National Energy Services Reunited Corp (NESR) 2025 Q3 法說會逐字稿

Greetings, and welcome to the NESR reports third-quarter 2025 financial results call.

大家好，歡迎參加 NESR 2025 年第三季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Blake Gendron. You may begin.

現在我將把會議交給主持人布萊克·根德龍先生。你可以開始了。

Thank you, Kate. Hello, and welcome to NESR's third-quarter 2025 earnings call.

謝謝你，凱特。大家好，歡迎參加NESR 2025年第三季財報電話會議。

With me today are Sherif Foda, Chairman and Chief Executive Officer of NESR; and Stefan Angeli, Chief Financial Officer. On today's call, we will comment on our third-quarter results and overall performance. After our prepared remarks, we will open up the call to questions.

今天陪同我的是 NESR 董事長兼執行長 Sherif Foda；以及財務長 Stefan Angeli。在今天的電話會議上，我們將對第三季業績和整體表現進行評論。在我們發言完畢後，我們將開放提問環節。

Before we begin, I'd like to remind our participants that some of the statements we'll be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest earnings release filed earlier today and other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details on reconciliations to the most directly comparable GAAP financial measures can be found in our press release, which is on our website.

在開始之前，我想提醒各位參與者，我們今天將要發表的一些言論是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的實際結果與這些聲明中預測的結果有重大差異。因此，請您參閱我們今天早些時候發布的最新盈利報告以及其他提交給美國證券交易委員會的文件。我們今天的評論可能還會包含非GAAP財務指標。有關與最直接可比較的 GAAP 財務指標的調節詳情，請參閱我們網站上的新聞稿。

Finally, feel free to contact us after the call with any additional questions you may have. Our Investor Relations contact information is available on our website. Now I'll hand the call over to Sherif.

最後，如果您在通話結束後還有任何其他問題，歡迎隨時與我們聯繫。我們的投資者關係聯絡資訊可在我們的網站上找到。現在我把電話交給謝里夫。

Thanks, Blake. Ladies and gentlemen, good morning, and thank you for participating in this conference call. Today's call comes at a pivotal moment in the history of our firm as our crews mobilized to deliver one of the largest projects in sector history and company growth hits a new gear. Despite the transition of key contracts in the third quarter, I'm proud of the NESR team for strong execution and cost control with an unwavering focus on safety. As recently announced, NESR has secured the winning position for the massive frac tender in Jafurah.

謝謝你，布萊克。女士們、先生們，早安，感謝各位參加本次電話會議。今天的電話會議正值我們公司歷史上一個關鍵時刻，我們的團隊已集結起來，準備交付該行業歷史上最大的項目之一，公司發展也進入了一個新的階段。儘管第三季關鍵合約有所變動，但我為NESR團隊在執行力、成本控制以及對安全的堅定不移的關注方面所取得的成就感到自豪。正如最近宣布的那樣，NESR 已成功中標 Jafurah 的大型壓裂招標項目。

This multiyear, multibillion-dollar award is a cornerstone achievement for the company, upon which we will continue to build beyond our revenue target we set ourselves. At the same time, we are also seeing a positive activity inflection beyond Jafurah with continued growth in Kuwait, return of additional rigs in Saudi and increased activities in the majority of our countries.

這項為期多年、價值數十億美元的獎項是公司的里程碑式成就，我們將繼續以此為基礎，超越我們自己設定的收入目標。同時，除了賈夫拉之外，我們還看到積極的活動轉折點，科威特持續成長，沙烏地阿拉伯又有鑽井平台回歸，我們大多數國家的活動都有所增加。

Our countercyclical investment strategy is allowing NESR to capitalize on global weakness and boosting the company into a position of strength and operational readiness. While others are cutting, we are playing offense. I will dig into both Jafurah and our broader strategy later in the call.

我們的反週期投資策略使 NESR 能夠利用全球經濟疲軟的機會，並將公司推向實力雄厚、營運就緒的狀態。當別人都在收縮防守時​​，我們卻在進攻。我稍後會在電話會議中深入探討 Jafurah 以及我們更廣泛的策略。

But first, I want to take a slightly different angle and discuss two, what I call, mega themes that have emerged from the recent FII event in Riyadh, followed by ADIPEC in Abu Dhabi. FII, or Future Investment Initiative, known as Davis of the Desert, is one of the largest macro conference and leadership gatherings in the world.

但首先，我想換個角度，討論一下最近在利雅德舉行的FII活動以及隨後在阿布達比舉行的ADIPEC活動中出現的兩個我稱之為「超級主題」。FII，即未來投資倡議，又稱“沙漠戴維斯”，是全球規模最大的宏觀經濟會議和領導力聚會之一。

And ADIPEC is the largest oil and gas conference globally. Our participation was both timely with the Jafurah award and also crucial with the GCC at the epicenter of these two mega themes. From these events, the message was clear and crisp.

阿布達比國際石油展是全球規模最大的石油天然氣會議。我們的參與既恰逢賈夫拉獎的頒發，又至關重要，因為海灣合作委員會正處於這兩個重大主題的中心。從這些事件中，傳遞的訊息清晰明確。

Theme 1, energy demand and GCC leadership in the AI revolution. Traditional energy is here to stay and demand growth will be supercharged by the huge power demand of AI, data centers and cybersecurity.

主題一：能源需求與海灣合作委員會在人工智慧革命中的領導地位。傳統能源將持續存在，而人工智慧、資料中心和網路安全領域的巨大電力需求將極大地推動傳統能源需求的成長。

The AI power demand commentary was nothing new, but the signals from both Saudi and UAE during this event suggest that the Middle East AI race is on and significant investment is coming. Both countries presented a vision of becoming number 3 globally for AI after the US and China.

關於人工智慧電力需求的評論並不新鮮，但沙烏地阿拉伯和阿聯酋在此次活動中釋放出的信號表明，中東的人工智慧競賽已經開始，並且將有大量投資湧入。兩國都提出了成為繼美國和中國之後全球人工智慧第三大國的願景。

What this means is that, the region has moved beyond the concept of energy transition and is now focused on energy addition in all forms, including more oil, more renewables and in particular, more natural gas and solar. For NESR, this means that established leadership in unconventional aligned completely with the upcoming AI race in the region.

這意味著該地區已經超越了能源轉型的概念，現在專注於各種形式的能源增加，包括更多的石油、更多的再生能源，特別是更多的天然氣和太陽能。對於 NESR 而言，這意味著其在非常規領域建立的領導地位與該地區即將到來的 AI 競賽完全一致。

In fact, our largest customer formally increased its sales gas growth target from 60% to 80% by 2030. This gas capacity for internal consumption will be critical to support AI ambition in the country, a strategy that is being discussed across MENA. Theme 2, the Gulf region geopolitically.

事實上，我們最大的客戶已正式將天然氣銷售成長目標從 2030 年的 60% 提高到 80%。這種供國內消費的天然氣產能對於支持該國的人工智慧發展目標至關重要，而人工智慧策略正在整個中東和北非地區進行討論。主題二：海灣地區的地緣政治。

The relationship between the US and Gulf states is clearly very strong. This has positive implication for both energy market as OPEC expand production with an eye on materially higher demand in the 2030 time horizon, and also foreign investment as multiple IOC make moves across the MENA region. Knowledge is power and now power is knowledge. Cross-border cooperation on AI is all-time high between the US.

美國與海灣國家之間的關係顯然非常牢固。這對能源市場和外國投資都有積極影響，因為歐佩克正在擴大生產，以應對 2030 年大幅增長的需求，因為多家國際石油公司正在中東和北非採取行動。知識就是力量，如今力量就是知識。美國與其他國家在人工智慧領域的跨國合作達到了歷史最高水準。

and the Gulf with bilateral investment deals already announced. As the national champion of the Middle East, but also US NASDAQ listed, NESR is a company made for the current political moment. We have a role to play in the bridge building between the US energy sector and the MENA national oil companies.

並且已經宣布與海灣國家達成雙邊投資協議。身為中東地區的國家冠軍，同時也是美國納斯達克上市公司，NESR 是一家順應當前政治情勢而生的公司。我們可以在搭建美國能源產業與中東和北非國家石油公司之間的橋樑方面發揮作用。

We can point to Jafurah as a case study of how we can help US expertise navigate the region, leveraging technology and efficiency while empowering local content and human capital. We've talked about how this benefits our NOC partners, but it's worth noting that this also helps our IOC partners feel right at home in MENA, which is a good segue to discuss our newfound position as the largest frac company in the Middle East.

我們可以以賈富拉為例，說明我們如何幫助美國專家在該地區發揮優勢，利用技術和效率，同時增強本地內容和人力資本。我們已經討論過這如何使我們的國家石油公司合作夥伴受益，但值得注意的是，這也有助於我們的國際石油公司合作夥伴在中東和北非地區感到賓至如歸，這正好引出了我們作為中東最大的壓裂公司這一新地位。

The Jafurah tender represents the single largest single service contract in sector history. And as the outright winner of the committed scope, our NESR team has clearly earned its reputation for pushing the envelope on efficiency.

Jafurah 的招標是該行業歷史上最大的單筆服務合約。作為既定範圍內的最終贏家，我們的 NESR 團隊顯然已經贏得了在效率方面不斷突破極限的聲譽。

It is a remarkable achievement, and we thank our derisked customer for their trust, having started from zero in frac just five years ago. Jafurah is now as efficient as any leading Permian operation, a world-class case of science and data-driven shale development orchestrated by Aramco. In the early days of NESR involvement, this included our open technology platform approach.

這是一項了不起的成就，我們感謝風險降低的客戶對我們的信任，因為我們五年前才從零開始涉足壓裂領域。Jafurah 油田如今的效率堪比任何領先的二疊紀盆地油田，是沙烏地阿美精心策劃的科學和數據驅動頁岩油開發的世界級案例。在 NESR 參與的早期階段，這包括我們開放的技術平台方法。

More recently, this has involved huge investment in infrastructure, logistics, best-in-class supply chain across sand, water, chemicals, maintenance and other dimensions across multiple product lines within this integrated frac project. We've driven substantial cost out of the system, initially on integration, efficiency gains and agnostically the use of leading technology from around the world.

最近，該項目還涉及對基礎設施、物流、一流的供應鏈（涵蓋沙子、水、化學品、維護以及其他方面）的巨額投資，涉及該綜合壓裂項目的多個產品線。我們已經大幅降低了系統成本，最初是透過整合、提高效率以及不偏不倚地使用來自世界各地的領先技術來實現的。

We challenged the status quo and brought fit-for-purpose and sometimes made in the Kingdom technology to have the best locally made that includes site preparation, local sand, chemicals, coiled tubing, perforation, well testing, flowback. Now we are on a path to fully embed AI into our operation, predicting failures and ensure flawless delivery and another level of efficiency breaking world record. But cracking the code on unconventional does not stop at Saudi.

我們挑戰現狀，引進了適合當地用途的、有時甚至是王國製造的技術，以實現最好的本地化生產，包括場地準備、當地沙子、化學品、連續油管、射孔、油井測試、返排。現在，我們正朝著將人工智慧全面融入營運的方向發展，預測故障，確保完美交付，並將效率提升到一個新的水平，打破世界紀錄。但破解非常規能源密碼的旅程並不會止步於沙烏地阿拉伯。

The service delivery model that we've developed alongside our partners at Aramco is a blueprint that we can take across the MENA region to unlock additional unconventional development, particularly for natural gas. There are huge ambition and potential for unconventional in several countries that we operate in.

我們與沙特阿美合作夥伴共同開發的這種服務交付模式，可以作為藍圖推廣到整個中東和北非地區，以釋放更多非常規能源開發潛力，尤其是在天然氣領域。在我們開展業務的幾個國家，存在著巨大的雄心壯志和非常規發展的潛力。

And all of our top customers are coming to NESR to fully understand how we can unlock their resources, which brings me back to our broader growth strategy because NESR success in Jafurah and across the region would not be possible without our aggressive countercyclical investment playbook. For decades, the oil service industry has matched investment, hiring and R&D with the activity cycle.

我們所有的頂級客戶都來到 NESR，以充分了解我們如何釋放他們的資源，這讓我想起了我們更廣泛的成長策略，因為如果沒有我們積極的反週期投資策略，NESR 在 Jafurah 和整個地區的成功是不可能實現的。幾十年來，石油服務業的投資、招聘和研發一直與產業活動週期相符。

But now that the global cycle has accelerated and shortened, the traditional waiting out the storm strategy no longer works. By the time the cycle turns, many companies are left behind, which is why we've taken a different approach, invest during the downturn. It's been easier said than done, but as the only public MENA pure play, we benefit from the relative stability of activity in the region and agility of decision-making.

但現在全球經濟週期加速縮短，傳統的等待風暴過去的策略已經行不通了。當經濟週期逆轉時，許多公司都會落後，這就是為什麼我們採取了不同的方法，在經濟低迷時期進行投資。說起來容易做起來難，但作為中東和北非地區唯一一家上市的純上市公司，我們受益於該地區相對穩定的市場活動和靈活的決策機制。

Rig activity is largely decoupled from commodity price on oil because of focus on capacity building and in gas because of domestic needs. If any company is well positioned to break from the pack and establish a countercyclical investment market position, it's NESR.

由於石油鑽井活動主要集中在產能建設上，而天然氣鑽井活動則主要由於國內需求，因此石油鑽井活動與大宗商品價格基本脫鉤。如果有哪家公司能夠脫穎而出，建立反週期投資市場地位，那就是 NESR。

And our customers value our broad approach, particularly since our NOC partner themselves are taking a longer-term view of oil fundamentals. As a company, NESR is small enough to be agile but large enough to scale. That is our window.

我們的客戶非常重視我們全面的方法，尤其是因為我們的國家石油公司合作夥伴本身就對石油基本面採取了更長遠的看法。NESR 公司規模適中，既夠靈活，又夠大，可以實現規模化發展。那就是我們的窗口。

While downturn expose weakness in our industry, they also reveal who's actually planning for the future. Our operation readiness is unmatched among our peers, and it's only possible because we are growing and investing while others are shrinking.

經濟低迷雖然暴露了我們產業的弱點，但也揭示了誰在真正為未來做規劃。我們在營運準備方面比同業更勝一籌，這完全是因為當其他公司都在萎縮的時候，我們卻在不斷發展和投資。

To be honest, it's no walk in the park trying to convince some shareholders, Board members of the strategy. Public company in our sector often suffer from short-term pressure. Everyone wants results, cash, dividend, and they want them now.

說實話，要說服一些股東和董事會成員接受這項策略，可不是一件容易的事。我們行業的上市公司經常面臨短期壓力。每個人都想要業績、現金、股息，而且他們想要立刻得到這些。

It is understandable, particularly in a lower oil price environment and with tight risk mandates in public markets. We spent the last seven years since the founding of the company trying to convince the market that MENA upstream fundamentals are inherently derisked, and our financial results over the past few years have borne this out.

這可以理解，尤其是在油價較低且公開市場風險控制嚴格的情況下。自公司成立以來的七年裡，我們一直努力讓市場相信，中東和北非上游的基本面本身就具有去風險性，而過去幾年的財務表現也證實了這一點。

Even in the current lower oil environment, the NESR outlook only continues to improve. To be sure, we aren't growing for growth's sake. Our countercyclical investment strategy speaks to the fact that there is ample return accretive expansion still out there for NESR.

即使在當前油價低迷的環境下，NESR 的前景也只會繼續改善。當然，我們並非為了成長而成長。我們的反週期投資策略表明，NESR 仍有充足的增值擴張空間。

This strategy perhaps isn't available for others with the most established and mature market position. And with that, I'll pass the call to Stefan to discuss the financials in detail.

對於那些擁有最穩固、最成熟的市場地位的企業來說，這種策略或許並不適用。接下來，我將把電話轉給斯特凡，讓他詳細討論財務狀況。

Thank you, Sherif. Good morning to our audience joining from the United States, and good afternoon or good evening to those joining us from the Middle East, North Africa, Asia and Europe. We are delighted to have you with us today.

謝謝你，謝里夫。早安，來自美國的觀眾朋友們；下午好或晚上好，來自中東、北非、亞洲和歐洲的觀眾朋友們。我們非常高興今天能與您相聚。

I am pleased to present an update on our financial results for the third quarter of 2025 and to share perspectives on our outlook for the fourth quarter and the full year. In the three months since we last spoke, global macroeconomic volatility has persisted.

我很高興向大家介紹我們 2025 年第三季的財務業績，並分享我們對第四季和全年的展望。自從我們上次交談以來的三個月裡，全球宏觀經濟波動持續存在。

Factors such as ongoing trade uncertainty, inflationary pressures, reduced subsidies in developing economies, fully supplied oil markets and additional OPEC+ supply releases have collectively contributed to range-bound oil prices and lower reactivity in certain countries.

持續的貿易不確定性、通膨壓力、發展中國家補貼減少、石油市場供應充足以及歐佩克+額外增產等因素共同導致油價區間波動，並降低了某些國家的反應能力。

As we also heard from our peers, these dynamics have weighed on the third-quarter 2025 results across the broader oilfield service sector, making short-term forecasting increasingly challenging. Despite these headwinds, and as Sherif highlighted in his market overview, we continue to invest heavily and look at our long-term vision with contract awards and getting ready for the years to come. Now shifting to Q3 2025. Our overall third-quarter revenue was $295.3 million, down 9.8% sequentially and 12.2% year over year.

正如我們從同行那裡了解到的那樣，這些動態對整個油田服務行業的 2025 年第三季業績產生了影響，使得短期預測變得越來越具有挑戰性。儘管面臨這些不利因素，正如謝里夫在他的市場概覽中所強調的那樣，我們將繼續大力投資，著眼於長期願景，透過授予合約並為未來幾年做好準備。現在延後到 2025 年第三季。我們第三季總營收為 2.953 億美元，季減 9.8%，年減 12.2%。

Sequentially, revenue declined primarily due to the transition between the major contract in Saudi Arabia, partially offset by solid growth in Kuwait, Qatar and Iraq. Year-over-year revenue declined due to the transition between the major contract in Saudi Arabia, timing and lumpiness of product sales and partially offset by steady growth in Kuwait, Oman, Egypt, Algeria, Iraq and Libya. Adjusted EBITDA for the third quarter of 2025 was $64 million, representing a margin of 21.7%, which was in line with the second-quarter '25 levels despite lower revenues.

從環比來看，收入下降主要是由於沙烏地阿拉伯的主要合約過渡期所致，但科威特、卡達和伊拉克的穩健成長部分抵消了這一影響。由於沙烏地阿拉伯主要合約的過渡、產品銷售的時間和波動性，導致年收入下降，但科威特、阿曼、埃及、阿爾及利亞、伊拉克和利比亞的穩定成長部分抵消了這一影響。2025 年第三季調整後 EBITDA 為 6,400 萬美元，利潤率為 21.7%，儘管收入下降，但仍與 2025 年第二季的水平持平。

Margins remained steady on strong cost discipline and improved execution across our portfolio. Adjusted EBITDA includes adjustments for certain charges and credits impacting adjusted EBITDA totaling $6.9 million, primarily relating to a loss on inventory in a fire, credit loss provisions, costs tied to the remediation of material weakness controls, which is expected to decline dramatically going forward.

得益於嚴格的成本控制和產品組合執行力的提升，利潤率保持穩定。調整後的 EBITDA 包括對某些影響調整後 EBITDA 的費用和抵免額的調整，總計 690 萬美元，主要與火災造成的庫存損失、信用損失準備金、與重大缺陷控制補救措施相關的成本有關，預計未來將大幅下降。

Interest expense for the third quarter of '25 was $8.1 million, and the tax expense was $3.7 million after normalizing for a net release of uncertain tax positions and unrecognized tax benefits in two geographies totaling $9.2 million.

2025 年第三季利息支出為 810 萬美元，稅項支出為 370 萬美元，這是在扣除兩個地區總計 920 萬美元的不確定稅務事項淨釋放和未確認稅收收益後得出的。

As normalized, this corresponds to an effective tax rate of 29.9% for Q3 '25 and 24.8% year to date. Adjusted EPS for the third quarter of '25 was $0.16. Adjusted EPS includes adjustments for certain charges and credits impacting adjusted EPS totaling $2.3 million, including the net release of uncertain tax positions and unrecognized tax benefits in two geographies described previously. Turning to cash flow and liquidity, areas that have consistently been among our most positive over the past several years.

經過標準化處理後，2025 年第三季的實際稅率為 29.9%，年初至今的實際稅率為 24.8%。2025 年第三季調整後每股收益為 0.16 美元。調整後每股收益包括對影響調整後每股收益的某些費用和收益的調整，總計 230 萬美元，其中包括先前描述的兩個地區不確定稅務事項和未確認稅收收益的淨釋放。再來看現金流和流動性，這些領域在過去幾年中一直是我們表現最正面的領域之一。

Third-quarter cash flow from operations and free cash flow came in below expectations, reflecting lower working capital efficiency driven by delayed collections, much of which was received in early Q4 '25. Consistent with our countercyclical approach, we continue to deploy CapEx tied to recent contract wins to enable rapid operational ramp-up.

第三季經營活動產生的現金流量和自由現金流量低於預期，反映出由於收款延遲導致營運資本效率降低，其中大部分款項在 2025 年第四季初才收到。秉持反週期策略，我們持續投入與近期中標合約相關的資本支出，以實現快速的營運提升。

As of September 30, our gross debt totaled $332.9 million and net debt was $263.3 million. Our net debt-to-adjusted EBITDA ratio stood at 0.93x, remaining below our target threshold of 1x. On a trailing 12-month basis, our return on capital employed, or ROCE, was 10.1%, reflecting the continued execution of our robust growth investment strategy.

截至9月30日，我們的總債務為3.329億美元，淨債務為2.633億美元。我們的淨負債與調整後 EBITDA 比率為 0.93 倍，低於我們 1 倍的目標門檻。過去 12 個月，我們的資本回報率（ROCE）為 10.1%，反映了我們強勁成長投資策略的持續執行。

Now looking ahead, we expect full-year '25 revenues to be broadly in line with full-year '24 levels. Based on this outlook, one can infer our Q4 '25 revenue expectation, which represents a record performance, consistent with the start-up of the recently awarded contracts discussed earlier by Sherif. Both Q4 '25 EBITDA and full-year '25 EBITDA margin percentages are expected to be in line with Q3 '25 and year to date adjusted EBITDA margin percentages, reflecting continued operational discipline and execution consistency.

展望未來，我們預計 2025 年全年營收將與 2024 年全年水準大致持平。根據這一展望，我們可以推斷出我們對 ​​2025 年第四季度的收入預期，這將創下歷史新高，與 Sherif 之前討論的最近授予的合約的啟動情況相符。預計 2025 年第四季 EBITDA 和 2025 年全年 EBITDA 利潤率將與 2025 年第三季和年初至今的調整後 EBITDA 利潤率保持一致，反映出持續的營運紀律和執行一致性。

Implied in our outlook is the expectation that we'll exit full-year '25 at a revenue record run rate, positioning us for continued growth in 2026. We anticipate ending full-year 2026 with a revenue run rate of approximately $2 billion, supported by our expanding contract base and sustained execution momentum.

我們的展望隱含著這樣的預期：我們將在 2025 年全年實現創紀錄的收入成長，為 2026 年的持續成長奠定基礎。我們預計，在不斷擴大的合約基礎和持續的執行勢頭的支持下，2026 年全年營收將達到約 20 億美元。

For Q4 '25, we expect interest expense to be approximately $8 million and our normalized full-year '25 ETR to remain in the mid-20% range, consistent with prior guidance. Capital expenditures, or CapEx for the full year are anticipated to be in the range of $140 million to $150 million, in line with the previous guidance and reflecting the positive outcomes of the recent tenders.

預計 2025 年第四季利息支出約為 800 萬美元，2025 年全年正常化 ETR 將維持在 20% 左右，與先前的指導一致。預計全年資本支出（CapEx）將在 1.4 億美元至 1.5 億美元之間，與先前的指導一致，並反映了近期招標的積極成果。

We expect Q4 '25 cash flow from operations to be very healthy, driven by the seasonally high fourth-quarter collections. As a result, free cash flow for full-year '25 is projected to be in the range of $70 million to $80 million, which we view as robust given the significant CapEx investments made during the year to support our recent contract wins. These investments are expected to position us for a very positive free cash flow trajectory in 2026.

我們預計 2025 年第四季經營活動產生的現金流量將非常健康，這主要得益於第四季季節性較高的收款額。因此，預計 2025 年全年自由現金流將在 7,000 萬美元至 8,000 萬美元之間，考慮到本年度為支持我們最近贏得的合約而進行的重大資本支出投資，我們認為這一數字相當可觀。這些投資預計將使我們在 2026 年實現非常積極的自由現金流。

Finally, we do not expect to be materially impacted by changes in global tariff policy. Now on to housekeeping topics. As noted last quarter, we have remediated all previously identified material weaknesses and this update has been formally disclosed to the SEC.

最後，我們預計不會受到全球關稅政策變化的實質影響。接下來我們來談談家事方面的議題。正如上個季度所指出的，我們已經糾正了所有先前發現的重大缺陷，而這項更新已正式向美國證券交易委員會披露。

We continue to strengthen our internal processes and controls, which have played a vital role in supporting our financial health and operational discipline. The company is currently in the process of refinancing its debt facility and remains on track to complete the refinancing by the end of the year '25 or early January '26.

我們不斷加強內部流程和控制，這些流程和控制在維護我們的財務健康和營運紀律方面發揮了至關重要的作用。該公司目前正在進行債務再融資，預計在 2025 年底或 2026 年 1 月初完成再融資。

This initiative is expected to further enhance financial flexibility. For the remainder of '25 and the first half of '26, given the continued market volatility, the ongoing debt refinancing and the capital expenditure commitments tied to new contract awards, including the start-up of the largest frac contract in the world, the company intends to deploy all excess cash flow exclusively towards debt reduction.

這項舉措可望進一步增強財務靈活性。鑑於市場持續波動、持續的債務再融資以及與新合約授予相關的資本支出承諾（包括啟動全球最大的壓裂合約），公司計劃在 2025 年剩餘時間和 2026 年上半年將所有剩餘現金流全部用於償還債務。

This approach reinforces our commitment to balance sheet strength and financial discipline during this period of strategic investment growth. Once these initiatives have stabilized by mid-2026, we will reevaluate our capital allocation program to maximize value for our shareholders. The outlook across the Middle East and North Africa region remains favorable.

這項舉措強化了我們在策略性投資成長時期對資產負債表穩健性和財務紀律的承諾。待這些措施在 2026 年年中趨於穩定後，我們將重新評估我們的資本配置計劃，以最大限度地為股東創造價值。中東和北非地區的經濟前景仍然樂觀。

We expect these markets will lead to activity recovery as market fundamentals move towards equilibrium, supported by sustained investment in oil capacity and ongoing gas expansion projects across several of our core geographies. NESR remains focused on its core strategic priorities, delivering profitable revenue growth, enhancing execution efficiency, expanding our technology portfolio, maintaining disciplined debt reduction and improving working capital efficiency, all of which are expected to drive sustainable financial performance going forward.

我們預計，隨著市場基本面趨於平衡，在石油產能的持續投資和我們幾個核心地區正在進行的天然氣擴張項目的支撐下，這些市場將帶動經濟活動復甦。NESR 將繼續專注於其核心策略重點，實現獲利性收入成長，提高執行效率，擴大技術組合，保持嚴格的債務削減，並提高營運資本效率，所有這些有望推動未來可持續的財務表現。

On behalf of management, I'd like to thank our entire workforce for their outstanding efforts in delivering these results and contract awards as well as our shareholders and banking consortium for their continued trust and support. The outlook for NESR remains highly favorable, supported by our consistent execution on our major contract wins, strategic investments and growing market opportunities. Now I'll turn the call back to Sherif.

我謹代表管理階層，感謝全體員工為取得這些成果和合約授予所付出的傑出努力，同時也感謝股東和銀行財團的持續信任和支持。NESR 的前景仍然非常樂觀，這得益於我們持續有效地執行重大合約、進行策略性投資以及把握不斷增長的市場機會。現在我把電話轉回給謝里夫。

Thanks, Stefan. Let me conclude. In short, a confluence of macro and industry trends are aligning to supercharge the NESR story. A wave of AI investment and fruitful geopolitical collaboration in the Gulf is fundamentally positive for NESR as a key player in the unconventional gas renaissance. NESR' bold decision to invest and have solid long-term strategy is working.

謝謝你，斯特凡。最後，我來總結一下。簡而言之，宏觀趨勢和產業趨勢的匯合將極大地推動 NESR 的發展。海灣地區人工智慧投資浪潮和富有成效的地緣政治合作，對於作為非常規天然氣復興關鍵參與者的NESR而言，從根本上來說是積極的。NESR大膽的投資決策和穩健的長期策略正在發揮作用。

As our unique position as the national champion of MENA and US NASDAQ listed, we are in the best position more than ever to build on the appetite of the GCC capacity growth while securing long-term contracts. The Jafurah award elevates our profile significantly and puts the future firmly in our hands. And there are more awards to come and will be announced very soon.

作為中東和北非地區的全國冠軍企業，同時也是美國納斯達克上市公司，我們擁有獨特的優勢，比以往任何時候都更有能力滿足海灣合作委員會產能增長的需求，同時確保長期合約。Jafurah 獎極大地提升了我們的知名度，並將未來牢牢掌握在我們自己手中。還有更多獎項即將頒發，很快就會公佈。

With oil activity inflection outside of Jafurah, continued growth in Kuwait and North Africa and all-time high activity across most of our countries, translating into positive region fundamentals that match the equally positive position we have in the region, and we will capitalize on all those tailwinds.

傑夫拉以外的石油活動出現拐點，科威特和北非持續成長，以及我們大多數國家的石油活動達到歷史最高水平，這些都轉化為積極的區域基本面，與我們在該地區同樣積極的市場地位相符，我們將充分利用所有這些利好因素。

I'd like to close by thanking all of our employees and their families. They broke records, delivered flawlessly and secured several billions of dollars of contracts. We still have big ambition for the future, not only in more contract awards, but in innovation, sustainability and technologies.

最後，我要感謝我們所有的員工及其家人。他們打破了紀錄，完美地完成了任務，並獲得了數十億美元的合約。我們對未來仍有遠大的抱負，不僅體現在獲得更多合同，還體現在創新、永續發展和技術方面。

Our success would not be possible without the steadfast support of our beloved customers who we know very well and honored to be their trusted partner. With that, we are ready to take your questions.

如果沒有我們摯愛的客戶們的堅定支持，我們的成功是不可能的。我們非常了解他們，並榮幸地成為他們值得信賴的合作夥伴。那麼，我們就可以回答你們的問題了。

Kate, please open the floor.

凱特，請開始發言。

(Operator Instructions)

（操作說明）

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Obviously, congratulations on the big contract win in Jafurah. It's a long road to get here. Great to see you guys rewarded for all the efforts you've been -- you've done there on the unconventional field. Not surprisingly, those who didn't win the contract are, of course, saying you wanted at a price that no one else is willing to go to.

顯然，恭喜你們在賈夫拉贏得這份大合約。走到今天這一步，路還很長。很高興看到你們在非常規領域付出的所有努力都得到了回報。不出所料，那些沒有得標的人當然會說，你想要的價格是其他人都不願意接受的。

Can you please respond to that and just tell us how you're able to price this more competitively than others, but you're still able to keep these margins at these great levels? How much of this is being a local player? What else is in this mix?

請您回覆一下，告訴我們您是如何做到定價比其他公司更有競爭力，同時還能維持如此高的利潤率的？這其中有多少是本土玩家的優勢？這個混合物中還包含哪些成分？

Thanks, Dave. Thanks for the congratulation. And obviously, I wouldn't comment on others. But I just can tell you very clearly, as we tried to explain in great detail, we've been in this journey now for several years with our dear customer, Aramco.

謝謝你，戴夫。謝謝祝賀。顯然，我不會對其他人發表評論。但我可以非常清楚地告訴你們，正如我們之前詳細解釋的那樣，我們和我們親愛的客戶沙特阿美公司已經攜手走過了這段旅程好幾年了。

And as we've been part of it and we've been performing and I would say, beating all the records in that domain, we understand exactly how the structure works as very -- we are very locally embedded with all the ecosystem.

因為我們參與其中，並且一直在進行表演，可以說，打破了該領域的所有記錄，所以我們非常了解這個結構是如何運作的——我們與整個生態系統緊密地聯繫在一起。

And as I tried to explain, we knew how to take the cost out of the system and look at the future of that project being 3x at least what it was before. So how you are going to operate in that new paradigm? Your cost control, your new supplier and partners, a lot of it is for the people that do not know, this is an integrated project.

正如我試圖解釋的那樣，我們知道如何降低系統成本，並展望該專案的未來，使其至少比以前成長 3 倍。那麼，在這種新模式下，你打算如何運作？成本控制、新的供應商和合作夥伴，對於不了解的人來說，這是一個綜合項目。

So basically, we look at the sites, the water, the sand, the coiled tubing, the plugs, the flowback, the testing in addition to frac. We knew exactly how to acquire equipment and use of the weakness, if you like, of the US to take a full advantage of that. We brought everything to the Kingdom already. So we invested, as I say, countercyclically because we knew the downturn could play a very big benefit for us.

所以基本上，除了壓裂之外，我們還要檢查現場、水、沙、連續油管、塞子、回排液、測試等情況。我們非常清楚如何取得設備，以及如何利用美國的弱點（或弱點）來充分利用這一點。我們已經把一切都帶到王國去了。所以，正如我所說，我們進行了逆週期投資，因為我們知道經濟衰退可能會為我們帶來巨大的好處。

And this will translate in maintaining our margins in this project going forward. So as we tried to explain, this is going to be much bigger and significantly bigger.

這將有助於我們在未來保持該項目的利潤率。正如我們之前解釋的那樣，這次的規模將會大得多，而且要大得多。

So our target is to maintain the same profitability as we had today and as we had before. And the best thing to say is people have just to watch the results and the margins going forward, and that would be the best answer.

因此，我們的目標是保持與現在和以前一樣的獲利能力。最好的方法就是大家觀察未來的結果和利潤率，這才是最好的答案。

Well, we've seen it so far. So it's great to see you continue on this journey here. So could you provide us a bit of a road map on the pace of development at Jafurah? How many crews are you going to have in this coming fourth quarter? Where do you hope to be at the end of '26?

嗯，目前為止我們看到的就是這樣。很高興看到你繼續在這裡的這段旅程。那麼，您能否為我們簡單介紹一下賈夫拉的開發進度呢？你們計劃在即將到來的第四季安排多少個工作小組？你希望在 2026 年底達到什麼目標？

And just, ultimately, how many wells or stages per month are you targeting? Any details around that you could provide, please?

最終，你們的目標月產量是多少井或多少階段？請問您能提供更多相關細節嗎？

Yes. So, obviously, I know all the details and great details, but I will always leave this to my dear customer to say it. But I can tell you, we prepared to send all the extra equipment and crews in this quarter. So then we are ready in Q4. So we started the contract November 1.

是的。所以，很顯然，我知道所有的細節和重要細節，但我總是會把這些留給我的客戶來表達。但我可以告訴你，我們已經準備好在本季調派所有額外的設備和人員。那我們就可以在第四季做好準備了。所以我們從11月1日開始執行合約。

So we didn't have to wait. Obviously, we had the transition and in the business. And we started executing using our today, two fleets that are running as we speak from November 1.

所以我們不必等待。顯然，我們經歷了轉型，也經歷了業務轉型。我們從11月1日起開始執行今天的任務，目前有兩個車隊正在運作。

And our plan is to deliver those stages that Aramco wants us to deliver using the crews and the additional crew that we -- the equipment that we already bought as well and it's shipping to the Kingdom. They will be there in end of November.

我們的計劃是按照沙烏地阿美的要求，利用我們現有的人員和額外的人員，以及我們已經購買並正在運往沙烏地阿拉伯王國的設備，完成沙烏地阿美要求我們完成的階段性工作。他們將於11月底抵達。

So we will be ready with the additional crew. So our plan after that is, in '26, how to execute the number of stages with the least amount of crews based on the efficiency gain we get, right, which is very similar to what you have in the US.

所以我們會做好準備，增派人手。所以，我們之後的計劃是，在 2026 年，如何根據我們獲得的效率提升，用最少的工作人員完成盡可能多的賽段，對吧？這和你們在美國的做法非常相似。

So we believe that we can make north of 1,000 stages per month every month. And Aramco wants us to increase to all the way to 1,500, we are ready to do it, right? So that is our plan is to execute with the flexibility up and down as they like.

因此，我們相信每個月可以製作超過 1000 個舞台。沙特阿美希望我們把產量提高到 1500 噸，我們已經準備好了，對吧？所以我們的計劃是根據他們的需求彈性調整執行力度。

And we have all the crews, we have all the people. Everybody is already there. So as I said, as we planned this extremely well, we did not release people. We did not shut down. So we kept investing.

我們擁有所有工作人員，我們擁有所有人員。大家都已經到了。正如我所說，由於我們計劃得非常周密，所以我們沒有釋放任何人。我們沒有停工。所以我們繼續投資。

We hired our people. We had a very good cost control. And if you do that and you have that flexibility, we'll be able to deliver. So really, Aramco plan is very aggressive. I think you heard their earnings call very clearly.

我們招到了合適的人。我們的成本控製做得非常好。如果你能做到這一點，並且具備這種彈性，我們就能交付成果。所以說，沙特阿美的計畫確實非常激進。我想你很清楚地聽到了他們的財報電話會議。

They added the gas to 80%. They are really world-class in terms of planning. So they know exactly what to do. And we work very, very close with them. We have a full team in their office.

他們將氣體添加至 80%。他們在規劃方面確實堪稱世界一流。所以他們很清楚該怎麼做。我們與他們保持著非常密切的合作關係。我們在他們辦公室有一支完整的團隊。

So we can be as flexible as they want us to be.

所以我們可以根據他們的需要靈活調整。

Sherif, if I could squeeze in one last question. You've been -- you've had at least a crew or even working on Jafurah, I think, as you said about five years or even more now. But now Jafurah has taken this next step up and your company has taken up the next step of growth.

謝里夫，我可以再問最後一個問題嗎？我認為，正如你所說，你至少已經帶領一個團隊在 Jafurah 上工作了五年甚至更久。但現在 Jafurah 已經邁出了下一步，而你的公司也邁出了發展的下一步。

Can you help us provide a little bit of a sense of the incremental EBITDA here? Stefan, I think you said -- can you just repeat what you said?

您能幫我們大致了解一下這裡的增量 EBITDA 嗎？史特凡，我想你剛才說過──你能再重複一遍你剛才說的話嗎？

I think you said $2 billion run rate by the end of '26. And if that's the number incrementally, I come up with something like $100 million incremental EBITDA, something in that neighborhood. Is that low? Is that high? Am I in the range?

我想你說過到 2026 年底年收入將達到 20 億美元。如果這是增量數字，我估計增量 EBITDA 大約為 1 億美元，差不多在這個範圍內。這個數字低嗎？那算高嗎？我是否在射程範圍內？

Just trying to get a sense in '26.

只是想了解一下 26 年的情況。

On the incremental, that's approximately correct, right? For the full year of '26, I would use the same margin as the full year of '25, right, as a total, right, total corporate. But the $100 million you're quoting is approximately correct.

從增量角度來看，這大致正確，對嗎？對於 2026 年全年，我將採用與 2025 年全年相同的利潤率，對吧，作為總利潤率，對吧，公司總利潤率。但你提到的 1 億美元大致是正確的。

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

Sherif and Jafurah, can you talk about the ramp-up in activity over the next couple of years?

謝里夫和賈弗拉，你們能談談未來幾年業務成長的情況嗎？

Yes. If you look at, I would say, from the big picture, right, you have a first gas in end of this year, and you have 1 Bcf in '27, 2 Bcf in 2030 with the condensate and NGLs, right, which means -- and you have all the rigs running in Jafurah and the other two, South Ghawar and North Arabia, which is all the unconventional in Saudi, right?

是的。從大局來看，今年年底就能實現首次天然氣開採，2027 年產量將達到 10 億立方英尺，2030 年凝析油和天然氣凝析液產量將達到 20 億立方英尺，這意味著——而且所有鑽井平台都在賈夫拉以及另外兩個油田（南加瓦爾和北阿拉伯）運行，這些油田涵蓋了沙特阿拉伯所有的非常規油氣資源，對油田？

So if you take that up and you think about the ramp-up and the number of stages, anything between 2x to 3x what we used to do now. So it's a very significant project, a very significant number of wells, number of stages to be delivered. And as I tried to reply again, there is a flexibility in the system.

所以，如果你考慮到這一點，想想加速生產和階段數量，那將是我們現在所做工作的 2 到 3 倍。所以這是一個非常重要的項目，涉及數量非常多的油井和需要完成的階段。當我再次嘗試回覆時，發現系統具有一定的靈活性。

And Saudi will definitely decide if they want to do, let's say, 15,000 stages, 20,000 stages, 25,000 stages per year, and you have the flexibility and ability to go up and down with that based on their demand and obviously, based on productivity and the national agenda, right? So our role is to ensure that we have that flexibility ready and ensure as well that we can add crew, release crew or decrease crew or update as they like.

沙烏地阿拉伯肯定會決定他們是否想每年舉辦，比如說 15,000 場、20,000 場、25,000 場，而你們可以根據他們的需求，當然也根據生產力和國家議程，靈活地上下調整，對吧？因此，我們的職責是確保我們具備這種靈活性，並確保我們可以根據需要增加、解僱或減少船員或進行更新。

To date, our plan is to have full four crews running all the time in a very, I would say, efficient way to ensure that you can deliver those number of stages that are required with the number of wells because now the wells are drilled extremely much faster than before. Obviously, again, they did, as I said, the science-driven approach to deliver those wells much faster than before, but in a very efficient way, very professional way. So now there is an inventory of wells.

到目前為止，我們的計劃是始終保持四個完整的作業團隊以非常有效率的方式運轉，以確保能夠完成所需數量的鑽井階段，因為現在鑽井的速度比以前快得多。顯然，正如我所說，他們再次採用了科學驅動的方法，以比以往更快的速度完成了這些油井的開採，而且效率很高，非常專業。現在我們已經有了油井清單。

And most of the unconventional project for people around the world to know, it's really about do you have the inventory of wells and the pads ready. So then you can plan your frac crews to get ready on those pads, right?

對於世界各地的人們來說，大多數非常規項目實際上都與你是否準備好了油井和井場有關。這樣你就可以安排壓裂作業團隊在那些平台上做好準備，對吧？

So you pre-intervene, you prepare those wells and then you frac them and then they put them online when they are ready, right? So this project is -- again, it's -- I keep saying it's a blueprint because it's very differently made than others, right, because it's well planned, very high in advance. There was an exploration phase.

所以，你們先進行幹預，準備好那些油井，然後進行壓裂，等一切就緒後再投入使用，對吧？所以這個項目——再說一遍——我一直說它是一個藍圖，因為它與其他項目非常不同，對吧，因為它經過了周密的計劃，而且是提前很長時間就制定好的。有一個探索階段。

And then, obviously, these wells were not hooked, right? So they were fracked, but stopped, but then they are all hooked and then now they are all in production, right? So we plan to have at least 3x to 4x what we used to have before. And again, we are ready for the variability up and down as our client wants us to do.

很顯然，這些水井沒有被接通，對吧？所以它們曾經被水力壓裂，但後來停止了，但後來它們都接上了電源，現在它們都重新投入生產了，對吧？所以我們計劃至少要達到以前規模的3到4倍。我們再次做好準備，以應對客戶要求的波動。

In the context of a blueprint, can you share some perspective on unconventional development over the next couple of years in other markets in the Middle East and North Africa and how NESR is positioned to take advantage of that?

從規劃的角度來看，您能否分享一下您對未來幾年中東和北非其他市場非常規發展的看法，以及NESR如何利用這些發展機會？

And then, alongside that, is there any color you could share over the contract value of tenders that you all are working on that might have an impact in 2026 and '27?

此外，您能否透露您正在參與的投標合約的價值，這些合約的價值可能會對 2026 年和 2027 年產生影響？

So let me try to separate. So the unconventional, again, I'm talking here as well for the wider audience. If you look today on the Middle East, obviously, it's extremely rich in conventional resources, right? So you will never go and develop something that is expensive if you have something very easy to produce.

讓我試著分開來看。所以，我再次強調，我這裡所說的非常規事物，也是為了更廣大的受眾。如果你看看今天的中東，很明顯，那裡擁有極其豐富的常規資源，對吧？所以，如果你有一種很容易生產的東西，你就永遠不會去開發一種昂貴的東西。

Now, because of the success of Saudi, unlocking that unconventional play in a very cost-efficient and very professional manner, now people open up and say, "Wow, why can't I do the same in -- because obviously, if you have all these reserves, that means your source rock exists, but is it economical and you need it.

現在，由於沙烏地阿拉伯以非常經濟高效且非常專業的方式成功開發了非常規油氣資源，人們開始暢想：「哇，為什麼我不能在其他地方也這樣做呢？」——因為很明顯，如果你擁有所有這些儲量，那就意味著你的烴源岩存在，但這是否經濟，以及你是否需要它。

And that's why it's a bit opposite to the US. It's actually because they have a lot of oil, but they want a lot of gas, again, for what (inaudible) for their AI revolution, for internal consumption, et cetera. So now they are looking at all these plays and where are they?

這就是為什麼它與美國的情況有些相反。實際上，這是因為他們有很多石油，但他們想要很多天然氣，再說一遍，是為了什麼（聽不清楚）為了他們的人工智慧革命，為了內部消費等等。所以現在他們正在研究所有這些戰術，看看它們在哪裡？

So, obviously, you know that Abu Dhabi as well is doing exactly the same, and they started this already. They have a development already on the unconventional play very successfully.

很顯然，你也知道阿布達比也在做同樣的事情，而且他們已經開始了。他們已經在非常規戰術方面取得了非常成功的進展。

Two clients already or you have EOG and PETRONAS already there doing the same. So you have as well two separate international oil company looking at unlocking this unconventional in UAE.

已經有兩個客戶了，或者說EOG和PETRONAS已經在做同樣的事情了。所以，目前有兩家不同的國際石油公司正在考慮開發阿聯酋的這種非常規油氣資源。

And then -- so the others are looking at it. So if you look at the basin, Algeria has an amazing unconventional resource, Ahnet Basin. And it's very similar to actually Vaca Muerta in Argentina.

然後——所以其他人都在看。所以，如果你觀察一下盆地，你會發現阿爾及利亞擁有驚人的非常規資源──阿赫內特盆地。它和阿根廷的瓦卡穆埃爾塔非常相似。

You have Lithya that have resources. You have Egypt with Abu Rawash and Apollonia. So you have Kuwait now is even looking at it, Qatar as well. So there will be -- that's why I call it the renaissance.

你們有擁有資源的利西亞人。埃及有阿布拉瓦什和阿波羅尼亞。所以現在連科威特都在考慮這件事了，卡達也在考慮。所以必定會有──這就是我稱之為文藝復興的原因。

Basically, people will look into all these plays and see is it conventional -- unconventional, how much does it cost to produce a barrel of gas?

基本上，人們會研究所有這些項目，看看它是常規的還是非常規的，生產一桶天然氣需要多少錢？

How much is -- or a unit of gas and how much is to produce oil? If it is economical, they will do it and then they will develop it because, again, the whole narrative changed totally in the world where you need a lot of traditional energy in addition to the others, which means gives me to the point that you have to look into the unconventional.

一單位天然氣是多少？生產石油又需要多少成本？如果經濟效益好，他們就會去做，然後就會發展，因為，再一次，整個世界的情況完全改變了，除了其他能源之外，還需要大量的傳統能源，這意味著你必須研究非常規能源。

And I believe you are going to see this more and more in the coming years. Now on your other question was -- no, you had another question.

我相信在未來幾年裡，你會看到這種情況越來越普遍。關於你之前提出的另一個問題——不，你還有另一個問題。

Just can you share any color on the value of contracts that NESR is currently working on or looking to secure that could impact '26 and '27?

您能否透露一下NESR目前正在洽談或尋求獲得的合約的價值，這些合約可能會對2026年和2027年產生影響？

So look, we are tendering huge contract. Obviously, the biggest by far on a scale with Jafurah and this is done. We are bidding a lot of tenders in Kuwait and in other countries. And I would say it's $2 billion, $3 billion additional tenders we are running. So we are going to announce as we know the results of those.

你看，我們正在招標一份巨額合約。顯然，就規模而言，這是迄今為止最大的，與賈夫拉相比，這件事已經完成了。我們正在科威特和其他國家參與許多投標項目。我估計我們正在進行價值 20 億至 30 億美元的額外招標。所以，一旦我們掌握了這些結果，就會立即公佈。

And obviously, that will translate into all the additional revenue we were saying. So if you -- that's why we keep saying -- I used to always say we're going to double the growth of MENA. Now this is irrelevant because if MENA is going to be 5%, let's say, we are going to grow at least 30%, right, minimum. So definitely now our growth profile and our additional is much higher scale than what the market is going to grow.

顯然，這將轉化為我們之前提到的所有額外收入。所以如果你——這就是為什麼我們一直說——我過去總是說，我們要讓中東和北非地區的成長翻倍。現在這無關緊要了，因為如果中東和北非地區的成長率是 5%，那麼我們至少要成長 30%，對吧，這是最低限度。所以現在我們的成長前景和新增規模肯定比市場成長規模高很多。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

I want to ask about the uncommitted work at Jafurah. Just to make it a two-parter, when could Aramco tender for that? And what are they looking for? And then also on your side, what's it going to take from an investment point of view over and beyond what you've already been able to build countercyclically?

我想問 Jafurah 那些尚未完成的工作。如果要分成兩部分，沙特阿美甚麼時候可以進行招標？他們在尋找什麼？那麼，從投資的角度來看，除了你已經建立的反週期資產之外，還需要做些什麼？

So okay, let me clarify. This contract is already done, right? So the Jafurah, the way it works is there is a tender, and we all participated. They have what we call a winner for the 100% of the committed work, which is us. And then everybody else signed that contract, right, or a similar contract.

好的，讓我解釋一下。這份合約已經簽訂了吧？所以 Jafurah 的運作方式就是進行招標，我們都參與了。他們找到了我們所說的“100% 投入工作的贏家”，那就是我們。然後其他人也都簽了那份合同，對吧，或者類似的合約。

And that is what we call uncommitted. So that piece of the pie for Aramco, they decide as they like when to start, who takes it, they want to diversify. Everybody can operate in that. So this is not going to be -- this is already done, finished. And we -- basically, all the service companies, what they call, they signed these contracts.

這就是我們所說的猶豫不決。所以對沙特阿美來說，他們想什麼時候開始、由誰來接手這部分業務，就由他們自己決定，他們想要多元化發展。任何人都可以參與其中。所以這件事不會再發生了——這件事已經完成了。基本上，所有服務公司，或他們所謂的公司，都簽署了這些合約。

And very similar to, by the way, what happened in the last one. So that scope could be big and people would work anyone who were approved in that list and they were qualified and signed the contract, can operate and execute that piece of the contract. And again, Aramco always keeps that flexibility for them as a very professional client. So they can invite, they can add, they can cancel. So it's -- when we call it uncommitted, it's uncommitted from both parties, right?

順便說一句，這和上一次發生的事情非常相似。因此，該範圍可能很大，任何被列入名單並經過審核、具備資格且簽署了合約的人都可以參與其中，他們可以操作和執行合約的這一部分。而且，沙特阿美始終保持著這種彈性，因為他們是非常專業的客戶。所以他們可以邀請，可以添加，也可以取消。所以——當我們說它未做出承諾時，是指雙方都未做出承諾，對嗎？

So you don't have to do it, and Aramco can call it and not call it. And obviously, us have a very good opportunity to execute that scope as well.

所以你不必這麼做，沙特阿美可以打電話也可以不打電話。顯然，我們也擁有很好的機會來實現這一目標。

Got it. That's pretty helpful.

知道了。這很有幫助。

And what was the other part, investment needed?

另一部分是什麼？需要投資嗎？

I was asking about if there's any other rigs or equipment that you need to buy over and beyond what you've already got for this contract.

我問的是，除了這份合約中已經擁有的設備之外，是否還需要購買其他任何鑽孔機或設備。

Yes. Obviously, what we did ourselves is we purchased -- it's in our CapEx number already that Stefan explained. We purchased all the additional equipment that we need to execute on this contract. That's why we managed to start immediately the contract, November 1. Now as we go along, we will definitely keep adding equipment, right?

是的。顯然，我們自己做的就是採購——這已經計入我們的資本支出了，正如 Stefan 所解釋的那樣。我們已購置履行該合約所需的所有其他設備。這就是為什麼我們能夠立即開始履行合同，即11月1日。隨著專案的推進，我們肯定會不斷增加設備，對吧？

Because this, for example, let's say, we are already now with three fleets. We need a fourth fleet. We need additional equipment because this has surface well testing, coiled tubing, perforation, wireline, so be it. So we will definitely keep investing in that to make sure that we can execute the contract professionally. The key for us, and the key for you and the investment community is, we said we are going to maintain our CapEx the same.

例如，假設我們現在已經擁有三支艦隊。我們需要第四支艦隊。我們需要額外的設備，因為這涉及到地面井測試、連續油管、射孔、鋼絲繩作業，就這樣吧。因此，我們一定會繼續加大投入，以確保我們能夠專業地執行合約。對我們來說，關鍵在於，對你們和投資界來說，關鍵在於，我們說過我們將保持資本支出不變。

So if we spend $140 million, $150 million in '25, we're going to spend exactly the same in '26 with 30%, 40% growth in revenue, which gives you that stability that we know exactly how much CapEx we need to spend and how much cash flow we're going to get because we are again taking the full advantage of the weakness of the outside market, right?

因此，如果我們在 2025 年花費 1.4 億美元、1.5 億美元，那麼 2026 年我們將花費完全相同的金額，收入增長 30%、40%，這為我們提供了穩定性，讓我們確切地知道我們需要花費多少資本支出以及我們將獲得多少現金流，因為我們再次充分利用了外部市場的疲軟，對吧？

So the project, I would say it's very well designed. From our side, we did a very good job and a very detailed work exactly what we need and what we don't need. And we already front-loaded that in '25 to ensure that we can execute flawlessly and deliver to the client without any hiccups in the future.

所以我覺得這個項目設計得非常好。我們這邊做得非常好，工作非常細緻，清楚地列出了我們需要什麼和不需要什麼。我們已經在 2025 年提前投入資源，以確保未來能完美執行並順利交付給客戶。

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

Sherif, can you share any updates on some of the NEDA projects you're working on, especially with some of the water initiatives in Saudi Arabia?

謝里夫，您能否分享您正在進行的一些NEDA計畫的最新進展，特別是沙烏地阿拉伯的一些水資源計畫？

Look, we are doing so much in that, but obviously, because of the, I would say, the significance we decided to speak about it in the next one when we know the results as well. So as we said last time, we are on pilots, several pilots on water, mineral recovery, lithium. Those projects are in the pilot phase now. They are physically in the country. We are doing the test with our customer in several locations.

你看，我們在這方面做了很多工作，但顯然，由於這件事的重要性，我們決定在下次知道結果後再談論它。正如我們上次所說，我們正在進行試點項目，有好幾個試點項目涉及水、礦物回收和鋰。這些項目目前正處於試點階段。他們目前身處該國境內。我們正在多個地點與客戶一起進行測試。

We will be able to really give you a bit more color based on the results of all those pilots. So we're very excited about it. I am personally love the story because I believe that this can I make something so different in the world that nobody did in the entire industry in the universe actually, where basically you're going to start to say, I can produce oil and gas and I can produce a lot of other material that is good for the world, for the earth, for the climate. I am cleaning the water economically. I am bringing minerals and I'm selling it to other industry.

根據所有這些試點項目的結果，我們將能夠為您提供更詳細的資訊。所以我們對此感到非常興奮。我個人非常喜歡這個故事，因為我相信它能創造出一些與眾不同的東西，一些在整個行業甚至整個宇宙中都從未有人做過的事情。基本上，你會開始說，我可以生產石油和天然氣，我還可以生產很多其他對世界、對地球、對氣候有益的材料。我正在以經濟的方式淨化水。我進口礦產，然後賣給其他產業。

And the best would be if I can get lithium at economical scale, make batteries and the narrative of the industry becomes extremely positive, regardless if the ESG is out of flavor now or in. But I think our commitment is a long-term sustainability of our industry.

最好的情況是，我能以經濟規模獲得鋰，製造電池，無論 ESG 現在是否流行，整個行業的形像都會變得非常積極。但我認為我們致力於產業的長期永續發展。

And as I say, if the world needs all this oil and gas and energy, we have to make sure that we can do this sustainably. So we will be able to give you a bit more color in our next call based on the results of all those pilots.

正如我所說，如果世界需要所有這些石油、天然氣和能源，我們就必須確保我們能夠以永續的方式做到這一點。因此，根據所有這些試點計畫的結果，我們將在下次電話會議上為您提供更詳細的資訊。

(Operator Instructions)

（操作說明）

John Ajay, Occam Crest.

約翰‧阿傑，《奧卡姆之巔》。

Curious on a couple of things. Can you give us a sense for the visibility and the confidence that you have in hitting the $2 billion exit run rate for 2026? What you think the growth rate for NESR looks like over the year or two that follow that and the level of visibility and confidence you would have in that growth rate? And maybe what like an 80% confidence level might be for a 2027 and/or 2028 exit run rate based on that trajectory?

有幾個問題想請教一下。您能否談談您對實現 2026 年 20 億美元退出率目標的可見度和信心？您認為NESR在接下來的一兩年內的成長率會是多少？您對該成長率的可見度和信心程度如何？那麼，基於該發展軌跡，2027 年和/或 2028 年的退出運行率的置信水準可能達到多少（例如 80%）呢？

Thanks, Ajay. So if I will tell you on the 2026 level of confidence, 99%, I would say. So those contracts are awarded and those contracts are signed. The work started. So I would say the level of confidence we have on the delivery and barring anything happened in the world, it should be very, very steady and very, very sure.

謝謝你，阿傑。所以，如果我以 99% 的把握告訴你 2026 年的前景，我會說。所以這些合約都授予了，這些合約也簽署了。工作開始了。所以我認為，我們對交付的信心非常強，除非世界上發生什麼事情，否則交付應該會非常非常穩定，非常非常有保障。

Now if I look at our growth profile '27, '28, definitely, it's going to still growing because this contract, for example, and others are all five years. We have a backlog of tenders that are very, very solid. So if we believe we win our fair market share on that, at least with the growth that we see in Libya, in Kuwait that is more than the average of the 5% growth rate that the region will see, definitely, we will have the continuation of that growth rate.

現在，如果我看一下我們 2027 年和 2028 年的成長情況，肯定會繼續成長，因為例如這份合約以及其他合約都是五年期的。我們積壓了很多非常非常可靠的投標項目。因此，如果我們相信我們能夠贏得應有的市場份額，至少在利比亞和科威特，我們的成長速度超過了該地區5%的平均成長率，那麼我們肯定會繼續保持這種成長率。

It will not be obviously 30%, 40% like we're going to have in '26 over '25, but you will have a very good at least 10%, 15% growth rate following that. Now if we are more successful in the tenders that are coming, which obviously that's our plan, and we ensure that we can secure those and deliver on them in the same way flawlessly that we're planning to do the Jafurah, then definitely we can opt for much higher growth rate in '27 and '28.

雖然不會像 2026 年比 2025 年那樣明顯達到 30%、40%，但之後至少會有 10%、15% 的非常好的成長率。如果我們能在即將到來的招標中取得更大的成功（這顯然是我們的計劃），並且我們能夠確保獲得這些項目，並以我們計劃完成 Jafurah 項目的方式完美地完成它們，那麼我們肯定可以在 2027 年和 2028 年選擇更高的增長率。

In addition to that, we have obviously our technology and out-of-the-box portfolio that the market that we're trying to create. So we have NEDA, which is our decarbonization arm. There is plenty of pilots, plenty of investment, a venture capital style as we have on water, on emission and definitely on the lithium story. If this cracks, I keep saying this -- our target is to have this segment as $500 million. So now you need to make sure it's economical.

除此之外，我們顯然還有我們正在努力開拓的市場所需的技術和創新產品組合。所以我們設立了NEDA，這是我們的脫碳部門。有很多試點項目，很多投資，就像我們在水資源、排放和鋰礦領域所做的那樣，採用了創投模式。如果這條路走不通，我一直都這麼說——我們的目標是讓這個細分市場達到 5 億美元。所以現在你需要確保它經濟實惠。

So we don't have this in our plan. This is what I call all the add-on if we crack the code. And then you have obviously our technology on Roya, which is the rotary steerable, MWD, LWD. Again, we need to commercialize it professionally. We are doing all the extensive testing.

所以我們計劃中沒有這項內容。這就是我所說的，如果我們破解了密碼，所有附加功能都將歸結於此。然後，顯然我們在 Roya 上擁有我們的技術，即旋轉轉向式 MWD 和 LWD。再次強調，我們需要將其商業化、專業化。我們正在進行所有廣泛的測試。

And we have a plan or our target internally for a much bigger market share. We don't have this again in the numbers. All this is add-on to our growth profile. And this will all translate, I would say, as revenue growth that is significant would be, to answer your question, '27, '28, '29, '30, right? Because now you know that these projects are economical, commercial, bigger in size and can translate to significant revenue and margins.

我們內部有計劃或目標，目標是獲得更大的市場份額。我們沒有在統計數據中再次看到這種情況。所有這些都將為我們的成長計劃錦上添花。我認為，這一切都將轉化為顯著的收入成長，回答你的問題，那就是 2027 年、2028 年、2029 年、2030 年，對吧？因為現在你知道這些項目經濟效益高、商業價值大、規模更大，而且可以轉化為可觀的收入和利潤。

Yes, that sounds great. Curious also, what type of margins do you have high confidence in for the next few years, just without the water and just on what your high confidence baked in growth is from existing contracts, what would you see as a multiyear margin evolution?

是的，聽起來不錯。另外，我很好奇，如果不考慮水資源因素，僅基於現有合約中蘊含的成長，您對未來幾年的利潤率有多大的信心？您認為未來幾年的利潤率會如何改變？

I'll take that. For '26, as I said to Dave in a few questions before, we see the margin for '26 being the same as '25. So it will be somewhere between 21% and 22%, right, plus or minus 1% on that, it's probably in the high 90% confidence levels, right? Going forward, in the -- going forward into '27 and '28, right? We want to try -- we will use the same margins for our own internal model, but we'll try as efficiencies come, more supply chain, greater revenues, so you have revenue efficiencies, overhead efficiencies, supply chain savings.

我接受。對於 2026 年，正如我之前在幾個問題中對戴夫所說，我們認為 2026 年的利潤率與 2025 年相同。所以結果應該在 21% 到 22% 之間，對吧？上下浮動 1%，置信度應該在 90% 以上，對吧？展望未來，展望2027年和2028年，對吧？我們想嘗試一下——我們將沿用我們內部模型的利潤率，但隨著效率的提高，供應鏈效率的提高，收入的增加，我們將嘗試提高收入效率、降低管理費用、節省供應鏈成本。

We'll endeavor to try and get margin improvement. And over time, we want to try and get back to the 23% to 25% level, right? That's our goal.

我們將努力爭取提高利潤率。隨著時間的推移，我們希望努力恢復到 23% 到 25% 的水平，對嗎？這就是我們的目標。

And how is Roya progressing relative to what we might have thought at the beginning of the year? And what type of growth is embedded in that $2 billion exit run rate? And is this an area that could contribute above it, the $2 billion if it goes really well? Or is it success there baked into that $2 billion exit run rate?

羅亞目前的進展與我們年初的預期相比如何？那麼，這20億美元的退出年率背後蘊含著什麼樣的成長呢？如果進展順利，這個領域是否有可能貢獻超過 20 億美元的收入？或者說，20億美元的退出年率本身就包含了成功？

So we -- yes. So our numbers straight is a very limited Roya in 2026. It's going from '27 onwards, right, as a number, again, as a significant number to that ecosystem. Why? Because Roya, rotary steerable, LWD, all this, what we call it, we do an extensive testing to the technology to ensure it is working and I commercialize it when we are happy.

所以——是的。所以，根據我們的統計，2026 年 Roya 的數量非常有限。從 27 年開始，對吧，作為一個數字，再次強調，對於這個生態系統來說，這是一個重要的數字。為什麼？因為 Roya、旋轉轉向、LWD 等等，我們稱之為「旋轉轉向」的技術，我們會對其進行廣泛的測試，以確保其有效，只有在我們滿意後才會將其商業化。

So actually, it's a push-pull. So the clients are pushing us to do more work, and we are resisting that because we want to make sure it works perfectly, right? So I would say it will contribute, and you will see it in the numbers in '27, '28. There will -- it will be there in '26, but it's not a significant number, and it is included in our $2 billion exit rate.

所以實際上，這是一場拉鋸戰。所以客戶催促我們做更多的工作，而我們卻在抵制，因為我們想確保一切完美無缺，對吧？所以我認為它會有所貢獻，你會在 2027 年、2028 年的數據中看到這一點。2026 年肯定會有，但數量不多，而且已經包含在我們 20 億美元的退出率中了。

This now concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the floor back over to Mr. Sherif Foda for closing comments.

我謹將發言權交還給謝里夫·福達先生，請他作總結發言。

Thank you very much. We don't want to take any more of your time. I appreciate all the support. And we thank again all our shareholders, employees, customers for their trust and looking forward for an amazing 2026. Thank you.

非常感謝。我們不想再佔用您任何時間。感謝大家的支持。我們再次感謝所有股東、員工和顧客的信任，並期待精彩的2026年。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。

You may disconnect your lines. Have a wonderful day.

您可以斷開線路。祝您有美好的一天。