Transocean Ltd (RIG) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to today's second quarter 2024 Transocean earnings call.

大家好，歡迎參加今天的 Transocean 2024 年第二季財報電話會議。

(Operator Instructions) Please note this call is being recorded, and I'll be standing by if you should need any assistance.

（操作員說明）請注意，此通話正在錄音，如果您需要任何協助，我將隨時待命。

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

現在我很高興將該計劃移交給投資者關係總監艾莉森·約翰遜 (Alison Johnson)。

Thank you.

謝謝。

Good morning, and welcome to Transocean's second quarter 2024 earnings conference call.

早安，歡迎參加 Transocean 2024 年第二季財報電話會議。

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

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 GAAP 財務指標的調整和揭露，均發佈在我們的網站 deepwater.com 上。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； Thad Vayda，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 our 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我們未來業績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 Thad's prepared comments, we will conduct a question-and-answer session with our team.

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

During this time, to give more participants an opportunity to speak, please limit yourself to one initial question and one follow-up.

在此期間，為了讓更多參與者有機會發言，請限制自己只提出一個初始問題和一個後續問題。

Thank you very much.

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 second quarter of 2024, Transocean delivered adjusted EBITDA of $284 million on $861 million of contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 33%.

根據昨天的財報報導，2024 年第二季度，Transocean 的合約鑽井營收為 8.61 億美元，調整後 EBITDA 為 2.84 億美元，調整後 EBITDA 利潤率約為 33%。

Needless to say, I'm very proud of our team's continued commitment and diligence.

不用說，我對我們團隊的持續承諾和勤奮感到非常自豪。

Over the past several quarters, the Transocean team worked together to overcome numerous challenges as we mobilized nearly 40% of our active fleet across multiple jurisdictions worldwide, all the while maintaining the highest standard of safety, reliability, and efficiency.

在過去的幾個季度中，Transocean 團隊共同努力克服了眾多挑戰，我們在全球多個司法管轄區調動了近 40% 的現役船隊，同時保持了最高的安全性、可靠性和效率標準。

This result allowed us to once again achieve superior uptime performance for our customers, driving revenue efficiency of approximately 97% in the quarter.

這一結果使我們再次為客戶實現了卓越的正常運作時間效能，使本季的營收效率提高了約 97%。

Thank you to each and every member of the Transocean team for what you do day in and day out.

感謝 Transocean 團隊的每一位成員日復一日所做的工作。

Largely due to this consistent, reliable operational performance, and the effort, knowledge, and tenacity of our marketing and contracts team, with strong support from our legal team, we enjoyed an incredibly exciting past few weeks culminating with the announcement of extensive contracting activity on our fleet, particularly with respect to our fleet in the US Gulf of Mexico.

很大程度上歸功於這種一致、可靠的營運績效，以及我們的行銷和合約團隊的努力、知識和堅韌，在我們法律團隊的大力支持下，我們在過去的幾周里度過了令人難以置信的激動人心的時光，最終宣布了廣泛的合約活動我們的艦隊，特別是我們在美國墨西哥灣的艦隊。

First, Beacon Offshore Energy awarded the Deepwater Atlas a two-well contract at an industry-leading rate of $580,000 per day, including additional services.

首先，Beacon Offshore Energy 以業界領先的每天 58 萬美元的價格授予 Deepwater Atlas 一份兩井合同，其中包括附加服務。

The estimated 150-day contract is expected to commence in direct continuation of the contract we received in April and includes two contingent 45-day, 20K completions at a rate of $650,000 per day.

預計為期 150 天的合約預計將直接延續我們在 4 月份收到的合同，其中包括兩個為期 45 天、以每天 650,000 美元的價格完成 2 萬件的意外項目。

As a reminder, the contract that was awarded in April consists of four wells at a rate of $505,000 per day, including additional services.

需要提醒的是，4 月授予的合約包括四口井，日費為 505,000 美元，包括附加服務。

The program also provides for three contingent completions for up to a combined 120 days at that same rate.

該計劃還以相同的速度提供最多 120 天的三個臨時完成任務。

Next, as we disclosed yesterday, BP awarded the Deepwater Invictus a three-year contract at a rate of $485,000 per day, which also includes up to two years of options at mutually agreed-upon rates, which will likely be determined at some point in 2025.

接下來，正如我們昨天披露的那樣，英國石油公司以每天485,000 美元的價格授予Deepwater Invictus 一份為期三年的合同，其中還包括按雙方商定的價格提供長達兩年的選擇權，這可能會在2019 年的某個時候確定。

The contract is expected to commence in the first quarter of 2025.

該合約預計將於 2025 年第一季開始。

Of note, the Invictus is now solidly booked throughout the period of time in which it was previously assigned to a three-year contract for work in Mexico.

值得注意的是，“Invictus”號此前在墨西哥簽訂了一份為期三年的工作合同，現在它的預訂量已經排滿了。

That contract will now be reassigned, at our election, to one of the remaining rigs in a pool of similarly capable rigs, including the Deepwater Thalassa, Deepwater Proteus, Deepwater Conqueror, and Deepwater Asgard.

現在，根據我們的選舉，該合約將重新分配給一批具有類似能力的鑽井平台中的剩餘鑽井平台之一，包括「深水Thalassa」、「深水Proteus」、「深水征服者」和「深水Asgard 」。

Additionally, the Invictus was also awarded a 40-day contract and direct continuation of its current program at an undisclosed rate, enabling us to begin filling gaps, mitigating, and hopefully ultimately eliminating white space.

此外，Invictus 還獲得了一份為期 40 天的合同，並以未公開的價格直接延續其當前計劃，使我們能夠開始填補空白、緩解並希望最終消除空白。

Also, since our fleet status report update last week, we secured a letter of intent for one of our rigs in the Gulf of Mexico that had some availability and expect to add additional wells to the other rig in the Gulf of Mexico that has availability in the very near future, effectively taking them off the market for other near-term opportunities.

此外，自從上週我們的船隊狀態報告更新以來，我們為墨西哥灣的一個具有一定可用性的鑽井平台獲得了一份意向書，並期望為墨西哥灣的另一個具有一定可用性的鑽井平台增加額外的油井。

We will update you on our progress as appropriate.

我們將視情況向您通報我們的進展。

Lastly, for the US Gulf, the Deepwater Asgard received a one-year contract extension with Hess at a rate of $515,000 per day, including additional services.

最後，在美國海灣地區，Deepwater Asgard 與 Hess 簽訂了為期一年的續約合同，每天 515,000 美元，包括額外服務。

In Brazil, Petrobras exercised a 279-day price option on the Deepwater Myconos at a rate of $366,000 per day.

在巴西，巴西國家石油公司以每天 366,000 美元的價格對 Deepwater Myconos 行使了 279 天的價格選擇權。

As a reminder, the option pricing for this campaign was submitted in May of 2022, which explains why this day rate, while still healthy, represents a fairly meaningful discount to current leading-edge rates.

提醒一下，此活動的選擇權定價於 2022 年 5 月提交，這解釋了為什麼當天的利率雖然仍然健康，但相對於當前的前沿利率來說是相當有意義的折扣。

Importantly, the firm duration now extends through October 2025 and generates meaningful cash flow which can aid our deleveraging efforts.

重要的是，公司的期限現在延長至 2025 年 10 月，並產生有意義的現金流，這可以幫助我們的去槓桿化努力。

Moving to the harsh environment fleet.

轉向惡劣環境的車隊。

In Norway, the Transocean Norge was awarded a three-wheel extension with Wintershall DEA at a current rate of $517,000 per day, extending the rig's firm duration into the second quarter of 2028.

在挪威，Transocean Norge 獲得了 Wintershall DEA 的三輪延期合同，目前價格為每天 517,000 美元，將該鑽機的固定期限延長至 2028 年第二季度。

It was this combination of day rate and term that provided the impetus to execute our strategy to acquire the remaining balance of this unique high specification asset.

正是日利率和期限的結合為我們執行策略以獲取這一獨特的高規格資產的剩餘餘額提供了動力。

Also in Norway, the Transocean Spitsbergen was awarded a three-well extension with Equinor at a current rate of $483,000 per day.

同樣在挪威，Transocean Spitsbergen 獲得了 Equinor 的三口井擴建項目，目前的價格為每天 483,000 美元。

The program is expected to commence in direct continuation of the rig's fixed price option and keeps the rig off the market through the first quarter of 2026.

該計劃預計將直接延續該鑽機的固定價格選項，並使該鑽機在 2026 年第一季之前遠離市場。

In Australia, Woodside exercised a one-well option on the Transocean Endurance at a rate of $390,000 per day.

在澳大利亞，Woodside 以每天 39 萬美元的價格對 Transocean Endurance 執行了單井選擇權。

The firm period now extends through mid-2025.

目前，穩定期已延長至 2025 年中期。

And with the remaining options, the rig is expected to remain in Australia until at least the second quarter of 2026.

考慮到其餘的選擇，該鑽井平台預計將至少留在澳洲直到 2026 年第二季。

With these contracts, our working fleet is more than 90% committed through the end of 2025.

透過這些合同，到 2025 年底，我們的工作機隊將投入使用 90% 以上。

And based upon advanced discussions with our customers and reflecting LOIs and strong verbal commitment, we believe that, aside from some small activity gaps which could arise in our customer drilling programs, our fleet that is currently working could soon be completely booked well into 2026.

根據與客戶的深入討論以及意向書和強有力的口頭承諾，我們相信，除了我們的客戶鑽井計劃中可能出現的一些小活動間隙外，我們目前正在作業的船隊可能很快就會被完全預訂到2026 年。

As such, our customers may soon need to consider financing the reactivation of cold-stacked assets to meet their future program requirements.

因此，我們的客戶可能很快就需要考慮為冷堆資產的重新啟動提供資金，以滿足他們未來的計畫要求。

We are certainly pleased with these new contract awards, some of which have been a long time in the making, as they demonstrate materially increasing day rates and lengthening terms, which combined reinforce our confidence in the strength and longevity of the offshore drilling market.

我們當然對這些新合約感到高興，其中一些合約已經醞釀了很長時間，因為它們證明了日費率的大幅提高和合約期限的延長，這增強了我們對海上鑽井市場的實力和壽命的信心。

As discussed on previous calls, we expect deep water prospects to become an even more important source of the award for the next several years.

正如之前電話會議中所討論的那樣，我們預計深水前景將成為未來幾年更重要的獎項來源。

And we're not alone in this expectation.

我們並不是唯一有這種期望的人。

According to Rystad Energy, the equivalent of 56 million barrels per day of newly discovered oil will be required to satisfy global oil consumption by 2030.

據Rystad Energy稱，到2030年將需要相當於每天5,600萬桶新發現的石油才能滿足全球石油消費。

And over 16% of this incremental supply is expected to come from deep water production.

其中超過 16% 的增量供應預計將來自深水生產。

Accordingly, global offshore greenfield exploration production investments are projected to grow to $110 billion in 2027.

因此，到 2027 年，全球海上綠地勘探生產投資預計將成長至 1,100 億美元。

That's up from $48 billion in 2024, a 129% increase. with approximately half of this increase expected to be driven by activity in South America and Africa.

這比 2024 年的 480 億美元增加了 129%。其中大約一半的成長預計將由南美洲和非洲的活動推動。

I'll now hand it over to Keelan to talk about the regions in our fleet.

現在我將把它交給基蘭來談談我們艦隊中的區域。

Thanks, Jeremy, and good morning, everyone.

謝謝傑里米，大家早安。

As Jeremy mentioned, many of the programs for which we are in discussions with our customers have commencement dates well into the future.

正如傑里米所提到的，我們正在與客戶討論的許多計劃的啟動日期都在很遠的將來。

Based on what we see today, we expect the US Gulf of Mexico to remain in balance for the next several quarters, with a number of gap filler type programs still to be awarded.

根據我們今天看到的情況，我們預計美國墨西哥灣在未來幾季將保持平衡，仍有許多填補空白的項目有待授予。

Looking forward, our customers remain committed to developing their existing deep water assets and adding to their portfolios.

展望未來，我們的客戶仍致力於開發其現有的深水資產並增加其投資組合。

Our customers continue to move forward with their 20K development plans.

我們的客戶繼續推進他們的 20K 開發計劃。

And as an example, on Tuesday BP announced taking their final investment decision on the Kaskida project with nearby Tiber expected in 2025.

例如，週二 BP 宣布對 Kaskida 項目及其附近的 Tiber 項目做出最終投資決定，預計將於 2025 年做出。

This investment decision sets an important development in motion, unlocks the potential future development of 10 billion barrels of discovered resources in place across the Kaskida and Tiber catchment areas, and marks another data point of additional 20K opportunities being sanctioned by our customer base.

這項投資決策推動了一項重要的發展，釋放了Kaskida 和台伯河流域地區100 億桶已發現資源的未來開發潛力，並標誌著我們的客戶群批准了另外2 萬個機會的另一個數據點。

In 2018, Transocean took the strategic decision to upgrade the hook load, drilling, completions, and 20K capability on both of the new eighth generation drill ships, the Deepwater Atlas and Deepwater Titan, to best position these rigs for the anticipated Gulf of Mexico 20K programs.

2018 年，Transocean 做出策略決策，升級兩艘新型第八代鑽井船Deepwater Atlas 和Deepwater Titan 的大鉤負載、鑽井、完井和20K 能力，以便為這些鑽井平台在預期的墨西哥灣20K 作業中提供最佳定位程序。

As a result, they are effectively purpose-built for our customers 20K operations, and their design will facilitate efficiencies in well delivery not achievable from the highest specification seventh generation rigs.

因此，它們是專門為我們客戶的 20K 作業而設計的，其設計將提高最高規格的第七代鑽機無法實現的油井輸送效率。

As such, we believe we are well qualified for any of the multiple 20K opportunities currently being discussed in the Gulf of Mexico.

因此，我們相信我們完全有資格獲得目前正在墨西哥灣討論的多個 20K 機會中的任何一個。

Moving to Brazil, we expect Petrobras's Roncador tender will be awarded in the next few months, and the Sepia tender thereafter for a combined five-rig awards.

轉向巴西，我們預計巴西國家石油公司的 Roncador 招標將在未來幾個月內中標，隨後將進行 Sepia 招標，以獲得五個鑽孔機的聯合招標。

Also, over the last two weeks, Petrobras issued a new tender for four rigs, which is consistent with our expectation that they will continually roll over their existing fleet to support production targets that require at least 30 operational floaters through 2030.

此外，在過去兩週，巴西國家石油公司發布了四座鑽井平台的新招標，這符合我們的預期，即他們將不斷更新其現有船隊，以支持到2030 年至少需要30 座營運浮式鑽井平台的生產目標。

While we expect these rigs to be largely renewals of floaters already in country, we do believe an incremental rig or two could mobilize to the Brazilian market to satisfy this demand.

雖然我們預計這些鑽機主要是國內已有浮式鑽機的更新，但我們確實相信一兩台增量鑽機可以調動到巴西市場來滿足這項需求。

In West Africa, we expect substantial rig demand beginning in early (audio gap) Nigeria is expected to require four rigs, two more than are currently in the region.

在西非，我們預計早期（音頻間隙）尼日利亞將出現大量鑽機需求，預計需要四台鑽機，比該地區目前多兩台。

In Angola, there are seven floaters operating and we expect this level of demand to be sustained.

在安哥拉，有七艘浮動船正在運營，我們預計這種需求水準將持續下去。

Ghana, Ivory Coast, and Namibia could also add to the rig demand in 2025 and 2026, with four programs expected to commence in this timeframe.

加納、科特迪瓦和納米比亞也可能在 2025 年和 2026 年增加鑽機需求，預計在此時間範圍內啟動四個項目。

If all programs proceed as expected, three drill ships could be required from outside of these countries.

如果所有計劃按預期進行，可能需要這些國家以外的三艘鑽探船。

We believe it is likely the entire West Africa region will require at least four additional deep water rigs from 2026 onwards, which could possibly require the reactivation of some currently cold-stacked assets.

我們認為，從 2026 年起，整個西非地區可能將需要至少四個額外的深水鑽井平台，這可能需要重新啟用一些目前處於冷狀態的資產。

Lastly, for the ultra Deepwater markets, in India, we anticipate the award of Reliance's tender in the coming weeks and continue that the KG-1 is well-placed to secure this program.

最後，對於印度的超深水市場，我們預計 Reliance 的招標將在未來幾週內中標，並繼續認為 KG-1 處於有利地位以確保該項目。

Moving now to the high-specification, harsh environment market, assuming outstanding options are exercised, the Transocean fleet is effectively sold out through 2025.

現在轉向高規格、惡劣環境的市場，假設優秀的選擇權得到執行，Transocean 船隊實際上到 2025 年就會售空。

Looking ahead, we believe Norway will be under-supplied by two rigs in 2026.

展望未來，我們認為到 2026 年挪威的兩座鑽井平台將出現供應不足的情況。

Our recent fixtures in Norway underscore the strength of that market as our customers are contracting rigs like the Transocean Norge up to four years in advance.

我們最近在挪威的固定裝置凸顯了該市場的實力，因為我們的客戶提前四年就簽訂了像 Transocean Norge 這樣的鑽井平台合約。

Regarding the Norge, as you know in June, we successfully completed a transaction to acquire the 7% outstanding in the joint venture that owned the rig.

關於 Norge，如您所知，6 月份，我們成功完成了一項交易，收購了擁有該鑽井平台的合資企業 7% 的流通股。

It was always our intention to eventually own the rig outright in line with our asset strategy, as it is one of the most capable harsh environment semi-submersibles in the world.

我們的目的始終是根據我們的資產策略最終完全擁有該鑽井平台，因為它是世界上最有能力的惡劣環境半潛式鑽井平台之一。

Additionally, we have dedicated substantial resources to automating drill floor pipe handling operations on the rig and are very pleased with the progress we have achieved to date.

此外，我們投入了大量資源來實現鑽機上鑽台管道處理作業的自動化，並對我們迄今為止的進展感到非常滿意。

We will continue to pursue opportunities for automation in our fleet with the ultimate goal of driving significant improvement in safety and operational performance. while simultaneously reducing our carbon footprint.

我們將繼續在我們的車隊中尋求自動化機會，最終目標是推動安全和營運績效的顯著提高。同時減少我們的碳足跡。

Before I pass the mic, I'd like to strongly reiterate Jeremy's gratitude to the entire Transocean team and specifically recognize our people for the tremendous efforts in mobilizing and preparing the Deepwater Aquila for her major contract in Brazil.

在我通過麥克風之前，我想強烈重申 Jeremy 對整個 Transocean 團隊的感謝，並特別感謝我們的員工為深水天鷹號在巴西的重大合約的動員和準備工作所做的巨大努力。

As a result of the significant collaboration across the organization, we commenced operations in late June, nearly a week ahead of schedule.

由於整個組織的大力合作，我們於 6 月下旬開始運營，比原計劃提前了近一周。

In addition to the commencement of the Aquila's contract with Petrobras, during the last six months we have relocated and commenced operations on the Transocean Endurance, Transocean Equinox in Australia; reactivated and commenced operations on the Deepwater Orion in Brazil; and recommenced operations on the KG1 in India.

除了與巴西國家石油公司簽訂的 Aquila 合約之外，在過去六個月中，我們還搬遷並開始在澳洲的 Transocean Endurance 號和 Transocean Equinox 號上運作；巴西深水獵戶座重新啟動並開始營運；並在印度重新開始營運 KG1。

These are all examples of our extensive experience to reliably bring new-build deep (audio gap) market, reactivating warm stacked assets, and relocating active rigs to different geographic markets and customers safely and efficiently.

這些都是我們豐富經驗的例子，可以可靠地引入新建的深度（音頻間隙）市場，重新激活溫暖的堆積資產，以及安全有效地將活躍的設備重新定位到不同的地理市場和客戶。

I will now hand the call back to Jeremy.

我現在將把電話轉回給傑里米。

Thanks, Keelan.

謝謝，基蘭。

The offshore drilling industry is in its best condition since 2014.

海上鑽探產業正處於2014年以來的最佳狀況。

As we discussed on our first quarter 2024 earnings call, the average contract duration for new ultra deep water fixtures has remained above 500 days for the last two years.

正如我們在 2024 年第一季財報電話會議上討論的那樣，過去兩年新超深水裝置的平均合約期限一直保持在 500 天以上。

Concurrently, as mentioned earlier, day rates have continued to increase.

同時，如前所述，日費率繼續上漲。

These two indisputable data points define the positive investment thesis for the industry and particularly for Transocean.

這兩個無可爭議的數據點為該行業，特別是 Transocean 定義了積極的投資論點。

Looking specifically at Transocean's fleet, in 2022, our average new contract fixture was approximately $359,000 per day.

具體來看 Transocean 的船隊，到 2022 年，我們的平均新合約固定費用約為每天 359,000 美元。

In 2024 to date, our average is $504,000 per day, a 40% increase.

2024 年至今，我們的平均收入為每天 504,000 美元，成長了 40%。

While we, like our competitors, are certainly benefiting from positive market dynamics, the industry-leading capability of our assets and the consistently safe, reliable, and efficient performance we provide to our customers, combined with our deep understanding of the market, enable us to differentiate ourselves from our peers. which you can see in our leading edge day rates in our industry leading $8.64 billion backlog that we announced with our recent fleet stats report, which by the way excludes the $531 million backlog associated with the BP contract we announced yesterday.

雖然我們和我們的競爭對手一樣，無疑受益於積極的市場動態，但我們行業領先的資產能力以及我們為客戶提供的始終如一的安全、可靠和高效的性能，再加上我們對市場的深刻理解，使我們能夠讓我們從同行中脫穎而出。您可以在我們最近的船隊統計報告中宣布的業界領先的86.4 億美元積壓訂單中的領先日費率中看到這一點，順便說一句，其中不包括與我們昨天宣布的BP 合約相關的5.31億美元積壓訂單。

As we've reiterated for the past several quarters, we continue to be highly encouraged by the conversations with our customers and are certainly excited by the momentum created by our recent fixtures.

正如我們在過去幾季所重申的那樣，我們繼續對與客戶的對話感到高度鼓舞，並對我們最近的比賽所創造的勢頭感到興奮。

As many of you will remember, less than nine months ago, the entire offshore drilling community expressed on the timing for the first contract to exceed $500,000 per day.

你們中的許多人都記得，不到九個月前，整個海上鑽探界都表達了第一份合約每天超過 50 萬美元的時間。

Now we are seeing rates in the 500s more often than not fixed across the entire space, with Transocean once again leading the way with ever-improving fixtures for both 15K and 20K work.

現在，我們在整個空間中經常看到 500 多的固定費率，Transocean 再次引領潮流，不斷改進 15K 和 20K 工作的固定裝置。

And while we will always endeavor to identify and seize the appropriate opportunities to test day rates, we also recognize and appreciate the value of term and adding to our industry-leading backlog, providing us clear visibility to future cash flows.

雖然我們將始終努力尋找並抓住適當的機會來測試日費率，但我們也認識到並欣賞期限的價值，並增加了我們行業領先的積壓訂單，使我們能夠清楚地了解未來的現金流。

As such, Transocean will continue to strategically manage its portfolio of assets, striking the appropriate balance between day rate and term to maximize shareholder value.

因此，Transocean 將繼續策略性地管理其資產組合，在日利率和期限之間取得適當的平衡，以實現股東價值最大化。

In closing, we continue to believe the underlying fundamentals support a multi-year growth cycle for our assets and services.

最後，我們仍然相信基本面支持我們的資產和服務的多年成長週期。

Given our backlog and the visibility it provides to future cash flows, along with a future reduction in CapEx requirements as our new bills are now all out of yards and on contract, we expect our unlevered free cash flow to continue incrementally increasing each quarter for the next several quarters. which can enable us to delever our balance sheet and ultimately position us to design, communicate, and implement a sustainable strategy to make distributions or otherwise return value to our shareholders.

考慮到我們的積壓訂單及其對未來現金流量的可見性，以及未來資本支出要求的減少，因為我們的新帳單現已全部出庫並按合約簽訂，我們預計我們的無槓桿自由現金流量將在每個季度繼續逐步增加接下來的幾個季度。這可以使我們能夠去槓桿化我們的資產負債表，並最終使我們能夠設計、溝通和實施永續策略，以進行分配或以其他方式向股東回報價值。

With that, I'll now call over to Thad to discuss our financial results.

現在，我將打電話給泰德，討論我們的財務表現。

Thank you, Jeremy, and good day to everyone.

謝謝你，傑里米，祝大家有美好的一天。

As is our practice, during today's call I will briefly recap our second quarter results, provide guidance for the third quarter, and conclude with an update on our expectations for the full year 2024.

按照我們的慣例，在今天的電話會議上，我將簡要回顧我們第二季的業績，提供第三季的指導，並最後更新我們對 2024 年全年的預期。

As reported in our press release for the second quarter, we reported a net loss attributable to controlling interest of $123 million or a loss of $0.15 per diluted share.

正如我們在第二季新聞稿中所報導的，我們報告控股權益帶來的淨虧損為 1.23 億美元，或攤薄後每股虧損 0.15 美元。

During the quarter, we generated EBITDA of $284 million and cash flow from operations of approximately $133 million.

本季度，我們的 EBITDA 為 2.84 億美元，營運現金流約為 1.33 億美元。

Positive free cash flow of $49 million in the second quarter reflects the $133 million of operating cash flow net of $84 million of capital expenditures.

第二季自由現金流為 4,900 萬美元，反映出營運現金流扣除 8,400 萬美元資本支出後的 1.33 億美元。

Capital expenditures for the quarter included $53 million related to the new build Deepwater queue with a balance associated with various other projects across the fleet.

本季的資本支出包括與新建深水隊列相關的 5,300 萬美元，以及與整個船隊的各種其他項目相關的餘額。

During the second quarter, we delivered contract drilling revenues of $861 million at an average daily revenue of

第二季度，我們實現了合約鑽井收入 8.61 億美元，日均收入為

(audio gap).

（音頻間隙）。

Contract drilling revenues are slightly below our guidance, mainly due to the prolonged 15K PSI drilling operations of the Deepwater Atlas, which delayed the start of the rig's higher 20K PSI day rate.

合約鑽井收入略低於我們的指導，主要是由於 Deepwater Atlas 的 15K PSI 鑽井作業延長，延遲了該鑽機更高 20K PSI 日費率的啟動。

Recall that the rig's 15K PSI operating day rate, which was negotiated in the second quarter, is about $268,000 per day.

回想一下，該鑽機的 15K PSI 營運日費率是在第二季協商的，約為每天 268,000 美元。

The 20k PSI day rate is $455,000 per day.

20k PSI 日費率為每天 455,000 美元。

The customer delayed commencement to the KG1 in India also adversely affected our contract drilling revenue.

客戶延遲印度KG1的開工也對我們的合約鑽井收入產生了不利影響。

These factors were partially offset by higher fleet revenue efficiency, 96.9%; and the commencement of the Deepwater Aquila in Brazil on June 25, about a week earlier than anticipated.

這些因素被較高的機隊收入效率（96.9%）部分抵消；巴西深水天鷹號於 6 月 25 日開工，比預期早了約一週。

Operating and maintenance expense in the second quarter was $534 million.

第二季營運和維護費用為 5.34 億美元。

This is below our guidance primarily due to the delay of in-service maintenance in the active fleet and the favorable resolution of old contingencies.

這低於我們的指導，主要是由於現役機隊在役維護的延遲以及舊突發事件的有利解決。

G&A expense in the second quarter is $59 million, generally in line with our guidance.

第二季的一般管理費用為 5,900 萬美元，基本上符合我們的指引。

We ended the second quarter with total liquidity of approximately $1.5 billion, including unrestricted cash and cash equivalents of $475 million, about $400 million of restricted cash, $360 million of which is reserved for debt service. and $576 million of capacity from our undrawn revolving credit facility.

截至第二季末，我們的流動性總額約為 15 億美元，其中包括 4.75 億美元的非限制性現金和現金等價物，約 4 億美元的限制性現金，其中 3.6 億美元用於償債。以及來自我們未提取的循環信貸額度的 5.76 億美元容量。

I will now update you on our expectations for our financial performance for the third quarter and full year 2024.

我現在將向您介紹我們對 2024 年第三季和全年財務業績的最新預期。

As always, our guidance excludes speculative reactivations and upgrades.

像往常一樣，我們的指導不包括投機性重新激活和升級。

For the third quarter, we expect contract drilling revenues to approximate $940 million based upon an average fleet ride revenue efficiency of 96.5%, which, as you know, can vary based upon uptime performance, weather, and other factors.

基於 96.5% 的平均車隊行駛收入效率，我們預計第三季的合約鑽井收入約為 9.4 億美元，如您所知，該收入可能會根據正常運行時間性能、天氣和其他因素而變化。

This estimate includes approximately $55 million of additional services and reimbursable expenses.

這項估計包括約 5500 萬美元的額外服務和可報銷費用。

Please recall that the additional services and customer reimbursables generally carry low single-digit margins.

請記住，附加服務和客戶可報銷費用通常具有較低的個位數利潤。

The sequential increase in revenue is mainly due to, first, a full quarter of activity for the deep order Aquila following commencements of the rig's initial contract in Brazil.

營收季增主要是由於，首先，深訂單 Aquila 鑽井平台在巴西的初始合約開始後整個季度的活動。

Second, higher utilization on the KG2, KG1, and Transocean Equinox. which had contract preparation activities in the second quarter.

其次，KG2、KG1 和 Transocean Equinox 的利用率較高。第二季有合約準備活動。

And lastly, a higher contractual day rate for the Deepwater Atlas as the rig started 20K PSI operation on July 7.

最後，隨著 Deepwater Atlas 鑽井平台於 7 月 7 日開始 20K PSI 作業，合約日費率有所提高。

We expect third quarter O&M expense to be approximately $610 million.

我們預計第三季運維費用約為 6.1 億美元。

The quarter over quarter increases primarily due to the changes in activity that I just reviewed.

季度環比增長主要是由於我剛剛回顧的活動變化。

An increase of in-service maintenance costs, some of which is deferred from the second quarter.

在役維護成本增加，其中部分費用從第二季延後。

And the aforementioned resolution of various contingencies that have no comparable activity in the third quarter.

以及上述各種或有事項的解決方案，在第三季度沒有可比活動。

These are partially offset by the absence in the second quarter of costs paid to the joint venture that owned the Transocean Norge.

這些費用被第二季度沒有向擁有 Transocean Norge 的合資企業支付的費用所部分抵消。

As you would expect, these were eliminated as a result of the acquisition of the outstanding interest in the entity.

正如您所料，這些因收購該實體的未償權益而被消除。

We expect G&A for the third quarter to be approximately $50 million.

我們預計第三季的一般管理費用約為 5,000 萬美元。

This quarter-over-quarter decrease is primarily related to lower personnel costs and professional fees.

這一環比下降主要與人員成本和專業費用的降低有關。

Net interest expense for the third quarter is forecast to be approximately $145 million.

第三季的淨利息支出預計約為 1.45 億美元。

Capital expenditures and cash taxes are expected to be approximately $35 million and $10 million, respectively.

資本支出和現金稅預計分別約為 3,500 萬美元和 1,000 萬美元。

For the full year 2024, our revenue guidance of approximately [$3.6 million] is unchanged at this time.

對於 2024 年全年，我們約 [360 萬美元] 的收入指引目前保持不變。

This guidance includes approximately $215 million of additional services and reimbursable expenses. of which about $105 million were realized in the first half of the year.

該指南包括約 2.15 億美元的額外服務和可報銷費用。其中上半年約1.05億美元。

Full year O&M expense is still expected to be between $2.2 billion and $2.3 billion.

預計全年運維費用仍將在 22 億美元至 23 億美元之間。

Finally, full year G&A costs are expected to be around $215 million.

最後，全年一般管理費用預計約 2.15 億美元。

Our projected liquidity at yearend 2024 is unchanged from last quarter at approximately (audio gap), which includes the full $576 million capacity of our undrawn revolving credit facility as well as restricted cash of approximately $390 million, most of which is reserved for debt service.

我們預計2024 年底的流動性與上季持平，約為（音頻缺口），其中包括未提取的循環信貸額度的5.76 億美元全部容量以及約3.9 億美元的限制性現金，其中大部分用於償債。

This liquidity forecast includes 2024 CapEx expectations of $250 million, of which approximately $115 million is related to the Deepwater Aquila.

這項流動性預測包括 2024 年 2.5 億美元的資本支出預期，其中約 1.15 億美元與 Deepwater Aquila 相關。

About $15 million of CspEx associated with the Aquila remains.

與 Aquila 相關的約 1500 萬美元的 CspEx 仍然存在。

Of the approximately $135 million expected for sustaining and contract preparation CapEx, approximately $65 million has already been incurred.

在預計用於維持和合約準備資本支出的約 1.35 億美元中，約 6,500 萬美元已經發生。

We continue to actively manage our balance sheet, making decisions that we believe prioritize the long-term interests of the company and our shareholders.

我們繼續積極管理我們的資產負債表，做出我們認為優先考慮公司和股東長期利益的決策。

In June, we issued 55.5 million shares and $130 million in aggregate principal amount of our 8% senior notes due 2027 as part of the consideration to acquire the outstanding 67% ownership interest in the joint venture which owns Transocean Norge.

6 月，我們發行了 5,550 萬股股票和本金總額為 1.3 億美元的 2027 年到期的 8% 優先票據，作為收購擁有 Transocean Norge 的合資企業已發行的 67% 所有權權益的一部分。

In addition to the qualitative benefits Keelan mentioned earlier, this transaction is anticipated to provide an incremental $40 million in free cash flow per year on average over the next five years, which can be used to reduce our debt.

除了基蘭先前提到的品質效益外，這項交易預計在未來五年內每年平均增加 4,000 萬美元的自由現金流，可用於減少我們的債務。

We remain committed to maximizing the conversion of our industry-leading backlog into cash.

我們仍然致力於最大限度地將業界領先的積壓訂單轉化為現金。

We will continue to ensure that our capital allocation aligns with our priority of deleveraging the balance sheet and also allows us to effectively manage our portfolio of assets.

我們將繼續確保我們的資本配置與我們去槓桿化資產負債表的優先事項保持一致，並使我們能夠有效地管理我們的資產組合。

We believe this approach fosters sustainable growth in the upcycle and enables us to capitalize on opportunities that maximize value creation.

我們相信，這種方法可以促進升級週期的可持續成長，並使我們能夠利用機會，最大限度地創造價值。

This concludes my prepared remarks and I'll turn it back over to Alison for Q&A.

我準備好的演講到此結束，我會將其轉回給艾莉森進行問答。

Thanks, Thad. [Brittany], we're now ready to take questions.

謝謝，泰德。 [布列塔尼]，我們現在準備好回答問題了。

(Operator instructions)

（操作員說明）

Eddie Kim, Barclays.

埃迪金，巴克萊銀行。

Hi, good morning.

早安.

Just wanted to start off with BP's FID of the Kaskida development recently, which will need a 20K PSI rig.

最近想從 BP 對 Kaskida 開發專案的 FID 開始，該專案需要一台 20K PSI 鑽孔機。

Would the Atlas be a good candidate for that when it comes off contract with Beacon in early 2017?

當 2017 年初與 Beacon 的合約到期時，Atlas 會是一個很好的候選人嗎？

Or do you think BP will need a rig earlier than that, in which case -- what do you see as a likelihood of maybe another upgrade to 20K PSI capabilities?

或者您認為 BP 會比這更早需要一個鑽孔機，在這種情況下，您認為再次升級到 20K PSI 能力的可能性有多大？

And how much would you expect to be the cost of that type of upgrade?

您預計此類升級的成本是多少？

Thanks, Eddie.

謝謝，艾迪。

Kind of a two-part question.

這是一個由兩部分組成的問題。

I'll let Roddie handle the marketing side of it, and then Keelan will address what it takes to actually upgrade an existing seventh-gen rig to 20K capable.

我將讓 Roddie 負責行銷方面的工作，然後 Keelan 將解決如何將現有的第七代設備實際升級到 20K 能力。

Yes.

是的。

As we've illustrated before, the point of us doing the proactive upgrade to that rig was to be the rig available when the 20K completion activity really kicked off.

正如我們之前所說明的，我們對該鑽機進行主動升級的目的是讓鑽機在 20K 完井活動真正開始時可用。

That would be a logical choice, I think.

我認為這將是一個合乎邏輯的選擇。

And certainly having a rig available, not only in that timeframe, but a hot rig that's gone through all of the upgrades and has been operating for some time in 20K, I think that opportunity would suit us very well.

當然，不僅在那個時間範圍內擁有可用的鑽機，而且是經過所有升級並已在 20K 中運行一段時間的熱鑽機，我認為這個機會非常適合我們。

And maybe just to pick up on the second part of that question on what it takes to upgrade another rig, first of all, you've obviously got to buy all the equipment with the lead times that's associated with that.

也許只是為了了解該問題的第二部分，即升級另一台鑽機需要什麼，首先，您顯然必須購買與此相關的交貨時間的所有設備。

And today, I think it's probably in the 30-month mark to be able to get a 20K BOP if you ordered it today.

今天，我認為如果你今天訂購的話，可能需要 30 個月才能獲得 20K BOP。

On top of that, there's a lot of other ancillary equipment that's required for the riser system.

除此之外，立管系統還需要許多其他輔助設備。

And then you've got to go in, take a hole and upgrade all of the internal piping systems for that rig that related the pressure control system up to 20,000 psi as well.

然後你必須進去，打一個洞，升級該鑽孔機的所有內部管道系統，將壓力控制系統連接到高達 20,000 psi。

And that is an intensive and long process.

這是一個密集而漫長的過程。

So if you think about a seventh generation rig that's currently working, they'll have to come out of service and they will have an opportunity cost associated with that for four to six months to be able to at least get that upgrade completed.

因此，如果您考慮目前正在運行的第七代鑽機，它們將不得不停止使用，並且將有四到六個月的機會成本與之相關，以便至少能夠完成升級。

Along with the lead time for the other equipment that's required, you're looking at three to four years in advance and $200 million plus to be able to complete that upgrade without even considering the opportunity cost that's lost.

除了所需的其他設備的交付時間之外，您還需要提前三到四年以及 2 億美元以上才能完成升級，甚至不考慮損失的機會成本。

I'm hearing it's difficult to upgrade, which bodes well for the Atlas and the Titan.

我聽說升級很困難，這對阿特拉斯和泰坦來說是個好兆頭。

Got it.

知道了。

My follow-up is just on the full year '24 EBITDA guidance which you maintained.

我的後續行動只是關於您維持的 24 年全年 EBITDA 指導。

Just wondering what the assumption is on your idle rigs.

只是想知道您的閒置設備的假設是什麼。

So you have two rigs idle today, the DD3 and the Inspiration.

因此，今天您有兩台閒置設備：DD3 和 Inspiration。

Does your latest guidance, the midpoint of it, let's say, assume incremental work for these rigs this year?

您的最新指導意見（其中的中點）是否假設今年這些鑽機的增量工作？

And to the extent that they get no work this year, does that put us kind of at the low end of your EBITDA guide?

如果他們今年沒有找到工作，這是否會讓我們處於您的 EBITDA 指南的低端？

Just how should we think about that?

我們該如何思考這個問題呢？

Yes.

是的。

So, you know, in our guidance and in our marketing strategy, we are not expecting to put those rigs to work this year.

所以，你知道，在我們的指導和行銷策略中，我們預計今年不會讓這些鑽孔機投入使用。

So that's already baked in there that they will not be active during this year.

所以這已經是他們今年不會活躍的事情了。

I think as we said before, we're basically going to only put them on the right opportunities.

我認為正如我們之前所說，我們基本上只會為他們提供正確的機會。

We're not going to try and compete with them for short term work.

我們不會嘗試與他們競爭短期工作。

So we're basically keeping them dry for longer opportunities.

所以我們基本上是讓它們保持乾燥以獲得更長的機會。

So yes, our guidance numbers have no activity on those rigs.

所以，是的，我們的指導數字沒有顯示這些鑽孔機的活動。

While the rigs would technically be characterized as warm-ish, we've taken a number of steps to ensure that they are marketable, but the costs associated with keeping them in that condition are as low as possible.

雖然從技術上講，這些設備的特徵是溫暖的，但我們已經採取了許多措施來確保它們適銷對路，但保持它們處於這種狀態的相關成本盡可能低。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey, thank you and good morning.

嘿，謝謝你，早安。

And thanks for taking my questions.

感謝您回答我的問題。

Hey, congratulations on locking up the Invictus.

嘿，恭喜你鎖定了 Invictus。

I did want to talk a little bit about your strategy in the Gulf of Mexico, though.

不過，我確實想談談你們在墨西哥灣的戰略。

I mean, that rig has kind of been like the hammer rig over the last couple of years, pushing rates higher.

我的意思是，該鑽機有點像過去幾年的錘式鑽機，推高了利率。

You kind of lock that rig up.

你可以把那個裝置鎖起來。

I mean, you know, realizing that the Conqueror is on contract into kind of the middle of next year, is that going to -- should we think about that rig being a spot rig bouncing around the Gulf of Mexico?

我的意思是，你知道，意識到征服者號的合約要到明年年中，我們是否應該考慮將該鑽井平台作為在墨西哥灣周圍跳躍的現場鑽井平台？

Or are we at a point in the cycle now where customers are really starting to lock up any and all available 7G hot rigs?

或者，我們現在是否正處於客戶真正開始鎖定所有可用 7G 熱門裝置的循環階段？

Yes.

是的。

Hey, I think I'll take the last part of that first.

嘿，我想我會先講最後一部分。

So yes, that's exactly the mode that the customers are in at the moment, right?

是的，這正是客戶目前所處的模式，對吧？

Right assets, they're really looking to lock them up.

正確的資產，他們真的很想鎖定它們。

So, as Jeremy had mentioned, we do have an LOI on one of those rigs, and we never give the details of that, and we'd rather not.

因此，正如傑里米所提到的，我們確實對其中一台鑽機有意向書，但我們從未透露過細節，我們也不願意透露。

But we're very confident that those rigs are going to have good work immediately ahead of them.

但我們非常有信心這些鑽孔機將立即投入使用。

Hopefully we'll have some updates very, very soon for you on that.

希望我們很快就能為您提供一些最新消息。

But as we think about the strategy on the Invictus, as you point out, that was our flex rig.

但正如您所指出的，當我們思考 Invictus 的策略時，這就是我們的柔性裝備。

She was the market mover at some point.

她曾經是市場的推動者。

And now we've really got a fantastic opportunity here with a new customer for us to put her away on some very meaningful work that opens up a number of very interesting other opportunities.

現在我們確實有一個絕佳的機會與一位新客戶合作，讓她從事一些非常有意義的工作，從而開闢了許多非常有趣的其他機會。

And I think that's kind of what we see at the moment, Greg.

我認為這就是我們目前看到的情況，格雷格。

We're basically, as Jeremy alluded to, very close to being sold out, but we've certainly seen a significant increase in contracting activity over the last couple of months.

正如傑里米所提到的，我們基本上已經非常接近售罄，但我們確實看到過去幾個月承包活動顯著增加。

In fact, as we think about having booked $1.4 billion already this year, $1.2 billion of that has happened just within the last few months.

事實上，當我們考慮今年已經預訂了 14 億美元時，其中 12 億美元是在過去幾個月內發生的。

So we've seen a real acceleration in the number of awards and of course covering a lot of the white space that we had, that now is really a very, very small amount of white space left on the working fleet.

因此，我們看到獎項數量確實在加速成長，當然也涵蓋了我們擁有的大量空白區域，現在工作車隊中只剩下非常非常少量的空白區域。

Okay.

好的。

And just, I guess, Thad, kind of curious how you're thinking about the balance sheet.

我想，泰德，有點好奇你是如何看待資產負債表的。

I mean, I get the sense from investors, definitely you guys have been doing a lot and keeping busy.

我的意思是，我從投資者那裡得到了這樣的感覺，你們肯定做了很多事情並且一直很忙。

But I think the goal is to maybe start getting that total debt level down.

但我認為目標可能是開始降低總債務水準。

And so as we're here, you kind of have '24 guidance on the table, any kind of long range, long term kind of targets you're thinking about around that debt level as kind of we look out over the next couple of years.

因此，當我們在這裡時，您會在桌面上看到 '24 指導方針，您正在考慮圍繞債務水平制定的任何長期目標，就像我們關注接下來的幾個目標一樣年。

Thanks, Greg.

謝謝，格雷格。

So there's really not been any change in our approach to the balance sheet.

所以我們的資產負債表方法確實沒有任何改變。

I mean, we do have the discipline of debt associated with the third financing, the regular amortizations.

我的意思是，我們確實有與第三次融資（定期攤提）相關的債務紀律。

You know, we have talked about our interest in getting to a credit rating level of, you know, double B-ish, which forwards all the rights and privileges that one could have being essentially a junk rated with a junk-rated balance sheet.

你知道，我們已經談到了我們對達到雙 B 級信用評級水平的興趣，這將賦予人們本質上被評級為垃圾級且資產負債表為垃圾級的所有權利和特權。

No change there.

那裡沒有變化。

We think that we get to that place somewhere in the 2026 period of time.

我們認為我們會在 2026 年的某個時間段達到這個目標。

And I'd suggest also that that's not necessarily anything more than mathematics.

我還建議，這不一定只是數學。

We do need to continue to reduce the overall gross debt on our balance sheet, but we've not really articulated any specific targets at this point.

我們確實需要繼續減少資產負債表上的整體債務總額，但目前我們還沒有真正闡明任何具體目標。

But no change to our plans.

但我們的計劃沒有改變。

David Smith, Pickering Energy Partners.

大衛史密斯，皮克林能源合作夥伴。

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

嘿，早上好，謝謝你接受我的問題。

It was a very impressive harsh environment rates in Q2.

第二季的惡劣環境率非常令人印象深刻。

I think the reported average of almost $450,000 a day, which was, you know, substantially better than the $386,000 a day average, you know, that was on the last fleet status report for Q2.

我認為報告的平均每天近 45 萬美元，這比第二季最後一份機隊狀態報告中每天 386,000 美元的平均水平要好得多。

And I was just going to ask if you could remind us about the moving pieces that contribute to that day rate outperformance.

我只是想問您是否可以提醒我們一些有助於當天利率表現優異的因素。

Hey, I think what we actually posted was like a $483,000 and a $517,000.

嘿，我想我們實際發布的金額大約是 483,000 美元和 517,000 美元。

So they're substantially higher than the $300,000 rates that you mentioned before.

所以它們比您之前提到的 300,000 美元的費率要高得多。

And this really happened because of the exodus of rigs from Norway, really tightened up that market.

這確實是由於挪威鑽井平台的外流而發生的，這確實收緊了該市場。

And of course, with the rigs finding gainful employment elsewhere, that market remains particularly tight.

當然，隨著鑽井平台在其他地方找到有酬就業，市場仍然特別緊張。

And I think going forwards, we see that there's going to be another call on rigs to go back to Norway, which I think can only bolster those numbers.

我認為展望未來，我們會看到將再次要求鑽井平台返回挪威，我認為這只會支撐這些數字。

So I would expect that a lot of those fixtures are going to be in those very high 4s and 5s as numbers going forwards.

因此，我預計，隨著數字的發展，其中許多比賽將處於非常高的 4 和 5 水平。

Yes.

是的。

Hey I appreciate it, right?

嘿，我很感激，對吧？

Definitely.

確實。

I was more referring to not leading edge, but the average daily revenue. you know, realized in Q2 '24 which, on the press release, is $449,600.

我比較指的不是領先優勢，而是平均每日收入。你知道，在 24 年第二季度實現的，在新聞稿中為 449,600 美元。

And just kind of thinking about that in comparison to the FSR from last April where you've got an estimated average contract rate of $386,000 for the harsh environment fleet in the second quarter.

與去年 4 月的 FSR 相比，您可以獲得第二季惡劣環境機隊的估計平均合約費為 386,000 美元。

And I know there's some other items that kind of explain that difference.

我知道還有其他一些項目可以解釋這種差異。

I was just asking for a request around those items.

我只是想就這些物品提出請求。

Yes, Dave.

是的，戴夫。

I'm trying to think back.

我正在努力回想。

But if I recall second quarter of last year, we had quite a bit of waiting on the weather, which would have been at lower day rates.

但如果我記得去年第二季度，我們花了相當多的時間等待天氣，而當時的日費率會較低。

That probably factored into that.

這可能是其中的一個因素。

I don't have the information readily available, but I think that's probably part of it.

我沒有現成的訊息，但我認為這可能是其中的一部分。

That coupled with the higher day rates that we booked here of late, and then rollover contracts where options are priced higher.

再加上我們最近在這裡預訂的更高的日費率，以及選擇權價格較高的展期合約。

So the combination of all of those three, I think, is what led to the fairly significant increase in day rate for those fixtures.

因此，我認為，這三者的結合導致了這些賽事的日費率相當顯著的增加。

I appreciate it.

我很感激。

And I know this isn't really direct competition with you, and you don't have that much availability for the next year and a half anyways.

我知道這並不是與你們真正的直接競爭，而且你們在接下來的一年半裡也沒有那麼多的空閒時間。

But yes, just thinking about the pretty notable decline for new contracts on the benign ultra Deepwater semis.

但是，是的，只要想想良性的超深水半成品油新合約的顯著下降。

I wanted to ask if you're seeing any change in the competitive behavior of Joe's asset owners, including maybe more aggressive pricing competition to try to get work away from the Tier 1 rigs.

我想問一下，您是否發現喬的資產所有者的競爭行為發生了任何變化，包括可能更加激烈的定價競爭，試圖從一級鑽機手中奪走工作。

Are you talking about in the UK primarilyr?

您主要是在談論英國嗎？

No, the benign semis.

不，是良性的半成品。

We've had pretty light contracting for the benign deepwater semis.

對於良性的深水半決賽，我們的合約相當輕。

I think we have very little exposure to that point now.

我認為我們現在對這一點的了解很少。

But I think the operators at the moment are very focused on booking the higher specification assets.

但我認為目前營運商非常注重預訂更高規格的資產。

And I think as those run out, which is happening very rapidly, you'll probably see a lot more attention going to those benign environment semis in the 6th gen fleet.

我認為，隨著這些資源的耗盡（這種情況發生得非常快），您可能會看到更多的注意力集中在第六代機隊中那些良性環境的半成品上。

But for now, it's all about trying to make sure people get time on the rigs that they really need to drill our programs.

但就目前而言，一切都是為了確保人們有時間在他們真正需要的鑽孔機上鑽探我們的專案。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, good morning.

嗨，早安。

I always appreciate the color.

我總是很欣賞這種顏色。

Thank you.

謝謝。

Let me just start it this way, given that it's an offshore drilling day on conference calls.

鑑於今天是電話會議的海上鑽井日，讓我這樣開始吧。

So just kind of calibrate.

所以只是校準一下。

We've heard from a couple of the other peer group, and it sounds like between now and 2026, there could be incremental demand for 7G drill ships in the range of somewhere between 5 to 10.

我們從其他幾個同行那裡聽說，從現在到 2026 年，對 7G 鑽探船的需求可能會增加 5 到 10 艘。

Is that a number that you guys like when, kind of parse through your commentary?

在解析你們的評論時，你們喜歡這個數字嗎？

Is that a number that we could get to as well?

我們也可以得到這個數字嗎？

Yes, absolutely.

是的，一點沒錯。

That would in fact be our number basically 5 to 10 incremental over the -- it makes all the sense in the world.

事實上，我們的數字基本上是 5 到 10 的增量——這在世界上是有意義的。

Okay, that's awesome.

好吧，太棒了。

So Jeremy, maybe for you or Keelan, either way.

所以傑里米，也許對你或基蘭來說，無論哪種方式。

There had been a relative lull in the cadence of contracts, it seems up until recently, and the contracts that have been signed have now busted above that $500,000 a day marker.

直到最近，合約的節奏似乎一直相對平靜，而已簽署的合約現在已經突破了每天 50 萬美元的大關。

How do you see things evolving from here?

您如何看待事情的發展？

Do we expect maybe there just to be kind of a digestion period?

我們是否期望可能只是有一個消化期？

of what's been announced, then potentially another kind of spurt as we get toward year end?

已經宣布的內容，那麼當我們接近年底時可能會出現另一種爆發？

Or is that spurt going to be more of a 2025 kind of dynamic?

或者這種激增會在 2025 年更加充滿活力嗎？

Yes.

是的。

I'll take that and Roddie and Keelan can chime in as appropriate.

我會接受，羅迪和基蘭可以在適當的時候插話。

We said at the last call, because there was a lot of talk about the lull in contracting activity, we said, listen, we haven't been this busy in the last decade.

我們在上次電話會議上說，因為有很多關於承包活動停滯的討論，我們說，聽著，過去十年我們沒有這麼忙。

There are all direct negotiations of the vast majority of them, so you don't see them.

絕大多數都是直接談判，所以你看不到他們。

You don't see all the conversations that are taking place behind the scenes, but we said they're a little bit slower to execute these contracts because the dollar values are so substantial now.

你看不到幕後發生的所有對話，但我們說他們執行這些合約的速度有點慢，因為現在美元價值如此之高。

Back during the downturn, when you're talking about one or two wells at $250,000, $300,000 a day, our customers could get those approved really quickly because it didn't make that much of a financial impact to them.

回到經濟低迷時期，當你談論每天 25 萬、30 萬美元的一兩口井時，我們的客戶可以很快獲得批准，因為這並沒有對他們產生太大的財務影響。

Now we're talking about $500,000 a day plus over multiple years, and the approval process is pretty lengthy, and the terms and conditions and negotiating of those get pretty onerous.

現在我們談論的是每天 50 萬美元，再加上多年，審批過程相當漫長，條款和條件以及這些條款和條件的談判也變得相當繁重。

And so it just takes a little longer to work through the system.

因此，完成該系統需要更長的時間。

And as we saw here recently with our fleet status report and then the recent announcement of BP, sometimes they all come in a flurry.

正如我們最近在這裡看到的我們的船隊狀態報告以及英國石油公司最近的公告，有時它們都來得很匆忙。

It doesn't mean -- there's so much activity that's going on in the background right now, and there's so much still in front of us.

這並不意味著——現在有太多的活動在後台進行，而且我們面前還有太多的事情要做。

I would hope and expect that we'll have more announcements like these as we move through the rest of the year, because we're in deep negotiations, deep conversations with our customers who all want to push these programs forward.

我希望並期望在今年剩下的時間裡我們會發布更多這樣的公告，因為我們正在與所有希望推動這些計劃向前發展的客戶進行深入的談判和深入的對話。

It just takes a little bit longer for them to get all the necessary approvals internally and through their partners.

他們只是需要更長的時間才能在內部並透過合作夥伴獲得所有必要的批准。

And so the cadence, I couldn't tell you, I don't know that we will see a great flur like we did here over the course of the last couple of months all at once.

所以節奏，我不能告訴你，我不知道我們會看到像過去幾個月我們在這裡所做的那樣的巨大波動。

But I do expect multiple contracts to be executed and announced over the course of the coming weeks and months.

但我確實預計在未來幾週和幾個月內將執行並宣布多項合約。

Yes, and I'll just add a little bit to that.

是的，我會補充一點。

I think there's a bit of a misunderstanding or a disconnect between what's reported as supply and demand amongst the analysts and what we actually see.

我認為分析師報告的供需情況與我們實際看到的情況之間存在一些誤解或脫節。

So to Jeremy's point, you know, we've never seen a lull in contracting activity.

因此，就傑里米的觀點而言，我們從未見過承包活動平靜過。

There may have been kind of a pause in time when the fixtures were made.

當比賽安排完成時，時間上可能會有一些暫停。

But as we had articulated before, the decisions are much bigger now, right?

但正如我們之前所闡明的，現在的決定要大得多，對嗎？

So you're talking about much larger programs, higher day rates. and those take longer.

所以你談論的是更大的項目、更高的日費率。而這些需要更長的時間。

But now we're seeing a rapid acceleration in these.

但現在我們看到這些正在迅速加速。

And 2024 is, already to this point of the year, a great contracting year for us.

到目前為止，2024 年對我們來說已經是一個偉大的承包年。

And we expect it to be even better by the end, so it could be one of our best ever contracting years.

我們預計到年底會更好，因此這可能是我們有史以來最好的合約年份之一。

So there's obviously a tremendous number of announcements on our fleet that we're very proud of, but we expect a significant number more still to come.

因此，顯然我們的機隊有大量的公告，我們對此感到非常自豪，但我們預計還會有更多的公告。

And I think you'll see that our backlog has already climbed if we include the BP fixture that we just announced.

我認為，如果我們將我們剛剛宣布的 BP 固定項目算在內，您會發現我們的積壓訂單已經增加。

We're sitting currently at $9.1 billion and we expect that to grow even further.

目前我們的估值為 91 億美元，預計這一數字還會進一步成長。

So I think it's going to be a prolific year.

所以我認為這將是多產的一年。

Awesome.

驚人的。

And then one for Thad.

然後是給泰德的。

Thad, given where the backlog currently sits today and the average rates in the backlog and so on, how can we think about the prospect of converting that backlog into cash flow and then into outlay debt reduction?

泰德，考慮到目前積壓的情況以及積壓的平均利率等，我們如何考慮將積壓轉化為現金流，然後轉化為支出債務減少的前景？

Maybe following on one of the questions that were really said earlier.

也許是在追問之前確實說過的問題之一。

But again, assuming no change in current backlog or day rate structure, how does that convert to cash flow and how much debt can you take out of the system over the next couple of years?

但同樣，假設當前的積壓或日利率結構沒有變化，那麼它如何轉化為現金流，以及在未來幾年內您可以從系統中扣除多少債務？

So as I mentioned, we do have debt associated with

正如我所提到的，我們確實有與

(inaudible).

（聽不清楚）。

And sort of from this point on, we anticipate that there'll be a steady growth in cash flow available to address the balance sheet.

從現在開始，我們預計可用於解決資產負債表問題的現金流量將會穩定成長。

In the natural course, we anticipate that, by the end of 2026 or thereabouts, we'll be in the neighborhood of $4.7 billion of debt, and that goes down significantly in the next year.

當然，我們預計到 2026 年底左右，我們的債務將達到 47 億美元左右，而這一數字將在明年大幅下降。

The objective here is to put every available dollar of cash flow that makes sense into improving the condition of the balance sheet.

這裡的目標是將每一美元可用的現金流用於改善資產負債表的狀況。

It's going to be a capital allocation exercise.

這將是一次資本配置活動。

We anticipate that there will be opportunities to put some of our cold-stacked assets back to work.

我們預計將有機會讓我們的一些冷堆資產重新投入使用。

There's always going to be a timing difference, notwithstanding the discipline that we'll exercise in ensuring that customers pay for those and we get the appropriate return.

儘管我們會遵守紀律以確保客戶為此付費並且我們獲得適當的回報，但總是會存在時間差異。

But given that our valuation is predicated primarily on our ability to reduce debt, it makes sense for us to deploy every dollar that we can to that purpose.

但考慮到我們的估值主要取決於我們減少債務的能力，因此我們將盡我們所能的每一美元用於此目的是有意義的。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Thank you.

謝謝。

So it looks like the Atlas contract makes a distinction between drilling and 20K completion activity.

因此，Atlas 合約似乎對鑽井和 20K 完井活動進行了區分。

And then taking a look at the Invictus, I'm guessing there's probably some Kaskida drilling associated with that as well.

然後看看“Invictus”號，我猜可能也有一些與此相關的 Kaskida 鑽探。

So, curious if you're seeing the 20K drilling versus completion market evolving in a way that the contracts are going to consistently making some type of distinction between drilling versus completion?

那麼，您是否好奇 20K 鑽井與完井市場的發展方式是否會導致合約在鑽井與完井之間持續做出某種類型的區分？

Yes.

是的。

Hey look, that's not the case going forward.

嘿，看，未來的情況並非如此。

That's actually just a small anomaly that, essentially the plan here was always to make the Atlas a completion-centric vessel simply because you have the features of 20k that nobody else does.

這實際上只是一個小異常，本質上這裡的計劃始終是讓 Atlas 成為一艘以完成為中心的船隻，僅僅是因為你擁有 20k 的功能，其他人沒有。

So we're basically at the point now that the 20K market is now mature enough and there's a pipeline of many, many different prospects that we would expect to keep her focused on 20K completions going forward.

因此，我們現在基本上處於這樣一個階段：20K 市場現在已經足夠成熟，並且有許多不同的前景，我們希望她能夠繼續專注於 20K 完工專案。

So this is really just the evolution of from when we took delivery of the rig all the way through it's kind of maiden contract and then into these extensions that we've had.

所以，這實際上只是從我們交付鑽機開始，一直到它的處女合同，再到我們所擁有的這些擴展的演變。

And going forward after that point she will be very focused on 20K because now there's very significant demand for 20K.

在那之後，她將非常關注 20K，因為現在對 20K 的需求非常大。

Completely makes sense.

完全有道理。

And then a quick one for Thad.

然後是泰德的快速發言。

The annual guidance seems to imply that O&M expense will decline in the fourth quarter.

年度指引似乎暗示第四季運維費用將下降。

We're just hoping you could talk about that at just a high level, what some of the moving parts might be on that.

我們只是希望您能在高層次上談論這個問題，其中可能有一些活動部分。

I think the O&M guidance is generally consistent with what we articulated in the last quarter.

我認為維運指導大致上與我們上季闡述的一致。

There may be a slight decline.

可能會有小幅下降。

It's going to be a function of the amount of the O&M costs that were deferred in this period, are spread over the next couple of quarters.

這將取決於這段期間推遲的維運成本金額，並分攤到接下來的幾季。

But generally, I'd expect it to be close to flat.

但總的來說，我預計它會接近持平。

There's a rounding element in there as well.

那裡還有一個舍入元素。

Josh Jayne, Daniel Energy Partners

喬許傑恩，丹尼爾能源合夥人

Thanks.

謝謝。

First one I had is just on the Gulf of Mexico and your prepared comments.

我收到的第一個訊息是關於墨西哥灣和您準備好的評論。

You talked about it, the market being in balance, but that there are a number of gap filler type programs to be awarded.

您談到了這一點，市場處於平衡狀態，但有許多填補空白的項目可供授予。

I was hoping you could elaborate on that and those opportunities a little bit.

我希望你能詳細說明一下這一點和那些機會。

And then also just expand on your outlook for the Gulf of Mexico over the next 12 to 24 months.

然後擴展您對墨西哥灣未來 12 至 24 個月的展望。

Yes.

是的。

As we see it there, we have to talk about gap fillers.

正如我們所看到的，我們必須談論間隙填充物。

But as we mentioned before, one's under an LOI, we expect another one that's got options.

但正如我們之前提到的，一個人處於意向書之下，我們希望另一個人有選擇權。

So the likelihood of them actually being gap fillers are very small.

因此，它們實際上是填補空白的可能性非常小。

They're going to hopefully turn into firm term very soon.

他們預計很快就會進入固定期限。

And that really puts us in a fantastic position for visibility.

這確實使我們處於一個絕佳的可見度位置。

So you ask about the outlook for the Gulf of Mexico.

所以你問墨西哥灣的前景。

As we look at it, our fleet in the Gulf, assuming that we close these last couple of little pieces, is essentially sold out for a very significant period of time.

正如我們所看到的，假設我們關閉了最後幾個小部件，我們在海灣的機隊在很長一段時間內基本上已經售空。

Some of the rigs sold out for several years going forward.

一些鑽孔機在未來幾年內都已售空。

But as we think about the availability that we have, we have very little availability over the next 24 months.

但當我們考慮現有的可用性時，我們發現未來 24 個月的可用性非常少。

And the great thing about that is not only do we have the visibility to the activity, but all of the rates that we've booked in the Gulf of Mexico for these longer term pieces are very attractive.

這樣做的好處不僅在於我們可以了解活動，而且我們在墨西哥灣預訂的這些長期產品的所有價格都非常有吸引力。

So that's expected to generate very substantial cash flows.

因此預計這將產生非常可觀的現金流。

And really part of the strategy that we've had all along about keeping the right assets available for the right opportunities, and now we're seeing that coming through in spades.

這實際上是我們一直以來制定的策略的一部分，即為正確的機會提供正確的資產，現在我們看到這一點正在實現。

Thanks.

謝謝。

And then one thing I wanted to go back to that was also in the prepared remarks.

然後我想回顧的一件事也在準備好的發言中。

I think I missed the detail, but you talked about a level of CapEx increasing from 2024 through 2027 that was largely going to be driven by expansions in South America and Africa.

我想我錯過了細節，但您談到了從 2024 年到 2027 年資本支出水準的增加，這主要是由南美和非洲的擴張所推動的。

I just was hoping you could go back to that a little bit.

我只是希望你能回到那一點。

And then for that level of CapEx increase, could you talk about how many rigs ultimately you would expect that to consume?

然後，對於資本支出的增加水平，您能否談談您最終預計會消耗多少台鑽孔機？

You talked about the 5 to 10, maybe 12 months from now, but just how you're thinking about that level of CapEx increase, and what the rate count, what it could consume in 2027.

您談到了從現在開始的 5 到 10 個月，也許是 12 個月，但您是如何考慮資本支出增長水平的，以及費率是多少，2027 年可能會消耗什麼。

Thank you.

謝謝。

Sorry.

對不起。

Could you repeat the question?

你能重複一下這個問題嗎？

It was a little bit muffled.

聲音有點低沉。

Sorry about that.

對於那個很抱歉。

Yes, I'm here.

對，我在這。

Sorry.

對不起。

So in the prepared remarks, you had said something about a level of CapEx that was expected to increase.

因此，在準備好的發言中，您談到了預計會增加的資本支出水準。

I think it was more than 100% from 2024 through 2027, which was going to be driven by Deepwater activity in South America and Africa.

我認為從 2024 年到 2027 年，這一比例超過 100%，這將由南美洲和非洲的深水活動推動。

And I was just curious if you could repeat those numbers and talk about how many rigs that would ultimately consume from going from sort of where we are today to then.

我只是很好奇你是否可以重複這些數字並談談從我們今天的情況到那時最終會消耗多少台鑽機。

Oh, I'm sorry.

哦，對不起。

You're talking about the total greenfield exploration CapEx, not our CapEx.

您談論的是總綠地勘探資本支出，而不是我們的資本支出。

We thought you were talking about our CapEx, which is declining.

我們以為您正在談論我們正在下降的資本支出。

No, no, no.

不不不。

Sorry about that.

對於那個很抱歉。

So in the prepared remarks, it was global offshore greenfield exploration and production investments are projected to grow to $110 billion in 2027.

因此，在準備好的發言中，預計到 2027 年，全球海上綠地勘探和生產投資將成長到 1,100 億美元。

That's up 129% from $48 billion in 2024.

這比 2024 年的 480 億美元成長了 129%。

And so that is what we believe is going to be driving the incremental 5 to 10 rigs that we discussed earlier on the call in one of the Q&A sessions.

因此，我們相信這將推動我們之前在一次問答會議的電話會議上討論過的 5 到 10 台鑽機增量。

Just that level of incremental capital is obviously going to lead to an increase.

正是這種增量資本水準顯然會導致成長。

And so that's really what's giving us kind of the confidence that we will see an increase in rig count.

這確實讓我們有信心看到鑽孔機數量增加。

And since we're already at 98% utilization on the active fleet, this is going to lead to customer finance reactivations.

由於我們的活躍機隊利用率已經達到 98%，這將導致客戶財務重新啟動。

And so that does give us some confidence that we will ultimately begin reactivating some assets here in the not too distant future.

因此，這確實給了我們一些信心，我們最終將在不久的將來開始重新激活這裡的一些資產。

Thank you, and I will now turn the call back over to Alison Johnson for any additional or closing remarks.

謝謝，我現在將把電話轉回給艾莉森·約翰遜，請其發表補充或結束語。

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

謝謝布列塔尼，也謝謝大家參加今天的電話會議。

We look forward to talking with you again when we report our third quarter 2024 results.

我們期待在報告 2024 年第三季業績時再次與您交談。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。

And have a wonderful day.

祝你有美好的一天。