國民油井華高 (NOV) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the NOV First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce you to your host for today's conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations. Sir, you may begin.

女士們、先生們，美好的一天，歡迎參加 2023 年 11 月第一季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。現在我想向您介紹今天會議的東道主，企業發展和投資者關係副總裁布萊克·麥卡錫先生。先生，您可以開始了。

Welcome, everyone, to NOV's First Quarter 2023 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 one should assume these forward-looking statements remain valid later in the quarter or later in the year.

歡迎大家參加 NOV 2023 年第一季度收益電話會議。今天與我在一起的有我們的董事長、總裁兼首席執行官克萊·威廉姆斯 (Clay Williams) 以及我們的高級副總裁兼首席財務官何塞·巴亞多 (Jose Bayardo)。在開始之前，我想提醒您，今天的一些評論屬於聯邦證券法含義內的前瞻性陳述。它們涉及風險和不確定性，實際結果可能存在重大差異。任何人都不應認為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。

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. Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website.

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。我們的評論還包括非公認會計原則措施。我們網站上的收益發布中提供了與最接近的相應 GAAP 衡量標準的對賬。

On a U.S. GAAP basis, for the first quarter of 2023, NOV reported revenues of $1.96 billion and net income of $126 million or $0.32 per fully diluted share. 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) Now let me turn the call over to Clay.

根據美國公認會計原則，2023 年第一季度，NOV 報告收入為 19.6 億美元，淨利潤為 1.26 億美元，即完全稀釋每股收益 0.32 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調整後 EBITDA 術語相對應。 （操作員指示）現在讓我把電話轉給克萊。

Thanks, Blake. For the first quarter of 2023, NOV reported revenue of $1.96 billion, down 5% sequentially on seasonality and project timing and up 27% compared to the first quarter of 2022. The company posted fully diluted earnings of $0.32 per share for the first quarter, up $0.45 year-over-year. EBITDA was $195 million or 9.9% of revenue, up $92 million year-over-year.

謝謝，布萊克。 NOV 報告 2023 年第一季度收入為 19.6 億美元，受季節性和項目時間影響，環比下降 5%，但與 2022 年第一季度相比增長 27%。該公司第一季度完全攤薄後每股收益為 0.32 美元，同比上漲 0.45 美元。 EBITDA 為 1.95 億美元，佔收入的 9.9%，同比增長 9200 萬美元。

Demand remained strong. Our consolidated orders exceeded revenue out of backlog for the eighth consecutive quarter, yielding a book-to-bill of 109%. For most of our business units, it was a good quarter. But overall, EBITDA came in softer than we expected due to a couple of discrete charges. One related to an environmental accrual top-up and another related to litigation, along with a significant supply chain issue we encountered in our drill pipe business. This led to an EBITDA shortfall and a significant build in inventory for the Wellbore Technologies segment.

需求依然強勁。我們的合併訂單連續第八個季度超過積壓訂單收入，訂單出貨率為 109%。對於我們的大多數業務部門來說，這是一個不錯的季度。但總體而言，由於多項獨立費用，EBITDA 的表現低於我們的預期。其中一項與環境應計充值有關，另一項與訴訟有關，以及我們在鑽桿業務中遇到的重大供應鏈問題。這導致井筒技術部門的 EBITDA 短缺和庫存大量增加。

Revenues and EBITDA for our other 2 segments, Rig Technologies and Completion & Production Solutions, were generally in line with our expectations for the quarter. Unplanned events at one of our vendor steel mills within the past few months led to a lack of raw materials for drill pipe, specifically bar stock for tool joint material, which goes into the connections at each end of every joint. Lack of raw materials disrupted our production schedules and impacted our manufacturing efficiency.

我們其他兩個部門（鑽機技術和完井與生產解決方案）的收入和 EBITDA 基本符合我們對本季度的預期。過去幾個月，我們的一家供應商鋼廠發生了意外事件，導致鑽桿原材料缺乏，特別是用於鑽桿接頭材料的棒材，這些材料進入每個接頭兩端的連接件。原材料短缺擾亂了我們的生產計劃並影響了我們的製造效率。

As we were required to double the number of production line setups, we typically perform each quarter in order to conform our manufacturing schedule to the materials we had on hand. Consequently, we lost valuable manufacturing time and faced higher costs as we scramble to secure more expensive supplies from alternative vendors, which led to far fewer shipments and a roughly $10 million EBITDA shortfall versus our earlier expectations for the unit in the first quarter.

由於我們需要將生產線設置數量增加一倍，因此我們通常每個季度執行一次，以使我們的製造計劃符合我們現有的材料。因此，我們失去了寶貴的製造時間，並面臨著更高的成本，因為我們爭先恐後地從替代供應商那裡獲得更昂貴的供應，這導致出貨量大大減少，與我們之前對第一季度的預期相比，EBITDA 缺口約為 1000 萬美元。

Drill pipe inventory increased significantly as green tubes and other raw materials continued to arrive as per our original plan but couldn't be converted. While some disruptions are continuing to affect the unit second quarter results, we are working closely with our vendor to catch up and expect the situation to be resolved by the time we get to the third quarter.

由於生管和其他原材料繼續按我們原計劃到達但無法轉換，鑽桿庫存大幅增加。雖然一些中斷繼續影響該部門第二季度的業績，但我們正在與供應商密切合作，以迎頭趕上，並預計這種情況將在第三季度得到解決。

Elsewhere around the business, we are generally seeing steady improvement in supply chain challenges as freight reliability and costs have improved and certain raw material supplies are becoming more reliable. While many exceptions to this remain, engines, electrical components, certain elastomers remain scarce and deliveries elongated, for example, other components are catching up quickly. Rig Technologies saw inventory rise as castings and forgings, which are needed to support the group's high backlog of spare parts, rig refurbishment and equipment repair, begin to flow at a greater rate.

在業務的其他方面，我們普遍看到供應鏈挑戰的穩步改善，因為貨運可靠性和成本有所改善，並且某些原材料供應變得更加可靠。儘管仍然存在許多例外，例如發動機、電氣元件、某些彈性體仍然稀缺且交貨期延長，但其他元件正在迅速趕上。 Rig Technologies 的庫存上升，因為鑄件和鍛件開始以更高的速度流動，而鑄件和鍛件是該集團大量積壓的備件、鑽機翻新和設備維修所必需的。

This inventory will support revenue growth in the second quarter and beyond. Much of our inventory growth in the Completion & Production Solutions segment came in our flexible pipe manufacturing operation, which was required to buy out the rest of its 2022 allocation from our polymer vendor to secure its 2023 allocation required to meet our 2023 production schedule.

該庫存將支持第二季度及以後的收入增長。我們完井和生產解決方案部門的庫存增長大部分來自我們的柔性管道製造業務，該業務需要從我們的聚合物供應商手中購買剩餘的 2022 年分配，以確保滿足我們 2023 年生產計劃所需的 2023 年分配。

These increases, along with other modest growth in Wellbore Technologies apart from drill pipe, are pegged to specific orders and projects that will contribute positively to the remainder of our 2023 performance. Notwithstanding our drill pipe manufacturing challenges, our Wellbore Technologies segment executed very well and has continued to advance several new technologies leading to market share gains in bits and digital products.

這些增長以及除鑽桿之外的 Wellbore Technologies 的其他小幅增長都與特定訂單和項目掛鉤，這些訂單和項目將為我們 2023 年剩餘的業績做出積極貢獻。儘管我們的鑽桿製造面臨挑戰，但我們的井筒技術部門執行得非常好，並繼續推進多項新技術，從而提高了鑽頭和數字產品的市場份額。

Customers running our KAIZEN artificial intelligence drilling optimization software are delighted with its results. And we are preparing to spud wells for 2 new wired drill pipe customers in the Middle East. Interest in our new shale shakers and waste management technologies for drill cuttings is rising too as the offshore market puts more rigs back to work.

運行我們的 KAIZEN 人工智能鑽井優化軟件的客戶對其結果感到滿意。我們正準備為中東的 2 個新的有線鑽桿客戶打井。隨著海上市場讓更多的鑽機重新投入使用，人們對我們的新型頁岩振動篩和鑽屑廢物管理技術的興趣也在上升。

Turning to our later cycle segments. First, Completion & Production Solutions has line of sight on several large projects we are bidding that are tied to higher levels of offshore FIDs expected later this year. We foresee tightening industry capacity and flexible pipe for deepwater developments and rising demand for gas processing technologies from NOV in support of global LNG demand.

轉向我們後面的周期部分。首先，完井和生產解決方案關注了我們正在投標的幾個大型項目，這些項目與預計今年晚些時候更高水平的離岸最終投資決定相關。我們預計，深水開發的行業產能和柔性管道將會收緊，NOV 對天然氣加工技術的需求將不斷增加，以支持全球液化天然氣需求。

We continue to see strong demand for intervention and stimulation equipment during the first quarter, with quotations up 31% sequentially, pointing to the need to replenish the industry's toolkit with higher efficiency, lower emission technologies. Bookings were up 5%, including a lot of interest in our lower emission electric equipment. Our new Max completions product was introduced during the first quarter to rave reviews as pressure pumpers and their customers are embracing the power of real-time big data to optimize frac jobs.

我們繼續看到第一季度對乾預和增產設備的強勁需求，報價環比上漲 31%，這表明需要用更高效率、更低排放的技術來補充行業的工具包。預訂量增長了 5%，其中包括對我們的低排放電力設備的濃厚興趣。我們的新 Max 完井產品在第一季度推出，受到好評如潮，因為壓力泵工及其客戶正在利用實時大數據的力量來優化壓裂作業。

The Rig Technologies segment made significant supply chain strides during the first quarter with record levels of centrifugal pump shipments. Shipments of spare parts into repair jobs and in support of offshore reactivations as well as spares to support our Arabian rig manufacturing joint venture, all accelerated. The segment continues to see growing activity in the offshore space with 55 recertification, upgrade and/or reactivation projects now underway in shipyards.

鑽機技術部門在第一季度的供應鏈上取得了重大進展，離心泵出貨量創歷史新高。用於維修工作和支持海上重新啟動的備件以及支持我們的阿拉伯鑽機製造合資企業的備件的運輸都在加速。該部門在近海領域的活動持續增長，目前造船廠正在進行 55 個重新認證、升級和/或重新啟動項目。

The segment posted orders of $251 million and a book-to-bill of 140%, which included $60 million related to an offshore wind turbine installation vessel. Revenues were down sequentially, though, as expected, due to high fourth quarter shipments of jacking systems, the completion of a handful of older offshore projects plus the fourth quarter sale of a land rig out of inventory that did not repeat.

該部門公佈的訂單額為 2.51 億美元，訂單出貨率為 140%，其中包括與海上風力渦輪機安裝船相關的 6000 萬美元訂單。不過，正如預期的那樣，收入環比下降，原因是第四季度升降系統的出貨量較高、一些較舊的海上項目的完成以及第四季度陸地鑽機的庫存耗盡，但這種情況並未重複。

Our outlook for the remainder of the year for all 3 segments is robust, despite recent commodity price weakness. After 8 years of capital starvation that saw more than 600 bankruptcies in E&Ps and oilfield service companies, the role is getting back to reinvesting in its critical energy infrastructure. The floating rig count has recovered quickly off the bottom in established during the pandemic and has now recovered more than 35% with the current contracting pace and FID outlook indicating many more needed by 2024.

儘管近期大宗商品價格疲軟，但我們對今年剩餘時間所有三個細分市場的前景依然樂觀。經過 8 年的資金匱乏，導致 600 多家勘探與生產和油田服務公司破產，現在的角色是重新投資於關鍵的能源基礎設施。浮式鑽井平台數量已從疫情期間的谷底迅速恢復，目前已恢復超過 35%，目前的收縮速度和最終投資決定 (FID) 前景表明，到 2024 年還需要更多浮式鑽井平台。

Drillships in good working conditions have already been reactivated. And with the low-hanging fruit gone, contractors will have to go deeper into their stack to find rigs to meet growing demand. The complexity and cost of future reactivations will grow. And even more so, if the owner wants to add, for instance, a second BOP stack to comply with BSEE regulations or our PowerBlade technology to reduce OpEx and greenhouse gas emissions.

工作條件良好的鑽井船已經重新啟用。隨著唾手可得的成果消失，承包商將不得不更深入地尋找鑽機來滿足不斷增長的需求。未來重新激活的複雜性和成本將會增加。更重要的是，如果業主想要添加第二個 BOP 堆棧以符合 BSEE 法規或我們的 PowerBlade 技術以減少運營支出和溫室氣體排放。

The rising cost of these reactivation projects has led drilling contractors to require both multiyear contracts at higher rates as well as operator provided financing for reactivation capital and mobilization expenses. As the original OEM for the vast majority of these rigs, NOV plays a critical role in these projects. And as more rigs go back to work, the E&P operators are seeing firsthand how impactful new NOV technology developed and launched during the downturn can be.

這些重新啟動項目的成本不斷上升，導致鑽井承包商要求以更高的價格簽訂多年期合同，並要求運營商為重新啟動資本和動員費用提供融資。作為絕大多數這些鑽機的原始 OEM，NOV 在這些項目中發揮著關鍵作用。隨著越來越多的鑽機恢復工作，勘探與生產運營商親眼目睹了在經濟低迷時期開發和推出的新 NOV 技術的影響力。

We are pleased to report that, for instance, ExxonMobil has standardized on NOV's toolkit for its offshore rigs in Guyana, including our NOVOS operating system with multi-machine control, our condition-based monitoring system and our new automation offerings. We're also pleased to report gathering momentum in the international land market, particularly in the Middle East, and expect this to translate into tangible orders in the near future.

例如，我們很高興地報告，埃克森美孚已為其位於圭亞那的海上鑽井平台標準化了 NOV 工具包，其中包括具有多機控制功能的 NOVOS 操作系統、基於狀態的監控系統和新的自動化產品。我們還很高興地報告國際土地市場（尤其是中東）的勢頭正在增強，並預計這將在不久的將來轉化為有形的訂單。

Unlike North America, which saw its Shale Revolution miracle preceded by a complete retooling of its land rigs to AC technology, international land markets have seen very little rig replacement higher levels of technology going back decades. That began to change with the decision by Saudi Aramco to establish a joint venture with us to build rigs in the kingdom a few years ago backed by a contract for 50 newbuild rigs that we are now building.

與北美不同的是，北美見證了頁岩革命奇蹟，其陸地鑽機完全改造成交流技術，而國際陸地市場幾十年前幾乎沒有看到更高水平技術的鑽機更換。幾年前，隨著沙特阿美公司決定與我們建立一家合資企業，在沙特建造鑽井平台，這種情況開始發生變化，並以我們現在正在建造的 50 座新建鑽井平台的合同為後盾。

And with production growth targets announced by the national oil companies around the Gulf slated to come from far more complex wells and reservoirs is becoming clear to operators that the region has no choice but to upgrade its suite of rigs, stimulation equipment, bits and downhole tools. Our customers face lower commodity prices and global recession fears during the first quarter that showed no signs of diminished appetite for the goods we provide.

隨著海灣地區國家石油公司宣布的產量增長目標將來自更加複雜的油井和油藏，運營商越來越清楚，該地區別無選擇，只能升級其鑽機、增產設備、鑽頭和井下工具。 。我們的客戶在第一季度面臨大宗商品價格下跌和全球經濟衰退的擔憂，但沒有跡象表明對我們提供的商品的興趣減弱。

To the contrary, our orders remain strong and customer conversations robust. In all likelihood, North American activity is at best flat for a while, constrained by $2 gas and tepid oil prices, but offshore activity in Brazil, Guyana, the Gulf of Mexico and West Africa, along with land and offshore activity around the Arabian Gulf, point to strong growth over the next several years, underpinned by expected project FIDs and double-digit E&P CapEx growth plans.

相反，我們的訂單仍然強勁，客戶對話也很活躍。受 2 美元天然氣和不溫不火的油價限制，北美活動最多只能暫時保持平穩，但巴西、圭亞那、墨西哥灣和西非的海上活動，以及阿拉伯灣周圍的陸地和海上活動，表明在預期項目 FID 和兩位數勘探與生產資本支出增長計劃的支撐下，未來幾年將出現強勁增長。

The focus of the national oil companies has been on satisfying their own local needs for natural gas, the recovery of global oil demand with the reopening of the Chinese economy, their growing confidence that U.S. unconventional growth is slowing significantly and the fact that the world has been under-investing in production for nearly a decade. Thus, we believe we are seeing growing confidence from our NOC customer base to make longer-dated capital investment decisions.

國家石油公司的重點一直是滿足本國對天然氣的需求，隨著中國經濟的重新開放，全球石油需求的複蘇，他們對美國非常規增長正在大幅放緩的信心日益增強，以及世界經濟已經開始復甦的事實。近十年來生產投資一直不足。因此，我們相信我們看到 NOC 客戶群對做出長期資本投資決策的信心不斷增強。

As a leading independent manufacturer of equipment and technology to the oilfield, our business blossoms later in each up cycle than other business models in the oil patch as prosperity cascades through the ecosystem. For now, our consolidated margins remain below what we consider normalized levels due to this late cycle nature, along with the residual pandemic-related supply chain disruptions, we continue to battle.

作為油田設備和技術的領先獨立製造商，隨著整個生態系統的繁榮，我們的業務在每個上升週期中的發展都比石油領域的其他商業模式晚。目前，由於週期後期的性質，以及與流行病相關的供應鏈中斷，我們的綜合利潤率仍低於我們認為的正常水平，我們仍在繼續戰鬥。

As the cycle progresses, we expect supply chain issues to abate, lower margin backlog to burn off and pricing to continue to improve, which will boost our margins and earnings. NOV's installed base of equipment and new automation and digital technology products introduced through the downturn place it in a uniquely advantaged position to drive higher efficiencies for its customers throughout the oil field as capital spending and activity return.

隨著周期的進展，我們預計供應鏈問題將會減輕，積壓的利潤將會減少，定價將繼續改善，這將提高我們的利潤和收益。 NOV 在經濟低迷時期推出的設備安裝基礎以及新的自動化和數字技術產品使其處於獨特的優勢地位，可以為整個油田的客戶提高資本支出和活動回報的效率。

Our mission, one that we are intently focused on is translating that unique competitive advantage into acceptable shareholder returns. We recognize we still have a ways to go on this journey. Before I hand it over to Jose, for those NOV employees listening today, I want to thank you for all that you do to take care of our customers and keep their programs on track, despite cost inflation, labor shortages, broken supply chains and global volatility.

我們專注的使命是將獨特的競爭優勢轉化為可接受的股東回報。我們認識到，在這一過程中我們還有很長的路要走。在我將發言交給 Jose 之前，對於今天聆聽的 NOV 員工，我要感謝你們為照顧我們的客戶並使他們的項目步入正軌所做的一切，儘管成本上漲、勞動力短缺、供應鏈斷裂和全球揮發性。

You're simply the best and our customers appreciate you, and I want you to know that I do too. With that, I'll turn it over to Jose.

你就是最棒的，我們的客戶很欣賞你，我想讓你知道我也很欣賞你。有了這個，我會把它交給何塞。

Thank you, Clay. EBITDA in the first quarter of 2023 totaled $195 million or 9.9% of sales, a decrease of $36 million sequentially and an increase of $92 million year-over-year. EBITDA was negatively impacted by supply chain issues and related operational disruptions in our drill pipe business that Clay described as well as $8 million in charges related to environmental reserves and legal expenses.

謝謝你，克萊。 2023 年第一季度 EBITDA 總計 1.95 億美元，佔銷售額的 9.9%，環比減少 3600 萬美元，同比增加 9200 萬美元。克萊描述的 EBITDA 受到供應鏈問題和鑽桿業務相關運營中斷以及與環境儲備和法律費用相關的 800 萬美元費用的負面影響。

Cash flow used by operations was $202 million during the first quarter, driven primarily by ordinary Q1 payments associated with and reflected in our accrued liabilities as well as a sizable increase in inventory. While Clay spoke earlier of the inventory challenges we faced during the first quarter, I think it's worth recounting why this was such a significant use of cash during the period.

第一季度運營使用的現金流量為 2.02 億美元，主要受到與應計負債相關並反映在我們的應計負債中的普通第一季度付款以及庫存大幅增加的推動。雖然克萊早些時候談到了我們在第一季度面臨的庫存挑戰，但我認為值得重新解釋一下為什麼在此期間如此大量地使用現金。

First, in several of our businesses, the limited availability and uncertainty around deliveries of certain raw materials and components prevent us from completing the manufacturing of products in a methodical and efficiently planned process. We're having to set uncompleted products to the side while we await missing materials to finish the project, resulting in excessive levels of work in process, or WIP, and assemblies in our inventories.

首先，在我們的一些業務中，某些原材​​料和組件的供應有限以及交付的不確定性使我們無法以有條不紊且高效的計劃流程完成產品的製造。當我們等待缺少材料來完成項目時，我們不得不將未完成的產品放在一邊，導致庫存中的在製品（WIP）和組件過多。

Second, we continue working to build buffers of critical materials and components in order to avoid the WIP build situation I just described. Third, while we're still experiencing significant delays of a limited number of materials, the broader global supply chain is healing at an accelerating rate, resulting in certain materials arriving faster and greater quantities than expected, including items for which we had been on limited allocations.

其次，我們繼續努力構建關鍵材料和組件的緩衝區，以避免我剛才描述的 WIP 構建情況。第三，雖然我們仍然遇到有限數量的材料的嚴重延誤，但更廣泛的全球供應鏈正在加速癒合，導致某些材料的到達速度比預期更快，數量也比預期更多，包括我們一直在有限數量的物品分配。

Lastly, we are continuing to see growing demand for our products and services, and our operations are gearing up for meaningful growth through the back half of the year. The total effect of all this is that we built up $60 million to $65 million of extra inventory during the quarter. While the inventory build was a sizable use of cash during the quarter, we welcomed the accelerated healing of the global supply chain which will ultimately allow us to more efficiently manage our operations, improve working capital metrics and generate meaningful free cash flow as we work through the remainder of the year.

最後，我們繼續看到對我們的產品和服務的需求不斷增長，我們的業務正在為今年下半年的有意義的增長做好準備。所有這些的總體影響是我們在本季度增加了 6000 萬至 6500 萬美元的額外庫存。雖然本季度庫存建設消耗了大量現金，但我們對全球供應鏈的加速癒合表示歡迎，這最終將使我們能夠更有效地管理我們的運營，改善營運資本指標並在我們的工作過程中產生有意義的自由現金流今年剩下的時間。

We currently expect free cash flow to total between $100 million and $300 million for the full year. During the quarter, we increased our investment in Keystone Tower systems, which resulted in NOV obtaining a controlling interest in the business. Accordingly, we have consolidated Keystone's results into our financial statements in the first quarter. We remain encouraged by the potential for Keystone's proprietary spiral welded wind tower technology to drive efficiencies in the wind tower space, but the operation remains an early-stage venture that we expect will continue to report losses in the near to midterm.

我們目前預計全年自由現金流總額將在 1 億至 3 億美元之間。本季度，我們增加了對 Keystone Tower 系統的投資，從而使 NOV 獲得了該業務的控股權。因此，我們已將 Keystone 的業績合併到第一季度的財務報表中。我們仍然對 Keystone 專有的螺旋焊接風塔技術在提高風塔空間效率方面的潛力感到鼓舞，但該業務仍處於早期階段，我們預計在近中期將繼續報告虧損。

NOV's extensive market presence in wind tower installation offshore, heavy lift cranes and manufacturing makes us uniquely well positioned to capitalize on the efficiencies that taller towers bring through Keystone.

NOV 在海上風塔安裝、重型起重起重機和製造領域擁有廣泛的市場份額，這使我們處於獨特的有利位置，可以充分利用 Keystone 較高塔架帶來的效率。

Moving on to segment results. Our Wellbore Technologies segment generated $745 million in revenue during the first quarter, a decrease of $17 million or 2% compared to the fourth quarter and an increase of 23% compared to the first quarter of 2022. The sequential decline in revenue was driven by seasonal slowdowns in key international markets and shipment delays due to the previously discussed supply chain issues for our Grant Prideco drill pipe business.

繼續細分結果。我們的 Wellbore Technologies 部門第一季度收入為 7.45 億美元，較第四季度減少 1700 萬美元或 2%，較 2022 年第一季度增長 23%。收入環比下降是由季節性因素推動的由於之前討論的 Grant Prideco 鑽桿業務的供應鏈問題，主要國際市場放緩以及發貨延遲。

EBITDA decline to $133 million or 17.9% of revenue as the aforementioned disruptions and high-margin sales from the fourth quarter that did not repeat, combined to drive outsized decremental flow through. As Clay mentioned, our Grant Prideco drill pipe business experienced supply chain challenges, which disrupted operations during the first quarter. While the issue has not been completely resolved, we expect much improved throughput from the operation in the second quarter and further improved results in the back half of the year.

EBITDA 下降至 1.33 億美元，佔收入的 17.9%，原因是上述中斷和第四季度的高利潤銷售沒有重複，共同推動流量大幅減少。正如 Clay 提到的，我們的 Grant Prideco 鑽桿業務經歷了供應鏈挑戰，導致第一季度的運營中斷。雖然問題尚未完全解決，但我們預計第二季度的運營吞吐量將大幅提高，下半年業績將進一步改善。

Drill pipe demand remained strong, and orders increased from already high levels in Q4 with an increasingly favorable mix of premium pipe for the Eastern Hemisphere and for offshore markets. Our ReedHycalog drill bit business realized an upper single-digit sequential revenue growth with solid EBITDA flow-through during the first quarter. The strong results were driven primarily by the seasonal recovery in Canada as well as market share gains and pricing improvement in the Middle East and North America.

鑽桿需求依然強勁，訂單量較第四季度的高水平有所增加，東半球和海上市場的優質管材組合日益有利。我們的 ReedHycalog 鑽頭業務在第一季度實現了較高個位數的連續收入增長，並實現了穩健的 EBITDA 現金流。強勁的業績主要得益於加拿大的季節性複蘇以及中東和北美市場份額的增長和定價的改善。

While the Canadian breakup and slowdown in U.S. gas basins will serve as headwinds for the business in the second quarter, we expect continued market share gains in North America and incremental activity in the Gulf of Mexico and international markets to drive improved results for the unit in the second quarter.

雖然加拿大的分裂和美國天然氣盆地的放緩將成為第二季度業務的阻力，但我們預計北美市場份額的持續增長以及墨西哥灣和國際市場的增量活動將推動該部門在第二季度的業績改善第二季度。

Our Downhole Tools business reported a mid-single digit sequential decrease in revenue, primarily resulting from large sales of fishing tools and service equipment into the Middle East and Asia Pacific during the fourth quarter that did not repeat. Partially offsetting the decline was a meaningful improvement in revenue from the operations drilling motor business, the result of improved manufacturing throughput of our high-spec stators, which has been constrained due to challenges procuring certain high-grade steel and elastomers.

我們的井下工具業務收入環比出現中個位數下降，主要是由於第四季度向中東和亞太地區大量銷售打撈工具和服務設備，但這種情況並未重複。鑽井電機業務收入的顯著改善部分抵消了下降的影響，這是我們高規格定子製造產量提高的結果，而由於採購某些高級鋼材和彈性體的挑戰，該產量受到限制。

These stators power our industry-leading Series 55 motors, one of which was used to drill a 4.7 mile long section of a well in a single run, averaging 188 feet of drilling per hour. Looking ahead, we expect increased activity in the Eastern Hemisphere and our ability to recapture additional high-spec drilling motor market share resulting from the continued ramp in manufacturing capacity to drive solid growth for this business unit in the second quarter.

這些定子為我們行業領先的 55 系列電機提供動力，其中一台電機一次可鑽探 4.7 英里長的井段，平均每小時鑽探 188 英尺。展望未來，我們預計東半球的活動將會增加，並且由於製造能力的持續提升，我們有能力奪回額外的高規格鑽井電機市場份額，從而推動該業務部門在第二季度的穩健增長。

Our M/D Totco business realized a low single digit sequential decrease in revenue during the first quarter. Market share gains and pricing improvement drove low to mid-single digit revenue growth in the U.S. for the operations surface data acquisitions offerings, but were more than offset by the seasonal decline in equipment sales into the Eastern Hemisphere. Revenues from the operations evolved wired drill pipe optimization services were flat sequentially, but the business is preparing to ramp up several new projects, which are expected to commence in the second half of the year.

我們的 M/D Totco 業務在第一季度實現了較低的個位數環比下降。市場份額的增長和定價的改善推動了美國運營表面數據採集產品的收入實現低至中個位數的增長，但被東半球設備銷售的季節性下降所抵消。有線鑽桿優化服務業務的收入與上一季度持平，但該業務正準備增加幾個新項目，預計將於今年下半年啟動。

The business unit also expects to continue gaining wider adoption of its digital solutions through arrangements with other customers similar to a recent global agreement signed with a major integrated oil company to provide edge computing, edge to cloud and cloud-based solutions that enable real-time insights to drive operational efficiencies for the customer.

該業務部門還希望通過與其他客戶的安排，繼續獲得更廣泛的採用其數字解決方案，類似於最近與一家大型綜合石油公司簽署的全球協議，提供邊緣計算、邊緣到雲和基於雲的解決方案，以實現實時為客戶提高運營效率的見解。

Our Tuboscope pipe coating and inspection business posted a low single digit percent increase in revenue with outsized EBITDA flow-through, resulting in the unit achieving its highest level of profitability in the last 4 years. The businesses coding operations benefited from growing sales in the Middle East, strong backlog in North America and solid global demand for its pipe sleeves and glass reinforced epoxy liners.

我們的 Tubscope 管道塗層和檢測業務的收入增長幅度較低，但 EBITDA 流量巨大，導致該部門實現了過去 4 年來的最高盈利水平。該公司的噴碼業務受益於中東銷量的增長、北美的大量積壓以及全球對其管套和玻璃增強環氧樹脂內襯的強勁需求。

The unit continues to increase market penetration of its technologically advanced product portfolio in the Middle East and recently won a 5-year contract to provide its TK 236 Epoxy Novolac coating system and Thru-Kote sleeves for joint operations in the [Wafra] field based on the product's ability to withstand high pressures, temperatures and aggressively sour oil and gas.

該部門繼續提高其技術先進的產品組合在中東的市場滲透率，最近贏得了一份為期 5 年的合同，為 [Wafra] 油田的聯合作業提供 TK 236 環氧酚醛塗料系統和 Thru-Kote 套管。該產品能夠承受高壓、高溫以及高酸性石油和天然氣。

Our Wellsite Services business posted a small decline in revenue, primarily due to the seasonal falloff in capital equipment sales from Q4 to Q1. Despite softening activity in the Western Hemisphere, the business unit is gearing up for a meaningful ramp in both its solids control and managed pressure drilling businesses with sizable projects scheduled to kick off in the second half of the year.

我們的井場服務業務收入小幅下降，主要是由於第四季度至第一季度固定設備銷售的季節性下降。儘管西半球的活動疲軟，但該業務部門正在為固體控制和控壓鑽井業務的大幅增長做好準備，大型項目計劃於今年下半年啟動。

Looking forward to the second quarter for our Wellbore Technologies segment, we expect the recovery in our drill pipe manufacturing operations and activity growth in the Eastern Hemisphere will more than offset headwinds from softening activity in North America, resulting in a sequential revenue improvement in the mid-single digit percent range. Additionally, improvements in facility absorption, pricing and project mix should yield incremental margins in the mid-40s.

展望第二季度的井筒技術業務，我們預計東半球鑽桿製造業務的複蘇和活動增長將足以抵消北美活動疲軟帶來的不利影響，從而導致中期收入連續改善-個位數百分比範圍。此外，設施吸收、定價和項目組合方面的改進應該會在 40 年代中期產生增量利潤。

Our Completion & Production Solutions segment generated revenues of $718 million in the first quarter of 2023, a decrease of 3% compared to the fourth quarter, but an increase of 35% compared to the first quarter of 2022. EBITDA for the first quarter was $54 million, down $12 million sequentially and up $44 million year-over-year.

我們的完井和生產解決方案部門在 2023 年第一季度實現收入 7.18 億美元，較第四季度下降 3%，但較 2022 年第一季度增長 35%。第一季度 EBITDA 為 54 美元百萬美元，比上一季度減少 1200 萬美元，同比增加 4400 萬美元。

After the segment achieved its highest quarterly bookings since 2014 and 8 straight quarters with a book-to-bill greater than 1, orders decreased to $407 million in the first quarter, resulting in a book-to-bill of 96%. The decrease in Q1 order intake is attributed to typical seasonality in certain businesses. Additionally, we are pushing price so that new projects are accretive to project margins in our current backlogs and to drive improving segment margins and returns.

該部門實現了自 2014 年以來的最高季度預訂量，並連續 8 個季度訂單出貨比大於 1，之後第一季度訂單減少至 4.07 億美元，訂單出貨率為 96%。第一季度訂單量的減少歸因於某些業務的典型季節性。此外，我們正在推動價格，以便新項目能夠增加我們當前積壓訂單中的項目利潤，並推動提高細分市場利潤和回報。

One of our business units within CAPS walked away from 3 projects during Q1 worth over $100 million, where we were the preferred vendor and given the opportunity to match the price of other vendors. Despite this example in a market where global manufacturing availability is mostly absorbed, we are starting to see competitors become more rational in their pricing, and those who remain undisciplined will soon exhaust their capacity and likely disappoint their customers.

我們 CAPS 內的一個業務部門在第一季度放棄了 3 個價值超過 1 億美元的項目，我們是這些項目的首選供應商，並有機會與其他供應商進行價格匹配。儘管這個例子是在全球製造業供應量大部分被吸收的市場中進行的，但我們開始看到競爭對手的定價變得更加理性，而那些仍然不守紀律的人很快就會耗盡他們的產能，並可能讓他們的客戶失望。

Our Intervention & Stimulation Equipment business posted a low double digit percent increase in sequential revenue, and revenue is up roughly 50% year-over-year. The solid sequential increase in revenue was primarily driven by strong shipments of both conventional DGB and e-frac pressure pumping equipment. During the quarter, we shipped 50,000 horsepower of pressure pumping equipment, including 10,000 horsepower of e-frac units.

我們的干預和刺激設備業務連續收入增長兩位數，但收入同比增長約 50%。收入的連續增長主要是由傳統 DGB 和 e-frac 壓力泵設備的強勁出貨量推動的。本季度，我們運送了 50,000 馬力的壓力泵設備，其中包括 10,000 馬力的 e-frac 裝置。

We also sold and shipped our first all-electric ideal processing plant, which can deliver more than 200 barrels per minute of water and 30,000 pounds per minute of proppant and is equipped with NOV's latest digital capabilities, making it very simple to configure and operate. On its first day in use, our customer was able to exceed its average number of stages completed in a day.

我們還銷售並運輸了我們的第一個全電動理想加工廠，該工廠每分鐘可輸送超過 200 桶水，每分鐘可輸送 30,000 磅支撐劑，並配備了 NOV 最新的數字功能，使其配置和操作非常簡單。在使用的第一天，我們的客戶就超過了一天內完成的平均階段數。

Despite oil price volatility and low natural gas prices, which we believe caused some customers to defer or cancel certain orders we expected, book-to-bill remains north of 100%. Our service provider customers have been running equipment extremely hard, achieving healthier returns and generating more cash, all of which we believe will continue to drive meaningful demand for replacement equipment in the U.S., despite a slowly softening market.

儘管油價波動和天然氣價格低廉（我們認為這導致一些客戶推遲或取消了我們預期的某些訂單），但訂單出貨率仍高於 100%。我們的服務提供商客戶一直在極其努力地運行設備，實現更健康的回報並產生更多現金，我們相信，儘管市場緩慢疲軟，所有這些都將繼續推動美國對更換設備的巨大需求。

While we've seen customers put indefinite holds on plans to add expansion capacity, quoting activity related to replacing tired equipment with new more efficient dual fuel or electric capabilities has remained robust. Our Fiberglass business posted a mid-single digit sequential decrease in revenue, but was up more than 50% year-over-year. The seasonal decline in first quarter revenue was partially offset by a backlog that remains near record highs and stronger-than-usual mid-quarter shipments of fuel handling related equipment with customers eager to beat price increases that went into effect on March 1.

儘管我們看到客戶無限期擱置了增加產能的計劃，但與用新的更高效的雙燃料或電力能力替換陳舊設備相關的報價活動仍然強勁。我們的玻璃纖維業務收入環比下降中個位數，但同比增長超過 50%。第一季度收入的季節性下降被仍接近歷史高位的積壓以及燃料處理相關設備的季度中期出貨量強於平常的情況部分抵消，客戶渴望擊敗 3 月 1 日生效的價格上漲。

Orders came in just shy of a 100% book-to-bill with relatively soft orders from U.S. oil and gas customers. Since quarter end, we've seen U.S. customers return to the table and the outlook remain strong across the businesses various markets. Our process and flow technologies unit posted a mid-single digit sequential revenue decrease in the first quarter with a strong sequential improvement in its production and midstream operations being more than offset by lower progress on large projects nearing completion within the business units, wellstream processing and APL operations.

由於美國石油和天然氣客戶的訂單相對疲軟，訂單出貨率接近 100%。自季度末以來，我們看到美國客戶重返餐桌，各個市場的企業前景依然強勁。我們的工藝和流程技術部門第一季度收入環比下降中個位數，其生產和中游業務連續強勁改善，但被業務部門內接近完成的大型項目、井流加工和APL 操作。

Production in midstream operations benefited from an improving supply chain, which led to improved manufacturing output, allowing the operation to capitalize on its strong backlog and from continued robust order intake of production chokes, pumps and sand traps. In the units offshore-oriented wellstream processing and APL operations, order intake has remained soft over the last few quarters as operators have been recalibrating the impact of inflation on projects and as we've passed on low margin opportunities.

中游業務的生產受益於供應鏈的改善，從而提高了製造產量，使該業務能夠利用其大量積壓訂單以及持續強勁的生產扼流圈、泵和沙坑訂單。在面向海上的井流加工和 APL 業務中，過去幾個季度的訂單量仍然疲軟，因為運營商一直在重新調整通貨膨脹對項目的影響，並且我們放棄了低利潤機會。

However, discussions surrounding large offshore project FIDs accelerated during the quarter, and we're gaining confidence in the order outlook for the remainder of the year. Our XL Systems conductor pipe connections business experienced a sizable sequential decrease in revenue after completing several large project deliveries in the fourth quarter. Despite several operators in the Eastern Hemisphere pushing new projects to the right, siting delays and uncertainty on the timing and availability of large diameter casing and wellheads, bookings remained solid in Q1.

然而，圍繞大型海上項目最終投資決定的討論在本季度加速，我們對今年剩餘時間的訂單前景充滿信心。在第四季度完成多個大型項目交付後，我們的 XL Systems 導管連接業務收入出現大幅環比下降。儘管東半球的幾家運營商向右推動新項目，但選址延遲以及大直徑套管和井口的時間和可用性存在不確定性，但第一季度的預訂量仍然穩定。

Offshore activity is continuing to ramp, setting a very compelling backdrop for our XL Systems business, and we're expecting significant improvement in its results as we move through the year. Our Subsea flexible pipe business experienced a mid-single digit decrease in sequential revenue. Orders for the quarter remained solid, with book-to-bill near 100%.

離岸活動持續增加，為我們的 XL Systems 業務奠定了非常引人注目的背景，我們預計今年其業績將顯著改善。我們的海底軟管業務的連續收入出現中個位數下降。本季度訂單保持穩定，訂單出貨率接近 100%。

We're continuing to obtain better pricing for new orders as global capacity remains limited and demand for Subsea flexible pipe for sanctioned projects remained strong. For the second quarter, we expect our Completion & Production Solutions segment to achieve a mid-single digit increase in revenue with EBITDA flow-through in the lower 30% range. The quality of our backlog is improving with lower margin projects winding down and higher-margin projects coming on, which should result in steadily improving margin progression for the next several quarters, and we expect the segment to end the year with an EBITDA margin in the low double digits.

由於全球產能仍然有限，而且受制裁項目對海底軟管的需求仍然強勁，我們將繼續為新訂單獲得更好的定價。對於第二季度，我們預計完井和生產解決方案部門的收入將實現中個位數增長，EBITDA 流量將在 30% 以下的範圍內。隨著利潤率較低的項目逐步結束和利潤率較高的項目的啟動，我們的積壓訂單質量正在改善，這應該會導致未來幾個季度的利潤率穩步提高，我們預計該部門的 EBITDA 利潤率將在今年年底達到低兩位數。

Our Rig Technologies segment generated revenues of $550 million in the first quarter, a decrease of $70 million or 11% compared to the fourth quarter and an increase of 25% compared to the first quarter of 2022. The sequential decline was a result of normal seasonality in our aftermarket operations and a falloff in capital equipment sales, which resulted from the completion of some major projects and the rush to ship equipment at year-end.

我們的鑽機技術部門第一季度收入為 5.5 億美元，較第四季度減少 7000 萬美元，即 11%，較 2022 年第一季度增長 25%。環比下降是正常季節性的結果我們的售後業務受到影響，固定設備銷售下降，這是由於一些重大項目的完成和年底急於運送設備造成的。

The 25% year-over-year revenue growth better reflects the strengthening fundamentals we're seeing for our Rig Technologies segment. Adjusted EBITDA declined $19 million sequentially and improved $33 million year-over-year to $69 million or 12.5% of sales. New capital equipment orders totaled $251 million, representing a book-to-bill of 140% and driving total backlog up to $2.88 billion. The recovery in the offshore and Middle East markets is continuing to gain momentum, which helped drive our fourth straight quarter of improved bookings for conventional rig equipment.

25% 的同比收入增長更好地反映了我們所看到的鑽機技術部門的基本面不斷增強。調整後 EBITDA 環比下降 1,900 萬美元，同比增加 3,300 萬美元，達到 6,900 萬美元，佔銷售額的 12.5%。新資本設備訂單總額為 2.51 億美元，訂單出貨率為 140%，使積壓訂單總額達到 28.8 億美元。海上和中東市場的複蘇勢頭繼續增強，這有助於推動我們傳統鑽機設備的預訂量連續第四個季度增長。

During the quarter, we received a significant capital equipment order associated with reactivating a seventh generation drillship. The project will include installing a new 165-ton active heave compensated crane and an upgraded control system, which includes a drilling automation system and drill pipe handling tools. We expect improving demand for rig capital equipment to continue.

本季度，我們收到了與重新啟用第七代鑽井船相關的重要資本設備訂單。該項目將包括安裝一台新的 165 噸主動升沈補償起重機和升級的控制系統，其中包括鑽井自動化系統和鑽桿裝卸工具。我們預計對鑽機資本設備的需求將繼續改善。

Rising technical and equipment specifications and tenders for the Middle East are acquiring the revitalization of drilling fleets that we've been expecting for some time. Similarly, tendering activity for offshore markets will require the need to continue reactivating rigs, and we're beginning to get quite deep into the stack. Simply getting some of these rigs back into working condition is becoming a much bigger job, but most of the rigs also require meaningful upgrades to conform with operator requirements.

中東不斷提高的技術和設備規格以及招標正在使鑽井船隊煥發活力，這是我們期待已久的。同樣，海上市場的招標活動將需要繼續重新激活鑽井平台，我們開始深入研究該堆棧。簡單地讓其中一些鑽機恢復工作狀態正在成為一項艱鉅的工作，但大多數鑽機還需要進行有意義的升級才能符合操作員的要求。

We expect all of this to translate into a continued improvements in rig capital equipment orders through the rest of the year. Increasing activity, reactivations and upgrades are driving strong demand for aftermarket products and services. During the quarter, our rig aftermarket operations posted a 13% increase in spare part bookings, our fifth consecutive quarter of improved orders and the best spare parts bookings quarter since the third quarter of 2019.

我們預計所有這些都將轉化為今年剩餘時間內鑽機資本設備訂單的持續改善。不斷增加的活動、重新激活和升級正在推動對售後產品和服務的強勁需求。本季度，我們的鑽機售後業務的備件預訂量增長了 13%，這是我們連續第五個季度訂單量增加，也是自 2019 年第三季度以來最好的備件預訂季度。

We expect demand for more aftermarket operations to remain robust based on the recent bookings and quoting activity we've seen from our field engineering group. Bookings and quotings levels in Q1 increased 31% and 40%, respectively, from average levels we saw during the second half of last year with customers asking our engineers to help them prepare for reactivations, pressure control equipment upgrade and the addition of enhanced automation capabilities.

根據我們從現場工程團隊看到的最近的預訂和報價活動，我們預計對更多售後業務的需求將保持強勁。第一季度的預訂和報價水平比去年下半年的平均水平分別增長了 31% 和 40%，客戶要求我們的工程師幫助他們準備重新啟動、壓力控制設備升級和增加增強的自動化功能。

While we were cautious on the offshore wind market coming into 2023 due to the impact of inflation and project delays, developers appear to have recalibrated time lines and are getting over the sticker shock resulting in more optimism around additional FIDs. During the first quarter, we received an order for the design and jacking system of a large wind turbine installation vessel, WTIV, for a European client. This is the second order from this customer and the sixth order for our NG-20000 vessel design, which has become the industry standard for the offshore wind installation market.

儘管由於通貨膨脹和項目延誤的影響，我們對進入 2023 年的海上風電市場持謹慎態度，但開發商似乎已經重新調整了時間表，並正在克服價格衝擊，導致人們對額外的 FID 更加樂觀。第一季度，我們收到了歐洲客戶的大型風力發電機安裝船WTIV的設計和升降系統訂單。這是該客戶的第二份訂單，也是我們 NG-20000 船舶設計的第六份訂單，NG-20000 船舶設計已成為海上風電安裝市場的行業標準。

Of the 15 WTIVs ordered globally in the last 3 years, excluding China, 12 have been based on NOV's designs, and we're optimistic about additional orders later this year as vessel demand for planned projects in the back half of the decade continue to outstrip existing and planned WTIV capacity. Additionally, during the first quarter, we delivered the world's first telescopic heavy lift crane, capable of lifting 2,500 tons in retracted mode and 1,250 tons in extended mode. The crane was delivered to a Japanese client and is set to install its first offshore wind turbines later this month.

在過去 3 年全球訂購的 15 艘 WTIV 中（不包括中國），有 12 艘是基於 NOV 的設計，我們對今年晚些時候的額外訂單持樂觀態度，因為這十年後半年計劃項目的船舶需求繼續超過現有和計劃的 WTIV 容量。此外，第一季度，我們交付了世界上第一台伸縮式重型起重機，縮回模式下可起重 2,500 噸，伸出模式下可起重 1,250 噸。該起重機已交付給日本客戶，並將於本月晚些時候安裝其第一台海上風力渦輪機。

We have become the wind turbine installation industry's leader with a reputation as a dependable supplier with the ability to develop and deliver leading-edge technologies to drive efficiencies within the renewables sector. For our Rig Technology segment, we expect continued improvement in our aftermarket operations and higher levels of capital equipment revenue out of backlog to translate into sequential revenue growth of between 5% to 10% with incremental margins in the mid-20% range.

我們已成為風力渦輪機安裝行業的領導者，享有可靠供應商的聲譽，有能力開發和提供領先的技術來提高可再生能源領域的效率。對於我們的鑽機技術部門，我們預計售後市場運營將持續改善，並且積壓的資本設備收入水平將提高，這將轉化為收入環比增長 5% 至 10%，增量利潤率在 20% 左右。

While Rig Technologies is our longest cycle operating segment and is still in the very early stages of its recovery, we believe the Middle East, offshore and wind markets are unfolding in a manner that will allow the segment to drive meaningful growth over the coming years. With that, we'll open the call to questions.

雖然鑽機技術是我們週期最長的運營部門，並且仍處於復甦的早期階段，但我們相信中東、海上和風電市場的發展方式將使該部門在未來幾年推動有意義的增長。至此，我們將開始提問。

(Operator Instructions) And our first question comes from Jim Rollyson with Raymond James.

（操作員說明）我們的第一個問題來自吉姆·羅利森和雷蒙德·詹姆斯。

Clay, a lot of talk by yourselves and some of the other large players just around improvements and kind of the outlook for international and offshore, which obviously bodes well for you over time. But curious when you break down kind of what you're seeing between -- you've talked about FPSO demand and your role there. Obviously, rig reactivations and the fact that you guys have talked about getting deeper in the weeds and the incremental capital dollars that are required there.

克萊，你們自己和其他一些大公司就國際和離岸的改進和前景進行了很多談話，隨著時間的推移，這顯然對你們來說是個好兆頭。但很好奇的是，當你詳細分析你所看到的情況時，你談到了 FPSO 的需求和你在那裡的角色。顯然，鑽機的重新激活以及你們已經討論過深入研究鑽機以及那裡所需的增量資本的事實。

Just as you kind of frame out how to think about where are the greatest lots of opportunity as this unfolds over the next several quarters for NOV?

就像您制定瞭如何思考 11 月份接下來幾個季度出現的最大機會在哪裡一樣？

Thanks, Jim. All 3 of our segments participate in the offshore. And I think it's fair to say for all 3 segments as well as our peers in oilfield services, the offshore generally is a higher calorie sort of environment. And so I think why there's so much enthusiasm across oilfield services with respect to the offshore coming back is the fact that it's been largely absent since 2014.

謝謝，吉姆。我們的所有 3 個部門都參與離岸業務。我認為可以公平地說，對於所有三個細分市場以及油田服務領域的同行來說，海上通常是一個熱量較高的環境。因此，我認為油田服務行業對海上油氣業務回歸如此熱情的原因在於，自 2014 年以來，海上油氣業務基本上已經消失。

And so just to run it down, obviously, Rig Technologies as the leading OEM provider of equipment that's seen on almost all the offshore rig fleet, as those rigs go back to work the kind of the first call, drilling contractors make when it comes to reactivating their rigs to upgrading their rigs, which is why we're seeing rising demand for activity in shipyards around the world. I think I mentioned in my prepared remarks that recertifications of rigs, special purpose surveys, upgrades and reactivations, we now have 55 projects underway in shipyards to support that effort, along with kind of the day-to-day aftermarket spare parts.

因此，簡單來說，顯然，Rig Technologies 作為領先的設備 OEM 提供商，在幾乎所有海上鑽井平台上都可以看到這種設備，當這些鑽井平台恢復工作時，鑽井承包商在涉及到重新啟動鑽井平台以升級鑽井平台，這就是為什麼我們看到世界各地造船廠的活動需求不斷增長。我想我在準備好的發言中提到了鑽井平台的重新認證、特殊用途調查、升級和重新啟動，我們現在造船廠正在進行 55 個項目來支持這一努力，以及各種日常售後備件。

And what we're particularly excited about is the adoption of technologies we developed for both land and offshore, but in the offshore and mentioned ExxonMobil's standardization on their offshore fleet for the Guyana development. In Completion & Production Solutions, it's a little more downstream. And so the excitement there is really focused on FPSOs. We have a number of conversations underway with producers around our gas processing technology, our swivel mooring systems for FPSOs, lots of areas in that world that we're market leader and then finally, on Wellbore Technology. As these rigs actually do go back to work, they operate at very high day rates and so efficiency matters a lot. There's a tremendous amount of focus on efficient wellbore construction operations.

我們特別興奮的是採用我們為陸地和海上開發的技術，但在海上，並提到埃克森美孚在圭亞那開發中對其海上船隊進行了標準化。在完井和生產解決方案中，它位於下游一些。因此，人們的興奮點主要集中在 FPSO 上。我們正在與生產商就我們的天然氣處理技術、FPSO 旋轉繫泊系統、我們作為市場領導者的許多領域以及井筒技術進行大量對話。由於這些鑽機實際上確實恢復了工作，因此它們的日運轉率非常高，因此效率非常重要。人們非常關注高效的井眼施工作業。

And I'm excited about the technologies that we have in digitally monitoring and optimizing those operations and the impact we're going to have as the rig count gets back to work. So we haven't -- if you look at the offshore rig count, the rigs actually turning to the right, we're still not back to where we were in the first quarter 2020, but it's clear to all of us in the space that the puck is going in the right direction. There's been a lot of E&P conversations around FIDs on developments that have been -- we've all been working on for the past several years that are now finally starting to move forward and excited about the impact on our business.

我對我們在數字化監控和優化這些操作方面所擁有的技術以及隨著鑽機數量恢復工作而產生的影響感到興奮。所以我們還沒有——如果你看看海上鑽井平台的數量，你會發現鑽井平台實際上向右轉，我們仍然沒有回到 2020 年第一季度的水平，但我們這個領域的所有人都清楚這一點冰球正在朝著正確的方向前進。圍繞最終投資決定（FID）的開發進行了很多勘探與生產對話——過去幾年我們一直在努力，現在終於開始向前邁進，並對它對我們業務的影響感到興奮。

That's very helpful. And then just for one follow-up. On the Wellbore Tech side, obviously, you had some issues this quarter. It seems like the charges were kind of one-off deals. Hopefully, the steel supplier issues, you mentioned getting better in second quarter and should be fully resolved by the third quarter. When we think about the margin progression, obviously, you mentioned what second quarter looks like.

這非常有幫助。然後只是一個後續行動。顯然，在 Wellbore Tech 方面，本季度遇到了一些問題。這些指控似乎是一次性交易。希望您提到的鋼鐵供應商問題在第二季度有所好轉，並應在第三季度得到完全解決。當我們考慮利潤率進展時，顯然，您提到了第二季度的情況。

But how quickly does Wellbore Tech get back to -- because it sounds like everything else outside of that was actually performing quite well, plus or minus the seasonality. So just trying to understand how I think about margin progression there, getting back to where we were in 4Q and then beyond?

但 Wellbore Tech 恢復的速度有多快——因為聽起來除此之外的其他一切實際上都表現得很好，加上或減去季節性因素。因此，只是想了解我如何看待利潤率進展，回到第四季度及以後的水平？

It is. As we mentioned, we're going to have a little bit of our drill pipe problems drift over into Q2, but we're pretty confident by Q3 that's behind us. And so when we get past -- when we get to the end of the year, I think we're going to have margins in that segment that start with 2 and feel pretty good about that outlook, Jim.

這是。正如我們提到的，我們的一些鑽桿問題將轉移到第二季度，但我們對第三季度的情況非常有信心。因此，當我們過去時 - 當我們到年底時，我認為我們將在以 2 開頭的細分市場中獲得利潤，並且對這一前景感到非常滿意，吉姆。

It's just -- you can tell from our prepared remarks and our results, it's frustrating to continue to have to battle through supply chain challenges and I will credit that team for the yeoman's work that they did in the first quarter to overcome a pretty extraordinary disruption in a critical component that goes into drill pipe, and they're very fully engaged on getting it fixed and behind us, and we're confident we will.

只是——你可以從我們準備好的發言和我們的結果中看出，繼續應對供應鏈挑戰是令人沮喪的，我將讚揚該團隊在第一季度為克服相當大的干擾所做的自耕農工作在鑽桿的一個關鍵部件中，他們非常全力地致力於將其修復並在我們身後，我們有信心我們會做到。

And the next question comes from Luke Lemoine with Piper Sandler.

下一個問題來自 Luke Lemoine 和 Piper Sandler。

Clay, your Rig Tech orders have kicked up nicely from year ago levels, been stabilized at a higher level kind of you're in the mid-$200 million range the last couple of quarters. Do you think there's now a base you can kind of buildup on? And then could you talk about the margin profile of the backlog Rig Tech relative to your current Rig Tech margins?

Clay，您的鑽機技術訂單較去年同期水平大幅上升，在過去幾個季度穩定在較高水平，約為 2 億美元。你認為現在有一個可以建立的基礎嗎？然後您能否談談積壓的鑽機技術相對於您當前的鑽機技術利潤的利潤狀況？

Yes. Yes, we were pleased to see strong 140% book-to-bill in Q1 for Rig Technology. Jose mentioned, we had a pretty sizable wind turbine order in that, but we've had pretty much one of those -- 1 or 2 quarters, we haven't had one, but that's been a pretty nice, steady piece of workforce. And then in addition to that, I think Jose also mentioned, we had a rig reactivation capital equipment order embedded in there as well. And that -- for that particular rig, it was, call it, in very rough numbers in the $50 million range.

是的。是的，我們很高興看到 Rig Technology 第一季度的訂單出貨率達到 140%。何塞提到，我們在這方面有相當大的風力渦輪機訂單，但我們已經有很多這樣的訂單了——一兩個季度，我們還沒有，但這是一支非常好的、穩定的勞動力隊伍。除此之外，我想何塞還提到，我們還嵌入了鑽機重新激活資本設備訂單。對於那個特定的鑽機，可以說是非常粗略的數字，在 5000 萬美元範圍內。

Yes, we're hopeful that, that we can kind of continue and that this is sort of a new base level. And as we also said in our prepared remarks, our expectation is that rigs are going to get more expensive to reactivate, and we're hopeful that they will also carry more upgrade equipment and replacement equipment as we get deeper into the stack.

是的，我們希望我們能夠繼續下去，並且這是一個新的基礎水平。正如我們在準備好的發言中所說的那樣，我們的預期是，重新激活鑽機的成本將會更高，並且我們希望隨著我們深入研究堆棧，它們也將攜帶更多的升級設備和替換設備。

And so -- but I would just point out, as you know, orders are always lumpy, and there's ups and downs and rig certainly benefited from this higher level of sustained demand in the first quarter, but orders are always going to be a little bit volatile for us and ditto for Completion & Production Solutions. And so -- but on the whole, I think the level of enthusiasm across the oil and gas space is underpinning a pretty strong and robust outlook for demand for what we make.

所以 - 但我只想指出，正如你所知，訂單總是不穩定，並且有起有落，鑽機肯定受益於第一季度持續需求的較高水平，但訂單總是會有點對我們來說有點不穩定，完井和生產解決方案也是如此。因此，但總的來說，我認為整個石油和天然氣領域的熱情程度正在支撐我們生產的產品的需求前景相當強勁。

Okay. Got it. And then maybe just kind of on the margins in the backlogs just directionally or magnitude?

好的。知道了。然後也許只是在積壓的方向或幅度上處於邊緣？

Yes, thank you, sorry, the second part of your question was margin improvement. And what I'm most optimistic about there, frankly, is the sort of evaporation of all of the supply chain challenges that Rig Technology has been dealing with for these past couple of years as well. We've -- our number one mission is to make sure that we deliver the spare parts and the consumables that our drilling contractor customers need to execute and they keep their rigs working.

是的，謝謝，抱歉，您問題的第二部分是利潤率改善。坦率地說，我最樂觀的是，過去幾年 Rig Technology 一直在應對的所有供應鏈挑戰都將消失。我們的首要任務是確保我們提供鑽井承包商客戶所需的備件和消耗品，並確保他們的鑽機保持正常運轉。

And so we in that group, too, have been doing yeoman's work and moving heaven and earth to make sure our customers have what they need. And that's been a headwind in that business. And we were pleased in the fourth quarter to see in particular more castings and forgings available from foundries that support our operation and a step up in shipments and then even more shipments in the first quarter.

因此，我們這個團隊也一直在做自耕農的工作，竭盡全力確保我們的客戶得到他們需要的東西。這一直是該行業的一個阻力。我們很高興在第四季度看到鑄造廠提供了更多鑄件和鍛件來支持我們的運營，並且出貨量有所增加，然後第一季度的出貨量甚至更多。

So for instance, record shipments of centrifugal pumps. And so it's kind of the supply chain issues of bay, I think that can kind of give rise to stronger margins in Rig Technologies. But we think that, that business, as we kind of look to the end of the year, we ought to see its EBITDA margins get up into kind of the low to mid-teens range, let's say.

例如，記錄離心泵的發貨量。因此，這是海灣供應鏈問題，我認為這可以提高鑽機技術的利潤率。但我們認為，當我們展望今年年底時，我們應該會看到該業務的 EBITDA 利潤率上升到十幾歲左右的範圍。

And then so Luke, I'd add, so specifically related to the backlog, the pricing and the composition of the backlog within rig is quite good. That's probably even more of a volume issue and some of the other external factors. So here, as we've now had 4 straight quarters in a row of improving bookings specifically related to rig equipment, we feel much better about the absorption of our facilities. And as Clay mentioned, the return to normalization of the supply chain should allow much better margins for Rig Technologies overall.

然後，盧克，我要補充一點，特別是與積壓訂單相關的定價和鑽機內積壓訂單的構成非常好。這可能更多是數量問題和其他一些外部因素。因此，由於我們已經連續四個季度連續改善與鑽機設備相關的預訂，我們對設施的吸收感覺好多了。正如克萊所提到的，供應鏈恢復正常化應該會給鑽機技術帶來更好的整體利潤。

And our next question comes from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的尼爾·梅塔。

The first question is a follow-up to last quarter around free cash flow. And I thought it was interesting that, Jose, you made the comment that you expected $100 million to $300 million of positive free cash flow this year. Is that right? And given the burn in the first quarter, which I recognize is seasonally weak, maybe you could talk about the cadence of some of the drivers that give you confidence that could flip to positive?

第一個問題是上季度自由現金流的後續情況。我認為有趣的是，何塞，您發表了評論，預計今年將有 1 億至 3 億美元的正自由現金流。是對的嗎？考慮到第一季度的燃燒，我認為這是季節性疲弱的，也許你可以談談一些驅動因素的節奏，這些因素給了你信心，可能會轉為積極？

Yes. Sure, Neil. First of all, to address the guide on that, yes, it was between $100 million and $3 million of free cash flow, sorry -- $100 million and $300 million Free cash flow for the full year. So more than offsetting the $256 million of free cash flow -- of negative free cash flow in the first quarter. So yes, as you pointed out, Q1 is always seasonally a very difficult free cash flow quarter. And we had expectations that we would have a material consumption of cash in the first quarter of this year related to that seasonality as well as what we had seen coming from a need to sort of continue building buffers in our inventory and to prepare for what was looking to be a really good year in 2023, particularly as we get back to the back half of the year.

是的。當然，尼爾。首先，為了解決這個問題，是的，自由現金流在 1 億美元到 300 萬美元之間，抱歉——全年自由現金流為 1 億美元到 3 億美元。因此，這足以抵消第一季度 2.56 億美元的負自由現金流。所以，是的，正如您所指出的，第一季度始終是季節性非常困難的自由現金流季度。我們預計，今年第一季度我們將出現與季節性相關的大量現金消耗，以及我們所看到的需要繼續在我們的庫存中建立緩衝並為即將到來的情況做好準備。 2023 年預計將是非常美好的一年，尤其是當我們回到今年下半年時。

So all of that occurred as expected, plus the laundry list for the 4 different items I mentioned in my prepared remarks related to supply chain challenges and accelerated recovery of the supply chain, which led to about $65 million more of inventory than what we were expecting 3 months ago. So looking at the next 3 quarters of the year, there are always a lot of puts and takes one quarter to the next. The timing of a payment from a customer, a single payment could be plus or minus $50 million.

因此，所有這一切都按預期發生，加上我在準備好的發言中提到的與供應鏈挑戰和供應鏈加速恢復相關的 4 個不同項目的清單，這導致庫存比我們的預期多了約 6500 萬美元3個月前。因此，展望一年中接下來的三個季度，總會有很多看跌期權，並且需要一個季度才能進入下一個季度。客戶付款的時間，單筆付款可能正負 5000 萬美元。

And depending on where it hits, one quarter to the next is going to make a pretty material swing. So I'm not going to give precise guidance for every quarter. But really, if you sort of look at the math on how we get to that free cash flow guidance, what we're looking at is working capital metrics at the end of this year. And when I said working capital metric, call it, working capital as a percentage of revenue run rate, is really 200 to 300 basis points higher than where we exited last year gets us within the range of that guidance.

根據它擊中的位置，四分之一到下一個季度將會產生相當大的實質性波動。因此，我不會為每個季度提供精確的指導。但實際上，如果你看看我們如何獲得自由現金流指導的數學，我們關注的是今年年底的營運資本指標。當我說營運資本指標時，營運資本佔收入運行率的百分比實際上比我們去年退出的水平高出 200 到 300 個基點，使我們處於指導範圍內。

So these are not Herculean-type assumptions that are built into our expectations for free cash flow. And typically, what happens is Q2 is a slightly positive free cash flow quarter, and it improves in the final 2 quarters of the year. So that's kind of what my expectations are.

因此，這些並不是我們對自由現金流預期的艱鉅假設。通常情況下，第二季度的自由現金流會略有正值，並且在今年最後兩個季度有所改善。這就是我的期望。

And how much visibility do you have into that back half inflection at this point in the year, given you are a long cycle business? Is it fair to say it's something where you have a high degree of confidence interval? And if to the extent that there would be a downward surprise to that sharp improvement in free cash flow, what is the biggest risk to it?

鑑於您是一家長周期企業，您對今年這個時候的後半段拐點有多少可見度？可以公平地說這是您具有高度置信區間的東西嗎？如果自由現金流的急劇改善會出現意外下降，那麼最大的風險是什麼？

Yes. Look, we feel pretty good about the outlook in the second half of the year. And within that outlook is baked in some softness within the North American marketplace. And so really, the -- I see the bigger risk on the free cash flow really relates to a higher exit rate than what we have dialed in, and that's certainly a possibility. And as I've always said, I would gladly take a higher growth rate and less near-term cash flow to have that higher growth rate that ultimately translates into higher free cash flow down the road.

是的。看來，我們對下半年的前景感覺還不錯。在這種前景中，北美市場有些疲軟。事實上，我認為自由現金流的更大風險確實與比我們所設定的更高的退出率有關，這當然是有可能的。正如我一直說的，我很樂意採取更高的增長率和更少的近期現金流，以獲得更高的增長率，最終轉化為未來更高的自由現金流。

Yes, Neil, as you know, the business model of providing capital equipment to the oilfield can be pretty -- there's a lot of optionality and can be a lot of pretty explosive growth in that model. And if you look back to the prior super cycle, our top line grew almost sevenfold between 2004 and 2014. And so to Jose's point, a lot more revenue is a possibility and would require more investments in inventory and working capital to support, but not a bad problem to have.

是的，尼爾，正如你所知，向油田提供資本設備的商業模式可能很不錯——有很多選擇，並且在該模式中可以有很多相當爆炸性的增長。如果你回顧一下之前的超級週期，我們的營收在 2004 年至 2014 年間幾乎增長了七倍。因此，對於 Jose 的觀點來說，更多的收入是有可能的，並且需要更多的庫存和營運資金投資來支持，但不是這是一個糟糕的問題。

I've brought Stephen Gengaro from Stifel.

我從 Stifel 帶來了 Stephen Gengaro。

Two for me. I think, first, we've heard a lot from some of the U.S. pressure pumpers about kind of upgrading assets and really seeing a bifurcation in the market for electric fleets. And I'm just curious what you're seeing on that end? And how you think about that business potentially picking up over the next several quarters as companies start to see the benefits and probably kind of go get in line for new equipment?

給我兩個。我認為，首先，我們從一些美國壓力泵製造商那裡聽到了很多關於資產升級的信息，並且確實看到了電動車隊市場的分歧。我只是好奇你在那一端看到了什麼？隨著公司開始看到好處並且可能會排隊購買新設備，您如何看待未來幾個季度該業務可能會有所回升？

Yes, Stephen, I'll start off on that one. So yes, I mean, right now, the dialogue with our customers for pressure pumping equipment in the North American marketplace remains very, very positive, very, very constructive. As I mentioned in my prepared remarks, there were some conversations that we're having last quarter with customers about potentially adding what would have been net expansion fleets. Those specific conversations, which were a very limited number of conversations, have died off. But I'd say the conversation related to the need to replace and upgrade existing fleets is every bit as strong as it was last quarter, if not stronger.

是的，史蒂芬，我就從那個開始吧。所以，是的，我的意思是，現在，我們與北美市場壓力泵設備客戶的對話仍然非常、非常積極、非常、非常有建設性。正如我在準備好的發言中提到的，上個季度我們與客戶進行了一些關於可能增加淨擴張機隊的對話。那些數量非常有限的特定對話已經消失了。但我想說的是，有關更換和升級現有機隊的需求的討論與上季度一樣強烈，甚至更強烈。

So I think people are really -- one, the asset base is tired. It's been run extremely hard, but maybe even more importantly, to your point, we are seeing more customers really acknowledge that bifurcation that you touched on in terms of reliability, the quality and the total cost of ownership associated with either state-of-the-art dual fuel or e-fleets. So we expect demand to remain pretty resilient going forward.

所以我認為人們真的——第一，資產基礎已經疲倦了。它運行得非常艱難，但也許更重要的是，就您的觀點而言，我們看到越來越多的客戶真正承認您所提到的與任一狀態相關的可靠性、質量和總擁有成本方面的分歧-藝術雙燃料或電子車隊。因此，我們預計未來需求將保持相當有彈性。

Plus, honestly, we're also seeing good demand coming from wireline equipment and pressure control equipment, both domestically as well as in international markets. So feel pretty good about the footing of our intervention and stimulation equipment operations.

另外，老實說，我們還看到國內和國際市場對電纜設備和壓力控制設備的良好需求。因此，我們對我們的干預和刺激設備操作的基礎感到非常滿意。

Yes. We hear anecdotally that the pressure pumpers customers, the producers are pressing the pressure pumpers to have a plan to reduce emissions, and natural gas and electrification is generating a lot of interest around that question. The other data point, I don't know this in our prepared remarks, but I think our quotations in our business unit were up 30% to 35% sequentially in that area. So a lot of good conversations around the need for stimulation equipment.

是的。我們聽說壓力泵客戶、生產商正在敦促壓力泵制定減少排放的計劃，而天然氣和電氣化正在引起人們對這個問題的廣泛興趣。另一個數據點，我在我們準備好的發言中不知道這一點，但我認為我們業務部門的報價在該領域連續上漲了 30% 至 35%。因此，圍繞刺激設備的需求進行了很多良好的討論。

Great. That's great detail. One quick one on the Rig Tech side. When we think about the order flow you're seeing and sort of the revenue out of backlog numbers as the next several quarters unfold, is there an inflection point we should be thinking about as far as revenue out of backlog? Or is it a pretty smooth likely gradual move high over the next several quarters?

偉大的。這是非常詳細的。鑽機技術方面的快速介紹。當我們考慮您所看到的訂單流以及在接下來的幾個季度中對積壓訂單中的收入進行排序時，就積壓訂單中的收入而言，我們是否應該考慮一個拐點？或者在接下來的幾個季度中它是否會非常平穩地逐步走高？

Yes, Stephen, the expectation is it's more of a smooth progression over the next several quarters.

是的，史蒂芬，我們的預期是在接下來的幾個季度中進展會更加順利。

And I'm just bringing the next caller forward, Kurt Hallead.

我只是將下一個呼叫者帶到前面，Kurt Hallad。

As always, good color. I always appreciate it. So yes, my initial question here is also Rig Tech. And as you referenced, right, the number of potential deepwater rig activations potentially coming over the course of the next 12 months or so to satisfy the incremental demand. Based on the data, I think I've seen, there's about 14 deepwater rigs that likely to be upgraded, that could be upgraded within a 12-month period with cost range anywhere between $70 million to $100 million.

一如既往，顏色很好。我總是很感激。所以，是的，我在這裡的最初問題也是鑽機技術。正如您所提到的，在未來 12 個月左右的時間內，為了滿足增量需求，可能會啟動潛在的深水鑽井平台數量。根據我所看到的數據，大約有 14 個深水鑽井平台可能需要升級，這些鑽井平台可以在 12 個月內升級，成本範圍在 7000 萬至 1 億美元之間。

You've already given some indication that on a rig activation order you booked in the quarter that had about a $50 million ticket size to it. So I guess that answers the question that I had, but is that kind of on average what you as well as we would expect to be able to get from the rig activation?

您已經給出了一些跡象，表明您在本季度預訂的鑽機激活訂單中，訂單金額約為 5000 萬美元。所以我想這回答了我的問題，但是這是否是您和我們期望能夠從裝備激活中獲得的平均結果？

Well, I'd be -- I'm going to caution us all that you're kind of asking how long is a piece of rope. Every rig is different and the capabilities of a rig required for a particular drilling program are going to vary by operator. And frankly, nobody is in a mood to spend capital that they don't have to spend. And so what I would tell you is it's hard to give you a clean average, it's going to apply to all of those rigs. They all need a different -- well, first of all, we got to get engineers in there on the deck and look around and see what remains to be done.

好吧，我會——我要提醒我們大家，你是在問一根繩子有多長。每台鑽機都是不同的，特定鑽井計劃所需的鑽機功能也會因操作員的不同而有所不同。坦率地說，沒有人願意花費不必要的資本。所以我要告訴你的是，很難給你一個乾淨的平均值，它將適用於所有這些鑽機。他們都需要不同的——嗯，首先，我們必須讓工程師到甲板上環顧四周，看看還有什麼要做。

But the general trend, and this is the picture we were trying to paint in our remarks is that, as you get deeper into the stack, the rigs that are cheapest and easiest to get reactivated first, get reactivated first. We're getting deeper into the stack, and it's going to take more -- increasingly more work. And so I'm hesitant to generalize, and it's a pretty wide bracket of cost. But all that notwithstanding, yes, in a market that today has about 80 drillships drilling, there's about 14 that could -- depending on how much money you have, could be put back into that marketplace.

但總的趨勢，也就是我們在評論中試圖描繪的畫面是，當你深入堆棧時，最便宜且最容易首先重新激活的裝備首先被重新激活。我們正在深入堆棧，這將需要更多、越來越多的工作。所以我不願意一概而論，而且這是一個相當廣泛的成本範圍。但儘管如此，是的，在當今擁有大約 80 艘鑽井船鑽井的市場中，大約有 14 艘鑽井船可以重新投入該市場，具體取決於您擁有多少錢。

I think there's another 4 being constructed that were suspended, and those construction activities could pick up and shipyards can get back to completing those rigs and putting them into the marketplace. And then after that, I think you're going to have to -- you'd be looking at building new rigs. And so that's kind of the extent of capacity that's out there.

我認為還有另外 4 個正在建造的鑽井平台被暫停，這些建造活動可能會恢復，造船廠可以重新完成這些鑽井平台並將其投入市場。在那之後，我認為你將不得不考慮建造新的鑽機。這就是現有的容量範圍。

Yes. Got it. Great. One follow-up. So you guys referenced that your current EBITDA margins for each of your segments are below what you consider to be normalized. So could you give us a refresher on what you consider to be normalized margins for each of those businesses, and I probably would then just kind of see if you can give us a perspective as to given the visibility you have quite on how things are unfolding as normalized margin, the prospect for 2024? Is it going to maybe take a little bit longer to get there?

是的。知道了。偉大的。一項後續行動。你們提到，你們當前每個細分市場的 EBITDA 利潤率都低於你們認為的正常化水平。那麼，您能否讓我們回顧一下您認為每項業務的正常化利潤率，然後我可能會看看您是否可以給我們一個觀點，以了解您對事情進展情況的了解作為正常化利潤率，2024 年的前景如何？到達那裡可能需要更長的時間嗎？

Yes. I would tell you -- I'm going to give you a consolidated answer rather than go segment by segment, but mid-cycle margins here ought to be mid-teens in my view. And 9.9% is disappointing. We were knocking on the door in 2018, 2019. And I think we need to see -- the supply chain issues get behind us, we need to continue to push price. We need to burn off some lower margin backlog, and that's the path to get us back to acceptable margins, which is where we ought to be now.

是的。我想告訴你——我將給你一個綜合的答案，而不是逐個細分，但在我看來，這裡的中期利潤率應該是十幾歲左右。而 9.9% 則令人失望。我們在 2018 年、2019 年敲開了大門。我認為我們需要看到——供應鏈問題已經過去，我們需要繼續推高價格。我們需要消耗掉一些利潤率較低的積壓訂單，這是讓我們回到可接受的利潤率的途徑，這也是我們現在應該達到的水平。

And then if you kind of extend the story and you go back to the last super cycle, as we get past the mid-cycle and things really get a little more heated up, margins that start with the 2 are a possibility. And so that's really what we're targeting, and we're working on improving the margins in all 3 of our segments and using all the levers we have from improved operational management, along with price increases, and that's what the goal is.

然後，如果你擴展故事並回到上一個超級週期，當我們度過中期週期並且事情確實變得更加激烈時，從 2 開始的利潤率是有可能的。這確實是我們的目標，我們正在努力提高所有三個細分市場的利潤率，並利用我們通過改進運營管理以及價格上漲而獲得的所有槓桿，這就是我們的目標。

It is Marc Bianchi with TD Cowen.

這是 Marc Bianchi 和 TD Cowen。

I was curious on the outlook for CAPS orders. So I mean, thematically, it sounds like things are very, very strong and there's good levels of inquiry and so forth. But if I just look at first quarter fell off from arguably an exceptional fourth quarter. But maybe in the context of those 2 data points, how do you see orders developing for the remainder of the year here?

我對 CAPS 訂單的前景很好奇。所以我的意思是，從主題上來說，聽起來事情非常非常強大，並且有很好的探究水平等等。但如果我只看第一季度，第四季度可以說是表現出色。但也許在這兩個數據點的背景下，您如何看待今年剩餘時間的訂單發展？

Yes. Actually, Jose referenced the fact that like in one of our CAPS business units in the first quarter, we had 3 different projects we were bidding that exceeded $100 million that the customer came back to us and says, "Hey, we want to go with NOV, we recognize NOV superior quality and lower risk and better value, but we've got a competitor of yours that offered a different price. If you'll match their price, we'll go with you" and we said no. And so the pro forma version of our orders for Q1 with those 3 orders in them would be a very strong book-to-bill in the 120%, 130%, I guess.

是的。事實上，Jose 提到了這樣一個事實，就像第一季度我們的一個 CAPS 業務部門一樣，我們正在投標 3 個不同的項目，金額超過 1 億美元，客戶回來找我們說：“嘿，我們想要與NOV，我們認識到 NOV 具有卓越的品質、更低的風險和更高的價值，但我們有一個您的競爭對手提供了不同的價格。如果您願意匹配他們的價格，我們就會與您合作”，我們拒絕了。因此，我猜，我們第一季度訂單的預計版本（包含這 3 個訂單）將是非常強勁的訂單出貨比，達到 120%、130%。

And so like we need to improve our margins in CAPS. 7.5% EBITDA margins in the first quarter are not acceptable. And one of the paths to get there is to get better pricing on what we sell.

因此，我們需要提高 CAPS 的利潤率。第一季度 7.5% 的 EBITDA 利潤率令人無法接受。實現這一目標的途徑之一是為我們銷售的產品獲得更好的定價。

Hello, Clay? Hello.

你好，克萊？你好。

I am on the line with you. Is that Marc speaking?

我和你在線。是馬克說話嗎？

Yes.

是的。

Yes. Yes, I do not know what just happened to these gentlemen, it looks like they've just gone off-line. If everyone, if you just stand by, I'm going to try to get them back on the call. (technical difficulty)

是的。是的，我不知道這些先生們剛剛發生了什麼，看起來他們剛剛下線了。如果大家，如果你們只是袖手旁觀，我會盡力讓他們重新接聽電話。 （技術難度）

Blake, are you back online? Ladies and gentlemen, just please stand by. I am working to get these folks back online. Thank you for your patience, everyone. Yes, you're live.

布萊克，你回來了嗎？女士們先生們，請稍候。我正在努力讓這些人重新上線。謝謝大家的耐心等待。是的，你還活著。

Yes. Great. Thank you. We still have -- Marc, are you still there?

是的。偉大的。謝謝。我們還有——馬克，你還在嗎？

Yes, I am.

我是。

I apologize. Marc, I'm not sure what happened, but -- or how much you got?

我道歉。馬克，我不知道發生了什麼，但是——或者你得到了多少錢？

You had mentioned there was this work you were bidding on that customer or tendering the customer with somebody else and it would have been 120% to 130% kind of book-to-bill. So I guess that the conclusion is.

您曾提到，有一項工作是您對該客戶進行投標，或者與其他人一起投標該客戶，這將是 120% 到 130% 的訂單到賬單。所以我猜結論是。

Yes. Let me just cap it off by saying that no one should look at our CAPS order trend for the first quarter and become alarmed to our CAPS book-to-bill. 96% is effective replacement of what we ship. We're being more disciplined around pricing. And as our competitors fill up their capacity, we feel very good about the outlook. We also have a number of FEED studies with customers in that business that we think will translate to larger orders on down the road and working closely with customers there.

是的。最後我要說的是，任何人都不應該在看到我們第一季度的 CAPS 訂單趨勢後，對我們的 CAPS 訂單出貨量感到震驚。 96% 是我們發貨的有效替代品。我們在定價方面更加嚴格。隨著我們的競爭對手填補產能，我們對前景感到非常樂觀。我們還與該行業的客戶進行了多項 FEED 研究，我們認為這些研究將轉化為未來更大的訂單，並與那裡的客戶密切合作。

We know it's a very busy day. But if people would like to stay on for an extra 5 minutes after the top of the hour, we can do 1 or 2 more questions.

我們知道這是非常忙碌的一天。但如果人們想在整點結束後多停留 5 分鐘，我們可以再回答 1 到 2 個問題。

Okay. I've got Arun Jayaram with JPMorgan on the line right now.

好的。我現在接到摩根大通的阿倫·賈亞拉姆 (Arun Jayaram) 的電話。

Clay, I wanted to get maybe some insights on what you're seeing from your OFS customers. I mean you've mentioned historically that the OFS ecosystem is an important part of your revenue base. And I wanted to see if you could talk about what trends you're seeing from some of your international offshore-focused OFS customers as well as onshore where some of the land drillers have highlighted reduced CapEx trends as they've gone through the earnings season, just give on some of the gas risk? I'd love to get your thoughts on that.

Clay，我想了解一下您從 OFS 客戶那裡看到的情況。我的意思是，您曾經提到過 OFS 生態系統是您收入基礎的重要組成部分。我想看看您是否可以談談您從一些以離岸為主的國際 OFS 客戶以及陸上客戶那裡看到的趨勢，其中一些陸地鑽探公司強調了在經歷財報季節後資本支出減少的趨勢，只是放棄一些天然氣風險？我很想听聽您對此的想法。

I think with respect to your last observation, most of that's in North America. Well, we tell you it's a very different picture overseas. And so we are very encouraged about interest and demand for land operations both in South America as well as the Arabian Gulf. And for instance, we've won -- there was a land tender by an NOC land rig tender, pretty good size, and we are selling the components into the Asian rig packager that is going to be providing those rigs to that NOC with respect to our Arabian rig manufacturing joint venture in Saudi Arabia.

我認為就你最後的觀察而言，大部分是在北美。好吧，我們告訴你，國外的情況截然不同。因此，我們對南美洲和阿拉伯灣的陸地運營的興趣和需求感到非常鼓舞。例如，我們贏了——國家石油公司陸地鑽機招標公司進行了一次土地招標，規模相當大，我們正在將組件出售給亞洲鑽機包裝商，該包裝商將尊重地向該國家石油公司提供這些鑽機到我們位於沙特阿拉伯的阿拉伯鑽機製造合資企業。

As you know, we've been delivering rigs to SANAD there and pleased with progress there. In addition, we have another drilling contract that we think we're very close to landing a couple of rig order from as well as other drilling contractors in the Kingdom that are talking to us about the need to really upgrade the fleets. And that's pressure that's coming from the NOC. We're not happy with the level of efficiency coming out of the old fleets that predominate in those regions or in South America.

如您所知，我們一直在向 SANAD 交付鑽機，並對那裡的進展感到滿意。此外，我們還有另一份鑽井合同，我們認為我們非常接近從沙特王國以及其他鑽井承包商那裡獲得一些鑽機訂單，這些承包商正在與我們討論真正升級船隊的必要性。這就是來自國家奧委會的壓力。我們對這些地區或南美洲占主導地位的舊船隊的效率水平並不滿意。

And so I think that's going to be the engine that it drives upgrade onshore. And then with respect to the offshore, we're hearing this from all over, more offshore rigs going back to work. And we, of course, work closely with the drilling contractors that run those rigs, along with providing services directly to those rigs. And so for instance, our Grant business, our waste management, drill cutting processing business, they're rigging up on a lot of offshore rigs and anticipate better things in the second half of 2023 as more rigs spud and these programs get underway, and we can provide services directly into those.

所以我認為這將成為推動陸上升級的引擎。然後就海上而言，我們從各地聽到更多的海上鑽井平台恢復工作。當然，我們與運行這些鑽機的鑽井承包商密切合作，並直接向這些鑽機提供服務。例如，我們的格蘭特業務、我們的廢物管理、鑽切加工業務，他們正在安裝許多海上鑽井平台，並預計隨著更多鑽井平台的開工和這些項目的啟動，2023 年下半年會出現更好的情況，我們可以直接為這些提供服務。

Likewise, our Tuboscope business, it's pipe inspection operation here on the Gulf Coast and Amelia, at Sheldon Road or staying a lot more offshore pipe coming in, in support of offshore operations. So really all around the world, everyone is kind of looking at the same data set and seeing growth ahead in the offshore.

同樣，我們的管鏡業務，在墨西哥灣沿岸和阿米莉亞、謝爾頓路進行管道檢查作業，或者保留更多的海上管道，以支持海上作業。因此，實際上在世界各地，每個人都在關注相同的數據集並看到海上的未來增長。

And real quickly on the SANAD newbuilds, how many of those are in backlog? And is the opportunity set 50 there?

SANAD 新造船的速度很快，其中有多少處於積壓狀態？那裡的機會設置為 50 嗎？

Yes. I think we've delivered 3, 2 are working. We're in the process of doing the third. We're building 4 and 5. The total order is 50 rigs. And so remaining would be 50 minus the rigs I just described to you.

是的。我想我們已經交付了 3 個，其中 2 個正在工作。我們正在做第三件事。我們正在建造 4 號和 5 號鑽機。總訂單為 50 台鑽機。所以剩下的就是 50 減去我剛才向你描述的裝備。

We have time for 1 more...

我們還有時間 1...

Can you hear us?

你可以聽見我們嗎？

Yes, I can hear you.

是的，我能聽到你的聲音。

Hello?

你好？

I can hear you, yes. Tom Curran with Seaport.

我能聽到你的聲音，是的。湯姆·柯蘭與海港。

Can everyone hear me?

大家都能聽到我說話嗎？

You know what, I believe that we have lost NOV again. I am so sorry for the technical difficulties today, folks. Let's give them a moment to see if they can dial back in. (technical difficulty)

你知道嗎，我相信我們再次失去了十一月。各位，我對今天的技術困難感到非常抱歉。讓我們給他們一點時間，看看他們是否可以重新撥入。（技術難度）

Sure.

當然。

It is -- I am unable to connect them from my end. Let's see if they dial back into the call.

是的——我無法從我的一端連接它們。讓我們看看他們是否回撥電話。

I understand.

我明白。

Okay. Blake?

好的。布萊克？

Yes, we're going to go ahead and wrap it up, but let's pass it over to Clay Williams -- we're going to pass it over to Clay Williams, Chairman and CEO, for closing remarks.

是的，我們將繼續進行總結，但讓我們將其交給克萊·威廉姆斯——我們將把它交給董事長兼首席執行官克萊·威廉姆斯致閉幕詞。

Thank you, Blake, and thank you, operator. Appreciate all everybody joining in on a very busy earnings day. We look forward to updating you on our second quarter results in July. Have a great day.

謝謝你，布萊克，謝謝你，接線員。感謝大家在非常繁忙的收益日加入。我們期待在 7 月份向您通報我們第二季度的最新業績。祝你有美好的一天。

Well, thank you, everyone, for participating in today's conference. This does conclude the program. You may now disconnect.

好的，謝謝大家參加今天的會議。這確實結束了該程序。您現在可以斷開連接。