Oceaneering International Inc (OII) 2023 Q3 法說會逐字稿

Welcome, everyone to the Oceaneering's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) With that, I will now turn the call over to Mark Peterson, Oceaneering's Vice President of Corporate Development and Investor Relations.

歡迎大家參加 Oceaneering 2023 年第三季財報電話會議。 （操作員指示）接下來，我將把電話轉給 Oceaneering 公司發展和投資者關係副總裁 Mark Peterson。

Thank you. Good morning, and welcome to Oceaneering's Third Quarter 2023 Results Conference Call. Today's call is being webcast, and a replay will be available on Oceaneering's website.

謝謝。早安，歡迎參加 Oceaneering 2023 年第三季業績電話會議。今天的電話會議正在網路上直播，重播將在 Oceaneering 的網站上提供。

Joining us on the call today are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; Alan Curtis, Senior Vice President and Chief Financial Officer; and Hilary Frisbie, who is working with me in Investor Relations.

今天加入我們電話會議的是總裁兼執行長羅德·拉爾森 (Rod Larson)，他將提供我們準備好的評論；艾倫‧柯蒂斯，資深副總裁兼財務長；還有希拉蕊‧弗里斯比 (Hilary Frisbie)，她在投資者關係部門與我一起工作。

Before we begin, I would just like to remind participants that statements we make during the course of this call regarding our future financial performance, business strategy, plans for future operations and industry conditions are forward-looking statement made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our comments today also include non-GAAP financial measures.

在我們開始之前，我想提醒與會者，我們在本次電話會議期間就我們未來的財務業績、業務戰略、未來營運計劃和行業狀況所做的聲明是根據安全港條款做出的前瞻性聲明。 1995 年私人證券訴訟改革法案。我們今天的評論還包括非GAAP 財務措施。

Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our third quarter press release. We welcome your questions after the prepared statements.

有關最直接可比較的 GAAP 財務指標的更多詳細資訊和調整表，請參閱我們的第三季新聞稿。我們歡迎您在準備好的演講後提出問題。

I will now turn the call over to Rod.

我現在將把電話轉給羅德。

Good morning, and thanks for joining the call today. As is our custom at this time of the year, we're happy to be providing you with our initial thoughts on Oceaneering's 2024 outlook. As announced yesterday, we are initiating 2024 guidance for earnings before interest, tax, depreciation and amortization or EBITDA in the range of $330 million to $380 million. At the midpoint, this would represent a 25% increase over $285 million, the midpoint of our revised adjusted EBITDA guidance for 2023. We are confident in our ability to deliver this solid improvement in 2024 based on continuing expectations of growth in our traditional offshore energy businesses, driven by growing global energy needs, increasing backlog as evidenced by our third quarter order intake of almost $900 million.

早安，感謝您今天加入通話。按照我們每年這個時候的慣例，我們很高興為您提供我們對 Oceaneering 2024 年展望的初步想法。正如昨天所宣布的，我們將啟動 2024 年息稅折舊攤提前利潤 (EBITDA) 指引，範圍為 3.3 億至 3.8 億美元。以中點計算，這將比2.85 億美元增長25%，這是我們修訂後的2023 年調整後EBITDA 指導的中點。基於對傳統海上能源增長的持續預期，我們有信心在2024 年實現這一堅實的改進。受全球能源需求不斷增長的推動，積壓訂單不斷增加，第三季訂單量近 9 億美元就證明了這一點。

Expectations for measurable growth in our Aerospace and Defense Technologies or ADTech segment and anticipated improvement in our nonenergy manufactured products businesses. These fundamentals also underpin our expectation that our 2024 free cash flow will exceed that generated in 2023. Now I'll focus my comments on our performance for the third quarter of 2023. Our current market outlook, Oceaneering's consolidated and business segment outlook for the fourth quarter and full year of 2023, and our initial consolidated 2024 outlook, including the previously mentioned EBITDA guidance range and free cash flow expectations.

預計我們的航空航太和國防技術或 ADTech 部門將出現可衡量的成長，以及我們的非能源製造產品業務的預期改善。這些基本面也支撐了我們的預期，即我們2024 年的自由現金流將超過2023 年產生的現金流。現在我將重點放在我們2023 年第三季的業績。我們目前的市場前景、Oceaneering 第四季度的綜合和業務部門前景2023 年季度和全年，以及我們最初的 2024 年綜合展望，包括前面提到的 EBITDA 指導範圍和自由現金流預期。

After these comments, I'll then make some closing remarks before opening the call to your questions.

在這些評論之後，我將在開始回答大家的問題之前做一些結束語。

Now to our third quarter summary results. Our improved third quarter results were primarily due to strong global offshore activity. We produced $53.7 million of free cash flow and $84.1 million of adjusted consolidated EBITDA, which was at the upper end of our guided range and exceeded consensus estimates for the third quarter.

現在我們來看看第三季的業績總結。我們第三季業績的改善主要歸功於強勁的全球離岸活動。我們產生了 5,370 萬美元的自由現金流和 8,410 萬美元的調整後合併 EBITDA，這是我們指導範圍的上限，並且超出了第三季度的共識預期。

Offshore activity drove quarter-over-quarter operating improvements in our Subsea Robotics, or SR, and Offshore Projects Group, or OPG segments. In addition, and as expected, we also saw improvement in our AdTech segment.

海上活動推動了我們的海底機器人（SR）和海上專案集團（OPG）部門的季度營運改善。此外，正如預期的那樣，我們還看到了廣告科技領域的改善。

Now let's look at our business operations by segment for the third quarter of 2023. SSR revenue and operating income both increased as expected when compared to the second quarter with lower activity levels for ROE being offset by slight ROV pricing improvements and higher survey and tooling activity. SSR EBITDA margin of 31% improved over the second quarter of 2023, reflecting the benefit of new contract pricing. The SSR revenue split was 76% from our ROV business and 24% from our combined tooling and survey businesses compared to the 78%-22% split, respectively, in the immediate prior quarter.

現在讓我們按部門查看2023 年第三季度的業務運營情況。與第二季度相比，SSR 收入和營業收入均按預期增長，ROE 活動水平較低，但被ROV 定價略有改善以及調查和工具活動增加所抵消。 SSR EBITDA 利潤率比 2023 年第二季提高了 31%，反映了新合約定價的好處。 SSR 收入分配中，76% 來自我們的 ROV 業務，24% 來自我們的綜合工具和測量業務，而上一季的分配比例分別為 78%-22%。

Sequential ROV days on hire were 1% lower at 15,932 days as compared to 16,032 days during the second quarter. With the decrease in drill support days and a slight increase in vessel-based services, our fleet use was 61% in drill support and 39% in vessel-based services, the same as in the second quarter of 2023. We maintained our fleet count at 250 ROV systems, And our third quarter fleet utilization was 69%, a slight decline from the 70% achieved in the second quarter. Average ROV revenue per day on hire of $9,372 was 3% higher than average ROV revenue per day on hire of $9,077 achieved in the second quarter.

ROV 連續租用天數為 15,932 天，較第二季的 16,032 天減少 1%。隨著鑽探支持天數的減少和基於船的服務的略有增加，我們的船隊使用率為61% 用於鑽探支持，39% 用於基於船的服務，與2023 年第二季度相同。我們維持了船隊數量250 個 ROV 系統，我們第三季的機隊利用率為 69%，比第二季的 70% 略有下降。 ROV 每日租用平均收入為 9,372 美元，比第二季度實現的 ROV 每日租用平均收入 9,077 美元高出 3%。

At the end of September 2023, we had 61% drill support market share with ROV contracts on 89 of the 146 floating rigs under contract. as compared to the 62% recorded for the quarter ended June 30, 2023, when we had ROV contracts on 91 of the 147 floating rigs under contract.

截至 2023 年 9 月底，我們在 146 座浮式鑽井平台中，有 89 座採用 ROV 合同，擁有 61% 的鑽井支持市場份額。相比之下，截至 2023 年 6 月 30 日的季度記錄為 62%，當時我們在 147 個浮動鑽井平台中的 91 個簽訂了 ROV 合約。

Turning to manufactured products. Sequentially, our third quarter 2023 operating results and revenue declined. Operating income and related margin percentage of $8.2 million and 7%, respectively, declined from the second quarter of 2023 due primarily to changes in product mix. Order intake during this quarter was strong throughout our energy businesses with backlog increasing to $556 million on September 30, 2023, from $418 million on June 30, 2023.

轉向製成品。隨後，我們 2023 年第三季的經營業績和收入出現下降。營業收入和相關利潤率分別為 820 萬美元和 7%，較 2023 年第二季有所下降，這主要是由於產品組合的變化。本季我們整個能源業務的訂單量強勁，積壓訂單從 2023 年 6 月 30 日的 4.18 億美元增至 2023 年 9 月 30 日的 5.56 億美元。

Our book-to-bill rate was 1.25 for the 9 months ended September 30, 2023, and was 1.41 for the trailing 12 months.

截至 2023 年 9 月 30 日的 9 個月，我們的訂單出貨率為 1.25，過去 12 個月為 1.41。

OPG third quarter 2023 operating income increased as compared to the second quarter of 2023 on a 15% increase in revenue. Operating income margin improved to 18% as compared to the 13% margin achieved in the second quarter, reflecting increased demand for vessel-based services globally, changes in service mix and the successful resolution of a commercial dispute.

OPG 2023 年第三季營業收入較 2023 年第二季有所成長，營收成長 15%。營業利潤率從第二季的 13% 上升至 18%，反映出全球對船舶服務的需求增加、服務組合的變化以及商業糾紛的成功解決。

Integrity Management and Digital Solutions, or IMDS, third quarter 2023 operating income declined slightly from the preceding quarter on a 5% increase in revenue. Operating income margin of 5% declined from the 6% recorded in the second quarter of 2023, due primarily to slight changes in geographic and service mix.

完整性管理和數位解決方案（IMDS）2023 年第三季營業收入較上一季略有下降，但營收成長了 5%。營業利益率為 5%，較 2023 年第二季的 6% 下降，主要原因是地域和服務組合略有變化。

AdTech third quarter 2023 operating income increased significantly from the second quarter on a 6% increase in revenue. Operating income margin of 14% improved from the second quarter of 2023 and benefited from margin recovery on prior quarter contract costs. Unallocated expenses were $42.2 million.

AdTech 2023 年第三季營業收入較第二季大幅成長，營收成長 6%。營業利潤率較 2023 年第二季提高 14%，受益於上一季合約成本的利潤率恢復。未分配費用為 4,220 萬美元。

Now I'll address our outlook for the fourth quarter of 2023. On a consolidated basis, we believe that our fourth quarter 2023 EBITDA will decline on relatively flat revenue as compared to our third quarter results. While we anticipate a seasonal slowdown in the fourth quarter, we still expect relatively good activity in our offshore markets. Broadly for the fourth quarter of 2023 as compared to the third quarter, we expect slightly lower activity in each of our segments except for manufactured products and slightly lower unallocated expenses.

現在我將談談我們對 2023 年第四季的展望。在綜合基礎上，我們認為，與第三季業績相比，我們 2023 年第四季的 EBITDA 將下降，營收相對持平。儘管我們預計第四季將出現季節性放緩，但我們仍然預期離岸市場的活動相對較好。總體而言，與第三季度相比，2023 年第四季度，我們預計除製成品外，每個部門的活動都會略有下降，未分配費用也會略有下降。

For our fourth quarter 2023 operations by segment as compared to the third quarter of 2023, for SSR, we are projecting slightly lower revenue and relatively flat operating profitability. ROV days on hire are forecasted to decline slightly as compared with the third quarter with slightly higher drill support days being more than offset by a seasonal decline in vessel-based days. We expect good survey activity to continue during the fourth quarter. Our forecast assumes overall ROE fleet utilization to be in the upper 60% range.

與 2023 年第三季相比，我們按部門劃分的 2023 年第四季業務中，SSR 的營收預計略有下降，營運利潤率相對持平。與第三季相比，ROV 的租用天數預計將略有下降，鑽井支援天數的略有增加將被船舶租用天數的季節性下降所抵消。我們預計第四季將繼續進行良好的調查活動。我們的預測假設整體 ROE 機隊利用率在 60% 以上。

SSR fourth quarter 2023 adjusted EBITDA margin is anticipated to improve over the third quarter of 2023, while remaining in the low 30% range.

SSR 2023 年第四季調整後 EBITDA 利潤率預計將比 2023 年第三季有所改善，同時保持在 30% 的低水準範圍內。

For manufactured products, we anticipate an increase in revenue and significantly lower operating profitability as compared to the third quarter with operating income margin in the low single-digit range. Our fourth quarter forecast anticipates costs that we may incur to improve the profitability of our manufactured products portfolio. We continue to forecast a book-to-bill ratio of between 1.2 and 1.4 for the full year of 2023.

對於製成品，我們預計與第三季相比，收入將增加，但營業利潤率將大幅下降，營業利潤率將處於較低的個位數範圍內。我們的第四季度預測預計了我們為提高製成品組合的獲利能力可能產生的成本。我們繼續預測 2023 年全年的訂單出貨比在 1.2 至 1.4 之間。

For OPG, we expect slightly lower revenue and significantly lower operating profitability in the fourth quarter of 2023. Although revenue is projected to remain close to that in the third quarter, we anticipate a shift in mix with lower vessel activity in West Africa. Operating income is expected to be negatively impacted by lower levels of cost absorption in the West Africa region in addition to the absence of the commercial dispute resolution, which benefited the third quarter. As a result, sequentially, fourth quarter 2023 operating income margin is expected to be lower, averaging in the low teens range.

對於OPG，我們預計2023 年第四季的收入將略有下降，營運利潤率也將大幅下降。儘管收入預計將與第三季的水平接近，但我們預計，隨著西非船舶活動的減少，結構將會發生變化。除了第三季受益的商業糾紛解決方案的缺乏之外，西非地區成本吸收水準較低預計也會對營業收入產生負面影響。因此，預計 2023 年第四季的營業利潤率將較低，平均在十幾歲範圍內。

For IMDS, we expect slightly lower revenue and operating results as compared with the third quarter of 2023. For ADTech, we forecast slightly lower revenue and lower operating income as compared to the third quarter. We expect operating income margin to decline during the fourth quarter due to slight changes in project mix. For the fourth quarter, we expect operating income margins to be in the low to mid-teens percentage range. Unallocated expenses are expected to be in the low $40 million range.

對於 IMDS，我們預計營收和營運業績將較 2023 年第三季略有下降。對於 ADTech，我們預期營收和營運收入將比第三季略有下降。由於專案組合略有變化，我們預計第四季營業利潤率將下降。對於第四季度，我們預計營業利潤率將在青少年百分比範圍內。未分配費用預計將在 4000 萬美元左右。

For the full year 2023, we expect to generate adjusted EBITDA within the narrow range of $275 million to $295 million. Our guidance for organic capital expenditures is in the narrowed range of $95 million to $105 million, and our guidance for cash income tax payments is in the range of $70 million to $75 million. Our free cash flow guidance is unchanged. We expect to generate positive free cash flow in the range between $90 million and $130 million for the full year of 2023.

對於 2023 年全年，我們預計調整後 EBITDA 將在 2.75 億美元至 2.95 億美元的狹窄範圍內。我們對有機資本支出的指導範圍縮小為 9,500 萬美元至 1.05 億美元，我們對現金所得稅支付的指導範圍為 7,000 萬美元至 7,500 萬美元。我們的自由現金流指引維持不變。我們預計 2023 年全年將產生 9,000 萬至 1.3 億美元的正自由現金流。

Now turning to our free cash flow and debt position. Our cash flow from operations for the third quarter of 2023 was $79.6 million and was the primary driver in the increase in our cash and cash equivalents to $556 million as of September 30, 2023. At the end of the third quarter, our net debt position stood at [$144 million]. As disclosed in our recent press releases, on September 20, 2023, we initiated a series of transactions designed to address our $400 million senior notes scheduled to mature in November 2024. Once the final transaction is completed in early November 2023, we will have significantly extended our debt maturity to February 2028 while maintaining substantial liquidity.

現在轉向我們的自由現金流和債務狀況。我們 2023 年第三季的營運現金流為 7,960 萬美元，是截至 2023 年 9 月 30 日我們的現金和現金等價物增加至 5.56 億美元的主要推動力。第三季末，我們的淨債務部位為[1.44億美元]。正如我們在最近的新聞稿中披露的，2023 年9 月20 日，我們啟動了一系列交易，旨在解決計劃於2024 年11 月到期的4 億美元優先票據。一旦最終交易於2023 年11月上旬完成，我們將將我們的債務期限延長至 2028 年 2 月，同時保持大量流動性。

Now looking forward to 2024. Overall, we see solid fundamentals supporting each of our current businesses for the medium term. Positive supply and demand dynamics and resulting commodity pricing support our expectations for a strong 5-year outlook in our offshore energy businesses, and national security priorities continue to support our expectation for growth in our government-focused businesses.

現在展望 2024 年。總體而言，我們認為中期內堅實的基本面將支持我們目前的各項業務。積極的供需動態以及由此產生的大宗商品定價支持了我們對海上能源業務強勁的五年前景的預期，而國家安全優先事項繼續支持了我們對政府重點業務增長的預期。

In addition, with increasing demand robotic solutions, we see expanding opportunities to leverage and grow our remote and automated robotics capabilities across our energy and nonenergy businesses. Accordingly, looking into 2024 year-over-year, we are anticipating increased activity and improved operating performance across all of our operating segments, led by gains from SSR and OPG. At this time, we forecast EBITDA to be in the range of $330 million to $380 million in 2024, driving meaningful levels of cash flow from operations. I would like to point out here that our guidance range for 2024 anticipates a continued strong U.S. dollar, which would negatively impact U.S. dollar earnings in our international businesses, particularly in countries like Norway, the U.K. and Brazil. We currently estimate the year-over-year EBITDA impact to be in the range of $5 million to $10 million.

此外，隨著機器人解決方案的需求不斷增加，我們看到在能源和非能源業務中利用和發展我們的遠端和自動化機器人能力的機會不斷增加。因此，展望 2024 年，我們預期在 SSR 和 OPG 收益的帶動下，我們所有營運部門的活動都會增加，營運表現也會有所改善。目前，我們預測 2024 年 EBITDA 將在 3.3 億美元至 3.8 億美元之間，從而推動營運現金流達到有意義的水平。我想在此指出，我們對 2024 年的指導範圍預計美元將持續走強，這將對我們國際業務的美元收益產生負面影響，特別是在挪威、英國和巴西等國家。我們目前估計 EBITDA 的年比影響在 500 萬至 1,000 萬美元之間。

In 2024, we expect capital expenditures to be flat to modestly higher than 2023 as we focus on growth of our various robotics platforms and opportunities generating the highest returns. Capital discipline remains a priority, and we expect to generate positive free flow in excess of that generated in 2023. We will provide more specific guidance on our expectations for 2024 during the year-end reporting process.

2024 年，我們預計資本支出將與 2023 年持平或略高，因為我們專注於各種機器人平台的成長和產生最高回報的機會。資本紀律仍然是優先事項，我們預計將產生超過 2023 年的積極自由流動。我們將在年終報告過程中就 2024 年的預期提供更具體的指導。

In summary, based on our year-to-date financial performance and expectations for the fourth quarter of 2023, we are narrowing our adjusted EBITDA guidance to a range of $275 million to $295 million for the full year. We continue to see growth in all our business segments in 2024 based on the increasing global demands for energy and continued focus on to national security issues, expanding opportunities to apply our robotics expertise in a new energy and nonenergy markets including, for example, our Freedom Autonomous Underwater Vehicle and MaxMover Autonomous Counterbalance Forklift provide us with further confidence in our ability to achieve these growth forecasts.

總之，根據我們今年迄今的財務表現和對 2023 年第四季的預期，我們將全年調整後 EBITDA 指引範圍縮小至 2.75 億美元至 2.95 億美元。基於全球能源需求的不斷增長以及對國家安全問題的持續關注，我們的所有業務部門將在 2024 年繼續增長，擴大在新能源和非能源市場應用我們的機器人專業知識的機會，例如我們的 Freedom自主水下航行器和MaxMover 自主平衡重型堆高機讓我們對實現這些成長預測的能力更加充滿信心。

Our focus continues to be on maintaining a strong safety culture and safety performance, maintaining our financial and capital discipline, generating significant positive free cash flow, growing through organic and inorganic means, attracting and retaining top talent and increasing our pricing and margins to generate a fair return for our world-class services and products.

我們的重點仍然是維持強大的安全文化和安全績效，維持我們的財務和資本紀律，產生顯著的正自由現金流，透過有機和無機手段實現成長，吸引和留住頂尖人才，並提高我們的定價和利潤率，以產生我們世界一流的服務和產品將得到公平的回報。

Optimizing each of these priorities positions us for success during the energy transition. Our continuing commitment to maintaining substantial liquidity and a strong balance sheet and generating meaningful free cash flow supports our ability to fund future growth and shareholder return aspirations. We appreciate everyone's continued interest in Oceaneering, and we'll now be happy to take any questions you may have.

優化這些優先事項中的每一個都有助於我們在能源轉型過程中取得成功。我們持續致力於維持充足的流動性和強大的資產負債表以及產生有意義的自由現金流，支持我們為未來成長和股東回報願望提供資金的能力。我們感謝大家對 Oceaneering 的持續關注，我們現在很樂意回答您可能提出的任何問題。

(Operator Instructions)Your first question comes from Kurt Hallead from Benchmark.

（操作員說明）您的第一個問題來自 Benchmark 的 Kurt Hallad。

Never a dull moment. So I'll start with an observation. And given your guidance levels for 2024, it looks like they're within 2% of where the Street is, I'd say, a 9% selloff is it's definitely overdone. But what do I know. So on to the question. So you kind of provided an outlook -- initial outlook on EBITDA for 2024. And you referenced the SSR and manufactured products part of the business will be the strongest driver of that. So I was wondering if you could maybe give us a little more context around, let's say, SSR and what you think in terms of utilization? And what kind of margin progression do you think you get out of that going into next year.

從來沒有悶的時候。所以我將從觀察開始。考慮到你們對 2024 年的指導水平，看起來它們與華爾街的水平相差不到 2%，我想說，9% 的拋售絕對是過度了。但我知道什麼。那麼接下來的問題。所以你提供了一個展望——2024 年 EBITDA 的初步展望。你提到了 SSR 和業務的製成品部分將是最強大的驅動力。所以我想知道您是否可以為我們提供更多有關 SSR 的背景資訊以及您對利用率的看法？您認為明年您將獲得什麼樣的利潤成長？

Sure. I'll hit that a little bit, Kurt. I think what we're seeing is on utilization, we're tracking kind of what we have line of sight to the rig increases mostly. I mean we think market share holds to maybe improve slightly from where we are today. So depending on how many working rig adds we have next year, we think that, that goes into the low 70s during those peak month or peak quarters. But again, it's not huge unless we see more working floater days. So that's it for utilization. But again, encouraging news. We just -- we look at what we hear in the market, but we also look at what we have hearing from the rig operators themselves telling us what the schedule will be. So that's kind of where we land on utilization.

當然。我會稍微強調一下，庫爾特。我認為我們看到的是利用率，我們正在追蹤我們對鑽孔機的視線主要增加的情況。我的意思是，我們認為市場份額可能會比現在的水平略有提高。因此，根據我們明年增加的工作鑽機數量，我們認為，在高峰月份或高峰季度，這一數字將降至 70 多台。但同樣，除非我們看到更多的流動工作天數，否則這個數字並不大。這樣就可以使用了。但這又是一個令人鼓舞的消息。我們只是——我們看看我們在市場上聽到的消息，但我們也看看我們從鑽井平台運營商那裡聽到的告訴我們時間表的消息。這就是我們利用的地方。

On pricing, One of the things we'll just say is we continue to drive pricing. I think there's been a lot of optimism out there. And I think what's driving consensus is the pricing improvements probably are happening in smaller bits and chunks than maybe what was out there in the market, but it continues to be directionally correct. So we just have to see how long it takes to recognize all of those, but we definitely see continued -- and walk up in margins into next year...

關於定價，我們要說的一件事是我們繼續推動定價。我認為人們對此非常樂觀。我認為推動共識的原因是定價的改進可能比市場上的價格更小，但它的方向仍然是正確的。因此，我們只需要看看需要多長時間才能認識到所有這些，但我們肯定會看到持續的情況 - 並且明年的利潤率會上升...

Got you. And then maybe my -- yes.

明白你了。然後也許我的——是的。

Yes. I think, Kurt, your other question in there was about OPG and kind of the outlook, why we have a level of confidence there. And I think we've been talking through several of the items that we have in our -- out for bid right now. We're seeing a lot of market interest in kind of some of these field support services contract, which tend to be longer duration, tends to be true to 4 years in contract length. So we're encouraged to see the market out there that is kind of returning to what we saw back in 2014 time frame where people would sign up for longer duration contracts for vessel and support services, project management and other services we can provide. So that's the other part of why we see OPG really starting to hit on more cylinders in '24.

是的。我想，庫爾特，你的另一個問題是關於 OPG 和前景，為什麼我們對此有一定程度的信心。我認為我們已經討論了我們現在正在投標的幾個項目。我們看到市場對其中一些現場支援服務合約很感興趣，這些合約的期限往往較長，合約期限往往長達 4 年。因此，我們很高興看到市場回到了 2014 年的情況，當時人們會簽署更長期限的船舶和支援服務、專案管理和我們可以提供的其他服務合約。這就是我們看到 OPG 在 24 年真正開始發揮更多作用的另一個原因。

And Kurt, I want to make one comment before you ask your next question. I mean you said it kind of when you opened up that we're not that far off a consensus. And that's why we did want to point out the FX effect. And really, when we think about -- I think our numbers are the same. I think the consensus was pretty much right without maybe us having the full shared benefit of what the FX effect. A lot of our growth next year is coming from international markets and that kind of -- with the strong dollar, we think that there's going to be some pressure on currency in Norway, currency in the U.K. and Brazil. So if you true that up, I bet we're darn close to the same number.

庫爾特，在你提出下一個問題之前，我想發表一個評論。我的意思是，當你開口時，你就說過我們離達成共識並不遙遠。這就是為什麼我們確實想指出外匯效應。事實上，當我們思考時，我認為我們的數字是相同的。我認為共識是非常正確的，也許我們沒有從外匯效應中獲得全部的共同利益。明年我們的成長很大一部分來自國際市場，隨著美元走強，我們認為挪威、英國和巴西的貨幣將面臨一些壓力。所以，如果你的說法屬實，我敢打賭我們的數字非常接近。

Okay. Great. Appreciate that color. Second question then is on -- I believe your industrial robotics business is embedded in manufactured products, right? So I just wonder if you could give us an update on the market penetration you have, whether that's on the autonomous forklifts or on your autonomous people movers, just how you see that business evolving and what kind of market penetration you've been able to get?

好的。偉大的。欣賞那個顏色。第二個問題是——我相信你們的工業機器人業務已嵌入到製成品中，對吧？所以我想知道您是否可以向我們介紹您所擁有的市場滲透率的最新情況，無論是在自動堆高機還是在自動客運方面，您如何看待該業務的發展以及您已經能夠實現什麼樣的市場滲透得到？

Market penetration is going up. We're getting new customers. So we've added a couple of customers with some pretty strong interest. I think everything just short of the PO, but that could change today. So that -- the number of customers is improving, but also the order from our one biggest customer. We got 4 more orders that are significant. So that looks really good and really strong. And again, we're getting a lot of recognition for that.

市場滲透率正在上升。我們正在吸引新客戶。因此，我們添加了一些對此有濃厚興趣的客戶。我認為一切都與 PO 有關，但今天可能會改變。因此，客戶數量正在增加，我們最大客戶的訂單也在增加。我們又收到了 4 個重要訂單。所以這看起來非常好而且非常強大。我們再次為此獲得了很多認可。

The other thing I would just call out in manufactured products is we had our annual planning meeting last week, and we pushed really hard on margins in manufactured products. So we've built in some cost for -- we don't know what those changes will be, but we built in some costs. We're taking some action that we think will drive margin improvement in the manufactured products business.

我想在製成品方面指出的另一件事是，我們上週召開了年度計畫會議，我們非常努力地提高製成品的利潤率。因此，我們增加了一些成本——我們不知道這些變化會是什麼，但我們增加了一些成本。我們正在採取一些我們認為將推動製成品業務利潤率提高的行動。

Yes. and I think on mobile robotics, I mean, you may have seen or not seen the recent announcement that came from ZF as well about solidifying our arrangement on the people movers we've been describing to the market. So I think that's something that doesn't really impact '24 as much. But longer term, we're encouraged with what we continue to build out in mobile robotics. .

是的。我認為在移動機器人方面，我的意思是，您可能已經看到或沒有看到採埃孚最近發布的公告，以及關於鞏固我們對我們向市場描述的人員捷運系統的安排。所以我認為這對 24 世紀的影響並沒有那麼大。但從長遠來看，我們對移動機器人技術的持續發展感到鼓舞。 。

(Operator Instructions) And your next question comes from James Schumm from TD Cowen.

（操作員說明）您的下一個問題來自 TD Cowen 的 James Schumm。

Just snuck in there. .

剛剛潛入那裡。 。

Glad you dodged, man.

很高興你躲開了，夥計。

Just maybe update on the SSR or the ROV, day rate outlook. I mean in the past, we've talked about exiting this year at $10,000. And then I think in '24, the exit rate of $11,000. Is that still in play? Is that?

也許只是更新 SSR 或 ROV、日費率展望。我的意思是，我們過去曾討論過今年以 10,000 美元退出。然後我認為 24 年的退出率為 11,000 美元。那還在演嗎？就是它？

I think it's challenged. I don't know that the numbers have gone away, but I think it's just taking longer to build. So whether that takes another quarter or 2 to get to those numbers, I think we're still pushing hard. And some of it depends on how some of the other markets develop. We've got the strong markets, and I'll just say the strong markets like West Africa and GOM, we're on track. I think where it's harder is some of the -- and Norway is a fairly stable market, but those are lower ROV rates. So they're on the underside of the average in Brazil, which is growing is probably one of our opportunities, especially with non-Petrobras customers to try to get to something that looks more like the global average.

我認為這是受到挑戰的。我不知道這些數字是否已經消失，但我認為只是需要更長的時間來建造。因此，無論需要再花一個季度還是兩個季度才能達到這些數字，我認為我們仍在努力推動。其中一些取決於其他一些市場的發展。我們擁有強大的市場，我只想說像西非和GOM這樣的強大市場，我們正在走上正軌。我認為更困難的是一些——挪威是一個相當穩定的市場，但 ROV 費率較低。因此，他們處於巴西平均水平的下方，巴西的成長可能是我們的機會之一，特別是對於非巴西國家石油公司的客戶來說，試圖達到看起來更像全球平均水平的水平。

Okay. Great. And then in the past, you guys have had an issue in ADTech with government funding shifting around when we have these dislocations with government spending and now we're talking about is there going to be a continuing resolution or -- so I just wanted to see if you're having any issues currently and if you expect any negative impact to ADTech as we go forward in the next few months and quarters?

好的。偉大的。然後在過去，你們在 ADTech 中遇到了政府資金轉移的問題，當我們與政府支出發生這些混亂時，現在我們正在討論是否會有一個持續的解決方案，或者 - 所以我只是想看看你們目前是否遇到任何問題，以及您預計我們在未來幾個月和幾個季度的進展是否會為ADTech 帶來任何負面影響？

We've scrubbed that pretty well, James. And what I would say is it's not like we had in the past where -- I mean one of the biggest problems is continuing resolution need means that new projects aren't being accepted. Most of what we're working on right now is existing products. So that bodes pretty well. There are a couple of things that we think maybe would be sensitive to delay, but they're smaller projects. So it's -- we've got most of that built in the mix.

我們已經把這個問題清理得很好了，詹姆斯。我想說的是，這與我們過去不同——我的意思是最大的問題之一是持續的解決需求意味著新專案不被接受。我們現在所做的大部分工作都是現有產品。所以這是個好兆頭。我們認為有一些事情可能會對延遲敏感，但它們都是較小的項目。所以，我們已經將其中的大部分內容內建到了組合中。

Your next question comes from David Smith from Pickering Energy Partners.

您的下一個問題來自 Pickering Energy Partners 的 David Smith。

Very impressive order intake for manufactured products. I was wondering if you could give any color there, if there were some big, lumpy orders. And maybe just if you had a quick update on what percentage of the backlog for the that segment is nonenergy.

製成品的訂單量非常可觀。我想知道如果有一些大的、塊狀的訂單，你是否可以在那裡給出任何顏色。也許只要您快速了解該細分市場的積壓訂單中有多少百分比是非能源的。

Yes. I think part of the order intake, it's certainly been widespread. There is not really a single order, which we've alluded to in the past, some of the lumpiness that can come in. These have been a pretty good fluent stream of midsized orders, I would say, across various plant sites. And while we haven't disclosed the orders in the nonenergy side, David, I mean, Rod just kind of alluded to, we did see some nice orders in the third quarter to add to the backlog in the mobile robotics platform. So we've more than doubled the base order at this point in time that will certainly build a nice platform for manufacturing next year on these autonomous mobile forklifts. So our order adoption is certainly picking up across the board within that business unit.

是的。我認為訂單量的一部分確實很普遍。實際上並沒有一個訂單，我們過去曾提到過，一些可能會出現的塊狀訂單。我想說，這些訂單是相當流暢的中型訂單流，遍布各個工廠。雖然我們沒有透露非能源方面的訂單，大衛，我的意思是，羅德只是提到了，我們確實在第三季度看到了一些不錯的訂單，這些訂單增加了移動機器人平台的積壓訂單。因此，我們目前的基本訂單增加了一倍多，這肯定會為明年這些自動移動堆高機的製造建立一個很好的平台。因此，我們的訂單採用率肯定在該業務部門內全面提升。

That's good color and appreciated. I guess kind of related...

這顏色很好，值得讚賞。我猜有某種關係...

David, one of the things I'd like to just add is as I look at that backlog, and what's important to me is we do still anticipate some additional awards in the manufactured products. But when you get it across all the plant sites, and I've lived in this business, it's more meaningful than just getting one big award because we talk about absorption all the time at these plants. And by being able to feed every plant that work, it is something that we're always looking at. So it's well spread through the organization.

大衛，我想補充的一件事是，當我查看積壓的訂單時，對我來說重要的是，我們仍然預計在製造的產品中會獲得一些額外的獎項。但是，當你在所有工廠中都獲得它時，而且我一直從事這個行業，這比僅僅獲得一項大獎更有意義，因為我們在這些工廠一直在談論吸收。透過能夠為每一個有效的植物提供養分，這是我們一直在關注的事情。因此它在整個組織中得到了很好的傳播。

I appreciate that color. I did want to make sure just to refresh my memory, the DPR system or syntax wise, that would be coming through OPG, correct?

我很欣賞那種顏色。我確實想確保只是為了刷新我的記憶，DPR 系統或語法方面，這將透過 OPG 實現，對嗎？

Correct.

正確的。

Perfect. And...

完美的。和...

It's kind of the extension to the existing contract with an option for Petrobras to add an additional system, which, at this point, we don't believe they're going to take, but it's an option they do hold through December of this year. But it's been good work for us. In fact, Brazil has been a strong growth area for us throughout many of our businesses this year.

這是現有合約的延期，巴西國家石油公司可以選擇增加一個額外的系統，目前我們認為他們不會接受這一選擇，但他們確實在今年 12 月之前保留了這一選擇。但這對我們來說是很好的工作。事實上，巴西今年一直是我們許多業務的強勁成長地區。

Yes, absolutely. And last one, if I may. Just for calibration, could you please elaborate on the impact that the commercial dispute resolution had for the OPG margins in the third quarter?

是的，一點沒錯。最後一個，如果可以的話。作為校準，您能否詳細說明一下商業糾紛解決對 OPG 第三季利潤率的影響？

I don't think we've put a number out there on that, but it's really an element of what we had in Q1, Q2, where we've taken some level of reserves and we're able to successfully negotiate it with the customer in the third quarter.

我認為我們沒有就此給出一個數字，但這確實是我們在第一季、第二季所擁有的一個要素，我們已經採取了一定程度的儲備，並且我們能夠成功地與第三季的客戶。

So within the year, the pot is right. So the margins for the year, what I would say, reflective of our true operations. We just had a little bit of that, I'll say, lumpiness of working through this with the customer within the quarter.

所以年內，鍋子就對了。因此，我想說的是，今年的利潤率反映了我們的真實營運情況。我想說的是，我們在本季內與客戶合作解決這個問題時遇到了一些麻煩。

And there are no further questions at this time. I will turn the call back over to Rod Larson for final comments.

目前沒有其他問題。我會將電話轉回羅德·拉爾森以徵求最終意見。

All right. Well, since there are no more questions, I'll just wrap up by thanking everybody for joining the call, and this concludes our third quarter 2023 conference call. Thank you.

好的。好吧，既然沒有更多問題了，我將感謝大家加入電話會議，我們的 2023 年第三季電話會議到此結束。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開線路了。謝謝。