斯加業務合計貢獻了我們美國調整後 EBITDA 的近 30%。這些業務受益於 Parker Wellbore 資產的增加。

In Alaska, we now have 7 rigs working, including 2 units that came from Parker. Last year, at this time, we had 4 rigs running. This market is improving. Future large projects may strengthen the market even further. As expected, Lower 48 daily rig margins in the second quarter declined. Rigs continue to recontract at leading-edge day rates below the fleet average. However, rig count increased more than offsetting the impact from margins.

在阿拉斯加，我們目前有 7 台鑽孔機在運行，其中 2 台來自 Parker。去年此時，我們有 4 台鑽孔機在運作。這個市場正在改善。未來的大型項目可能會進一步加強市場。正如預期的那樣，第二季度美國本土 48 個鑽井平台日利潤率有所下降。鑽井平台的續租日費率持續低於船隊平均水準。然而，鑽井數量增加超過了利潤率的影響。

Looking to the third quarter, we expect some continued pressure on pricing. In this environment, we will continue our efforts to ensure that our operational expenses remain under control. We will also align our support structure and capital expenditures to our activity.

展望第三季度，我們預期定價將繼續面臨壓力。在這種環境下，我們將繼續努力確保我們的營運費用得到控制。我們也將使我們的支持結構和資本支出與我們的活動保持一致。

Next let me discuss our technology and innovation. Second-quarter results for Drilling Solutions reflect the contribution of a full quarter from the Parker operations. Gross margin for this segment was 53%. The improvement over the first quarter was broad, spread across most of the NDS product lines. Quail Tools is now the largest revenue contributor in the NDS portfolio.

接下來我來討論一下我們的技術和創新。Drilling Solutions 第二季的業績反映了 Parker 業務整個季度的貢獻。該部門的毛利率為53%。與第一季相比，大多數 NDS 產品線都出現了廣泛的改善。Quail Tools 現在是 NDS 產品組合中最大的營收貢獻者。

I want to highlight Quail's Lower 48 penetration in the second quarter. Running counter to the overall market, Quail added rigs in the second quarter. It has added even more early in the third quarter.

我想強調一下 Quail 在第二季對美國本土 48 州的滲透率。與整體市場走勢相反，Quail 在第二季增加了鑽機數量。第三季初，其產量甚至進一步增加。

I'll finish with a comment on NDS' geographical mix. In the second quarter, international operations accounted for nearly 40% of the segment total. On a comparable basis, including the Parker operations for the full first quarter, NDS international revenue increased sequentially by 8%. This result demonstrates the growing demand for NDS' advanced technology in markets around the globe.

最後，我想對 NDS 的地理分佈發表評論。第二季度，國際業務佔該部門總額的近40%。以可比較基礎計算，包括整個第一季的派克業務在內，NDS 國際營收季增 8%。這一結果表明全球市場對 NDS 先進技術的需求不斷增長。

Next let me make some comments on our capital structure. Our highest priority remains the reduction of our debt. During the second quarter, we repurchased approximately $14 million face value of notes at a significant discount. For 2025, we expect to generate free cash flow. We intend to allocate that towards debt reduction.

接下來我對我們的資本結構發表一些評論。我們的首要任務仍然是減少債務。在第二季度，我們以大幅折扣回購了面額約 1,400 萬美元的票據。到 2025 年，我們預計將產生自由現金流。我們打算將其用於減少債務。

Before turning the call over to William for his review of our results and outlook, I would like to take a moment to acknowledge his many contributions to Nabors. William joined us in 2014, just before the sharp downturn that began later that year. Through his leadership and financial discipline, we significantly reduced net debt during that challenging time. As the market recovered, he was instrumental in the formation of our SANAD joint venture, an important milestone for our company.

在將電話轉給威廉以讓他回顧我們的業績和前景之前，我想花點時間感謝他對 Nabors 的諸多貢獻。威廉於 2014 年加入我們，就在當年稍後開始的急劇經濟衰退之前。在他的領導和財務紀律的幫助下，我們在那段充滿挑戰的時期大幅減少了淨債務。隨著市場復甦，他對我們 SANAD 合資企業的成立發揮了重要作用，這對我們公司來說是一個重要的里程碑。

During the unprecedented disruption of COVID, William once again demonstrated his leadership. We successfully navigated a difficult period that forced several companies in our industry to restructure. In summary, William has helped Nabors steer through some of the most challenging times. We have benefited from his many contributions, and we wish him all the best as he moves into the next phase of his career.

在新冠疫情造成前所未有的混亂期間，威廉再次展現了他的領導能力。我們成功度過了迫使業內多家公司重組的困難時期。總而言之，威廉幫助納博斯度過了一些最具挑戰性的時期。他的諸多貢獻讓我們受益匪淺，我們祝他在職業生涯的下一個階段一切順利。

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

現在，讓我將電話轉給威廉，他將討論我們的財務結果。

Thank you for those kind words, Tony. Good morning, everyone, and thank you for joining us today. The current market backdrop merits a few comments as macroeconomic uncertainty remains a key theme. Financial markets continue to digest the impact of the current administration's approach to foreign trade and the ongoing debate between treasury and the Fed. Geopolitical tensions are also affecting the capital markets.

謝謝你的善意話語，托尼。大家早安，感謝大家今天加入我們。由於宏觀經濟不確定性仍然是一個關鍵主題，當前的市場背景值得發表一些評論。金融市場持續消化現任政府對外貿易政策以及財政部和聯準會之間持續爭論的影響。地緣政治緊張局勢也影響資本市場。

Nonetheless, more recent favorable trends in employment growth, inflation and progress on the trade front have had a positive impact on credit spreads. Although these spreads are still well above the levels we saw earlier in the year, the recent improvement is encouraging.

儘管如此，近期就業成長、通膨和貿易進展的有利趨勢對信貸利差產生了積極影響。儘管這些利差仍遠高於我們今年早些時候看到的水平，但最近的改善令人鼓舞。

If inflation remains tame and more tariff treaties are signed, we would expect some interest rate reductions by the Fed and a further compression of credit spreads over the balance of the year. These trends should benefit the cost of our upcoming refinancings later this year. Despite the current investor concerns, global energy demand remains resilient, and operator sentiment is largely constructive, particularly in regions focused on natural gas.

如果通膨保持溫和且簽署更多關稅條約，我們預計聯準會將在今年餘下時間內降低利率並進一步壓縮信貸利差。這些趨勢應該有利於我們今年稍後即將進行的再融資的成本。儘管目前投資者存在擔憂，但全球能源需求仍然保持彈性，營運商情緒總體上是正面的，特別是在以天然氣為主的地區。

In our US Lower 48 business, we increased our average rig count by 2 rigs over the last quarter, supported by gas-focused programs in the Appalachian and Haynesville basins. This trend of increased drilling for natural gas should continue. On the other hand, Lower 48 activity in predominantly oil basins remains sluggish. Although contract turnover driven by earlier M&A activity is returning to more normal levels and oil prices have improved from recent lows, we don't believe this will be enough to drive oil-focused activity higher during the remainder of the year.

在美國本土 48 州的業務中，由於阿巴拉契亞和海恩斯維爾盆地的天然氣項目的支持，我們上個季度的平均鑽機數量增加了 2 個。天然氣鑽探增加的趨勢應該會持續下去。另一方面，美國本土 48 以石油為主的盆地的活動依然低迷。儘管早期併購活動推動的合約成交量正在恢復到更正常的水平，而且油價也已從近期低點回升，但我們認為這不足以推動今年剩餘時間內以石油為重點的活動增加。

However, overall rig count for the Lower 48 has stabilized over the last two months and pricing remains resilient. This environment gives us confidence about our expected pace of cash flow generation and debt reduction during the balance of 2025.

不過，美國本土 48 州的整體鑽井數量在過去兩個月已經趨於穩定，價格也保持彈性。這種環境使我們對 2025 年餘下時間的預期現金流量產生和債務減少速度充滿信心。

Overall, international activity in the markets where we operate fell somewhat as our client in Saudi Arabia continued to reduce its onshore drilling, particularly in oil basins, and our customer in Mexico continued to cut back on its investment programs. In Argentina, although market activity remains strong, some customers have slowed down drilling programs as they digest material asset acquisitions.

總體而言，我們所在市場的國際活動有所下降，因為我們在沙烏地阿拉伯的客戶繼續減少其陸上鑽探，特別是在油盆地，而我們在墨西哥的客戶繼續削減其投資計畫。在阿根廷，儘管市場活動依然強勁，但由於消化重大資產收購，一些客戶已經放慢了鑽探計劃。

Nabors' average international rig count increased by 1 rig, mainly driven by additional newbuilds in Saudi Arabia and reactivated rigs in Kuwait. These gains were partially offset by a previously announced market exit and by the conclusion of our contract in Papua New Guinea. One of our rigs in Mexico reached the end of its contract. We are currently in discussions on the contract extension.

Nabors 的平均國際鑽井平台數量增加了 1 個，主要原因是沙烏地阿拉伯增加了新建鑽井平台，科威特重新啟動了鑽井平台。這些收益被先前宣布的退出市場以及我們在巴布亞新幾內亞簽訂的合約部分抵消。我們在墨西哥的一座鑽井平台的合約已到期。我們目前正在討論續約事宜。

Before discussing our financial results, I will provide a brief update on our recent acquisition of Parker Wellbore. The second quarter marks the first full period of consolidated results, adding 71 days of Parker operations compared to the prior quarter. We have made excellent progress on the integration front and are well on track to achieving approximately $40 million in post-closing synergies by the end of the year, somewhat above our initial target.

在討論我們的財務表現之前，我將簡要介紹我們最近收購 Parker Wellbore 的情況。第二季是合併業績的第一個完整時期，與上一季相比，派克營運天數增加了 71 天。我們在整合方面取得了巨大進展，預計在年底前實現約 4000 萬美元的收盤後協同效應，略高於我們最初的目標。

I'm also pleased to report that the acquired business contributed meaningfully to both revenue and EBITDA during the quarter. Parker's performance exceeded our expectations for this quarter. We also expect its annual results to be higher than the level we previously shared with our investors. As I walk through the results, I will highlight areas where Parker's operations had a notable impact.

我還很高興地報告，收購的業務對本季的收入和 EBITDA 都做出了重大貢獻。帕克本季的表現超出了我們的預期。我們也預計其年度業績將高於我們先前與投資者分享的水平。當我回顧這些結果時，我將重點介紹帕克的營運產生顯著影響的領域。

I'll now cover our financial results for the second quarter, provide updates on our cash flow, discuss debt refinancing and share our outlook for the third quarter. Revenue from operations for the second quarter totaled $833 million compared to $736 million in the prior quarter, an increase of $97 million or 13%, primarily reflecting the full quarter impact of the Parker acquisition. Our legacy drilling rig segment experienced an overall revenue decrease, reflecting rig count declines in certain international markets, partly compensated by revenue increases in Kuwait and the US. Nonetheless, their margins increased in the quarter.

我現在將介紹我們第二季的財務業績，提供我們的現金流量最新情況，討論債務再融資並分享我們對第三季的展望。第二季的營業收入總計 8.33 億美元，而上一季的 7.36 億美元則增加了 9,700 萬美元，增幅為 13%，主要反映了收購派克對整個季度的影響。我們傳統鑽井平台部門的整體收入有所下降，這反映了某些國際市場的鑽井平台數量下降，但科威特和美國的收入增加部分彌補了這一下降。儘管如此，他們的利潤率在本季還是有所增加。

US Drilling revenue for the quarter was $255 million, representing a sequential increase of $25 million, or 11%. The improvement reflects both stronger organic activity and a positive contribution from the Parker acquisition. The full quarter impact for Parker rigs in Alaska and offshore accounted for approximately $19 million of this increase. Our rig count in the Lower 48 averaged 62.4, almost 2 rigs higher than the first quarter.

本季美國鑽井營收為 2.55 億美元，季增 2,500 萬美元，增幅 11%。這項改善既反映了更強勁的有機活動，也反映了收購派克帶來的正面貢獻。帕克在阿拉斯加和近海的鑽井平台整個季度的影響佔這一增長的約 1900 萬美元。美國本土 48 個州的鑽井數量平均為 62.4 個，比第一季增加了近 2 個。

The sequential improvement in our average rig count during the second quarter reflects some recovery in gas-related drilling. We exited Q2 with 60 rigs operating in the Lower 48. The current drilling environment, particularly in oil basins, is not supportive of increased drilling activity. At this point, we're expecting a slightly softer drilling market during the third quarter than we anticipated at our first-quarter conference call.

第二季平均鑽井數量較上季成長反映了天然氣相關鑽井活動的復甦。截至第二季末，我們在美國本土 48 州經營 60 座鑽機。目前的鑽井環境，特別是在油盆地，不支持增加鑽井活動。目前，我們預計第三季鑽井市場將比我們在第一季電話會議上的預期略微疲軟。

Our average daily revenue at $33,466 declined sequentially by roughly $1,000. As anticipated, $600 out of the $1,100 decline came from pressure on base day rates. The balance of the decline came from reimbursable revenue. However, this last revenue has little to no impact on margin. On our most recently signed contracts, daily revenue remains at the low $30,000 range.

我們的平均每日收入為 33,466 美元，環比下降約 1,000 美元。正如預期的那樣，1,100 美元的跌幅中有 600 美元來自基準日費率的壓力。下降的餘額來自可報銷收入。然而，這最後一筆收入對利潤率幾乎沒有影響。在我們最近簽署的合約中，每日收入仍然在 30,000 美元左右。

The International Drilling segment generated revenue of $385 million, an increase of $3.3 million or 1% from the prior quarter, primarily driven by the full-quarter impact of Parker rigs, which more than offset the net rig count reductions on our legacy business.

國際鑽井部門實現了 3.85 億美元的收入，比上一季增加了 330 萬美元，增幅為 1%，這主要得益於帕克鑽井平台對整個季度的影響，這足以抵消我們傳統業務的淨鑽井平台數量減少的影響。

Parker contributed $18.1 million to this increase. International rig count increased from 85 to 85.9 rigs during the quarter. Drilling Solutions revenue was $170.3 million, an increase of $77.1 million or 82.7%. All of this improvement was essentially provided by the full quarter impact of Parker Wellbore. Our Rig Technologies segment generated revenue of $36.5 million, a $7.6 million decline sequentially, driven primarily by strong prior quarter capital equipment deliveries in the Middle East.

帕克為這一增長貢獻了 1,810 萬美元。本季度，國際鑽井數量從 85 個增加到 85.9 個。鑽井解決方案收入為 1.703 億美元，增加 7,710 萬美元，或 82.7%。所有這些改進基本上都是由 Parker Wellbore 整個季度的影響所帶來的。我們的鑽孔機技術部門實現了 3,650 萬美元的收入，比上一季下降 760 萬美元，主要原因是上一季中東地區資本設備交付強勁。

Consolidated adjusted EBITDA for the quarter was $248.5 million compared to $206.3 million in the first quarter. The $42.1 million sequential increase was primarily driven by the full-quarter effect of Parker's operations as well as by improvements in legacy Saudi Arabia and US Drilling. US Drilling EBITDA of $101.8 million was up by $9.1 million or 9.8% sequentially.

本季綜合調整後 EBITDA 為 2.485 億美元，而第一季為 2.063 億美元。4,210 萬美元的環比成長主要得益於帕克業務的整個季度效應以及原有的沙烏地阿拉伯和美國鑽井業務的改善。美國鑽井業務的 EBITDA 為 1.018 億美元，比上一季增加 910 萬美元，增幅為 9.8%。

The quarter-over-quarter increase was driven by higher activity in our Lower 48 drilling operations, along with improved performance in our legacy Alaska and US Offshore businesses. The results also reflect a full quarter of contribution from Parker operations in both Alaska and US Offshore, which accounted for $6 million of the total increase.

環比成長的動力來自於我們美國本土 48 個州鑽井作業活動的增加，以及我們原有的阿拉斯加和美國近海業務的業績改善。該結果也反映了帕克在阿拉斯加和美國近海業務的整個季度的貢獻，佔總成長的 600 萬美元。

In the Lower 48, our average daily rig margins were $13,902, down 2.6% from the prior quarter. Average rig count was 62.4%, up almost 2 rigs from the prior quarter. Although our rig count increased, we experienced some softening towards the end of the quarter. Sequentially, increased activity more than offset the effects of lower margins. For the third quarter, we forecast Lower 48 daily margins of approximately $13,300.

在美國本土 48 州，我們的平均每日鑽井利潤為 13,902 美元，較上一季下降 2.6%。平均鑽井數量為 62.4%，比上一季增加近 2 個鑽井。儘管我們的鑽機數量有所增加，但在本季度末我們經歷了一些疲軟。相應地，業務活動的增加足以抵銷利潤率下降所帶來的影響。對於第三季度，我們預測美國本土 48 州的每日利潤率約為 13,300 美元。

We expect some decline in average daily revenue as we renew contracts at leading-edge day rates lower than the Q2 average. We are currently forecasting third quarter average rig count of 57 to 59 rigs. On a combined basis, Alaska and US Offshore generated EBITDA of $28.2 million in the second quarter, an increase of $7.7 million or 38% from the prior quarter. Third-quarter EBITDA from these businesses should total approximately $26 million. We anticipate some weather-related disruption to our offshore activity during the quarter.

由於我們以低於第二季度平均水平的領先日費率續簽合同，我們預計平均日收入會有所下降。我們目前預測第三季平均鑽井數量為 57 至 59 個。阿拉斯加和美國近海公司第二季的合併 EBITDA 為 2,820 萬美元，較上一季增加 770 萬美元，增幅為 38%。這些業務的第三季 EBITDA 總計約為 2,600 萬美元。我們預計本季我們的海上活動將受到一些天氣影響。

EBITDA from our International segment at $117.7 million increased by $2.2 million or 1.9% sequentially. The increase in EBITDA was supported by a modest improvement in average rig count, up by 1 rig quarter-over-quarter. This reflects the full quarter inclusion of Parker rigs, start-up of two newbuilds in Saudi Arabia and two reactivated rigs in Kuwait. These improvements were partially offset by the reductions in other international markets. Daily gross margin was approximately $17,534, a $113 increase.

國際部門的 EBITDA 為 1.177 億美元，季增 220 萬美元，增幅為 1.9%。EBITDA 的成長得益於平均鑽機數量的小幅改善，平均鑽機數量比上一季增加了 1 個。這反映了帕克鑽井平台整個季度的納入、沙烏地阿拉伯兩座新建鑽井平台的啟動以及科威特兩座重新啟用的鑽井平台。這些改善被其他國際市場的減少部分抵消。每日毛利約為 17,534 美元，增加 113 美元。

Our drilling margins were slightly lower than anticipated, reflecting start-up delays in Kuwait and some operational downtime in Saudi Arabia. For the third quarter, we expect improved EBITDA by the rigs deployed in the second quarter by another newbuild start-up in Saudi Arabia, our 13th newbuild, by an additional reactivation in Kuwait, which commenced earlier this month and by a rig starting up in India. This last rig is a legacy Parker rig already redeployed from Bangladesh. We forecast average daily gross margin to increase to $17,900 in the third quarter. Average rig count should range between 87 and 88 rigs.

我們的鑽井利潤率略低於預期，反映了科威特的啟動延遲和沙烏地阿拉伯的一些營運停工。對於第三季度，我們預計 EBITDA 將有所提高，因為第二季度部署的鑽井平台包括沙烏地阿拉伯啟動的另一座新造鑽井平台（我們的第 13 座新造鑽井平台）、本月稍早在科威特啟動的另一座鑽井平台以及在印度啟動的一座鑽井平台。這最後一座鑽井平台是帕克遺留的鑽井平台，已從孟加拉重新部署。我們預測第三季平均每日毛利率將增加至 17,900 美元。平均鑽孔機數量應在 87 至 88 個之間。

Drilling Solutions delivered EBITDA of $76.5 million in the second quarter, up $35.6 million. Parker Wellbore contributed $36.3 million to this increase. Without Parker, our NDS business decreased slightly in the Lower 48 market as our drilling rig customer mix was less favorable. Our NDS segment comprised 25% of the total EBITDA from operations. Gross margin for this segment continues to be strong, coming in at a healthy 53% this quarter, including the contribution from Parker.

Drilling Solutions 第二季的 EBITDA 為 7,650 萬美元，成長 3,560 萬美元。Parker Wellbore 為這一成長貢獻了 3,630 萬美元。沒有了派克，我們的鑽孔機客戶組合不太有利，因此我們的 NDS 業務在美國本土 48 個市場略有下降。我們的 NDS 部門佔營運總 EBITDA 的 25%。該部門的毛利率持續保持強勁，本季達到健康的 53%，其中包括派克的貢獻。

For the third quarter, we expect NDS EBITDA to remain in line with second-quarter results. Rig Technologies EBITDA was $5.2 million in the second quarter, slightly down sequentially from $5.6 million. Third-quarter EBITDA for Rig Tech should be up $2 million to $3 million from the second quarter on better capital equipment deliveries.

對於第三季度，我們預計 NDS EBITDA 將與第二季度的業績保持一致。Rig Technologies 第二季的息稅折舊攤提前利潤 (EBITDA) 為 520 萬美元，較上一季的 560 萬美元略有下降。第三季由於資本設備交付情況改善，Rig Tech 的 EBITDA 應比第二季增加 200 萬至 300 萬美元。

Now turning to liquidity and cash generation. Adjusted free cash flow totaled $41 million in the second quarter. This excludes transaction costs related to the Parker Wellbore acquisition. This compares to negative adjusted free cash flow of $61 million in the first quarter. The improvement was driven by several factors, including $45 million in lower cash interest paid, the Parker contribution and the normally heavy outflows in the first quarter for employee bonuses, property taxes and other annual payments. Although we received some payments on our Mexico receivable, these were well below our targeted amount.

現在轉向流動性和現金產生。第二季調整後的自由現金流總計 4,100 萬美元。這不包括與 Parker Wellbore 收購相關的交易成本。相比之下，第一季調整後的自由現金流為負 6,100 萬美元。業績改善是由多種因素推動的，包括支付的現金利息減少 4,500 萬美元、帕克的貢獻以及第一季度通常大量的員工獎金、財產稅和其他年度付款的資金流出。儘管我們收到了一些墨西哥應收帳款，但遠低於我們的目標金額。

Our customer is currently in the news, as it is in the process of completing a $7 billion to $10 billion financing intended to address the outstanding payments to suppliers. We expect this raise to clear most of our overdue invoices in the third quarter. Assuming we receive those collections, third quarter adjusted free cash flow should match the second quarter.

我們的客戶目前是新聞焦點，因為它正在完成一項 70 億至 100 億美元的融資，旨在解決對供應商的未付款項。我們預計此次加薪將能夠在第三季結清大部分逾期發票。假設我們收到這些款項，第三季調整後的自由現金流應該與第二季持平。

Despite the somewhat softer market in the Lower 48, the full year adjusted free cash flow should reach our prior guidance. With Parker included, total capital expenditures for Nabors in the second quarter were $199 million compared to $151 million in the prior quarter. This includes $77 million for the SANAD newbuild program and $31 million for Parker.

儘管美國本土 48 州的市場略顯疲軟，但全年調整後的自由現金流應該會達到我們先前的預期。如果將帕克納入在內，Nabors 第二季度的總資本支出為 1.99 億美元，而上一季為 1.51 億美元。其中包括為 SANAD 新建項目撥款 7,700 萬美元和為 Parker 撥款 3,100 萬美元。

With respect to planned 2025 capital expenditures, a portion of the newbuild milestone payments have shifted into 2026. And our continued focus on cost discipline across other segments is expected to further reduce spending. As a result, we now anticipate total 2025 capital expenditures to be between $700 million and $710 million, or approximately $70 million lower than previously communicated. Within that total, we expect capital expenditures related to Saudi newbuild rigs to account for approximately $300 million. For the third quarter, we are currently targeting capital expenditures between $200 million and $210 million.

就計劃中的 2025 年資本支出而言，部分新建里程碑付款已轉移到 2026 年。我們將繼續關注其他部門的成本控制，預計這將進一步減少支出。因此，我們現在預計 2025 年總資本支出將在 7 億至 7.1 億美元之間，比先前公佈的低約 7,000 萬美元。其中，我們預期沙烏地阿拉伯新建鑽井平台相關的資本支出約為 3 億美元。對於第三季度，我們目前的目標是資本支出在 2 億美元至 2.1 億美元之間。

Before passing back to Tony, I would like to make a few comments. As Tony mentioned, my tenure as Nabors CFO is coming to an end, on September 30th to be precise. So this is my last conference call for Nabors. I would like to thank my colleagues for their support during these last 11.5 years, our Board of Directors for their trust in me and all of our investors for supporting our transactions and our company during some very tough periods. But especially, I would like to thank Tony Petrello for giving me this great opportunity to work with him to help turn Nabors into the amazing company it is today.

在把話題轉回托尼之前，我想發表幾點評論。正如托尼所提到的，我作為 Nabors 財務長的任期即將結束，確切地說是 9 月 30 日。這是我為 Nabors 召開的最後一次電話會議。我要感謝我的同事在過去 11.5 年裡的支持、董事會對我的信任以及所有投資者在非常艱難的時期對我們的交易和公司的支持。但我特別要感謝 Tony Petrello 給我這個絕佳的機會與他共事，幫助 Nabors 成為如今如此出色的公司。

Thank you, Tony, for your trust and your support all these years. You have been a great boss, an incredible teacher and now a great friend. I will miss working with you. As we previously announced, Miguel Rodriguez, our Senior Vice President of Operations Finance, will step into the role of CFO next quarter. I worked with Miguel several times in Schlumberger, where he had a very successful career. Needless to say, I knew him very well. We brought Miguel to Nabors to eventually replace me upon my retirement.

東尼，謝謝你這些年來的信任與支持。您曾經是一位出色的老闆、一位出色的老師，現在又是一位好朋友。我會懷念和你一起工作的時光。正如我們之前宣布的那樣，我們的營運財務高級副總裁 Miguel Rodriguez 將於下個季度擔任財務長。我曾與米格爾在斯倫貝謝公司共事過幾次，他的職業生涯非常成功。不用說，我非常了解他。我們把米格爾帶到納博斯，讓他在我退休後接替我。

At the time, he was the Head of Finance for the Drilling Group in Schlumberger. His dedication, integrity, extreme competence and absolute commitment to making Nabors a best-in-class company have impressed us. Since joining Nabors in 2019, Miguel has made a strong impact, shaping our finance team, strengthening our cost focus and taking on broader responsibilities across the company, including not only operations finance, but also tax and treasury. We have worked closely together as he has progressively taken on additional responsibilities. I'm confident he's very well prepared to replace me, and I look forward to seeing the company continue to benefit from his strong leadership.

當時，他是斯倫貝謝鑽井集團的財務主管。他的奉獻精神、正直、極高的能力以及讓 Nabors 成為一流公司的絕對承諾給我們留下了深刻的印象。自 2019 年加入 Nabors 以來，Miguel 發揮了強大的影響力，塑造了我們的財務團隊，加強了我們的成本重點，並承擔了整個公司的更廣泛職責，不僅包括營運財務，還包括稅務和財務。隨著他逐漸承擔起更多責任，我們一直密切合作。我相信他已經做好了接替我的充分準備，並且我期待看到公司繼續受益於他的強大領導。

With that, I will turn the call back to Tony.

說完這些，我就把電話轉回給東尼。

Thank you, William. I will finish this morning with a few points. Our portfolio of diversified businesses demonstrated its value in our second-quarter results. Even if the Lower 48 market fell somewhat, our own operations in this market grew sequentially. We are encouraged by the expected stabilization of rig count in the second half and the prospect for a future uptick in gas drilling.

謝謝你，威廉。今天早上我將以幾點來結束。我們的多元化業務組合在第二季的業績中展現了其價值。即使美國本土 48 個市場有所下跌，我們自己在這個市場的業務仍實現了連續成長。我們對下半年鑽井數量預期的穩定以及未來天然氣鑽探數量上升的前景感到鼓舞。

Parker did not have a drilling rig presence in the Lower 48. However, its operations certainly contributed to most of our segments. In North America, we are strengthening our footprint. We've added Quail Tools and casing running services in the US as well as drilling rig services in the Gulf of America, Canada and Alaska.

帕克在美國本土 48 州內沒有鑽井平台。然而，它的運作確實對我們的大部分業務做出了貢獻。在北美，我們正在加強我們的影響力。我們在美國增加了 Quail Tools 和套管下入服務，並在美國灣、加拿大和阿拉斯加增加了鑽井平台服務。

Internationally, Parker adds to our strength in the Middle East together with incremental rigs in Kazakhstan and India. We believe our continued effort to integrate Parker's businesses will unlock significant additional benefit. I cannot stress enough the value brought to our company with the continued expansion of SANAD.

在國際上，派克透過在哈薩克和印度增加鑽機數量增強了我們在中東的實力。我們相信，我們持續努力整合派克的業務將帶來巨大的額外利益。我不能過度強調 SANAD 的持續擴張為我們公司帶來的價值。

On today, we have an awarded pipeline of eight additional rigs through 2027. Finally, we are encouraged by the improvement in free cash flow over the first quarter. Our outlook for further growth in free cash flow positions us well to address the 2027 debt maturity before the end of 2025.

目前，我們已獲得 8 座額外鑽井平台的合約，有效期至 2027 年。最後，第一季自由現金流的改善令我們感到鼓舞。我們對自由現金流進一步增長的展望使我們能夠在 2025 年底之前解決 2027 年債務到期問題。

Thank you for your time this morning. We'll now take your questions.

感謝您今天上午抽出時間。我們現在來回答你們的問題。

(Operator Instructions) Grant Hynes, JPMorgan.

（操作員指示）格蘭特海因斯，摩根大通。

It was great to see sort of the fourth big 5-rig award from SANAD. And just as we think about sort of the growth prospects into '27, could you perhaps speak to maybe how incremental you see these new build rigs? And if any of the suspended or legacy Nabors rigs, you've seen opportunities maybe outside to work in other Middle East regions such as Kuwait?

很高興看到 SANAD 授予我第四個大型 5 鑽機獎項。正如我們思考 27 年的成長前景時，您能否談談您認為這些新建鑽孔機的成長速度有多快？如果有哪座 Nabors 鑽井平台被停用或被遺留，您是否看到了在科威特等其他中東地區開展工作的機會？

Sure. So I mean, right now, there's 52 rigs in SANAD on the payroll. A bunch of them are also Nabors-owned rigs that are leased into SANAD. And I would say that virtually the entire fleet there are rigs that are well suited to anywhere in the region. And so, if things did change, there is an opportunity to actually work in other countries. But right now, where we are right now, I think we're -- we believe we're pretty well suited with what the opportunities are in the country themselves.

當然。所以我的意思是，目前，SANAD 的薪資單上有 52 個鑽孔機。其中許多鑽井平台也歸 Nabors 所有，並租給了 SANAD。我想說的是，那裡的整個船隊中的鑽井平台幾乎都適合該地區的任何地方。因此，如果情況確實發生變化，就有機會在其他國家開展工作。但就目前而言，我認為我們——我們相信我們非常適合這個國家本身所擁有的機會。

The rigs -- certain rigs are high specifications that could go to Kuwait, for example, for the gas drilling there. And obviously, every one of those markets has different attributes. So there would be incremental capital required for some redeployments. But by and large, we're really happy with our fleet in the Middle East, in general. I think our positions in Kuwait, Oman and the rig in UAE as well, we're really happy with that as a fleet as a whole. I don't think there's anybody in the marketplace that has a better fleet poised for all the opportunities in that region.

鑽孔機－某些鑽孔機規格很高，例如可以前往科威特進行那裡的天然氣鑽探。顯然，每個市場都有不同的屬性。因此，一些重新部署需要增量資本。但總的來說，我們對我們在中東的船隊總體上感到非常滿意。我認為，對於我們在科威特、阿曼以及阿聯酋鑽井平台的地位，我們整個船隊都感到非常滿意。我認為市場上沒有其他公司擁有比我們更好的船隊來抓住該地區的所有機會。

Appreciate the color. And then as a follow-up, maybe just a clarification. When considering sort of the flat $80 million adjusted free cash flow guide, it looks like $30 million lower cash burn at SANAD, $60 million less new build CapEx and I think $10 million Lower 48 in other implied CapEx. Could you just help us reconcile sort of the unchanged free cash guide in that context?

欣賞色彩。然後作為後續，也許只是澄清一下。當考慮到 8000 萬美元的固定調整後自由現金流指南時，SANAD 的現金消耗似乎減少了 3000 萬美元，新建資本支出減少了 6000 萬美元，我認為其他隱含資本支出減少了 1000 萬美元。您能否幫助我們在這種情況下協調未變更的免費現金指南？

So I mean, there's a lot of moving pieces in SANAD, by the way. But in reality, we have a $70 million cut in CapEx, but we also -- because these cuts come late in the year, we also cut back on the CapEx liabilities. So we weren't expecting to pay those by year-end. So in reality, the impact on cash flow is about $50 million really. We have adjusted, of course, the US following the Liberation Day noise, which did have an impact, or we think will have an impact in Lower 48 rig count.

順便說一下，我的意思是，SANAD 中有很多活動部件。但實際上，我們的資本支出削減了 7,000 萬美元，而且由於這些削減發生在年底，我們也削減了資本支出負債。所以我們並不期望在年底前支付這些款項。因此實際上，對現金流的影響實際上約為 5,000 萬美元。當然，我們已經調整了美國解放日噪音之後的情況，這確實產生了影響，或者我們認為會對美國本土 48 個州的鑽井數量產生影響。

Across segments, I think that is about $15 million, one-five. In addition, there is still some uncertainty in Mexico. So we took a cautious reduction in our forecast for Mexico of about $10 million. And we think in places like Argentina, where we're seeing some reduction in activity from some clients as well as delays in deployments in Kuwait and Saudi Arabia, we took a combined $15 million. So roughly $40 million of EBITDA we took off the forecast. And the CapEx is about a $50 million improvement net of the payables.

就各個細分市場而言，我認為這個數字大約是 1500 萬美元，1/5。此外，墨西哥國內仍存在一些不確定性。因此，我們謹慎地將墨西哥的預測減少了約 1000 萬美元。我們認為，在阿根廷等地，我們看到一些客戶的活動減少，科威特和沙烏地阿拉伯的部署也出現延遲，我們總共損失了 1500 萬美元。因此，我們從預測中減去了大約 4000 萬美元的 EBITDA。資本支出約為 5000 萬美元的改善淨額（扣除應付款項）。

Waqar Syed, ATB Capital Markets.

Waqar Syed，ATB 資本市場。

Well, first of all, I really want to thank William for his friendship all these years. William, I've always enjoyed speaking to you. I've learned a lot from you. And you really will be missed by all the investor community and all the analysts who follow Nabors. So best of luck in your next chapter and I will personally miss you as you move on. On the Saudi market, we've seen some rigs being released. What are the risks to some of the Nabors legacy rigs in Saudi Arabia?

嗯，首先，我真的要感謝威廉這些年來的友誼。威廉，我一直很高興與您交談。我從你身上學到了很多。所有投資者群體和關注納博斯的分析師都會想念你。祝你在接下來的篇章中好運，我會想念你的。在沙烏地阿拉伯市場，我們看到一些鑽井平台被釋放。沙烏地阿拉伯的一些 Nabors 遺留鑽井平檯面臨哪些風險？

Sure. Well, let's just comment in general, what's been going on there. Since the start of 2024, I think 64 land rigs were idled and 35 rigs went back, became online. So the net down was about 29 rigs from about 207 to 178. Since June 30, it looks like there may be an additional 4 or 5 rigs that also suspended.

當然。好吧，我們只是總體評論一下那裡發生的事情。自 2024 年初以來，我認為有 64 台陸地鑽機處於閒置狀態，35 台鑽孔機重新上線。因此，鑽井數量淨減少約 29 台，從約 207 台減少至 178 台。自 6 月 30 日以來，似乎還有另外 4 或 5 個鑽井平台也暫停營運。

I have no secrets in terms of understanding what Aramco is really doing here but from what I gather, what they're actually doing is evaluating the current production rate, which is 9.3 to 9.5 barrels a day and looking at their maximum production of 12 and trying to right-size what their investment should be between those 2 things and figuring that out. And so that's the process that's going on right now to figure out a resetting of that to make sure that they can fulfill that. And so that's the process and obviously, it's caused a bunch of friction.

我對阿美公司在這裡真正做的事情沒有任何秘密可言，但據我所知，他們實際上正在做的是評估當前的生產率，即每天 9.3 到 9.5 桶，並考慮他們的最大產量 12 桶，並試圖在這兩件事之間確定他們的投資規模，然後弄清楚。這就是目前正在進行的過程，以確定如何重置以確保他們能夠實現這一目標。這就是整個過程，顯然，它引起了很多摩擦。

With us, obviously, during this period, SANAD actually increased the rig count by 4 rigs, which is obviously due to the new build program, and we stand at 52 today. And we also would note that SANAD hasn't been unscathed as we remarked during the past year, we actually had 3 rigs suspended. So we believe we're very well positioned for obvious reasons with the relationship with Aramco, but also the SANAD operating fleet has more than 75% of the rigs are gas functioning rigs, and that is where the growing focus has been in the Kingdom.

顯然，在此期間，SANAD 實際上將鑽機數量增加了 4 台，這顯然是由於新建計劃，而今天的鑽機數量為 52 台。我們還要指出的是，SANAD 在過去一年中也並非毫髮無損，實際上我們有 3 個鑽井平台被暫停。因此，我們相信，由於與阿美公司的關係，我們處於非常有利的地位，而且 SANAD 營運船隊中超過 75% 的鑽井平台都是天然氣鑽井平台，這也是沙烏地王國日益關注的重點。

And then obviously, the newbuild program, which, as you can see from this announcement, I know there was some concern that this is going to be delayed or revisited. But Aramco seems to be very committed to this long-term newbuild program, which is an agenda item for their Vision 2030 as well.

然後顯然，新建計劃，正如您從該公告中看到的，我知道有人擔心它會被推遲或重新審視。但沙特阿美似乎非常致力於這項長期新建計劃，這也是其「2030願景」的議程項目。

So there's a lot of other factors go into it. And so, they've been very supportive of it, and that's given us a really good confidence in what we're doing right now. So I think, all-in-all, that puts us in a pretty good position going forward and what we're focused on just building a great company right now.

所以還有很多其他因素會影響這個。因此，他們對此非常支持，這給了我們對目前正在做的事情非常大的信心。所以我認為，總而言之，這使我們在未來處於非常有利的地位，我們現在專注於打造一家偉大的公司。

Waqar, those rigs were suspended last year for us, those 3 rigs.

瓦卡爾，我們去年就暫停了那 3 座鑽井平台的使用。

Yes. And then on the US Lower 48 drilling margins, $13,300, that's the guidance for Q3. Do you think margins kind of bottom here based on what you know or there could be more downside as additional rigs mark-to-market?

是的。然後，美國本土 48 州的鑽井利潤率為 13,300 美元，這是第三季的指導值。根據您所了解的情況，您是否認為利潤率已經觸底，或者隨著鑽機數量的增加以及市場價格的上漲，利潤率可能會出現更大的下行空間？

Waqar, one thing that encourages us is that for now multiple quarters, the actual revenue per day on a leading-edge basis has stayed fairly consistent and above the [13,000] level. So that is encouraging because we've had a significant stability now for 3-plus quarters.

瓦卡爾，讓我們感到鼓舞的一件事是，目前多個季度以來，前沿基礎上的每日實際收入一直保持相當穩定，且高於 [13,000] 的水平。這是令人鼓舞的，因為我們現在已經連續三個多季度保持了顯著的穩定性。

I would say that the fact that, that level though is maybe a little bit over $1,000 lower than our average for the fleet means that that's why we're dialing in $13,300 for the third quarter because we will continue to erode a little bit. But once we get there, we're very, very close then to where the leading edge is. And yes, I do think that we should be able to sustain ourselves above the $13,000 level.

我想說的是，事實上，這個水平可能比我們船隊的平均水平低 1,000 多美元，這就是為什麼我們在第三季度撥打 13,300 美元，因為我們將繼續稍微削減開支。但一旦我們到達那裡，我們就非常非常接近前沿了。是的，我確實認為我們應該能夠維持在 13,000 美元以上的水平。

Keith MacKey, RBC.

基斯·麥基（Keith MacKey），加拿大皇家銀行。

I know it's early to do so, but thinking about 2026 potential CapEx levels, can you maybe just run through some of the drivers of how you'd build up the CapEx budget for 2026 or any notable pieces that would make CapEx in 2026 different from the $700 million to $710 million you'd expect to spend in 2025?

我知道現在這麼說還為時過早，但考慮到 2026 年的潛在資本支出水平，您能否簡單介紹一下制定 2026 年資本支出預算的一些驅動因素，或者有哪些值得注意的因素會使 2026 年的資本支出與您預計在 2025 年花費的 7 億至 7.1 億美元有所不同？

So it's a good question, Keith. We -- the way we build it, definitely, SANAD is very easy because we have milestones all the way through 2027 in terms of payments and deployments. So that piece, the new builds is very fairly easy to do and probably will be somewhere in the mid-300 range for 2026, given the recent awards. I would say that the rest is just average CapEx, sustaining CapEx per fleet, which is going to be a bit bigger next year than this year, we think.

所以這是個好問題，基斯。我們 — — 我們建構它的方式，毫無疑問，SANAD 非常簡單，因為我們在付款和部署方面一直到 2027 年都有里程碑。因此，新建部分相當容易實現，而且根據最近獲得的獎項，到 2026 年，其數量可能會在 300 左右。我想說，剩下的只是平均資本支出，維持每支船隊的資本支出，我們認為明年的資本支出將比今年略大。

So in the US, we know what the average is and then in the international markets, it's a little bit higher than in the US. So based on those numbers, we construct the -- what we expect to be our well-known CapEx. Then we have other issues like, for instance, in places like Saudi Arabia, we have recertification CapEx.

我們知道美國的平均水平是多少，而國際市場的平均水平比美國略高一些。因此，基於這些數字，我們建立了我們預期的眾所周知的資本支出。然後我們還有其他問題，例如在沙烏地阿拉伯等地，我們有重新認證的資本支出。

And again, we know what that is going to be because that is all -- it has specific dates. So that adds a little bit to the cost. And then if we win contracts internationally, in particular areas, and we estimate how much of many of those wins are going to be, then we add a little bit more CapEx for the recontracting requirements of the client.

再說一次，我們知道那會是什麼，因為那都是——它有具體的日期。所以這會增加一點成本。然後，如果我們在特定領域贏得國際合同，並且我們估計這些合約的金額是多少，那麼我們將為客戶的重新簽約要求增加一點資本支出。

So based on that, I can tell you with quite a bit of certainty that we will be a little bit higher next year than this year just because the fleet is going to be larger. And so that's our estimate at this point. We haven't started the process yet, but we think that the CapEx is going to be a bit higher next year than this year.

因此，基於此，我可以相當肯定地告訴你，明年我們的產量會比今年高一點，因為船隊規模會更大。這就是我們目前的估計。我們還沒有開始這個過程，但我們認為明年的資本支出將比今年略高。

Got it. Appreciate that color there, William. Maybe just on Mexico, can you talk a little bit more about the collections. I noted you're a little bit behind where you expected or hoped to be in Q2. Can you just talk about sort of the process there?

知道了。欣賞那裡的顏色，威廉。也許只是關於墨西哥，您能否再多談談有關收藏品的事情。我注意到您在第二季的表現比預期或希望的稍微落後。能簡單談談那裡的流程嗎？

And any potential actions or methods you can to increase the collections? I know it might be sensitive to get into too many specifics, but any color you can give around that would be helpful in terms of what you can do and the amounts and all that sort of stuff.

您可以採取什麼潛在行動或方法來增加收藏量？我知道討論太多細節可能會比較敏感，但如果您能提供任何細節，對於您能做什麼、數量多少以及諸如此類的事情都會很有幫助。

Sure. I'll let William give you the details, but I just want to make one comment, which is I think Nabors' position there is a very great position in the sense that the rigs that we have there are viewed as really core to the ongoing production that PEMEX has.

當然。我會讓威廉向您提供詳細信息，但我只想發表一個評論，那就是我認為納博斯在那裡的立場非常好，因為我們在那裡的鑽井平台被視為 PEMEX 正在進行的生產的核心。

They're unique because of their unique capabilities of fitting out platforms and moving cost effectively. So I think one of the things we got going for us is that PEMEX does really value Nabors as a vendor and wants us to continue in the country. So that is one thing that we're -- we think is a real attribute of our position there.

它們之所以獨特，是因為它們具有組裝平台和經濟高效遷移的獨特能力。因此我認為，對我們有利的一點是，PEMEX 確實重視 Nabors 作為供應商，並希望我們繼續在該國開展業務。所以，我們認為這是我們在那裡的地位的一個真正屬性。

(inaudible) Tony. In reality, most of these rigs end up being direct negotiations with the client because they absolutely want to keep them. So on the collection side, in the second quarter, we were already kind of advanced with one of the financial institutions in the country that has a special relationship with PEMEX, whereby they take on the receivable and pay us some money or in PEMEX bonds or whatever mechanism they create without recourse.

（聽不清楚）托尼。事實上，大多數鑽孔機最終都是與客戶直接談判獲得的，因為客戶絕對想保留這些鑽孔機。因此，在收款方面，在第二季度，我們已經與該國與 PEMEX 有特殊關係的金融機構取得了一定進展，他們承擔應收帳款並向我們支付一些錢，或者以 PEMEX 債券或他們創建的任何無追索權的機制支付。

So we've done that in the past, and we thought in the second quarter, that's what was going to happen. But towards the middle of the second quarter, I think the government decided to take the bull by the horns and take direct control of this process.

我們過去就是這樣做的，我們認為在第二季就會發生這樣的事情。但到了第二季中期，我認為政府決定主動出擊，直接控制這個過程。

And in reality, I mentioned during the call that $7 million to $10 million -- $7 billion to $10 billion, but I just saw some news a second ago that in reality, it was $12 billion what they issued or they put in place to reduce the vendor -- the overdue vendor invoices. We think this should move very quickly, the process and somewhere over the next couple of weeks, three weeks or so, we will be able to make very substantial collections. We are assuming somewhere in the range of $40-plus million during the third quarter.

實際上，我在電話會議中提到了 700 萬到 1000 萬美元——70 億到 100 億美元，但我剛才看到一些新聞說，實際上，他們發放或實施的用於減少供應商逾期供應商發票的金額是 120 億美元。我們認為這個過程應該會進展得非常快，在接下來的幾週到三週左右的時間裡，我們將能夠收集到非常可觀的資金。我們預計第三季的銷售額將在 4,000 多萬美元左右。

William, certainly congrats on a great career and best of luck in your next chapter.

威廉，恭喜你事業有成，並祝你在接下來的篇章中好運連連。

Jeff LeBlanc, TPH.

傑夫·勒布朗，TPH。

I just wanted to see if you could comment on Lower 48 daily drilling costs moving forward and where you think they'll ultimately stabilize long term, as I believe you previously mentioned it was going to be a focus area moving forward.

我只是想看看您是否可以評論一下美國本土 48 個州未來的每日鑽井成本，以及您認為這些成本最終會在哪些方面長期保持穩定，因為我相信您之前提到過，這將是未來的重點領域。

Obviously, that's been a focus of ours to right-size the operation. You noticed in the first quarter where we paid a price with churn on the cost structures but I think we have it pretty well under control. We're not -- we don't see a lot of inflation right now in our costs, and we're just trying to optimize against our rig count, not only the direct costs. And obviously, there, it's a deal of having purchasing group supply chain get the best deals given this environment, but also right-size our support structure for the existing rig count. So we think there's more good things to happen there, but that remains a focus of ours.

顯然，調整營運規模一直是我們的重點。您注意到，在第一季度，我們為成本結構的變動付出了代價，但我認為我們已經很好地控制住了它。我們目前沒有看到成本太多膨脹，我們只是試圖優化鑽機數量，而不僅僅是直接成本。顯然，這是一項讓採購集團供應鏈在這種環境下獲得最佳交易的交易，同時也要根據現有的鑽機數量調整我們的支援結構。因此我們認為那裡會發生更多好事，但這仍然是我們關注的重點。

Michael (inaudible), Susquehanna.

麥可（聽不清楚），薩斯奎漢納。

Just going back to the reduction in CapEx related to this and add new builds this year. Does the push from '25 to '26 for that $60 million push the '26 spend to '27, i.e., is the whole schedule pushed out, or is there at least for now an increased amount in '26 to be further negotiated out? I just think the more flexibility investors understand you guys have, I think, the better. Curious if you could comment on the schedule for basically all through 20 rigs now that they've been awarded.

只需回顧與此相關的資本支出減少並在今年增加新的建設。將 6,000 萬美元從 25 年推遲到 26 年是否會將 26 年的支出推遲到 27 年，也就是說，整個計劃是否都會推遲，或者至少現在 26 年的增加金額是否有待進一步協商？我只是認為，投資人越了解你們的彈性，就越好。我很好奇，您是否可以對目前已授予合約的 20 座鑽機的時間表做出評論。

The schedule is the driver. It's not really -- I mean, we're going to be spending the amount because the rigs are the same number. It's just that some of those milestones shifted somewhat into 2026. And I would assume that, that will mean that 2026 milestones will shift a little bit into 2027. The impact on revenue is not dramatic because it's really mostly milestones of uncompleted rigs.

時間表是驅動因素。事實並非如此——我的意思是，我們將花費這筆錢，因為鑽孔機數量相同。只是其中一些里程碑稍微延後到了 2026 年。我認為，這意味著 2026 年的里程碑將稍微推遲到 2027 年。對收入的影響並不大，因為這實際上主要是未完工鑽機的里程碑。

It's not really rig deployments. We did have some delays in 2025 on the deployment of the Saudi rigs, maybe a month per rig or something like that but it's not a massive impact on revenue. Maybe I think probably in Saudi Arabia, the impact has been about $5 million in revenue or in EBITDA, I guess, in 2025. But again, it's more a slippage than a reduction in CapEx.

這其實並不是鑽機部署。2025 年，沙烏地阿拉伯鑽井平台的部署確實出現了一些延遲，可能每個鑽井平台延遲一個月左右，但這對收入的影響並不大。我認為，到 2025 年，沙烏地阿拉伯的收入或 EBITDA 可能會受到約 500 萬美元的影響。但同樣，這更多的是資本支出的下滑而不是減少。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

William, congrats on retirement. If your next chapter turns out to be boring, give us a call. We're a safe space for the AARP community. Tony, just one question for you. Do you ever have any interest in sort of looking at more production-oriented services? And I hate to bring up the past, but would you ever consider revisiting, say, something like the well service sector or something along those lines?

威廉，恭喜你退休。如果您覺得下一章很無聊，請打電話給我們。我們是美國退休人員協會 (AARP) 社區的安全空間。東尼，我只想問你一個問題。您是否有興趣了解更多以生產為導向的服務？我不想提起過去，但是您是否考慮過重新審視諸如油井服務業或類似的行業？

Obviously, I think as the industry gets to the point where the goal is to maximize EOR. I think the notion of having something in our portfolio that gives some benefits along those lines makes sense. And so one of the things that we are doing actually within our existing downhole fleet is putting more emphasis on some of our tools that actually can survey the wellbore in the lateral and give an operator a better idea of how to extract value in EOR with intelligent fracking.

顯然，我認為隨著產業發展，目標是最大化 EOR。我認為在我們的投資組合中加入一些能帶來這些好處的東西是有道理的。因此，我們在現有井下作業隊伍中所做的事情之一就是更加重視一些工具，這些工具實際上可以勘測水平井中的井眼，並讓操作員更好地了解如何利用智慧水力壓裂在 EOR 中提取價值。

And so that is one area to do that. Things that would complement that, yes, we would be open to it because we think long term, as the industry moves into this more mature environment, you need to get on the mill to help them address the quest for lower BOE. So things that would make logical sense that would be contiguous to what Nabors does, I think that would fit that would be of interest to us, I would say.

這就是可以實現這一目標的一個領域。是的，對於可以補充這一點的事情，我們持開放態度，因為從長遠來看，隨著行業進入更加成熟的環境，您需要參與進來，幫助他們解決降低 BOE 的問題。因此，我認為，符合邏輯且與 Nabors 所做的事情相符的事情是符合我們興趣的。

I think it's unlikely we'll get back into pressure pumping.

我認為我們不太可能再恢復壓力泵送。

Yes, exactly.

是的，確實如此。

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

問答環節到此結束。我想將會議交還給納博斯，請他做最後發言。

Thank you, Rocco. If there are any questions or follow-ups, please reach out to the Nabors' IR team. With that, Rocco, we'll wrap up the call.

謝謝你，羅科。如果有任何問題或後續事宜，請聯絡 Nabors 的 IR 團隊。羅科，我們的通話就到此結束。

Yes, sir. Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

是的，先生。謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。