Oceaneering International Inc (OII) 2024 Q4 法說會逐字稿

Welcome to Oceaneering's fourth quarter and full year 2024 earnings conference call. My name is Desiree, and I will be your conference operator. (Operator Instructions)

歡迎參加 Oceaneering 2024 年第四季和全年財報電話會議。我的名字是 Desiree，我將擔任您的會議接線生。（操作員指令）

With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations. Please go ahead.

現在，我將把電話轉給 Oceaneering 投資人關係資深總監 Hilary Frisbie。請繼續。

Thanks, Desiree. Good morning, and welcome to Oceaneering's fourth quarter and full year 2024 earnings conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website. With me on the call today are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; and Alan Curtis, Senior Vice President and Chief Financial Officer.

謝謝，Desiree。早安，歡迎參加 Oceaneering 2024 年第四季和全年財報電話會議。今天的電話會議將透過網路直播，重播將在 Oceaneering 的網站上提供。今天與我一起參加電話會議的還有總裁兼執行長羅德·拉爾森 (Rod Larson)，他將提供我們準備好的評論；以及高級副總裁兼首席財務官艾倫·柯蒂斯（Alan Curtis）。

Before we begin, I would like to remind participants that statements we make during this call regarding our future financial performance, business strategy, plans for future operations and industry conditions are forward-looking statements 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. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our fourth quarter press release. We welcome your questions after the prepared statements.

在我們開始之前，我想提醒與會者，我們在本次電話會議中所作的有關未來財務業績、業務戰略、未來營運計劃和行業狀況的陳述均為根據 1995 年《私人證券訴訟改革法》的安全港條款所作的前瞻性陳述。我們今天的評論還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳表可參閱我們的第四季新聞稿。我們歡迎大家在準備好的演講後提問。

I will now turn the call over to Rod.

現在我將電話轉給羅德。

Good morning, and thanks for joining the call today. First off, thank you to our investors, our customers and vendors, partners and most importantly, the Oceaneers around the globe for continuing to believe in and contribute to the Oceaneering story.

早安，感謝您參加今天的電話會議。首先，感謝我們的投資者、客戶、供應商、合作夥伴，最重要的是，感謝全球各地的 Oceaneers 對 Oceaneering 故事的持續信任和貢獻。

During 2024, we recorded notable order intake of $2.9 billion, demonstrating our customers' confidence in our ability to deliver safe and reliable services and products. Repurchased approximately $20 million in shares, demonstrated continued value for our customers, as evidenced by our year-end remotely operated vehicle or ROV uptime rate of 99%, further progressed pricing in our ROE business, improving 13% over the course of the year, realized a 361 basis point improvement in Subsea Robotics or SSR. EBITDA margin year-over-year exiting 2024 at 36%, attained our highest quarterly revenue since the fourth quarter of 2015 and surpassed $100 million in adjusted EBITDA for the first time since the second quarter of 2016.

2024 年，我們的訂單量達到 29 億美元，顯示客戶對我們提供安全可靠服務和產品的能力充滿信心。回購了約 2000 萬美元的股票，證明了我們為客戶帶來的持續價值，這從我們年底遙控車輛或 ROV 的正常運行時間率達到 99% 可以看出，我們的 ROE 業務定價進一步提高，全年提高了 13%，實現了海底機器人或 SSR 提高 361 個基點。截至 2024 年，EBITDA 利潤率年增 36%，實現自 2015 年第四季以來的最高季度收入，調整後 EBITDA 自 2016 年第二季以來首次超過 1 億美元。

One, a contract from the defense innovation unit to build a Freedom vehicle, our hybrid ROV autonomous underwater vehicle, AUV, and to establish an onshore remote operations center for the US Navy, highlighting the cross industry applications for our technology. Made targeted adjustments to our portfolio, including the fourth quarter acquisition of Global Design Innovation Limited or GDi, a UK-based provider of digital and software solutions and exits from other businesses.

一是與國防創新部門簽訂的合同，建造一艘自由航行器（Freedom vehicle）、我們的混合式 ROV 自主水下航行器（AUV），並為美國海軍建立一個陸上遠程操作中心，凸顯了我們技術的跨行業應用。對我們的投資組合進行了有針對性的調整，包括在第四季度收購英國數位和軟體解決方案提供商 Global Design Innovation Limited 或 GDi，並退出其他業務。

And I would be remiss if I failed to mention our steadfast commitment to safety, which, in 2024, led to a 56% reduction in high potential incidents and a total recordable incident rate, or TRIR, of 0.29 for the year. Nearly matching our record low TRIR achieved in 2022.

如果我不提及我們對安全的堅定承諾，那我就是失職了，這使得 2024 年高潛在事故減少了 56%，全年總可記錄事故率 (TRIR) 為 0.29。幾乎與我們在 2022 年創下的最低 TRIR 持平。

Now, I will focus my comments on our performance for the fourth quarter and full year of 2024, our market outlook for 2025. Our consolidated 2025 outlook, including our expectation to generate positive free cash flow in the range of $110 million to $130 million and EBITDA in the range of $380 million to $430 million and our segment outlook for the full year and first quarter of 2025.

現在，我將重點放在我們 2024 年第四季和全年的業績以及 2025 年的市場展望。我們對 2025 年的綜合展望，包括預計產生 1.1 億至 1.3 億美元的正自由現金流和 3.8 億至 4.3 億美元的 EBITDA，以及我們對 2025 年全年和第一季的分部展望。

Now, starting with our fourth quarter 2024 results. For the fourth quarter of 2024, we reported net income of $56.1 million or $0.55 per share, a 26% year-over-year increase. Consolidated revenue of $713 million was 9% higher than in the same period of the prior year, with revenue increases in each of our operating segments.

現在，從我們的 2024 年第四季業績開始。2024 年第四季度，我們報告淨收入為 5,610 萬美元，即每股 0.55 美元，年增 26%。綜合營收為 7.13 億美元，比去年同期成長 9%，我們各個營運部門的營收均有所增加。

Fourth quarter 2024 consolidated operating income of $77.9 million was 64% higher year-over-year due to significant improvements in our SSR and Offshore Projects Group, or OPG segments. Our consolidated adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA of $102 million represented a 35% increase year-over-year and was slightly above both the midpoint of our implied guidance range provided at the beginning of the fourth quarter and consensus estimates.

2024 年第四季綜合營業收入為 7,790 萬美元，較去年同期成長 64%，這得益於我們的 SSR 和海上專案集團 (OPG) 部門的顯著改善。我們的綜合調整後息稅折舊攤銷前利潤或調整後 EBITDA 為 1.02 億美元，比去年同期增長 35%，略高於我們在第四季度初提供的隱含指導範圍的中點和普遍預期。

Although we experienced typical fourth quarter seasonality in SSR, it is worth noting that their results declined only slightly, while OPG's fourth quarter revenue, operating income and EBITDA improved and represented its best quarter in 2024. We generated $128 million of cash from operating activities in the fourth quarter and invested approximately $34 million in organic capital expenditures, including $18 million in growth and $16 million in maintenance. Additionally, as previously mentioned, we acquired GDi. We ended the quarter with free cash flow of $94.5 million. As of December 31, 2024, our cash balance was $498 million.

儘管我們經歷了 SSR 典型的第四季度季節性，但值得注意的是，他們的業績僅略有下降，而 OPG 的第四季度收入、營業收入和 EBITDA 有所改善，創下了 2024 年最好的一個季度。我們在第四季度從營運活動中產生了 1.28 億美元的現金，並投資了約 3,400 萬美元的有機資本支出，其中包括 1,800 萬美元的成長和 1,600 萬美元的維護。此外，如前所述，我們收購了 GDi。本季結束時，我們的自由現金流為 9,450 萬美元。截至 2024 年 12 月 31 日，我們的現金餘額為 4.98 億美元。

Now, let's look at our business operations by segment for the fourth quarter of 2024 as compared to the fourth quarter of 2023. SSR operating income of $63.5 million was 26% higher compared to the fourth quarter of 2023 on a 6% increase in revenue. EBITDA margin also improved year-over-year to 36% from 32%, reflecting continued pricing progression in ROV and tooling and improved execution in our ROV and survey groups.

現在，讓我們來看看 2024 年第四季與 2023 年第四季相比各部門的業務運作。SSR 營業收入為 6,350 萬美元，與 2023 年第四季相比成長 26%，營收成長 6%。EBITDA 利潤率也從去年同期的 32% 提高到 36%，這反映了 ROV 和工具價格的持續上漲以及 ROV 和調查部門執行力的提升。

Average ROV revenue per day utilized was $10,786, a 12% year-over-year increase, while fleet utilization of 66% and days utilized of 15,211 were slightly lower. ROV fleet used during the quarter of 64% in drill support and 36% in vessel-based activity was essentially the same as in the fourth quarter of 2023. The revenue split between our ROV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was 77% and 23%, which was relatively flat during the same period in 2023. As of December 31, 2024, we had 59% of the contracted floating rig market with ROV contracts on 84 of the 142 floating rigs under contract. We ended the quarter and the year just as we began with a fleet count of 250 ROV systems.

ROV 每日平均使用收入為 10,786 美元，較去年同期成長 12%，而船隊使用率為 66%，使用天數為 15,211 天，略低。本季度用於鑽探支援的 ROV 船隊佔 64%，用於船舶活動的佔 36%，與 2023 年第四季基本相同。我們的 ROV 業務和綜合工具及調查業務的收入占我們 SSR 總收入的百分比為 77% 和 23%，與 2023 年同期相比相對持平。截至 2024 年 12 月 31 日，我們佔據了合約浮動鑽井平台市場的 59%，在簽訂合約的 142 座浮動鑽井平台中，有 84 座簽訂了 ROV 合約。本季和本年度結束時，我們的 ROV 系統船隊數量與年初相同，為 250 套。

Turning to manufactured products. Our fourth quarter revenue of $143 million increased 8% year-over-year. Operating income of $4.2 million and operating income margin of 3% declined primarily due to a reserve taken on an umbilical project. Year-end 2024 backlog was $604 million, a decrease of $17 million compared to December 31, 2023. The book-to-bill ratio of 0.97 for the full year of 2024 compared to 1.31 in the full year of 2023, was lower than expected due to the timing of awards for MaxMover counterbalanced forklifts.

轉向製成品。我們第四季的營收為 1.43 億美元，年增 8%。營業收入為 420 萬美元，營業收入利潤率為 3%，下降的主要原因是臍帶管項目提列了儲備金。2024 年底積壓訂單為 6.04 億美元，與 2023 年 12 月 31 日相比減少 1,700 萬美元。2024 年全年的訂單出貨比為 0.97，而 2023 年全年為 1.31，由於 MaxMover 平衡重型堆高機授予時間的原因，訂單出貨比低於預期。

OPG achieved their highest levels of revenue, operating income and operating income margin in 2024 during the fourth quarter. As compared to the fourth quarter of 2023, operating income improved significantly to $39.3 million, operating income margin improved to 21% from 9% and revenue increased 14% to $184 million. These improvements resulted from increased installation and intervention activity levels in West Africa and the Gulf of Mexico.

OPG 在 2024 年第四季實現了收入、營業收入和營業收入利潤率的最高水準。與 2023 年第四季相比，營業收入大幅提高至 3,930 萬美元，營業收入利潤率從 9% 提高至 21%，營收成長 14% 至 1.84 億美元。這些改進源自於西非和墨西哥灣的安裝和介入活動水準的提高。

For Integrity Management and Digital Solutions, or MDS, fourth quarter operating income decreased by $1.2 million and operating income margin declined from 5% to 3% despite a $9.1 million increase in revenue primarily due to costs associated with acquisitions and divestitures in this segment. As previously announced, we completed the acquisition of GDi, which will report future financial results through IMDS.

對於誠信管理和數位解決方案部門（MDS）而言，第四季度營業收入減少了 120 萬美元，營業收入利潤率從 5% 下降到 3%，儘管收入增加了 910 萬美元，這主要是由於該部門的收購和資產剝離相關的成本。正如先前宣布的那樣，我們完成了對 GDi 的收購，GDi 將透過 IMDS 報告未來的財務結果。

Our Aerospace and Defense Technologies or ADTech fourth quarter 2024 operating income declined $1.1 million and operating income margin declined to 10% on a $3.9 million increase in revenue as compared to the same period last year. Operating income declined primarily due to changes in project mix with increased volume in our Marine Services division, which is lower margin manpower business, offsetting lower volume in our Oceaneering Technologies, or OTECH division, and the implementation of a discrete new ERP system for ADTech that supports our growth strategy to become a prime contractor to the US government. Fourth quarter 2024 unallocated expenses of $41.1 million were in line with the guidance for the quarter.

與去年同期相比，我們的航空航太和國防技術或 ADTech 2024 年第四季的營業收入下降了 110 萬美元，營業收入利潤率下降至 10%，收入增加了 390 萬美元。營業收入下降主要由於專案組合變化，我們的海洋服務部門（利潤率較低的人力業務）的業務量增加，抵消了我們的海洋工程技術或OTECH部門的業務量下降，以及為ADTech實施了一套新的獨立ERP系統，以支持我們成為美國政府總承包商的成長策略。2024 年第四季未分配費用為 4,110 萬美元，與本季指引一致。

Now, I'll turn my focus to our full year 2024 results compared to 2023. For 2024, consolidated revenue increased 10% to $2.7 billion from $2.4 billion in 2023, with each of our operating segments achieving revenue growth. Consolidated 2024 operating income of $246 million improved by $64.9 million or 36%, and adjusted EBITDA of $347 million improved by $58.2 million or 20% compared to 2023.

現在，我將把重點轉向我們 2024 年全年業績與 2023 年的比較。2024 年，綜合收入將從 2023 年的 24 億美元成長 10% 至 27 億美元，我們的每個營運部門都實現了收入成長。2024 年綜合營業收入為 2.46 億美元，較 2023 年增加 6,490 萬美元（增幅 36%），調整後 EBITDA 為 3.47 億美元，較 2023 年增加 5,820 萬美元（增幅 20%）。

EBITDA gains in our SSR manufactured products and OPG segments more than offset declines in our IMDS and ADTech segment. As compared to 2023, cash flow from operations declined $6.7 million to $203 million due to increased net working capital related to the timing of revenues and increased cash taxes. We invested $107 million in organic capital expenditures, an increase from $101 million in 2023.

我們的 SSR 製造產品和 OPG 部門的 EBITDA 收益超過了我們的 IMDS 和 ADTech 部門的下滑。與 2023 年相比，由於與收入時間相關的淨營運資本增加以及現金稅增加，營運現金流量減少 670 萬美元至 2.03 億美元。我們投資了 1.07 億美元用於有機資本支出，高於 2023 年的 1.01 億美元。

As previously discussed, we also spent approximately $27 million in inorganic capital expenditures which included the acquisition of GDi. For the full year of 2024, free cash flow was $96.1 million compared to $109 million in 2023. At year-end, we had healthy liquidity with $498 million in cash and cash equivalents and an undrawn $250 million credit revolver.

如前所述，我們還花費了約 2,700 萬美元的無機資本支出，其中包括收購 GDi。2024 年全年自由現金流為 9,610 萬美元，而 2023 年為 1.09 億美元。截至年底，我們的流動性狀況良好，擁有 4.98 億美元的現金和現金等價物以及 2.5 億美元未提取的循環信用額度。

Now, turning to our 2025 market outlook. We believe that Oceaneering is well positioned to take advantage of market dynamics in 2025 and beyond. Research services continue to report that breakeven costs and carbon intensity in the offshore operations are lower compared to most other forms of hydrocarbon development. Near-term and long-term oil and gas prices continue to be supportive of a healthy market for the services and products that we provide.

現在，讓我們來談談 2025 年的市場展望。我們相信，Oceaneering 已做好準備，充分利用 2025 年及以後的市場動態。研究服務機構繼續報告稱，與大多數其他形式的碳氫化合物開發相比，海上作業的損益平衡成本和碳強度較低。短期和長期的石油和天然氣價格繼續支持我們所提供服務和產品的健康市場。

We also continue to see growth opportunities within our ADTech segment. Analysts and research services projections for key energy-related metrics that we track indicate that 2025 activity will be flat or slightly positive. We expect that the 2025 forecasted average Brent crude oil price of approximately $75 per barrel will be supportive of stable levels of offshore operating and capital spending throughout the year. The deepwater final investment decision or FID forecast indicates a year-over-year increase in 2025, providing added support for our forecast.

我們也持續看到 ADTech 領域內的成長機會。我們追蹤的分析師和研究服務對關鍵能源相關指標的預測表明，2025 年的活動將持平或略有成長。我們預計，2025 年布蘭特原油平均價格約為每桶 75 美元，將支援全年海上營運和資本支出保持穩定。深水最終投資決策或 FID 預測顯示 2025 年將同比增長，為我們的預測提供了額外支持。

Tree awards and project sanctions are indicators of the 2- to 5-year horizon for activities such as installations, equipment orders and offshore spending. Tree awards are forecasted to engage in 2025 with approximately 285 subsea trees expected to be awarded in 2025 as compared to 216 awards in 2024. Tree installations are forecasted to increase year-over-year with approximately 350 installations forecasted for 2025 as compared to 330 installations in 2024. Drilling rig demand is expected to be flat in 2025.

樹木獎勵和項目制裁是安裝、設備訂單和海上支出等活動2至5年的指標。預計 2025 年將頒發海底採油樹獎項，預計將有 285 棵海底採油樹獲得頒發，而 2024 年則為 216 棵。預計樹木安裝數量將逐年增加，到 2025 年預計安裝數量約為 350 個，而 2024 年安裝數量為 330 個。預計 2025 年鑽井平台需求將持平。

While we view these market indicators as supportive changes in the geopolitical landscape, including changes in regulations and trade policies, may impact the markets we serve and our customers' planned activities. Like our peers, we are closely monitoring the announcements of new tariffs, both by the US and other countries, which we currently do not expect to have a material impact on our energy services and products.

雖然我們將這些市場指標視為地緣政治格局的支持性變化，但包括法規和貿易政策的變化在內的變化可能會影響我們所服務的市場和客戶的計畫活動。與我們的同行一樣，我們正在密切關注美國和其他國家宣布的新關稅，目前我們預計這些關稅不會對我們的能源服務和產品產生重大影響。

We are also monitoring the impact of budgetary reviews in the US under government-related markets. At this time, we expect that the specific defense-related markets that we serve will remain relatively stable with continued growth for the foreseeable future.

我們也正在監測美國預算審查對政府相關市場的影響。目前，我們預計，我們所服務的特定國防相關市場在可預見的未來將保持相對穩定並持續成長。

Now, for our 2025 consolidated outlook for Oceaneering. Based on our year-end 2024 backlog, expected backlog conversion, anticipated 2025 order intake and current market fundamentals, we are projecting our 2025 consolidated revenue to grow by mid- to high single digits with increased revenue in each of our operating segments.

現在，我們來看看 2025 年海洋工程的綜合展望。根據我們 2024 年底的積壓訂單、預期積壓訂單轉換、預期 2025 年的訂單量和目前的市場基本面，我們預計 2025 年合併收入將成長中高個位數，每個營運部門的收入都將增加。

Our expectations for growth in revenue are driven by our expectations for continued pricing progression and favorable year-over-year project mix. We also expect higher operating income and operating income margins in each of our operating segments. While we remain confident in our backlog and sales pipeline, we felt it was prudent to acknowledge the aforementioned geopolitical risks and their potential impact on the markets we participate in.

我們對收入成長的預期源於我們對持續的價格上漲和有利的同比項目組合的預期。我們也預期各個營運部門的營業收入和營業收入利潤率都會提高。雖然我們對我們的積壓訂單和銷售管道仍然充滿信心，但我們認為，承認上述地緣政治風險及其對我們所參與的市場的潛在影響是明智之舉。

As reported yesterday, we have adjusted our EBITDA guidance range for the year. We anticipate generating $380 million to $430 million of EBITDA with the year-over-year improvement being led by our SSR, ADTech and manufactured products segments. At the midpoint of this range, our 2025 EBITDA would represent a 17% increase over our 2024 adjusted EBITDA.

正如昨天報導的那樣，我們已經調整了今年的 EBITDA 指導範圍。我們預計 EBITDA 將達到 3.8 億至 4.3 億美元，年成長主要得益於 SSR、ADTech 和製成品部門的推動。在這個範圍的中間點，我們的 2025 年 EBITDA 將比 2024 年調整後的 EBITDA 成長 17%。

We anticipate generating positive free cash flow of $110 million to $130 million. As has been the case over the past several years, we anticipate a substantial cash draw during the first quarter related to working capital changes associated with vendor payments and customer cash receipts and the payment of performance-based incentive compensation.

我們預計將產生 1.1 億至 1.3 億美元的正自由現金流。與過去幾年的情況一樣，我們預計第一季將出現大量現金支出，這與與供應商付款和客戶現金收據以及基於績效的激勵薪酬支付相關的營運資本變化有關。

For 2025, we forecast our organic capital expenditures to total between $130 million and $140 million. This includes approximately $52 million to $56 million of maintenance capital expenditures and $78 million to $84 million of growth capital expenditures. This total is inclusive of $15 million to $20 million associated with the implementation of a new ERP system.

到 2025 年，我們預測有機資本支出總額將在 1.3 億美元至 1.4 億美元之間。其中包括約 5,200 萬至 5,600 萬美元的維護資本支出和 7,800 萬至 8,400 萬美元的成長資本支出。這項總額包括與實施新 ERP 系統相關的 1,500 萬至 2,000 萬美元。

It is worth noting that the increase in capital expenditures is tied to growth opportunities related to new contracts. We forecast our 2025 interest expense net of interest income to be in the range of $26 million to $30 million. We expect our 2025 cash tax payments to be in the range of $110 million to $120 million. This includes taxes incurred in countries that impose tax based on in-country revenue and bear no relationship to the profitability of such operations.

值得注意的是，資本支出的增加與新合約相關的成長機會有關。我們預測 2025 年的利息支出（扣除利息收入）將在 2,600 萬美元至 3,000 萬美元之間。我們預計 2025 年的現金稅額將在 1.1 億至 1.2 億美元之間。這包括根據國內收入徵稅的國家所產生的稅款，並且與此類業務的盈利能力無關。

Directionally, in 2025 for our operations by segment, for SSR, the expectation for improved results is based on sustained and continued pricing improvement in ROV, a stable overall demand for ROV days and improved results from our survey business. Results for tooling-based services are expected to generally follow ROV days utilized, revenue growth is expected to be in the high single-digit range, and EBITDA margins are expected to average in the mid-30% range for the full year.

方向方面，對於 2025 年我們各部門的營運而言，對於 SSR，業績改善的預期是基於 ROV 價格的持續改善、ROV 天數的總體需求穩定以及我們調查業務業績的改善。預計基於工具的服務的業績將大致與 ROV 使用天數一致，收入成長預計將達到高個位數，EBITDA 利潤率預計全年平均在 30% 左右。

For ROVs, we project that our 2024 service mix of 65% drill support and 35% vessel services will remain generally the same in 2025. We expect to continue to navigate concerns about white space and drilling schedules by maintaining and placing our ROV systems on higher class assets. Our overall ROV fleet utilization during the year is forecasted to range between the high 60 and low 70% with high seasonal activity during the second and third quarters. We expect to sustain our ROV market share in the 55% to 60% range for drill support services.

對於 ROV，我們預計 2024 年的服務組合為 65% 鑽井支援和 35% 船舶服務，這一數字在 2025 年將基本保持不變。我們希望透過維護和將我們的 ROV 系統放置在更高層級的資產上，繼續解決對空白區域和鑽井計劃的擔憂。預計今年 ROV 船隊總體利用率將在 60% 高點至 70% 低點之間，第二季和第三季是季節性活動高峰。我們預計在鑽井支援服務領域，我們的 ROV 市場份額將維持在 55% 至 60% 之間。

We continue to see opportunities to improve ROV revenue per day utilized. In 2024, we saw an increase of 13% year-over-year from $9,315 in 2023 to $10,481 in 2024 with a 2024 exit rate of $10,786. For manufactured products, we expect operating margins to improve in operating results to improve significantly on increased revenue primarily based on conversion of our existing backlog and energy products growth in our Grayloc connectors business and improvements in our nonenergy product lines.

我們不斷看到提高 ROV 每日收入的機會。2024 年，我們看到年增 13%，從 2023 年的 9,315 美元增加到 2024 年的 10,481 美元，2024 年的退出率為 10,786 美元。對於製成品，我們預計營業利潤率將提高，營業業績將因收入增加而顯著改善，這主要基於我們現有積壓訂單的轉換和 Grayloc 連接器業務的能源產品增長以及我們非能源產品線的改進。

For OPG, operating results are forecasted to improve on a flat to slight increase in revenue. These projections are based on expectations for improved vessel utilization in the Gulf of Mexico and West Africa and increased activity levels in Brazil and Asia Pacific. Overall, for 2025, OPG operating income margins are expected to average in the mid-teens range for the year, primarily due to an increase in higher-margin intervention work, including light well intervention and a meaningful reduction in dry dock costs.

對於 OPG 而言，預計經營業績將在收入持平或略有增加的情況下改善。這些預測是基於對墨西哥灣和西非船舶利用率提高以及巴西和亞太地區活動水準提高的預期。總體而言，到 2025 年，OPG 的營業收入利潤率預計平均在 15% 左右，這主要歸因於利潤率較高的干預工作的增加，包括輕型井幹預和乾船塢成本的大幅降低。

IMDS operating results are forecasted to improve significantly on increased revenue with growth opportunities in digital and engineering services. Operating income margin is expected to improve to be in the high single-digit to low double-digit range for the year. ADTech operating results and revenue are expected to be significantly higher.

隨著數位和工程服務的成長機會以及收入的增加，IMDS 的經營業績預計將大幅改善。預計全年營業利潤率將提高至高個位數至低兩位數之間。預計公元科技的經營業績和收入將大幅成長。

We anticipate growth in all three of our government-focused businesses led by OTECH, as we commence work on expected new program awards and recovery in our Space Systems business. Operating income margins are expected to average in the low teens for the year. For 2025, we anticipate unallocated expenses to average approximately $45 million per quarter.

隨著我們開始著手預期的新專案獎勵工作和太空系統業務的復甦，我們預計由OTECH領導的所有三個以政府為中心的業務都將實現成長。預計全年營業利益率平均在10%出頭。到 2025 年，我們預計未分配費用平均每季約為 4,500 萬美元。

Now, I'll discuss our outlook for the first quarter of 2025 as compared to the first quarter of 2024. On a consolidated basis, we expect our first quarter 2025 revenue to increase in EBITDA to significantly increase with EBITDA in the range of $80 million to $90 million. As compared to the first quarter of 2024, our expectations for the first quarter of 2025 by segment are: For SSR, we project revenue to increase in operating results to increase significantly. For OPG, we expect revenue and operating results to improve significantly due to ongoing work from the fourth quarter of 2024 and due to the reduction of dry dock costs and the related loss of vessel days that impacted the first quarter of 2024. For manufactured products, IMDS and ADTech, we expect that revenue and operating results will be similar. We forecast unallocated expenses to be in the range of $45 million.

現在，我將討論我們對 2025 年第一季與 2024 年第一季的展望。從綜合基礎來看，我們預計 2025 年第一季的營收將大幅增加，EBITDA 將達到 8,000 萬美元至 9,000 萬美元之間。與 2024 年第一季相比，我們對 2025 年第一季各部門的預期是：對於 SSR，我們預期營收將增加，經營業績將大幅增加。對於 OPG，我們預計收入和經營業績將顯著改善，這得益於 2024 年第四季度的持續工作以及乾船塢成本的減少以及影響 2024 年第一季的相關船舶天數損失。對於製成品、IMDS 和 ADTech，我們預期營收和經營績效將相似。我們預測未分配費用在 4500 萬美元左右。

In closing, I'd like to again thank our team of Oceaneers. It is their ingenuity, teamwork and commitment to our shared values that drives our success. As we look forward to the future, we remain focused on delivering innovative solutions to our customers, fulfilling our commitments to our shareholders and supporting and empowering our team. We appreciate everyone's continued interest in Oceaneering, and we'll now be happy to take any questions you may have.

最後，我想再次感謝我們的 Oceaneers 團隊。正是他們的聰明才智、團隊合作以及對我們共同價值觀的承諾推動了我們的成功。展望未來，我們將繼續專注於為客戶提供創新解決方案、履行對股東的承諾以及支持和授權我們的團隊。我們感謝大家對 Oceaneering 的持續關注，我們很樂意回答您的任何問題。

(Operator Instructions) Eddie Kim, Barclays.

（操作員指示）巴克萊銀行的 Eddie Kim。

Hi. Good morning. The upward progression of your ROV average revenue per day has been impressive at almost 10,800 in the quarter. Has that increase in pricing over the past several years, has that been driven more by the drilling report side or the vessel-based work or in the combination of both?

你好。早安.本季度，您的 ROV 每日平均收入持續穩定上升，達到近 10,800 美元。過去幾年價格的上漲，更多的是受到鑽井報告、船舶工作還是兩者的推動？

And just given the expectation of a lot of white space this year on deepwater rigs, do you expect maybe a flattish kind of trajectory from 4Q levels through the end of the year? Or do you expect that we'll actually surpass about [11,000] a day as we move through the year?

鑑於今年深水鑽井平台預計將出現大量空白，您是否預計從第四季到年底的走勢可能會比較穩定？或者您是否預計，隨著全年的發展，我們每天的數量實際上會超過 [11,000] 人？

Thanks, Ed. I would say, first of all, the pricing is coming from both. We're seeing improvements in both the vessel and the drill support. And then I guess, we see the days or the activity being flattish, but because it's the realization of price even from the exit rate we have, there's been ongoing negotiations. Obviously, it's not the same, I would say the bites come in smaller bites or the improvements coming from smaller bites.

謝謝，埃德。我想說，首先，定價是兩者共同決定的。我們看到船舶和鑽井支援方面都有所改善。然後我想，我們看到日子或活動持平，但因為這是價格的實現，甚至從我們的退出率來看，談判一直在進行。顯然，這是不一樣的，我想說的是，咬合是成批進行的，或者改進來自於更小的咬合。

But it's still -- we're still seeing some upward progression. So we expect to get even more through 2025 despite the flat days. And again, just kind of reassurance of that, not unlike we had flattish days and flattish activity in 2024. We still see the opportunity to demonstrate value, 99% uptime and get that improvement in price over time.

但我們仍然看到一些向上的進展。因此，儘管產量平淡，但我們預計到 2025 年產量將進一步增加。再次重申，這只是一種安慰，與我們在 2024 年經歷的平淡日子和平淡活動不同。我們仍然看到了展示價值、99% 的正常運行時間以及隨著時間的推移價格改善的機會。

Got it. Understood. And my follow-up is just on your orders within the manufactured products segment. It looks like your book-to-bill for full year '24 was about 1 times, which was a slight decrease from '23 of about 1.3 times book-to-bill. Apologies if I missed it, but for this year, is there any kind of guidance from an orders or book-to-bill perspective on what we should expect?

知道了。明白了。我只是跟進您在製成品領域的訂單。看起來您 24 年全年的訂單出貨比大約是 1 倍，比 23 年的約 1.3 倍訂單出貨比略有下降。如果我錯過了，請原諒，但對於今年，從訂單或訂單出貨比的角度來看，我們應該期待什麼？

We haven't given that guidance, Ed.

我們還沒有給出這樣的指導，埃德。

I think right now, we haven't provided the guidance, but I think in the call notes, Rod did describe our expectation that our sales pipeline remains healthy. And I think that's an indicator of our belief in future orders this year will be coming.

我認為現在我們還沒有提供指導，但我認為在電話會議記錄中，羅德確實描述了我們對銷售管道保持健康的期望。我認為這表明我們對今年的未來訂單充滿信心。

Got it. Great. That's all very helpful. I'll turn it back.

知道了。偉大的。這一切都非常有幫助。我會把它轉回去。

[Kurt Hall], Benchmark Company.

[庫爾特·霍爾]，Benchmark Company。

Hey. Good morning, everybody. Appreciate the color as always. I guess in the context of recent conference calls, we've heard from effectively almost all the offshore drillers that there's going to be a reacceleration of contract activity occurring here through the first part of 2025 and obviously boding well for incremental activity in '26 and '27.

嘿。大家早安。一如既往地欣賞色彩。我想，在最近的電話會議中，我們從幾乎所有海上鑽井商那裡聽說，到 2025 年上半年，這裡的合約活動將重新加速，這顯然預示著 2026 年和 2027 年活動的增量。

So I guess kind of a two-part question around your ROV utilization assumptions for the year. Can you give us a reminder or refresher on how potential downtime or white space on rigs? And how you kind of factor that in for 2025?

所以我想這個問題可以分為兩部分，關於您對今年 ROV 利用率的假設。您能否提醒或重新介紹一下鑽孔機的潛在停機時間或空白區域？您如何將其考慮進 2025 年的情況？

I think it's all in the days. I mean, when we talk about the activity, I think in the rig activity, it's in our plan is flattish. And that's -- it's hard to take the average of what everybody is telling you. I think when Alan and I talk about it, it feels like we're maybe closer to the Transocean story than maybe some of the others. And that's just the blend of the assets we're on. You talk about these higher-quality assets. But I think there's lots of things going on under the water.

我認為這一切都是日子造成的。我的意思是，當我們談論活動時，我認為在鑽井活動中，它在我們的計劃中是持平的。那是——很難取每個人告訴你的東西的平均值。我想，當艾倫和我談論這個問題時，感覺我們可能比其他一些人的故事更接近越洋號的故事。這只是我們擁有的資產的混合。您談論的是這些更高品質的資產。但我認為水下發生了很多事情。

One of the things that's helped us is we've quietly grown our market share in Brazil. And so we're pushing up higher there. We never used to talk that much about Brazil because some of the Petrobras contracts were pretty onerous. And now that we see more of the drilling contractors contracting ROVs directly and they really value up time. We've been able to get better pricing and again, more market share in Brazil.

對我們有幫助的因素之一是我們在巴西的市佔率悄悄擴大。因此，我們正努力提高那裡的水準。我們以前從未談論過太多有關巴西的事情，因為巴西石油公司的一些合約非常繁重。現在我們看到越來越多的鑽井承包商直接承包 ROV，他們確實很重視正常運作時間。我們能夠獲得更優惠的價格，並在巴西獲得更多的市場份額。

So that's one of those things that happens that's sort of in the mix that kind of gives us some protection against the white space that everybody is talking about.

所以這就是發生的事情之一，它在某種程度上為我們提供了一定的保護，避免了大家都在談論的空白。

Okay. Great. Appreciate that. Now, maybe switching gears and just keeping the topic of the mobile robotics forklifts that business segment. I know you guys have shifted your manufacturing to more of an outsourced kind of model. Can you give us an update on how that's progressing? And give us an update on what kind of discussions you've been having with respect to incremental orders for that business?

好的。偉大的。非常感謝。現在，也許可以轉換話題，繼續討論移動機器人堆高機這個業務部門。我知道你們已經將製造模式轉向了外包模式。可以向我們介紹一下進展嗎？請向我們介紹一下您就該業務的增量訂單進行了哪些討論？

I think the best thing is the outsourced manufacturing, we feel good about it. We feel good about the quality coming from there. I think we're watching the pipeline. Customers still very, very bullish. They like the product. They've got their own kind of a shuffling of the deck about we're not just sending these into one factory or two.

我認為最好的是外包製造，我們對此感覺很好。我們對那裡的產品品質感到很滿意。我認為我們正在監視管道。客戶仍然非常非常樂觀。他們喜歡這個產品。他們有自己的一套安排，我們不會只把這些產品送到一家或兩家工廠。

We're servicing multiple factories. So as their schedule changes where they want to put things where they have time to kind of intervene into the production line. That scheduling has been one of the things that we got to keep our eye on as well as developing the next big customer and kind of taking some of these people who have, I would say, taken trial levels of vehicles and turn them into larger volume buyers.

我們為多家工廠提供服務。因此，隨著日程安排的變化，他們希望將事情放到有時間幹預生產線的地方。這種時間安排一直是我們要關注的事情之一，同時我們也正在開發下一個大客戶，並將一些已經試用過車輛的人轉變為大量購買者。

Got it. Okay. And then just one more on the manufacturing product, obviously, a decent book-to-bill on that front. What are some of the -- can you give us a feel for the margin improvement kind of go forward? How much of that is better price backlog? How much of that is more efficient operations? Just a little bit more fleshing that out if you can.

知道了。好的。然後再談一下製造產品，顯然，這方面的訂單出貨比還不錯。您能為我們介紹一下未來利潤率提高的情況嗎？其中有多少是更好的價格積壓？其中有多少是更有效率的營運？如果可以的話，請進一步充實這一點。

Yes. All of the above.

是的。上述所有的。

I was at motion to Rod, I would jump in on this a little bit because I think we have been trying to signal that there is some improved margin sitting in backlog that we were waiting for delivery as long lead materials to come in, which we've been taking receipt of. And that's kind of giving us the confidence in the outlook for 2025 and the increase in revenues and increase in profit.

我當時正在向羅德提出動議，我會稍微參與一下，因為我認為我們一直在試圖表明，積壓訂單的利潤率有所提高，我們正在等待交付長期鉛材料，我們一直在接收這些材料。這讓我們對2025年的前景以及營收和利潤的成長充滿信心。

So a large amount of it is sitting there and it is the efficiency we gain by having continuous throughput in these factories. I mean these are large volume factories and they eat every day as we call it. So getting the utilization in, we absorb more of the overhead cost, UDC costs, as we call it. So that improves margin. That's -- having daily throughput is a nice way to look at it in driving margin progression for us this year.

所以大量的貨物都存放在那裡，而這些工廠的連續生產為我們帶來了效率。我的意思是，這些都是大型工廠，正如我們所說的，他們每天都在吃飯。因此，透過提高利用率，我們可以吸收更多的間接成本，也就是我們所說的 UDC 成本。這樣就提高了利潤率。也就是說，每日吞吐量是觀察我們今年獲利成長的一個好方法。

Yes. And I would -- I'd just comment on book-to-bill. Even though we haven't given guidance, I think just -- we just tell everybody to watch what we're watching. We're looking for those three orders. We're looking for tree installations. And those things kind of are the best indicator of what's out there. If we see year-over-year improvements in both of those, that bodes well for what's going to be let in the umbilical side.

是的。我會—我只想評論一下訂單出貨比。儘管我們沒有給出指導，但我認為只是——我們只是告訴大家關注我們所關注的事情。我們正在尋找這三個訂單。我們正在尋找樹木裝置。這些東西正是那裡存在的東西的最佳指標。如果我們看到這兩項指標逐年改善，那麼這對臍帶的發展來說是一個好兆頭。

Yes. And I'll highlight something Ron had in the call notes here as well. We called out Grayloc products. It's not one we speak about a whole lot, but it's a nice [niche] vessels car that delivers high feature, high pressure connectors and as long as it gets into many different markets.

是的。我也會在這裡重點介紹羅恩在通話記錄中提到的一些內容。我們呼叫了 Grayloc 產品。我們很少談論它，但它是一款不錯的[利基]船舶車，可以提供高性能、高壓連接器，並且能夠進入許多不同的市場。

So I think the team there has been doing a nice job in the last couple of years expanding into new markets. And we continue to see opportunity in that [set].

所以我認為那裡的團隊在過去幾年在拓展新市場方面做得很好。我們繼續看到其中的機會[放]。

Excellent. I appreciate that color as always. Thank you.

出色的。我一如既往地欣賞那種顏色。謝謝。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（操作員指示）Josh Jayne，Daniel Energy Partners。

Thanks. Good morning. First question just on the (inaudible), always moves around a bit. Q4 performance was quite strong and Q1 outlook highlights significantly higher activity year-over-year. Maybe you could go into more detail about not only for Q4. You talked about West Africa, Gulf of Mexico, but also where you see some of the strength coming in 2025 and beyond.

謝謝。早安.第一個問題只是關於（聽不清楚），總是有點移動。第四季的表現相當強勁，而第一季的展望則突顯出其活動量較去年同期大幅增加。也許您可以更詳細地介紹不僅僅是第四季度的內容。您談到了西非、墨西哥灣，也談到了 2025 年及以後將會增強的一些地區。

Thanks, Josh. And yes, we've been trying to do the best to talk about the story because I'm going to go back to we hinted at this when we talked about CapEx deployment. We spent a lot of time looking for these growth things, right? The pieces that are that are in our wheelhouse, in our specialty, but also things that we think grow faster than maybe the rest of the oil field.

謝謝，喬希。是的，我們一直在盡力談論這個故事，因為我將回顧我們在討論資本支出部署時暗示過的這一點。我們花了很多時間尋找這些成長的東西，對嗎？這些東西是我們擅長的，也是我們認為比其他油田增長更快的東西。

If the oilfield tempers a little bit, these are things that are continue to grow because there's uptake on them. [Light intervention] is one of the greatest ones. And we make an investment there. That light well intervention work. I joked that the best -- the cheapest barrels are the ones that are already behind pipe. So if you've got wells that you can rework, you can do the intervention, whether it's a mechanical or hydraulic intervention, I mean those -- that's just really good work. And that's some of the best margin work for us.

如果油田稍微緩和一下，這些東西就會繼續成長，因為它們會被吸收。 [光幹預] 是最偉大的干預之一。我們在那裡進行了投資。那是輕型井幹預工作。我開玩笑說，最好的、最便宜的桶子是那些已經在管道後面的桶子。因此，如果您有可以重新加工的油井，您就可以進行幹預，無論是機械幹預還是液壓幹預，我的意思是那些 - 那隻是非常好的工作。這對我們來說是最好的利潤工作之一。

We're doing it at a lower cost point for the customers because we're using a vessel of opportunity instead of having to have a specialty intervention vessel or a drill rig. So we see the customers getting more and more excited about that again. We see that we can invest in equipment and expand our footprint. That, along with some of the rework of infrastructure like we saw in the Gulf of Mexico and West Africa this year. Those are the things that we really think that have been supportive of the OPG business rather than just call out on our work. Those are longer contracts. Sometimes that equipment gets put on hire for months at a time. And so those things are a great stabilizing piece for the OPG business.

對於客戶來說，我們可以以更低的成本完成這項工作，因為我們使用的是隨機船，而不必使用專業幹預船或鑽井平台。因此我們看到客戶對此再次變得越來越興奮。我們發現我們可以投資設備並擴大我們的足跡。除此之外，還有一些基礎建設的重建，就像我們今年在墨西哥灣和西非看到的一樣。我們確實認為這些是對 OPG 業務的支持，而不僅僅是對我們工作的鼓勵。這些是較長的合約。有時這些設備會被租用幾個月。所以這些對於 OPG 業務來說是一個非常好的穩定因素。

Okay. Thanks. And just I wanted to ask one on the ROV business, more of a focus on the vessel class rather than drill support. Could you speak to your -- the visibility you have in the vessel class ROV market supply/demand today? And where, I guess, how tight the market is today, and the multiyear opportunity set there? Because I would assume, as one of the other questions asked that a decent amount of day rate progression has come from this as well as drill support. So maybe you could just speak to those opportunities as well.

好的。謝謝。我只想問一個關於 ROV 業務的問題，更多地關注船舶級別而不是鑽井支援。您能否談談您對目前船舶級 ROV 市場供需情況的了解？我想問的是，現在的市場緊張程度如何？那裡存在著多年的機會嗎？因為我認為，正如另一個問題所問的那樣，相當數量的日薪增長來自於此以及演習支持。所以也許您也可以談談這些機會。

I'm not -- when you say -- are you talking like on the vessel side, installation vessels versus -- yes. I mean we see a fit. I mean a lot of the really big vessels, pipeline and stuff, a lot of those are done by customers who like to do their own ROVs. So those things aren't so much as you get down into the, what they call a drill support vessel, a multipurpose service vessel or an ROV support vessel.

我不是 — — 當您說 — — 您是在談論船舶方面，安裝船舶與 — — 是的。我的意思是我們看到了契合。我的意思是，很多真正大型的船隻、管道等，很多都是由喜歡自己製造 ROV 的客戶完成的。所以這些東西並不像你所說的鑽井支援船、多用途服務船或 ROV 支援船那麼簡單。

Those are the things we see, and utilization has been good. I mean, when we look for one of those on the OPG side, when we're looking for a vessel of opportunity to go attack a project, we find that the windows are not that easy to find. So I think the utilization of that class were mostly deployed has been pretty strong.

這些都是我們看到的東西，而且利用率很好。我的意思是，當我們在 OPG 方面尋找其中一個時，當我們在尋找機會去攻擊一個專案時，我們發現視窗並不那麼容易找到。所以我認為該類別部署的使用率相當高。

And then maybe one last one, if I may, on M&A. You've made it clear in the past with free cash flow and incremental capital you'd like to invest in potentially disruptive technologies. As some multiples have compressed in the public space, I'm curious if you've seen more M&A opportunities sort of come through over the last six to nine months or if the number of opportunities has sort of remained consistent with where we've been over the last year, and then I'll turn over.

如果可以的話，我最後再問一個關於併購的問題。您過去已經明確表示，您願意透過自由現金流和增量資本投資於具有顛覆性的技術。由於公共領域的一些倍數已經壓縮，我很好奇您是否在過去六到九個月中看到更多的併​​購機會，或者機會的數量是否與去年同期保持一致，然後我會繼續討論。

No. I think there's more stuff. I mean, I think we see more stuff. So that's exciting. We're waiting for our perfect pitch, probably is the way to put that. GDi was great. I mean GDi is such an exciting thing for us because and I'm sure I've said this before, but what I love about it is it's really smart for infrastructure. We get a lot of bang for the buck because what they help you do is by taking a laser scan and a video, you can take that whole picture and determine corrosion and quantify corrosion.

不。我認為還有更多東西。我的意思是，我認為我們看到了更多的東西。這很令人興奮。我們正在等待我們的完美音調，可能就是這種說法。GDi 很棒。我的意思是 GDi 對我們來說是一件令人興奮的事情，因為我確信我以前說過這個，但我喜歡它的原因是它對基礎設施來說真的很聰明。我們獲得了很大的回報，因為他們可以幫助您透過雷射掃描和影片拍攝，您可以拍攝整個圖片並確定腐蝕情況並量化腐蝕。

Cool part is, is that we're working really hard to get that deployed in the water. And we feel very confident that, that's the next thing we get to do. Well, for us, that's a double bonus, right? We've got GDi doing all that interpretation work, but we're taking the video and we're doing laser scanning with ROVs. So anything that creates more dive time for ROVs gives us place. And so we're pretty excited about things like that. So when we're watching the M&A space, we're really looking for the things that we are truly the best owner of.

很酷的是，我們正在努力將其部署到水中。我們非常有信心，這就是我們下一步要做的事情。那麼，對我們來說，這是雙重獎勵，對吧？我們讓 GDi 做所有的解釋工作，但我們正在拍攝影片並使用 ROV 進行雷射掃描。因此，任何能夠為 ROV 創造更多潛水時間的事情都為我們提供了機會。所以我們對這樣的事情感到非常興奮。因此，當我們專注於併購領域時，我們真正尋找的是那些我們真正最合適擁有的東西。

Thanks. I'll turn it back.

謝謝。我會把它轉回去。

That concludes the question-and-answer session. I would like to turn the call back over to Mr. Larson for closing remarks.

問答環節到此結束。我想將電話轉回給拉爾森先生，請他作最後發言。

Thanks, Desiree. Since there are no more questions, I'll just wrap up by thanking everyone again for joining the call. And this concludes our fourth quarter and full year 2024 conference call. Have a great day.

謝謝，Desiree。由於沒有其他問題，我只想再次感謝大家參加這次電話會議。這就是我們 2024 年第四季和全年電話會議的結果。祝你有美好的一天。

Ladies and gentlemen, this conclude today's program. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的節目到此結束。感謝您的參與，您現在可以斷開連接。