國民油井華高 (NOV) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to NOV's Second Quarter 2025 Earnings Call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amie D’Ambrosio, Director of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 NOV 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，投資者關係總監 Amie D’Ambrosio。請繼續。

Welcome, everyone, to NOV's Second 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. Before we begin, I would like to remind you that some of today's comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or later in the year.

歡迎大家參加 NOV 2025 年第二季財報電話會議。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)。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。

For a more detailed discussion of the major risk factors affecting our business, please refer to our latest Forms 10-K and 10-Q filed with the Securities and Exchange Commission. Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website. On a US GAAP basis, for the second quarter of 2025, NOV reported revenues of $2.2 billion and net income of $108 million or $0.29 per fully diluted share.

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 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。根據美國公認會計準則，2025 年第二季度，NOV 報告營收為 22 億美元，淨收入為 1.08 億美元，即每股攤薄收益 0.29 美元。

Our use of the 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 your question to one question and one follow-up, to permit more participation. Now let me turn the call over to Clay.

我們在今天早上的電話會議中使用的 EBITDA 術語與我們的收益報告中定義的調整後 EBITDA 術語相對應。在稍後的通話中，我們將舉辦問答環節，請將您的問題限制為一個問題和一個後續問題，以允許更多人參與。現在讓我把電話轉給克萊。

Thank you, Amie. For the second quarter of 2025, revenue of $2.2 billion was up 4% from the first quarter of 2025, down 1% from the second quarter of 2024. EBITDA was $252 million or 11.5% of sales. Our Energy Equipment segment grew revenues 5% sequentially as strong execution of capital equipment sales were able to more than offset a significant reduction in demand for aftermarket parts and services. However, the resulting unfavorable mix shift drove margins sequentially lower.

謝謝你，艾米。2025 年第二季度，營收為 22 億美元，較 2025 年第一季成長 4%，較 2024 年第二季下降 1%。EBITDA 為 2.52 億美元，佔銷售額的 11.5%。我們的能源設備部門營收季增 5%，因為資本設備銷售的強勁執行足以抵銷售後零件和服務需求的大幅減少。然而，由此產生的不利的產品組合變化導致利潤率持續下降。

Nevertheless, the segment delivered its 12th straight quarter of year-over-year margin expansion. Energy Products and Services solid 3% sequential top line growth, handily outperformed a 6% decline in global drilling activity buoyed by higher capital equipment sales and greater penetration of our efficiency enabling technologies in key markets. That strength was partially offset by sharply lower demand for quick term consumable drilling and completion products in North America Saudi Arabia and Latin America, along with tariff-related and inflationary cost pressure factors that together compress segment margins. Against this backdrop, both segments remain focused on structural cost reduction and process improvement. Jose will provide additional detail on these initiatives later in the call.

儘管如此，該部門的利潤率仍連續第 12 季同比增長。能源產品和服務業務連續實現 3% 的穩健營收成長，輕鬆超越了全球鑽井活動 6% 的下滑，這得益於資本設備銷售額的增加以及我們提高效率的技術在關鍵市場的更大滲透。但這優勢被北美、沙烏地阿拉伯和拉丁美洲對短期消耗性鑽井和完井產品的需求大幅下降，以及關稅相關和通膨成本壓力因素所部分抵消，這些因素共同壓縮了部門利潤率。在此背景下，兩個部門仍專注於降低結構成本和改善流程。何塞將在稍後的電話會議中提供有關這些舉措的更多細節。

The 6% sequential decline in global drilling activity underscores market conditions that are growing more challenging. Macroeconomic uncertainty, the rapid unwinding of OPEC+ production quotas and conflict in the Middle East have made customers more cautious. In North America, exploration and production companies moved decisively to curtail short-cycle activity. The US oil-directed rig count declined roughly 9% since March and modest gas rig additions could not fully offset the drop.

全球鑽井活動連續 6% 下降，凸顯市場環境愈發嚴峻。宏觀經濟的不確定性、OPEC+產量配額的快速取消以及中東地區的衝突使得客戶更加謹慎。在北美，勘探和生產公司果斷採取行動，減少短週期活動。自 3 月以來，美國石油鑽井數量下降了約 9%，而天然氣鑽井數量適度增加並不能完全抵消下降。

Pricing pressure is intensifying. Internationally, conventional activity also eased. Saudi Arabia suspended additional onshore rigs and Argentina operator shifted focus from mature [Comodoro] operations toward the unconventional [ValkAmerica] play. In offshore markets, tariffs and cost inflation are prompting some operators to slow walk certain projects, which probably delays some final investment decisions. Importantly, we aren't seeing these projects canceled, and we are continuing to advance discussions and FEED studies on multiple deepwater programs.

定價壓力正在加劇。在國際上，常規活動也有所減少。沙烏地阿拉伯暫停了額外的陸上鑽井平台，阿根廷業者將重點從成熟的 [Comodoro] 業務轉向非常規的 [ValkAmerica] 業務。在海上市場，關稅和成本上漲正促使一些業者放慢某些專案的進度，這可能會推遲一些最終的投資決策。重要的是，我們沒有看到這些項目被取消，我們正在繼續推進多個深水項目的討論和 FEED 研究。

Our offshore drilling contractor customers expect their white space utilization challenges to ease in 2026. On the whole, the remainder of 2025 will be tough. We expect North American shale activity to drift modestly lower through year-end, while Saudi conventional drilling may not reaccelerate before 2026. We think global drilling activity will slow further through the second half. Nevertheless, we expect NOV's backlog and fourth quarter seasonal bulk tool purchases from international markets to support second half sales that are up modestly compared to the first half.

我們的海上鑽井承包商客戶預計，到 2026 年，他們的空白空間利用挑戰將會緩解。整體而言，2025 年剩餘時間將會很艱難。我們預計，到今年年底，北美頁岩氣活動將略有下降，而沙烏地阿拉伯的常規鑽探活動可能要到 2026 年才會重新加速。我們認為下半年全球鑽井活動將進一步放緩。儘管如此，我們預計 NOV 的積壓訂單和第四季度從國際市場購買的季節性大宗工具將支持下半年的銷售額與上半年相比小幅增長。

For the third quarter, we forecast year-over-year consolidated revenue to decline between 1% to 3% and with adjusted EBITDA to land in the range of $230 million to $250 million. Looking past near-term turbulence, NOV's opportunity landscape is compelling. We expect offshore activity to accelerate in 2026, and our healthy pipeline of prospective FPSO award should drive demand for NOV's production technologies. Globally, the push for secure affordable energy is accelerating investment in LNG and unconventional gas. Areas where our composite pipe, high-pressure, high-temperature solutions and gas processing equipment [XL].

對於第三季度，我們預測綜合營收將年減 1% 至 3%，調整後的 EBITDA 將在 2.3 億美元至 2.5 億美元之間。回顧近期的動盪，NOV 的機會前景引人注目。我們預計 2026 年海上活動將會加速，我們健康的潛在 FPSO 獎項管道應該會推動對 NOV 生產技術的需求。在全球範圍內，對安全廉價能源的追求正在加速對液化天然氣和非常規天然氣的投資。我們的複合管、高壓、高溫解決方案和氣體處理設備[加大]。

Our expanding digital automation platform is delivering measurable efficiency gains for customers. Importantly, our significant backlog and strong balance sheet give us the confidence and capacity to invest in these technologies. Overall, growing offshore drilling and development activity, stabilizing rig counts in the Middle East, incremental growth in Middle Eastern and Latin America and unconventionals set up a more favorable market for 2026 in our view, assuming commodity prices are reasonably well behaved. To all my fellow NOV employees listening today, I want to thank you for the terrific job that you are doing. Our customers count on you and me every day to help them navigate tough market conditions.

我們不斷擴展的數位自動化平台正在為客戶帶來可衡量的效率提升。重要的是，我們大量的積壓訂單和強勁的資產負債表使我們有信心和能力投資這些技術。總體而言，我們認為，假設大宗商品價格表現合理，那麼海上鑽井和開發活動的不斷增長、中東鑽井數量趨於穩定、中東和拉丁美洲的逐步增長以及非常規油氣資源將為 2026 年創造更有利的市場。對於今天聆聽演講的所有 NOV 員工同事，我要感謝你們所做的出色工作。我們的客戶每天都依賴您和我來幫助他們應對嚴峻的市場環境。

And Jose, Rodney, Amie and I appreciate all that you to support them and each other. With that, let me turn it over to Rodney to review the results for the second quarter.

我和 Jose、Rodney、Amie 感謝你們對他們以及彼此的支持。說完這些，讓我把第二季的業績交給羅德尼來回顧。

Thank you, Clay. Second quarter consolidated revenue increased 4% sequentially and decreased 1% year-on-year. These results reflect strong execution on our capital equipment backlog that was largely offset by lower aftermarket spare parts and consumable product sales due to softer oil and gas activity, all of which drove an unfavorable change in mix across our businesses. Consolidated adjusted EBITDA was $252 million or 11.5% of sales. Margins were pressured by this less favorable sales mix, higher tariffs, inflation-driven cost headwinds and certain charges in Latin America.

謝謝你，克萊。第二季綜合營收季增4%，年減1%。這些結果反映了我們對資本設備積壓訂單的強勁執行，但由於石油和天然氣活動疲軟導致售後備件和消耗品銷售下降，這在很大程度上抵消了這一結果，所有這些都導致了我們業務組合的不利變化。合併調整後 EBITDA 為 2.52 億美元，佔銷售額的 11.5%。利潤率因這種不太有利的銷售組合、更高的關稅、通貨膨脹驅動的成本阻力以及拉丁美洲的某些費用而受到壓力。

During the quarter, we generated free cash flow of $108 million resulting in our team converting 83% of our EBITDA to free cash flow over the last 12 months. We continue to execute well on structural improvements to our working capital, including improved cash conversion cycle and inventory turns which have resulted in a 300 basis point improvement year-over-year in working capital as a percentage of revenue. Over the first half of 2025, we repurchased 10.9 million shares for $150 million. Since we announced our share repurchase program during the second quarter of 2024, we repurchased approximately 25 million shares. Also during the quarter, we paid a quarterly base dividend of $0.075 per share and a supplemental dividend of $0.21 per share, resulting in dividends paid year-to-date of $135 million.

在本季度，我們產生了 1.08 億美元的自由現金流，這使得我們的團隊在過去 12 個月內將 83% 的 EBITDA 轉化為自由現金流。我們繼續在營運資本結構性改善方面執行良好，包括改善現金轉換週期和庫存週轉率，這使得營運資本佔收入的百分比比去年同期提高了 300 個基點。2025 年上半年，我們以 1.5 億美元回購了 1,090 萬股。自 2024 年第二季宣布股票回購計畫以來，我們已回購了約 2,500 萬股。此外，在本季度，我們還支付了每股 0.075 美元的季度基本股息和每股 0.21 美元的補充股息，導致年初至今支付的股息為 1.35 億美元。

Between share buybacks and dividends, we've returned $602 million to our shareholders while increasing our cash balance by $612 million since March 31, 2024. That's a total of over $1.2 billion in free cash flow during the last 5 quarters. Our tariff expense for the second quarter was approximately $11 million. Since our April earnings call, there have been many announcements impacting trade policy, including a June increase in the rate of Section 232 steel tariffs from 25% to 50%. We continue to leverage our supply chain experience, versatile manufacturing footprint and opportunities to apply US

透過股票回購和股息，我們自 2024 年 3 月 31 日以來已向股東返還 6.02 億美元，同時現金餘額增加了 6.12 億美元。過去 5 個季度的自由現金流總計超過 12 億美元。我們第二季的關稅費用約為 1100 萬美元。自從我們四月財報電話會議以來，已經有許多影響貿易政策的公告，包括六月將第 232 條鋼鐵關稅稅率從 25% 提高到 50%。我們繼續利用我們的供應鏈經驗、多樣化的製造足跡和機會來應用美國

MCA to further reduce our tariff expense. Assuming current tariff policies we expect the impact of tariffs in the third quarter will rise to between $20 million and $25 million and then to between $25 million and $30 million in the fourth quarter, where it should level out. Of course, the trade policy situation remains very fluid, and the impact could be greater if tariffs go higher. Operationally, we're heavily engaged in rewiring our supply chain to whittle down the impact. As a result of tariffs and persistent inflation in our supply chains, we're implementing cost reduction initiatives across the organization.

馬華進一步降低我們的關稅支出。假設目前的關稅政策，我們預計第三季關稅的影響將上升至 2,000 萬至 2,500 萬美元之間，然後在第四季度上升至 2,500 萬至 3,000 萬美元之間，然後趨於平穩。當然，貿易政策情勢仍然非常不穩定，如果關稅上調，影響可能會更大。在營運方面，我們正在大力重塑我們的供應鏈，以減少影響。由於關稅和供應鏈持續的通貨膨脹，我們正在整個組織內實施成本削減措施。

Jose will cover specific actions we're taking. We expect the results of these initiatives will remove over $100 million in annual costs by the end of 2026. However, increasing tariffs and inflation remain headwinds, which will offset a portion of the savings. During the quarter, our tax rate was positively impacted by certain discrete items. We expect our full year tax rate to be between 26% and 28%.

何塞將介紹我們正在採取的具體行動。我們預計，到 2026 年底，這些措施將節省每年超過 1 億美元的成本。然而，關稅上調和通貨膨脹仍然是不利因素，這將抵消部分儲蓄。在本季度，我們的稅率受到某些離散項目的正面影響。我們預計全年稅率在26%至28%之間。

Also, we expect elimination of corporate costs during the third quarter to remain in line with the second quarter of 2025. Moving on to segment results. Our Energy Products and Services segment generated revenue of $1.03 billion, a 2% decrease compared to the second quarter of 2024 due to lower global activity levels which are partially offset by higher sales from the segment's capital equipment offerings. Adjusted EBITDA declined $38 million to $146 million or 14.2% of sales. The higher decrementals were primarily the result of less favorable sales mix, tariffs and inflationary pressures, along with certain charges in Latin America.

此外，我們預計第三季企業成本消除將與 2025 年第二季保持一致。繼續細分結果。我們的能源產品和服務部門創造了 10.3 億美元的收入，與 2024 年第二季度相比下降了 2%，原因是全球活動水平較低，但該部門資本設備產品的銷售額增加部分抵消了這一影響。調整後的 EBITDA 下降 3,800 萬美元至 1.46 億美元，佔銷售額的 14.2%。降幅較大主要是由於銷售組合不太有利、關稅和通膨壓力以及拉丁美洲的某些費用造成的。

Year-on-year, product sales declined 20%, offset by improved sales of capital equipment. Sequentially, segment revenues were 3% higher with stronger results from capital equipment sales, including our drill pipe and composite solutions businesses. For the second quarter, the sales mix of Energy Products and Services was 50% services and rental, 34% capital equipment and 16% product sales. Revenue from services and rentals held flat year-over-year due to market share gains and new product expansions, offsetting the impact of reduced rig counts. Our downhole tools business grew rental revenue low single digits compared to the prior year.

與去年同期相比，產品銷售額下降了 20%，但被資本設備銷售額的成長所抵銷。與上一季相比，由於鑽桿和複合材料解決方案業務等資本設備銷售業績強勁，部門收入成長了 3%。第二季度，能源產品和服務的銷售結構為 50% 的服務和租賃、34% 的資本設備和 16% 的產品銷售。由於市場份額增加和新產品擴展，服務和租賃收入同比持平，抵消了鑽機數量減少的影響。與前一年相比，我們的井下工具業務的租賃收入成長了個位數。

Growing adoption of our high-performance drilling motors and our downhole setting tools in North America, along with increased rentals in international unconventional developments helped to overcome the effect of drilling activity declines in other markets. Similarly, rentals of our drill bits grew low double digits year-over-year as operators in the US continue to achieve higher rates of penetration and longer runs per bit using our high-performance bit cutter technology. US land drill bit revenues grew over 30% year-over-year compared to a US

我們的高性能鑽井馬達和井下安裝工具在北美的日益普及，以及國際非常規開發項目租賃費用的增加，有助於克服其他市場鑽井活動減少的影響。同樣，由於美國營運商繼續使用我們的高性能鑽頭切削齒技術實現更高的鑽進率和更長的鑽頭運行時間，我們的鑽頭租金同比增長了兩位數。美國陸地鑽頭收入年增超過 30%

rig count decline of 5%. Tubular coating and inspection had a solid quarter with service revenue up mid-single digits year-over-year. Increased tubular coating throughput and growing traction of NOV's high-temperature TK-recon coating drove a low double-digit percent increase in North America coating revenue for Tuboscope year-over-year. The improvement in North America coating operations was partially offset by lower inspection revenues in Latin America. Solids control and waste management services declined by mid-single digits versus the prior year, primarily due to reduced activity in Mexico and Argentina's conventional play.

鑽井數量下降5%。管狀塗層和檢驗業務本季表現穩健，服務收入較去年同期成長中個位數。管狀塗層產量的增加以及 NOV 高溫 TK-recon 塗層的日益增長的吸引力推動了 Tuboscope 北美塗層收入同比增長了兩位數的百分比。北美塗層業務的改善被拉丁美洲檢驗收入的下降部分抵消。固體控制和廢棄物管理服務較上年同期下降了中等個位數，主要原因是墨西哥和阿根廷常規油氣開採活動的減少。

Higher solids control service and rental revenue in Africa and increased drilling activity in the UAE partially offset these declines. Capital equipment sales increased low single digits year-over-year, primarily due to strong growth in NOV's composite solutions business, which more than offset a managed pressure drilling capital sale in the prior year that did not repeat.

非洲固體控制服務和租賃收入的增加以及阿聯酋鑽井活動的增加部分抵消了這些下降。資本設備銷售額年增率低個位數，主要由於 NOV 複合解決方案業務的強勁成長，足以抵消上一年未重複的管理壓力鑽井資本銷售的影響。

Composite solutions for oilfield infrastructure in the Middle East and North America, FPSOs and underground fuel handling tanks, all realized robust sales. We expect increased growth in our Composite Solutions business due to continued infrastructure build-out in international unconventional markets and fuel handling markets in North America. Turning to product sales within Energy Products and Services.

中東和北美油田基礎設施複合材料解決方案、FPSO和地下燃料處理罐均實現了強勁的銷售。由於國際非常規市場和北美燃料處理市場的持續基礎設施建設，我們預期複合解決方案業務將實現成長。轉向能源產品和服務領域的產品銷售。

Revenue decreased 20% compared to the second quarter of 2024 primarily driven by market uncertainty, which amplified the effects of the decline in global market activity with customers pumping the brakes on a relatively quick turn consumable purchases mostly related to drilling. For the third quarter, we expect revenues from our Energy Products and Services segment to be flat to down 2% when compared to the third quarter of 2024 with EBITDA between $130 million and $150 million.

與 2024 年第二季相比，收入下降了 20%，主要原因是市場不確定性，這加劇了全球市場活動下滑的影響，客戶對主要與鑽井相關的相對較快的消耗品採購踩了煞車。對於第三季度，我們預計能源產品和服務部門的營收將與 2024 年第三季相比持平或下降 2%，EBITDA 在 1.3 億美元至 1.5 億美元之間。

Moving to our Energy Equipment segment. Revenue for the second quarter of 2025 was $1.21 billion, nearly unchanged from the second quarter of 2024. Despite the flat revenue, EBITDA increased $16 million to $158 million, resulting in a 130 basis point increase in EBITDA margins to 13.1% of sales, driven by higher-margin backlog and operational efficiencies that more than offset an unfavorable mix shift that resulted from a sharp decline in aftermarket sales.

轉向我們的能源設備部門。2025 年第二季的營收為 12.1 億美元，與 2024 年第二季幾乎沒有變化。儘管收入持平，但 EBITDA 卻增加了 1600 萬美元，達到 1.58 億美元，導致 EBITDA 利潤率增加了 130 個基點，達到銷售額的 13.1%，這得益於利潤率更高的積壓訂單和運營效率的提高，這些都足以抵消售後市場銷售下滑導致的不利產品組合的變化。

As Clay mentioned, this was the 12th straight quarter of year-over-year margin growth for Energy Equipment segment. Capital equipment sales accounted for approximately 62% of the segment's revenue mix in the second quarter of 2025, up nearly 8 percentage points year-over-year, driven by production and drilling equipment. Aftermarket sales and services accounted for the remaining 38% of energy equipment revenue in the second quarter. In our Drilling Equipment business, aftermarket revenues were down sharply year-over-year due to customers reducing spending in response to global trade uncertainty and lower oil price. Spare parts bookings fell sharply during the quarter.

正如克萊所提到的，這是能源設備部門連續第 12 個季度實現利潤率同比增長。2025 年第二季度，資本設備銷售額約佔該部門收入結構的 62%，較去年同期成長近 8 個百分點，主要得益於生產和鑽井設備的推動。售後銷售和服務佔第二季能源設備收入的剩餘38%。在我們的鑽井設備業務中，由於客戶因全球貿易不確定性和油價下跌而減少支出，售後市場收入較去年同期大幅下降。本季備件訂單量急劇下降。

We do not expect these level of spare parts bookings are sufficient for the industry long term despite the pullback we've seen in rig counts globally. Additionally, service utilization fell due to a slowdown of projects in China, but recertification and upgrades remain active in Europe, Africa, the US and Brazil. We're seeing automation upgrade opportunities, which Jose will cover in more detail. Revenue from aftermarket parts and services for intervention stimulation equipment was down high single-digit percentage year-over-year due to the decline in North America completion activity.

儘管我們看到全球鑽井數量下降，但我們並不認為這些備件預訂量足以滿足產業長期需求。此外，由於中國計畫放緩，服務利用率下降，但歐洲、非洲、美國和巴西的重新認證和升級仍然活躍。我們看到了自動化升級的機會，Jose 將對此進行更詳細的介紹。由於北美完井活動的減少，幹預刺激設備的售後零件和服務收入比去年同期下降了高個位數百分比。

Turning to capital equipment portion of the Energy Equipment segment. Revenue grew low double digits year-over-year, led by growth from our process systems, Subsea flexible pipe and marine and construction businesses. Bookings declined 4% sequentially to $420 million. Customers are trying to assess longer-term impact of recent volatility in commodity prices geopolitical conflicts, cost inflation and trade policy uncertainty, which have resulted in certain projects pushing to the right. While uncertainty may continue to impact timing of investment decisions, currently, we're not seeing projects being canceled.

轉向能源設備部門的資本設備部分。營收年增率低兩位數，主要得益於我們的製程系統、海底柔性管道以及海洋和建築業務的成長。預訂金額較上月下降 4% 至 4.2 億美元。客戶正試圖評估近期大宗商品價格波動、地緣政治衝突、成本通膨和貿易政策不確定性的長期影響，這些因素已導致某些項目向右推進。儘管不確定性可能會繼續影響投資決策的時機，但目前我們並沒有看到專案被取消。

Second quarter revenue and our subsea flexible pipe business reached an all-time high, growing significantly year-over-year with robust EBITDA flow-through, resulting from higher margin projects. The capacity and the market remains tight and the outlook for our subsea flexible pipe business remains constructive. Our Process Systems business also achieved record high revenues with significant year-over-year growth Bookings were solid and included a monoethylene glycol unit for an operator in the Eastern Mediterranean in support of the global gas infrastructure build-out.

第二季度的收入和我們的海底柔性管道業務達到了歷史最高水平，由於利潤率較高的項目，EBITDA 流水強勁，同比大幅增長。產能和市場仍然緊張，我們的海底柔性管道業務前景依然樂觀。我們的工藝系統業務也實現了創紀錄的高收入，比去年同期增長顯著。預訂量穩健，其中包括為東地中海一家營運商提供的乙二醇裝置，以支援全球天然氣基礎設施建設。

While forecast for FPSO FIDs in 2025 have moderated, the outlook remains encouraging. The onshore production market continues to be active for large international gas fields and we're actively pursuing several projects that we expect to be awarded over the next 12 months.

儘管對 2025 年 FPSO FID 的預測有所放緩，但前景仍然令人鼓舞。大型國際天然氣田的陸上生產市場持續活躍，我們正在積極推動幾個項目，預計將在未來 12 個月內授予合約。

Our Process Systems and subsea flexible pipe business combined have booked $1.6 billion in orders over the last 5 quarters. Our production and midstream business also reached its highest quarterly revenue since 2019 due to growth in unconventional gas markets and strong execution. Targeted R&D and investments in our production-related offerings has resulted in our subsea flexible pipe, process systems and production midstream business revenues increasing from less than 20% of energy equipment revenue in 2021 to approximately 30% of the segment's revenue in 2025, evidence that our innovation is driving growth and delivering solutions the industry depends on.

過去 5 個季度，我們的製程系統和海底柔性管道業務共獲得價值 16 億美元的訂單。由於非常規天然氣市場的成長和強勁的執行力，我們的生產和中游業務也達到了自 2019 年以來的最高季度收入。針對生產相關產品的有針對性的研發和投資，使我們的海底柔性管道、製程系統和生產中游業務收入從 2021 年佔能源設備收入的不到 20% 增長到 2025 年佔該部門收入的約 30%，這證明我們的創新正在推動增長並提供行業所依賴的解決方案。

Capital equipment sales from our Intervention & Stimulation Equipment business decreased double digits year-over-year due to a steep drop in demand for pressure pumping equipment in North America, partially offset by solid demand for coiled tubing and wireline equipment in international markets. We continue to see a growing number of opportunities for sales of completion equipment into international markets particularly for the growing unconventional plays in the Middle East and Latin America.

由於北美對壓力泵設備的需求急劇下降，我們的干預和刺激設備業務的資本設備銷售額同比下降了兩位數，但國際市場對連續油管和電纜設備的強勁需求部分抵消了這一下降。我們持續看到完井設備在國際市場上的銷售機會不斷增加，特別是在中東和拉丁美洲日益增長的非常規油氣市場。

Revenue from our drilling capital equipment increased in the mid-teens year-over-year due to greater progress on projects. The outlook for drilling capital equipment orders remains modest, given market uncertainties. Our Marine and Construction business experienced a high single-digit increase in revenue compared to the second quarter of 2024, driven by greater progress on crane and [Cable A] projects.

由於專案進展順利，我們的鑽井資本設備收入年增了百分之五十左右。鑑於市場不確定性，鑽井資本設備訂單前景依然溫和。與 2024 年第二季相比，我們的海洋和建築業務收入實現了高個位數成長，這得益於起重機和 [電纜 A] 專案取得更大進展。

After booking an order for a [Cable A] vessel in the first quarter, we received an order for a wind turbine installation vessel in the second quarter, we continue to have active dialogue with customers for both [cable A] vessels and wind installation vessels, and we see a healthy demand for our electric cranes, driven by new build activity for multipurpose supply vessels. For the third quarter, we expect Energy Equipment segment revenue to decrease between 1% to 3% compared to the third quarter of 2024 with EBITDA in the range of $145 million to $160 million.

繼第一季度獲得一艘[電纜 A]船的訂單後，我們在第二季度又獲得了一艘風力渦輪機安裝船的訂單，我們繼續就[電纜 A]船和風力安裝船與客戶進行積極對話，並且我們看到對我們的電動起重機的健康需求，這受到多用途供應船新建活動的推動。對於第三季度，我們預計能源設備部門的營收將與 2024 年第三季相比下降 1% 至 3%，EBITDA 在 1.45 億美元至 1.6 億美元之間。

With that, I'll turn the call over to Jose.

說完這些，我會把電話轉給何塞。

Thank you, Rodney. As we respond to a softening global marketplace, we remain focused on positioning the company to capitalize on three longer-term trends that we believe will drive the industry over the next decade.

謝謝你，羅德尼。在應對全球市場疲軟的同時，我們仍將重點放在定位公司，利用我們認為將在未來十年推動產業發展的三大長期趨勢。

One, offshore production supplanting US unconventional resources as the dominant incremental source of global oil supply; two, accelerating demand for natural gas driving meaningful growth from global unconventional gas resources; and three, the application of modern technologies to drive additional efficiencies in oilfield operations.

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；二是天然氣需求的加速增長，推動全球非常規天然氣資源實現有意義的增長；三是應用現代技術提高油田作業效率。

Today, uncertainty is driving extreme fiscal austerity and a greater emphasis on operational efficiencies. Customers are pushing their procurement teams to negotiate better pricing, but are also looking to and willing to invest in solutions that improve recovery rates, lower costs, improve safety and reduce environmental footprint. In offshore markets, IOC and NOC customers remain confident in the mid- to longer-term outlook due to plateauing North American production, offshore breakeven that are sub-$50 per barrel and growing demand for cost-effective secure and reliable source.

如今，不確定性正在推動極端的財政緊縮政策，並更加強調營運效率。客戶正在推動其採購團隊協商更好的價格，但也在尋求並願意投資於提高回收率、降低成本、提高安全性和減少環境影響的解決方案。在海上市場，由於北美產量趨於穩定、海上盈虧平衡點低於每桶 50 美元，以及對具有成本效益、安全可靠的能源的需求不斷增長，IOC 和 NOC 客戶對中長期前景仍然充滿信心。

Existing projects continue to move forward at a healthy rate as Rodney mentioned, our businesses are executing exceptionally well on our healthy backlog of offshore production-related projects, driving a 9% sequential and 6% year-over-year increase in revenues from offshore markets. Entering 2025, our customers had ambitious expectations regarding offshore FIDs, and we're planning to advance 13 FPSOs during the year.

正如羅德尼所提到的，現有項目繼續以健康的速度向前發展，我們的業務在大量積壓的海上生產相關項目上表現非常出色，推動海上市場收入環比增長 9%，同比增長 6%。進入 2025 年，我們的客戶對海上 FID 抱有雄心勃勃的期望，我們計劃在年內推進 13 艘 FPSO。

Supply constraints, including long lead times for gas turbines and compressors, congestion in shipyards, inflation and macroeconomic uncertainties have caused customers to delay certain FIDs. We are collaboratively sharpening our pencils to help offset project costs that have increased 10% to 15% through more standardization and better coordination of order timing. These actions would allow us to build the same structures for multiple projects on one production run, improving efficiencies, throughput and cost.

供應限制，包括燃氣渦輪機和壓縮機的長交貨時間、造船廠擁塞、通貨膨脹和宏觀經濟不確定性，導致客戶推遲某些最終投資決定。我們正在齊心協力，透過提高標準化程度和更好地協調訂單時間來幫助抵消已增加 10% 至 15% 的專案成本。這些措施使我們能夠在一次生產運作中為多個專案建立相同的結構，從而提高效率、產量和成本。

While we've seen FIDs push to the right to our knowledge, none have been canceled and the mid- to longer-term outlook remains bright. Industry forecasts call for more offshore FIDs this year and see the potential for up to 50 FPSOs through the end of the decade. Additionally, demand related to LNG products remain solid as evidenced by a sizable award NOV received during the second quarter for a large submerged swivel and yoke system for a floating LNG project in Argentina. Delays of offshore production vessel deliveries continue to have knock-on effects in the drilling space, resulting in the near-term white space utilization challenge that our customers face over the next couple of quarters.

據我們所知，儘管 FID 正在向右推進，但尚未取消任何一項，中長期前景仍然光明。業界預測今年將出現更多海上 FID，並預計到本世紀末將出現多達 50 艘 FPSO。此外，與液化天然氣產品相關的需求依然強勁，NOV 在第二季度因阿根廷一個浮動液化天然氣項目的大型水下旋轉和支架系統而獲得的巨額獎金就證明了這一點。海上生產船交付的延遲繼續對鑽井領域產生連鎖反應，導致我們的客戶在未來幾季面臨近期空白空間利用率的挑戰。

As Rodney mentioned, our aftermarket business experienced a double-digit percent decrease in revenues, driven by a sharp reduction in spare part bookings during the second quarter.

正如羅德尼所提到的，由於第二季備件預訂量的急劇減少，我們的售後業務收入出現了兩位數的百分比下降。

Customers tap the brakes while digesting the macroeconomic and geopolitical volatility and after some of them gave themselves a little breathing room after making extra purchases in the first quarter to get in front of higher tariff costs. While this pullback was sharper than anticipated, we expect a slight rebound in the third and fourth quarters. For the full year, we now expect our drilling equipment aftermarket businesses revenue will decline in the mid-teens.

在消化宏觀經濟和地緣政治波動的同時，消費者開始踩剎車，其中一些人在第一季度進行了額外購買，以應對更高的關稅成本，給自己留出了一點喘息空間。雖然這次回檔幅度比預期更大，但我們預期第三季和第四季會出現小幅反彈。就全年而言，我們預計鑽井設備售後業務收入將下降十幾個百分點。

While near-term expectations have been tempered our offshore drilling contractor customers remain confident in a meaningful recovery beginning in the second half of 2026 which spur additional demand for spare parts, upgrades and other projects as rigs prepare to move on to new contracts. We're already seeing some signs of this through a growing number of projects we are planning to execute in the second half of the year.

儘管短期預期有所緩和，但我們的海上鑽井承包商客戶仍然對 2026 年下半年開始的顯著復甦充滿信心，隨著鑽井平台準備簽訂新合同，這將刺激對備件、升級和其他項目的額外需求。從我們計劃在下半年執行的越來越多的專案中，我們已經看到了一些跡象。

Consistent with the themes I previously mentioned, customers are investing in enhanced capabilities that drive operational efficiencies such as increasing hook load capacity and automation. There's a strong demand for deepwater rigs that have 7th-gen high-spec capabilities, including hook load capabilities of 1,400 tons or more and enhanced automation. We've had quite a few inquiries regarding additional hook load upgrades, and we recently commissioned 4 automation packages, including one with a robotic system that allows for completely hands-free tripping. We now have robotic systems active on 4 rigs with another 11 in the pipeline, and we continue to see growing interest from our customer base. International land markets remain mixed.

與我之前提到的主題一致，客戶正在投資於提高營運效率的增強功能，例如提高鉤載能力和自動化程度。市場對具有第七代高規格能力的深水鑽井平台的需求強勁，包括 1,400 噸或以上的鉤載能力和增強的自動化能力。我們收到了不少關於額外吊鉤負載升級的詢問，最近我們委託了 4 個自動化套件，其中一個帶有機器人系統，可以實現完全解放雙手的起升。目前，我們的機器人系統已在 4 個鑽孔機上投入使用，另有 11 個正在籌備中，我們繼續看到客戶群的興趣日益濃厚。國際土地市場仍漲跌互現。

In the Middle East, growing activity in the UAE, Qatar and Oman, along with demand for investments in infrastructure and capital equipment for the emerging unconventional basins or offsetting a stronger-than-anticipated deceleration in Saudi Arabia. The increasing number of rig suspensions in Saudi have led to a sharp decline in revenues for our shorter-cycle Energy Products and Services segment in the Kingdom. Similar to other markets, customers across the Middle East are looking for ways to become more efficient. While procurement groups are pushing on pricing through competitive tenders, they are more open to direct awards related to differentiated solutions that drive operational efficiencies such as the order we received for several surface automation systems that use our NOVOS multi-machine control system and Kaizen drilling Optimizer. Additionally, while NOCs are increasingly leaning on major OFS companies for lump sum turnkey work, those OFS companies are increasingly turning to NOV for access to our technology to lower their R&D expense and reduce investments in their asset base.

在中東，阿聯酋、卡達和阿曼的活動不斷增長，以及對新興非常規盆地的基礎設施和資本設備的投資需求，或抵消了沙烏地阿拉伯超出預期的經濟減速。沙烏地阿拉伯鑽井平台暫停數量的增加導致我們沙烏地阿拉伯短週期能源產品和服務部門的收入急劇下降。與其他市場類似，中東各地的客戶都在尋找提高效率的方法。雖然採購團隊正在透過競爭性投標來推動定價，但他們更願意接受與提高營運效率的差異化解決方案相關的直接授予，例如我們收到的幾個使用我們的 NOVOS 多機控制系統和 Kaizen 鑽井優化器的地面自動化系統的訂單。此外，雖然國家石油公司 (NOC) 越來越依賴大型 OFS 公司進行總承包交鑰匙工程，但這些 OFS 公司也越來越多地轉向 NOV 以獲得我們的技術，從而降低研發費用並減少對其資產基礎的投資。

Demand for capital equipment in the Middle East remains resilient as customers continue to invest in upgrading and modernizing drilling and completion equipment needed to efficiently develop unconventional resources. Investment and production infrastructure needed for future development also remains strong, driving healthy demand for our composite pipes in our chokes. Despite the potential for additional rig suspensions, continued investments in equipment and infrastructure, along with some early discussions related to upcoming tendering leave us optimistic for a potential rebound in activity by mid-2026. Similar to the Middle East, conditions in Latin America are also mixed. Mexico, Colombia and Ecuador remain challenged.

由於客戶持續投資升級和現代化高效開發非常規資源所需的鑽井和完井設備，中東對資本設備的需求仍然保持強勁。未來發展所需的投資和生產基礎設施也保持強勁，推動了對我們的節流閥複合管的健康需求。儘管可能會有更多鑽機暫停，但對設備和基礎設施的持續投資，以及與即將進行的招標相關的一些早期討論，讓我們對 2026 年中期活動可能出現反彈持樂觀態度。與中東類似，拉丁美洲的情況也好壞參半。墨西哥、哥倫比亞和厄瓜多仍然面臨挑戰。

In Argentina, we are seeing a slowdown in the mature conventional [Comodoro] field and a shift to the unconventional resources of the [Vaca Muerta] in the [Nikon Basin], which as Rodney touched on, required us to incur some charges as we repositioned our operations in the country. While the slowdown in the [Comodoro] has had a negative effect on our business over the past year, the longer-term outlook in Argentina remains very promising.

在阿根廷，我們看到成熟的常規油田 [Comodoro] 的成長放緩，而非常規資源則轉向 [Nikon Basin] 的 [Vaca Muerta]，正如 Rodney 所提到的，這要求我們在重新定位我們在該國的業務時產生一些費用。儘管過去一年來 [Comodoro] 經濟放緩對我們的業務產生了負面影響，但阿根廷的長期前景仍然非常樂觀。

We continue to see solid demand for our completion equipment in our downhole tools that drive efficiencies in extended lateral wells, which recently enabled our customer to achieve multiple drilling and completion records in [Vacamorta]. In North America, operators have moved decisively to curtail oil-directed activity only partially offset by an increase in gas directed line. Our businesses outperformed changes in activity levels through continued market share gains but the environment is becoming more challenging with many North American service companies and operators implementing restructuring and cost savings programs.

我們持續看到對井下工具完井設備的強勁需求，這些工具可提高延長水平井的效率，最近，我們的客戶在[瓦卡莫塔]。在北美，營運商已果斷採取行動，減少石油導向活動，但天然氣導向管線的增加僅部分抵消了這一影響。我們的業務透過持續的市場份額成長超越了活動水準的變化，但隨著許多北美服務公司和營運商實施重組和成本節約計劃，環境變得更具挑戰性。

Land-focused oilfield service customers are limiting capital equipment purchases while running equipment extremely hard and cannibalizing stacked equipment as a source of spare parts, potentially setting up an inevitable replacement cycle. E&Ps are shrinking capital plans and are seeking pricing concessions, but they continue to prefer best-in-class products that drive efficiencies.

以陸地為重點的油田服務客戶正在限制資本設備的購買，同時極其努力地運行設備，並拆卸堆疊的設備作為備件來源，這可能會形成不可避免的更換週期。勘探與生產公司正在縮減資本計劃並尋求價格優惠，但他們仍然青睞能夠提高效率的一流產品。

They are designing well construction plans to achieve the lowest possible cost per foot. We've recently seen a push by multiple operators to reduce whole sizes and clearances to optimize hydraulics, drill faster, lower material costs and reduce environmental impact. This shift created opportunities for us to gain share with several customers who took the time to reassess the effectiveness of the components in their bottom hole assemblies.

他們正在設計井建造計劃，以實現每英尺盡可能低的成本。我們最近看到多家業者都在努力減少整體尺寸和間隙，以優化液壓系統、加快鑽井速度、降低材料成本並減少對環境的影響。這種轉變為我們創造了機會，讓我們能夠與一些花時間重新評估其井底組件的有效性的客戶爭奪市場份額。

They recognize the superior performance of NOV's offerings and ultimately standardized on our kit. Customers are also looking to gain an edge through the use of better digital solutions. During the quarter, a major land drilling contractor decided to standardize on NOV's next-generation electronic drilling recorder remote drilling monitoring applications powered by our MAX platform, which will enable the customer to reduce complexity and offer advanced digital capabilities to its customers. As mentioned, the decline in oil activity in the US has been partially offset by an increase in gas-directed drilling.

他們認可 NOV 產品的卓越性能，並最終對我們的套件進行了標準化。客戶還希望透過使用更好的數位解決方案來獲得優勢。本季度，一家大型陸地鑽井承包商決定對由我們的 MAX 平台提供支援的 NOV 新一代電子鑽井記錄儀遠端鑽井監控應用程式進行標準化，這將使客戶能夠降低複雜性並為其客戶提供先進的數位功能。如上所述，美國石油活動的下降已被天然氣鑽井的增加部分抵消。

As operators target deeper, higher-pressure wells with higher bottom hole temperatures, particularly in the Haynesville and Eagle Ford, we're seeing increasing adoption of our thermal insulated pipe coating in our TUNDRA Max mudsillers each of which significantly enhanced performance and longevity of bottom hole assemblies. While our latest generation of performance-enhancing technologies are commanding solid demand with accretive margins, the market environment has grown more price competitive.

隨著操作員瞄準更深、壓力更高且井底溫度更高的井，特別是在 Haynesville 和 Eagle Ford，我們看到我們的 TUNDRA Max 泥漿鑽機越來越多地採用隔熱管道塗層，這顯著提高了井底組件的性能和使用壽命。雖然我們最新一代的性能增強技術需求旺盛，利潤不斷增加，但市場環境的價格競爭卻愈發激烈。

Over time, our better technologies have taken share from competitors, and some are now using price concessions to try to win back work in a market where tariffs are increasing product costs. Our team has done an outstanding job managing through the complexities of the continuously changing tariff policies, and we continue to do all we can to mitigate as much of the roughly $300 million in annual tariff costs that we would incur if we sat still. As Rodney mentioned, we recognized a total of $11 million in tariff expense during the second quarter with roughly 70% of this expense hitting our Energy Products and Services segment.

隨著時間的推移，我們先進的技術已經從競爭對手那裡搶佔了市場份額，現在有些公司正在利用價格優惠試圖在關稅導致產品成本增加的市場中贏回業務。我們的團隊在應對不斷變化的關稅政策的複雜性方面做得非常出色，我們將繼續盡一切努力來盡量減少如果我們按兵不動的話每年將產生的約 3 億美元的關稅成本。正如羅德尼所提到的，我們在第二季確認的關稅費用總計 1,100 萬美元，其中約 70% 用於我們的能源產品和服務部門。

We expect tariff expense to step up over the next two quarters and level off between $25 million to $30 million during the fourth quarter. We'll continue to identify additional measures to mitigate these costs or pass them on to our customers, but this will continue to be challenging given the current market dynamics. In order to offset these margin pressures, we're ramping up efforts to drive internal efficiencies and reduce costs across NOV.

我們預計關稅支出將在未來兩個季度內上升，並在第四季度穩定在 2,500 萬至 3,000 萬美元之間。我們將繼續尋找其他措施來減輕這些成本或將其轉嫁給我們的客戶，但考慮到當前的市場動態，這將繼續具有挑戰性。為了抵銷這些利潤壓力，我們正在加強提高內部效率並降低 NOV 的成本。

We've identified over $100 million of savings that we expect to capture by the end of 2026 through: one, simplifying and standardizing and centralizing business processes. Since late last year, we have been developing plans to redesign certain business processes across NOV with a goal of lowering costs, reducing time and further improving our customers' experience doing business with NOV.

我們已經確定了超過 1 億美元的節省，預計到 2026 年底將透過以下方式實現：一、簡化、標準化和集中化業務流程。自去年年底以來，我們一直在製定計劃重新設計 NOV 的某些業務流程，目的是降低成本、減少時間並進一步改善客戶與 NOV 開展業務的體驗。

This will be a multiyear effort, but we have begun executing process changes and expect to begin realizing savings from this initiative later this year. Two, strategic sourcing. Tied into the efforts to standardize our processes, we are working to further leverage our spend across the organization to maximize our economies of scale through high-quality, low-cost sourcing, which is shifting under evolving trade policies. Three, business and facility consolidations. During the second quarter, we began consolidating our tools operation into our downhole tools business and we merged our [Grant Prideco] and XL Systems conductor pipe casing connector businesses into a new unit called Tubular Products.

這將是一項多年的努力，但我們已開始執行流程變更，並預計今年稍後將透過這項措施開始實現節約。二、戰略採購。在努力實現流程標準化的同時，我們也致力於進一步利用整個組織的支出，透過高品質、低成本的採購來最大限度地實現規模經濟，而這種採購方式正在隨著貿易政策的不斷發展而改變。三、業務及設施整合。在第二季度，我們開始將我們的工具業務整合到我們的井下工具業務中，並將我們的 [Grant Prideco] 和 XL Systems 導管套管連接器業務合併為一個名為 Tubular Products 的新部門。

The consolidations allow us to better share resources between product lines and drive efficiencies and cost savings. Within other business units, we're consolidating facilities to unlock further efficiencies from lower overhead, rent and utilities and better utilization of our asset base. Four, exiting product lines in certain markets. We're exiting product lines in markets in which we do not see a near-term path to generating an appropriate rate of return. While exiting markets will reduce total revenue and EBITDA, these actions will be accretive to NOV's margins and return on capital.

透過整合，我們可以更好地在產品線之間共享資源，提高效率並節省成本。在其他業務部門，我們正在整合設施，以透過降低管理費用、租金和水電費以及更好地利用我們的資產基礎來進一步提高效率。四、退出特定市場的產品線。我們正在退出那些我們認為短期內無法產生適當回報率的市場的產品線。雖然退出市場將減少總收入和 EBITDA，但這些措施將增加 NOV 的利潤率和資本回報率。

We also continue to work on plant level operational efficiencies with a relentless focus on operational excellence. For example, in one of our plants, we're investing in an initiative where we expect to take our manufacturing cycle time down from 60 days to less than 20, which should lower our cost, free up working capital and allow us to be more responsive to demand. Near term, it will be difficult for these actions to outpace the effect of lower activity, higher tariffs and other inflationary costs, but over time, our efforts to better harness the power of NOV's platform will drive higher profitability, allow us to continue to generate significant levels of free cash flow and further improve responsiveness to our customers.

我們也將持續致力於提高工廠層面的營運效率，並堅持不懈地專注於卓越營運。例如，在我們的一家工廠，我們正在投資一項計劃，希望將製造週期從 60 天縮短到 20 天以內，這將降低我們的成本，釋放營運資金，並使我們能夠更快地響應需求。短期內，這些舉措很難超過活動減少、關稅提高和其他通膨成本的影響，但隨著時間的推移，我們為更好地利用 NOV 平台的力量所做的努力將推動更高的盈利能力，使我們能夠繼續產生大量的自由現金流，並進一步提高對客戶的響應能力。

Technology and innovation remain core to NOV and the actions we are taking will increase collaboration across our businesses, enabling us to better leverage the unique combination of capabilities and data which reside under NOV's roof. I'm confident our efforts will accelerate innovation and pioneer technologies to address the most pressing needs of our customers.

技術和創新仍然是 NOV 的核心，我們正在採取的行動將加強我們各業務之間的協作，使我們能夠更好地利用 NOV 獨特的功能和數據組合。我相信我們的努力將加速創新和開拓技術，以滿足客戶最迫切的需求。

As Clay mentioned, NOV's future is compelling. The incredibly smart, talented and dedicated people of NOV are continuously driving improvements across the organization, positioning us exceptionally well to capitalize on longer-term trends that will require more of NOV's technology and services to develop affordable, secure, reliable and cleaner sources of energy to power the world. With that, we'll open the call to questions.

正如 Clay 所提到的，NOV 的未來令人矚目。NOV 擁有極其聰明、才華橫溢且敬業的員工，他們不斷推動整個組織的改進，使我們能夠充分利用長期趨勢，這些趨勢將需要更多 NOV 的技術和服務來開發經濟、安全、可靠和更清潔的能源，為世界提供動力。接下來，我們將開始提問。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Jim Rollyson with Raymond James.

吉姆羅利森 (Jim Rollyson) 和雷蒙德詹姆斯 (Raymond James)。

Hey, good morning guys, and thanks for all the details as usual. Clay, when you kind of step back and look at all the changes that have been going on, it seems like nonstop for several quarters and the things we've been doing in as I look at margins, they obviously have come down from kind of the trajectory we were hoping to be getting towards mid-teens and kind of indicated to go down a bit further, at least through 3Q. I'm just curious, as you stand back and look revenues were actually pretty decent this quarter relative to the range.

嘿，大家早上好，像往常一樣感謝你們提供的所有詳細資訊。克萊，當你退一步看看已經發生的所有變化時，你會發現這些變化似乎已經連續幾個季度沒有停止過，而我們一直在做的事情，當我看到利潤率時，它們顯然已經從我們希望達到的十幾歲左右的軌跡下降了，而且有跡象表明會進一步下降，至少到第三季度是這樣。我只是好奇，如果你退一步來看，你會發現本季的收入相對於預期範圍來說實際上是相當不錯的。

And do you look at kind of mix changes that have been going on and maybe where that leads you into '26? You look at the cost stuff that Jose and Rodney just spent a bunch of time going over and the impact that has. Like how are you thinking about where margins maybe could possibly bottom here in the next handful of quarters?

您是否關注過正在發生的混合變化以及這些變化將如何影響 26 年的發展？你看看 Jose 和 Rodney 剛剛花了大量時間討論的成本問題以及其產生的影響。您認為未來幾季利潤率可能在哪裡觸底？

And then what ultimately gets you to starting to ramp that back up, do you think -- because not like we're completely listing potential, but --

那麼，您認為最終是什麼促使您開始重新提升這一水平？因為我們並沒有完全列出潛力，但是--

It's a great question, Jim. I appreciate you asking. It has been a little frustrating. We were making progress in margins. The company basically tripled its margin from 2021 up through full year 2024.

這是一個很好的問題，吉姆。感謝您的詢問。這有點令人沮喪。我們在利潤方面取得了進展。從 2021 年到 2024 年全年，該公司的利潤率基本上成長了兩倍。

And despite some headwinds in our Energy products and services group with its high North American mix and sliding activity, in North America. Overall consolidated margins were increasing. Of course, with the developments that we've seen through the first half of 2025 with OPEC+ announcing 2-plus million barrels coming back on the market with all the tariff drama and concern about economic growth and so forth. It's obviously gotten a lot tougher, Rodney and Jose stepped through the actual tariff impact on our results. So -- but Jose, importantly, Jose really stacked through our plan to address, which is to continue to take cost out.

儘管我們的能源產品和服務集團在北美的業務組合較高且活動下滑，但在北美面臨一些阻力。整體合併利潤率正在上升。當然，隨著我們在 2025 年上半年看到的發展，OPEC+ 宣布 200 多萬桶石油將重返市場，同時伴隨著關稅風波和對經濟成長的擔憂等等。顯然，情況變得更加艱難，羅德尼和何塞逐步解決了關稅對我們表現的實際影響。所以 — — 但重要的是，何塞確實通過了我們的計劃來解決問題，那就是繼續降低成本。

I'm very optimistic about that. I think that's going to forestall further margin declines in the second half of the year, but most importantly, set us up for recovery in 2026 when the offshore goes back to work and we can get back on making better margin progress. But if you step back, if you kind of get out of all of the headwinds and the drama around tariffs, and economic growth and excess supply of oil, I could not be more excited about the future of this company.

我對此非常樂觀。我認為這將阻止下半年利潤率進一步下降，但最重要的是，這將為我們在 2026 年海上作業恢復工作時實現復甦做好準備，我們可以重新取得更好的利潤率成長。但如果你退一步考慮，如果你擺脫所有不利因素和關稅、經濟成長和石油供應過剩的戲劇性影響，我對這家公司的未來感到無比興奮。

There are two big things going on in the oilfield that are really going to drive NOV's fortunes in the next decade. And the first is after 20 years of honing unconventional technology in North America and extending laterals from a few thousand feet out to a mile out to 2 miles to 3 miles and now 4 miles based on technology that NOV and others have provided on really honing the unconventional technologies that made the shale revolution possible.

油田領域正在發生的兩件大事將真正決定 NOV 未來十年的命運。第一個是在北美經過 20 年的磨練之後，將水平段從幾千英尺延伸到一英里、兩英里、三英里，現在是四英里，這得益於 NOV 和其他公司提供的真正磨練非常規技術，正是這些技術推動了頁岩革命。

You're really seeing this applied to shale basins in international markets in earnest by serious expert E&P unconventional drillers. So people like [EOG] and [Oxy] and Continental going to a lot of different places. This just isn't just Saudi Arabia and Argentina. Now we've got a lot of people applying this amazing technology to places like Turkey and Oman in Australia, to Pakistan, the UAE, to Algeria. And so a successful unconventional development requires a lot of infrastructure buildout, which is right in NOV's wheelhouse.

您確實會看到，嚴肅的 E&P 非常規鑽探專家正在認真地將此應用於國際市場上的頁岩盆地。因此，像 [EOG]、[Oxy] 和 Continental 這樣的公司會去很多不同的地方。這不僅僅是沙烏地阿拉伯和阿根廷的情況。現在，我們已經有很多人將這項驚人的技術應用到土耳其、阿曼、澳洲、巴基斯坦、阿聯酋、阿爾及利亞等地。因此，成功的非常規開發需要大量的基礎設施建設，而這正是 NOV 的強項。

And so I think that's really setting us up to support that effort and very excited about that. And of course, the other big thing that is going to drive our fortunes is the reemergence of deepwater activity, which is sort of an a wall for the past decade or so. But as [Exxon] has proved in Guyana and others are starting to prove, there's still a lot of very economic reserves to find in deepwater basins, and you've seen serious exploration and discoveries that are going to be developed in Namibia in Senegal in [Suriname,] Eastern Mediterranean. You're seeing more gas activity in Asia, the [Paleogene] in the Gulf of America. All of this also requires the sophisticated tools and technology that's right in NOV's wheelhouse as well, and it's going to continue to grow.

所以我認為這確實讓我們做好了支持這項努力的準備，並且對此感到非常興奮。當然，另一件將左右我們命運的大事是深水活動的重新出現，這在過去十年左右就像一堵牆。但正如埃克森美孚在圭亞那以及其他公司開始證明的那樣，深水盆地中仍然有大量極具經濟價值的儲量有待發現，而且你已經看到在納米比亞、塞內加爾、蘇利南和東地中海地區將要進行的嚴肅的勘探和發現。你會發現亞洲和美國灣的古近紀的天然氣活動越來越多。所有這些也都需要 NOV 所擁有的先進工具和技術，而 NOV 還將繼續發展。

So strong economics, economic below $50 a barrel, as Jose said, expectation is deepwater is going to continue to grow up to 13 million barrels a day or so by the end of 2026. It's going to supplant North America shale as new incremental source of production. And so I think we have much, much brighter days ahead. We do have some drama next few quarters, margin challenges with tariffs and inflation, et cetera. But very confident we're going to power through that and see rising demand in these other areas.

正如何塞所說，經濟狀況如此強勁，油價低於每桶 50 美元，預計到 2026 年底深水油田產量將持續成長至每天約 1,300 萬桶。它將取代北美頁岩成為新的增量生產來源。因此我認為我們的未來會更加光明。未來幾季我們確實會面臨一些戲劇性事件，例如關稅、通貨膨脹等帶來的利潤挑戰。但我們非常有信心能夠克服這一困難，並看到其他領域的需求不斷增長。

And I guess I'll shift gears since you just laid that out. I presume the deepwater market is the bigger of the 2 next 5- to 10-year opportunity sets for you?

既然你剛剛說了這些，我想我會換個話題。我認為深水市場是未來 5 到 10 年內兩個機會中較大的一個？

Probably, but both. Yes, probably. But I think both big trends will require a lot of NOV technology and tools. And so we're here to make that happen.

有可能，但兩者都有。是的，可能吧。但我認為這兩個大趨勢都需要大量的 NOV 技術和工具。因此我們來這裡就是為了實現這個目標。

I appreciate that. Thanks.

我很感激。謝謝。

Clay. You bet.

黏土。當然。

Thank you.

謝謝。

Stephen Gengaro with Stifel.

Stifel 的 Stephen Gengaro。

Thanks. Good morning, everybody.

謝謝。大家早安。

Good morning.

早安.

So I was curious, at a high level, Clay, like when we think about the macro, we're constantly trying to find a bottom and look for signs. What are you focused on over the next 2, 3, 4 quarters, that kind of signifies to you that things are turning a corner? How do you sort of think about the market? And maybe I know it's maybe a little harder but how does it compare to prior cycles you've seen?

所以我很好奇，克萊，從高層次來看，就像當我們思考宏觀時，我們總是試圖找到底部並尋找跡象。在接下來的 2、3、4 個季度中，您將關注哪些方面？這對您來說是否意味著事情正在發生轉機？您如何看待這個市場？也許我知道這可能有點困難，但與你見過的之前的周期相比如何？

Nothing terribly surprising given the pressure on commodity prices and so forth. This is what our customers do. We've become really good at hunkering down in the face of downturns. And so I think that's what portions of our customers are doing, others aren't. In terms of what's needle moving for NOV, I think as offshore drillers in particular, lean in to expect -- new contracts and expecting -- expected increases in activity in the second half of 2026, we're going to start getting more inbound calls around equipment projects, spare parts, and we'll see that in the drilling side of our business.

考慮到大宗商品價格等的壓力，這並不令人太驚訝。這就是我們的客戶所做的。我們已經非常善於在經濟低迷時期保持鎮定。所以我認為這就是我們的部分客戶正在做的事情，而其他客戶則沒有。就 NOV 的發展方向而言，我認為，隨著海上鑽井商對新合約的預期以及 2026 年下半年活動量的增加，我們將開始接到更多有關設備項目、備件的來電，我們將在鑽井業務中看到這一點。

The production side of our business in Energy Equipment despite low orders in Q2, which contributed low book-to-bill, the production side of our business is super healthy and executing very, very well, and we expect that will continue. But for right now, this is -- we're just in a market that with pressure on commodity prices, uncertainty in demand growth OPEC bringing back so many barrels. There's just no -- it's taking a lot of urgency out of our customers' plans. And so that's what we're seeing. I think that will start to come back once we get into 2026.

儘管第二季的訂單量較低，導致訂單出貨比較低，但我們能源設備業務的生產方面仍然非常健康，執行得非常非常好，我們預計這種情況將持續下去。但就目前而言，我們正處於一個大宗商品價格承壓、需求成長不確定的市場，而歐佩克卻恢復瞭如此多的石油產量。根本沒辦法——這會大大降低我們客戶的計畫的緊迫性。這就是我們所看到的。我認為，一旦進入 2026 年，這種情況就會開始恢復。

The excess barrels are cleared. The industry continues to prosecute the LNG projects that it's working on and I think things will have -- I think will have a much brighter outlook.

多餘的桶子被清理掉。該行業將繼續推進其正在進行的液化天然氣項目，我認為事情將會——我認為將會有一個更光明的前景。

Great. And then the other question I had was around cash generation. Can you sort of share kind of an updated thoughts on how we should think about working capital as the year evolves? And maybe kind of a normalized level of CapEx we should be thinking about over the next couple of quarters.

偉大的。我的另一個問題是關於現金產生。您能否分享一下關於隨著時間的推移我們應該如何看待營運資本的最新想法？也許我們應該考慮未來幾季的正常化資本支出水準。

Yes, Stephen, this is Rodney. Thanks for that question. So really, really proud of the team's efforts over the last 12 months. We highlighted a really strong free cash flow conversion on a trailing 12-month basis of over 80%. Q3 working capital as a percentage of revenue at 30%, it's about a 300 basis point improvement year-on-year.

是的，史蒂芬，這是羅德尼。謝謝你的提問。我真的非常為團隊在過去 12 個月的努力感到自豪。我們強調了過去 12 個月內超過 80% 的強勁自由現金流轉換率。第三季營運資本佔營收的百分比為30%，年增約300個基點。

As we look at the second half of the year, the couple of data points we mentioned previously, CapEx to be relatively consistent to last year, maybe slightly up. And we've mentioned working capital as a percentage of sales for a full year basis to be in the range of 27% to 29%. So as we look at that in terms of free cash flow conversion on a full year basis, sort of getting to the top end of that range in terms of 29% of working capital as a percent of revenue that would get us to a free cash flow conversion of EBITDA to a little over 50%. If we're a little bit better on the working capital side, closer to 28%, 27%, that free cash flow conversion would move up higher from there. But good outlook on cash flow for the second half of the year.

當我們展望下半年時，我們之前提到的幾個數據點，資本支出與去年相對一致，可能略有上升。我們提到，全年營運資本佔銷售額的百分比在 27% 至 29% 之間。因此，當我們從全年自由現金流轉換的角度來看時，如果達到這一範圍的最高值，即營運資本佔收入的 29%，那麼 EBITDA 的自由現金流轉換率將略高於 50%。如果我們在營運資本方面表現較好一些，接近 28%、27%，那麼自由現金流轉換率就會更高。但下半年現金流前景良好。

Great. Thanks for the details. Yeah, you.

偉大的。謝謝你的詳細資料。是的，你。

Doug Becker with Capital One.

來自 Capital One 的 Doug Becker。

Clay, you've taken a lot of cost reduction steps over the last several years. I was just hoping to get some context about what size market you're preparing for. So is it one with slightly higher activity than today, a little bit lower and maybe it's some mix with more active offshore and a less active onshore? But just trying to get a sense for what you're prepared for and what else might be available on the cost reduction initiatives.

克萊，過去幾年來，您採取了很多降低成本的措施。我只是希望了解您正在為多大規模的市場做準備。那麼它的活動是否比現在稍微高一點，稍微低一點，也許是海上活動比較活躍，而陸上活動不太活躍？但只是想了解您準備做什麼以及在成本削減舉措方面還有哪些其他可用措施。

Well, we're prepared for and hoping for a much larger market in all these categories. And again, going back to what I said earlier, Doug, we see demand for unconventional technology and tools growing in international unconventional. We see demand for technology tools growing in deep-water.

嗯，我們已經做好了準備，並希望所有這些類別的市場都能變得更大。再次回到我之前所說的，道格，我們看到國際上對非常規技術和工具的需求正在成長。我們發現深水區對科技工具的需求正在不斷增長。

I think that's out there in the future, but we're also realistic. I know our customers right now face some concerns about commodity prices and the like. But in the meantime, as Jose said, we're continuing to focus on becoming more efficient combining facilities where we can in closing locations where, hey, we're not making money in this market. We probably need to exit. And so it's really all about -- the market is what the market is, and we got to manage to that, and it's about becoming the best company we can be, given kind of what's out there.

我認為這是未來可以實現的，但我們也很現實。我知道我們的客戶現在面臨一些有關商品價格等方面的擔憂。但同時，正如何塞所說，我們將繼續致力於提高效率，盡可能合併設施，關閉那些我們在這個市場上沒有賺錢的地點。我們可能需要退出。所以，真正的關鍵在於──市場就是市場，我們必須設法做到這一點，並且根據現有的情況，成為最好的公司。

But like I said, I do think there is growth out there in our future. I think there is this pivot from North America shale which was just amazing in its ability to add barrels to the market to the past decade. I think that's -- I'm not calling to peak, but I think we're certainly a lot closer to the peak than we would have been a few years ago. And I think the industry is finding that barrels are sort of the next economic barrel to supply incremental demand requirements for oil. And they're also finding that offshore is a nice place to find gas and convert it to LNG.

但就像我說的，我確實認為我們的未來會有成長。我認為北美頁岩油是這項轉變的關鍵，過去十年來，北美頁岩油為市場增加了驚人的產量。我認為——我並不是呼籲達到頂峰，但我認為我們肯定比幾年前更接近頂峰了。我認為業界正在發現石油桶是滿足石油增量需求的下一個經濟桶。他們還發現近海是尋找天然氣並將其轉化為液化天然氣的好地方。

And so that's another sort of growth driver. And so NOV is here to adjust to the needs of our customers and demand for our products and technologies, and that's our plan.

這也是另一種成長動力。因此，NOV 會根據客戶的需求以及對我們的產品和技術的需求進行調整，而這就是我們的計劃。

Yes. And Doug, it's Jose. I'll tag on to that. So as Clay touched on, this isn't sort of a radical downsizing that we're going through because we think that the market has fundamentally changed. I think, look, when we came into 2024, we were pretty optimistic about the outlook for the next several years and how well the company was positioned for where the market was heading with plateauing North American production, more activity going to the international and offshore.

是的。道格，我是何塞。我會標記這一點。正如克萊所提到的，我們正在經歷的並不是一次徹底的裁員，因為我們認為市場已經發生了根本性的變化。我認為，當我們進入 2024 年時，我們對未來幾年的前景非常樂觀，隨著北美產量趨於穩定，更多的活動轉向國際和海上，公司在市場走向方面的定位也很好。

What has changed is an acceleration of the unwinding of OPEC+, the trade uncertainty and the tariff costs that have come into that, it's all created a lot of geopolical macroeconomic uncertainty. So I mean the way I look at it is these are transitory-type items, the rapid unwind of OPEC+ is painful near term, but probably positive for the overall industry longer term. And so as it relates to the actions that we're taking, this is really just a continuation and maybe a slightly harder lean into the actions that we have been taking over the last several years to really position ourselves to capitalize on where we see the market going into the future. So the things that I talked about related to the structural cost savings on driving process improvements and efficiencies, those are things that we've been working on for some time. Also, we've been making a lot of investments in our manufacturing capacities overseas knowing that that's where the market is heading.

變化的是 OPEC+ 加速解散、貿易不確定性以及由此產生的關稅成本，所有這些都造成了許多地緣政治宏觀經濟的不確定性。所以我的意思是，在我看來，這些都是暫時性的項目，OPEC+的快速解散在短期內是痛苦的，但從長遠來看，對整個行業來說可能是有利的。因此，就我們正在採取的行動而言，這實際上只是我們過去幾年所採取的行動的延續，也許會稍微傾向於這些行動，以便真正定位我們自己，利用我們所看到的市場未來的發展方向。因此，我談到的與推動流程改善和效率的結構性成本節約有關的事情，這些都是我們一直在努力的事情。此外，我們也對海外製造能力進行了大量投資，因為我們知道這就是市場的發展方向。

So there's really just a shift that's underway and repositioning of the business. So don't take it as, hey, we're downsizing because speed per activity will be lower. No, we don't think that's the case. We just think that activity will be positioned in different markets going forward. And frankly, we've been working on that for the last 4 or 5 years.

因此，實際上正在進行的是業務的轉變和重新定位。所以不要認為，嘿，我們正在縮小規模，因為每個活動的速度都會降低。不，我們認為事實並非如此。我們只是認為未來活動將會定位在不同的市場。坦白說，過去四、五年來我們一直在努力實現這一目標。

No. That makes a lot of sense. Maybe just sticking with the cost efforts of $100 million, just kind of spread evenly between fourth quarter of this year and through 2026.

不。這很有道理。也許只是堅持 1 億美元的成本努力，在今年第四季和 2026 年之間平均分配。

Yes. I think that's a safe assumption. We're not getting into specifics on each dollar per quarter. But honestly, as I mentioned, these are -- there have been efforts underway for the last couple of quarters, and you've seen some small restructuring charges over the last couple of quarters with some of the things that we've been doing.

是的。我認為這是一個安全的假設。我們不會詳細討論每季的每一美元。但老實說，正如我所提到的，這些都是——過去幾個季度我們一直在努力，而且您已經看到過去幾季我們所做的一些小額重組費用。

Now we are, as I mentioned, leaning into it harder also over the last 2 or 3 quarters, we've been making plans for these changes. So I think a ratable implementation over the coming quarters is a reasonable assumption. But as we mentioned in the prepared commentary, these are -- we also have some of these cost savings efforts being offset here near term over the next couple of quarters more than offset by the increase in tariff expense. But then as we move through 2026, hopefully, we'll make up all that lost ground, and we end up really well positioned to drive much higher margins,

正如我所提到的，我們現在也更加努力地應對這些變化，在過去的 2 或 3 個季度裡，我們一直在為這些變化製定計劃。因此我認為未來幾季按比例實施是一個合理的假設。但正如我們在準備好的評論中提到的那樣，我們的一些成本節約措施在未來幾季內也會被抵消，而關稅費用的增加則會抵消這些影響。但隨著我們進入 2026 年，希望我們能夠彌補所有損失，最終真正處於有利地位，實現更高的利潤率，

Yeah, start cutting out there. I think I got it. Thank you very much.

是的，從那裡開始切割。我想我明白了。非常感謝。

Thanks.

謝謝。

[Grant Hines] with JPMorgan.

摩根大通的[格蘭特·海因斯]。

Hey, morning team morning.

嘿，早安，團隊早安。

So you provide a pretty encouraging update on the flexible side. And maybe I was just wondering if you can highlight some of the outperformance there. It looks like $1.6 billion of orders in the last 5 quarters. across process systems and subsea flexible pipe. And I think with NIB recently participating in that Petrobras flexible contract over $1 billion in total that we could expect in bookings kind of in 3Q? Or I guess how we should think about timing there? Thanks.

因此，您在靈活性方面提供了非常令人鼓舞的更新。也許我只是想知道您是否可以強調那裡的一些優異表現。過去 5 個季度的訂單總額似乎達到 16 億美元，涉及製程系統和海底柔性管道。我認為，由於 NIB 最近參與了巴西石油公司總額超過 10 億美元的靈活合同，我們可以預期在第三季度獲得訂單嗎？或者我想我們應該如何考慮時間安排？謝謝。

I'm going to stay away from specific guidance on specific order, if you don't mind, but I will say broadly the flexible pipe business, which sells into deep-water development is doing very, very well. It's outstanding execution, really strong orders for the group over the past year plus and so we've been very pleased with that. You might be a little bit surprised to hear, though, that when we look back at the second quarter orders for the Energy Equipment Group, it actually had very low orders because those orders tend to be really large and lumpy. And so the 66% book-to-bill, which came in below kind of our expectations. We didn't expect to hit 1, but we expect it to be closer the 66% that we actually put up was because we had pretty low orders for flexible pipe in the second quarter.

如果您不介意的話，我將避免對具體訂單提供具體指導，但我可以概括地說，銷售給深水開發的柔性管道業務表現非常非常好。這是非常出色的執行，過去一年多來集團的訂單量非常大，因此我們對此感到非常滿意。不過，當我們回顧能源設備集團第二季的訂單時，您可能會有點驚訝地發現，該集團的訂單實際上非常低，因為這些訂單往往非常大且不均勻。因此訂單出貨比為 66%，低於我們的預期。我們並沒有期望達到 1，但我們預計它會更接近我們實際提出的 66%，因為第二季度我們的柔性管道訂單相當低。

And while I'm on that, let me just go ahead and provide some additional color around that. A lot of -- a wide diversity, let's say, book-to-bill across the products in the end markets that the Energy Equipment segment serves. So elsewhere within deepwater production, we make gas processing equipment, cranes, swivel stacks and [PERC] mooring systems for FPSOs. The swivel stack tutoring system business, APL, did over 200% book-to-bill in the second quarter. So very strong orders there.

當我談論這個話題時，請允許我繼續提供一些額外的資訊。能源設備部門服務的終端市場中產品的訂單到出貨量有很大差異。因此，在深水生產的其他領域，我們為 FPSO 製造天然氣處理設備、起重機、旋轉堆疊和 [PERC] 繫泊系統。旋轉堆疊補習系統業務 APL 在第二季的訂單出貨比超過 200%。因此那裡的訂單非常強勁。

Likewise, the gas processing business, well over 100% in that business. And so the rest of the offshore production space, we saw a pretty good demand in the second quarter. Grant, you might be surprised to hear that demand for intervention and stimulation equipment, which mostly goes into North American frac traditionally also put up 100% book-to-bill. What we're seeing there is very, very low demand in North America. But rising demand for unconventional overseas and in international markets.

同樣，天然氣加工業務也佔該業務的 100% 以上。因此，我們在第二季度看到了其餘海上生產空間的良好需求。格蘭特，你可能會驚訝地聽到，對於主要用於北美壓裂的干預和刺激設備的需求傳統上也達到了 100% 的訂單出貨比。我們看到北美的需求非常非常低。但海外和國際市場對非常規產品的需求不斷上升。

And so I think it's prospect rising and then the last -- or last 2 pieces of that. Offshore drilling, pretty low levels of bookings in the second quarter, less than 30% book-to-bill for rig due to the white space challenges over the next quarter or two. And then finally, in wind and offshore construction north of 150% book-to-bill, really strong demand there. So the kind of the 4 main end markets that we see in energy equipment, all vary pretty widely in the quarter, but they're all going to be a little bit volatile because our orders tend to be lumpy. So when I turn and I look to the future, the third quarter, back to flexible pipe.

所以我認為這是前景的上升，然後是最後——或者最後兩個部分。海上鑽井，第二季的訂單量相當低，由於未來一、兩個季度的空白挑戰，鑽井平台的訂單出貨比不到 30%。最後，在風電和海上建設領域，訂單出貨比超過 150%，需求非常強勁。因此，我們在能源設備領域看到的 4 個主要終端市場在本季度都存在很大差異，但由於我們的訂單往往不均勻，因此它們都會有些波動。因此，當我展望未來，第三季度，又回到柔性管道。

We're pretty encouraged. We've already landed an order north of $100 million in that business unit in the first few weeks of Q3 and so I think that business stands a pretty good chance of getting back over 100% book-to-bill in the third quarter, really strong pipeline projects out there. Likewise, gas processing some large projects out there. The tendering activity is actually up for gas processing year-over-year. Nevertheless, I think Q3, they've had strong shipments.

我們非常受鼓舞。在第三季的頭幾週，我們已經在該業務部門獲得了超過 1 億美元的訂單，因此我認為該業務很有可能在第三季度恢復 100% 以上的訂單出貨率，並且那裡有非常強大的管道項目。同樣，天然氣處理也有一些大型專案。事實上，天然氣加工領域的招標活動逐年增加。儘管如此，我認為第三季他們的出貨量仍然強勁。

I think it's likely to be a little bit below 100% book-to-bill. I think shifting to drilling, rig is going to continue to be pressured on orders, probably pretty low in the third quarter, even though there's some interest in improving hook load capacities and 20,000 psi pressure capabilities, possibility of a new jackup in the second half of the year. but we're not counting on that. So less than 100% book-to-bill and I think stimulation equipment actually may surpass 100% book-to-bill in Q3. So you've got all these different -- and lastly, too, let me cover off wind and offshore construction.

我認為訂單出貨比可能略低於 100%。我認為轉向鑽井，鑽井平台將繼續面臨訂單壓力，第三季的訂單量可能相當低，儘管人們對提高鉤載能力和 20,000 psi 的壓力能力有一些興趣，並且有可能在今年下半年推出新的自升式鑽井平台。但我們並不指望這一點。因此訂單出貨比低於 100%，但我認為刺激設備在第三季的訂單出貨比實際上可能會超過 100%。所以你們已經了解了所有這些不同之處——最後，讓我也談談風能和海上建築。

It continues to be really strong. We do expect [Cable A] vessel in a [nub] installation vessel sometime in the second half of the year, and we've seen really strong demand for subsea cranes as well. And so I think that business should have a pretty decent second half with respect to bookings. So we've got these businesses and end markets with sort of different levels of demand, but -- but back to your original question, flexible pipe has really been executing super well and seeing really high levels of demand.

它仍然非常強勁。我們確實預計 [Cable A] 船將在今年下半年某個時候出現在 [nub] 安裝船上，而且我們也看到了對海底起重機的強勁需求。因此我認為下半年的預訂量應該會相當不錯。因此，我們擁有這些具有不同需求水平的業務和終端市場，但是 - 但回到你最初的問題，柔性管道確實表現得非常好，並且需求水平非常高。

Appreciate the in-depth color there. And maybe just as a follow-up, I think you mentioned the commissioning of some automation platforms and the robotics system sort of in the pipeline. And as we think about the recovery kind of in offshore, could you maybe give us a sense of what the rate of adoption has looked like on some of this technology? Thanks

欣賞那裡的深邃色彩。也許只是作為後續問題，我想您提到了一些自動化平台和機器人系統的調試。當我們考慮海上復甦時，您能否讓我們了解某些技術的採用率如何？謝謝

Yes. It's Jose. So we're really excited about kind of what's happening from an automation standpoint, really good traction in the marketplace and a pipeline that is extending. So first of all, just this all kind of started with our commercialization of our NOVOS platform a number of years ago and that adoption continues to take place at a pretty rapid clip. So that's the multi-machine control system that enables all the other automation that happens within the rig.

是的。是何塞。因此，從自動化的角度來看，我們對正在發生的事情感到非常興奮，市場上有很好的吸引力，而且通路正在延伸。首先，這一切都始於我們幾年前 NOVOS 平台的商業化，而該平台的採用仍在以相當快的速度進行。這就是多機控制系統，可以實現鑽孔機內所有其他的自動化。

So to date, we've sold about 220 of those NOVOS systems and we've had about 300 -- I'm sorry, 134 systems that have been installed and commissioned. And so obviously, we've got a good pipeline of systems that we're waiting to get implemented. Robotics has been extremely promising, something that is really getting a lot of attention and a lot of excitement. Talked about that, we've got 4 systems that are now commercial combination of both land and offshore rigs, and we've got another 11 in the pipeline, and we're getting really positive feedback from our customers on that. In fact, some of our customers are now telling us that they think this is going to be the next top drive for the industry.

到目前為止，我們已經售出了大約 220 套 NOVOS 系統，並且已經有大約 300 套（抱歉，應該是 134 套）系統安裝並投入使用。顯然，我們已經擁有了一系列良好的系統，正在等待實施。機器人技術非常有前景，確實引起了很多關注和興奮。談到這一點，我們現在有 4 個系統，它們是陸地和海上鑽井平台的商業組合，另外還有 11 個系統正在籌備中，我們從客戶那裡得到了非常積極的回饋。事實上，我們的一些客戶現在告訴我們，他們認為這將成為該行業的下一個頂級驅動器。

So that's super exciting and see really good prospects for that offering. Plus we have all of our digital services that support drilling and frankly, more and more completion and now production-related services. So across our platform, we continue to see really good uptake. Sequentially, revenue from our digital products offering is up 7%. It's up 25% year-over-year.

這非常令人興奮，並且看到了該產品的良好前景。此外，我們擁有支援鑽井的所有數位服務，坦白說，還有越來越多的完井和現在的生產相關服務。因此，我們在整個平台上繼續看到非常好的採用率。我們的數位產品收入連續成長 7%。較去年同期成長25%。

Just a couple of quarters ago, we introduced our MAX production addition to our MAX platform. for our artificial lift business and we're getting really strong reviews from our customers on that front. And we saw basically installations and adoption for that double over the last quarter. So everything is heading in the right direction from an automation and digital standpoint and see a lot of running room to go in the future.

就在幾個季度前，我們在 MAX 平台中引入了 MAX 生產附加功能，用於我們的人工舉升業務，我們在這方面得到了客戶的強烈評價。我們看到上個季度的安裝量和採用量基本上翻了一番。因此，從自動化和數位化的角度來看，一切都朝著正確的方向發展，未來還有很大的發展空間。

Appreciate it.

非常感謝。

John Daniel with Daniel Energy Partners.

丹尼爾能源合作夥伴公司的約翰·丹尼爾。

Hey, good morning, guys. Thank you for including me. This morning, [Ranger] announced that they're going to build out a couple of electric rigs that follows access doing that. I know this might be small for you guys, but in your mobile rig business, can you speak to the opportunity you see for sort of retrofitting the US well service fleet and just the outlook for that?

嘿，大家早安。謝謝你邀請我。今天早上，[Ranger] 宣布他們將建造幾個追蹤通道的電動鑽孔機。我知道這對你們來說可能很小，但在你們的行動鑽機業務中，您能否談談改造美國油井服務船隊的機會以及前景？

Yes. I would say -- well, first of all, again, as a sort of a matter of policy, I don't like to comment on any particular customer or project. But I will say a lot of categories across fit-for-purpose oilfield equipment have converted to electrical over the past couple of decades. And so drilling rigs you move from mechanical or converted to DC Electric and then to AC Electric. And as you sort of make that progression -- and I would add in, we've done the same in wireline units and coiled tubing units in all categories.

是的。我想說——首先，再次強調，根據政策，我不喜歡對任何特定的客戶或項目發表評論。但我要說的是，在過去的幾十年裡，許多適合用途的油田設備已經轉變為電氣設備。因此，鑽孔機從機械式轉變為直流電動式，然後再轉變為交流電動式。當你取得這種進展時 - 我想補充一點，我們在所有類別的電纜作業裝置和連續油管裝置中都做了同樣的事情。

There's sort of this interest in continuing to advance the technology towards AC electric, which enables better controls electronically. And what I would say as a category, well service rigs, and you know this better than anyone, well service rigs across the US tend to be old and fairly basic. And I think there is a real potential there to get better, more precise control with newer, more modern assets that are electric. I think it's -- there's a potential to make those service rigs safer.

人們對繼續推進交流電技術很感興趣，因為交流電技術可以實現更好的電子控制。我想說的是，作為一個類別，油井服務鑽機，你比任何人都清楚這一點，美國各地的油井服務鑽機往往比較老舊，而且相當簡陋。我認為，利用更新、更現代化的電力資產確實有可能實現更好、更精確的控制。我認為，有可能讓這些服務鑽孔機變得更安全。

By making them electric and provide more sort of real-time monitoring, which enables condition-based monitoring and predictive analytics that can enhance maintenance programs and extend the lives of those assets and things like that. So it's sort of one more category of oilfield equipment that, I think, can benefit by migrating to electric.

透過使它們電氣化並提供更多類型的即時監控，可以實現基於條件的監控和預測分析，從而可以增強維護計劃並延長這些資產的使用壽命等等。因此，我認為，這又是一種可以透過電力驅動而受益的油田設備。

Okay. I won't name the customer, but one company has ordered a [278] unit coil. And I'm just curious, do you think that the [27] market, could we see some sort of structural redefinition in terms of size of CT units seem to keep getting bigger? And just what

好的。我不會透露客戶的名字，但有一家公司已經訂購了[278]單元線圈。我很好奇，您是否認為[27]市場在CT單位規模方面是否會出現某種結構性重新定義，似乎會不斷擴大？那麼到底

Yes. John. So yes, there's a lot of things going on. And consistent with the commentary and the primary theme that we're seeing across all markets is that folks are willing to pay for things that can drive improvements to their economics, right? And so there's always been the challenge of, okay, how deep and how far out can you go from a coiled tubing drill-out standpoint, which is the quickest, most efficient way to do the drill outs, and we've seen tubing sizes get bigger, strings get longer, equipment getting bigger and bigger.

是的。約翰。是的，有很多事情正在發生。與評論和我們在所有市場看到的主要主題一致的是，人們願意為能夠推動經濟改善的東西付費，對嗎？因此，始終存在的挑戰是，從連續油管鑽出的角度來看，你能鑽多深、多遠，這是最快、最有效的鑽出方式，我們已經看到油管尺寸越來越大，管柱越來越長，設備越來越大。

And the need for, frankly, better technologies to continue that trend of going from 1 mile laterals to 2 miles to 3 miles and now times we're saying 4 miles. Bigger tubing diameter along with, frankly, one of the things that we're really excited about is our downhole tools business has pioneered an agitator system, not just for the BHA of a coiled tubing string, but has a really proprietary connection that can be used to join 2 separate strings of pipe and connect them to be able to enable even longer lateral usefulness related to coiled tubing drill out. So there's a lot of innovative things that continue to go on within NOV, and we're going to continue to be on the front end of those things.

坦白說，需要更好的技術來延續這種趨勢，從 1 英里到 2 英里、3 英里，現在我們說的是 4 英里。坦白說，更大的油管直徑以及讓我們真正興奮的事情之一是我們的井下工具業務率先推出了一種攪拌器系統，不僅適用於連續油管串的 BHA，而且具有真正的專有連接，可用於連接 2 個獨立的管串並將它們連接起來，以便能夠實現與連續油管鑽出相關的更長的橫向實用性。因此，NOV 內部將繼續進行許多創新，而我們將繼續處於這些創新的前沿。

Okay, well, thank you for allowing me to ask a couple of nuanced questions. I'll turn it.

好的，謝謝您允許我問幾個細微的問題。我會轉的。

I'd now like to turn the call back over to Clay for any further remarks.

現在我想將電話轉回給克萊，讓他發表進一步的評論。

Thank you, Kevin, and thanks to all of you for joining us this morning. We look forward to discussing our third quarter 2025 results with you in October. Kevin, you may wrap up the call.

謝謝你，凱文，也謝謝大家今天早上加入我們。我們期待在十月與您討論我們的 2025 年第三季業績。凱文，你可以結束通話了。

Thank you, ladies and gentlemen, that's conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。