國民油井華高 (NOV) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the NOV Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference call, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations.

女士們先生們，美好的一天，歡迎參加 11 月 2022 年第四季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。我現在想介紹今天電話會議的主持人，公司發展和投資者關係副總裁 Blake McCarthy 先生。

Welcome, everyone, to NOV's Fourth Quarter and Full Year 2022 Earnings Conference Call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO. Before we begin, I would like to remind you that some of today's comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No 1 should assume these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our business, please refer to our latest forms, 10-K and 10-Q, filed with the Securities and Exchange Commission.

歡迎大家參加 NOV 的第四季度和 2022 年全年收益電話會議。今天和我在一起的是我們的董事長、總裁兼首席執行官 Clay Williams；和 Jose Bayardo，我們的高級副總裁兼首席財務官。在我們開始之前，我想提醒您，今天的一些評論是聯邦證券法意義上的前瞻性陳述。它們涉及風險和不確定性，實際結果可能存在重大差異。 No 1 應該假設這些前瞻性陳述在本季度晚些時候或今年晚些時候仍然有效。有關影響我們業務的主要風險因素的更詳細討論，請參閱我們向美國證券交易委員會提交的最新表格 10-K 和 10-Q。

Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website. On a U.S. GAAP basis for the fourth quarter of 2022, NOV reported revenues of $2.07 billion and net income of $104 million. For the full year 2022, revenues were $7.24 billion and net income was $155 million. Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release. (Operator Instructions)

我們的評論還包括非 GAAP 措施。與最接近的相應 GAAP 措施的對賬在我們網站上的收益發布中。根據 2022 年第四季度的美國公認會計原則，NOV 報告的收入為 20.7 億美元，淨收入為 1.04 億美元。 2022 年全年收入為 72.4 億美元，淨收入為 1.55 億美元。我們在今天上午的電話會議中使用的術語 EBITDA 與我們的收益發布中定義的術語調整後的 EBITDA 相對應。 （操作員說明）

Now let me turn the call over to Clay.

現在讓我把電話轉給克萊。

Thanks, Blake. For the fourth quarter of 2022, NOV's revenues grew a solid 10% sequentially and fully diluted earnings were $0.26 per share. EBITDA increased to $231 million or 11.1% of revenue with sequential flow-through somewhat impacted by continuing supply chain challenges, incremental cost to expedite key orders and less desirable mix. Consolidated book-to-bill was 111% on 16% higher sequential shipments out of backlog.

謝謝，布萊克。 2022 年第四季度，NOV 的收入連續穩定增長 10%，完全攤薄後每股收益為 0.26 美元。 EBITDA 增加到 2.31 億美元或收入的 11.1%，連續流通在一定程度上受到持續供應鏈挑戰、加快關鍵訂單的增量成本和不太理想的組合的影響。綜合訂單出貨比為 111%，積壓訂單出貨量連續增長 16%。

Compared to the fourth quarter of 2021, incremental EBITDA flow-through was 29% on a very strong 37% year-over-year revenue growth. For the full year 2022, NOV generated $679 million in EBITDA on $7.2 billion in revenue, which included $332 million in renewable energy-related revenue. Incremental flow-through was 26% on 31% year-over-year growth. 2022 was a good year for NOV. Our team executed well in the phase of continuing extraordinary challenges. We introduced new products that we developed through the downturn that improve the efficiency, safety and environmental impact of our customers' operations, including several greenhouse gas emissions reducing technologies and an edge computing platform is the foundation for several new digital products. EBITDA marched up steadily quarter-by-quarter as revenue grew, and we benefited from the cost reductions of prior years.

與 2021 年第四季度相比，EBITDA 流量增量為 29%，收入同比增長 37%。 2022 年全年，NOV 的 EBITDA 為 6.79 億美元，收入為 72 億美元，其中包括 3.32 億美元的可再生能源相關收入。增量流量為 26%，同比增長 31%。 2022 年對 11 月來說是個好年頭。我們的團隊在持續非凡的挑戰階段表現出色。我們推出了在經濟低迷時期開發的新產品，這些產品提高了客戶運營的效率、安全性和環境影響，包括多項溫室氣體減排技術，而邊緣計算平台是多項新數字產品的基礎。隨著收入的增長，EBITDA 逐季穩步上升，我們從前幾年的成本削減中受益。

We pushed prices higher more successfully in some product lines than in others. While EBITDA margins improved, frankly, we are disappointed in the magnitude of our price-driven margin expansion so far. Our marketplace remains competitive as our competitors seek to load plants after the pandemic lockdown decimated volumes. But nevertheless, we have been successful in clawing back discounts and achieving significant pricing increases. However, the ramp in inflation we saw throughout the year has driven our costs up materially. While we still have ways to go, we are much, much closer to earning acceptable returns on capital, and it is early days and what we are confident will be an extended up cycle.

與其他產品線相比，我們在某些產品線中更成功地推高了價格。雖然 EBITDA 利潤率有所提高，但坦率地說，我們對迄今為止價格驅動的利潤率擴張幅度感到失望。我們的市場仍然具有競爭力，因為我們的競爭對手在大流行性封鎖導致產量大幅下降後尋求裝載工廠。儘管如此，我們還是成功收回了折扣並實現了大幅提價。然而，我們全年看到的通貨膨脹率急劇上升使我們的成本大幅上升。雖然我們還有很長的路要走，但我們離獲得可接受的資本回報率已經非常非常近了，現在還處於早期階段，我們有信心將是一個延長的上升週期。

For the world, 2022 was an eventful year in a string of event for years. It was a year of learning about constraints. We learned that when economies reopen after being closed for a pandemic, knock-on effects and unforeseen constraints are created, which reverberate far into our future. We started the year hopeful that 2022 was seen in to the chaos of the pandemic and the wrecking ball that the economic shutdowns brought to our industry in 2020 and 2021. Remember, negative oil prices and the lowest rig counts on record. Following hundreds of oil patch bankruptcies and downsizing that saw tens of thousands of years of valuable experience leave the oil field, we are hopeful that 2022 would finally bring our industry a respite to heal and rebuild.

對於世界而言，2022 年是多年來一系列事件中多事的一年。這是學習約束的一年。我們了解到，當經濟在因大流行而關閉後重新開放時，會產生連鎖反應和不可預見的限制，這些影響會影響我們的未來。我們希望在 2022 年看到大流行的混亂以及經濟停擺在 2020 年和 2021 年給我們行業帶來的毀滅性打擊。請記住，負油價和創紀錄的最低鑽井平台數量。在見證了數万年寶貴經驗離開油田的數百個油田破產和裁員之後，我們希望 2022 年最終能為我們的行業帶來治愈和重建的喘息機會。

Unfortunately, the fragility of our energy situation blew up on us with the outbreak of hostilities in Ukraine, which spiked energy prices and prompted renewed urgency and oilfield recovery. That's what exposed the maddening obstacle course of constraints through which the industry must navigate in order to ramp production.

不幸的是，隨著烏克蘭敵對行動的爆發，我們的能源形勢變得脆弱，能源價格飆升，並促使新的緊迫感和油田恢復。這就是暴露了令人抓狂的障礙過程的原因，該行業必須克服這些障礙才能提高產量。

The industry's constraints underpin our long-term bullish outlook. We foresee further growth ahead in demand for NOV's products and services for the next several years. But we also see some near-term challenges as more healing and rebuilding is needed. The downturn eroded a great deal of offshore drilling capacity. Many desperate offshore drilling contractors cut maintenance to preserve cash, laid off experienced workers and cold stacked rigs. Collectively, the industry scrapped 386 offshore drilling rigs since 2011. Sadly, it didn't work. Almost all offshore drilling contractors still went through bankruptcy. And many today are owned by frustrated ex-bondholders forced to become equity owners. They want their money back and the sooner the better.

該行業的製約因素支撐了我們的長期看漲前景。我們預計未來幾年對 NOV 產品和服務的需求將進一步增長。但我們也看到了一些近期的挑戰，因為需要更多的治愈和重建。經濟低迷侵蝕了大量的海上鑽井能力。許多絕望的海上鑽井承包商削減維護以保留現金，解僱有經驗的工人和冷堆鑽井平台。自 2011 年以來，該行業總共報廢了 386 台海上鑽井平台。遺憾的是，它沒有用。幾乎所有的海上鑽井承包商都經歷了破產。今天，許多公司的所有者是沮喪的前債券持有人，他們被迫成為股權所有者。他們想要回他們的錢，而且越快越好。

So in E&P companies, higher commodity prices decided to reenter the offshore drilling market to finally develop their blocks after an absence of several years. They discovered in mass with a daunting challenge we faced to restart long-idled offshore drilling assets, particularly when the asset owners have limited capital and limited appetite to invest it. There is seemingly no lack of demand for these assets. Rising development activity in Brazil and West Africa, new basin development in Guyana, shallow water activity in Mexico, the Arabian Gulf and India, brownfield tiebacks in the Gulf of Mexico and the North Sea and promising exploration areas emerging in Namibia, (inaudible) and the Eastern Mediterranean present a great deal of offshore drilling need.

因此，在 E&P 公司中，較高的商品價格決定重新進入海上鑽井市場，以便在缺席數年後最終開發他們的區塊。他們大量發現我們面臨重啟長期閒置的海上鑽井資產的艱鉅挑戰，尤其是當資產所有者的資金有限且投資意願有限時。對這些資產的需求似乎並不缺乏。巴西和西非不斷增加的開發活動，圭亞那的新盆地開發，墨西哥、阿拉伯灣和印度的淺水活動，墨西哥灣和北海的棕地回接以及納米比亞出現的有前途的勘探區，（聽不清）和東地中海地區存在大量的海上鑽探需求。

There's plenty of demand for years to come. But right now, there are 2 constraints: money and supply chain. The freshly restructured offshore drilling contractor industry has little access to or appetite for external capital to rebuild itself. Despite 30% headline project cost increases since 2020, E&Ps are becoming more confident in their economics in the energy security challenge, new reality we are living in. But they are finding one more cost that they need to dial in, and that's a way to finance the refurbishment of offshore drilling rigs through higher day rates and mobilization fees.

未來幾年會有大量需求。但是現在，有兩個限制因素：資金和供應鏈。剛剛重組的海上鑽井承包商行業幾乎沒有機會或對外部資本進行自我重建的興趣。儘管自 2020 年以來總體項目成本增加了 30%，但 E&P 對他們在能源安全挑戰中的經濟性越來越有信心，這是我們生活的新現實。但他們發現他們需要撥入更多成本，這是一種方式通過更高的日費率和動員費為海上鑽井平台的翻新提供資金。

National oil companies and integrated majors supplemented by shipyards offering bareboat charters and importantly, Eastern Hemisphere sovereign wealth funds are the emerging sources of capital that we foresee underwriting the big offshore drilling restart. The second constraint is supply chain broadly. COVID-driven workforce disruptions, lack of critical components and expensive, unreliable freight have injected new execution risk into all shipyard projects in Asia and elsewhere. And not just for offshore rigs, FPSOs also face higher execution costs and risks as we hear from our Completion and Production Solutions' customers.

國家石油公司和綜合性專業公司輔之以提供光船租賃的造船廠，重要的是，東半球主權財富基金是新興的資本來源，我們預計這些資本將承保大型海上鑽探重啟。第二個制約因素是廣泛的供應鏈。 COVID 導致的勞動力中斷、關鍵部件的缺乏以及昂貴、不可靠的貨運為亞洲和其他地區的所有造船廠項目注入了新的執行風險。正如我們從完井和生產解決方案的客戶那裡聽到的那樣，不僅對於海上鑽井平台，FPSO 還面臨更高的執行成本和風險。

Despite these challenges, our Rig Technologies' team successfully completed 15 offshore rig reactivation projects in the fourth quarter, mostly jack-ups, and we are pleased to launch 23 new reactivation, recertification and upgrade projects on offshore rigs during the quarter. We're seeing rising interest in more floater activity, which is not surprising, with drillship day rates squarely in the mid $400,000 per day range. While a long way from anything approaching new build economics, it's clear that high demand is driving the industry steadily towards recovery. Early projects are the bare minimum. But as industry demand rises and capital sources solidify, we expect customers to use the reactivation time spent in shipyards to upgrade with items like a second subsea BOP stack to comply with BSEE regulations, for instance.

儘管存在這些挑戰，我們的 Rig Technologies 團隊在第四季度成功完成了 15 個海上鑽井平台重新啟動項目，主要是自升式平台，我們很高興在本季度啟動了 23 個新的海上鑽井平台重新啟動、重新認證和升級項目。我們看到人們對更多的浮式活動越來越感興趣，這並不奇怪，鑽井船的日費率正好在每天 400,000 美元的中間範圍內。雖然離任何接近新建築經濟的東西還有很長的路要走，但很明顯，高需求正在推動該行業穩步復甦。早期項目是最低限度的。但隨著行業需求的增加和資金來源的鞏固，我們預計客戶會利用在造船廠花費的重新啟動時間來升級第二個海底 BOP 堆棧等項目，以符合 BSEE 法規等。

Rig Technologies' revenues from the offshore grew 22% sequentially, and Completion & Production Solutions' revenues also grew 22% sequentially from offshore customers. Wellbore Technologies' offshore revenues were up 5% as well, enabling NOV to post a consolidated 18% sequential increase from all its offshore customers.

Rig Technologies 來自海上的收入環比增長了 22%，而 Completion & Production Solutions 來自海上客戶的收入也環比增長了 22%。 Wellbore Technologies 的海上收入也增長了 5%，使 NOV 能夠從其所有海上客戶那裡實現 18% 的綜合連續增長。

Turning to international land. For the first time in a dozen years, day rates in oilfield services pricing are on the rise. Unlike North America, most international land markets did not retool themselves up to higher levels of technology in the super cycle of 2004 to 2014. Phase 1 of the U.S. Shale revolution was for the replacement of the land rig drilling fleet with higher capability AC rigs and the build-out in a fit-for-purpose Frac spreads. International markets never took that step, relying instead on older technology and used equipment. That's beginning to change in places like the Middle East and Argentina, where national oil companies are frustrated with materially lower efficiencies compared to North America.

轉向國際土地。十幾年來，油田服務定價的日費率首次出現上漲。與北美不同，大多數國際陸地市場並沒有在 2004 年至 2014 年的超級週期中將自己重新裝備到更高水平的技術。美國頁岩革命的第一階段是用更高能力的交流鑽機和適合用途的 Frac 價差的擴建。國際市場從未邁出這一步，而是依賴於舊技術和二手設備。這種情況在中東和阿根廷等地開始發生變化，這些國家的石油公司對與北美相比效率低得多感到沮喪。

I'm pleased to report that the first 2 high-spec rigs delivered by our new plant in Saudi Arabia are performing very well, and interest is growing from other land drilling contractors in the region. We also see rising demand for newer coiled tubing equipment as well as the directional drilling kit bits and drilling motors that we offer in key international land markets. While Chinese competition in these markets can be fierce, NOV's product offerings are head and shoulders better, and national oil company bureaucracies are waking up to the idea of buying on value and service as opposed to strictly buying on price. So to summarize, we are bullish on international land markets and offshore for 2023. Consolidated international land revenues increased 13% sequentially for NOV with all 3 segments showing strong growth.

我很高興地向大家報告，我們在沙特阿拉伯的新工廠交付的首批 2 台高規格鑽機性能非常好，該地區其他陸地鑽探承包商的興趣也在增加。我們還看到對新型連續油管設備以及我們在主要國際陸地市場提供的定向鑽井套件鑽頭和鑽井馬達的需求不斷增加。雖然中國在這些市場上的競爭可能非常激烈，但 NOV 的產品供應要好得多，而且國家石油公司的官僚機構正在意識到按價值和服務購買而不是嚴格按價格購買的想法。總而言之，我們看好 2023 年的國際土地市場和離岸市場。11 月綜合國際土地收入環比增長 13%，所有 3 個部分都顯示出強勁增長。

But now let's talk about North America. Our consolidated revenues from North America land customers increased only 1% sequentially. After rising sharply in the first part of the year, the U.S. rig count now found a near-term ceiling a touch below 800 rigs constrained by, among other things, the availability of labor. North American E&Ps are citing service availability as the biggest risk to achievement of their production targets. But our oilfield service customers tell us that crew availability is the real root cause. U.S. oilfield wages in West Texas and North Dakota are up 20% to 50%, along with higher per diems, higher oil-based mud bonuses, higher over time as crews that are chronically shorthanded and they work extra hours to cover the unfilled positions. The new hires are hard to find. And the crews that are successful in hiring new green hands are less safe and demonstrably less efficient. $4000 per ton casing is another constraint, and it's contributing to 40% higher cost per foot for E&Ps.

但現在讓我們談談北美。我們來自北美陸地客戶的綜合收入環比僅增長 1%。在今年上半年大幅上升之後，美國鑽井平台數量現在發現近期上限略低於 800 座，主要受到勞動力供應等因素的限制。北美勘探與生產公司將服務可用性列為實現其生產目標的最大風險。但我們的油田服務客戶告訴我們，船員的可用性才是真正的根本原因。美國西德克薩斯州和北達科他州的油田工資上漲了 20% 至 50%，此外還有更高的每日津貼、更高的油基泥漿獎金，隨著時間的推移，隨著船員長期人手短缺，他們會加班以填補空缺職位。新員工很難找到。成功僱用新手的船員安全性較差，效率也明顯較低。每噸套管 4000 美元是另一個制約因素，它導致 E&P 的每英尺成本增加 40%。

Dwindling Tier 1 drilling location inventory and the reversal of double-digit well productivity gains in terms of barrels per foot of lateral that fueled the rapid run-up in U.S. shale production several years ago are also emerging as constraints to production growth. And like the international markets, capital is scarce and expensive. Even though rising equipment utilization across North America in 2022 brought mercifully higher pricing, enabling land drilling contractors and pressure pumpers to begin earning much improved returns on capital, the industry is hesitant to invest.

一級鑽井位置庫存的減少以及幾年前推動美國頁岩產量快速增長的以每英尺水平井桶數計算的兩位數油井生產率增長的逆轉，也正在成為產量增長的製約因素。與國際市場一樣，資本稀缺且昂貴。儘管 2022 年北美設備利用率的提高帶來了更高的定價，使陸地鑽井承包商和壓力泵開始獲得更高的資本回報率，但該行業仍對投資猶豫不決。

For instance, U.S. high-spec land rig day rates around $40,000 a day can generate 20% capital returns on new build rigs for efficient contractors. However, new capacity additions so far have been scarce, owing to capital, labor and supply chain constraints. On the other hand, pressure pumpers are cautiously investing in Frac fleets given the higher wear and tear that Simul-Fracs and 24/7 operations are placing on their spreads. They see the need to replace equipment they are consuming every day at accelerating rates. It doesn't hurt either that the returns on new Frac fleets are approaching 40%.

例如，美國高規格陸地鑽井平台的日費率約為每天 40,000 美元，可以為高效承包商在新建鑽井平台上產生 20% 的資本回報。然而，由於資金、勞動力和供應鏈的限制，迄今為止新增產能很少。另一方面，鑑於 Simul-Fracs 和 24/7 運營對其價差造成的更高磨損，壓力泵正在謹慎地投資於 Frac 車隊。他們看到需要以更快的速度更換他們每天消耗的設備。新 Frac 車隊的回報率接近 40% 也沒有什麼壞處。

Importantly, though, they are self-funding these investments as external capital is still very difficult to access. Given the myriad of constraints 2022 has exposed, it's no surprise that year-over-year U.S. production growth fell well short of the 2016 to 2019 era and even fell short of greatly reduced expectations despite a massive drawdown in DUC inventory.

但重要的是，由於仍然很難獲得外部資本，他們正在為這些投資自籌資金。鑑於 2022 年暴露出的無數限制因素，美國產量同比增長遠低於 2016 年至 2019 年時代，甚至低於大幅降低的預期，儘管 DUC 庫存大幅減少也就不足為奇了。

Now add to the constraints I mentioned the emerging North American gas oversupply caused by constrained LNG export capacity out of the U.S. and rising gas oil ratios in shale basins as they mature, and we foresee additional pressure on E&P economics and diminishing urgency to drill in North America. Our pricing across the board will likely still lead to an overall increase in year-over-year E&P spending. But our outlook for 2023 North American land remains a little cautious in contrast to offshore and international land markets where investment urgency, utilization and pricing are rising.

現在，除了我提到的限制因素外，由於美國 LNG 出口能力受限以及頁岩盆地成熟時油氣比上升導致北美天然氣供應過剩，我們預計 E&P 經濟將面臨額外壓力，並且在北部鑽探的緊迫性正在減弱美國。我們的全面定價可能仍會導致 E&P 支出同比整體增長。但我們對 2023 年北美土地的展望仍然有些謹慎，這與投資緊迫性、利用率和定價正在上升的離岸和國際土地市場形成鮮明對比。

Longer term, we're bullish on all basins in all areas, including North America, as a serious global structural shortfall in production becomes more evident. This returns me to where I started. Constraints are everywhere in this industry. Years of limited exploration and reserve replacement now restrain the industry's ability to ramp production quickly as the pipeline of developments has dwindled. FIDs in 2020 and 2021 are down 80% from 2009 peaks. Nevertheless, this is beginning to change. The events of 2022 taught us just how crucial the capital-intensive industry we serve is. Oil and gas is the industry that powers all other industries. Our way of life would not exist without it. Every upcycle shares some common traits. The cutting of maintenance expenditures and laying off of hard-working oilfield employees during down cycles creates an urgent need to rebuild capabilities and teams and iron as we first enter an upcycle, but never before has this industry faced the constraints we face today.

從長遠來看，我們看好所有地區的所有盆地，包括北美，因為全球嚴重的結構性產量短缺變得更加明顯。這讓我回到了開始的地方。在這個行業中，約束無處不在。隨著開發管道的減少，多年來有限的勘探和儲量替代現在限制了該行業快速提高產量的能力。 2020 年和 2021 年的 FID 比 2009 年的峰值下降了 80%。然而，這種情況正在開始改變。 2022 年的事件告訴我們，我們所服務的資本密集型行業有多麼重要。石油和天然氣是為所有其他行業提供動力的行業。沒有它，我們的生活方式將不復存在。每個上升週期都有一些共同的特徵。在我們首次進入上行週期時，在下行週期中削減維護支出和解僱辛勤工作的油田員工，迫切需要重建能力、團隊和鋼鐵，但這個行業以前從未面臨過我們今天面臨的限制。

From raw materials to finished components to workforce to freight to availability of capital to higher interest rates to hostile political pressure and tightening regulations, pivoting back to growth will be as daunting as it ever has been throughout the industry's 164-year history. I'm convinced that these extraordinary constraints will elongate this upcycle. They will take many years to overcome. But we simply must overcome them to restore the critical energy security required for economic growth and improving standards of living, particularly for those living in energy poverty. That's why I'm so very proud of the NOV team. Our employees are smart and hard working. They know the world is counting on them. They innovate and create solutions. They hustle and work the problems. They get it done. And Jose, Blake and I are grateful to each and every one of them. Jose?

從原材料到成品組件，再到勞動力，再到貨運，再到資本可用性，再到更高的利率，再到敵對的政治壓力和收緊的監管，重回增長將與整個行業 164 年的歷史一樣令人生畏。我相信這些非同尋常的限制將延長這個上升週期。他們需要很多年才能克服。但我們必須克服它們，以恢復經濟增長和提高生活水平所需的關鍵能源安全，特別是對於生活在能源貧困中的人們。這就是為什麼我為 NOV 團隊感到非常自豪。我們的員工聰明而勤奮。他們知道全世界都在指望著他們。他們創新並創造解決方案。他們忙於解決問題。他們完成了。何塞、布萊克和我都很感謝他們每一個人。何塞？

Thank you, Clay. To quickly recap the quarter, NOV's consolidated revenue grew 10% sequentially and 37% year-over-year with all 3 segments posting their highest revenue since the fourth quarter of 2019. While North America drove most of the growth during 2022, as Clay noted, momentum in international markets has been building throughout the year and outpaced North America in the fourth quarter, resulting in 14% sequential revenue growth in international markets and 4% in North America, which included strong growth in offshore Gulf of Mexico. Adjusted EBITDA for the fourth quarter totaled $231 million, or 11.1% of sales, representing an incremental flow-through of 20% sequentially and 29% compared to the fourth quarter of 2021. We've recorded a credit of $8 million in other items during the fourth quarter, primarily related to positive margins realized on previously reserved inventory, which we deducted from Q4 EBITDA.

謝謝你，克萊。快速回顧一下本季度，NOV 的合併收入環比增長 10%，同比增長 37%，所有 3 個部門的收入均創下 2019 年第四季度以來的最高水平。正如 Clay 指出的那樣，北美在 2022 年推動了大部分增長，國際市場的勢頭全年都在增強，並在第四季度超過北美，導致國際市場收入連續增長 14%，北美收入增長 4%，其中包括墨西哥灣近海的強勁增長。第四季度調整後的 EBITDA 總計 2.31 億美元，佔銷售額的 11.1%，與 2021 年第四季度相比，環比增加 20% 和 29%。我們在其他項目中記錄了 800 萬美元的信貸第四季度，主要與我們從第四季度 EBITDA 中扣除的先前保留庫存實現的正利潤率有關。

With the improving market environment, we may continue to recognize such credits and EBITDA adjustments in 2023. Additionally, we expect to complete the termination of our U.S. defined benefit pension plans in the first quarter, for which we expect to recognize a pretax noncash charge for the recognition of all actuarial losses and accumulated other comprehensive loss which was $8 million as of December 31, 2022. During the fourth quarter, eliminations in corporate costs at the EBITDA level increased $11 million to the higher levels of intercompany transactions, expenses associated with the buyout of a JV partner and year-end true-ups to employee benefits and other accounts.

隨著市場環境的改善，我們可能會在 2023 年繼續確認此類抵免和 EBITDA 調整。此外，我們預計將在第一季度完成美國固定收益養老金計劃的終止，為此我們預計將確認稅前非現金費用確認所有精算損失和累計其他綜合損失，截至 2022 年 12 月 31 日為 800 萬美元。第四季度，EBITDA 水平的公司成本抵銷增加了 1100 萬美元，以提高公司間交易的水平，與收購一家合資夥伴以及年底調整員工福利和其他賬戶。

We expect eliminations and corporate cost to return to the $60 million range in the first quarter. Despite the increase in working capital arising from strong revenue growth, cash flow from operations was $154 million in the fourth quarter. Capital expenditures totaled $66 million, resulting in free cash flow of $88 million.

我們預計第一季度的裁員和公司成本將回到 6000 萬美元的範圍內。儘管強勁的收入增長導致營運資金增加，但第四季度的運營現金流為 1.54 億美元。資本支出總計 6600 萬美元，產生 8800 萬美元的自由現金流。

As is often the case, we expect a meaningful seasonal use of cash from operations in the first quarter, but we expect to be free cash flow positive for 2023, the magnitude of which will be mostly determined by the rate of revenue growth during the year. We have a strong track record and remain committed to returning capital to our shareholders while maintaining a bulletproof capital structure. Since mid-2014, we have returned $4.7 billion of capital of our shareholders through share repurchases and dividends. And since mid-2015, we have reduced our gross debt by $2.6 billion. As a reminder of our capital allocation hierarchy, we first and foremost seek compelling organic investment opportunities, which historically have provided us the greatest risk-weighted returns as we can appropriately leverage our installed base of equipment, existing manufacturing capacity, global distribution infrastructure, digital platforms, and world-class R&D facilities.

通常情況下，我們預計第一季度運營現金會出現有意義的季節性使用，但我們預計 2023 年自由現金流為正，其幅度主要取決於年內收入增長率.我們擁有良好的業績記錄，並繼續致力於向股東返還資本，同時保持穩固的資本結構。自 2014 年年中以來，我們通過股票回購和派息向股東返還了 47 億美元的資本。自 2015 年年中以來，我們的總債務減少了 26 億美元。作為對我們資本配置層次結構的提醒，我們首先尋求引人注目的有機投資機會，這在歷史上為我們提供了最大的風險加權回報，因為我們可以適當地利用我們的設備安裝基礎、現有製造能力、全球分銷基礎設施、數字平台和世界一流的研發設施。

With the improving market environment and the progress we have made in new product development over the last several years, we see increasing numbers of attractive organic opportunities and are, therefore, increasing our capital expenditures to approximately $275 million in 2023. Next on the list of prioritizations is M&A, where we employ a disciplined returns-focused process. We approach M&A as an opportunistic means to accelerate already defined organic growth initiatives. This means that we avoid being in a position where we are pressured to complete an acquisition, reducing the likelihood that we overpay. We prioritize high rate of return, sustainable long-term growth opportunities that leverage our core competencies. But as previously noted, we are committed to returning excess capital to our shareholders, whether it's through increasing our dividend or a share repurchase program.

隨著市場環境的改善以及過去幾年我們在新產品開發方面取得的進展，我們看到越來越多的有吸引力的有機機會，因此，到 2023 年我們的資本支出將增加到約 2.75 億美元。下一個優先級是併購，我們採用嚴格的以回報為中心的流程。我們將併購視為一種機會主義手段，以加速已經確定的有機增長計劃。這意味著我們避免處於被迫完成收購的境地，從而降低我們多付錢的可能性。我們優先考慮利用我們核心競爭力的高回報率、可持續的長期增長機會。但如前所述，我們致力於將多餘的資本返還給我們的股東，無論是通過增加股息還是股票回購計劃。

While our balance sheet remains solid, the recent anticipated near-term uses of cash to fund meaningful growth in our businesses, along with an M&A environment that is looking a bit more constructive means that we are not ready to increase return of capital to our shareholders at this time. We will continue to monitor sources and uses of cash as the year evolves and maintain a regular dialogue on this topic.

雖然我們的資產負債表保持穩健，但最近預期短期內使用現金為我們業務的有意義增長提供資金，以及看起來更具建設性的併購環境意味著我們還沒有準備好增加對股東的資本回報此時。隨著時間的推移，我們將繼續監測現金的來源和使用情況，並就此主題保持定期對話。

Moving on to segment results. Our Wellbore Technologies segment generated $762 million in revenue during the fourth quarter, an increase of $21 million or 3% compared to the third quarter and 32% compared to the fourth quarter of 2021. Revenue growth was driven primarily by the second straight quarter of solid improvements in demand for our key drilling technologies in the Middle East, partially offset by a North American market that has plateaued and lingering supply chain challenges that delayed deliveries of drill pipe and motors.

繼續細分結果。我們的 Wellbore Technologies 部門在第四季度產生了 7.62 億美元的收入，與第三季度相比增加了 2100 萬美元或 3%，與 2021 年第四季度相比增加了 32%。收入增長主要是由連續第二個季度的穩健增長推動的中東地區對我們關鍵鑽井技術的需求有所改善，部分被北美市場所抵消，該市場已經停滯不前且揮之不去的供應鏈挑戰延遲了鑽桿和馬達的交付。

EBITDA grew to $146 million or 19.2% of revenue, with soft flow-through due to a less favorable mix, lingering supply chain difficulties and associated costs required to expedite critical customer orders. Our Grant Prideco drill pipe business realized modest top line growth that was limited by supply chain disruption, including delays in receiving steel and coating materials, which resulted in customer deliveries slipping from Q4 to Q1. Incremental flow-through was also limited due to a significantly less favorable product mix. Despite these challenges, Grant Prideco posted its highest revenue quarter in 3 years and received its greatest volume of orders for any year since 2014.

EBITDA 增長至 1.46 億美元，佔收入的 19.2%，由於不利的組合、揮之不去的供應鏈困難以及加快關鍵客戶訂單所需的相關成本，導致營業額疲軟。我們的 Grant Prideco 鑽桿業務實現了適度的收入增長，但受到供應鏈中斷的限制，包括鋼材和塗層材料的延遲接收，這導致客戶交付量從第四季度下滑至第一季度。由於明顯不太有利的產品組合，增量流量也受到限制。儘管面臨這些挑戰，Grant Prideco 還是實現了 3 年來最高的季度收入，並獲得了自 2014 年以來任何一年的最大訂單量。

Orders improved 25% sequentially with strong demand from the Middle East and a notable pickup from offshore markets. Our ReedHycalog drill bit business saw a meaningful decline in revenue during the quarter, driven primarily by a large Q3 shipment to Asia that did not repeat, a drop-off in Canadian activity, and weather-related delays in the U.S. Despite supply chain challenges that are restricting deliveries of roller cone bits, the business continued to realize solid growth in the Middle East and in geothermal markets as is highlighted under the significant achievements in our earnings release.

由於來自中東的強勁需求和離岸市場的顯著回升，訂單環比增長了 25%。我們的 ReedHycalog 鑽頭業務在本季度出現了顯著的收入下降，這主要是由於第三季度向亞洲的大量出貨沒有重複，加拿大活動減少以及美國與天氣相關的延誤，儘管供應鏈挑戰正在限制牙輪鑽頭的交付，業務繼續在中東和地熱市場實現穩健增長，正如我們在收益發布中取得的重大成就所強調的那樣。

Our downhole tools business reported revenue growth in the low teens, led by a significant pickup of fishing tool sales into the Middle East and Asia Pacific. After realizing significant improvements during the third quarter, the operation had challenges procuring certain high-grade steel and elastomers needed for its high-spec [staters], adversely affecting sales and rentals of the business units drilling motors. Despite the supply chain challenges and the resulting less favorable product mix, pricing increases instituted earlier in the year allowed the business to maintain respectable EBITDA flow-through. Our Wellsite Services business posted a small sequential decrease in revenue, primarily due to strong shipments of MPD equipment in Q3 that did not repeat.

我們的井下工具業務報告稱，由於打撈工具在中東和亞太地區的銷量大幅回升，收入增長處於低位。在第三季度實現顯著改善後，該業務在採購其高規格 [staters] 所需的某些高級鋼材和彈性體方面遇到了挑戰，這對業務部門鑽井電機的銷售和租賃產生了不利影響。儘管存在供應鏈挑戰和由此產生的不太有利的產品組合，但今年早些時候制定的價格上漲使該業務能夠保持可觀的 EBITDA 流通。我們的 Wellsite Services 業務收入環比小幅下降，這主要是由於第三季度 MPD 設備的強勁出貨量沒有重複。

The decline in MPD sales was mostly offset by solid results from the business unit's legacy operations and we're seeing growing opportunities for both our solid control and MPD offerings in offshore markets, including Mexico, Brazil, West Africa and Guyana and growing momentum in key land markets in the Middle East. This improving outlook was reflected in strong bookings for MPD capital equipment orders, which should serve as a growth catalyst for this business during 2023.

MPD 銷售額的下降大部分被該業務部門遺留業務的穩健業績所抵消，我們看到我們在離岸市場（包括墨西哥、巴西、西非和圭亞那）的固體控制和 MPD 產品的機會越來越多，關鍵業務的增長勢頭也在增長中東土地市場。這種不斷改善的前景反映在 MPD 資本設備訂單的強勁預訂中，這應成為該業務在 2023 年的增長催化劑。

Our Tuboscope business delivered a solid increase in revenue, driven by the operations fifth straight quarter of double-digit growth in its coating operations. The business realized strong demand for pipe coating services in the Middle East and Asia for its True Coat pipe sleeves in the Middle East and for glass reinforced Epoxy TK-Liners in Latin America and Europe. The business also continues to realize growing demand for its TK-Liner systems in geothermal applications and recently secured contracts for 2 new geothermal projects in Denmark, which will add to a total of more than 28 miles of large diameter TK-Lined pipe that we have delivered for geothermal applications since 2020.

我們的 Tuboscope 業務在其塗層業務連續第五個季度實現兩位數增長的推動下實現了收入的穩步增長。該業務意識到中東和亞洲對其 True Coat 管套以及拉丁美洲和歐洲玻璃增強環氧樹脂 TK-Liners 的管道塗層服務的強勁需求。該公司還繼續意識到地熱應用對其 TK-Liner 系統的需求不斷增長，最近在丹麥獲得了 2 個新地熱項目的合同，這將使我們擁有的大直徑 TK-Liner 管道總長超過 28 英里自 2020 年起交付用於地熱應用。

Our M/D Totco business posted another quarter of solid growth with outsized incrementals, led by a strong improvement in the unit surface data acquisition operations in the Middle East, North America and Europe. This growth was partially offset by a small decrease in revenues from our Evolve wire drill pipe optimization services, resulting from capital sales in the third quarter that did not repeat. Outlook for our Evolve services remains bright with several customers signing new contracts and with demand for this service building in the Middle East. The unit is also realizing greater adoption of its latest MAX digital product offerings which are currently installed on over 150 rigs, utilizing over 800 of our MAX Edge devices to simultaneously provide real-time data analytics in the field and at the operator's office.

我們的 M/D Totco 業務在中東、北美和歐洲的單位表面數據採集業務的強勁改善的帶動下，又實現了另一個季度的穩健增長，增幅巨大。這一增長被我們的 Evolve 鋼絲鑽桿優化服務收入的小幅下降部分抵消，這是由於第三季度的資本銷售沒有重複。我們的 Evolve 服務前景依然光明，一些客戶簽署了新合同，並且中東地區對該服務的需求不斷增加。該部門還實現了更多地採用其最新的 MAX 數字產品，這些產品目前安裝在 150 多台鑽機上，利用我們的 800 多台 MAX Edge 設備在現場和操作員辦公室同時提供實時數據分析。

Additionally, we recently launched our MAX completions offering, which is remotely monitoring a frac job in the Williston Basin for a large independent operator. While we're in the infancy of providing digital solutions, which drive higher levels of efficiencies for both drilling and now completion operations, M/D Totco's success in developing industry-leading digital solutions beyond its legacy data acquisition systems has already allowed the business to achieve its highest revenues and EBITDA in 8 years, and the outlook remains bright.

此外，我們最近推出了 MAX 完井產品，該產品正在為一家大型獨立運營商遠程監控 Williston 盆地的一項壓裂作業。雖然我們還處於提供數字解決方案的初級階段，這些解決方案可以提高鑽井和完井作業的效率，但 M/D Totco 在開發超越其遺留數據採集系統的行業領先數字解決方案方面取得的成功已經使企業能夠實現 8 年來最高的收入和 EBITDA，前景依然光明。

For our Wellbore Technologies segment, we expect demand for our key enabling drilling technologies to be supported by improving global oilfield activity, driving continued growth for the segment in 2023. However, we do expect seasonality to serve as headwinds to Q1 results, resulting in revenue and EBITDA for our Wellbore Technologies segment in the first quarter to be roughly in line with fourth quarter results. Our Completion & Production Solutions segment generated revenues of $738 million in the fourth quarter, an increase of 8% from the third quarter and an increase of 34% from the fourth quarter of 2021.

對於我們的 Wellbore Technologies 部門，我們預計全球油田活動的改善將支持對我們關鍵使能鑽井技術的需求，從而推動 2023 年該部門的持續增長。但是，我們確實預計季節性將成為第一季度業績的不利因素，從而導致收入第一季度我們的 Wellbore Technologies 部門的 EBITDA 與第四季度的業績大致一致。我們的完井與生產解決方案部門第四季度的收入為 7.38 億美元，比第三季度增長 8%，比 2021 年第四季度增長 34%。

Adjusted EBITDA increased $10 million sequentially and $64 million from the prior year to $66 million or 8.9% of sales. Sequential EBITDA flow-through of 18% was negatively impacted by a lower margin product mix. Relative to the fourth quarter of 2021, flow-through was 34%, resulting from improved execution against supply chain-related challenges, better absorption in our manufacturing facilities and improved pricing. Orders increased 13% to $557 million, the highest quarterly bookings the segment has achieved since 2014. Also of note is that this was the segment's eighth straight quarter with a book-to-bill over 100%.

調整後的 EBITDA 環比增加 1000 萬美元，比上年增加 6400 萬美元，達到 6600 萬美元，佔銷售額的 8.9%。 18% 的連續 EBITDA 流轉率受到利潤率較低的產品組合的負面影響。與 2021 年第四季度相比，流通率為 34%，這是由於針對供應鏈相關挑戰的執行力得到改善、我們的製造設施得到更好的吸收以及定價得到改善。訂單增長 13% 至 5.57 億美元，是該部門自 2014 年以來的最高季度預訂量。另外值得注意的是，這是該部門連續第八個季度的訂單出貨比超過 100%。

[CAP's] backlog at the end of the fourth quarter was $1.6 billion, up 8% sequentially and 24% year-over-year. Our Intervention & Stimulation Equipment business posted a strong increase in revenue, achieving its highest level since Q4 of 2019. The business is seeing a notable transition and demand from reactivations and refurbishment-related aftermarket work to new capital equipment sales resulting from our customers' need to replace tired equipment with more efficient assets. As Clay mentioned, access to capital remains difficult for the industry. But the good news is that many of our customers are now generating healthy cash flows. Their confidence in a sustained recovery is increasing, and many are now looking to lock in limited delivery slots that require substantial lead times.

[CAP] 第四季度末的積壓訂單為 16 億美元，環比增長 8%，同比增長 24%。我們的干預和刺激設備業務收入強勁增長，達到自 2019 年第四季度以來的最高水平。由於客戶的需求，該業務正在從與重新啟動和翻新相關的售後市場工作到新資本設備銷售的顯著轉變和需求用更高效的資產替換陳舊的設備。正如 Clay 所提到的，獲得資本對於該行業來說仍然很困難。但好消息是，我們的許多客戶現在都在產生健康的現金流。他們對持續復甦的信心正在增強，許多人現在希望鎖定需要大量交貨時間的有限交貨時段。

These factors combined to drive another solid quarter of order intake and the fifth straight quarter in which the business grew its backlog. Asset replacements, new technology to improve efficiencies and economics, lower emissions and longer laterals drove our order book in the fourth quarter. After selling our first new coiled tubing unit into the U.S. in 3 years during the third quarter, we received orders for 6 new coiled tubing units, 3 of which are destined for service in North America.

這些因素共同推動了又一個穩定的訂單接收季度，以及業務積壓訂單連續第五個季度增長。資產置換、提高效率和經濟性的新技術、更低的排放量和更長的支管推動了我們第四季度的訂單。在第三季度，我們在 3 年內向美國銷售了第一台新連續油管裝置後，我們收到了 6 台新連續油管裝置的訂單，其中 3 台將在北美提供服務。

We also saw a notable increase in demand for 30,000-foot large diameter pipe with 0.276-inch wall thickness to support completions of ultra-long lateral wells in West Texas. As noted in the press release, we booked 20,000 hydraulic horsepower of our eFrac pressure pumping equipment, and we also sold 6 hybrid electric iMaxx wireline trucks as more customers see the opportunity to not only reduce emissions but to also lower their total cost of ownership by using our latest technologies. Also encouraging is that we are beginning to see higher demand from international markets, particularly from the Middle East. Our subsea flexible pipe business posted a mid-single-digit increase in sequential revenue. Margins compressed slightly as the effects of improving throughput were offset by a less favorable mix of projects. Orders for the quarter remained strong and resulted in the unit's sixth straight quarter with a book-to-bill greater than 1.

我們還看到對壁厚為 0.276 英寸的 30,000 英尺大直徑管道的需求顯著增加，以支持西德克薩斯州超長側井的完井。正如新聞稿中所述，我們預訂了 20,000 液壓馬力的 eFrac 壓力泵設備，並且我們還售出了 6 台混合動力電動 iMaxx 電纜卡車，因為越來越多的客戶看到了不僅可以減少排放，還可以通過以下方式降低總擁有成本的機會使用我們的最新技術。同樣令人鼓舞的是，我們開始看到國際市場，尤其是中東市場的需求增加。我們的海底柔性管業務的連續收入實現了中個位數增長。由於吞吐量提高的影響被不太有利的項目組合所抵消，利潤率略有下降。本季度的訂單依然強勁，導致該部門連續第六個季度的訂單出貨比大於 1。

Equally important, we are realizing increasing pricing power as much of the spare capacity in the market has been absorbed or committed and customer demand continues to rebound. Our XL conductor pipe connection business experienced a significant sequential increase in revenue, driven by strong execution and product deliveries to support several large projects in Latin America and the Gulf of Mexico. While we expect the typical seasonal pullback in deliveries during Q1, strong orders and steadily improving offshore activity should support a solid year for this operation.

同樣重要的是，隨著市場上大量閒置產能被吸收或投入使用，以及客戶需求持續回升，我們意識到定價能力不斷增強。我們的 XL 導管連接業務在強勁的執行力和產品交付的推動下實現了收入的連續顯著增長，以支持拉丁美洲和墨西哥灣的多個大型項目。雖然我們預計第一季度交貨量會出現典型的季節性回落，但強勁的訂單和穩步改善的離岸活動應該會支持該業務穩健的一年。

Our Process & Flow Technologies business posted a slight sequential increase in revenue. EBITDA was mostly flat after a strong rebound in the third quarter. While the effects of supply chain difficulties, shipyard constraints and inflation continue to pressure margins and push bookings to the right as operators recalibrate cost assumptions, recent customer conversations give us confidence in increasing FIDs, which should result in a much stronger 2023 for this business.

我們的過程與流體技術業務收入環比略有增長。 EBITDA 在第三季度強勁反彈後基本持平。雖然供應鏈困難、造船廠限制和通貨膨脹的影響繼續對利潤率構成壓力，並隨著運營商重新調整成本假設而推動預訂向右移動，但最近的客戶對話讓我們對增加 FID 充滿信心，這應該會導致該業務在 2023 年更加強勁。

Our pump and mixture operations experienced a sequential decrease in revenue due to outsized shipments of pent-up orders from the lifting of COVID lockdowns in China during the third quarter did not repeat. Bookings improved 55% sequentially and included a large equipment package for a pepper processing plant in New Mexico that will be able to process 30 million pounds of Cayenne pepper mash per year. NOV will provide 120 fiberglass storage vessels, each equipped with Chemineer agitators to achieve optimal mixing, 13 Moyno progressive cavity pumps to handle transfer loading and unloading and our GoConnect digital monitoring and control system to provide the customer with real-time equipment and process data to fine tune operations, maintain quality and ensure equipment reliability.

我們的泵和混合物業務的收入連續下降，原因是第三季度中國取消 COVID 封鎖後被壓抑的訂單出貨量過大，這種情況並沒有重複。預訂量環比增加了 55%，其中包括新墨西哥州一家胡椒加工廠的大型設備包，該工廠每年可加工 3000 萬磅辣椒醬。 NOV 將提供 120 個玻璃纖維儲存容器，每個都配備 Chemineer 攪拌器以實現最佳混合，13 個 Moyno 螺桿泵處理轉移裝卸，我們的 GoConnect 數字監控系統為客戶提供實時設備和過程數據微調操作，保持質量並確保設備可靠性。

The unit also won an award to provide 24 Moyno progressive cavity pumps for sludge transfer and polymer pumping applications at a wastewater facility that will treat over 450 million gallons of wastewater per day. Despite the strong industrial orders in Q4, we're sensing that our non-oil and gas customers are growing more cautious due to uncertainty in the macroeconomic environment.

該裝置還贏得了一個獎項，為每天處理超過 4.5 億加侖廢水的污水設施提供 24 台 Moyno 螺桿泵，用於污泥輸送和聚合物泵送應用。儘管第四季度工業訂單強勁，但我們感覺到，由於宏觀經濟環境的不確定性，我們的非石油和天然氣客戶正變得更加謹慎。

Our Fiberglass business posted flat revenue, but delivered more than a 300 basis point improvement in EBITDA margin due to a healthy increase in higher-margin offshore scrubber deliveries that more than offset the effect of the seasonal decline in fuel handling equipment sales. Orders remained strong, and in addition to the previously mentioned tanks for the Pepper Processing plant, the unit booked a large order for a semiconductor manufacturing facility in Texas. The strong order intake resulted in the business delivering its eighth straight quarter with a book-to-bill over 1 and an all-time high backlog going into 2023.

我們的玻璃纖維業務收入持平，但 EBITDA 利潤率提高了 300 多個基點，這是由於利潤率較高的海上洗滌器交付量的健康增長，這大大抵消了燃料處理設備銷售季節性下降的影響。訂單依然強勁，除了前面提到的胡椒加工廠的儲罐外，該部門還為德克薩斯州的一家半導體製造廠預訂了大筆訂單。強勁的訂單量導致該業務連續第八個季度實現訂單出貨比超過 1，並且 2023 年的積壓量創下歷史新高。

For our Completion & Production Solutions segment, we expect seasonality and several large projects that are nearing completion to result in a mid-single-digit decrease in revenue with decremental margins in the 30% range. Our Rig Technologies segment generated revenues of $620 million in the fourth quarter, an increase of $109 million or 21% compared to the third quarter and 44% compared to the fourth quarter of 2021. The strong sequential growth was led by our aftermarket operations, 4 straight quarters of growing spare part bookings combined with improving global supply chains, led to a sizable increase in shipments. The segment also posted a solid increase in capital equipment sales, which benefited from the delivery of a new land rig to a private drilling contractor in the U.S. and from a higher rate of progress on wind projects in Saudi Arabia.

對於我們的完工和生產解決方案部門，我們預計季節性因素和幾個即將完工的大型項目將導致收入出現中等個位數的下降，利潤率下降 30%。我們的 Rig Technologies 部門在第四季度產生了 6.2 億美元的收入，與第三季度相比增加了 1.09 億美元或 21%，與 2021 年第四季度相比增加了 44%。強勁的連續增長是由我們的售後市場業務帶動的，4備件預訂連續幾個季度增長，加上全球供應鏈的改善，導致出貨量大幅增加。該部門還公佈了資本設備銷售額的穩健增長，這得益於向美國一家私人鑽井承包商交付了新的陸地鑽井平台，以及沙特阿拉伯風電項目的更快進展。

Adjusted EBITDA improved $36 million sequentially to $88 million or 14.2% of sales. New capital equipment orders increased $135 million or 113% sequentially and totaled $254 million. Book-to-bill was just below 1x, a result of the 27% increase in revenue out of backlog during the fourth quarter. Total backlog for the segment at year-end was $2.79 billion, an increase of $26 million over the prior year. Fourth quarter orders were highlighted by bookings for the designs and jacking systems for 2 wind turbine installation vessels and a new BOP stack for a harsh environment semisubmersible rig.

調整後的 EBITDA 環比增長 3600 萬美元，達到 8800 萬美元，佔銷售額的 14.2%。新資本設備訂單增加 1.35 億美元，環比增長 113%，總計 2.54 億美元。訂單出貨比略低於 1 倍，這是第四季度積壓訂單收入增長 27% 的結果。截至年底，該部門的總積壓訂單為 27.9 億美元，比上年增加 2600 萬美元。第四季度的訂單突出顯示了 2 艘風力渦輪機安裝船的設計和頂升系統以及用於惡劣環境的半潛式鑽井平台的新防噴器組的預訂。

While demand for conventional rig equipment has improved 3 straight quarters, bookings remain subdued as contractors are still reticent to make large capital commitments. Encouragingly, both utilization and day rates for all major classes of rigs continue to improve. Land rig counts increased by 43% or 3% sequentially, almost all in international markets and average day rates continued to improve, up another 11% on average in the U.S. during Q4 as contracts roll off and rigs reprice to leading-edge rates. Contracted offshore rig counts improved 4% sequentially with jack-up rig utilization reaching 80% and drillships 78%, resulting in higher day rates and longer duration contracts.

雖然對傳統鑽井設備的需求已連續三個季度有所改善，但由於承包商仍不願做出大筆資本承諾，預訂量仍然低迷。令人鼓舞的是，所有主要鑽井平台的利用率和日費率都在繼續提高。陸地鑽井平台數量環比增長 43% 或 3%，幾乎全部在國際市場上，平均日費率繼續提高，隨著合同的減少和鑽井平台重新定價至前沿費率，第四季度美國的平均日費率又增加了 11%。合同海上鑽井平台數量環比增加 4%，自升式鑽井平台利用率達到 80%，鑽井船利用率達到 78%，從而導致更高的日費率和更長的合同期限。

These improvements should translate into better cash flow and growing confidence and outlook for our customers over time. While equipment orders remain modest, demand for our products and services is heading in the right direction, and the industry cycle is going through its normal progression at a very measured pace. It starts with simple reactivations of highly capable warm stacked rigs that moves to less capable cold stacked rigs, which require more effort to reactivate and often need upgrades to compete for work. Then once fleets reach sufficiently high levels of utilization and day rates and operators seek higher productivity through newer and more advanced technology, demand for newbuilds will eventually take hold. We're moving through this natural cycle in both the land and offshore markets, and that progression is reflected in our results.

隨著時間的推移，這些改進應該會轉化為更好的現金流，並增強客戶的信心和前景。雖然設備訂單仍然不多，但對我們產品和服務的需求正朝著正確的方向發展，行業周期正在以非常有節制的速度正常發展。它從簡單地重新激活功能強大的熱堆疊鑽機開始，然後轉移到能力較差的冷堆疊鑽機，這需要更多的努力才能重新激活，並且通常需要升級才能競爭工作。然後，一旦船隊達到足夠高的利用率和日費率水平，並且運營商通過更新和更先進的技術尋求更高的生產率，對新造船的需求最終將佔據主導地位。我們正在陸上和離岸市場上經歷這種自然循環，這種進展反映在我們的結果中。

Revenue from land customers in our aftermarket operations bottomed in Q3 2021 and has increased 92% from the trough with leading edge day rates for top-tier land rigs north of $40,000 in the North American land markets. Returns are now at a level well above newbuild economics. While we delivered a new land rig to a private U.S. contractor in Q4, capital discipline remains strong, particularly among public drillers who still have stacked rigs to reactivate and we're not expecting many more orders for newbuilds in North America this year. Customers remain focused on being disciplined and on driving efficiencies in their operations. However, we're increasingly fielding calls inquiring about our new technologies that can potentially alleviate some of their pain points, including our ATOM RTX fully automated robotic system and our Maestro drilling power management system, which allows contractors to optimize power and fuel consumption during drilling operations and minimize emissions.

我們的售後市場業務中來自陸地客戶的收入在 2021 年第三季度觸底，並從谷底增長了 92%，北美陸地市場頂級陸地鑽機的領先日費率超過 40,000 美元。現在的回報率遠高於新造船的經濟水平。雖然我們在第四季度向一家美國私人承包商交付了新的陸地鑽井平台，但資本紀律仍然很嚴格，尤其是在仍有大量鑽井平台需要重新啟動的公共鑽井公司中，我們預計今年北美不會有更多的新訂單。客戶仍然關注遵守紀律和提高運營效率。然而，我們越來越多地接到電話詢問我們的新技術，這些技術可能會減輕他們的一些痛點，包括我們的 ATOM RTX 全自動機器人系統和我們的 Maestro 鑽井電源管理系統，它允許承包商在鑽井過程中優化電力和燃料消耗操作並最大限度地減少排放。

In international land markets, the availability of modern rigs that can be cost effectively upgraded is significantly more limited. As a result, we have recently seen a meaningful improvement in the number of discussions we are having with customers regarding new rigs, particularly in the Middle East, Latin America and Asia. Aftermarket revenue from our offshore drilling contractor customers bottomed in the fourth quarter of 2021 and have increased 58% since that time. While we are not yet having discussions related to new floaters reflecting the longer cycle nature of the deepwater market, we are having discussions related to orders for new jack-ups. Additionally, there are meaningful opportunities for customers to continue reactivating and upgrading stacked rigs and to complete the 14 drillships that have been stranded at shipyards in Asia since 2015.

在國際陸地市場上，可以經濟高效地升級的現代鑽井平台的可用性明顯更加有限。因此，我們最近發現，我們與客戶就新鑽井平台進行的討論數量有了顯著改善，尤其是在中東、拉丁美洲和亞洲。我們的海上鑽井承包商客戶的售後市場收入在 2021 年第四季度觸底，此後增長了 58%。雖然我們尚未就反映深水市場較長周期性質的新浮式平台進行討論，但我們正在討論與新自升式平台訂單相關的問題。此外，客戶還有機會繼續重新激活和升級堆疊式鑽井平台，並完成自 2015 年以來擱淺在亞洲造船廠的 14 艘鑽井船。

We believe these rigs can be acquired and fully kitted out between $300 million to $350 million, a price which should produce a strong return for contractors in a $400,000-plus day rate environment. We estimate NOV's addressable opportunity to properly equip and finish these rigs, ranges anywhere from $20 million to $125 million per rig. While access to and cost of capital for rig contractors remains challenged, it is improving and a customer recently acquired one of these stacked rigs. All of these opportunities may take some time to materialize, but will eventually come.

我們相信這些鑽井平台可以在 3 億至 3.5 億美元之間購得併配備齊全，在 400,000 美元以上的日費率環境中，這個價格應該會為承包商帶來豐厚的回報。我們估計 NOV 正確裝備和完成這些鑽井平台的可尋址機會，每台鑽井平台的價值從 2000 萬美元到 1.25 億美元不等。雖然鑽井平台承包商的資金獲取和成本仍然面臨挑戰，但情況正在改善，一位客戶最近購買了其中一台堆疊式鑽井平台。所有這些機會可能需要一些時間才能實現，但最終都會到來。

In the meantime, our volume of work from reactivations, recertifications and upgrades of the existing fleet continues to grow. As Clay touched on, we completed 15 such projects in the fourth quarter, including the reactivation of 9 previously stacked jack-ups. Additionally, we've received awards for another 23, leaving us with a current backlog of 83 projects.

與此同時，我們對現有機隊進行重新激活、重新認證和升級的工作量繼續增長。正如 Clay 提到的那樣，我們在第四季度完成了 15 個此類項目，包括重新啟動之前堆疊的 9 個自升式平台。此外，我們還獲得了另外 23 個項目的獎勵，目前積壓的項目有 83 個。

In our wind business, the market for installation vessels remain strong as evidenced by the 2 orders for NOV's proprietary NG-20000X vessel designs and jacking systems we received during the fourth quarter. We expect to see a decrease in demand for new wind orders in 2023, but we still expect a few orders this year and see a significant shortfall in available vessels needed to meet the forecasted demand for turbine installations in the '26 to '27 time frame. If this forecast holds, it should translate into nearly a dozen additional opportunities over the next several years for NOV.

在我們的風能業務中，安裝船市場依然強勁，我們在第四季度收到的 2 份 NOV 專有 NG-20000X 船舶設計和升降系統訂單證明了這一點。我們預計 2023 年對新風電訂單的需求將減少，但我們仍預計今年會有一些訂單，並且看到滿足 26 年至 27 年時間框架內渦輪機安裝預測需求所需的可用船舶嚴重短缺.如果這一預測成立，它應該會在未來幾年為 11 月轉化為近十幾個額外的機會。

While 2023 is expected to be a year of growth and improved profitability for our Rig Technologies business, we expect seasonality and the timing of projects to result in first quarter revenues contracting 10% to 15% with decremental margins in the 30% range.

雖然預計 2023 年將是我們的 Rig Technologies 業務增長和盈利能力提高的一年，但我們預計季節性和項目時間安排將導致第一季度收入收縮 10% 至 15%，利潤率下降 30%。

With that, we'll now open the call to questions.

有了這個，我們現在將開始提問。

(Operator Instructions) Our first question comes from the line of Jim Rollyson of Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Jim Rollyson。

Clay, going back to your comments about the offshore side and kind of the need for incremental investments and obviously the lack of capital or willingness to spend capital by some of the current owners, how do you see that playing out in terms of you mentioned who the ultimate providers of capital may be. But when you think about that just playing out and time frame of this playing out, how do you unpack that?

克萊，回到你對離岸方面的評論和增量投資的需要，顯然一些現有所有者缺乏資本或願意花錢，你如何看待你提到的誰最終的資本提供者可能是。但是，當你想到剛剛結束的比賽和比賽結束的時間框架時，你如何解開它？

It's a great question. In our view, it's already starting to play out as the major integrated oil companies is the big national oil companies who need the offshore rig industry to go back to work and perform drilling services are sitting down with those providers. I think they're being told, hey, you're going to have to pay much higher day rates, you're going to have to be much higher mobilization fees. You've seen day rates for seventh gen drillships, for instance, double year-over-year and now starting with the 4 handles pretty common. And so I think there's just this recognition of reality here that this industry -- offshore drillers have been beat up pretty bad through the downturn and have limited access to capital and someone is going to have to pay for that.

這是一個很好的問題。在我們看來，它已經開始發揮作用，因為大型綜合石油公司是需要海上鑽井行業恢復工作並提供鑽井服務的大型國家石油公司正在與這些供應商坐下來。我認為他們被告知，嘿，你將不得不支付更高的日費率，你將不得不支付更高的動員費。例如，您已經看到第七代鑽井船的日費率同比翻了一番，現在從 4 個手柄開始非常普遍。因此，我認為這裡只有對現實的認識，即這個行業——海上鑽井公司在經濟低迷時期遭受了相當嚴重的打擊，獲得資本的機會有限，有人將不得不為此付出代價。

So the oil companies, I think, are the first to ask on this. There's other participants here as well. I mentioned, I think, in my prepared remarks that some of the shipyards that are sitting on rig construction projects that were stranded through the downturn are offering bareboat charters on those to drilling contractors, such that the shipyard can go out and find the capital to complete those projects, get those things out of their yards, transfer -- make those assets available to drilling contractors to operate them.

所以我認為，石油公司是第一個提出這個問題的人。這裡還有其他參與者。我提到，我認為，在我準備好的發言中，一些正在從事因經濟低迷而擱淺的鑽井平台建設項目的造船廠正在向鑽井承包商提供光船租賃，這樣造船廠就可以走出去尋找資本完成這些項目，把這些東西從他們的院子裡拿出來，轉移——讓這些資產可供鑽井承包商運營。

And then another potential source of capital that we think is going to play an increasingly bigger role of these sovereign wealth funds, which have very deep pockets. And they're in these countries that rely on the petroleum industry to fund public services to balance their government budgets and so forth. And so they don't appear to have the sort of constraints on lending into the industry that other providers -- more traditional providers of capital have.

然後，我們認為另一個潛在的資本來源將在這些財力雄厚的主權財富基金中發揮越來越大的作用。他們在這些依賴石油工業為公共服務提供資金以平衡政府預算等的國家。因此，他們似乎沒有其他供應商（更傳統的資本供應商）對向該行業放貸的那種限制。

Great. That's helpful. And then just as a follow-up, when we think about kind of how things have unfolded over the last 2 or 3 years, obviously, NOV has made a lot of overhauling of the cost structure through the downturn, which is, I'm sure, enhancing margins as revenues start coming back. And as we think about this going forward, you mentioned supply chain issues and constraints there and just cost inflation around that plus pricing, which you've been working on clawing back pricing from where we were before. But maybe just a little bit of color on kind of where pricing sits on average because I know it varies by product line. But kind of where we sit now versus kind of pre-COVID levels. And as I think about margins going forward, how much room do you have in pricing versus just your volume?

偉大的。這很有幫助。然後作為後續行動，當我們考慮過去 2 或 3 年的情況時，顯然，NOV 在經濟低迷時期對成本結構進行了大量改革，也就是說，我是當然，隨著收入開始回升，利潤率會提高。當我們考慮這一點時，你提到了供應鏈問題和那裡的限制，以及圍繞它的成本通脹和定價，你一直在努力從我們以前的水平上收回定價。但也許只是有點顏色平均定價，因為我知道它因產品線而異。但是，我們現在所處的位置與 COVID 之前的水平有所不同。當我考慮未來的利潤率時，您在定價方面有多少空間，而不僅僅是您的數量？

Yes. First, I appreciate the question. We're very focused on. The short answer to your question is, prices aren't high enough. We -- in 2019, we started taking a lot of costs out of our organization north of $900 million a year. Then we hit the pandemic shutdown with demand really falling away to almost nothing and discounting happened, right? So we track pricing, among other ways through like looking at baskets of products that we sell on an apples-and-apples basis. And so for many of those, we found that they felt kind of mid-teens by late 2020 or early 2021. Since that bottom, we've been pushing on pricing very intentionally. We've talked on prior calls about that and have successfully clawed back most of those discounts.

是的。首先，我很欣賞這個問題。我們非常專注。對你的問題的簡短回答是，價格不夠高。我們——在 2019 年，我們開始從我們的組織中削減大量成本，每年超過 9 億美元。然後我們遇到了大流行性停工，需求真的下降到幾乎為零，並且發生了折扣，對吧？因此，我們通過其他方式跟踪定價，比如查看我們在同類產品基礎上銷售的一籃子產品。因此，對於其中許多人，我們發現他們在 2020 年底或 2021 年初感覺有點像十幾歲。從那個底部開始，我們一直在非常有意地推動定價。我們已經在之前的電話中談到了這一點，並成功收回了大部分折扣。

There's lots of products that are priced now higher than they were in 2019. But the problem is that inflation has eroded a lot of that potential margin increase. And so when we kind of step back and reflect on our financial results, given the heavy, heavy lift that's happened here on taking $900 million out of our cost structure, the erosion of that through inflation, the recovery of pricing, margins aren't really where they need to be. And so one of the big focuses we're going to have in the coming years continue to push on pricing, to continue to work towards an acceptable level of margins. But as you correctly point out, we're not out of the woods yet on supply chain disruptions. We're still seeing inflation in a lot of areas that we work, still a lot of pressure on costs. And so we're going to have to really continue to maintain a very high level of focus on pricing and trying to get to an acceptable margin.

現在有很多產品的價格高於 2019 年的價格。但問題是通貨膨脹已經侵蝕了很多潛在的利潤增長。因此，當我們退後一步並反思我們的財務業績時，考慮到從我們的成本結構中扣除 9 億美元所發生的沉重、沉重的提升，通貨膨脹對它的侵蝕，定價的恢復，利潤率不是真的是他們需要去的地方。因此，我們未來幾年的重點之一是繼續推動定價，繼續努力實現可接受的利潤水平。但正如您正確指出的那樣，我們還沒有擺脫供應鏈中斷的困境。在我們工作的許多領域，我們仍然看到通貨膨脹，成本壓力仍然很大。因此，我們將不得不真正繼續保持對定價的高度關注，並努力達到可接受的利潤率。

Our next question comes from the line of Chase Mulvehill of Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

Just -- I want to follow up on orders. You talked a lot about kind of growing momentum in subsegments and maybe some conservatives [bounce] outlook and some others. So I don't know if you can maybe just kind of take a moment and walk through both kind of rig tech and [caps], just real quickly. And maybe point to things that the investment community should be paying attention to and focus on when we think about potential for growth in those segments in '23. And I guess I don't know if you'd want to comment if you think that orders could actually be up for both segments in '23 as well.

只是——我想跟進訂單。你談到了很多關於細分市場增長勢頭的話題，也許還有一些保守派 [反彈] 前景和其他一些人。所以我不知道你是否可以花點時間快速了解一下鑽機技術和[上限]。當我們考慮 23 世紀這些細分市場的增長潛力時，也許會指出投資界應該關注和關注的事情。如果您認為 23 年的兩個細分市場的訂單實際上也可能增加，我想我不知道您是否想發表評論。

Yes, I'll ask Jose to chime in on that as well. But broadly speaking, we -- as I said in my prepared remarks, we're a little cautious on outlook for North America. Heretofore, through 2022, most of our Intervention & Stimulation equipment order book has really been driven by North America. We kind of see that pivoting over in 2023 and more interest coming out of international markets, specifically the Middle East, which previously was more focused on used equipment and pricing there hasn't been as good. We're hearing opportunities to improve pricing and also a desire to put higher technology equipment into certain regions in the Middle East and elsewhere around the world. So we're pretty excited about that.

是的，我也會讓 Jose 插話。但從廣義上講，正如我在準備好的發言中所說，我們對北美的前景持謹慎態度。迄今為止，到 2022 年，我們的大部分乾預和刺激設備訂單實際上都是由北美驅動的。我們有點看到這種情況在 2023 年發生了轉變，國際市場（特別是中東）產生了更多的興趣，中東以前更專注於二手設備，那裡的定價並沒有那麼好。我們聽到了提高定價的機會，也希望將更高技術的設備投入中東和世界其他地方的某些地區。所以我們對此感到非常興奮。

The other side of the Completion & Production Solutions order book really are producers mostly focused on offshore projects. And last year, projects felt like they were moving to the right a lot because of the high levels of inflation. I'd mentioned 30% sort of overall headline project cost increases weren't uncommon. That's a big sticker shock to a group of engineers at an oil company who have been working on a project for several years.

Completion & Production Solutions 訂單簿的另一面實際上是主要專注於離岸項目的生產商。去年，由於高通脹，項目感覺它們向右移動了很多。我提到過 30% 的整體標題項目成本增加並不少見。這對一家石油公司的一群工程師來說是一個巨大的震驚，他們已經在一個項目上工作了幾年。

I think as we move into 2023, the sort of lesson we've learned about energy security, I think there's growing confidence around the highly constructive supply-demand outlook. And so our gut feel is that operators are getting more confident about doing FIDs. I think you're hearing that from others in our space, too, that their expectation around FIDs, particularly focused on international gas and LNG are moving forward. And so our expectation is that has a pretty bright outlook as well.

我認為，隨著我們進入 2023 年，即我們從能源安全中吸取的那種教訓，我認為人們對高度建設性的供需前景的信心正在增強。因此，我們的直覺是，操作員對進行 FID 越來越有信心。我想你也從我們這個領域的其他人那裡聽到，他們對 FIDs 的期望，特別是對國際天然氣和液化天然氣的期望正在向前發展。因此，我們的期望是它也有一個非常光明的前景。

On the rig side, yes, I mean obviously, offshore is looking up, but still a lot of hesitancy here really of all drilling contractors about putting a lot more capital into their rig fleets. But if supply demand gets tighter and tighter and tighter, day rates tend to get pressured up. And so our expectation is that the demand may grow. One real interesting area though is in the area of workover rates. We've had a surprising level of interest and demand for those, and that's within Rig Technologies. I think we sold something like 7 or 8, much higher spec workover rigs focused on longer laterals and a few other areas. But anyway, it's across the board, both segments given the challenges that the oil and gas industry face in the coming year to restore energy security, it's a pretty good backdrop, I think, to start from.

在鑽井平台方面，是的，我的意思是顯然，離岸正在抬頭，但實際上所有鑽井承包商仍然對向其鑽井平台投入更多資金猶豫不決。但如果供應需求變得越來越緊張，日費率往往會受到壓力。因此，我們的預期是需求可能會增長。不過，一個真正有趣的領域是修井率。我們對這些產生了驚人的興趣和需求，這在 Rig Technologies 內部。我認為我們出售了 7 台或 8 台這樣規格更高的修井機，專注於更長的橫向和其他一些區域。但無論如何，考慮到石油和天然氣行業在來年恢復能源安全方面面臨的挑戰，這兩個領域都是全面的，我認為這是一個很好的起點。

Clay covered extremely well, maybe just 1 or 2 other things to sort of wee then. I mean, obviously, the market environment continues to improve. We're looking forward to maintaining really good bookings in '23 to what extent it really depends. And I think some of the commentary that Clay provided gives you an indication that there will be a little bit of a change in mix, particularly related to some of the offshore projects within [caps]. We can see some of our business units where we have had some of those projects kind of pushed to the right pick up a little bit in '23. So we're looking forward to that.

粘土覆蓋得非常好，然後可能只有 1 或 2 個其他東西。我的意思是，顯然，市場環境在持續改善。我們期待在 23 年保持非常好的預訂量，這取決於它的實際程度。而且我認為 Clay 提供的一些評論表明組合會發生一些變化，特別是與 [caps] 內的一些離岸項目有關。我們可以看到我們的一些業務部門在 23 年將其中一些項目推向了正確的位置。所以我們很期待。

And then lastly, related to rig, just to tack on to Clay's commentary, you mentioned or requested insights in the things that people should be looking for. And I think our commentary sort of give you a flavor that we're seeing very steady improvement in our rig business, obviously started with the aftermarket businesses. They're both well off of their bottoms. But also from a capital equipment perspective, we'll -- we've been seeing a lot of volatility in our bookings quarter-to-quarter, primarily related to the very large chunky bookings that we've had in the offshore wind space.

最後，與 rig 有關，只是為了補充 Clay 的評論，您提到或要求對人們應該尋找的東西有見解。而且我認為我們的評論有點給你一種感覺，我們看到我們的鑽機業務正在穩步改善，顯然是從售後市場業務開始的。他們都很好。但同樣從資本設備的角度來看，我們將 - 我們看到每個季度的預訂都有很大的波動，這主要與我們在海上風電領域的大量預訂有關。

We've had 3 really nice quarters in a row of improved bookings at the conventional rig capital equipment business. And one of the things that kind of distorts the booking -- how you look at book-to-bill there is this massive backlog that we have associated with our Saudi rig manufacturing contract, which was that $1.8 billion of backlog, if you sort of strip that out in terms of the revenue produced by it and just sort of look at the quarter, excluding contributions from that facility, book-to-bill was a little bit over 100% from a conventional rig capital equipment standpoint. And so we're hopeful that continues to trend upward as we move through 2023.

我們在傳統鑽機資本設備業務中連續 3 個季度的預訂有所改善。其中一件會扭曲預訂的事情——你如何看待訂單到賬單，我們與沙特鑽井平台製造合同相關的大量積壓訂單，如果你有點的話，那就是 18 億美元的積壓訂單從它產生的收入中剔除它，看看這個季度，不包括該設施的貢獻，從傳統的鑽機資本設備的角度來看，訂單出貨比略高於 100%。因此，我們希望在 2023 年繼續呈上升趨勢。

Okay. Appreciate the color. Maybe 1 quick follow-up. Investors seem to also be focused on kind of the rig tech aftermarket opportunities as the offshore activity picking up. So maybe if you could just speak to -- I guess, I'm assuming that had some nice growth last year. And given what you talked about, I think it was 23, you launched new -- 23 new reactivations in the fourth quarter. When you look at the opportunities for '23, what's out there? Do you think it's going to be more heavy shallow water or deepwater reactivations and some newbuilds. And how should we think about the aftermarket business in '23 versus '22?

好的。欣賞顏色。也許 1 快速跟進。隨著離岸活動的興起，投資者似乎也關注鑽機技術售後市場的機會。所以也許如果你能談談 - 我想，我假設去年有一些不錯的增長。鑑於你所說的，我認為是 23 次，你在第四季度推出了新的 - 23 次新的重新激活。當您查看 23 年的機會時，那裡有什麼？你認為它會是更重的淺水或深水重新激活和一些新建築嗎？我們應該如何看待 23 年和 22 年的售後市場業務？

Yes. I mean broadly, as the offshore drilling industry goes back to work, they're going to need more aftermarket spares. There's certainly kind of a flush level of demand going into reactivations a little bit. The industry got really good at cannibalizing spare parts off of idled rigs and we're rebuilding that to some degree. But 37 jack-ups contracted by Aramco, for instance, for Saudi Arabia going to work, higher levels of activity in Brazil. That all takes a lot of aftermarket to support. One of the big headwinds we faced in 2022 throughout the year was supply chain disruption of our aftermarket business and what you saw in Q4 was the dam broke a little bit better availability of casting since our manufacturing group really got after a 26% increase in their shipments into our aftermarket organization, helped sort of underpin a 20% -- roughly 20% sort of spare parts, sequential improvement in revenue there. That won't necessarily repeat in Q1, but we're making good progress and feel pretty good about the balance of the year.

是的。我的意思是，從廣義上講，隨著海上鑽井行業恢復工作，他們將需要更多的售後備件。肯定有一點點重新激活的需求水平。該行業非常擅長從閒置的鑽井平台上拆下備件，我們正在某種程度上對其進行重建。但沙特阿美承包的 37 座自升式鑽井平台將在巴西開工，例如，在巴西的活動水平更高。這一切都需要大量售後市場的支持。我們在 2022 年全年面臨的一大逆風是我們售後市場業務的供應鏈中斷，你在第四季度看到的是大壩破裂，鑄件的可用性稍微好一點，因為我們的製造團隊在他們的產量增加了 26% 之後確實得到了向我們的售後市場組織發貨，幫助支撐了 20% - 大約 20% 的備件，那裡的收入連續改善。這不一定會在第一季度重演，但我們正在取得良好進展，並且對今年的餘額感到非常滿意。

Our next question comes from the line of Luke Lemoine of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Luke Lemoine。

Clay, you touched on some of the underpinnings of this offshore cycle within rig tech with some of the bigger ticket items like floater reactivations, the stranded drill shifts between guys like (inaudible). I guess with these type of individual orders and the incremental floater demand that could be over 30 rigs over the next few years, what do you think the annual order potential is for Rig Tech a couple of years out?

Clay，你談到了鑽井技術中這個離岸週期的一些基礎，包括一些更大的門票項目，比如浮子重新激活，擱淺的鑽頭在像（聽不清）這樣的人之間轉移。我猜這些類型的個人訂單和未來幾年可能超過 30 台鑽井平台的增量浮動需求，您認為幾年後 Rig Tech 的年度訂單潛力是多少？

That's a really hard question to answer, Luke. As Jose just said, it tends to be really, really lumpy. I would tell you the upward trajectory is good. And our expectation is we should continue to build momentum, supporting global drilling operations of all pipeline in offshore. But there's been so much downsizing that's happened since 2015 here. Our expectation is that we can really step up and generate good financial returns by supporting the industry globally without the rate -- newbuilds that we saw in kind of the prior super cycle. They come terrific. We're prepared to grow and provide whatever the industry requires and hopefully, that will come to pass. But the basic sort of blocking and tackling of drilling does work through a lot of spare parts. It's a high margin, high incremental business for us. As well, we continue to innovate around a lot of technologies and products for the oil field. Jose mentioned our ATOM RTX robotics system that we're introducing this year, super excited about that. We sold that into both land and offshore operations.

這是一個很難回答的問題，盧克。正如何塞剛才所說，它往往非常、非常粗糙。我會告訴你向上的軌跡是好的。我們的期望是我們應該繼續建立勢頭，支持所有海上管道的全球鑽井作業。但自 2015 年以來，這裡發生瞭如此多的裁員。我們的期望是，我們可以通過在沒有利率的情況下支持全球行業來真正加強並產生良好的財務回報 - 我們在之前的超級週期中看到的新建築。他們來得棒極了。我們準備好發展並提供行業所需的任何東西，希望這會成為現實。但是基本的鑽井阻塞和處理確實需要很多備件。對我們來說，這是一項高利潤、高增量的業務。此外，我們繼續圍繞油田的許多技術和產品進行創新。 Jose 提到了我們今年推出的 ATOM RTX 機器人系統，對此非常興奮。我們將其出售給陸地和海上業務。

We've got a couple of different emissions reduction technologies, our Eco-Booster hydraulic system, our PowerBlade regenerative energy capture system, our Maestro system, all help both land and offshore drillers reduce their greenhouse gas emissions. And so I think there's great opportunities for that. And then lastly, we talked a bit about digital solutions that we have available that I think will help shape order. So we're -- as opposed to just providing iron, which we did a lot of in this last super cycle, I think the next up cycle, it's going to be smarter iron and higher value-added iron, which I think will pave the way for higher margins and higher returns.

我們擁有多種不同的減排技術，我們的 Eco-Booster 液壓系統、我們的 PowerBlade 再生能量捕獲系統、我們的 Maestro 系統，都可以幫助陸地和海上鑽井公司減少溫室氣體排放。所以我認為這有很大的機會。最後，我們談到了我們可用的數字解決方案，我認為這些解決方案將有助於塑造秩序。所以我們 - 與僅僅提供鐵相反，我們在上一個超級週期中做了很多，我認為下一個上升週期，它將是更智能的鐵和更高附加值的鐵，我認為這將鋪平道路獲得更高利潤和更高回報的途徑。

Got it. And then maybe on the stranded drillships, you talked about what the content value could be to you kind of [20 to 125] a rig on the cold stacked floater reactivations, we've seen the [ocean drillers] coats, but what could the content value be to you guys kind of prorate for what you see right now?

知道了。然後也許在擱淺的鑽井船上，你談到了內容價值對你來說可能是 [20 到 125] 冷堆浮子重新激活的鑽井平台，我們已經看到了 [ocean drillers] 外套，但是什麼可以內容價值對你們來說是按比例分配給你們現在看到的嗎？

Yes, it's -- every rig is different. They've been sort of stacked in different ways, there are different levels of completion. So this is sort of the notional revenue range that Jose provided for kind of the rig reactivations. But as I mentioned, one of the bigger ticket items in that is potentially a second subsea BOP stack, which is like a $50 million way to make the rig compliant with the latest BSEE regulations.

是的，它是 - 每個鑽機都是不同的。它們以不同的方式堆疊，完成度也不同。所以這是 Jose 為某種鑽機重新激活提供的名義收入範圍。但正如我所提到的，其中一個更大的項目可能是第二個海底 BOP 堆棧，這就像一個 5000 萬美元的方式使鑽井平台符合最新的 BSEE 規定。

Our next question comes from the line of Neil Mehta of Goldman Sachs.

我們的下一個問題來自高盛的尼爾梅塔。

Congrats on the good orders here. I had a couple of cash flow questions. And the first is, just as you think about 2023, can you walk us through some of the moving pieces, recognizing free cash flow is super challenging to forecast in a growth environment like we're in right now. But maybe you can walk through the different components ranging from working capital to other considerations that you want us to have dealt in for '23?

恭喜這裡的好訂單。我有幾個現金流問題。首先是，就像你對 2023 年的看法一樣，你能否帶我們了解一些動人的部分，認識到自由現金流在我們現在所處的增長環境中預測是非常具有挑戰性的。但也許您可以了解一下不同的組成部分，從營運資金到您希望我們為 23 年處理的其他考慮因素？

Sure thing, Neil. It's a good question because there certainly are a lot of moving parts and pieces as we sort of think about 2023. And first and foremost, related to the near term, as we talked about in our prepared remarks, Q1 typically is a good seasonal use of cash with a number of payments that need to get made within the quarter. And then the free cash flow tends to pick up, particularly in the second half of the year. But as we think about 2023, particularly, one of the tailwinds to us is hopefully continuing improvement from a supply chain perspective. However, with where we're sitting right now, we're still making sure that we're doing everything that we possibly can to live up to our commitments to our customers.

當然可以，尼爾。這是一個很好的問題，因為我們對 2023 年的看法肯定有很多變化的部分。首先，與近期相關，正如我們在準備好的評論中所說，Q1 通常是一個很好的季節性使用現金以及需要在本季度內支付的一些款項。然後自由現金流趨於回升，尤其是在下半年。但當我們特別考慮 2023 年時，我們的順風之一是希望從供應鏈的角度繼續改進。然而，就我們現在所處的位置而言，我們仍在確保我們正在盡一切可能履行我們對客戶的承諾。

And at times, that means maintaining buffers within our inventory base, overstocking in certain key critical areas, but obviously is a drag from a working capital perspective. Also, we've had really, really strong growth during -- to this point in the recovery, and we expect to continue to have strong growth through '23 and hopefully well beyond. So to be determined precisely how much normal working capital that will consume, combined with the ongoing supply chain issues.

有時，這意味著在我們的庫存基礎中保持緩衝，在某些關鍵關鍵領域積壓庫存，但從營運資金的角度來看顯然是一種拖累。此外，我們在復蘇過程中實現了非常、非常強勁的增長，我們預計在 23 年之前以及以後會繼續保持強勁增長。因此，要結合持續的供應鏈問題，準確確定將消耗多少正常營運資金。

And then probably lastly, as we sort of look at the transition from '22 to '23, our revenue mix is going to become much more internationally weighted. And so international operations tend to have longer cash conversion cycles, combination of larger projects, things take a little bit longer to work through the system, meaning slightly higher levels of inventory to meet those project orders as well as longer DSOs associated with the international client base. So that's kind of the headwind. And then otherwise, as you know, a lot of the things that we do are very large-scale projects, that have large progress payments along the way and/or completion payments. And those are sorts of things that can make material differences from one quarter to the next. And so that's why we generally try not to get too terribly excited about free cash flow from one quarter to the next, but are really confident that we'll have a build in working capital during the course of the year to coincide with the growth in top line, but ultimately, all that working capital translates into free cash flow in the future.

然後可能最後，當我們考慮從 22 歲到 23 歲的過渡時，我們的收入組合將變得更加國際化。因此，國際業務往往有更長的現金轉換週期，更大項目的組合，通過系統工作需要更長的時間，這意味著更高水平的庫存來滿足這些項目訂單以及更長的與國際客戶相關的 DSO根據。所以這是一種逆風。然後，如你所知，我們所做的很多事情都是非常大規模的項目，在整個過程中有大量的進度付款和/或完成付款。這些都是可以在一個季度到下一個季度產生重大差異的事情。因此，這就是為什麼我們通常盡量不要對一個季度到下一個季度的自由現金流過於興奮，但我們真的有信心在這一年中增加營運資金，以配合增長頂線，但最終，所有營運資金都會在未來轉化為自由現金流。

I would like to add too. Our historical working capital intensity at 25% this quarter in the high 20% range is much better than it was before the prior super cycle. So I think the organization has made a lot of progress in becoming more efficient around our working capital requirements, required to support top line growth.

我也想補充一下。我們本季度的歷史營運資本強度為 25%，處於 20% 的高位範圍內，遠好於上一個超級週期之前。因此，我認為該組織在圍繞我們的營運資金需求提高效率方面取得了很大進展，這是支持收入增長所必需的。

Yes. That's very clear. I think Clay, that's a follow-up. You guys have a terrific balance sheet here, and you made some comments around M&A. So I just want your perspective on whether you would leverage that balance sheet to opportunistically add to the portfolio? And to the extent that is something you'd consider, do you see any logical areas for addition?

是的。這很清楚。我認為 Clay，這是一個跟進。你們這裡的資產負債表非常好，你們就併購發表了一些評論。因此，我只想了解您是否會利用該資產負債表來機會主義地增加投資組合？就您考慮的範圍而言，您是否看到任何需要添加的邏輯區域？

Well, we've been very clear, Neil, over the years about the need for a strong balance sheet and I would say, again, we're not forecasting newbuilds anytime soon, but you go back to the last super cycle from 2004 to 2014, our top line grew 6.5-fold pro forma for our (inaudible) spin. And so the sort of the top line growth potential here is very, very high, and it does take working capital to support that. So we need to be very careful to make sure that coming off bottom that we don't pile on leverage. We've done a great job delevering through this downturn. And while it's -- the M&A space is getting really interesting and there are a number of stranded sets out there the PEs and other sponsors have had for a long time and are kind of looking to exit creating opportunities, we're going to be -- we're going to continue to be very cautious, very careful, very focused on risk management through this process and make transactions that we do will be smart.

好吧，尼爾，多年來，我們一直非常清楚需要一個強大的資產負債表，我想再說一遍，我們不會很快預測新建築，但你可以追溯到 2004 年到上一個超級週期2014 年，我們的（聽不清）旋轉的預估收入增長了 6.5 倍。因此，這裡的收入增長潛力非常非常高，而且確實需要營運資金來支持。因此，我們需要非常小心，以確保從底部開始，我們不會積累槓桿。在這次經濟低迷中，我們在去槓桿方面做得很好。雖然它 - 併購領域變得非常有趣，並且 PE 和其他贊助商長期以來一直有許多擱淺的設置並且有點希望退出創造機會，但我們將 - - 我們將繼續非常謹慎、非常小心、非常專注於通過這個過程進行風險管理，並使我們所做的交易變得明智。

Our next question comes from the line of Stephen Gengaro of Stifel.

我們的下一個問題來自 Stifel 的 Stephen Gengaro。

Good morning, everybody. Two things for me. One is -- I don't know if you have comments around this or not, but we've heard of a couple of manufacturers, 1 manufacturer who's effectively financing newbuilds on the frac fleet side, on the [e-frac] fleet side. How does this -- how do you think about that? And how do you think about that sort of impacting your order flow, if at all?

大家早上好。對我來說有兩件事。一個是——我不知道你是否對此有任何評論，但我們聽說有幾家製造商，其中一家製造商在 [e-frac] 船隊方面有效地為 frac 船隊方面的新建築提供融資.這是怎麼回事——你怎麼看？如果有的話，您如何看待這種影響您的訂單流程？

I think we're really good at developing technologies. We're really good at manufacturing. We do that efficiently. We manage costs. I don't think we're very good at banking and financing. And I really, really -- given my balance sheet comments around Neil's question. I think we -- I think everyone should be very, very careful about financing in this space. I'm deeply cyclical and potentially fraught with peril. So yes, we're well aware of -- in a couple of product categories where we face competitors that, for whatever reason, have put deals on the table. And I think coming out of really low volumes during the pandemic, that sort of prompted a lot of desperation. And so we'll see how that turns out for them. But we don't need to practice and we actually do this for financial returns, and we think the highest and best use of our capital is not invested in our customers' fleets.

我認為我們真的很擅長開發技術。我們真的很擅長製造。我們高效地做到了這一點。我們管理成本。我認為我們在銀行和融資方面不是很擅長。我真的，真的——考慮到我對尼爾問題的資產負債表評論。我認為我們 - 我認為每個人都應該非常非常謹慎地關注這個領域的融資。我很週期性，可能充滿危險。所以，是的，我們很清楚——在我們面臨的幾個產品類別中，無論出於何種原因，我們都將交易擺在桌面上。而且我認為在大流行期間出現了非常低的銷量，這引發了很多絕望。因此，我們將看看他們的結果如何。但我們不需要練習，我們實際上是為了財務回報而這樣做，我們認為我們資本的最高和最佳利用不是投資於我們客戶的車隊。

That makes sense. I just wanted to get your views. And the second, just on the wellbore side, can you just remind us when we think about the international versus North American mix? And just sort of how we should be thinking about growth in light of your comments on both the international and the domestic side as we think about '23?

這就說得通了。我只是想听聽你的看法。第二，就井筒方面而言，當我們考慮國際與北美的組合時，你能提醒我們嗎？在我們考慮'23 時，根據您對國際和國內方面的評論，我們應該如何考慮增長？

That's about 50-50, Stephen. And you heard my comments around sort of our outlook for both areas. I did -- I want to be clear, although we're not necessarily expecting an activity increase in North America and I think the pressure on gas you could even see a modest decrease. We do expect that overall North American investment by E&Ps and overall revenue for NOV probably should be up in 2023, and that's because pricing marched upwards across North America for most all participants in oilfield services throughout 2022. So that kind of year-on-year comparison that all kind of hangs together. I think the most -- some of the most recent surveys point to kind of mid-teens year-on-year E&P CapEx on complete -- drilling and completion work in North America, but I think it's going to take that level of spending increase just to keep activity flat, if that makes sense.

那大約是 50-50，斯蒂芬。你聽到了我對我們對這兩個領域的展望的評論。我做到了——我想說清楚，儘管我們不一定期望北美的活動增加，而且我認為你甚至可以看到天然氣壓力適度下降。我們確實預計 E&P 在北美的整體投資和 11 月的總收入可能會在 2023 年上升，這是因為在整個 2022 年，北美大多數油田服務參與者的價格都在上漲。所以這種同比各種掛在一起的比較。我認為，最近的一些調查表明，在北美完成鑽井和完井工作的 E&P 資本支出同比達到十幾歲，但我認為這將需要增加支出水平只是為了保持活動平穩，如果這有意義的話。

That does conclude the Q&A. I'd like to turn the call back over to Clay Williams for any closing remarks.

這確實結束了問答。我想將電話轉回 Clay Williams 以聽取任何結束語。

Thank you, Valerie. I appreciate everyone joining us this morning and look forward to speaking with you again on our next earnings call in April. Have a great day.

謝謝你，瓦萊麗。我感謝今天早上加入我們的每個人，並期待在我們 4 月份的下一次財報電話會議上再次與您交談。祝你有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。