National Energy Services Reunited Corp. (NESR) 2026 Q1 法說會逐字稿

Greetings. Welcome to NESR reports for first quarter 2026 financial results conference call. (Operator Instructions) Please note that this conference is being recorded.

各位好。歡迎參加 NESR 2026 年第一季財務業績電話會議。(接線員指示) 請注意，本次會議將被錄音。

At this time, I'd like to turn the conference over to Blake Gendron, Vice President of Investor Relations. Thank you. You may now begin.

此刻，我想將會議交給投資人關係副總裁 Blake Gendron。謝謝。您現在可以開始。

Thanks, Rob. Hello, and welcome to NESR's first quarter 2026 earnings call. With me today are Sherif Foda, Chairman and Chief Executive Officer of Nessar, and Stefan Angeli, Chief Financial Officer. On today's call, we will comment on our first quarter results and overall performance. After our prepared remarks, we will open up the call to questions.

謝謝你，Rob。各位好，歡迎參加 NESR 2026 年第一季財報電話會議。今天與我一同出席的有 Nessar 董事長兼執行長 Sherif Foda，以及財務長 Stefan Angeli。在今天的電話會議中，我們將評論第一季業績與整體表現。在準備好的發言之後，我們將開放提問。

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.

在開始之前，我想提醒各位與會者，我們今天將發表的部分陳述屬於前瞻性陳述。這些事項涉及風險與不確定性，可能導致我們的實際結果與這些陳述中的預期存在重大差異。因此，請參閱我們今天稍早提交的最新財報新聞稿以及其他 SEC 申報文件。

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. 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.

我們今天的評論也可能包含非 GAAP 財務衡量指標。有關與最直接可比的 GAAP 財務衡量指標之調節的更多細節，請參閱我們網站上的新聞稿。最後，如您在會後仍有任何其他問題，歡迎與我們聯繫。我們的投資人關係聯絡資訊可在網站上查詢。

Now, I'll hand the call over to Sherif.

現在，我把電話交給 Sherif。

Thanks, Blake. Ladies and gentlemen, good morning, and thank you for participating in this conference call. The world, and particularly the Middle East, has experienced a seismic geopolitical shift over the past several months. I want to start the call by sincerely thanking all our employees and their families, not only for delivering fantastic results in the face of unprecedented challenges.

謝謝你，Blake。各位女士先生，早安，感謝各位參與本次電話會議。在過去幾個月，全球，尤其是中東，經歷了劇烈的地緣政治變動。我想以最誠摯的感謝作為開場，感謝所有員工及其家人，不僅在前所未有的挑戰下仍交出卓越成果。

But also for their focus on safety, supporting our customers, and outstanding operational readiness. Beyond the strong results, I'm most proud to report that all our team members and their families remain safe, our operation remain unimpacted, and our commitment to our customer remains undeterred during these tough times.

也感謝他們專注於安全、支持客戶，以及出色的營運準備度。除了強勁的業績之外，我最自豪的是可以報告：我們所有團隊成員及其家人仍然平安，我們的營運未受影響，而在這段艱難時期，我們對客戶的承諾依然堅定不移。

We see this as our obligation to stand alongside our customers, ensure their operations are not impacted, delayed, or interrupted. I have two key messages for today's call. First, I want to report on what I personally saw on the ground in the Middle East from the very outset of the conflict to today. While some of the global media is reporting in the Middle East paralyzed by conflict and constraint.

我們視此為我們的責任：與客戶並肩而立，確保其營運不受影響、不延誤、不中斷。我今天有兩個關鍵訊息。第一，我想報告我自衝突一開始到今天，在中東第一線親眼所見的情況。儘管部分全球媒體報導中東因衝突與限制而陷入癱瘓。

What I have seen myself is a region that has rallied around a singular focus of resilience and unstoppable operation. Second, I want to zoom out to discuss the differentiated positioning of NES and the substantial post-conflict opportunity set that I see on the horizon. Energy security, localized capacity, and infrastructure diversity are now resounding themes in the energy sector.

但我親眼看到的是一個以韌性與不間斷運作為唯一焦點而凝聚的地區。第二，我想拉高視角，討論 NES 的差異化定位，以及我在衝突後地平線上所看到的龐大機會集合。能源安全、本地化產能與基礎設施多元化，如今已成為能源產業中響亮的主題。

To reiterate the key message, we remain uniquely aligned and stand shoulder to shoulder with our customers. We've had zero evacuation. Our local workforce has committed to safely ensuring no turn down of any jobs and 100% reliability. We've implemented a 30-60-90 supply chain program to maintain uninterrupted flow of materials and spares.

重申關鍵訊息：我們仍與客戶高度一致，並與客戶肩並肩站在一起。我們沒有進行任何撤離。我們的在地勞動力承諾在確保安全的前提下，不縮減任何工作，並維持 100% 可靠性。我們已實施 30-60-90 供應鏈計畫，以維持材料與備品的不間斷流動。

Our crisis management team ramped up its oversight seamlessly, and we stand ready with extra capacity to effectively meet the evolving needs across the region. Just as in the COVID pandemic, our counter-cyclical investment strategy is not just a slogan, but its necessary commitment to step up in times of crisis.

我們的危機管理團隊無縫提升監督力度，我們也已準備好額外產能，以有效滿足區域內不斷演變的需求。正如在 COVID 疫情期間一樣，我們的逆週期投資策略不只是口號，而是在危機時刻挺身而出的必要承諾。

In that spirit, let me relay some key observations from the region since landing in Saudi on March 1st. My goal was to ensure close contact with our customers and employees. And what I came away with was a deeper admiration for the resilience of regional leadership and field crews throughout the value chain. From our largest customer in the Gulf, the message was clear: safety. Contingency planning, and operational flexibility.

本著這樣的精神，讓我轉述自 3 月 1 日抵達沙烏地以來，對該地區的一些關鍵觀察。我的目標是確保與客戶及員工保持密切聯繫。而我帶回來的是對區域領導層與整個價值鏈現場團隊韌性的更深敬佩。來自我們在海灣地區最大客戶的訊息很明確：安全。應變規劃，以及營運彈性。

This is not the first time the region has grappled with security and shipping challenges, and that fact was on display in the way our biggest clients have courageously maintained core operation and adapted supply routes and storage.

這並非該地區首次面對安全與航運挑戰，而這一點也體現在我們最大客戶如何勇敢維持核心營運，並調整供應路線與儲存安排。

As can be expected, Saudi Arabia is leading these efforts extremely professionally and pragmatically with an unwavering eye on the future. As stated publicly, they are bringing on three of the largest and lowest-cost upstream projects globally and are pushing ahead with two more megaprojects over the next several years to enhance a diversified crude mix.

如同可預期的，沙烏地阿拉伯正以極其專業且務實的方式領導這些努力，並以堅定不移的眼光著眼未來。正如其公開所述，他們正在推進全球規模最大且成本最低的三個上游專案，並在未來數年再推動另外兩個超大型專案，以強化多元化的原油組合。

Exploration continues apace, with six new fields and two new Arabian oil reservoirs that add multi-decade visibility to upstream development. The same goes for the natural gas program in the Kingdom. If anything, the recent impact on global LNG market has only emboldened Saudi gas development. Likewise. Kuwait has exhibited an exceptional level of resilience, which clearly shows that the growth plan's message in February conference, COGS, are among the most durable in the region.

勘探仍在穩步推進，新增六個油氣田與兩個新的阿拉伯油藏，為上游開發帶來跨數十年的能見度。王國的天然氣計畫亦是如此。若說有什麼不同，近期對全球 LNG 市場的影響反而更強化了沙烏地天然氣開發的決心。同樣地。科威特展現了非凡的韌性，清楚顯示其在二月會議中所傳達的成長計畫訊息、COGS，屬於該地區最具持久性的之一。

Our recent contract announcement and my discussion over the past several weeks undersaw that the tender pipeline remains robust and that activity today remains closely aligned with capacity expansion decoupled. From near-term oil flows.

我們近期的合約公告以及我在過去幾週的討論都顯示，招標管線仍然強勁，而當前活動仍與產能擴張高度一致，並與短期石油流量脫鉤。來自短期石油流量。

My visit to UAE and Oman were similarly constructive, as land-based activity has been essentially unimpacted and expansion continues across both oil and gas. These discussions truly punctuated the view that massive infrastructure investment will be needed.

我對阿聯與阿曼的拜訪同樣具建設性，因為陸上活動基本未受影響，且油氣兩端的擴張仍在持續。這些討論確實強化了這樣的觀點：將需要龐大的基礎設施投資。

And that more local service capacity with proven track record of quality and robust supply chain will be needed to support this investment program. As just announced, Agno pledged to spend $55 billion on new projects over the next two years, again confirming the commitment to massive investment.

而且將需要更多具備品質實績與強健供應鏈的在地服務產能，以支援這項投資計畫。正如剛宣布的，Agno 承諾在未來兩年投入 550 億美元於新專案，再次確認對大規模投資的承諾。

I had a couple of stops in North Africa, starting with Egypt and Libya and ending with Algeria. The takeaway was unambiguous. North Africa has untapped existing capacity for undisrupted export to Europe. The authorities and the clients recognize that now is the time to enhance their resources and increase the spending to substantially increase the production and use the untapped excess pipeline capacity that already exists to meet urgent global demand. Algeria and Libya are at the forefront of this, and both countries represent colossal frontier for both conventional and unconventional resources.

我在北非停留了幾站，從埃及與利比亞開始，最後到阿爾及利亞。結論非常明確。北非擁有尚未充分利用的既有產能，可不受干擾地向歐洲出口。主管機關與客戶都認知到，現在正是強化資源並增加支出、以大幅提升產量的時機，同時利用既有、尚未用盡的管線剩餘輸送能力，以滿足迫切的全球需求。阿爾及利亞與利比亞走在最前線，兩國在傳統與非常規資源方面都代表著巨大的前沿版圖。

This is why NES has invested in and deepened our footprint across North Africa. The reshuffling of global supply chain plus the entry of key IOCs has the potential to supercharge the growth outlook in this part of the world. Energy security, localized capacity, infrastructure diversity, all three dominated my discussion with customer and industry leader since the outbreak of the conflict.

這就是為什麼 NES 已在北非投資並深化我們的布局。全球供應鏈的重新洗牌，加上關鍵國際石油公司（IOC）的進入，有潛力大幅加速這一地區的成長前景。能源安全、本地化產能、基礎設施多元化——自衝突爆發以來，這三項主題主導了我與客戶及產業領袖的討論。

Let me sum up in brief why each will contribute to an even stronger multi-year NENA cycle that previously conceived. Number one, energy security will only accelerate oil capacity expansion with enhanced flexibility across areas of production. Domestic gas is more crucial than ever for growing power needs. Number two, localized capacity.

讓我簡要總結為何每一項都將促成一個比先前設想更強勁、跨多年的 NENA 景氣循環。第一，能源安全只會加速擴增石油產能，並提升各生產區域的彈性。為滿足日益成長的用電需求，國內天然氣比以往任何時候都更為關鍵。第二，在地化產能。

Nestro already plays a central role, and we will surely be called upon to expand further, leveraging our fully localized workforce, equipment, and resilient supply chain. Number three, infrastructure diversification will ultimately drive and orient the upstream capacity build-out, particularly in the Gulf countries. Now, let me turn to Nestro differentiated positioning in this macro landscape.

Nestro 已經扮演核心角色，而我們勢必會被要求進一步擴張，運用我們完全在地化的勞動力、設備與具韌性的供應鏈。第三，基礎設施多元化最終將推動並引導上游產能建置，尤其是在海灣國家。現在，讓我談談 Nestro 在此宏觀環境中的差異化定位。

Best described as the saying, it is better to be lucky than smart. honestly, our project exposure and activity mix are uniquely favorable given the impact of the conflict in the region. As an example, we have limited exposure to places that have experienced the greatest disruption and force majeure as in the key LNG export hubs in Qatar.

用一句話形容最貼切：誠實地說，與其說聰明，不如說幸運。我們的專案曝險與業務組合，考量到區域衝突的影響，具有獨特且有利的特性。例如，我們對於受影響最嚴重、發生最大程度中斷與不可抗力事件的地區曝險有限，例如卡達的主要 LNG 出口樞紐。

Additionally, our offshore exposure to exploration or to some of the suspended rigs are much less than others and is not significant in comparison to our entire operation. The bulk of our business is land-based and concentrated in the solid GCC countries that have shown remarkable resilience in keeping the upstream sector active.

此外，我們在離岸勘探或部分停工鑽機方面的曝險也遠低於其他同業，與我們整體營運相比並不顯著。我們業務的大宗在陸上，且集中於穩健的 GCC 國家；這些國家在維持上游產業持續運作方面展現出卓越韌性。

Jafura is also particularly and uniquely positive for Nessus, and I'm pleased to report both an acceleration in the overall project and also flawless execution with many more to come in the future. We are extremely proud and honored to be really the trusted partner of our beloved customers.

Jafura 對 Nessus 也特別且獨具正面意義；我很高興報告，整體專案不僅加速推進，執行也毫無瑕疵，未來還會有更多成果。我們非常自豪也深感榮幸，能真正成為我們摯愛客戶信賴的合作夥伴。

On the supply chain front, we quickly established and executed a 30, 60, 90-days blueprint strategy, which essentially buckets inventory level across all our projects to ensure that we are diversifying supply routes smartly and with an overall eye on operational continuity. This worked for Nest during the COVID pandemic, and this proactive approach is giving our customer confidence in Nest readiness.

在供應鏈方面，我們迅速制定並落實 30、60、90 天藍圖策略，實質上是將所有專案的庫存水位分層管理，以確保我們能以更聰明的方式分散供應路線，並以營運連續性為整體考量。這套做法在 COVID 疫情期間對 Nest 很有效，而這種前瞻性的作法也讓客戶對 Nest 的就緒狀態更有信心。

As I always tell our team, never miss an opportunity to convert crisis into continuous improvement for the future. Like we have on supply chain, secure inventory, step into the void, safely and flawlessly deliver when our clients need us most. Predictably, we've had to absorb extra freight and logistic to ensure our readiness at all time. However, it pays off.

我一直告訴團隊：絕不要錯過把危機轉化為未來持續改善的機會。就像我們在供應鏈上所做的，確保庫存、補位填補缺口，在客戶最需要我們的時候，安全且零失誤地交付。可預期地，我們必須吸收額外的運費與物流成本，以確保我們隨時保持就緒。然而，這是值得的。

The trust we continue to build with our customer is an invaluable asset that will endure well past the current conflict and short-term expenses. With that, let me pass on to Stefan to discuss our solid results and update on our capital allocation plan. Stefan?

我們持續與客戶建立的信任，是一項無價資產，將在當前衝突與短期費用過後依然長存。接下來，我把時間交給 Stefan，請他說明我們穩健的業績表現並更新資本配置計畫。Stefan？

Thank you, Sherif.

謝謝你，Sherif。

Good morning to those joining us from the United States, and good afternoon or good evening to participants across the Middle East, North Africa, Asia, and Europe. We appreciate you taking the time to be with us today. I'm pleased to provide an update on our financial results for the first quarter of 2026, and to share our perspectives on the outlook for the year. Let's start with our first quarter performance.

向從美國加入的各位道早安，也向中東、北非、亞洲與歐洲的與會者道午安或晚安。感謝各位今天撥冗與我們一同參與。我很高興就我們 2026 年第一季的財務結果提供最新進展，並分享我們對今年展望的看法。先從第一季表現談起。

Revenue for the quarter was $404.6 million, an all-time high, increasing 1.6% sequentially and 33.5% year-over-year. Sequential growth was driven primarily by Saudi Arabia, reflecting the continued ramp-up of the Jafurah contract, partially offset by lower activity in Egypt, Oman, and Iraq, the latter of which was due to regional disruptions during March.

本季營收為 4.046 億美元，創歷史新高，較前一季成長 1.6%，較去年同期成長 33.5%。季增主要由沙烏地阿拉伯帶動，反映 Jafurah 合約持續爬坡；部分被埃及、阿曼與伊拉克活動量下降所抵銷，其中伊拉克的下降係因 3 月區域性干擾所致。

On a year-over-year basis, growth was supported by a full quarter contribution from Jafora and increased activity across Kuwait, Algeria, Libya, and Egypt. Shifting to profitability. Adjusted EBITDA for the quarter was $76.7 million, representing a margin of approximately 19%.

以年增來看，成長受惠於 Jafora 全季貢獻，以及科威特、阿爾及利亞、利比亞與埃及的活動增加。接著談獲利能力。本季調整後 EBITDA 為 7,670 萬美元，利潤率約 19%。

This reflects typical Q1 seasonality combined with key contract ramp-ups and two, incremental freight and logistic costs associated with the regional geopolitical disruption, which is estimated to be around $4 million, which covers special air freight charters and other like measures to ensure zero interruptions to our client operations.

這反映了第一季典型的季節性因素，加上關鍵合約的爬坡，以及第二，與區域地緣政治干擾相關的增量運費與物流成本；估計約 400 萬美元，涵蓋特殊包機空運與其他類似措施，以確保客戶營運零中斷。

Despite this, the margins remained resilient due to strong cost discipline, improved operational execution, and our lean overhead structure. Adjusted EBITDA included $2.9 million of charges and credits, primarily related to ForEx losses of $3.6 million in North Africa, partially offset by favorable items. Consistent with prior. Commentary: We continue to expect charges and credits from restructuring and contract mobilization-related costs to be minimal going forward. Net income for the quarter was $23.8 million, more than doubling sequentially and increasing 129% year-over-year. Adjusted diluted EPS was twenty-six cents.

儘管如此，在強勁的成本紀律、更佳的營運執行，以及精實的間接費用結構支撐下，利潤率仍具韌性。調整後 EBITDA 包含 290 萬美元的費用與回沖，主要與北非 360 萬美元的外匯損失相關，並由其他有利項目部分抵銷。與先前一致。說明：我們仍預期，未來因重組與合約動員相關成本所產生的費用與回沖將維持在最低水準。本季淨利為 2,380 萬美元，較前一季增加逾一倍，較去年同期成長 129%。調整後稀釋每股盈餘為 0.26 美元。

This performance reflects strong operational flow-through as activity scales, particularly in our unconventional completions and testing service lines. Turning to cash flow and liquidity, which remain key sources of resilience in our model. Operating cash flow for the quarter was $30.7 million. Working capital was a headwind in Q1, primarily due to. Seasonal DSO increase driven by Ramadan and Eid, which were anticipated, and two, the unforeseen impact of geopolitical events in March across the region.

此表現反映了隨著活動規模擴大而帶來的強勁營運槓桿效益，尤其是在我們的非常規完井與測試服務線。接著談現金流與流動性，這些仍是我們商業模式韌性的關鍵來源。本季營運現金流為 3,070 萬美元。第一季營運資金形成逆風，主要原因為：第一，受齋戒月與開齋節影響、且已預期的季節性 DSO 上升；第二，3 月區域地緣政治事件帶來的非預期影響。

Free cash flow was negative $5.3 million, an improvement versus Q1 25. CapEx for the quarter was $36 million, aligned with our stated countercyclical investment strategy as we continue to deploy capital into recently awarded contracts and position the business for the next phase of growth.

自由現金流為負 530 萬美元，較 2025 年第一季有所改善。本季資本支出為 3,600 萬美元，符合我們所述的逆週期投資策略；我們持續將資本投入近期得標合約，並為下一階段成長做好布局。

Moving to the balance sheet as of March 31. Gross debt was $287.4 million. Net debt was $194.4 million. Our net debt to adjusted EBITDA ratio remains at 0.66 times, well below our 1 times target. Return on capital employed improved to approximately 10.9%, reflecting continued disciplined capital allocation and improved asset utilization.

接著看截至 3 月 31 日的資產負債表。總負債為 2.874 億美元。淨負債為 1.944 億美元。淨負債對調整後 EBITDA 比率維持在 0.66 倍，明顯低於我們 1 倍的目標。投入資本報酬率提升至約 10.9%，反映持續嚴謹的資本配置與資產使用效率改善。

Looking ahead for Q2 2026, we expect a continued robust year-over-year growth, driven by the Jephora ramp-up and recent contract awards. Two, sequential margin improvement consistent with normal seasonality. Three, interest expense to be around $6.5 billion, and four, tax to be at the 22.5% ETR.

展望 2026 年第二季，我們預期在 Jephora 爬坡與近期合約得標帶動下，年對年成長將持續強勁。第二，利潤率將隨正常季節性而較前一季改善。第三，利息費用約為 65 億美元；第四，稅率將為 22.5% 的有效稅率（ETR）。

From a cost perspective, the primary impact from current geopolitical conditions remains freight and logistics, which we have planned for. We also expect Q2 operating cash flow and free cash flow to rebound, similar to Q2 2025 in the normal seasonal pattern.

從成本角度來看，當前地緣政治情勢的主要影響仍是運費與物流，而我們已將其納入規劃。我們也預期第二季營運現金流與自由現金流將回升，與 2025 年第二季的正常季節性型態相似。

As we highlighted in the last two quarters, we continue to see a clear path to our $2 billion target and maintain our margins despite the increase in costs due to the recent present conflicts in the region. We will continue with our counter-cyclical investment, and CapEx will be around $180 billion for the full year of '26, reflecting increased activity and a strong pipeline of contract awards.

如同我們在過去兩季所強調的，我們持續看到達成 20 億美元目標的清晰路徑，並在近期區域衝突導致成本上升的情況下，仍能維持利潤率。我們將持續推動逆週期投資；2026 全年資本支出約為 1,800 億美元，反映活動增加以及強勁的合約得標管線。

We continue to expect strong operating cash flow with free cash flow conversion of approximately 35% to 40% of adjusted EBITDA on a full-year basis. As the company enters a new phase of growth, we are formalizing our capital allocation framework to ensure we continue to deploy capital in a disciplined and value-accretive manner. Our approach is grounded in a clear set of priorities.

我們仍預期營運現金流強勁，全年自由現金流轉換率約為調整後 EBITDA 的 35% 至 40%。隨著公司進入新的成長階段，我們正在正式化資本配置框架，以確保我們持續以嚴謹且能提升價值的方式部署資本。我們的方法建立在一套明確的優先順序之上。

First, we'll continue to invest in high-return growth opportunities, including recent contract awards and technology-led expansion across our core markets. These investments remain the primary driver of long-term value creation. Second, we remain committed to maintaining a strong balance sheet with a target net leverage ratio at or below one times, providing flexibility through cycles and supporting our growth strategy. Third.

第一，我們將持續投資於高報酬的成長機會，包括近期合約得標，以及在核心市場以科技帶動的擴張。這些投資仍是長期價值創造的主要驅動力。第二，我們仍致力於維持強健的資產負債表，目標淨槓桿比率為一倍或以下，以在景氣循環中提供彈性並支持我們的成長策略。第三。

And as a new feature, I'm very pleased to announce that we're now in a position to begin returning capital to shareholders in a consistent and sustainable manner. Accordingly, we plan to initiate a quarterly dividend beginning in Q4 '26 at $0.10 per share or $0.40 annually. This reflects our confidence in the durability of our cash flow generation and our intention to establish a sustainable and growing base dividend over time.

此外，作為一項新措施，我非常高興宣布，我們現在已具備條件，以一致且可持續的方式開始向股東回饋資本。因此，我們計畫自 2026 年第四季起啟動季度股利，每股 0.10 美元，或每年 0.40 美元。這反映了我們對現金流產生能力持久性的信心，以及我們希望隨時間建立可持續且成長的基礎股利的意圖。

In addition, we are launching a $50 million share repurchase program over the next 12 months. This program provides us with flexibility to opportunistically return capital when we believe our shares are trading below intrinsic value while continuing to prioritize investment in the business. Taken together, this framework balances growth, financial strength, and shareholder returns. And positions the company to deliver consistent, long-term value creation.

此外，我們將在未來 12 個月內啟動 5,000 萬美元的股票回購計畫。該計畫讓我們在持續優先投資於業務的同時，當我們認為股價低於內在價值時，能以更具機會性的方式回饋資本。綜合而言，這一框架在成長、財務穩健與股東回報之間取得平衡。並使公司能夠持續創造一致的長期價值。

To conclude, despite ongoing political uncertainty, the outlook across the Middle East and North Africa remains very positive, with the region expected to lead the next phase of global activity growth, as Sharif highlighted in his remarks. NASA remains focused on delivering profitable growth, strengthening operational execution, expanding technology capabilities. And maintaining disciplined capital and working capital management.

最後，儘管政治不確定性仍在，中東與北非地區的展望依然非常正面；正如 Sharif 在發言中所強調，預期該地區將引領全球活動成長的下一階段。NASA 仍專注於實現獲利性成長、強化營運執行、擴展技術能力。並維持嚴謹的資本與營運資金管理。

On behalf of management, I'd like to thank our employees for their continued dedication and performance, and our shareholders and banking partners for their ongoing support. Nesta in 2026 has strong momentum and a clear, durable path to continued growth. I will now turn the call back to Sharif.

我謹代表管理團隊，感謝員工持續的投入與表現，也感謝股東與往來銀行夥伴的持續支持。Nesta 在 2026 年具備強勁動能，並有一條清晰且可持續的路徑以延續成長。接下來我把電話交回給 Sharif。

Thanks, Stefan. Let me conclude. I hope the first quarter results show our customer first and foremost that we do not shrink in the face of conflict. We continue to invest both in the opportunities today and for the long-term vision that our clients continue to stand behind. Our people and field teams are among the most dependable in the industry.

謝謝你，Stefan。讓我做個結語。我希望第一季的結果首先向客戶展現：我們不會在衝突面前退縮。我們持續投資於當前的機會，以及我們的客戶仍然支持的長期願景。我們的人員與現場團隊是業界最可靠的之一。

For investors. I hope the message resonates that growth plans across the MENA region remain durable and that the net growth model is not only solid, but is stronger than ever, considering the favorable project pipeline and robust investment outlook beyond the conflict.

對投資人而言。我希望這個訊息能引起共鳴：MENA 地區的成長計畫仍具韌性，而淨成長模式不僅穩健，考量到有利的專案管線以及衝突之外強勁的投資展望，更是比以往任何時候都更強。

The time I spent with clients over the past several months were some of the most meaningful interactions that I've had. I applaud our customers for their strengths. Commitment, and trust in nest, which I'm humbled to say are reflected in our results and outlook.

過去幾個月我與客戶相處的時間，是我所經歷過最有意義的一些互動。我讚許我們客戶的堅強。他們對 NES 的承諾與信任；我謙卑地說，這些都反映在我們的業績與展望之中。

Our industry is not just steel, engines, and consumables. Our industry encompasses not just our people in the field, but the families, communities, and countries that have stood together during these uncertain times. We created NES to reflect the ingenuity of the NENA region and to build a national champion that could weather the greatest storm and emerge even stronger.

我們的產業不只是鋼材、引擎與耗材。我們的產業不僅涵蓋我們在現場的人員，也涵蓋在這些不確定時期中團結一致的家庭、社區與國家。我們創立 NES，是為了反映 NENA 地區的創造力，並打造一個能挺過最猛烈風暴、並在風暴後更為強大的國家級領軍企業。

While we pray for a speedy and safe resolution to the current conflict, we stand ready to meet the emergent needs of our customers and our communities. With that, I'd like to open the floor for your questions. Please go ahead.

在我們祈願當前衝突能迅速且安全地解決之際，我們也已準備好滿足客戶與社區的緊急需求。接下來，我想開放大家提問。請開始。

(Operator Instructions) Arun Jayaram, JPMorgan.

（接線員指示）Arun Jayaram，摩根大通。

Good morning, Sharif and team. Thanks for the detailed update on your perception of what's going on in the Middle East. Very helpful. Sharif, last quarter, you highlighted a very robust tender pipeline for Nessar. You highlighted, I believe, $3 billion of tender activities. I wondered if you could just kind of update us. On kind of the status of some of that tender activity as we think about the balance of the year.

早安，Sharif 與團隊。感謝你們就你們對中東局勢的看法提供詳盡更新。非常有幫助。Sharif，上季你提到 Nessar 有非常強勁的投標管線。我記得你提到大約 30 億美元的投標活動。我想請你簡單更新一下。在我們思考今年剩餘期間時，這些投標活動目前的一些進展狀況。

Thanks, Arun. We had, as we announced. The award in Kuwait and North Africa with the cementing, which is the first thing that was basically announced by our customer. We got awarded much bigger than our fair share, if you like, which we are very happy with. So we will have, I would say, a leadership position in both markets for that segment. The rest of the tenders are going on as planned. As a matter of fact, there is like no delay or suspension.

謝謝你，Arun。我們如同先前宣布的。在科威特與北非的固井業務拿到合約，這基本上是由我們的客戶首先對外宣布的。我們獲得的份額遠高於我們「應得」的份額（如果你這麼說的話），我們對此非常高興。因此，我會說，我們在這一細分領域於兩個市場都將具備領導地位。其餘投標都按計畫進行。事實上，幾乎沒有任何延遲或暫停。

So we are actively in that bidding strategy now or the bidding, not such, I would say the feedback with our customer. Some of them, they like to have like a clarification. Some of them, they have round of negotiation. So all this is going on and I believe, I still believe that the majority. Priority would be awarded in the next two to three months, and then they will be announced, obviously, as we get the news from the customers. So the pipeline is still $3 billion. And I would say, actually, there will be more activity and stuff that we were not planning for due to the conflict that is going to restart, and you're going to see it.

因此我們目前正積極進行投標策略，或更準確地說，是與客戶之間的回饋往來。其中一些客戶希望進一步釐清細節。有些則會進入一輪談判。所以這些都在進行中，而我相信——我仍然相信——大多數。優先項目會在接下來兩到三個月內授標，然後我們會在收到客戶消息後，當然會對外宣布。因此，管線仍是 30 億美元。而且我會說，實際上，因為衝突而先前未納入規劃的一些活動與事項將會重新啟動，你們會看到的。

With the people or the customer trying to see how they can enhance their capacity. So some of the fields, I think, in my opinion, personal opinion, that some of the customer will bring some of those projects earlier than expected.

因為人員或客戶正在思考如何提升其產能。所以我認為——以我個人看法——有些客戶會把其中一些專案提前於原先預期推進。

Great. And just to follow-up, you guys printed $77 million of EBITDA in 1Q, obviously a quarter that had some Middle East disruption in Ramadan, and then you highlighted $4 million of quarter-specific costs. Stefan, do you have any just any additional color on.

很好。再追問一下，你們第一季 EBITDA 做到 7,700 萬美元，顯然該季度在中東因斋戒月（Ramadan）有一些干擾，且你們提到有 400 萬美元的季度特定成本。Stefan，你是否能再補充一些說明。

2Q or how you're feeling about the full year? I know there's some uncertainties, but just give us a little bit of thoughts on framing. You did beat the street number this quarter. Just helping us frame near-term expectations would be helpful.

關於第二季或你對全年感受如何？我知道仍有一些不確定性，但請給我們一些思考框架。你們本季確實優於市場預期數字。協助我們建立短期預期的框架會很有幫助。

So for a full-year basis, as said previously, we'll maintain the same margin as we did last year, which is around the 21%, 21.5%, right? Q1 is always the seasonally low.

就全年而言，如先前所說，我們將維持與去年相同的利潤率，大約在 21%、21.5% 左右，對吧？第一季一向是季節性低點。

Number for the year. As I said in the prepared remarks, we had $4 million of freight costs, right? And Q4 will be the highest for the year and it will traject, it will improve each quarter to the highest quarter at the end of the year to end up with an average which is roughly the same as the previous year. Even with the additional freight costs, we think will be close. Close to or maintain the same margin as the previous year.

年度數字。如我在事先準備的發言中所說，我們有400萬美元的運費成本，對吧？而第四季將會是全年最高，並且會呈現趨勢性變化——每一季都會改善，直到年底的最高季度，最後使全年平均大致與前一年相同。即使加上額外的運費成本，我們認為也會很接近。接近於或維持與前一年相同的毛利率。

Okay, thanks a lot.

好的，非常感謝。

Our next questions are from the line of Josh Silverstein with UBS. Please proceed with your questions.

我們接下來的提問來自UBS的Josh Silverstein。請開始提問。

Yes, thanks. Good morning, guys. You had mentioned before that there were a few areas that you didn't really have exposure to, which is good for right now, Qatar, offshore, Saudi, Iraq, a few other places. I'm curious if this potential conflict has maybe opened up some doors in those areas or if maybe you're thinking about now expanding into those regions that you previously didn't have that much exposure to.

是的，謝謝。各位早安。你們先前提到有幾個你們其實沒有太多曝險的領域，這在目前來說是好事，例如卡達、離岸、沙烏地、伊拉克，以及其他一些地方。我想了解的是，這場潛在衝突是否可能在那些領域打開一些機會之門，或者你們是否正在考慮擴展到那些先前曝險不高的地區。

So what I'm. I have to say, if we are lucky that we were not, for example, exposed into some of the areas where we had post majeure, et cetera, I would say obviously when they return, we will for sure be involved and we tender actively.

所以我想說的是。我必須說，如果我們很幸運地沒有、例如，曝險在一些發生不可抗力（force majeure）等情況的地區，我會說，顯然當他們恢復時，我們肯定會參與，而且我們會積極投標。

But I would say this is not going to be the focus for us in the very near future, right? So I think they will be. As I said, diversification with a lot of customers for some of the new areas, I would say.

但我會說，這在非常近期不會是我們的重點，對吧？所以我認為他們會是。如我所說，針對一些新領域，我會說我們會透過多元化、服務更多客戶。

And definitely we are active in bidding in all projects, whether it's offshore, on land, everywhere in the MENA region. Now we have the very solid infrastructure across all the 15 countries. So, and we are authorized and allowed basically to bid on all the big projects and small projects because now we have the track record. So we're very actively engaged. We're going to obviously put the correct pricing and the proper bidding strategy. And whether the client award us in the different areas, it's up to them, obviously, to choose.

而且我們確實在所有專案上都很積極投標，不論是離岸、陸上，或是MENA地區的任何地方。現在我們在15個國家都擁有非常扎實的基礎設施。因此，我們基本上已獲授權並被允許投標所有大型與小型專案，因為我們現在已有實績。所以我們非常積極投入。我們當然會提出正確的定價與適當的投標策略。至於客戶是否在不同地區把案子授予我們，顯然取決於他們的選擇。

Got it. And then, Ffan, can you just walk through, I guess, some of the thoughts around the return of capital strategy? Is the dividend a level to start building off of? Why a little bit more focus on that versus the buyback? Any help there?

了解。接著，Ffan，你能否說明一下你們對資本回饋策略的一些想法？股利是否是一個起點、之後會在此基礎上逐步提高？為什麼相較於庫藏股回購，你們更聚焦在股利？能否請你說明一下？

Would be great. Right now, we've got free cash flow coming from all the big projects with one, right? That free cash flow will continue to improve over the years to come, right? And so, we've been looking at how we're going to return amounts to shareholders and we thought it was best.

當然。目前，我們從所有大型專案中產生自由現金流，對吧？而這些自由現金流在未來幾年將持續改善，對吧？因此，我們一直在思考要如何把資金回饋給股東，而我們認為最好的方式是。

To go with a dividend first, right? The dividend's been set at $0.40 per year, which at a $25 price is 1.6% return. And that's the report, our share, our long-term shareholders, right? Our Middle Eastern shareholders. And if there's funds that are interested in buying dividend stocks in the US, right? And we also took the advantage to announce the buyback. Just in case the share price was the dip to opportunistically buy back at a cheaper price, right? But we continue to hope that the share price keeps going up.

先採用股利，對吧？股利設定為每年0.40美元，以25美元股價計算，殖利率為1.6%。這是為了回饋我們的股東、我們的長期股東，對吧？我們的中東股東。以及如果有基金有興趣在美國買進配息股票，對吧？同時我們也把握機會宣布回購。以防股價下跌，我們可以在較便宜的價格機會性回購，對吧？但我們仍然希望股價能持續上漲。

Saurabh Pant, Bank of America.

美國銀行的Saurabh Pant。

Please proceed with your questions. Good morning. Shirish, maybe I want to touch on Jafura a little bit. In your prepared remarks, Shirish, you were talking about acceleration in the overall project and obviously, its flawless execution.

請開始提問。早安。Shirish，我想稍微談一下Jafura。在你事先準備的發言中，Shirish，你提到整體專案的加速，當然也提到其無瑕疵的執行。

Maybe can you talk to where we are in the Jafura ramp-up process, maybe any update on timing of the deployment of the fourth fleet and just a little more color on what you meant by acceleration in the overall project. Is that part of the ramp-up or what exactly are we talking about? And then secondly, Sharif, related to that on the efficiency, where are we on the efficiency front? Do you think we have reached optimum efficiency as the project is ramping up or do you think there's more upside as you continue to ramp up?

你能否談談我們在Jafura的爬坡（ramp-up）進度目前到哪裡了，是否能更新一下第四支車隊（fleet）的部署時程，並再多補充一些你所說的整體專案加速是什麼意思。那是爬坡的一部分嗎，或我們具體在談什麼？第二個問題，Sharif，與效率相關：我們在效率面目前進展如何？你認為在專案爬坡過程中我們已達到最佳效率了嗎，還是你認為隨著持續爬坡仍有更多上行空間？

Thanks. So Jafura has been obviously a fantastic project for us and for Aramco. I'm sure you saw Aramco announcement on it already publicly. So the readiness and the efficiency that Aramco is managing to add wealth because of the.

謝謝。所以Jafura顯然對我們以及對Aramco而言都是一個非常出色的專案。我相信你已經看到Aramco先前公開的相關公告。因此，Aramco所管理達成的就緒度與效率，能夠增加價值，因為。

Fantastic performance on the rigs, that means that more pads are ready, which means that if we continue with our performance, which is obviously our plan and improve on it, that means that we will be able to have more stages than planned for the year. And if we continue to do that and Aramco allow us, that means that we will be able to ramp up that.

鑽機的卓越表現，意味著有更多井場（pads）已準備就緒；也就是說，如果我們持續維持我們的表現——這顯然是我們的計畫——並且再加以提升，就代表我們今年能完成的壓裂段數（stages）將可能多於原先規劃。而如果我們持續做到這點，且Aramco允許我們，那就表示我們能更快地把。

Number of stages that we do per quarter faster. So let's say if we plan whatever number of stage, X number of stages in Q3, we will be able to do it in Q2, right? And therefore, whenever we're planning in Q4, we can do it maybe in Q3. And that's what I call it the acceleration of the project because Aramco's performance has been really outstanding and our business, we added fleets. And as I always say, we counter cyclical. So basically we added more fleets than Aramco basically planning.

每季完成的段數提升到更高水準。所以假設我們原本計畫在第三季完成某個段數，也就是X個段數，我們可能在第二季就能完成，對吧？因此，原本規劃在第四季的，我們可能在第三季就能完成。這就是我所說的專案加速，因為Aramco的表現確實非常出色，而我們的業務也增加了車隊。而且如我一直說的，我們是逆週期操作。所以基本上我們增加的車隊數量，比Aramco原本規劃的還多。

So we are always ready. And that worked extremely well for us, especially with what happened now with the current conflict of the logistics problem. But we have our equipment already in Saudi or on the way to Saudi, right? So we have our fourth fleet already in country.

所以我們總是做好準備。而這對我們非常奏效，尤其是在目前這場衝突造成物流問題的情況下。但我們的設備已經在沙烏地境內，或正在運往沙烏地的路上，對吧？所以我們的第四支車隊已經在國內。

Which means that we are going to be deploying it very soon. So now for the efficiency, there is always room for efficiency improvement. So what we did ourselves internally is we looked at all our now fleets and. And everything new and everything that comes in the US with continuous pumping, is it do-it-plead, is it extended, a lot of this we are implementing as we speak now in the Kingdom, obviously in very close consultation with our clients and we see that we still have.

這表示我們將很快就會部署它。至於效率方面，效率提升永遠都有空間。因此我們內部所做的是檢視我們目前所有的車隊以及。以及美國那邊所有新的做法與持續泵送（continuous pumping）相關的內容，不論是do-it-plead、是否為延伸型（extended）等，許多這類做法我們此刻正在王國（沙烏地）落地實施，當然也會與客戶非常密切地協商，而我們看到我們仍然有。

Very nice room of improvement and we see as well we can beat actually the number of stages that is being done in the Permian. So I am a believer that the Jafura project will be the best in class worldwide in number of stages, pumping hours, efficiency, et cetera, which is obviously going to be a very nice upside for us in terms of the number of stages and definitely in terms of profitability.

非常好的改善空間，而且我們也看到，我們實際上可以超越目前在二疊紀所做的分段數。因此，我相信 Jafura 專案在分段數、泵送時數、效率等方面，將會是全球同級最佳，這顯然會在分段數上、也絕對會在獲利能力上，為我們帶來非常可觀的上行空間。

Oh, that's fantastic update, Sharif. Clearly, very strong execution over there. And then just a little update maybe on the ground situation in the Middle East, right? The first quarter of March obviously was impacted by the conflict. But since the ceasefire was announced in early April, Sharif, what has changed on the ground? I'm assuming operations are smoother, air transportation has improved, right? But how have things changed since then? And Stefan, you said $4 million impact.

哦，這是很棒的最新進展，Sharif。顯然，那邊的執行力非常強。接著想請你簡單更新一下中東當地的地面情況，好嗎？三月第一季顯然受到衝突影響。但自四月初宣布停火以來，Sharif，當地情況有哪些改變？我猜營運更順暢、空運也改善了，對吧？但從那之後情況具體如何變化？另外 Stefan，你提到有 400 萬美元的影響。

Can you give some thoughts on what's baked into your thinking for 2Q at this point? Are you thinking $4 million times [$3 million] for $12 million impact or is it less than that just given the ceasefire might have improved the situation on the ground?

你能談談目前你們對 2Q 的假設中已經納入了哪些因素嗎？你們是以 400 萬美元乘以（每月）[300 萬美元]、合計 1,200 萬美元的影響來看，還是因為停火改善了當地情況，所以影響會更小？

So if I tell you first the political stuff, right? So I think that's what people have a bit of a misconcept and I try to explain it in details, right? The clients in the Middle East think, again, long-term, think about their capacity, think about how they're going to perform. You have to, again, decouple the production from activity. So unless there is a direct hit to something that is significant where they announce it, which is a very. They are, again, all very transparent.

我先從政治層面來說，好嗎？我認為大家在這點上有些誤解，我試著更詳細地解釋。中東的客戶一樣是以長期為思考，考量他們的產能、考量他們將如何表現。你必須再次把產量與作業活動切割開來看。所以除非有直接且重大的打擊，並且他們對外宣布，這是非常……他們同樣都非常透明。

So you saw His Highness in Qatar declared there is a force majeure, there is an LNG hit. It will take three to five years. It will take this X billions of dollars. Therefore, we are suspending. And some of the rigs that were in, I would call a dangerous zone, they told them to suspend operation. And some of the rigs, they asked them to not to operate at night.

例如你看到卡達的元首殿下宣布不可抗力，LNG 設施受到打擊。需要三到五年。需要 X 十億美元。因此，我們將暫停。而一些我稱之為處於危險區域的鑽機，他們要求暫停作業。另外一些鑽機，他們要求不要在夜間作業。

All this. Action in the places where it was basically safely, dangerously. But all the other places, even when they did not export, they did not release the rigs. They did not stop activity, because the ecosystem is very important. And some of the clients, the way they managed it, is they actually drilled until the reservoir.

所有這些。都是在基本上屬於安全／危險交界的地點所採取的行動。但在其他所有地點，即使他們沒有出口，他們也沒有撤走鑽機。他們沒有停止活動，因為整個生態系非常重要。而有些客戶的管理方式是，他們其實鑽到進入儲層之前為止。

So they drilled basically the first two casing, and they don't drill the reservoir, but they keep the wells ready to ensure that the activity is intact, to ensure as well. Well the capacity of the people, everything is there. So then when they ramp up again the same. And you saw Kuwait, for example, where they have an issue with the, obviously with the strait, we still have our operation almost uninterrupted, right?

也就是說，他們基本上先下前兩道套管，但不鑽進儲層；同時把井準備好，以確保作業活動維持不變，也確保……人員的產能、所有資源都在。這樣等他們再次拉升時就能同樣快速恢復。你也看到科威特，例如他們在海峽方面顯然有問題，但我們的作業幾乎沒有中斷，對吧？

So I think that's very important. So even with the ceasefire, definitely it makes things better. It makes some of the logistics stuff a bit easier, but at the end of the day, the strait. Still closed. So if you had, you did not diversify your supply chain, you are in trouble. And that's where I keep repeating this, very important that you balance your, and you have, you balance your supply chain, you balance your routes. So we send all our Saudi stuff directly, for example.

所以我認為這點非常重要。即使有停火，確實會讓情況變得更好。會讓部分物流更容易一些，但歸根結底，那個海峽……仍然關閉。所以如果你沒有讓供應鏈多元化，你就會陷入麻煩。這也是我一直重複強調的：非常重要的是要平衡你的……要平衡你的供應鏈、平衡你的路線。例如我們把所有沙烏地的物資都直接運送。

So we have our Saudi business, we have a hub in Saudi, we manage everything in Saudi directly. We don't. Go through another route, and that's very important because that's what makes us strong, and then we obviously balance with the authorities between the different ports, right? Now, if you look at the cost, what we did is.

我們在沙烏地有業務，也在沙烏地設有樞紐，所有事情都直接在沙烏地管理。我們不會……走另一條路線，這非常重要，因為這讓我們更強；然後我們也會在不同港口之間，與主管機關做平衡與協調，對吧？現在，如果你看成本面，我們做的是……

Which is something in our DNA, we make sure that we have excess capacity, excess spares, and if we anticipate there are issues, we actually took the proactive approach to air freight some of the stuff, despite the fact that it might have come normally, but we don't take chances. So we air freighted a lot of the stuff that we wanted to be in the country, so we never disrupt the client operation. We believe that this cost will go down.

這是我們的 DNA：我們確保有超額產能、超額備品；如果我們預期會有問題，我們其實採取主動作法，把部分物資改用空運，即使原本可能會用一般運輸到貨，但我們不冒險。所以我們把很多希望在國內備妥的物資用空運送進來，確保客戶作業永遠不會被打斷。我們相信這些成本會下降。

As we go in the next quarter. Why? Because, again, hopefully that whole story of shipping and you have to air freight, et cetera, is much less. And then this cost will drop. Now, you can be very positive as well and say the street will open, everything will be hunky-dory, so that even the freight of the shipping will go to what it was before.

在下一季。為什麼？因為同樣地，希望整個航運、必須空運等等的情況會少很多。那麼這些成本就會下降。當然，你也可以非常樂觀地說海峽會開放，一切都會順順利利，甚至海運運費也會回到之前的水準。

Right. No, that's fantastic, Alishiri. Thank you. Thank you. I'll turn it back.

好的。不，這非常棒，Alishiri。謝謝你。謝謝。我把時間交回去。

Our next question is from the line of Derek Podniser with Piper Sandler. Please proceed with your question.

我們的下一個問題來自 Piper Sandler 的 Derek Podniser。請提出你的問題。

Hey, good morning, guys. Kishori, I'm curious to get your thoughts on having a bit of a tighter U.S. Supply chain just given where oil prices have gone, the U.S. Independents and E&Ps are talking about returning rigs and frac rigs. So frac crews to work, excuse me.

嗨，各位早安。Kishori，我想聽聽你對美國供應鏈可能變得更吃緊的看法，考量到油價的走勢，美國的獨立業者與 E&P 正在談把鑽機與壓裂機組重新拉回來。也就是讓壓裂班組回到工作崗位，不好意思。

Capital equipment cycle potentially kicking off. So I'm just curious if there's any potential pressures as you continue to scale Jafora? Or have you already efficiently, effectively locked in your equipment needs for the committed and uncommitted work over the next several years or so?

資本設備循環可能開始啟動。所以我想了解，當你們持續擴大 Jafora 規模時，是否會有任何潛在壓力？或者你們是否已經有效率、有效地鎖定了未來幾年內，對已承諾與未承諾工作所需的設備需求？

Thanks. No, Derek, I mean, I'm actually quite happy that the U.S. Is very tight and it's going to get tighter, which is great. So we already locked our fleet, the fourth and the fifth. So we have all our equipment, and as I said, the equipment is either in country or en route to the country. So if the U.S. Gets tighter, it's even better because that means less competition and we will be able to keep performing as we are.

謝謝。不，Derek，我其實很高興美國現在非常吃緊，而且還會更吃緊，這很好。我們已經把第四套和第五套機隊鎖定了。所以我們所有設備都已到位；而且如我所說，設備不是已在國內，就是正在運往國內的途中。所以如果美國更吃緊，那反而更好，因為這代表競爭更少，我們就能像現在一樣持續交付表現。

So we locked our products, our chemicals, our spares, our engines. We planned all this ahead of time, and at the time, as I said before, the conflict, we. We did the very detailed study on what we need over the full year. And as well, we planned some buffering to ensure that we can meet or even exceed the client demands with equipment and spares. So we are in good shape, and I hope the U.S. Keeps ramping up.

我們也鎖定了我們的產品、化學品、備品、引擎。這些我們都提前規劃好了；而且當時，如我先前提到的，在衝突發生時，我們……我們針對全年所需做了非常詳細的研究。同時也規劃了一些緩衝，以確保我們能以設備與備品滿足、甚至超越客戶需求。所以我們狀況很好，也希望美國持續拉升。

That's great to hear. Your comments on Adnoc were really interesting as far as the $55 billion. Obviously, they're leaving OpEx, so clear opportunity set here. Just curious if you could expand on how you see your opportunity set growing with Adnoc, particularly as they've brought a lot of services in-house over the last several years. So just curious how you'll be a partner to them as they look to scale now leaving OpEx?

很高興聽到這個。你對於 ADNOC 在 550 億美元方面的評論非常有意思。顯然，他們正在把部分服務從 OpEx 中移出，因此這裡有很明確的機會集合。想請你再多談談，你如何看待與 ADNOC 合作下你們的機會集合會如何成長，特別是他們過去幾年把很多服務內部化。所以也想了解，當他們現在在離開 OpEx、準備擴張規模時，你們將如何成為他們的合作夥伴？

So look, I mean, at NOC, we've been working with them since the start. We keep ramping up. We won a couple of contracts lately, and now we are bidding on a lot of mega projects with them. So definitely, the acceleration of their spend and their.

你看，對於 NOC，我們從一開始就一直與他們合作。我們持續在加速擴張。我們最近贏得了幾個合約，現在也正在和他們一起投標許多大型專案。所以，他們支出加速以及他們的。

What they call Median Emirates initiative that was announced by his excellency, Dr. Sultan, and you see it on the news, all over the news, right? So it's very public, and they made that announcement for the [55], it's $200 billion dirhams in over two years. So we will be bidding on all these projects, a lot of it. Definitely, the lion share of. Of a lot of the activity in Abu Dhabi goes to ADNOC and ADNOC drilling and affiliated company, which is known, right? But it's fine. The rest is huge, right?

他們所稱的「Median Emirates」倡議，是由閣下蘇丹博士宣布的，你在新聞上到處都看得到，對吧？所以這是非常公開的，他們針對這個（[55]）做了宣布，金額是兩年內 2,000 億迪拉姆。所以我們會對所有這些專案進行投標，其中很多專案我們都會參與。毫無疑問，最大份額的。阿布達比許多活動的很大一部分會給到 ADNOC、ADNOC Drilling 以及其關聯公司，這是眾所周知的，對吧？但沒關係。剩下的部分也非常龐大，對吧？

So we always bid for all these projects and we bid against ADNOC drilling as well. And that's how the whole structure of ADNOC E&P itself, that they put the floor for everybody, the international, ourselves, others. So I said, when the. Is bigger, we will get bigger, even with the ADNOC drilling taking the land share. So we see it very positive.

所以我們一向都會對這些專案投標，我們也會與 ADNOC Drilling 競標。而這就是 ADNOC E&P 本身的整體架構：他們為所有人——國際公司、我們自己、其他公司——提供同一個競爭平台。所以我說，當這個。市場變大時，我們也會變大，即使 ADNOC Drilling 拿走了最大份額。所以我們看得非常正面。

We see even more positive with the acceleration of spend. And as I keep repeating, this diversification, and I think people are underestimating it, there will be a lot of diversity of even some of the fields. People will look into the fields that.

隨著支出加速，我們看得更為正面。而且我一直重複提到的這種多元化，我認為大家低估了它；甚至在某些油田上也會出現更多樣化。大家會去看那些。

Will have a supply route that is different, and they will accelerate some of those projects that were, for example, planned for '28, '29, '30, they will bring them ahead of time. And that's why a lot of the countries are putting budget ready for some of those projects to be executed. So very positive for us.

供應路線不同的油田，並且會加速推進其中一些專案；例如原本規劃在 2028、2029、2030 年的專案，他們會提前執行。這也是為什麼很多國家正在編列預算，讓其中一些專案可以落地執行。所以對我們非常正面。

That's great. Great color. Thanks, Sharif. I'll turn it back.

很好。資訊很有幫助。謝謝你，Sharif。我把時間交回去。

Next questions are from the line of Greg Lewis with BTIG.

下一個問題來自 BTIG 的 Greg Lewis。

Thank you. Good afternoon. Good morning. Thanks for taking my question. Shreep, I was hoping you could talk a little bit more about the opportunity in North Africa. Clearly, there's a growing theme that, hey, the Middle East is going to remain the Middle East, but you could see incremental capital flow to some other markets. So just kind of curious when we could start to see that maybe show up in numbers in terms of incremental revenue and then as we see more capital deployed in North Africa, how should we think about the supply chain and are there any capacity constraints we could see in that market that could limit upside?

謝謝。下午好。早安。謝謝讓我提問。Shreep，我希望你能再多談一點北非的機會。顯然，現在有一個愈來愈明顯的主題：中東仍然會是中東，但你可能會看到增量資本流向其他市場。所以我想了解，我們何時可能開始在數字上看到這反映為增量營收；以及當更多資本投入北非時，我們應該如何看待供應鏈？在那個市場是否可能出現任何產能限制，進而限制上行空間？

Look, North Africa actually has a huge opportunity. And I think for people to appreciate that, you have countries with capacity of pipeline that is not full. So imagine the amazing opportunity. Now the world has a problem because of, not because of capacity, it's mainly because of supply route that is blocked.

你看，北非其實有非常巨大的機會。我認為要讓大家理解這點，你會看到一些國家的管線輸送能力並沒有滿載。所以想像一下這個驚人的機會。現在世界面臨問題，不是因為產能，而主要是因為供應路線被阻斷。

And now we have Europe that is in need of gas and they have a pipe that is. Underwater in the Mediterranean, not in full capacity. So what you need to do is you just pump more gas into it, right? So I think the opportunity is very clear. Obviously, the authorities, the clients, they all recognize that.

而現在歐洲需要天然氣，他們有一條。位於地中海海底的管線，但並未滿載。所以你要做的就是往裡面輸送更多天然氣，對吧？因此我認為機會非常清楚。顯然，主管機關、客戶，他們都認知到這一點。

So now it's the time to really add investment. So this will be two prongs, right? So you have a strategy to sign a new exploration and production agreement. With international and you saw that that did take effect already.

所以現在正是需要真正增加投資的時候。這會是兩條路徑，對吧？一方面，你有一個策略是簽署新的勘探與生產協議。與國際公司合作，而你也看到這已經開始生效了。

Total, ConocoPhillips, MOU with Chevron, Exxon. So I think these guys, when they come, you will see very high intensity of new projects because the money comes straight from the IOCs to these projects. And then you have the national oil company like Sonatrak, like the NOC, et cetera, or the local E&T companies. Where they are going to add their capacity as well or their budget to ensure that they can add production. And he saw even visits from like the prime minister of Italy, et cetera. So it's very clear the opportunity is there. And I see it very positive.

Total、ConocoPhillips、與 Chevron、Exxon 的 MOU。所以我認為這些公司一旦進來，你會看到新專案的強度非常高，因為資金會直接由 IOCs 投入到這些專案。另一方面，你有像 Sonatrak、像 NOC 等國家石油公司，或是本地的 E&T 公司。他們也會增加自身產能或預算，以確保能夠提升產量。你甚至也看到像義大利總理等人的到訪。所以機會非常明確。而我對此非常正面。

Do we see it on the ground? Yes, we see it. Do you see the additional of rigs? Yes, we see it. We see the Libya, for example, is at that all-time high in a rig count. Algeria is adding rigs, is adding the concession. So I think the positive. In North Africa will come very soon in the sense of significant percentage year-on-year growth. Obviously, the size-wise for us, it's much smaller than GCC. However, obviously, if you grow 20%, 30% year-on-year, it's very positive.

我們在現場有看到嗎？有，我們看到了。你有看到鑽機增加嗎？有，我們看到了。例如我們看到利比亞的鑽機數量處於歷史高位。阿爾及利亞也在增加鑽機、增加特許權。所以我認為北非的正面。很快就會反映出來，也就是顯著的年增百分比成長。當然，就規模而言，對我們來說它比 GCC 小得多。不過，若能年增 20%、30%，那就非常正面。

In addition to that, there is the new unconventional scheme that is opening up. And some people as well do not know, but Algeria has the same fantastic unconventional resource like you have, for example, in Argentina, in Vaca Muerta. So, which means once it's unleashed, you can see significant increase of activity, production, and business for everybody.

此外，新的非常規開發方案也正在開放。而且有些人也不知道，但阿爾及利亞擁有同樣非常出色的非常規資源，就像你在阿根廷的 Vaca Muerta 看到的那樣。所以這意味著，一旦被釋放出來，你會看到活動、產量以及所有人的業務都顯著增加。

Super helpful, thank you very much. Thank you. As a reminder to ask a question at this time, you may press star one. The next question is in the line of Jeff Robertson, Water Tower Research. Please proceed with your question.

非常有幫助，謝謝你。謝謝。提醒一下，如欲在此時提問，請按星號 1。下一個問題來自 Water Tower Research 的 Jeff Robertson。請提出你的問題。

Thank you. Good morning. Sharif, when you think about the tender pipeline and some of the diversification that your opportunities you're seeing in the markets, can you share any color on what that -- what impact that might have on margins in the next few years?

謝謝。早安。Sharif，當你思考投標管線以及你在市場上看到的一些機會多元化時，你能否分享一些看法——這可能會在未來幾年對利潤率造成什麼影響？

Look. It all depends on the client, the country, and the segment. So I don't want to just tell you vague answers, but in some, just for you to appreciate, in some countries, we have segments or product line that runs above 30%.

你看。這完全取決於客戶、國家以及細分市場。所以我不想只給你一些籠統的答案，但讓你理解一下，在某些國家，我們有些細分市場或產品線的利潤率超過30%。

And in some, they run less. And so it depends on the bidding. It depends how competitive. It depends as well some of the cost or requirement. So I would say now we are at that size and we are kind of prioritizing the CapEx that we spend versus some of the projects that we get awarded as we are to get awarded on a much larger project. I think the margin in the majority of the time would be accretive. So we'll be better than what we have.

而在另一些國家，則更低。因此這取決於投標情況。取決於競爭有多激烈。也取決於部分成本或要求。所以我會說，現在我們到了這個規模，我們在某種程度上會優先考量我們投入的資本支出（CapEx），相較於我們所獲授的部分專案，因為我們正要獲授一個更大型的專案。我認為在大多數情況下，利潤率會是增厚的（accretive）。所以會比我們目前的水準更好。

So and that's, again, now you can, I don't want to say you want to be choosy, but some of the segment and some of the business, it doesn't make sense for us to bid as a less. Price of what we have been running or what we have in the pipeline and others, then definitely we will have a pricing impact. In addition to that, we have to take into account all like the logistic cost, the increase of freight, et cetera, which means that we need to, as an industry, need a bit to move up.

所以，這也是——再說一次——現在你可以，我不想說你要挑三揀四，但有些細分市場和某些業務，我們以較低的價格去投標是沒有意義的。相較於我們目前的執行價格、或我們在管線中的價格等，其他部分肯定會對定價產生影響。除此之外，我們還必須把物流成本、運費上漲等等都納入考量，這意味著我們作為一個產業，需要把價格往上調一些。

On because the cost is higher, right? I give you the best example, diesel. If you look at today, the diesel price, it is up by 100% based on obviously the oil price, right? So you get like punished from that, right? Because your cost structure. So that is why we need. To elevate a bit some of our pricing, because obviously the cost is higher. And our clients understand that very well, and we always make sure that as long as you are doing this properly and professionally, then you should be fine.

因為成本更高，對吧？我給你最好的例子：柴油。如果你看今天的柴油價格，基於顯然的油價，它上漲了100%，對吧？所以你會因此受到懲罰，對吧？因為你的成本結構。所以這就是為什麼我們需要。把我們部分定價稍微提高一些，因為顯然成本更高。而我們的客戶非常理解這一點，我們也總是確保，只要你以正確且專業的方式去做，那就應該沒問題。

Thank you.

謝謝。

And secondly, just on a different note, is there any update you can share on some of the water projects you're working on within the NEDA segment?

第二個問題，換個話題，你能否分享一下你們在NEDA細分領域內正在進行的一些水務專案的最新進展？

Yeah, I mean, obviously we don't talk much about it, not because it's kind of slowed or anything, but I guess because of priority and what's happening in the region. But we, all our projects are actually, I would say going well from the, from like the third phase of testing. And now our water project is. Is in the last stage of the economics viability with the return of the minerals.

是的，我的意思是，顯然我們不太談這個，不是因為它放緩或怎麼樣，而我想是因為優先順序以及區域內正在發生的事情。但我們所有的專案其實，我會說從第三階段測試的角度來看都進展順利。而現在我們的水務專案。正處於經濟可行性評估的最後階段，並且會把礦物回收的回報納入考量。

And our lithium and project that we do with our customer is going as well very well after the successful pilot. So all this is... It's very positive and we are working on it. And again, because the client has such a good long-term view on this, despite what's happening, we're still working on it and I still believe. That we will have a nice upside on some of these projects with the economic obviously being viable, right? So some of the other countries where they are like in the middle of the conference, if you like.

而我們與客戶合作的鋰專案在成功完成試點之後也進展得非常順利。所以這一切是……非常正面，我們正在推進。再說一次，因為客戶對此有非常好的長期視角，儘管目前發生了這些事情，我們仍在推進，我也仍然相信。只要經濟性顯然是可行的，我們在其中一些專案上會有不錯的上行空間，對吧？所以在其他一些國家，他們就像是在會議的中段，如果你這麼說的話。

Yeah, this got postponed, some of the trial, some of the pilots, obviously, were pushed until after the fact because you cannot ship stuff now and just to do a trial of a water project, right? So even despite the ESG is not like in the best favor of the world, but it's still all these projects are running because what we're trying to do is, again, make sure that these projects are economic without subsidies.

是的，這導致一些試驗、一些試點被延後，顯然都被推遲到事情過後，因為你現在無法運送設備，僅僅為了做一個水務專案的試驗，對吧？所以即便ESG在全球的風向並不是最有利，但這些專案仍在運行，因為我們要做的是——再說一次——確保這些專案在沒有補貼的情況下也具備經濟性。

So are they economic viable without the slogan? Then we know that then it's a good business and it will stay alive. So yes, you will hear hopefully before the year end on some of these projects on cutting to a scale outside the pilot and to a scale project.

所以它們在沒有口號的情況下是否具有經濟可行性？如果是，那我們就知道這是一門好生意，而且它會持續下去。所以是的，希望在年底之前，你會聽到其中一些專案從試點走向試點之外的放大規模，並進入規模化專案。

The next question is in the line of Tom Bishop of BI Research. Please proceed with your questions.

下一個問題來自BI Research的Tom Bishop。請提出你的問題。

Hi. Well, actually, good evening, I guess, for you. I just wanted to know, how big is the North African part of your revenue?

嗨。嗯，對你來說我想應該是晚上好。我只是想知道，北非部分占你們營收的比重有多大？

We don't declare per country or per region our split, but I would just say the GCC is much larger than North Africa.

我們不會按國家或地區披露收入拆分，但我只能說，GCC的規模遠大於北非。

Okay, yeah, right. Okay, thank you.

好的，是的，明白。好的，謝謝。

At this time, I'll turn the floor back to management for closing remarks.

此時，我將把時間交回管理層作結語。

Thank you very much. Appreciate all the time. And again, we're very positive about our future and the strength. And I guess, as Stefan mentioned, with the capital return, I think that passed the right message to everyone that we are extremely positive for the future. Thank you very much.

非常感謝。感謝大家撥冗。再次強調，我們對未來以及公司的實力非常正面。我想，正如Stefan提到的資本回饋，我認為這向所有人傳達了正確的訊息：我們對未來極度樂觀。非常感謝。

Thank you. This will conclude today's conference. Let me disconnect your lines at this time. Thank you for your participation and have a wonderful day.

謝謝。今天的電話會議到此結束。我現在將為各位斷線。感謝各位參與，祝各位有美好的一天。