國民油井華高 (NOV) 2024 Q4 法說會逐字稿

Good day ladies and gentlemen, and thank you for standing by. Welcome to the NOV fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，大家好，感謝你們的支持。歡迎參加 2024 年 11 月第四季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）

As a reminder today's program is being recorded.

提醒一下，今天的節目正在錄製中。

At this time, I would like to turn the conference over to Ms. Amie D'Ambrosio. Ma'am, you may begin.

現在，我想將會議交給 Amie D'Ambrosio 女士。女士，您可以開始了。

Welcome, everyone, to NOV's fourth quarter and full year 2024 earnings conference call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.

歡迎大家參加 NOV 2024 年第四季和全年財報電話會議。今天和我一起的還有我們的董事長、總裁兼執行長 Clay Williams；以及我們的高級副總裁兼財務長 Jose Bayardo。

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.

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所定義的前瞻性陳述。它們涉及風險和不確定性，實際結果可能存在重大差異。

No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a 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.

任何人都不應假設這些前瞻性陳述在本季稍後或今年稍後仍然有效。有關影響我們業務的主要風險因素的詳細討論，請參閱我們向美國證券交易委員會提交的最新 10-K 表格和 10-Q 表格。我們的評論還包括非公認會計準則措施。我們網站上的收益報告中提供了與最接近的 GAAP 指標的對帳資訊。

On a US GAAP basis, for the fourth quarter of 2024, NOV reported revenues of $2.31 billion and a net income of $160 million or $0.41 per fully diluted share. For the full year 2024, revenues were $8.87 billion and net income was $635 million or $1.60 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.

根據美國公認會計準則，2024 年第四季度，NOV 報告營收為 23.1 億美元，淨收入為 1.6 億美元，即每股完全稀釋收益 0.41 美元。2024 年全年營收為 88.7 億美元，淨收入為 6.35 億美元，即每股攤薄收益 1.60 美元。我們在今天早上的電話會議中使用的 EBITDA 一詞與我們的收益報告中定義的調整後 EBITDA 一詞相對應。

Later in the call, we will host a question-and-answer session. Please limit yourself to one question and one follow-up to permit more participation.

在電話會議的稍後時間，我們將舉辦問答環節。請限制自己只提出一個問題並進行一次後續跟進，以允許更多人參與。

Now, let me turn the call over to Clay.

現在，讓我把電話轉給克萊。

Thank you, Amie and good morning everyone.

謝謝你，艾米，大家早安。

NOV's fourth quarter marked a strong finish to a good year. Fourth quarter revenues grew 5% sequentially to $2.3 billion, and net income was $160 million, resulting in fully diluted earnings of $0.41 per share. EBITDA was $302 million or 13.1% of sales.

NOV 第四季的業績為這一年畫上了圓滿的句點。第四季營收季增 5% 至 23 億美元，淨收入為 1.6 億美元，每股完全攤薄收益為 0.41 美元。EBITDA 為 3.02 億美元，佔銷售額的 13.1%。

Fourth quarter book-to-bill was 121% on shipments out of backlog that were up to 12% sequentially. NOV has achieved greater than one-to-one book-to-bill in 10 of its last 12 quarters, growing its backlog 22% through the past four years, while quarterly shipments out of backlog have risen more than 60% through the same period. The company continued to benefit from rising demand for its critical technologies through the fourth quarter, despite slowing momentum in E&P spending in several key markets.

第四季訂單出貨比為 121%，其中積壓訂單出貨比季增 12%。NOV 在過去 12 個季度中，有 10 個季度的訂單出貨比都超過了 1:1，過去四年來其積壓訂單量增長了 22%，而同期季度積壓訂單出貨量增長了 60% 以上。儘管幾個主要市場的勘探與生產支出勢頭放緩，但該公司在第四季度繼續受益於其關鍵技術需求的不斷增長。

For full year 2024, in addition to growing backlog year-on-year, NOV increased revenue, improved profitability and generated exceptionally strong free cash flow. Revenue for the full year increased 3% to $8.9 billion and EBITDA increased to $1.1 billion or 12.5% of sales. Incremental flow through for the year was strong at 38%.

2024 年全年，除了積壓訂單同比增長外，NOV 還增加了收入，提高了盈利能力，並產生了異常強勁的自由現金流。全年營收成長 3% 至 89 億美元，EBITDA 成長至 11 億美元，佔銷售額的 12.5%。全年增量流量強勁，達 38%。

The Energy Equipment segment led the way, growing its revenue by 5% and expanding segment margins by 250 basis points. Recovery of supply chains and lower inflation together with higher margin contracts, flowing out of backlog helped the segment improve its performance significantly in 2024, and we expect further improvements in 2025.

能源設備部門領先，營收成長 5%，部門利潤率擴大 250 個基點。供應鏈的復甦、較低的通貨膨脹、利潤率較高的合約以及積壓訂單的流出，幫助該部門在 2024 年顯著改善了業績，我們預計 2025 年將進一步改善。

Offshore investment continued to recover, fueled by deepwater exploration and follow on development, prompting demand for floating vessels to produce, store and offload oil and to liquefy natural gas. NOV has continued to secure large orders for gas and produce water processing equipment, subsea flexible pipe chokes, offshore completion and other production equipment.

在深水勘探和後續開發的推動下，海上投資持續復甦，刺激了對生產、儲存和卸載石油以及液化天然氣的浮式船舶的需求。NOV 繼續獲得天然氣和生產水處理設備、海底柔性管道節流閥、海上完井和其他生產設備的大量訂單。

In fact, nearly 60% of fourth quarter's reported orders, were for production equipment NOV provides. The balance of our fourth quarter orders, included a complete drilling package for a new build jackup rig, to be constructed in Saudi Arabia, which helped drive a 20% plus sequential improvement in orders for drilling equipment.

事實上，第四季報告的訂單中有近 60% 是針對 NOV 提供的生產設備的。我們第四季的訂單餘額包括將在沙烏地阿拉伯建造的新建自升式鑽井平台的完整鑽井套件，這有助於推動鑽井設備訂單環比增長 20% 以上。

For the full year, drilling capital equipment within Energy Equipment segment, totaled 8% of our consolidated NOV revenues. Our shorter-cycle segment Energy Products & Services also grew revenue in 2024, though modestly. Margins fell 120 basis points year-over-year due mostly to large declines in drill pipe demand, and related pipe coating services. The segment's top line growth came despite lower global drilling activity, which was down 5% year-over-year.

全年而言，能源設備部門的鑽井資本設備占我們合併 NOV 收入的 8%。我們的短週期部門能源產品與服務的收入在 2024 年也實現了成長，儘管幅度不大。利潤率較去年同期下降 120 個基點，主要原因是鑽桿需求和相關管道塗層服務大幅下降。儘管全球鑽井活動減少，年減 5%，但該部門的營收仍實現成長。

Sales growth was helped by increasing adoption of NOV's new organically developed technologies. Along with acquisitions and setting tools and artificial lift made during the year. NOV's digital services continued to gain traction with users of our Max data aggregation, visualization and analytics platform, more than doubling through 2024.

銷售額的成長得益於 NOV 新開發的技術的日益普及。以及今年進行的收購和設置工具以及人工舉升。NOV 的數位服務持續受到我們 Max 資料聚合、視覺化和分析平台用戶的青睞，到 2024 年將成長一倍以上。

Our Max Edge platform is a key component, of the connected digital network we have developed, which spans high-speed data measured at the bit, and transmitted through our proprietary wire drill pipe, to AI applications that work in conjunction with NOV's machine controls, to optimize safety and performance while feeding data real time into the cloud, and into our customers command centers.

我們的 Max Edge 平台是我們開發的互聯數位網路的關鍵組件，該網路涵蓋在鑽頭測量的高速數據，並透過我們專有的線鑽桿傳輸到與 NOV 機器控制協同工作的 AI 應用程序，以優化安全性和性能，同時將數據即時輸入雲端和我們客戶的指揮中心。

We're continuing to develop new digital products built on Max Edge platform, for new areas of the development life cycle, like well completions and production optimization. NOV's unique proprietary data transmission capability along with its large installed base of equipment and chokes, separation processing completions and drilling create a unique and interesting opportunity for our company.

我們正在繼續開發基於 Max Edge 平台的新數位產品，用於開發生命週期的新領域，例如完井和生產優化。NOV 獨特的專有數據傳輸能力以及其龐大的設備和節流閥安裝基礎、分離處理完井和鑽井為我們公司創造了獨特而有趣的機會。

NOV's Energy Products & Services segment also benefited from strong share gains, with new downhole technologies. Continued innovations in cutter technology enabled NOV ReedHycalog to capture the leading position in the supply of drill bits.

NOV 的能源產品與服務部門也受惠於新井下技術的強勁成長。刀具技術的不斷創新使 NOV ReedHycalog 在鑽頭供應方面佔據領先地位。

Our new downhole drilling motors, friction reduction tools and torsional vibration mitigation tools, are proving critical to shale drillers pushing laterals out to three and even four miles leading to 89% year-over-year growth for these downhole technologies in the fourth quarter. And as operators invest in new unconditional shale opportunities in the Middle East and Latin America, we see further growth ahead.

事實證明，我們的新型井下鑽井馬達、減摩工具和扭轉振動緩解工具對於將水平段延伸至三英里甚至四英里的頁岩鑽井至關重要，從而導致這些井下技術在第四季度同比增長 89%。隨著營運商在中東和拉丁美洲投資新的無條件頁岩機會，我們預計未來將進一步成長。

Overall share gains with organically developed technologies, and backlog resilience enabled NOV to post a solid 2024 despite headwinds, which began to emerge in the second half of the year. Concerns regarding potential near term oversupply, are making everybody nervous, so many producers and service companies are more cautious in their near term spending plans.

憑藉有機開發的技術以及積壓訂單的韌性，NOV 整體份額有所增長，儘管下半年開始出現逆風，但仍在 2024 年取得了穩健的業績。對於近期可能出現的供應過剩的擔憂讓每個人都感到緊張，因此許多生產商和服務公司在製定近期支出計劃時更加謹慎。

Nevertheless, higher revenue profit and improved working capital efficiency resulted in full year free cash flow of $953 million or 86% of EBITDA. Energy demand continues to grow as it has for the 166-year history of the oil and gas industry. Secure and reliable energy supports economic growth, and improves the lives of people globally. While macroeconomic and geopolitical uncertainty persists.

儘管如此，更高的收入利潤和提高的營運資本效率使得全年自由現金流達到 9.53 億美元，佔 EBITDA 的 86%。正如石油和天然氣產業 166 年的歷史一樣，能源需求持續成長。安全可靠的能源支持經濟成長並改善全球人民的生活。宏觀經濟和地緣政治的不確定性依然存在。

NOV enters 2025 with a strong foundation. We expect North America activity to remain subdued, probably flat at best. Continued capital discipline among more consolidated E&P operators, together with some pretty astounding efficiency gains due in no small part to NOV's technologies, will continue to be a headwind for short-cycle drilling and completion activity in the United States.

NOV 以堅實的基礎邁入 2025 年。我們預計北美經濟活動將保持低迷，最多可能持平。更整合的 E&P 營運商持續的資本紀律，加上在很大程度上得益於 NOV 技術的一些相當驚人的效率提升，將繼續成為美國短週期鑽井和完井活動的阻力。

However, we expect NOV's technology leadership and strategic market positioning, to continue to enable us to outperform activity levels in the region. We're actively increasing our fleet of proprietary drill bits and downhole tools, in response to market demand, and we expect further share gains to offset the softness in North American activity, within Energy Products & Services. We also expect weak demand for pressure pumping and stimulation equipment for North America, which will weigh on Energy Equipment results in 2025.

然而，我們預計 NOV 的技術領先地位和戰略市場定位將繼續使我們在該地區的活動水平更上一層樓。為了滿足市場需求，我們正在積極增加專有鑽頭和井下工具的數量，我們預計進一步的市場份額增長將抵消北美能源產品和服務領域活動的疲軟。我們也預期北美對壓力幫浦和增產設備的需求疲軟，這將對 2025 年的能源設備業績造成壓力。

Looking to international markets, we believe activity will be flattish year-over-year. The Middle east will see declines in Saudi Arabia offset by increases in Kuwait, UAE and Oman. Latin America should remain strong, led by Brazil and we continue to view unconventional development in the Vaca Muerta in Argentina, the Jafurah Field in Saudi Arabia and unconventionals elsewhere in the Middle East as bright spots for future NOV demand.

放眼國際市場，我們認為活動將與去年同期持平。在中東地區，沙烏地阿拉伯的下降將被科威特、阿聯酋和阿曼的成長所抵消。拉丁美洲應能保持強勁勢頭，以巴西為首，我們繼續將阿根廷瓦卡穆埃爾塔、沙烏地阿拉伯賈富拉油田以及中東其他地區非常規油氣開發視為未來 NOV 需求的亮點。

Unconventional shale plays need high spec land rigs, coiled tubing and completions kit, chokes, separators and corrosion resistant flow lines, all categories where NOV provides global market leadership. And we continue to see signs of building demand from these emerging unconventional basins.

非常規頁岩氣需要高規格的陸地鑽機、連續油管和完井套件、節流閥、分離器和耐腐蝕流水線，而 NOV 在所有這些領域都佔據著全球市場的領先地位。我們不斷看到這些新興非常規盆地需求不斷增長的跡象。

Turning to offshore, despite a pickup in contracting in December, our offshore drilling customers remain concerned about lower utilization, or white space in their schedules in 2025. Nearly $300 billion in offshore FIDs in the past three years, up about 50% from the preceding year period, has led to the filling of Asian shipyards.

談到海上鑽井，儘管 12 月合約量有所回升，但我們的海上鑽井客戶仍然擔心利用率下降，或 2025 年計畫中出現空白。過去三年，近 3000 億美元的海上 FID 投資比去年同期增長了約 50%，導致亞洲造船廠擠滿了人。

About 60 new conversion or construction projects for floating production, storage, liquefaction and regasification vessels have resulted in higher congestion and costs, something we talked about last quarter. As the vessel supply chain has filled, delivery dates have elongated a bit, which has cooled the urgency by deepwater E&P operators to drill.

大約有 60 個新的浮式生產、儲存、液化和再氣化船改裝或建造項目導致了更高的擁塞和成本，這是我們上個季度討論過的事情。由於船舶供應鏈已滿，交貨日期有所延長，這降低了深水勘探與生產運營商鑽探的緊迫性。

Some of our drilling contractor customers are facing temporary gaps in utilization, due to delayed production plans. They tell us, though they expect contracting activity to pick up, possibly as early as the second half of 2025, in anticipation of higher deepwater drilling in 2026.

由於生產計劃延遲，我們的一些鑽井承包商客戶面臨暫時的利用率缺口。他們告訴我們，儘管他們預計承包活動將會回升，但可能最早在 2025 年下半年就會出現，因為預計 2026 年深水鑽探活動將會增加。

Their view is supported by the emergence of offshore natural gas, as an economic target for E&P operators, along with success in exploration in Latin America, West Africa, Eastern Mediterranean and the Paleogene in the Gulf of Mexico. Economics have been helped by greater industrialization, and standardization throughout the subsea production and FPSO supply chains, which we believe will help normalize supply chains more quickly to facilitate higher levels of offshore drilling.

他們的觀點得到了海上天然氣崛起的支持，海上天然氣成為勘探與生產營運商的經濟目標，同時拉丁美洲、西非、東地中海和墨西哥灣古近紀的勘探也取得了成功。整個海底生產和 FPSO 供應鏈的工業化和標準化程度的提高促進了經濟發展，我們相信這將有助於更快地實現供應鏈的正常化，從而促進更高水平的海上鑽井。

During the fourth quarter, we saw slowdowns in spare parts demands from offshore drillers as a result of the white space phenomenon. However, these were almost fully offset by higher service and repair revenues for NOV, resulting in a modest 1% sequential decline in rig aftermarket. Rig aftermarket within energy equipment totaled 18% of NOV's consolidated mix in 2024.

在第四季度，由於空白現象，我們發現海上鑽井商的備件需求有所放緩。然而，這些收入幾乎完全被 NOV 更高的服務和維修收入所抵消，導致鑽機售後市場環比小幅下降 1%。到 2024 年，能源設備中的鑽孔機售後市場將佔 NOV 合併業務的 18%。

The number of offshore projects, we are engaged in is roughly flat year-on-year, with a higher mix of longer term more revenue intensive recertifications than last year, but offset by fewer rig reactivations. Despite several examples of offshore drillers using white space, to upgrade and repair rigs for 2026 activity, we expect to see rig aftermarket activity down, mid to upper single-digits and rig equipment down low single-digits in 2025.

我們參與的海上項目數量與去年同期基本持平，其中長期、收益密集型的重新認證項目數量比去年有所增加，但鑽機重新啟用數量有所減少。儘管有多個海上鑽井公司利用空白區域為 2026 年的活動升級和維修鑽井平台的例子，但我們預計到 2025 年鑽井平台售後市場活動將下降中高個位數，鑽井設備將下降低個位數。

Notably, we may see a stronger recovery in the latter half of the year. As I mentioned as drillers prepare for a more robust 2026, our growing backlog within Energy Equipment, reflects the high demand for NOV production equipment arising from the sharp expansion of deepwater FIDs, and the developments I noted earlier, particularly in offshore production processing and subsea flexible pipe.

值得注意的是，我們可能會在今年下半年看到更強勁的復甦。正如我所提到的，鑽井工人正在為更強勁的2026年做準備，我們能源設備領域的積壓訂單不斷增加，反映了深水FID急劇擴張對NOV生產設備的高需求，以及我之前提到的發展，特別是在海上生產加工和海底柔性管道方面。

We are well positioned to support the next phase of deepwater expansion, offering critical technologies in gas dehydration, produced water and CO2 handling, and emissions reduction. More complex offshore wells will continue to drive demand. Likewise, we foresee growing international onshore adoption, of unconventional drilling and completion techniques, creating additional avenues for growth across our comprehensive portfolio.

我們已做好準備，支持深水擴張的下一階段，提供氣體脫水、採出水和二氧化碳處理以及減排的關鍵技術。更複雜的海上油井將繼續推動需求。同樣，我們預見到國際上陸上採用非常規鑽井和完井技術的情況將日益增多，從而為我們的綜合產品組合創造額外的增長途徑。

Overall, we expect Energy Equipment revenue to decline low single-digits in 2025, as lower demand for offshore drilling support, and North American stimulation equipment more than offset growth in production equipment. We expect modest growth in Energy Products & Services revenue, to more or less offset these declines.

總體而言，我們預計 2025 年能源設備收入將出現低個位數下降，因為海上鑽井支援和北美刺激設備的需求下降超過了生產設備的成長。我們預期能源產品和服務收入將適度成長，或多或少地抵消這些下降。

To summarize, our base case across different markets points, to a flattish environment in 2025. We acknowledge that OPEC excess supply, continued strong shale efficiency gains in the US and growing non-OPEC offshore production, which appears to be supplanting US Shale as a swing source of oil supply, could unleash greater commodity price driven headwinds in 2025.

總而言之，我們對不同市場的基準預測是，2025 年市場環境將趨於穩定。我們承認，OPEC的供應過剩、美國頁岩油效率的持續強勁增長以及非OPEC國家海上產量的增長（這些似乎正在取代美國頁岩油成為石油供應的關鍵來源）可能在2025年引發更大的大宗商品價格驅動的阻力。

Nevertheless, in the absence of a significant downturn in activity, we expect NOV's margins to improve further in 2025. Margin expansion will be driven by the improving quality of margins rolling out of backlog, our focus on driving further efficiencies in our business, and continued market share gains of our new products that have gained adoption and pricing premiums.

儘管如此，在經濟活動沒有大幅下滑的情況下，我們預計 NOV 的利潤率將在 2025 年進一步提高。利潤率的擴大將受到積壓訂單利潤率品質的提高、我們對進一步提高業務效率的關注以及已獲得採用和定價溢價的新產品的市場份額持續增長的推動。

As always, NOV remains committed to delivering value to our shareholders. Our disciplined capital allocation strategy, maintaining a strong balance sheet while balancing reinvestment in high return opportunities with shareholder returns, will continue to guide our decisions.

像往常一樣，NOV 始終致力於為股東創造價值。我們嚴謹的資本配置策略，維持強勁的資產負債表，同時平衡高回報機會的再投資與股東回報，將繼續指導我們的決策。

In 2024, we meaningfully increased our return of capital, accelerating share buybacks and increasing our dividend to return $337 million, to shareholders during the year. As we look forward, we remain steadfast in our approach to delivering consistent and sustainable financial performance.

2024 年，我們大幅提高了資本回報率，加快了股票回購速度，並增加了股息，全年向股東返還 3.37 億美元。展望未來，我們將持續堅定不移地實現一致、可持續的財務表現。

In closing, 2024 was a year that demonstrated NOV's resilience and strategic strength despite market and macro headwinds that emerged through the year. We delivered strong operational execution, capitalized on offshore and international tailwinds, and maintained a disciplined approach to cost control, and capital deployment.

總而言之，儘管全年出現了市場和宏觀逆風，但 2024 年仍展現了 NOV 的韌性和戰略實力。我們實現了強勁的營運執行，充分利用了海外和國際市場的順風優勢，並維持了嚴謹的成本控制和資本部署方法。

As we move into 2025, NOV is well positioned to build on the momentum of this year, capitalize on growing opportunities ahead, and drive strong returns for our stakeholders. I want to tell all of the NOV employees listening today, thank you. I appreciate you, your strong commitment to innovation, execution and service excellence is what drives NOV success.

隨著我們邁入 2025 年，NOV 已做好準備，利用今年的勢頭，抓住未來不斷增長的機遇，為我們的利益相關者帶來豐厚的回報。我想對今天聆聽的所有 NOV 員工說，謝謝你們。我很感激您，您對創新、執行和卓越服務的堅定承諾是 NOV 成功的動力。

Our customers challenge you and me for the critical solutions that enhance efficiency, safety and sustainability. And thanks to your hard work, NOV will continue to exceed their expectations in the coming years. Jose?

我們的客戶向您和我提出挑戰，要求提供提高效率、安全性和永續性的關鍵解決方案。感謝你們的辛勤工作，NOV 將在未來幾年繼續超越他們的期望。何塞？

As Clay mentioned, NOV had a solid 2024 during a year when drilling activity was down 9% in North America, and flat in international markets. Our full year revenue improved 3% with 38% EBITDA flow through. We also generated $953 million of free cash flow and achieved a book-to-bill of 122%

正如克萊所提到的，在北美鑽井活動下降 9%、國際市場持平的一年裡，NOV 在 2024 年表現穩健。我們的全年營收成長了 3%，EBITDA 流量成長了 38%。我們也產生了 9.53 億美元的自由現金流，訂單出貨比達到 122%

For the fourth quarter, NOV's consolidated revenue decreased 1% year-over-year, but EBITDA increased 3% to $302 million, with margins increasing 60 basis points to 13.1% of sales. Steadily improving quality of our capital equipment backlog, market share gains from new higher margin technologies and services, and operational efficiencies more than offset, the effect of lower activity levels.

第四季度，NOV 的綜合營收年減 1%，但 EBITDA 成長 3% 至 3.02 億美元，利潤率增加 60 個基點至銷售額的 13.1%。我們的資本設備積壓品質穩定提高，新的高利潤技術和服務帶來的市場佔有率增加，以及營運效率的提高，足以抵銷活動水準較低的影響。

Cash flow from operations, was robust and totaled $591 million in the fourth quarter, due to higher levels of profitability and improved working capital efficiencies. Capital expenditures totaled $118 million, resulting in $473 million of free cash flow. For full year 2024, NOV generated $1.3 billion in cash flow from operations, and invested $351 million in capital expenditures, resulting in the $953 million of free cash flow.

由於獲利水準提高和營運資本效率提高，第四季度經營現金流強勁，總計 5.91 億美元。資本支出總計 1.18 億美元，產生 4.73 億美元的自由現金流。2024 年全年，NOV 的營運現金流為 13 億美元，資本支出為 3.51 億美元，自由現金流為 9.53 億美元。

We expect capital expenditures in 2025, to be in line with 2024. We achieved an 86% conversion rate of EBITDA, to free cash flow in 2024. While we do not expect the exceptional improvement in working capital to repeat this year, we still expect a healthy EBITDA to free cash flow conversion rate, of more than 50% in 2025.

我們預計 2025 年的資本支出將與 2024 年持平。2024 年，我們的 EBITDA 轉換成自由現金流的率達到了 86%。雖然我們預計今年營運資本不會再次大幅改善，但我們仍預期 2025 年 EBITDA 轉換成自由現金流的率將保持健康，達到 50% 以上。

During the fourth quarter, we repurchased 7.5 million shares for $112 million, and paid that $29 million dividend, returning $141 million to our shareholders. Our repurchases were heavily weighted towards the end of the quarter, so we exited the year with 384 million fully diluted shares outstanding, 6 million shares lower than the weighted average number of shares outstanding during the quarter.

第四季度，我們以 1.12 億美元回購了 750 萬股股票，並支付了 2,900 萬美元的股息，向股東返還了 1.41 億美元。我們的回購主要集中在本季末，因此，截至年底，我們的完全稀釋流通股為 3.84 億股，比本季流通股的加權平均數少 600 萬股。

For the full year, we returned a total of $337 million to our shareholders, or 41% of our excess free cash flow. We remain committed to returning at least 50% of our excess free cash flow, to our shareholders on an annual basis and therefore expect to true up, to that threshold through a supplemental dividend in the first half of 2025.

全年我們向股東返還了總計 3.37 億美元，佔超額自由現金流的 41%。我們仍致力於每年向股東返還至少 50% 的超額自由現金流，因此預計在 2025 年上半年透過補充股利達到此門檻。

Our exceptionally strong cash flow, also allowed us to improve our cash balance by $414 million during 2024. With our robust balance sheet, we now expect to return well over 50% of our excess free cash flow in 2025, excluding the supplemental dividend related to our 2024 return target.

我們異常強勁的現金流也使我們在 2024 年期間將現金餘額提高了 4.14 億美元。憑藉我們強勁的資產負債表，我們現在預計 2025 年將返還超過 50% 的超額自由現金流，不包括與 2024 年回報目標相關的補充股息。

Moving on to segment results. During the fourth quarter of 2024, our Energy Products & Services segment generated revenue of $1.06 billion, a modest decrease compared to the fourth quarter of 2023.

繼續細分結果。2024 年第四季度，我們的能源產品與服務部門創造了 10.6 億美元的收入，與 2023 年第四季相比略有下降。

EBITDA decreased $20 million to $173 million, or 16.3% of sales. The decrease in revenue and profitability was due to lower global drilling activity, and the effect of heightened geopolitical and macroeconomic uncertainty, which had a disproportionate effect on demand for the segment's shorter-cycle capital equipment offerings.

EBITDA 減少 2,000 萬美元至 1.73 億美元，佔銷售額的 16.3%。收入和獲利能力的下降是由於全球鑽井活動減少，以及地緣政治和宏觀經濟不確定性加劇的影響，這對該部門短週期資本設備產品的需求產生了不成比例的影響。

For the fourth quarter, the sales mix for Energy Products & Services was 49% services and rentals, 19% product sales and 32% shorter lived capital equipment. Sales of capital equipment decreased 15% year-over-year, due to strong deliveries of drill pipe, managed pressure drilling equipment, and conductor casing connections in the fourth quarter of 2023, which did not repeat.

第四季度，能源產品和服務的銷售結構為 49% 的服務和租賃、19% 的產品銷售和 32% 的短期資本設備。資本設備銷售額年減 15%，原因是 2023 年第四季鑽桿、控壓鑽井設備和導管套管連接交付量強勁，但這一情況並未重演。

While demand for these offerings decreased year-over-year, each product line has seen solid orders as of late. Partially offsetting the overall decline in capital equipment sales, was a strong increase in revenue from the segment's composite pipes, fittings and structures.

雖然這些產品的需求年減，但最近每條產品線的訂單都比較穩定。該部門複合管道、配件和結構的收入強勁增長，部分抵消了資本設備銷售整體下滑的影響。

We continue to experience robust demand, for fiberglass pipes and tanks in support of production infrastructure for international developments, and recently shipyards seem to have found a new sense of urgency in taking deliveries deposit piping ducts and ballast tanks for floating production, storage and offloading vessels.

我們持續感受到對玻璃纖維管道和儲罐的強勁需求，以支持國際開發的生產基礎設施，最近，造船廠似乎發現了一種新的緊迫感，需要接收用於浮動生產、儲存和卸載船的沉積管道和壓載艙。

Segments revenues from services and rentals improved 4% year-over-year, due primarily to contributions from our Artificial Lift and Setting Tool acquisitions. Excluding the acquisitions, service and rental revenue was up slightly year-over-year, as market share gains offset lower drilling activity levels.

服務和租賃部門的營收年增 4%，這主要歸功於我們收購的人工舉升和坐封工具業務的貢獻。除收購外，服務和租賃收入同比略有增長，因為市場份額的增長抵消了鑽井活動水平的下降。

Despite steady declines in drilling activity, revenue from rentals of our drill bits in the US, has increased four straight quarters, a result of our industry leading cutter technologies, and close engineering coordination with operators, to provide the optimal bit for the specific whole application.

儘管鑽井活動穩步下降，但我們在美國的鑽頭租賃收入卻連續四個季度增長，這得益於我們行業領先的切削刀具技術，以及與運營商的密切工程協調，從而為特定的整個應用提供最佳鑽頭。

Demand for our solids control services, remained robust with year-over-year revenue up in the low double-digit percent range, led by demand for our latest generation of technologies.

對我們固體控制服務的需求依然強勁，受對我們最新一代技術的需求推動，營收年增率達到兩位數的低百分比。

Over the past year we've realized rapid market adoption of our Alpha shakers, which can process 20% to 30% more cuttings than other shakers on the market, and our iNOVaTHERM thermal desorption systems, which efficiently removes oil-based waste from cuttings, eliminating or significantly decreasing transport costs associated with waste disposal.

在過去的一年中，我們的 Alpha 振動篩和 iNOVaTHERM 熱解吸系統迅速得到了市場的認可，前者比市場上其他振動篩多處理 20% 至 30% 的岩屑，後者可有效去除岩屑中的油基廢物，從而消除或顯著降低與廢物處理相關的運輸成本。

Our digital services operation, which includes our legacy MD Totco business or MAX digital service offerings, and our wired drill pipe enabled downhole broadband solutions declined in the upper single-digit percent range, due to lower drilling activity levels impacting demand for electronic drilling data recorders, and spud dates for DBS projects in the Middle East sliding to the right. Both of which more than offset contributions from the continued growth in the user base, of our MAX digital solutions platform.

我們的數位服務業務（包括我們傳統的 MD Totco 業務或 MAX 數位服務產品）和有線鑽井支援的井下寬頻解決方案下降了個位數百分比以上，這是由於鑽井活動水準降低影響了對電子鑽井資料記錄器的需求，並且中東 DBS 專案的開鑽日期向右滑動。這兩項貢獻都遠遠抵消了我們 MAX 數位解決方案平台用戶群持續成長所帶來的貢獻。

Revenue from our tubular coating and inspection services were flat year-over-year with steady demand for coating services in North America, offsetting declines in higher-margin coating services in the Eastern Hemisphere and Latin America. Revenue from inspection services was down slightly, due to lower activity in North America, mostly offset by higher demand from Latin America.

我們的管狀塗層和檢驗服務的收入與去年同期持平，北美對塗層服務的需求穩定，抵消了東半球和拉丁美洲高利潤塗層服務的下滑。由於北美地區的活動減少，檢驗服務收入略有下降，但大部分被拉丁美洲的需求增加所抵銷。

We're realizing strong growth in downhole tool rentals from international markets, by capitalizing on opportunities to expand the use of our leading-edge, extended lateral tools into unconventional fields in international markets, including Saudi Arabia, the UAE and Argentina.

我們抓住機遇，將我們先進的延伸式水平井工具的應用範圍擴大到沙烏地阿拉伯、阿聯酋和阿根廷等國際市場的非常規油田，從而實現了國際市場井下工具租賃業務的強勁增長。

In the Middle East, we began executing on a contract to provide complete bottom hole assemblies, including our advanced drill bits, motors and measurement wall drilling tools for a large service provider drilling extended lateral wells in an unconventional field. We've already helped the customer set a rate of penetration record for the 16-inch section in the field.

在中東，我們開始執行一份合同，為一家在非常規油田鑽探延長水平井的大型服務提供商提供完整的井底組件，包括我們先進的鑽頭、馬達和測量壁鑽井工具。我們已經幫助客戶創造了該領域16吋井段的鑽進速度紀錄。

We're also seeing accelerated adoption of our friction reduction, and torsional vibration mitigation tools in the Middle East, and pushing those products along with our advanced drilling motors, and power sections into the Vaca Muerta field in Argentina.

我們也看到我們的減摩和扭轉振動緩解工具在中東地區的應用正在加速，並將這些產品與我們先進的鑽井馬達和動力部分一起推廣到阿根廷的 Vaca Muerta 油田。

The strong demand for our downhole tools in international markets, and market share gains in the US, are mostly offsetting the decline in drilling activity, and an increase in direct sales of our products to operators. More of whom are starting to build out their own fleet of high-spec drilling tools.

國際市場對我們的井下工具的強勁需求以及美國市場份額的成長，在很大程度上抵消了鑽井活動的下降，並增加了我們產品對營運商的直接銷售。其中越來越多的企業開始打造自己的高規格鑽井工具團隊。

Revenues from product sales increased in the low double-digits, compared to the fourth quarter of 2023. Our artificial lift franchise continues to see healthy demand in the Permian, while pursuing growth in additional regions. Excluding the acquisition of our artificial lift business, revenue from consumable products was down in the low to mid-teens range.

與 2023 年第四季相比，產品銷售收入實現了低兩位數成長。我們的人工舉升特許經營權在二疊紀地區持續保持健康的需求，同時我們也尋求在其他地區成長。不計入我們收購的人工舉升業務，消耗品的收入下降了百分之十幾到十幾之間。

Strong shipments of downhole drilling, and fishing tools to customers in India, Indonesia and China, were more than offset by lower shipments of tubular liners and sleeves, MPD consumables and a falloff of drill bit sales in Saudi Arabia, during the last couple of months of the year.

去年最後幾個月，印度、印尼和中國客戶的井下鑽井和打撈工具出貨量強勁，但被管襯管和套管、MPD耗材出貨量下降以及沙烏地阿拉伯鑽頭銷量下滑所抵銷。

For the first quarter of 2025, we expect our Energy Products & Services segment, to realize a seasonal decline that is in line with what the segment experienced last year. Translating into revenue that is flat to down 2% year-over-year, with EBITDA between $145 million and $165 million.

2025 年第一季度，我們預期能源產品和服務部門將出現與去年同期相同的季節性下滑。轉化為營收與去年同期持平或下降 2%，EBITDA 在 1.45 億美元至 1.65 億美元之間。

Moving to our Energy Equipment segment. Revenue for the fourth quarter of 2024, was $1.29 billion, down 1% from the fourth quarter of 2023. EBITDA increased $38 million to $185 million, resulting in a 310 basis point increase in margin to 14.4% of sales.

轉向我們的能源設備部門。2024 年第四季營收為 12.9 億美元，較 2023 年第四季下降 1%。EBITDA 增加 3,800 萬美元，達到 1.85 億美元，導致利潤率增加 310 個基點，達到銷售額的 14.4%。

The fourth quarter of 2024 marked the tenth straight quarter of year-over-year margin growth for this segment, resulting from the continued improvement in the quality of our backlog, and improvements in operational efficiencies.

2024 年第四季是該部門連續第十個季度實現利潤率同比增長，這得益於我們積壓訂單品質的持續改善和營運效率的提高。

During the fourth quarter, sales of capital equipment accounted for approximately 57% of the segment's revenues, unchanged from the fourth quarter of 2023, but up three percentage points from the third quarter of 2024, due to the typical seasonal pickup in year-end capital equipment deliveries.

第四季度，資本設備銷售額約佔該部門收入的 57%，與 2023 年第四季持平，但比 2024 年第三季上升了三個百分點，原因是年底資本設備交付量出現典型的季節性回升。

Aftermarket sales and services accounted, for the remaining 43% of revenue in the fourth quarter of 2024. Which declined 3% year-over-year, due primarily to a mid-single-digit percentage decrease in aftermarket support, for intervention and stimulation equipment, and a 1% decrease in our drilling equipment aftermarket operations.

售後市場銷售和服務佔2024年第四季剩餘收入的43%。與去年同期相比下降了 3%，主要原因是乾預和刺激設備的售後支援下降了中等個位數百分比，以及鑽井設備售後業務下降了 1%。

Revenue from aftermarket parts and services, for intervention and stimulation equipment in the US, decreased in the mid-teen percent range year-over-year, with a steady decline of completions activity causing customers to idle and stack frac spreads, and other equipment.

美國幹預和刺激設備的售後零件和服務收入年減了百分之十五左右，完井活動的穩定下降導致客戶閒置和堆積壓裂設備和其他設備。

Partially offsetting the low revenue from North America, was a mid-teen percent increase in demand for aftermarket services in the Middle East, where growing activity in unconventional resources is requiring more aftermarket support, for a growing base of service equipment.

部分抵消了北美地區收入較低的影響，因為中東地區對售後服務的需求增長了百分之十五左右，該地區非常規資源活動的不斷增長需要更多的售後支持，以滿足不斷增長的服務設備需求。

In our drilling equipment business, lower demand for spare parts was mostly offset by higher revenues, from service and repair work. As Clay mentioned, we've started to experience softening demand for aftermarket parts and services, as our offshore drilling contractor customers prepared to navigate through white space in 2025.

在我們的鑽井設備業務中，備件需求的下降大部分被服務和維修工作帶來的收入增加所抵消。正如克萊所提到的，隨著我們的海上鑽井承包商客戶準備在 2025 年填補空白，我們開始感受到售後零件和服務需求的疲軟。

We anticipate and are beginning to see a larger effect on demand, for spare parts versus service and repair, with many customers taking advantage of the loan activity, to complete upgrades and recertifications. Despite a lower number of recertification expected in 2025, the offshore rig fleet is getting older, and we expect our average recertification project, will have a larger scope than what we saw in 2024.

我們預計，與服務和維修相比，備件需求將受到更大影響，許多客戶將利用貸款活動來完成升級和重新認證。儘管預計 2025 年重新認證的數量會減少，但海上鑽井平台船隊正在老化，我們預計平均重新認證項目的範圍將比 2024 年更大。

Our expectation is that we will have fewer drillship reactivations and recertifications, but we should see a meaningful number of upgrades, and a larger scope per recertification project, resulting in aftermarket revenue that will decline in the mid to upper single-digit percent range, for the full year.

我們預計鑽井船的重新啟用和重新認證數量將會減少，但我們應該會看到大量的升級，以及每個重新認證項目的範圍會更大，從而導致全年售後市場收入將下降到中等至較高的個位數百分比範圍。

With the expectation for significantly higher offshore activity in 2026, we expect aftermarket orders to bottom in the second quarter, and revenues to trough in the third quarter, before results improved in the fourth quarter of 2025.

由於預計 2026 年海上活動將大幅增加，我們預計售後市場訂單將在第二季觸底，營收將在第三季觸底，然後在 2025 年第四季業績有所改善。

Turning to the capital equipment portion of the Energy Equipment segment, higher sales of drilling, production and completion equipment more than offset lower year-over-year revenue, from wind turbine installation vessels.

談到能源設備部門的資本設備部分，鑽井、生產和完井設備的銷售增加，足以抵銷風力渦輪機安裝船的年收入下降。

Fourth quarter bookings remained strong with the segment posting a book-to-bill of 121%. Backlog ended 2024 at $4.43 billion, up 7% from year-end 2023 despite the negative impact of strengthening US dollar had on our heavily international market weighted backlog.

第四季的預訂量依然強勁，該部門的訂單出貨比達到 121%。2024 年底積壓訂單額為 44.3 億美元，較 2023 年底成長 7%，儘管美元走強對我們佔很大比重的國際市場積壓訂單產生了負面影響。

Revenue in our offshore production-oriented businesses, improved slightly year-over-year, with higher progress on process system projects, partially offset by a decline in our subsea flexible pipe operation, after an extraordinarily strong Q4 of 2023.

在經歷了 2023 年第四季度異常強勁的表現後，我們的海上生產型業務的收入同比略有改善，工藝系統項目進展加快，但被海底柔性管道業務的下滑部分抵消。

Outlook for offshore production offerings remains very strong. We secured new orders for equipment packages associated with three new build FPSOs that will operate in Brazil and West Africa. The scope includes advanced natural gas dehydration, CO2 handling, and produced water treatment systems.

海上生產前景依然強勁。我們獲得了與三艘將在巴西和西非運營的新建 FPSO 相關的設備包的新訂單。範圍包括先進的天然氣脫水、二氧化碳處理和採出水處理系統。

Our Subsea flexible pipe business, had another strong bookings quarter, and backlog is at a record high, up 62% from the end of last year. Importantly, the backlog consists of projects with much improved pricing, which would drive meaningfully higher margins for the operation in 2025.

我們的海底柔性管道業務又迎來了一個強勁的訂單季度，積壓訂單量創歷史新高，比去年年底增長了 62%。重要的是，積壓項目包括定價大幅改善的項目，這將在 2025 年顯著提高營運利潤率。

Sales of Intervention & Stimulation capital equipment, improved high single-digits over the fourth quarter of 2023. With strong sales of coiled tubing and wireline equipment in the Middle East, more than offsetting a sharp decrease in demand, for pressure pumping equipment in North America.

幹預和刺激資本設備的銷售額比 2023 年第四季成長了高個位數。中東地區連續油管和電纜設備銷售強勁，足以抵銷北美壓力幫浦設備需求的急劇下降。

As activity declines and operators are doing more with less, we expect to see more attrition of the service equipment base, over the next couple of quarters, before our customers will need to resume replacing worn-out assets, with our latest generation of equipment, which offers greater operational efficiencies and a lower total cost of ownership.

隨著活動的減少和運營商以更少的資源做更多的事情，我們預計在接下來的幾個季度中，服務設備基礎的損耗會更大，然後我們的客戶將需要用我們最新一代的設備重新更換破舊的資產，這些設備可以提供更高的運營效率和更低的總擁有成本。

While rig curtailments in conventional Saudi fields, are causing some cautiousness, we expect the Middle East region will continue to be a solid source of demand, for completion equipment that is needed to feed the development, of the service-intensive unconventional plays that is now underway.

儘管沙烏地阿拉伯傳統油田的鑽機削減引發了一些謹慎情緒，但我們預計中東地區將繼續成為完井設備的穩定需求來源，這些設備將為目前正在進行的密集型非常規油田的開發提供動力。

Revenue from drilling capital equipment grew mid-single digits year-over-year, due to increased progress on offshore projects, including a 20,000 psi BOP upgrade, we announced in 2024. And we continue to execute well on our sizable backlog of newbuild rigs in Saudi, where we recently delivered our 10th rig.

由於海上專案進展加快，包括我們在 2024 年宣布的 20,000 psi BOP 升級，鑽井資本設備收入年增了中等個位數。我們在沙烏地阿拉伯大量新建鑽井平台的訂單執行情況良好，最近我們向沙烏地阿拉伯交付了第 10 座鑽井平台。

Our operations remain busy building equipment for offshore upgrades, and we recently booked a drilling equipment package for a new jackup rig, but the outlook for rig equipment looks modest in 2025.

我們的業務仍然忙於建造海上升級設備，最近我們預訂了用於新自升式鑽井平台的鑽井設備包，但 2025 年鑽井設備的前景看起來並不樂觀。

As Clay mentioned, we expect revenues to decrease in the low single-digit percent range in 2025, due to the offshore wide space and macroeconomic uncertainties. Longer term, we see building pent-up demand for high-spec rigs in emerging international unconventional basins, and more opportunities to upgrade offshore rigs with the latest capabilities.

正如克萊所提到的，由於海上廣闊空間和宏觀經濟的不確定性，我們預計 2025 年收入將下降至個位數的低百分比範圍。從長遠來看，我們看到新興國際非常規盆地對高規格鑽井平台的需求正在不斷增長，並且有更多機會利用最新功能升級海上鑽井平台。

Our Marine and Construction business experienced a steady decline in revenues through 2024, as higher revenue from pipe and cable lay vessels, could not offset the completion of WTIV projects that occurred through the course of the year.

到 2024 年，我們的海洋和建築業務收入將持續下降，因為管道和電纜鋪設船的收入增加無法抵消全年完成的 WTIV 專案。

While orders for WTIVs have been somewhat sparse over the last two years, our customers in Western Europe continue to project a shortage of vessels by 2028, and are beginning to initiate tenders with shipyards giving us optimism that we can realize a couple of orders during 2025.

雖然過去兩年風力渦輪機載運輸船 (WTIV) 的訂單有些稀少，但我們在西歐的客戶仍然預測到 2028 年將出現船舶短缺，並開始與造船廠進行招標，這讓我們樂觀地認為我們可以在 2025 年期間實現幾個訂單。

We also see the potential for additional pipelay vessels, and expect demand for cranes and deck machine rates remain solid. With increasing macroeconomic and geopolitical uncertainty, we expect the Energy Equipment segment to realize a slightly larger than usual seasonal decline, resulting in revenue that will be down 3% to 5% year-over-year, with margins improving between 150 to 250 basis points to yield EBITDA in the range of $135 million to $150 million.

我們還看到了增加舖管船的潛力，並預計對起重機和甲板機械的需求將保持穩定。隨著宏觀經濟和地緣政治不確定性的增加，我們預計能源設備部門將出現比往常略大的季節性下滑，導致營收年減 3% 至 5%，利潤率將提高 150 至 250 個基點，EBITDA 將在 1.35 億美元至 1.5 億美元之間。

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

現在，我們將開始提問

(Operator Instructions)

（操作員指示）

Jim Rollyson from Raymond James.

雷蒙德詹姆斯公司的吉姆羅利森。

Hi, good morning guys and nice way to finish off the year, especially on the free cash flow side.

大家早安，這是一個結束一年的好方法，特別是在自由現金流方面。

Thank you Jim.

謝謝你，吉姆。

Clay, you went through a lot of puts and takes, as you kind of built up to a basically flat revenue year for 2025, as kind of your current outlook, but you guys have stated margins for a whole bunch of reasons should improve. If I kind of start with 1Q guidance, where midpoint of that is, kind of a 65 basis point improvement year-over-year in margins.

克萊，您經歷了很多的取捨，因為您制定的 2025 年收入年度基本持平，這是您目前的展望，但您表示，出於多種原因，利潤率應該會提高。如果我從第一季的指引開始，那麼其中點是利潤率年增 65 個基點。

Just trying to get to, how are you thinking about the magnitude of margin increase, based on where your backlog sits and the pricing that's embedded there, and what you guys have done internally on cost and efficiencies, et cetera, like what kind of magnitude of year-over-year margin are you thinking that's going to look like at this stage?

只是想了解一下，根據您的積壓訂單情況和其中嵌入的定價，以及您在成本和效率等方面所做的內部工作，您如何考慮利潤率的增長幅度，例如，您認為在現階段，同比利潤率的幅度會是什麼樣的？

Well, first, Jim, you're right in pointing out, there are a lot of puts and takes, or some emerging headwinds that get in the way, of some of the margin improvements. But nevertheless, we're optimistic margins should continue to rise in 2025. First, I'd point to a clear success that we're achieving in energy equipment that, group's margins up over 300 basis points year-on-year for Q4. Q1 through Q4, rose from 10.1% to 14.4%.

嗯，首先，吉姆，你說得對，利潤率的提高面臨許多不利因素，或者說是一些新出現的阻力。但儘管如此，我們仍然樂觀地認為利潤率在 2025 年將繼續上升。首先，我想指出我們在能源設備方面取得的明顯成功，集團第四季的利潤率年增了 300 個基點以上。第一季至第四季度，從 10.1% 上升至 14.4%。

The better margins in backlog, the costs that they've taken out, the normalization of the supply chain have all contributed to that. We expect further improvement in margins out of backlog, as we move into the first part of 2025, and the completion of some margin challenge projects that we've been dealing with, for the past couple of years. And so really good momentum in that group, and that's going the right way.

積壓訂單的利潤率更高、成本降低、供應鏈正常化都對此做出了貢獻。我們預計，隨著我們進入 2025 年上半年，積壓訂單的利潤率將進一步提高，並且過去幾年我們一直在處理的一些利潤率挑戰項目的完成也將得到改善。因此該集團的勢頭確實很好，而且正在朝著正確的方向發展。

We do expect revenue for that group, to be down a tad in 2025. And so, that's a bit of a headwind, but nevertheless, the expectation is they're going to overcome that. The real challenge has been in energy products and services. And we faced some - more challenging market conditions, within that segment in 2024. Those are likely to persist in 2025.

我們確實預計該集團的收入在 2025 年會略有下降。所以，這有點不利，但儘管如此，我們期望他們能夠克服這一點。真正的挑戰在於能源產品和服務。2024 年，我們在該領域面臨更具挑戰性的市場條件。這些情況很可能持續到2025年。

The group is much more exposed to North America, and I think 52% of our mix in Q4 in that segment is North America. And so rig count down 9% year-over-year, certainly been a headwind. They've also faced some mix challenges year-over-year. For the fourth quarter, we saw drill pipe volumes way down for the full year, down about 20% for Q4-to-Q4, down something like almost a third. And it's a high fixed cost type business.

該集團在北美的業務更為活躍，我認為第四季度該板塊的 52% 來自北美。因此鑽井數量年減 9%，無疑是個阻力。他們每年也都面臨一些混合挑戰。第四季度，我們看到全年鑽桿產量大幅下降，季減約 20%，降幅接近三分之一。這是一種高固定成本類型的業務。

And so one of the steps towards improving margins, is working on the cost of manufacturing drill pipe. And so there's a number of initiatives underway there, to improve our workflows at our plant here in Navasota, Texas. And also reorganize our Asian manufacturing. And so, we'll see progress on that through the first half of 2025. The other area that we're very focused on improving costs in energy products and services, is within our Tuboscope business.

因此，提高利潤率的步驟之一就是降低鑽桿製造成本。因此，我們正在實施一系列舉措，以改善我們位於德克薩斯州納瓦索塔的工廠的工作流程。並重組我們的亞洲製造業。因此，我們將在 2025 年上半年看到這方面的進展。我們非常注重改善能源產品和服務成本的另一個領域是我們的 Tuboscope 業務。

It's seen lower volumes in North America, tied to the rig count. And also some opportunities to further debottleneck, its coating operations here on the Gulf Coast. And so it's moving to improve operations out of coating, which will drive better margins here. And very excited about kind of the outlook for improvements in that business. And so those are kind of two cost initiatives we have underway.

由於鑽井數量減少，北美的產量有所下降。同時也為進一步消除墨西哥灣沿岸塗層業務的瓶頸提供了一些機會。因此，該公司正在努力改善塗層以外的運營，這將帶來更高的利潤率。並且對該業務的改善前景感到非常興奮。這是我們正在進行的兩項成本措施。

On the other side of the ledger for energy products and services. As we noted in our prepared remarks, we have a number of new products that we've introduced that are demonstrating real value to our E&P operators.

帳簿的另一邊是能源產品和服務。正如我們在準備好的演講中指出的那樣，我們推出了許多新產品，這些產品對我們的 E&P 營運商來說具有真正的價值。

And if you focus in on our downhole tools offerings, for example, our bits offerings. We are introducing new products, with a significant double-digit price premium.

如果您關注我們的井下工具產品，例如我們的鑽頭產品。我們正在推出新產品，其價格溢價幅度高達兩位數。

That also have lower operating costs for us, and so they're very accretive to our margins, and we're continuing to grow those in response to market demand. And so, if we can continue to shift the mix of our offering, and EPS over towards those more accretive, higher-margin products, that's going to help margins in 2025. And then the last thing I'd point to, is we're seeing good demand for our downhole wire drill pipe, downhole broadband services.

這也降低了我們的營運成本，因此它們對我們的利潤率有很大的增值作用，而且我們會根據市場需求繼續增加利潤。因此，如果我們能夠繼續將產品組合和每股盈餘轉向那些更具增值性、利潤率更高的產品，這將有助於提高 2025 年的利潤率。最後我想指出的是，我們看到井下有線鑽桿、井下寬頻服務的需求良好。

And we've been carrying some start-up costs, around a number of rig spuds that we expect. Some of those have pushed to the right a bit, not related to our service, but for other reasons. Those are going to work now. We expect the volume in that area to pick up. And so we'll do a better job absorbing some of the costs of that in 2025, as those programs get underway.

我們一直在承擔一些啟動成本，大約涉及我們預計的一些鑽井平台。其中一些已經向右推了一點，這與我們的服務無關，而是由於其他原因。這些現在就可以發揮作用了。我們預計該地區的銷量將會回升。因此，隨著這些計畫的實施，我們將在 2025 年更好地吸收部分成本。

And so that's kind of a tailwind, within energy products and services. And as I think either I or Jose noted a few minutes ago, we do expect share gains despite kind of a flattish environment, and a lot of puts and takes. We expect share gains to drive a little bit of revenue growth in Energy Products & Services, to more or less offset the declines in energy equipment.

因此，這對能源產品和服務來說是一種順風。我認為我或 Jose 幾分鐘前就指出過，儘管環境較平淡，而且有很多買賣，但我們確實預計股價會上漲。我們預計，股價上漲將推動能源產品和服務業務收入略有成長，或多或少抵消能源設備業務收入的下滑。

And if you add all that up, and this might be a Jose question, does that kind of give you a 50 to 100 basis point type of potential margin improvement year-over-year do you think? Or is that too high?

如果你把所有這些加起來，這可能是 Jose 的問題，你認為這是否會為你帶來 50 到 100 個基點的潛在利潤率同比提高？或者說太高了？

Jim, I think - I mean, ultimately, we'll have to see what kind of market, presents itself through the course of 2025, still a whole lot of macroeconomic and geopolitical uncertainty for the year. But your assumption is not unreasonable, probably somewhere between 50 to 150 basis point possibility for '25. So we'll see that. Don't take that as official guidance other than to say, you're not being unreasonable in terms of your assumption.

吉姆，我認為——我的意思是，最終，我們必須看看 2025 年會出現什麼樣的市場，這一年仍然存在著許多宏觀經濟和地緣政治的不確定性。但您的假設並非不合理，對於 25 年來說，可能性大概在 50 到 150 個基點之間。所以我們會看到這一點。請不要將其視為官方指導，只是說您的假設並非不合理。

No, that's helpful. It's kind of a bracket. And then maybe just to add one more - you guys have obviously done a lot on the free cash flow, and working capital side of things and posted really good, really strong numbers for the year.

不，這很有幫助。它就像一個括號。然後也許再補充一點——你們顯然在自由現金流和營運資金方面做了很多工作，並公佈了今年非常好、非常強勁的業績。

And as you alluded, you're not going to keep getting those gains necessarily. But as we think about that continued 50% free cash flow plus flow-through from EBITDA, and how you think about that as far as returning capital.

正如您所暗示的，您不一定會繼續獲得這些收益。但是，當我們考慮持續 50% 的自由現金流加上 EBITDA 的流動時，您如何看待這一點對於資本回報的影響。

I know the 50% number is kind of the baseline bogey. But if I remember right, Jose, when we were on the road a few months ago, you were kind of thinking maybe that number get a bit better, in terms of your share of capital returns going to '25, because you've got visibility now that the working capital, has done what we wanted to do, the balance sheet is where you want it to be, et cetera. Maybe just spend a minute on kind of, how you're thinking about the level of return of capital, as you look in '25 and maybe even beyond?

我知道 50% 這個數字是底線標準。但是如果我沒記錯的話，何塞，幾個月前當我們在路上時，你有點想，也許這個數字會變得更好一些，就你的資本回報份額而言，將達到 25%，因為你現在已經知道營運資本已經完成了我們想要做的事情，資產負債表也達到了你想要的水平，等等。也許您只需要花一點時間來思考一下，您如何看待 25 年甚至更久以後的資本回報率？

Good question, Jim. Yes. So at the beginning of last year, when we unveiled our return of capital program, one of the reasons why we did it is as we sort of look forward over the next three, four years, we saw a prolonged recovery cycle that, would obviously have some ups and downs during the course of the way. But our view was and remains that we're still in a fairly early portion, of the recovery cycle.

問得好，吉姆。是的。因此，在去年年初，當我們公佈資本回報計劃時，我們這樣做的原因之一是，展望未來三四年，我們看到一個長期的復甦週期，在這個過程中顯然會有一些起伏。但我們過去和現在的觀點是，我們仍處於復甦週期的相當早期的階段。

And that we should see a little bit less volatility, over the next several years. And that, combined with significantly improved profitability, the rapid healing of the global supply chain that gave us a tremendous amount of confidence that, we're going to get back to our old ways of being, a low capital intensity business that would throw off a tremendous amount of free cash flow.

未來幾年，我們應該會看到波動性減弱。再加上獲利能力的顯著提高和全球供應鏈的快速修復，我們非常有信心，我們將恢復到以前的經營方式，即低資本密集度的業務，從而產生大量的自由現金流。

So we were very confident with our statement that we would convert at least 50%, of our EBITDA to free cash flow over that time period. And we remain confident in that. Obviously 2024, things went a lot better than anticipated from a free cash flow conversion standpoint, particularly the fourth quarter. We had a lot of things go our way, things with the way that we thought they would, from a supply chain and inventory management standpoint.

因此，我們對我們的聲明非常有信心，我們將在那段時間內將至少 50% 的 EBITDA 轉化為自由現金流。我們對此仍然充滿信心。顯然，從自由現金流轉換的角度來看，2024 年的情況比預期好得多，尤其是第四季。從供應鏈和庫存管理的角度來看，很多事情都按照我們的預期進行。

Lot of teams around the company, have been really focused on just getting better and capitalizing, on that healed global supply chain that went according to plan. Also, Q3 to Q4, we normally ship a lot of stuff out of the door, which helps us reduce inventory levels. And also usually has the result of reducing our costs in excess, or contract assets and our short-term assets on our balance sheet.

該公司的許多團隊都真正專注於改善和利用按計劃進行的修復後的全球供應鏈。此外，在第三季到第四季度，我們通常會運出大量貨物，這有助於我們降低庫存水準。並且通常也會導致我們資產負債表上的超額成本或合約資產和短期資產的減少。

That usually flips into a build in receivables, during the fourth quarter. But this time around, we had exceptional collections. And frankly, it's a result of one, some work by our teams, but two, the general improved health of our customer base, the vast majority of which is paying on time for the first time, in a while. So really, really healthy free cash flow in Q4, as a result of about a $397 million improvement in working capital from Q3 to Q4.

這通常會在第四季度轉化為應收帳款的增加。但這一次，我們的收藏品非常出色。坦白說，這首先歸功於我們團隊的一些努力，其次歸功於我們客戶群整體狀況的改善，其中絕大多數客戶都是一段時間以來第一次按時付款。因此，第四季度的自由現金流確實非常健康，這是由於從第三季到第四季度，營運資本增加了約 3.97 億美元。

Ended the year at about 25% working capital to revenue run rate, it's going to be challenging to eke out improvements in 2025. Still confident we're going to get better from an inventory management standpoint, but overall expectation is that working capital intensity will remain kind of flattish. And so that kind of gets us to - if you consider EBITDA or CapEx load or interest payments and tax.

截至年底，營運資本與營收的運作率約為 25%，要在 2025 年實現改善將是一項挑戰。我們仍然相信，從庫存管理的角度來看，情況會變得更好，但整體預期是營運資本強度將保持穩定。因此，如果您考慮 EBITDA 或 CapEx 負荷或利息支付和稅收，我們就會明白這一點。

You kind of get to conversion of EBITDA to free cash flow, a little bit north of 50%. So that's kind of what we feel like we'll be for 2025, and don't see any reason why that wouldn't continue to be the case, as we go forward in time. But ultimately, that kind of ties back to the market environment as well, top line growth rate, but feel really, really good about free cash flow generation going forward.

你可以將 EBITDA 轉換為自由現金流，略高於 50%。這就是我們對 2025 年情況的看法，隨著時間的推移，我們認為這種情況沒有理由不會繼續下去。但最終，這也與市場環境、營業額成長率有關，但對未來自由現金流的產生感覺非常非常好。

Now as it relates to our return of capital, as I mentioned in the prepared remarks, as a result of that, really strong free cash flow, we improved our cash balance by $414 million year-over-year. Our target of returning at least 50% of our excess free cash flow during the course of 2024, was set in order to help rebuild some of those cash balances that got a little lower than, where we wanted them to be at the end of last year.

現在，就我們的資本回報而言，正如我在準備好的評論中提到的那樣，由於強勁的自由現金流，我們的現金餘額比去年增加了 4.14 億美元。我們的目標是在 2024 年期間返還至少 50% 的超額自由現金流，這是為了幫助重建一些比我們去年年底希望的水平略低的現金餘額。

Cash balance is back up to where we think it should be. And so as we look at 2025, I would expect us to return the majority, the vast majority of our excess free cash flow to our shareholders, during the course of the year. So that's kind of the way, we're looking at things.

現金餘額已恢復到我們認為的水平。因此，展望 2025 年，我預計我們能夠在這一年內將大部分、絕大多數的超額自由現金流回饋給股東。這就是我們看待事物的方式。

I appreciate all that detail and I'll turn it back. Thank you guys.

我很感激所有這些細節，我會回覆的。謝謝你們。

You guys. Thanks, Jim.

你們。謝謝，吉姆。

Thank you. Our next question or comment comes from the line of Roger Read from Wells Fargo Securities. Mr. Read, your line is open.

謝謝。我們的下一個問題或評論來自富國證券的羅傑·里德 (Roger Read)。里德先生，您的線路已開通。

Hey, good morning, Roger Reed actually, but.

嘿，早上好，其實我是羅傑·里德，但是。

Whatever Roger, nice to hear from you, Roger.

不管怎樣，羅傑，很高興收到你的來信，羅傑。

Same, Clay. Hi, I'd like to come out, kind of how you're looking at the offshore markets. I mean, you mentioned I think it's well known, some white space and some of the drillers schedules. But as you're looking at what it might take to fill that, or what signs there are by, I think you said the latter half of the year might look a little better, for some of the equipment orders. What are some of the signs you're paying attention to? What should we be watching?

同樣，克萊。你好，我想問一下你對離岸市場的看法。我的意思是，您提到我認為這是眾所周知的，一些空白和一些鑽井工人的時間表。但是，當您考慮需要做些什麼來填補這個空缺，或者有哪些跡象時，我認為您說對於某些設備訂單來說，下半年的情況可能會好一些。您關注哪些跡象？我們該關注什麼？

Yeah, I would say it's interesting. Our - all of our drilling - offshore drilling contractor customers are talking about it and very focused on it. Some have said we're going to defer some projects that we were thinking about doing. And others have said, we're going to pull forward some projects we were thinking about doing, to sort of use this idle time to prepare our rigs for the upturn in 2026.

是的，我認為這很有趣。我們所有的鑽井——海上鑽井承包商客戶都在談論它並且非常關注它。有人說我們將推遲一些我們正在考慮的項目。其他人則表示，我們將提前考慮一些項目，利用這段閒置時間為我們的鑽井平台做好 2026 年經濟好轉的準備。

And so it's sort of a mixed bag out there, specifically, I'd point to a couple of rigs that are increasing their hook load capabilities that we won last quarter, Q3. We've had some additional orders for pipe handling and automation. It's being done kind of during the idle time. I would say, I think consensus out there, though, is that 2026 is going to be a much better year for contracting.

因此，這是一個混合體，具體來說，我想指出的是，我們在上個季度（第三季）贏得了幾個正在提高其吊鉤負載能力的鑽孔機。我們收到了一些管道處理和自動化的額外訂單。它是在空閒時間進行的。我想說的是，我認為大家的共識是，2026 年會是簽訂合約更好的一年。

As you're aware, but not everybody else may be, December was actually a pretty good month for contracting. And so contracting is down year-over-year, but - with respect to floaters, it's down something like 20%, so we made up a little ground in December. What I think it all speaks to though, is the fact that you've had some very economic discoveries, in these new basins around the world.

如您所知，但其他人可能不知道，十二月實際上是簽訂合約的好月份。因此，合約數量同比有所下降，但就浮動合約數量而言，下降了約 20%，因此 12 月我們略有回升。我認為這一切都說明，在世界各地的新盆地中，我們已經有了一些非常經濟的發現。

You now have natural gas as a viable economic target offshore, with the advent of offshore LNG. There's just a lot more activity going on offshore that's, led to higher FIDs. And as I noted earlier, $300 billion a year roughly in FIDs the past three years, for the offshore and the pipeline looks like it's still pretty full. We're doing a lot of feed studies on the production side for FIDs that, we think are coming up in the next couple of years.

隨著海上液化天然氣的出現，天然氣現在已成為海上可行的經濟目標。海上活動越來越多，導致最終投資決定 (FID) 更高。正如我之前提到的，過去三年，每年用於海上和管道建設的最終投資決定 (FID) 金額約為 3000 億美元，看起來仍然相當充裕。我們正在為最終投資決定 (FID) 進行大量生產的飼料研究，我們認為這些研究將在未來幾年內出現。

And so there's drilling to be done out there. It's just sort of one part of the supply chain slowing, which is drilling, when activity is slowing down a bit, to a lot of the other part of the supply chain, which is the FPSOs to get caught up, and come online and kind of matching those activities together. I think that's the root cause, of the white space phenomenon.

因此需要在那裡進行鑽探。這只是供應鏈的一部分（即鑽探）放緩的表現，當活動放緩時，供應鏈的許多其他部分（即 FPSO）就會跟上進度，並上線並將這些活動匹配在一起。我認為這就是空白現象的根本原因。

And so there's a lot of discussion out there, I know offshore drillers are in the aggregate saying they're reducing their CapEx in 2025, well aware of that. I just want to point out that their CapEx spans a lot of different activities beyond what NOV sells to them. If I share with you kind of a snapshot, of what we see today versus what we saw last year, it's actually pretty flat.

因此有很多討論，我知道海上鑽井商總體上表示他們將在 2025 年減少資本支出，他們很清楚這一點。我只是想指出，他們的資本支出涵蓋了 NOV 向他們銷售的產品以外的許多不同活動。如果我與你們分享一張快照，對比一下我們今天看到的情況與去年看到的情況，你會發現它們實際上相當平緩。

So the number of rigs that we're working on a number of projects that, we're working on is basically flat, with where it was last year. 53 rigs right now versus 55 last year. The number of projects we're discussing, with our customers upcoming is a little over 100 now. It was a little over 100 last year. And so, we haven't seen a big diminishment in demand tied to the white space phenomenon yet.

因此，我們正在進行的多個項目中的鑽機數量與去年基本持平。目前有 53 台鑽孔機，而去年有 55 台。目前，我們正在與客戶討論的項目數量略多於 100 個。去年這個數字略高於100。因此，我們尚未看到與空白現象相關的需求大幅減少。

Other than as we've noted, spare parts orders in the fourth quarter fell - once again, they fell in the third quarter, too. But in January, they picked back up. And the good news is our rig aftermarket business in the fourth quarter, was able to replace almost all of that with additional service and repair revenues. And so sequentially, I think our aftermarket really aftermarket business was down only 1%.

除了我們已經注意到的以外，第四季度的備件訂單量下降了——第三季的備件訂單量也再次下降了。但到了一月份，情況又恢復了。好消息是，我們第四季度的鑽機售後市場業務幾乎能夠透過額外的服務和維修收入來彌補所有這些損失。因此，我認為我們的售後市場業務實際上僅下降了 1%。

A little more color on this. The projects we're working on, and I think Jose talked about this earlier. We're seeing a higher mix of SPSs versus reactivation. Generally, the SPS recertifications are lower revenue opportunities for us. But the good news is mix of longer term, meaning 10-year and 15-year SPS is much, much higher and fewer five-year SPS.

對此進行更多的色彩處理。我們正在進行的項目，我想 Jose 之前已經談過這個了。我們看到 SPS 與重新活化的混合比例更高。一般來說，SPS 重新認證對我們來說是較低的收入機會。但好消息是長期的混合，這意味著 10 年期和 15 年期的 SPS 要高得多，而 5 年期的 SPS 則要少得多。

And the magnitude of expenditures with NOV, on a 10-year SPSs is double for drillship, what it is on a five-year SPS. And a 15-year SPSs, is some multiple the five-year. And so anyway, it's - there's a lot of information in there. But right now, we are sort of expecting our rig business, to be down a little bit with the white space. Production continues to go up.

對於鑽井船而言，10 年期 SPS 的 NOV 支出金額是 5 年期 SPS 的兩倍。15 年期的 SPS 是 5 年期的數倍。無論如何，裡面有很多資訊。但目前，我們預計鑽機業務會因市場空白而略有下滑。產量持續上升。

A lot of great highlights this quarter, with respect to orders and activity in the FPSO world, and NOV in the last several years has added a lot of market-leading products, to be able to help our customers execute those projects. And so hopefully, that answers your question.

本季在 FPSO 領域的訂單和活動方面有很多亮點，NOV 在過去幾年中增加了許多市場領先的產品，以便能夠幫助我們的客戶執行這些項目。希望這能回答你的問題。

No, it is helpful. I appreciate it. And given the depth of the answer, I'm going to turn it back to you all rather than a hammer another question there. Thanks, guys.

不，這很有幫助。我很感激。考慮到答案的深度，我將把它交還給你們所有人，而不是在那裡提出另一個問題。謝謝大家。

Thank you.

謝謝。

Thank you. And my apologies, Mr. Read. The next question or comment comes from the line of Dan Kutz from Morgan Stanley. Mr. Kutz, your line is open.

謝謝。我很抱歉，里德先生。下一個問題或評論來自摩根士丹利的丹·庫茨 (Dan Kutz)。庫茨先生，您的線路已開通。

Hey, thanks a lot. Good morning.

嘿，非常感謝。早安.

Good morning, Dan.

早上好，丹。

So I just - I wanted to ask a question that's kind of posed similarly, to the consolidated revenue question earlier, but in reference to backlog and book-to-bill in orders in 2025, I guess you guys have given us a ton of components, but if you had to roll everything up on a consolidated basis just directionally, where would you point us, from kind of a book-to-bill perspective?

所以我只是 - 我想問一個與之前合併收入問題類似的問題，但關於 2025 年的積壓訂單和訂單出貨比，我想你們已經給了我們大量的組成部分，但如果您必須在合併的基礎上將所有內容匯總起來，從方向上講，從訂單出貨比的角度來看，您會給我們指明什麼方向？

Yeah, Great question. We're coming off of a lot of momentum. So Q4 book-to-bill 121%, full year book-to-bill 122%. I think the fourth straight year of growing our backlog, so a lot of demand. But as you correctly note, it comes from a lot of different sources. So as we look to 2025, I think demand for pressure pumping stimulation equipment in North America is certainly going to be challenged.

是的，很好的問題。我們正獲得巨大的發展動能。因此第四季訂單出貨比為 121%，全年訂單出貨比為 122%。我認為我們的積壓訂單連續第四年增加，因此需求很大。但正如您正確指出的那樣，它來自許多不同的來源。因此，展望 2025 年，我認為北美對壓力幫浦增產設備的需求肯定會面臨挑戰。

Hopeful that as we get deeper into the depletion of horsepower assets here, later in the year, that turns around, but tougher here. On the other hand, good demand for stimulation equipment in these emerging unconventional plays in South America, and in the Middle East helping offset that somewhat. I just talked a lot about offshore drilling in 2025.

希望隨著我們在今年稍後進一步了解馬力資產的枯竭情況，情況會有所好轉，但難度會更大。另一方面，南美和中東等新興非常規油氣田對刺激設備的需求旺盛，在一定程度上抵消了這種影響。我剛剛談了很多關於2025年的海上鑽井問題。

And so directionally, that may be challenging as well. Although we were pleased to win a jackup rig package in Q4. And so that helped a lot with respect, to orders in that area. We'll see how 2025 shakes out. We continue to be most excited about our production equipment into the deepwater, and strong market positions in the supply of subsea flexible pipe and gas processing systems in chokes, valves, manifolds, the whole litany of components that we sell into that.

因此從方向上看，這可能也具有挑戰性。儘管我們很高興在第四季度贏得了自升式鑽井平台合約。這對該地區的訂單有很大幫助。我們將拭目以待 2025 年將如何發展。我們對我們的深水生產設備以及我們在海底柔性管道和節流閥、閥門、歧管等天然氣處理系統供應方面的強大市場地位感到非常興奮，我們向這些系統銷售各種零件。

A lot of feed studies underway, a lot of activity underway. So I think good momentum going into 2026. As already executed FIDs to kind of move through the planning, the PO placement process with the EPCs there. What we don't talk as much about now that could be a real turnaround in 2025, is our wind turbine installation vessel business. That business has been pretty slow in orders the last couple of years.

許多飼料研究正在進行中，許多活動正在進行中。所以我認為2026年將會有良好的勢頭。由於已經執行了 FID 以推進規劃，因此 PO 放置流程與 EPC 一起進行。我們現在談論得較少但可能在 2025 年實現真正轉變的是我們的風力渦輪機安裝船業務。過去幾年，該業務的訂單量一直很低迷。

I think in 2024, we had one vessel Jose. And in 2025, we have a number of conversations underway. There's a consensus out there that there'll be a shortage of those vessels in 2027, 2028, and the participants in that construction sector, are looking at placing orders for new vessels in 2025, to be able to sell into that market at that time. And so, we expect a couple of WTIV orders this year, which will help reload that backlog.

我認為在 2024 年，我們將有一艘船 Jose。到 2025 年，我們將進行一系列對話。人們一致認為，2027 年、2028 年這些船舶將出現短缺，而該建築業的參與者正在考慮在 2025 年訂購新船，以便能夠在那時銷往該市場。因此，我們預計今年將有幾筆 WTIV 訂單，這將有助於補充積壓訂單。

And we've seen actually pretty good continuing good demand, for cable lay vessels. To basically wire up these offshore wind farms that, are still being developed in Europe and in particular, inter-array cable vessels, which connect the individual turbines between each other. And so, I think wind actually as a source of orders in 2025, is going to turn around and be pretty good.

事實上，我們看到電纜敷設船的需求持續良好。基本上就是將這些仍在歐洲開發的離岸風電場連接起來，特別是將各個渦輪機相互連接的陣列間電纜船。因此，我認為，到 2025 年，風能作為訂單來源之一，將會好轉，而且表現相當不錯。

In addition to that, rising demand for construction vessels broadly as well, including a number that are adding sort of cable lay optionality to their designs. And so hopefully, that addresses your question, Dan. Again, a lot of puts and takes in there, but the good news is the diversity of NOV's offering into all those different market segments help us - helps us offset softness in one particular area with strengths in others.

除此之外，對施工船舶的需求也在不斷增長，其中包括一些在設計中增加了電纜敷設可選性的船舶。希望這能回答你的問題，丹。再次，這其中有很多投入和收穫，但好消息是，NOV 為所有不同細分市場提供的多樣化產品對我們有幫助 - 幫助我們透過其他領域的優勢來抵消某一特定領域的疲軟。

Yes, That's all super helpful. Maybe just one on kind of shareholder returns, and your thoughts around capital allocation. I guess could you just talk through some of the puts and takes of the decision, to have the kind of 50% true-up for total shareholder returns, be a supplemental dividend versus maybe the optionality to say, we'll true up to 50%, but component could be supplemental dividend, component could be incremental buybacks. Can you just talk about the thought process in coming to that decision? Thanks.

是的，這一切都非常有幫助。也許只是關於股東回報的一種，以及您對資本配置的想法。我想您能否簡單談談這個決定的利弊，即實現 50% 的實際股東總回報，作為補充股息，還是可選擇的，比如說，我們將實際回報率提高到 50%，但一部分可能是補充股息，一部分可能是增量回購。您能談談做出這個決定的思考過程嗎？謝謝。

Yeah, Dan, it's Jose. So look, we wanted to unveil a return of capital framework that was very clear in terms, of what we would do and the decisions that we would make. And so, we intentionally put in place the supplemental dividend concept, in order to hold us accountable to meet the minimum threshold that, we set to the Street. And so we very much intend to live up to that.

是的，丹，我是何塞。所以，我們想要公佈一個資本回報框架，這個框架在我們將要做什麼以及我們將要做出什麼決定方面非常明確。因此，我們特意實施了補充股息的概念，以便我們能夠達到我們向華爾街設定的最低門檻。因此，我們非常希望實現這一目標。

And so if you do the math, that puts in place an expectation where we should have a supplemental dividend in the order of magnitude of $80 million, in the first half of 2025. We're not firmly stating that at this point, because obviously, we need Board approval to move things forward, or change anything around, but we intend to live up to that commitment.

如果你算一下，你會發現我們預計在 2025 年上半年將有 8,000 萬美元左右的補充股息。我們目前還不能堅定地表明這一點，因為顯然我們需要董事會的批准才能推動事情向前發展或改變任何事情，但我們打算履行這項承諾。

As we go forward in time through the course of 2025, with where the share price has been and where it is today. We think that it is a compelling value, and still anticipate being pretty aggressive, as it relates to share buybacks. We significantly stepped up or share buybacks in Q4 stepped into it, fortunately, as the market for whatever reason, had a big downdraft in December. So we ended up average share price below $15 per share.

隨著時間推移到 2025 年，我們可以看到股價過去和現在的趨勢。我們認為它具有引人注目的價值，並且仍然預計它會非常激進，因為它與股票回購有關。我們在第四季大幅加大了股票回購力度，幸運的是，由於某種原因，市場在 12 月出現了大幅下滑。因此，我們最終的平均股價低於每股 15 美元。

So we think, we'll look back in the future and really good, feel really good about that. And like I said, even at current values, we think that the stock value is compelling. So anticipate continuing to be pretty aggressive, with share buybacks. But the framework is what it is. We're going to live with it. We're going to live up to it, and think it strikes a really nice balance for our shareholders.

所以我們認為，當我們回顧過去時，我們會感到非常高興，感覺非常好。正如我所說的，即使以當前價值計算，我們也認為股票價值具有吸引力。因此，預計股票回購將繼續保持相當積極的勢頭。但框架就是框架。我們會忍受它。我們將履行這項承諾，並認為這將為我們的股東帶來非常好的平衡。

Great, that's really helpful context. I'll turn it back. Thanks. Agai Thank you.

太好了，這確實很有幫助。我會把它轉回去。謝謝。再次謝謝你。

Waqar Syed from ATB Capital Markets.

Waqar Syed 的 ATB Capital Markets。

Thanks for taking my question. Clay or Jose, natural gas is a pretty key theme these days in North America. And if activity for natural gas takes over or North America production grows because of LNG, or because of gas-fired power plants, how does NOV benefit? Do you provide services? Obviously, we're aware of the services on the products on the D&C side. But could you highlight some of the other products that, you could be selling into the midstream market, or for power generation or LNG?

感謝您回答我的問題。不管怎樣，天然氣是當今北美的關鍵主題。如果天然氣活動佔據主導地位，或者北美產量因液化天然氣或燃氣發電廠而增長，那麼 NOV 將如何受益？你們提供服務嗎？顯然，我們了解 D&C 方面的產品服務。但是，您能否重點介紹一下您可以向中游市場、發電市場或液化天然氣市場銷售的其他一些產品？

You bet Waqar. Good question and nice to hear from you this morning. If you look at, for example, the Haynesville as a source of gas, we're hopeful that in the back half of 2025 as LNG exports come more into focus Haynesville activity picks up, other gas drilling picks up across North America. It all starts with horizontal drilling, better bits, better downhole tools.

當然，瓦卡爾。這個問題問得好，很高興今天早上收到您的來信。例如，如果將海恩斯維爾視為天然氣來源，我們希望在 2025 年下半年，隨著液化天然氣出口更加受到關注，海恩斯維爾的活動將回升，北美其他天然氣鑽探活動也將回升。一切都始於水平鑽井、更好的鑽頭、更好的井下工具。

We merged as really a strong technical leader in those areas, to enable longer laterals with respect to pressure pumping. We're a major provider of pressure pump being coiled tubing completion tools that, help enable that production, the leader in production chokes for those wells, are composite flexible flow lines, again, a market leader in that space.

我們合併後成為這些領域真正強大的技術領導者，從而能夠在壓力泵送方面實現更長的水平井。我們是壓力泵、連續油管完井工具的主要供應商，這些工具有助於實現生產，我們是這些油井生產節流閥的領導者，是複合柔性流線，同樣，我們是該領域的市場領導者。

So we really participate mostly on the upstream side of it. With respect to midstream. We do sell some valves, and traps and other things, to the pipeline industry as well. But and then in addition to all that, I would add natural gas dehydration, NOV is the global leader in provision of monoethylene glycol processes, to dehydrate gas and process gas. And so, there's so many critical components that go into gas production in North America the NOV is a market leader in.

所以我們實際上主要參與其上游部分。關於中游。我們也向管道業銷售一些閥門、疏水閥和其他產品。但除此之外，我還要補充一點，天然氣脫水，NOV 是全球領先的單乙二醇製程供應商，可以對天然氣和製程氣體進行脫水。因此，北美天然氣生產所需的關鍵零件很多，而 NOV 是該市場的領導者。

And we certainly benefit from an uptick in natural gas drilling in North America. And again, hopeful that projections for more natural gas activity and production, related to power demand and related to LNG exports, out of the United States will drive a recovery in that area here later in 2025.

我們確實受益於北美天然氣鑽探的成長。再次，希望對美國天然氣活動和產量的預測（與電力需求和液化天然氣出口相關）能夠在 2025 年下半年推動該地區的復甦。

Hey, Waqar just to add a couple of things. And so, we're pretty excited about the appetite and sort of the re-recognition that gas is going to be a transition fuel. I think the world is sort of realizing the importance of gas, as it relates to powering a lot of the global economy going forward, the base economy as well as all the need for additional incremental sources of power to feed the AI machine.

嘿，Waqar，我只想補充幾點。因此，我們對天然氣將成為過渡燃料的需求和重新認識感到非常興奮。我認為世界正在逐漸意識到天然氣的重要性，因為它關係到未來全球經濟的很大一部分動力、基礎經濟以及為人工智慧機器提供額外增量能源的需求。

And just a couple of other things related to LNG obviously, everything that Clay talked about, just a couple of tag-on items. As it relates to FLNG, our processing systems for all the gas treatment has been a real source of really good bookings as of late, as we look forward over the next couple of quarters that, will continue to be a source of strength. And some of the things that we don't talk about a whole lot related to subsea yokes.

顯然，還有一些與液化天然氣有關的事情，克萊談到的所有內容，只是一些附加項目。就 FLNG 而言，我們用於所有氣體處理的處理系統最近已成為真正良好訂單的真正來源，我們期待在接下來的幾個季度中，這將繼續成為我們的力量來源。我們很少談論與海底軛相關的一些事情。

And mooring systems and things of that nature that are necessary for the transport offloading, and shipping of the large qualities of natural gas, are also a big component of some of the things that we're booking right now. So there's a lot of areas, where we are really heavily with the entire LNG chain. So we're excited about the opportunities in front of us related to it.

運輸卸載和運輸大量天然氣所必需的繫泊系統和類似的東西也是我們目前預訂的一些項目的重要組成部分。因此，我們在許多領域都與整個液化天然氣鏈密切相關。因此，我們對擺在我們面前的與此相關的機會感到非常興奮。

Thank you. Just on the Middle East jackup that you booked. Would it be safe to assume that there could be an order one a year type order coming in for the next couple of years? Or do you see this to be one-off type jackup package?

謝謝。就在您預訂的中東自升式鑽井平台上。是否可以安全地假設未來幾年可能會出現每年一次的訂單？還是您認為這只是一次性的自升式鑽井平台？

I'm going to be careful. I don't want to overstate this. I do think there will be future orders. This is a jackup that's being constructed in the Kingdom. In a newly constructed shipyard in the Kingdom. And so I do believe that this isn't the last rig that, that shipyard will build. But I'm going to beg off predicting a date, or any specificity around future orders. We're very pleased to land this one.

我會小心的。我不想誇大這一點。我確實認為未來會有訂單。這是一座正在沙烏地阿拉伯建造的自升式鑽井平台。在王國新建的造船廠中。因此我相信這不是該船廠建造的最後一座鑽井平台。但我不會預測日期，或任何有關未來訂單的具體資訊。我們很高興能獲得這個機會。

And very focused on executing it well and confident that we will. And hopeful that our customer there, and other customers place additional orders for jackups. But I'd say happy to win this one and hopeful that we will win future orders, but I'm going to not tell you a particular quarter or a year.

我們非常專注於做好執行工作，並且有信心我們能夠做到。並希望我們那裡的客戶和其他客戶能夠下達更多自升式鑽井平台的訂單。但我會說很高興贏得這個訂單，並希望我們能夠贏得未來的訂單，但我不會告訴你具體的季度或年份。

Sounds good. Well, thank you very much for your comments. Appreciate it and best of luck.

聽起來不錯。嗯，非常感謝您的評論。非常感謝，祝你好運。

Thank you.

謝謝。

Thank you. I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to management for any closing remarks.

謝謝。目前隊列中沒有顯示其他問題。我想將會議交還給管理階層，請他們發表結束語。

Thank you, Howard, and thanks to all of you for joining us today. We look forward to discussing our first quarter 2025 results with you in April, and we wish you all a very Happy Wednesday. Operator, we can disconnect now.

謝謝你，霍華德，也謝謝大家今天的參與。我們期待在四月與您討論我們的 2025 年第一季業績，並祝大家週三快樂。接線員，我們現在可以斷開連接了。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。祝大家有美好的一天。