Oceaneering International Inc (OII) 2025 Q2 法說會逐字稿

Welcome to Oceaneering's Second Quarter 2025 Earnings Conference Call. My name is Rob, and I will be your conference operator. (Operator Instructions).

歡迎參加 Oceaneering 2025 年第二季財報電話會議。我叫羅布，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.

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

Thanks, Rob. Good morning, and welcome to Oceaneering's Second Quarter 2025 Earnings Conference Call. Today's call is being webcast, and a replay will be available on Oceaneering's website. 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. After Rod's remarks, we'll open up the call for questions.

謝謝，羅布。早安，歡迎參加 Oceaneering 2025 年第二季財報電話會議。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。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)。羅德講話結束後，我們將開始提問。

Before we begin, I'd 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 second quarter press release, which is posted on our website.

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、業務策略、未來營運計劃和行業狀況的陳述均為前瞻性陳述，符合 1995 年《私人證券訴訟改革法》的安全港條款。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 財務指標的對帳可在我們網站上發布的第二季新聞稿中找到。

I'll now turn the call over to Rod.

我現在將電話轉給羅德。

Hey, good morning, everybody, and thanks for joining the call today. I continue to be incredibly proud of our team's consistent delivery against our guidance. When we provided our adjusted EBITDA guidance during the first quarter earnings call, we projected a quarterly year-over-year increase of 16%. We delivered a 20% increase in consolidated adjusted EBITDA.

嘿，大家早安，感謝大家參加今天的電話會議。我繼續為我們的團隊始終如一地按照我們的指導交付成果感到無比自豪。當我們在第一季財報電話會議上提供調整後的 EBITDA 指引時，我們預計季度將年增 16%。我們的合併調整後 EBITDA 成長了 20%。

This marks eight straight quarters of meeting or exceeding our adjusted EBITDA guidance range and 12 quarters out of the last 13. This kind of consistency speaks volumes about the strength of our execution and the resilience of our business.

這標誌著我們連續八個季度達到或超過調整後的 EBITDA 指導範圍，並且在過去 13 個季度中有 12 個季度達到或超過指導範圍。這種一致性充分說明了我們的執行力和業務的彈性。

In the second quarter of 2025, all of our operating segments contributed to beating the midpoint of our guidance by delivering quarterly year-over-year improvements in revenue, operating income and operating income margin. In particular, Aerospace and Defense Technologies or ADTech, improved its results as work commenced on several recent contract awards.

2025 年第二季度，我們所有的營運部門均實現了收入、營業收入和營業收入利潤率的季度同比增長，為超越預期中點做出了貢獻。尤其是航空航太和國防技術公司（ADTech），隨著最近幾項合約授予工作的開始，其業績有所改善。

Our Offshore Projects Group, or OPG successfully completed higher-margin well intervention and well stimulation products in international locations, which drove a significant increase in their operating income and an expansion of their operating income margin.

我們的海上專案集團（OPG）在國際地區成功完成了利潤率更高的井幹預和井刺激產品，這推動了其營業收入的大幅增長和營業收入利潤率的擴大。

Manufactured Products results improved as we progressed higher-margin backlog through our manufacturing plants and not to be missed, our average Remotely Operated Vehicles or our ROV revenue per day inflected earlier than expected to $11,265.

隨著我們透過製造工廠獲得更高利潤的積壓訂單，製成品業績有所改善，而且不容錯過的是，我們的平均遙控車輛或 ROV 每日收入比預期提前達到 11,265 美元。

Today I'll focus my comments on our Second quarter results and overviews of our segment performance and our consolidated and business segment outlook for the Third quarter and full year of 2025. I'll start with our consolidated results from the Second quarter of 2025.

今天，我將重點評論我們的第二季業績、各部門業績概述以及我們對第三季和 2025 年全年的綜合和業務部門展望。我將從 2025 年第二季的綜合業績開始。

As we reported yesterday, we generated net income of $54.4 million or $0.54 per share. Consolidated revenue increased to $698 million a 4% increase over the second quarter of 2024. We also achieved notable growth in operating income and EBITDA for the second quarter of 2025. Consolidated operating income [rose] by 31% to $79.2 million.

正如我們昨天報告的那樣，我們的淨收入為 5,440 萬美元，即每股 0.54 美元。綜合營收增至 6.98 億美元，比 2024 年第二季成長 4%。2025 年第二季度，我們的營業收入和 EBITDA 也實現了顯著成長。綜合營業收入成長 31%，達到 7,920 萬美元。

Consolidated adjusted EBITDA grew 20% to $103 million. We generated $77.2 million of cash in operating activities and utilized $30.3 million in capital expenditures, resulting in free cash flow of $46.9 million. For the Fourth consecutive quarter, we repurchased approximately $10 million worth of shares of our common stock. Our ending cash position was $434 million with no borrowings under our secured revolving credit facility.

合併調整後 EBITDA 成長 20%，達到 1.03 億美元。我們在經營活動中產生了 7,720 萬美元的現金，並利用了 3,030 萬美元的資本支出，從而產生了 4,690 萬美元的自由現金流。連續第四個季度，我們回購了價值約 1,000 萬美元的普通股。我們的期末現金狀況為 4.34 億美元，且在擔保循環信貸額度下沒有借款。

Now let's look at our results by business segment for the Second quarter of 2025 as compared to the Second quarter of 2024. Subsea Robotics, or SSR earnings improved despite concerns over offshore activity levels in whitespace on an increase in average ROV revenue per day utilized to $11,265 demonstrating our ability to realize pricing improvements in new contracts.

現在讓我們來看看 2025 年第二季與 2024 年第二季相比按業務部門劃分的業績。儘管人們對空白區域的海上活動水平感到擔憂，但海底機器人 (SSR) 的收益仍有所改善，因為平均每天使用的 ROV 收入增加到 11,265 美元，證明了我們有能力實現新合約的價格改進。

We anticipate these higher rates will carry through the second half of 2025 despite a portion of our utilization shifting to lower price regions. Due to the increased revenue per day utilized, SSR produced operating income of $64.5 million an improvement of 4%. Revenue increased approximately 2%, and EBITDA margin expanded slightly to 35%.

儘管我們的部分利用率已轉移到價格較低的地區，但我們預計這些較高的費率將持續到 2025 年下半年。由於每日收入增加，SSR 的營業收入達到 6,450 萬美元，成長了 4%。營收成長約 2%，EBITDA 利潤率小幅擴大至 35%。

ROV fleet utilization for the quarter was solid at 67%. Fleet use of 63% in drill support and 37% in vessel-based activity was similar to the same period last year. Revenue split between our ROV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was 79% and 21%, respectively.

本季 ROV 船隊的利用率穩定在 67%。船隊用於演習支援的比例為 63%，用於艦載活動的佔比為 37%，與去年同期持平。我們的 ROV 業務和綜合工具及調查業務的收入占我們 SSR 總收入的百分比分別為 79% 和 21%。

As of June 30, 2025, we had 60% of the contracted floating rig market with ROV contracts on 81 of the 136 floating rigs under contract. We maintained our fleet count of 250 ROV systems. As we look forward to the second half of 2025 and into 2026, we anticipate continued tendering activity that is supportive of our ROV utilization and pricing assumptions.

截至 2025 年 6 月 30 日，我們佔據了合約浮動鑽井平台市場 60% 的份額，在簽訂合約的 136 座浮動鑽井平台中，有 81 座簽訂了 ROV 合約。我們的 ROV 系統數量維持在 250 套。展望 2025 年下半年和 2026 年，我們預期招標活動將繼續支持我們的 ROV 使用率和定價假設。

This includes more decommissioning opportunities in Europe, which will help offset marginally lower rigged support activity. As a reminder, decommissioning work has the advantage of more personnel and tooling revenue per day.

這包括歐洲更多的退役機會，這將有助於抵消略低的操縱支援活動。提醒一下，退役工作的優點在於每天可以帶來更多的人員和工具收入。

The strong first half performance of our ROV tooling business is expected to continue. While we're pursuing new opportunities in our survey geoscience business, we may cold stack one of our survey vessels in the future should these opportunities fail to materialize.

我們的 ROV 工具業務上半年的強勁表現預計將持續下去。雖然我們正在地球科學勘測業務中尋求新的機會，但如果這些機會未能實現，我們未來可能會暫停其中一艘勘測船的營運。

Manufactured products generated operating income of $18.8 million marking a 31% rise over the second quarter of 2024. Revenue grew by 4% to $145 million and operating income margin expanded by 262 basis points driven by the conversion backlog in our energy manufacturing plants. During the quarter, we took a further $2.5 million dollar inventory reserve related to our former theme park ride business.

製造產品產生的營業收入為 1,880 萬美元，比 2024 年第二季成長 31%。受能源製造工廠轉換積壓的推動，營收成長 4% 至 1.45 億美元，營業收入利潤率擴大 262 個基點。在本季度，我們又提取了與先前的主題樂園遊樂設施業務相關的 250 萬美元庫存儲備。

Our confidence in our second half forecast is underpinned by the continued manufacturing throughput of backlog after the improved pricing that we've discussed over the past several quarters. Our full year 2025 book to build guidance of 0.9 to 1.0 remains unchanged despite muted bookings in the first half of 2025.

我們對下半年預測的信心源於我們在過去幾季討論過的提高定價之後積壓訂單的持續製造吞吐量。儘管 2025 年上半年的預訂量不大，但我們對 2025 年全年預訂量的預測仍為 0.9 至 1.0，保持不變。

We've consistently anticipated that our order intake will be concentrated in the second half of the year, and we've already secured order commitments totaling approximately $100 million in the first weeks of the quarter. We expect to finalize those contracts in the coming weeks.

我們一直預計我們的訂單量將集中在下半年，並且我們在本季度的前幾週已經獲得了總額約 1 億美元的訂單承諾。我們預計將在未來幾週內完成這些合約。

Our other product lines also supported these results and are contributing to our forecast. In particular, Grayloc, our industry leading high temperature high pressure connector business, continues to evolve by penetrating new markets and customers with new products. We've also seen more activity for Rotator, our Topside, and Subsea valve business which corresponds to subsea tree awards.

我們的其他產品線也支持這些結果並有助於我們的預測。特別是，我們行業領先的高溫高壓連接器業務 Grayloc 正在透過向新產品滲透新市場和客戶而不斷發展。我們也看到 Rotator、我們的 Topside 和海底閥門業務（與海底採油樹獎項相對應）的活動增加。

OPG reported significantly improved operating income of $21.7 million. Revenue increased by 4%, and operating income margin expanded to 15%. In the second quarter, we secured several longer term contracts, including a vessel services contract in the US Gulf and an inspection, maintenance and repair, or IMR contract for BP Mauritania.

OPG 報告稱營業收入大幅增加，達到 2,170 萬美元。收入成長4%，營業利益率擴大至15%。在第二季度，我們獲得了幾份長期合同，包括美國墨西哥灣的船舶服務合約以及BP 茅利塔尼亞。

These contracts provide us with visibility into OPGs, vessel utilization, and activity levels for the remainder of 2025 and into future years. We project vessel utilization and activity levels will be solid in the Third quarter of 2025 based on current backlog and quotation activity.

這些合約使我們能夠了解 2025 年剩餘時間及未來幾年的 OPG、船舶利用率和活動水準。根據目前的積壓訂單和報價活動，我們預計 2025 年第三季的船舶利用率和活動水準將保持穩定。

Given current Brent oil prices, we are still encouraged by the macro environment for the Fourth quarter, but do not expect activity to reach the same level as the Fourth quarter of 2024. In the second half of 2025, we expect OPG's results will be impacted by changes in geographic and service mix as we anticipate activity will shift away from higher margin intervention projects toward lower margin IMR work in the US.

鑑於目前的布倫特油價，我們仍然對第四季的宏觀環境感到鼓舞，但預計活動不會達到與 2024 年第四季相同的水平。到 2025 年下半年，我們預計 OPG 的業績將受到地理和服務組合變化的影響，因為我們預計活動將從利潤率較高的干預項目轉向美國利潤率較低的 IMR 工作。

For integrity management and digital solutions, or IMDS, operating income and operating income margin improved on relatively flat revenue. We continue to integrate global design innovation or GDI into our integrity management business and to identify pilot projects to demonstrate our new capabilities.

對於完整性管理和數位解決方案（IMDS），營業收入和營業收入利潤率在收入相對持平的情況下有所提高。我們繼續將全球設計創新或 GDI 融入我們的完整性管理業務，並確定試點專案來展示我們的新能力。

ADTech operating income increased by 125% to $16.3 million on a 13% increase in revenue. With operating income margin expanding to 15% as compared to the second quarter of 2024, our Oceaneering technologies, or OTECH Business line, benefited from the continued ramp up of the large contract announced in the first quarter.

ADTech 營業收入成長 125%，達到 1,630 萬美元，營收成長 13%。與 2024 年第二季相比，我們的海洋工程技術（或稱 OTECH 業務線）的營業收入利潤率擴大至 15%，受益於第一季宣布的大型合約的持續成長。

Our marine Services division, MSD also contributed positively to ADTech's performance in the Second quarter with high activity levels in submarine repairs and dry dock shelter overhauls. Looking into the second half of the year,

我們的海洋服務部門 MSD 也為 ADTech 第二季度的業績做出了積極貢獻，其在潛艇維修和乾船塢掩體大修方面的活動水平很高。展望下半年，

we anticipate further revenue increases in OTECH from recently announced defense contract and from seasonal increases in offshore operations. MSD results are also forecasted to improve due to additional volume of submarine and dry dock shelter repair work.

我們預計，由於最近宣布的國防合約以及海上作業的季節性增長，OTECH 的收入將進一步增加。由於潛水艇和乾船塢掩體修復工作量的增加，MSD 的表現預計也將改善。

Revenue from the major defense contract is projected to steadily ramp up quarter over quarter during the design and engineering phase. This phase is expected to be completed in early 2027 when we will commence production and see a further ramp up in revenue.

預計在設計和工程階段，主要國防合約的收入將逐季穩定成長。該階段預計將於 2027 年初完成，屆時我們將開始生產並進一步增加收入。

Additionally, we anticipate that the recently passed reconciliation bill, or the Big Beautiful bill, will positively impact all three of our ADTech business lines over the next five years. It increases funding for unmanned underwater vehicles or UUVs, such as our Freedom vehicle that we sold to the Defense Innovation Unit last year.

此外，我們預計最近通過的和解法案或「大美麗法案」將在未來五年內對我們所有三個 ADTech 業務線產生積極影響。它增加了對無人水下航行器或 UUV 的資助，例如我們去年向國防創新部門出售的自由航行器。

The Navy's continued focus on acquiring services in addition to technology creates opportunities to leverage our commercial services expertise to support the Navy in delivering a full range of capabilities to their fleet. Submarine construction and maintenance programs are projected to accelerate, creating additional opportunities for MSD.

海軍持續注重獲取技術以外的服務，這創造了利用我們的商業服務專業知識來支援海軍為其艦隊提供全方位能力的機會。潛艇建造和維護項目預計將加速，為 MSD 創造更多機會。

And finally, the space program budget was better than expected. Since passage of this legislation, we have seen renewed opportunities related to thermal protection systems and with foreign space agencies. Unallocated expenses of $46.7 million were slightly higher than our guidance for the quarter.

最後，太空計畫的預算比預期好。自從法案通過以來，我們看到了與熱防護系統以及外國航太機構相關的新機會。未分配費用為 4,670 萬美元，略高於我們對本季的預期。

Turning our outlook to the Third quarter of 2025 as compared with the Third quarter of 2024, we forecast increases in consolidated revenue and EBITDA. Consolidated EBITDA is expected to be in the range of $100 to $110 million.

與 2024 年第三季相比，我們對 2025 年第三季的展望是，我們預測合併收入和 EBITDA 將會增加。預計合併 EBITDA 將在 1 億至 1.1 億美元之間。

Compared to the Third quarter of 2024. Our projections for the Third quarter of 2025 by segment are. For SSR, we anticipate higher revenue and operating results, with EBITDA margin expected to be in the mid to upper 30% range. For manufactured products, we expect significantly improved operating results driven by increased revenue.

與 2024 年第三季相比。我們對 2025 年第三季各細分市場的預測如下。對於 SSR，我們預計營收和經營業績將有所提高，EBITDA 利潤率預計將達到 30% 左右。對於製成品，我們預計收入增加將推動經營績效顯著改善。

For OPG, we project a decline in operating results on relatively flat revenue. For IMDS, we forecast significantly improved operating results on relatively flat revenue. For ADTech, we anticipate significant increases in both revenue and operating results.

對於 OPG，我們預計其營業業績將出現下滑，但營收將相對持平。對於 IMDS，我們預測在收入相對穩定的情況下，經營績效將顯著改善。對於公元智造，我們預期其營收和經營業績都將大幅成長。

And finally we project unallocated expenses to be between $45.50 million dollars. For the full year 2025 on a consolidated basis, we project revenue to grow in the mid single digit percentage range and Adjusted EBITDA be in the range of $390 to $420 million.

最後，我們預計未分配費用在 4550 萬美元之間。就 2025 年全年而言，我們預計合併後營收將成長中等個位數百分比範圍，調整後 EBITDA 將在 3.9 億美元至 4.2 億美元之間。

You will note that we've narrowed our guidance range by tightening both the lower and the higher ends based on our strong first half performance and the second half outlook. Directionally for our full year 2025 operations by segment as compared to 2024, for SSR, we forecast improved operating results on a mid single digit percentage increase in revenue.

您會注意到，根據我們上半年的強勁表現和下半年的展望，我們透過收緊下限和上限來縮小指導範圍。與 2024 年相比，我們 2025 年全年各部門的營運方向是，對於 SSR，我們預測營運績效將有所改善，收入將實現中等個位數百分比成長。

Our revised guidance on revenue growth is based on our projection for lower than expected contributions from our survey business. SSR EBITDA margin is projected to average in the mid 30% range for the full year. We estimate that our overall RV fleet utilization will be in the mid to high 60% range for the full year. We are confident that we will sustain our RV market share for drill support services in the 55 to 60% range.

我們對營收成長的修訂指引是基於我們對調查業務貢獻低於預期的預測。預計全年 SSR EBITDA 利潤率平均在 30% 左右。我們預計全年房車車隊的整體利用率將達到 60% 左右。我們有信心將我們的鑽井支援服務 RV 市場份額維持在 55% 至 60% 的範圍內。

For manufactured products, we project significantly improved operating income on better operating margins and increased revenue. As previously stated, we anticipate the book to build ratio will be in the range of 0.9 to 1.0 for the full year.

對於製成品，我們預計更高的營業利潤率和更高的收入將帶來營業收入的大幅提高。如前所述，我們預計全年訂單與建造比率將在 0.9 至 1.0 之間。

For OPG, we expect year over year operating results to improve on flat to slightly increased revenue. Overall for 2025, OPG operating income margin is expected to be in the mid-teens percentage range. For MBS, we forecast a significant increase in operating results on increased revenue, with operating income margin expected to be in the mid single digit percentage range for the full year.

對於 OPG，我們預計同比經營業績將有所改善，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百分之十幾左右。對於 MBS，我們預測其收入增加將帶來經營業績的大幅成長，預計全年經營利潤率將達到個位數中段百分比範圍。

For ADTech Operating results are forecasted to improve significantly on increased revenue. Operating income margin is expected to be in the low 10s percentage range for the full year. In summary, we remain positive about both our energy and aerospace and defense markets that we serve, and we're confident in the value we deliver to our customers.

對於 ADTech 而言，預計其營業業績將因收入增加而大幅改善。預計全年營業利潤率將在 10% 以下。總而言之，我們對我們所服務的能源、航空航太和國防市場保持樂觀，並且對我們為客戶提供的價值充滿信心。

We foresee continued growth beyond 2025, driven by improved visibility into an increasing number of contracted floating rates in the second half of 2026, sustained progression in ROE revenue per day utilized, anticipated higher levels of FIDs, expectations for support of oil prices,

我們預計 2025 年後將繼續成長，推動力包括 2026 年下半年越來越多的合約浮動利率的可見度提高、每日 ROE 收入持續增長、預期 FID 水平上升、對油價支撐的預期，

our ability to perform and offer more life of field services. Increased demand and geographic expansion for our tech business and increased market demand for our mobile robotics technologies. We appreciate everyone's continued interest in Oceaneering, and I'll be happy to take any questions you may have.

我們有能力執行並提供更長的現場服務壽命。我們的技術業務的需求和地理擴張不斷增加，市場對我們的移動機器人技術的需求也不斷增加。我們感謝大家對 Oceaneering 的持續關注，我很樂意回答大家的任何問題。

Thank you. We will now begin the question and answer session. (Operator Instructions).

謝謝。我們現在開始問答環節。（操作員指令）。

Your first question comes from a line of Eddie Kim from Barclays. Your line is open.

您的第一個問題來自巴克萊銀行的 Eddie Kim。您的線路已開通。

Hi, good morning. So we've heard about offshore rig whitespace, from the offshore drillers for several quarters now. More recently, some of the larger diversified, service companies have Started to mention this as well, but this doesn't seem readily apparent in any part of your business at this point.

嗨，早安。我們已經從海上鑽井商那裡聽說了幾個季度的海上鑽井空白。最近，一些較大的多元化服務公司也開始提到這一點，但目前這在您的業務的任何部分似乎並不明顯。

The place that would show up is of course your ROV's business, but pricing there continues to increase almost quarter after quarter. So it's all that to say. Are you seeing any kind of impact to your business due to due to offshore rig white space?

出現的地方當然是您的 ROV 的業務，但那裡的價格幾乎每個季度都在持續上漲。就是這樣。您是否發現海上鑽井平台空白對您的業務產生了任何影響？

And if you haven't, do you expect to see it maybe later this year, or do you think your business will emerge relatively unscathed from this?

如果沒有，您是否預計會在今年晚些時候看到它，或者您是否認為您的業務將相對毫髮無損地從中脫身？

No, great question, Eddie, and I think you know your question and we get all the time is like. Are looking for that other shoe to fall, right? When it going to happen? I would say, we do see some of that. We were expecting to get closer to that, exiting the year with a 70% overall utilization for ROV's. So we've seen some of it as we talked about, the getting to our pricing point sooner than we expected has offset some of that.

不，艾迪，這個問題問得很好，我想你知道你的問題，而且我們一直在問這個問題。正在尋找另一隻掉下來的鞋子，對嗎？什麼時候會發生？我想說，我們確實看到了一些這樣的情況。我們原本期望能夠更接近這個目標，到今年年底，ROV 的整體利用率將達到 70%。正如我們所討論的，我們已經看到了其中的一些，比我們預期的更快地達到定價點已經抵消了其中的一些。

So you know we see some of that. Maybe some of the offset is the increase in some of the abandonment activity, particularly in Europe. So there's some puts and takes in there that have leveled this off, but really,

所以你知道我們看到了其中的一些。也許部分抵消因素是一些放棄活動的增加，特別是在歐洲。因此，有一些調整已經使情況趨於平穩，但實際上，

I mean, the thing to watch in the SSR business is going to be survey. We set up to run two vessels. We've been running one. We were hoping to get to two, but we might not get to two in the geoscience part of the survey, but other than that, I mean, ROVs, we've trimmed the sails a little bit, but it's kind of been within the range of expectations.

我的意思是，SSR 業務中需要關注的事情是調查。我們準備運行兩艘船。我們已經運行了一個。我們原本希望達到兩個，但在調查的地球科學部分我們可能無法達到兩個，但除此之外，我的意思是，ROV，我們已經稍微調整了帆，但它一直在預期範圍內。

Got it, thank you. My follow up is just on orders and your manufactured product segment which is mostly comprised of subsea umbilicals, orders have been trending below one time booked to bill now for several quarters, and it looks like full year orders this year will likely be down versus last year.

知道了，謝謝。我的後續問題只是訂單和你們製造的產品部分，其中主要包括海底臍帶纜，幾個季度以來，訂單趨勢一直低於一次性預訂，而且看起來今年全年訂單可能會比去年有所下降。

Could you just give us your latest thoughts on the umbilicals business and how you see that trending, maybe this year and into next year. Should we expect Kind of flattish trajectory as we move to next year or do you expect to rebound just any thoughts on the umbilicals business?

您能否向我們介紹一下您對臍帶業務的最新看法，以及您如何看待今年和明年的臍帶業務趨勢。隨著進入明年，我們是否應該預期會出現平緩的軌跡，或者您是否預期會反彈，就臍帶業務而言？

Well, yeah. Let me start with, orders year over year we think are more 24 to 25 or more flattish. We don't really expect them to be down, and it is we knew early in the year that we were going to be back half loaded on orders. And it's so far, I mean, it's pretty early in the back half, but the first few weeks have been really good.

嗯，是的。首先，我們認為訂單量比去年將下降 24 到 25 甚至更趨於平穩。我們實際上並不認為訂單量會下降，而且我們在今年年初就知道，我們的訂單量將會恢復一半。到目前為止，我的意思是，後半段還處於初期階段，但前幾週的情況確實很好。

I mentioned earlier $100 million already in the First few weeks, and we have the rest of the things that we expect to come in are still out there in the in the pipeline. So that part's good. 25 to 26, I would just say hey you're hearing a lot of good things from us and others in that Subsea business about FIDs. About Subsea tree orders,

我之前提到過，頭幾週就已經投入了 1 億美元，我們預計到位的其餘項目仍在籌備中。所以那部分很好。 25 到 26，我只想說，嘿，你從我們和海底業務的其他人那裡聽到了很多關於 FID 的好消息。關於水下採油樹訂單，

so we see good things happen in umbilicals. We think that there's going to be a pretty good book. So a little bit TBD, a little early to call the year over year, but I do think that there's good signals for 26. The other thing I'd call out, and we don't talk about it a lot because in total revenue dollars it's not as big as umbilicals, but in margins, it's a great business and that Grayloc business.

因此我們看到臍帶中發生了好事。我們認為這將會是一本相當不錯的書。因此，還有待確定，現在就說同比情況還為時過早，但我確實認為 26 日出現了好的信號。我想說的另一件事是，我們很少談論它，因為從總收入來看，它不如臍帶纜那麼大，但從利潤率來看，這是一項很棒的業務，也是 Grayloc 的業務。

Which continues to grow and continues to be a bigger component of the of the overall business that's also looking strong. So there's good things going on below the water line too.

它將繼續成長，並將繼續成為整體業務的重要組成部分，整體業務看起來也十分強勁。所以水線以下也發生了一些好事。

Got it. Great. Thanks for that color. I'll turn it back.

知道了。偉大的。謝謝你這個顏色。我會把它轉回去。

Thanks Eddie.

謝謝艾迪。

Your next question comes from a line of David Smith from Pickering Energy Partners. Your line is open.

您的下一個問題來自 Pickering Energy Partners 的 David Smith。您的線路已開通。

Hey, good morning. Congratulations on the solid Q2 results.

嘿，早安。恭喜您第二季取得穩健的業績。

Thanks David.

謝謝大衛。

Just following up on Eddie's question, I wanted to ask if that slightly lower for your ROV utilization outlook relates more to vessel support or rig support and if you characterize that as a change in visibility for underlying activity or something else.

我只是在繼續回答 Eddie 的問題，我想問一下，您的 ROV 利用率前景略有下降是否更多地與船舶支持或鑽機支持有關，以及您是否將其描述為底層活動可見性的變化或其他因素。

It's it's both. I mean we see it on both sides, so it's not just one or the other, so it's a little bit of both, and I would just say it is increased clarity and you know seeing what everybody's plans are going to be, especially in the Fourth quarter. I mean that stuff is becoming more apparent now, so we're just being, I think, conservative to not overestimate what could what could come to be in the Fourth quarter.

兩者都是。我的意思是，我們從兩方面來看待這個問題，所以它不只是一方或另一方，而是雙方都有一點，我只想說，它更加清晰了，你知道每個人的計劃是什麼，特別是在第四季度。我的意思是，這些事情現在變得越來越明顯，所以我認為，我們只是保守地不要高估第四季可能發生的事情。

Perfect. And related around the ROV pricing uplift, is this mostly a function of contract rollover, maybe a little bit of FX or are we seeing, is it too early to ask if we're seeing any benefits show up from maybe, some performance-based deals.

完美的。圍繞著 ROV 價格上漲，這主要是合約展期的作用，也許是一點外匯，還是我們看到，現在問我們是否看到一些基於績效的交易帶來的好處還為時過早。

I would say it's it's mostly the contracts. We don't, it's not the big, there's not a big FX effect and there's not a big effect of the performance-based pricing yet. I mean those are things that are red up later, so I would just say those are those are still still in the mix, but but it's mostly just that that continued rollover of contracts.

我想說，這主要是合約問題。我們認為這不是什麼大問題，外匯效應並不大，基於績效的定價也沒有太大的影響。我的意思是，這些都是後來出現的問題，所以我只想說，這些問題仍然存在，但主要是合約的持續展期。

Perfect. Appreciate it. If I could sneak one more in, yeah, free cash flow was kind of modest in the first half, so there's obviously a large rant and slide for the second half to meet the full year guide. Can you walk us through your visibility on that step up, kind of what are the biggest contributors, how much of that improvement is already in motion or still dependent on execution?

完美的。非常感謝。如果我可以再多說一點的話，是的，上半年的自由現金流比較溫和，因此下半年顯然會大幅下滑，才能達到全年預期。您能否向我們介紹一下您對這一進步的看法，最大的貢獻者有哪些，有多少改進已經在進行中，或者仍然依賴於執行？

Yeah, I'll take This one, David. A lot of it is kind of how we've seen the last four or five years play out where, Q1 is a pretty big cash draw for us. We rebound, generate positive cash in Q2, but really it's been more of a Q3, Q4 story for us the last, I'll say four to five years, and we're seeing that again this year.

是的，我會選擇這個，大衛。其中很大一部分是我們過去四、五年來看到的情況，第一季對我們來說是一筆相當大的現金流。我們在第二季度出現反彈並產生了正現金，但實際上，在過去的四到五年裡，我們更多的是第三季、第四季的故事，今年我們再次看到了這種情況。

We do have a line of sight to a good amount of it because it's sitting in receivables, so I think it's, going and getting paid for the work we've performed and bringing that cash in in Q3, Q4 time Frame.

我們確實對其中很大一部分有所了解，因為它存在於應收帳款中，所以我認為，我們會為所做的工作獲得報酬，並在第三季度、第四季度的時間範圍內獲得現金。

Very much appreciate it. I'll turn it back over.

非常感謝。我會把它翻過來。

Your next question comes from a line of Josh Jain from Daniel Energy Partners. Your line is open.

您的下一個問題來自 Daniel Energy Partners 的 Josh Jain。您的線路已開通。

Thanks. Good morning. First one I had was on the OPG business. To me, it sounds like there’s more visibility today and work is getting booked more out into the future than there has been previously. And so first of all, is that accurate?

謝謝。早安.我遇到的第一個問題是有關 OPG 業務。對我來說，聽起來今天的可見度比以前更高，未來的工作安排也比以前更多。那麼首先，這是準確的嗎？

And if so, maybe you could just discuss that dynamic today even in what’s been a pretty volatile market.

如果是這樣，也許您今天可以討論一下這種動態，即使在市場相當動蕩的情況下。

I think, Josh, you’re right. And it’s it’s a little bit of function of when I’ve always talked about these these bigger chunks of business, when we start to book like like the BP Mauritania. Those big international contracts really help our visibility a lot, and that creates that stable base. Call out the Gulf Of Mexico, you know, for the most part, there’s still call out work, but we’re able to secure more given days.

喬希，我想你是對的。當我們開始預訂像 BP 茅利塔尼亞這樣的專案時，我總是談論這些更大的業務區塊，這就是其中的一點功能。這些大型國際合約確實大大提高了我們的知名度，並建立了穩定的基礎。你知道，在墨西哥灣的大部分地區，仍然有呼叫工作，但我們能夠確保更多的給定天數。

Okay. And then second question, I just wanted to go back to comments you made surrounding the potential impact from the big beautiful bill. You already had some pretty strong momentum around the business lines that could benefit from this.

好的。然後是第二個問題，我只是想回到您關於這項大美麗法案的潛在影響的評論。你們的業務線已經擁有相當強勁的發展勢頭，可以從中受益。

Maybe you could just dive in a little bit more to how you’re thinking about that and positioning the company for what sounds like could be even more sizable growth over the next couple of years. Just some details around that would be helpful. Thanks.

也許您可以更深入地談談您對此的看法，以及如何為公司在未來幾年實現更可觀的成長做好準備。一些有關這方面的詳細資訊將會很有幫助。謝謝。

Sure, I think you know the OTECH side with the vehicle business is a big thing because that's always been. It had bilateral support, a lot of things that US has great defense of supremacy around what happens underwater, and they're very keen to maintain that, and we provide obviously a lot of services there.

當然，我想您知道 OTECH 在汽車業務方面很重要，因為它一直都是如此。它得到了雙邊支持，在很多事情上，美國在水下擁有強大的防禦優勢，他們非常渴望保持這種優勢，而且我們顯然在那裡提供了很多服務。

That’s our that’s our wheelhouse. So I think that’s big part of it. But probably even more exciting is the way it affects the other two businesses. I mean, space is on the ropes. They were they were really worried for a while, especially when Doji was in. And so a lot of the space business appeared to be going the other way.

那是我們的，那是我們的駕駛室。所以我認為這是其中很重要的一部分。但可能更令人興奮的是它對其他兩家企業的影響方式。我的意思是，太空正處於困境。他們確實擔心了一段時間，尤其是當 Doji 加入的時候。因此，許多太空業務似乎都走向了另一個方向。

But now we see things like Artemis that, going to the moon, those things actually being refunded, just the phone started ringing immediately with people who wanted to kick off projects again. So we think space definitely is a good one. We talked about thermal.

但現在我們看到了像阿爾特彌斯這樣的計劃，去月球，這些東西實際上都被退還了，電話立刻就開始響起，人們都想重新啟動這些項目。所以我們認為太空絕對是一個好地方。我們討論了熱能。

Protection systems, which is good because that that covers the full gamut, anything with a booster underneath it. But human spaceflight, which is one of the things that got, I think rebolstered, is great for us because we do suit work, we do human interface work, and that's a big one for us to see come back.

保護系統很好，因為它覆蓋了整個範圍，任何帶有助推器的東西都可以覆蓋。但載人航天，我認為是得到加強的事情之一，對我們來說是件好事，因為我們可以做宇航服工作，可以做人機界面工作，這對我們來說是一件大事。

So that's great. And then I'd also go to MSD. I mean, it sounds like, fleet readiness, being able to keep our especially our submarines in our case ready to go. They will probably put as much money into submarine maintenance and repair.

這太棒了。然後我還會去 MSD。我的意思是，這聽起來像是艦隊準備就緒，能夠讓我們的特別是我們的潛艇隨時準備出發。他們可能會投入同樣多的資金用於潛艇的維護和修理。

And new build as as the industry can take, so you know we're already thinking about how do we gear up to have more capacity to serve that market.

並且建造行業可以承受的新建設施，所以你知道我們已經在考慮如何準備好以擁有更多能力來服務該市場。

Great, thanks. I'll turn it back.

太好了，謝謝。我會把它轉回去。

And that concludes our question and answer period. I will now turn the call back over to Rod Larson for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給羅德·拉爾森，請他做最後的總結發言。

Well, since there are no more questions, I'll just wrap up by thanking everybody for joining. This concludes our Second quarter 2025 conference call.

好吧，既然沒有其他問題了，我只想感謝大家的參與。我們的 2025 年第二季電話會議到此結束。

Have a great day.

祝你有美好的一天。

Thank you for joining. You may now disconnect.

感謝您的加入。您現在可以斷開連線。