Oceaneering International Inc (OII) 2025 Q1 法說會逐字稿

Welcome to Oceaneering's First Quarter 2025 Earnings Conference Call. My name is Julianne and I'll be your conference operator. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speaker's remarks.

歡迎參加 Oceaneering 2025 年第一季財報電話會議。我叫朱莉安，我將擔任您的會議接線生。所有線路均已靜音，以防止任何背景噪音。演講者發言後將有問答環節。

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

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

Thanks, Julianne. Good morning and welcome to Oceaneering's first quarter 2025 results conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website.

謝謝，茱麗安。早安，歡迎參加 Oceaneering 2025 年第一季業績電話會議。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。

Joining us on the call 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.

參加電話會議的還有總裁兼執行長羅德·拉爾森 (Rod Larson) 和高級副總裁兼財務長艾倫·柯蒂斯 (Alan Curtis)，前者將提供我們準備好的評論。

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 1,995. 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 first 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是根據 1995 年《私人證券訴訟改革法》的安全港條款作出的前瞻性陳述。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 財務指標的對帳可參閱我們的第一季新聞稿。歡迎大家在準備好的發言後提問。

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. As we announced in our earnings release yesterday, we outperformed expectations in the first quarter with strong results across our energy services and products. In particular, Subsea Robotics or SSR demonstrated resilient utilization of remotely operated vehicles or ROVs, and Offshore Projects Group or OPG, achieved robust vessel activity, particularly in the Gulf of Mexico and West Africa. In addition, we are proud to announce that our aerospace and defense technologies or ADTech segment was awarded the largest initial contract value in the company history, which is foundational to delivering significant year over year operating income growth in 2025 in this segment.

早上好，感謝您今天參加電話會議。正如我們昨天在收益報告中宣布的那樣，我們第一季的業績超出預期，能源服務和產品均取得了強勁的業績。特別是，海底機器人公司（SSR）展示了遙控車輛或ROV的彈性利用，而海上項目集團（OPG）實現了強勁的船舶活動，特別是在墨西哥灣和西非。此外，我們很自豪地宣布，我們的航空航太和國防技術或 ADTech 部門獲得了公司歷史上最大的初始合約價值，這為該部門在 2025 年實現同比顯著的營業收入增長奠定了基礎。

Looking ahead to the rest of the year, we remain confident in our outlook, even with recent market uncertainties. Our confidence comes from our first quarter, 2025 order intake of approximately $1.2 billion. Our current backlog that has improved from the same time last year, the diversity of the geographies and markets we serve, the optionality afforded by our strong balance sheet, and the commitment of Oceaners worldwide. Including our seasoned leadership team that has led the company through previous market uncertainties. Today I'll focus my comments on our performance for the first quarter of 2025 and our consolidated and business segment outlook for the second quarter and full year of 2025.

展望今年剩餘時間，儘管近期市場存在不確定性，但我們對前景仍充滿信心。我們的信心來自於我們 2025 年第一季約 12 億美元的訂單量。我們目前的積壓訂單較去年同期有所改善，我們所服務的地域和市場的多樣性，我們強大的資產負債表所提供的可選性，以及全球海洋人的承諾。包括我們經驗豐富的領導團隊，他們帶領公司度過了先前的市場不確定時期。今天，我將重點放在我們 2025 年第一季的業績以及 2025 年第二季和全年的合併和業務部門展望。

Now for the first quarter results. For the first quarter, we reported net income of $50.4 million or $0.49 per share, a 233% year over year increase.

現在來看看第一季的業績。第一季度，我們報告淨收入為 5,040 萬美元，即每股 0.49 美元，年增 233%。

Consolidated revenue of $675 million improved by 13% compared to our first quarter of 2024, with year over year revenue increases in all of our energy businesses. Compared to the first quarter of 2024, first quarter of 2025 consolidated operating income of $73.5 million doubled, and our consolidated adjusted earnings before interest, taxes, depreciation, and amortization, or EBITA of $96.7 million improved 57%. These results were largely driven by SSR and OPG. In SSR year over year we realized an 8% increase in average ROV revenue per day utilized, which, coupled with a 4% increase in days utilized drove a 25% increase in the segments EBITDA. In OPG we had a favorable service mix, improved vessel activity levels and lower drydock costs, which contributed to OPG's revenue increase of 43% and operating income increase by orders of magnitude.

綜合收入為 6.75 億美元，與 2024 年第一季相比成長了 13%，所有能源業務的收入均較去年同期成長。與 2024 年第一季相比，2025 年第一季的綜合營業收入 7,350 萬美元增長了一倍，綜合調整後息稅折舊攤銷前利潤（EBITA）為 9,670 萬美元，增長了 57%。這些結果主要由 SSR 和 OPG 推動。在 SSR 方面，我們實現了 ROV 每日平均收入年增 8%，再加上使用天數增加 4%，推動了該部門 EBITDA 成長 25%。在 OPG，我們擁有良好的服務組合、提高的船舶活動水準和降低的乾船塢成本，這有助於 OPG 的收入成長 43%，營業收入也大幅增加。

Now let's look at our business operations by segment for the first quarter of 2025 as compared to the first quarter of 2024. SSR operating income of $59.6 million was 35% higher on a 10% increase in revenue. Even a margin also improved year over year to 35% from 31%, reflecting ROV pricing progression and improved execution in our ROV and tooling businesses. Average ROV revenue per day utilized increased to $10,788. Fleet utilization improved to 67%, and days utilized increased to $15,093 ROV fleet used during the quarter was 62% in drill support and 38% in vessel-based activity compared to 66% and 34% respectively in the first quarter of 2024. The revenue split between our RV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was 79% and 21% respectively.

現在讓我們來看看 2025 年第一季與 2024 年第一季相比各部門的業務運作。SSR 營業收入為 5,960 萬美元，在收入增加 10% 的情況下，成長了 35%。利潤率也比去年同期從 31% 提高至 35%，這反映了 ROV 定價的進步以及 ROV 和工具業務執行力的提高。ROV 每日平均收入增至 10,788 美元。船隊利用率提高至 67%，利用天數增至 15,093 天，本季使用的 ROV 船隊中，62% 用於鑽井支持，38% 用於船舶活動，而 2024 年第一季分別為 66% 和 34%。我們的 RV 業務和綜合工具及調查業務的收入占我們 SSR 總收入的百分比分別為 79% 和 21%。

As of March 30, 2025, we had 60% of the contracted floating rig market with ROV contracts on 79 of the 131 floating rigs under contract. We maintained our fleet count of 250 ROV systems. Turning to manufactured products, our first quarter, 2025 revenue increased 4% year over year. Operating income of $8.7 million declined significantly, and operating income margin of 6% declined, primarily due to a $10.4 million inventory reserve related to our theme park ride business.

截至 2025 年 3 月 30 日，我們佔據了合約浮動鑽井平台市場的 60%，在簽訂合約的 131 座浮動鑽井平台中，有 79 座簽訂了 ROV 合約。我們的 ROV 系統數量維持在 250 套。談到製成品，我們 2025 年第一季的營收年增 4%。營業收入 870 萬美元大幅下降，營業收入利潤率 6% 下降，主要原因是與主題樂園遊樂設施業務相關的 1,040 萬美元庫存儲備。

Excluding this reserve, the operating income margin would have been approximately 14%. Our backlog on March 31st, 2025 was $543 million a decrease of $54 million from the first quarter of 2024. OPG achieved significant year over year improvements in revenue, operating income, and operating income margin. First quarter of 2025 operating income of $35.7 million and the operating income margin of 22% benefited from the continuation of international projects that commenced in the fourth quarter of 2024 and are expected to conclude in the second quarter of 2025. Improved vessel activity in the Gulf of Mexico. And from the absence of drydock costs and the associated loss of vessel days that impacted the first quarter of 2024. For integrity management and Digital Solutions or IMDS, both revenue and operating income were flat compared to the same period in 2024.

除去這筆儲備，營業利潤率約 14%。截至 2025 年 3 月 31 日，我們的積壓訂單為 5.43 億美元，比 2024 年第一季減少了 5,400 萬美元。OPG 的收入、營業收入和營業收入利潤率較去年同期均有顯著提高。2025 年第一季的營業收入為 3,570 萬美元，營業收入利潤率為 22%，這得益於 2024 年第四季開始並預計將於 2025 年第二季結束的國際項目的延續。墨西哥灣的船舶活動有所改善。此外，由於沒有乾船塢成本以及相關的船舶天數損失，對 2024 年第一季產生了影響。對於完整性管理和數位解決方案或 IMDS，營收和營業收入與 2024 年同期相比持平。

ADTech operating income and operating income margin both declined slightly as compared to the first quarter of 2024 on relatively flat revenue. The declines were due to readiness costs to enable our role as a prime contractor on the recently announced large contract award. Unallocated expenses of $44.6 million were in line with our guidance for the quarter. In the first quarter of 2025, we utilized $80.7 million of cash in operating activities and $26.1 million in capital expenditures, resulting in negative free cash flow of $106.8 million. In addition, we repurchased approximately $10 million worth of shares of our common stock. Consistent with prior years, our cash balance declined during the first quarter with an ending cash position of $382 million. And no borrowings under our secured revolving credit facility.

與 2024 年第一季相比，ADTech 的營業收入和營業收入利潤率均略有下降，但收入相對持平。下降的原因是，為了在最近宣布的大型合約授予中擔任總承包商，我們付出了準備成本。4,460 萬美元的未分配費用符合我們對本季的預期。2025 年第一季度，我們在經營活動中使用了 8,070 萬美元的現金，在資本支出中使用了 2,610 萬美元，導致自由現金流為負 1.068 億美元。此外，我們也回購了價值約 1,000 萬美元的普通股。與往年一致，我們的現金餘額在第一季有所下降，期末現金餘額為 3.82 億美元。且我們的擔保循環信貸安排下不會發生任何借款。

Now I'll address our outlook for the second quarter of 2025. On a consolidated basis as compared to the second quarter 2024, we expect our second quarter 2025 revenue and EBITDA to increase, with EBITDA expected to be in the range of $95 to $105 million.

現在我將談談我們對 2025 年第二季的展望。與 2024 年第二季相比，我們預計 2025 年第二季的營收和 EBITDA 將會增加，EBITDA 預計在 9,500 萬至 1.05 億美元之間。

As compared to the second quarter of 2024. Our expectations for the second quarter of 2025 results by segment are for SSR we project increased revenue and operating results. Even a margin is projected to be in the mid-30% range. For manufactured products, we expect relatively flat revenue and improved operating results. For OPG, we project relatively flat revenue and significantly higher operating results. For IMDS, we forecast relatively flat revenue and improved operating results. For ADTech, we anticipate increased revenue and significantly improved operating results, and we project unallocated expenses to be in the $45 million range.

與 2024 年第二季相比。我們對 2025 年第二季各分部業績的預期是：對於 SSR，我們預期營收和經營業績將會成長。預計利潤率也將達到 30% 左右。對於製成品，我們預期收入相對持平，經營績效將有所改善。對於 OPG，我們預期收入相對持平，但經營業績將大幅提高。對於 IMDS，我們預測營收將相對持平，但經營業績將有所改善。對於 ADTech，我們預計收入將增加，經營業績將顯著改善，我們預計未分配費用將在 4,500 萬美元左右。

Directionally for a full year 2025 operations by segment as compared to 2024, we expect for SSR we continue to forecast improved operating results on a high single digit increase in revenue. SSR even in margins are projected to average in the mid-30% range for the full year. For ROVs, we estimate that our overall ROV fleet utilization will be in the high 60% to low 70% range, with a slightly higher percentage of vessel-based activities than in recent years. We expect to sustain our ROV market share for drill support services in the 55 to 60% range.

與 2024 年相比，我們預計 2025 年全年各部門營運方向將有所改善，SSR 的收入將實現高個位數成長。預計全年 SSR 甚至利潤率也將平均達到 30% 左右。對於 ROV，我們估計我們的整體 ROV 船隊利用率將在 60% 高點到 70% 低位之間，其中基於船舶的活動比例將比近年來略高。我們預計我們的 ROV 鑽井支援服務市場份額將維持在 55% 至 60% 之間。

For manufactured products, we project significantly improved operating income on better operating margins and increased revenue based on our current backlog of $543 million and improvements in our non-energy product lines.

對於製成品，我們預計，基於目前 5.43 億美元的積壓訂單和非能源產品線的改進，更高的營業利潤率和更高的收入將帶來顯著的營業收入成長。

We expect our book to build ratio will be in the range of 0.9 to 1.0 for the full year, just to point out at the midpoint of our book to build guidance and with our guidance for revenue growth, we are predicting a year over year increase in order intake.

我們預計全年訂單量與建設量之比將在 0.9 至 1.0 之間，這只是指出了訂單量與建設量指引的中點，並且根據我們的收入增長指引，我們預測訂單量將同比增長。

As demonstrated by OPG's strong first quarter performance, we continue to expect year over year operating results to improve on flat to slightly increased revenue with improved vessel utilization in the Gulf of Mexico and West Africa and increased activity in Brazil and Asia Pacific. Overall, for 2025, OPG operating income margin is expected to be in the mid-teens range.

正如 OPG 在第一季的強勁表現所表明的那樣，我們繼續預計，隨著墨西哥灣和西非船舶利用率的提高以及巴西和亞太地區的活動增加，營運業績將同比改善，收入將持平或略有增加。總體而言，到 2025 年，OPG 的營業收入利潤率預計將達到十幾歲左右。

For IMDS, we forecast significantly improved operating results on increased revenue, with operating income margin to be in the mid to high single digit range for the full year. These improved results reflect the positive impact of our acquisition of Global Design Innovation, or GDI, as well as the absence of losses from the divestiture of the Maritime Intelligence Division in 2024.

對於 IMDS，我們預測其收入增加將帶來經營績效的顯著改善，全年的經營利潤率將達到中高個位數範圍。這些改善的結果反映了我們收購全球設計創新（GDI）的正面影響，以及 2024 年剝離海事情報部門所造成的損失。

For ADTech, operating results are expected to improve significantly on increased revenue, which is largely attributable to the previously announced Department of Defense contract award. Operating income margin is expected to be in the low 10s range for the year.

對於 ADTech 而言，預計經營業績將因收入增加而大幅改善，這主要歸功於先前宣布的國防部合約授予。預計全年營業利潤率將在 10% 以下。

Returning to our 2025 market outlook in our fourth quarter 2024 earnings release, we revised the bottom end of our full year 2025 EBITDA guidance in acknowledgment that we may be impacted by different geopolitical uncertainties, including tariffs and regulatory changes. Since then, further announcements related to tariffs, retaliatory tariffs, and OPEC plus production have continued to generate concerns across the energy sector. We believe that our prior and affirmed guidance appropriately accounts for these risks, but we will continue to evaluate the potential impacts of these and other factors.

回顧我們在 2024 年第四季財報中對 2025 年市場前景的展望，我們修改了 2025 年全年 EBITDA 指引的底端，承認我們可能會受到不同地緣政治不確定性的影響，包括關稅和監管變化。自那時起，有關關稅、報復性關稅以及歐佩克增產的進一步公告繼續引起整個能源產業的擔憂。我們相信，我們先前確認的指導適當地考慮了這些風險，但我們將繼續評估這些因素和其他因素的潛在影響。

Oceaneering remains well positioned to take advantage of market dynamics even in uncertain times. We have a strong backlog across our energy and government businesses and recognize the aforementioned $1.2 billion order intake in the first quarter of 2025.

即使在不確定的時期，Oceaneering 仍然能夠充分利用市場動態。我們的能源和政府業務有大量積壓訂單，並確認 2025 年第一季的訂單量為 12 億美元。

While Brent crude prices have been revised downward to the range of $60 to $70 per barrel in 2025, we believe these levels remain supportive of sustainable levels of offshore operating and capital spending.

儘管布蘭特原油價格已下調至 2025 年每桶 60 至 70 美元的區間，但我們認為這些價格水準仍可支撐可持續的海上作業和資本支出水準。

In summary, our strong first quarter 2025 performance, along with the strength and diversity of our backlog, give us the confidence to reiterate our prior full year 2025 guidance, including EBITA in the range of $380 to $430 million. We appreciate everyone's continued interest in oceaneering, and we will now be happy to take any questions you may have.

總而言之，我們 2025 年第一季的強勁表現，加上我們積壓訂單的強度和多樣性，使我們有信心重申我們先前 2025 年的全年指引，包括 3.8 億至 4.3 億美元的 EBITA。我們感謝大家對海洋工程的持續關注，現在我們很樂意回答你們的任何問題。

Thank you. If you would like to ask a question, please press star, followed by the number one on your telephone keypad. We'll pause for just a moment and file the Q&A roster.

謝謝。如果您想提問，請按下電話鍵盤上的星號，然後按數字 1。我們將暫停一會兒並提交問答名單。

Our first question will come from David Smith from Pickering Energy Partners. Please go ahead, your line is open.

我們的第一個問題來自 Pickering Energy Partners 的 David Smith。請繼續，您的線路已開通。

Hey, good morning and thank you for taking my question.

嘿，早上好，感謝您回答我的問題。

Morning, David.

早安，大衛。

I wanted to ask about GDI, which I think you acquired about 6 months ago, but you've been working with them for longer. Can you talk about how you see the opportunities to grow that business and what kind of pull that could have on demand for your ROVs over time?

我想問一下 GDI 的情況，我記得你們大約在 6 個月前收購了該公司，但你們與他們合作的時間更長。您能否談談您如何看待發展該業務的機會，以及隨著時間的推移，這會對您的 ROV 需求產生什麼樣的吸引力？

Yeah, so great question, David, thanks. I think you know we've been talking about this opportunity, particularly for IMDS, and it's why we put this emphasis on, integrity management but also data solutions. This data driven approach has really helped us do more sort of AI machine learning assessment of offshore platforms, meaning, hey, we can go out there, we can gather data, and we can do predictive modeling to help them, number one, avoid any sort of equipment failure, but number two, also maintain a more robust inspection campaign with fewer personnel hours. So that's kind of the gist of GDI and we think a lot of the customers are really excited about that opportunity to know more with fewer people on the on the platform. So that's a great combination. The exciting part for us and one of the reasons we really like GDI is there's also an opportunity to do the same thing underwater. It's a laser scanning video approach that we can deploy on ROVs, and we can do the same sort of analysis on subsea infrastructure with ROVs. So, we're in the testing phase of that and we're confident that it will be a robust solution and therefore drive, what currently doesn't exist this underwater inspection with this sort of technology and that'll create more dive hours for ROVs.

是的，這個問題問得非常好，大衛，謝謝。我想你知道我們一直在談論這個機會，特別是對於 IMDS 而言，這就是我們強調完整性管理和資料解決方案的原因。這種數據驅動的方法確實幫助我們對海上平台進行了更多類型的人工智慧機器學習評估，這意味著，我們可以去那裡收集數據，並且可以進行預測建模來幫助他們，首先，避免任何類型的設備故障，其次，還可以用更少的人工時間維持更強大的檢查活動。這就是 GDI 的要點，我們認為很多客戶都對這個機會感到非常興奮，因為他們可以在平台上用更少的人了解更多資訊。這是一個很好的組合。對我們來說令人興奮的部分以及我們真正喜歡 GDI 的原因之一是，我們還有機會在水下做同樣的事情。這是我們可以在 ROV 上部署的雷射掃描視訊方法，我們可以使用 ROV 對海底基礎設施進行相同類型的分析。因此，我們正處於測試階段，我們相信這將是一個強大的解決方案，因此可以推動目前尚不存在的利用此類技術進行水下檢查的技術，並為 ROV 創造更多的潛水時間。

That's great caller. I appreciate that. And sorry if I missed it, but did you provide the mix of ROV support in the first quarter?

太棒了，來電者。我很感激。如果我錯過了，很抱歉，但是您是否在第一季提供了 ROV 組合支援？

Yes, we were 62% drill support 38% vessel based.

是的，我們的 62% 是基於鑽探支援的，38% 是基於船隻的。

Great thank you and.

非常感謝。

And just That’s a slight shift there.

這就是一個微小的轉變。

Related to, I think I heard you say earlier for the full year outlook, expecting a higher mix of vessel activity compared to recent years. Just wanted to ask if there was anything in particular driving that if it's partnerships or just you know being opportunistic.

與此相關，我想我早些時候聽您說過，對於全年前景，預計船舶活動的組合將比近年來更高。只是想問一下，是否有任何特別的因素推動這個進程，是合作關係還是機會主義。

I think it's sort of all of the above, David. I mean, we've got some of the some of the larger construction vessels we're on are active. I mean, we see them. They've got this great opportunity. They're going back and forth right now between energy and wind, especially international wind, and those vessels go all over the world, so they're able to stay busy. I mean they really do go where the work is. So being on those types of vessels. Be really helpful. And then of course the increase in activity for OPG drives vessel demand for us and a lot of tooling demand. That's the other thing when we're operating on our vessels generally we've got, greater not just the ROVs but the tooling as well.

我認為以上都是這種情況，大衛。我的意思是，我們的一些大型施工船正在積極開展工作。我的意思是，我們看到了它們。他們得到了這個絕佳的機會。他們現在在能源和風能之間來回奔波，特別是國際風能，這些船隻遍布世界各地，所以他們能夠保持忙碌。我的意思是他們確實會去有工作的地方。所以在那些類型的船上。確實有幫助。當然，OPG 活動的增加會推動我們對船舶的需求以及大量工具的需求。這是我們通常在船上操作時所擁有的另一件事，不僅有 ROV，還有工具。

It's a great call. I appreciate it. Turn it back.

這是一個非常棒的呼籲。我很感激。把它翻回去。

Thanks.

謝謝。

Our next question will come from Eddie Kim from Barclays. Please go ahead. Your line is open.

我們的下一個問題來自巴克萊銀行的 Eddie Kim。請繼續。您的線路已開通。

Hi, good morning. So, you reiterated the full year EBITDA guidance, despite the volatility in commodity prices over the past month. Sounds like you're fairly confident in activity levels in the second half of the year. Could you just talk about your confidence level, on kind of second half activity, holding up just based on customer conversations that you've been having it and definitely, I mean, and to the extent that customers were to pull back on spending if oil prices declined, below $60 which segments would we see that impact first in your financials?

嗨，早安。因此，儘管過去一個月大宗商品價格波動，您仍重申了全年 EBITDA 指引。聽起來您對下半年的活動量相當有信心。您能否根據與客戶的溝通情況，談談您對下半年活動的信心水平，當然，我的意思是，如果油價下跌至 60 美元以下，客戶是否會減少支出，我們會在您的財務狀況中首先看到哪些部分受到影響？

I think, well, first of all, let me address the confidence. I mean, we see the orders come in and the backlog build, remember the backlog build, obviously we had a great component from ADTech, but we also see it in all the business. We see adding days for OPG. We see, shoring up some of the spec work for in the SSR business and IMDS as well. So, it's that build in that pipeline actually, our pipeline looks strong. We see an increased pipeline year over year and that pipeline I would call out that not only is it growing, but there's also some great diversification in there and there's some OpEx related work in there. So those are the things that kind of to me, that OpEx related work is the stuff that happens through cycle more often than not. I mean, it's the things that keep up production they have to keep doing and to also deal with anything that comes up. So, I think those are the things I spent some time with customers. We've been going to all the conferences where we get to sit with our peers and our customers. I think that as of right now they're not worried about long term effects so much, so they're keeping work going. They're talking not just about their forecasts, but I mean I've got a lot of great feedback on our executions. So, I feel like our customer relationships are strong and so that we'll be able to stay active through this year. I think if we start to see a longer cycle, something that looks, we'll hear more about that, but it doesn't seem like that's going to affect, anything outside of our guidance for 2025. The other thing you ask what happens first? I think you look at previous cycles, we see things like high costs like drilling rigs or the SSR stuff might come off, might first. OPG sometimes comes off, but on the other hand, and I've said this probably enough times to be annoying, but the cheapest barrels are behind pipe. And so, when we think about light well intervention, some of the IMR work we do, I mean that work is high return. Generally, the customers get good payback on a lot of the work we do with OPG. So, if you're going to start cutting your budget, it's probably not the easiest thing to cut. I think you want to maintain those current assets, so. I'd say that while they're, while they do see some of that volatility for call out work, generally the market doesn't drop off early and then of course long pipeline on some of the other work the IMDS contracts are longer the backlog in the manufactured products is longer and ad tech doesn't apply here. So I think that's kind of the order of kind of time dependency on decisions.

我認為，首先，讓我談談信心問題。我的意思是，我們看到訂單進來，積壓訂單增加，記住積壓訂單增加，顯然我們從 ADTech 獲得了一個很棒的組件，但我們也在所有業務中看到了它。我們看到 OPG 的天數在增加。我們看到，SSR 業務和 IMDS 中的一些規格工作也得到了加強。因此，實際上就是在該管道中建造的，我們的管道看起來很強大。我們看到管道數量逐年增加，我想說的是，管道不僅在增長，而且其中還存在很大的多樣化，並且包含一些與營運支出相關的工作。所以對我來說，這些是與 OpEx 相關的工作，是整個週期中經常發生的事情。我的意思是，他們必須繼續做這些事情來保持生產，同時還要處理任何出現的問題。所以，我認為這些都是我花了一些時間與客戶相處的事情。我們參加了所有的會議，在那裡我們可以與我們的同行和客戶坐在一起。我認為截至目前為止他們並不太擔心長期影響，所以他們會繼續工作。他們談論的不僅僅是他們的預測，我的意思是我對我們的執行情況有很多很好的回饋。因此，我覺得我們的客戶關係很牢固，因此我們今年能夠保持活躍。我認為，如果我們開始看到一個更長的周期，我們就會聽到更多有關這方面的消息，但這似乎不會影響我們對 2025 年的指導之外的任何事情。您問的另一件事是什麼？我認為，回顧一下先前的周期，我們會看到諸如鑽井平台或 SSR 等高成本的東西可能會首先出現。OPG 有時會脫落，但另一方面，我可能已經說過很多次了，很煩人，但最便宜的桶子在管道後面。因此，當我們考慮輕型井幹預時，我們所做的一些 IMR 工作，我的意思是這些工作回報很高。總體而言，我們與 OPG 合作完成的許多工作都為客戶帶來了豐厚的回報。因此，如果您要開始削減預算，這可能不是一件最容易的事情。我認為您想保留這些現有資產，所以。我想說的是，雖然他們確實看到了呼叫工作的一些波動，但一般來說市場不會提前下滑，當然，其他一些工作的管道很長，IMDS 合約更長，製造產品的積壓時間更長，廣告技術在這裡不適用。所以我認為這是決策對時間依賴的一種順序。

For any additional questions, please press star followed by one on your telephone keypad.

如有任何其他問題，請在電話鍵盤上按下星號，然後按 1。

Our next question comes from Colby Sasso.

下一個問題來自 Colby Sasso。

Hey Eddie, did we lose you or do you have another question?

嘿，艾迪，我們失去你了嗎？或者你還有其他問題嗎？

Sorry about that. I, my phone was put on mute for that. Yeah, just my follow up actually is on ROVs, average revenue per day, which looked like, it helped flat sequentially for the first time in about six quarters. Just given market conditions, I mean, should we expect this ROVs day rate to remain kind of fairly steady through the end of the year, or would you expect it to exceed 11,000 at some point this year?

很抱歉。我的手機因此調成了靜音。是的，我的後續關注點實際上是 ROV，即每日平均收入，這看起來是六個季度以來首次環比持平。僅考慮到市場條件，我的意思是，我們是否應該預期 ROV 日費率在年底前保持相當穩定，或者您是否預計它在今年某個時候會超過 11,000？

Yeah, Eddie, this is Alan. We're still projecting that we would be able to get some level of pricing. You know our guidance last time was it would be a little bit more muted than what we saw our ability to move price in 2024. The team is projecting probably in that 5% to 10% exit rate increase.

是的，艾迪，這是艾倫。我們仍然預計我們能夠獲得一定程度的定價。您知道，我們上次的指導是，它將比我們在 2024 年看到的改變價格的能力稍微溫和一些。該團隊預計退出率可能會增加 5% 至 10%。

So we do expect to touch on 11,000 per day though.

因此我們確實預計每天的銷量將達到 11,000 輛。

Okay. Great, thanks for that. I'll turn it back.

好的。太好了，謝謝。我會把它轉回去。

Thanks.

謝謝。

As a reminder for any additional questions, please press star followed by the number one on your telephone keypad.

提醒一下，如果您還有其他問題，請在電話鍵盤上按星號，然後按數字 1。

Our next question comes from Colby Sasso from Daniel Energy Partners. Please go ahead. Your line is open.

下一個問題來自 Daniel Energy Partners 的 Colby Sasso。請繼續。您的線路已開通。

Hi, thanks for having me on. We continue to see a lack of incremental contracts on the rig side, yet utilization of your assets and drill support continues to be strong, even if the rig count falls throughout 2025. How are you looking at the opportunities to grow the ROV business in 2026 and beyond?

嗨，謝謝你邀請我。我們仍然看到鑽機方面的增量合約不足，但即使 2025 年鑽機數量下降，您的資產和鑽井支援的利用率仍然保持強勁。您如何看待 2026 年及以後 ROV 業務的成長機會？

Yeah, Colby, I think it really depends on, we see this shift in vessel activity and so as the vessel activity remains strong or even increases in some cases in intensity, that would be the biggest offset. But again, I think unfortunately those things don't operate independently. So, if you see a protracted negative sentiment and everybody pull back. I think if they start dropping rigs and wind absorbs as much and I'm talking about international wind obviously the US wind is challenged, but if they absorb what they can on the vessel side beyond that, I think it's a challenging market. We don't see that happening in 2025. I don't, as I mentioned before, our customer conversations, we talk to customers who say, one person throws out that it has to be sub 50 before they reduce their active rig count. I mean, anecdotally it just doesn't look like, especially thinking about, remember we operate for the big operators. They got long term plans in deep water. So unless this looks like a protracted downturn, generally these 10-year projects, 20-year projects with longer life cycles than that, they don't bend easily for what looks like a short-term drop-in commodity price. So, I think overall we're starting to see more of that.

是的，科爾比，我認為這真的取決於我們看到的船隻活動的這種轉變，因此，當船隻活動保持強勁，甚至在某些情況下強度增加時，這將是最大的抵消。但不幸的是，我認為這些事情並不能獨立運作。因此，如果你看到長期的負面情緒，每個人都會退縮。我認為，如果他們開始放棄鑽井平台，並且風能吸收那麼多，我指的是國際風能，那麼顯然美國風能將面臨挑戰，但如果他們在船舶方面盡可能地吸收，我認為這是一個充滿挑戰的市場。我們認為 2025 年不會發生這種情況。正如我之前提到的，在與客戶的對話中，我們與客戶交談時，有人說，在減少活躍鑽機數量之前，有人提出必須將其控制在 50 以下。我的意思是，從軼事來看，這看起來並不像，尤其是考慮到，記住我們是為大運營商運營的。他們有深遠的長期計劃。因此，除非這看起來像是一場長期衰退，否則這些為期 10 年或 20 年、生命週期更長的項目通常不會因為商品價格短期下跌而輕易屈服。所以，我認為總體而言我們開始看到更多這樣的情況。

Yeah, I might add one additional thing here, Colby is. We had the question earlier from David Smith about GDI, and I think it's also one of those of how do we start to feed more days into ROV and GDI is an excellent example of why we invest in that business. So being able to go out and do more work with ROVs, not only just getting the pictures and the data set, but also if you see anomalies, then you need to take your vessel with OPG back out and go perform work which we always say we're a solution provider here at Oceaneering, and so we provide tooling as well. So it's not just about the ROV, but it's also what we do with the ROV and how we operated with the vessels with the toolings suites that we offer as well.

是的，我想在這裡補充一點，科爾比是。我們之前曾向 David Smith 提出過有關 GDI 的問題，我認為這也是我們如何開始為 ROV 投入更多時間的問題之一，而 GDI 就是我們投資該業務的一個很好的例子。因此，能夠利用 ROV 進行更多的工作，不僅可以獲得圖片和資料集，而且如果您發現異常，那麼您就需要帶著 OPG 帶著您的船出去執行工作，我們總是說我們是 Oceaneering 的解決方案提供商，所以我們也提供工具。因此，這不僅涉及 ROV，還涉及我們如何使用 ROV 以及我們如何利用我們提供的工具套件來操作船隻。

So I think we offer a more holistic solution to many of our customers.

所以我認為我們為許多客戶提供了更全面的解決方案。

Thank you so much for the call. I'll turn it back.

非常感謝您的來電。我會把它轉回去。

Thank you, Colby.

謝謝你，科爾比。

We have no further questions.

我們沒有其他問題了。

Thank you. I'd like to turn the call over to Rod Larson for any closing remarks.

謝謝。我想將電話轉給羅德·拉爾森 (Rod Larson) 來做最後發言。

Awesome. Well, thank you. Since there are no more questions, I'll just wrap up by thanking everyone for joining the call.

驚人的。好的，謝謝你。由於沒有其他問題，我只想感謝大家參加這次電話會議。

This concludes our first quarter 2025 conference call. Thanks everybody.

我們的 2025 年第一季電話會議到此結束。謝謝大家。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。