Noble Corporation PLC (NE) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Noble Corporation first-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫貝利，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Noble Corporation 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Ian Macpherson, Vice President of Investor Relations. You may begin.

現在我想將電話轉給投資者關係副總裁 Ian Macpherson。你可以開始了。

Thank you, operator. And welcome, everyone, to Noble Corporation's first-quarter 2025 earnings conference call. You can find a copy of our earnings report, along with the supporting statements and schedules on our website at noblecorp.com. We will reference an earnings presentation that's posted on the investor relations page of our website. Today's call will feature prepared remarks from our President and CEO Robert Eifler, as well as our CFO, Richard Barker. We also have with us Blake Denton, Senior Vice President of marketing and Contracts.

謝謝您，接線生。歡迎大家參加 Noble Corporation 2025 年第一季財報電話會議。您可以在我們的網站 noblecorp.com 上找到我們的收益報告副本以及支援聲明和時間表。我們將參考我們網站投資者關係頁面上發布的收益報告。今天的電話會議將以我們總裁兼首席執行官羅伯特·艾夫勒 (Robert Eifler) 和首席財務官理查德·巴克 (Richard Barker) 的準備好的發言為特色。我們也邀請了行銷和合約資深副總裁布萊克登頓 (Blake Denton)。

During the course of this call, we may make certain forward-looking statements regarding various matters related to our business and companies that are not historical facts. Such statements are based upon current expectations and assumptions of management and are therefore subject to certain risks and uncertainties. Many factors could cause actual results to differ materially from these forward-looking statements, and Noble does not assume any obligation to update these statements.

在本次電話會議期間，我們可能會就與我們的業務和公司相關的各種事項做出某些非歷史事實的前瞻性陳述。此類聲明是基於管理層目前的預期和假設，因此受一定風險和不確定性的影響。許多因素可能導致實際結果與這些前瞻性聲明有重大差異，Noble 不承擔更新這些陳述的任何義務。

Also, note we are referencing non-GAAP financial measures on the call today. You can find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation in our earnings report issued yesterday and filed with the SEC.

另外，請注意，我們在今天的電話會議上引用了非 GAAP 財務指標。您可以在我們昨天發布並提交給美國證券交易委員會的收益報告中找到這些指標所需的補充揭露，包括最直接可比較的 GAAP 指標和相關對帳。

Now, I'll turn the call over to Robert Eifler, President and CEO of Noble.

現在，我將把電話轉給 Noble 總裁兼執行長 Robert Eifler。

Thanks, Ian. Good day everyone and thank you for joining us as we present our results for the first quarter. I'll begin with financial and operational highlights from the first quarter, rethink commercial activity, our perspective on the market, and then hand it over to Richard to cover the financials. As usual, I'll wrap up with closing remarks before we go to Q&A.

謝謝，伊恩。大家好，感謝大家參加我們第一季業績的發表會。我將從第一季的財務和營運亮點開始，重新思考商業活動、我們對市場的看法，然後交給理查德介紹財務狀況。像往常一樣，在進入問答環節之前，我將做最後的總結。

In the first quarter, we delivered strong results with adjusted EBITDA of $338 million and free cash flow of $173 million. We continue to execute on our return of capital program, paying $80 million in dividends and repurchasing $20 million of shares during Q1. Yesterday, our Board declared another $0.50 per share dividend for the second quarter of 2025, and I'm pleased to highlight that we have now surpassed $1 billion in combined dividends and buybacks since Q4 2022, including this quarter's announced dividend.

第一季度，我們取得了強勁的業績，調整後的 EBITDA 為 3.38 億美元，自由現金流為 1.73 億美元。我們繼續執行資本回報計劃，在第一季支付了 8000 萬美元的股息併回購了價值 2000 萬美元的股票。昨天，我們的董事會宣佈在 2025 年第二季度再派發每股 0.50 美元的股息，我很高興地強調，自 2022 年第四季以來，我們的股息和回購總額已超過 10 億美元，包括本季宣布的股息。

On the integration front, our progress has been right on target. The Legacy Diamond Fleet recently went live on Noble's ERP system ahead of schedule, positioning us to achieve our previously stated synergies of at least $100 million by the end of the year.

在整合方面，我們的進展一直很順利。Legacy Diamond Fleet 最近提前在 Noble 的 ERP 系統上線，使我們能夠在年底前實現之前所述的至少 1 億美元的協同效應。

We are also pleased to share a number of significant commercial and operational successes. As we announced yesterday, we have recently been awarded long-term contracts by two major oil companies comprising nearly 14 rig years of additional backlog across four rigs with a total revenue potential between $2.0 million and $2.5 billion.

我們也很高興分享一些重大的商業和營運成功。正如我們昨天宣布的那樣，我們最近獲得了兩家大型石油公司的長期合同，其中包括四個鑽井平台近 14 個鑽井年的額外積壓訂單，總收入潛力在 200 萬美元至 25 億美元之間。

First, the noble Voyager and another 7G drill ship to be named were awarded 4 rig years each by Shell for operations in the US Gulf. These contracts provide for a base day rate value of $606 million per rig, plus the potential to earn up to an additional 20% based on the operational performance of each rig. Voyager is expected to commence in mid 2026, and the second drill ship is slated to commence in Q4 2027. And both contracts have four one-year options following the firm four-year term at mutually agreed day rates.

首先，殼牌公司授予高貴的「Voyager」號和另一艘即將命名的7G鑽井船各4年的鑽井年限，用於在美國墨西哥灣作業。這些合約規定每座鑽井平台的基準日費率價值為 6.06 億美元，另外還可能根據每座鑽井平台的營運表現額外賺取高達 20% 的收入。Voyager 號預計將於 2026 年中期開始服役，第二艘鑽井船預計將於 2027 年第四季開始服役。兩份合約均設有四個一年期選擇權，期限均為四年，日費率以雙方商定的費率計算。

As part of the Shell contracts, we will be making certain upgrades to the rigs, including increasing the (inaudible) load from 2.5 million to 2.8 million pounds, adding a controlled mud line system, which is essentially an alternative approach to managed pressure drilling, installing active heave compensated cranes and finally, installing closed bus power system upgrades for reduced carbon footprint. All of which are intended to make these units among the most high spec drill ships in the world for the remaining life of the assets.

作為殼牌合約的一部分，我們將對鑽機進行某些升級，包括將（聽不清楚）負載從 250 萬磅增加到 280 萬磅，增加受控泥漿線系統（本質上是管理壓力鑽井的替代方法），安裝主動升沈補償起重機，最後安裝封閉式母線電力系統升級以減少碳足跡。所有這些都是為了使這些鑽井船在其剩餘使用壽命內成為世界上規格最高的鑽井船之一。

In total, these upgrades are expected to comprise $60 million to $70 million of CapEx per rig, which we anticipate being spread among 2025, '26, and '27. So all in, we are incredibly happy to be awarded these landmark long-term contracts from Shell in a Vermeer basin and look forward to getting started.

總體而言，這些升級預計每台鑽機的資本支出將達到 6,000 萬至 7,000 萬美元，我們預計這將分攤到 2025 年、2026 年和 2027 年。總而言之，我們非常高興能夠獲得殼牌在維米爾盆地的這些具有里程碑意義的長期合同，並期待著開始這項工作。

Next, we've also recently been awarded strategic contracts from Total Energies and Suriname for 2 rigs, one 7G drill ship yet to be named, and also the 6G semi-novel developer. The contract spans 16 wells per rig, or approximately 1,060 days each and are expected to commence between Q4 2026 and Q1 2027. Together, the firm revenue of the two contracts is $753 million and the contracts allow for an additional $297 million in revenue tied to collective operational performance. There are also four one-well options available across both contracts. We don't have any significant CapEx associated with these programs.

其次，我們最近還獲得了道達爾能源公司和蘇利南的戰略合同，包括 2 座鑽井平台、1 艘尚未命名的 7G 鑽井船以及 6G 半新型開發商。該合約涵蓋每座鑽井平台 16 口井，每口井約 1,060 天，預計將於 2026 年第四季至 2027 年第一季之間開始實施。兩份合約的固定收入總計 7.53 億美元，此外，合約還允許根據集體營運績效額外獲得 2.97 億美元的收入。兩份合約中還有四種單井選項可供選擇。我們沒有與這些項目相關的任何重大資本支出。

Again, we are immensely proud to be selected by Total for their marquee development program in Suriname, which affords us the opportunity to expand not only a very robust and longstanding relationship with Total, but also our comprehensive presence throughout the Guyana Suriname region where we have been able to develop highly valuable base and scale and expertise.

再次，我們非常榮幸被道達爾選中參與其在蘇利南的大型開發項目，這不僅為我們提供了擴大與道達爾之間非常穩固和長期的合作關係的機會，而且還使我們有機會在圭亞那蘇利南地區建立全面的業務，我們能夠在那裡發展非常寶貴的基礎、規模和專業知識。

Each of these new long-term contracts in Suriname in the US Gulf carries customary cost escalation provisions as well. We firmly believe that Noble shines brightest in long term in collaborative relationships. And we look forward to delivering meaningful efficiency and risk management through these four new contracts.

美國墨西哥灣蘇利南的每份新的長期合約也都包含慣常的成本上漲條款。我們堅信，Noble 在長期的合作關係中才能綻放出最耀眼的光芒。我們期待透過這四份新合約實現有意義的效率和風險管理。

Based on an abundance of internal performance data and learning from across our fleet, we generally expect that normal operational performance on these contracts can yield a significant amount of incentive revenue capture. And we are booking an average across the four contracts of approximately 40% of the combined variable revenue components in our backlog, which we believe represents a reasonable estimate at this time. Although we can certainly envision realistic upsides to that through the course of the campaigns.

根據大量的內部績效數據和從我們整個船隊中學習到的經驗，我們普遍預期這些合約的正常營運績效可以產生大量的激勵收入。並且，我們在四份合約中平均預留了約 40% 的合併可變收入部分，我們認為這代表了目前的合理估計。儘管我們當然可以預見在整個競選過程中這將帶來的現實好處。

These performance contracts provide a great alignment with our customers, enabling substantial economic upside to both parties as drilling efficiencies are realized. In other words, if we're getting paid at the high end of the range, everyone is happy. Now, turning to other new contracts and extensions.

這些績效合約與我們的客戶實現了很好的協調，在實現鑽井效率的同時，也為雙方帶來了巨大的經濟利益。換句話說，如果我們獲得的報酬處於較高水平，那麼每個人都會很高興。現在，談談其他新合約和延期。

In Colombia, Petrobras has exercised an option for an additional 390 days on the Noble Discoverer at its existing day rate, which we expect will extend this campaign into August 2026 and keeps the Discoverer well positioned for additional development opportunities following the largest gas discovery in the history of Colombia. Additionally, we recently announced new short-term contracts for the Noble Viking, Noble Intrepid, and Noble Regina Allen, which are detailed in our earnings release and fleet status report.

在哥倫比亞，巴西石油公司已行使了以現有日費率對 Noble Discoverer 額外 390 天的選擇權，我們預計這將使這一活動延長至 2026 年 8 月，並使 Discoverer 在哥倫比亞歷史上最大的天然氣發現之後能夠更好地獲得更多開發機會。此外，我們最近宣布了與 Noble Viking、Noble Intrepid 和 Noble Regina Allen 簽訂的新短期合同，詳情請參閱我們的收益報告和船隊狀況報告。

Combined, these 15 total rig years of new awards bring our current backlog to $7.5 billion which represents an increase of 30% since last quarter and marks the first crucial step in the significant backlog inflection that we have been anticipating and forecasting over our past couple of earnings calls. We are also eyeing several opportunities for additional contract awards to build on these recent bookings, and we'll look forward to bringing you more news on this front in the not too distant future.

加起來，這 15 個鑽井年的新合約使我們目前的積壓訂單量達到 75 億美元，比上一季度增加了 30%，標誌著我們在過去幾次收益電話會議上一直預期和預測的積壓訂單量大幅變化邁出了關鍵的第一步。我們也正在尋找機會獲得額外的合同，以鞏固最近的訂單，我們期待在不久的將來為您帶來更多這方面的新聞。

Now, for a word on the markets more broadly. The first thing I would say is that obviously, throughout an incredible amount of market volatility recently across virtually all risk assets and commodities, throughout all this turmoil, not only has offshore drilling remained open for business, so too has our commercial pipeline remained very much intact as our customers around the world appear to remain engaged and active in sourcing their rig needs for 2026 and 2027.

現在，我們來更廣泛地談談市場。我想說的第一件事是，顯然，在最近幾乎所有風險資產和大宗商品都經歷了巨大的市場波動的情況下，在所有這些動盪中，不僅海上鑽井業務仍在繼續，而且我們的商業管道也保持完好，因為我們在世界各地的客戶似乎仍在積極地採購 2026 年和 2027 年的鑽井需求。

While we certainly see signs that our customer base is reacting to near-term oil prices by taking actions with their 2025 spending, it is very important to note that long-term strip pricing for Brent crude has remained in the mid to high 60s as the curve has slipped into Contango. This is not a throwaway fact as it relates to long cycle offshore FID planning. We generally see that the middle part of the strip is the most relevant indicator for the economics of our business, and this price range in the mid-60s per barrel is only down by about $5 versus a year ago and still quite supportive of project economics in most cases.

雖然我們確實看到有跡象表明我們的客戶群正在對近期油價做出反應，並採取行動規劃 2025 年的支出，但值得注意的是，隨著曲線滑入正價差，布倫特原油的長期條形定價一直保持在 60 年代中期至後期。這不是一個可以忽略的事實，因為它與長週期海上 FID 規劃有關。我們通常認為，油田中間部分是我們業務經濟效益最相關的指標，而每桶 60 美元左右的價格範圍僅比一年前下降了約 5 美元，在大多數情況下仍然對項目經濟效益有相當大的支持作用。

I would also note that over 90% of the 15 rig years' worth of backlog we've just announced were signed after the April 2 market correction. No one here is glib about the state of financial markets, and we are, of course, concerned like everyone else about looming tariff effects on global demand. But we also derive strength and stability from our alignment with a large swath of customers that have generally resilient capital programs and less twitchy planning factors when it comes to offshore projects.

我還要指出的是，我們剛剛宣布的15年鑽井積壓訂單中，超過90%是在4月2日市場調整後簽署的。這裡沒有人對金融市場的狀況信口開河，當然，我們也和其他人一樣擔心關稅對全球需求即將產生的影響。但是，我們也從與大量客戶的合作中獲得了力量和穩定性，這些客戶在涉及海上專案時通常擁有彈性的資本計劃和較少的緊張規劃因素。

We still see a choppy spot market for deepwater and jackups throughout 2025 and into 2026. But we also believe the medium to long-term fundamentals are actually enhanced by every month of curtailed investment and spare capacity unwind.

我們仍認為 2025 年至 2026 年深水鑽井平台和自升式鑽井平台的現貨市場將會波動。但我們也相信，每個月的投資縮減和閒置產能的釋放實際上都會改善中長期基本面。

Contracted EDW utilization has been flat, with total rig count having dipped only slightly from 100 rigs to 99 rigs since the time of our last earnings call, offset by a 2 rig reduction in marketed supply, leaving marketed utilization essentially unchanged at 90%. We still expect this contracted recount to sag a bit lower through the rest of this year with an anticipated inflection sometime in 2026, although admittedly, forecasting precision is definitely hampered right now. But again, we do have decent visibility for some additional work for our own fleet which would support a materially improved contracted position by next year. In the meantime, recent contract awards indicate day rate resilience for high-end deepwater rigs firmly in the low to high 400s per day with long-term visibility, which we think is completely at odds with prevailing market pessimism.

合約 ED​​W 利用率一直持平，自我們上次收益電話會議以來，鑽機總數僅從 100 台略微下降至 99 台，但市場供應量減少了 2 台，因此市場利用率基本保持不變，為 90%。我們仍然預計，在今年剩餘時間內，重新計票結果將略有下降，預計在 2026 年某個時候出現拐點，儘管不可否認的是，目前的預測精度肯定受到阻礙。但同樣，我們確實對我們自己的船隊的一些額外工作有相當好的了解，這將支持明年合約狀況的實質改善。同時，最近授予的合約表明，高端深水鑽井平台的日費率將穩定在每天 400 多美元左右，並且具有長期可見性，我們認為這與普遍的市場悲觀情緒完全相反。

We remain committed to managing our costs in marginal idle capacity in a prudent manner. As a first mover in what is likely to become a broader scrapping cycle for uncompetitive idle assets, recall that we recently announced the disposal of our cold stacks of drill ships Meltem and Scirocco. We have now entered into a definitive agreement to sell these vessels in a manner intended to effectively retire them, and we expect to finalize this transaction mid-year.

我們仍然致力於以審慎的方式管理邊際閒置產能的成本。作為可能成為無競爭力閒置資產更大範圍報廢週期的先驅，回想一下，我們最近宣布處置冷棧鑽井船 Meltem 和 Scirocco。我們現在已經達成最終協議，以有效退役的方式出售這些船隻，我們預計將在年中完成這筆交易。

Now, I'll provide a little more color on the status and outlook for our rigs with near-term market exposure. In the US Gulf, the Noble Valiant has recently completed its contract, and the Noble BlackRhino is due to roll off contract in July. We are in active discussions with customers for both of these units for a limited amount of 2025 jobs as well as a larger 2026 opportunity set. While we will also work to fill 2026 availability for the recently committed Noble Voyager ahead of its shell program, that rig is more likely to be warm stacked in 2025 as we prioritize the Valiant and BlackRhino for nearer term jobs.

現在，我將進一步介紹我們的鑽機在近期的市場表現狀況和前景。在美國墨西哥灣，Noble Valiant 號最近完成了合同，Noble BlackRhino 號將於 7 月完成合約。我們正在與這兩個部門的客戶積極討論有限數量的 2025 年工作機會以及更大的 2026 年機會。雖然我們也將努力在殼牌計劃啟動之前填補最近承諾的 Noble Voyager 的 2026 年空缺，但由於我們優先考慮 Valiant 和 BlackRhino 來完成近期的工作，因此該鑽機更有可能在 2025 年進行熱堆。

Turning to our 6th gen rigs, our 3 D-class semis have a promising outlook, with the developer and discoverer both well contracted in the Americas, and the deliverer looking well aligned for multiple perspective contracts that are expected to start in 2026. In contrast, the ocean GreatWhite's near-term outlook is softer. And we anticipate the rig will be idled for the balance of the year following the conclusion of its campaign in the UK North Sea in late May. However, there are long term programs worldwide that align with the rig's high spec ultra harsh capabilities with start dates in 2026 and 2027.

談到我們的第六代鑽井平台，我們的 3 艘 D 級半潛式鑽井平台前景看好，開發商和發現者都在美洲簽訂了良好的合同，而交付者看起來也有望在 2026 年開始簽訂多個潛在合約。相較之下，大白鯊的近期前景則較為疲軟。我們預計，該鑽井平台將於 5 月底結束在英國北海的作業後，在今年餘下時間內將處於閒置狀態。然而，全球範圍內都有與該鑽機高規格超嚴酷能力相符的長期計劃，啟動日期為 2026 年和 2027 年。

Looking at our globetrotter ships, we are still pursuing various intervention scopes globally and expect to have a clearer outlook for these opportunities fairly soon. If it's not a green light scenario for both units, we would likely then move to a cold stack or retirement decision on one of the units.

看看我們的環球航行船隻，我們仍然在全球範圍內尋求各種幹預範圍，並期望很快對這些機會有更清晰的展望。如果兩個單元都沒有獲得批准，我們可能會對其中一個單元做出冷棧或退役決定。

Lastly, with respect to the mode floaters Apex and Endeavor, which are scheduled to roll off contracts this summer, we remain encouraged by a healthy amount of harsh environment P&A activity in the pipeline that is well aligned for both of these assets.

最後，對於計劃於今年夏天終止合約的浮動鑽井平台 Apex 和 Endeavor，我們仍然對管道中大量適合惡劣環境的 P&A 活動感到鼓舞，這些活動與這兩種資產非常契合。

Now, on the jackups. The headwinds from the Saudi suspensions and day rate concessions continue to pressure the international benign environment jackup market, while the harsh jackup market where our fleet primarily competes has remained insulated from these specific dynamics. That said, there has been a recent downtick in demand in the southern North Sea of a couple of rigs, and we do expect softer utilization across our jackup fleet in 2025 compared to 2024. A recent bright spot has been the Intrepid's recent contract award from DNO, which will mark that rig's re-entry into the Norwegian market, which is still relatively subdued, albeit ticking up a bit as we get back up to three of our CJ70 jackups contracted in the NCS.

現在，我們來談談自升式鑽井平台。沙烏地阿拉伯停工和日費率優惠帶來的不利因素持續對國際良性環境自升式鑽井平台市場造成壓力，而我們的船隊主要參與競爭的嚴酷自升式鑽井平台市場卻並未受到這些特定動態的影響。話雖如此，北海南部一些鑽井平台的需求近期有所下降，我們預計 2025 年自升式鑽井平台船隊的利用率將比 2024 年有所下降。最近的一個亮點是 Intrepid 鑽井平台最近獲得了 DNO 的合同，這將標誌著該鑽井平台重新進入挪威市場，儘管隨著我們在 NCS 簽約的三座 CJ70 自升式鑽井平台數量恢復，市場略有回升，但目前該市場仍然相對低迷。

So with that, I'll pause here and turn it over to Richard now to discuss the financials.

因此，我將在這裡暫停一下，現在將問題交給理查德討論財務狀況。

Good morning or good afternoon, all. In my prepared remarks today, I will briefly review our first quarter results, provide an update on our integration progress, and then discuss our outlook for the remainder of the year.

大家早安或下午好。在今天的準備好的發言中，我將簡要回顧我們的第一季業績，介紹我們的整合進展情況，然後討論我們對今年剩餘時間的展望。

Starting with our quarterly results, contract drilling services revenue for the first quarter totaled $832 million, adjusted EEBITDA was $338 million and adjusted EBITDA margin was 39%. Adjusted EBITDA was positively impacted by approximately $20 million related to insurance proceeds the legacy repair work on the Noble Regina Allen, which is accounted for as a reduction in operating expense, as well as overall strong cost management.

從我們的季度業績開始，第一季的合約鑽井服務收入總計 8.32 億美元，調整後的 EEBITDA 為 3.38 億美元，調整後的 EBITDA 利潤率為 39%。調整後的 EBITDA 受到約 2000 萬美元的正面影響，這些資金與 Noble Regina Allen 的遺留修復工作相關的保險收益有關，這被視為營運費用的減少，以及整體強勁的成本管理。

Q1 cash flow from operations was $271 million, net capital expenditures were $98 million and free cash flow was $173 million. We continue to remain focused on controlling costs, which includes managing our stacking costs accordingly. To that end, the sale of the Meltem and Scirocco will eliminate associated stacking costs of $40,000 to $50,000 per day on a combined basis, as well as bring in net proceeds of over $35 million.

第一季經營現金流為 2.71 億美元，淨資本支出為 9,800 萬美元，自由現金流為 1.73 億美元。我們將繼續專注於控製成本，其中包括相應地管理我們的堆疊成本。為此，Meltem 和 Scirocco 的出售將節省每天 40,000 至 50,000 美元的相關堆疊成本，並帶來超過 3500 萬美元的淨收益。

As summarized on page 5 of the earnings presentation slides, a total backlog as of April 28 stands at $7.5 billion, up approximately 30% versus the prior quarter. This includes approximately $1.9 billion that is scheduled for revenue conversion over the remainder of 2025. And on the back of our recently announced contract awards, this now includes approximately $2.1 bullion and $1.5 billion scheduled for revenue conversion during 2026 and 2027. As a reminder, our backlog excludes reimbursable revenue as well as revenue from services.

正如收益簡報投影片第 5 頁所總結的那樣，截至 4 月 28 日，總積壓訂單為 75 億美元，比上一季成長約 30%。其中包括計劃於 2025 年剩餘時間內進行收入轉換的約 19 億美元。在我們最近宣布的合約授予的基礎上，這包括約 21 億美元的金條和計劃於 2026 年和 2027 年期間轉換的 15 億美元收入。提醒一下，我們的積壓訂單不包括可報銷收入以及服務收入。

Our integration remains on track, and we continue to expect to realize $100 million of annual cost synergies on a run rate basis by the end of the year. As of the end of the first quarter, we have achieved approximately 70 million activities. A tremendous amount of hard work is being done throughout the organization, and I'd like to extend my gratitude to everyone who is contributing to the great progress on the integration today.

我們的整合仍在進行中，我們預計到今年年底將實現每年 1 億美元的成本綜效。截至第一季末，我們已實現約7,000萬次活動。整個組織正在進行大量的艱苦工作，我要向今天為整合取得巨大進展做出貢獻的所有人表示感謝。

Referring to page 10 of the earnings slides, we are maintaining our full year guidance ranges, including total revenue between $3.25 billion to $3.45 billion adjusted EBITDA between $1.05 million to $1.15 billion and capital expenditures, which excludes customer reimbursements of between $375 million and $425 billion. As it relates to the adjusted EBITDA guidance range, we're currently approximately 95% contracted at the midpoint of this range based on year-to-day results and remaining backlog for 2025.

參照收益幻燈片的第 10 頁，我們維持全年指引範圍，包括總收入在 32.5 億美元至 34.5 億美元之間，調整後的 EBITDA 在 105 萬美元至 11.5 億美元之間，資本支出（不包括客戶償還款）在 3.75 億美元至 4250 億美元之間。就調整後的 EBITDA 指導範圍而言，根據年度業績和 2025 年剩餘積壓訂單，我們目前的合約簽訂率約為該範圍中點的 95%。

Illustratively, if you include options, then the midpoint would essentially be fully contracted. Due to strong cost management, the midpoint of the EBITDA range corresponds to the low part of the revenue guidance range. It's worth noting and clarifying here that our Legacy Diamond VOP lease payments, approximately $26 million this year, are booked as part of operating expenses.

舉例來說，如果包含選擇權，那麼中點基本上會完全收縮。由於強大的成本管理，EBITDA 範圍的中點對應於收入指導範圍的低點。值得注意的是，我們今年的 Legacy Diamond VOP 租賃付款約為 2,600 萬美元，已記為營運費用的一部分。

As we look ahead, we anticipate Q2 adjusted EBITDA to track down quarter on quarter when excluding the Q1 impact of the Regina Allen insurance proceeds. This expected decrease in Q2 is primarily due to fewer operating days resulting from contract rollovers on the Balon, Intrepid, and Regina Allen, as well as the planned out of service time for the Noble SAM Cross FPS, which is expected to take 60 days all during Q2.

展望未來，我們預計，在排除 Regina Allen 保險收益第一季的影響後，第二季調整後的 EBITDA 將季減。預計第二季度營運天數的下降主要是由於 Balon、Intrepid 和 Regina Allen 的合約展期導致營運天數減少，以及 Noble SAM Cross FPS 的計畫停運時間（預計第二季將持續 60 天）。

On the tower front, the situation remains very fluid. We are confident in our ability to navigate these uncertainties as they evolve by leveraging our supply chain and procurement capabilities. While it is clearly dynamic and everything can change quickly, we currently expect the tariffs to have less than a $15 million cost impact in 2025, and this is incorporated into our guidance.

在塔台方面，情況仍然非常不穩定。我們有信心，透過利用我們的供應鏈和採購能力，我們能夠應對這些不確定性。雖然它顯然是動態的並且一切都可能迅速變化，但我們目前預計關稅在 2025 年的成本影響將低於 1500 萬美元，並且這已納入我們的指導中。

So in summary, a solid start to the year from a financial perspective has set us up well for the remainder of 2025 despite the macro uncertainty, and the recent suite of strong contract awards supports the constructive, long-term view for our market. With that, I'll pass the call back to Robert for closing remarks.

總而言之，儘管存在宏觀不確定性，但從財務角度來看，今年的良好開局為我們在 2025 年剩餘時間的經營打下了良好的基礎，而最近一系列強有力的合約授予也支持了我們對市場的建設性、長期看法。說完這些，我會把電話轉回給羅伯特，請他做最後發言。

Thank you, Richard. To wrap up, I'd just like to emphasize that our first-choice offshore strategy remains at the core of everything we do at Noble. We've been working very hard over the past four years at taking the company to the next level, and now, we are really beginning to see the fruits of our labor.

謝謝你，理查。最後，我想強調的是，我們的首選離岸策略仍然是 Noble 所做一切的核心。過去四年來，我們一直努力工作，致力於將公司提升到新的水平，現在，我們真正開始看到我們勞動的成果。

Throughout today's call, we've highlighted a number of proof points significantly increasing and enhancing our backlog with strategic contract awards, proving up our integration synergies, delivering customer programs with a focus on safety and efficiency, and reaffirming the resiliency of our cash flow and dividend. On the latter point, we're now eclipsing $1 billion of capital return to shareholders over the past couple of years, which represents almost one-third of our market cap from where we sit today.

在今天的電話會議中，我們強調了一些證據點，這些證據透過戰略合約授予顯著增加和增強了我們的積壓訂單，證明了我們的整合協同效應，提供了以安全和效率為重點的客戶計劃，並重申了我們的現金流和股息的彈性。關於後一點，過去幾年我們為股東帶來的資本回報已超過 10 億美元，幾乎相當於我們目前市值的三分之一。

We also acknowledge the challenges of an exceptionally volatile macroeconomic environment. Doing what we can to demonstrate reliability for our customers and shareholders with the crucial backlog in function now at hand, and additional tangible contracting opportunities also within view, we remain confident about the medium to long-term fundamentals for our business and recent fixture activity in the low to high 400s is solid.

我們也承認極度動盪的宏觀經濟環境所帶來的挑戰。我們竭盡所能向客戶和股東證明我們的可靠性，目前我們手頭上有關鍵的積壓工作，而且還有更多切實的簽約機會，我們對我們的中長期業務基本面充滿信心，近期 400 多美元的固定活動十分穩固。

With our demonstrated commitment to the dividend and its current nearly 10% yield, the recent 30% increase in our backlog, over $1 billion in capital returns thus far and tangible results building up from our scale and first-choice offshore strategy, it seems the value proposition in Noble is compelling to say the least.

憑藉我們對股息的承諾及其目前近 10% 的收益率、近期積壓訂單增加 30%、迄今為止超過 10 億美元的資本回報以及我們規模和首選離岸戰略所取得的切實成果，Noble 的價值主張似乎至少可以說是令人信服的。

Operator, we're ready to go to questions now.

接線員，我們現在可以開始提問了。

(Operator Instructions)

（操作員指示）

David Smith, Pickering Energy Partners.

大衛史密斯 (David Smith)，Pickering Energy Partners。

I want to ask about the relatively large performance bonus opportunity in the Shell and Total Energies contracts, and is it fair to think that your willingness to take some risk on the performance component? You might be somewhat informed by your lived experience generating some pretty strong efficiency gains with your drill ships in Guyana.

我想問一下殼牌和道達爾能源合約中相對較大的績效獎金機會，您是否願意在績效部分承擔一定風險？您可能根據自己的親身經歷對圭亞那鑽井船的效率提升有所了解。

And is it fair to think that performance component risk is it has a lot to do with the duration of the programs and maybe the homogeneity of the drilling programs, so we might not necessarily be expecting these kind of performance bonus opportunities for shorter duration or multi-basin type programs.

是否可以公平地認為，績效組件風險與計劃的持續時間以及鑽井計劃的同質性有很大關係，因此，我們可能不一定會期待短期或多盆地類型的計劃有這種績效獎金機會。

It's a great question. What I would say is, first of all, we're extremely happy with both of these programs and very honored to have been entrusted with them. I -- this is something we've been looking at for quite some time, and we think our customers have wanted something like this for even longer. I would repeat what we said earlier, we see it very much as a win-win.

這是一個很好的問題。我想說的是，首先，我們對這兩個項目都非常滿意，並且非常榮幸能夠被委託負責這兩個項目。我——這是我們一直在關注的事情，而且我們認為我們的客戶想要這樣的東西已經很久了。我想重複我們之前說過的話，我們認為這是一個雙贏的局面。

But to your point, that it definitely doesn't work in every scenario. In fact, I would say that it only works in a relative few scenarios from what you see globally. We mentioned in the remarks, but we've spent a lot of time looking at our own performance data and getting our organization to a place where we were comfortable, not only analyzing our capability but also projecting those capabilities against programs like this. And we got to a place that we think works for both sides, and I'd say, I guess that we mentioned the word strategic, that's obviously deliberate. These were very -- our approach here I think is very strategic, not only in the structure that we've described a little bit, but also in where that structure is applied to basins, the type of program, et cetera.

但就你的觀點而言，它肯定不是在所有情況下都有效。事實上，從全球範圍來看，我想說它只在相對少數的情況下才有效。我們在評論中提到過，但我們花了很多時間查看我們自己的績效數據，並讓我們的組織處於一個讓我們感到舒適的位置，不僅分析我們的能力，而且還將這些能力投射到這樣的項目中。我們達成了我們認為對雙方都有利的協議，我想說，我們提到「戰略」這個詞，顯然是經過深思熟慮的。這些都是非常——我認為我們在這裡的方法非常具有戰略性，不僅在我們稍微描述的結構上，而且在該結構應用於盆地、程序類型等方面。

Appreciate the color. And the follow up if I may, if we start to see more performance-based contracts industry-wide, can you talk about how the CEA index pricing mechanism takes performance-based contracts into account, right, for the drill ship in Suriname, right? They're -- it appears to be maybe about $140,000 a day spread between the base rate and the full bonus potential, where on that spectrum would we look for the rate that contributes to the CEA indexed rate?

欣賞色彩。如果可以的話，接下來我想問的是，如果我們開始在整個行業中看到更多基於績效的合同，您能否談談 CEA 指數定價機制如何將基於績效的合同考慮在內，對嗎？例如對於蘇利南的鑽井船來說，對嗎？他們——基本利率和全部獎金潛力之間的差額似乎約為每天 140,000 美元，在這個範圍內我們應該在哪裡尋找對 CEA 指數利率有貢獻的利率？

It's also a good question, not one obviously that was forecasted or contemplated when we came up with this, when it was it six or seven, eight years ago, longer maybe now. So I guess what I would say is that mechanism is not mechanical. It's -- it was designed to be flexible, and it was designed to take in a number of different market considerations at each six-month term. And so, we've had this come up in certain other kind of nuances or they go into rates, whether it's types of costs or taxes or whatever. And it's flexible enough to to also take into account this type of structure.

這也是一個很好的問題，顯然當我們提出這個問題時，沒有預測或考慮過這個問題，那是六、七、八年前，也許更久以前。所以我想說的是，機制不是機械的。它的設計非常靈活，並且在每個六個月的期限內都會考慮許多不同的市場因素。因此，我們已經在某些其他類型的細微差別中出現了這個問題，或者它們涉及費率，無論是成本類型還是稅收等等。而且它足夠靈活，也可以考慮到這種類型的結構。

And so, we haven't had this conversation yet, so I don't want to really say anything more than that but it is a mutually agreed rate that we get together and decide on every six months. We-- both sides put in data, as both sides see it, and we take that data and mutually agree. And as you know to the extent that we have trouble with that, sometimes we'll bring a third party in as well.

因此，我們還沒有進行過這次談話，所以我真的不想多說什麼，但這是我們每六個月開會決定一次的雙方同意的費率。我們——雙方都輸入數據，雙方都看到數據，我們獲取數據並相互同意。而且如你所知，當我們遇到這方面的困難時，有時我們也會引入第三方。

So we spent a fair amount of time on the prepared remarks giving some thoughts and ideas as to where you know, where we think we could land on achieving these larger performance components. and we're going to have to go through some type of that as we move through the CEA.

因此，我們花了相當多的時間準備發言稿，提出一些想法和觀點，以了解我們認為可以在哪些方面實現更大的績效目標。我們在執行 CEA 的過程中，也必須經歷一些這樣的事情。

Arun Jayaram, JP Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Robert, I wonder if you could go through some of the competitive tensions in maybe both. So these are rewards and maybe specifically on the Shell award. Is this incremental demand? Are you displacing an incumbent? But talk to us about opportunities for these really interesting opportunities with Shell.

羅伯特，我想知道您是否可以談論兩者中的一些競爭緊張局勢。所以這些都是獎勵，也許特別是殼牌獎。這是增量需求嗎？您要取代現任者嗎？但請和我們談談與殼牌合作的這些真正有趣的機會。

Yeah, well, thanks. So the surname contracts are obviously incremental. The Shell contracts in the US, that's a key basin for them. And I think the thing that really was even as attractive as anything else here for us was that these rigs, if we perform, we set up a contract that rewards performance. Our customers obviously expect performance out of us, and we firmly believe that if we perform and deliver what's expected of us, that these rigs will spend a decade plus without really having to make a substantial mobilization.

嗯，謝謝。所以姓氏契約顯然是增量式的。殼牌在美國簽訂了合同，那裡是他們的一個關鍵盆地。我認為對我們來說真正有吸引力的事情是，如果我們履行這些鑽機的職責，我們會簽訂一份獎勵履行的合約。我們的客戶顯然​​對我們的性能抱有期望，我們堅信，如果我們的表現能夠達到預期，這些鑽機將可以使用十多年而不需要進行大規模的調動。

So when we say strategic, that's a big piece of it for us. These rigs are getting to be about a little over 10 years old. So if you think about accounting lives, et cetera, there's an outside chance that these things can close it out right there in the Gulf of America. We do believe that we're displacing that this is not incremental right now, but for us, the bigger piece of this was the longevity of the potential work here.

因此，當我們說戰略時，這對我們來說是很重要的一部分。這些鑽孔機已有 10 多年的歷史了。因此，如果你考慮會計生命等，那麼這些事情很有可能在美國灣結束。我們確實相信，我們現在正在取代的並不是漸進式的，但對我們來說，其中更重要的是這裡潛在工作的長久性。

Great. And maybe my follow up, Richard, you went through kind of the sequential changes in your OpEx expectations. Could you maybe elaborate on what you see in 2Q and maybe give us a sense of how you see the back half of the year in terms of OpEx because that was significantly lower than our model in 1Q.

偉大的。也許我的後續問題，理查德，您經歷了營運支出預期的連續變化。您能否詳細說明第二季的情況，並讓我們了解您對今年下半年營運支出的看法，因為這比我們第一季的模型要低得多。

Yeah, sure. Very good question, Arun. So we noted in the prepared remarks that, obviously, we had a $20 million impact from the Regina Allen. So you know that was the net against cost, obviously, that's not going to reoccur if you will, in Q2 going on. So if you back that out, our operating costs, if you will, on the income statement, I think would have been about $480 to $485.

是的，當然。非常好的問題，阿倫。因此，我們在準備好的發言中指出，顯然，里賈納艾倫為我們帶來了 2000 萬美元的影響。所以你知道這是淨成本，顯然，如果你願意的話，這種情況在第二季不會再發生。因此，如果你推翻這個結論，那麼在損益表中，我們的營運成本（如果你願意的話）應該在 480 美元到 485 美元左右。

Inflation is real, so we do expect some inflationary pressure here as we've talked about before in the low-mid single digit type area through the rest of the year. So I think that that kind of guides, if you will, how we think about operating costs for the rest of the year. Obviously, we talked about from a guidance perspective low end of revenue equals midpoint of EBITDA as well and really cost management is really what's driving that. Obviously, very focused on managing costs here and you know, would expect to continue to be aggressive from an perspective going.

通膨是真實存在的，因此我們確實預計今年剩餘時間內會出現一些通膨壓力，正如我們之前談到的，通膨壓力將處於中低個位數區域。所以我認為，如果您願意的話，這種指導可以指導我們如何考慮今年剩餘時間的營運成本。顯然，我們從指導角度討論了收入的低端等於 EBITDA 的中點，而成本管理才是推動這一趨勢的真正因素。顯然，我們非常注重管理成本，而且從長遠來看，我們希望繼續保持積極進取的態度。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

How will the bonuses be paid out if achieved? Are they reviewed after a certain number of wells? Is your performance review kind of on an annual basis? Just some color on when you could collect on the bonuses, that'd be great.

如果達到目標，獎金將如何發放？在達到一定數量的井之後，他們會進行審查嗎？您的績效評估是按年度進行的嗎？只要告訴何時可以領取獎金，那就太好了。

It's well by well. In actually both contracts, it's well by well. So collection would happen after you'd have to do some sort of reconciliation of data, et cetera. And then you know, have payment terms or whatever, but they are well-by-well bonuses.

一切都很好。實際上，兩份合約都進展順利。因此，在您必須對資料進行某種核對等之後，才會進行收集。然後你知道，有付款條款或其他什麼，但它們都是一筆一筆的獎金。

Okay. They're fairly frequent throughout the contracts then, okay. And then you provide some more color on the downtime associated with the rig upgrades required on the Shell contracts? And then how should we think about finding some shorter-term work for those rigs before the long-term contracts start?

好的。那麼，在整個合約過程中，它們出現的頻率相當高，好吧。然後，您能提供更多關於殼牌合約要求的鑽機升級所導致的停機時間的詳細資訊嗎？那麼，在長期合約開始之前，我們應該如何考慮為這些鑽井平台尋找一些短期工作呢？

Yeah, I think it's kind of a couple of months for us to do the actual work that would pull us out of being able to carry out other work. And so, we said we've got a number of conversations ongoing right now for things that would fit in between and we'll see how that plays out. But yeah, in the scenario where we're able to fill substantially all of that time, we would need a couple of months to do the final installations.

是的，我認為我們需要幾個月的時間來完成實際工作，這樣我們就沒有時間進行其他工作了。因此，我們說我們目前正在進行一系列對話，討論適合兩者之間的事宜，我們將看看結果如何。但是，是的，在我們能夠填滿大部分時間的情況下，我們需要幾個月的時間來完成最後的安裝。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Just -- I wanted to ask about the performance-based nature of the contracts which make up a meaningful proportion of the total potential value of the contract. Could you maybe just give us a sense or an example of what sort of metrics or milestones this is based on? And you mentioned that kind of normal operations would more or less equate to achieving around 40% of the performance bonuses of the contracts, and please correct me if I heard that incorrectly, but what more would be needed to get closer to realizing the full value of those performance bonuses?

只是——我想問合約的績效性質，這佔了合約總潛在價值的很大一部分。您能否提供我們一個概念或例子，讓我們了解這是基於什麼樣的指標或里程碑？您提到，這種正常營運大致相當於實現合約績效獎金的 40% 左右，如果我聽錯了，請糾正我，但還需要做些什麼才能更接近實現這些績效獎金的全部價值呢？

Yeah. So they're very different -- they're different mechanisms, I'd say, between the two contracts for sure. I think the important takeaway here is that both of them have a very heavy component of time drilling, so days per well, and so, that's where we spent a lot of time. And you know I'd say -- I don't want to give any real breakdown or specifics.

是的。所以它們非常不同——我想說，這兩份合約之間肯定存在著不同的機制。我認為這裡重要的一點是，它們兩個的鑽井時間都佔了很大一部分，所以每口井都要花很多時間，所以我們在這方面花費了大量的時間。你知道我想說——我不想給任何真正的細目或細節。

It's proprietary to our customers as well as us, but there's obviously other components to performance, their safety, and other things, all of which we pride ourselves on. But I think about a very important driver being the time against the curve on a well and that's really -- I mean, all of it is where the win-win comes in. But in a big development, there's probably more to play with there in terms of the -- of self-funded pool.

它是我們和客戶的專有財產，但顯然還有其他組件影響性能、安全性和其他方面，所有這些都讓我們感到自豪。但我認為一個非常重要的驅動因素是油井的曲線時間，這才是真正的雙贏。但在一個大的發展中，在自籌資金池方面可能還有更多的可玩之處。

Got it. That's very helpful. My follow up was just on the contract expenses, or I guess contract prep expenses on these. So you mentioned the upgrade CapEx on the two rigs with Shell, but are the contracts prepped expenses for these larger than some of your other multi-year contracts you've announced previously, or are they more or less in line?

知道了。這非常有幫助。我的後續工作只是關於合約費用，或者我猜是合約準備費用。所以您提到了與殼牌公司合作升級兩座鑽井平台的資本支出，但這些合約的準備​​費用是否比您之前宣布的一些其他多年期合約的準備​​費用要大，還是差不多？

I was much more in line. Obviously, the capital on the shelf contracts we've spoken about that but think about kind of the contract prep expense is very much in line.

我更加遵守秩序。顯然，我們已經討論過現有合約的資本，但想想合約準備費用是非常一致的。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Robert, we appreciate the decision to maintain the dividend, obviously, that's the Board decision that you go through frequently. As we think about that over the next two or three years, longer term, as I imagine you're working through the dividends, clearly, this year, it's going to be paid out with free cash flow. It looks based on some of the announcements today that's going to be the case. How do you, at a big picture, think about the dividends just balancing all the moving pieces of a lower oil price against a strong backlog, just kind of like any kind of how is the Board thinking about that dividend, kind of curious on that.

羅伯特，我們讚賞維持股利的決定，顯然，這是董事會經常做出的決定。當我們考慮未來兩三年、更長遠的未來時，我想您正在處理股息，顯然，今年將透過自由現金流支付。根據今天的一些公告來看，情況確實如此。從總體上看，您如何看待股息，它只是平衡了低油價和強勁積壓訂單的所有變動因素，就像董事會如何看待股息一樣，對此我很好奇。

Yeah, so we're committed to the dividend. I would say we have got -- if you look at our first quarter results and our guidance, you can do the math to put us to about a $250 million per quarter EBITDA run rate here. And we said in the remarks we see that ticking up with with these contracts we've just announced and I guess the color I would add to that is that we mentioned twice in the script very deliberately that we also have line of sight to a number of additional contracts.

是的，所以我們致力於分紅。我想說我們已經得到了——如果你看看我們第一季的業績和我們的指導，你就可以算出我們每季的 EBITDA 運行率約為 2.5 億美元。我們在評論中說過，我們看到我們剛剛宣布的這些合約正在不斷增加，我想我要補充的是，我們在腳本中非常刻意地提到了兩次，我們也看到了一些額外的合約。

And so, there is --there are multiple different paths to that uptick occurring sooner than the start of these contracts. It's too early to tell, so I don't want to say too much now here sitting here in early 2025. But we're encouraged, frankly, by the level of conversations we're having, by the behavior we're seeing the contracting, behavior we're seeing out there in the market. And so, yeah, we're pretty confident here in our return of capital structure.

因此，在這些合約開始之前，有許多不同的途徑來實現這種上漲。現在說還太早，所以現在都 2025 年初了，我還不想說太多。但坦白說，我們正在進行的對話水平、我們看到的收縮行為、我們在市場上看到的行為讓我們感到鼓舞。是的，我們對資本結構的回報非常有信心。

Okay, great. And then just on the realizing you might be limited in what you can and cannot say, but in terms of the timing of the contracts with Total and with Shell, a question we often get asked is, okay, well that's great. But when did the negotiation around the pricing actually start? If just kind of any kind of color around that and then. And then on the, I guess, in the press release, we talk about the Noble V-Class rig, was there something specific about those rigs that the customer wanted as opposed to like I guess one of the black rigs is rolling off and it looks like a rig like that could be able to potentially have been slotted in for that one. Thanks.

好的，太好了。然後，當我們意識到自己能說什麼和不能說什麼時，可能會受到限制，但就與道達爾和殼牌簽訂合約的時間而言，我們經常被問到的一個問題是，好的，那太好了。但有關定價的談判實際上是什麼時候開始的呢？如果周圍有任何一種顏色，那麼。然後，我想，在新聞稿中，我們討論了 Noble V-Class 鑽孔機，客戶對這些鑽孔機有什麼特別的要求嗎？而不是像我猜其中一輛黑色鑽孔機正在下線，看起來這樣的鑽孔機有可能被插入到那輛鑽孔機中。謝謝。

Sure, yeah. Look, I'd say initial pricing happened a little while back, but he reality is that final pricing is what happens effectively when you sign a contract, especially in a volatile market like this. So yeah, I'd say these are very current -- this is very current pricing.

當然，是的。聽著，我想說初步定價是不久前發生的，但事實是，最終定價是在簽訂合約時有效發生的，特別是在像這樣動蕩的市場中。是的，我想說這些都是非常當前的——這是非常當前的定價。

The V ships, both of these customers are very strong supporters of the V-Class rigs, the Valiant one, continue -- excuse me, rig of the year from Total last year. And both Shell and Total had the V ships multiple times through time, and so, they're just big supporters of those rigs and those really were the preferred vessels. So in the case of the US, which has some different -- kind of a different type of work required higher -- excuse me, requires higher hook load in some instances. There is a more limited number of higher hook load rigs out there, so we were really happy to upgrade these as part of that contract, and along with the other few upgrades we mentioned for the US work, these are going to be right there with some of the highest spec rigs on Earth.

V 型船，這兩個客戶都是 V 級鑽井平台的堅定支持者，Valiant 型鑽井平台繼續——對不起，它是去年道達爾的年度鑽井平台。殼牌和道達爾都曾多次擁有 V 型船，因此，他們是這些鑽井平台的大力支持者，而這些確實是首選船隻。因此，就美國而言，有些不同 — — 不同類型的工作要求更高 — — 對不起，在某些情況下需要更高的鉤載。目前市場上大鉤載荷鑽機的數量比較有限，因此我們很高興根據合約對這些鑽機進行升級，連同我們提到的針對美國工作的其他幾項升級，這些鑽機將與地球上一些最高規格的鑽機並駕齊驅。

And that's going to be something that -- I mentioned before, we hope that to be right where we are for a very long time, but that's something also that would be valued by a very wide variety of clients should things change. And so, yeah, they're -- look, everything kind of matched up nicely. They have really high thrust for power so they can hold position in surname, which is important, but just the specs matched up very nicely for both of these programs.

這就是——我之前提到過，我們希望它能在很長一段時間內維持現狀，但如果情況發生變化，這也是各種各樣的客戶都會重視的事情。是的，它們——看，一切都很完美地匹配。它們具有非常高的推力，因此它們可以在姓氏中佔據一席之地，這很重要，但這兩個項目的規格匹配得非常好。

Fredrik Stene, Clarksons Securities.

克拉克森證券公司的 Fredrik Stene。

I also have a couple of questions relating to those contracts. So first, I think you said that you know on the back of the bookings that you've made so far and my understanding from the prepared remarks was that the comments and pointed to the Shell and the Total work that there could be more coming down on the same line, and I was wondering if you could give some additional color on that because obviously these 4 rigs will be tied up for three or four years. So to me, it's kind of natural to assume that this could be similar long-term programs for maybe other rigs and Shell, for example, they have other rigs that are rolling off similarly to when the startups are for the two that they already contracted. So any color on what you meant by these comments would be super helpful. Thank you.

我還對這些合約有幾個疑問。首先，我想您說過，您知道到目前為止您所做的預訂情況，而我從準備好的發言中理解到，這些評論都指向殼牌和道達爾的工作，未來可能會有更多類似的工作，我想知道您是否可以對此提供一些額外的說明，因為顯然這 4 座鑽井平台將被停用三到四年。因此，對我來說，很自然地認為這可能是其他鑽井平台和殼牌的類似長期計劃，例如，他們還有其他鑽井平台正在下水，就像他們已經簽約的兩座鑽井平台的啟動一樣。因此，對於您透過這些評論表達的任何含義，都將非常有幫助。謝謝。

Sure. Yeah, I guess the comments and the prepared remarks were really intended to address some more near-term white space in our fleet where we have a number of active conversations right now. And so, too early to tell and all that and there's obviously competition, but we're encouraged with the level of detail and the number of conversations that we're having right now as you look kind of at spots with near-term availability in our fleet, I would say -- I said earlier kind of my bit about the US Gulf. It's a premium based and there we think that those rigs could stay there a very long time.

當然。是的，我想這些評論和準備好的發言實際上是為了解決我們艦隊中一些近期的空白，我們目前在這方面進行了一些積極的對話。所以，現在說這些還為時過早，而且顯然存在競爭，但我們對目前的細節水平和對話次數感到鼓舞，因為您正在查看我們船隊近期可用的地點，我想說 - 我之前說過關於美國墨西哥灣的事情。這是基於溢價的，我們認為這些鑽機可以在那裡停留很長時間。

And I would say also our experience elsewhere perhaps in relation to Suriname, but it really applies anywhere, is that in a collaborative setting where the collective team is delivering very strong results, you do open up additional work. So yes, we're addressing the -- to some extent we're addressing the issue of efficiency where we get paid for higher efficiency, but I think sometimes the unnoticed piece of that is that efficiency leads to more work in and of itself. And so, you know we're particularly excited really about both of these basins, but especially in really a new basin like Suriname about the potential of really unlocking kind of the maximum amount of work ultimately in the area.

我想說的是，我們在其他地方的經驗可能與蘇利南有關，但它實際上適用於任何地方，那就是在協作環境中，集體團隊取得了非常強勁的成果，你確實可以開展額外的工作。所以是的，我們正在解決——在某種程度上，我們正​​在解決效率問題，我們因更高的效率而獲得報酬，但我認為有時被忽視的部分是，效率本身會導致更多的工作。所以，你知道，我們對這兩個盆地都特別興奮，尤其是像蘇利南這樣的新盆地，它有可能最終在該地區釋放出最大限度的工作。

Yeah, that's actually very helpful, which brings me to my follow ups which goes back to the incentive structures of this. I think for the Shell work, you're talking about the 20% of the base rate that you can earn, and it seems that to be related to the speed of the wells really, but it's worth a bit differently for the Total contract. Does that mean that you know this potential additional revenue -- is that potential additional day rate revenue for you guys with no additional cost or is it any other type of additional revenue that might be a lower margin revenue or you know related to additional services or anything? If you could give some clarity on that would also be very helpful.

是的，這確實非常有幫助，這讓我可以繼續關注這個問題的激勵結構。我認為，對於殼牌的工作，您談論的是您可以賺取的 20% 的基本費率，這似乎與油井的速度確實有關，但對於道達爾的合約來說，價值略有不同。這是否意味著您知道這個潛在的額外收入 - 這是您沒有額外成本的潛在額外日費收入還是任何其他類型的額外收入，可能是利潤率較低的收入，或者您知道與額外服務或任何東西有關？如果您能對此做出一些澄清，那將會非常有幫助。

Sure. Yeah, it's a very good question. I actually -- now that now that you've brought it up, no, it's all day rate, there's nothing in there that's like that's margin, it's all 100% margin potential there. The wording is different only because we work with our customers to print what works for all parties and we're -- we just -- that's where we ended on the wording, but no, there's nothing to read between the lines there. These are these are truly all day rate bonuses.

當然。是的，這是一個非常好的問題。我實際上 - 既然您已經提出這個問題，不，它是全天費率，裡面沒有什麼是利潤，那裡全是 100％ 的利潤潛力。措辭之所以不同，只是因為我們與客戶合作，打印出適合各方的內容，而我們 - 我們只是 - 這就是我們在措辭上結束的地方，但是，字裡行間沒有什麼可讀的。這些是真正的全天獎金。

Noel Parks, Tuohy Brothers

諾埃爾·帕克斯（Noel Parks）、圖伊兄弟（Tuohy Brothers）

Just wanted to follow up on sort of a housekeeping thing. During the remarks, the financial remarks, there was something about list of items left over from from the acquisition. So could you just go those again?

只是想跟進一些家務事。在財務評論中，談到了收購後剩餘物品的清單。那你能再說一次嗎？

Sure. No, it's so -- it's the diamond VOP leases. So essentially, just wanted to state that those are running to operating expenses if you will. So I just want to be clear on where that hits on the financial statements. So it's about $26 million here in 2025.

當然。不，是這樣的——這是鑽石 VOP 租賃。因此，從本質上講，我只是想說明，如果你願意的話，這些都是營運費用。所以我只是想清楚地了解這對財務報表有何影響。所以到 2025 年，這個數字大約是 2,600 萬美元。

Great, thanks for -- thanks for the clarification. And I wonder if at this point, and I realized, of course, we have a backdrop of uncertainty, any inkling of whether tariffs have the potential to move the needle on suppliers input costs to a degree that anything could get passed on as you look out to future projects.

太好了，謝謝——謝謝您的澄清。我想知道，在這一點上，我當然意識到，我們處於一個不確定的背景下，是否有跡象表明關稅有可能對供應商的投入成本產生影響，以至於當你展望未來項目時，任何事情都可能被轉嫁出去。

Sure. The short answer is yes. It's a very fluid situation right now, and we talked about as it relates to 2025 for Noble. We estimate this will impact less than $5 million and $15 million and that can change as things play out. So on the steel side, that's something we're focused on a lot. But ultimately, we would expect you know cost increases to generally get passed through to us. We're managing that as well as we can and so, you know that's why we wanted to provide some guidance as we see the world today from a 2025 perspective, but obviously if things change materially from that, then obviously we would expect a bigger impact to us here going forward maybe in 2026.

當然。簡短的回答是肯定的。目前的情況非常不穩定，我們討論的是它與 Noble 2025 年的關係。我們估計這將影響不到 500 萬美元到 1500 萬美元，而且隨著事態的發展，這一數字可能會改變。因此，在鋼鐵方面，我們非常關注這一點。但最終，我們希望成本增加能夠轉嫁給我們。我們正在盡力管理這一點，所以，你知道，這就是為什麼我們想從 2025 年的角度看待當今世界，提供一些指導，但顯然，如果事情發生重大變化，那麼顯然我們預計未來可能會在 2026 年對我們產生更大的影響。

There are no further questions at this time. Mr. Robert Eifler, I will hand the call back over to you.

目前沒有其他問題。羅伯特‧艾夫勒先生，我會把電話轉回給您。

Thanks, everyone, for joining us today. We look forward to catching up with you at the next quarter.

感謝大家今天加入我們。我們期待下個季度與您見面。

Thank you so much. This concludes today's conference call, you may now disconnect.

太感謝了。今天的電話會議到此結束，您可以斷開連線了。