Oceaneering International Inc (OII) 2026 Q2 法說會逐字稿

Welcome to Oceaneering's second-quarter 2026 earnings conference call. My name is Rob and I will be your conference operator. (Operator Instructions)

歡迎參加 Oceaneering 2026 年第二季財報電話會議。我是 Rob，將擔任本次會議的接線員。（接線員指示）

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

接下來，我將把電話交給 Oceaneering 投資人關係資深總監 Hilary Frisbie。

Thanks, Rob. Good morning and welcome to Oceaneering's second-quarter 2026 results conference call. Today's call is being webcast and a replay will be available on our website. With me today are Rod Larson, President and Chief Executive Officer; and Mike Sumruld, Senior Vice President and Chief Financial Officer. Rod and Mike will provide our prepared remarks and then we'll take your questions.

謝謝你，Rob。各位早安，歡迎參加 Oceaneering 2026 年第二季業績電話會議。今天的電話會議將進行網路直播，並可於我們的網站收看重播。今天與我一同出席的有總裁兼執行長 Rod Larson，以及資深副總裁兼財務長 Mike Sumruld。Rod 與 Mike 將先發表準備好的談話，之後我們將回答各位的提問。

Before we begin, please note that statements made on this call about 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 remarks also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures are included in our second quarter press release, which is available on our website.

在開始之前，請注意，本次電話會議中關於我們未來財務表現、業務策略、未來營運計畫及產業狀況的陳述，均屬於依據 1995 年《私人證券訴訟改革法》安全港條款所作之「前瞻性陳述」。我們的談話亦包含非 GAAP 財務衡量指標。更多細節以及與最直接可比之 GAAP 財務衡量指標的調節資訊，已載於我們的第二季新聞稿，並可於我們網站取得。

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

接下來，我把電話交給 Rod。

Good morning and thanks for joining the call today. Our second quarter results, which exceeded the high end of our EBITDA guidance range, reflected strong operational execution across our diversified portfolio. Our adjusted EBITDA of $115 million represented our highest quarterly level since the third quarter of 2015, underscoring the momentum that we're building across the business. The Offshore Projects Group, or OPG, led our year over year improvements and was the largest contributor to our second quarter EBITDA outperformance.

各位早安，感謝今天加入本次電話會議。我們第二季的業績超越了 EBITDA 指引區間的上緣，反映出我們在多元化投資組合各項業務中強勁的營運執行力。我們的調整後 EBITDA 為 1.15 億美元，為自 2015 年第三季以來最高的單季水準，凸顯我們在整體業務上持續累積的動能。離岸專案事業群（Offshore Projects Group，OPG）帶動了我們年對年改善，並且是第二季 EBITDA 超預期表現的最大貢獻來源。

Those results were driven by a favorable project mix of international intervention and installation projects. These projects included ongoing light well intervention services in the Caspian Sea and an installation project in offshore Egypt.

這些成果主要來自國際介入與安裝專案的有利專案組合。這些專案包括在里海持續進行的輕型井介入服務，以及埃及外海的一項安裝專案。

In Subsea Robotics, or SSR, the Ocean Intervention II entered service following significant upgrades in 2025 and is now performing survey projects that are expected to keep the vessel utilized through most of the remainder of the year. We expect to conduct a simultaneous operations, or SIMOPs project from the vessel later this year, enabling multiple survey activities to be performed concurrently and improving overall operational efficiency for our customers.

在海底機器人（Subsea Robotics，SSR）方面，Ocean Intervention II 在 2025 年完成重大升級後已投入服務，目前正在執行測量專案，預期可使該船在今年剩餘大部分時間維持高利用率。我們預期今年稍晚將由該船執行同步作業（simultaneous operations，SIMOPs）專案，使多項測量活動得以同時進行，並提升客戶整體作業效率。

We also continue to secure contract awards and extensions across our energy segments, including a recently announced award for ROV services in Brazil that improves our visibility into future demand. In ADTech, we secured new contract awards across a range of defense and subsea applications, including subsea robotics, subsea systems, submarine rescue and submarine maintenance, construction and installation services.

我們也持續在能源相關事業群取得合約得標與延約，包括近期宣布在巴西提供 ROV 服務的得標案，提升了我們對未來需求的能見度。在 ADTech 方面，我們在多項國防與海底應用領域取得新的合約得標，包括海底機器人、海底系統、潛艦救援與潛艦維修、建造與安裝服務。

Among these awards was a joint contract from the Defense Innovation Unit to support development of an extra-large unmanned underwater vehicle. This award highlights the continued evolution of our strategy to deploy dual-use technologies that serve both energy and government customers, while demonstrating our ability to collaborate with partners to meet defense industry needs. In addition, our space systems team was recognized as a best-in-class supplier by Lockheed Martin for their work on the Artemis program.

其中一項得標為國防創新單位（Defense Innovation Unit）授予的聯合合約，用以支援超大型無人水下載具的開發。此項得標凸顯我們持續演進的策略：部署可同時用於民用與軍用的雙用途技術，以服務能源與政府客戶，同時也展現我們與合作夥伴協作以滿足國防產業需求的能力。此外，我們的太空系統團隊因參與 Artemis 計畫的工作，獲洛克希德馬丁（Lockheed Martin）評選為同級最佳供應商。

We also took steps during the quarter to strengthen our capital structure and liquidity position by extending our debt maturities and increasing the size of our credit facility. These actions provide us with additional financial flexibility to support our strategic priorities and pursue future growth opportunities.

本季我們也採取措施，透過延長債務到期日並擴大授信額度，強化資本結構與流動性部位。這些行動為我們提供額外的財務彈性，以支持策略優先事項並把握未來成長機會。

So with that context, I'll turn the call over to Mike to summarize our second quarter results and to provide more details on our financing transactions and then I'll be back to discuss our outlook for the third quarter and for the rest of 2026. Mike?

在此背景之下，我將把電話交給 Mike，請他總結我們第二季業績並提供融資交易的更多細節；之後我會再回來說明我們對第三季以及 2026 年其餘期間的展望。Mike？

Thanks, Rod and good morning. Let me start by sharing our consolidated financial results for the second quarter 2026. Overall, our results exceeded the high end of our guidance range, led by a particularly strong performance from OPG as well as improved results from SSR, Manufactured Products and ADTech. Compared to the second quarter of 2025, revenue increased 10% to $768 million with growth in every segment except Integrity Management and Digital Solutions, or IMDS.

謝謝你，Rod，各位早安。我先分享 2026 年第二季的合併財務結果。整體而言，我們的結果超越指引區間上緣，主要由 OPG 特別強勁的表現帶動，同時 SSR、製造產品（Manufactured Products）與 ADTech 的表現也有所改善。與 2025 年第二季相比，營收成長 10% 至 7.68 億美元，除完整性管理與數位解決方案（Integrity Management and Digital Solutions，IMDS）外，各事業群皆呈現成長。

Operating income increased 11% to $88.2 million. Net income attributable to Oceaneering increased 19% to $65 million or $0.65 per share and adjusted EBITDA increased 11% to $115 million.

營業利益成長 11% 至 8,820 萬美元。歸屬於 Oceaneering 的淨利成長 19% 至 6,500 萬美元，或每股 0.65 美元；調整後 EBITDA 成長 11% 至 1.15 億美元。

Turning to our cash flow and liquidity. We generated $55.2 million of cash from operating activities. The year over year decrease primarily reflected the timing of project milestones, customer receipts and vendor payments. We invested $23.2 million in organic capital expenditures with approximately 34% allocated to growth and 66% allocated to maintenance.

接著談現金流與流動性。我們由營運活動產生 5,520 萬美元現金。年對年下降主要反映專案里程碑、客戶收款與供應商付款時點的差異。我們投入 2,320 萬美元於有機資本支出，其中約 34% 用於成長、66% 用於維護。

Free cash flow was $32 million. We resumed share buybacks during the quarter, repurchasing $10 million of common stock. And we ended the quarter with a cash balance of $629 million, total liquidity of $844 million and no borrowings under our revolving credit facility.

自由現金流為 3,200 萬美元。我們於本季恢復庫藏股買回，回購 1,000 萬美元普通股。本季末現金餘額為 6.29 億美元，總流動性為 8.44 億美元，且循環信用額度項下無任何借款。

As Rod mentioned, in late June, we initiated a series of transactions to strengthen our liquidity position and extend our debt maturities. We successfully placed $500 million of senior notes due in 2034 and used the proceeds together with cash on hand to retire our $500 million of senior notes due in 2028. We also amended our secured revolving credit facility, increasing commitments from $215 million to $345 million and extending its maturity to July 2031. These transactions will be completed this month.

如 Rod 所提，於 6 月下旬，我們啟動一系列交易以強化流動性部位並延長債務到期日。我們成功發行 5 億美元、2034 年到期的優先票據，並以該等募集資金加上手頭現金，償還 5 億美元、2028 年到期的優先票據。我們也修訂擔保循環信用額度，將承諾額度由 2.15 億美元提高至 3.45 億美元，並將到期日延長至 2031 年 7 月。這些交易將於本月完成。

Now let's look at our business operations by segment for the second quarter of 2026 as compared to the second quarter of 2025. SSR results improved year over year, supported by higher average ROV revenue per day utilized and increased survey activity.

接下來，我們按事業群檢視 2026 年第二季相較於 2025 年第二季的營運表現。SSR 的結果年對年改善，主要受惠於每個使用日的平均 ROV 營收提高，以及測量活動增加。

Revenue increased 6% to $232 million and operating income increased 3% to $66.3 million. Average ROV revenue per day utilized increased from $11,265 to $11,894 on continued improvements in contract pricing. SSR EBITDA margin was flat at 35% as higher average ROV pricing was offset by geographic and service mix, including a greater contribution from survey, which carries lower margins than our core ROV business.

營收成長 6% 至 2.32 億美元，營業利益成長 3% 至 6,630 萬美元。在合約定價持續改善下，每個使用日的平均 ROV 營收由 11,265 美元提高至 11,894 美元。SSR EBITDA 利潤率持平於 35%；較高的平均 ROV 定價被地理與服務組合所抵銷，其中包括測量業務貢獻提高，而測量的利潤率低於我們核心的 ROV 業務。

ROV utilization was slightly lower at 66% compared to 67% during the same period last year as solid activity levels in Europe and West Africa largely offset lower activity in the US Gulf. Survey activity increased as the Ocean Intervention II commenced operations.

ROV 利用率略降至 66%，去年同期為 67%；歐洲與西非的穩健活動水準大致抵銷了美國墨西哥灣活動較低的影響。隨著 Ocean Intervention II 開始營運，測量活動增加。

For the quarter, 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%, respectively, compared to 79% and 21% during the second quarter of 2025. This shift reflects the increased contribution from our survey business. ROV days utilized in drill support were 64%, while vessel-based services were 36% compared to 63% and 37%, respectively, in the prior year quarter.

本季，我們的 ROV 業務與合併之工具與測量（survey）業務在總 SSR 營收中的占比分別為 77% 與 23%，相較於 2025 年第二季的 79% 與 21%。此一變化反映我們測量業務的貢獻增加。用於鑽井支援的 ROV 使用天數占 64%，船舶型服務占 36%，相較於去年同期分別為 63% 與 37%。

As of June 30, 2026, we had ROV contracts on 82 of the 139 floating rigs under contract or 59% market share. We maintained our fleet count of 250 ROV systems.

截至 2026 年 6 月 30 日，我們在已簽約的 139 座浮式鑽井平台中，有 82 座簽有 ROV 合約，市占率為 59%。我們維持 250 套 ROV 系統的機隊數量不變。

Turning to Manufactured Products. Revenue increased 3% to $149 million and operating income increased 17% to $21.9 million, resulting in an operating income margin of 15%, up 178 basis points year over year. The improvements were largely driven by continued conversion of higher-margin backlog, increased volume in our rotator valves business and improved results in our mobility solutions product line. Backlog decreased to $445 million on June 30, 2026, reflecting execution of previously awarded work.

接著談製造產品（Manufactured Products）。營收成長 3% 至 1.49 億美元，營業利益成長 17% 至 2,190 萬美元，使營業利益率達 15%，年增 178 個基點。改善主要來自持續轉換較高毛利的在手訂單（backlog）、我們旋轉閥（rotator valves）業務量增加，以及移動解決方案（mobility solutions）產品線表現提升。截至 2026 年 6 月 30 日，在手訂單降至 4.45 億美元，反映先前已得標工作的執行。

Our book-to-bill ratio for the trailing 12 months was 0.88 compared to 0.65 for the same period last year. We won multiple awards early in the third quarter and expect to finalize those contracts in the coming weeks.

過去 12 個月的接單出貨比（book-to-bill）為 0.88，去年同期為 0.65。我們在第三季初贏得多項標案，並預期在未來幾週內完成這些合約的定案。

Based on our sales funnel, we anticipate additional awards in the third and fourth quarters, reinforcing our expectation that backlog will improve in the second half of the year and meet our full year book-to-bill guidance of 0.9 to 1.0. OPG delivered impressive year over year improvements with revenue increasing 22% to $183 million and operating income increasing 39% to $30 million, producing a 16% operating income margin.

根據我們的銷售漏斗（sales funnel），我們預期第三與第四季將有更多得標，強化我們對下半年在手訂單將改善的預期，並達成全年接單出貨比指引 0.9 至 1.0。OPG 交出亮眼的年對年改善，營收成長 22% 至 1.83 億美元，營業利益成長 39% 至 3,000 萬美元，營業利益率為 16%。

These results were supported by a favorable project mix and disciplined execution on international intervention and installation projects that are expected to continue into the third quarter. Vessel utilization levels declined year over year but are expected to improve in the third quarter as we continue to support customers under several frame agreements.

這些結果受惠於有利的專案組合，以及在國際介入（intervention）與安裝專案上的紀律執行，且預期將延續至第三季。船舶使用率年對年下滑，但隨著我們持續在多項框架協議（frame agreements）下支援客戶，預期第三季將改善。

IMDS' revenue, operating income and margin decreased due to lower activity levels and related cost absorption as well as increased personnel-related costs in West Africa and the Middle East. While operations in the Middle East have begun to stabilize, which should support improved cost absorption in future quarters, we continue to face uncertainty regarding overall activity in those regions. ADTech revenue increased 22% to $133 million and operating income was up slightly at $16.4 million.

IMDS 的營收、營業利益與利潤率因活動水準降低及相關成本吸收下降，以及西非與中東的人員相關成本增加而下滑。雖然中東的營運已開始趨於穩定，應可在未來季度支持成本吸收改善，但我們仍面臨這些地區整體活動水準的不確定性。ADTech 營收成長 22% 至 1.33 億美元，營業利益小幅上升至 1,640 萬美元。

Operating income margin declined to 12%, reflecting changes in program mix and timing in our Oceaneering Technologies or OTECH business line. Unallocated expenses of $46.6 million were in line with our guidance for the quarter and relatively flat year over year.

營業利益率降至 12%，反映我們 Oceaneering Technologies（或 OTECH）業務線的方案組合與時點變化。未分攤費用（unallocated expenses）為 4,660 萬美元，符合本季指引，且年對年大致持平。

Now, I'll turn the call back to Rod to discuss our outlook for the third quarter of 2026 and for the second half of the year.

現在，我把電話交回給 Rod，請他說明我們對 2026 年第三季以及下半年的展望。

Thanks, Mike. We expect to build on our positive first half results as we anticipate revenue to increase in the third quarter and adjusted EBITDA to be in the range of $115 million to $125 million. Comparing our third quarter 2026 to 2025 by segment, for SSR, we expect increased revenue and operating income as ROV utilization improves and survey activity continues. For Manufactured Products, we expect revenue and operating income to decrease slightly. Improved results from our umbilicals and rotator valves business are expected to largely offset decreases in hardware production, pipeline repair and our Grayloc connectors.

謝謝，Mike。我們預期在上半年正面成果的基礎上再接再厲，第三季營收可望增加，調整後 EBITDA 預計落在 1.15 億至 1.25 億美元區間。以事業部門比較 2026 年第三季與 2025 年第三季，就 SSR 而言，隨著 ROV 使用率改善且測量活動持續，我們預期營收與營業利益增加。就製造產品而言，我們預期營收與營業利益將小幅下降。臍帶纜（umbilicals）與旋轉閥業務的改善，預期將大致抵銷硬體生產、管線修復以及 Grayloc 連接器的下滑。

For OPG, we expect revenue and operating income to increase with higher vessel utilization in the U.S. Gulf and West Africa and the continuation of international intervention and installation projects. For IMDS, we expect revenue to increase and operating income to be relatively flat.

就 OPG 而言，隨著美國墨西哥灣與西非的船舶使用率提高，以及國際介入與安裝專案延續，我們預期營收與營業利益增加。就 IMDS 而言，我們預期營收增加，而營業利益大致持平。

For ADTech, we expect revenue and operating income to increase with higher activity levels in OTECH and marine services. We project unallocated expenses to be approximately $50 million. Returning to our 2026 outlook. Our first half performance has increased our confidence in our full year outlook and supports raising the low end of our adjusted EBITDA guidance range. We now expect consolidated adjusted EBITDA to be between $400 million and $440 million for 2026.

就 ADTech 而言，隨著 OTECH 與海事服務（marine services）活動水準提高，我們預期營收與營業利益增加。我們預估未分攤費用約為 5,000 萬美元。回到我們對 2026 年的展望。上半年表現提升了我們對全年展望的信心，並支持我們上調調整後 EBITDA 指引區間的下緣。我們目前預期 2026 年合併調整後 EBITDA 介於 4 億至 4.4 億美元。

At the same time, we've updated our IMDS outlook to reflect ongoing uncertainty in the Middle East and reduced activity in West Africa. We now expect IMDS operating income to decrease significantly compared to the full year of 2025 and for operating income margin to be in the low single-digit percentage range. The outlook for other operating segments remains unchanged with performance trending in line with or ahead of our prior expectations.

同時，我們更新了 IMDS 展望，以反映中東持續的不確定性以及西非活動減少。我們目前預期 IMDS 的營業利益將較 2025 全年顯著下降，且營業利益率將落在低個位數百分比區間。其他營運部門的展望維持不變，績效趨勢符合或優於我們先前的預期。

In summary, we are pleased with our performance in the second quarter and first half of the year. Disciplined execution, healthy demand across most of our businesses and a strengthened financial position support our confidence in the remainder of 2026. While we continue to navigate challenges in our IMDS business, our other operating segments have contributed to first half results that exceeded our guidance. We remain focused on delivering value to our customers and shareholders. We appreciate everyone's continued interest in Oceaneering and we'll now be happy to take any questions.

總結而言，我們對第二季以及上半年表現感到滿意。紀律執行、我們多數業務的健康需求，以及更強健的財務狀況，支持我們對 2026 年剩餘期間的信心。儘管我們仍在因應 IMDS 業務的挑戰，其他營運部門對上半年成果的貢獻使其超越我們的指引。我們將持續專注於為客戶與股東創造價值。感謝各位持續關注 Oceaneering，接下來我們很樂意回答任何問題。

(Operator Instructions) Keith Beckmann, Pickering Energy Partners.

（接線員指示）Keith Beckmann，Pickering Energy Partners。

Congrats on the quarter, guys. Yes. My first question is just, obviously, we got the refinancing this quarter. You guys have kind of built a nice net cash position and kind of $10 million a quarter buybacks now for a little while. Just wanted to get your thoughts on this capital allocation change at all and maybe what opportunities are out there given you guys got a longer runway now?

恭喜本季表現，各位。是的。我的第一個問題是，很明顯你們本季完成了再融資。你們建立了不錯的淨現金部位，而且一段時間以來每季大約回購 1,000 萬美元的股票。想請教你們對這項資本配置變化的看法，以及在你們現在有更長的時間跑道（runway）的情況下，外面有哪些機會？

I would say, we still say organic first, inorganic growth second and then return of capital to the shareholders, again, with the share buybacks being primary right now. So let me walk down those 3. When I think about organic, one of the things I -- thanks for giving me the opportunity to point this out. We still are very proud of our energy business. And so we look for ways to invest and grow that energy business.

我會說，我們仍然是：先有機成長，其次無機成長，然後才是回饋股東資本；而目前以股票回購為主。所以我依序說明這三點。談到有機成長時，有件事我——謝謝你給我機會指出這點。我們仍然非常以我們的能源業務為傲。因此我們會尋找投資並擴大該能源業務的方法。

And I would just say, think about investing more around the core, the highest performing parts of that energy business, especially like SSR, for example. And sometimes people wonder, well, how much more capacity can you absorb? It's not really just about capacity. I mean we think about the way we deliver value and that's through automation, through high-tech services, being the best provider out there, giving the customer what they really want.

我想說的是，考慮在核心領域、也就是能源業務中表現最好的部分加大投資，例如 SSR 這類。有時候大家會想，嗯，你們還能吸收多少新增產能？其實不完全是產能的問題。我們思考的是我們如何交付價值：透過自動化、透過高科技服務，成為市場上最好的供應商，提供客戶真正想要的東西。

And that's -- they're very focused on a specific set of services done really reliably, high availability, high availability in any weather, those kinds of things. With a greater automation, I think that's where we're really pushing that core business. And we intend to not just defend but to grow that core part of our business. So there will be investment made there. And then when we switch to sort of the other part of our core business, that defense side, where we know that it could be bigger and we really see opportunities for us to expand in that space.

而且他們——非常專注於一組特定的服務，確保能非常可靠地交付，高可用性、任何天候下的高可用性，諸如此類。隨著自動化程度提高，我認為這正是我們真正推動核心業務的方向。我們的意圖不只是防守，而是要成長我們業務中這個核心部分。因此那裡會有投資。接著當我們轉到核心業務的另一部分，也就是國防那一側，我們知道它可以更大，而且我們確實看到我們在那個領域擴張的機會。

And that may require not just some organic investment like we have made around the big projects that we've been winning but also around some inorganic things, some places where we think we can really add value but not go out and compete with some of these, I mean, just unbelievable valuations around some of the tech and defense.

而那可能不僅需要一些像我們在已贏得的大型專案周邊所做的那種有機投資，也需要一些非有機的作為——一些我們認為能真正增加價值的地方，但不會出去和某些——我是說，在一些科技與國防領域出現的、簡直難以置信的估值——去競爭。

So while we are definitely playing in that space, we have tech of our own. We think of our specialty really being about the people who have proven experience, getting the stuff offshore, off and on a boat, that really making these things work in real time. And so we think we can partner with other companies there but we also think there are some other businesses that we can either increase their participation in defense or even bring existing businesses to have a greater, I think, greater volume in defense business. So I -- there are some really good opportunities there. And I think out with any big shifts, we'd like to continue to do our share buybacks.

所以雖然我們確實在那個領域布局，我們也有自己的技術。我們認為我們的專長真正是在於那些具備經驗證明的人才——把設備運到離岸、把東西從船上卸下再裝上，讓這些事情能即時運作。因此我們認為可以在那裡與其他公司合作，但我們也認為還有一些其他業務，我們可以讓它們提高在國防領域的參與度，甚至把既有業務帶進來，讓國防業務的量更大——我想是更大的規模。所以我——那裡確實有一些很好的機會。而且我認為在任何重大轉變之下，我們也希望持續進行我們的股票回購。

We think if the opportunities are there, we are opportunistic but we're not taking them off the table in lieu of something else.

我們認為如果機會存在，我們會把握時機，但我們不會因為其他事情就把它們從選項中拿掉。

Awesome. That's really helpful. And then my second question is just here -- don't want to get too ahead of myself but thinking into 4Q and then into next year, offshore, just wanted to think about the SSR, how do you expect ROV utilization to be potentially into next year? And then kind of twofold, on the OPG side of the business, really strong beat, 3Q looks good as well. How sustainable is that going forward?

太棒了。這真的很有幫助。那我的第二個問題是——我不想太早下結論，但往第四季以及明年看，離岸這塊，我想談談SSR，你們預期ROV的使用率到明年可能會如何？然後第二部分，在OPG業務這邊，本季大幅優於預期，第三季看起來也不錯。這樣的表現往後有多可持續？

It sounded like Caspian and Egypt did really well but just trying to think about the growth trajectory of OPG after a really strong quarter there.

聽起來里海和埃及表現非常好，但我只是想了解，在那樣一個非常強勁的季度之後，OPG的成長軌跡會是怎樣。

Yes. Let me start with SSR. I mean we see, just like so many other people are calling out, greater rig utilization, which means, I think, greater use for ROVs. Also on the tree installation side, the tree orders and tree installations being strong, that bodes well for ROVs as well, our ROVs on vessels. So I think we see both of them.

是的。我先從SSR開始。我的意思是，我們看到——就像很多其他人也在提到的——鑽機使用率提高，這意味著我認為ROV的使用也會增加。另外在海底樹（tree）安裝那一側，樹的訂單與安裝都很強勁，這對ROV也很有利，尤其是我們在船上的ROV。所以我認為我們兩方面都看得到。

We've got some, for example, some rigs that are still being contracted but they may be moving from region to region. So I think you see some increase. And then we see as those rigs get into position, another increase kind of in that range of time that you mentioned. So I think SSR looks good. Again, continued utilization of the survey vessel, which is the other part of SSR.

例如，我們有一些鑽機仍在簽約中，但它們可能會在不同區域之間移動。所以我認為你會看到一些增加。然後當那些鑽機就位時，在你提到的那個時間區間內，還會再有一波增加。所以我認為SSR看起來不錯。再者，測量船（survey vessel）的持續使用率——那是SSR的另一部分——

So that also looks strong. And then tooling, which goes along with the ROVs, right. I would say that's good.

那部分看起來也很強。然後是工具（tooling），也就是和ROV配套的那些，對吧。我會說那也不錯。

For OPG, I think the thing to watch is, a lot of people said, hey, an increased share price should drive, OPG intervention work should be happening, people should be picking up rigs on U.S. land if the commodity price stays high. As we -- I think everybody sees it. We see discipline around that. We don't see people just going crazy but we do see, I think, increased interest and increased activity.

至於OPG，我認為要觀察的是，很多人說，嘿，股價上升應該會帶動OPG的介入作業（intervention work）發生，如果大宗商品價格維持高檔，人們應該會在美國陸上增加鑽機。就像——我想大家都看得到。我們看到的是在這方面仍然有紀律。我們沒有看到大家失控亂衝，但我們確實看到——我想——興趣增加、活動增加。

So it's not -- while it's not a big spike, I think we see that happening. I think more importantly, it's longer term. I think we see more longer-term confidence in doing projects and thinking about things. We don't see this as being a short burst in time. I think people see more the demand being up for a longer period of time and geopolitical issues moving around from here to there but we'll continue to leverage the infrastructure we have in place and to make new developments.

所以這不是——雖然不是很大的尖峰，但我認為我們看到它正在發生。我認為更重要的是長期。我認為我們看到對於做專案、思考各種事情的長期信心更強。我們不認為這只是短時間的一波爆發。我認為人們更看到需求會在更長一段時間內維持在較高水準，而地緣政治議題會在不同地區之間變動，但我們會持續運用既有的基礎設施，並推動新的開發。

So I think that longer-term outlook is actually boding as strongly for OPG as just the near-term commodity price.

所以我認為，這樣的長期展望，對OPG的助益其實不亞於短期的大宗商品價格。

Mike, would you add anything to that?

Mike，你要補充什麼嗎？

Yes, I would. And just to that last point, I think, with rigs, also, you're seeing longer-term contracts, which is a great indicator of the operator recognizing that they're -- they need to lock into these rigs now at the prices, which are still fairly favorable to a few years back and extending those out and we're going to extend along with them. So I do think it's good from a macro perspective as well.

是的，我會。而且就你最後那點來說，我認為在鑽機方面，你也看到更長期的合約，這是個很好的指標，代表營運商意識到他們——需要現在就以這些價格把鑽機鎖定下來；而這些價格相較幾年前仍然相當有利，並把合約期限往後延長，而我們也會跟著延長。所以我確實認為，從總體角度來看也很不錯。

Yes. I mean ROV contracts reflect the same. We're getting longer -- more longer ROV contracts as well. So --

是的。我的意思是，ROV合約也反映出同樣的情況。我們也正在取得更長——更多長期的ROV合約。所以--

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（接線員指示）Josh Jayne，Daniel Energy Partners。

One of the things we've heard from some of the diversifieds, is they alluded to a change in tone and conversations with NOCs around energy security, how they're framing spending moving forward. I think, Rod, you alluded to it a little bit in your last answer. But any insight you could provide with NOC discussions and maybe walk around the world a bit to offer where you think you could see most growth over the next couple of years, just in light of everything that's happened in the Middle East.

我們從一些多元化公司那邊聽到的一件事是，他們提到與國家石油公司（NOC）在能源安全方面的語氣與對話有所改變，以及他們如何框定未來的支出。我想，Rod，你在上一個回答裡也稍微提到。但你能否分享一些與NOC討論的觀察，並且或許帶我們環視一下全球，談談在中東發生這一切的背景下，你認為未來幾年哪裡可能看到最多成長？

Yes, sure. I mean I think the first one I'd call out is Brazil. Brazil is definitely active again. Petrobras, very interested in leveraging their strength as being a very large producer out with the Middle East. And so I think there's a really strong one.

好的，當然。我的意思是，我首先要點名的是巴西。巴西確實又再度活躍起來。Petrobras非常有興趣運用他們的優勢，作為一個在中東以外的非常大型生產商。所以我認為那是一個非常強的機會。

And we see that, right? I mentioned the ROV contract but we see other activity down there as well, some umbilical contracts coming out and stuff like that. So I think Brazil is the first one I'd call out. Africa. I think Africa is still strong.

而且我們也看得到，對吧？我提到ROV合約，但我們也看到那邊還有其他活動，例如一些臍帶纜（umbilical）合約釋出之類的。所以我認為巴西是我第一個要點名的。非洲。我認為非洲仍然很強。

There's a lot of good projects in the works, people looking -- going back and looking at places that haven't been as active recently and then, of course, the new stuff.

有很多不錯的專案正在推進中，人們在看——回頭去看一些最近沒那麼活躍的地方，然後當然還有新的項目。

So things around Namibia and Senegal and others, again, we saw the Total announcement in the Orange Basin. So I think watch Africa, definitely. And when you think about energy security, Australia and Australia and the Far East, again. So I kind of rank them in that direction, not necessarily because that's where the biggest opportunities lie. But I think we've got a lot of weight in the first 2.

所以像納米比亞、塞內加爾以及其他地區的情況，再次，我們看到了道達爾（Total）在橙色盆地（Orange Basin）的公告。所以我認為一定要關注非洲。而當你想到能源安全時，澳洲、澳洲以及遠東同樣也是。所以我大致會朝那個方向來排序，但不一定是因為那裡有最大的機會。但我認為我們在前兩個方面的比重很大。

So for us, I think they'll affect us most. But Australia is a really interesting one. I think I'd watch that because certainly, they have the ability to move fast relative to, say, Africa or somewhere else because they've already got so much infrastructure on the ground.

所以對我們而言，我認為它們對我們的影響會最大。但澳洲是一個非常有意思的市場。我會關注那裡，因為相較於例如非洲或其他地方，他們確實有能力更快推進，因為他們在當地已經有非常多的基礎設施。

Yes, proximity to China and the demand economies and where the demand sits is high. And I would also say Equinor, right, in North Sea, right? A lot of activity there. 30% of their gas goes to Europe. So talked about security, does that grow?

是的，靠近中國以及需求型經濟體，而需求所在的位置也很高。另外我也會提到 Equinor，對吧，在北海，對吧？那裡有很多活動。他們 30% 的天然氣供應到歐洲。所以談到安全性，這會成長嗎？

And do you see more activity with some of the tiebacks in Norway? I think you're going to see more of that as well.

而且你是否看到挪威一些回接（tieback）項目會有更多活動？我認為你也會看到更多這類情況。

And they don't have as much pushback as the U.K. Continental shelf. I mean the Norwegian continental shelf, they go fast.

而且他們不像英國大陸棚那樣有那麼多阻力。我的意思是挪威大陸棚，他們推進得很快。

Yes. Exactly.

是的。沒錯。

And then as my follow-up, I wanted to just go into sort of the defense contracts and spending a little bit more. You talked about and highlighted the relationship with Kongsberg. And maybe you could just talk about this partnership. And then also, as we have seen your relationship expand with the government and the Navy, do you view these announcements as sort of lumpy and that they're going to be moving forward? Or are we just in the early innings of sort of a structural change in what the opportunity set is around defense spending and autonomy?

接著作為追問，我想再多談一點國防合約與支出。你提到並強調了與 Kongsberg 的關係。也許你可以談談這個合作夥伴關係。另外，隨著我們看到你們與政府及海軍的關係擴大，你是否認為這些公告屬於「不均勻／跳躍式」（lumpy），而且將會持續往前推進？或者我們其實才剛進入一個結構性變化的早期階段，也就是國防支出與自主化（autonomy）相關機會集合正在改變？

And just maybe just your thoughts today on where you are in the cycle and then ultimately, how that frames your business over the next couple of years and maybe margins moving forward in that business would be helpful.

也想請你談談你今天對於目前所處週期位置的看法，最終這如何在未來幾年形塑你們的業務，以及該業務未來的利潤率走勢；如果能分享會很有幫助。

I think it's an interesting thing. It's lumpy now because we -- like that project we won was huge, right? So it's the biggest project we've ever won in the company, not just in ADTech. So that's a good lumpy, I would call it that. We're participating in bigger things.

我覺得這很有意思。目前確實是跳躍式的，因為我們——像我們贏得的那個專案非常巨大，對吧？那是我們公司史上贏得的最大專案，不只是 ADTech。所以那是一種好的「跳躍式」，我會這麼稱呼。我們正在參與更大型的項目。

As that business grows, I think it does start to stabilize. These are longer-term projects. So they spread over a number of years, unlike some of the stuff we see in energy sometimes where you go on a season campaign and stuff like that. These are multiyear contracts and projects. So we start layering more of them in, it becomes less lumpy.

隨著那項業務成長，我認為它確實會開始趨於穩定。這些是較長期的專案。所以它們會分散在好幾年之中，不像我們在能源領域有時看到的那種季節性作業、活動期之類。這些是多年期合約與專案。因此當我們開始把更多這類專案一層一層疊加進來，就會變得不那麼跳躍式。

The business grows, it becomes less lumpy. But also, I mean, you mentioned it. The kinds of things we're participating in, it's becoming more broad.

業務成長後，就會變得不那麼跳躍式。但同時，我是說，你也提到了。我們參與的項目類型正在變得更廣。

And so we've got more things going -- and I got to call out, space systems is working on the same side, right? They -- we have more customers in more places. We're getting a lot of respect as being a great partner to have because of our offshore experience because we're -- I mentioned this before, we have got a lot of time invested into getting things into other parts of the world, getting equipment in and out of the water, making things work the first time. So I think all of that experience is attracting the attention of partners, especially when you think in the defense space, there's a lot of folks out there that are fairly new, right? They're technology people.

因此我們有更多事情在推進——而且我得特別提一下，太空系統（space systems）也在同一邊運作，對吧？他們——我們在更多地方有更多客戶。我們因為離岸經驗而獲得很多尊重，被視為很好的合作夥伴；因為我們——我之前提過，我們投入了大量時間，把事情帶到世界其他地方，把設備下水與回收，並且讓事情一次就成功運作。所以我認為所有這些經驗都在吸引合作夥伴的注意，特別是在國防領域，外面有很多人其實相對新，對吧？他們是科技人。

They've got really cool, bright, shiny objects, great technology that they're trying to launch but they don't have a long history of experience of putting the stuff to work. And so that's where the partnerships, I think, are really important to us.

他們有很酷、很亮眼的新玩意兒，很棒的技術想要推出，但他們沒有很長的把這些東西真正投入運作的經驗歷史。所以我認為這就是合作夥伴關係對我們非常重要的地方。

And that's been true with government contracting for a while. A lot of these big projects involve consortiums of people. We were a subcontractor on a lot of them before moving to prime or even more of a ballast partner, is fairly new but it's not different in the way we do work in that space. But it's exciting. I mean it's -- the amount of times that we get reached out to compared to 3 or 4 years ago has definitely changed.

而且這在政府採購／承包（government contracting）領域已經成立一段時間了。很多大型專案都涉及由多方組成的聯盟（consortium）。我們過去在其中很多專案是分包商（subcontractor），如今轉為主承包（prime）甚至更像是提供支撐的合作夥伴（ballast partner），這算是相對新的，但在我們在該領域的工作方式上並沒有不同。但這很令人振奮。我的意思是——相較於 3、4 年前，我們被主動接洽的次數確實已經改變了很多。

Yes. And I love the fact that on the defense side, specifically, we play in a couple of key arenas, right? One is submarine repair and construction. So more of the older school that's going to go on for years because the government is so far behind, specifically in the U.S., so far behind where they need to be, but also on the OTECH side, all of the autonomy. And of course, we're seeing more and more of that sadly in the Middle East and in Ukraine and Russia.

是的。而且我很喜歡的是，在國防這一側，具體來說，我們在幾個關鍵領域發揮作用，對吧？其中之一是潛艦維修與建造。所以比較偏傳統、老派的那一塊，未來還會持續很多年，因為政府落後太多了，特別是在美國，距離他們需要達到的水準還差很遠；但同時在 OTECH 這一側，所有的自主化（autonomy）。當然，令人遺憾的是，我們在中東、烏克蘭以及俄羅斯也看到越來越多這類情況。

But that technology and that need, that lower cost option is big. And I think it's great that we play in both sides.

但那項技術與那種需求——那種更低成本的選項——規模很大。而且我認為我們同時參與兩邊是很棒的。

Eddie Kim, Barclays.

Eddie Kim，巴克萊（Barclays）。

Just curious on your thoughts on timing of sort of this offshore inflection and activity turning higher. Do you -- and where you would see that most is probably your ROVs business and drill support. Do you expect that to be a late '26 event? Or do you think that's maybe getting pushed to mid-'27, even second half of '27. There's a large service provider -- service company earlier this week that alluded to maybe timing getting pushed back to mid-'27.

我只是好奇你對於離岸業務出現拐點、活動轉強的時間點有何看法。你是否——以及你認為最明顯的地方可能會是在你們的 ROV 業務與鑽井支援。你預期那會是 2026 年較晚才發生的事件嗎？還是你認為可能會被推遲到 2027 年年中，甚至 2027 年下半年？本週稍早有一家大型服務供應商——服務公司——暗示時間點可能被推遲到 2027 年年中。

So just curious on your thoughts there. And related to that is sort of your ROV utilization, which has been trending in the 60s for the past several years now. Are we setting up for a move potentially into the 70s, maybe high 70s in the next couple of years? I have to look back in my model to 2013, 2014 to see your utilization in the high 70s and 80s. So just curious if high 70s utilization is an achievable target for you maybe in the next 2 to 3 years.

所以想請教你對此的看法。以及與此相關的是你們的 ROV 稼動率（utilization），過去幾年一直在 60% 多的區間。未來幾年我們是否正在為可能上升到 70% 左右、甚至 70% 高段做準備？我得回頭看我的模型，回到 2013、2014 年，才能看到你們稼動率在 70% 高段與 80% 的水準。所以也想請教，未來 2 到 3 年內，70% 高段的稼動率對你們而言是否是可達成的目標。

So Eddie, a couple of things here. Let me start with the first one. I -- sometimes I get into colorful metaphors but I feel like we're frogs in the pot here, right? It's coming up already. I think, we talk about an inflection point.

所以，Eddie，這裡有幾點。我先從第一點開始。我——有時候我會用一些生動的比喻，但我覺得我們就像鍋裡的青蛙，對吧？它已經在升溫了。我想，我們在談一個拐點。

It does -- I don't know that we're going to see a really well-defined inflection point but I feel like we're already starting to see the activity raise, right? We see these contracts extending both for the rigs and for us. We do see greater rig utilization and greater rigs contracted. So I think we're already in that period. It just hasn't -- I don't see a real pronounced inflection point but it's happening.

確實——我不確定我們會看到一個非常明確界定的拐點，但我覺得我們已經開始看到活動在升溫，對吧？我們看到這些合約在延長，無論是對鑽機還是對我們。我們確實看到更高的鑽機利用率，以及更多鑽機簽約。所以我認為我們已經處在那個階段。只是——我看不到一個非常明顯的拐點，但它正在發生。

For us, it's a little bit muted because, like I said, some of the rigs we're on are actually going to move from region to region. So that will create a little bit of downtime.

對我們而言，這有點被淡化，因為如我所說，我們所在的一些鑽機其實會從一個區域移到另一個區域。所以那會造成一些停工時間。

But I think longer term, if you look across a couple of quarters, 3 quarters or whatever, it's definitely building like we said it would. So it goes through the -- this half of the year, it probably goes into the first part of '27 but it's happening. And I think the -- follow the money, the contracts really speak to that. So that I would feel really good about. When you say about utilization, one of the things I -- we've talked a little bit about, maybe not enough, is that to really get into the high 70s, we have to have that high percentage of ROVs on drillships.

但我認為從更長期來看，如果你跨幾個季度來看，三個季度或其他，確實正在如我們所說地逐步建立。所以它會貫穿——今年下半年，可能延續到 27 年初，但它正在發生。而且我認為——跟著資金走，合約其實很能說明這一點。所以我對此會感覺非常好。你提到利用率，其中一件事我——我們談過一些，可能還不夠多的是，要真正進入高 70% 的區間，我們必須讓很高比例的 ROV 配置在鑽井船上。

And so we won't have the same probably percentage of ROVs on drillships as we did in the 2014 range but we'll have closer to that, right?

因此，我們在鑽井船上的 ROV 比例，可能不會像 2014 年那段期間那麼高，但會更接近那個水準，對吧？

We'll have -- we'll creep above 2/3 probably when we think about activity in any quarter. So I think that's one of the things to watch. When I think about activity level on the rigs, when they're all really busy, can we see it get above where we are today? Absolutely. I can -- will we get into the 70s?

我們——在考量任何一個季度的活動時，可能會慢慢超過 2/3。所以我認為這是需要觀察的一點。當我想到鑽機上的活動水準，當它們都非常忙碌時，我們能否看到它高於今天的水準？當然可以。我能——我們會進入 70% 區間嗎？

I would expect that there will be -- we'll see numbers in the 70s as well. But high 70s, I think, would really mean that we have a greater percentage. And I'm not sure we get there without more drilling rigs. So --

我預期我們也會看到 70% 區間的數字。但要到高 70%，我認為真的意味著我們需要更高的比例。而且如果沒有更多鑽機，我不確定我們能到那裡。所以——

Got it. That's very helpful color. And my follow-up is on this recent announcement you made last week about yourselves and Kongsberg being selected by the U.S. Department of War to support the development of uncrewed undersea vehicles for Navy mission. Just curious if that selection was maybe accelerated by what's going on in the Middle East.

了解。這些補充說明非常有幫助。我的追問是關於你們上週剛宣布的消息：你們與 Kongsberg 被美國戰爭部選中，以支援為海軍任務開發無人水下航行器。我只是好奇，這項遴選是否可能因為中東正在發生的事情而加速。

And it looks like you said the design is expected to be delivered in the third quarter of this year, which is this current quarter. How should we think about potential revenue generation from this opportunity?

而且看起來你們說設計預計在今年第三季交付，也就是本季。我們應該如何看待這個機會可能帶來的營收？

So first of all, let me speak to interest level. I got to give the customer credit. These things have -- we've been working on different versions of these things for 10 years. So it's -- while they (technical difficulty)

首先，我先談談興趣程度。我得給客戶一些肯定。這些東西——我們已經針對不同版本做了 10 年。所以——雖然他們(技術困難)

Ladies and gentlemen, this is the operator. We are experiencing some technical difficulties. Please stay on the line. We'll resume momentarily.

各位女士先生，這裡是接線員。我們遇到一些技術問題。請不要掛線。我們將在稍後恢復。

Ladies and gentlemen, thank you for standing by. We will now resume.

各位女士先生，感謝您的等候。我們現在將繼續。

(inaudible) technical difficulties there. But like everything else we do, we had a backup. So Eddie, I was saying, when I think about what the government has been doing, they've been working on this stuff for a long time. I mean we've been involved in different projects for more than 10 years. So I give them credit for that.

(聽不清) 那邊有一些技術問題。但就像我們做的其他事情一樣，我們有備援。所以，Eddie，我剛才在說，當我想到政府一直在做的事情，他們在這方面已經投入很長時間了。我的意思是，我們參與不同專案已經超過 10 年。所以我對此要給他們肯定。

But right now, it's one of the first times we actually see this technology being used out in the open, right, in both the Gulf and some of the aerial stuff we've seen in Ukraine. So -- but definitely, is there more interest? Sure. I think one of the things is a lot of what we're seeing now is the surface vessels are getting a lot of play and that everybody thinks, well, we want to have the underwater stuff as well.

但現在，這是我們第一次真正看到這項技術在公開場域被使用，對吧？無論是在海灣地區，還是我們在烏克蘭看到的一些空中相關的東西。所以——但確實，是否有更多興趣？當然。我認為其中一點是，我們現在看到的很多是水面艦艇受到很多關注，而大家都在想：嗯，我們也想要水下的東西。

So that does add a little interest as well. So yes, I think that's good. Revenue question, this program is really just about delivering the design. So until we sort of see -- where does -- what does the design look like? What's the use case look like?

所以這也確實增加了一些興趣。所以是的，我認為這是好的。至於營收問題，這個計畫主要就是交付設計。所以在我們某種程度上看到——設計會長什麼樣？使用情境會長什麼樣？

What's the budget look like, everything else? I can't really say what comes after this yet. But we're very confident that the design is going to be good. And if the customer has the budget and the use case, we'll see what comes next.

預算會長什麼樣，以及其他一切？我現在還不能真正說這之後會是什麼。但我們非常有信心這個設計會很好。如果客戶有預算且有使用情境，我們就看看接下來會發生什麼。

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

以上為我們的問答環節。我現在把電話交回給 Rod Larson 先生，請他做最後的結語。

Well, since there are no more questions, I'll just wrap up by thanking everybody for joining the call. This concludes our second quarter 2026 conference call. Have a great day.

好，既然沒有更多問題，我就簡單做個總結，感謝各位參與本次電話會議。本次為我們 2026 年第二季電話法說會。祝各位有美好的一天。

And you may now disconnect.

您現在可以掛線。