國民油井華高 (NOV) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to NOV Third Quarter 2025 Earnings Conference Call (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 NOV 2025 年第三季財報電話會議（操作說明）請注意，今天的會議正在錄音。

I would now like to turn the call over to Amie D'Ambrosio, Director of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係總監 Amie D'Ambrosio。請繼續。

Welcome, everyone, to NOV's Third Quarter 2025 Earnings Conference Call. With me today are Clay Williams, our Chairman and CEO; Jose Bayardo, our President and COO; and Rodney Reed, our Senior Vice President and CFO.

歡迎各位參加 NOV 2025 年第三季財報電話會議。今天陪同我的有：董事長兼首席執行官克萊·威廉姆斯；總裁兼首席營運官何塞·巴亞爾多；以及高級副總裁兼首席財務官羅德尼·里德。

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.

在開始之前，我想提醒各位，今天我的一些評論屬於聯邦證券法意義上的前瞻性陳述。它們涉及風險和不確定性，實際結果可能與實際情況有重大差異。任何人都不應假定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 表格和 10-Q 表格。

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 third quarter of 2025, NOV reported revenues of $2.18 billion and a net income of $42 million or $0.11 per fully diluted share. Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.

我們的評論也包括非GAAP指標。與最接近的相應 GAAP 指標的調整表已在我們的網站上發布的盈利報告中提供。根據美國通用會計準則，NOV 公佈 2025 年第三季營收為 21.8 億美元，淨利為 4,200 萬美元，即每股完全攤薄收益 0.11 美元。今天早上的電話會議中，我們使用的 EBITDA 一詞與我們在盈利報告中定義的調整後 EBITDA 一詞相一致。

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.

稍後我們將進行問答環節。為了讓更多人參與，請將問題限制為一個，並可提出後續問題。

Now let me turn the call over to Clay.

現在我把電話交給克萊。

Thanks, Amie, and good morning. NOV executed well in the third quarter. Revenues of $2.2 billion were down just slightly, less than 1% year-over-year and sequentially despite a challenging macro environment and softening oilfield activity. EBITDA was $258 million or 11.9% of revenue, up sequentially despite rising tariff and inflationary headwinds. Cost control and strong project execution allowed NOV to lift margins sequentially while increasing free cash flow to $245 million.

謝謝你，艾米，早安。NOV在第三季表現出色。儘管宏觀環境充滿挑戰，油田活動有所放緩，但公司營收為 22 億美元，年比和季比僅略微下降不到 1%。儘管面臨關稅上漲和通膨壓力，但 EBITDA 仍達到 2.58 億美元，佔營收的 11.9%，季增。成本控制和強大的專案執行力使 NOV 的利潤率環比提升，同時將自由現金流增加到 2.45 億美元。

Energy Equipment saw strong demand for its growing production-related portfolio, leading to higher backlogs and record revenues from our subsea flexible pipe and our gas-focused process systems businesses. These businesses as well as our marine construction and production and midstream units all achieved their highest EBITDA in five years, expanding segment year-over-year margins for the 13th consecutive quarter.

能源設備業務不斷增長的生產相關產品組合需求強勁，導致海底柔性管道和以天然氣為中心的製程系統業務的積壓訂單增加，收入創歷史新高。這些業務以及我們的海洋建設和生產以及中游部門都實現了五年來最高的 EBITDA，連續第 13 個季度實現了業務部門利潤率的同比增長。

Our drilling activity-driven Energy Products and Services segment once again outperformed the underlying global rig count declines of 8% year-over-year, aided by our growing share of efficiency-enhancing downhole technologies and strong demand for drill pipe, including NOV's proprietary wired drill pipe data telemetry system. But generally, activity continued to soften. In North America, E&Ps once again trimmed short-cycle oil activity which is likely to slow further seasonally in the fourth quarter.

在提高井下效率技術的市場份額不斷增長以及對鑽桿的強勁需求（包括 NOV 專有的有線鑽桿數據遙測系統）的推動下，我們以鑽井活動為驅動的能源產品和服務部門再次跑贏了全球鑽機數量同比下降 8% 的整體水平。但整體而言，市場活動持續放緩。在北美，油氣勘探開發公司再次縮減了短期石油生產活動，預計第四季季節性活動將進一步放緩。

Internationally, the Saudi rig suspensions appear to be behind us. And while spending there remains low, expectations are building for a few more rigs to go back to work in 2026. Elsewhere in the Middle East, demand from the UAE, Qatar and Kuwait remain healthy as customers continue to invest to meet production goals. Many are pursuing unconventional shale developments. Argentina, Saudi Arabia and the UAE are leading the way, but interest is emerging elsewhere around the globe, as I'll speak to in a moment.

國際上，沙烏地阿拉伯鑽井平台停工事件似乎已經過去。儘管那裡的支出仍然很低，但人們預期到 2026 年將會有更多鑽井平台恢復營運。在中東其他地區，阿聯酋、卡達和科威特的需求仍然旺盛，因為客戶繼續投資以實現生產目標。許多人正在尋求非常規頁岩油氣開發。阿根廷、沙烏地阿拉伯和阿聯酋走在前列，但世界其他地方也開始出現興趣，我稍後會談到這一點。

Offshore, our customers expect a meaningful exploration and development drilling ramp to begin in late 2026. Offshore FIDs are expected to pick up over the next few years following a lull in 2025, and our discussions with customers around deepwater FEED studies support this view. Bookings tied to offshore development are already up double digits year-over-year.

在海上，我們的客戶預計勘探和開發鑽井作業將在 2026 年底開始穩步推進。在經歷了 2025 年的低迷期之後，預計未來幾年海上 FID 將會增加，我們與客戶就深水 FEED 研究進行的討論也支持這一觀點。與海外開發相關的預訂量已年增兩位數。

Further out, NOV's prospects through the next decade are extraordinarily bright. Why? Step back from the near-term noise created by OPEC quota unwinding, oil oversupply, commodity price pressures, tariffs, inflation and geopolitical uncertainty, and you will see two major structural shifts that are setting up a powerful decade of opportunity for our company.

從長遠來看，NOV 在未來十年的前景非常光明。為什麼？撇開歐佩克配額​​取消、石油供應過剩、大宗商品價格壓力、關稅、通貨膨脹和地緣政治不確定性等短期噪音，你會看到兩個重大的結構性轉變，它們正在為我們公司創造一個充滿機會的十年。

First, the globalization of unconventional shale development. Oil and gas are commodities and the winners and losers in all commodity industries live and die based on costs, development costs and marginal production costs. The clear winner in the race to lower marginal production costs since about 2012 or so has been North American unconventional shale, which has arguably provided more than 80% of global supply growth since then. It's been the winner of the horse race to lower cost. And as the winner, it has attracted the most capital.

首先是全球非常規頁岩油氣開發。石油和天然氣是商品，所有商品產業的贏家和輸家都取決於成本、開發成本和邊際生產成本。自 2012 年左右以來，在降低邊際生產成本的競賽中，北美非常規頁岩油顯然是最大的贏家，可以說，自那時以來，北美頁岩油提供了全球 80% 以上的供應增長。它一直是降低成本的贏家。作為最終的贏家，它吸引了最多的資金。

Technology, capital and ingenuity led marginal cost for the shale juggernaut lower and lower, outpacing the marginal cost reduction secured for offshore and other sources of oil and gas. And these competing sources saw capital investment fall sharply through the same period. But as North American shale producers have chipped away at Tier 1 inventory locations, production growth is flattening here and may well be peaking now. And as the mix of lower quality Tier 2 locations rises, marginal cost per barrel for North American unconventional shales is creeping up as comments from producers in the past few Dallas Fed surveys note. After 20-plus years of refining the technology to enable North American shale revolution, these same technologies are now being deployed at scale internationally because international E&Ps see opportunity to develop lower marginal cost sources of oil and gas elsewhere.

技術、資本和創造力使頁岩氣巨頭的邊際成本不斷降低，超過了海上和其他油氣來源的邊際成本降低幅度。同時，這些競爭性投資來源的資本投資也大幅下降。但隨著北美頁岩油生產商逐漸消耗掉一級庫存地點的資源，這裡的產量成長已經趨於平緩，很可能已經達到高峰。隨著低品質二級油田的產量增加，北美非常規頁岩油的每桶邊際成本正在緩慢上升，正如達拉斯聯邦儲備銀行最近幾次調查中生產商的評論所指出的那樣。經過 20 多年的技術改進，北美頁岩氣革命得以實現，如今，這些技術正在國際上大規模部署，因為國際油氣勘探開發公司看到了在其他地方開發邊際成本更低的油氣資源的機會。

The advantage international shales have at this point is that they will benefit from decades of advancement and several hundred thousand shale wells that have been drilled and experimented with and continuously optimized here in North America. And these learnings will now be applied to new virgin international rock. The near-term challenge they have is they lack the necessary tools and equipment. That's where NOV comes in.

國際頁岩氣目前的優勢在於，它們將受益於數十年來在北美鑽探、試驗和不斷優化的數十萬口頁岩氣井所取得的進步。這些經驗將應用於維珍國際搖滾樂的新發展。他們近期面臨的挑戰是缺乏必要的工具和設備。這就是NOV發揮作用的地方。

Since prosecuting a successful unconventional shale play requires pretty much everything NOV makes, we're pretty excited about this. Recall that the US shale miracle started with a complete retooling of its land rig fleet and the build-out of a lot of frac, coiled tubing, wireline completion and production equipment. These tools and technologies are squarely in our wheelhouse, and we see the emerging build-out of infrastructure to support international shale development is driving demand for us for years to come.

由於成功開發非常規頁岩油氣專案幾乎需要用到 NOV 生產的所有產品，我們對此感到非常興奮。回想一下，美國頁岩油奇蹟始於對其陸地鑽井平台的全面改造，以及大量壓裂、連續油管、電纜完井和生產設備的建造。這些工具和技術完全在我們的強項之內，我們看到，為支持國際頁岩油氣開發而正在建設的基礎設施將在未來幾年內推動對我們的需求。

Second, the reemergence of deepwater and offshore development. After years of second place finishes and the marginal cost horse race, deepwater is back to winning. Deepwater has quietly but steadily gotten better since 2012. NOV-supplied offshore drilling rigs are drilling more efficiently, higher hook load capacities are enabling more cost-effective casing programs. The standardization of subsea production kit and FPSO designs have all served to steadily reduce the marginal cost of deepwater barrels and make its economics more compelling.

第二，深水和近海開發的重新興起。經過多年的屈居第二和邊際成本競爭，深水區終於重回勝利的寶座。自 2012 年以來，深水區一直在悄悄穩定地改進。NOV提供的海上鑽井平台鑽井效率更高，更高的吊鉤負載能力使得套管作業更具成本效益。海底生產設備和FPSO設計的標準化，都有助於穩定降低深水油氣開採的邊際成本，使其經濟效益更具吸引力。

Simply put, we believe that deepwater broadly has brought marginal costs below North American shales, and it is now winning the marginal cost horse race. This is a big deal. We believe this inflection, this leadership change will drive many more investment dollars into deepwater in the coming decade to satisfy growing global energy demand. Evidence of this is apparent in exploration success stories in new basins in Guyana, Suriname, Namibia, Senegal, the Eastern Mediterranean, the Paleogene and the Gulf Hope America. Industry forecasts call for offshore oil output to rise to roughly 13 million barrels a day by 2026, making deepwater the leading source of incremental supply growth. The pivot in spend is further helped by the emergence of profitable floating LNG, which adds natural gas as another viable target for offshore E&Ps.

簡而言之，我們認為深水油氣的邊際成本總體上已經低於北美頁岩油氣，並且現在在邊際成本競爭中處於領先地位。這是件大事。我們相信，這一轉折點，這一領導層更迭，將在未來十年內推動更多投資資金流入深水領域，以滿足不斷增長的全球能源需求。在圭亞那、蘇利南、納米比亞、塞內加爾、東地中海、古近紀和美洲海灣希望盆地的新盆地勘探成功案例中，這一點顯而易見。產業預測顯示，到 2026 年，海上石油產量將增加至每天約 1,300 萬桶，深水將成為新增供應成長的主要來源。利潤豐厚的浮式液化天然氣的出現進一步推動了支出方向的轉變，這使得天然氣成為海上勘探開發的另一個可行目標。

NOV's technology portfolio from subsea flexible pipe and process systems to mooring solutions and rig aftermarket and automation is critical to enabling this expansion. Customer performance expectations favor selection of NOV technology, providing NOV a strong competitive advantage in deepwater operations. Finally, I'll stress that this 166-year-old horse race is never over. Innovative North American shale operators have an amazing track record of honing costs to improve competitiveness. But honestly, all operators in all basins do, and they have to, given the business they're in.

NOV 的技術組合涵蓋海底柔性管道和製程系統、繫泊解決方案、鑽井平台售後市場和自動化等領域，對於實現這一擴張至關重要。客戶對效能的期望有利於選擇 NOV 技術，這為 NOV 在深水作業中提供了強大的競爭優勢。最後，我要強調的是，這場已有166年歷史的賽馬比賽永遠不會結束。北美創新頁岩油氣業者在降低成本、提高競爭力方面有著令人矚目的成就。但說實話，所有盆地的所有運營商都會這樣做，鑑於他們所處的行業，他們不得不這樣做。

But right now, we see deepwater pulling into the lead and international shales entering the race as a serious contender. We believe these two will define the next decade plus of oil and gas development and both depend on the tools, equipment and technology that NOV delivers. Back to the near term, however, as I said, we expect market conditions to remain soft through the next few quarters. Tariffs and inflation uncertainty will continue to weigh on margins in the near term and global drilling activity is likely to drift lower.

但就目前來看，深水油氣正在取得領先地位，國際頁岩油氣也加入了競爭，成為強而有力的競爭者。我們相信，這兩項將決定未來十多年石油和天然氣開發的走向，而這兩項都依賴 NOV 提供的工具、設備和技術。不過，回到短期來看，正如我所說，我們預計未來幾季市場狀況將保持疲軟。關稅和通膨的不確定性將在短期內繼續對利潤率構成壓力，全球鑽探活動可能會逐漸減少。

But looking further ahead, we see the back half of 2026 and beyond as a period of strengthening demand across both offshore and international land markets. As deepwater projects ramp and unconventional development expands globally, NOV's technology leadership and global platform will enable us to capture the growth efficiently and profitably.

但展望未來，我們認為 2026 年下半年及以後，海上和國際陸上市場的需求都將持續走強。隨著深水專案加速推進和非常規油氣開發在全球擴張，NOV 的技術領先地位和全球平台將使我們能夠高效、獲利地把握成長機會。

And that's why I'm so excited about NOV's future. To my NOV teammates listening this morning, thank you for all that you do to strengthen and improve and lower the marginal cost of the operations of all of our customers globally. You've helped build NOV to perform through cycles and to lead in the next phase of global energy development. And I'm grateful for the way that you get up every day, put your boots on and make this industry better.

這就是為什麼我對NOV的未來如此充滿期待。今天早上在座的各位 NOV 團隊成員，感謝你們為加強、改進和降低我們全球所有客戶的營運邊際成本所做的一切努力。您幫助 NOV 克服了週期性挑戰，並引領了全球能源發展的下一階段。我非常感激你每天起床後，穿上工作靴，努力讓這個行業變得更好。

Now let me turn it over to Rodney.

現在我把麥克風交給羅德尼。

Thank you, Clay. Consolidated revenue was $2.18 billion, down slightly year-over-year and sequentially. Operating profit was $107 million or 4.9% of sales. Net income was $42 million, and the company recorded $65 million within other items. Adjusted EBITDA totaled $258 million, representing 11.9% of sales.

謝謝你，克萊。合併收入為 21.8 億美元，年比和季比均略有下降。營業利潤為 1.07 億美元，佔銷售額的 4.9%。淨收入為 4,200 萬美元，公司在其他項目中記錄了 6,500 萬美元。調整後 EBITDA 總計 2.58 億美元，佔銷售額的 11.9%。

Sequentially, EBITDA margins improved as strong operational execution and cost controls offset the effects of softening oilfield activity and higher sequential tariff expense. Free cash flow generation remained robust at $245 million.

從環比來看，由於強勁的營運執行和成本控制抵消了油田活動疲軟和環比關稅支出增加的影響，EBITDA 利潤率有所提高。自由現金流保持強勁，達到 2.45 億美元。

Over the last nine months, NOV converted 53% of EBITDA to free cash flow and achieved a 95% conversion rate during the quarter, which was a result of strong cash collections on projects and a focus on systematic structural working capital efficiency improvements. During the quarter, we repurchased 6.2 million shares for $80 million and paid dividends of $28 million, bringing total capital return to shareholders year-to-date to $393 million, which includes a supplemental dividend of approximately $78 million paid in the second quarter.

在過去的九個月裡，NOV 將 53% 的 EBITDA 轉化為自由現金流，並在該季度實現了 95% 的轉換率，這得益於專案強勁的現金回收以及對系統性結構性營運資本效率改進的重視。本季度，我們以 8,000 萬美元回購了 620 萬股股票，並支付了 2,800 萬美元的股息，使今年迄今股東的總資本回報達到 3.93 億美元，其中包括第二季度支付的約 7,800 萬美元的補充股息。

During 2025, we expect to significantly exceed our minimum threshold of returning 50% of excess free cash flow to our shareholders. For the quarter, tariff expense came in just under $20 million, increasing approximately $6 million sequentially. For the fourth quarter, we expect our tariff expense to be around $25 million. We continue to realign our supply chain and execute strategic sourcing initiatives to reduce tariff impacts. We also remain focused on removing structural costs to improve margins and returns, including consolidating facilities, standardizing internal processes and rationalizing product lines or regions that don't meet our profitability requirements.

預計到 2025 年，我們將大幅超過向股東返還 50% 超額自由現金流的最低門檻。本季關稅支出略低於 2,000 萬美元，比上一季增加了約 600 萬美元。我們預計第四季的關稅支出約為 2500 萬美元。我們將繼續調整供應鏈並執行策略採購計劃，以減少關稅影響。我們也將繼續專注於消除結構性成本以提高利潤率和回報，包括整合設施、規範內部流程以及精簡不符合我們獲利要求的產品線或地區。

These programs are on track to deliver over $100 million in annualized cost savings by the end of 2026, although tariffs and other inflationary impacts remain headwinds. While we expect the near-term environment to remain choppy, we're executing well, managing what we can control and positioning NOV well for the future. With that, I'll turn to segment results.

儘管關稅和其他通膨影響仍然是不利因素，但這些計畫預計在 2026 年底前實現超過 1 億美元的年度成本節約。雖然我們預計短期環境仍將動盪不安，但我們執行得很好，管理我們能夠控制的因素，並為 NOV 的未來做好了充分準備。接下來，我將轉向細分市場的結果。

Starting with our Energy Equipment segment. Third quarter revenue was $1.25 billion, up 2% from the third quarter of 2024. EBITDA increased by $21 million to $180 million, resulting in a 140-basis-point increase in EBITDA margins to 14.4% of sales, driven by strong execution in our capital equipment business more than offsetting lower aftermarket revenue. Capital equipment sales accounted for 63% of the segment's revenue in the third quarter of 2025, increasing 20% year-over-year due to strong growth in offshore production equipment.

首先從我們的能源設備板塊開始。第三季營收為 12.5 億美元，比 2024 年第三季成長 2%。EBITDA 成長 2,100 萬美元至 1.8 億美元，EBITDA 利潤率成長 140 個基點至銷售額的 14.4%，這主要得益於資本設備業務的強勁表現，足以抵消售後市場收入的下降。2025 年第三季度，資本設備銷售額佔該部門收入的 63%，年增 20%，這主要得益於海上生產設備的強勁成長。

Aftermarket sales and services accounted for the remaining 37% of energy equipment revenue with sales declining year-over-year by 19%. Capital equipment orders of $951 million for the quarter more than doubled sequentially, reaching our second highest quarterly bookings in the last 18 quarters. Orders represented a book-to-bill of 141% for the quarter and 103% book-to-bill over the trailing 12 months. Continued strength in demand for our offshore-related production equipment offerings led the order book with multiple orders for subsea flexible pipe, a monoethylene glycol processing module and our second order for a large, submerged swivel and yolk system for LNG offtake in Argentina.

售後市場銷售和服務佔能源設備收入的剩餘 37%，銷售額年減 19%。本季資本設備訂單金額為 9.51 億美元，季增超過一倍，達到近 18 個季度以來的第二高季度訂單金額。本季訂單出貨比為 141%，過去 12 個月的訂單出貨比為 103%。對我們海上相關生產設備的需求持續強勁，訂單量大幅增長，其中包括多份海底柔性管道訂單、單乙二醇處理模組訂單，以及我們在阿根廷訂購的第二份用於液化天然氣提取的大型水下旋轉接頭和軛架系統訂單。

Backlog at the end of the third quarter was $4.56 billion, the highest since we started reporting Energy Equipment as a segment. Our Subsea flexible pipe business had another exceptional quarter with solid year-over-year and sequential revenue growth. The operation also continues to improve profitability due to strong execution on projects. The business delivered record quarterly revenue and bookings with project backlog achieving an all-time high. While the business is performing exceptionally well, our team continues to identify ways to further optimize our manufacturing processes to accelerate production and improve operational efficiencies.

第三季末的積壓訂單為 45.6 億美元，是自我們開始將能源設備作為部門報告以來的最高值。我們的海底柔性管道業務又迎來了一個卓越的季度，實現了穩健的同比和環比收入成長。由於專案執行得當，該業務的獲利能力也持續提高。公司季度營收和訂單量均創歷史新高，項目積壓量也達到歷史最高水準。雖然公司業績表現非常出色，但我們的團隊仍在不斷尋找進一步優化製造流程的方法，以加快生產速度並提高營運效率。

Our Process Systems business continued its strong performance, both for offshore production and onshore gas fields with revenue growing high double digits year-over-year, finishing the quarter with record revenue and EBITDA. Offshore production market forecasts remain robust, which should continue to drive demand for gas processing and produced water treatment opportunities. Additionally, the build-out of FLNG and FSRUs is driving opportunities for our fluid and gas transfer systems like the order I previously mentioned for the Submerged Swivel and Yoke system for an FLNG project in Argentina.

我們的製程系統業務持續保持強勁的業績，無論是海上生產還是陸上天然氣田，營收都實現了兩位數的同比增長，本季營收和 EBITDA 均創歷史新高。海上生產市場預測依然強勁，這將繼續推動對天然氣加工和採出水處理的需求。此外，FLNG 和 FSRU 的建設也為我們的流體和氣體輸送系統帶來了機遇，例如我之前提到的為阿根廷的 FLNG 項目訂購的水下旋轉接頭和軛架系統。

Our Marine and Construction business experienced a sharp increase in revenue compared to the third quarter of 2024, driven by a significant increase in progress on crane and cable A projects, partially offset by lower activity related to wind turbine installation vessels. The outlook for offshore supply vessels, which provides opportunities for our subsea cranes remains strong, and we continue to see tenders for cable lay vessels. The fixed wind market remains challenging. However, we see the potential for another award later this year or early next year with the continued need for larger newbuild vessels in Europe and Asia.

與 2024 年第三季相比，我們的海洋與建築業務收入大幅成長，這主要得益於起重機和電纜 A 專案的顯著進展，但部分被與風力渦輪機安裝船相關的活動減少所抵消。海上供應船的前景仍然強勁，為我們的海底起重機提供了機會，我們繼續看到電纜鋪設船的招標。固定風電市場仍充滿挑戰。不過，鑑於歐洲和亞洲對大型新造船舶的持續需求，我們認為今年稍後或明年初有可能再次授予該獎項。

Several countries are still planning to expand offshore wind supply, which could lead to a shortage of WTIVs around the end of the decade and therefore, should drive incremental new build demand over the next few years. Revenue for our intervention and stimulation capital equipment fell double digits year-over-year due to a steep drop in demand for pressure pumping equipment in North America, partially offset by strong and growing demand for coiled tubing and wireline equipment.

一些國家仍在計劃擴大離岸風電供應，這可能導致本世紀末離岸風電船短缺，因此，未來幾年內，這將推動新增離岸風電船需求的成長。由於北美地區對壓力泵送設備的需求大幅下降，我們的干預和增產資本設備收入同比下降了兩位數，但連續油管和鋼絲繩設備的需求強勁增長，部分抵消了這一影響。

This growing demand related to the development of unconventional resources in international markets and to offshore activity has led to three straight quarters of bookings growth and trailing 12-month book-to-bill of over 100%. Revenue from drilling capital equipment decreased high single digits year-over-year due to market uncertainty and contracting gaps from some offshore drillers.

國際市場上非常規資源開發和海上活動的需求不斷增長，導致訂單量連續三個季度增長，過去 12 個月的訂單出貨比超過 100%。由於市場不確定性和一些海上鑽井公司的合約缺口，鑽井資本設備的收入較去年同期下降了近幾個百分點。

Capital equipment orders improved sequentially, but the demand remained soft as offshore drilling contractors preserve capital while navigating through white space in their contract portfolio. Outlook for the offshore drilling appears to be improving for the second half of 2026 and beyond, as Clay mentioned, leading to a more constructive dialogue regarding opportunities to support recent and upcoming tender awards, including higher hook load capacities, crown compensators, managed pressure drilling and BOP upgrades.

資本設備訂單環比有所改善，但由於海上鑽井承包商在合約組合中尋找空檔期的同時保留資金，需求依然疲軟。正如克萊所提到的，2026 年下半年及以後的海上鑽井前景似乎正在改善，這將促成關於支持近期和即將進行的招標項目的更具建設性的對話，包括提高鉤載能力、冠部補償器、控制壓力鑽井和防噴器升級。

Additionally, demand for automation and robotics continues to gain momentum for land and offshore rigs due to improved safety and operational efficiencies provided by our ATOM RTX robotics packages. In our drilling aftermarket business, revenues were down significantly compared to prior year. The decrease is the result of lower spare parts bookings over the last few quarters as customers slowed spending in response to gaps in contracting activity, but we did see a mid-teens percentage increase sequentially in spares bookings, which should lead to a stronger fourth quarter revenue for the drilling aftermarket business.

此外，由於我們的 ATOM RTX 機器人套件提高了安全性和營運效率，陸地和海上鑽井平台對自動化和機器人的需求持續成長。在我們的鑽井售後市場業務中，收入與前一年相比大幅下降。過去幾季備件預訂量下降，是因為客戶因承包活動減少而放緩了支出，但我們確實看到備件預訂量環比增長了15%左右，這應該會帶動鑽井售後市場業務在第四季度實現更強勁的收入。

For the fourth quarter, we anticipate a less pronounced than usual seasonal increase in our Energy Equipment segment due to timing of capital equipment deliveries. As a result, we expect revenue to decline 2% to 4% year-over-year with EBITDA in the range of $160 million to $180 million. Our Energy Products and Services segment generated revenue of $971 million, a 3% decrease compared to the third quarter of 2024 reflecting lower global activity levels and delayed capital equipment orders for infrastructure projects, partially offset by technology-driven share gains.

由於資本設備交付時間的原因，我們預計第四季度能源設備部門的季節性成長將不如往年明顯。因此，我們預計營收將年減 2% 至 4%，EBITDA 將在 1.6 億美元至 1.8 億美元之間。我們的能源產品和服務部門創造了 9.71 億美元的收入，與 2024 年第三季度相比下降了 3%，這反映出全球經濟活動水平下降以及基礎設施項目的資本設備訂單延遲，但部分被技術驅動的市場份額增長所抵消。

EBITDA was $135 million or 13.9% of sales. Higher decrementals resulted from an unfavorable sales mix, pricing pressures in North America and increased tariff expense. We're focused on reducing structural costs, including consolidating facilities and exiting product lines or regions that don't meet our return requirements. North America represented 57% of segment revenue and grew 7% year-over-year on higher drill pipe sales compared to a 10% decline in rig count.

EBITDA為1.35億美元，佔銷售額的13.9%。銷售組合不利、北美定價壓力、關稅支出增加導致利潤下降幅度增加。我們專注於降低結構性成本，包括整合設施，退出不符合我們退貨要求的產品線或地區。北美地區佔該業務部門收入的 57%，年增 7%，這主要得益於鑽桿銷售額的成長，而鑽機數量卻下降了 10%。

Segment revenue decreased 15% year-over-year in international markets due to some activity declines in the Middle East and Latin America. For the quarter, the sales mix for energy products and services was 51% services and rental, 31% capital equipment and 18% product sales. Services and rentals revenue declined 4% year-over-year as demand for our solids control services declined in the mid-teens due to lower international activity. However, increased traction for our efficiency-enhancing technologies in North America as well as in unconventional and tight gas applications internationally helped to partially offset the impact of an 8% global rig count decline. In North America, drill bit revenue rose mid-single digits due to market share gains tied to superior performance and reliability, and we realized growing demand for our drill bits, downhole tools and tubular coatings from the increase in gas-directed drilling, particularly in high-temperature applications in the Haynesville.

由於中東和拉丁美洲部分地區的業務活動下滑，國際市場的分部收入較去年同期下降了 15%。本季能源產品和服務的銷售組成中，服務和租賃佔 51%，資本設備佔 31%，產品銷售佔 18%。由於國際業務活動減少，導致固控服務需求下降了15%左右，服務和租賃收入較去年同期下降了4%。然而，我們在北美以及國際上非常規和緻密氣應用領域提高效率的技術獲得了越來越多的關注，這有助於部分抵消全球鑽井平台數量下降 8% 的影響。在北美，由於卓越的性能和可靠性帶來的市場份額增長，鑽頭收入實現了中等個位數的增長，並且隨著氣體導向鑽井的增加，尤其是在海恩斯維爾高溫應用中，我們對鑽頭、井下工具和管材塗層的需求也在不斷增長。

Internationally, our downhole drilling motors were deployed in the first unconventional wells drilled by an independent in Bahrain and rentals of our downhole technologies increased in Argentina, supporting unconventional development. Tubular coating and inspection revenue was down modestly year-over-year with strong growth in North America coating sales, partially offset by lower demand in Latin America and the Eastern Hemisphere. Capital sales increased 5% year-over-year, supported by mid-teens percentage growth in drill pipe sales as customers replenished inventories. Drill pipe bookings reached their highest level since early 2022. However, composite pipe and tank sales declined primarily due to delays in infrastructure projects affecting timing of orders.

在國際上，我們的井下鑽井馬達被部署在巴林一家獨立公司鑽探的第一批非常規油井中，我們在阿根廷的井下技術租賃業務也有所增長，從而支持了非常規油氣開發。管材塗層和檢測收入較去年同期略有下降，北美塗層銷售額強勁成長，但部分被拉丁美洲和東半球需求下降所抵消。資本銷售額年增 5%，這主要得益於鑽桿銷售額的 15% 成長，因為客戶補充了庫存。鑽桿預訂量達到 2022 年初以來的最高水準。然而，由於基礎設施項目延誤影響了訂單的交付時間，複合材料管道和儲罐的銷售量下降。

Orders for infrastructure projects stepped up late in the third quarter and included an order for two large fuel storage tanks for a data center and 9 miles of 55-inch glass reinforced plastic pipe in Brazil. The strong order intake for our drill pipe and fiberglass businesses positions us well for improved capital equipment revenues in the fourth quarter. Product sales decreased in the mid-teens percentage range year-over-year with higher downhole tool sales in Asia more than offset by fewer international bulk sale deliveries.

第三季末，基礎設施項目的訂單增加，其中包括為巴西的一個數據中心訂購兩個大型燃料儲存罐，以及訂購 9 英里長的 55 英寸玻璃纖維增強塑膠管道。鑽桿和玻璃纖維業務的強勁訂單量使我們預計在第四季度提高資本設備收入。產品銷售額年減了十幾個百分點，亞洲地區井下工具銷售額的成長被國際大宗銷售交付量的減少所抵銷。

Additionally, we are seeing an increase in international customers changing their preference from purchasing to renting drill bits, more in line with predominant customer preferences in North America. Looking to the fourth quarter, we expect a modest sequential pickup in capital equipment sales from our Energy Products and Services segment to be more than offset by softer market conditions. As a result, we expect fourth quarter segment revenue to decline 8% to 10% year-over-year with EBITDA between $120 million and $140 million.

此外，我們發現越來越多的國際客戶正在改變他們的偏好，從購買鑽頭轉向租賃鑽頭，這與北美客戶的主流偏好更加一致。展望第四季度，我們預期能源產品和服務部門資本設備銷售額的環比小幅回升將被疲軟的市場環境所抵銷。因此，我們預計第四季度分部營收將年減 8% 至 10%，EBITDA 將在 1.2 億美元至 1.4 億美元之間。

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

這樣，我就把電話交給何塞了。

Thank you, Rodney. NOV executed well during the third quarter in a challenging market environment. While we expect near-term activity levels to remain soft, we also believe that growing demand, natural decline rates and a decade plus of underinvestment in exploration will drive a meaningful recovery, potentially beginning as soon as late 2026. We have a very constructive view regarding the industry's and NOV's outlook over the medium to longer term as a result of the market backdrop and how we are positioning the company.

謝謝你，羅德尼。在充滿挑戰的市場環境下，NOV 第三季表現良好。雖然我們預計近期活動水平將保持疲軟，但我們也相信，不斷增長的需求、自然衰減率以及十多年來勘探投資不足將推動有意義的復甦，最早可能在 2026 年底開始。由於市場背景以及我們對公司的定位，我們對行業和 NOV 的中長期前景持非常積極的看法。

We remain sharply focused on improving operational efficiencies while positioning NOV to capitalize on key secular trends, including offshore production supplanting US unconventional resources as the dominant incremental source of global oil supply, accelerating activity in international unconventional basins, natural gas becoming the fuel of choice for power generation and the application of technology to drive efficiencies. These trends are driving actions we see from our oil and gas operator customers and are driving how we invest in and position our business.

我們將繼續高度重視提高營運效率，同時使 NOV 能夠利用關鍵的長期趨勢，包括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、國際非常規盆地活動加速、天然氣成為發電的首選燃料以及應用技術來提高效率。這些趨勢正在影響我們從石油和天然氣營運商客戶看到的行動，也影響著我們對業務的投資和定位。

Clay highlighted that we provide many of the critical tools, equipment and technology required to meet the growing needs of our customers. NOV has a unique but broad portfolio of solutions and serves multiple end markets that often move through cycles at different rates. The diversity in our business, along with our technology and service-driven market leadership are intentional and strategic and provide operational and financial resilience.

克萊強調，我們提供許多關鍵的工具、設備和技術，以滿足客戶日益增長的需求。NOV 擁有獨特且廣泛的解決方案組合，服務於多個終端市場，這些市場往往以不同的速度經歷週期。我們業務的多樣性，以及我們以技術和服務為導向的市場領導地位，都是有意為之的策略舉措，並能提供營運和財務上的韌性。

Let me explain what I mean. In 2023 and 2024, NOV generated roughly $1 billion in adjusted EBITDA, and we expect that we'll deliver about that same amount in each of 2025 and 2026. While our earnings appear stable at the consolidated level, our mix can change meaningfully from year-to-year. Following the pandemic, we realized a rapid recovery in demand for shorter-cycle activity-driven products and services, particularly in North America. As a result, our Energy Products and Services segment drove our growth and contributed roughly 62% of our adjusted EBITDA in 2023.

讓我解釋一下我的意思。2023 年和 2024 年，NOV 的調整後 EBITDA 約為 10 億美元，我們預計 2025 年和 2026 年也將達到大致相同的金額。雖然我們的合併效益看起來比較穩定，但我們的產品組合每年都可能發生顯著變化。疫情之後，我們發現對週期較短、以活動為導向的產品和服務的需求迅速復甦，尤其是在北美地區。因此，我們的能源產品和服務部門推動了我們的成長，並在 2023 年貢獻了我們調整後 EBITDA 的約 62%。

Since then, we've seen slowing activity in North America, which has been offset by growing demand for capital equipment in offshore and international markets. As a result, we expect Energy Equipment's contribution to EBITDA to rise from 38% in 2023 to approximately 55% in 2025, while Energy Products and Services EBITDA contribution moves to about 45%. While we have seen a sizable shift in the contributions from our two reporting segments, some of our businesses have realized a greater than 40% increase in their revenues and significantly higher percentage movements in EBITDA, which offset declining activity in North America.

自那以後，我們看到北美地區的經濟活動有所放緩，但海外和國際市場對資本設備的需求不斷增長，抵消了這種影響。因此，我們預計能源設備對 EBITDA 的貢獻將從 2023 年的 38% 上升到 2025 年的約 55%，而能源產品和服務對 EBITDA 的貢獻將達到約 45%。雖然我們看到兩個報告部門的貢獻發生了相當大的變化，但我們的一些業務實現了超過 40% 的收入成長和 EBITDA 的顯著更高百分比變化，這抵消了北美業務活動的下降。

The diversity in our portfolio provides resilience during times when market cycles are out of phase as we've seen over the last decade. And when, not if cycles align, likely driven by higher commodity prices and a more sustained global up cycle, the amplitude of NOV's earnings will be materially higher even without an offshore rig new build cycle. While our business is intentionally diverse, we're extremely deliberate about how we position our portfolio and how we compete. Each of our operations leverages NOV's energy expertise-driven core competencies in engineering, material science, manufacturing, service delivery and supply chain management.

我們投資組合的多樣性使其能夠在市場週期錯位時保持韌性，正如我們在過去十年中所看到的那樣。當（而非如果）經濟週期趨於一致時（很可能是由大宗商品價格上漲和全球經濟週期持續走強所驅動），即使沒有海上鑽井平台新建週期，NOV 的收益幅度也將大幅提高。雖然我們的業務有意實現多元化，但我們對如何定位我們的產品組合以及如何參與競爭都經過了非常慎重的考慮。我們的每一項業務都充分利用了 NOV 在工程、材料科學、製造、服務交付和供應鏈管理方面以能源專業知識為驅動的核心競爭力。

We also focus on participating in businesses where we can be market leaders and establish and advance competitive advantage often achieved by harnessing our core competencies and world-class R&D capabilities. Additionally, we focus on markets that have high barriers to entry, typically due to complex technological hurdles and the associated capital requirements. Market leadership in high barrier-to-entry markets enables scale. Scale across multiple product and technology-oriented businesses that can leverage common manufacturing, engineering and supply chain resources further advances competitive advantage and provides resiliency during market cycles, allowing us to continue investing in innovation regardless of market conditions.

我們也專注於參與那些我們可以成為市場領導者並建立和提升競爭優勢的業務，而這種競爭優勢通常是透過利用我們的核心競爭力和世界一流的研發能力來實現的。此外，我們也專注於那些進入障礙較高的市場，這通常是由於複雜的技術障礙和相關的資本要求所造成的。在高進入門檻市場中佔據市場領先地位，並能實現規模化發展。跨多個產品和技術導向業務的規模化，能夠利用共同的製造、工程和供應鏈資源，進一步提升競爭優勢，並在市場週期中提供韌性，使我們能夠繼續投資創新，而不受市場狀況的影響。

You'll find market leadership across our product portfolio. We pioneered numerous technologies that helped unlock the shale revolution by enabling efficient drilling and completions of ultra-long lateral wells. As Clay noted, these technologies are now realizing accelerated adoption in emerging international unconventional markets. We've also pioneered numerous technologies that unlocked major efficiencies associated with the exploration and development of deepwater resources. Our game-changing leach PDC cutter technology dramatically increased thermal stability and wear resistance of drill bits, leading to substantially higher rates of penetration and longer run times with fewer trips.

您會發現我們的產品組合在市場中處於領先地位。我們率先研發了多項技術，透過高效鑽探和完井超長水平井，幫助開啟了頁岩氣革命。正如克萊所指出的，這些技術現在正在新興的國際非常規市場中加速應用。我們也率先開發了許多技術，大大提高了深水資源勘探和開發效率。我們顛覆性的浸出PDC切割技術顯著提高了鑽頭的熱穩定性和耐磨性，從而大幅提高了鑽速，延長了運行時間，減少了起下鑽次數。

While the bulk of the industry now uses our technology, we continue to leverage our material science expertise to further advance cutter technology that drives improvements in rate of penetration and reduces costs. These advances have allowed our ReedHycalog drill bit business to gain share in many markets, including the US, where its revenue grew 11% year-over-year against an 8% decline in drilling activity.

雖然目前業內大部分企業都在使用我們的技術，但我們將繼續利用我們的材料科學專業知識，進一步推進刀具技術的發展，從而提高穿透率並降低成本。這些進步使我們的 ReedHycalog 鑽頭業務得以在包括美國在內的許多市場中獲得份額，在美國，其收入同比增長 11%，而鑽井活動卻下降了 8%。

Another game-changing downhole technology we pioneered was our Agitator friction reduction tool, which enables operators to drill farther and faster. We continue to advance our technology to build better fit-for-purpose versions of the tools such as our Agitator ZP and our Agitator RAGE friction reduction tools. The ZP is a zero pressure drop friction reduction tool that allows customers to maintain maximum flow rates in pressure-limited drilling situations. On the opposite end of the spectrum, our agitator RAGE leverages the high-pressure capabilities of super-spec drilling and pump packages to produce extreme levels of friction reduction for tight curves, U-turns and ultra-long laterals in the most demanding environments.

我們率先推出的另一項顛覆性的井下技術是我們的攪拌器減摩工具，它使作業人員能夠鑽得更遠、更快。我們不斷推進技術發展，以製造出更適合特定用途的工具版本，例如我們的攪拌器 ZP 和攪拌器 RAGE 摩擦減少工具。ZP 是一種零壓降摩擦減小工具，可使客戶在壓力受限的鑽井情況下保持最大流量。另一方面，我們的攪拌器 RAGE 利用超規格鑽井和泵浦組的高壓能力，在最嚴苛的環境下，為急彎、U 形彎道和超長水平井段提供極高的摩擦力降低。

Revenue from new downhole drilling technology, which includes our latest agitator offerings is up over 30% year-over-year, comprising almost 20% of our downhole tools business' revenue with more room to run. Even in areas where many people may not think technology plays a big role, such as in tubulars, innovation drives our market leadership. After setting the global standard for premium high-torque drill pipe with our XT connection that can handle 70% more torque and improve hydraulics with up to a 50% reduction in internal pressure loss in comparison to standard API connections, our engineers developed our Delta connection. Delta can handle 20% higher torque than the XT connection for extended length drilling applications and its proprietary design prevents gulling, reducing total cost of ownership and enabling up to 50% faster makeup than other premium connections, reducing tripping time. We also recently introduced wear-resistant drill pipe to address accelerated body wear in extreme drilling environments and insulated coatings to protect against extreme well temperatures that cause premature failures of bottom hole assemblies.

來自新型井下鑽井技術（包括我們最新的攪拌器產品）的收入年增超過 30%，占我們井下工具業務收入的近 20%，並且還有更大的成長空間。即使在許多人可能認為技術作用不大的領域，例如管材領域，創新也推動了我們的市場領導地位。我們的 XT 連接件為優質高扭矩鑽桿樹立了全球標準，與標準 API 連接件相比，它可以承受高 70% 的扭矩，並改善液壓性能，內部壓力損失最多可降低 50%。之後，我們的工程師開發了 Delta 連接件。Delta 連接件比 XT 連接件可承受高 20% 的扭矩，適用於長距離鑽孔應用，其專有設計可防止螺紋咬合，降低總體擁有成本，並比其他高級連接件快 50% 的安裝速度，從而縮短起下鑽時間。我們最近也推出了耐磨鑽桿，以解決極端鑽井環境下鑽桿體加速磨損的問題；以及絕緣塗層，以防止極端井溫導致井底鑽具組合過早失效。

Additionally, we are a leader in providing subsea flexible pipe for deepwater production. We have won the Supplier of the Year award from the largest global consumer of subsea flexible pipe two years in a row as a result of our technology execution and service. We continuously advance technology that addresses our customers' most pressing needs. This quarter, we received an order for our active heated flexible riser system, which combines flexible pipe and heating technology to address flow assurance challenges in environments where heavier oils become even more viscous and cold deepwater conditions.

此外，我們在為深水生產提供海底柔性管道方面處於領先地位。由於我們的技術執行和服務，我們連續兩年榮獲全球最大的海底柔性管道消費商頒發的「年度最佳供應商」獎。我們不斷推動技術進步，以滿足客戶最迫切的需求。本季度，我們收到了一份關於我們主動加熱柔性立管系統的訂單，該系統結合了柔性管道和加熱技術，以應對在重油黏度更高、深水溫度更低的條件下流動保障方面的挑戰。

We also offer our OptiFlex condition monitoring system that utilizes embedded fiber optics to continuously measure temperature and fatigue, and we're undergoing qualifications for what we believe is the leading contender to cost effectively mitigate CO2 stress corrosion cracking, which is a costly issue in Brazil's pre-salt fields. We've been investing in our solution for the CO2 stress corrosion cracking challenge since 2019, reflecting our commitment to invest in critical solutions for our customers throughout the cycle.

我們還提供 OptiFlex 狀態監測系統，該系統利用嵌入式光纖持續測量溫度和疲勞，我們正在進行資格認證，我們相信它是經濟有效地緩解二氧化碳應力腐蝕開裂的領先競爭者，而二氧化碳應力腐蝕開裂是巴西鹽下油田一個代價高昂的問題。自 2019 年以來，我們一直在投資研發應對 CO2 應力腐蝕開裂的解決方案，這體現了我們致力於在整個生命週期中為客戶投資關鍵解決方案的承諾。

I could go on all day covering the technology leadership across our product portfolio, but you probably detect the pattern here. NOV pioneers technologies that provide meaningful advancements for the industry, then we continue advancing our technologies, allowing us to maintain our competitive advantage and market leadership. While we focus on rapid innovation and continuously improve our products, R&D efforts that drive potentially revolutionary changes like our CO2 stress corrosion solution and our industry-first 20,000 psi BOP take place over longer periods of time, sometimes over a decade, an investment horizon that few in this industry have the fortitude to stomach.

我可以花一整天的時間來介紹我們產品組合中的技術領先優勢，但你可能已經看出其中的規律了。NOV 率先開發出能夠為產業帶來有意義進步的技術，然後我們不斷推動技術發展，從而保持我們的競爭優勢和市場領導地位。雖然我們專注於快速創新並不斷改進我們的產品，但像我們的 CO2 應力腐蝕解決方案和業界首款 20,000 psi BOP 這樣的研發工作，其潛在革命性變革需要更長的時間才能完成，有時甚至超過十年，這種投資週期是業內很少有人能夠承受的。

We continue to be relentlessly focused on several other potentially revolutionary long-term R&D initiatives and would like to highlight a couple of our ongoing efforts to digitize and automate the energy industry. Over a decade ago, we commercialized wired drill pipe that can transmit data at up to 58,000 bits per second compared to the 5 to 15 bits per second for standard mud pulse telemetry. Since our initial commercialization, we have significantly improved connection reliability, lowered costs and built a portfolio of advanced sensors and tools that harness the capabilities of real-time broadband data transmission.

我們將繼續不懈地專注於其他幾項可能具有革命性的長期研發計劃，並想重點介紹我們正在進行的幾項能源產業數位化和自動化工作。十多年前，我們實現了有線鑽桿的商業化，其資料傳輸速度高達每秒 58,000 比特，而標準泥漿脈衝遙測的速度僅為每秒 5 至 15 比特。自從我們最初實現商業化以來，我們已顯著提高了連接可靠性，降低了成本，並建立了一系列先進的傳感器和工具，充分利用了實時寬頻數據傳輸的能力。

Additionally, we've invested in a software stack to aggregate, visualize and contextualize data to drive more value for our customers through better analytics, decision-making and automation. During the third quarter, our downhole broadband solutions team helped the customer drill an important exploration well in the North Sea. Our wired drill pipe technologies enabled advanced geosteering for ultra-long horizontal sections at unprecedented speeds, reaching up to 200 meters per hour and precision, accessing significantly more reservoir than the customer previously thought possible. The operator stated that a typical exploration well might intersect a few hundred meters of reservoir, but we helped our customer drill a multilateral multi-target exploration well that exceeded 20 kilometers of reservoir exposure.

此外，我們還投資了一套軟體堆疊，用於聚合、視覺化和關聯數據，透過更好的分析、決策和自動化，為我們的客戶創造更多價值。第三季度，我們的井下寬頻解決方案團隊協助客戶在北海鑽探了一口重要的勘探井。我們的有線鑽桿技術實現了超長水平段的先進地質導向，速度前所未有，可達每小時 200 米，精度也遠超客戶之前認為可能達到的水平段，從而開採出更多的儲層。營運商表示，一口典型的勘探井可能穿過幾百公尺的油藏，但我們幫助客戶鑽探了一口多分支多目標勘探井，其油藏暴露深度超過 20 公里。

This complex well drilled with leading-edge technology cost a bit more than a conventional exploration well, but it accessed a very large multiple of the amount of reservoir a conventional well would have encountered. Additionally, with the quality and quantity of data collected, we helped the customer meaningfully reduce uncertainty and accelerate their timeline from discovery to development. Lastly, I want to highlight the success we're having with drilling automation. Our NOVOS drilling automation system was designed to automate repetitive drilling activities and more importantly, to serve as a platform that would allow multi-machine control and rig floor automation. Leveraging this platform, we developed our ATOM RTX robotic system, which we commercialized in January 2024 on a rig working for an IOC in Canada.

這口採用尖端技術鑽探的複雜油井，成本比一口常規勘探井略高，但它開採出的儲量是常規油井所能遇到的儲量的數倍。此外，憑藉收集到的數據的品質和數量，我們幫助客戶大幅降低了不確定性，並加快了他們從發現到開發的進程。最後，我想重點介紹一下我們在鑽井自動化方面的成功。我們的 NOVOS 鑽井自動化系統旨在實現重複性鑽井作業的自動化，更重要的是，它作為一個平台，能夠實現多機控制和鑽台自動化。利用這個平台，我們開發了 ATOM RTX 機器人系統，並於 2024 年 1 月將其商業化，該系統在一個為加拿大國際奧委會工作的平台上投入使用。

Our ATOM RTX system completely automates the vast majority of operations without human intervention on the rig floor, significantly improving safety and drilling performance while providing high levels of consistency. We now have a total of six operational robotics packages, three on land and three offshore, and the IOC using our robotic system in Canada recently shared with us that the automated rig is their best performing rig in the region.

我們的 ATOM RTX 系統完全自動化了鑽井平台上絕大多數的操作，無需人工幹預，從而顯著提高了安全性和鑽井性能，同時提供了高度的一致性。我們現在共有六個可運作的機器人系統，其中三個在陸地上，三個在海上。最近，在加拿大使用我們機器人系統的國際石油公司告訴我們，該自動化鑽井平台是他們在該地區表現最好的鑽井平台。

We're hearing more and more of our customers describe our robotic system as the next top drive for the industry, which, by the way, was another revolutionary technology that NOV pioneered for the industry. Excitingly, the backlog for our ATOM RTX system is growing at a healthy clip. NOV's technology and market leadership and business diversity drives operational and financial resilience. This resilience enhances our ability to leverage our core competencies and invest through cycles to further advance our competitive advantage. But none of this would be possible without our fantastic people.

我們聽到越來越多的客戶將我們的機器人系統描述為行業下一個頂級驅動力，順便說一句，這是 NOV 為該行業開創的另一項革命性技術。令人興奮的是，我們的 ATOM RTX 系統的訂單積壓正在以健康的速度成長。NOV 的技術和市場領先地位以及業務多元化推動了其營運和財務韌性。這種韌性增強了我們利用核心競爭力並進行週期性投資以進一步提升競爭優勢的能力。但這一切都離不開我們優秀的員工。

NOV will play a key role in the emergence of international unconventional resource development and the coming growth of deepwater production. Our technologies from downhole tools to advanced digital solutions are developed through intensive collaboration among multidisciplinary teams and close engagement with our customers to improve the efficiencies and lower the marginal cost of energy production. Few organizations outside NOV possess the breadth of capabilities required to commercialize solutions of this complexity.

NOV將在國際非常規資源開發和未來深水生產的成長中發揮關鍵作用。從井下工具到先進的數位解決方案，我們的技術是透過多學科團隊的密切合作以及與客戶的緊密互動而開發的，旨在提高能源生產的效率並降低邊際成本。除了 NOV 之外，很少有組織具備將如此複雜的解決方案商業化所需的廣泛能力。

The people of NOV continuously demonstrate a remarkable ability to design, manufacture and service essential technologies for our clients. Every member of NOV plays an important role in putting customers first and making NOV better every day. And I'd like to thank our team for their dedication and their unwavering focus.

NOV 的員工不斷展現出卓越的能力，為我們的客戶設計、製造和提供關鍵技術服務。NOV 的每一位成員都在以客戶為先、讓 NOV 每天變得更好方面發揮著重要作用。我還要感謝我們團隊的奉獻精神和堅定不移的專注。

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

接下來，我們將開始接受提問。

(Operator Instructions) Jim Rollyson, Raymond James.

（操作說明）吉姆·羅利森，雷蒙德·詹姆斯。

Nice results and obviously, great bookings and ending backlog. And I guess, Clay, nothing like starting -- going into a little bit of slowness before we get to the nice vision you have for where this is all going down the road with a record backlog.

結果不錯，顯然預訂情況很好，積壓訂單也全部解決了。我想，克萊，沒有什麼比開始——在我們實現你對未來發展方向的美好願景，以及創紀錄的積壓工作之前，先放慢一點速度更好了。

And maybe if I can ask about that, your energy equipment business, looking at it the way things have trended this year, you've had pretty solid growth year-on-year every quarter in capital equipment and then you had aftermarket kind of be a drag. And I'm wondering, with the backlog you have and kind of the timing and that as you look out, can you continue to put up pretty decent year-over-year growth like through '26 even in a maybe a bit of a softer near-term market because of that backlog?

我可以問一下關於您的能源設備業務嗎？從今年的發展趨勢來看，您的資本設備業務每季都實現了相當穩健的年比成長，但售後市場卻拖累了業務成長。我想知道，鑑於你們目前的積壓訂單和時間安排，展望未來，即使由於積壓訂單導致短期市場可能略顯疲軟，你們能否像 2026 年那樣繼續保持相當不錯的年增長率？

Yes. I think it will certainly help on that side. What we're concerned about, Jim, and we referenced this in our prepared remarks, is the general softness in -- every -- look, everybody in the oilfield is worried about the overhang of OPEC barrels. And as those come in, what they're going to do to commodity prices. So I think quicker turn items like aftermarket and spares and that, I think people are going to be very circumspect about what they spend in that area.

是的。我認為這肯定會對那方面有所幫助。吉姆，我們擔心的是，我們在準備好的演講稿中也提到了這一點，那就是普遍的疲軟——每一張圖都顯示，油田裡的每個人都擔心歐佩克原油的過剩。隨著這些因素的出現，它們會對大宗商品價格產生什麼影響？所以我認為，像售後市場和備件這類週轉速度快的產品，人們會非常謹慎地對待他們在這些領域的支出。

But yes, so far, so good on the capital equipment side of energy equipment and which is we also noted, is really driven by our production-related equipment. That's risen in our mix from south of 20% of the mix to now north of 30% of the mix for the segment revenues and has really dominated our order, something like 80% of our orders for the past few quarters have been in the production side of things. So the drillers are still very cautious on capital spend, but this is really an engine that's fueled by demand for production equipment.

但是，就能源設備的資本設備方面而言，目前一切進展順利，而且正如我們所指出的，這實際上是由我們的生產相關設備所驅動的。該業務在我們業務組合中的佔比已從不足 20% 上升到目前超過 30%，並且真正主導了我們的訂單，過去幾個季度我們大約 80% 的訂單都來自生產方面。因此，鑽井公司在資本支出方面仍然非常謹慎，但這實際上是由對生產設備的需求所驅動的引擎。

But as we look into 2026, we do foresee a pickup in deepwater late in the year. That's a very consistent theme we've heard from offshore drillers and IOCs both. But I also think that the year's results are likely to be tempered by continued slowing of activity here in North America and otherwise. But as you rightly point out, once we get into late 2026, 2027, once we get through the excess barrels that OPEC is putting back on the market and kind of that gets behind us, I think it's really setting up for a much stronger market for NOV.

但展望 2026 年，我們預期深水作業將在年底有所回升。我們從海上鑽井公司和國際石油公司那裡都聽到了非常一致的回饋。但我認為，北美及其他地區經濟活動的持續放緩可能會抑制今年的業績。但正如你所指出的，一旦到了 2026 年末、2027 年，一旦歐佩克向市場投放的過剩原油量過去，這種情況就會有所好轉，我認為這將為 11 月份的市場帶來更強勁的增長。

Absolutely. And as a follow-up, just maybe sticking with EE. The other issue you've had this year is probably not what we thought 9, 12 months ago, but margins have actually been pretty strong there and kind of bounced around this 13%-something to 14%-plus. And I'm curious, as you look into '26, just on the mix of capital equipment versus aftermarket, the types of stuff like more production-related equipment, how do you think about the margin profile? Like is kind of '25 margin profile something we could see again in '26 when you throw in the tariffs and then the cost offsets that you're also doing?

絕對地。作為後續，或許應該繼續使用 EE。今年你遇到的另一個問題可能與我們 9 個月、12 個月前所想的不同，但實際上那裡的利潤率相當強勁，一直在 13% 多到 14% 以上波動。我很好奇，當你展望 2026 年時，就資本設備與售後市場的組合，以及更多與生產相關的設備類型而言，你如何看待利潤率狀況？考慮到關稅以及你們正在實施的成本抵銷措施，我們是否會在 2026 年再次看到類似 2025 年的利潤率狀況？

Jim, this is Jose. I'll start off on this one. Really, we'll have to see how things play out during the course of the year. So I think Clay did a nice job of sort of describing the scenario that we envision for 2026 in general, but the timing of how things play out is always difficult to pin down. So as you pointed out, we've had really nice steady improvement in terms of the overall quantity of the backlog, but we've also seen continued improvement in terms of the mix and really embedded pricing and margin within that backlog as well.

吉姆，這是何塞。我先從這個開始。確實，我們得看看今年情況會如何發展。所以我覺得克萊很好地描述了我們對 2026 年的整體設想，但事情實際發生的時間總是很難確定。正如你所指出的，我們在積壓訂單的總體數量方面取得了非常不錯的穩步改善，而且在訂單組合方面也看到了持續的改善，並且真正將定價和利潤率融入到積壓訂單中。

So feel really good about our positioning from a capital equipment standpoint going into 2026.

因此，從資本設備的角度來看，我對我們進入 2026 年的情況感到非常樂觀。

The real variable is going to be as it relates to, to a lesser extent, book and turn type items. A bigger driver is obviously going to be the aftermarket piece. But really, as we sit here today, we feel pretty good about the way that, that is shaping up. I think as Rodney touched on in his prepared remarks, line of sight towards recontracting a lot of the offshore fleet is looking more and more promising. When those rigs are recontracted, keep in mind that once a contract is signed, it's typically 9 to 12 months before they start to turn to the right.

真正的變數在於，它在較小程度上與書籍和轉售類物品有關。更大的驅動輪顯然需要透過改裝件來獲得。但就目前而言，我們對事情的發展方向感到非常滿意。我認為正如羅德尼在事先準備好的演講稿中所提到的那樣，重新簽訂大量海上船隊合約的前景越來越光明。當這些鑽井平台重新簽訂合約時，請記住，一旦合約簽署，通常需要 9 到 12 個月的時間才能開始向右轉。

But once those contracts are signed, they're typically picking up the phone and calling us for additional spare parts to replenish those rigs and get them ready to get back to work and also doing any potential upgrades. But -- so the setup is very good, but the timing is a little bit uncertain. So it really just depends on what happens through the course of the year. But as Clay mentioned, what's really exciting to us is the setup for 2027.

但一旦這些合約簽訂，他們通常就會拿起電話聯繫我們，要求提供額外的備件來補充這些設備，使它們能夠重新投入使用，並進行任何可能的升級。但是——所以，準備工作做得很好，但是時機有點不確定。所以，這真的取決於一年中會發生什麼。但正如克萊所提到的，真正讓我們感到興奮的是 2027 年的規劃。

We talked about the -- when sort of these cycles in our various components of our business converge, significant increase in the amplitude of our earnings when that happens. And what we've seen happen over the last several years is we start off with North America. The North America trends down. Then we saw a reactivation cycle for the offshore rig drilling space, and that sort of tapered off. But we got a pickup in offshore production-related equipment, and that's the bright spot in the portfolio right now.

我們討論了－當我們業務各個組成部分的這些週期趨於一致時，我們的收益幅度就會顯著增加。過去幾年我們看到的情況是，我們首先從北美開始。北美地區呈下降趨勢。然後我們看到海上鑽井平台領域出現了一輪復甦，但之後這一輪復甦又逐漸減弱了。但我們在海上生產相關設備方面獲得了一些收益，這是目前產品組合中的亮點。

And towards the latter part of 2026 and the latter part of -- and into 2027, that's when we sort of see those -- more of those cycles converge, particularly as it relates to all things offshore, but also think we could see a really nice continued activity for international shales and do think that North America will have to run a little bit harder as well just to maintain flat production, if not sort of grind things just a little higher. So sorry for a long-winded response, but I think the setup for NOV is really good over the next couple of years.

到 2026 年下半年和 2027 年下半年，我們會看到更多周期趨於一致，尤其是在海上油氣領域。我們也認為國際頁岩油氣產業可能會持續保持良好的活躍度，同時我們也認為北美油氣產業也需要更加努力才能維持目前的產量水平，甚至可能需要略微提高產量。很抱歉回覆這麼長，但我認為未來幾年 NOV 的發展規劃非常好。

Lisa, do we have another question? Lisa, are you there? Operator. Hello, operator? Hey, Marc, you on the line (inaudible).

麗莎，我們還有其他問題嗎？麗莎，你在嗎？操作員。餵，接線生嗎？嘿，馬克，你在電話那頭嗎？（聽不清楚）

I wasn't hearing anything on my end either. I guess you had a really strong quarter of orders in Energy Equipment. How are you thinking about fourth quarter and beyond? Can we see clicking along at a 1 or better book-to-bill from here on? Or what's the general outlook?

我這邊也沒聽到。我猜你們能源設備部門的訂單在本季非常強勁。你對第四季及以後的計畫有何看法？我們能否期待今後每筆訂單都能達到或超過 1 筆訂單的結算速度？或者說，整體前景如何？

Marc, what I'd tell you is orders here are always lumpy. We're always very hesitant to give too much guidance because a lot depends on some large orders. Going into the fourth quarter so far, we've got line of sight on a couple of large, interesting orders. One, we feel pretty good about, another may be a longer but. What I'd tell you is that kind of given the caution, I think, that's out there, my expectation is for the fourth quarter, orders probably will slip a little bit below 100% book-to-bill right now.

馬克，我想告訴你的是，這裡的訂單總是很混亂。我們總是很謹慎地給予過多指導，因為很多事情都取決於一些大訂單。進入第四季以來，我們已經看到了幾筆數額龐大、前景可觀的訂單。其中一項我們感覺相當不錯，另一項可能需要更長時間才能完成。我想說的是，鑑於目前市場存在的謹慎情緒，我預期第四季訂單量可能會略低於目前的100%訂單出貨比。

But if we do land that second order, I think that may help put us over 100% book-to-bill. But my best guess right now is probably just a tad short. But I'll stress again, we've had four years of great orders. I think our backlog is up 40%-something, 43% since 2020 and over 100% book-to-bill trailing 12 months. And obviously, Q3 is very strong at 141% book-to-bill.

但如果我們能拿下第二筆訂單，我認為這可能會幫助我們實現 100% 以上的訂單出貨率。但我目前的估計可能略有不足。但我還是要再次強調，過去四年我們的訂單量都非常可觀。我認為我們的積壓訂單增加了 40% 多，自 2020 年以來增加了 43%，過去 12 個月的訂單出貨比增加了 100% 以上。顯然，第三季表現非常強勁，訂單出貨比達到 141%。

So we don't get too worried about one particular quarter. What's more important is the longer-term trend and the longer-term trend for NOV for the past few years has been very solid.

所以我們不會過度擔心某個特定的季度。更重要的是長期趨勢，而過去幾年 NOV 的長期趨勢一直非常穩健。

Yes, indeed, it has. The other question I had was just on the -- there was $65 million of other items, and I think write-down of long-lived assets and inventory were mentioned. Can you say how much of that was the inventory? And how much of a benefit to margin was that in the third quarter, if at all? And how much is it benefiting kind of going forward?

是的，確實如此。我的另一個問題是關於——還有價值 6500 萬美元的其他項目，我認為提到了長期資產和庫存的減值。你能說說其中有多少是庫存嗎？那麼，第三季利潤率究竟提高了多少呢？那麼，從長遠來看，它能帶來多大的好處呢？

Yes. Thanks, Marc. Our other items were really an output, as we mentioned in our last quarter earnings call, that we're going through some detailed business process reviews. We're looking at product lines, subproduct lines, business units facilities for high-return opportunities under a return lens.

是的。謝謝你，馬克。正如我們在上一季財報電話會議上提到的，我們的其他項目實際上是一種產出，我們正在進行一些詳細的業務流程審查。我們正在從回報的角度審視產品線、子產品線、業務部門設施，尋找高回報的機會。

And as we've continued to go through that process over the last 90 days, we have had some facility consolidations, facility closures, some exiting of certain subproduct lines, which, to your point, the output was some inventory charges that those inventory charges don't have any impact to margins going forward. Those -- that inventory is scrapped and does not have any margin impact going forward.

在過去的 90 天裡，我們繼續推進這項進程，期間我們進行了一些設施整合、關閉了一些設施，並退出了一些子產品線。正如您所說，這些舉措產生了一些庫存費用，但這些庫存費用對未來的利潤率沒有任何影響。這些庫存將被報廢，不會對未來的利潤率產生任何影響。

Arun Jayaram, J.P. Morgan.

Arun Jayaram，摩根大通。

Clay and team, I was wondering if you could maybe elaborate a little bit about the build-out of unconventionals that you're seeing. You mentioned Argentina, the UAE and Saudi. Maybe you could talk a little bit about what you're seeing there. I think you highlighted increased coiled tubing and wireline types of orders, but talk about the early build-out there and perhaps other countries or regions where you're seeing unconventionals get gain share.

Clay 和團隊，我想請你們詳細介紹一下你們所看到的非常規建築的建設情況。你提到了阿根廷、阿聯酋和沙烏地阿拉伯。或許你可以稍微談談你在那裡看到了什麼。我認為您重點提到了連續油管和鋼絲繩作業訂單的增加，但請談談這些地區的早期建設情況，以及您看到非常規油氣資源獲得市場份額的其他國家或地區的情況。

Yes. Let me talk about that, and then I'll hand it over to Jose to talk about maybe our demand for intervention and stimulation equipment. What I'd tell you that's most interesting to us is you've got very well-known programs in Saudi Arabia with the Jafurah field with Vaca Muerta in Argentina, unconventional fuels in the UAE that are being prosecuted in earnest by the oil companies that control those that are moving forward.

是的。讓我先談談這個，然後我會把麥克風交給何塞，讓他談談我們對介入和刺激設備的需求。我想告訴你們，我們最感興趣的是，沙烏地阿拉伯的賈富拉油田和阿根廷的瓦卡穆爾塔油田都有非常著名的項目，阿聯酋的非常規燃料項目也正在由控制這些項目的石油公司認真推進。

But what's interesting to me is a number of really successful North American shale entrepreneurs now that are prospecting and looking for kind of the next basin to move to. And so there are, I think, a wave of unconventional prospecting underway in places like Algeria and Turkey and Oman and Bahrain we mentioned in our press release, Australia. And so these are really interesting technologies or transformative technologies. They have the potential to catalyze new low marginal cost sources of production. And so we're pretty excited about what that means for NOV in the future.

但令我感興趣的是，現在有許多非常成功的北美頁岩油企業家正在尋找下一個可以進軍的盆地。因此，我認為，在阿爾及利亞、土耳其、阿曼、巴林（我們在新聞稿中提到）以及澳洲等地，正在掀起一股非常規勘探浪潮。所以這些都是非常有趣或具有改變意義的技術。它們有可能催生新的、邊際成本低的生產來源。因此，我們對NOV未來的發展前景感到非常興奮。

Yes. And Arun, just to pick up on that. So yes, there's a broad spectrum of effectively NOCs in countries that are at different stages of their development. As Clay touched on Argentina, Saudi are sort of at the more mature end of the spectrum. And then you have folks like Pakistan and Turkey that are really just starting to get started and everybody else is somewhere in between.

是的。還有阿倫，我只是想補充一點。所以，是的，處於不同發展階段的國家中，存在著各種各樣的有效國家運作中心。克萊談到阿根廷時說，沙烏地阿拉伯則處於比較成熟的一端。而像巴基斯坦和土耳其這樣的國家才剛起步，其他國家則介於兩者之間。

And this is an exciting backdrop for NOV and all of these markets tend to start in a pretty similar way. In some of these less mature, very early-stage markets, we're seeing a big pickup in demand for our coring services. As you might imagine, as people try to delineate the boundaries of what these unconventional plays look like, then you typically translate from that type of work to a little bit of probing the formations, but that quickly, assuming everything goes according to plan, that quickly moves to realizing that a lot of investment is necessary in order to make things go, and that translates into investments in infrastructure, which has been driving a lot of demand for businesses like our fiberglass business with a lot of build-out of flexible pipe and rigid pipe as well to transport fluids and gas to and from locations.

而這對 11 月來說是一個令人興奮的背景，所有這些市場往往以非常相似的方式開局。在一些不太成熟、處於早期階段的市場中，我們看到對我們的取芯服務的需求大幅增加。可以想像，當人們試圖界定這些非常規油氣開採的邊界時，通常會從這類工作過渡到對地層的探測，但很快，假設一切按計劃進行，就會意識到需要大量投資才能使項目進展順利，這轉化為對基礎設施的投資，從而推動了像我們這樣的玻璃纖維業務的需求，需要建造大量的柔性管道和所有柔性管道。

Also things such as chokes, manifolds, things of that nature also get gone. And that as it relates to once things get a little bit more mature, that's when we start to see a big pickup in demand for effectively more traditional service equipment, whether it's drilling equipment or intervention and stimulation-related equipment. I guess what I'll say related to intervention and stimulation equipment business in general is, obviously, that's been a pretty tough business for us over the last couple of years. Historically, that was very much a North American-centric business.

諸如節流閥、歧管之類的東西也會被拆掉。而隨著情況變得更加成熟，我們就會開始看到對更傳統的服務設備（無論是鑽井設備還是乾預和增產相關設備）的需求大幅增長。關於介入和刺激設備業務，我想說的是，很顯然，在過去的幾年裡，這對我們來說一直是一個相當艱難的行業。從歷史上看，那是一個非常以北美為中心的行業。

Obviously, there hasn't been a lot of demand here over the last couple of years. But what we have seen here really over the last year is steadily increasing demand from our intervention and stimulation equipment business entirely related to demand from overseas unconventionals, particularly for large diameter coiled tubing units, new wireline equipment, all the things that are really necessary in order to enter into development mode from an unconventional standpoint.

顯然，過去幾年這裡的需求並不大。但過去一年來，我們真正看到的是，我們的干預和增產設備業務的需求穩步增長，這完全與海外非常規油氣的需求有關，特別是大直徑連續油管裝置、新型鋼絲繩作業設備，以及從非常規油氣開發角度進入開發模式所需的一切。

And so to put things in perspective, we had a greater than -- slightly greater than 150% book-to-bill this quarter. But really for the last four quarters, we've seen a steadily improving book-to-bill in that business. And while we're still down quite a bit from where we were over a trailing 12-month period, we're now back to being over 100% book-to-bill for that business. So things definitely heading in the right direction and see a lot more opportunities to come.

因此，從整體來看，本季我們的訂單出貨比略高於 150%。但實際上，在過去的四個季度裡，我們看到該業務的訂單出貨比一直在穩步提高。雖然與過去 12 個月的水平相比，我們仍然下降了不少，但該業務的訂單出貨率現在已經恢復到 100% 以上。所以事情肯定朝著正確的方向發展，未來還有很多機會。

Yes. Great. My follow-up is just wondering if you could just discuss what you're seeing in terms of FPSOs, maybe provide a context of how many FIDs did you see in 2025 and maybe thoughts on how that could progress in '26 and '27 because typically, that could include chunkier types of awards for NOV.

是的。偉大的。我的後續問題是，您能否談談您在 FPSO 方面看到的情況，或許可以提供一下您在 2025 年看到了多少 FID，以及您對 2026 年和 2027 年的發展有何看法，因為通常情況下，這可能會包括 NOV 的更大額的授標。

Yes. So we've seen -- I think everybody has been affected by this OPEC overhang of production. And so there continues to be a little caution out there. And as a result of that, as we progress through 2024 and 2025, estimates for FIDs and for the number of FPSOs to be ordered have been kind of walking down a little bit.

是的。所以我們看到——我認為每個人都受到了歐佩克產能過剩的影響。因此，目前市場上仍存在一些謹慎情緒。因此，隨著我們進入 2024 年和 2025 年，最終投資決定 (FID) 和 FPSO 訂單數量的估計值一直在略微下降。

Year-to-date, I think there have been three awarded, and I think there are likely a couple more to come here at year-end. But what we're excited about is as we get into late 2026 and 2027, and we get this oil overhang behind us, again, I think it's a much brighter outlook, and I think we'll see demand pick up again.

今年迄今為止，我認為已經頒發了三個獎項，而且我認為到年底可能還會頒發幾個獎項。但我們感到興奮的是，隨著我們進入 2026 年底和 2027 年，石油供應過剩的問題得到解決，我認為前景會更加光明，我認為我們會看到需求再次回升。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I think my first question, I think it was about a year ago. It may have been a little longer, but you had talked about sort of better priced backlog that was sort of primed to start flowing through the income statement, and we've seen some of that. And I'm just curious if you could talk a little bit about the current backlog, recent orders and how we should think about the margin impact at a high level in '26 and maybe beyond?

我想我的第一個問題大概是在一年前提出的。雖然時間可能稍長一些，但您之前提到過一些價格更合理的積壓訂單，這些訂單已經準備好開始計入損益表，而我們已經看到了其中的一些成果。我很好奇您能否談談目前的積壓訂單、最近的訂單，以及我們應該如何從宏觀層面考慮 2026 年及以後的利潤率影響？

Yes. So good point there, Stephen. So as you mentioned, really throughout '25, we've seen a couple of different cross currents in particular for the EE business. One, as Clay mentioned, a significant number of our bookings throughout the year have been in the offshore production space. As we have strong technological advantages there, high barriers to entry, our margin profile is able to continue to increase in addition to good operational efficiencies over the last 12 months in some of the offshore production area, which has really driven revenue and margins up in that particular area.

是的。史蒂芬，你說的很有道理。正如您所提到的，在整個 2025 年，我們看到了一些不同的潮流，尤其是在 EE 業務方面。正如克萊所提到的，我們全年的大部分訂單都來自海上生產領域。由於我們在該領域擁有強大的技術優勢和較高的准入門檻，加上過去 12 個月在一些海上生產領域良好的營運效率，我們的利潤率得以繼續提高，這確實推動了該特定領域的收入和利潤率增長。

Offsetting some of that has been a decline in some of our aftermarket business. So we mentioned during the quarter, sort of a high teens decline in our aftermarket business, and that sort of spans across the full portfolio, principally in the drilling space. I think as Jose mentioned on the question earlier, as we look into 2026, we're still able to have strong margins on what we're quoting in our offshore production equipment.

部分原因在於我們售後市場業務的下滑。因此，我們在本季提到，我們的售後市場業務出現了十幾個百分點的下滑，這種情況幾乎波及到整個產品組合，尤其是在鑽井領域。我認為正如 Jose 之前在問題中提到的那樣，展望 2026 年，我們仍然能夠在海上生產設備的報價中獲得較高的利潤率。

And also the team is working diligently to continue to improve operational efficiencies. So that sort of strong backlog heading into '26 should be positive on the margin side. And then part of the other equation is sort of timing of when some of the rig aftermarket, some of the offshore piece happens. And we mentioned that's probably more in the second half of '26 than in the first half. So put those pieces together and put a glimpse into some of the 2026 margins.

同時，團隊也努力不斷提高營運效率。因此，2026 年強勁的訂單積壓應該會對利潤率產生正面影響。另一個需要考慮的因素是鑽井平台售後市場和海上作業環節的時機。我們之前提到過，這種情況可能更多地發生在 2026 年下半年，而不是上半年。所以，把這些碎片拼湊起來，讓我們得以一窺 2026 年的一些前景。

Stephen, Rodney said it well. I'm going to add to what he went through, the fact that I think our processes and our controls around the risks on signing new contracts in terms of very thoughtfully going through how we're going to execute, how we can improve our operations, how we can make sure that the scope that we're taking on is clear and we're the right company to handle that scope, the payment terms, all of the above.

史蒂芬，羅德尼說得好。我還要補充他所經歷的，我認為我們在簽署新合約時，會非常仔細地考慮如何執行、如何改進營運、如何確保我們承擔的範圍明確、我們是能夠處理該範圍的合適公司、付款條款等等，這些流程和控制措施都非常重要。

I think the quality of the backlog is as high as it's ever been today. And so that's why you've seen margins continue to walk up there in energy equipment, and that's strong clear contract provisions with our customers and then just an outstanding team executing these contracts after we win them is a great combination.

我認為目前待辦事項的品質是歷年來最高的。所以，這就是為什麼你會看到能源設備行業的利潤率持續上升的原因，這得益於我們與客戶簽訂的強有力的、清晰明確的合同條款，以及我們贏得合同後，一支優​​秀的團隊來執行這些合同，這是一個完美的組合。

Great. And my second question is more high level, and we've all been doing this a long time. And when we start hearing about US production plateauing. We've been hearing that sort of theme from a couple of companies and that activity is not high enough to sustain production. Do you guys see that? And do you think that is a critical sign towards maybe getting a stabilization and ultimately recovery in US land?

偉大的。我的第二個問題更宏觀一些，而我們從事這項工作已經很久了。當我們開始聽到美國產量停滯不前的消息時。我們從幾家公司都聽到了類似的說法，而且目前的業務活動不足以維持生產。你們看到了嗎？你認為這是美國經濟走向穩定並最終復甦的關鍵訊號嗎？

Yes. I'm going to caveat this and just full disclosure. I've been wrong on this before. So I'm hesitant to call US production peak.

是的。我要先說明一點，並完全公開我的資訊。我以前在這件事上也犯過錯。所以我不敢斷言美國產量已達高峰。

What I would say is though, it's becoming clearer and clearer that growth is decelerating in what it used to be. 2023, US production grew almost 1 million barrels a day. And the EIA now is forecasting 2026 growth to be zero. And so it's been steadily declining. The level of activity has been shrinking.

不過我想說的是，越來越明顯的是，成長速度正在放緩，不如以前那麼快了。2023年，美國石油日產量增加近100萬桶。美國能源資訊署 (EIA) 目前預測 2026 年經濟成長將為零。因此，它一直在穩步下降。活動水準一直在下降。

I think you have not seen production declines quite as meaningful as people have forecast, but that's because what activity is going on out there is being done at very high levels of efficiency and all that longer laterals and continuing to improve completion techniques and the like. But it's just -- I think it's becoming more and more evident to a lot of people in the industry that US shale, North American shale is kind of approaching the twilight that Tier 1 locations are being exhausted.

我認為你們還沒有看到產量下降像人們預測的那樣明顯，這是因為目前進行的各項活動效率都非常高，而且水平井段更長，完井技術也在不斷改進等等。但我認為，業內很多人越來越明顯地意識到，美國頁岩氣、北美頁岩氣正在走向衰落，一級頁岩氣產區正在枯竭。

Otherwise, why would you drill a horseshoe shaped well? Why would you do a refrac? I think why would you go to Turkey and look for opportunities or Algeria. So I think that all sort of signals the behavior in the industry. The production numbers points to the fact that -- I mean, this has been a fantastic horse in the horse race I described earlier, and it's produced a lot of oil and gas.

否則，為什麼要鑽一口馬蹄形的井呢？為什麼要進行折射？我想問，為什麼要去土耳其或阿爾及利亞尋找機會？所以我覺得這一切都預示著這個行業的行為。產量數據顯示——我的意思是，這就像我之前描述的那場賽馬比賽中的一匹駿馬，它生產了大量的石油和天然氣。

8.5 million barrels per day have been added from US shale since 2008 on a $1 trillion capital investment campaign and has done a lot of good for humanity around the globe to provide oil. But I think we're seeing this basin begin to roll over. And as all basins have always done in the entire history of the oil and gas industry, and I think it's inevitable now that this technology gets applied to other basins elsewhere around the world.

自 2008 年以來，美國頁岩油日產量增加了 850 萬桶，這是一項耗資 1 兆美元的資本投資計畫的結果，為全球人類提供了石油，造福了世界。但我認為我們正在看到這個盆地開始翻轉。就像石油和天然氣工業歷史上所有盆地一直以來所做的那樣，我認為現在這項技術應用於世界其他地方的盆地是不可避免的。

Doug Becker, Capital One.

道格·貝克爾，第一資本。

So EBITDA to free cash flow conversion was 95%, even with a bit of an increase in CapEx sequentially. And so it seems like some of the structural changes in working capital management are having an effect. So I wanted to get some color on what's the outlook for CapEx and free cash flow in the fourth quarter. But more importantly, just do these structural changes put a little bit more of an upside bias to free cash flow conversion as we think in 2026 and 2027.

因此，即使資本支出較上季略有增加，EBITDA 與自由現金流的轉換率也達到了 95%。由此看來，營運資本管理的一些結構性變化正在產生影響。因此，我想了解一下第四季度資本支出和自由現金流的前景如何。但更重要的是，這些結構性變化是否會像我們預期的那樣，在 2026 年和 2027 年為自由現金流轉換帶來更多上行的傾向？

Yes. Thanks, Doug. This is Rodney. I appreciate the highlight of the team's effort on free cash flow conversion for the quarter, 95% and as we mentioned, 53% on a year-to-date basis. So strong performance there.

是的。謝謝你，道格。這是羅德尼。我非常讚賞團隊在本季自由現金流轉換率方面取得的成就，達到了 95%，正如我們之前提到的，年初至今的轉換率也達到了 53%。表現非常出色。

And that's been predicated on a couple of different points. One, strong project execution, as Clay mentioned earlier, good contractual terms, good collections. So when you look at things from a DSO perspective, overall AR, contract assets, liabilities, we've seen some good improvement there.

而這又是基於以下幾個不同的前提。第一，如 Clay 前面提到的，專案執行力強，合約條款好，收款情況好。所以從 DSO 的角度來看，整體應收帳款、合約資產、負債，我們看到了一些不錯的改善。

And over the last 12 months, some good improvement on the inventory and inventory turn side of things. So that's led to we're at right now. And working capital as a percentage of revenue for the quarter, just a touch under 28%, 27.9%. Just a couple of pieces of commentary to help on Q4. I think that working capital percent may just get a touch better, so call that in that sort of 27% to 28% range. And really on kind of flat revenue Q3 to Q4, working capital may improve just a touch.

在過去 12 個月裡，庫存和庫存週轉率方面都有了不錯的改善。所以才有了我們現在所處的局面。本季營運資本佔營收的百分比略低於 28%，為 27.9%。以下幾點評論有助於理解第四季的情況。我認為營運資本百分比可能會略有改善，大概在 27% 到 28% 的範圍內。鑑於第三季到第四季營收基本持平，營運資金狀況可能只會略有改善。

As you mentioned, our CapEx is up just a bit year-on-year as we've had some good organic opportunities on high-return investments. So that continues to sort of flow through during Q4. And overall, feel good about 2025 sort of being in that ballpark of 55% free cash flow conversion. As we look out into '26, still early as we look at our budgets and composition of the different revenue streams. But with some of the structural improvement that we've made in working capital, I think that sort of ballpark of about 50% conversion is sustainable in the future.

正如您所提到的，由於我們在高回報投資方面獲得了一些良好的自然成長機會，我們的資本支出比去年同期略有增加。所以這種情況在第四季仍在持續。整體而言，我對 2025 年自由現金流轉換率達到 55% 左右感到樂觀。展望 2026 年，現在還為時過早，我們正在審視預算和不同收入來源的組成。但隨著我們在營運資金方面取得的一些結構性改善，我認為未來大約 50% 的轉換率是可持續的。

Got it. And then, Clay, I really appreciate the reluctance to talk too much about orders on a go-forward basis because they are so lumpy. But a lot of constructive commentary about the intermediate-term outlook. And is it a fair way to think about this if we see the offshore drilling pickup that seems to be widely expected in late '26, maybe early '27 -- is that a point where we'd start to see book-to-bill pretty consistently above 1? Is that a reasonable way to think about it?

知道了。還有，克萊，我真的很欣賞你不願意過多談論未來的訂單，因為訂單的變動幅度很大。但有很多關於中期前景的建設性評論。如果我們看到海上鑽井活動在 2026 年底或 2027 年初出現普遍預期的回升，那麼這樣想是否公平呢？屆時我們是否會看到訂單出貨比持續高於 1？這種思考方式合理嗎？

Yes. I think it is, Doug. I think that will be additive to the demand we're seeing for production equipment. And honestly, right now, within energy equipment, it's the demand for offshore drilling equipment that's really missing. And I think that comes back in late 2026, that will be additive. And I think that's a good thing for us. I also think, again, I can't say too many times, the clearing of OPEC overhang and a more constructive commodity price outlook, I think that will help in all categories of equipment demand.

是的。我覺得是的，道格。我認為這將進一步增加我們對生產設備的需求。說實話，目前能源設備領域真正缺乏的是海上鑽井設備的需求。我認為這種情況會在 2026 年底出現，而且會有所改善。我認為這對我們來說是件好事。我還認為（雖然我不能說太多次），歐佩克減產帶來的不利影響消除以及大宗商品價格前景更加樂觀，我認為這將有助於所有類別的設備需求。

I would now like to turn the conference back to Clay Williams for closing remarks. Sir?

現在我謹將會議交還給克萊威廉斯，請他作閉幕致詞。先生？

Thank you, operator, and thank you all for joining us this morning. The company looks forward to discussing its fourth quarter results with you in February. Operator, you may close the call.

謝謝接線員，也謝謝各位今天早上收看我們的節目。本公司期待在二月與您討論第四季業績。操作員，您可以結束通話了。

Thank you, sir. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝您，先生。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。