Noble Corporation PLC (NE) 2025 Q2 法說會逐字稿

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

感謝您的支持。我叫麗貝卡，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 年第二季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Ian Macpherson, Vice President of Investor relations. Please go ahead.

謝謝。現在我想將電話轉給投資者關係副總裁 Ian Macpherson。請繼續。

Thank you, operator, and welcome everyone to Noble Corporations second 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 our investor relations page on our website as well.

謝謝接線員，歡迎大家參加 Noble Corporation 2025 年第二季財報電話會議。您可以在我們的網站 noblecorp.com 上找到我們的收益報告以及支持性聲明和附表。我們也會參考我們網站投資者關係頁面上發布的收益簡報。

Today's call will feature prepared remarks from our President and CEO Robert Iler, as well as our CFO, Richard Barker. We will also have with us [Blake Denton], Senior Vice President of marketing and Contracts, and [Joey Collaja], Senior Vice President of operations.

今天的電話會議將以我們總裁兼首席執行官羅伯特·艾勒 (Robert Iler) 和首席財務官理查德·巴克 (Richard Barker) 的準備好的發言為特色。我們也將邀請行銷和合約資深副總裁 [Blake Denton] 和營運資深副總裁 [Joey Collaja] 出席。

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，因此存在一定的風險和不確定性。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 direct and comparable GAAP measure and an associated reconciliation in our earnings report issued yesterday and filed with the SEC. Now I'll turn the call over to Robert Eifler, President and CEO of Noble.

另請注意，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披露，包括最直接和可比較的 GAAP 指標以及相關的對帳。現在我將把電話轉給 Noble 總裁兼執行長 Robert Eifler。

Thanks, Ian. Welcome, everyone, and thank you for joining us as we present our results for the second quarter. Today I'll walk through our financial and operational highlights, recent commercial winds, our perspective on the market, including our semiannual outlook on regional deepwater demand, and wrap up with our fleet strategy. Then I'll hand it over to Richard to cover the financials before I return with some closing remarks and open the line for Q&A.

謝謝，伊恩。歡迎大家，感謝大家參加我們第二季的業績發表會。今天，我將介紹我們的財務和營運亮點、近期的商業風向、我們對市場的看法，包括我們對區域深水需求的半年展望，並總結我們的船隊策略。然後，我會將其交給理查德來介紹財務狀況，然後我會回來發表一些結束語並開始問答環節。

Starting with Q2, we delivered strong financial results with adjusted EBITDA of $282 million and free cash flow of $107 million. Over the past two years, our capital return program has been a key element of our strategy.

從第二季開始，我們取得了強勁的財務業績，調整後的 EBITDA 為 2.82 億美元，自由現金流為 1.07 億美元。在過去的兩年裡，我們的資本回報計畫一直是我們策略的關鍵要素。

We affirmed that commitment this quarter returning an additional $80 million to shareholders through our $0.50 per share quarterly dividend. Yesterday our Board declared a $0.50 per share dividend for the third quarter, now eclipsing $1.1 billion in capital returns since Q4, 2022 through dividends and share repurchases.

我們本季確認了這項承諾，透過每股 0.50 美元的季度股息向股東額外返還 8,000 萬美元。昨天，我們的董事會宣布第三季每股派息 0.50 美元，自 2022 年第四季以來，透過股息和股票回購，資本回報已超過 11 億美元。

On the integration front, we're approaching the one year anniversary of the diamond acquisition, and I'm pleased to report that we've achieved our $100 million synergy target ahead of schedule. I want to thank the teams across the organization who have made our integration efforts so successful. At this point, the heavy lifting is behind us, and our focus now is squarely on optimization.

在整合方面，我們即將迎來鑽石收購一周年，我很高興地報告，我們已提前實現了 1 億美元的協同目標。我要感謝整個組織的各個團隊，是他們讓我們的整合工作如此成功。至此，繁重的工作已經完成，我們現在的重點是優化。

And I'm proud to say that we've already reached a point where we are truly better than the sum of our parts. Turning to commercial activity, our contracting momentum continued this quarter. Building on the transformative awards that we announced in April, we have subsequently secured six new contracts since the last earnings call, as detailed in our fleet status report published yesterday.

我很自豪地說，我們已經達到了一個真正優於各部分總和的水平。談到商業活動，本季我們的簽約勢頭持續。在我們四月份宣布的變革性獎項的基礎上，自上次財報電話會議以來，我們又獲得了六份新合同，詳情請參閱我們昨天發布的機隊狀況報告。

First, on the deepwater front, the Noble Stanley Lafosse was extended by its current customer in the US Gulf for five additional wells, panning approximately 14 months, and keeping the rig contracted through August 2027. There is an option for an additional five wells at mutually agreed rates.

首先，在深水領域，Noble Stanley Lafosse 號在美國墨西哥灣的現有客戶延長了其鑽探另外 5 口井的期限，鑽探週期約為 14 個月，鑽井合約有效期至 2027 年 8 月。雙方也可以選擇以雙方同意的價格開採另外五口井。

Next, the Noble Viking received a one well contract with total in Papua New Guinea scheduled to commence in Q4 in direct continuation of its Brunei campaign. This estimated 47 day program is valued at $34 million including mobilization, demobilization, and MPD usage, but excluding a modest performance bonus.

接下來，Noble Viking 公司與道達爾公司在巴布亞新幾內亞簽訂了一份一口井的合同，該合同計劃於第四季度開始，直接延續其在文萊的勘探活動。這個為期 47 天的計畫價值 3,400 萬美元，包括動員、復員和 MPD 使用費用，但不包括適度的績效獎金。

This will be the first drill ship to operate in Papua New Guinea in over 30 years and the first ever ultra deep water rig to do so. We're honored that Total has entrusted us with this high impact exploration well, which includes options for three additional wells in the region.

這將是 30 多年來第一艘在巴布亞紐幾內亞作業的鑽井船，也是第一艘在巴布亞紐幾內亞作業的超深水鑽井平台。我們很榮幸道達爾將這口高影響力勘探井委託給我們，我們也擁有該地區另外三口井的選擇權。

And finally on the deepwater side, the Noble Globetrotter I, having recently completed its campaign in the US Gulf, secured a two-well contract with OMV in the Black Sea. This contract is planned to begin in Q4, with estimated duration of approximately four months and a total contract value of approximately $82 million including a day rate of $450,000 plus mobilization and demobilization fees.

最後，在深水方面，Noble Globetrotter I 號最近完成了在美國墨西哥灣的作業，並與 OMV 簽訂了在黑海鑽探兩口井的合約。該合約計劃於第四季度開始實施，預計持續時間約為四個月，合約總價值約為 8,200 萬美元，其中包括每日 45 萬美元的費用以及動員和遣散費用。

The rig's unique design provides a distinct advantage for transit into and out of the Black Sea. As a reminder, this Black Sea program is a specific niche market opportunity, but we have otherwise removed the Globetrotters from competitive bidding into drilling programs globally.

該鑽井平台的獨特設計為進出黑海提供了明顯的優勢。提醒一下，這個黑海項目是一個特定的利基市場機會，但我們已將環球旅行者隊從全球鑽探項目的競爭性投標中剔除。

In addition to these deepwater awards, we also secured several recent contracts in our jack up fleet that highlight the versatility of our harsh environment rigs and our ability to support both traditional and energy transition projects.

除了這些深水獎項之外，我們還獲得了自升式鑽井船隊中的幾份最新合同，這些合同凸顯了我們惡劣環境鑽井平台的多功能性以及我們支持傳統項目和能源轉型項目的能力。

First, the Noble Innovator was awarded a six-well contract with bp for the Northern Endurance Partnership Carbon Capture and Storage Project in the UK North Sea. The program is expected to commence in Q3 2026 in direct continuation of our current contract with bp at a day rate of $150,000 with a minimum firm term of 387 days plus two optional wells.

首先，Noble Innovator號與英國石油公司簽訂了一份包含六口井的合同，用於英國北海北方耐力夥伴關係碳捕獲和儲存項目。該計劃預計將於 2026 年第三季開始，直接延續我們與 bp 簽訂的現有合同，日費率為 150,000 美元，最短固定期限為 387 天，另加兩口可選井。

Subsequently, Noble Intrepid was awarded a two-we program with BP for additional Northern Endurance Partnership CCS Wells, also at $150,000 per day. Intrepid's contract is scheduled to commence in April 2026 for an estimated duration of 160 days plus options. We're very proud to support BP with its critical infrastructure project that underpins the UK's carbon storage ambitions.

隨後，Noble Intrepid 號與 BP 簽訂了為期兩年的北方耐力合作計畫 (Northern Endurance Partnership)，為 CCS Wells 號提供額外的服務，費用同樣為每天 15 萬美元。Intrepid 號的合約計畫於 2026 年 4 月開始，預計持續 160 天，另加選擇權。我們非常自豪能夠支持英國石油公司實施其關鍵基礎設施項目，為英國的碳儲存目標奠定基礎。

Lastly, the noble resilience secured a 92 day accommodation services contract at the Inch Cape Offshore wind farm in the UK North Sea. This contract is scheduled to commence within the next few weeks and is valued at approximately $6.5 million for the firm 92 day term with options to extend.

最後，Nord Resilience 號獲得了英國北海 Inch Cape 離岸風電場為期 92 天的住宿服務合約。該合約計劃在未來幾週內開始生效，價值約為 650 萬美元，期限為 92 天，可選擇延長。

Year-to-date we have now secured new contracts with total contract value of $2.8 billion and our total backlog as of August 5 stands at $6.9 billion. As a reminder, our backlog position assumes 40% of available performance revenue realized on a combined basis under our recent long-term contracts with Shell and Total.

今年迄今為止，我們已獲得總價值 28 億美元的新合同，截至 8 月 5 日，我們的總積壓合約金額為 69 億美元。提醒一下，我們的積壓訂單情況假設根據我們最近與殼牌和道達爾簽訂的長期合同，綜合實現的可用績效收入為 40%。

We continue to pursue a number of promising opportunities to build on this recent momentum and look forward to sharing further updates as they materialize. Before we move to the market outlook, I'd like to highlight two key contract startups in Southeast Asia and the Americas that required significant planning and coordination to execute safely and on time.

我們將繼續尋求一些有希望的機會來鞏固這一近期勢頭，並期待在它們實現時分享進一步的更新。在我們討論市場前景之前，我想重點介紹東南亞和美洲的兩家關鍵合約新創公司，它們需要大量的規劃和協調才能安全、按時地執行。

I want to thank the teams involved for their hard work in bringing these projects online. First, in the Philippines, the Noble Viking commenced a critical three well program for prime energy in June to extend the life of a key gas field, an important part of the country's broader push for energy security and independence.

我要感謝參與的團隊為使這些專案上線所做的努力。首先，在菲律賓，Noble Viking 公司於 6 月啟動了一項重要的三口主要能源井計劃，以延長一個關鍵氣田的壽命，這是該國更廣泛地推動能源安全和獨立的重要組成部分。

Following the recent award with Total, the Viking could remain active through most of the first quarter next year if options are exercised, with a robust pipeline of future opportunities in the region thereafter. Next, in Suriname, the Noble developer recently kicked off an important three well development campaign for [Petronoffs] in July, returning to a region with a growing pipeline of development activity for this class of rig.

繼最近與道達爾簽訂合約後，如果選擇權得到行使，維京人可能會在明年第一季的大部分時間保持活躍，此後該地區將有充足的未來發展機會。接下來，在蘇利南，Noble 開發商最近於 7 月為 [Petronoffs] 啟動了一項重要的三口井開發活動，重返該地區，該地區對此類鑽井平台的開發活動日益增多。

Now on to the market outlook, including our semi annual review of key deepwater geographic markets amidst significant macro uncertainty and upheaval this year between tariffs, Middle East conflict, and Brent crude prices that have ranged between the low 60s and the low 80s per barrel, the demand characteristics for offshore drilling have stayed comparatively on trend.

現在談談市場前景，包括我們對主要深水地理市場的半年度回顧，今年在關稅、中東衝突和布蘭特原油價格在每桶 60 多美元至 80 多美元之間波動等重大宏觀不確定性和動蕩的情況下，海上鑽井的需求特徵保持相對趨勢。

While we have seen intensifying pressure on 2025 upstream CapEx, resulting in incrementally more near-term gaps for rigs, we've also seen a crystallization of firming conditions by H2 2026 and into 2027. On the UDW demand side, the global contracted rig count currently stands at 97 rigs, which is roughly flat compared to recent quarters, but down from the recent peak of 105 to 106 during 2023, 2024.

雖然我們看到 2025 年上游資本支出的壓力不斷加大，導致鑽機的短期缺口逐漸增大，但我們也看到 2026 年下半年和 2027 年情況將逐漸好轉。在 UDW 需求方面，全球簽約鑽井平台數量目前為 97 座，與最近幾季相比基本持平，但低於 2023 年和 2024 年期間的近期峰值 105 至 106 座。

We will still probably see a few more IO units over the next few quarters as scheduled rollovers are likely to outstrip visible contract starts and extensions, and this near term slack in the market continues to pressure day rates, which are now generally in the low to mid 400s per day for tier one drill ships.

未來幾個季度，我們可能仍會看到更多的IO單位，因為計劃的展期可能會超過可見的合約開始和延長，並且短期內的市場疲軟繼續對日租金造成壓力，目前一級鑽井船的日租金一般在400到400之間。

Geographically, the recent deepwater demand trend has been shaped by continuing strength in South America, contrasted with softness in West Africa. However, visibility for a potential rebound in West Africa is promising and hopefully drawing nearer.

從地理上看，近期深水需求趨勢受到南美洲持續強勁的需求影響，而西非的需求則表現疲軟。然而，西非潛在反彈的前景令人樂觀，並且有望越來越近。

Starting first in South America, where contracted UDW demand stands at 43 total units, including 35 rigs in Brazil, 5 in Guyana, 2 in surname, and 1 in Colombia. This is a highly important region for Noble as we have 2 rigs working in Brazil in 7 out of the 8 rigs contracted across Guyana's surname in Colombia.

首先從南美洲開始，那裡已簽約的 UDW 需求總計為 43 台，其中巴西 35 台、圭亞那 5 台、圭亞那 2 台、哥倫比亞 1 台。對 Noble 來說，這是一個非常重要的地區，因為我們在哥倫比亞圭亞那地區簽約的 8 個鑽孔機中，有 7 個在巴西作業，其中 2 個在巴西作業。

Visibility throughout the region remains highly encouraging. Starting with Petrobras in Brazil, a strong outlook is supported by recent tenders covering existing development drilling throughout Bios, Mero, and Tupi, as well as potential for new frontier exploration activity in the recently licensed Falls Do Memazonas Basin further to the north.

整個地區的能見度仍然令人十分鼓舞。從巴西的巴西國家石油公司開始，近期的招標活動（涵蓋比奧斯、梅羅和圖皮地區的現有開發鑽探活動）以及更北部最近獲得許可的 Falls Do Memazonas 盆地的新前沿勘探活動潛力都為強勁的前景提供了支持。

These combined with Shell's recent FID at [Gatto D'Amato, Ecuador's] recent drill ship tender, very significant recent exploration success from BP announced just this week, plus miscellaneous demand from one or more smaller operators collectively all frame a very exciting outlook for Brazil for years ahead.

再加上殼牌公司最近對厄瓜多爾加托達馬托 (Gatto D'Amato) 鑽井船招標做出的最終投資決定、英國石油公司 (BP) 本週剛剛宣布的重大勘探成功，以及來自一個或多個小型運營商的各種需求，所有這些都為巴西未來幾年的前景描繪了非常令人興奮的前景。

Elsewhere throughout South America, we are tracking potential floater programs throughout Suriname, Trinidad, Colombia, Uruguay, and the Falklands. With varying probability and timing factors.

在南美洲其他地區，我們正在追蹤蘇利南、特立尼達、哥倫比亞、烏拉圭和福克蘭群島的潛在浮動計畫。具有不同的機率和時間因素。

Overall, the deepwater market in South America continues to show extraordinary depth and breadth of demand, which should keep the region in growth mode. US Gulf has softened recently with 21 contracted UDW rigs today, down from 22 to 24 rigs last year.

總體而言，南美深水市場繼續表現出非凡的需求深度和廣度，這將使該地區保持成長模式。美國墨西哥灣近期表現疲軟，目前已簽約 UDW 鑽井平台 21 座，較去年的 22 座至 24 座下降。

Depending on how the spot market plays out, we may see activity drop slightly further in the back of this year, although current indications from customers suggest that the rig count could normalize back to around 20 UDW rigs next year.

根據現貨市場的表現，我們可能會看到今年稍後的活動進一步略有下降，儘管目前來自客戶的跡象表明，明年鑽井數量可能會恢復到 20 座 UDW 鑽井平台左右。

That said, demand on the US Gulf tends to be a bit more dictated by spot market drivers and is sensitive in that regard to commodity prices as well. ur primary marketing priority in the Gulf is the noble black rhino, which will finish its current contract in the next month or so.

也就是說，美國墨西哥灣的需求往往更受到現貨市場驅動因素的支配，並且在這方面對商品價格也很敏感。我們在墨西哥灣的主要行銷重點是高貴的黑犀牛，它將在下個月左右完成目前的合約。

We are constructive on the rig's long-term outlook in 2026 based on direct conversations we are having with clients, but we would not be surprised to see the rig encounter some near term white space in the meantime.

根據我們與客戶的直接對話，我們對該鑽井平台在 2026 年的長期前景持建設性態度，但同時，如果該鑽井平台遇到一些短期空白，我們也不會感到驚訝。

Next on to West Africa, where currentudDW demand is 12 rigs, similar to recent quarters but materially below the 17 to 20 range that prevailed throughout 2023 in the first half of 2024. Angola remains steady at 6 rigs while Namibia and Nigeria have declined to just 1 in 0 rigs respectively, representing a combined decrease of 6 rigs compared to last year.

接下來是西非，目前對深水鑽井平台的需求為 12 座，與最近幾季相似，但 2024 年上半年的需求大大低於 2023 年全年的 17 至 20 座。安哥拉鑽井平台數量穩定在 6 座，而納米比亞和奈及利亞則分別下降至 1 座，與去年相比共減少了 6 座。

The good news is that visibility for resumed growth in the region is increasingly tangible. While West Africa and Mozambique comprise only 12% of total deepwater rig count today, the region's corresponding share of open demand is 2 times that level at over 25%.

好消息是，該地區恢復成長的跡象越來越明顯。雖然西非和莫三比克目前僅佔深水鑽井平台總數的 12%，但該地區相應的開放需求份額是該水準的 2 倍，超過 25%。

Several prominent IOC tenders appear to be progressing towards contract awards with 26 and 27 start dates. These anticipated fixtures should be supportive of audDW rig count back toward the mid to high 10s or conceivably higher if and when Namibia eventually regains momentum.

國際奧委會的幾項重要招標項目似乎正在朝著 26 日和 27 日開始的合約授予方向推進。如果納米比亞最終恢復勢頭，這些預期的固定裝置應該會支援 audDW 鑽孔機數量回到 10 年代中期到後期，甚至可能更高。

Namibia for now does not factor as prominently in the near term open demand picture as other areas like Nigeria, Ghana, Cote d'Ivoi, and Mozambique, but it should ultimately progress back toward a more consistent multi-rig basin in the fullness of time.

目前，納米比亞在短期開放需求情勢中並不像尼日利亞、加納、科特迪瓦和莫三比克等其他地區那樣佔據突出地位，但隨著時間的推移，它最終應該會恢復到更穩定的多鑽井平台盆地。

Additionally, we are seeing potential incremental exploration activity in adjacent South African blocks which could materialize as early as 2026. The Mediterranean and Black Sea have remained steady with 8 to 9 UDW rigs. However, the big positive surprise in this region recently has been Turkish Petroleum's acquisition of 2 more drill ships from sideline capacity, which will increase their captive fleet from 4 to 6 drill ships and add 2 more units of long-term captive demand in the region.

此外，我們還看到鄰近的南非區塊潛在的增量勘探活動可能最早在 2026 年實現。地中海和黑海保持穩定，共有 8 至 9 個 UDW 鑽井平台。然而，該地區最近最大的驚喜是土耳其石油公司從副業中收購了另外 2 艘鑽井船，這將使其自備船隊從 4 艘鑽井船增加到 6 艘，並在該地區增加 2 艘長期自備船的需求。

Open demand throughout the med appears otherwise supportive of stable activity levels, excluding the oscillations in the Black Sea and the structurally upsized demand from Turkey. Asia Pacific plus India has remained muted and is now down to 4 UDW units compared to 5 earlier this year and 7 to 8 rigs last year. Despite the recent decline, open demand for multiple rigs across India, Southeast Asia, and Australia suggests a modest upward bias in activity over the next 1 to 2 years. Although some of the incremental rig needs are likely to be satisfied by lower spec equipment.

除黑海的波動和土耳其結構性增加的需求外，整個地中海地區的開放需​​求似乎支持穩定的活動水準。亞太地區和印度地區一直保持低迷狀態，目前已降至 4 座 UDW 鑽井平台，而今年稍早為 5 座，去年為 7 至 8 座。儘管近期有所下降，但印度、東南亞和澳洲對多座鑽井平台的公開需求表明，未來 1 至 2 年內鑽井活動將略有上升。儘管一些增量鑽機需求可能透過較低規格的設備來滿足。

Lastly, the harsh environment North Sea and Norway market currently represents 6 units of UDW demand and 19 units of total floater demand, including midwater, both of which are down by 1 rig compared to earlier this year. Two of our North Sea semis, the Great White and the Endeavor, have rolled off contract recently with no visible work opportunities for the balance of this year.

最後，在惡劣環境下的北海和挪威市場目前代表著 6 個單位的 UDW 需求和 19 個單位的浮式鑽井平台需求（包括中水），這兩個需求都比今年稍早減少了 1 個鑽井平台。我們的兩艘北海半潛式鑽井船「Great White」號和「Endeavor」號最近已結束合同，今年餘下時間裡沒有明顯的工作機會。

Upstream customer consolidation policy and fiscal headwinds continue to suppress spending, and there has also been some incremental deferral of P&A and intervention programs since earlier this year. That said, most of the North Sea and Norway floater fleet is copiously contracted into 2027 and beyond. Moreover, there is potential for one harsh semi requirement in Canada, which is currently an inactive market.

上游客戶整合政策和財政逆風持續抑制支出，自今年初以來，P&A 和乾預計畫也逐漸延後。話雖如此，北海和挪威大部分浮動油田船隊的合約期限都已延長至 2027 年及以後。此外，加拿大目前是一個不活躍的市場，因此可能存在一項嚴格的半導體要求。

They're tying all this together, although the next several quarters continue to be characterized by a variety of pluses and minuses on the demand side, which appear to shake out to a roughly flat market. We continue to believe that the bottoms up view supports promising upside by late 2026 or 2027.

他們將所有這些因素結合在一起，儘管未來幾季需求仍將出現各種利弊，但這些因素似乎會導致市場大致持平。我們仍然相信，自下而上的觀點支持 2026 年底或 2027 年出現有希望的上漲空間。

Including a very credible path back toward a contractedudDW rig count of around 105, assuming reasonably stable macro conditions. As we have seen over the past 12 to 18 months, timing risk really continues to be the key wildcard, as many FIDs and rig awards have been drifting to the right.

假設宏觀條件合理穩定，合約鑽井平台數量有望回到 105 左右的非常可信的水平。正如我們在過去 12 到 18 個月中所看到的那樣，時機風險實際上仍然是關鍵的未知因素，因為許多 FID 和鑽井平台獎項已經向右漂移。

Hence our focus on judiciously managing our costs and active fleet posture based on current market realities. Now I'll comment briefly on our contract position and objectives.

因此，我們專注於根據當前市場現實明智地管理我們的成本和活躍的船隊態勢。現在我將簡要評論我們的合約狀況和目標。

We've made very good headway toward contracting our 15 high-end drill ships. We are now principally focused on the black rhino, Viking, and Jerry De Souza as key remaining priorities, all three of which have very robust opportunities under discussion with customers for programs commencing in 2026.

我們在簽訂 15 艘高端鑽井船合約方面取得了巨大進展。我們現在主要關注黑犀牛、維京和傑瑞·德索薩作為剩餘的關鍵優先事項，這三個項目都有非常強勁的機會正在與客戶討論從 2026 年開始的項目。

Moving down the fleet with the decision to dispose of the Globetrotter 2, the Globetrotter 1 still remains in consideration for several multi-year well intervention scopes, which could potentially follow the rig's Black Sea drilling program. If none of these intervention opportunities come to fruition, then we will likely move to dispose the Globetrotter 1 as well.

隨著 Globetrotter 2 號的淘汰，Globetrotter 1 號在鑽井船隊中的地位有所下降，但仍在考慮進行數項為期多年的油井幹預作業，這些作業可能會跟隨鑽井平台的黑海鑽井計劃。如果這些幹預機會都未實現，那麼我們可能也會採取行動處置 Globetrotter 1。

4 of our 8 semi-submersibles are well contracted next year, while the Deliver, Great White, Endeavor are currently idle and the Apex rolling next month. We're pursuing active leads for all four of these units around the world with expected starts varying throughout 2026 and 2027.

我們的 8 艘半潛式平台中有 4 艘已簽約明年交付，而 Deliver、Great White、Endeavor 目前處於閒置狀態，Apex 將於下個月投入營運。我們正在全球範圍內為這四個單位尋找積極的領導，預計在 2026 年和 2027 年間開始實施。

And each is subject to individual stacking plans over the interim term. We'll continue to carefully evaluate stacking costs vis a vis the op opportunity set, especially with older rigs. Now on the jack ups.

並且每個項目在過渡期內都要遵循單獨的堆疊計劃。我們將繼續仔細評估堆疊成本與操作機會集的關係，特別是對於較舊的鑽孔機。現在討論自升式鑽井平台。

In a harsh environment in Northern Europe market, current demand is 28 jack ups. This demand level has fallen off by about 3 rigs compared to last year, and forward visibility for 2026 continues to be clouded by fiscal and regulatory headwinds.

在北歐市場環境惡劣的情況下，目前的需求量為28座自升式鑽井平台。與去年相比，這一需求水準下降了約 3 台鑽孔機，而 2026 年的前景仍受到財政和監管阻力的影響。

We are happy with several of our recent contract wins, including additional CCS and wind farm construction support activity in the UK. In addition to expanding our customer book in Norway with the Intrepid DNO contract.

我們對最近贏得的幾份合約感到高興，包括在英國的額外 CCS 和風電場建設支援活動。除了透過與 Intrepid DNO 簽訂合約來擴大我們在挪威的客戶群之外。

Overall, however, we expect muted market conditions throughout the region to linger until policy-driven impediments are removed, particularly in the UK. That said, our jacked up earnings contribution is disproportionately weighted to our well-contracted units, and we do not anticipate material earnings erosion from the overall jacked up fleet segment compared to current levels.

但總體而言，我們預計整個地區的市場狀況將持續低迷，直到政策驅動的障礙被消除為止，尤其是在英國。話雖如此，我們的提升收益貢獻與我們的合約良好的單位不成比例，並且我們預計與當前水平相比，整體提升船隊部分的收益不會出現實質性的下降。

Wrapping up on the supply side, we have recently closed the disposals of the cold stack drill ships Pacific Suroco and Meltham, permanently removing those units from the drilling market.

總結供應方面，我們最近結束了冷堆鑽井船 Pacific Suroco 和 Meltham 的處置，將這些船舶永久地從鑽井市場中移除。

We are now moving forward with the disposal of the Nobel Globetrotter II, in addition to the jacked up novel Highlander for which we have entered into a definitive agreement to sell for $65 million and the jacked up Nobel Reacher, which is also now held for sale. For additional context, the Reacher is the lowest capability jack up in our fleet, having worked exclusively in accommodation mode for the past few years, and the rig would require meaningful capital to be drilling ready again.

我們現在正在處理 Nobel Globetrotter II 的出售事宜，此外，我們還處理了改裝的新型 Highlander（我們已就其簽訂了以 6500 萬美元的價格出售的最終協議）和改裝的 Nobel Reacher（現在也正在出售）。進一步說明一下，Reacher 是我們船隊中能力最低的自升式鑽井平台，過去幾年一直以住宿模式工作，該鑽井平台需要大量資金才能再次做好鑽探準備。

These actions reflect our continued focus on maintaining a high spec competitive fleet and managing our costs and active capacity as judiciously as possible in order to maximize cash flow for our shareholders.

這些舉措體現了我們持續致力於維持高規格的競爭性船隊，並盡可能明智地管理我們的成本和現役能力，以最大限度地為股東實現現金流。

To underscore this point, while we don't know with exact precision, our best estimate is that the current combined run rate costs for idle slash stacking time across the largest drilling contractors is likely approaching $800 million to $1 billion on an annualized basis. By these estimates, idle costs for floaters alone represent a surcharge of around $30,000 to $35,000 per day on average across every one of the working floater rigs in the global fleet.

為了強調這一點，雖然我們無法準確估計，但我們的最佳估計是，目前最大的鑽井承包商的閒置/堆疊時間的綜合運行成本按年計算可能接近 8 億至 10 億美元。根據這些估計，僅浮式鑽井平台的閒置成本就意味著全球船隊中每座正在運行的浮式鑽井平台平均每天的附加費約為 30,000 至 35,000 美元。

With our focus on cash flow maximization and returning capital to shareholders, we are taking aggressive action to reduce noble's exposure to this surplus cost burden. In other words, our recent and pending capacity rationalizations are instantly accretive as these units have not contributed positive economics in recent years.

我們專注於現金流量最大化並向股東返還資本，我們正在採取積極行動來減少諾貝爾面臨的這種過剩成本負擔。換句話說，我們最近和即將進行的產能合理化會立即產生增值效應，因為這些部門近年來並沒有帶來正面的經濟貢獻。

And as we look ahead to a nearer term flat market with promising upside optionality in the years ahead, We are optimally positioning the fleet for either a flat market or growth market with effectively no relevant earnings attrition. With that, I'll pause here and turn it over to Richard now to discuss the financials.

當我們展望未來幾年前景光明的平緩市場和上漲潛力時，我們將針對平緩市場或成長市場對船隊進行最佳定位，實際上不會造成相關的收益損失。說到這裡，我就暫停一下，現在把時間交給理查討論財務問題。

Good morning or good afternoon all. In my prepared remarks today, I will review our second quarter results, provide a brief update on our integration progress, and then discuss our outlook for the remainder of the year, as well as some high-level perspectives around 2026.

大家早安或下午好。在今天的準備發言中，我將回顧我們第二季度的業績，簡要介紹我們的整合進展，然後討論我們對今年剩餘時間的展望，以及對 2026 年的一些高層展望。

Starting with our quarterly results, contract drilling services revenue for the second quarter totaled $812 million. Adjusted EBITDA was $282 million and adjusted EBITDA margin was 33%.

從我們的季度業績開始，第二季的合約鑽井服務收入總計 8.12 億美元。調整後的 EBITDA 為 2.82 億美元，調整後的 EBITDA 利潤率為 33%。

As expected, Q2 revenue adjusted EBITDA was sequentially lower, primarily due to planned out of service time for the Noble [Sancrofts SPS] and rigs rolling off contract during the quarter into a softer spot market. Q2 cash flow from operations was $216 million net capital expenditures were $110 million and free cash flow was $107 million.

正如預期的那樣，第二季度收入調整後的 EBITDA 環比下降，主要原因是 Noble [Sancrofts SPS] 計劃停用一段時間，以及鑽井平台在本季度合約到期後進入較疲軟的現貨市場。第二季營運活動現金流為 2.16 億美元，淨資本支出為 1.1 億美元，自由現金流為 1.07 億美元。

Included in the Q2. Q3 cash flow is approximately $16 million from the closing of this sale. The Melton sale closed in early Q3 for the cash proceeds of approximately $25 million. As summarized on page 5 of the earnings presentation slide, a total backlog as of August 5 stands at $6.9 billion, which includes $1.1 billion that is scheduled for a revenue conversion for the remainder of the year, with $2.3 billion and $1.6 billion scheduled for conversion in 2026 and 2027 respectively.

包含在 Q2 中。此次出售結束後，第三季的現金流約為 1,600 萬美元。梅爾頓的出售於第三季初完成，現金收益約為 2,500 萬美元。正如收益簡報投影片第 5 頁所總結的那樣，截至 8 月 5 日的總積壓訂單為 69 億美元，其中包括計劃在今年剩餘時間內進行收入轉換的 11 億美元，計劃在 2026 年和 2027 年分別進行 23 億美元和 16 億美元的轉換。

As a reminder, these figures exclude reimbursable revenue and revenue from ancillary services. We're very pleased with the progress of the diamond integration and have now achieved our stated synergy cost target of $100 million. I'd like to echo Robert's earlier comments and thank our employees for the great work in achieving this milestone ahead of schedule.

提醒一下，這些數字不包括可報銷收入和輔助服務收入。我們對鑽石整合的進展感到非常滿意，目前我們已經實現了既定的 1 億美元的協同成本目標。我想贊同羅伯特之前的評論，並感謝我們的員工為提前實現這一里程碑所做的出色工作。

On fleet management, the moves outlined by Robert around the Globetrotter II, the Highlander, and the Reacher highlight our commitment to managing the business to maximize cash flow. While these decisions are not taken lightly, we can no longer justify keeping these rigs and athletes when weighing the ongoing stacking costs and reactivation capital against the opportunities.

在車隊管理方面，羅伯特圍繞著 Globetrotter II、Highlander 和 Reacher 提出的舉措凸顯了我們致力於管理業務以最大化現金流的承諾。雖然這些決定並不是輕率做出的，但在權衡持續的堆積成本和重新激活資本與機會時，我們再也沒有理由保留這些裝備和運動員。

Referring to page 10 of the earnings slide, we're updating our full year 2025 guidance as follows. But total revenue is lowered to a range of $3.2 billion to $3.3 billion. This update aligns with our commentary on the prior call around trending to the lower end of the initial range as we see white space persist in the second half of the year. Specifically on rigs we previously thought would be option exercises that did not materialize.

參考收益投影片的第 10 頁，我們將更新 2025 年全年指引如下。但總收入降至 32 億美元至 33 億美元之間。此次更新與我們先前關於趨勢至初始範圍下端的評論一致，因為我們看到下半年空白空間仍然存在。具體來說，我們先前認為鑽井平台的選擇權行使並沒有實現。

Second, the guidance range for adjusted EBITDA is narrow to the upper end of the previous range, now standing at $1.075 billion to $1.15 billion. This is driven by decent first half results and strong cost management across the business.

其次，調整後的 EBITDA 指引範圍縮小至先前範圍的上限，目前為 10.75 億美元至 11.5 億美元。這是由上半年良好的業績和整個業務強大的成本管理所推動的。

The lower half of this revised range is effectively fully contracted based on year-to-date results and remaining 2025 backlog. Third, we are increasing capital expenditures, excluding customer reimbursements to a range of $400 million to $450 million.

根據年初至今的業績和 2025 年剩餘的積壓訂單，該修訂範圍的下半部實際上已完全收縮。第三，我們將增加資本支出（不包括客戶償還款），增幅介於 4 億至 4.5 億美元之間。

The increase reflects capital ties to the recent long-term awards. The billable CapEx for 2025 is expected to total approximately $25 million, with $10 million incurred in the first half. Looking towards 2026, we currently would expect 2026 capital expenditures to be in the ballpark of around $450 million which includes the capital required for the recent long-term awards.

這一增長反映了與近期長期獎勵的資本連結。預計 2025 年可計費資本支出總額約 2,500 萬美元，其中上半年發生 1,000 萬美元。展望 2026 年，我們目前預計 2026 年的資本支出約為 4.5 億美元，其中包括最近的長期獎勵所需的資本。

As we look ahead, we anticipate adjusted EBITDA to decline sequentially in Q3, primarily due to contract rollovers and planned downtime for the Noble [Venturer]. These impacts will be partially offset by the noble developer contract startup in Suriname and the noble Saro working following her Q2 SPS.

展望未來，我們預計第三季調整後的 EBITDA 將環比下降，主要原因是 Noble 的合約展期和計畫停機時間[冒險者]。這些影響將透過蘇利南貴族開發商合約啟動和貴族薩羅在其第二季度 SPS 之後的運作得到部分抵消。

If we zoom out and bring 2026 into view, we remain constructive on the long-term market, despite white space that is expected to persist well into 2026. Given this, we expect quarterly EBITDA to trend lower over the next four quarters relative to the first half of 2025.

如果我們把眼光放遠，將目光投向 2026 年，我們仍然對長期市場持建設性態度，儘管預計空白區域將持續到 2026 年。有鑑於此，我們預計未來四季的季度 EBITDA 將比 2025 年上半年呈現下降趨勢。

But expect a material rebound starting in the second half of 2026 supported by the startup of new long-term contracts in parallel with rising deep water demand levels. In the meantime, we are taking a disciplined approach to managing our business that is calibrated to the realities of a nearer term flatter demand environment. With that, I'll hand it back to Robert for closing remarks.

但預計從 2026 年下半年開始，隨著新的長期合約的啟動以及深水需求水準的上升，將出現大幅反彈。同時，我們正在採取嚴謹的方法來管理我們的業務，以適應近期較為平緩的需求環境的現實。說完這些，我將把發言交還給羅伯特，請他做最後的總結發言。

Thank you, Richard. To reiterate, we're seeing signs that the deepwater market could firm up nicely by the second half of 2026 or 2027. But in the meantime, we are managing the business from a cost and cash flow discipline perspective for the flatter market presently at hand.

謝謝你，理查。需要重申的是，我們看到的跡象表明，到 2026 年下半年或 2027 年，深水市場可能會強勁復甦。但同時，我們正從成本和現金流紀律的角度來管理業務，以應對目前較為平淡的市場。

We remain committed to and confident in a stable dividend. Thus, shareholders in Noble have the unique benefit of being paid to wait for the next leg up in the cycle. While late 2026 is still a ways out, and with perennial macro uncertainties and volatility continuing to shape upstream spending, our current backlog coupled with the active dialogue we're having with customers on a global basis gives us confidence in soon substantially de-risking.

我們仍然致力於實現穩定的股息，並且對此充滿信心。因此，來寶的股東享有獨特的優勢，即在等待下一輪週期上漲的同時獲得報酬。雖然 2026 年底仍是一段遙遠的時期，而且長期的宏觀不確定性和波動性繼續影響上游支出，但我們目前的積壓訂單加上我們與全球客戶進行的積極對話，使我們有信心很快大幅降低風險。

An annualized free cash flow run rate of $400 to $500 million by the second half of next year, even in a scenario where current trough levels of demand linger past 2026. Today we are keenly focused on securing the very small handful of key remaining contracts that would be necessary to complete that picture while continuing to deliver the service integrity and value every single day that our customers expect and require from Noble.

即使在當前需求低谷持續到 2026 年以後的情況下，到明年下半年，年化自由現金流運行率也能達到 4 億至 5 億美元。今天，我們正全心全意地致力於確保完成這一目標所必需的極少數關鍵剩餘合同，同時繼續每天提供客戶對 Noble 所期望和要求的服務完整性和價值。

With that operator, we're now ready to go to questions.

有了這個操作員，我們現在就可以回答問題了。

(Operator Instructions) Arun Jayaram, JP Morgan.

（操作員指示）摩根大通的阿倫·賈亞拉姆 (Arun Jayaram)。

Yeah, good morning, gentlemen. I was wondering if we could unpack a little bit about around the guidance update. You're lowering your top line guidance by about 3%, but tweaking higher your EBITDA guide by about 1%. So maybe you could just help us unpack kind of the moving pieces there.

是的，先生們，早安。我想知道我們是否可以稍微解釋一下有關指導更新的內容。您將營業收入預期下調約 3%，但將 EBITDA 預期上調約 1%。所以也許您可以幫助我們解開那裡的移動部件。

So I think on the last conference call, I think we softly guided to the lower end of the revenue range. And, I think unfortunately we have a couple of options or specific options which decide that position. I think it's a little bit.

因此，我認為在上次電話會議上，我們溫和地引導了收入範圍的下限。而且，我認為不幸的是，我們有幾個選擇或特定的選擇來決定這個立場。我覺得有一點。

Got it. So cost management, the driver of that. Got it. Okay, great. And then maybe for Robert, you highlighted, the organization's focus from marketing perspective on the [black rhino Viking and Jerry De Souza], obviously the outlook which is kind of consistent with your peers is for a broader set of opportunities kind of emerging, later in '26 and '27. So talk to us about kind of your strategy around those 3 rigs because that can be a decent swing factor as we think about, your earnings power next year.

知道了。因此，成本管理是實現這一目標的驅動力。知道了。好的，太好了。然後也許對羅伯特來說，你強調，該組織從行銷角度關注的是[黑犀牛維京人和傑里德索薩]，顯然這種觀點與你的同行一致，即在 26 年和 27 年後期會出現更廣泛的機會。那麼，請與我們討論您圍繞這 3 個鑽機的策略，因為當我們考慮您明年的盈利能力時，這可能是一個不錯的波動因素。

Yeah, sure, and that's why we're highly focused on those three, I mentioned at the end of my prepared remarks, where we think we can get run rate, and, having probably two of those three contracted is a key part of that.

是的，當然，這就是為什麼我們高度關注這三個，我在準備好的發言結束時提到，我們認為我們可以獲得運行率，並且可能與這三個中的兩個簽訂合約是其中的關鍵部分。

What I would say is we have a very strong line of conversation behind all three of those rigs.

我想說的是，我們對這三座鑽孔機都有非常強烈的討論態度。

And I think that that fits in while we've had perhaps a slightly more muted tone on the outlook on the on the market outlook. We do see the big projects going through definitively, and we are extremely encouraged by the level of conversations we're having around bigger projects and, in search of the higher quality rigs.

我認為這與我們對於市場前景的看法可能略微溫和的情況相符。我們確實看到大型專案正在順利進行，並且我們對於圍繞大型專案和尋求更高品質鑽機的對話水平感到非常鼓舞。

So I think what we've seen, and this question, but I think what we've seen here, especially in the last three months is a little bit of a disappointing level of demand at the lower end spectrum of rigs globally but with very little change on demand for the higher end rigs.

所以我認為我們已經看到了這個問題，但我認為我們在這裡看到的，特別是在過去三個月中，全球低端鑽機的需求水平有點令人失望，但高端鑽機的需求變化很小。

Great, thanks a lot, gentlemen.

太好了，非常感謝，先生們。

Thanks.

謝謝。

Fredrik Stene, Clarksons Securities

Fredrik Stene，克拉克森證券

Hey Robert and team. I hope you are having a nice day so far. So I wanted to touch a bit first, a bit more specifically on Brazil, clearly, you have as you said in your prepared remarks. Quite decent exposure to South America in general, but right now there are several standards that are going on down in Brazil, B, Mero, T, etc.

嘿，羅伯特和他的團隊。我希望你今天過得愉快。因此，我想先更具體地談談巴西問題，顯然，正如您在準備好的演講中所說的那樣。總體而言，在南美洲的曝光度相當不錯，但目前巴西有幾種標準正在進行中，B、Mero、T 等。

You guys have, I think one rig rolling off in late 206, 1 in early 2027.

我認為你們有一艘鑽孔機將於 206 年底下水，另一艘將於 2027 年初下水。

How do you think about the recontracting opportunities for for those units in particular and Are you planning to keeping them down in Brazil?

您如何看待這些單位的重新簽約機會？您是否計劃將它們留在巴西？

Yeah, so I think we think about Brazil as At worst flat and more likely probably up a rig or two on rig demand.

是的，所以我認為我們認為巴西的鑽機需求在最壞的情況下會持平，更有可能的是增加一兩台鑽機。

Obviously with 30 of the 35 rigs in country, Petrobras will be the the one who determined that, the narrative, I think, the narrative from them is positive. You've got the video Tinder right now, and there are a lot of moving parts.

顯然，巴西石油公司擁有該國 35 個鑽井平台中的 30 個，我認為他們的說法是積極的。您現在已經有了視訊 Tinder，並且它有很多活動部件。

They turned off a handful of groups already, but, the way they kind of shape that tender and then move forward from there is very important and it's just a little bit too early I think to have, of kind of a I guess a factionable opinion on where they go, but, we're planning for Petrobras to effectively be flat on recount. Through time and then with some outsiders we mentioned outside of Petrobras in Brazil.

他們已經關閉了一些團體，但是，他們塑造招標的方式以及從那裡向前發展的方式非常重要，我認為現在對他們的去向形成一種派系意見還為時過早，但是，我們計劃讓巴西石油公司的重新計票結果保持平穩。隨著時間的推移，我們與一些外部人士提到了巴西石油公司以外的公司。

So we're pretty, and then obviously further north, there's an immense amount of activity at the core region for us and so we think South America right now is certainly a bright spot in the on the demand side.

所以我們很漂亮，然後顯然在更北的地方，我們的核心區域有大量的活動，所以我們認為南美洲現在肯定是需求方面的一個亮點。

Okay, thanks that that's very helpful. And then turning to, supply, you have the announced today that you're holding for sale, one being, in the definitive agreement already, the two others, I, maybe you said it in the prepare your marks, but are those targeted to be, retired from the drilling fleet, or are you potentially selling to call it competitors or niche markets where you don't have any presence and and that's an add on to that.

好的，謝謝，這非常有幫助。然後談到供應，您今天宣布您正在出售，其中一個已經在最終協議中，另外兩個，我，也許您在準備標記中說過，但那些目標是從鑽井船隊退役，還是您可能會出售給所謂的競爭對手或利基市場，在這些市場您沒有任何存在，這是對此的補充。

You also talked about, rigs in your fleet now having individual stacking plants, etc. If there's, prolonged downtime. But if you don't find opportunities for for some of those rigs, can you identify potential further? For retirement candidates also beyond the one as you.

您還談到，您車隊中的鑽孔機現在都有單獨的堆疊設備等。如果有的話，停機時間就會延長。但是，如果您沒有找到某些鑽孔機的機會，您能進一步發現潛力嗎？對於退休候選人來說也超越了你這樣的人。

Mentioned. Thanks. Yeah, so the Highlander will go to a drilling project. And we don't have the conclusion on the [reacher] or the GT2, but we would not anticipate that those are sold for drilling purposes. So we would not anticipate that the redriller the globe trotter, that we would be competing against those later. The Highlander will go to drilling.

提及。謝謝。是的，所以 Highlander 將參與鑽井專案。我們還沒有關於 [reacher] 或 GT2 的結論，但我們預計它們不會用於鑽探目的。因此，我們不會預料到重新鑽研的人、環球旅行者，我們以後會與他們競爭。漢蘭達號將進行鑽探。

I would reiterate on the second part of your question. What we've done already with the Meltham and the Sirocco, and then we mentioned that with the Globetrotters, those are effectively, competing for intervention work with the sole exception of one or two places in the world that really need the globetrotter capabilities for drilling like the White Sea.

我想重申一下你問​​題的第二部分。我們已經對 Meltham 和 Sirocco 進行了測試，然後我們提到了對 Globetrotters 的測試，它們實際上在競爭幹預工作，只有世界上一兩個地方真正需要環球旅行者號鑽探能力，例如白海。

And then I think being rational on the jack up side as well, we're just big believers that the option value of hoping for a better market, at present is more expensive than it has been in times past, and we've said for years that we're running this company to generate cash, in our fleet rationalization policy has been really in keeping with that.

然後我認為在自升式鑽井平台方面也是理性的，我們只是堅信希望市場更好的期權價值目前比過去更加昂貴，而且我們多年來一直說我們經營這家公司是為了賺錢，我們的船隊合理化政策確實與此相符。

So what else could be out there? We mentioned the GC1. But I think from there, I think we've done. What we think we need to do, obviously we can be, we'll continue to be rational, and we'll continue to look forward and what we see and offer specific opportunities that, for a given rig, and make decisions and continue to be rational as we move forward.

那麼那裡還有什麼呢？我們提到了 GC1。但我認為從那時起我們就完成了。我們認為我們需要做的，顯然我們可以做到，我們將繼續保持理性，我們將繼續展望未來，展望我們所看到的，並為特定的鑽機提供具體的機會，並做出決策，並在前進的過程中繼續保持理性。

Alright, thank you so much. I'll leave that up. Have a good day.

好的，非常感謝。我就不說了。祝你有美好的一天。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. So you've provided a very constructive medium term outlook in your walk through the regions, but indicated some near term softness here. We've seen leading edge day rates on recent multi contracts in the low 400s. Just curious on your expectation on where that pricing could go for upcoming contracts later this year. Do you think?

嗨，早安。因此，您在考察各地區時提供了非常建設性的中期展望，但也指出了近期的一些疲軟情況。我們看到，近期多合約的領先日利率在 400 左右。我只是好奇您對今年稍後即將簽訂的合約的定價預期。你覺得呢？

Rates kind of hold firm here in the low 400s or could they even see a downtick lower just just given the near term softness we're seeing right now, just curious on your thoughts there.

利率在 400 左右保持堅挺，或者是否可能出現下降趨勢，只是考慮到我們目前看到的短期疲軟，我只是好奇您的想法。

Yeah, I mean, I think, thanks, I think race are low 400 like you said, there hasn't, to my knowledge, there hasn't been a single example of a 2 BOP, tier one rig, below that range.

是的，我的意思是，我認為，謝謝，我認為種族低於 400，就像你說的，據我所知，沒有一個 2 BOP、一級鑽機低於該範圍的例子。

Our outlook is that there should be some incremental rig rig demand by late 206, hopefully, and I can't imagine someone.

我們的展望是，到 206 年底，鑽孔機需求應該會有一些增量，但我無法想像有人會這麼做。

Dropping rates with that outlook, but who knows? I do think you have because of the, you've got a little bit of a funny dynamic where there's a number of big projects coming on in late 2016 and 27 with probably a drop in demand in the interim.

按照這種前景，利率會下降，但誰知道呢？我確實認為這是因為，你有一個有點有趣的動態，即在 2016 年末和 27 年將有許多大項目啟動，而在此期間需求可能會下降。

So, people like to talk about GAAP pillar work, that kind of stuff, who knows? I think you could have some lower rates, but I think I don't think that's representative of a growing market, of you, if you pull in late '26 and '27, earnings potential.

所以，人們喜歡談論 GAAP 支柱工作，諸如此類的東西，誰知道呢？我認為您可能會有一些較低的利率，但我認為這並不代表一個不斷增長的市場，如果您在 26 年末和 27 年期間有所斬獲，那麼盈利潛力就很大。

Got it. That's very helpful, [Colin]. Thank you. My follow-up is somewhat related. I think you said in prepared remarks that that there's a very credible path back to UDW rig count, back up to 105, I think towards the back half of next year, assuming stable macro condition.

知道了。這很有幫助，[科林]。謝謝。我的後續行動有些相關。我認為您在準備好的發言中說過，假設宏觀條件穩定，那麼 UDW 鑽井數量很有可能回升至 105 個，我認為大約在明年下半年。

Fair to say that there is also a very credible path back to leading edge pay rates sort of in in that mid to high 400 level on contract announcements we might see in the back half of next year.

公平地說，我們可能會在明年下半年的合約公告中看到，有一條非常可信的途徑可以回到領先的薪酬率，即 400 左右的中高水平。

It's a great question. I wish I knew the answer. I think, But I, the way I think the way we do it is that we're in a little bit of a lull that's been created by a lot of macro noise right now. So if you want to, if if you want, I would make the claim that if we're now just below 100 working reefs on the flower side on the EDW side.

這是一個很好的問題。我希望我知道答案。我認為，但是我，我認為我們這樣做的方式是，我們目前處於一種由大量宏觀噪音造成的平靜之中。所以如果你願意，如果你願意，我會聲稱，如果我們現在在 EDW 側的花側有略低於 100 個的工作珊瑚礁。

And that perhaps would just take the Brent curve that perhaps sounds a normalized demand level with current rent curve, which should be 100 to 105, that kind of range, and we've counted up projects and I think see a path to the higher end of that range.

這也許只是採用布倫特曲線，這聽起來可能是一個標準化的需求水平，當前的租金曲線應該是 100 到 105 這樣的範圍，我們已經計算了項目，我認為看到了一條通往該範圍高端的路徑。

So yes, I think that is at a minimum stabilization and there is absolutely a path where rates pick back up from here. We're going to have to wait and see what happens in the interim, you can map out of a relatively large slice of the demand for big projects.

所以是的，我認為這至少是穩定的，並且絕對存在利率從現在開始回升的路徑。我們將不得不拭目以待，看看在此期間會發生什麼，你可以繪製出對大型專案相對較大的需求。

But there is always just enough other out there that makes these things pretty hard to predict and I kind of mentioned it earlier around the lower spec. The demand acquiring lower assets, but in my opinion it's the other that's created a softer market here recently, than I think anyone was anticipating. So it's a little early for these predictions, but we're certainly hopeful here that we get back to a much more normalized level by the end of next year.

但總是有足夠多的其他因素使得這些事情很難預測，我之前提到過關於較低規格的問題。收購資產的需求較低，但在我看來，另一個因素導致最近這裡的市場比任何人預期的都要疲軟。所以現在做出這些預測還為時過早，但我們當然希望到明年年底能夠恢復到更正常的水平。

And then I guess I would add on the thought that we kind of made in prepared in March, but We just feel very strongly that with our fleet, our current contract set and then a pretty limited a need for additional contracts that that that we can set ourselves up here for some pretty meaningful cash flow we mentioned 400 to 500 in the prepared remarks. With effectively a flat market from even maybe area down a small tip, but effectively if what we see now is the new reality, we still think that we can generate meaningful cash flow for our for our investors, and we've given a lot of that out for costs for optimism that we would actually be.

然後我想我會補充一下我們在三月準備的想法，但我們只是強烈地感覺到，憑藉我們的船隊、我們目前的合約以及對額外合約的需求相當有限，我們可以在這裡為自己設定一些非常有意義的現金流，我們在準備好的評論中提到了 400 到 500。實際上，市場處於平穩狀態，甚至可能略有下降，但實際上，如果我們現在看到的是新的現實，我們仍然認為我們可以為我們的投資者創造有意義的現金流，並且我們已經為樂觀地認為我們實際上會這樣做的成本付出了很多。

Got it. Great. Thank you. I'll turn it back.

知道了。偉大的。謝謝。我會把它轉回去。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah thank you and thanks for taking my questions. I feel like I asked this like once a year but could you kind of remind us, the timing of the exon rig resets and maybe how we should be thinking about that. I believe it's in October how we should be thinking about that versus say where it was when it was reset, I guess a few months ago.

是的，謝謝你，也謝謝你回答我的問題。我覺得我每年都會問一次這個問題，但你能提醒我們一下外顯子裝置重置的時間，以及我們應該如何考慮這個問題嗎？我認為我們應該在十月考慮這個問題，而不是說幾個月前重置時的情況。

Yes, it's March first and September first are the dates that the new rates go into effect, and so those rates are, respectively set three to five months prior to when they go into effect, I would say that that mechanism has worked extremely well, and it has tracked the market, since we came up with the CEA and and so we're talking about, the September rate that will go into effect that was set two or three months ago. And so, we don't get the race out, but, I think there is obviously also ties and I think that that mechanism has really tracked the market very closely.

是的，新利率的生效日期是 3 月 1 日和 9 月 1 日，因此這些利率分別在生效前三到五個月設定，我想說，自從我們提出 CEA 以來，這種機制一直運作良好，並且一直跟踪市場，所以我們談論的是 9 月份生效的利率，該利率是在兩三個月前設定的。因此，我們沒有排除競爭，但我認為顯然也存在聯繫，而且我認為這種機制確實非常密切地跟踪了市場。

And then and and I felt like Robert you mentioned kind of dual BOP, which is what those are, so that, so is it's safe to assume that excludes kind of the, like a, it definitely sounds like it excludes 6 ris but maybe even lower and sevenths.

然後，我覺得羅伯特，你提到了某種雙重 BOP，這就是它們，所以，可以安全地假設它排除了那種，就像，它聽起來肯定排除了 6 個 ris，但甚至可能更低和七分之一。

That's correct. That's that to the.

沒錯。就是這樣。

Okay, great, thank you for that. And then I did have a broader question, obviously there was some big news yesterday with some consolidation in the jack up market, clearly, the acquire has not historically operated in the North Sea.

好的，太好了，謝謝你。然後我確實有一個更廣泛的問題，顯然昨天有一些重大新聞，自升式鑽井平台市場出現了一些整合，顯然，收購在北海歷史上從未進行過。

Does this, M&A'S sometimes good for a sector, sometimes bad. Any kind of view on how this impacts the jack up market, and realizing you've been scaling down your jack up fleet over the last couple of years, but any kind of view, how does this do anything to change how you're thinking about Jack that you're a jack up fleet post that M&A deal?

這是否意味著併購有時對某個產業有利，有時不利？您對於這將如何影響自升式鑽井平台市場有何看法？您是否意識到過去幾年來您一直在縮減自升式鑽井平台船隊的規模？您認為這是否會改變您對自升式鑽井平台的看法？您認為在併購交易之後，您是一支自升式鑽井平台船隊。

No, not really, honestly, I mean, we have the three rigs outside of the North Sea, that we're marketing, aggressively, and then, yeah, there, there's obviously some overlap with the North Sea and this M&A deal, but we're.

不，說實話，不是真的，我的意思是，我們在北海以外有三個鑽井平台，我們正在積極營銷，然後，是的，那裡顯然與北海和這筆併購交易有一些重疊，但是我們。

It doesn't change our demand, I mean, sorry, may not, but it H1stly, no, it doesn't do a whole lot. And to change our views on anything, I'm happy for the companies and I think it was probably a great deal and win-win but doesn't really, I don't think it spurs action from our side.

它不會改變我們的需求，我的意思是，抱歉，可能不會，但首先，它不會起到太大的作用。改變我們對任何事情的看法，我為這些公司感到高興，我認為這可能是一項很好的雙贏交易，但實際上，我認為這並沒有激發我們的行動。

Okay, super helpful. Thank you very much.

好的，非常有幫助。非常感謝。

Thank you.

謝謝。

Douglas Becker, Capital One Security.

道格拉斯·貝克爾，Capital One Security。

Thank you, Robert. You've laid out that Q1 drill ships are still in the low 400 to mid-400 range. Have you seen any material changes to some of the other factors that can affect economics like MOB or DMO fees or capital reimbursements? I'm just trying to look a little deeper in terms of the economics in the current environment.

謝謝你，羅伯特。您已經指出 Q1 鑽井船數量仍在 400 艘出頭至 400 艘中段的範圍內。您是否看到其他一些可能影響經濟的因素（如 MOB 或 DMO 費用或資本補償）發生重大變化？我只是想更深入地了解當前環境下的經濟狀況。

Yeah, I mean, the contract terms are effectively correlated with day rates. However, I would say that if you're talking about a wider spectrum of potential day rates, so, the awful years that had two handles on them all the way over to, kind of some world with five handles where there is where there is a true shortage of races. I don't think the change between high 400s and low 400s is particularly meaningful on the broader contract term scale. So, yeah, there will be a bit of economic leakage probably today versus when we were knocking on the 500 door, but I don't think that's a meaningful change, so far.

是的，我的意思是，合約條款與日費率實際上是相關的。然而，我想說的是，如果你談論的是更廣泛的潛在日費率，那麼，那些糟糕的年份，從只有兩個手柄一直到有五個手柄的世界，那裡的比賽確實很短缺。我認為，從更廣泛的合約期限來看，400 多和 400 多之間的變化並不是特別有意義。所以，是的，與我們敲開 500 強大門時相比，今天可能會出現一些經濟漏洞，但我認為到目前為止這不是一個有意義的變化。

Fair enough. And you've touched on this a little bit, but just on some of the options that are outstanding, just any general commentary in terms of option exercises we think about. Those rigs going forward.

很公平。您稍微談到了這一點，但只是談到了一些尚未解決的選項，只是就我們考慮的期權行使方面所做的一般性評論。那些鑽孔機正在前進。

Yeah, I think we made the assumption for two or three years that all options would be exercised. And I think today we'll make the assumption that I'm just, I have no idea. I'm just going to throw out half to 75% are our exercise, and hopefully towards the higher end of that, but maybe another way to put that is that there, there's a, there's definitely going to be, if you look across the full industry spectrum of options, there's going to be.

是的，我想我們假設兩三年內所有選擇都會被行使。我想今天我們會假設我只是，我不知道。我只是要指出一半到 75% 是我們所做的，並希望能達到更高的水平，但也許另一種說法是，如果你縱觀整個行業的選擇範圍，就會發現肯定會有。

A non-negligible number that probably are not exercised. We've suffered from that a little bit on our 2025 numbers where, mid to late last year we were quite certain that a couple of them would be op option would be exercised that ultimately we're not.

可能有相當多的人沒有得到運動。我們在 2025 年的數據上受到了一些影響，去年年中到年底，我們非常確定其中幾個選項將被行使，但最終我們並沒有這樣做。

Got it thank you.

明白了，謝謝。

David Smith, Pickering Energy Partners.

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

Hey, good morning and thanks for taking my questions. So a lot of mine have been answered. I'm going to sit back with just a little bigger picture question and in past cycles we typically saw floater contract lead times move in tandem with utilization and backlog in the past few months we've seen operators locking in multi-year contracts with 12 to 24 month lead times even as near term demand looks softer and the red count turns lower. It's, creating multi-quarter gaps between.

嘿，早上好，感謝您回答我的問題。我的很多問題都已經解答了。我將坐下來思考一個更大一些的問題，在過去的周期中，我們通常看到浮動合同的交付週期與利用率和積壓量同步變化，在過去的幾個月裡，我們看到運營商鎖定了交付週期為 12 至 24 個月的多年期合同，即使短期需求看起來較弱，紅色數量也下降了。這會造成多個季度之間的差距。

Contracts for some reasons, a dynamic that seems fairly uncommon compared to prior cycles. I was curious if this, strikes you as unusual and if you have any thoughts on what is driving that out your contracting behavior.

由於某些原因而簽訂的合同，與之前的周期相比，這種動態似乎相當不常見。我很好奇，這是否讓你覺得不尋常，以及你是否想過是什麼導致了你的簽約行為。

Yeah, I, that's a great observation day, and we agree with you. I mentioned earlier a little bit that it is kind of a unique because we're asked about day rates and it is a little bit of a unique situation where I think whether you're talking to a drilling contractor or a service company, everybody sees.

是的，我認為這是一個很棒的觀察日，我們同意你的看法。我之前提到過，這有點獨特，因為我們被問及日費率，這是一種有點獨特的情況，我認為無論你是在與鑽井承包商還是服務公司交談，每個人都會看到。

Some demand on the horizon here in late '26 and '27, and there's been a disconnect between some long league providers and the national service providers for some time. And so it is creating a kind of a different situation than we're accustomed to.

2026 年底和 2027 年，這裡將會出現一些需求，而且一些長距離聯賽提供者和國家服務提供者之間已經有一段時間出現脫節。因此，它創造了一種與我們習慣的不同的情況。

I think that part of this is, but our understanding is that for these all the projects that are being sanctioned and moving forward, obviously the math works here in the kind of 60s range for Brent. So I think you're seeing that dynamic play out as major projects move forward, and I think you're seeing that on the back end of so much noise, macro noise.

我認為部分原因在於此，但我們的理解是，對於所有這些正在獲得批准和推進的項目，顯然布蘭特原油價格在 60 年代左右的範圍內是可行的。因此，我認為，隨著重大專案的推進，你會看到這種動態的發揮，而且我認為，你會在如此多的噪音、宏觀噪音的後端看到這種動態。

And also a persisting commitment to this to capital discipline, for our customers, that is creating this slightly different dynamic than what we're used to and the cor you're right, the correlation on lead time is has has kind of fallen apart here. We take all that as a good sign. I mean, we went through the global view and we're optimistic that we can get back to what I would call a more normal level for a more normal level of activity you know 100 to 105 working in you know rigs.

同時，我們始終堅持對資本紀律的承諾，為了我們的客戶，這創造了與我們習慣的略有不同的動態，你是對的，交貨時間的相關性在這裡已經有點崩潰了。我們認為這一切都是一個好兆頭。我的意思是，我們縱觀全球，我們樂觀地認為，我們可以恢復到我所說的更正常的水平，即鑽井平台上 100 到 105 個作業的正常活動水平。

I appreciate it and follow up if I may, kind of relates to Eddie's question earlier, but for the rigs that are facing multi-quarter gaps between, firm term contracts.

我很感激，如果可以的話，我會繼續跟進，這有點涉及 Eddie 之前的問題，但對於面臨多個季度差距的鑽井平台來說，固定期限合約。

Do you see a risk that bidding strategies become more aggressive to fill in those gaps? And if so, do you think that, more competitive pricing for short term and near term work might Influence broader price and expectations or do you think it's just going to result in a greater bifurcation for, short term, near term versus longer term work?

您是否認為競標策略會變得更積極以填補這些空白？如果是這樣，您是否認為短期和近期工作更具競爭力的定價可能會影響更廣泛的價格和預期，或者您認為這只會導致短期、近期和長期工作之間的更大分歧？

Yeah, I mean, for sure, I think you're going to see GAAP work where people are willing to to to take almost any price or take a take a a discount maybe be better way to say it, but I don't, I just don't think that affects.

是的，我的意思是，當然，我認為你會看到 GAAP 發揮作用，人們願意接受幾乎任何價格或接受折扣，也許是更好的說法，但我不這麼認為，我只是不認為這會產生影響。

The broader pricing strategies for companies, I don't think it will affect ours, and, I think you go back to this funny dynamic we have right now, everybody sees it and we're one of the last to go on this earnings season and whether you're talking about building a track or a service company, everyone's talking about the same dynamic and so I think that's really meaningful and important, and, I think people are going to price as as they see the market and people generally see a bit of an uptick here in starting in late '26. So I think of the GAAP filler stuff as more noise than I do, of something that's going to drive rates.

我認為，公司更廣泛的定價策略不會影響我們的定價策略，而且，我認為你回到我們現在所處的這種有趣的動態，每個人都看到了它，我們是這個財報季最後一批公司之一，無論你是在談論建立賽道還是服務公司，每個人都在談論同樣的動態，所以我認為這真的很有意義，也很重要，而且我認為人們會根據他們通常會出現一些市場的定價。因此，我認為 GAAP 填充物比我想像的更像噪音，它會影響利率。

Great, really appreciate the call. Congrats on the quarter and the better cost outlook.

太好了，非常感謝您的來電。恭喜本季業績和更好的成本前景。

Thanks that.

謝謝那。

Noel Parks, Tuohy Brothers.

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

Hi, good morning. I was wondering, just given some of your comments about the marketplace so far. Do you see or have you considered any revisiting of the maintenance and upgrade schedule, as you look at what's still some near term uncertainty, about, whiteface being taken up, balanced against you, as you pointed out the pretty consistent industry optimism in '26 and '27.

嗨，早安。我很好奇，只是根據您對迄今為止的市場的一些評論。您是否看到或考慮過重新審視維護和升級計劃，因為您看到仍然存在一些近期的不確定性，關於白臉被採用，與您相平衡，正如您指出的'26 年和'27 年行業相當一致的樂觀情緒。

Yeah, I think what I would say is we talked earlier of course about rationalization of the fleet and our view on that and the carrying costs of some of this quote option value. You're asking more specifically about the working rigs and so I would say that we had, we haven't brought revenue down even dollar and so we've managed costs very closely and. We in the previous call we mentioned that we kind of take if you want to divide things up between 6 month readiness, and 1 year readiness, that kind of view kind of taken a 6 month readiness on a couple of units, which we think is a good balance between, present cost, and marketability.

是的，我想說的是，我們之前當然談論過船隊合理化以及我們對此的看法，以及部分報價期權價值的持有成本。您更具體地詢問了工作鑽機的情況，所以我想說，我們的收入沒有下降，甚至沒有下降一美元，因此我們非常嚴格地管理成本。我們在先前的電話會議中提到，如果你想將事情分為 6 個月的準備期和 1 年的準備期，我們會採取這種觀點，即對幾個單位進行 6 個月的準備，我們認為這是當前成本和市場性之間的良好平衡。

And we feel we've been highly focused on the engine costs, and, we, we're happy with the decisions we've made around the really on more of the flow side on the couple of units that we see work for but, maybe with a bit of a GAAP before that lunch starts.

我們覺得我們一直高度關注引擎成本，並且，我們對我們做出的決定感到滿意，這些決定實際上更多地關注我們認為可行的幾個單元的流程方面，但也許在午餐開始之前會有一些 GAAP。

Great, thanks. And I'm just wondering if with BP's announcement of their big discovery at Boomerang offshore Brazil, do you have any sense of whether that might help sort of affirm or accelerate what we've seen as a little bit of a positive drift towards exploratory dollars and drilling in the industry.

太好了，謝謝。我只是想知道，隨著英國石油公司宣佈在巴西近海 Boomerang 發現重大油氣資源，您是否認為這是否有助於肯定或加速我們所看到的行業勘探資金和鑽探活動的積極趨勢。

Yeah, I mean all discoveries are good for our business and my Longer term view is very firm around the need for oil and gas produced from offshore wells.

是的，我的意思是所有的發現都對我們的業務有利，並且我對海上油井生產的石油和天然氣的需求有著非常堅定的長期看法。

There is a GAAP that we will eventually get to have to assume an oil demand, obviously, but if history is any guide, I think, I'm very confident that there's a GAAP between discovered barrels and needed barrels coming from offshore and we thought that dynamic might start playing out this year. It's been pushed off to the right.

顯然，我們最終將不得不採用 GAAP 來假設石油需求，但如果歷史可以作為指導，我認為，我非常有信心在已發現的石油桶數和來自海上的所需石油桶數之間存在 GAAP，我們認為這種動態可能會在今年開始發揮作用。它已被推到右邊。

There's a lot of macro noise, but I remain extremely confident that the need for our services to increase offshore production is imminent and will come in the next few years, so. You're starting to hear more about reserves, reserved life, reserved replacement from our customers, and I think, he is one of one of our biggest customers and then highlighting that this is the best expiration year in 10 years, I think is another data point that that there is a meaningful shift back offshore globally that's happening right now.

雖然有很多宏觀噪音，但我仍然非常有信心，我們的服務對於增加海上生產的需求迫在眉睫，並將在未來幾年內實現。您開始從我們的客戶那裡聽到更多關於儲備、儲備壽命、儲備替換的信息，我認為，他是我們最大的客戶之一，然後強調這是 10 年來最好的到期年，我認為這是另一個數據點，表明全球正在發生有意義的向離岸轉移。

Great, thanks a lot.

太好了，非常感謝。

Thank you.

謝謝。

At this time there are no further questions. I will now turn the call back over to Ian Macpherson for closing remarks.

目前沒有其他問題。現在我將把電話轉回給伊恩·麥克弗森 (Ian Macpherson) 作結束語。

Thank you everyone for joining us today. We appreciate your interest and we'll look forward to speaking with you again next quarter. Have a good day.

感謝大家今天的參加。感謝您的關注，我們期待下個季度再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。