國民油井華高 (NOV) 2025 Q1 法說會逐字稿

Good day, and welcome to the Q1 2025 NOV Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 2025 年第一季 NOV Inc. 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Ms. Amie D'Ambrosio, Director of Investor Relations. Please go ahead.

現在，我想將會議交給發言人、投資者關係總監 Amie D'Ambrosio 女士。請繼續。

Welcome, everyone, to NOV's first quarter 2025 earnings conference call. With me today are Clay Williams, our Chairman and Chief Executive Officer; Jose Bayardo, our President and Chief Operating Officer; and Rodney Reed, our Senior Vice President and Chief Financial Officer.

歡迎大家參加 NOV 2025 年第一季財報電話會議。今天與我一起的有我們的董事長兼首席執行官克萊·威廉姆斯 (Clay Williams)、我們的總裁兼首席營運官何塞·巴亞爾多 (Jose Bayardo) 以及我們的高級副總裁兼首席財務官羅德尼·里德 (Rodney Reed)。

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. 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.

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。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 10-K 和 10-Q 表格。我們的評論還包括非公認會計準則措施。

Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website. On a US GAAP basis, for the first quarter of 2025, NOV reported revenues of $2.1 billion and a net income of $73 million or $0.19 per fully diluted share. Our use of term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release. 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.

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。根據美國公認會計準則，2025 年第一季度，NOV 報告的收入為 21 億美元，淨收入為 7,300 萬美元，即每股 0.19 美元。我們在今天早上的電話會議中使用的術語「EBITDA」與我們的收益報告中定義的「調整後 EBITDA」相對應。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. For the first quarter of 2025, NOV reported net income of $73 million or $0.19 per fully diluted share. Revenue was $2.1 billion and EBITDA was $252 million or 12% of sales, a margin increase of 80 basis points year on year. Strong demand for deepwater production equipment and cost reductions enabled our Energy Equipment segment to achieve significant improvement, increasing margins by 430 basis points compared to the first quarter of 2024.

謝謝你，艾米。2025 年第一季度，NOV 報告淨收入為 7,300 萬美元，即每股 0.19 美元。營收為 21 億美元，EBITDA 為 2.52 億美元，佔銷售額的 12%，利潤率年增 80 個基點。深水生產設備的強勁需求和成本的降低使我們的能源設備部門實現了顯著的改善，利潤率與 2024 年第一季相比增加了 430 個基點。

Revenues for our shorter cycle segment, Energy Products and Services, outperformed the 5% reduction in global drilling activity year on year as NOV's high-performance technologies continued to gain share but these were offset by lower sales of drilling-related capital equipment, which drove segment margins lower. Both segments continue to take costs out and their efforts are accelerating in view of the macroeconomic headwinds that are emerging.

由於 NOV 的高性能技術繼續獲得市場份額，我們的較短週期部門（能源產品和服務）的收入超過了全球鑽井活動同比 5% 的下降，但這些下降被鑽井相關資本設備的銷售額下降所抵消，從而導致部門利潤率下降。這兩個部門都在繼續削減成本，而且鑑於正在出現的宏觀經濟逆風，他們的努力正在加速。

Right now, our second quarter looks solid with sequential revenues and EBITDA expected to grow modestly. But we expect things to get tougher after that, perhaps much tougher. The emerging trade war, its effect on the broad economy and OPEC's decision to add barrels to a balanced market will almost certainly lead to lower oilfield activity, LNG demand and natural gas help notwithstanding. Accordingly, we continue to focus on operational efficiencies and careful cost management. Lower commodity prices have North American E&Ps running more downside scenarios, and we believe activity here is most at risk, along with a few other markets like Mexico and Saudi Arabia conventional activity.

目前，我們的第二季表現穩健，預計連續營收和 EBITDA 將小幅成長。但我們預計此後情況會變得更加艱難，甚至可能更加艱難。新興的貿易戰、其對整體經濟的影響以及石油輸出國組織向平衡市場增加石油產量的決定幾乎肯定會導致油田活動減少，儘管液化天然氣需求和天然氣有所幫助。因此，我們持續注重營運效率和謹慎的成本管理。大宗商品價格下跌使北美的勘探與生產活動面臨更多下行風險，我們認為這裡的活動以及墨西哥和沙烏地阿拉伯等其他幾個市場的常規活動面臨的風險最大。

On the other hand, so far, we see most international and offshore customers pressing ahead with their strategic plans. These are typically long duration requiring a longer view and projects continue to move forward in places like the Arabian Gulf and Brazil, and in unconventional plays like Saudi Arabia, Jafurah's gas field, in Argentina the Vaca Muerta region areas where NOV technologies play a critical role.

另一方面，到目前為止，我們看到大多數國際和離岸客戶都在推進他們的策略計畫。這些項目通常持續時間較長，需要更長遠的眼光，並且在阿拉伯灣和巴西等地以及沙烏地阿拉伯、Jafurah 天然氣田和阿根廷 Vaca Muerta 地區等非常規油氣田繼續向前推進，在這些地區 NOV 技術中發揮關鍵作用。

NOV is well positioned to weather this latest storm. Our teams have streamlined operations and improved working capital efficiency. We have a solid balance sheet and our cash flow has been strong. We have introduced dozens of new products that demonstrably improve the efficiency, safety and environmental impact of our customers' operations. These products have gained significant share.

NOV 已做好充分準備來抵禦這場最新風暴。我們的團隊簡化了營運並提高了營運資金效率。我們的資產負債表穩健，現金流強勁。我們推出了數十種新產品，大幅提高了客戶營運的效率、安全性和環境影響。這些產品已經獲得了相當大的市場份額。

Our backlog of capital equipment and projects has grown steadily over the preceding four years with margins that have moved up meaningfully. Despite near-term macro challenges NOV is well positioned for the market is going longer term. US shales have been the most extraordinary phenomenon ever witnessed in this industry. It accounted for almost all incremental global production through the past decade adding about 7 million barrels of oil per day and crowding at offshore investments along the way.

過去四年來，我們的資本設備和專案積壓量穩定成長，利潤率也大幅上升。儘管近期面臨宏觀挑戰，但 NOV 仍處於有利地位，市場將長期維持成長。美國頁岩油是該行業有史以來最不尋常的現象。過去十年，中國幾乎佔據了全球石油產量增量的全部，每天增加約 700 萬桶石油，並在此過程中吸引了大量海上投資。

If North American shale activity slows meaningfully in the second half of the year, it would exhibit high decline rates, just like it did during COVID. Either way, US production will be sooner or later, and in the coming decade, we believe incremental production growth will come from a combination of deepwater and international shales. Both will need technologies and picks and shovels that NOV is uniquely positioned to supply.

如果北美頁岩活動在今年下半年明顯放緩，其下降率將很高，就像在新冠疫情期間一樣。無論如何，美國的產量遲早都會增加，在未來十年，我們相信增量產量的成長將來自深水和國際頁岩油的結合。兩者都需要 NOV 具有獨特優勢供應的技術和工具。

I know many of you have questions about the impact of tariffs on our operations. Frankly, we do too as the tariff regimes and trade negotiations evolve and shift daily. In a moment, Jose will provide you more color, but the upshot is that we believe that this will be manageable for NOV and our teams will be able to significantly reduce 80% or more, but probably not fully eliminate the full effect of no tariffs.

我知道你們中的許多人都對關稅對我們營運的影響有疑問。坦白說，隨著關稅制度和貿易談判每天都在發展和變化，我們也是如此。稍後，Jose 將為您提供更多細節，但結果是，我們相信這對 NOV 來說是可控的，我們的團隊將能夠大幅減少 80% 或更多，但可能無法完全消除無關稅的全部影響。

About half of NOV's manufacturing capacity is in the United States with the remainder spread out in various countries around the world, and we have a lot of options to adjust our supply chains. We are working closely with vendors and customers to mitigate the effects. More importantly, we have terrific supply chain managers who successfully navigated disruption from tariffs in 2017 and, during COVID. They are steely veterans of this kind of thing.

NOV 約有一半的製造能力位於美國，其餘的分佈在世界各地，我們有許多選擇來調整我們的供應鏈。我們正在與供應商和客戶密切合作，以減輕影響。更重要的是，我們擁有優秀的供應鏈經理，他們成功應對了 2017 年和新冠疫情期間的關稅衝擊。他們是處理這類事情的經驗豐富的老手。

Before Rodney takes you through our first quarter results, let me say thank you to our employees. You did a great job during the first quarter. And I appreciate the way you take care of our customers and each other. We expect business to be more challenging as the year progresses but we will weather this storm. You are part of a strong and critical team that the world's energy infrastructure council.

在羅德尼向您介紹我們的第一季業績之前，請允許我向我們的員工表示感謝。您在第一季的表現非常出色。我很欣賞你們照顧我們的客戶和彼此的方式。我們預計，隨著時間的推移，業務將面臨更多挑戰，但我們將渡過這場風暴。你們是世界能源基礎設施委員會這個強大而關鍵的團隊的一員。

Rodney?

羅德尼？

Thank you, Clay. For the first quarter of 2025, NOV's consolidated revenue decreased 2% year over year. And adjusted EBITDA was $252 million, an increase of 5%. EBITDA margins expanded 80 basis points to 12%, resulting in our 14th straight quarter of year-over-year EBITDA margin improvement.

謝謝你，克萊。2025年第一季度，NOV綜合營收年減2%。調整後的EBITDA為2.52億美元，成長5%。EBITDA 利潤率擴大 80 個基點至 12%，連續第 14 季實現 EBITDA 利潤率年增。

Strong execution, improved pricing on projects in our backlog, growing adoption of our new high-margin technologies and focus on operational efficiency more than offset the impacts of reduced global activity. Higher EBITDA and better working capital efficiency improved our operating cash flow and allowed us to generate positive free cash flow in the first quarter, which is typically a cash consumptive free cash flow quarter.

強勁的執行力、積壓項目定價的改善、新高利潤技術的日益普及以及對營運效率的關注，足以抵消全球活動減少的影響。更高的 EBITDA 和更好的營運資本效率改善了我們的經營現金流，並使我們在第一季度產生了正的自由現金流，而第一季通常是一個現金消耗的自由現金流季度。

NOV generated $135 million in cash from operations during the first quarter and $51 million in free cash flow when considering our capital expenditures of $84 million. During the first quarter, we repurchased 5.4 million shares for $81 million and paid $28 million in dividends. Over the last 12 months, we have increased our cash balance by $689 million converted over 100% of our EBITDA to free cash flow and returned $426 million to our shareholders through dividends and share repurchases.

考慮到我們 8,400 萬美元的資本支出，NOV 第一季的營運現金流為 1.35 億美元，自由現金流為 5,100 萬美元。第一季度，我們以 8,100 萬美元回購了 540 萬股股票，並支付了 2,800 萬美元的股息。在過去的 12 個月中，我們的現金餘額增加了 6.89 億美元，將超過 100% 的 EBITDA 轉化為自由現金流，並透過股息和股票回購向股東返還了 4.26 億美元。

As a reminder, through 2024, we returned 41% of our excess free cash flow. Based on our return of capital framework, we expect to pay a supplemental dividend of around $80 million to true up our returns to 50% of our 2024 excess free cash flow. Subject to the approval of our Board of Directors, we expect the timing of the supplemental dividend payment to be in mid-June.

提醒一下，到 2024 年，我們已返還了 41% 的超額自由現金流。根據我們的資本回報框架，我們預計將支付約 8,000 萬美元的補充股息，以使我們的回報達到 2024 年超額自由現金流的 50%。經董事會批准，我們預計補充股息支付時間將在 6 月中旬。

Our first quarter consolidated net income of $73 million or $0.19 per fully diluted share was impacted by lower equity income, unfavorable discrete items to our tax rate and an increase in unallocated corporate cost. During the second quarter of 2025, we expect eliminations and corporate cost to return to a range of $45 million to $55 million and we still expect our full year tax rate to be between 26% and 28% for the year.

我們第一季的合併淨收入為 7,300 萬美元，即每股完全攤薄收益 0.19 美元，受到股權收益下降、稅率不利的單項項目以及未分配公司成本增加的影響。在 2025 年第二季度，我們預計抵銷和企業成本將回到 4,500 萬美元至 5,500 萬美元的範圍內，我們仍預計全年稅率將在 26% 至 28% 之間。

Moving on to segment results. Our Energy Products and Services segment generated revenue of $992 million, a 2% decrease compared to the first quarter of 2024 due to lower global activity, partially offset by growing adoption of our new Performance Technologies. EBITDA declined $29 million to $145 million or 14.6% of sales. The higher decrementals were primarily the result of a decline in shorter cycle capital equipment sales that contributed to a less favorable sales mix across our portfolio. As Clay mentioned, our teams continue to execute a number of initiatives to reduce cost and improve operational efficiencies.

繼續細分結果。我們的能源產品和服務部門創造了 9.92 億美元的收入，與 2024 年第一季相比下降了 2%，原因是全球活動減少，但部分被我們新性能技術的採用率不斷提高所抵消。EBITDA 下降 2,900 萬美元至 1.45 億美元，佔銷售額的 14.6%。減幅較大主要是由於短週期資本設備銷售下降，導致我們的整個產品組合的銷售組合較不利。正如克萊所提到的，我們的團隊繼續執行一系列措施來降低成本並提高營運效率。

For the first quarter, the sales mix for Energy Products and Services was 52% services and rentals, 30% capital equipment and 18% product sales. Services and rentals improved 4% year over year due to a full quarter contribution from our artificial lift business and growing market share in our drill bit and downhole tool businesses.

第一季度，能源產品和服務的銷售結構為 52% 的服務和租賃、30% 的資本設備和 18% 的產品銷售。由於人工舉升業務貢獻了整個季度的收益，並且鑽頭和井下工具業務的市場份額不斷增長，服務和租賃收入同比增長了 4%。

Excluding our 2024 acquisitions, revenues from services and rentals were flat, outpacing global drilling activities, which declined 5%. Our high-performance drill bits with our latest cutter technology continued to drive increased market penetration, resulting in revenue growth of over 20% year over year in the US against the 6% rig-count decline over the same period.

不計入我們 2024 年的收購，服務和租賃收入持平，超過全球鑽井活動的收入（下降了 5%）。我們採用最新切削齒技術的高性能鑽頭繼續推動市場滲透率的提高，導緻美國鑽機數量同期下降 6%，而營收年增超過 20%。

Our downhole business also continued to gain share with more customers recognizing the benefits of our Series 55 Drilling Motors ERT power sections and the latest generation of our friction reduction tools. Revenue from cross sales decreased 13% compared to the first quarter of 2024. The decline was primarily driven by lower activity in Saudi Arabia and Mexico, partially offset by a solid increase in sales of NOV's TK glass reinforced epoxy aligners in the Middle East.

我們的井下業務也繼續獲得市場份額，更多客戶認識到我們的 55 系列鑽井馬達 ERT 動力部分和最新一代減摩工具的優勢。交叉銷售收入與 2024 年第一季相比下降了 13%。銷量下滑主要由於沙烏地阿拉伯和墨西哥市場活動減少，但 NOV 的 TK 玻璃增強環氧矯正器在中東地區的銷量大幅增長，部分抵消了這一下滑。

Turning to capital equipment. Sales decreased 5% year over year due to reduced drill pipe and managed pressure drilling equipment sales, partially offset by increased demand for onshore conductor pipe connections and continued strength in demand for composite pipe to build out infrastructure necessary for the development of unconventional resources leased.

轉向資本設備。由於鑽桿和管理壓力鑽井設備銷售的減少，銷售額同比下降 5%，但陸上導管連接需求的增加以及建設租賃非常規資源開發所需基礎設施所需的複合管需求的持續強勁部分抵消了這一下降。

We also realize mid- to upper single-digit growth in sales of solids control equipment, resulting from the continued market adoption of our Alpha shale shaker. For the second quarter, we expect revenues from our Energy Products and Services segment to be down 5% to 8% compared to the second quarter of 2024 with EBITDA between $140 million and $160 million.

由於我們的 Alpha 頁岩振動篩的持續市場採用，我們的固體控制設備銷售也實現了中高個位數成長。對於第二季度，我們預計能源產品和服務部門的營收將與 2024 年第二季度相比下降 5% 至 8%，EBITDA 在 1.4 億美元至 1.6 億美元之間。

Moving to Energy Equipment segment. Revenue for the first quarter of 2025 was $1.15 billion down 3% from the first quarter of 2024. Despite a slight decline in revenue, EBITDA increased $46 million to $165 million, resulting in a 430 basis point increase in margins or 14.4% of sales, driven by higher margin backlog and continued focus on operational efficiencies. This was the 11th straight quarter of year-over-year margin growth for the MG Equipment segment. Capital equipment sales accounted for 57% of the segment's revenues in the first quarter of 2025 with aftermarket sales and services accounting for the remaining 43%.

轉向能源設備領域。2025 年第一季的營收為 11.5 億美元，較 2024 年第一季下降 3%。儘管收入略有下降，但 EBITDA 增加了 4,600 萬美元，達到 1.65 億美元，導致利潤率增加了 430 個基點，即銷售額增加了 14.4%，這得益於利潤率積壓的增加和對營運效率的持續關注。這是 MG 設備部門連續第 11 季實現利潤率年增。2025 年第一季度，資本設備銷售額佔該部門收入的 57%，售後銷售和服務佔剩餘的 43%。

Starting with capital equipment. Revenue grew mid-single digits year over year, led by growth in drilling equipment and subsea flexible pipe. Bookings for the first quarter were $437 million, an increase of 12% year over year. Book-to-bill for the quarter was 80%. Backlog of $4.41 billion increased 12% from the first quarter of 2024, supported by our trailing 12-month book-to-bill of 122%.

從資本設備開始。營收年增中個位數，主要得益於鑽井設備和海底柔性管道的成長。第一季的訂單金額為4.37億美元，年增12%。本季的訂單出貨率為 80%。44.1 億美元的積壓訂單較 2024 年第一季成長 12%，這得益於我們過去 12 個月的訂單出貨比達到 122%。

We continue to have constructive dialogue with customers who have given us line of sight opportunities that could lead to a book-to-bill of around 1 for the year. However, we would not be surprised to see projects pushed to the right, given heightened uncertainty and deteriorating market conditions.

我們繼續與客戶進行建設性對話，他們為我們提供了視線機會，這可能會導致今年的訂單出貨比達到 1 左右。然而，鑑於不確定性加劇和市場狀況惡化，我們不會驚訝地看到項目被推向右側。

Our subsea flexible pipe business continues to have strong performance. Revenues grew year over year in low teens percentage range with significant margin improvement due to strong execution on higher-margin backlog. Backlog for the business at the end of the current quarter has almost doubled since the end of the first quarter of 2024.

我們的海底柔性管道業務持續表現強勁。由於高利潤積壓訂單的強勁執行，營收年增率維持在百分之十幾以下，利潤率顯著提高。本季末的業務積壓訂單量自 2024 年第一季末以來幾乎翻了一番。

Our Process Systems business had another strong quarter with revenue growing high single digits year on year including the booking of a gas dehydration package for a national oil company in the Middle East. The outer offshore production remains robust with 2025 showing potential to have more awards for FPSOs than 2023 or 2024, which drives demand for process systems, flexible pipe, tour and spread more systems, cranes, chokes and boarding valves and composite solutions.

我們的製程系統業務又度過了一個強勁的季度，營收年增了高個位數，其中包括為中東一家國家石油公司預訂了一套天然氣脫水包。遠洋生產仍保持強勁，預計 2025 年 FPSO 合約授予數量將超過 2023 年或 2024 年，這將推動對製程系統、柔性管道、巡檢和擴展系統、起重機、節流閥和登船閥以及複合材料解決方案的需求。

Revenue for Intervention and Stimulation capital equipment improved high single digits over the first quarter of 2024 led by sales of coiled tubing and wireline equipment, more than offsetting the lower demand for pressure pumping equipment in North America. Internationally, Argentina, Brazil and the Middle East remain bright spots, specifically for our advanced wireline coiled tubing product lines.

2024 年第一季度，幹預和刺激資本設備的收入實現了高個位數成長，這主要得益於連續油管和電纜設備的銷售，足以抵消北美對壓力泵設備需求的下降。在國際上，阿根廷、巴西和中東仍然是亮點，特別是對於我們先進的有線連續油管產品線。

Revenue from sales of drilling equipment increased in the mid-teens percentage range year over year due to increased progress on both land and offshore projects, including initial work on the new build jackup we announced previously. We delivered our 11th new build high-spec land rig in Saudi Arabia during the first quarter. We continue to have discussions with customers for certain capital equipment upgrades, including BOPs, increased hookload capacities and robotics.

由於陸地和海上工程進展加快，包括我們先前宣布的新建自升式鑽井平台的前期工作，鑽井設備銷售收入年增了百分之十五左右。我們在第一季度向沙烏地阿拉伯交付了第 11 台新建高規格陸地鑽機。我們繼續與客戶討論某些資本設備的升級，包括 BOP、增加吊鉤負載能力和機器人技術。

Our Marine and Construction business experienced high single-digit decrease in revenue compared to the first quarter of 2024 ccomparedhigher revenue from pipe and cable A vessels did not offset lower activity for wind turbine installation vessels. Given the macroeconomic uncertainty and unclear impact of tariffs, we may see a slowdown in project FIDs pushing the expected shortage of WTIVs out a year.

與 2024 年第一季相比，我們的船舶和建築業務收入出現了高個位數下降，相比之下，管道和電纜船的收入增加並未抵消風力渦輪機安裝船活動的減少。鑑於宏觀經濟的不確定性和關稅影響的不明確性，我們可能會看到專案最終投資決定的放緩，將預期的風力渦輪機（WTIV）短缺推遲一年。

However, we continue to have active dialogue with several customers and still see the potential for up to two orders later in the year. The cable light vessel market is continuing to shift strength as we booked an additional inter-array cable equipment package during the first quarter of 2025. Additionally, the multipurpose support vessel market remains healthy, driving additional demand for cranes and deck machinery.

不過，我們仍在繼續與幾位客戶進行積極對話，並且仍然認為今年稍後有最多兩份訂單的潛力。由於我們在 2025 年第一季預訂了額外的陣列間電纜設備包，電纜燈船市場正在繼續轉變強勢。此外，多用途支援船市場保持健康，推動了對起重機和甲板機械的額外需求。

Turning to aftermarket. Revenues declined 11% year over year in our drilling equipment business. Aftermarket revenues decreased low double digits year over year, driven by lower spare parts bookings in the second half of 2024 compared to the first half of 2024. Spare parts bookings during the first quarter increased 17% sequentially, which is about flat to our average of the prior four quarters. Demand for recertifications and upgrades remain solid.

轉向售後市場。我們的鑽井設備業務收入較去年同期下降了 11%。售後市場收入較去年同期下降兩位數，原因是 2024 年下半年的備件預訂量低於 2024 年上半年。第一季備件訂單量較上季成長 17%，與前四季的平均水準基本持平。重新認證和升級的需求依然強勁。

We are seeing some delays to recertification projects in the Middle East due to announced suspension of jackups, and we continue to anticipate a small decrease in the number of recertifications year over year. However, we expect the average scope of these projects to increase as the rig fleet ages, which should partially offset those declines.

由於宣布暫停自升式鑽井平台的使用，我們看到中東地區的重新認證專案有所延遲，並且我們預計重新認證的數量將比去年同期略有下降。然而，我們預計，隨著鑽井船隊的老化，這些項目的平均範圍將會增加，這應該會部分抵消這些下降。

For the second quarter, we expect Energy Equipment segment revenue to be flat to up 1% compared to the second quarter of 2024 with EBITDA in the range of $155 million to $175 million. On a consolidated basis, we expect revenue to be down 1% to 4% compared to the second quarter of 2024 with EBITDA in the range of $250 million to $280 million.

對於第二季度，我們預計能源設備部門的營收將與 2024 年第二季度持平或成長 1%，EBITDA 在 1.55 億美元至 1.75 億美元之間。從合併數據來看，我們預計營收將比 2024 年第二季下降 1% 至 4%，EBITDA 在 2.5 億美元至 2.8 億美元之間。

Jose?

何塞？

Thank you, Rodney. NOV had a solid first quarter and continues to execute well in a highly complex environment. As we look forward, we expect geopolitical and macroeconomic uncertainty to remain high near term. While there are conceivable scenarios for which there could be some upside for the industry related to the potential for Iranian, Venezuelan or Russian barrels to come off the market, our outlook is cautious and skewed to the downside. So the obvious question is, what are we doing about it?

謝謝你，羅德尼。NOV 在第一季表現穩健，並在高度複雜的環境中繼續表現良好。展望未來，我們預期地緣政治和宏觀經濟的不確定性在短期內仍將維持在高水準。儘管可以想像，由於伊朗、委內瑞拉或俄羅斯石油退出市場，該行業可能會出現一些上漲趨勢，但我們對前景持謹慎態度，且偏向下行。所以顯而易見的問題是，我們該怎麼做呢？

As it pertains to tariffs, the situation remains fluid with each of our businesses having different exposures, and we believe some will actually realize improved competitive positioning as a result. I'll highlight two representative examples that illustrate the impact tariffs can have on our businesses.

就關稅而言，情況仍然不穩定，因為我們每個業務都有不同的風險敞口，我們相信一些業務實際上會因此實現競爭地位的提高。我將重點介紹兩個代表性的例子，以說明關稅對我們企業的影響。

Our downhole tools operation manufactures, rents and sells a wide array of drilling technologies and has a wide base of global suppliers and manufacturing sites. Additionally, the operation has a book of business that is more skewed to North America given the business's emphasis on providing leading-edge technologies that improve drilling efficiencies for extended lateral wells.

我們的井下工具業務製造、租賃和銷售各種鑽井技術，並擁有廣泛的全球供應商和製造基地。此外，由於該公司注重提供尖端技術以提高延長水平井的鑽井效率，其業務主要集中在北美。

Based on the tariff regimes that exist today, if we took no action, the business would realize a material reduction to its EBITDA margins. But we have not been sitting idle. In fact, we began taking actions to diversify our supply chains away from higher risk markets beginning back in 2022 by finding new vendors and by pushing some existing suppliers to open manufacturing operations in lower risk countries.

根據現有的關稅制度，如果我們不採取任何行動，企業的 EBITDA 利潤率將大幅下降。但我們並沒有閒著。事實上，早在 2022 年，我們就開始採取行動，透過尋找新的供應商並推動一些現有供應商在低風險國家開設製造業務，使我們的供應鏈遠離高風險市場。

The majority of downhole businesses manufactured parts are sourced from outside the US. So the sources of tariff exposures are, one, parts consumed to assemble products for sale and rental in the US; and two, parts that are assembled into finished tools in the US that are then exported for sales into international markets.

大多數井下企業製造的零件都來自美國以外。因此，關稅風險的來源包括：第一，在美國組裝用於銷售和租賃的產品所消耗的零件；第二，在美國組裝成成品工具並出口到國際市場銷售的零件。

Most of the businesses in our portfolio have the same types of supply chain exposure, so our playbook is pretty consistent and includes, one, leveraging NOV's substantial US manufacturing footprint to reshore as much content as possible for products destined for US customers; two, utilizing the USMCA to the full extent to also leverage NOV's manufacturing capabilities in Mexico and Canada; three, rerouting manufacturing and assembly operations for products destined for non-North American markets to our international manufacturing plants; four, sourcing raw materials from the US or from lower tariff countries when possible; and five, to the extent we can't yet find suitable alternate suppliers, negotiating discounts with vendors in higher tariff countries to share costs.

我們投資組合中的大多數企業都有相同類型的供應鏈風險，因此我們的策略相當一致，包括：第一，利用 NOV 在美國的龐大製造網絡，為銷往美國客戶的產品盡可能多地轉移內容；第二，充分利用 USMCA，同時利用 NOV在墨西哥和加拿大的製造能力；第三，將銷往非北美市場的產品的製造和組裝業務轉移到我們的國際製造工廠；第四，盡可能從美國或關稅較低的國家採購原材料；第五，如果我們還找不到合適的替代供應商，則與關稅較高的國家的供應商協商折扣以分攤成本。

It takes substantial time and effort to incorporate new vendors into our supply chain. We must ensure that they meet our quality specifications and remap scheduling to account for what may be longer lead times in shipping distances. In certain areas, we've been able to work with vendors to have them stock inventory in the US prior to tariffs coming to play, giving us a little more time to navigate through the significant changes. Our supply chain and compliance personnel have been working nights and weekends as we navigate through these changes efficiently and effectively for our customers and for our shareholders.

將新供應商納入我們的供應鏈需要花費大量的時間和精力。我們必須確保它們符合我們的品質規格，並重新規劃時間安排，以應對運輸距離可能更長的交貨時間。在某些地區，我們已經能夠與供應商合作，讓他們在關稅生效之前在美國儲存庫存，這使我們有更多的時間來應對重大變化。我們的供應鏈和合規人員一直在日以繼夜地工作，以便我們為客戶和股東有效率且有效地應對這些變化。

I'd like to extend my sincere gratitude to them for the great work they are doing. We expect the actions that are currently in motion for a downhole business should eliminate more than two-thirds of the currently known tariff costs. We are developing and implementing additional plans to further reduce the exposure.

我要向他們所做的出色工作表示誠摯的謝意。我們預計，目前正在採取的井下業務措施將消除目前已知的三分之二以上的關稅成本。我們正在製定和實施額外的計劃，以進一步減少風險。

If we're unable to eliminate the higher costs we expect to pass them on to our customers. Near term, we will not be able to outrun the impact of tariffs on shipments that are in transit and there will be unanticipated second order effects, including the inflationary impact and extended lead times caused by all global manufacturers simultaneously trying to rewire their supply chains.

如果我們無法消除更高的成本，我們預計會將其轉嫁給我們的客戶。短期內，我們將無法擺脫關稅對運輸途中貨物的影響，而且還會產生意想不到的二階效應，包括通膨影響和所有全球製造商同時試圖重新連接其供應鏈而導致的交貨時間延長。

We have already seen some US vendors increase prices for steel and other components that now have reduced competition from foreign sources due to tariffs. Our best estimate is that NOV's consolidated results in the second quarter will include $8 million to $10 million in tariff expense that we may be unable to avoid.

我們已經看到一些美國供應商提高了鋼鐵和其他零件的價格，由於關稅，來自外國的競爭已經減少。我們的最佳估計是，NOV 第二季度的綜合業績將包括 800 萬至 1000 萬美元的關稅費用，而這筆費用我們可能無法避免。

Beyond the second quarter, we estimate the tariff impact net of our mitigation efforts will increase to approximately $15 million per quarter. These estimates assume we are able to pass costs from the second order effects I just described on to our customers. The actions we're taking that I've described so far are defensive but there are areas where we expect to play offense, which brings me to the second example.

我們估計，第二季之後，扣除緩解措施後的關稅影響將增加到每季約 1500 萬美元。這些估計假設我們能夠將我剛才描述的二階效應的成本轉嫁給我們的客戶。到目前為止，我所描述的我們所採取的行動都是防禦性的，但在某些領域我們期望採取進攻性行動，這讓我想到了第二個例子。

In our drill pipe business, we've long resisted the temptation to offshore all of our operations and supply chain to low-cost countries because we did not want to risk sacrificing the quality of our premium products. Our drill pipe manufacturing plant in Texas is the largest in the world and produces the highest quality, most technically advanced drill pipe that has enabled super extended lateral and ultra deep water drilling. Our US manufacturing, along with our voestalpine Tubulars joint venture, which we believe provides the highest quality green tubes that we use as raw material allows us to produce the best drill pipe on the planet.

在我們的鑽桿業務中，我們長期以來一直抵制將所有業務和供應鏈轉移到低成本國家的誘惑，因為我們不想冒險犧牲優質產品的品質。我們位於德州的鑽桿製造廠是世界上最大的鑽桿製造廠，生產品質最高、技術最先進的鑽桿，可實現超延伸水平鑽井和超深水鑽井。我們相信，我們的美國製造工廠以及我們的 voestalpine Tubulars 合資企業提供了最高品質的綠色管材，我們用這些綠色管材作為原材料，這使我們能夠生產世界上最好的鑽桿。

Today, we're the only provider of drill pipe in the US that is not heavily dependent on supplies from China for any portion of our supply chain. If today's tariff regime remains in place, customers will be able to purchase our premium drill pipe, which offers superior technology and quality at prices that are much more competitive. So we're looking forward to having a more even playing field.

如今，我們是美國唯一一家供應鏈任何環節都不嚴重依賴中國供應的鑽桿供應商。如果目前的關稅制度保持不變，客戶將能夠購買我們的優質鑽桿，該鑽桿以更具競爭力的價格提供卓越的技術和品質。因此，我們期待擁有一個更公平的競爭環境。

We aren't just working to mitigate tariff costs. We're using this as an opportunity to continue making NOV better as a whole. As we reorganize our supply chain, we're driving better coordination across our groups to mitigate tariff impacts and to better leverage NOV's consolidated spending power. We're also pushing even harder on other initiatives to lower costs and become more efficient.

我們所做的努力不僅僅是降低關稅成本。我們將以此為契機，繼續使 NOV 整體變得更好。隨著我們重組供應鏈，我們正在推動各個集團之間更好的協調，以減輕關稅的影響，並更好地利用 NOV 的綜合消費能力。我們也正在更努力地推進其他舉措，以降低成本並提高效率。

We're applying more automation and artificial intelligence technologies in our manufacturing operations as well as employing more traditional methods for driving efficiencies, including, one, eliminating layers within parts of the organization, reducing costs and making the organization more agile; two, consolidating manufacturing operations, which allows us to improve utilization of our assets, increase throughput and reduce overhead; three, pushing more of our back-office processes into shared services; and four, focusing on continuous improvement with more frequent, good old-fashioned Kaizen walk-throughs where we work to debottleneck, optimize and improve processes in our manufacturing operations.

我們在製造業務中應用了更多的自動化和人工智慧技術，同時也採用了更傳統的方法來提高效率，包括：第一，消除組織各部分的層級，降低成本，使組織更加靈活；第二，整合製造業務，這使我們能夠提高資產利用率，增加產量，減少管理費用；第三，將更多的後台流程納入製造服務；

We're focused on getting more efficient every day. The goal is to make sure we can provide our customers with the critical equipment they need at compelling value, while we improve results for our shareholders. To provide that compelling value, cost is only one side of the equation. We're also relentlessly focused on making sure we have the right technology and offerings for our customers. We're in this for the long haul.

我們致力於每天提高效率。我們的目標是確保我們能夠以極具吸引力的價格為客戶提供所需的關鍵設備，同時為股東帶來更好的收益。為了提供這種引人注目的價值，成本只是等式的一個面向。我們也堅持不懈地致力於確保為客戶提供合適的技術和產品。我們會長期堅持下去。

We positioned the company to weather any storm and to invest in the future regardless of where we are in the cycle. We don't know exactly how the current geopolitical and macroeconomic issues will play out over the near term but we are confident in and focused on the longer-term outlook and on three trends that we believe will drive the industry over the next decade.

我們讓公司能夠抵禦任何風暴，並且無論處於週期的哪個階段，都能投資未來。我們並不確切知道當前的地緣政治和宏觀經濟問題在短期內將如何發展，但我們對長期前景充滿信心並專注於我們認為將在未來十年推動行業發展的三大趨勢。

One, offshore production supplanting US unconventional resources as the dominant incremental source of global oil supply; two, outsized demand for removable gas driving meaningful growth from global unconventional gas resources; and three, the application of modern digital and AI technology is driving additional efficiencies in oilfield operations. These trends will not only drive the business long term, but will also be areas of strength near term regardless of the broader market environment.

一是海上生產取代美國非常規資源，成為全球石油供應的主要增量來源；二是市場對可採天然氣的巨大需求推動全球非常規天然氣資源實現有意義的增長；三是現代數位和人工智慧技術的應用正在提高油田作業的效率。這些趨勢不僅將推動業務的長期發展，而且無論大局市場環境如何，都將成為短期內的優勢領域。

We spent a good bit of time on our recent calls talking about our digital solutions and how we're supporting the rapid expansion of activity in international unconventional resources. So today, I want to focus on the offshore. As Clay noted, US unconventional resources have accounted for almost all incremental oil production, but it is plateauing. It has been amazing.

我們在最近的電話會議上花了大量時間討論我們的數位解決方案以及我們如何支援國際非常規資源活動的快速擴張。所以今天我想集中討論一下離岸問題。正如克萊所指出的，美國非常規資源幾乎佔據了所有新增石油產量，但這一水準正在趨於穩定。這真是太神奇了。

And while we aren't ready to call for a peak in US production, don't ever discount what this industry can do, the declining number of remaining Tier 1 drilling locations and firmly entrenched capital discipline should prevent the type of growth we've seen over the past 1.5 decades. Our offshore operator customers share this view, which is giving them the confidence to make significant long-term bets in deepwater offshore projects.

雖然我們還沒有準備好宣布美國石油產量達到峰值，但永遠不要低估這個行業的能力，剩餘一級鑽井地點數量的減少和根深蒂固的資本紀律應該會阻止我們在過去 15 年中看到的那種增長。我們的海上營運商客戶也認同這一觀點，這讓他們有信心在深水海上專案中進行重大的長期投資。

Unlike investments in US shale wells, which can deliver cash flow within a year of making an investment decision of $5 million to $10 million, deepwater developments can cost billions of dollars and typically have minimum investment horizons of 5 to 10 years. Where Deepwater shares a common trait to shales that technological advancements have delivered material improvements in drilling and production efficiencies. These advancements are allowing the industry to push into highly prolific frontiers that were unimaginable to produce from a couple of decades ago.

與美國頁岩油井投資不同，美國頁岩油井投資可以在做出 500 萬至 1000 萬美元的投資決定後一年內產生現金流，而深水開發則可能耗資數十億美元，並且通常最低投資期限為 5 至 10 年。深水油田與頁岩油田有一個共同特點，即技術進步大大提高了鑽井和生產效率。這些進步使得該行業能夠進入幾十年前無法想像的高度多產的領域。

Today, we're drilling deeper wells and deeper water and harsher conditions with higher pressures through tighter pore pressure windows and we're doing this with amazing efficiencies. Much of what the deepwater industry is developing today has breakevens in the $40 per barrel range, the result of incredible technology and industrialization.

今天，我們透過更嚴格的孔隙壓力窗口，在更深的井、更深的水域、更惡劣的條件下以更高的壓力進行鑽探，並且效率驚人。如今，深水石油產業開發的大部分產品的損益平衡點都在每桶 40 美元左右，這是令人難以置信的技術和工業化的結果。

It doesn't get the attention it deserves, but deepwater drilling efficiency gains are not dissimilar to those realized in the US land market. High-spec seventh generation rigs are drilling at rates 30% to 40% faster than they were a decade ago, thanks in large part to the equipment and technology that NOV has been delivering. Our control systems, automation, machine learning and AI algorithms and now robotics dramatically improve drilling efficiencies and safety.

雖然它沒有得到應有的關注，但深水鑽井效率的提高與美國陸地市場實現的效率提高並無不同。高規格的第七代鑽機的鑽井速度比十年前提高了 30% 至 40%，這在很大程度上要歸功於 NOV 提供的設備和技術。我們的控制系統、自動化、機器學習和人工智慧演算法以及現在的機器人技術極大地提高了鑽井效率和安全性。

Today, we have 22 automation upgrades in process and many other customers are evaluating such upgrades. Our downhole broadband services that utilize wide drill pipe for high-speed data transmission along with our managed pressure drilling equipment allow operators to safely and efficiently navigate through high-risk zones with high poor pressure windows. In these formations, operators are at high risk of unintentionally fracturing zone, resulting in a well control or loss circulation issue or running well economics by not being able to drill a sufficiently long lateral through a pay zone.

今天，我們正在進行 22 項自動化升級，許多其他客戶正在評估此類升級。我們的井下寬頻服務利用寬鑽桿進行高速資料傳輸，並結合我們的控壓鑽井設備，使操作員能夠安全且有效率地穿越高壓視窗的高風險區域。在這些地層中，作業者極有可能無意中壓裂油層，從而導致井控或循環損失問題，或因無法在產油層鑽出足夠長的水平段而影響油井經濟效益。

Our 20,000 psi blowout preventer, the only equipment of its kind in the market has enabled safe development of the Paleogene in the US Gulf and is driving exploration and similar previously untouchable extremely high-pressure reservoirs in other parts of the world. Even our more basic sounding lifting and handling upgrades for ultra-deepwater drilling have been critical to the industry's success. These upgrades are required to handle the intense stress of pushing or pulling a rotating string of high-spec drill pipe through over 7,000 feet of water and another few miles below the sea floor.

我們的 20,000 psi 防噴器是市場上唯一的同類設備，它確保了美國墨西哥灣古近紀的安全開發，並正在推動世界其他地區對以前無法觸及的超高壓油藏的勘探。即使我們針對超深水鑽井的更基本的探測提升和處理升級對於該行業的成功也至關重要。這些升級是為了應對將高規格鑽桿旋轉串推或拉穿過 7,000 多英尺深的水和海底幾英里深的巨大壓力。

We've been extremely busy helping our customers upgrade hook load capacities up to 1,400 tonnes, replace cranes with our new ultra heavy lift electric active heave compensation units and replace rotating machinery. All of which allow rigs to efficiently handle heavier pipe strings and drill deeper while leveraging the latest automation capabilities. Operator demand for rigs with upgraded capabilities is high.

我們一直非常忙碌地幫助客戶將吊鉤負載能力升級到 1,400 噸，用我們的新型超重型電動主動升沈補償裝置替換起重機，並替換旋轉機械。所有這些都使得鑽孔機能夠有效地處理更重的管柱並鑽得更深，同時利用最新的自動化功能。操作員對於具有升級功能的鑽孔機的需求很高。

Utilization of the high-spec, seventh generation rigs is effectively at 100%. So despite the transient white space, our drilling contractor customers are contending with today, not only executing on existing projects, but we're having active dialogues with customers regarding additional upgrades.

高規格第七代鑽機的利用率實際上達到了 100%。因此，儘管存在短暫的空白，但我們的鑽井承包商客戶今天仍在努力應對，不僅要執行現有項目，而且還要與客戶就額外升級進行積極對話。

Better technology, industrialization and standardization of production-related equipment have also led to improved offshore economics. Here, we've also pioneered new technologies and have established leadership positions in providing gas and liquids processing capabilities, chokes and boarding valves, sophisticated turret mooring systems, deck machinery, subsea flexible pipe and other equipment. We continue to innovate and invest in R&D.

生產相關設備的技術進步、工業化和標準化也促進了海上經濟的改善。在這裡，我們也開拓了新技術，並在提供氣體和液體處理能力、節流閥和登船閥、先進的轉塔繫泊系統、甲板機械、海底柔性管道和其他設備方面確立了領導地位。我們不斷創新並投資研發。

And as highlighted in our press release, we were excited to sign an agreement with Petrobras to finish the development of a flexible pipe solution that will address the growing problem of stress corrosion cracking in high CO2 deepwater wells. We previously highlighted that the maximum revenue opportunity to NOV per FPSO is between $100 million and $700 million, depending on the size, scope and working environment of the vessel. Today, we're following 14 potential FPSO opportunities, up to 12 of which could lead to awards for NOV during 2025. As Rodney mentioned, we could see some project awards slip a bit to the right.

正如我們在新聞稿中所強調的那樣，我們很高興與巴西石油公司簽署協議，完成柔性管道解決方案的開發，以解決高二氧化碳深水井中日益嚴重的應力腐蝕開裂問題。我們之前強調過，每艘 FPSO 為 NOV 帶來的最大收入機會在 1 億美元到 7 億美元之間，具體取決於船舶的大小、範圍和工作環境。今天，我們正在關注 14 個潛在的 FPSO 機會，其中最多 12 個可能會在 2025 年為 NOV 帶來獎項。正如羅德尼所提到的，我們可以看到一些項目獎項略微下滑。

However, if we are correct in assuming offshore production will supplant US land as the provider of incremental supply to the global market, given the extremely long timeline for deepwater projects, the industry cannot afford to put these projects on a shelf for any extended period. So the outlook related to the offshore and international unconventional resources remains bright as does the central role that the people and technology from NOV bring to the industry to enable safe and efficient operations.

然而，如果我們正確地假設海上生產將取代美國陸地成為全球市場增量供應的提供者，那麼考慮到深水項目的時間非常長，該行業無法承受將這些項目擱置很長時間。因此，海上和國際非常規資源的前景依然光明，NOV 的人才和技術為產業帶來的核心角色也同樣光明，能夠實現安全且有效率的營運。

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

接下來，我們將開始提問。

(Operator Instructions) Jim Rollyson, Raymond James.

（操作員指示）Jim Rollyson，Raymond James。

Hey, guys. This is Connor Jensen in place of Jim. So given the guidance and comments around potentially a weaker second half, how are you thinking about 2025 margins relative to 2024? And the past commentary of looking at up 50 to 150 basis points? Thanks.

嘿，大家好。這是康納‧詹森 (Connor Jensen)，代替吉姆。那麼，考慮到有關下半年可能表現較弱的指導和評論，您如何看待 2025 年相對於 2024 年的利潤率？過去評論說利率將上漲 50 至 150 個基點？謝謝。

Yes. Connor, this is Rodney. So just to give some color in terms of we're looking at 2025. So you have, obviously, Q1 actuals we've provided some detailed guidance on Q2. So what I'll try to do is kind of walk through the second half compared to the first half of 2025.

是的。康納，這是羅德尼。因此，我們只是想對 2025 年的情況做些展望。因此，顯然，我們已經根據第一季的實際情況對第二季提供了一些詳細的指導。因此，我將嘗試比較 2025 年下半年與上半年的情況。

So as we look at our two different segments. Energy Equipment, as you know, is a little bit more backlog-driven business. And as we look at the moving parts there, both in terms of a strong backlog on some of our offshore production processing equipment and our rig aftermarket business, first half to second half for the EE segment overall, would look to be about flat from a revenue perspective.

因此，我們來看看兩個不同的部分。如您所知，能源設備業務更依賴積壓訂單。當我們觀察那裡的活動部件時，無論是從我們的一些海上生產加工設備的大量積壓訂單還是從我們的鑽機售後市場業務來看，從收入角度來看，EE 部門上半年到下半年的整體情況似乎持平。

On the EPS side, we would look to have some growth first half to second half in the ballpark of 3% to 5%. Generally in the second half of the year, we have more product capital equipment sales and also some businesses in there, including our composite pipe for fiberglass business which is still growing primarily from infrastructure build-out in the Middle East. So put those together, that sort of 3% to 5% growth on the EE side.

在每股盈餘方面，我們預計上半年至下半年將出現 3% 至 5% 左右的成長。一般在下半年，我們的產品資本設備銷售額會增加，同時還有一些業務，包括我們的玻璃纖維複合管業務，該業務的成長主要來自中東地區的基礎設施建設。綜合起來，EE 方面的成長率約為 3% 到 5%。

And then from a consolidated perspective, first half to second half, in the ballpark of 1% to 2% growth, kind of modest growth on the second half of the year. From an overall margin standpoint, to answer to that point, first half to second half, a lot of moving parts here obviously doing the best we can with all the macroeconomic uncertainty, geopolitical risk, tariffs, which we've tried to quantify in Jose's remarks but sort of put those moving pieces together, including some risk factor and margins -- EBITDA margins look to be about flattish kind of first half to second half. So hopefully, that answers your question.

從綜合來看，上半年到下半年，成長大概在 1% 到 2% 之間，比下半年有小幅成長。從整體利潤率的角度來看，為了回答這個問題，上半年到下半年，這裡有很多活動部件，顯然我們會盡力應對所有宏觀經濟不確定性、地緣政治風險、關稅等，我們試圖在 Jose 的講話中量化這些因素，但把這些活動部件放在一起，包括一些風險因素和利潤率——EBITDA 利潤率看起來在上半年到下半年持平。希望這能回答你的問題。

Yes. That is very helpful. And then just one more. I saw international revenues tick down from 65% to 61%, guessing this was just kind of a seasonal pullback, but given the commentary on the international and offshore market. I suspect this portion of the business will continue to grow as a share of the business going forward?

是的。這非常有幫助。然後再來一個。我看到國際收入從 65% 下降到 61%，猜測這只是一種季節性回調，但考慮到對國際和離岸市場的評論。我懷疑這部分業務在未來的業務份額中會繼續成長嗎？

Yes. Connor you're processing right. Obviously, there's a good seasonal falloff from Q4 to Q1 that typically is more heavily oriented towards international product shipments and capital equipment deliveries. As we go forward in time, as we're sort of looking at the rest of the year, and we touched on it's very, very fluid. There's a lot of uncertainty.

是的。康納，你的處理正確。顯然，第四季度至第一季存在明顯的季節性下降，這通常更側重於國際產品出貨量和資本設備交付。隨著時間的推移，當我們展望今年剩餘的時間時，我們發現它的流動性非常大。存在很多不確定性。

But our expectation is that North America is always the quickest market to respond to any other changes in market conditions that's gotten incrementally worse. Last quarter, we were thinking that the full year North America would be down in the low to mid-single-digit range. That's now likely in the double-digit vicinity.

但我們的預期是，北美始終是對任何逐漸惡化的市場狀況變化做出最快反應的市場。上個季度，我們認為北美全年的銷售額將下降至低至中等個位數的水平。現在這個數字很可能已經達到兩位數左右。

And then from an international standpoint, we continue to expect international to hold up quite a bit better than North America for the points that you touched on, really good resilience that we expect from increasing activity in unconventional shale and gas resources. And then also continued strength in particularly deepwater offshore activity. So while the outlook for international land has gotten incrementally a little bit worse and we're still feeling pretty good about international overall.

然後從國際角度來看，我們仍然預計國際表現將比北美好得多，就您提到的幾點而言，我們預計非常規頁岩和天然氣資源活動的增加將帶來良好的彈性。而深水近海活動也持續保持強勁勢頭。因此，儘管國際土地的前景逐漸變得更糟，但我們對國際土地的整體前景仍然感到樂觀。

Great, thanks. I'll turn it back.

太好了，謝謝。我會把它轉回去。

Arun Jayaram, JPMorgan Securities.

摩根大通證券的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yes, good morning, gentlemen. I wanted to see if you could elaborate thoughts on capital equipment order activity. I think you mentioned that you still see potential to see capital equipment orders of a book-to-bill around 1. Obviously, caveats with some risks just given the macro and tariff impacts. I was wondering if you could maybe elaborate on that commentary as well as it sounds like there is quite a few potential orders on the FPSO side. So maybe you can elaborate on that.

是的，先生們，早安。我想看看您是否可以詳細說明對資本設備訂單活動的看法。我想您提到過，您仍然看到訂單出貨比達到 1 左右的資本設備訂單的潛力。顯然，考慮到宏觀和關稅的影響，需要注意一些風險。我想知道您是否可以詳細說明一下該評論，因為聽起來 FPSO 方面有相當多的潛在訂單。所以也許你可以詳細說明一下。

Yes. Arun, so I think Rodney did a good job of touching on it in his prepared commentary. So again, just to reiterate, a lot of uncertainty. And in that type of environment, it's not one where people get really excited pulling the trigger on a big capital equipment purchase, but having said that, particularly if you look at the deepwater offshore marketplace, these aren't short-term bets that they're making.

是的。阿倫，所以我認為羅德尼在他準備好的評論中很好地觸及了這一點。所以，再次重申，存在著許多不確定性。在這種環境下，人們不會真的興奮地購買大型資本設備，但話雖如此，特別是如果你看看深水近海市場，你會發現他們並不是在進行短期賭注。

They are making massive multiyear investment decisions with very low expected breakeven costs. So the confidence and conviction that we're seeing from our customers on the offshore deepwater market side of the equation continues to be very strong. And so I also talked about FPSO opportunity. Rodney touched about it, touched on it in his commentary as well.

他們正在進行大規模的多年期投資決策，預期損益平衡成本非常低。因此，我們從離岸深水市場客戶看到的信心和信念仍然非常強大。所以我也談到了 FPSO 的機會。羅德尼在他的評論中也談到了這一點。

The outlook there still looks very strong. As I mentioned, potentially 12 different FPSOs from which we could receive awards in 2025. I wouldn't be surprised if some of those slipped a little bit, and you talked about some potential for things to push to the right. But I don't think these things are going away. None of our customers are giving any indication that these things are going away. So feel really good about the outlook overall related to the offshore environment.

那裡的前景看起來仍然非常強勁。正如我所提到的，到 2025 年，我們可能會從 12 個不同的 FPSO 中獲得獎項。如果其中一些事情稍微下滑，我不會感到驚訝，而且您談到了一些事情向右推進的潛力。但我不認為這些事情會消失。我們的客戶中沒有任何人表示這些事情會消失。因此，我對海上環境的整體前景感到非常樂觀。

Obviously, if we look at some other components of our capital equipment business, North America is very challenged, right? So we're not anticipating much, if anything, related to orders for pressure pumping or even really completion-related equipment outside of the occasional replacement part and piece particularly related to pressure control equipment for the North American marketplace.

顯然，如果我們看一下資本設備業務的其他一些組成部分，北美面臨的挑戰就很大，對嗎？因此，除了偶爾更換零件和零件（特別是與北美市場的壓力控制設備相關的零件）之外，我們對壓力泵送或真正完井相關設備的訂單沒有太多期待。

But if we look at international markets, the unconventional resources in the Middle East and in Argentina, those are driving good healthy demand for completion equipment. I think we sold five coiled tubing units this last quarter, four of which destined for Middle East, unconventional resources, one for Latin America.

但如果我們看看國際市場，中東和阿根廷的非常規資源正在推動對完井設備的良好健康需求。我認為我們在上個季度銷售了五套連續油管裝置，其中四套運往中東，用於非常規資源，一套運往拉丁美洲。

So that demand continues to be strong, still actively engaged with other customers about additional completion equipment for the Middle East, unconventionals and even seeing really good conversations related to potential demand for newbuild land drilling rigs within the Middle East.

因此，需求持續強勁，仍然積極與其他客戶合作，為中東地區提供額外的完井設備，非常規設備，甚至看到有關中東地區新建陸地鑽井平台的潛在需求的非常好的對話。

So while there certainly have been some challenges with some suspensions of rigs, particularly within Saudi. The high-spec modern rigs that are working, they're recognizing the performance and impact that's having that's really important with unconventional manufacturing type development. So we're talking to multiple customers in the Middle East about new rigs. We'll see how that plays out. But right now, things are looking pretty good.

因此，雖然一些鑽井平台暫停運作確實帶來了一些挑戰，特別是在沙烏地阿拉伯境內。正在運行的高規格現代鑽機認識到其性能和影響對於非常規製造類型的開發非常重要。因此，我們正在與中東的多個客戶討論新鑽機的問題。我們將拭目以待事情將如何發展。但目前，情況看起來相當不錯。

And then if you go to other ports, of the business. I think Rodney touched on kind of what the dynamics that are happening with offshore wind. Economics for offshore wind still look really good within Western Europe and Asia. But there is a little bit of a reaction related to all the disruption that's taken place from trade developments and uncertainties.

然後，如果你去其他港口，也有業務。我認為羅德尼觸及了離岸風電的動態。西歐和亞洲的離岸風電經濟前景仍看好。但對於貿易發展和不確定性所造成的所有乾擾，人們還是有一些反應。

So we've tempered our enthusiasm a little bit for the number of development FIDs that will transpire and therefore, we kind of push back that really critical point in time, and we think there will be really unbearable tightness in terms of supply demand for WTIVs. But we're still actively engaged with multiple customers for WTIV vessels this year.

因此，我們對即將發生的開發最終投資決定的數量稍微降低了熱情，因此，我們有點推遲了那個真正關鍵的時間點，我們認為，在風力渦輪機（WTIV）的供應需求方面將會出現難以忍受的緊張局面。但今年我們仍在積極與多位WTIV船舶客戶接洽。

We think that, that will still likely translate into a couple of orders potentially in the second half of 2025. And then also think about the process systems a lot of demand feeding into the FPSOs that I touched on earlier. So really good outlook for capital equipment overall. Again, there will be puts and takes, but generally, things still heading in the right direction.

我們認為，這仍有可能轉化為 2025 年下半年的幾筆訂單。然後還要考慮一下我之前提到的對 FPSO 進行大量輸入的需求的過程系統。因此，整體而言，資本設備的前景非常好。雖然會有一些取捨，但總體來說，事情仍然朝著正確的方向發展。

Great. I have a quick follow up, Jose and Clay. I wanted to see if you could talk a little bit about NOV's exposure to the flexibles market. Obviously, it's a market that you compete in versus FTI and Baker but how big of a business is that for you? And I wanted to see if you could talk about this agreement with Petrobras because I know one of the holy grails down there is to try to combat some of the stress corrosion in the flexibles. And could this be a needle mover for NOV?

偉大的。我有一個快速的跟進，Jose 和 Clay。我想看看您是否可以談談 NOV 在靈活石油市場中的業務情況。顯然，這是你們與 FTI 和 Baker 競爭的市場，但對你們來說，這個市場有多大？我想看看您是否可以談談與巴西石油公司的這項協議，因為我知道那裡的終極目標之一就是嘗試對抗柔性管中的應力腐蝕。這會為 NOV 帶來重大推動嗎？

Absolutely. Well, actually, we're really, really pleased with our team that's -- and the creative solution that they've come up to help Petrobras address their stress corrosion cracking problem, the fluids in their sub-Salt Basin down there have a high percentage of CO2, which is pretty tough on steel. And so we've got an approach that's different than our competitors, and we think it's going to be very fruitful for us and for Petrobras.

絕對地。嗯，實際上，我們對我們的團隊感到非常非常滿意——他們提出的創意解決方案幫助巴西石油公司解決了他們的應力腐蝕開裂問題，那裡的鹽下盆地中的流體含有高比例的二氧化碳，這對鋼材來說是相當困難的。因此，我們採取了與競爭對手不同的方法，我們認為這對我們和巴西石油公司來說都將非常有益。

But yes, this has been a terrific business for us. We've -- as you're aware, we've been working through some more challenged contracts signed several years ago. We've largely got those in the rearview mirror. We've seen really good efficiency improvements, drive higher profitability for that business overall for us. But it's -- in terms of mix, it's in the order of 10% to 15% of our energy equipment revenues and I think it has the potential to grow. It's a really, really strong business.

但確實，這對我們來說是一筆很棒的生意。如您所知，我們一直在處理幾年前簽署的一些更具挑戰性的合約。我們基本上已經將這些視為後視鏡。我們看到了非常好的效率提升，為我們整個業務帶來了更高的獲利能力。但就組合而言，它約占我們能源設備收入的 10% 到 15%，而且我認為它還有成長的潛力。這是一項非常非常強大的業務。

Great, thanks a lot.

太好了，非常感謝。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning. And I appreciate all the tariff color, certainly interesting times. Your tariff mitigation efforts require additional CapEx to ship roofline or invest in fabrication equipment. Normally, I think you'd be looking to trim CapEx in the second half with this backdrop. Is that possible? Or do the mitigation efforts include that?

是的，早安。我很欣賞所有的關稅色彩，這確實很有趣。您的關稅減免措施需要額外的資本支出來運送車頂線或投資製造設備。通常情況下，我認為在這種背景下你會在下半年削減資本支出。這可能嗎？或者緩解措施包括這一點嗎？

Hi, Scott, it's Jose. Most of the mitigation plans that we have in motion and additional ones that are planned really do not have a meaningful CapEx component to -- we've got a lot of flexibility in terms of our in terms of our footprint. So it's really about getting things positioned in the right place at the right time and working closely with our vendors to make sure that we are mitigating the cost as best as we can. So it's really a lot of blocking and tackling as I touched on sort of five or six things that are really common elements in terms of what we're doing with each of our businesses. And again, most of those don't really involve much in the way of CapEx.

你好，史考特，我是何塞。我們正在進行的大多數緩解計劃和計劃中的額外計劃實際上並沒有有意義的資本支出部分——就我們的足跡而言，我們擁有很大的靈活性。因此，這實際上是在正確的時間將物品放置在正確的位置，並與我們的供應商密切合作，以確保我們盡可能降低成本。因此，正如我剛才提到的，這確實需要很多的阻礙和解決，而這些困難在我們每項業務中都有五到六種常見的元素。而且，其中大多數實際上並不涉及太多的資本支出。

Now there's kind of a blurry line between mitigation efforts and ongoing improvements to improve the operational efficiency within our business, which does take some capital investment and automation and robotics and things of that nature within our own operations, but I sort of view that as separate and things that we're going to do anyway regardless of the tariff mitigation.

現在，緩解措施和持續改進之間的界限有點模糊，以提高我們業務的運營效率，這確實需要一些資本投資和自動化、機器人技術以及我們自己運營中類似的東西，但我認為這是分開的，無論關稅是否減輕，我們都會去做。

And to your point, related to kind of environment that we're in, thinking outside of tariff mitigation and cost control. Our CapEx program, you can sort of think of two very large buckets for 2025 when we sort of came into the year. One is really the build-out of some expansion opportunities, growth capital opportunities.

關於你的觀點，與我們所處的環境有關，我們需要考慮關稅減免和成本控制以外的問題。我們的資本支出計劃，你可以想像當我們進入 2025 年時，有兩個非常大的目標。一是真正建立一些擴張機會和成長資本機會。

And these unconventional resources and basins, we're seeing tremendous demand for investments particularly related to midstream infrastructure and driving a lot of demand for our fiberglass business. So we have some localization efforts, we have some additions to manufacturing lines that are underway, and those will continue full speed ahead.

而這些非常規資源和盆地，我們看到了巨大的投資需求，特別是與中游基礎設施相關的投資需求，並推動了我們對玻璃纖維業務的大量需求。因此，我們進行了一些本地化努力，增加了一些正在進行的生產線，這些工作將繼續全速推進。

The other part really relates to the build-out of our rental tool fleet associated with this great -- latest generation of tools and technologies that we bring to the market. We're continuing to see really rapid adoption of those tools. So you could see us maybe slow things down a little bit if that appetite slows down later in this year. But at this point in time, we're not seeing that. But certainly, CapEx as we get in the second half of the year, might be skewed a little bit lighter than what we were originally thinking three months ago.

另一部分實際上與我們向市場推出的最新一代工具和技術相關的租賃工具隊伍的擴建有關。我們繼續看到這些工具的快速採用。因此，如果今年稍後這種需求減弱的話，我們可能會放慢速度。但目前我們還沒有看到這種情況。但可以肯定的是，下半年的資本支出可能會比我們三個月前最初設想的要少一些。

Got it. I appreciate all that color. A follow up on M&A. This economic soft patch is it really manifests -- may shake some opportunities available for NOV. How do you think about the areas that you could target from an M&A perspective. Would you want to beef up more on the production side? Do you look more for expansion into various industrial segments? Are there niche technologies of interest? Just some kind of broader color on M&A. So if you give that the backdrop here is very different from four or five years ago.

知道了。我很欣賞所有這些顏色。併購的跟進。這種經濟疲軟的跡象確實會顯現出來——可能會動搖 NOV 的一些機會。從併購的角度來看，您認為可以瞄準哪些領域？您想在生產方面進一步加強嗎？您是否希望進一步拓展至各工業領域？是否存在感興趣的利基技術？這只是某種有關併購的更廣泛的色彩。所以，如果你考慮到這一點，那麼這裡的背景與四、五年前相比有很大不同。

Yes. This is Rodney. Just to give a couple of comps there. So one from an overall product portfolio perspective now, very pleased with our businesses that we have and what their exposure are to end market. So really like where the portfolio is right now. So I don't think we necessarily have to add anything to that.

是的。這是羅德尼。僅給一些比較。因此，從整體產品組合的角度來看，我們對我們現有的業務以及它們在終端市場的曝光度感到非常滿意。所以真的很喜歡現在的投資組合。所以我認為我們沒有必要添加任何內容。

Second point really around M&A starts with our ability to continue to generate strong cash flow. And we've touched on that in prior quarters in terms of our expectation to continue to generate -- have a 50% free cash flow conversion of EBITDA and still feel good about that throughout the year. So that continues to allow us to have flexibility in our overall capital return program. And we've laid that out before in terms of maintenance CapEx, growth CapEx and return to shareholders with M&A being an element to that, too.

關於併購的第二點其實始於我們繼續產生強勁現金流的能力。我們在前幾個季度已經談到了這一點，我們預計將繼續產生 50% 的 EBITDA 自由現金流轉換，並且全年仍然對此感到滿意。因此，這讓我們的整體資本回報計畫能夠持續保持靈活性。我們之前已經在維護資本支出、成長資本支出和股東回報方面對此進行了闡述，其中併購也是其中的一個要素。

In the current environment, to your point, perhaps it generates some opportunities, but also in a more volatile time period, sometimes it's harder to get deals done. So we're always looking for opportunistic opportunities to deploy capital in high-return environments. And so if we see something out there that's a good fit for us, that's a good value that returns a high return to our shareholders, we'll definitely take a look at it.

正如您所說，在當前環境下，這或許會帶來一些機會，但在更動盪的時期，有時達成交易會更加困難。因此，我們一直在尋找在高回報環境中部署資本的機會。因此，如果我們發現某個項目適合我們，具有良好的價值，可以為我們的股東帶來高回報，我們肯定會考慮。

Yes, yes. And Scott, as you know, too, we've always been guided by and we're big believers in the need for deals to make a lot of sense industrially. We really need to be a better owner in addition to seeing really good value. It certainly has brought the prices down for everything, including our stock but -- and we continue to look and we've been active in the M&A space here for the past several years. I expect will continue to be, but I'll reiterate what Rodney just said, which is sometimes it's harder in an environment like this getting the other party to the agree.

是的，是的。斯科特，正如你所知，我們始終以交易為指導，並且我們堅信交易對於工業來說非常有意義。除了看到真正的價值之外，我們確實需要成為一個更好的所有者。它確實降低了所有東西的價格，包括我們的股票，但是——我們會繼續關注，並且在過去幾年裡我們一直活躍在併購領域。我預期這種情況會繼續下去，但我要重申羅德尼剛才所說的話，在這樣的環境下，有時讓對方同意會更加困難。

Got it. I appreciate the color.

知道了。我很欣賞這個顏色。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good morning, everybody. Two questions. I'll start with and one is you've given a lot of detail on the second half of '25. When we think about the guidance for the second quarter, you are guiding margins up pretty nicely in Energy Products in the second quarter. Can you just talk about the drivers of that?

謝謝。大家早安。兩個問題。首先，您已經詳細介紹了 25 年下半年的情況。當我們考慮第二季的指導時，您指導第二季能源產品的利潤率相當高。您能談談造成這種情況的因素嗎？

Yes. So on the EPS side, just to repeat a couple of points there. So revenue down 5% to 8% and that's really sort of North America activity driven as well as a couple of key international markets and some mix. As it relates to the margin side of things, really, that's also kind of mix related. So we've had a couple of headwinds as it relates to product and capital equipment sales, which generally have sort of a higher fixed cost element to that. And then secondarily on the volume side. So I think those are the main drivers in terms of the delta period over period.

是的。因此，就 EPS 方面而言，我只想重複幾點。因此收入下降了 5% 到 8%，這實際上是受北美活動以及幾個主要國際市場和一些混合因素的影響。就其與事物的利潤方面而言，實際上，這也是一種混合相關的。因此，我們在產品和資本設備銷售方面遇到了一些阻力，這些阻力通常具有較高的固定成本因素。其次是音量方面。所以我認為這些是周期間差異的主要驅動因素。

Great. And the other question, and this is probably a little hard to answer. I know Jose touched a little bit on this. But when you think about the tariff mitigation efforts and how you sort of try to work to mitigate the impacts. How do you sort of assess investments that may be longer term in nature that are addressing a situation which may be in existence in three months? I'm saying like how do you strategically make these decisions and remain flexible when there's fluctuations at the White House and how they're addressing these things?

偉大的。另一個問題可能有點難回答。我知道何塞稍微談及了這一點。但是當你考慮關稅減免措施以及如何努力減輕影響時。您如何評估那些可能屬於長期性質、旨在解決三個月後可能出現的情況的投資？我說的是，當白宮出現波動時，你如何策略性地做出這些決定並保持靈活性，以及​​他們如何處理這些事情？

Yes. That's a great question, Stephen. And then the day we do the best that we can, right? We're -- we pride ourselves on being very nimble and adaptive to changing environments that create challenges but also create opportunities. And the uncertainty does make it different -- does make it difficult to make long-term investment decisions, and that's why we're pretty cautious as it relates to the precise timing on not only exactly what we're doing, but we put ourselves in our customers' shoes and difficult environment, capital investment decisions.

是的。這個問題問得非常好，史蒂芬。然後我們就會盡我們所能，對嗎？我們為自己能夠靈活地適應不斷變化的環境而感到自豪，這些環境既帶來了挑戰，也帶來了機會。不確定性確實使情況變得不同——確實使做出長期投資決策變得困難，這就是為什麼我們非常謹慎，因為它不僅關係到我們正在做的事情的精確時機，而且我們還要站在客戶的立場上，在困難的環境下做出資本投資決策。

There are some things that you know and have great confidence in that with kind of the forces that are at play, there shouldn't be a material impact. So you plow ahead and move forward. There are other things that cause you to rethink, okay, well, should I be building this plant here? Or should I build it somewhere else around the world? Or should I just wait another three months to see how the world shakes out?

有些事情您知道並且非常有信心，考慮到正在發生的影響，這些事情不會造成實質的影響。所以，你要繼續前進，勇往直前。還有其他事情會讓你重新思考，好吧，我應該在這裡建造這個工廠嗎？或者我應該在世界其他地方建造它？或者我應該再等三個月，看看世界會如何改變？

So these are all very active discussions that we, along with layers of the organization are having on a regular basis, working very closely with our compliance teams and our supply chain folks and our customers to understand what are we going to need in the future? And how are these tariffs and other changes that are taking place in the world going to affect our operations.

因此，這些都是非常積極的討論，我們與組織各層級定期進行討論，與我們的合規團隊、供應鏈人員和客戶密切合作，以了解我們未來需要什麼？這些關稅和世界上正在發生的其他變化將如何影響我們的營運。

So it's carefully, thoughtfully is the bottom-line answer, but we feel like our teams have done a great job of getting their arms around everything. And as I mentioned, we've got a lot of people that have been working really hard, keeping up with the day-to-day movements of all the changes and potential changes that might occur.

因此，謹慎、深思熟慮是最終答案，但我們覺得我們的團隊已經出色地掌握了一切。正如我所提到的，我們有很多人一直在努力工作，跟上所有可能發生的變化和潛在變化的日常動向。

Yes. I'd add too. I think one of the real strengths of NOV coming into this is the diversity of our manufacturing footprint, our supply chains and all that experience that team that Jose just talking about has. I did a lot of hard work and heavy lifting through the First Trump administration when all of the Section 232 and 302 tariffs came into effect.

是的。我也要補充一下。我認為 NOV 的真正優勢之一是我們的製造足跡、供應鏈的多樣性以及 Jose 剛才談到的團隊所擁有的所有經驗。當第 232 條和第 302 條關稅全部生效時，我在川普政府第一任期內做了很多艱苦的工作和繁重的工作。

Again, during COVID, we have been making a general move to do more near-shoring post COVID but at the end of the day, we're entering this with a pretty good American manufacturing footprint, 52% of our machine tools are here in the United States, a little more than half of our assembly space here in the United States. And so it gives us just a lot of optionality to approach this. And I think that's going to be increasingly important as these tariffs come into effect and are going to be a real benefit to NOV.

再次，在新冠疫情期間，我們一直在採取總體舉措，在新冠疫情后進行更多的近岸外包，但最終，我們進入這一領域時已經擁有相當不錯的美國製造業足跡，我們 52% 的機床都在美國，我們一半多一點的裝配空間都在美國。因此，它為我們提供了許多解決這個問題的選擇。我認為，隨著這些關稅的生效，這一點將變得越來越重要，並將為 NOV 帶來真正的好處。

Great. Thank you for the details.

偉大的。感謝您提供詳細資訊。

Roger Read, Wells Fargo Securities.

富國證券的羅傑‧里德 (Roger Read)。

Yes, thanks. Good morning. I was hoping, Clay, to get a little more of your view here on the offshore as ultimately where the growth is going to come from and maybe how you think about some of the milestones we should watch for that signal? Is it going to be that companies are hesitant to cut here in the near term? Is it going to be FIDs we just need to watch. I'm just kind of curious, not so much the white space here in '25. But as we look to the back half of this year and forward.

是的，謝謝。早安.克萊，我希望您能更多地了解您對離岸市場的看法，即最終的成長將來自哪裡，以及您認為我們應該關注哪些里程碑訊號？短期內企業是否會猶豫是否要削減產能？我們只需要觀察它是否會成為最終決定 (FID)。我只是有點好奇，不太想知道 25 年這裡的空白處。但當我們展望今年下半年及未來。

Yes, I -- first of all, I think the economics this is where our customer sells. The economics in the deepwater, in particular are very strong, very competitive vis-a-vis shale, and that's the economic engine behind this. But yes, I think FIDs are going to continue in the deepwater, we've been pleased over the past few years to ramp up in exploration. The number of new basins that have emerged from the Orange Basin in Namibia to continued success in Guyana to the Eastern Mediterranean, the emergence of natural gas is a viable offshore target.

是的，我——首先，我認為從經濟角度來看，這就是我們的客戶銷售的地方。深水區的經濟狀況尤其強勁，相對於頁岩油氣來說，競爭非常激烈，而這正是背後的經濟引擎。但是的，我認為最終投資決定（FID）將會在深水區繼續進行，我們很高興在過去幾年中加強了勘探力度。從納米比亞的奧蘭治盆地到圭亞那，再到東地中海，不斷湧現的新盆地數量不斷增加，天然氣的出現是一個可行的海上目標。

All those things are contributing to activity in the offshore. And as we've talked about in prior calls, a lot has been said about the white space and the drilling side of things. But our view is, and our customers view is that has to do with the fact that the FPSO supply chain is sort of catching up with the capability to drill. And I think that's going to continue to work towards a more balanced and higher levels of drilling activity in 2026.

所有這些都促進了海上活動。正如我們在之前的電話會議中討論過的，關於空白區域和鑽探方面的問題已經討論了很多。但我們的觀點是，我們的客戶也認為，這與 FPSO 供應鏈正在趕上鑽井能力有關。我認為這將繼續努力，以實現 2026 年更加平衡和更高水準的鑽探活動。

One of our customers made a nice announcement yesterday with respect to new contracts. And so I think we've passed through an extraordinarily unique time when you had sort of one style and one source of incremental oil for the global supplies effectively supply all of it through the past decade. And of course, I'm talking about US shales. And that is close, we believe, to rolling over.

我們的一位客戶昨天就新合約發布了一個好消息。所以我認為我們已經經歷了一個非常獨特的時期，在過去的十年裡，全球石油供應只有一種方式和一種增量石油來源，有效地供應了所有的石油。當然，我說的是美國頁岩油。我們相信，這已經接近翻盤的程度了。

And it's not just us, the EIA says that the US production is going to peak in 2027, we can debate whether it will be earlier or later than that. But I think, generally, the emerging consensus view is US shales are going to roll over here sooner rather than later. And when that happens, I think deepwater is going to emerge as the next source of production.

而且不只是我們，美國能源資訊署 (EIA) 表示，美國的產量將在 2027 年達到峰值，我們可以爭論這個時間是早於還是晚於這個時間。但我認為，總體而言，新興的共識是，美國頁岩油的繁榮遲早會到來。當這種情況發生時，我認為深水將成為下一個生產來源。

I think our customers get that. And that's why like Jose said, that's why we believe they're going to continue to move forward with these projects. They've got nice discoveries, they've got better technology, this whole level of industrialization that has gone on in the deepwater driving efficiencies. And so that's going to be a great engine for future demand. If you sort of apply that view to our own financials, we have had great margin progression for our Energy Equipment, up 430 basis points year over year.

我想我們的客戶明白這一點。這就是為什麼正如何塞所說，我們相信他們會繼續推動這些項目。他們有出色的發現，有更好的技術，深水區的整個工業化水準提高了效率。這將成為未來需求的強大引擎。如果將這種觀點應用到我們自己的財務狀況中，我們的能源設備利潤率就有了很大的提高，比去年同期成長了 430 個基點。

And our EPS business has been more challenged. A lot of it has to do with just exposure to the deepwater. The engine around margin improvement and top line growth in Energy Equipment really has been around these production technologies there, that we've got better demand for. We're getting better margins for -- and I think a real -- they sort of illustrate within our own financial results level of demand that's out there for this, and we see this continuing in spite of some near-term headwinds. So our view continues to be for the long term, very bullish on deepwater.

我們的 EPS 業務面臨更大的挑戰。這在很大程度上與深水暴露有關。能源設備利潤率提高和營收成長的引擎實際上一直圍繞著這些生產技術，我們對此有更好的需求。我們的利潤率正在提高——我認為這是真實的——它們在某種程度上從我們自己的財務業績中體現出了對此的需求水平，儘管近期存在一些阻力，但我們認為這種需求仍將持續下去。因此，我們的觀點仍然是長期的，對深水非常看好。

I appreciate that. I'll turn it back.

我很感激。我會把它轉回去。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hi, thank you. I wanted to ask a little bit more on the second half outlook. Clay, you opened the call talking about how second quarter looks solid, but things could get tougher perhaps much tougher. And I look at your EPS guidance for the second half for 3% to 5% growth. I generally think of that business as being a bit more kind of rig count sensitive. So if activities maybe has some risk to the downside in the back half, how confident do you feel in that sort of 3% to 5% growth outlook there?

你好，謝謝。我想進一步詢問下半年的前景。克萊，你在電話會議開始時談到第二季度看起來很穩健，但情況可能會變得更加艱難，甚至更加艱難。我預計下半年每股收益將成長 3% 至 5%。我通常認為該業務對鑽機數量更為敏感。因此，如果活動在下半年可能存在一些下行風險，那麼您對 3% 至 5% 的成長前景有多大信心？

Yes. Well, first, Marc, let me qualify all of this as saying we're sort of guiding into the unknown, right? So since we had our last call in February, had some pretty rough economic news. We have the sort of emerging tariff trade situation that's come to the floor. We've had OPEC bringing back barrels so incrementally down. And so I want to stress that our guide for the second half is more directional than it is precise.

是的。好吧，首先，馬克，讓我把這一切解釋成我們正在引導我們走向未知的世界，對嗎？自從我們二月進行最後一次電話會議以來，我們聽到了一些相當糟糕的經濟消息。我們面臨的關稅貿易狀況已經嚴峻。我們已經看到石油輸出國組織 (OPEC) 逐步減少石油產量。所以我想強調的是，我們對下半年的指導更具方向性，而非精確性。

But yes, I think as I said earlier, I think these larger deepwater sorts of projects are going to be more resilient, more insulated where we're going to see the greatest effect really is around the rig count-driven parts of our business, the quicker turn sort of things that are tied to activity in the second half.

但是的，我認為正如我之前所說的，這些大型深水項目將更有彈性，更具有隔離性，我們將看到最大的影響實際上是圍繞鑽機數量驅動的業務部分，以及與下半年活動相關的更快的轉變。

Okay. Well, other question I had was related to cash flow in some of these sort of tariff mitigation efforts that you're doing and just the tariffs in general, my understanding is there's a bit of an upfront cash payment for the tariff and then hopefully, that flows through P&L down the road. But can you just kind of talk to the next couple of quarters, how we should be thinking about cash flow? And if there's anything to be considering related to all this tariff stuff?

好的。嗯，我的另一個問題與您正在進行的一些關稅減免措施中的現金流有關，以及一般的關稅，我的理解是，關稅需要預先支付一些現金，然後希望這些現金能夠流入損益表。但是您能否談談接下來的幾個季度，我們應該如何考慮現金流？那麼，與所有這些關稅事宜相關的還有什麼需要考慮的嗎？

Yes. Thanks, Marc. This is Rodney. So as we mentioned, Q1 and as you saw, started out on a good note. Free cash flow, $51 million generally more cash consumptive in the first quarter, and that was driven by good operational results plus year-on-year improvement working capital as a percentage of net working capital as a percent of revenue.

是的。謝謝，馬克。這是羅德尼。正如我們所提到的，第一季以及您所看到的，開局不錯。自由現金流，第一季現金消耗總體增加 5,100 萬美元，這是由良好的營運績效以及營運資本佔淨營運資本佔收入百分比的同比改善所推動的。

As we look in Q2, generally throughout the year, we see some moderate improvement on the net working capital side last year, full year, we were 26.3%. Obviously, as Clay mentioned, a lot of puts and takes out there, but as we look at free cash flow conversion, as I mentioned earlier, still feel confident that would generate convert 50% of our EBITDA into free cash flow. So throughout the year, that will continue to progress in that manner.

從第二季以及全年來看，我們發現去年全年淨營運資本方面有所改善，為 26.3%。顯然，正如克萊提​​到的那樣，存在著許多看跌期權和看漲期權，但正如我之前提到的，當我們考慮自由現金流轉換時，仍然有信心將 50% 的 EBITDA 轉換為自由現金流。因此，全年都會繼續以這種方式取得進展。

Got it. Thanks so much. I'll turn it back.

知道了。非常感謝。我會把它轉回去。

Thank you. That is all the time we have for our question-and-answer session. I would now like to turn the call back over to Mr. Clay Williams for any closing remarks.

謝謝。這就是我們問答環節的全部時間。現在我想將電話轉回給克萊威廉斯先生，請他做最後發言。

Thank you, Sherry, and thanks to all of you for joining us this morning. We look forward to discussing our second quarter results with you in July, and we wish you all a wonderful day.

謝謝你，雪莉，也謝謝大家今天早上加入我們。我們期待在七月與您討論我們的第二季業績，並祝大家有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。