Nabors Industries Ltd (NBR) 2025 Q3 法說會逐字稿

Good morning and welcome to Nabors Industries third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加納伯斯工業公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would not like to turn the conference over to William Conroy, VP of corporate Development and Investor Relations. Please go ahead.

我不想把會議交給企業發展和投資者關係副總裁威廉康羅伊。請繼續。

Good morning, everyone.

各位早安。

Thank you for joining Neighbor's Third quarter 2025 earnings conference call.

感謝您參加 Neighbor 2025 年第三季財報電話會議。

Today we will follow our customary format with Tony Petrello, our Chairman, President and Chief Executive Officer, and Miguel Rodriguez, our Chief Financial Officer, providing their perspectives on the quarter's results, along with insights into our markets and how we expect neighbors to perform in these markets. In support of these remarks, the slide deck is available both as a download within the webcast and in the investor relations section of Neighbors.com.

今天，我們將沿用慣例，由我們的董事長、總裁兼首席執行官托尼·佩特雷洛和首席財務官米格爾·羅德里格斯就本季度業績發表看法，並深入分析我們的市場以及我們對鄰近市場表現的預期。為了佐證這些觀點，投影片既可以在網路直播中下載，也可以在 Neighbors.com 的投資者關係部分下載。

Instructions for the replay of this call are posted on the website as well.

網站上也發布了本次通話的重播說明。

With us today, in addition to Tony, Miguel, and me are other members of the senior management team.

今天和我們在一起的除了東尼、米格爾和我之外，還有其他高階管理團隊的成員。

Since much of our commentary today will include our forward expectations, that may constitute forward-looking statements within the meaning of the Securities Act of 1,933 and the Securities Exchange Act of 1,934.

由於我們今天的評論將包含我們的前瞻性預期，這可能構成 1933 年證券法和 1934 年證券交易法意義上的前瞻性陳述。

Such forward-looking statements are subject to certain risks and uncertainties as disclosed by neighbors from time to time in our filings with the Securities and Exchange Commission.

此類前瞻性聲明存在某些風險和不確定性，這些風險和不確定性已由我們向美國證券交易委員會提交的文件不時披露。

As a result of these factors, our actual results may vary materially from those indicated or implied by such forward-looking statements.

由於這些因素，我們的實際結果可能與此類前瞻性聲明所指出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.

此外，在電話會議期間，我們可能會討論一些非GAAP財務指標，例如淨債務、調整後的營業收入、調整後的EBITDA和調整後的自由現金流。

All references to EBITDA made by either Tony or Miguel 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.

Tony 或 Miguel 在他們的演講中提及的所有 EBITDA，無論是否加上「調整後」字樣，均指調整後的 EBITDA，該術語在我們的網站和盈利報告中均有定義。

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.

同樣，除非上下文另有明確規定，否則提及的現金流是指調整後的自由現金流，如我們的獲利報告中所定義的那樣。

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

我們已在網站的投資者關係部分發布了這些非GAAP財務指標與最近可比較GAAP指標的調節表。接下來，我將把電話交給東尼開始通話。

Good morning.

早安.

Thank you for joining us today as we review our 3rd quarter results, we will highlight a number of positive accomplishments. In particular, we have completed the transaction to sell quail tools. This is a transformational development for our capital structure.

感謝各位今天與我們一同回顧第三季業績，我們將重點放在一些正面的成就。具體來說，我們已經完成了鵪鶉工具的出售交易。這對我們的資本結構來說是一項變革性的發展。

I will start my remarks with details of this transaction.

我將首先詳細介紹這筆交易。

The terms of the deal are straightforward. On August 20, we sold the quail business for a total consideration of $625 million. This amount includes a working capital adjustment.

交易條款很簡單明了。8 月 20 日，我們以 6.25 億美元的總價出售了鵪鶉養殖業務。該金額包含營運資金調整。

We received $375 million in cash at closing and a $250 million dollar note, which was fully prepaid earlier this month.

我們在交易完成時收到了 3.75 億美元的現金和一張 2.5 億美元的票據，該票據已於本月初全額預付。

To be explicit, we have collected the entire proceeds.

確切地說，我們已經收回了全部款項。

Next, I'll discuss the merits of the transaction.

接下來，我將討論這筆交易的優點。

When we acquired Parker on March 11 of this year, we estimated its operations would generate a full year EPEA of $150 million.

今年 3 月 11 日我們收購 Parker 時，我們估計其全年營運將產生 1.5 億美元的 EPEA。

Quil accounted for about $143 million of this EBITDA. Further, we were confident we would realize cost synergies during 2025 totaling $40 million.

Quil貢獻了約1.43億美元的EBITDA。此外，我們有信心在 2025 年實現總計 4,000 萬美元的成本綜效。

Consideration for Parker consisted of 4.8 million shares of Nes valued at $180 million assumed net debt of $93 million and less than a million dollars of cash.

收購 Parker 的對價包括價值 1.8 億美元的 480 萬股 Nes 股票、承擔的 9,300 萬美元淨債務以及不到 100 萬美元的現金。

This valued the acquisition at $274 million.

此次收購的估值為 2.74 億美元。

We estimated a full year EBITDA of $190 million including synergies.

我們預計全年 EBITDA 為 1.9 億美元（包括綜效）。

That translated to paying a very attractive 1.4 times EBITDA.

這意味著只需支付極具吸引力的 1.4 倍 EBITDA。

Now we have sold quail for $625 million.

現在我們已經賣了價值 6.25 億美元的鵪鶉。

We estimated quail by itself would generate 2025 EBITDA of $150 million. With those metrics, we sold quail for approximately 4.2 times EBITDA.

我們估計，光是鵪鶉一項就能在 2025 年產生 1.5 億美元的 EBITDA。根據這些指標，我們出售鵪鶉的價格約為 EBITDA 的 4.2 倍。

These valuations speak for themselves.

這些估值本身就說明了一切。

Combining both steps of the Parker and Quayle deals, it is important to note that we effectively sold Labor shares at approximately $130 per share. Moreover, following the Parker transaction, we have completed considerable restructuring efforts. We now expect the non-coil businesses that were earning $7 million of EBITDA to earn $70 million in 2026. For this remaining business, we effectively paid $94 million or about a 1.4 times multiple.

綜合帕克和奎爾交易的兩個步驟，值得注意的是，我們實際上以每股約 130 美元的價格出售了工黨股票。此外，在完成 Parker 交易後，我們已完成了大量的重組工作。我們現在預計，到 2026 年，非線圈業務的 EBITDA 將達到 7,000 萬美元，而此前該業務的 EBITDA 為 7,000 萬美元。對於剩餘的這部分業務，我們實際支付了 9,400 萬美元，約 1.4 倍。

In the 3rd quarter, we used the proceeds to pay down approximately $330 million of debt.

第三季度，我們利用所得款項償還了約 3.3 億美元的債務。

Adjusting our quarter end capital structure for the subsequent repayment of the seller note, pro forma net debt stood at approximately $1.7 billion. This is our lowest net debt in more than 10 years.

考慮到賣方票據的後續償還，調整季度末資本結構後，預計淨債務約為 17 億美元。這是我們十多年來最低的淨債務。

We expect to deploy the entire proceeds from the quail sale to debt reduction.

我們計劃將鵪鶉銷售所得全部用於償還債務。

In summary, we effectively issued common shares at a 350% premium to the market.

總而言之，我們實際發行的普通股價格比市價溢價 350%。

We are reducing net debt by more than 20% this year, and we retain a business portfolio that includes the leading casing running contractor in the Middle East.

今年我們將淨債務減少 20% 以上，並且我們保留了包括中東領先的套管下入承包商在內的業務組合。

Now, let me turn to our financial results for the quarter. Adjusted EBITDA, total of $236 million.

現在，讓我來看看本季的財務表現。調整後 EBITDA 總計 2.36 億美元。

This performance was better than the expectations we laid out in September after the sale of quail.

這項業績比我們在9月鵪鶉銷售後所預期的要好。

Several factors contributed to these results improved performance in our international drilling segment, increase EBITDA from our legacy drilling solutions, excluding quail, and lower corporate expenses as we realize additional cost synergies from the Parker acquisition.

促成這些結果的因素有很多，包括國際鑽井業務的業績提升、傳統鑽井解決方案（不包括鵪鶉）的 EBITDA 增加，以及收購 Parker 後實現額外成本協同效應，從而降低了公司支出。

I want to highlight the total excluding quail, improved in the quarter. I am pleased with these accomplishments. They provide further confidence to our performance outlook in the coming quarters.

我想重點指出，不包括鵪鶉在內的總產量在本季有所提高。我對這些成就感到滿意。它們進一步增強了我們對未來幾季業績前景的信心。

Next, I'll address the border market environment.

接下來，我將談談邊境市場環境。

Global oil prices reflect a combination of factors. Most recently, the US announced sanctions targeting two of Russia's largest oil producers.

全球石油價格反映了多種因素的綜合影響。最近，美國宣布對俄羅斯兩家最大的石油生產商實施制裁。

There is also the potential for secondary sanctions. Crude oil prices reacted sharply to this announcement.

此外，還可能實施二級制裁。原油價格對此消息反應強烈。

Should these actions impact Russian production, we would expect global producers, including a number of our customers, to step in.

如果這些行動影響俄羅斯的生產，我們預計包括我們的一些客戶在內的全球生產商會介入。

We are carefully evaluating the ultimate impact of this action and any lasting impact on commodity prices.

我們正在仔細評估此舉的最終影響以及對大宗商品價格的任何持久影響。

However, there remain a number of conflicting issues, including recent actions and lingering uncertainty around tariffs, oil production increases both inside and outside OpEx.

然而，仍存在許多相互矛盾的問題，包括最近的舉措和關稅方面持續存在的不確定性，以及營運支出內外石油產量的增加。

Reported excess inventories and higher demand out of the OECD.

據報道，經合組織成員國庫存過剩，需求增加。

The sanction announcement was positive for oil prices. However, there remains the probability that global supply could potentially exceed demand. This outcome was weighing on oil prices prior to the sanctions announcement. We believe the effect on our global drilling markets could be mixed. Each market has its own drivers.

制裁措施的宣布對油價產生了正面影響。然而，全球供應仍有可能超過需求。在製裁宣布之前，這一結果就已經對油價造成了壓力。我們認為這對全球鑽井市場的影響可能是喜憂參半的。每個市場都有其自身的驅動因素。

The US lower 48 has evolved to a very short cycle market. We would expect a rapid activity response to lower oil prices there.

美國本土48州已經發展成為一個週期非常短的市場。我們預期油價下跌會迅速帶動當地經濟活動。

Domestic EMPs remain focused on meeting their production goals. This focus, coupled with economic uncertainty, improved drilling, and completion efficiency, leads to a muted activity outlook in the near term.

國內EMP企業仍專注於實現其生產目標。這種關注點，加上經濟的不確定性、鑽井和完井效率的提高，導致近期活動前景黯淡。

We believe that US activity should begin to stabilize and could see an uptick in the latter part of 2026.

我們認為美國經濟活動應該會開始趨於穩定，並可能在 2026 年下半年出現回升。

This market is complex. Numerous factors have influence. With our diversification across geographies, we expect our international markets would lessen the effect of any potential further short-term decline in the US.

這個市場很複雜。諸多因素都會產生影響。憑藉我們在地域上的多元化佈局，我們預計國際市場將減輕美國經濟任何潛在的短期進一步下滑的影響。

As for natural gas, the outlook remains constructive over the next several years, as expected US LNG exports ramp up.

至於天然氣，未來幾年的前景依然樂觀，因為預計美國液化天然氣出口將逐步增加。

In addition, large scale natural gas development in the Middle East and Latin America should help drive drilling activity.

此外，中東和拉丁美洲的大規模天然氣開發也將有助於推動鑽探活動。

The gas-directed industry recount in the lower 48 has increased thus far in 2025.

2025 年至今，美國本土 48 州天然氣產業的重新統計增加。

Neighbor's recount in the gas basins has grown since February.

自二月以來，鄰國在天然氣盆地的重新計票結果有所增長。

Natural gas activity in the US appears poised for further recovery over the coming quarters. We are prepared to meet that demand.

未來幾個季度，美國天然氣活動似乎有望進一步復甦。我們已做好滿足這項需求的準備。

Next, I will comment on our 3rd quarter results.

接下來，我將對我們第三季的業績發表評論。

Adjusted EBITDA in our international drilling segment increased sequentially by more than 8%. Granted, our land drilling joint venture in Saudi Arabia, drove most of this growth.

國際鑽井業務的調整後 EBITDA 環比成長超過 8%。當然，這其中大部分的成長是由我們在沙烏地阿拉伯的陸上鑽井合資企業所推動。

The other significant driver was Kuwait. The 3 previously announced big startups there contributed to the segment's growth.

另一個重要驅動因素是科威特。先前宣布的 3 家大型新創公司為該領域的成長做出了貢獻。

Next, I want to spend a moment on neighbor's drilling solutions, excluding quail, NDSA increased in the third quarter. In the lower 48, the average Baker Hughes land recount declined by 5% in the third quarter versus the second quarter.

接下來，我想花點時間談談鄰居的鑽探解決方案，不包括鵪鶉，NDSA 在第三季度有所成長。美國本土48州第三季貝克休斯土地重新計票的平均結果比第二季下降了5%。

NDS EBITDA without quail in the lower 48 was up slightly.

美國本土48州不計鵪鶉養殖的NDS EBITDA略有成長。

This outperformance compared to the market confirms the strong value proposition we have developed at NDS.

與市場相比，這一優異表現證實了我們在NDS所開發的強大價值主張。

Turning to the lower 48 drilling business, our average recount exceeded our guidance. Our average activity in natural gas basins increased slightly.

就美國本土48州的鑽井業務而言，我們的平均複核結果超過了我們的預期。我們在天然氣盆地的平均活動量略有增加。

Oil directed activity, especially in the Permian, declined.

石油相關活動，尤其是在二疊紀盆地，有所減少。

We entered the 3rd quarter at 60 rigs. We held in a tight range throughout the quarter. The quarter ended at the high water mark 62.

第三季開始時，我們擁有 60 台鑽孔機。整個季度我們的價格都維持在很小的範圍內。本季以最高水位62結束。

Since then, a few operators have released rigs. Recently, our rig caster at 59.

此後，一些業者發布了鑽井平台。最近，我們的鑽井平台在 59。

Our lower 48 business continues to feel some pressure. A number of clients, especially in the oil basins, are still adjusting their activity.

我們在本土48州的業務持續感受到一些壓力。許多客戶，特別是石油盆地的客戶，仍在調整他們的業務活動。

Next, I'll discuss the international markets. Let me start with Saudi Arabia.

接下來，我將討論國際市場。讓我先從沙烏地阿拉伯說起。

Drilling and completion activity seems to have stabilized recently.

近期鑽井和完井活動似乎已經趨於穩定。

A rebound in the near to medium term may also be possible. Aramco remains committed to increasing gas production capacity through 2030. The client there recently conducted a tender for onshore and offshore rigs.

短期至中期內出現反彈也是有可能的。沙特阿美仍致力於在2030年前提高天然氣產能。該客戶最近就陸上和海上鑽井平台進行了招標。

The potential number of rigs to be awarded is significant considering the large number of suspended rigs. We believe awards on land could be returned as many as half of the number of suspended land rigs by the second half of 2026.

考慮到大量鑽井平台處於停工狀態，潛在授予的鑽井平台數量相當可觀。我們相信，到 2026 年下半年，陸上鑽井平台的獎勵金額可能會返還至多一半被暫停的陸上鑽井平台數量。

The Senate participated in the tender with its suspended units. We should know the results in the next several weeks.

參議院派出其暫停運作的部門參與了招標。我們應該會在未來幾週內知道結果。

In the 3rd quarter, Santa delivered strong results. It deployed another new build rig. With the balance of the new build awards in hand. Santa's future new build deployment schedule calls for 1 more in 2025, 4 in 2026, and 2 in 2027, which would complete the 4th tranche of new bills or 20 rigs in total.

第三季度，聖誕老人取得了強勁的業績。它部署了另一套新的建置設備。手握剩餘的新建項目獎金。根據 Santa 未來的新鑽井平台部署計劃，2025 年將再建造 1 台，2026 年建造 4 台，2027 年建造 2 台，這將完成第四批新鑽井平台的建造，總共建造 20 台。

This solidifies Senate's growth trajectory over the coming years.

這將鞏固參議院未來幾年的發展軌跡。

Elsewhere in the eastern hemisphere, there is potential for further activity growth.

東半球其他地區仍有進一步活動成長的潛力。

Currently, we are aware of approximately 2 dozen opportunities for additional rates. Nearly 2/3 of those are in markets where we currently operate.

目前，我們了解到大約有二十幾個可以提高利率的機會。其中近三分之二位於我們目前開展業務的市場。

This number is encouraging.

這個數字令人鼓舞。

These additions would support both industry utilization and pricing.

這些新增措施將有助於提高產業利用率和定價。

In Latin America, our activity outlook in Mexico remains uncertain. We currently have 3 offshore platform rigs working.

在拉丁美洲，我們在墨西哥的業務前景仍然不明朗。我們目前有3座海上平台鑽井平台正在運作。

As it stands now, 2 of those 3 are likely to suspend work during the 4th quarter. This is reflected in our outlook.

就目前情況來看，這 3 家公司中有 2 家可能會在第四季暫停營運。這一點體現在我們的觀點中。

Our customer in Mexico continues to express interest in working these rigs. The rigs were specifically designed for its offshore platform requirements. However, the customer's initiatives to conserve cash are impacting its activity levels.

我們在墨西哥的客戶持續表達了對這些鑽孔機的營運興趣。這些鑽井平台是專門為滿足其海上平台要求而設計的。然而，客戶節約現金的舉措正在影響其業務活動水準。

Turning to Argentina, as we previously announced, we have 2 rigs scheduled to start in the 4th quarter.

關於阿根廷，正如我們之前宣布的那樣，我們計劃在第四季度啟動 2 個鑽井平台專案。

These are for 2 different clients. We have a 3rd rig scheduled to start work in Argentina in the second quarter next year.

這是為兩位不同的客戶準備的。我們計劃明年第二季在阿根廷啟動第三座鑽井平台的建設工作。

These deployments would bring our rig count in Argentina to 13 in early 2026.

這些部署將使我們在阿根廷的鑽井平台數量在 2026 年初達到 13 個。

Next, a comment on the US market.

接下來，我想談談美國市場。

The Baker Hughes weekly lower 48 land rig count increased by 3 rigs from the end of June through the end of September.

從 6 月底到 9 月底，貝克休斯每週統計的美國本土 48 個州陸上鑽機數量增加了 3 台。

This stability was a welcome shift in the market after the reductions completed earlier this year.

今年早些時候市場經歷了一系列下跌之後，這種穩定局面令人欣喜。

Once again, we surveyed the expected drilling activity of the largest lower 48 operators.

我們再次調查了美國本土48州最大業者的預期鑽井活動。

The group accounted for approximately 42% of the market's working rate count at the end of the quarter.

該集團在本季末佔市場工作率總數的約 42%。

In the aggregate, these operators expect the recount to remain unchanged through the end of 2025.

總體而言，這些機構預計重新計票的結果將持續到 2025 年底。

Digging deeper, 8 of the 13 companies surveyed expect some change.

深入調查後發現，在受訪的 13 家公司中，有 8 家預計會發生一些變化。

This indicates widespread fine tuning of activity up and down across the group.

這顯示該群體內部的活動水準普遍存在微調現象。

We see modest downside risk to our own current recount through year end.

我們認為，到年底前，我們目前的重新計票工作有輕微的下行風險。

Now I will make some comments on the key drivers of our results. I'll start with our international drilling segment.

現在我將對我們所取得的成果的關鍵驅動因素做一些評論。我先從我們的國際鑽井業務說起。

In this business, we consistently focus on long-term development markets that value technology and performance. With this approach, we have established a portfolio that includes operations in 12 countries. This re serves us well, as prospects in individual markets can vary over time.

在這個行業，我們始終專注於重視技術和性能的長期發展市場。透過這種方式，我們建立了一個業務遍及 12 個國家的投資組合。這對我們很有幫助，因為各個市場的前景會隨著時間而改變。

Across multiple markets, we continue to start up previously awarded rigs. These included one rig in Kuwait, a rig in India, marking our return to that drilling market, and we added 2 rigs in Colombia.

我們在多個市場繼續啟動先前中標的鑽井平台專案。其中包括在科威特的一座鑽井平台，在印度的一座鑽井平台（標誌著我們重返該鑽井市場），以及在哥倫比亞新建的兩座鑽井平台。

In Saudi Arabia, beyond the future editions I mentioned earlier, Senate is already in discussions with its client for the fifth tranche of new build rigs. We expect these discussions to conclude in the coming months.

在沙烏地阿拉伯，除了我前面提到的未來版本之外，Senate 已經與客戶討論第五批新建造鑽井平台。我們預計這些討論將在未來幾個月內結束。

This tranche will bring the total number of new bills to 25. The program calls for 50 rigs over 10 years.

這一批新鈔將使新鈔總數達到 25 張。該計劃要求在 10 年內建造 50 座鑽井平台。

Once this fifth tranche is deployed, Santa will be halfway to completing the industry's most compelling growth opportunity.

一旦第五批資金到位，聖誕老人就將完成業界最具吸引力的成長機會的一半。

I've said multiple times that the visibility afforded by the new build program is unmatched in the industry. With that, standard shareholders remain committed to realizing the value that is accumulating in the venture.

我曾多次說過，新建築工程所帶來的曝光度在業界是無與倫比的。因此，普通股東仍然致力於實現該合資企業正在累積的價值。

Now I'll discuss our performance in the US. Once again, our geographic diversification across the major US markets demonstrated its value, adjusted IBETA from our operations in the Gulf and in Alaska combined exceeded our guidance.

現在我將談談我們在美國的表現。我們在美國主要市場的地理多元化再次證明了其價值，我們在海灣和阿拉斯加的業務調整後 IBETA 合計超過了我們的預期。

Alaska, specifically the North Slope, remains constructive.

阿拉斯加，特別是北坡地區，仍然保持建設性。

LNG developments would improve this outlook. We're tracking multiple future projects there.

液化天然氣的發展將改善這一前景。我們正在追蹤那裡的多個未來項目。

As expected, our lower 48 daily rig margins declined in the 3rd quarter.

正如預期的那樣，我們下48個鑽井平台的每日利潤率在第三季有所下降。

The effects of continuing rig churn and progressively more demanding drilling contributed to an increase in our daily rig expense.

鑽機頻繁更換和日益嚴苛的鑽井要求導致我們每日鑽機費用增加。

Daily revenue in the lower 48 also increased, though less than our costs.

美國本土48州的每日收入也有所成長，但低於我們的成本。

Before I move on, I want to highlight an important development during the 3rd quarter.

在繼續之前，我想重點介紹一下第三季的一個重要進展。

We deployed the most powerful rig in the lower 48 for Caterus and the Eagleford. This rig, which we call the PaceX Ultra, is an upgrade to one of our existing X rigs.

我們為 Caterus 和 Eagleford 部署了美國本土 48 州最強大的鑽井平台。這款我們稱為 PaceX Ultra 的設備，是我們現有 X 系列設備的升級版。

The paceX Ultra combines a 10,000 PSI circulating system.

paceX Ultra 結合了 10,000 PSI 的循環系統。

35,000 ft of fracking capacity, a million pound mast, and upgraded high torque canry top drive.

35,000 英尺壓裂能力，100 萬磅重的桅杆，以及升級的高扭矩 Canry 頂部驅動裝置。

We worked closely with Caterus to develop the paceX ultras specifications. The recently completed drilling its first pad. I am pleased to report that its performance exceeded expectations, it drilled its first two wells ahead of the targets. In particular, in the lateral, it averaged more than 240 ft per hour.

我們與 Caterus 密切合作，制定了 paceX ultras 的技術規格。最近完成的第一個鑽井平台。我很高興地報告，它的表現超出了預期，前兩口井的鑽探進度都提前完成了目標。特別是橫向方向，平均每小時超過 240 英尺。

As an upgrade to an existing rig, this is a cost effective solution to drilling requirements that are beginning to exceed the capabilities of the existing industry fleet.

作為對現有鑽機的升級，這是一種經濟有效的解決方案，可滿足目前已開始超出該行業現有鑽機能力的鑽井需求。

We are optimistic that more will follow this one.

我們樂觀地認為，未來還會有更多類似案例出現。

Next, let me discuss our technology and innovation on the paceX ultra rig I just discussed, NDS deployed a full automation package and its integrated manage pressure drilling. It also provides casing running services. Looking more broadly, our penetration of NDS services on neighbors' own rigs in the lower 48 increased. We averaged 7 services per rig. This is an all-time high. And on third-party rigs in the lower 48, NDS revenue, excluding quail, increased slightly. That increase came in a market where the third-party average recount declined by 6%.

接下來，讓我來談談我剛才提到的 paceX ultra 鑽孔機的技術和創新，NDS 部署了一套完整的自動化軟體套件及其整合的壓力管理鑽井系統。它還提供套管鋪設服務。從更廣泛的角度來看，我們在美國本土48州鄰居的鑽井平台上的NDS服務滲透率有所提高。我們平均每台鑽孔機提供 7 次服務。這是歷史最高紀錄。在美國本土48州的第三方鑽井平台上，NDS的收入（不包括鵪鶉）略有成長。這一增長發生在第三方平均重新計票率下降 6% 的市場背景下。

These successes demonstrate the wide ranging demand for the NDS portfolio, even in challenging markets.

這些成功表明，即使在充滿挑戰的市場中，市場對 NDS 產品組合的需求也十分廣泛。

Next, let me make some comments on our capital structure.

接下來，我想就我們的資本結構做一些說明。

Our highest priority is the reduction of our debt.

我們最重要的任務是減少債務。

The Quail transaction demonstrates our commitment to this objective. Our net debt now stands at the lowest level in many years. We are dedicated to making even more progress.

Quail交易反映了我們對實現這一目標的承諾。我們的淨債務目前處於多年來的最低水準。我們致力於取得更大的進步。

Now let me turn the call over to Miguel to discuss our financial results in detail.

現在我把電話交給米格爾，讓他詳細討論我們的財務表現。

Thank you, Tony, and good morning, ladies and gentlemen. I want to start by reiterating my steadfast commitment to our goals to improve balance sheet leverage and strengthen our capital structure.

謝謝你，東尼，女士們先生們，早安。首先，我想重申我對改善資產負債表槓桿率和加強資本結構的堅定承諾。

Reducing our growth path undoubtedly remains our top priority.

降低成長速度無疑仍然是我們的首要任務。

Our organization is poised to continue performing at its maximum potential and delivering sustained value.

我們的組織已做好充分準備，持續發揮最大潛力，創造持續價值。

Our financial goals and objectives will be set in a way that while ambitious and demanding, are at the same time realistic and achievable. In addition, we have recently increased our disclosure around our business portfolio, especially Senate, and we will continue to build on that progress.

我們的財務目標和指標的設定方式將既雄心勃勃、要求嚴格，也切合實際、可實現。此外，我們最近提高了對業務組合（尤其是參議院業務）的資訊揭露，我們將繼續在此基礎上取得進展。

Today I will review our 3rd quarter results and outline our guidance for the 4th quarter.

今天我將回顧我們第三季的業績，並概述我們對第四季的展望。

Then I will provide an update on the integration of Parker World board. I will close with some comments on capital allocation, adjust the free cash flow, and recent actions that have materially improved our capitalist structure.

接下來我將報告派克世界主機板的整合進展。最後，我想就資本配置、調整自由現金流以及近期實質改善我們資本主義結構的舉措發表一些看法。

Third quarter consolidated revenue was $818.2 million a decrease of $14.6 million or 1.8% sequentially.

第三季合併收入為 8.182 億美元，季減 1,460 萬美元，降幅為 1.8%。

The diversity of quell tools resulted in a reduction of $28.4 million compared to the second quarter. This was partly offset by continued growth in our international drilling segment.

與第二季相比，鎮壓工具的多樣化導致成本減少了 2,840 萬美元。國際鑽井業務的持續成長部分抵消了這一影響。

Our consolidated revenue without the contribution of quail grew sequentially.

剔除鵪鶉養殖的貢獻後，我們的合併收入較上季成長。

EBITDA was $236.3 million representing a EBITDA margin of 28.9%, down 96 basis points sequentially. These results exceeded the expectations we laid out in September after the sale of Quell tools.

EBITDA 為 2.363 億美元，EBITDA 利潤率為 28.9%，季減 96 個基點。這些結果超出了我們在 9 月出售 Quell 工具後所設定的預期。

In absolute dollars, EBITDA decreases $12.2 million or 4.9%, with the effect of the Quell tools divestiture representing $16.7 million of the sequential decline.

以絕對美元計算，EBITDA 減少 1,220 萬美元，降幅為 4.9%，其中 Quell 工具剝離的影響導致環比下降 1,670 萬美元。

I want to highlight the strong performance recorded by our international drilling and drilling solution segments excluding quail.

我想重點介紹一下我們國際鑽井和鑽井解決方案業務（不包括鵪鶉）的強勁業績。

Total Lebida with a quail grew sequentially.

鵪鶉與總 Lebida 數量依序增加。

Now I will provide you with details for each of the segment's results.

現在我將向你們提供每個細分市場結果的詳細資訊。

International drilling revenue was $407.2 million solid growth of $22.3 million or 5.8% sequentially.

國際鑽井收入為 4.072 億美元，季增 2,230 萬美元，增幅為 5.8%。

EBITDA for the segment was $127.6 million increasing $10 million or 8.5% quarter over quarter, yielding an epida margin of 31.3%, up 76 basis points and 44.4% fall through.

該業務部門的 EBITDA 為 1.276 億美元，比上一季增加 1,000 萬美元或 8.5%，EBITDA 利潤率為 31.3%，上升 76 個基點，下降 44.4%。

Our average daily margin was $17,931 a sequential increase of $397 and was in line with the upper bound of the guidance for our last earnings goal.

我們的平均每日利潤為 17,931 美元，季增 397 美元，符合我們上次獲利目標的上限。

The improvement was mainly driven by a stronger activity in our eastern hemisphere markets, including the deployment of a new build in Saudi Arabia for a total of 4 year-to-date, the deployment of a rig in Kuwait, totaling 3 rigs working there in the 3rd quarter, and the startup of a legacy parking rig in India.

業績改善主要得益於我們在東半球市場的活躍度提升，包括在沙烏地阿拉伯部署了一台新設備（今年迄今共部署了 4 台）、在科威特部署了一台鑽機（第三季度在科威特共有 3 台鑽機在作業）以及在印度啟動了一台老式停車鑽機。

In addition, risk startups that occurred in Q2 contributed to our incremental revenue and EBITDA in the third quarter.

此外，第二季出現的風險型新創公司也為我們第三季的增量收入和 EBITDA 做出了貢獻。

The international drilling average recount increased by more than 3 rigs to 89. Our quarter and exit recount was 91.

國際鑽井平均數量增加了 3 個多鑽井平台，達到 89 個。我們的季度末和最終統計結果為 91。

Moving on to US drilling.

接下來談談美國鑽探業。

Third quarter revenue was $249.8 million at 2.2% sequential decline.

第三季營收為2.498億美元，季減2.2%。

EBITDA total $94.2 million a decrease of 7.5%, resulting in a neat margin of 37.7%. These results exceed the guidance for our last earnings goal, mainly due to stronger performance in Alaska.

息稅折舊攤提前利潤 (EBITDA) 總計 9,420 萬美元，下降 7.5%，淨利潤率為 37.7%。這些業績超過了我們上次的獲利目標預期，主要得益於阿拉斯加業務的強勁表現。

Looking at specifically at our lower 48 business.

具體來看我們在美國本土48州的業務。

Revenue of $185.4 million decreased by $4.7 million or 2.5% sequentially, reflecting a decline in average recount of 3.2 rigs to 59.2 rigs, slightly higher than the open bound of the guidance range we provided during the last earnings call.

營收為 1.854 億美元，環比下降 470 萬美元或 2.5%，反映出平均鑽機數量從 3.2 台下降至 59.2 台，略高於我們在上次財報電話會議上提供的指導範圍上限。

We exited Q3 with 62 rigs operating. And recently stood at 59 rigs.

第三季末，我們有 62 台鑽孔機在運作。最近，鑽井平台數量為 59 個。

Despite the lower sequential activity as a result of moderating industry demand in the Permian Basin, revenue per day improved by $551 to $34,017 including $220 from reimbursable revenue with little to no impact on margins.

儘管由於二疊紀盆地行業需求放緩，環比活動有所減少，但每日收入仍增長了 551 美元，達到 34,017 美元，其中包括 220 美元的可報銷收入，對利潤率幾乎沒有影響。

Our base revenue per day remains stable in the quarter. In our most recently signed contracts, expected daily revenue remains at the low $30,000 range.

本季我們的日均基礎收入保持穩定。在我們最近簽訂的合約中，預計每日收入仍維持在 3 萬美元左右。

Average daily rate margin was $13,151 a decrease of 5.4% sequentially, driven primarily by lower activity, labor inefficiencies, and cost absorption related to higher-than-expected activity churn in the latter part of the quarter, and higher repair and maintenance expenses as a reflection of harsher drilling conditions on several of our rigs.

平均每日利潤率為 13,151 美元，環比下降 5.4%，主要原因是活動減少、勞動力效率低下以及與本季度後半段活動波動高於預期相關的成本吸收，以及由於我們幾個鑽井平台的鑽井條件更加惡劣而導致的維修和維護費用增加。

Turning to Alaska and US offshore, on a combined basis, our Alaska and offshore drilling businesses generated revenue of $64.4 million in the third quarter, a 1.4% decrease sequentially. EBITDA was $28.4 million generated at 44.1% margin, essentially in line with Q2.

再來看阿拉斯加和美國近海業務，第三季度，我們的阿拉斯加和近海鑽井業務合計收入為 6,440 萬美元，季減 1.4%。EBITDA 為 2,840 萬美元，利潤率為 44.1%，與第二季基本持平。

Our Alaska drilling operations remain strong in the North Slope.

我們在阿拉斯加北坡的鑽探業務依然強勁。

Our drilling solution segment generated revenue of $141.9 million in the third quarter and a EBITDA of $60.7 million resulting in a 42.7% margin.

我們的鑽井解決方案業務部門第三季創造了 1.419 億美元的收入和 6,070 萬美元的 EBITDA，利潤率為 42.7%。

12 tools, revenue and EBITDA for the third quarter were $34.2 million and $20.3 million respectively.

第三季度，12項工具的營收和EBITDA分別為3,420萬美元和2,030萬美元。

Normalized for the sale of quell tools, NDS EBITDA increased modestly versus the second quarter.

剔除消焰器銷售的影響後，NDS EBITDA 與第二季相比略有成長。

Notably, NDS EBITDA margin with a quell reached 37.5%, an improvement of 79 basis points sequentially, reflecting growth in casing running and performance software in the US.

值得注意的是，NDS EBITDA 利潤率（含抑制）達到 37.5%，環比提高 79 個基點，反映了美國套管運作和效能軟體業務的成長。

Now on to Rick technologies. Revenue was $35.6 million in the third quarter, a sequential decrease of 2.5%, and EBITDA was $3.8 million down $1.4 million from the prior quarter. The decline reflects reduced demand for aftermarket offerings in the current market environment.

接下來是里克科技公司。第三季營收為 3,560 萬美元，季減 2.5%；EBITDA 為 380 萬美元，較上一季下降 140 萬美元。這一下滑反映了當前市場環境下對售後市場產品的需求減少。

Next, let me outline our expectations for the 4th quarter with total levida to be essentially in line with the 3rd quarter, excluding quail.

接下來，讓我概述一下我們對第四季的預期，總產量將與第三季基本持平，不包括鵪鶉。

Turning first to US drilling.

首先來看美國鑽探情況。

As previously highlighted by Tony, given the outlook and market conditions for the next few quarters, with activity anticipated to remain relatively steady from current levels, we cautiously expect the average recount in our lower 48 drilling business to be in the range of 57 to 59 rigs for the fourth quarter.

正如托尼之前強調的那樣，鑑於未來幾季的前景和市場狀況，預計活動將保持相對穩定，我們謹慎地預計，第四季度我們美國本土48州鑽井業務的平均鑽機數量將在57至59台之間。

Daily adjusted gross margin is anticipated to average approximately $13,000.

預計每日調整後毛利平均約為 13,000 美元。

We foresee some decline in our average daily revenue as we renew contracts at leading edge day rates that are lower than the third quarter average.

我們預計，隨著我們以低於第三季平均水平的領先日費率續約，我們的平均每日收入將有所下降。

We also suspect a slightly lower ops.

我們也懷疑行動次數略有減少。

For Alaska and US offshore drilling combined, we expect additional scheduled maintenance days in the quarter with a deal of approximately $25 million.

對於阿拉斯加和美國近海鑽井而言，我們預計本季將增加計畫維護日，金額約 2,500 萬美元。

International drilling average recount is projected to be approximately 91 rigs. This mainly reflects one new build deployment in Saudi Arabia, 2 rig deployments in Argentina, partially offset by up to 2 rigs in Mexico, potentially being suspended temporarily following activity and budget allocation uncertainty.

國際鑽井平均數量預計約為 91 台鑽機。這主要反映了沙烏地阿拉伯的一個新鑽井平台部署，阿根廷的兩個鑽井平台部署，部分被墨西哥最多兩個鑽井平台的部署所抵消，由於活動和預算分配的不確定性，這些鑽井平台的部署可能會暫時中止。

We expect daily adjusted gross margin in the $18,100 to $18,200 range.

我們預計每日調整後毛利將在 18,100 美元至 18,200 美元之間。

Drilling solutions EPA is expected to be approximately $39 million reflecting a full quarter without the quail business and some marginal decline in the lower 48 market.

預計美國環保署的鑽井解決方案收入約為 3,900 萬美元，這反映出整個季度沒有鵪鶉業務，以及美國本土 48 個州市場出現一些小幅下滑。

Finally, Rick technologies EBITDA should increase sequentially to $5.5 million mainly from committed capital equipment deliveries.

最後，Rick Technologies 的 EBITDA 應較上季成長至 550 萬美元，主要來自已承諾的資本設備交付。

Let me now provide an update on our integration of Park at Webre, which is progressing in line with our expectations.

現在讓我向大家報告我們對韋伯公園的整合情況，目前進展符合我們的預期。

Following the sale of Quell tools, neighbors retained the balance of the park and well board operations. These retained businesses seamlessly integrate in our neighbor's portfolio and are expected to produce approximately $55 million of EBITDA in 2025 post acquisition and including synergies.

Quell 工具公司出售後，鄰居保留了公園和水井管理委員會的剩餘業務。這些保留下來的業務可以無縫融入我們鄰居的業務組合中，預計在收購後（包括協同效應）到 2025 年將產生約 5500 萬美元的 EBITDA。

We continue to realize synergies as planned from cost savings related to overlapping administrative functions, procurement efficiencies, and redundant facilities. These initiatives are and will continue generating incremental EBITDA and cash flow, and we remain confident in delivering $40 million in cost synergies in 2025.

我們繼續按計劃實現協同效應，透過重疊的行政職能、採購效率和冗餘設施帶來的成本節約來實現協同效應。這些舉措正在並將繼續產生增量 EBITDA 和現金流，我們仍然有信心在 2025 年實現 4,000 萬美元的成本協同效應。

Based on our estimated EBITDA for the 4th quarter of 2025, this should translate into more than $60 million of cost energies in 2026 with an estimated EBITDA from the retained businesses of $70 million.

根據我們對 2025 年第四季 EBITDA 的估計，這應該會在 2026 年轉化為超過 6,000 萬美元的成本能源，而保留業務的預期 EBITDA 為 7,000 萬美元。

In summary, we are very pleased with the smooth progress of the Parker integration and robust realization and synergies in line with our plans. The combined organization is ideally positioned to continue delivering both operational and financial benefits in the coming quarters.

總而言之，我們對派克整合的順利進展以及按照我們計劃實現的強勁成效和協同效應感到非常滿意。合併後的公司將處於理想的地位，在未來幾季繼續帶來營運和財務方面的收益。

Next, I would like to discuss our CapEx, adjust the free cash flow and liquidity.

接下來，我想討論我們的資本支出，調整自由現金流和流動性。

Then I will conclude with details of how the quell transaction has transformed our capital structure and reset our financial flexibility.

最後，我將詳細介紹此次平息交易如何改變了我們的資本結構並重塑了我們的財務靈活性。

Total capital expenditures for neighbors in the 3rd quarter were $188 million including $81 million related to the Senate new build program.

第三季鄰裡總資本支出為 1.88 億美元，其中包括與參議院新建案相關的 8,100 萬美元。

Total caps in the second quarter was $199 million. For the 4th quarter, we are currently targeting capital expenditures between $180 million and $190 million.

第二季總資本支出為 1.99 億美元。第四季度，我們目前的目標是資本支出在 1.8 億美元至 1.9 億美元之間。

As a result, we are now revising our capital expenditure outlook to be slightly up in the range of $715 million to $725 million of which approximately $300 million support the new bill in Kingdom program.

因此，我們現在將資本支出預期略微上調至 7.15 億美元至 7.25 億美元之間，其中約 3 億美元將用於支持王國新法案計劃。

The slight increase from our previous guidance accounts for the earlier than anticipated successful deployment of our paceex ultra rig in the lower 48 market and other key automation projects planned for some of our rigs.

與先前的預期相比略有增加，是因為我們的 paceex ultra 鑽機在美國本土 48 個州市場比預期更早成功部署，以及我們計劃為一些鑽機開展的其他關鍵自動化項目。

From these and other drilling projects we expect to receive upfront payments from our customers of approximately $9 million during the fourth quarter, bringing the total of from receipts to approximately $42 million for the year, all of which are related to long-term contracts.

從這些以及其他鑽井項目中，我們預計將在第四季度收到客戶約 900 萬美元的預付款，使全年收入總額達到約 4,200 萬美元，所有這些都與長期合約有關。

Although we are not ready to offer capital spending guidance for 2026, we don't expect it will come down from the 2025 levels. This will be largely attributable to approximately $60 million of new build milestones originally planned for 2025 moving to 2026. We will provide firm guidance during our fourth quarter earnings call.

雖然我們目前還無法提供 2026 年的資本支出指導，但我們預計不會低於 2025 年的水準。這主要歸因於原計劃於 2025 年完成的約 6,000 萬美元的新建設里程碑推遲到 2026 年。我們將在第四季財報電話會議上提供明確的業績指引。

During the third quarter, we generated adjusted free cash flow of $6 million. This accounts for the negative impact of approximately $18.2 million on our adjusted free cash flow from the divestiture of the Qu Tools business. In addition, our collections from Pemex were only $12 million falling short of our expectations by more than $30 million.

第三季度，我們產生了 600 萬美元的調整後自由現金流。這解釋了剝離 Qu Tools 業務對我們調整後的自由現金流造成的約 1820 萬美元的負面影響。此外，我們從墨西哥石油公司（Pemex）收到的款項僅為 1,200 萬美元，比我們的預期少了 3,000 多萬美元。

During the third quarter, Pemex implemented payment mechanisms targeted to address revenue earned during 2025. In October, we received $11.2 million under this mechanism, and we expect more robust collections over the remainder of Q4.

第三季度，墨西哥國家石油公司（Pemex）實施了旨在解決 2025 年收入問題的支付機制。10 月份，我們透過該機制收到了 1,120 萬美元，我們預計在第四季度剩餘時間內將有更強勁的收款。

There is no structure yet available to resolve the outstanding services from 2024. There is progress being made by Pemex, although it is very slow based.

目前還沒有可行的方案來解決2024年至今尚未解決的服務問題。Pemex公司正在取得進展，儘管進展非常緩慢。

We expect a justice free cash flow in the 4th quarter to be approximately $10 million considering timely settlement of outstanding receivables related to our 2025 operations in Mexico.

考慮到及時結算與我們在墨西哥 2025 年業務相關的未結應收帳款，我們預計第四季度的無司法現金流約為 1000 萬美元。

We continue to work relentlessly with our customers to invoice and collect for our 2024 services. However, we have not considered these amounts in our fourth quarter guidance.

我們將繼續不懈努力，與客戶一起開立 2024 年服務的發票並收取款項。然而，我們在第四季度業績預期中並未考慮這些金額。

These delays represent a timing factor in our adjusted free cash flow estimates.

這些延誤對我們調整後的自由現金流估算構成了一個時間因素。

On a full year basis, we expect or adjust the free cash flow to be break even.

從全年來看，我們預期或調整自由現金流將達到損益兩平。

The primary drivers of the variance from our full year guidance of $80 million are the impact of the quail dive vestiture for the remainder of the year after the sale, totalling approximately $56 million and the outstanding collections from Pemex related to 2024.

導致全年預期收入與 8,000 萬美元預期收入存在差異的主要原因是：鵪鶉潛水權出售後，剩餘年份的收入約為 5,600 萬美元，以及與 2024 年相關的 Pemex 未收款項。

These are partly offset by proceeds from sales on non-core assets associated with the Parker Well Board acquisition in excess of $40 million most of which have already been realized in prior quarters.

這些損失部分被出售與 Parker Well Board 收購相關的非核心資產所得收益所抵消，該收益超過 4,000 萬美元，其中大部分已在前幾個季度實現。

Out of our full year estimated adjusted free cash flow, we expect Senate to consume approximately $70 million with around $45 million to be consumed in the fourth quarter.

在我們全年預計的調整後自由現金流中，我們預計參議院將消耗約 7,000 萬美元，其中約 4,500 萬美元將在第四季度消耗。

Excluding SAA, the rest of our business units are expected to generate $70 million of adjusted free cash flow for the full year, with approximately $55 million in the fourth quarter, the strongest free cash flow generated quarter of the year.

除 SAA 外，我們其餘業務部門預計全年將產生 7000 萬美元的調整後自由現金流，其中第四季度約為 5500 萬美元，第四季度是全年自由現金流最強勁的季度。

In addition to my earlier comments and the remarks made by Tony on the Parker and Qui transactions, each exceptional and transformative in their own merits, I would like to highlight the significant accomplishments we made during the 3rd quarter regarding our capital structure and next steps.

除了我之前的評論以及托尼對帕克和奎的交易所作的評論（每筆交易本身都非常出色且具有變革性）之外，我還想重點介紹我們在第三季度在資本結構和下一步措施方面取得的重大成就。

In August we completed the sale of 2 tools for a total consideration of $625 million inclusive of the working capital adjustment consisting of $375 million dollars in cash received a closing and a $250 million seller financing note.

8 月份，我們完成了 2 件工具的出售，總對價為 6.25 億美元，其中包括營運資本調整，即收到 3.75 億美元的現金作為交割款項，以及 2.5 億美元的賣方融資票據。

We immediately applied the cash proceeds to repay all outstanding borrowings under our revolving credit facility, and later in the quarter we redeem $150 million of the notes due in 2027.

我們立即將現金收益用於償還循環信貸額度下的所有未償還借款，並在本季稍後贖回了 2027 年到期的 1.5 億美元票據。

Subsequent to quarter end, we receive full prepayment of the $250 million note, well ahead of its scheduled maturity. We intend to deploy these proceeds to further reduce gross debt, concentrating on our outstanding notes maturing in 2028. In addition, we plan to refinance our 2027 outstanding notes.

季度末之後，我們收到了 2.5 億美元票據的全部預付款，遠早於其預定到期日。我們計劃將這些收益用於進一步減少總債務，並專注於償還 2028 年到期的未償票據。此外，我們計劃對 2027 年到期的未償票據進行再融資。

Taking together, these actions reflect our unconditional commitment to improve balance sheet leverage and to strengthen our capital structure.

總而言之，這些措施體現了我們改善資產負債表槓桿率和加強資本結構的堅定承諾。

Our net debt leverage metric at the end of the 3rd quarter and accounting for the receipt of the $250 million seller note on a pro forma basis stands at 1.8 times, which is the lowest it has been in more than 10 years.

截至第三季末，在計入收到 2.5 億美元賣方票據的情況下，我們的淨債務槓桿率指標為 1.8 倍，這是 10 多年來的最低水準。

I am looking forward to meeting more of you and helping you gain a further understanding of neighbors.

我期待與你們更多人見面，並幫助你們進一步了解鄰居。

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

這樣，我就把電話轉回給托尼了。

Thank you, Miguel. I will finish this morning with a few points. First, the quay transaction has enabled a significant transformation in our capital structure.

謝謝你，米格爾。今天早上我最後再補充幾點。首先，碼頭交易使我們的資本結構產生了重大轉變。

Now we are looking at opportunities to decrease debt further. In addition to improving our capital structure, we expect to materially reduce our annual cash interest payments.

現在我們正在尋找進一步降低債務的機會。除了改善資本結構外，我們還預計將大幅減少年度現金利息支出。

That should result in a boost to our free cash flow.

這應該會提升我們的自由現金流。

Second, we have seen recent relative stability in US drilling activity, our own and the industries, but we also recognize some uncertainty in the global macro environment. We are prepared to adjust our operations accordingly.

第二，我們看到美國近期的鑽探活動（包括我們自己的鑽探活動和相關產業的鑽探活動）相對穩定，但我們也意​​識到全球宏觀環境存在一些不確定性。我們已做好準備，將據此調整營運。

Third, our international business continues to demonstrate its value highlighted by the continual expansion at Sanity.

第三，我們的國際業務持續展現其價值，Sanity 的持續擴張就是最好的證明。

Each successive new build deployment adds material cash flow to the joint venture.

每次新的專案部署都會為合資企業帶來可觀的現金流。

As a result, value is building its Senate. The next tranche of new bills will take that value even higher, and our growth across markets beyond the kingdom highlights our success in expanding our broad-based international franchise.

因此，價值正在建構其參議院。下一批新鈔票將使這一價值更高，我們在王國以外市場的成長凸顯了我們在擴大我們廣泛的國際特許經營權方面的成功。

That concludes my remarks.

我的發言到此結束。

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

感謝您今天上午抽出時間。現在開始回答各位的問題。

Thank you. (Operator Instructions) Dan Kutz, Morgan Stanley.

謝謝。（操作員指令）Dan Kutz，摩根士丹利。

Hey, thanks a lot. Good morning. Good morning.

嘿，非常感謝。早安.早安.

So maybe just on the on the US lower 48, appreciate all the color that you guys shared in terms of your own views and customer views on.

所以，或許就美國本土48州而言，感謝各位分享了你們自己和客戶的各種觀點。

Where you think activity trends from here I guess against that activity outlook, how would you, anything you'd share beyond the fourth quarter on kind of daily revenue and cost or margin trends, assuming that the kind of broadly flat activity outlook that you guys shared.

我猜想，根據你們之前分享的整體平穩的活動展望，你們認為接下來的活動趨勢會如何？您會如何分享第四季之後的每日收入、成本或利潤率趨勢？

Would play out as you guys see it.

事情的發展就看你們怎麼想了。

Thank you.

謝謝。

Sure, yeah, I think one thing to know, if you look at our numbers for this quarter, our daily revenue actually increased sequentially by about $500 per day. That was as a result of performance bonuses under contracts where we're trying to have operators recognize more of the value of what we're delivering because of the record times. So obviously that's an objective for us going forward in the year. Now the net result of that. As became clear from Miguel's comments about our cost structure is because of churn in the last quarter that Did not drop to the bottom line. In fact, it was more than offset. I think looking forward, one of the objectives, and I'll let Miguel talk to on operating expense is to actually make sure that more of that does drop to the bottom line and the priority is to actually make more realization from that as a mission going forward as well. So that's how I would say it.

當然，是的，我認為有一點需要了解，如果你看一下我們本季的財務數據，我們的日收入實際上比上一季增加了約 500 美元。這是由於合約中規定的績效獎金制度，我們希望讓營運商更加認可我們因創紀錄的時間而提供的服務的價值。所以很顯然，這是我們今年接下來的一個目標。現在來看最終結果。從米格爾對我們成本結構的評論中可以清楚地看出，這是因為上個季度人員流動導致利潤下降。事實上，抵銷的幅度還不止於此。我認為展望未來，其中一個目標（關於營運費用，我會讓米格爾來談談）是確保更多費用能夠真正降低到利潤中，而未來的首要任務也是從中獲得更多收益。這就是我的看法。

Yeah, thank you, Tony. So one thing that I will add is that one thing that encouraged us actually is the fact that we have seen. The daily revenue on a leading edge basis to be fairly stable over the past several quarters. So, are around the low $30,000 per day.

是啊，謝謝你，托尼。所以我要補充一點，真正鼓舞我們的是我們已經看到的。過去幾個季度，每日營收基本保持穩定。所以，每天的收入大約在 3 萬美元左右。

Right now when we look at the fleet, we are maybe around $700 away from that level. As the fleet reprices once we get there, basically we will be talking around a gross margin per day of $13,000. So that's the reason why we are guiding our fourth quarter to be at that level, combined.

目前我們查看車隊狀況，距離這個水平可能還有大約 700 美元的差距。一旦我們到達目的地，由於車隊價格會重新調整，基本上我們每天的毛利約為 13,000 美元。所以，這就是我們預計第四季總業績將達到該水準的原因。

With a decline in the OpEx. So, in terms of the activity levels for the quarter, we saw a lot of churn in the latter part of the quarter. We expect some level of churn to remain in Q4.

營運支出下降。因此，就本季的業務活躍度而言，我們看到本季後半段的客戶流失率很高。我們預計第四季仍將有一定程度的客戶流失。

But once we reach the low $30,000 in terms of daily revenue per day.

但一旦我們每天的收入達到 3 萬美元左右。

Excluding reimbursable items, if you will, I feel very strongly that the drilling team will be able to maintain the $13,000 per day going forward.

如果排除可報銷項目，我堅信鑽井團隊能夠繼續保持每天 13,000 美元的收入。

We will see some erosion in pricing a little bit from current levels in Q4. From there, we should not see major pricing erosion absent of a bigger decline than what we are anticipating for the following quarters.

預計第四季價格將從目前的水平略有回落。從那以後，除非出現比我們預期更大的跌幅，否則我們應該不會看到價格大幅下跌。

Great, that's all really helpful and then maybe going to the comments around Saudi onshore activity, kind of. Two components to the question, one at the macro level and then one specific to neighbors. So of the, and correct me if I'm wrong, but I think maybe there's been 30 or 40 onshore rig suspensions and against your comment that there's tendering activity and potential for as much as half of those suspended rigs to come back.

太好了，這些都很有幫助，然後也許可以看看關於沙特境內活動的評論之類的。這個問題包含兩個面向，一個是宏觀層面的，另一個是具體到鄰居層面的。所以，如果我錯了請糾正我，但我認為可能有 30 到 40 個陸上鑽井平台被暫停運營，這與你所說的相反，目前存在招標活動，而且其中多達一半的暫停運營的鑽井平台有可能恢復運營。

Any sense for how much of that could actually be? Net activity ads versus just bringing back suspended rigs when other rigs roll off of contracts in the kingdom and then specific to neighbors, I think there were 3 at least an odd rigs suspended.

你能大概估算一下其中有多少嗎？網路活動廣告與只是在其他鑽井平台合約到期時恢復暫停的鑽井平台，以及針對鄰國的具體情況相比，我認為至少有 3 個奇怪的鑽井平台被暫停了。

I wondering if you guys are participating in the in the tendering or, anything you could share about potential for those to go back to work.

我想知道你們是否參與了投標，或者能否分享一些關於這些人重返工作崗位的可能性方面的信息。

Thank you. Sure.

謝謝。當然。

I mean, look, Overall, I mean, since the start of the suspensions in 2024.

我的意思是，你看，總的來說，我的意思是，自從 2024 年開始暫停以來。

On a cumulative basis, we have seen in excess of 80 rigs being suspended in land, right? We are not commenting about offshore here, but in land, we're talking about cumulatively around 80 rigs. A number of rigs have been added on unconventional projects here and there, but what we are hearing actually from the market is that AAor may be contemplating to add back.

累計來看，我們已經看到超過 80 個鑽井平台在陸地上被吊銷了，對吧？我們這裡不評論海上鑽井平台，而是指陸上鑽井平台，總共大約有 80 個。雖然一些非常規項目零星地增加了鑽井平台，但我們從市場上聽到的消息是，AAor 可能正在考慮重新增加鑽井平台。

Probably around 50% of the cumulative suspensions, right? So, a tender has been, issued, a number of drilling contractors have responded to this tender. The customer is evaluating as we speak and we will know the results probably, during the course of Q4. The expectation or what we are hearing from the market is that potentially 50% of these suspended rates will come back to work.

大概佔累計停職人數的50%左右，對吧？因此，招標已經發出，許多鑽井承包商都對此招標做出了回應。客戶目前正在進行評估，我們可能會在第四季度知道結果。市場預期或我們從市場聽到的消息是，這些暫停的利率中可能有 50% 會恢復生效。

Right? I just also realized that of the 8,021 have actually come back online during the same period, so the net number down is 59. That's right. So that's what he's talking about. And then there's, and you're correct about 3. Senate has 3, and as we indicated, we'll find out what happens with our rigs as well.

正確的？我剛剛還意識到，8,021 台設備中實際上有 59 台在同一時期恢復了在線，因此淨下降的人數為 59 台。這是正確的。原來他說的就是這個。然後還有，你說的3是對的。參議院有 3 個席位，正如我們所說，我們也會了解我們的鑽井平台會發生什麼情況。

Of course, I mean, we answer to the tender for 3 weeks and we are waiting on the results.

當然，我的意思是，我們已經投標了三週，現在正在等待結果。

Great.

偉大的。

Thank you very much, really helpful. I'll turn it back.

非常感謝，真的很有幫助。我會把它轉回去。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Hey, good morning. Maybe still going on the last conversation question Dan brought up about Saudi. I'm just curious kind of the philosophy around Aramco and these new tenders and bringing back some of the suspended activity. Is there anything different this time around versus prior cycles? Just thinking about the requirements? Around the rig maybe through like a technology lens. I mean, I think there's going to be more gas development, more unconventional development trying to bring that Western technology over to Saudi, Tony, you've been through many cycles like have you seen any difference now in the tendering and what they're looking for versus historically?

嘿，早安。或許我們還在討論丹上次提出的關於沙烏地阿拉伯的問題。我只是好奇沙特阿美公司背後的理念，以及這些新的招標和恢復一些暫停的業務活動。與以往週期相比，這次有什麼不同嗎？只是在考慮這些要求嗎？或許可以透過類似科技鏡頭的方式觀察鑽井平台。我的意思是，我認為未來會有更多天然氣開發，更多非常規油氣開發，試圖將西方技術引入沙烏地阿拉伯。東尼，你經歷過很多輪迴，你覺得現在的招標和他們想要的東西與以往有什麼不同嗎？

Well, they're slow to move in terms of changing their requirements. The Schedule G requirement is still out there, and they haven't made a change to that yet, but we do, we are aware that the fact is that because of stuff that we've presented to them as well as others, That they are looking at introducing more technology there. That doesn't necessarily mean different rigs, but, changes to the rig with the automation and software and other things like that. So there is an interest on that and that not only applies to Saudi, that applies to also The ad hoc operations to Kuwait as well. The whole region is realizing that, if they really want to get a quantum change level in performance, they have to start actually doing some things differently. But in terms of specifics on rigs themselves, I would say no. And Neighbors has 80% of its fleet in sound is gas directed, so we're well positioned with the shift.

嗯，他們在改變需求方面行動比較慢。G 類附表的要求仍然存在，他們還沒有對此做出任何改變，但是我們確實知道，由於我們和其他人向他們提交了一些資料，他們正在考慮引入更多技術。這不一定意味著不同的設備，而是指對設備的自動化、軟體以及其他類似方面進行更改。所以，各方對此很感興趣，這不僅適用於沙烏地阿拉伯，也適用於對科威特的臨時行動。整個地區都意識到，如果他們真的想在績效上實現質的飛躍，就必須開始真正改變一些做法。但就鑽井平臺本身的具體細節而言，我會說不。Neighbors 公司 80% 的船隊都採用氣體導向，因此我們能夠很好地適應這種轉變。

To the gas market to be to serve that. I think the other point is we have in the pipeline, we mentioned the our automation on the tarist rig for the US on the shale. That that philosophy there is similar to what we did with the X-ray back in 2011 when we announced the X-ray, you remember that was the first pad specific rig and back then when we had the pump capacity, the power, and we also introduced the notion of XY walking rigs remember the whole debate whether you needed that versus slide rigs and I think, we were saying in Xy or needed that slide.

為天然氣市場服務。我認為另一點是，我們正在推進，我們提到了我們為美國頁岩氣開採開發的塔里斯特鑽機的自動化。這種理念與我們在 2011 年推出 X 光時的做法類似。您還記得，那是第一個專門用於治療墊的治療台，當時我們擁有幫浦容量和功率，我們也引入了 XY 行動治療台的概念。還記得當時關於是否需要這種治療台還是需要滑動治療台的爭論嗎？我認為，我們當時說的是 XY 治療台，還是需要滑動治療台。

Anyway, the cannabis rate is a new paradigm to do that, and that rig has automation, an automation package that's going to go in and that kind of automation package. Saudi, the Saudi market is now looking at as well. In fact, we have a contract to actually to deploy an upgrade to our existing fully automated rig with our one major customer here in the US and we have two other customer contracts lined up, including in the Middle East for that as well. So the changes are a foot, I would say that that's one way of getting to your answer, but that changes our foot along the lines you're talking about.

總之，大麻種植是一種新的模式，這套設備具有自動化功能，而將要安裝的自動化套件就是那種自動化套件。沙烏地阿拉伯，沙烏地阿拉伯市場現在也在關注。事實上，我們已經與我們在美國的一位主要客戶簽訂了合同，將對我們現有的全自動鑽井平台進行升級；此外，我們還與另外兩家客戶簽訂了合同，其中一家位於中東。所以，這些變化就像一隻腳，我認為這是得出你答案的一種方法，但這會按照你所說的方向改變我們的腳。

Yeah, no, I appreciate all the color. It's very helpful. So obviously a lot of detail in the opening comments. Just want to H1 in on the leverage levels here. Obviously exciting to see you guys at 1.8 times on a pro forma basis, lowest in 10 years. So where can we go from here? Just thinking about the different levers that you could pull to continue to delever the balance sheet. Obviously you'll be saving $45 million in expense annually, and just thinking about the ability to pull cash.

是的，不，我很喜歡這些色彩。這很有幫助。顯然，開場白包含了許多細節。只想了解這裡的槓桿水平。顯然，看到你們的本益比只有 1.8 倍（按備考計算），這是 10 年來的最低水平，這令人非常興奮。那我們接下來該何去何從呢？想想你可以採取哪些不同的措施來持續降低資產負債比率。顯然，你每年可以節省 4500 萬美元的開支，而且想想提取現​​金的能力就知道了。

So, obviously we'd love to see more collections out of Mexico. You have organic free cash generation, ex-Aa new build. Just maybe help us understand the different levers you expect to pull over the course of next year just considering that you don't see CapEx being down year over year just trying to think about where this 1.8 can go to over, the next year or so.

所以，我們當然希望看到更多來自墨西哥的系列作品。您擁有有機自由現金流，以及前Aa級新建案。或許您可以幫助我們理解您預計在明年採取的不同措施，因為您認為資本支出不會逐年下降，我們只是想思考一下，在未來一年左右的時間裡，這 1.8 的增長會達到什麼程度。

So this is an excellent question to be very H1st. I mean, first of all, I mean, when we talk about the 1.8 times on the net leverage basis, I think in the next few months you will see that our growth that will move from the $2.4 billion to around the $2.1 billion.

所以，對於H1st來說，這是一個非常好的問題。首先，當我們談到淨槓桿率為 1.8 倍時，我認為在接下來的幾個月裡，你會看到我們的成長將從 24 億美元降至 21 億美元左右。

Because we plan to really use the $250 million profit to pay down some of our outstanding notes now going from the 1.8 times forward and the CapEx, although we are not very ready to provide guidance as I mentioned before. One thing that you need to consider is the fact that the Senate CapEx will be the one going up, in terms of the milestones. That said, in 2026, we should expect some reduction in the CapEx, in the rest of the neighbors' businesses. Which should, everything being equal, free up additional cash flow from the rest of the business. One thing that I wanted to point out very clearly in the cash flow of 2025 and potentially beyond is that When you think about the break even cash flow of the consolidated neighbors that includes Senate at around $70 million which means that the rest of the neighbors' businesses post the sale transaction of well are going to generate $70 million, 7-0. Most of that will happen in Q4. On a, on an adjusted basis, if you remove the impact of the Kingdom bricks, the neighbors constabulated businesses are generated around $300 million which I would say is equivalent to a 30% free cash flow conversion, which I believe is very strong for a drilling contractor. And we are choosing, together with Aramco, obviously, to reinvest the standard cash flow into the business for longer-term or 10 plus year contracts.

因為我們計劃將這 2.5 億美元的利潤用於償還部分未償票據（目前已以 1.8 倍市盈率計算）和資本支出，儘管正如我之前提到的，我們目前還不便提供指導。需要考慮的一點是，就里程碑而言，參議院的資本支出將會上升。也就是說，到 2026 年，我們應該會預期鄰近企業的其他資本支出會減少。在其他條件相同的情況下，這應該會從公司的其他業務中釋放額外的現金流。在 2025 年及以後的現金流方面，我想非常清楚地指出一點，那就是，考慮到合併後的鄰居（包括 Senate）的盈虧平衡現金流約為 7000 萬美元，這意味著在出售交易完成後，鄰居的其他業務將產生 7000 萬美元，7-0。大部分事件將在第四季發生。經過調整，如果剔除 Kingdom bricks 的影響，鄰近的受管制企業將產生約 3 億美元的收入，我認為這相當於 30% 的自由現金流轉化率，對於鑽井承包商來說，這非常強勁。我們和沙特阿美顯然都選擇將標準現金流再投資於業務，以簽訂更長期或 10 年以上的合約。

That's the decision that we have made in the terms of, in terms of Senate for the Kingdom BRICS and the future of the Saudi business there.

這是我們從沙烏地王國參議院、金磚國家以及沙烏地阿拉伯企業在金磚國家的未來角度做出的決定。

That said, we expect the rest of the neighbors' businesses to continue to generate cash flow, and use the proceeds, really to continue to pay down debt from here.

也就是說，我們預期其他鄰居的企業將繼續產生現金流，並利用這些收益繼續償還債務。

Where are we going to stop? I think Tony and I want to take the company, on a net day basis to something around the $1.1 billion, $1.2 billion.

我們打算在哪裡停下來？我認為東尼和我希望公司日淨收入能達到 11 億美元到 12 億美元左右。

Nothing lower than that. So we are absolutely in the right trajectory, we are not done yet.

沒有比這更低的了。所以，我們絕對走在正確的道路上，我們還沒有完成目標。

Yeah, in this climate, by the way, it's kind of interesting. When we were asked that question 15 years ago, what my number was always 2 to 1, and obviously the world has changed and the way people think about it has changed. But what's also changing, I think now based on the press this morning with Mr. Gates and his view on climate change is the concept that this industry doesn't have a half life of 2030 anymore. People are starting to realize that if you're going to build, 1,100 gigawatts a year of power, 10 gigawatts more a year of power, or 100 gigawatts more of your power than the new number is, that means natural gas to be a part of it. That means we're going to be a part of it and that's going to go on for a long time and therefore I think the whole way we're thinking about capital is going to start to change as well. So I would just say that, which also means that you all need to really think about your terminal value multiples for evaluation for the whole sector. There you go. I'm just going to get that out there so.

是的，順便說一句，在這種環境下，這還挺有趣的。15 年前當我們被問到這個問題時，我的答案總是 2 比 1，顯然世界已經改變，人們的想法也改變了。但我認為，根據今天早上媒體對先生的報導來看，現在也出現了一些變化。蓋茲對氣候變遷的看法是，這個產業的半衰期已經到 2030 年了。人們開始意識到，如果你要建造每年 1100 吉瓦的電力，或者比新的數字多 10 吉瓦，或者多 100 吉瓦，那就意味著天然氣將成為其中的一部分。這意味著我們將成為其中的一部分，而且這種情況會持續很長時間，因此我認為我們對資本的整個思考方式也將開始改變。所以我想說的是，這也意味著你們都需要認真考慮整個產業的終值倍數評估。好了。我只是想把這件事說出來。

Yeah, no, I appreciate it. Good insight. I'll turn it back.

是的，謝謝。很有見地。我會把它轉回去。

Thank you.

謝謝。

The next question comes from Arun Jayaram with JPMorgan Chase. Please go ahead.

下一個問題來自摩根大通的 Arun Jayaram。請繼續。

Good morning, gentlemen. Tony, I want to get your insights on, if Saudi is going to be bringing back, a decent chunk of the previously suspended rigs.

早安，先生們。東尼，我想聽聽你對沙烏地阿拉伯是否會恢復先前暫停營運的大部分鑽井平台的看法。

Any insights on what you think is driving that? Is this to rebuild? A productive capacity in the kingdom, some declines, but I assume this is on the oil side, but just one of the more unique data points we've heard in earnings season. I want to get more thoughts from your perspective.

您認為造成這種情況的原因是什麼？有什麼見解嗎？這是要重建嗎？王國的生產能力有所下降，但我認為這指的是石油方面，不過這是我們在財報季聽到的最獨特的數據點之一。我想聽聽你的看法。

I think it's more on the gas and Remember on their gas production they get an extra bonus because there's a lot of condensate that comes out of that gas and economically that gas, that condensate doesn't count against the oil quota as well for the OpEx requirements. So you get kind of a double bonus there, I think Shaddy.

我認為這更多是天然氣的問題。記住，他們的天然氣產量可以獲得額外獎金，因為天然氣中會產出大量的凝析油，而且從經濟角度來看，這些天然氣和凝析油不計入石油配額，也不計入營運支出要求。所以我覺得你這樣就等於得到了雙重獎勵，Shaddy。

I won't pretend to know anything inside because you guys all have multiple sources that you're hearing about, including the big three guys, but I mean from my point of view they are always the first mover and so they're looking at a market basically in 2027 and I think they're realizing and coming to the conclusion whether it's to build their extra capacity or to ensure that the curve, the client curves that they're having are met. Whatever those are, they're preparing for a 2027 event, and I think that's what's really going on and they're moving before the market's moving.

我不會假裝知道內情，因為你們都有多種消息來源，包括三大巨頭，但我的意思是，從我的角度來看，他們總是先行者，所以他們基本上是在展望 2027 年的市場，我認為他們正在意識到這一點並得出結論，無論是為了增加產能，還是為了確保滿足客戶的需求曲線。無論那些是什麼，他們都在為 2027 年的活動做準備，我認為這才是真正發生的事情，而且他們的行動先於市場。

And so from that point of view, I think it's it's a good sign if they actually go through with it. We'll see how much they go through it. Like I said, this is just what what the talk is right now from from from our perspective, but we know there's these concrete steps have been done and therefore it is a positive development. I think a positive signal for at least 2027.

所以從這個角度來看，我認為如果他們真的付諸行動，這是一個好兆頭。讓我們來看看他們能撐多久。正如我所說，這只是我們目前從自身角度來看的討論內容，但我們知道已經採取了這些具體步驟，因此這是一個積極的進展。我認為至少到2027年這是一個正面的訊號。

Great. And then Tony, I just want to get your broad thoughts on the growth in unconventional activity outside of North America. Maybe you could give some insights on what you're seeing kind of around the globe. You mentioned in Argentina, you're up to what, 13 rigs or so, at least on a contracted basis. Algeria is obviously a spot, but just wanted to see if you could shed some more light on that.

偉大的。東尼，我想聽聽你對北美以外地區非常規活動成長的整體看法。或許您可以分享一下您在世界各地觀察到的一些情況。你提到在阿根廷，你們大概有 13 個鑽井平台，至少是照合約簽訂的。阿爾及利亞顯然是一個地方，但我只是想看看你是否能對此做更多介紹。

I think you hit on the head. I mean, Argentina, I think, is a great story with the elections, with the changes with the elections now over, I think whatever instability there was associated with that, I think it's settled, and I think even ourselves with the 13, we see additional growth opportunities in Argentina. Algeria's another story, but, oh by the way, back in Argentina, I think actually that may, they may actually be looking at becoming an LG exporter market as well. So just give you some insight there. I think.

我覺得你說得對。我的意思是，我認為阿根廷的選舉是一個很棒的故事，隨著選舉的結束，隨之而來的變化，我認為之前伴隨而來的任何不穩定因素都已經解決了，我認為即使是我們自己，在阿根廷也看到了更多的增長機會。阿爾及利亞的情況則有所不同，不過，順便一提，回到阿根廷，我認為他們實際上可能也在考慮成為LG的出口市場。我就簡單介紹一下這方面的情況。我認為。

Alaska potentially gas up there could be a good story, including for an export market if they figure that out, and Algeria and the Middle East is for sure. So I think you know there's many signposts around the world right now where the gas story is real and given what's happening on The whole power thing, you saw the announcement with Google in terms of their power data needs, and etc. And all these guys are now saying they're not making a requirement anymore that they realize that they can't get there with renewables and therefore they're all realizing natural gas is going to be a part of it. So I think that's going to drive a wholesale movement around the world everywhere for natural gas from my point of view.

阿拉斯加的潛在天然氣資源可能是一個不錯的市場，如果他們能找到出口市場的話，阿爾及利亞和中東市場肯定也會受益。所以我覺得你知道，現在世界各地有很多跡象表明天然氣的故事是真實的，考慮到整個電力領域正在發生的事情，例如Google宣布的電力數據需求等等。現在這些人都在說，他們不再提出這樣的要求了，因為他們意識到僅靠再生能源無法實現目標，因此他們都意識到天然氣將成為其中的一部分。所以我認為這將在全球範圍內推動天然氣的全面普及。

Thanks That's all the time we have for questions today. I would like to turn the conference back over to William Conroy for any closing remarks. Please go ahead.

謝謝。今天提問時間就到這裡了。我謹將會議交還給威廉·康羅伊先生，請他作總結發言。請繼續。

Thank you, Asha. If there are any additional questions, please reach out to us directly. With that, we'll wind up the call here.

謝謝你，阿莎。如有其他疑問，請直接與我們聯絡。通話到此結束。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。