Transocean Ltd (RIG) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to the Q4 2023 Transocean earnings call.

大家好，歡迎參加 Transocean 2023 年第四季財報電話會議。

(Operator Instructions) Please note today's call will be recorded, and I'll be standing by if you should need any assistance.

（操作員說明）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Alison Johnson, Director of Investor Relations.

現在我很高興將會議交給投資者關係總監艾莉森·約翰遜 (Alison Johnson)。

Please go ahead.

請繼續。

Thank you, Todd.

謝謝你，托德。

Good morning and welcome to Transocean's fourth quarter 2023 earnings conference call.

早安，歡迎參加 Transocean 2023 年第四季財報電話會議。

A copy of our press release covering financial results, along with supporting statements and schedules, including reconciliations and disclosures regarding non-GAAP financial measures are posted on our website at deepwater.com.

我們的新聞稿涵蓋財務績效以及支援報表和時間表，包括有關非公認會計準則財務指標的調節和揭露，均發佈在我們的網站 deepwater.com 上。

Joining me on this morning's call are Jeremy Thigpen, Chief Executive Officer; Keelan Adamson, President and Chief Operating Officer; Mark Mey, Executive Vice President and Chief Financial Officer; and Roddie Mackenzie, Executive Vice President and Chief Commercial Officer.

與我一起參加今天早上電話會議的是執行長 Jeremy Thigpen；基蘭‧亞當森 (Keelan Adamson)，總裁兼營運長；梅伊（Mark Mey），執行副總裁兼財務長；以及執行副總裁兼首席商務長 Roddie Mackenzie。

During the course of this call, Transocean management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts.

在本次電話會議期間，Transocean 管理階層可能會就與我們的業務和公司相關的各種事項做出某些非歷史事實的前瞻性陳述。

Such statements are based upon current expectations and certain assumptions and therefore are subject to certain risks and uncertainties.

此類陳述基於當前預期和某些假設，因此存在某些風險和不確定性。

Many factors could cause actual results to differ materially.

許多因素可能導致實際結果有重大差異。

Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact future results.

請參閱我們向 SEC 提交的文件，以了解我們的前瞻性聲明以及有關可能影響未來結果的某些風險和不確定性的更多資訊。

Also, please note that the company undertakes no duty to update or revise forward-looking statements.

另請注意，該公司不承擔更新或修改前瞻性陳述的義務。

Following Jeremy, Keelan, and Mark's prepared comments, we will conduct a question and answer session with our team.

根據 Jeremy、Keelan 和 Mark 準備好的評論，我們將與我們的團隊進行問答會議。

(Conference Instructions) Thank you very much.

（會議須知）非常感謝。

I'll now turn the call over to Jeremy.

我現在將把電話轉給傑里米。

Thank you, Allison, and welcome to our employees, customers, investors, and analysts participating on today's call.

謝謝艾里森，並歡迎我們的員工、客戶、投資者和分析師參加今天的電話會議。

As reported in yesterday's earnings release, for the fourth quarter, Transocean delivered adjusted EBITDA of $122 million on $748 million of adjusted contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 16%.

根據昨天的財報報導，第四季度，Transocean 調整後的 EBITDA 為 1.22 億美元，調整後的合約鑽井收入為 7.48 億美元，調整後的 EBITDA 利潤率約為 16%。

For the full year 2023, we delivered adjusted EBITDA of $738 million on approximately $2.9 billion of adjusted contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 26%.

2023 年全年，我們調整後的 EBITDA 為 7.38 億美元，調整後的合約鑽井收入約為 29 億美元，調整後的 EBITDA 利潤率約為 26%。

As always, Mark will provide a more detailed review of our financial performance during his prepared remarks and provide revised guidance for the year 2024.

像往常一樣，Mark 將在準備好的演講中對我們的財務表現進行更詳細的審查，並提供修訂後的 2024 年指引。

2023 was a very productive year for the company.

2023 年對公司來說是非常有成效的一年。

We hit the ground running in January with a number of significant contract announcements that added approximately $880 million in backlog.

我們在 1 月開始運作，宣布了許多重要合同，增加了約 8.8 億美元的積壓訂單。

These included harsh environment and ultra-deepwater fixtures in various jurisdictions around the world.

其中包括世界各地各司法管轄區的惡劣環境和超深水裝置。

We also opportunistically refinanced four senior secured notes totaling approximately $1.2 billion, and we raised $525 million from debt investors secured in part by the Deepwater Titan five-year contract.

我們還機會性地為四張高級擔保票據進行了再融資，總價值約為 12 億美元，並從部分由 Deepwater Titan 五年期合約擔保的債務投資者那裡籌集了 5.25 億美元。

By timely and opportunistically addressing certain debt maturities, we provided additional comfort to investors about our liquidity position.

透過及時、機會主義地解決某些債務到期問題，我們為投資者提供了對我們流動性狀況的額外安慰。

These transactions were positively received by our investors and resulted in the beginning phase of our share price more appropriately reflecting the reality of the improving offshore drilling market.

這些交易受到了我們投資者的積極回應，並導致我們股價的初始階段更適當地反映了海上鑽井市場不斷改善的現實。

2023 also marked the beginning of the widespread transition of our rigs, higher revenue generating

2023 年也標誌著我們的鑽孔機廣泛轉型的開始，創造收入更高

(technical difficulty).

（技術難度）。

Throughout the year, the average daily revenue for our ultra-deepwater fleet increased from $360,000 per day in the first quarter to $432,000 per day in the fourth quarter.

全年，我們超深水船隊的日均收入從第一季的每天36萬美元增加到第四季的每天43.2萬美元。

Key contributors to this improvement include the Deepwater Titan, which commenced operations with Chevron in May, joining the Deepwater Atlas as the second of the only two eighth-generation drill ships in the world, both operating and 20,000-psi fields in the US Gulf of Mexico.

這項改進的關鍵貢獻者包括深水泰坦號，它於5 月開始與雪佛龍一起運營，與深水阿特拉斯號一起成為世界上僅有的兩艘第八代鑽井船中的第二艘，均在美國灣作業20,000 psi 油田。墨西哥。

In addition to the Titan, we continue to add contracts with leading-edge day rates throughout the year ending 2023 with an incremental $3.2 billion of backlog.

除了泰坦之外，我們還在截至 2023 年的全年繼續增加具有領先日費率的合同，積壓訂單增加了 32 億美元。

Included in this total are two new fixtures added in the fourth quarter.

這一總數中包括第四季度新增的兩場比賽。

First, we secured a contract for the Transocean Barents with OMV Petrom S.A., in the Romanian Black Sea at a rate of $465,000 per day for a minimum of 540 day duration.

首先，我們與羅馬尼亞黑海的 OMV Petrom S.A. 簽訂了一份跨洋巴倫支海合同，價格為每天 465,000 美元，持續時間至少為 540 天。

The contract includes a rate increase to $480,000 per day for each day the rig operates beyond the initial term, including two option periods, plus a fully paid mobilization into the Black Sea.

該合約包括，鑽井平台超出初始期限後每天營運的費用將增加至每天 48 萬美元，包括兩個選擇期，以及全額付費進入黑海。

Second, the Deepwater Invictus was awarded a 40 day well in the US Gulf of Mexico with an independent operator at a rate that is undisclosed at the request of the customer.

其次，Deepwater Invictus 獲得了位於美國墨西哥灣的一口為期 40 天的井，由一家獨立運營商按客戶要求授予，但價格未公開。

In January this year, we signed a three well extension in Angola for the Deepwater Skyros with TotalEnergies at a rate of $400,000 per day.

今年 1 月，我們與 TotalEnergies 簽署了安哥拉 Deepwater Skyros 的三口井擴建協議，費用為每天 40 萬美元。

The estimated 142 day contract extends the rig current firm term through May of 2025 at a rate that is meaningfully higher than the prior day rate.

預計為期 142 天的合約將鑽機目前的固定期限延長至 2025 年 5 月，其費率明顯高於前一天的費率。

Despite the strong year of contracting, we recognize that some investors have been concerned by the pace of contract awards over the past few months.

儘管今年合約簽訂情況強勁，但我們認識到，一些投資者對過去幾個月合約授予的速度感到擔憂。

In an effort to ease that concern, it's important to note that our customers are increasingly focused on extended duration [opportunities] with longer lead times to contract commitments.

為了緩解這種擔憂，值得注意的是，我們的客戶越來越關注延長期限的[機會]，即合約承諾的交付時間更長。

While this tends to result in prolonged contract negotiations, it also demonstrates our customers' confidence in the longevity of this up-cycle and their commitment to the offshore market.

雖然這次會導致合約談判時間延長，但它也表明了我們的客戶對這一升級週期的長期性的信心以及他們對離岸市場的承諾。

In short, we remain extremely encouraged about the current and future demand for Transocean's assets and services.

簡而言之，我們對當前和未來對 Transocean 資產和服務的需求仍然感到非常鼓舞。

With that, I'll ask Keelan to discuss what we are seeing in the offshore drilling markets around the world.

接下來，我將請基蘭討論我們在全球海上鑽井市場所看到的情況。

Keelan?

基蘭？

Thanks, Jeremy, and good morning, everyone.

謝謝傑里米，大家早安。

To expand on Jeremy's last point and as a reminder to those listening, in our corporate presentation available on our website, we provide an 18 month look ahead of floater opportunity commencements.

為了進一步闡述 Jeremy 的最後一點，並提醒聽眾，在我們網站上提供的公司演示中，我們提供了 18 個月的流動機會開始前的展望。

The slide also includes a historical perspective.

這張幻燈片還包括歷史視角。

Over the past nine quarters, we have observed the number of tendered rig years increased nearly 90% to 91 rig years.

在過去的九個季度中，我們觀察到招標的鑽機年數增加了近 90%，達到 91 個鑽機年。

Overlaying this with the number of programs over the same time period, our customers' programs have increased and continue to increase in duration.

與同一時期的計劃數量相疊加，我們客戶的計劃數量有所增加，並且持續時間持續增加。

Now looking closer at each region.

現在仔細觀察每個區域。

Last year in Brazil, Petrobras alone awarded seven rig lines. and we continued to see strong demand from the region with Petrobras and Equinor tendering for long term programs.

去年在巴西，僅巴西國家石油公司就授予了七條鑽機線。我們繼續看到該地區對巴西國家石油公司和國家石油公司長期專案招標的強勁需求。

Over the next 18 months, we expect the award of seven more rig lines based on open opportunities, including five between Petrobras, Sepia, and Roncador tenders, which are expected to be awarded in the second quarter of this year.

在接下來的 18 個月內，我們預計將根據公開機會授予另外 7 個鑽機生產線，其中包括 Petrobras、Sepia 和 Roncador 招標之間的 5 個，預計將在今年第二季授予。

We anticipate that at least one of the seven rigs will come from outside the region.

我們預計這七台鑽機中至少有一台將來自該地區以外。

If this materializes as expected, including rigs currently preparing four and mobilizing two contracts for previously awarded work, the rig count in Brazil will increase from 31 there today to 36 rigs by the end of 2025.

如果這一目標按預期實現，包括目前為先前授予的工作準備四台鑽機並調動兩份合同，巴西的鑽機數量將從目前的 31 台增加到 2025 年底的 36 台。

The US Gulf of Mexico continues to be a source of steady demand with several tenders and negotiations ongoing.

美國墨西哥灣仍然是穩定需求的來源，多項招標和談判正在進行中。

We expect that most demand requirements over the next 18 months will be met by rigs already in the region and don't currently anticipate adding significant capacity to the area since the introduction of the Atlas, Titan, and Stena evolution contracts.

我們預計未來 18 個月的大部分需求將由該地區現有的鑽機來滿足，並且自推出 Atlas、Titan 和 Stena 進化合約以來，目前預計不會大幅增加該地區的產能。

US Gulf is shifting from a market characterized by short lead time, short duration opportunities to a longer lead time, longer duration market.

美國海灣正在從交貨時間短、持續時間短的市場轉向交貨時間長、持續時間長的市場。

Beyond this 18 month horizon, additional demand for long-term work has materialized from several of the major E&P companies as they seek to secure the right high-specification assets for their ongoing developments.

在這 18 個月的時間範圍之外，幾家主要勘探與生產公司都對長期工作提出了額外的需求，因為他們尋求為其持續開發獲取合適的高規格資產。

We continue to be encouraged by demand in West Africa and currently expect that up to 13 programs will commence in the next 18 months.

我們繼續受到西非需求的鼓舞，目前預計未來 18 個月將啟動多達 13 個計畫。

Notably, half of these programs are at least two years due duration.

值得注意的是，這些計劃中有一半的期限至少為兩年。

Namibia continues to exhibit significant potential with recently announced discoveries by TotalEnergies, Shell, and Galp Energia.

TotalEnergies、殼牌和 Galp Energia 最近宣布發現納米比亞繼續展現出巨大的潛力。

And we expect most of the four rigs currently on contract in-country to be extended.

我們預計目前國內合約的四台鑽機中的大部分都將延長。

In Nigeria, Shell has issued its multiyear tender, and we expect Chevron and Exxon will issue their multiyear rig tenders in the first half of this year.

在奈及利亞，殼牌已發布多年期招標，我們預計雪佛龍和埃克森美孚將在今年上半年發布多年期鑽機招標。

And lastly, in Angola, there are seven rigs presently on contract with operators that include TotalEnergies, ExxonMobil, and the Eni BP joint venture Azule Energy.

最後，在安哥拉，目前有七座鑽井平台與包括 TotalEnergies、埃克森美孚和埃尼 BP 合資企業 Azule Energy 在內的營運商簽訂了合約。

We expect that these rigs will remain in country and will be extended primarily through existing contract options.

我們預計這些鑽機將留在國內，並主要透過現有合約選項進行擴展。

Moving now to the harsh environment market.

現在轉向惡劣環境市場。

Local supply of high-specification, harsh environment semisubmersibles in Norway is currently fully utilized until the end of 2024, and the majority are largely contracted through 2025.

挪威高規格、惡劣環境半潛式鑽井平台的本地供應目前在 2024 年底之前已充分利用，其中大部分在 2025 年之前大部分已簽訂合約。

Day rates, therefore, continue to increase and recent fixtures have been in the high $400,000, a constructive trend.

因此，日租費繼續上漲，最近的固定費用已高達 40 萬美元，這是一個積極的趨勢。

We expect there to be a need for incremental supply beginning the second half of 2025.

我們預計從 2025 年下半年開始將需要增量供應。

The outlook in Australia remained strong with a number of additional programs set to start in 2026.

澳洲的前景依然強勁，許多其他計畫將於 2026 年啟動。

Our rigs, the Transocean Endurance and Transocean Equinox are contracted with options through early 2026 and 2028, respectively, and are strategically well positioned for some of these future opportunities.

我們的 Transocean Endurance 和 Transocean Equinox 鑽井平台的合約期限分別為 2026 年初和 2028 年，並且在策略上為其中一些未來機會做好了充分準備。

In addition to the capability of our high-specification fleet, our strong safety and operational performance is highly valued by our customers and positions Transocean well to secure contract opportunities.

除了我們高規格機隊的能力外，我們強大的安全和營運績效也受到客戶的高度評價，並使 Transocean 在獲得合約機會方面處於有利地位。

Flawlessly executing large-scale drilling and completion programs that consist of a wide range of highly complex operations requires a commensurate level of operational discipline.

完美地執行由各種高度複雜的作業組成的大型鑽井和完井專案需要相應程度的操作紀律。

For several years, now we've been acutely focused on improving our processes, tools, and competence as we strive to become a highly reliable organization.

多年來，我們一直專注於改善我們的流程、工具和能力，並努力成為一個高度可靠的組織。

In 2023, we completed the implementation of what we call our global critical operations assurance centers located in both our Houston and Stavanger offices.

2023 年，我們完成了位於休士頓和斯塔萬格辦事處的全球關鍵營運保障中心的實施。

These real-time monitoring centers are staffed 24 hours a day, seven days a week by teams of subject matter experts from our offshore workforce.

這些即時監控中心由來自我們海外員工的主題專家團隊每週 7 天、每天 24 小時值守。

Equipped with live footage from our fleet and the ability to communicate directly with our offshore crews in real time, these teams provide an additional level of assurance and verification during the performance of key steps in these critical operations.

這些團隊配備了我們船隊的現場錄像，並且能夠直接與我們的海上工作人員進行即時溝通，因此在執行這些關鍵操作的關鍵步驟期間提供了額外級別的保證和驗證。

Since the introduction of this capability, we have seen a significant improvement in our operational reliability resulting in a company record uptime performance of 97.6% for 2023.

自從引入此功能以來，我們的營運可靠性得到了顯著改善，公司的正常運行時間性能在 2023 年創下了 97.6% 的記錄。

In addition to normal day-to-day operations, we took delivery of the Deepwater Aquila, brought our second eighth generation drillship, the Deepwater Titan in service, and install the 20,000 BOP on the Titan sister ship the Deepwater Atlas.

除了正常的日常運作外，我們還接收了 Deepwater Aquila 號，將我們的第二艘第八代鑽井船 Deepwater Titan 投入使用，並在 Titan 的姊妹船 Deepwater Atlas 上安裝了 20,000 個防噴器。

We also completed contract preparation projects and subsequently mobilized six rigs, the Development Driller III, Dhirubhai Deepwater KG2, Deepwater Orion, Transocean Barents, Transocean Endurance, and the Transocean Equinox to new programs in different regions with different customers around the world.

我們也完成了合約準備項目，並隨後將六台鑽機（Development Driller III、Dhirubhai Deepwater KG2、Deepwater Orion、Transocean Barents、Transocean Endurance 和 Transocean Equinox）調集到全球不同地區不同客戶的新項目中。

Additionally, Transocean has onboarded approximately 1,000 new offshore employees in 2023.

此外，Transocean 將於 2023 年招募約 1,000 名新離岸員工。

Despite these operational changes in 2023, we delivered one of our strongest process and occupational safety performances, beating our annual target for recordable injury rates.

儘管 2023 年發生了這些營運變化，我們還是實現了最強勁的流程和職業安全績效之一，超過了可記錄傷害率的年度目標。

And much more importantly, none of our employees incurred a life changing injury.

更重要的是，我們的員工中沒有一人遭受足以改變生活的傷害。

We are very proud of our operational performance and the positive impact it has on our financial results, which ultimately creates value for our shareholders.

我們對我們的營運表現及其對財務表現的正面影響感到非常自豪，這最終為我們的股東創造了價值。

This operational performance is not by chance.

這種營運績效並非偶然。

It is the direct result of our relentless drive to improve, our willingness to constantly challenge the status quo, and our holistic approach to optimizing how we deliver superior results for our customers.

這是我們不懈改進的動力、我們不斷挑戰現狀的意願以及我們優化為客戶提供卓越結果的整體方法的直接結果。

Innovation is a foundational principle at Transocean, and we continuously invest in technologies to improve the safety, reliability, and efficiency of our operations.

創新是 Transocean 的基本原則，我們不斷投資技術以提高營運的安全性、可靠性和效率。

As an example, in 2023, we deployed the third robotic riser bolting system in our fleet on the Deepwater Titan.

例如，2023 年，我們在深水泰坦號船隊中部署了第三個機器人立管錨定係統。

This system automates certain activities during riser operations, significantly reducing the exposure of our rig personnel to moving equipment on the drill floor.

該系統可在立管操作期間自動執行某些活動，從而顯著減少我們的鑽機人員接觸鑽台上移動設備的風險。

We have also continued to advance the automation of drilling control for repetitive tasks are replaced with machine controlled sequences.

我們也持續推進鑽井控制的自動化，以機器控制的序列取代重複性任務。

This further improves the consistency and predictability of our operation while affording our drillers more time to focus on the well itself.

這進一步提高了我們作業的一致性和可預測性，同時讓我們的司鑽有更多時間專注於油井本身。

We also recently agreed to conduct a trial of an automation solution [in the West] Gulf of Mexico and look forward to expanding this to additional rigs.

我們最近也同意在墨西哥灣西部進行自動化解決方案試驗，並期待將其擴展到更多鑽井平台。

From an asset perspective, we continued to proactively manage the composition of our fleet with a strategic focus on owning and operating high-specification ultra-deepwater, and harsh environment floaters.

從資產角度來看，我們繼續積極管理船隊組成，戰略重點是擁有和運作高規格超深水、惡劣環境浮標。

In the second quarter last year, we entered into an agreement to sell the Paul B. Lloyd, Jr., in the Transocean Leader, effectively exiting the moored fourth generation semi-submersible asset class.

去年第二季度，我們達成協議，出售 Transocean Leader 旗下的 Paul B. Lloyd, Jr.，有效退出繫泊的第四代半潛式資產類別。

The transaction closed last week.

該交易於上週結束。

In the third quarter, we acquired the outstanding interest in the joint venture company that owns a Deepwater Aquila, which was selected for a three year contract to work with Petrobras, making it the eighth 1,400 ton rig in our fleet and further strengthening our position in the high hook load ultra-deepwater drillship market.

第三季度，我們收購了擁有Deepwater Aquila 的合資公司的未償權益，該公司被選中與巴西國家石油公司簽訂為期三年的合同，使其成為我們船隊中的第八個1,400 噸鑽井平台，並進一步鞏固了我們在高鉤負載超深水鑽井船市場。

The Aquila is currently undergoing preparations for its contract in Brazil, which is expected to commence midyear.

Aquila 目前正在為巴西合約做準備，預計將於年中開始。

As a result of the substantial contract preparation work we have performed and the newbuild delivery experience we have accumulated over the years, we are confident that when the time comes and we start to reactivate our cold-stacked assets, we will do so safely and efficiently and then transition into operations at the highest level of performance.

由於我們進行了大量的合約準備工作以及多年來積累的新船交付經驗，我們有信心，當時機成熟時，我們開始重新激活我們的冷堆資產，我們將安全有效地這樣做然後過渡到最高績效水平的運作。

The number of opportunities that could justify the reactivation of cold-stacked assets continues to grow.

可以證明重新激活冷堆資產的機會數量持續增長。

As always, we will remain disciplined in these decisions and will only do so to contracts that recover the investment required to reactivate plus generate an appropriate return for our shareholders.

像往常一樣，我們將在這些決定中保持紀律，並且只會對能夠收回重新啟動所需的投資並為我們的股東帶來適當回報的合約這樣做。

I'll now hand the call back to Jeremy.

我現在將把電話轉回給傑里米。

Thanks, Keelan. 2023 will be remembered as a significant year for Transocean.

謝謝，基蘭。 2023 年對 Transocean 來說將被銘記為重要的一年。

We take great pride in being the sole company among our peer group of publicly traded international offshore drilling (technical difficulty). to successfully navigate the financial challenges of the downturn, ensuring the preservation of value for our shareholders.

我們非常自豪能夠成為同業中唯一一家公開交易的國際海上鑽井（技術難度）的公司。成功應對經濟低迷時期的財務挑戰，確保為股東保值。

Our fleet is largely contracted through 2024, and we will continue to actively seek work to fill any gaps in utilization.

我們的機隊大部分已在 2024 年之前簽訂合同，我們將繼續積極尋找工作來填補利用率方面的空白。

Having said that, our $9 billion backlog and superior assets provide us with the competence and flexibility we need to be selective in the opportunities we pursue as we constantly endeavor to strike the right balance between utilization and day rate optimization.

話雖如此，我們90 億美元的積壓訂單和優質資產為我們提供了能力和靈活性，使我們能夠在不斷努力在利用率和日費率優化之間取得適當平衡的同時，選擇性地抓住我們所追求的機會。

As previously mentioned, we're encouraged by the longer-term programs we see materialize with start dates well into the future.

如前所述，我們對長期計劃的實現感到鼓舞，這些計劃的開始日期很遠。

As we move into 2024 and further into what appears to be a sustained upcycle, our priorities remain, first, converting our industry-leading backlog to cash.

隨著我們進入 2024 年並進一步進入看似持續的升級週期，我們的首要任務仍然是，首先，將行業領先的積壓訂單轉化為現金。

We'll do this by maintaining acute focus on safety and the uptime performance across our fleet, which directly impacts our overall revenue efficiency.

為此，我們將高度關注整個機隊的安全性和正常運行時間性能，這直接影響我們的整體收入效率。

Second, deleveraging the balance sheet.

其次，去槓桿化資產負債表。

Assuming the market materializes, as we expect, we will generate significant free cash flow over the next few years.

假設市場如我們預期的那樣實現，我們將在未來幾年產生大量的自由現金流。

And while we recognize that operating a growing fleet is a competing priority with deleveraging, we will be sure to balance the two in a manner that best serves our shareholders Third, and finally manage the business with the ultimate goal of returning more value to our shareholders, either through share repurchases or dividends.

雖然我們認識到經營不斷增長的機隊與去槓桿化是一個競爭的優先事項，但我們一定會以最有利於股東的方式平衡兩者。 第三，最終管理業務的最終目標是為股東帶來更多價值，透過股票回購或股利。

Before I hand the call over to Mark, I would like to thank each member of the Transocean team for their dedication to delivering safe, reliable, and efficient operations for our customers and contributing to our strong [income], constantly improving operational and financial performance.

在將電話轉交給Mark 之前，我要感謝Transocean 團隊的每位成員，感謝他們致力於為我們的客戶提供安全、可靠和高效的運營，並為我們強勁的[收入]做出貢獻，不斷提高運營和財務業績。

You all did a great job in 2023, and I look forward to continuous improvement 2024.

2023年你們都做得很好，我期待2024年繼續進步。

With that Mark will now discuss our financial results and future outlook.

馬克現在將討論我們的財務表現和未來前景。

Mark?

標記？

Thank you, Jeremy, and good day to all.

謝謝你，傑瑞米，祝大家美好的一天。

As Jeremy mentioned in his remarks, we had a very active year in the debt capital markets in 2023.

正如傑里米在演講中提到的，2023 年是債務資本市場非常活躍的一年。

In addition to the January 2023, refinancing and secured debt issuance, he discussed, in October 2023, we issued $325 million of 8% senior secured notes due 2028.

除了2023年1月的再融資和擔保債務發行外，他還討論了2023年10月我們發行了3.25億美元、2028年到期的8%優先擔保票據。

The notes are secured by Deepwater Aquila to support the purchase and upgrade of the rig.

這些票據由 Deepwater Aquila 擔保，用於支援鑽孔機的購買和升級。

We also executed several liability management transactions during the year, leading to the retirement of $243 million outstanding principal of the 5.375% senior secured notes due in May 2023, reducing the collateral rigs, Transocean Equinox and Transocean Endurance, the completion of exchanges with approximately $339 million of previously issued exchangeable bonds with maturities in 2025, 2027, and 2029, mainly for equity, and the repayment of the remaining $49 million for the 0.5% exchangeable bonds at maturity in January 2023.

我們還在這一年中執行了幾項負債管理交易，導致2023 年5 月到期的5.375% 高級擔保票據的2.43 億美元未償還本金被註銷，減少了抵押鑽井平台Transocean Equinox 和Transocean Endurance，完成了約339 美元的交換先前發行的2025 年、2027 年和2029 年到期的可交換債券主要用於股權，其餘4,900 萬美元將於2023 年1 月到期，用於償還0.5% 的可交換債券。

I extend a sincere thank you to the entire Transocean team for your continued efforts as we work to optimize our capital structure.

我衷心感謝整個 Transocean 團隊在我們優化資本結構過程中所做的持續努力。

I will now briefly recap our fourth quarter results and provide guidance for the first quarter as well as give an update of expectations for the full year 2024.

我現在將簡要回顧我們第四季的業績，提供第一季的指導，並更新 2024 年全年的預期。

Lastly, I'll provide an update on our liquidity forecast through the end of 2024.

最後，我將提供截至 2024 年底的流動性預測的最新資訊。

As reported in our press release, which includes additional details on our results, for the fourth quarter of 2023, we reported net loss attributable to controlling interest of $104 million, or $0.13 per diluted share.

正如我們的新聞稿（其中包括有關我們業績的更多詳細信息）中所報道的，2023 年第四季度，我們報告的控股權益淨虧損為 1.04 億美元，即稀釋後每股 0.13 美元。

After certain adjustment, as said in yesterday's press release, we reported adjusted net loss of $74 million.

經過一定調整後，正如昨天的新聞稿中所說，我們報告調整後淨虧損為 7,400 萬美元。

During the quarter, we generated adjusted EBITDA of $122 million, which translated into cash flow from operations of approximately $98 million.

本季度，我們產生了 1.22 億美元的調整後 EBITDA，相當於約 9,800 萬美元的營運現金流。

Our negative free cash flow of $122 million reflected the CapEx associated with the Deepwater Aquila, including the final shipyard milestone payments upon taking delivery of the rig from the shipyard.

我們 1.22 億美元的負自由現金流反映了與 Deepwater Aquila 相關的資本支出，包括從造船廠交付鑽井平台後的最終造船廠里程碑付款。

Looking closely at our results, during the fourth quarter, we delivered adjusted contract drilling revenues of approximately $748 million and average daily revenue of $408,000 per day.

仔細觀察我們的業績，在第四季度，我們的調整後合約鑽井收入約為 7.48 億美元，日均收入為 408,000 美元。

Our reported revenue is below our guidance, primarily due to the late start of Deepwater Mykonos, which is now on contract with Petrobras and lower than anticipated revenue from managed pressure drilling services, mainly for people to Conqueror, partially offset by higher fleet-wide revenue efficiency.

我們報告的收入低於我們的指導，主要是由於米克諾斯深水項目啟動較晚，該項目目前與巴西國家石油公司簽訂了合同，並且管理壓力鑽井服務的收入低於預期，主要面向征服者號的人員，部分被較高的船隊收入所抵消效率。

Operating and maintenance expense in the fourth quarter was $569 million.

第四季營運和維護費用為 5.69 億美元。

This is slightly higher than our guidance, mainly due to certain customs duties, indirect taxes, and litigation costs incurred mostly in South America.

這略高於我們的指導，主要是由於某些關稅、間接稅和訴訟費用主要發生在南美洲。

General and administrative expense for the fourth quarter was $50 million.

第四季的一般及行政費用為 5,000 萬美元。

This is below our guidance, primarily due to lower than anticipated professional fees and legal expenses.

這低於我們的指導，主要是由於專業費用和法律費用低於預期。

Turning to the cash flow and balance sheet.

轉向現金流量和資產負債表。

Into the fourth quarter, with total liquidity of approximately [1.6] (technical difficulty), unrestricted cash and cash equivalents of approximately $762 million, which comprises approximately $198 million of restricted cash for debt service and approximately $600 million from my revolving credit facility.

進入第四季度，總流動性約為[1.6]（技術難度），不受限制的現金和現金等價物約為7.62億美元，其中包括約1.98億美元的償債受限現金和來自我的循環信貸額度的約6億美元。

I will now provide financial guidance for our first quarter 2024 and update on our expectations for the full year 2024.

我現在將提供 2024 年第一季的財務指導，並更新我們對 2024 年全年的預期。

Our [revenue] guidance is primarily based on firm contracts as listed in our Fleet Status Report and an average fleet-wide revenue efficiency of 96.5%.

我們的[收入]指導主要基於我們的機隊狀態報告中列出的固定合約以及96.5%的平均機隊收入效率。

For the first quarter of 2024, we expect adjusted contract drilling revenue of approximately $780 million.

2024 年第一季度，我們預計調整後的合約鑽井收入約為 7.8 億美元。

This quarter-over-quarter increase is largely due to increased activity on the following rigs, including the Deepwater Mykonos, Deepwater Orion, KG2 in Brazil, the Transocean Endurance in Australia, and the Deepwater Invictus in the Gulf of Mexico.

這一環比成長主要是由於以下鑽井平台的活動增加，包括巴西的 Deepwater Mykonos、Deepwater Orion、KG2、澳洲的 Transocean Endurance 和墨西哥灣的 Deepwater Invictus。

This is partially offset by lower activity on the Transocean Barents, which concluded its contract in Eastern Mediterranean in February; and the KG1, apparently for its next contract in India.

這被跨洋巴倫支海的活動減少所部分抵消，該船於二月份在東地中海簽訂了合約；和 KG1，顯然是為了在印度簽訂下一份合約。

In addition, the sale of the Paul B. Lloyd Jr., which closed last Thursday results in lower revenue of approximately $11 million.

此外，上週四完成的 Paul B. Lloyd Jr. 的出售導致收入減少約 1,100 萬美元。

We expect first quarter O&M expense to be approximately $545 million, which is less than we reported for the fourth quarter of 2023 relating mainly to reduced activity for Transocean Barents, lower maintenance costs for the operating fleet generally, the sales of Paul B. Lloyd Jr., and the aforementioned South American costs incurred in the preceding quarter.

我們預計第一季的營運和維護費用約為5.45 億美元，低於我們報告的2023 年第四季的水平，這主要與Transocean Barents 的活動減少、營運船隊的維護成本普遍降低、Paul B. Lloyd Jr 的銷售有關。 .，以及前面提到的上一季發生的南美成本。

This will be partially offset by higher operating costs resulting from more operating days for the Deepwater Mykonos, for Deepwater Orion, and the KG2 in Brazil, and the Transocean Endurance in Australia, which commenced a new contracts.

這將被因深水米科諾斯號、深水獵戶座號、巴西的 KG2 號以及澳大利亞的 Transocean Endurance 號（已簽​​訂新合約）運營天數增加而導致的更高的運營成本所部分抵消。

We expect G&A expense for the first quarter of $47 million.

我們預計第一季的一般管理費用為 4700 萬美元。

For the full year 2024, we estimate that our adjusted contract drilling revenues will be between $3.6 billion and $3.75 billion, also based on 96.5% revenue efficiency.

對於 2024 年全年，我們預計調整後的合約鑽井收入將在 36 億美元至 37.5 億美元之間，同樣基於 96.5% 的收入效率。

Expectations are lower than the [prelim] guidance we provided on the third quarter 2023 earnings call, mainly due to changes in fleet activity.

預期低於我們在 2023 年第三季財報電話會議上提供的[初步]指導，這主要是由於船隊活動的變化。

These changes are reflected on our February 14, Fleet Status Report and include the following, contract commencements for the Deepwater Orion, Transocean Equinox, and Transocean Endurance were delayed due to prolonged mobilization and contract preparation activities.

這些變化反映在我們 2 月 14 日的船隊狀態報告中，其中包括深水獵戶座號、越洋春分號和越洋耐力號的合約啟動因長期動員和合約準備活動而推遲。

Lower anticipated revenue for the Deepwater Atlas as a portion of the customer's contract requiring the 15,000-psi capabilities is running longer than originally anticipated.

Deepwater Atlas 的預期收入較低，因為客戶合約中要求 15,000-psi 能力的部分運行時間比最初預期的要長。

As a result, the rig has not yet transitioned to the higher day rate segment of its contracts.

因此，該鑽機尚未過渡到其合約的較高日費率部分。

Changes in activity on the Transocean Barents versus expectations included in the prior customer's decision to forego its option wells and the rig's prior contract, partially for security reasons in the Middle East.

Transocean Barents 上的活動與預期的變化包括在先前客戶決定放棄其選擇井和鑽井平台先前合約的決定中，部分是出於中東的安全原因。

In line with our prelim guidance, we're anticipating a full year 2024 O&M expense to be approximately $2.2 billion and full-year G&A expense of approximately $196 million.

根據我們的初步指導，我們預計 2024 年全年營運與維護費用約為 22 億美元，全年一般管理費用約為 1.96 億美元。

Excluding any non-cash changes associated with the fair value adjustment of the [basic as exchange] feature embedded in our exchangeable bonds issued in the third quarter of 2022, net interest expense for the first quarter is forecasted to be approximately $131 million.

不包括與 2022 年第三季發行的可交換債券中嵌入的[基本作為交換]功能的公允價值調整相關的任何非現金變化，第一季的淨利息支出預計約為 1.31 億美元。

This includes capitalized interest of approximately $7 million.

其中包括約 700 萬美元的資本利息。

For the full year, we anticipate net interest expense of approximately $513 million, including capitalized interest of approximately $16 million.

我們預計全年淨利息支出約為 5.13 億美元，其中資本化利息約為 1,600 萬美元。

Capital expenditures, including capitalized interest for the first quarter are forecasted to be approximately $120 million, including approximately $81 million to the preparation of the Deepwater Aquila for a three year contract with Petrobras in Brazil.

資本支出（包括第一季的資本化利息）預計約為 1.2 億美元，其中約 8,100 萬美元用於準備與巴西國家石油公司簽訂的為期三年的深水 Aquila 合約。

Cash taxes to be paid in the first quarter are expected to be approximately $10 million and approximately $51 million for the full year 2024.

預計第一季繳納的現金稅約為 1,000 萬美元，2024 年全年繳納的現金稅約為 5,100 萬美元。

Our expected liquidity in December 2024, is projected to be approximately $1.45 billion, reflecting our revenue and cost guidance and including the approximately $600 million capacity of our revolving credit facility and restricted cash of approximately $350 million, which is mainly reserved for our debt service.

我們到2024 年12 月的預期流動性預計約為14.5 億美元，反映了我們的收入和成本指導，包括我們約6 億美元的循環信貸額度和約3.5 億美元的限制性現金，這些現金主要用於我們的償債。

This liquidity forecast includes 2024 CapEx expectations of $242 million, including $134 million related to the Deepwater Aquila.

這項流動性預測包括 2024 年 2.42 億美元的資本支出預期，其中包括與 Deepwater Aquila 相關的 1.34 億美元。

As briefly mentioned earlier and discussed in detail in our third quarter 2023 (technical difficulty) significant contract preparation activities in 2023.

如同前面簡要提到的，並在我們的 2023 年第三季（技術難度）中詳細討論了 2023 年的重大合約準備活動。

In total, we spent more than 800 days across seven rigs preparing for new contracts.

我們總共花了 800 多天時間在 7 個鑽井平台上準備新合約。

In 2024, we only expect to have approximately half the amount of contract preparation days we had last year.

到 2024 年，我們預計合約準備人數僅為去年的一半左右。

As these rigs strategic commence their respective programs, our focus is on operational execution to ensure we maximize the conversion of our backlog to revenue.

隨著這些鑽機策略性地開始各自的計劃，我們的重點是營運執行，以確保我們最大限度地將積壓訂單轉化為收入。

We continue to proactively manage our debt maturities and combined with a $9 billion of contract backlog, we believe the strength and longevity of this upcycle will support our ability to meet our priorities of deleveraging the balance sheet and returning cash to shareholders.

我們繼續積極管理債務到期日，再加上90 億美元的積壓合同，我們相信這一升級週期的強度和持久性將支持我們實現資產負債表去槓桿化和向股東返還現金等優先事項的能力。

In this regard, we continue to evaluate various liability management opportunities that satisfy our objectives of reducing debt, extending our liquidity runway, simplifying the [single entity] structure of our balance sheet, and reducing interest expense.

在這方面，我們繼續評估各種負債管理機會，以滿足我們減少債務、擴大流動性跑道、簡化資產負債表[單一實體]結構和減少利息支出的目標。

This concludes my prepared comments.

我準備好的評論到此結束。

Jeremy?

傑里米？

Thanks, Mark.

謝謝，馬克。

Before we transition to Q&A, I'd like to take a moment to announce our preparation for transition within our executive team.

在我們轉向問答之前，我想花點時間宣布我們的執行團隊為過渡所做的準備。

As part of our executive succession planning, Mark Mey who has been a key member of this executive team since he joined Transocean in 2015, will soon transition his role, Chief Financial Officer to Thad Vayda, our Senior Vice President of Corporate Finance and Treasurer.

作為我們高階主管繼任計畫的一部分，Mark Mey 自2015 年加入Transocean 以來一直是該高階主管團隊的關鍵成員，他很快就會把財務長的職位轉移給我們的企業財務高級副總裁兼財務主管Thad Vayda。

Many, if not all, of our analysts and investors have already know that from his many years, leading our Investor (technical difficulty) so this move will likely come as no surprise.

我們的許多（如果不是全部）分析師和投資者已經知道，從他多年來領導我們的投資者（技術困難）的角度來看，這一舉動可能並不令人意外。

Needless to say, Thad is unbelievably prepared for and deserving of this opportunity, and I could not be more delighted for him as he assumes the leadership of our finance organization.

不用說，泰德已經為這個機會做好了令人難以置信的準備，並且值得這個機會，當他擔任我們財務組織的領導時，我為他感到無比高興。

Over the next few months, I will work with Mark and Thad to help finalize the succession plan that has been in development for several years and ensure a smooth transition, which we expect will take place during the second quarter of 2024.

在接下來的幾個月裡，我將與 Mark 和 Thad 合作，幫助敲定已經制定了數年的繼任計劃，並確保順利過渡，我們預計這將在 2024 年第二季實現。

As we transition and many in the investment community already know, Mark has made an incredibly significant contribution to Transocean success throughout his tenure.

隨著我們的轉型，投資界的許多人已經知道，馬克在整個任期內為 Transocean 的成功做出了極其重要的貢獻。

Here is leadership, strategic thinking, and financial discipline have been instrumental in helping guide the company through an unbelievably challenging market downturn, while also preserving and driving significant shareholder value.

領導力、策略思維和財務紀律在幫助引導公司度過極具挑戰性的市場低迷方面發揮了重要作用，同時也保持和推動了重要的股東價值。

From leading multiple timely and opportunistic capital markets and liquidity, enhancing transactions, to helping to identify and consummate numerous strategic acquisitions, joint ventures, and divestitures, Mark has played an absolutely critical role in fundamentally transforming Transocean into a company that not only survived the downturn that forced all of our primary competitors into bankruptcy, but into a company that is better positioned to take advantage of a multiyear upcycle with a streamlined cost structure and a fleet of the most desirable and technically capable drilling rigs in the offshore industry.

從領導多個及時的機會主義資本市場和流動性、加強交易，到幫助確定和完成眾多戰略收購、合資企業和資產剝離，Mark 在從根本上將Transocean 轉變為一家不僅在經濟低迷時期倖存下來的公司中發揮了絕對關鍵的作用這迫使我們所有的主要競爭對手破產，但我們的公司更有能力利用多年的升級週期，簡化成本結構，擁有一批海上行業最理想、技術能力最強的鑽井平台。

So before we move forward with the rest of the call, I wanted to pause and on behalf of the Board of Directors, every employee at Transocean and me personally, thank Mark for his dedication, his leadership, his service, and his partnership these past nine years.

因此，在我們繼續進行其餘的電話會議之前，我想暫停一下，並代表董事會、Transocean 的每一位員工和我個人，感謝馬克過去的奉獻精神、領導力、服務和合作夥伴關係。九年。

I honestly can't thank them enough for what he has done.

老實說，我對他們所做的一切感激不盡。

We look forward to continuing to build upon the financial discipline and strong foundation that he helped to create.

我們期待繼續以他幫助創建的財務紀律和堅實基礎為基礎。

Thank you, Mark.

謝謝你，馬克。

Thank you, Jeremy.

謝謝你，傑瑞米。

Reflecting on my three decades in the offshore drilling industry.

回顧我在海上鑽井產業的三十年。

I can say with certainty that while the last almost nine years at Transocean, had being some of the most challenging, they have also been the most fulfilling and enriching of my career.

我可以肯定地說，雖然在 Transocean 的過去近九年是最具挑戰性的，但也是我職業生涯中最充實和豐富的。

Each day, I've had the privilege of working alongside an extraordinary team whose dedication, talent, and motivation has been nothing short of inspiring.

每一天，我都有幸與一支出色的團隊一起工作，他們的奉獻精神、才華和動力都令人鼓舞。

To my colleagues both past and present, I extend my deepest gratitude.

對於過去和現在的同事，我致以最深切的謝意。

Your unwavering support, collaboration, and friendship have not only made the work extremely rewarding, but it also contributed significantly to our collective success.

你們堅定不移的支持、協作和友誼不僅使我們的工作非常有意義，而且也為我們的集體成功做出了重大貢獻。

It has been honored to learn and grow both personally and professionally within this incredible team.

我很榮幸能夠在這個令人難以置信的團隊中學習和成長，無論是個人還是專業。

To all stakeholders and partners, thank you for your trust, support, and collaboration over the years.

感謝所有利害關係人和合作夥伴多年來的信任、支持和協作。

It has been a privilege to work alongside you and contribute to our mutual success.

能夠與您一起工作並為我們共同的成功做出貢獻是我的榮幸。

I'm delighted that Thad Vayda, with whom I've worked closely since 2015 will be elevated as CFO.

我很高興自 2015 年以來與我密切合作的 Thad Vayda 將被提升為財務長。

I look forward to working with Jeremy, Thad, and the rest of the team to facilitate a smooth transition, which I approach with a profound sense of gratitude for the opportunities afforded me and relationships formed along the way.

我期待與 Jeremy、Thad 和團隊其他成員合作，以促進平穩過渡，我對向我提供的機會和在此過程中形成的關係懷著深深的感激之情。

I will always carry with me the utmost respect and admiration for each of you.

我將永遠對你們每一個人懷有最大的尊重和欽佩。

Thank you.

謝謝。

Todd, we're ready for questions.

托德，我們準備好提問了。

(Operator Instructions)

（操作員說明）

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Good morning, everybody.

大家早安。

Good morning, Kurt.

早上好，庫爾特。

Hey, Mark.

嘿，馬克。

It's been a pleasure working with you.

很高興與您合作。

Wish you nothing but the best.

祝你一切順利，只求最好。

Man, you've had a tough slog and kind of fantastic job at least from my standpoint.

夥計，你經歷了一段艱難的歷程，但至少從我的角度來看，你的工作非常出色。

So good luck and appreciate everything.

祝你好運並感激一切。

Thanks, Kurt.

謝謝，庫爾特。

Absolutely.

絕對地。

All right, Jeremy, looks like we got some guidance numbers coming down relative to the prior conference call.

好吧，傑里米，看起來我們得到了一些相對於之前的電話會議而言有所下降的指導數字。

I think Mark did a decent job here at spelling out some of the pluses and minuses.

我認為馬克在闡明一些優點和缺點方面做得很好。

So if I'm kind of looking at where Street consensus numbers are, looks like at least $90 million of the $125 million differential in the guidance -- on the prior guidance is coming in the first quarter with some more modest effects kind of going forward.

因此，如果我看看華爾街的共識數字在哪裡，看起來指導中的 1.25 億美元差異中至少有 9000 萬美元——之前的指導將在第一季度發布，未來還會產生一些更溫和的影響。

So just in that context, in my understanding the dynamic where, it's going to be a little bit more choppy in the first half of the year, and it's going to be a little bit more smooth sailing in the second half?

因此，就在這種情況下，根據我的理解，上半年會更加波濤洶湧，下半年會更加順利嗎？

Yes, Kurt, that's exactly right.

是的，庫爾特，完全正確。

If you look at the progress over the year quarter by quarter, we're actually -- we are net income positive, definitely, in the third quarter, maybe even the second quarter with the first quarter still being at a net loss.

如果你逐季查看全年的進展，我們實際上——我們的淨利潤肯定是正的，在第三季度，甚至可能是第二季度，而第一季度仍然處於淨虧損。

So yeah, it does grow throughout the year as the seven rigs which Keelan mentioned having completed the contract prep, so all those costs have now stopped for the rigs that are working and generating revenue.

所以，是的，隨著基蘭提到的七台鑽機已經完成了合約準備工作，它確實在全年中增長，因此對於正在運行和產生收入的鑽機來說，所有這些成本現在都已經停止了。

So I would say it's a pretty big contribution to our bottom line.

所以我想說這對我們的利潤做出了相當大的貢獻。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then in your Analyst Day back in January, you guys gave some general indication that even if market rates don't improve from what you currently have in backlog, now you still have line of sight to reducing your debt by something along the lines of like $3 billion over the course of the next couple of years.

然後在一月份的分析師日上，你們給了一些一般性的指示，即使市場利率沒有比你們目前積壓的情況有所改善，現在你們仍然可以通過以下方式減少債務：未來幾年大約30 億美元。

So given the change in your kind of guidance here for 2024, how confident are you in still able to reduce that debt load, assuming there's no change in market dynamics?

因此，考慮到 2024 年指導方針的變化，假設市場動態沒有變化，您對減少債務負擔的信心有多大？

Yeah, I think that's the key part to this question, isn't it?

是的，我認為這是這個問題的關鍵部分，不是嗎？

Assuming that the market stays the way it is. (technical difficulty) and I think we feel very confident about that.

假設市場維持現狀。 （技術難度）我認為我們對此非常有信心。

And I think a couple of years, I think what we spoke about was really three years.

我認為幾年了，我認為我們談論的實際上是三年。

And if you look at our increase in EBITDA this year versus last year, on a projected basis, it's over 60% increase.

如果你看看我們今年 EBITDA 與去年相比的增幅，預計增幅將超過 60%。

And you can expect maybe not as much next year, but certainly double digit increases for '26 and '27.

你可以預期明年可能不會那麼多，但 26 和 27 年肯定會出現兩位數的成長。

And as we mentioned, we do have $9 billion of high day rate contracts in our backlog.

正如我們所提到的，我們的積壓訂單中確實有 90 億美元的高日費率合約。

So I think we're pretty well set certainly through '26 and maybe even into 2027 in achieving our deleveraging target.

因此，我認為我們在 26 年甚至 2027 年實現去槓桿化目標方面已經做好了充分準備。

I think just to add to that, I think something that gets overlooked, if you heard Keelan's remarks and the number of rigs that we took delivery of, are relocated and the amount of investment we had to put (technical difficulty) now these rigs are on longer-term contracts.

我想補充一點，我認為有些事情被忽視了，如果你聽到基蘭的言論，以及我們交付、搬遷的鑽機數量以及我們必須投入的投資金額（技術難度），現在這些鑽機是長期合約。

And so the costs associated with them are just going to be daily operating costs, which are certainly more than covered by the day rate.

因此，與它們相關的成本只是日常營運成本，這肯定超出了日費率所涵蓋的範圍。

We're putting ourselves in a very, very good position.

我們將自己置於非常非常有利的位置。

And as we also said on the prepared remarks, most of the negotiations that are taking place right now are for longer-term contracts.

正如我們在準備好的發言中所說的那樣，目前正在進行的大部分談判都是針對長期合約的。

And so that's where you can really start to get that flow through and start to generate a lot of cash.

因此，這才是你真正可以開始獲得資金流動並開始產生大量現金的地方。

That's great.

那太棒了。

Thanks for that.

感謝那。

Really appreciate it.

真的很感激。

Thanks, Kurt.

謝謝，庫爾特。

Frederik Stene, Clarksons Securities.

Frederik Stene，克拉克森證券。

Hey team and Mark, I thank you [at the amount of it] as well for our discussions over the year.

嘿，團隊和馬克，我也非常感謝你們一年來我們的討論。

So wish you all the best in the future and look forward to working with you as well, Thad.

祝您未來一切順利，並期待與您合作，Thad。

Thank you, Fredrik.

謝謝你，弗雷德里克。

So with that, I wanted to touch a bit on the first, Skyros rate of $400,000 per day, and that was announced

因此，我想談談第一個，Skyros 每天 40 萬美元的費率，這是宣布的

--.

--.

I had a couple of discussions with investors around the $400,000 mark and that potentially being in the low end of what to expect when we look at the specs of the rig.

我與投資者就 40 萬美元的價格進行了幾次討論，這可能處於我們查看鑽機規格時預期的低端。

So could you just clarify if that was anything particular on that?

那麼您能否澄清一下這是否有什麼特別之處？

Was there any sort of price elements?

是否存在某種價格因素？

And if it were, I am sorry to miss it.

如果是的話，我很遺憾錯過了它。

Or was it other considerations that made that rate -- their day rate for that rig for that work.

或者是其他考慮因素導致了這個費率——他們為這項工作而使用的鑽機的日費率。

Hey, Frederik, this is Roddie, I'll take that one.

嘿，弗雷德里克，這是羅迪，我選那個。

Yeah.

是的。

So the $400,000 a day rate, I mean that was something that's -- it's been in the works for a while.

所以每天 40 萬美元的價格，我的意思是，它已經醞釀了一段時間了。

So it's kind of an older rate.

所以這是一個較舊的利率。

But the truth of matter for us is a reasonably short-term extension on that rig staying in the jurisdiction that is in doesn't have any changes, doesn't have any upgrades to do.

但對我們來說，事實是，該鑽機在管轄範圍內的合理短期延期不會有任何變化，也無需進行任何升級。

So that was just a bridge to other opportunity, shall we say.

所以我們可以說，這只是通往其他機會的橋樑。

So stay tuned on that one.

所以請繼續關注這一點。

But certainly a decent picture in terms of just continue to produce the EBITDA that our rig produces and hang on to that steady-state operation, which is obviously our preferred choice at this stage.

但就繼續產生我們的鑽孔機產生的 EBITDA 並保持穩態運作而言，這無疑是一個不錯的選擇，這顯然是我們現階段的首選。

Yeah, I would add to that we have fairly clear line of sight to the next opportunity.

是的，我想補充一點，我們對下一個機會有相當清晰的視野。

And so keep our [hot and] generating significant cash flow was very important to us.

因此，保持我們的[熱度並]產生大量現金流對我們來說非常重要。

Yeah, okay.

好的。

That makes perfect sense.

這是完全有道理的。

I figured it's likely something rational behind it.

我認為這背後可能有一些理性的東西。

Thank you.

謝謝。

That's good.

那挺好的。

Okay.

好的。

Second, the Invictus inspirational and development driller, there's been some idle time on those rigs.

其次，Invictus 勵志和開發司鑽，這些鑽機上有一些空閒時間。

And as you said in the prepared remarks, does this tradeoff between higher day rates and utilization?

正如您在準備好的發言中所說，這是否會在較高的日費率和利用率之間進行權衡？

You have a short-term program now in the Invictus but are we able to share any color thinking around the future of both near and long-term on those rigs.

你們現在在 Invictus 中有一個短期計劃，但我們是否能夠分享對這些鑽機的近期和長期未來的任何色彩思考。

Yeah.

是的。

(multiple speakers)

（多個發言者）

So obviously, I can't give you the details of the things that we're working on, but we are in discussions on several things to add some more time to the Invictus.

顯然，我無法向您提供我們正在開展的工作的詳細信息，但我們正在討論幾件事，以便為 Invictus 增加更多時間。

But as you know, she has that long-term contract at a super solid day rates in Mexico coming up.

但如你所知，她即將在墨西哥簽訂長期合同，合約日費率非常穩定。

So on that one, certainly I think, stay tuned.

因此，我當然認為，請繼續關注這一點。

There will be some one's interesting stuff that comes on that in the next few months.

在接下來的幾個月裡將會出現一些有趣的東西。

On the other rigs, we've got them embedded into several different things.

在其他設備上，我們將它們嵌入到幾個不同的東西中。

We -- it just so happens that the Inspiration and the DD III are amongst our lower specification sixth-generation assets.

我們——碰巧 Inspiration 和 DD III 屬於我們較低規格的第六代資產。

So we continue to look at all that stuff.

所以我們繼續關注所有這些東西。

There are several opportunities for it.

有幾個機會。

So again, I can't really give you the details of the things that we're working on.

再說一遍，我無法向您提供我們正在進行的工作的詳細資訊。

But we think there's some good things coming that way.

但我們認為這樣會帶來一些好事。

And even if there is some additional idle time on those rigs, we've been very disciplined about that.

即使這些鑽孔機有一些額外的空閒時間，我們對此也非常嚴格。

We're certainly not going to go and chase something for the sake of it.

我們當然不會為了某樣東西而去追逐它。

And if we needed to, we would even take them off the market.

如果需要的話，我們甚至會將它們從市場上撤下。

But, as we think about how things are evolving in the market for us today, I think the guys had rightfully pointed out this big transition towards long-term contracts.

但是，當我們思考當今市場的發展時，我認為這些人正確地指出了向長期合約的這一重大轉變。

As I sit here and look at the charts that we have, I mean -- again, we can't give you the details of it, but we're looking at things that are currently in negotiation.

當我坐在這裡查看我們擁有的圖表時，我的意思是，我們無法向您提供詳細信息，但我們正在研究目前正在談判的事情。

And if we were proportionately successful on those negotiate, then you will be looking at something like 23 -- the 25 active rigs we have in the fleet will be contracted through the end of '25.

如果我們在這些談判中取得了一定的成功，那麼您將看到類似 23 台的設備——我們船隊中擁有的 25 台活躍鑽機將在 25 年底簽訂合約。

It's been a long time since we've been able to say that.

我們已經很久沒有這麼說了。

But I think about even longer-term, and this is kind of to the point that Keelan made in his prepared remark is the shift that the operators are going towards much longer term is evidenced by the fact that we could be looking at more than half of the fleet by the end of this year would be fully booked through the end of '27.

但我考慮的是更長遠的問題，基蘭在他準備好的演講中提出的觀點是，運營商正在朝著更長期的方向轉變，這一點可以從我們可能會考慮超過一半的事實證明到今年年底，機隊的預訂將在2027 年底前全部預訂完畢。

Again, it's been a very long time since we've been able to see that kind of stuff.

再說一次，我們已經很久沒有看到這類東西了。

So I think those are extremely important fixtures to happen.

所以我認為這些都是非常重要的賽事。

That's a blue trend that's happening in the market at the moment.

這是目前市場上正在發生的藍色趨勢。

And of course, that's going to guide us towards very solid EBITDA margins on those rigs because as Mark and Jeremy had pointed out, we've put a tremendous number of these rigs back to work.

當然，這將引導我們在這些鑽機上獲得非常穩固的 EBITDA 利潤，因為正如馬克和傑里米所指出的，我們已經讓大量的這些鑽機重新投入使用。

We've relocated them.

我們已經把他們搬遷了。

So now we're looking over the next few years to keep that steady-state operation going and make sure we maximize the EBITDA numbers.

因此，現在我們正在考慮在未來幾年保持穩定運營，並確保我們最大化 EBITDA 數字。

Perfect.

完美的。

So to sum it up, it seems like the stock market is currently wrong, I would say that based on your outlook.

總而言之，根據你的觀點，我認為股市目前是錯的。

Yeah far from it.

是的，離它還很遠。

For me, [I have to say that] but good observation.

對我來說，[我不得不這麼說]但觀察力很好。

Thank you very everyone for taking my question.

非常感謝大家提出我的問題。

Have a good day.

祝你有美好的一天。

Thanks, Fredrik.

謝謝，弗雷德里克。

Eddie Kim, Barclays.

埃迪金，巴克萊銀行。

Hey, good morning.

嗨，早安。

Mark, it's been great listening to you from your days at Atwood and you deserve a lot of credit for navigating Transocean through a very difficult time.

馬克，在阿特伍德的日子裡，很高興聽到您的講話，您在 Transocean 度過了非常困難的時期，值得高度讚揚。

So all the best in your future endeavors.

因此，您未來的努力一切順利。

Thanks, Eddie.

謝謝，艾迪。

My first question is on the Deepwater Atlas, which is now coming off contract April next year as opposed to September this year.

我的第一個問題是關於 Deepwater Atlas 的，該船的合約將於明年 4 月到期，而不是今年 9 月。

And you highlighted kind of the reasons for that.

您強調了其中的原因。

Just wanted to ask about some of the prospects for that rig when it does come off contract next year, we just saw a big subsea order for Shell's Sparta of development in the Gulf of Mexico, which it was just 20,000-psi.

只是想問一下鑽井平台明年合約到期後的一些前景，我們剛剛看到殼牌在墨西哥灣開發的 Sparta 獲得了一份大的海底訂單，壓力僅為 20,000 psi。

So there's clearly at least one very strong suitor for that rig I would think probably others as well.

因此，顯然至少有一個非常強烈的追求者適合該裝備，我認為可能還有其他人。

So just any color that would be great.

所以任何顏色都很棒。

Yeah.

是的。

So currently, there are four operators that are active in the 20,000 market, and there's a few more that are looking to perhaps expand into that.

目前，有四家業者活躍在 20,000 市場，還有一些業者可能正在尋求擴展到該市場。

So the opportunities for that rig are very solid.

因此，該鑽機的機會非常充足。

As you know, we can't divulge any details of what we're working on just now.

如您所知，我們目前無法透露我們正在進行的工作的任何細節。

But we are increasingly confident that there will be a firm fixture on the rig very, very soon.

但我們越來越有信心，很快就會在鑽孔機上安裝固定裝置。

And we never talk about letters of intent, but it's safe to say that the near-term future that rig is looking very positive.

我們從不談論意向書，但可以肯定地說，該鑽機的近期前景看起來非常樂觀。

And in due course, we'll be able to give you more details as things firm up.

在適當的時候，隨著事情的確定，我們將能夠向您提供更多詳細資訊。

But I think that the 20,000 markets arguably never looked this good.

但我認為 20,000 個市場可能從未看起來如此美好。

So we certainly think there's plenty of room for her to pick up additional work for the foreseeable future.

因此，我們當然認為在可預見的未來，她還有足夠的空間從事額外的工作。

So I think we'll be pleased with the decision to bring our to market.

因此，我認為我們會對將我們的產品推向市場的決定感到滿意。

And as I say, stay tuned and we'll make announcements on that soon.

正如我所說，請繼續關注，我們將很快發布相關公告。

Got it.

知道了。

Okay, great.

好的，太好了。

And my follow-up is just on Total's recent purchase of a drillship.

我的後續行動是道達爾最近購買的一艘鑽井船。

They had a tender offer a 10-year contract for a while and clearly decided to purchase 75% of the rig instead of entering into that 10-year contract.

他們曾一度提出一份為期 10 年的合同，並明確決定購買該鑽機 75% 的股份，而不是簽訂該 10 年期合約。

Was that a surprise to you?

這讓你感到驚訝嗎？

And do you expect we could see a few more rig purchases by operators here?

您預計我們會看到這裡的運營商購買更多的鑽孔機嗎？

Or was that likely more of a one-off case?

或者這可能更像是一次性案件？

Yes, I'll take them.

是的，我會帶走它們。

I think, kind of unique circumstances there.

我認為，那裡的情況有些獨特。

I think you had two motivated parties.

我認為你們有兩個積極的政黨。

I think the key messages that we get out of that is clearly this is like underscores the view to the long term long term prosperity of this up-cycle.

我認為我們從中得到的關鍵訊息顯然是強調了對這個上升週期的長期繁榮的看法。

If you see operators looking at three and four and five year contracts, we're very excited by that.

如果您看到運營商正在考慮三年、四年和五年的合同，我們對此感到非常興奮。

To be making fixtures for 10 years, this early in the cycle, I think is a super positive indicator.

在周期的早期階段，我們已經製作了 10 年的固定裝置，我認為這是一個超級積極的指標。

We can't comment on the specifics of the economics of it.

我們無法對其經濟細節發表評論。

Everybody has their own drivers, but certainly we view that as a positive fixture.

每個人都有自己的車手，但我們當然認為這是一個正面的固定因素。

In terms of other fixtures, that would be the same

就其他固定裝置而言，也是一樣的

--.

--.

I'm not sure you will see exactly the same model again, but we do know that there are several very long-term contracts that are out there in the market.

我不確定您是否會再次看到完全相同的型號，但我們確實知道市場上有幾個非常長期的合約。

There even is perhaps another one or two of the 10-year variety to happen.

甚至可能還會發生另外一兩次十年期的變化。

But I think you'll see kind of a flurry of fixtures for three, four, and five years over the next kind of six month, certainly the first half of this year.

但我認為在接下來的六個月裡，尤其是今年上半年，你會看到三年、四年和五年的一系列比賽。

Got it.

知道了。

Great to hear.

很高興聽到。

Thank you.

謝謝。

I'll turn it back.

我會把它轉回來。

David Smith, Pickering Energy Partners.

大衛史密斯，皮克林能源合作夥伴。

Thank you and good morning.

謝謝你，早安。

And Mark, congratulations on a great run.

馬克，恭喜你跑得很好。

It's just an amazing achievement to make it through that downturn without restructuring the balance sheet.

在不重組資產負債表的情況下度過經濟低迷期，這真是一項了不起的成就。

So lot of hard work and you definitely deserve a break.

如此辛苦的工作，你絕對值得休息一下。

Thanks, Dave.

謝謝，戴夫。

I just had a housekeeping question, which is how should we think about the mobilization time for the Barents into the Black Sea and if you address them, I'm sorry.

我只是有一個內務問題，那就是我們應該如何考慮巴倫支海進入黑海的動員時間，如果你能解決這個問題，我很抱歉。

But do you see the potential for that rig to work this year ahead of the move?

但您認為該鑽機今年在搬遷前投入使用的潛力嗎？

Okay, David, I'll take that one.

好吧，大衛，我就拿那個。

I think in terms of the mobilization period for that rig, it's largely due to the fact that we will have to take the Derrick down in order to get into the area and then put it back up again.

我認為就該鑽機的動員期而言，很大程度上是因為我們必須將井架取下才能進入該區域，然後再將其放回去。

So that's largely a (technical difficulty) and six months is probably a reasonable timeframe for that sort of work.

因此，這在很大程度上是一個（技術困難），六個月可能是此類工作的合理時間範圍。

In terms of opportunities, obviously, we're looking for opportunities.

就機會而言，顯然我們正在尋找機會。

Upfront, Roddie can speak to that a little bit.

在前面，羅迪可以稍微談談這一點。

We'll reach a certain point in time where we want to commence that project work to get into the Black Sea for that work at a certain timeframe.

我們將到達某個時間點，我們希望開始該專案工作，以便在某個時間範圍內進入黑海進行這項工作。

So we have a small window here upfront, but I'll let Roddie talk to that.

所以我們前面有一個小窗口，但我會讓羅迪談談。

Yeah.

是的。

So the Black Sea project -- super interesting for us.

黑海項目對我們來說非常有趣。

At the time, we decided, hey, look, let's take the long-term opportunity.

當時，我們決定，嘿，看，讓我們抓住長期機會。

I mean, the Derrick is very solid, customers paying for the mobilization.

我的意思是，Derrick 非常堅固，客戶為動員付費。

So that's great.

那太好了。

And really can't keeps the rig busy, if you would, until pretty much through '26 and perhaps a little bit into '27.

如果你願意的話，真的不能讓鑽孔機保持忙碌，直到 26 年，也許到 27 年。

So look a great long-term fixture for us at very constructive day rates and in a reasonable cost environment.

因此，以非常有建設性的日費率和合理的成本環境為我們尋找一個很棒的長期固定裝置。

So we're very pleased about that.

所以我們對此感到非常高興。

Also at the time there was an option well on the rig that would have filled the gap that we have now perfectly.

當時，鑽孔機上還有一個選項可以完美地填補我們現在的空白。

Unfortunately, that didn't go ahead.

不幸的是，這並沒有繼續下去。

But there are a couple of other opportunities that we're chasing just now.

但我們現在正在追逐一些其他機會。

So we do have a little bit of flexibility on when we start the rig in the Black Sea.

因此，當我們在黑海啟動鑽井平台時，我們確實有一點靈活性。

So as Keelan pointed out, we'll basically make a call at some point if we can slot in a well or two and between now and the start of the project to take it in, then we would be very interested to do that.

因此，正如基蘭指出的那樣，我們基本上會在某個時候打電話，如果我們可以在現在和專案開始之間插入一兩口井來接收它，那麼我們會非常有興趣這樣做。

And we do have a couple of bites on that.

我們對此確實有一些了解。

So I mean we'll let you know how that translates in.

所以我的意思是我們會讓你知道這是如何轉化的。

Very much appreciate it.

非常感謝。

That's all I got.

這就是我得到的。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hello.

你好。

Good morning.

早安.

I was just interested in getting some thoughts from you on what you're seeing in this supply chain for components at this stage.

我只是想聽聽您對現階段組件供應鏈中所看到的情況的一些想法。

Just over the last quarter, do you have a sense that it is improving, loosening up, are you still seeing tightness, or the interest rate there sort of going to be the new normal going forward given what we have is as far as limited capacity in the marketplace?

就在上個季度，您是否感覺到經濟正在改善、放鬆，您是否仍然看到緊縮，或者考慮到我們的產能有限，利率將成為未來的新常態在市場上？

Yeah.

是的。

No, it's Keelan, here.

不，是基蘭，在這裡。

I would say from operational support from our key vendors, they've been doing very, very good job of keeping us apprised of their delivery times from their suppliers.

我想說的是，從我們主要供應商的營運支援來看，他們一直做得非常非常好，讓我們了解供應商的交貨時間。

I would say that our perception is that that is actually improved over the last few months, and a lot more predictable in terms of delivery times, which is certainly nearly more important to us at this point in time.

我想說的是，我們的看法是，在過去的幾個月裡，這實際上有所改善，並且在交付時間方面更加可預測，這對我們來說此時此刻無疑更為重要。

The contemplate hasn't been that significant to that point.

到目前為止，這個想法還沒有那麼重要。

It's been more that we've been focused on the lead times needed to get those components.

我們更關注的是取得這些組件所需的交貨時間。

So it's improving.

所以它正在改善。

It's obviously a challenge, but we're working with our partners to ensure that we get the components when we need them.

這顯然是一個挑戰，但我們正在與合作夥伴合作，以確保我們在需要時獲得組件。

And we work with them to understand the components that we're going to need so that we're always prepared for that eventuality.

我們與他們合作，了解我們將需要的組件，以便我們始終為這種可能性做好準備。

Great.

偉大的。

And do you have any sense of how to characterize how that might be useful either in terms of your contract visibility or -- I don't know if having more confidence about timing also helps you as far as the actual rate negotiations, but any thoughts on that would be great.

你是否知道如何描述這在合約可見性方面可能有用，或者——我不知道對時間更有信心是否也有助於你進行實際的費率談判，但任何想法那就太好了。

No, I would say that we carry a lot of capital spares in our fleets.

不，我想說的是，我們的機隊中攜帶了大量的資本備件。

That based on the size of our fleet and the nature of our fleet, we keep good install base available to us to be able to lever for opportunities when we need to.

根據我們機隊的規模和機隊的性質，我們保持良好的安裝基礎，以便我們能夠在需要時抓住機會。

We have reasonably good visibility to the opportunities that Roddie talks about.

我們對羅迪談到的機會有相當好的了解。

And when we're looking at the rigs that we are bidding into those jobs, clearly we understand the work that needs to be done to those, and we will build in a project plan in terms of addressing the work and any upgrades that are needed.

當我們查看我們正在競標這些工作的鑽孔機時，我們清楚地了解需要對這些工作進行的工作，並且我們將在解決工作和所需的任何升級方面製定專案計劃。

So to that point, we're not really constrained from a parts perspective to be able to capitalize on opportunities that are coming.

因此，到目前為止，從零件的角度來看，我們並沒有真正受到限制，無法利用即將到來的機會。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you.

謝謝。

I'll now turn the call back over to Alison Johnson for any additional or closing remarks.

現在，我將把電話轉回給艾莉森·約翰遜，讓其發表補充或結束語。

Thank you, Todd, and thank you, everyone, for your participation on today's call.

謝謝托德，也謝謝大家參加今天的電話會議。

We look forward to talking with you again for our first quarter 2024 results.

我們期待再次與您討論 2024 年第一季的業績。

Have a good day.

祝你有美好的一天。

This does conclude today's call.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。