Noble Corporation PLC (NE) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to Noble Corp's first-quarter 2026 earnings call. Please note that this call is being recorded. (Operator Instructions)

各位好，歡迎參加 Noble Corp 2026 年第一季財報電話會議。請注意，本次電話會議將被錄音。（接線員指示）

I would now like to hand the call over to Ian MacPherson, Vice President of Investor Relations, you may now go ahead.

現在我想把電話交給投資人關係副總裁 Ian MacPherson，您現在可以開始。

Thank you, operator, and welcome, everyone, to Noble Corporation's first-quarter 2026 earnings 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 in the Investor Relations page of our website as well.

謝謝，接線員，也歡迎各位參加 Noble Corporation 2026 年第一季財報電話會議。您可以在我們的網站 noblecorp.com 找到財報新聞稿，以及相關的補充說明與附表。我們也會引用張貼在網站投資人關係頁面的財報簡報。

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; and Joey Kawaja, Senior Vice President of Operations. 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.

今天的電話會議將由我們的總裁暨執行長 Robert Eifler，以及財務長 Richard Barker 發表事先準備的談話。我們也邀請到行銷與合約資深副總裁 Blake Denton，以及營運資深副總裁 Joey Kawaja 與會。在本次電話會議過程中，我們可能就與本公司業務及相關公司之各項事項發表某些前瞻性陳述，這些並非歷史事實。

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. Also note, we are referencing non-GAAP financial measures on the call today.

此類陳述係基於管理階層目前的預期與假設，因此可能受到若干風險與不確定性影響。多項因素可能導致實際結果與這些前瞻性陳述存在重大差異，Noble 不承擔更新此等陳述之任何義務。另外請注意，我們今天的電話會議將引用非 GAAP 財務衡量指標。

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.

您可在我們昨日發布並向美國證券交易委員會（SEC）申報的財報中，找到這些衡量指標所需的補充揭露，包括最直接可比較的 GAAP 指標及其對應的調節表。

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

現在我把電話交給 Noble 總裁暨執行長 Robert Eifler。

Thanks, Ian. Welcome, everyone, and thank you for joining us. I'll open today's call with a brief summary of our Q1 highlights and recent contract awards, followed by an update on the market. Richard will then cover the financials before I wrap up with closing remarks and move to Q&A. During the first-quarter, we earned adjusted EBITDA of $277 million and generated free cash flow of $169 million.

謝謝，Ian。各位好，感謝各位加入我們。我將先簡要回顧第一季重點與近期合約得標情況，接著更新市場概況。之後 Richard 會說明財務表現，最後我會做結語並進入問答。第一季我們的調整後 EBITDA 為 2.77 億美元，自由現金流為 1.69 億美元。

We again distributed our $0.50 quarterly dividend and yesterday, our Board declared a $0.50 per share dividend for the second-quarter, maintaining our consistent and highly differentiated return of cash strategy. Overall, it was a solid start to the year and I'd like to thank our outstanding men and women of Noble around the world for your fantastic teamwork in helping us to realize our first-choice offshore performance standards.

我們再次發放每季每股 0.50 美元的股利；昨日董事會也宣告第二季每股 0.50 美元股利，延續我們一貫且高度差異化的現金回饋策略。整體而言，今年開局穩健。我也要感謝 Noble 全球各地優秀的同仁，憑藉出色的團隊合作，協助我們實現首選的離岸作業績效標準。

While it's an understatement to say that energy markets have seen extreme volatility over the past couple of months since the outset of the Iran conflict, we are fortunate to have experienced limited operational disruption confined to just one jackup in the Middle East, the Mick O'Brien, which we sold in January but have continued to operate under a bareboat agreement.

雖然說過去幾個月自伊朗衝突爆發以來能源市場出現極端波動，這樣的描述仍嫌保守，但我們很幸運，營運受影響相當有限，僅限於中東的一座自升式鑽井平台 Mick O'Brien；該平台我們已於 1 月出售，但仍依據光船（bareboat）協議持續營運。

All of our crew and related personnel were safely evacuated from the rig during the early days of the conflict, and Richard will expand on the rig's current status. Outside of the war impacted region in the Middle East, commercial momentum throughout the offshore drilling market remains brisk, irrespective in many ways, of the recent oil price surge.

在衝突初期，我們已將該平台上的所有船員及相關人員安全撤離；Richard 將進一步說明該平台目前狀態。除中東受戰事影響地區外，離岸鑽井市場的商業動能仍然強勁，且在許多方面不受近期油價飆升影響。

However, the recent reawakening of energy security concerns around the world and the corresponding move higher in the oil futures strip are clearly supportive of the already steadily improving demand trends evident in the deepwater and harsh environment offshore markets where we operate. Over the past three months, we secured new contract awards totaling approximately $565 million.

然而，近期全球對能源安全的關切再度升溫，以及油價期貨曲線上移，顯然對我們所營運的深水與嚴苛環境離岸市場中，已穩步改善的需求趨勢形成支撐。過去三個月，我們取得的新合約得標總額約 5.65 億美元。

First, the Noble Courage received an extension with Petrobras of slightly more than three years which will keep that rig committed in Brazil through the end of 2030. This extension represents net incremental backlog of $339 million with the current day rate reduced from $290,000 to $280,000 from April 1, 2026, through late 2027 followed by the extension of slightly over three years at just over $309,000 per day.

首先，Noble Courage 與巴西國油（Petrobras）獲得略超過三年的延長合約，將使該平台在巴西的承諾期延續至 2030 年底。此延長合約帶來 3.39 億美元的淨新增在手訂單（backlog）；現行日費率自 2026 年 4 月 1 日至 2027 年末由 29 萬美元下調至 28 萬美元，之後再延長略超過三年，日費率略高於 30.9 萬美元。

Next, I'm pleased to announce that the Noble Deliverer has been awarded a five-well contract from Woodside in Australia, which will support that rig's reactivation. This contract is valued at $121 million based on an estimated 300 days of firm scope, excluding options, and also does not include revenue for additional services or potential rig upgrades.

其次，我很高興宣布 Noble Deliverer 在澳洲獲 Woodside 授予一份五口井合約，將支持該平台重新啟用。此合約以估計 300 天的確定工作範圍（不含選擇權）計算，價值 1.21 億美元，且不包含額外服務收入或潛在平台升級的收入。

In Guyana, the Noble Developer has been awarded a 1-well contract with ExxonMobil at $375,000 per day, which is scheduled to slot in after the rig's current program right around year-end. Next, the Noble BlackRhino has recently commenced an exercised option well for Beacon in the US Gulf with an estimated duration of 100 days.

在蓋亞那，Noble Developer 獲 ExxonMobil 授予一口井合約，日費率 37.5 萬美元，預計在該平台現行作業計畫結束後、約在年底前後銜接進場。接著，Noble BlackRhino 近期已在美國墨西哥灣為 Beacon 開始執行一口已行使選擇權的井，預估工期 100 天。

In Ghana, the Noble Venturer has been awarded a 1-well contract with Planet One in Ghana at a day rate of $430,000 expected to commence late this year with estimated duration of approximately 45 days with two unpriced options. And finally, in Southeast Asia, the Noble Viking has received an additional 1-well contract in Malaysia, which is expected to extend the rig through October this year.

在迦納，Noble Venturer 獲 Planet One 授予一口井合約，日費率 43 萬美元，預計今年稍晚開始，估計工期約 45 天，並附帶兩個未定價的選擇權。最後，在東南亞，Noble Viking 在馬來西亞獲得額外一口井合約，預期將使該平台作業延續至今年 10 月。

With these awards, our current backlog stands at $7.5 billion. Now I'll share a few observations on recent developments in the market. In short, all measurable and anecdotal indicators of deepwater rig demand are flashing green, and I would submit that this is not a reflection of $100 oil because most of what we're seeing in the market today has been in motion for months or longer.

在上述得標後，我們目前在手訂單為 75 億美元。接下來我分享幾點近期市場發展的觀察。簡言之，所有可量化與市場傳聞層面的深水鑽井平台需求指標都亮起綠燈；我認為這並非反映每桶 100 美元的油價，因為我們目前在市場上看到的大多數動向，已經醞釀數月甚至更久。

But of course, recent events absolutely have elevated energy security priorities around the world and improved upstream cash flows will only serve to enhance an already strong and expanding demand picture and deepwater exploration thesis. In parallel, the volume of deepwater contract fixtures have spiked in the early part of this year, partially but not entirely due to the execution of Petrobras' wide-reaching contract extensions.

但當然，近期事件確實提高了全球對能源安全的優先順序，而上游現金流的改善只會進一步強化本已強勁且持續擴大的需求態勢與深水勘探論點。同時，今年年初深水合約成交量大幅攀升，部分但並非完全是因 Petrobras 大規模延長合約的執行所致。

The first-quarter saw 32 rig years of UDW fixtures, which was roughly double the average quarterly run rate of last year. And with conclusion of Petrobras' extensions in April, this month alone has already had more than 40 additional UDW rig years fixed, bringing year-to-date backlog additions significantly above the entirety of last year's contracting volumes for the full year.

第一季超深水（UDW）合約成交達 32 個平台年（rig years），約為去年平均單季運行水準的兩倍。而隨著 Petrobras 的延長合約於 4 月完成，僅本月就已額外鎖定超過 40 個 UDW 平台年，使得今年迄今新增在手訂單量顯著高於去年全年合約量總和。

Petrobras has comprised over half of 2026 year-to-date deepwater rig years fixed and non-Petrobras contracting activity has also continued at a healthy level. And notably, despite this recent surge in contract fixtures, the pipeline of open demand in the form of tenders and pre-tenders has actually continued to expand rather than deplete.

Petrobras 佔 2026 年迄今已成交深水平台年的一半以上，而非 Petrobras 的簽約活動也持續維持在健康水準。值得注意的是，儘管近期合約成交激增，以招標（tenders）與前期招標（pre-tenders）形式呈現的未結需求管線不但沒有減少，反而持續擴大。

Last quarter, we observed slightly over 100 rig years of open floater demand, which was a 33% year-on-year increase. This figure has now eclipsed 110 rig years. All this tendering activity is developing alongside an increasingly tightening supply-demand balance. Total UDW contracted utilization is currently 105 rigs or 95% of marketed supply.

上一季，我們觀察到略高於 100 個鑽井平台年（rig years）的開放式浮式平台需求，年增 33%。目前這個數字已超過 110 個鑽井平台年。所有這些招標活動，正與供需平衡日益收緊的態勢同步發展。目前超深水（UDW）已簽約的利用率為 105 座鑽井平台，約占可供市場供給的 95%。

This is approaching recent peak contracted demand levels of two years ago, albeit with markedly different directional momentum especially considering the renewed length of backlog across the South America region, juxtaposed against open demand throughout the rest of the world that's now more than 55% higher compared to the previous high watermark two years ago.

這正接近兩年前近期高峰的已簽約需求水準，儘管方向性動能明顯不同，尤其是考量到南美地區積壓訂單（backlog）再度拉長；相較之下，全球其他地區的開放需求如今較兩年前前一個高水位已高出逾 55%。

The contracted UDW count of 105 includes 14 rigs of future contracts that aren't yet working today, six of which happen to be Noble rigs. We have been anticipating the convergence of future contracted utilization in present utilization as a critical factor that could substantially eliminate industry wide space and result in a comprehensively tight market.

已簽約的超深水（UDW）數量 105 座中，包含 14 座尚未開始作業的未來合約鑽井平台，其中有 6 座恰為 Noble 的鑽井平台。我們一直預期，未來已簽約利用率與當前利用率的收斂，將是可能大幅消除全產業閒置空間並導致市場全面緊俏的關鍵因素。

This convergence becomes increasingly tangible as these 14 future contracted assets ramp up over the next 6 to 12 months with average contract durations of two-years per rig. Taken together, all these market dynamics are resulting in upward day rate pressure. Therefore, we believe it is likely that we will begin to see floater rates move higher as we move through the rest of this year.

隨著這 14 項未來已簽約資產在未來 6 至 12 個月內逐步投入運作（每座平台平均合約期為兩年），這種收斂將愈發具體可見。綜合而言，這些市場動態正帶來日費率（day rate）上行壓力。因此，我們認為，隨著今年剩餘時間推進，我們很可能會開始看到浮式平台費率走高。

So overall, with the continuing positive development of our backlog as well as the state of the drilling market more broadly or even more optimistic about the years ahead than we were last quarter.

總體而言，隨著我們積壓訂單持續正向發展，以及更廣泛的鑽井市場狀況，我們對未來幾年的展望甚至比上一季更為樂觀。

Now I'll pass the call over to Richard for the financial review.

接下來我把電話交給 Richard 進行財務回顧。

Thank you, Robert, and good morning or good afternoon all. In my prepared remarks today, I will briefly review the highlights of our first-quarter and then discuss the outlook for the remainder of 2026. Starting with our quarterly results. Contract Drilling Services revenue for the first-quarter totaled $742 million. Adjusted EBITDA was $277 million and adjusted EBITDA margin was 35%.

謝謝你，Robert，各位早安或午安。在我今天的事先準備發言中，我將簡要回顧第一季的重點，並討論 2026 年剩餘期間的展望。先從季度業績開始。第一季合約鑽井服務（Contract Drilling Services）營收合計為 7.42 億美元。調整後 EBITDA 為 2.77 億美元，調整後 EBITDA 利潤率為 35%。

Q1 cash flow from operations was $273 million, capital expenditures were $104 million and free cash flow was $169 million. I'd like to touch on a few discrete cash flow-related items during the first-quarter. Firstly, we received $210 million in cash proceeds from the jackup sale to Borr Drilling. In addition to the $150 million seller's note, which is recorded in other assets on the balance sheet.

第一季營運活動現金流為 2.73 億美元，資本支出為 1.04 億美元，自由現金流為 1.69 億美元。我想談幾項第一季與現金流相關的個別事項。首先，我們收到將自升式平台（jackup）出售給 Borr Drilling 的現金收入 2.10 億美元。此外，還有 1.50 億美元的賣方票據（seller's note），已在資產負債表中列為其他資產。

Secondly, we completed the lease buyout on the first two of the four Black ships BOP systems to $36.5 million. The buyout of the remaining two BOP systems is expected to occur during Q2 and Q4 this year for approximately $18 million each. In total, the lease buyout for all four systems is expected to cost $73 million. The cash outflow for these payments is not part of capital expenditures, but instead is part of financing activities on our cash flow statement.

第二，我們以 3,650 萬美元完成四套 Black ships 防噴器（BOP）系統中前兩套的租賃買斷。其餘兩套 BOP 系統的買斷預計將於今年第二季與第四季進行，每套約 1,800 萬美元。四套系統的租賃買斷總成本預計為 7,300 萬美元。這些付款的現金流出不列入資本支出，而是列在現金流量表的籌資活動中。

Lastly, during the first-quarter, we redeemed $55 million principal amount of the 8.5% senior secured notes at 103 as an opportunistic and efficient use of capital. As summarized on page 5 of the earnings presentation slide, our total backlog as of April 26 stands at $7.5 billion. As a reminder, our backlog excludes reimbursable revenue as well as revenue from ancillary services.

最後，在第一季，我們以 103 的價格贖回本金 5,500 萬美元、票息 8.5% 的優先擔保票據（senior secured notes），作為一項把握時機且有效率的資本運用。如同財報簡報投影片第 5 頁所彙總，截至 4 月 26 日，我們的總積壓訂單為 75 億美元。提醒一下，我們的積壓訂單不包含可報銷收入（reimbursable revenue）以及附屬服務（ancillary services）收入。

Our current backlog includes approximately $1.8 billion that is scheduled for revenue conversion during the remainder of 2026 and $2.4 billion scheduled for 2027. Referring to page 9 of the earnings presentation, we are maintaining full year 2026 guidance for total revenue between $2.8 billion and $3 billion which includes approximately $150 million in reimbursable and other revenue and adjusted EBITDA between $940 million to $1.02 billion.

我們目前的積壓訂單中，約有 18 億美元預計在 2026 年剩餘期間轉為營收，另有 24 億美元預計於 2027 年轉為營收。參考財報簡報第 9 頁，我們維持 2026 全年指引：總營收介於 28 億至 30 億美元（其中包含約 1.50 億美元的可報銷及其他收入），調整後 EBITDA 介於 9.40 億至 10.2 億美元。

Capital expenditures guidance for this year has increased by $25 million and this is due to the contract awards supporting the reactivation of the Noble Deliverer. The lower side of our adjusted EBITDA range is fully contracted by current backlog. Although we have banked a somewhat stronger-than-expected first-quarter in terms of adjusted EBITDA.

今年的資本支出指引上調 2,500 萬美元，原因是合約得標支持 Noble Deliverer 的復役（reactivation）。我們調整後 EBITDA 區間的下緣已由目前的積壓訂單完全簽約覆蓋。儘管第一季在調整後 EBITDA 方面的表現略優於預期。

This is offset by a few discrete items, including a recent notice of early contract termination on the Mick O'Brien, the lower near-term day rate revision resulting from the Courage's blend and extend and slightly later estimated contract commencement dates for the Gerry de Souza and Endeavor driven by customer schedules.

但這被幾項個別因素所抵銷，包括近期收到 Mick O'Brien 的提前終止合約通知、Courage 的「混合與延展」（blend and extend）導致短期日費率下修，以及因客戶排程使 Gerry de Souza 與 Endeavor 的預估合約開工日期略為延後。

Regarding the Mick O'Brien, recall that we closed the sales of Borr Drilling in January and have continued to manage the rig through the completion of its current contract in Qatar with a corresponding bareboat that we paid to Borr into early December 2026. On April 12, we received notice of early release from the customer, QE LNG and we are now in the process of winding down operations.

關於 Mick O'Brien，回顧一下：我們在 1 月完成出售給 Borr Drilling 的交易，並持續管理該鑽井平台，直到其在卡達的現行合約完成；同時我們向 Borr 支付相應的光船租賃（bareboat）費用至 2026 年 12 月初。4 月 12 日，我們收到客戶 QE LNG 的提前解約通知，目前正進行作業收尾。

The contract termination is effective after 30 days, and this will result in an estimated negative impact of approximately $15 million due to our remaining bareboat obligations through early December as well as stacking costs for the rig. To sum up, we have had a very solid start to 2026 from a financial point of view. With continued contract wins in the quarter and solid project execution, we continue to solidify the expected path to a healthy inflection in both EBITDA and free cash flow starting in 2027 as we outlined in detail on our call last quarter.

合約終止在 30 天後生效，預估將造成約 1,500 萬美元的負面影響，原因包括我們至 12 月初仍需承擔的剩餘光船租賃義務，以及該鑽井平台的封存（stacking）成本。總結而言，從財務角度看，我們在 2026 年有一個非常穩健的開局。隨著本季持續取得合約勝利並穩健執行專案，我們持續鞏固自 2027 年起 EBITDA 與自由現金流將出現健康拐點的預期路徑，正如我們在上一季電話會議中已詳細說明。

With that, I'll now pass it back to Robert for concluding remarks.

接下來我把電話交回給 Robert 作結語。

Thank you, Richard. Starting in the summer with the Voyager, Gerry de Souza and Interceptor start-ups, followed by the Valiant and Endeavor later this year and then the GreatWhite, Deliverer and Venturer throughout next year. We have a sharp organizational focus on project execution. This is a large slate of projects to deliver in a normal time and these are, of course, hardly normal times, given the various dislocations resulting from the Strait of Hormuz impact.

謝謝你，Richard。從今年夏季開始，Voyager、Gerry de Souza 與 Interceptor 將啟動，接著是今年稍晚的 Valiant 與 Endeavor，然後是明年全年的 GreatWhite、Deliverer 與 Venturer。我們在組織上高度聚焦於專案執行。在正常時期，這已是一大批要交付的專案；而在當前顯然並不正常的時期更是如此，因為荷姆茲海峽（Strait of Hormuz）事件所造成的各種錯位與擾動。

But overall, I'm pleased to report that all of our projects are progressing very well so far and we're incredibly excited to be preparing for commencement on these important drilling campaigns for our customers. These programs span virtually all of the major non-OPEC offshore basins around the world which are increasingly critical to current and future energy supply.

但總體而言，我很高興地報告，截至目前我們所有專案進展都非常順利，我們也非常期待為客戶準備啟動這些重要的鑽井作業計畫。這些計畫幾乎涵蓋全球所有主要的非 OPEC 海上盆地，而這些盆地對當前與未來的能源供應正變得愈發關鍵。

To wrap up, as outlook for our business continues to improve, Noble is very well positioned to grow into the next leg of the offshore drilling cycle with a strong balance sheet, $7.5 billion of backlog and repricing opportunities across some of the most capable drillships and jackups in the world. If anything, we feel better about 2027 today versus last quarter, given the Deliverer contract as well as the improving market dynamics confronting our open drillship capacity. Meanwhile, we will continue to drive shareholder value through our robust return of capital program.

總結來說，隨著我們業務前景持續改善，Noble 憑藉強勁的資產負債表、75 億美元的在手訂單（backlog），以及在全球最具能力的部分鑽井船（drillships）與自升式鑽井平台（jackups）上具備重新定價的機會，已處於極佳位置，可在離岸鑽井景氣循環的下一階段實現成長。若要說有什麼不同，我們相較於上季，對 2027 年的看法在今天更為樂觀，原因在於 Deliverer 合約，以及面對我們可用鑽井船產能時市場動態的改善。同時，我們將透過強健的資本回饋計畫，持續為股東創造價值。

With that, I'll turn it back to the operator for questions.

接下來，我把時間交還給主持人進行提問。

(Operator Instructions) Arun Jayaram, JPMorgan Securities LLC.

(主持人指示) Arun Jayaram，摩根大通證券有限責任公司。

Robert, one of the themes of OFS earnings thus far has been just the potential impact from rising energy security concerns on just the CapEx cycle, in your case, what this means for offshore rig demand. Robert, historically, when we've seen a sharp move up in commodity prices, it's obviously tend to positively impact shallow water demand.

Robert，到目前為止，油服（OFS）財報的一個主題是：能源安全疑慮升溫，可能對資本支出（CapEx）循環造成的影響；就你們而言，這代表對離岸鑽機需求的意涵。Robert，歷史上當我們看到大宗商品價格大幅上漲時，顯然往往會對淺水需求帶來正面影響。

But I was wondering if you could maybe elaborate on your thoughts on how some of these energy security concerns could impact the deepwater. And I'm thinking about are there kind of projects that call it, the majors have been sitting on that they may not have pursued in a lower commodity price environment that may come back into the fold at strip.

但我想請你進一步談談，你認為這些能源安全疑慮可能如何影響深水領域。我在想，是否存在一些專案——姑且稱之為——大型石油公司（majors）在較低商品價格環境下擱置、未推進的專案，可能在期貨曲線（strip）價格水準下重新回到評估範圍？

Yes. Thanks, Arun. It's a good question. I think it's topic on everyone's mind right now, including our end. So I'd say a couple of things. First of all, I'd reiterate that I think all of the positive indicators that we mentioned in our prepared remarks and that we're focused on right now started before the conflict in Iran. And so this growing narrative around deepwater, I think, is very real.

是的。謝謝你，Arun。這是個好問題。我想這也是目前每個人都在關注的議題，包括我們在內。所以我會說幾點。首先，我想再次強調，我們在事先準備的發言中提到、以及目前聚焦的所有正面指標，其實都發生在伊朗衝突之前。因此，圍繞深水的這個逐漸成形的敘事，我認為非常真實。

And I think what I would say is there are certain regions that respond more quickly to oil prices in the deepwater than others. Traditionally, US Gulf of Mexico has been one of those. So we're hopeful that we see something that comes perhaps as an early indicator out of the US. I think it's less likely that at this point today, our customers have rewritten their budgets or made huge 5- or 10-year moves, that obviously be a question for them.

我想我會說的是，在深水領域，有些地區對油價的反應速度比其他地區更快。傳統上，美國墨西哥灣就是其中之一。因此，我們希望能從美國看到一些可能作為早期指標的動向。我認為以目前這個時間點來看，我們的客戶不太可能已經重寫預算或做出重大的 5 年或 10 年期調整；那當然要由他們來回答。

But I think from what we see and hear, we don't have necessarily really tangible evidence today of positive changes that have hit us. But I think that we hear obviously positive narrative as you do, and we're pretty hopeful. And we don't really see any way that this doesn't turn out positively for our business on top of everything else that we've already seen.

但就我們所見所聞而言，今天我們未必有非常具體的證據顯示已出現對我們有利的正面變化。不過，我們和你一樣確實聽到許多正面的敘事，我們也相當抱持希望。而且在我們已經看到的所有其他因素之上，我們看不出有什麼理由會讓這件事對我們的業務不是正面的結果。

And these aren't necessarily the end all be all on indicators, but the numbers we used just a moment ago I think are really striking. When you think about the amount of deepwater backlog that's been printed so far this year by Noble and our competitors and compare that against the amount of outstanding activity that we've seen. Obviously, our numbers were just open tenders, but there are direct negotiations and everything that comes along with our business behind all that as well.

這些不一定是最終、決定性的指標，但我認為我們剛才提到的數字非常醒目。當你想到今年迄今 Noble 與同業所簽出的深水在手訂單量，並把它與我們看到的未完成活動量相比較。當然，我們的數字只是公開招標（open tenders），但在這背後還有直接談判以及我們業務相關的各種事項。

Got it. And maybe just a housekeeping question. You guys are buying in your lease options on the BOPs, which you talked about in the prepared remarks. Can you maybe help us think about the impact on OpEx from buying in those BOPs? I'm thinking about maybe the impact in '26 and maybe as we think about '27 on a go-forward basis when you buy in all four of those leases?

了解。另外一個例行問題。你們正在買回 BOP 的租賃選擇權（lease options），你們在事先準備的發言中有提到。你能否協助我們理解，買回這些 BOP 對營運費用（OpEx）的影響？我在想可能對 2026 年，以及展望 2027 年、在你們買回這四筆租賃後的後續影響會是如何？

Sure, Arun. Yes. So we obviously we're buying in the leases during the course of this year. And on an annualized basis, it will have a benefit to EBITDA of about $25 million. And so in 2026, probably about half of that will be realized.

當然可以，Arun。是的。我們顯然會在今年期間買回這些租賃。以年化基礎來看，對 EBITDA 的貢獻約為 2,500 萬美元。因此在 2026 年，大概會實現其中一半。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

Yes. Robert, Richard. I kind of want to follow on Arun's question just around how customers may respond to higher oil prices. And I know it's early days, but -- just curious, in the conversations you're having with customers, are they starting to indicate incremental interest in exploration? I know people were talking about it even before the conflict.

是的。Robert、Richard。我想延續 Arun 的問題，談談客戶可能如何回應較高的油價。我知道現在還很早，但我很好奇，在你們與客戶的對話中，他們是否開始表達對額外勘探（exploration）的興趣？我知道即使在衝突之前，人們就已經在談這件事。

But is there a sense that there will be incremental interest in more exploration? Is there incremental interest in infill activity with quick paybacks. Just any additional color you could provide on what the conversations with customers are indicating to the potential incremental activity?

是否有跡象顯示會對更多勘探產生額外興趣？是否對具備快速回收期的加密鑽探／補井（infill）活動有額外興趣？就客戶對話所透露的潛在增量活動，你能否提供更多補充說明？

Yes. Thanks, Scott. Look, I think -- so for sure, yes, there is an increase in narrative around -- and discussion around exploration work. I don't know that -- like I said before, I don't know that we can put our finger on a specific example that has a direct cause and effect related to Iran. But I think that generally, we're seeing conversations gain momentum.

是的。謝謝你，Scott。我想——確實，是的，圍繞勘探工作的敘事與討論正在增加。我不確定——就像我之前說的——我們是否能指出一個具體案例，能直接證明與伊朗事件之間存在明確的因果關係。但我認為整體而言，我們看到對話正在加速升溫。

And I think across the board, the realization that deepwater is going to play a really important part in the supply stack post everything that's happened here. Our hope is that some of the demand that we've seen, whether it be from India or elsewhere is more likely to solidify than before the Iran issue. But today, I'm not sure that there's a direct link so far.

而且我認為，普遍的共識是：在這裡發生的一切之後，深水將在未來供給結構（supply stack）中扮演非常重要的角色。我們希望，我們看到的一些需求——無論是來自印度或其他地區——相較於伊朗事件之前，更有可能被落實與確定。但截至今天，我不確定目前為止是否存在直接連結。

Okay. We'll wait and then on the Deliverer, on that rig, you bumped a full year CapEx by $25 million for the reactivation costs. Is that the total cost of restart? Or is there some more spend required next year? And then does the incremental spend, including the upgrade investment that would add to the day rate? Or is that just pure restart cost?

好的，我們再觀察。另外關於 Deliverer，那座平台你們把全年資本支出（CapEx）上調了 2,500 萬美元作為復役（reactivation）成本。那是重啟的總成本嗎？還是明年還需要再投入一些支出？另外，這筆增量支出是否包含能提高日費率（day rate）的升級投資？還是這純粹只是重啟成本？

Yes, the $25 million is the total required for the Woodside contract. If there are any incremental rig upgrades in the -- and there will be incremental capital to that. But think about the $25 million is what's needed for the Woodside contract, Scott.

是的，2,500 萬美元就是為了 Woodside 合約所需的總額。如果還有任何額外的鑽機升級——而且確實會有一些增量資本投入——那會另外計入。但請把這 2,500 萬美元視為滿足 Woodside 合約所需的支出，Scott。

Eddie Kim, Barclays.

Eddie Kim，巴克萊。

You highlighted the high EDW contracted utilization currently at 95% and that the market is beginning to tighten here, which, of course, results in higher pricing over time. We haven't quite seen that move up in day rates yet. It feels like leading-edge pricing is still in the low 400s. But just based on the current backdrop and the amount of tendering and activity you expect to see over the next year or two.

你提到目前 EDW 已簽約使用率高達 95%，而市場也開始在這裡趨緊，當然，這會隨時間推動價格走高。我們還沒有真正看到日費率出現那樣的上升。感覺領先端定價仍在 400 美元出頭的低位。但就目前的背景，以及你預期未來一到兩年會看到的招標量與活動而言。

Do you think by some time in 2027, we could be back up into the mid- to high 400s, which is where leading-edge pricing was at about a year or two ago. Is the market currently setting up for that based on what you see today?

你認為到 2027 年的某個時點，我們是否可能回到 400 美元中段到高段，也就是大約一到兩年前領先端定價所在的水準？就你今天所看到的情況，市場目前是否正在為此做準備？

I guess what I would say is we definitely see the market tightening. And that's because of that convergence I mentioned, but also because of this, a lot of the demand that we see behind even the 95%, the demand that's creating that 95% number. And obviously, a tight market leads to higher day rates. So we'll see what happens, but we're pretty optimistic about a really tight market.

我想我會說的是，我們確實看到市場正在趨緊。這是因為我提到的那種趨同效應，但也因為這一點：我們在那 95% 背後看到的許多需求，也就是促成 95% 這個數字的需求。而顯然，市場緊俏會帶來更高的日費率。所以我們會看看會發生什麼，但我們對一個非常緊俏的市場相當樂觀。

Got it. Great to hear. My follow-up is just on the Petrobras blend and extend. It seems like they handed out a lot of extensions. Were you at all surprised by just the number of rig years they extended? Or was this kind of all part of their plan and in line with your expectations?

了解。很高興聽到。我的追問是關於 Petrobras 的 blend and extend（混合並延長）方案。看起來他們給出了很多延長。你對他們延長的鑽井平台年數之多感到意外嗎？還是這本來就是他們計畫的一部分，並且符合你的預期？

No, I think it's in line with our expectations. We had always kind of thought Petrobras on total rig count would be flat, and they're going to end up dropping by a couple of rigs, at least in the near-term. We're still hopeful that through time, their number remains flat and there's some possibility, I guess, that it could actually go up. But look, I think this is -- Petrobras are very savvy, and I think this is in line with their behavior through time, and they've secured their rig supply and probably done it at a pretty good time.

不，我認為這符合我們的預期。我們一直認為 Petrobras 的總平台數會持平，而他們最終至少在短期內會減少幾座平台。我們仍希望隨著時間推進，他們的數量能維持持平，並且我想也存在一些可能性，實際上可能會增加。但你看，我認為這是——Petrobras 非常精明，我覺得這符合他們一貫的行事風格；他們已經鎖定了平台供給，而且可能選在相當好的時點完成。

Keith Beckmann, Pickering Energy Partners.

Keith Beckmann，Pickering Energy Partners。

I just kind of wanted -- we've kind of talked about some of the really strong contracting that we've seen to start the year here. A lot of it driven by Petrobras in Brazil. Are there any other regions in particular that maybe you have stronger confidence in now for more significant tender conversion throughout the rest of the year? Maybe on the back of energy security, but just any regions in particular you wanted to highlight that could potentially be stronger contract conversion through the rest of the year?

我只是想——我們已經談到今年開局以來看到的一些非常強勁的簽約情況。其中很大一部分是由巴西的 Petrobras 所帶動。在今年剩餘時間裡，是否還有其他特定地區，你現在對其更有信心，認為會有更顯著的招標轉換（tender conversion）？也許是基於能源安全，但總之，有沒有你想特別點出的地區，可能在今年剩餘時間帶來更強的合約轉換？

Sure. Yes. I mean, here's what I would say. I mentioned the US earlier, which I think is a region that sometimes responds quickly. So we don't have anything necessarily tangible to report there, but fingers crossed. But I think the real -- probably the meat of your question would sit in two places. First would be Asia where we think that we had growing demand even before the Iran conflict.

當然。是的。我的意思是，我會這麼說。我先前提到美國，我認為那是一個有時反應很快的地區。所以我們目前沒有什麼特別具體可報告的，但我們抱持期待。但我想你問題的重點大概會落在兩個地方。第一是亞洲，在伊朗衝突之前，我們就認為需求在成長。

And we think that's very likely to solidify going forward because of the renewed security concerns, which is obviously a good outcome if that happens for the Viking and follow-on work also in Australia. And then secondly, I would say that a lot of the growth that we've been forecasting has been from West Africa and higher oil prices just helped that region. There's just no way that hurts all of that.

而我們認為，因為重新升高的安全疑慮，這種需求很可能在未來進一步鞏固；如果真的如此，對 Viking 以及在澳洲的後續工作而言，顯然是個好結果。第二，我會說，我們一直預測的許多成長來自西非，而更高的油價只會幫助該地區。這絕不可能對這一切造成傷害。

So I think, if anything, if not incremental in West Africa, then projects on the table, we're hopeful that projects on the table are just even more likely to come through in time.

所以我認為，如果說西非沒有增量，那麼至少對於已在檯面上的專案，我們希望這些檯面上的專案隨著時間推進只會更有可能落地。

Awesome. That's really helpful. And then my second question was just trying to get the outlook for a few rigs. So I think about kind of the BlackRhino, the Globetrotter I and Apex system rigs that could still fill out some work. They roll off or already off contract. Maybe what do you think the BlackRhino could still potentially find work in the Gulf? Or do you think it may have to head elsewhere? And then just any potential work scope for the Globetrotter I or Apex at this time, if you could help me out on that.

太棒了。這真的很有幫助。然後我的第二個問題是想了解幾座平台的展望。我想到像是 BlackRhino、Globetrotter I 和 Apex 系統平台，可能還能再補上一些工作。它們的合約即將到期或已經到期。你覺得 BlackRhino 是否仍有可能在墨西哥灣找到工作？還是你認為它可能得去其他地方？另外，就目前而言，Globetrotter I 或 Apex 是否有任何潛在的工作範疇（work scope）？如果你能幫我說明一下。

Sure. Yes. So BlackRhino could very easily stay in the US. That's most likely to be '27 work. But like I said, our fingers are crossed about potentially some '26 work popping up. It is bid outside of the region as well. And so we'll -- just a little too soon to tell where that rig will end up. The GT I is in the same place it's been where we're chasing primarily intervention work.

當然。是的。所以 BlackRhino 很可能很容易就留在美國。那最可能是 2027 年的工作。但如我所說，我們也期待可能會冒出一些 2026 年的工作。它在該區域之外也有投標。因此我們——現在判斷那座平台最後會落在哪裡還稍嫌太早。GT I 的情況也一樣，我們主要是在追逐介入作業（intervention）工作。

We believe in that market and everything that's happened kind of makes us believe at least as much, if not more, in that market. So we're hopeful to have some sort of news on that rig in, I don't know, the next couple of quarters but it remains focused on intervention work. And then there's a couple of jobs out there like the one in the Black Sea that are really kind of worked very well for that rig.

我們看好那個市場，而最近發生的一切讓我們對那個市場的信心至少不減、甚至更強。所以我們希望在接下來的幾個季度內，嗯，我不知道，能有一些關於那座平台的消息，但它仍然聚焦在介入作業。另外，外面也有幾個案子，例如黑海那個，對那座平台來說其實非常合適。

We're not bidding it into very many drilling programs. But there's a couple of things out there that we're chasing right now. So we're hopeful to have something for that rig, which would be like '27 start. And then the Apex is an older unit, and we're just evaluating options on that rig right now. There are some opportunities for the rig, and we'll make a decision on what to do with that rig here over the next couple of quarters as well.

我們沒有把它投到很多鑽探計畫裡。但目前我們正在追逐幾個機會。所以我們希望能替那座平台找到一些工作，可能會是 2027 年開始。至於 Apex，它是一個較老的機組，我們目前正在評估那座平台的選項。那座平台有一些機會，我們也會在接下來幾個季度內就該如何處理那座平台做出決定。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，Clarksons Securities。

I hope you are well. Thank you for the prepared remarks and the market commentary in particular. I wanted to circle back briefly on Brazil and Renacom. You got the extension on the Courage, which was nice to see, keeping that rig working until end 2030. But I was wondering about the Faye Kozack as well. That's rolling off, I think, later this year or early next year, but nothing announced on this one.

希望你一切都好。謝謝你準備好的發言，尤其是市場評論。我想簡單回到巴西與 Renacom 的話題。你們拿到了 Courage 的延長合約，這很高興看到，讓那座平台能一路運作到 2030 年底。但我也想問一下 Faye Kozack。我想它會在今年稍晚或明年初到期，但目前這一座還沒有任何公告。

Does that mean that it's hasn't been part of Renacom? Can we expect that to be extended nonetheless? Or did you feel like the terms that were potentially agreeable for Petrobras weren't agreeable for you and that you might see that work -- sorry, that rig working elsewhere?

那是否表示它一直都不是 Renacom 的一部分？我們是否仍可預期它會被延長？或者你是否覺得對 Petrobras 來說可能可接受的條款，對你們而言並不可接受，因此你們可能會讓那項工作——抱歉，是讓那座鑽井平台到其他地方作業？

Yes. So the Faye Kozack is not a part of the blend and extend that have now been announced. We did have it very close on a different program. And so what I would say is there are opportunities in South America for the rig that we're chasing but that we're also starting to bid that rig elsewhere. It's obviously not impossible for that rig to continue working for Petrobras but it's not part of the current blend and extend discussions.

是的。所以 Faye Kozack 並不在目前已宣布的 blend and extend（混合與延長）安排之中。我們曾在另一個不同的方案上非常接近達成。因此我要說的是，我們正在追逐該鑽井平台在南美的機會，但同時也開始在其他地區對該平台進行投標。當然，該平台繼續為 Petrobras 作業並非不可能，但它不在目前的 blend and extend 討論範圍內。

All right. That's very clear. And then one for Richard as well. In addition to buying or buying out two of your BOPs to two more following later this year. You also bought back some of your 2030 secured bonds? And I think you said that you bought back $55 million, which based on cash flow, at least would suggest a price of 103, at least if it's 55 bank, which would be good compared to market pricing.

好的。這非常清楚。接著也問 Richard 一題。除了你們買入或買斷兩套 BOP，並計畫在今年稍晚再買兩套之外，你們也回購了一部分 2030 年到期的擔保債券？我記得你說回購了 5,500 萬美元，從現金流角度看，至少暗示回購價格約為 103（若是以 55 的面額計），相較於市場價格算是不錯。

But I was also wondering if we should kind of read more into this given the call structures of the bond that this is early stages of a potential refi since you're still siloed in a way with legacy Noble legacy Nibor -- legacy Noble legacy Diamond debt structures at the moment and everything is paying pretty tight versus historical spreads at least. So any commentary around that would be super-helpful.

但我也想知道，考量該債券的可贖回（call）結構，我們是否應該從中解讀出更多訊息：這是否是潛在再融資（refi）早期階段的動作？因為你們目前在某種程度上仍被分隔在傳承自 Noble 與傳承自 Diamond 的債務結構「筒倉」之中，而至少相較於歷史利差，現在所有債券的定價都相當緊。所以若能就此提供一些評論會非常有幫助。

Sure. Yes. So there was a specific clause in the legacy Diamond notes that allowed us to buy back 10% of 103. The bond was trading at 105, 106. So we think it was a very value accretive move for our shareholders, if you will, to buy in that debt. The legacy bonds are callable now. The legacy Diamond bond is callable later this year.

當然。是的。傳承自 Diamond 的票據中有一項特定條款，允許我們以 103 的價格回購 10%。該債券當時交易在 105、106。因此我們認為，回購這部分債務對股東而言是非常具增值效果的舉措。傳承債券目前已可被贖回。傳承自 Diamond 的債券則會在今年稍晚可被贖回。

And at the right time, we'll definitely refinance the capital structure and collapse that back or collapse down into one silo. And through that process, we would expect to realize material cash interest savings on an annual basis. So obviously, both bonds are trading well in excess of par today, but we're going to find the right time to go for us.

在適當的時機，我們一定會為資本結構進行再融資，並把它整併回來——或是整併成單一「筒倉」。在這個過程中，我們預期每年可實現可觀的現金利息節省。所以很明顯，兩檔債券目前的交易價格都遠高於面值，但我們會找到對我們而言合適的時點來推進。

Doug Becker, Capital One.

Doug Becker，Capital One。

Robert, just as the market evolves, do you see an opportunity for some upgrades on the drillships to even improve their competitiveness even further?

Robert，隨著市場演變，你是否看到有機會對鑽井船進行一些升級，以進一步提升它們的競爭力？

It's a good question. And I think -- we highlighted in last call, but as a reminder, we feel we've got one of the most competitive fleets on the globe right now. All of the rigs will have MPD here in the not-too-distant future. And we -- I think we have more of NOVs, automation equipment installed in our rigs than the entire rest of the world combined. So we're really proud of where we sit on rig technology.

這是個好問題。我想——我們在上一通電話會議中提過，但再提醒一下，我們認為我們目前擁有全球最具競爭力的船隊之一。在不久的將來，所有鑽井平台都將配備 MPD（控壓鑽井）。而且——我想我們在鑽井平台上安裝的 NOV 自動化設備，比全球其他所有公司加總還多。所以我們對自身在鑽井平台技術上的位置感到非常自豪。

We have upgraded or will upgrade a couple of the rigs for derrick capacity, which is a pretty easy upgrade for a couple of our rig classes. I could see us doing something like that for certain programs. By and large, we're pretty happy with where everything sits right now, though. And I guess I'd add one caveat we are constantly in communication with our customers around technology that they value and of course, work with them as a normal course of business to find technology that works for our rigs.

我們已經升級或將會升級其中幾座鑽井平台的井架（derrick）承載能力，對我們某些平台等級而言，這是相當容易的升級。我可以想像，針對某些專案我們會做類似的事情。但整體而言，我們對目前的配置相當滿意。另外我想補充一點：我們持續與客戶就他們重視的技術保持溝通，當然也會在日常業務中與他們合作，尋找適用於我們平台的技術。

And there's always some discussion around who pays that stuff. But I think right now, what we're seeing is a real push by customers to have the best technologies as a lot of things are really starting to prove their value, whether it's in the form of safety, perhaps risk management or on -- of course, on efficiency, which would be more like MPD and automation and other things.

而且總會有一些討論是關於誰來支付這些升級。但我認為目前我們看到的是，客戶正大力推動採用最佳技術，因為許多技術正開始證明其價值——不論是以安全的形式、可能是風險管理，或是——當然——效率方面，這更像是 MPD、自動化以及其他技術。

So we think that the trend will continue. Some of that's going to come from customer supply CapEx. Some of that's possible from us. But I think we're starting from a pretty high place right now as a company.

所以我們認為這個趨勢會持續。其中一部分將來自客戶供應鏈的資本支出（CapEx）。其中一部分也可能由我們投入。但我認為以公司目前的起點來看，我們已經處在相當高的位置。

I would agree. Richard, a quick one. You mentioned the low end of the range was kind of derisked through contracting. What would we need to see happen to get to the high end of the range for this year?

我同意。Richard，快速問一題。你提到透過簽約，區間低端已經算是去風險（derisked）了。那要達到今年指引區間的高端，我們需要看到哪些事情發生？

Sure, Doug. Yes, I think there's a few parts, if you will, to get to the high end. Obviously, in Q1, we had great uptime performance and fantastic cost control throughout the entire company. And I think, obviously, there's opportunities there, if you will, to drive cash flow that way. I think specific maybe to the BlackRhino, if opportunities come to fruition for that rig in the back half of the year, then that would lead, I think, to us being towards the high end of the range.

當然，Doug。是的，我想要達到高端大概有幾個部分。很明顯，在第一季我們的開機率（uptime）表現很出色，而且全公司成本控管也非常到位。我想很顯然，這方面仍有機會——如果你願意這麼說——透過這條路徑來推動現金流。另外，可能更具體的是 BlackRhino：如果今年下半年該平台的機會能夠落地，那我認為就會讓我們更接近區間高端。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

So first, I kind of want to ask a bit more about your comments earlier that the US Gulf is a basin that typically reacts quickly to changes in oil prices. Just kind of curious if you've heard anything yet from customers in the region, and I guess thinking more about your fleet, maybe how that could have some implications for really like the BlackRhino.

首先，我想再多問一點你先前的評論：美國墨西哥灣通常會對油價變動快速反應。我有點好奇，你是否已經從該區域的客戶那邊聽到任何訊息？

It's a good question. I wish I had a great story for you. I can't say our customers continue to preach discipline and we'll continue to be disciplined. But I think this is a place where some of the smaller independents can be a little bit more price sensitive in the near-term, perhaps than some of the majors are. And I would say also kind of related to Richard's statement just a moment ago. To the extent that something pops up for the BlackRhino, that's some upside in 2026 for us. And so we're hopeful that this environment eventually translates to a little bit of incremental work.

這是個好問題。我希望我能給你一個很精彩的故事。我只能說，我們的客戶仍在強調紀律，而我們也會持續保持紀律。但我認為在這個地方，一些較小的獨立業者在短期內可能會比大型石油公司對價格更敏感一些。另外也和 Richard 剛才的說法有點相關。如果 BlackRhino 有任何機會突然出現，那對我們而言就是 2026 年的一些上行空間。因此我們希望這樣的環境最終能轉化為一些額外的增量工作。

Great. And then I just wanted to turn to the jackup fleet quickly. Now with the closing of the sale behind us. Kind of just curious on anything you want to highlight on the longer-term outlook in Norway and the UK. And I know that a lot of '26 has spoken for these rigs, but I guess just kind of thinking about '27 and beyond?

很好。接著我想快速談一下自升式鑽井平台（jackup）船隊。現在隨著出售交易已完成。想請教你是否有任何想強調的、關於挪威與英國中長期展望的重點。我知道這些鑽機在2026年已有相當多的檔期被預訂，但我想更著眼於2027年及之後的情況？

t's a good question. I think for the CJ70s in 2027, we're -- we've got -- I think we feel really good about having four of those rigs contracted and with multiple paths to having all 5 of those rigs contracted. And so we're happy with that. We're probably a little bit short of scarcity in that market on programs that genuinely require CJ70s. But I think I would kind of broadly characterize our view as flat to up for CJ70s. And so we're -- and it's been a little while since we would say that with that conviction. So cautiously optimistic there.

這是個好問題。我想就2027年的CJ70而言，我們——我們已經——我認為我們對其中四座鑽機已簽約感到非常有把握，而且也有多種途徑可讓這五座鑽機全部完成簽約。所以我們對此感到滿意。在那個市場上，真正需要CJ70的作業計畫，稀缺性可能還稍微不足。但我會更廣泛地把我們的看法描述為：CJ70的市場走勢持平到上行。因此我們——而且我們已經有一段時間沒有如此有信心地這麼說了。所以在這方面我們是審慎樂觀。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

(technical difficulty) Over the next 12 months and the focus on execution. Could you speak to what you're --

(技術問題) 在未來12個月以及對執行的重點上。你能談談你們正在看到的——--

Two seconds. Let me interrupt you. You just came in. We didn't hear the first part of your question.

等兩秒。我打斷一下你。你剛才才接進來。我們沒有聽到你問題的前半段。

So just want to touch on inflation and supply chains. So you highlighted a number of projects and rig start-ups you'll have over the next 12 months and the focus on execution. Could you speak to what you're seeing with respect to global supply chains, maybe not just only the Strait, but also outside of the Strait and how you're managing things to make sure the projects start on time with no delays?

我想談一下通膨與供應鏈。你提到未來12個月會有多個專案與鑽機啟動，並且重點在執行。你能談談你們在全球供應鏈方面看到的情況嗎？也許不僅是海峽內，還包括海峽外；以及你們如何管理，確保專案能準時啟動、不會延誤？

Yes. Thanks. It's a good question. It's something we're extremely focused on here, as we mentioned. So I would say logistics are strained. And some of that started beforehand, but obviously, fuel prices are way up now. And so that's adding a little bit of cost into the system. Right now, I would say cost-wise, we're not seeing material effects as directly correlated to the war. Transportation costs up, yes.

是的。謝謝。這是個好問題。正如我們提到的，這也是我們在此非常專注的事情。所以我會說物流確實吃緊。其中一部分在之前就已開始，但顯然現在燃料價格大幅上升。因此這讓系統中的成本增加了一些。就目前而言，我會說在成本面，我們尚未看到與戰爭直接相關的重大影響。運輸成本上升，是的。

But I think everything else -- all the stuff we're buying these projects has been built effectively. And so we feel reasonable, although there's probably -- there's risk there, obviously, given everything happening. We're really focused on timing right now, and that's where we're seeing a lot of pressure. And we're going multiple layers deep here to track the equipment we need and try to ensure that we get everything on time so that we're ready to go for our customers.

但我認為其他方面——我們為這些專案採購的所有東西基本上都已經製造完成。所以我們覺得情況還算合理，雖然顯然仍有風險，畢竟現在發生了這麼多事情。我們目前非常專注在時程上，而這也是我們看到壓力最大的地方。我們在追蹤所需設備方面會往下追到多層供應鏈，並努力確保所有東西都能準時到位，讓我們能為客戶如期開工做好準備。

So again, we're -- I guess I'd say we're optimistic and working hard to make sure that we stay on time here. There is a lot of pressure out there on the groups trying to pull everything together.

所以再說一次，我想我會說我們保持樂觀，同時也非常努力確保時程不被影響。外部確實有很大的壓力，落在那些需要把所有事情整合到位的團隊身上。

Understood. And then maybe just one follow-up, just to address the latest developments in autonomy. So there was a release in March where Noble in conjunction with Halliburton and Exxon automated rig operations and subsurface interpretation, real-time hydraulics maybe you could just speak to that and where you think we're going over the next couple of years with respect to advances in autonomy on the rig floor.

了解。那再追問一個，關於自主化（autonomy）的最新進展。3月有一則發布，Noble與哈里伯頓（Halliburton）及埃克森（Exxon）合作，自動化了鑽機作業與地下解釋、即時水力學等；你能談談這件事，以及你認為未來幾年在鑽台（rig floor）自主化進展方面會走向哪裡嗎？

Yes. It's -- that's going to continue. That's the path of everything. We just -- we don't -- Noble doesn't do anything specifically subsurface. We are focused on making sure that we have the most efficient rigs and then some of the logistics around that. But we work very closely with other service companies and with our customers, of course.

是的。這——會持續下去。這是所有事情的發展方向。我們只是——Noble本身不做任何特定的地下（subsurface）工作。我們專注於確保我們擁有最高效率的鑽機，以及圍繞其運作的一些物流。但我們當然會與其他油田服務公司以及我們的客戶非常密切地合作。

And I think one of the things that's the mark of kind of where things are headed is that everyone is much more collaborative today so that I think maximum efficiency is achieved by service companies and operators really working together early, collaborating on shared technologies like what you just referenced, and there are a number of examples like that out there.

而且我認為，能反映未來走向的一點是：如今大家的協作程度高得多；我認為要達到最大效率，需要服務公司與營運商更早期就真正一起合作，針對你剛提到那類共享技術進行協作，而外面也有不少類似的例子。

But that is the path of drilling today. And I think we've said before that we're kind of wax poetic about the change from the concept of drilling yourself out of a job and into the mindset of drilling yourselves into a job. We mentioned previously that we've seen that work directly in Guyana, where they've had FID under a set of circumstances that probably were not possible even three or four years ago, given efficiency then.

但這就是當今鑽井的發展路徑。而且我想我們之前也說過，我們有點詩意地談到：從「把自己鑽到失業」的概念，轉變為「把自己鑽到有工作」的心態。我們先前提到，我們在蓋亞那（Guyana）已直接看到這種情況奏效：在某些條件下他們做出了FID（最終投資決定），而以當時的效率來看，這在三、四年前可能還做不到。

So we think that technology and automation is really an enabler for deepwater work going forward. And the further deepwater comes down the cost curve, the more there is for the entire industry. So we're really optimistic about all of that.

所以我們認為，技術與自動化確實是未來深水作業的關鍵推動力。而深水成本曲線降得越低，整個產業能獲得的機會就越多。因此我們對這一切都非常樂觀。

James West, Melius Research.

James West，Melius Research。

Robert and Richard. Robert, curious, as we think about the various regions around the world that you guys participate in, which one would you say, over the last -- or which one or two or three over the last kind of 90-days have started to show a bit more urgency on moving FIDs maybe forward or just getting FIDs done for projects as this deepwater cycle steps up?

Robert和Richard。Robert，我想問，當我們思考你們參與的全球各個區域時，過去大約90天裡，你會說哪一個、或哪兩三個區域開始展現出更強的緊迫感，想把FID往前推，或至少把專案的FID敲定，因為這一輪深水週期正在升溫？

I'll give an answer and look at Blake to make sure I get it right. But I think Asia, for sure, we've seen a real change in the amount of demand and urgency there. And then I would say CARICOM, where there is an enormous amount of work that obviously, a lot of it we knew in Guyana, but then suddenly, Venezuela seems more open and a number of other actually kind of shallower water trends that are creating a lot of demand through that region is all pretty interesting.

我先回答，然後看一下Blake，確保我說得正確。但我認為亞洲肯定是，我們看到那裡的需求量與緊迫感出現了明顯變化。然後我會說是CARICOM（加勒比共同體），那裡有大量工作；顯然其中很多我們在蓋亞那早就知道，但接著委內瑞拉似乎突然更開放了，另外還有一些其實偏淺水的趨勢正在帶動該區域大量需求，這些都相當有意思。

Okay. Got it. And then on the managed pressure drilling, I think you mentioned all of your rigs are now or will be outfitted with MPD. What percentage of the wells now are being drilled with MPD -- and how much of the actual well is drilled with MPD?

好的。了解。另外關於受控壓力鑽井（MPD），我想你提到你們所有鑽機現在都已經或將會配備MPD。目前有多少比例的井是使用MPD來鑽——以及實際上井段中有多少部分是用MPD來鑽的？

Yes. So just to clarify, the drillships will have -- it will be all the drillships that have MPD. I may have to -- I don't know if I have a percentage on -- it's a high percentage. And look, there are certain technologies out there that can be used outside of MPD. But the feeling for us has been that over the past really 10 years that MPD is kind of going the path of the top drive where it's almost ubiquitous.

是的。所以澄清一下，鑽井船將會——會是所有配備 MPD 的鑽井船。我可能得——我不確定是否有一個比例——但比例很高。而且你看，市面上確實有一些技術可以在 MPD 之外使用。但我們的感受是，在過去大約 10 年裡，MPD 有點走上了像頂驅（top drive）那樣的路徑，幾乎已經無所不在。

And so we're pretty happy with where we are on having the rigs outfitted. It's $25 million to $30 million expense depending on where your piping is and then -- and that's before you get out of service time. So we're pretty happy to have all that pretty much paid for.

因此，我們對目前鑽機的改裝配置進度相當滿意。費用大約是 2,500 萬到 3,000 萬美元，取決於你的管線配置，然後——而且這還不包含停工（out of service）時間。所以我們很高興這些基本上都已經付清了。

Noel Parks, Tuohy Brothers.

Noel Parks，Tuohy Brothers。

We've touched on sort of the edges of this, but I've been thinking, of course, that one of the artifacts of things tightening up again in the rig market could be that we might begin to see some lengthening of contract term length. And it seems like I haven't really necessarily seen that yet, but I have noticed some more prompt contract extensions, maybe suggesting that any operators who might have been betting on lower for longer day rates may realize they're losing that bet. So I'm just wondering if you were seeing that yourselves.

我們已經稍微觸及這個議題的邊緣，但我一直在想，當鑽機市場再次收緊時，可能帶來的一個結果是，我們可能開始看到合約期限變長。而且看起來我還不一定真的看到這種情況，但我確實注意到一些更即時的合約延長，這或許暗示那些原本押注日費率會「低位維持更久」的營運商，可能意識到他們這個押注正在失利。所以我想問，你們自己是否也有看到這種情況。

Yes. Sorry, when you said term, do you mean like contractual terms or the length of the contracts?

是的。抱歉，你說的期限（term）是指合約條款，還是合約的長度？

Length of the contract.

合約的長度。

Yes. So if you recall, two or three years ago, the last time we kind of hit this inflection, I think average contract term was still less than a year. And so I think that's one important point we kind of made in the comments is, yes, if you have -- I don't think there's a ton of price options out there. If someone has a price option, I think they're pretty likely to take it right now.

是的。所以如果你還記得，兩三年前，我們上一次到達這個拐點時，我認為平均合約期限仍然不到一年。因此我想我們在評論中提出的一個重要觀點是：是的，如果你有——我不認為市場上還有很多價格選擇權（price options）。如果有人有價格選擇權，我認為他們現在很可能會行使。

But across the board, I think we're seeing more and more big development projects that are driving this demand. And like we mentioned earlier, I think the average contract term was at least two years on some of this recent contracting. That's a huge change compared to where we were before. So if you think about hitting kind of similar utilization point as when the last time day rate hit right at $500, we're similar -- approaching a similar utilization point, but with more term and a lot more open demand than before, like double open demand. So we're pretty optimistic.

但整體而言，我認為我們看到越來越多大型開發專案在推動這個需求。而且如同我們先前提到的，我認為近期一些合約的平均期限至少有兩年。相較於我們之前的狀況，這是非常大的改變。所以如果你想想，當利用率到達與上一次日費率剛好觸及 50 萬美元時相近的水準，我們現在也——正接近類似的利用率點，但合約期限更長，而且未被滿足的需求（open demand）比以前多得多，像是翻倍的未被滿足需求。所以我們相當樂觀。

Great. And I'm just wondering, you did mention briefly that the factors of disciplined capital discipline are still very much in place with producers. And I was just wondering if this time around, I'm sort of thinking with the geopolitical turmoil, I'm sort of thinking back to 2022 that we had -- we still had sort of more uncertain macro environment. The rate environment was about to take off and head a lot higher.

很好。另外我想問，你確實簡短提到，生產商仍然非常堅持資本紀律等因素。我在想這一次，考量地緣政治動盪，我回想 2022 年，當時——我們仍然處於較不確定的總體環境。而費率環境正準備起飛並大幅走高。

So I was just wondering if this -- as far as you see them trying to decision make during the current uncertainty, is this very reminiscent of sort of our last big international flare up? Or do they sort of are just looking past it and just thinking about whatever comes next?

所以我想問，就你們觀察他們在目前不確定性下做決策的方式而言，這是否非常像我們上一次重大的國際衝突升溫？還是他們其實就是看淡這些，直接思考接下來會發生什麼？

Yes. I mean our customers are very long-term minded, obviously. And I think that they are -- there has been this big movement towards exploration in the deepwater, which to me is the most important test of the market that started before Iran, that hasn't slowed down. We hope that it is only solidified by what's happening right now. And so I guess one -- another way to put it would be, we certainly wouldn't expect our customers to waver from their commitment to discipline, and our optimism does not require them to abandon any discipline.

是的。我的意思是，我們的客戶顯然是非常著眼長期的。而且我認為——深水勘探出現了這股大幅轉向的趨勢；對我而言，這是市場最重要的試金石，而且這個趨勢在伊朗事件之前就已開始，並沒有放緩。我們希望目前正在發生的事情只會讓這個趨勢更加確立。所以換個說法，我們當然不預期客戶會動搖他們對紀律的承諾，而我們的樂觀也不需要他們放棄任何紀律。

Aaron Rosenthal, JPMorgan.

Aaron Rosenthal，摩根大通（JPMorgan）。

Can you just elaborate on the moving pieces with the Mick O'Brien. I think you called out $15 million impact. Maybe how much is the bareboat piece of that versus I believe you mentioned a stacking cost? And then the termination or I guess when the rig does go stacked, does that effectively end the relationship between the two entities and that rig is free to see work elsewhere? Or are there any other lingering items we should be aware of?

你能否再詳細說明一下 Mick O'Brien 這件事的各個變動因素。我想你提到有 1,500 萬美元的影響。其中有多少是光船租賃（bareboat）那一部分，另外我記得你提到還有一個封存成本（stacking cost）？然後在終止或我想當鑽機確實進入封存時，這是否等同於結束兩個實體之間的關係，並且該鑽機可以自由去其他地方找工作？或者還有任何我們需要注意的其他未了事項？

Yes. So obviously, it's an early termination for the rig. So the $15 million, if you think about that as about six months of the bareboat charter plus stacking costs. So that's essentially the $15 million. So that's the extent of the impact. We don't see any other impact to our financials. And obviously, once we get to early December, that will move over to Borr.

是的。所以很明顯，這是該鑽機的提前終止。所以那 1,500 萬美元，如果你把它想成大約六個月的光船租賃費加上封存成本。所以基本上就是這 1,500 萬美元。因此影響就到此為止。我們不認為還會對我們的財務造成任何其他影響。而且很明顯，一旦到了 12 月初，它就會轉移到 Borr。

As of right now, we don't have any pending questions. I'd now like to hand the call back to Noble Corp management for closing remarks.

截至目前，我們沒有任何待回答的問題。現在我想把電話交回 Noble Corp 管理層作結語。

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

感謝各位今天加入我們。我們感謝各位的關注，並期待在下個季度再次與各位交流。祝各位有美好的一天。

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

感謝您參加今天的電話會議。您現在可以斷線。再見。