Precision Drilling Corp(Calgary) (PDS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Precision Drilling Corporation 2026 first-quarter results conference call and webcast. (Operator Instructions) Please be advised today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Precision Drilling Corporation 2026 年第一季業績電話會議與網路直播。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Lavonne Zdunich, Vice President, Investor Relations, please go ahead.

現在我想把會議交給今天的講者——Lavonne Zdunich，投資人關係副總裁。請開始。

Welcome, and thank you, everyone, for joining Precision Drilling's first quarter conference column webcast. Today, I'm joined by Carey Ford, our President and CEO; and Dustin Honing, our CFO.

歡迎各位，並感謝大家參加 Precision Drilling 第一季電話會議網路直播。今天與我一同出席的有我們的總裁暨執行長 Carey Ford，以及財務長 Dustin Honing。

Please note that some comments today will refer to non-IFRS financial measures and include forward-looking statements, which are subject to a number of risks and uncertainties. For more information on financial measures, forward-looking statements, and risk factors, please refer to our news release, MD&A, and financial statements, which are now available on SEDAR and EDGAR.

請注意，今天部分評論將提及非 IFRS 財務衡量指標，並包含前瞻性陳述；此類陳述受多項風險與不確定性影響。關於財務衡量指標、前瞻性陳述與風險因素的更多資訊，請參閱我們的新聞稿、管理階層討論與分析（MD&A）以及財務報表；這些文件現已於 SEDAR 與 EDGAR 上提供。

Before I pass the call over, I would like to highlight a couple points from our news release. First, utilization improved meaningful in the quarter compared to Q1 of 2025. It increased 7% in Canada and 24% in the US, even as industry rig counts declined 7% in both markets. This performance underscores the value customers continue to see in our high-performance, high-value strategy.

在我把電話交出去之前，我想先強調新聞稿中的幾點。第一，本季的稼動率相較 2025 年第一季有顯著改善。即使兩個市場的產業鑽機數量皆下滑 7%，加拿大稼動率仍提升 7%，美國則提升 24%。這項表現凸顯客戶持續看見我們高效能、高價值策略所帶來的價值。

Second, we delivered strong progress on our 2026 priorities, growing revenue year over year, generating $63 million in operating cash flow, and returning capital to shareholders through debt reduction and share repurchases. In the first quarter, Precision had 123 rigs operating globally and remained the second most active driller in North America.

第二，我們在 2026 年優先事項上取得強勁進展：營收年增、營運現金流達 6,300 萬美元，並透過減債與庫藏股回購向股東返還資本。第一季，Precision 在全球共有 123 座鑽機運轉，並持續為北美第二活躍的鑽井承包商。

With that, I'll pass it over to Dustin.

接下來我把時間交給 Dustin。

Thank you, Lavonne, and good morning, good afternoon for those calling from different locations. Before we cover our 2026 Q1 financial results and outlook, I'll briefly comment on our capital allocation strategy. As you're likely aware, Precision has a long-standing reputation for publishing clear and transparent strategic priorities, aligned with enhancing the competitive positioning of the business and driving enhanced shareholder returns.

謝謝你，Lavonne。各位早安；也向從不同地點來電的各位說聲午安。在我們說明 2026 年第一季財務結果與展望之前，我先簡要談談我們的資本配置策略。各位可能知道，Precision 長期以來以發布清晰且透明的策略優先事項而聞名，這些優先事項與提升公司競爭定位並推動股東報酬提升相一致。

Over the last decade, Precision's free cash flow-generating abilities have allowed us to outpace expected timelines for delivering on major strategic initiatives, positioning the business with rapidly increasing financial flexibility. We remain committed to our shareholder return targets while responsibly investing back into the business with a returns-based mandate.

過去十年，Precision 的自由現金流創造能力使我們能夠超前原先預期時程完成重大策略計畫，並讓公司的財務彈性快速提升。我們仍致力於股東報酬目標，同時以以報酬為導向的原則，負責任地再投資於業務。

These investments are paying dividends as we anticipate record Q2 activity levels in Canada and a notably strengthened utilization and customer mix in the US evolving. Maximizing strong free cash flow remains central to our strategy.

這些投資正在帶來成果：我們預期加拿大第二季活動量將創新高，而美國的稼動率與客戶組合也正顯著改善。最大化強勁的自由現金流仍是我們策略的核心。

Moving on to first quarter results, despite a recurring and expected heavy Q1 working capital build, Precision generated $63 million of cash from operations. Capital expenditures were $65 million, comprised of $35 million for sustaining and infrastructure and $30 million for rig upgrades. These investments were made in step with our shareholder return commitments, reducing debt by $25 million and allocating $4 million toward share buybacks.

接著談第一季結果：儘管第一季一如預期且反覆出現的營運資金大幅增加，Precision 仍創造了 6,300 萬美元的營運現金流入。資本支出為 6,500 萬美元，其中 3,500 萬美元用於維持性與基礎設施，3,000 萬美元用於鑽機升級。這些投資與我們對股東報酬的承諾同步進行：我們減少債務 2,500 萬美元，並撥出 400 萬美元用於股票回購。

We recorded adjusted EBITDA of $124 million, which equates to $143 million before share-based compensation expense, compared with prior year Q1 EBITDA of $137 million, $140 million before share-based compensation expense. Although operating results exceeded prior year, this was offset by a larger stock-based compensation accrual, resulting from our share price appreciating 39% during the quarter. Net earnings were $18 million, compared to $35 million in the first quarter of 2025.

我們錄得調整後 EBITDA 為 1.24 億美元；若在此基礎上加回以股份為基礎的薪酬費用，則為 1.43 億美元；相較之下，去年第一季 EBITDA 為 1.37 億美元，加回以股份為基礎的薪酬費用後為 1.40 億美元。雖然營運結果優於去年同期，但因本季股價上漲 39% 導致以股票為基礎的薪酬提列增加，抵銷了部分增幅。淨利為 1,800 萬美元，較 2025 年第一季的 3,500 萬美元下降。

In Canada, drilling activity averaged 79 active rigs, an increase of five rigs from Q1 2025. Our reported Q1 daily operating margins were $14,282 compared to $14,780 in the first quarter of 2025, falling within our prior guidance range. During the first quarter, Precision's operating margins were slightly impacted by rig mix, with stronger demand requiring a higher proportion of Super Singles and doubles working through the winter.

在加拿大，鑽井活動平均為 79 座在役鑽機，較 2025 年第一季增加 5 座。我們第一季揭露的每日營運毛利為 14,282 美元，較 2025 年第一季的 14,780 美元略低，仍落在先前指引區間內。第一季期間，Precision 的營運毛利受到鑽機組合些微影響；因需求較強，冬季作業中 Super Single 與 double 的占比提高。

In the US, we averaged 37 active rigs, in line sequentially from Q4 and an increase of seven rigs from prior year Q1. Our daily operating margins for the quarter were USD9,291 compared to USD8,754 sequentially from Q4, slightly exceeding our prior guidance range. Internationally, Precision averaged seven active rigs, down eight rigs from prior year Q1.

在美國，我們平均有 37 座在役鑽機，與第四季相比持平，並較去年第一季增加 7 座。本季每日營運毛利為 9,291 美元，較第四季的 8,754 美元提高，並略高於先前指引區間。在國際市場方面，Precision 平均有 7 座在役鑽機，較去年第一季減少 8 座。

International day rates averaged USD51,596, an increase of 4% from prior year, all due to rig move revenues. During the quarter, rig margins were unfavorably impacted by one Kuwait rig coming down, offset by one reactivated rig in Saudi Arabia. We incurred USD2 million of one-time charges associated with this reactivation, and in addition. Recognized added logistics costs tied to the Middle East conflict.

國際日費率平均為 51,596 美元，較去年增加 4%，增幅全部來自鑽機移動收入。本季鑽機毛利受到科威特一座鑽機停工的不利影響，但由沙烏地阿拉伯一座重新啟用的鑽機所抵銷。我們因該次重新啟用產生 200 萬美元的一次性費用，此外，也認列了與中東衝突相關的額外物流成本。

In our CMP segment, adjusted EBITDA was $18 million, in line with prior-year Q1. Increased wealth servicing demand in Canada more than offset the impacts of winding down our US operations back in the second quarter of 2025.

在我們的 CMP 事業部，調整後 EBITDA 為 1,800 萬美元，與去年第一季一致。加拿大財富服務需求增加，足以抵銷我們在 2025 年第二季縮減美國業務所帶來的影響。

Moving on to forward guidance, I will begin with our expectations for the second quarter of 2026. Starting in Canada, as I previously alluded to, our strong presence in Canada's unconventional natural gas and heavy oil markets is expected to generate record activity levels this quarter. Our ability to capitalize is largely due to growing demand, coupled with our prior year rig upgrades, expanding the pad drilling capabilities of our fleet and allowing these assets to work through the traditional seasonal constraints of spring breakup.

接著談前瞻指引，我將先從我們對 2026 年第二季的預期開始。先看加拿大，如我先前提到的，我們在加拿大非常規天然氣與重油市場的強勢布局，預期將在本季帶來創紀錄的活動量。我們之所以能把握機會，主要來自需求成長，加上去年鑽機升級擴大了我們機隊的井場（pad）鑽井能力，使這些資產得以在傳統春季解凍期（spring breakup）的季節性限制下仍能持續作業。

For the full quarter, we expect to average active rig counts to be approximately 60 rigs, a 20% increase from the 50 average rigs working in prior year Q2. We expect the end of the quarter to be at the mid-70s, up a similar percentage from prior year.

就整個季度而言，我們預期平均在役鑽機數約為 60 座，較去年第二季平均 50 座增加 20%。我們預期季末將達到 70 多座的中段水準，較去年同期亦有相近幅度的提升。

As a result of more Super Singles working, our operating margins in Canada are expected to range between 12,000 and 13,000 per day. Slightly lower than normalized prior year Q2, all due to rig mix. Keep in mind that prior year quarter operating margins were materially impacted by one-time customer upfront payments for rig upgrades. Our expectation is that pricing levels will remain firm within our Super Single and Super Triple fleet.

由於將有更多 Super Single 投入作業，我們預期加拿大的營運毛利將介於每日 12,000 至 13,000 美元。相較去年第二季的常態化水準略低，原因完全在於鑽機組合。請記得，去年同期的營運毛利受到客戶一次性預付款（用於鑽機升級）的重大影響。我們預期在 Super Single 與 Super Triple 機隊中，價格水準將維持穩健。

In the US, we expect to sustain the momentum we've built in the last year. Early in Q2, we experienced increased contract churns with multiple rigs falling idle between jobs. This will correct over the next month or so, with our rig count increasing to 35 rigs by next week, exiting the quarter at our annual high within the high 30s. Beyond that level, we expect further Precision rig count increases related to higher oil prices in our upgrade program.

在美國，我們預期將延續過去一年所建立的動能。在第二季初期，我們經歷了合約更替（churn）增加，多座鑽機在工作銜接期間轉為閒置。這種情況將在接下來一個月左右改善；我們的鑽機數預計在下週增加至 35 座，並在季末以 30 多座的高段、達到全年高點。在此水準之上，我們預期隨著油價走高並配合我們的升級計畫，Precision 的鑽機數仍有進一步增加的空間。

For the second quarter, we expect our operating margins to range between USD7,500 and USD8,500 a day due to increased reactivation costs tied to rig deployments through Q2 and into Q3. Given increased market demand for drilling rigs and Precision Super Triples, we are in the process of implementing price increases, which will flow to the back half of the year -- through the back half of the year '26.

就第二季而言，由於第二季並延續至第三季的鑽機部署將帶來較高的重新啟用成本，我們預期營運毛利將介於每日 7,500 至 8,500 美元。鑑於市場對鑽機與 Precision Super Triple 的需求增加，我們正著手推動漲價，相關效益將反映在今年下半年——也就是 26 年下半年。

Internationally, we expect to run seven rigs. However, operating margins will be lower than prior year. Due to one higher-margin Kuwait rate coming down in Q1, offset by a recently reactivated lower-margin rate in Saudi Arabia. For Q2, we expect to incur additional operating costs in response to ongoing tensions in the Middle East. Our CMP business continues to generate strong free cash flow, driven by our well-servicing and surface rentals business lines. For Q2, we expect EBITDA to remain in line with prior-year levels.

在國際市場方面，我們預期將運行七座鑽機。然而，營運利潤率將低於去年。原因是第一季科威特一項較高利潤率的日費率下調，且被沙烏地阿拉伯近期重新啟用的一項較低利潤率費率所抵銷。就第二季而言，因應中東地區持續緊張局勢，我們預期將產生額外的營運成本。我們的 CMP 業務在油井服務與地面設備租賃等業務線帶動下，持續產生強勁的自由現金流。第二季我們預期 EBITDA 將維持與去年同期相當的水準。

Moving on to forward guidance for the full year, we've increased our capital expenditures budget to $265 million, up from prior guidance of $245 million, which is now comprised of $168 million for sustaining and infrastructure and $97 million for upgrades. This increase includes two Canadian Super Triple rig upgrades underpinned by multi-year contract commitments, plus various oil-weighted upgrade opportunities in both Canada and the US.

接著談全年前瞻指引，我們已將資本支出預算上調至 2.65 億美元，高於先前指引的 2.45 億美元；目前資本支出組成為：1.68 億美元用於維持性支出與基礎設施，9,700 萬美元用於升級。本次上調包含兩座加拿大 Super Triple 鑽機升級（由多年期合約承諾支撐），以及在加拿大與美國的多項偏重油區的升級機會。

Of note, we anticipate Q2 capital expenditures to be disproportionately high this quarter due to timing of bulk deliveries and scheduled maintenance capital projects, leveling out through the back half of the year. Full year depreciation is expected to be $310 million, and cash interest expense from debt is expected to be approximately $45 million. Our effective tax rate is expected to be approximately 25% to 30% with cash taxes remaining low in 2026.

值得注意的是，由於大宗交付時點與排程維護資本專案的時間安排，本季第二季資本支出預期將相對偏高，並在下半年趨於平穩。全年折舊預期為 3.10 億美元，債務的現金利息費用預期約為 4,500 萬美元。我們的有效稅率預期約為 25% 至 30%，且 2026 年現金稅負仍將維持在低水準。

For 2026, we expect SG&A to stay flat at approximately $95 million before share-based compensation expense. As previously communicated, share-based compensation guidance for the full year would range between $25 million and $45 million, assuming a share price of $100 million to $140 million and a 1 times multiplier.

展望 2026 年，我們預期 SG&A（銷售、一般及行政費用）在扣除股份基礎給付費用前將維持持平，約為 9,500 萬美元。如先前所溝通，全年股份基礎給付指引區間為 2,500 萬至 4,500 萬美元，假設股價為 1 億至 1.4 億美元且乘數為 1 倍。

Our long-term target to achieve a net debt to adjusted EBITDA of less than 1 times remains firmly in place. In 2026, we were planned to reduce debt levels by at least $100 million, while allocating up to 50% of free cash flow to share repurchases. Today, we have an average cost of debt of 6.6% and over $433 million in total liquidity.

我們長期目標—淨負債對調整後 EBITDA 低於 1 倍—仍堅定不移。在 2026 年，我們原計畫將債務水準至少降低 1 億美元，同時將最多 50% 的自由現金流配置於庫藏股回購。目前，我們的平均債務成本為 6.6%，總流動性超過 4.33 億美元。

With that, I'll pass it over to Carey.

接下來我把時間交給 Carey。

Thank you, Dustin, and good morning and good afternoon to everyone. For my prepared remarks, I plan to cover four areas: first, an update on our Middle East operations; second, how we are growing revenue aligned with our first strategic priority; third, our North American market outlook; and fourth, a returns-focused mindset that is foundational to Precision Drilling.

謝謝你，Dustin，也向各位道早安與午安。在我準備好的發言中，我計畫涵蓋四個面向：第一，中東營運的最新進展；第二，我們如何依循第一項策略優先事項來成長營收；第三，北美市場展望；第四，以報酬為核心的思維，這是 Precision Drilling 的基礎。

For an update on our Middle East operations, I want to recognize Precision's leadership and crews for their performance over the past few months amid a dynamic regional environment and persistent uncertainty about where the conflict may lead next. In the face of these challenges, our team continues to focus on personnel safety and with all seven rigs delivering excellent results for our customers. We are all extremely proud of this team.

關於中東營運的更新，我想肯定 Precision 的領導團隊與現場人員在過去幾個月於多變的區域環境下的表現，以及對衝突下一步走向仍持續存在的不確定性。面對這些挑戰，我們的團隊仍持續專注於人員安全，且七座鑽機皆為客戶交出優異成果。我們都為這個團隊感到非常自豪。

Moving on to progress on our first strategic priority, growing revenue and deepening customer relationships. We are succeeding on several fronts, but I will focus on three field performance, our upgrade program, and international optionality. There are many ways we measure field performance, but in general, field performance is almost perfectly correlated with customer satisfaction, which is also almost perfectly correlated with the drilling contractor's ability to grow revenue.

接著談我們第一項策略優先事項的進展：成長營收並深化客戶關係。我們在多個面向都取得成果，但我將聚焦三點：現場表現、升級計畫，以及國際市場的選擇權。我們衡量現場表現的方法很多，但整體而言，現場表現幾乎與客戶滿意度完全正相關，而客戶滿意度也幾乎與鑽井承包商成長營收的能力完全正相關。

Now forgive me, as I will briefly get into the weeds talking about a key field performance metric, which is mechanical downtime. This is the percentage of time a rig is down in the field due to a mechanical issue when it should be making hold for a customer. In short, unplanned downtime is bad and customers don't like it, so we do everything we can to minimize it.

請容我稍微深入談一項關鍵的現場表現指標：機械停機時間。這是指鑽機在現場因機械問題而停機、而本應為客戶進行作業的時間占比。簡而言之，非計畫性停機是不好的，客戶也不喜歡，因此我們會盡一切努力將其降到最低。

For Precision, in Q1, mechanical downtime in the US was 0.59%, and in Canada, it was 0.48%. These figures are the best on record for Precision in each market, and we believe they are industry leading. In Canada, they were achieved in the highest activity Q1 we have had in over a decade.

以 Precision 而言，第一季美國的機械停機時間為 0.59%，加拿大為 0.48%。這些數據是 Precision 在各市場的歷史最佳紀錄，我們相信也處於業界領先水準。在加拿大，這些成果是在我們十多年來活動量最高的第一季所達成。

So why else is this metric important enough to highlight? The performance results from our business acting on real-time data flows from the rig, our scaled digital twin initiative, data-driven sourcing of supply chain components, rig crews and maintenance practicing supporting a data-driven approach, it is a true team effort with technology at the core. Furthermore, low downtime numbers are indicative of predictable, repeatable performance, which support safe operations and faster build times.

那麼，為何這項指標值得特別強調？這些表現成果來自我們業務運用鑽機的即時資料流、規模化的數位分身（digital twin）計畫、以數據驅動的供應鏈零組件採購，以及鑽機團隊與維修作業對數據驅動方法的落實；這是真正以科技為核心的團隊成果。此外，低停機數據代表可預測、可重複的表現，有助於安全作業與更快的建井時間。

For those of you on the call who attended our Analyst and Investor Day in Houston one month ago, you saw firsthand how our digital platform is integrated and scaled into our operations and every operational support function, making these results possible and repeatable. Now, there are multiple performance metrics demonstrating Precision's progress in the field and a number of customer records set in the quarter. But I will stop short of covering those in detail and state that our rigs and crews are performing exceptionally well, our customer satisfaction is high, and we are growing revenue. But we still have more fruit.

一個月前在休士頓參加我們分析師與投資人日的各位，已親眼看到我們的數位平台如何整合並規模化地嵌入營運與各項營運支援職能，使這些成果得以實現且可重複。目前有多項績效指標顯示 Precision 在現場的進展，且本季也創下多項客戶紀錄。但我不會在此逐一詳述，只想說我們的鑽機與團隊表現非常出色、客戶滿意度很高，且我們正在成長營收。但我們仍有更多成果可收穫。

For upgrades, we continue to execute our plan and are even expanding our growth investment to include two contracted Canadian Super Triple rig upgrades for delivery later this year. In the first quarter, Precision delivered year-over-year growth in activity and revenue in a declining market, and the success of our upgrade program is a key driver. As Dustin pointed out, we expect growth to continue into the second quarter with a record Q2 in Canada and the US rig count exiting June at the Earth's highest level.

在升級方面，我們持續執行計畫，甚至擴大成長投資，新增兩座已簽約的加拿大 Super Triple 鑽機升級，預計於今年稍晚交付。第一季，Precision 在市場下行的情況下仍實現活動量與營收的年增，而升級計畫的成功是關鍵驅動因素。如 Dustin 所指出，我們預期成長將延續至第二季，加拿大將創下第二季新高，而美國鑽機數在 6 月底時將達到地球上最高水準。

I'll remind the listeners that our upgrade program succeeds because of our vertical integration, the capital-light nature of many upgrades and our ability to source opportunities in the two most active regions in Canada and the four most active regions in the US, all improving our delivery and return on capital. More on return on capital in a moment.

我也提醒各位，我們的升級計畫之所以成功，源於我們的垂直整合、許多升級具備輕資本特性，以及我們能在加拿大最活躍的兩個地區與美國最活躍的四個地區尋找機會，全面提升交付能力與資本報酬。稍後我會再談資本報酬。

I'd also like to cover international growth, where we, along with our partner, have actively engaged with all major Argentine operators and have outstanding bids on multiple rigs. We remain excited about the opportunity in Argentina for Precision and are pursuing those opportunities thoroughly.

我也想談談國際成長。我們與合作夥伴已積極與阿根廷所有主要營運商接洽，並對多座鑽機提出具競爭力的投標。我們對 Precision 在阿根廷的機會仍感到振奮，並正全面推進這些機會。

In the Middle East, we have two idle rigs in Kuwait. And if we have more clarity in the outlook for the region, we expect to secure a contract for one of the rigs within the next few months. I mentioned on the last conference call that we have deployed an Alpha automation system on one rig in Kuwait and are driving performance on that rig through our Alpha Remote Operations Center in Houston.

在中東方面，我們在科威特有兩座閒置鑽機。若區域前景能更明朗，我們預期在未來幾個月內可為其中一座鑽機取得合約。我在上次法說會提到，我們已在科威特的一座鑽機部署 Alpha 自動化系統，並透過位於休士頓的 Alpha 遠端營運中心推動該鑽機的績效提升。

I'm pleased to report that the rig is now delivering significant reductions in drilling times for the customer, and we expect to broaden our technology footprint in the region over the course of the year, presenting another opportunity for performance differentiation and revenue growth.

我很高興報告，該鑽機目前已為客戶帶來顯著的鑽井時間縮短；我們預期在今年內擴大我們在該地區的技術佈局，帶來另一項績效差異化與營收成長的機會。

Moving on to our North American outlook, while WTI prices have been over $80 for two months, our US customers have not immediately reacted by adding rigs. In fact, the US land rig count is down slightly year-to-date. This makes sense to us as our customers have approved budgets, capital commitments to investors, and they likely want to have some time to assess the staying power of the oil price run-up. In addition, there is a lag time between the time a customer contracts a rig and the time that rig goes to work.

接著談北美展望，雖然 WTI 油價已連續兩個月高於 80 美元，但我們的美國客戶並未立即以增加鑽機數作出反應。事實上，美國陸上鑽機數今年迄今略有下降。這對我們而言合理，因為客戶已有核准的預算、對投資人作出的資本承諾，且他們可能希望有時間評估這波油價上漲的持續性。此外，從客戶簽約鑽機到鑽機實際投入作業之間也存在時間落差。

Over the past few weeks, we have become increasingly confident of the US market hitting an inflection point this summer with both private and public companies adding rigs and are confident of further rig adds for Precision in Q3 and Q4. We have been planning to increase activity in the US since the beginning of the year and are ready to meet the upcoming demand.

在過去幾週，我們對美國市場將於今年夏季觸及拐點愈發有信心，因為民營與上市公司都在增加鑽機數量；同時，我們也有信心 Precision 在第三季與第四季將進一步增加鑽機。我們自年初起就規劃在美國提高作業活動，並已準備好滿足即將到來的需求。

In the Canadian market, we are seeing a more immediate impact of higher oil prices with increased demand for our Super Single rigs operating in heavy oil basins. We also expect our Super Triple fleet to return to near full utilization later this summer, supported by constructive liquids prices and recent market developments that support the FID of Canada LNG Phase 2.In both markets, the expected tightness of rig supply is pulling forward some rig contracting discussions by a quarter or two for both gas and oil customers.

在加拿大市場，我們看到油價上漲帶來更即時的影響，對於我們在重油盆地運作的 Super Single 鑽機需求增加。我們也預期在今年夏季稍晚，我們的 Super Triple 機隊將回到接近滿載的使用率，這將受惠於具建設性的液體價格，以及近期支持加拿大 LNG 第二期（Canada LNG Phase 2）做出最終投資決定（FID）的市場發展。在兩個市場中，預期鑽機供給的吃緊，正使得無論是天然氣或石油客戶，部分鑽機簽約討論都提前了一到兩個季度。

In our C&P division, coming off a year of activity increases in Q1, we are seeing increased request for production work from private companies, while our larger customers are firming up plans that point to increased activity in the second half of the year. Following the market demand increase, we are expecting the market to tighten for both personnel and equipment in the second half of the year.

在我們的 C&P 事業部，延續第一季活動量增加的態勢，我們看到民營公司對生產相關作業的需求請求增加；同時，我們較大型的客戶也在敲定計畫，顯示下半年活動將增加。隨著市場需求上升，我們預期下半年在人員與設備兩方面市場都將趨於吃緊。

The final topic I want to cover is Precision's commitment to generating financial returns. Dustin covered this topic in his opening comments, and I would like to go a bit deeper. We've been talking about cash flow and return of capital for a decade. And over that time, we have demonstrated success and ingrained in our culture, the need to generate returns for our investors.

我最後想談的主題是 Precision 對創造財務回報的承諾。Dustin 在開場致詞中已談到這點，我想再深入一些。我們談論現金流與資本回饋已經有十年之久。在這段期間，我們已證明我們的成功，並將為投資人創造回報的必要性深植於企業文化之中。

Our leadership in sales, operations and operation support understands the focus and need to incorporate returns into all decisions. Although we are talking more about growth and appear to be entering into a growth market, the focus on returns will not diminish.

我們在銷售、營運與營運支援的領導團隊理解這項重點，並了解需要在所有決策中納入回報考量。即使我們現在更多在談成長，且看起來正進入成長型市場，對回報的重視也不會減弱。

In fact, it will be central to prioritizing capital deployment and more importantly, critical to maintaining our established reputation with investors for acting as good stewards of their capital. I would like to conclude by thanking the Precision crews, field leadership and all Precision employees for their commitment to safety, customer service and dedication to Precision.

事實上，這將是我們優先排序資本配置的核心；更重要的是，這對維持我們在投資人心中「善盡資本管理責任」的既有聲譽至關重要。最後，我要感謝 Precision 的各作業團隊、現場領導，以及所有 Precision 員工，對安全、客戶服務與對 Precision 的投入與奉獻。

With that, I will hand the call back to the operator for questions.

接下來，我把電話交回給接線員進行問答。

(Operator Instructions) Tim Monachello, ATB Capital Markets.

(接線員指示) Tim Monachello，ATB Capital Markets。

Hey, good morning and afternoon, everybody. First question, just on your expectations for I guess, US pricing improvement. That's a pretty positive comment given that the pricing sort of stagnated over the last few years. How much do you expect pricing to move higher in the back half of the year? And with that, then maybe talk about where you expect margins to go in the US in the back half from what they were in Q1?

各位早安、午安。第一個問題，關於你們對美國價格改善的預期。考量到過去幾年價格大致停滯，這段評論相當正面。你們預期今年下半年價格會上升多少？另外，也請談談你們預期美國下半年的利潤率相較第一季會走到哪裡？

Yes. So Tim, I understand your question and I understand why you're asking it. We typically give margin guidance one quarter forward. So I'll stop short of giving guidance for Q3 and Q4. We said in our comments that we are having pricing increase discussions with customers and that those will start to be reflected in the second half of the year. So it will have a meaningful impact on our day rates and margins in the second half of the year.

是的。Tim，我理解你的問題，也理解你為什麼會這樣問。我們通常只提供往前一季的利潤率指引。所以我先不對第三季與第四季提供指引。我們在評論中提到，我們正與客戶討論調漲價格，而這些調整將在下半年開始反映出來。因此，這將在下半年對我們的日費率與利潤率帶來有意義的影響。

I would just say that the US market, a misconception about the market is that there are a large number of rigs ready to go when customers want them. And I think if we see an increase in rig demand in maybe it's 30 or 40 or 50 rigs, there's a lot of rigs that are not ready to go back to work that will require capital and time to get the rigs back to work, including crewing up the rigs.

我還想補充，美國市場常見的一個誤解是：當客戶需要時，有大量鑽機隨時可立即投入。但我認為，如果鑽機需求增加，可能是 30、40 或 50 台，仍有許多鑽機其實尚未準備好復工，需要資本與時間才能讓鑽機回到作業狀態，包括為鑽機補齊人員編制。

So there's going to be more tightness in the market to stimulate day rate growth than I think the numbers would suggest. I would also say that although we think that the pricing increases will be broad, we can't really quantify them yet because, as I mentioned, we've really just started here in the past few weeks implementing price increases.

因此，市場吃緊以帶動日費率成長的程度，會比數字表面看起來更明顯。我也要說，雖然我們認為這波漲價會是廣泛性的，但目前還無法量化，因為如我所提，我們其實是在過去幾週才剛開始推動調漲價格。

Okay, got it. And the rigs that, I guess, are churning or in between contracts right now, are those going on to new higher rate contracts?

了解。那目前正在輪替、或處於合約空窗期的鑽機，是否會轉到新的、費率更高的合約上？

Some of them are. I'd really like to -- we attempted to distinguish between our rig increases in the second quarter and our rig increases beyond the second quarter. Most of the rig increases in the second quarter are just replacing the churn. Most of them are actually in gas basins and aren't really reflective of a market change in demand.

其中一部分會。我想要——我們嘗試區分第二季的鑽機增加，以及第二季之後的鑽機增加。第二季的大多數鑽機增加只是用來替換輪替流失（churn）。其中多數其實是在天然氣盆地，並不真正反映需求面的市場變化。

And where we see the demand increase from oil-based customers is really going to be in Q3 and Q4. Now, that has a follow-on effect in the gas basin customers, recognizing that the market is going to be a bit tighter due to oil demand, which is pulling forward some of those rig ad conversations in the gas basin.

而我們看到來自以石油為主的客戶之需求增加，主要會發生在第三季與第四季。這也會對天然氣盆地客戶產生連鎖效應：他們意識到由於石油需求使市場更吃緊，因此也把天然氣盆地的一些增鑽討論提前。

That's helpful. Are you seeing any change in demand from gas basins? Gas prices are pretty weak. And I would imagine there's going to be some incremental supply of gas associated coming out of oil basin. So is that market dynamic changing at all or is that still pretty strong for you?

這很有幫助。你們有看到天然氣盆地的需求有任何變化嗎？天然氣價格相當疲弱。而且我想，油區也會伴生出一些額外的天然氣供給。所以這個市場動態有在改變嗎？還是對你們而言仍然相當強勁？

I'll make a couple of comments there on the gas basin. I think that most of the customers now with the outlook for LNG growth and the outlook for gas-fired data center power. And there's some fundamental drivers there that are impacting activity more than the spot price. And the spot price is weaker than it has been.

我對天然氣盆地這塊補充幾點。我認為多數客戶目前看的是 LNG 成長前景，以及燃氣發電為資料中心供電的前景。有一些基本面驅動因素對活動量的影響大於即期價格。而即期價格確實比過去更弱。

So I think that our customers are less reactive to the spot price than they would have been a couple of years ago. I will say that we are adding rigs in both the Marcellus and the Haynesville, and some of them are high grading, where we're replacing incumbents for the customer. So it's a little bit tougher to. Draw a read on the broader market, but we do see our rig counts moving up in the next couple of months in the gas space.

因此，我認為我們的客戶相較於兩年前，對即期價格的反應沒那麼敏感。我也要說，我們在 Marcellus 與 Haynesville 都在增加鑽機，其中一些屬於「汰弱留強」（high grading），也就是我們為客戶替換原有承包商。所以這有點更難——去判讀整體市場，但我們確實看到未來幾個月在天然氣領域的鑽機數會上升。

Got it. And for incremental rig adds that you might see through the back half of the year in '27, can you talk about, I guess, the availability of fleet, of idle fleet that you have? And would those rigs need to be upgraded before they go to work? And I guess what's the scope of that idle capacity?

了解。至於你們在今年下半年可能看到的額外增鑽，可以談談你們可用的機隊資源、也就是閒置機隊的可用性嗎？這些鑽機在投入作業前是否需要升級？以及這些閒置產能的規模大概如何？

Yes. I would say that in our -- I'll just say, in our capital plan, we have room to move up and reactivate 15 or so rigs that -- maybe a little bit more than that, where we don't have to increase our capital plan. And we are ready. We have long leads. We have been preparing for an activity increase, as I mentioned, since the beginning of the year, even when the market expectation was flat.

是的。我會說，在我們的——我就直接說，在我們的資本計畫中，我們有空間可以上調並重新啟用約 15 台左右的鑽機——可能還略多一些——而不需要增加資本計畫。而且我們已準備就緒。我們有長交期項目。如我所提，即使當時市場預期持平，我們自年初起就一直在為活動量增加做準備。

So we'll be able to meet that demand. We are staffing up. We are carrying some extra crews, and we'll be carrying some extra crews through the second quarter to make sure that we're able to meet the staffing demand.

因此我們將能滿足該需求。我們正在擴編人力。我們保留了一些額外的作業班組，並會在第二季持續保留一些額外班組，以確保我們能滿足人力配置需求。

So I think for Precision, we're going to be good. I can't really comment on the rest of the industry, but I'll go back to what I said earlier that there's likely a lot more friction in the system than what the numbers may indicate.

所以我認為就 Precision 而言，我們會表現得不錯。我無法真正評論產業其他部分，但我會回到我先前所說的：系統中的摩擦可能遠比數字所顯示的還要多。

All right. I appreciate it. I'll turn it back.

好的。感謝。我把時間交回去。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Hey, good morning, good afternoon, everyone. I guess, sticking on the US land theme, Carey, I'm just curious, just given your conversation with customers and obviously, a lot of moving pieces between the oil demand or expected oil demand, gas demand, which you've talked about, private versus public, rig count, like you said, we've been stuck in this 5 to 30 level for quite some time now.

嗨，早安、午安，各位。我想延續美國陸上這個主題，Carey，我只是好奇，考量你與客戶的對話，且顯然在原油需求或預期原油需求、你提到的天然氣需求、民營對比上市公司、鑽機數量等之間有很多變動因素；就像你說的，我們在這個 5 到 30 的區間卡了相當長一段時間。

I guess what are your expectations when you think about going through second quarter into the second half of the year? Where the industry rig count could potentially go to, and maybe come at it from a private versus public and maybe a basin perspective as well?

我想問的是，當你思考從第二季一路走到下半年時，你的預期是什麼？產業鑽機數量可能會增加到什麼程度？也許可以從民營對比上市公司，以及不同盆地的角度來談談？

Yes. So I think I'll -- in terms of the broad industry rig adds, we're about 7% or 8% of the US market. So we've got a read on our activity increases, and it's a little bit harder to read the entire industry. I think there's enough people out there that are making bets on that.

是的。我想我會——就整體產業新增鑽機而言，我們約占美國市場的 7% 或 8%。因此我們能掌握自身活動量的增加情況，但要判讀整個產業就比較困難。我想市場上有足夠多的人在對此下注。

But a -- an industry rig add increase of 40 or 50 rigs does not seem unreasonable to us. Where we see the increases from a basin perspective, minor increases on average in the Marcellus and the Haynesville, and we've got large market positions in both of that. So I think our read-through is probably pretty decent there.

不過——產業鑽機增加 40 或 50 台，在我們看來並不不合理。從盆地角度看，我們看到 Marcellus 與 Haynesville 平均僅有小幅增加，而我們在這兩個地區都有很大的市占。所以我認為我們在那裡的推估應該相當可靠。

Where we're having customers with -- customer conversations about rig adds in the second half of the year, it's the Permian and the Rockies. And that's basically where we have a lot of our idle capacity that's ready to go. So I think we'll be really well positioned to meet that demand. And in terms of privates versus publics, certainly, the privates got on the phone a little bit quicker, asking about rig availability, but we're starting to see more conversations or having more conversations with public companies about rig adds.

至於我們與客戶談到下半年新增鑽機的部分，主要是在 Permian 與 Rockies。而那基本上也是我們有大量閒置產能、隨時可以啟用的地方。所以我認為我們會處於非常有利的位置來滿足那樣的需求。至於民營對比上市公司，確實民營業者比較快打電話來詢問鑽機可用性，但我們也開始看到、或正在與更多上市公司就新增鑽機進行對話。

Got it. That's really helpful color. I guess on Canada, I'm just curious maybe if you can help us with a bit more color as far as some of the mix shift that you're seeing between the Super Singles and the Super Triples. I'm just curious if this is a structural change, just any more color on how you see this developing over time? Is this something secular? Just how should we think about the mix of the singles versus the triples and how to think about that as we move forward over the next 6 to 18 months or so?

了解。這些補充資訊非常有幫助。我想再問加拿大的部分，我只是好奇你是否能就你們看到的 Super Singles 與 Super Triples 之間的組合變化，提供更多細節。我想知道這是否是結構性的改變，以及你如何看待它隨時間的發展？這會是長期趨勢嗎？未來大約 6 到 18 個月，我們應該如何看待 singles 與 triples 的組合？

Yeah, sure. I'll start out in the nuts, Dustin, to kind of fill in some of the numbers. But I would say the demand for our Super Triples, the 32 Super Triples we have in Canada remains strong. So we're seeing -- we always see a little bit of spotty activity in Q2 during spring break up. But for what we're seeing in the second half of the year, demand is not really changing for the Super Triples.

好的，當然。我先從大方向說起，Dustin 再補充一些數字。但我會說，我們在加拿大擁有的 32 台 Super Triples，其需求仍然強勁。所以我們看到——第二季在春季解凍期（spring break up）期間，活動一向會有些零星波動。但就我們看到的下半年而言，Super Triples 的需求並沒有真正改變。

On the Super Singles, which are driving heavy oil activity, we're seeing increasing demand on that rig class based on our position in the marketplace. We are not seeing the Canadian rig count grow, but we are seeing our rig count grow, and we think that's the -- it kind of speaks to the performance differentiation and value proposition for our customers.

至於 Super Singles（帶動重油活動），基於我們在市場上的地位，我們看到該鑽機等級的需求正在增加。我們沒有看到加拿大整體鑽機數量成長，但我們看到我們自己的鑽機數量在成長；我們認為這——某種程度反映了我們在績效差異化與對客戶的價值主張。

And so that's the change that we've noticed, but I don't think it's a read-through for the rest of the industry. Dustin, can you talk a little bit maybe about pricing dynamics for -- what we're seeing on both those rig classes in the doubles.

因此這是我們注意到的變化，但我不認為這能推論到整個產業其他公司。Dustin，你能不能談一下——我們在這兩種鑽機等級以及 doubles 市場上看到的定價動態？

Yes, for sure. And I would actually add on the heavy oil market, one benefit of our upgrade program is we've really been chewing through that seasonality constraint in Q2. A lot of the pad capable rigs, we have now 18 going on 19 pad capable Super Singles, which really adds additional capacity into our business model, just makes that rig class so much more attractive.

是的，當然。我也想補充一下重油市場：我們升級計畫的一個好處是，我們確實正在逐步消化第二季的季節性限制。許多具備井場（pad）作業能力的鑽機，我們現在有 18 台、即將到 19 台具備 pad 作業能力的 Super Singles，這實際上為我們的商業模式增加了額外產能，也讓這個鑽機等級更具吸引力。

On the pricing front, I would say that pricing on our Super Singles and our Triples, it's very firm. We do see some competitive pressures out there, but we intend to sustain our position as a price leader in Canada, and it's really driven by our differentiation.

在定價方面，我會說我們的 Super Singles 與 Triples 的價格非常堅挺。我們確實看到一些競爭壓力，但我們打算維持我們在加拿大作為價格領導者的地位，而這主要是由我們的差異化所驅動。

I mean we've got a rig spec. It's our technology offering. And I would say on the people front, recruiting and retaining is a core competency and it really sets us apart. So we feel really good about capturing that value premium that we're delivering for our customers.

我的意思是，我們有鑽機規格。也有我們的技術方案。而在人員方面，我會說招募與留任是一項核心能力，這確實讓我們與眾不同。因此，我們對於能夠取得我們為客戶交付之價值溢價（value premium）感到非常有信心。

In the doubles market, it's a little bit different. It's oversupplied, highly competitive. We do participate. It's not a core part of our business, but we are not immune to the pricing pressures there. And we do see a bit more pricing challenges in the doubles market.

在 doubles 市場，情況就有點不同。供給過剩、競爭非常激烈。我們確實有參與。這不是我們業務的核心部分，但我們也無法完全免於那裡的定價壓力。而我們確實在 doubles 市場看到更多的定價挑戰。

Yeah. And just to wrap up that pricing conversation. As Dustin said, we expect to have 20% more rigs running in Q2 than we did last year. And all of those rigs are going to be singles and doubles. So they're going to be lower margin rigs than their Super Triples, which impacts the overall margin.

是的。再把這段定價的討論做個總結。如 Dustin 所說，我們預期第二季運轉中的鑽機數將比去年多 20%。而這些鑽機都會是 singles 和 doubles。因此它們的毛利會低於 Super Triples，這會影響整體毛利率。

Right. That all makes sense. Great color, guys. Really appreciate it. I'll turn it back.

好的。這些都很合理。各位提供的細節很棒。非常感謝。我把時間交回去。

Aaron McNeil, TD Cowen.

Aaron McNeil，TD Cowen。

Hey, everyone. Thanks for taking my questions. By my math, you've deployed, call it, just over $160 million of upgrade capital over the last two years, maybe another $70 million or $80 million expected this year.

嗨，各位。謝謝回答我的問題。按我的計算，你們在過去兩年投入了大約略高於 1.6 億美元的升級資本支出，今年可能還預計再投入 7,000 萬到 8,000 萬美元。

I wanted to zero in on the US market specifically and sort of understand how much capital and the number of rigs that you've upgraded in the US market over the last couple of years, how many you expect to upgrade this year, and then just give us a bit of an update on how you're thinking about returns on that capital, given that we just haven't really seen a durable improvement in margins and utilization's been a bit better, but we continue to see a lot of churn in the contract book.

我想聚焦在美國市場，並了解過去幾年你們在美國市場投入了多少資本、升級了多少台鑽機；今年預計還會升級多少台；另外也請你們更新一下，考量我們並未真正看到毛利率有持續性的改善、稼動率雖然好一些，但合約簿仍然出現大量汰換（churn），你們目前如何看待這些資本的報酬？

Yes. I think, first of all, we had a 24% increase year over year in activity relative to market that went down 7% year over year. So I think top line on activity, that's definitely improved. We've had revenue growth year over year, so that's improved. We've addressed some reasons for margin guidance in Q2.

是的。我想，首先，相較於市場年減 7%，我們的活動量年增 24%。所以就活動量的營收規模而言，這確實改善了。我們的營收也年增，所以這也改善了。我們也已說明第二季毛利率指引的一些原因。

We have -- we're expecting a pretty significant activity ramp, not just in the quarter, but preparing for Q3 and Q4. That's rig reactivations. As I mentioned, we're going to carry a few more crews to make sure that all of those start-ups that we have planned are executed very well. So I think -- I don't think it's fair to say that we're not seeing results from the upgrade program. We certainly are.

我們——我們預期活動量會相當顯著地拉升，不僅是在本季，還包括為第三季與第四季做準備。這包括鑽機重新啟用。如我提到的，我們會多配置幾個作業班組，以確保我們規劃的所有啟動作業都能執行得非常到位。所以我認為——我不認為說我們沒有看到升級計畫的成果是公平的。我們確實看到了。

If you look at the top-line revenue number, it is flat. We're kind of guiding flat on day rates. So day rates are firm. On the upgrade capital, we haven't split out the upgrades between Canada and the US. But I would say that in the US market -- in the Canadian market, we're typically doing two types of upgrades. We're doing a pad conversion for a Super Single and then we're doing an upgrade on the Super Triple.

如果你看營收（頂線）數字，是持平的。我們對日費率的指引大致也是持平。所以日費率是穩健的。在升級資本支出方面，我們尚未把加拿大與美國的升級拆分揭露。但我會說，在美國市場——在加拿大市場，我們通常做兩種類型的升級。我們會把 Super Single 做井場（pad）轉換，然後也會對 Super Triple 進行升級。

Pad conversions will typically be $3 million to $5 million in spend on the Super Triples. It could be anywhere from kind of $4 million to high-single digits on the upgrade depending on the term of the contract and the churn. When we're executing these upgrades, we are almost always getting full return of the capital spend within the term of the contract. So for the short -- small -- a lower dollar upgrade, we can get paid back in a shorter-term contract.

井場轉換在 Super Triple 上的支出通常是 300 萬到 500 萬美元。升級費用可能從約 400 萬美元到接近個位數高端（high-single digits）的百萬美元不等，取決於合約期限與更替率（churn）。當我們執行這些升級時，幾乎總是能在合約期限內把資本支出全數回收。因此，對於較短——較小——金額較低的升級，我們可以在較短期的合約中就回收成本。

The US market has been a spot market, and we've commented on this many times over the past couple of years. Most of the contracts are six months or pad to pad. Sometimes we're getting one-year contract if we're spending more capital. But it does introduce some variability after the contract has been signed and the capital has been returned because of the nature of the short-term work, we do have some pockets like we're experiencing right now in April, where there's going to be a little bit of white space.

美國市場一直是現貨市場（spot market），過去幾年我們也多次評論過。大多數合約是六個月，或是從一個井場到下一個井場（pad to pad）。有時如果我們投入更多資本，也能拿到一年期合約。但由於短期工作的特性，在合約簽訂且資本回收之後，確實會引入一些波動性；因此我們會出現一些空檔期（就像我們現在四月所經歷的），會有一點點白區（white space）。

But I think for the full look back, I think we need to get to the end of the year on the capital spend with a lot of these rigs that are going to be delivered later in this year, and we fully expect to see revenue and EBITDA growth in our business year over year.

但我認為從完整回顧的角度來看，我們需要等到年底，因為有不少鑽機會在今年稍晚交付，屆時才能看清這些資本支出的整體效果；而我們完全預期我們的業務在營收與 EBITDA 方面都會呈現年對年成長。

Got you. Okay. Fair enough. Maybe to build on one of Tim's many questions. Just given that the US contract durations are shorter with most rolling off by the end of this year, in the context of your comments around pricing increases, do you think that will translate directly into margin? Or do you think, sort of, we'll continue to see this churn over the next couple of quarters that might offset some of those pricing gains in the near term?

了解。好。合理。也許延伸一下 Tim 的眾多問題之一。考量到美國合約期限較短、且多數會在今年底前到期，在你提到的漲價背景下，你認為這會直接轉化為利潤率嗎？或者你認為，接下來幾季我們仍會看到這種更替（churn），在短期內可能抵消部分漲價帶來的收益？

We fully expect to see benefits from pricing increases, more activity covering overhead. And we expect to see a stronger contract book at the second half of the year. So I won't give guidance on margins for Q3 and Q4, but we think there's a lot of positive drivers for margin in the second half of the year.

我們完全預期會看到漲價帶來的效益、更多活動量分攤固定費用（overhead）。而且我們預期下半年合約儲備（contract book）會更強。所以我不會對第三季與第四季的利潤率提供指引，但我們認為下半年有很多推動利潤率的正面因素。

The only thing that I would say that might offset that is if we get more activity on the CWC rigs that we purchased in the Powder River and if there's more activity in our 1,200 horsepower rigs, which have slightly lower margins than our 1,500 horsepower rigs. But I think the uplift on margins on the margins and contracts on the 1,500 class rigs are definitely going to be going up.

唯一可能抵消的因素是：如果我們在粉河盆地（Powder River）收購的 CWC 鑽機活動量增加，以及我們 1,200 馬力鑽機的活動量增加；這些鑽機的利潤率略低於我們 1,500 馬力鑽機。但我認為 1,500 等級鑽機的利潤率提升，以及其合約條款的改善，肯定會上升。

Okay. Makes sense. Thanks, everyone. I'll turn it back.

好。明白。謝謝各位。我把時間交回去。

Keith Mackey, RBC Capital Markets.

RBC 資本市場（RBC Capital Markets）的 Keith Mackey。

Hi, there. Thanks for taking my questions. Just maybe starting out on the international side. Can you just give us a bit more color on the disruptions you faced in Q1 and the reactivation costs you faced in Q1? Maybe quantify those as much as you can for Q1 as well as heading into Q2.

你好。謝謝回答我的問題。先從國際業務談起。你能否多提供一些第一季你們面臨的干擾情況，以及第一季你們承擔的重新啟用成本？也請盡可能量化第一季的影響，以及進入第二季的情況。

And then more broadly, Carey, how do you think about the international business now given everything that's happened over there, do you have -- do you place a higher risk premium on deploying assets there? And just how you think about that -- where that business fits within Precision over the longer term?

更廣泛地說，Carey，鑑於那邊發生的一切，你現在如何看待國際業務？你是否——在那裡部署資產時會要求更高的風險溢酬？以及你如何看待——該業務在更長期內於 Precision 的定位？

Yes. So all fair questions. I think Dustin highlighted -- I'll kind of go one by one there, if I can remember them. So on the rig reactivation cost, it was USD2 million is what it cost us to reactivate the one rig in Saudi. It was higher than what we expected.

是的。這些都是合理的問題。我想 Dustin 已經提到——如果我記得住的話，我會逐一回答。關於鑽機重新啟用成本，在沙烏地重新啟用那一座鑽機花了我們 200 萬美元。這比我們預期的更高。

The rig had been -- it was part of all of the rig suspensions in the Kingdom. And when we reactivated the rig, the requirements by the customer to get the rig up to spec were just much greater than what we thought and it was a higher cost plus mobilizing the crews back in the country, it was just more than we thought, but that was a onetime cost.

那座鑽機之前——它是王國內所有鑽機停工（suspensions）的一部分。當我們重新啟用該鑽機時，客戶要求把鑽機提升到符合規格（spec）的要求，遠高於我們原先的預期；再加上把作業班組動員回到該國，整體成本就比我們想的更高，但那是一次性成本。

What we're seeing right now in terms of disruption, it's getting crews in and out of the country -- in and out of each country because of flight schedules and airport closures. And I'm sure you've read about plenty of the travel disruptions that this war has caused in the region. There's also some relatively minor, I would say, for us, it's relatively minor. I think some of our -- what is called broader oilfield service industry peers have reported lots of disruption related to supply chain in the region.

就目前我們看到的干擾而言，主要是讓作業人員進出各國——因為航班時刻與機場關閉，導致進出每個國家都更困難。我相信你也讀到這場戰爭在該地區造成了大量旅行中斷。另外也有一些相對輕微的——我會說，對我們而言相對輕微。我想我們一些——所謂更廣泛的油田服務產業同業，已回報在該地區供應鏈方面有很多干擾。

But for us, it's having to get parts from one part of the country that's far away where parts are -- or fuel from one part of the country that's far away from where we're drilling when we used to get it very close to where we're drilling. So there's some logistical challenges.

但對我們來說，是必須從國內較遠的地區取得零件——或是從距離較遠的地方取得燃料——而不是像以前那樣能在鑽井地點附近就取得。所以確實有一些物流上的挑戰。

It's tough to quantify right now what that cost is going to be. I think it's going to be low-single digits impact on profitability on those disruptions. But it's a dynamic market. There's a lot of changes. So I'll stop short of giving you an exact number of what those disruptions might be.

目前很難量化這些成本會是多少。我認為這些干擾對獲利能力的影響會是低個位數（low-single digits）。但這是一個動態市場。變化很多。所以我先不給出這些干擾可能造成的確切數字。

And then in terms of longer term, we said we want to grow the business, but we're not going to grow it in spite of returns. We really want to get the good returns on our capital. Your question about a discount rate or the required returns given the perceived increased risk level, it's a question for the broader market. I don't know that I'm the best person, or if Precision is the best company to comment on that.

至於長期而言，我們說過希望成長這項業務，但不會為了成長而犧牲報酬。我們非常希望資本能取得良好回報。你問到折現率或在風險感知提高下所要求的報酬率，這是整體市場層面的問題。我不確定我是不是最適合回答的人，或者 Precision 是否是最適合評論這件事的公司。

But the environment has changed a bit, and there will be new variables in the models that come before deploying capital. And so we certainly think about that.

但環境確實有些改變，在部署資本之前，模型中會加入新的變數。因此我們當然會把這些因素納入考量。

And for the business, it's not optimal size from a scale standpoint, but seven rigs or eight rigs, as I mentioned, we'd likely have sometime later this year or early next year. It's enough for us to generate meaningful EBITDA and meaningful cash flow. So although it's not optimal size, I think we've got some optionality on whether to grow the business or trying to do something else strategic with it.

至於這項業務，從規模角度來看並非最理想的大小；但如我提到的，七座或八座鑽機——我們可能會在今年稍晚或明年初達到——已足以為我們帶來有意義的 EBITDA 與有意義的現金流。所以雖然規模不是最優，但我認為我們在是否擴大業務，或嘗試對其採取其他策略性作為方面，仍有一些選擇權（optionality）。

No, thanks for that color, Carey, appreciate it. Maybe just quickly on the two upgrades in Canada. Can you just give us some more color on where those rigs are coming from, potentially when they expect to go to work and just the scope of the upgrade required and whether you think that there's significantly more of these upgrades that you could potentially do or likely do just given kind of where the Canadian market is, well some comments around that would be helpful.

不，謝謝你提供的補充說明，Carey，很感謝。也許快速談一下加拿大的兩項升級。你能否再多提供一些細節，這些鑽機可能是從哪裡調來的、預計何時投入作業，以及所需升級的範圍；另外，考量加拿大市場的情況，你是否認為未來還有顯著更多這類升級你們可能或很可能會做？就這方面給些評論會很有幫助。

Yes. So these rigs are going into multiyear contracts. The capital that we are spending on the rigs will be fully recouped within the term of the contract through either the day rate or an upfront payment from customers. So on the financial side, they're very attractive for us. I think for our customers, the performance of these rigs, we're really excited about.

是的。所以這些鑽機將投入多年期合約。我們在這些鑽機上的資本支出，將在合約期限內透過日費率或客戶的預付款全數回收。因此從財務面來看，對我們非常有吸引力。我想對我們的客戶而言，這些鑽機的性能表現，我們也非常期待。

I think, we're creating a lot of value for our customers.

我認為，我們正在為客戶創造很大的價值。

What we're doing is taking an ST-1200, we're increasing the capacity pretty much all over the rig from hook load capacity, right, fracking capacity, pumping capacity. And we're taking what we would call the rigs at -- from a spec standpoint that would be at the lowest end of our Super Triple 1200 class in Canada and upgrading them to where they would be at the leading edge of our fleet.

我們所做的是把一台ST-1200，幾乎在整台鑽機各方面都提升產能，包括吊鉤載重能力、壓裂能力、泵送能力。我們把從規格角度來看屬於加拿大Super Triple 1200等級中最低端的鑽機，升級到能位於我們機隊領先水準的位置。

And so these are opportunistic for our customers, the core customers of ours, they're important customers in the region. And we think that these are specific for their drilling programs. But there may be more demand for these rigs, and we would happily meet that demand with these return metrics. But don't expect to have a 1-a-month type cadence. I think this is maybe a few-a-year over the next couple of years might be a good way to think about it.

因此，對我們的客戶而言這些是把握機會的升級；我們的核心客戶、也是該區域的重要客戶。我們認為這些升級是針對他們的鑽井計畫量身打造。但未來可能會有更多對這類鑽機的需求，而以這樣的報酬指標，我們也樂於滿足該需求。不過不要期待會有每月一台那樣的節奏。我認為未來幾年每年幾台，可能是比較合適的理解方式。

Dustin, anything to add?

Dustin，有什麼要補充的嗎？

Yes. No, I would just say more broadly speaking, Keith, like we really like the fact that customers are showing a lot of enthusiasm around upfront payments to really take a little bit of the strain of the cash flow in the current year. These would include a portion of that.

有。不，我想更廣泛地說，Keith，我們很喜歡看到客戶對預付款展現很高的熱情，這確實能在當年度稍微減輕現金流的壓力。這些合約也會包含其中一部分。

From a return standpoint, we're very, very happy with it and the margin increases that we'll see. As Carey mentioned, they're incredibly strategic as far as the location and the core customers will deepen our relationship. And as it makes our operating capabilities better, I made that comment earlier in an earlier question about how we've been able to sustain our presence as a price leader in Canada and to further differentiate our offer will be a core way we sustain that going forward.

從報酬角度來看，我們非常、非常滿意，以及我們將看到的利潤率提升。如Carey提到的，就地點與核心客戶而言，它們非常具策略性，會加深我們的合作關係。而且隨著它讓我們的營運能力更強，我先前在較早的一個問題也提過，我們如何能在加拿大維持作為價格領導者的地位，並進一步差異化我們的方案，將是我們未來維持這一點的核心方式。

One other point I'd make, these upgrades would be delivered one in Q3 and one would be delivered later in the year in Q4. So for the financial pull-through, you would see portions of that in 2026.

另外我想補充一點，這些升級將在第三季交付一台，另一台會在年底第四季交付。因此在財務面的帶動效益，你會在2026年看到其中一部分。

Understood. Thanks very much.

了解。非常感謝。

John Danny, Dano Energy Partners.

John Danny，Dano Energy Partners。

Carey, Dustin team. Carey, have you had any customers start asking you about 2027 yet?

Carey、Dustin團隊。Carey，有沒有任何客戶已經開始跟你們談到2027年了？

Some of the rig contract discussions that we're having are one year or more. So they're going into 2027. But -- so I can't give you concrete examples, but it's possible.

我們正在進行的一些鑽機合約討論是一年或更長。所以會延伸到2027年。但是——我無法給你具體例子，但有這種可能。

No, okay, I just didn't know what they're telling in terms of potential needs next year versus where they are today. But I'm guessing the answer is no.

好，了解，我只是想知道他們在明年的潛在需求上，相較於目前，對你們是怎麼說的。但我猜答案是沒有。

I don't know an answer. Like I said, these customer conversations have really ramped up here in the last two or three weeks. And in the past couple of days, we may have had some conversations that I'm not aware of.

我沒有答案。如我所說，這些客戶對話在過去兩三週真的大幅升溫。而在過去幾天，我們可能有一些我不清楚的對話。

Yeah, that's cool. Just so I get the number straight here, your US count, is it 35 today?

好，沒問題。我只是想把數字弄清楚，你們美國的台數，今天是35台嗎？

That'll be 35 next week, 32 today.

下週會是35台，今天是32台。

35 next week.

下週35台。

And where did you say you're going to exit the quarter, the expected number?

那你剛才說本季末預計會以多少台數結束？

And John, just to make sure you heard our comments, that's really just kind of the normal churn, that's not really commodity price.

John，為了確認你有聽到我們的評論，那其實主要是正常的汰換/流動，並不是商品價格所致。

No, that's right. yeah. So I'm just, I'm getting old, Carey. I'm trying to, it's hard to follow the numbers. But you got 15 or so rigs that could come back to work. Is it, would it be unreasonable for someone to assume that you could be adding three to four rigs a quarter through the end of the year?

對，沒錯。是的。我只是——我年紀大了，Carey。我想要——這些數字很難跟上。但你們大概有15台左右的鑽機可能會回到作業。那麼，有人假設你們到年底每季可以增加三到四台鑽機，這樣的假設會不會不合理？

I think it's probably reasonable to assume that we're going to be adding more than that.

我認為假設我們每季增加的會超過這個數字，可能是合理的。

More per quarter.

每季更多。

Yeah, I think, yeah.

是的，我想，是的。

More per quarter. That's fine. Okay.

每季更多。好。好的。

All right, guys. Thanks a lot.

好，各位。非常感謝。

John Gibson, BMO Capital Markets. Your line is open.

John Gibson，BMO資本市場。你的線路已開通。

Morning or afternoon, wherever you are. I just had one, you talked a lot about US pricing. Wondering if you could talk about pricing in Canada. You kind of alluded to that the Doubles market is still oversupplied, but it seems like there's incremental demand. I'm just wondering, are we nearing an inflection for pricing on maybe some of the lower class rigs?

早安或午安，視你所在位置而定。我只有一個問題，你們談了很多美國的定價。想請你們談談加拿大的定價。你們有提到Double（雙立柱）市場仍然供給過剩，但看起來有增量需求。我想問的是，我們是否正接近某些較低等級鑽機的定價拐點？

Or is that a little ways out? And do you see that being possible based on the commodity price environment and demand from customers?

還是說那還要一段時間？而且你是否認為在目前商品價格環境與客戶需求的基礎上，這是有可能發生的？

Yeah, I would say historically, we have seen in higher commodity price environment that all rig class pricing goes up. But I would say at the field level and the customer conversations, we are not seeing an indication that that rig class is moving up in price.

是的，我會說從歷史上看，在較高的商品價格環境下，各等級鑽機的定價都會上升。但我會說，就現場層面以及與客戶的對話而言，我們沒有看到該等級鑽機價格正在上升的跡象。

Today.

目前沒有。

Appreciate the responses. I'll turn it back.

感謝回覆。我把時間交回去。

And I'm not showing any further questions at this time. I'd like to turn the call back to Lavonne for any further remarks.

目前我這邊沒有看到其他問題。我想把電話交回Lavonne，請她做進一步的結語。

Thank you. As a reminder, our Q1 financial statements and MD&A are now available on our website. Thanks to our research analysts for their questions. Should other participants have a question, please reach out to either myself or Patrick Tang in the Investor Relations department. Thank you very much, and have a good day.

謝謝。提醒各位，我們第一季財務報表與MD&A目前已在我們網站上提供。感謝研究分析師提出的問題。若其他與會者有問題，請聯繫我或投資人關係部門的Patrick Tang。非常感謝，祝各位有美好的一天。

Thank you, ladies and gentlemen. So that's conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

謝謝各位女士先生。今天的簡報到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。