Transocean Ltd (RIG) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to today's third-quarter 2024 Transocean earnings call. (Operator Instructions) Please note, this call is being recorded, and I will be standing by if you should need any assistance.

大家好，歡迎參加今天的 Transocean 2024 年第三季財報電話會議。（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 conference over to Director of Investor Relations, Alison Johnson.

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)。

Thank you, Madison. Good morning, and welcome to Transocean's third-quarter 2024 earnings conference call. 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.

謝謝你，麥迪遜。早安，歡迎參加 Transocean 2024 年第三季財報電話會議。我們的新聞稿內容包括財務績效以及支援性報表和時間表，包括有關非公認會計準則財務指標的調節和揭露，已發佈在我們的網站 deepwater.com 上。

Joining me on this morning's call are Jeremy Thigpen, Chief Executive Officer; Keelan Adamson, President and Chief Operating Officer; Thad Vayda, 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； 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. Such statements are based upon current expectations and certain assumptions and therefore are subject to certain risks and uncertainties.

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

許多因素可能導致實際結果有重大差異。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。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. During this time, to give more participants an opportunity to speak, please limit yourself to one initial question and one follow up.

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。在此期間，為了讓更多參與者有機會發言，請限制自己提出初始問題和後續問題。

Thank you very much. I'll now turn the call over to Jeremy.

非常感謝。我現在將把電話轉給傑里米。

Thank you, Alison. And welcome to our employees, customers, investors, and analysts participating on today's call. As reported in yesterday's earnings release, for the third-quarter 2024, Transocean delivered adjusted EBITDA of $342 million on $948 million of contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 36%.

謝謝你，艾莉森。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。根據昨天的財報報導，2024 年第三季度，Transocean 的合約鑽井營收為 9.48 億美元，調整後 EBITDA 為 3.42 億美元，調整後 EBITDA 利潤率約為 36%。

During the quarter, our marketing team was once again exceptionally busy, securing new contracts and extensions across the fleet. With these new contracts, our current pipeline of opportunities, 2024 is shaping up to be a very strong contracting year for Transocean, ensuring excellent fleet utilization for the coming 12 months to 18 months.

在本季度，我們的行銷團隊再次異常忙碌，為整個機隊爭取新合約和延期。憑藉這些新合同，我們目前的機會管道，2024 年將成為 Transocean 非常強勁的合約年，確保未來 12 個月至 18 個月的船隊利用率良好。

In US Gulf of Mexico, BP awarded the Deepwater Atlas a one-year contract at a rate of $635,000 per day with no additional services provided under the contract. The contract is expected to commence in the second quarter of 2028 and includes a one-year option at the same rate. And given our current understanding of the customer's program, we expect that this option will ultimately be exercised. Additionally, the Deepwater Invictus was awarded two contract extensions that are currently expected to keep the rig working into November of this year. With these extensions, our active fleet is now essentially fully contracted in 2024.

在美國墨西哥灣，BP 以每天 635,000 美元的價格向 Deepwater Atlas 授予了為期一年的合同，並且根據合同不提供任何額外服務。該合約預計將於 2028 年第二季開始，並包括相同費率的一年期選項。鑑於我們目前對客戶計劃的了解，我們預計最終將執行此選項。此外，Deepwater Invictus 還獲得了兩份續約合同，目前預計該鑽井平台將持續運行至今年 11 月。透過這些延期，我們的現役機隊現在基本上在 2024 年完全簽約。

Lastly for the Gulf, the Deepwater Conqueror was awarded a one-year contract at a rate of $530,000 per day, including additional services. This program is expected to commence in October of 2025. In India, Reliance Industries awarded the KG1 a six-well contract at a rate of $410,000 per day, excluding additional services. The program is expected to commence in the second quarter of 2026 and includes multiple options into 2029.

最後，針對海灣地區，深水征服者號獲得了一份為期一年的合同，日薪 53 萬美元，包括附加服務。該計劃預計於 2025 年 10 月開始。在印度，Reliance Industries 以每天 41 萬美元的價格向 KG1 授予了一份六井合同，不包括額外服務。該計劃預計於 2026 年第二季啟動，並包括多種選擇直至 2029 年。

Moving to the harsh environment fleet, in Norway, Equinor exercised a three-well option on the Transocean Spitsbergen at a current rate of $483,000 per day. Assuming all remaining options are exercised, the current well schedule extends through the fourth quarter of 2027. Equinor also exercised three one-well options on the Transocean Enabler at a current rate of $438,000 per day. The estimated 105- to 150-day extension extends the firm term into the third quarter of 2026.

轉向挪威的惡劣環境船隊，Equinor 在 Transocean Spitsbergen 上行使了三井選擇權，目前的費用為每天 483,000 美元。假設所有剩餘選項均已行使，目前的油井計畫將延續到 2027 年第四季。Equinor 還以目前每天 438,000 美元的價格行使了 Transocean Enabler 的三個單井選擇權。預計延長 105 至 150 天，將固定期限延長至 2026 年第三季。

In Australia, Woodside exercised two options for a total of six additional wells at a rate of $390,000 per day. The firm period now runs through August of 2026; and with the remaining options, the rig is expected to remain in Australia through at least October of 2026. As I mentioned, the Transocean fleet is now solidly booked for the vast majority of 2025 and well into 2026. In fact, based on today's backlog, our active fleet utilization for 2025 exceeds 97% and remains at roughly 86% through the first half of 2026.

在澳大利亞，Woodside 以每天 39 萬美元的價格行使了兩項選擇權，額外開採了總共 6 口油井。目前穩定期持續到2026年8月；考慮到其餘的選擇，該鑽井平台預計將至少在 2026 年 10 月之前留在澳洲。正如我所提到的，Transocean 船隊目前在 2025 年的大部分時間和 2026 年的大部分時間都被預訂滿了。事實上，根據目前的積壓情況，我們 2025 年的活躍機隊利用率將超過 97%，並在 2026 年上半年維持在 86% 左右。

Through our 23 fixtures awarded so far this year, we have steadily eliminated utilization concerns through next year, successfully avoiding the so-called white space issues that most of our competitors have discussed over the past several months. We believe that our unique position relative to our peer group results from the following: we own and operate the highest capability fleet in the industry; we consistently deliver safe, reliable, and efficient operations for our customers; and we have a comprehensive understanding of the global market and use this advantage to maximize value creation from our portfolio of high-specification assets.

透過今年迄今授予的 23 場比賽，我們已經穩步消除了明年的利用率問題，成功避免了大多數競爭對手在過去幾個月討論過的所謂空白問題。我們相信，我們相對於同行的獨特地位源自於以下幾點：我們擁有並經營業界最高能力的機隊；我們始終如一地為客戶提供安全、可靠、高效的營運；我們對全球市場有全面的了解，並利用這一優勢最大限度地從我們的高規格資產組合中創造價值。

On my last point before I hand it over to Keelan, I'd like to spend some time on asset quality. We have gradually but continuously optimized our portfolio of assets since 2014, resulting in a fleet that is technologically differentiated from that of our peers. Through the cycles, owning and operating the highest specification rig fleet has consistently proven to be the winning strategy.

在我將其交給基蘭之前，我想花一些時間討論資產品質。自2014年以來，我們逐步持續優化資產組合，打造了一支在技術上與同業不同的機隊。在整個週期中，擁有和運營最高規格的鑽機隊一直被證明是製勝策略。

As you're well aware, Transocean owns the only two eighth-generation ultra-deepwater drillships in the world, Deepwater Atlas and the Deepwater Titan. These rigs are equipped with 1,700 short-tonne hoisting capability and 20,000-psi well control equipment. We also own eight of the twelve 1,400 short-tonne drillships.

眾所周知，Transocean 擁有世界上僅有的兩艘第八代超深水鑽井船：「深水阿特拉斯號」和「深水泰坦號」。這些鑽井平台配備了 1,700 短噸提升能力和 20,000 psi 井控設備。我們還擁有 12 艘 1,400 短噸鑽井船中的 8 艘。

Of the remaining four, two are essentially permanently deployed in the [Angolan] market, one is committed to Shell for five years, and one was just awarded a three-year contract with Petrobras. The result of this is that in the medium-term, we have the only marketable assets in this sought-after class.

其餘四個中，兩個基本上永久部署在[安哥拉]市場，一個致力於殼牌五年，一個剛剛與巴西國家石油公司簽訂了一份為期三年的合約。結果是，從中期來看，我們擁有這一備受追捧的類別中唯一的可銷售資產。

As we've discussed in previous calls, hookload is important to customers as it characterizes the rig's capability to run longer and heavier casing streams. This capability permits our customers to optimize their well designs, thereby reducing the number of days required to drill their wells, and if reservoir performance dynamics allow, facilitate greater well productivity due to the preservation of the wellbore diameter.

正如我們在之前的電話中討論的那樣，大鉤負載對客戶來說很重要，因為它表徵了鑽機運行更長、更重套管流的能力。這種能力使我們的客戶能夠優化他們的油井設計，從而減少鑽井所需的天數，並且如果油藏性能動態允許，由於保留了井眼直徑，因此可以提高油井生產率。

As evidenced by our $1.3 billion in recent contract awards, our now $9.3 billion in total backlog, which by the way represents a 7.5% sequential increase from our July 2024 fleet status report and our 2025 contract coverage relative to our peer group, our portfolio of high-specification ultra-deepwater and harsh environment rigs, all else being equal, seems to be clearly preferred by our customers, leading to higher full-cycle utilization and enabling us to fix industry-leading day rates.

正如我們最近授予的13 億美元合約所證明的那樣，我們現在的總積壓訂單為93 億美元，順便說一句，這意味著我們的2024 年7 月機隊狀態報告和2025 年合約覆蓋範圍相對於我們的同業集團連續成長了7.5%，我們的投資組合在其他條件相同的情況下，高規格超深水和惡劣環境鑽機似乎顯然受到我們的客戶的青睞，這會帶來更高的全週期利用率，並使我們能夠確定行業領先的日費率。

This has been demonstrated throughout the year by our market-leading contracts across the fleet, including for example, the recent award for the Deepwater Conqueror. Although the commencement date for this specific program falls within a window during which the fleet utilization of each of our competitors is expected to be below 60%, the rig still commanded a very strong day rate that even when adjusted for additional services is in excess of $500,000 per day, a clear indicator that our customers recognize and appreciate the value of Transocean's assets and services.

我們整個船隊的市場領先合約證明了這一點，包括最近授予的深水征服者號合約。儘管該特定計劃的開始日期處於一個窗口內，在此期間我們每個競爭對手的機隊利用率預計將低於60%，但該鑽機仍然擁有非常強勁的日費率，即使根據附加服務進行調整，也超過了每天 50 萬美元，清楚地表明我們的客戶認可並欣賞 Transocean 資產和服務的價值。

Even in the context of low global floater fleet utilization, we have continually demonstrated that premium assets attract premium day rates as operators consistently elect to contract rigs that afford them the greatest well program efficiency and flexibility. In other words, operators will utilize the most value-adding assets at every point in the cycle.

即使在全球浮式船隊利用率較低的情況下，我們也不斷證明，優質資產吸引優質的日費，因為營運商始終選擇合約鑽機，為他們提供最大的油井計劃效率和靈活性。換句話說，營運商將在周期的每個點利用最具增值性的資產。

With that, I'll now turn it over to Keelan.

有了這個，我現在將把它交給基蘭。

Thanks, Jeremy. And good morning, everyone. Our confidence in the longevity of this upcycle is supported by our market studies and other third-party analysis, validated by recent contract awards and further confirmed by the discussions and negotiations with our customers. At just under $500 billion per year for the next several years, Wood Mackenzie forecasts global upstream CapEx to remain relatively flat.

謝謝，傑里米。大家早安。我們對這一升級週期的持久性充滿信心，這一信心得到了我們的市場研究和其他第三方分析的支持，並得到了最近授予的合約的驗證，並得到了與客戶的討論和談判的進一步證實。Wood Mackenzie 預測，未來幾年全球上游資本支出將保持相對平穩，每年略低於 5,000 億美元。

However, and importantly, because the long-term economics of our customers' offshore projects are so compelling, the share of investment in deepwater and ultra-deepwater is expected to grow from 12% of that $500 billion in 2024 to 15% in 2026. In addition, per Rystad Energy's latest analysis, more than 75% of new projects sanctioning for each of the major operators is economically viable below $60 a barrel. As such, it should come as no surprise that we are in advanced discussions with numerous customers for projects beginning in 2026 and beyond.

然而，重要的是，由於我們客戶的海上項目的長期經濟效益非常引人注目，深水和超深水投資的份額預計將從 2024 年 5000 億美元的 12% 增長到 2026 年的 15%。此外，根據 Rystad Energy 的最新分析，各大業者批准的新項目中，超過 75% 的經濟可行性低於每桶 60 美元。因此，我們正在與眾多客戶就 2026 年及以後開始的專案進行深入討論也就不足為奇了。

With minimal availability in our active fleet over the next 15 months, much of our focus has moved to the market in 2026. In the Gulf of Mexico, the Deepwater Proteus and Deepwater Asgard, both 1,400-tonne hookload rigs, will conclude their existing contracts in mid-2026. And as you might expect, we are actively engaged in direct negotiations with customers for work that would commence an immediate continuation of their current contracts.

由於未來 15 個月我們現役機隊的可用性極低，因此我們的大部分重點已轉移到 2026 年的市場。在墨西哥灣，Deepwater Proteus 和 Deepwater Asgard 這兩個 1,400 噸鉤載鑽井平台將於 2026 年中期結束現有合約。正如您所期望的那樣，我們正在積極與客戶進行直接談判，以開始立即延續他們當前的合約。

In Africa and the Mediterranean, we currently expect between 10 and 15 programs with an average duration of about 12 months to commence in 2026. This demand is driven by development programs in Nigeria, Angola, Ivory Coast, and Ghana. Each of these opportunities also have associated long-term options. Moving into 2027, we believe more units may be required in the region as programs in Mozambique and Namibia are expected to commence.

在非洲和地中海地區，我們目前預計 2026 年將啟動 10 至 15 個項目，平均持續時間約為 12 個月。這項需求是由尼日利亞、安哥拉、科特迪瓦和加納的發展計畫所推動的。這些機會中的每一個也都有相關的長期選擇。進入 2027 年，我們認為隨著莫三比克和納米比亞的計畫預計啟動，該地區可能需要更多單位。

In Brazil, Petrobras' [Pool 3] tender results are expected imminently, and we continue to believe they will award four rigs, scheduled to begin operations between the end of 2025 and early 2026. Additionally, the Sépia program is expected to be awarded by the end of the year for up to three rigs commencing early 2026. We also anticipate Petrobras will release another tender by year end. We think that these developments are well aligned with Petrobras' strategic plan, which requires 30 rigs through 2030.

在巴西，巴西國家石油公司 [Pool 3] 的招標結果預計即將公佈，我們仍然相信他們將授予四座鑽井平台，計劃於 2025 年底至 2026 年初開始營運。此外，Sépia 計劃預計將於今年年底授予最多三台鑽孔機，從 2026 年初開始。我們也預計巴西國家石油公司將在年底前發布另一次招標。我們認為這些開發與巴西國家石油公司的策略計畫非常吻合，該計畫要求到 2030 年擁有 30 座鑽井平台。

Looking now at the high specification harsh environment market, the Norwegian market is currently sold out, but in balance. That said, we expect rig demand could outstrip local supply as early as the fourth quarter. Accordingly, we are in the early stages of direct negotiations for our rigs that are scheduled to roll off contract in 2026 and 2027. Additionally, Equinor is currently out to tender for up to two incremental semis commencing in this timeframe.

現在來看高規格惡劣環境市場，挪威市場目前已售罄，但處於平衡狀態。也就是說，我們預計最早在第四季鑽機需求可能會超過當地供應。因此，我們正處於鑽機直接談判的早期階段，計劃於 2026 年和 2027 年簽訂合約。此外，Equinor 目前正在對在此時間範圍內開始的最多兩個增量半成品進行招標。

Moving to our operations, we continue to make significant progress with respect to operational discipline and the reliability of our fleet. In 2022, we started to implement Critical Operations Authorization centers, or COAs, in Houston and in Stavanger. The COAs are staffed around the clock by teams of subject matter experts from our offshore workforce. These shore-based teams provide additional verification and assurance as our offshore operations crews perform critical tasks, driving the required discipline to execute our operations safely, efficiently, and correctly.

轉向我們的運營，我們在營運紀律和機隊可靠性方面繼續取得重大進展。2022 年，我們開始在休士頓和斯塔萬格實施關鍵作業授權中心 (COA)。COA 由來自我們海外員工的主題專家團隊全天候工作。當我們的海上作業人員執行關鍵任務時，這些岸上團隊提供額外的驗證和保證，推動安全、有效率和正確地執行作業所需的紀律。

Over the past several years, we have focused on and emphasized procedural discipline in the execution of our operation. Since we established our COA process and centers, we have delivered a 20% improvement in our operational reliability, benefiting both the customer and Transocean. Simply said, we continue to identify, measure, and improve upon those things which are solely within our control, striving to differentiate the service we provide our customers from our peers.

在過去的幾年裡，我們在執行業務時一直注重並強調程序紀律。自從我們建立 COA 流程和中心以來，我們的營運可靠性提高了 20%，使客戶和 Transocean 都受益。簡而言之，我們繼續識別、衡量和改進那些完全在我們控制範圍內的事情，並努力使我們為客戶提供的服務與同行區分開來。

Unfortunately, and notwithstanding this significant progress, over the past several months, we have experienced some unique reliability issues related to our new 20,000-psi BOPs. Given the revolutionary nature of this first-issue equipment, such reliability issues are not unexpected.

不幸的是，儘管取得了這一重大進展，但在過去幾個月中，我們遇到了一些與新型 20,000-psi BOP 相關的獨特可靠性問題。鑑於這款首發設備的革命性，此類可靠性問題並不令人意外。

And as we have demonstrated many times before, when deploying new enabling technology, the technical strength and capability of Transocean and our OEM partners will quickly resolve these issues. This is the primary driver for our uptime performance and revenue efficiency falling slightly year over year. We will continue to focus on all aspects of our operational execution to best serve our customers, the company, and our shareholders.

正如我們之前多次證明的那樣，在部署新的使能技術時，Transocean 和我們的 OEM 合作夥伴的技術實力和能力將快速解決這些問題。這是我們正常運作時間效能和收入效率比去年同期略有下降的主要驅動因素。我們將繼續專注於營運執行的各個方面，以最好地服務我們的客戶、公司和股東。

I'll now hand the call back to Jeremy.

我現在將把電話轉回給傑里米。

Thanks, Keelan. Our high-quality backlog and a limited near-term availability of our active fleet are the direct result of our understanding of the market, unique quality of our assets, and our reputation for operational excellence. We are proud to be recognized as the leader in offshore drilling and are grateful for the trust our customers place in us. As we've consistently stated, our immediate focus is on the efficient conversion of our approximately $9.3 billion of backlog to revenue and then that revenue to cash.

謝謝，基蘭。我們的高品質積壓訂單和近期可用的現役機隊數量有限，是我們對市場的了解、獨特的資產品質以及我們卓越營運聲譽的直接結果。我們很自豪能夠被公認為海上鑽井領域的領導者，並感謝客戶對我們的信任。正如我們一貫指出的，我們目前的重點是將我們約 93 億美元的積壓訂單有效轉化為收入，然後將收入轉化為現金。

With newbuild CapEx largely behind us, we can deploy more free cash to organically de-lever the balance sheet and enhance our financial stability. In fact, based on current internal forecasts, we believe we will approach a debt level sufficient to consider shareholder distributions approaching the end of 2026.

隨著新資本支出在很大程度上已經過去，我們可以部署更多的自由現金來有機地去槓桿化資產負債表並增強我們的財務穩定性。事實上，根據目前的內部預測，我們相信我們的債務水準將足以在 2026 年底前考慮股東分配。

In summary, the outlook for our assets and services remains strong. We have successfully insulated ourselves from near-term utilization concerns as our contracting this year bridged us to the mid-2026 timeframe when the market is expected to continue its upward trajectory for our high specification rigs.

總之，我們的資產和服務的前景依然強勁。我們已經成功地擺脫了近期利用率的擔憂，因為我們今年的合約將我們帶到了 2026 年中期的時間框架，屆時我們的高規格鑽機市場預計將繼續呈上升趨勢。

We are continually encouraged by conversations with our customers for programs well into the future as these discussions reinforce our confidence that we continue to participate in a sustained upcycle. And as you are aware, our current backlog provides clear visibility to future free cash flows to be used to meaningfully de-lever the balance sheet.

與客戶就未來計畫進行的對話不斷鼓舞著我們，因為這些討論增強了我們繼續參與持續升級週期的信心。如您所知，我們目前的積壓訂單為未來自由現金流提供了清晰的可見性，可用於有意義地去槓桿化資產負債表。

With that, I'll now turn the call over to Thad to review our financial results.

現在，我將把電話轉給泰德，讓他審查我們的財務表現。

Thank you, Jeremy, and good day to everyone. During today's call, I will briefly recap our third-quarter results, provide guidance for the fourth quarter, and conclude with our preliminary expectations for the full-year '25. As is our practice, we will provide updated and more specific guidance when we report our 2024 results in February of next year.

謝謝你，傑里米，祝大家有美好的一天。在今天的電話會議中，我將簡要回顧我們第三季度的業績，為第四季度提供指導，並以我們對 25 年全年的初步預期作為結束語。按照我們的慣例，我們將在明年 2 月報告 2024 年業績時提供更新且更具體的指導。

As disclosed in our press release, for the third quarter, we reported a net loss attributable to controlling interest of $494 million or a net loss of $0.58 per diluted share. During the quarter, we generated adjusted EBITDA of $342 million and cash flow from operations of approximately $194 million. Positive unlevered free cash flow of $136 million reflects the $194 million of operating cash flow, net of $58 million of capital expenditures.

正如我們在新聞稿中所揭露的，第三季度，我們報告的控股權益淨虧損為 4.94 億美元，或稀釋後每股淨虧損 0.58 美元。本季度，我們的調整後 EBITDA 為 3.42 億美元，營運現金流約為 1.94 億美元。1.36 億美元的正無槓桿自由現金流反映了 1.94 億美元的營運現金流（扣除 5,800 萬美元的資本支出）。

Capital expenditures for the quarter included $32 million related to the newbuild at Deepwater Aquila with the balance associated with various other projects across the fleet. During the third quarter, we delivered contract drilling revenues of $948 million at an average daily revenue of approximately [$437,000]. Contract drilling revenues are slightly above our guidance mainly due to extended operations of the Deepwater Invictus and shorter out-of-service durations for the Deepwater Atlas and the Petrobras 10000.

本季的資本支出包括與 Deepwater Aquila 新建案相關的 3,200 萬美元，其餘則與整個船隊的各種其他項目相關。第三季度，我們交付了 9.48 億美元的合約鑽井收入，每日平均收入約為[437,000 美元]。合約鑽井收入略高於我們的指導，主要是由於 Deepwater Invictus 的營運時間延長以及 Deepwater Atlas 和 Petrobras 10000 的停運時間縮短。

These factors were offset by lower-than-expected fleet revenue efficiency due largely to downtime caused by the reliability challenges on our new 20,000-psi blowout preventers, as Keelan just highlighted. Operating and maintenance expense in the third quarter was [$563 million]. This is below our guidance, primarily due to the delay of non-critical in-service maintenance activities in the active fleet and the favorable resolution of old contingencies.

正如 Keelan 剛剛強調的那樣，這些因素被低於預期的車隊收入效率所抵消，這主要是由於我們新型 20,000 psi 防噴器的可靠性挑戰造成的停機。第三季營運和維護費用為[5.63 億美元]。這低於我們的指導，主要是由於現役機隊中非關鍵在役維護活動的延遲以及舊突發事件的有利解決。

G&A expense in the third quarter was $47 million. This is slightly below our guidance, mainly due to delays in the provision of professional and IT related services, which are currently expected to occur in the fourth quarter. We ended the third quarter with total liquidity of approximately [$1.4 billion]. This includes unrestricted cash and cash equivalents of $435 million; about $365 million of restricted cash, the majority of which is reserved for debt service; and $576 million of capacity from our undrawn revolving credit facility.

第三季的一般管理費用為 4,700 萬美元。這略低於我們的指導，主要是由於專業和 IT 相關服務的提供延遲，目前預計將在第四季度發生。我們第三季末的流動資金總額約為[14億美元]。其中包括 4.35 億美元的不受限制的現金和現金等價物；約3.65億美元的限制性現金，其中大部分用於償債；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 provide guidance ranges for the fourth quarter of 2024 and preliminary guidance ranges for the full year of 2025. As always, our guidance excludes speculative reactivations and upgrades. For the fourth quarter, we expect contract drilling revenues to be between $950 million and $970 million based upon an average fleet-wide midpoint revenue efficiency of 96.5% which as you know can vary based upon uptime performance, weather, and other factors including equipment challenges similar to those I mentioned a moment ago.

我現在將提供 2024 年第四季的指導範圍和 2025 年全年的初步指導範圍。像往常一樣，我們的指導不包括投機性重新激活和升級。基於96.5% 的平均船隊中點收入效率，我們預計第四季度的合約鑽井收入將在9.5 億美元至9.7 億美元之間，正如您所知，這可能會根據正常運行時間性能、天氣和包括設備挑戰在內的其他因素而變化類似於我剛才提到的。

This estimate also includes between $55 million and $60 million of additional services and [reimbursable expenses]. Please recall that the additional services and customer reimbursables generally carry low-single-digit margins. We expect fourth quarter O&M expense to be within a range of approximately [$585 million]. This quarter-over-quarter increase is primarily due to an increase of in-service maintenance costs due to activity deferred from earlier in the year and a net increase in out-of-service costs including those related to contract preparation for the Deepwater Invictus and the Transocean Barents.

這項估計還包括 5500 萬至 6000 萬美元的額外服務和[可報銷費用]。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。我們預計第四季運維費用將在約[5.85 億美元]。這一環比增長主要是由於今年早些時候的活動延遲導致在役維護成本增加，以及停役成本淨增加，包括與深水 Invictus 號和跨洋巴倫支海。

These are partially offset by lower costs for the Petrobras 10000, which completed its special periodic survey in the third quarter. We expect G&A expense for the fourth quarter to fall within a range of approximately $50 million to [$55 million]. This quarter-over-quarter increase is primarily related to the aforementioned delay in professional and IT related services that are now expected in the fourth quarter.

這些費用被 Petrobras 10000 的較低成本所部分抵消，該公司在第三季完成了特別定期調查。我們預計第四季的一般管理費用將下降到約 5,000 萬美元至[5500萬美元]。這一季度環比增長主要與上述預計在第四季度出現的專業和 IT 相關服務的延遲有關。

Net interest expense is forecast to be approximately $144 million for the fourth quarter, comprising interest expense and interest income of about $153 million and $9 million respectively. Capital expenditures and cash taxes are expected to be approximately $35 million and $9 million respectively. Finally, we currently estimate that we should end the year with liquidity in the $1.35 billion area, including the approximately $576 million capacity of our undrawn revolving credit facility.

預計第四季淨利息支出約為1.44億美元，其中利息支出和利息收入分別約為1.53億美元和900萬美元。資本支出和現金稅預計分別約為 3,500 萬美元和 900 萬美元。最後，我們目前估計年底時流動性將達到 13.5 億美元，其中包括我們未提取的循環信貸額度約 5.76 億美元。

Moving to the full-year 2025, we currently forecast contract drilling revenue to be between $3.85 billion and $4 billion. The range primarily reflects potential variances in revenue efficiency, assuming approximately 96.5% revenue efficiency at the midpoint, and the limited availability of our active fleet. Our guidance includes between $220 million and $230 million of additional services and reimbursable expenses.

展望 2025 年全年，我們目前預測合約鑽井收入將在 38.5 億美元至 40 億美元之間。此範圍主要反映收入效率的潛在差異（假設中點收入效率約為 96.5%）以及我們現役機隊的可用性有限。我們的指導包括 2.2 億至 2.3 億美元的額外服務和可報銷費用。

We expect our full-year O&M expense to be between $2.3 billion and $2.45 billion, and we currently anticipate G&A costs to be between $190 million and $200 million. Our preliminary projected liquidity at year-end 2025 is between [$1.2 billion and $2.3 billion], reflecting our revenue and cost guidance and including our undrawn revolving credit facility and restricted cash of approximately $440 million, most of which is reserved for debt service.

我們預計全年營運與維護費用將在 23 億美元至 24.5 億美元之間，目前預計一般管理費用將在 1.9 億美元至 2 億美元之間。我們初步預計2025 年底的流動性在[12 億美元至23 億美元]之間，反映了我們的收入和成本指導，包括我們未提取的循環信貸額度和約4.4 億美元的限制性現金，其中大部分用於償債。

This liquidity forecast includes 2025 CapEx expectations of approximately $130 million, of which approximately $60 million is related to customer acquired capital upgrades for upcoming projects and capital spares, and approximately $70 million of sustaining capital investment. As a reminder, for the terms of our credit agreement, the capacity of our revolving credit facility declined to $510 million from $576 million effective late June 2025. And again, this is preliminary guidance. We expect to provide updated estimates when we report our yearend 2025 results.

這項流動性預測包括 2025 年約 1.3 億美元的資本支出預期，其中約 6,000 萬美元與客戶為即將進行的專案和資本備件獲得的資本升級有關，以及約 7,000 萬美元的持續資本投資。謹此提醒，根據我們的信貸協議條款，自 2025 年 6 月下旬起，我們的循環信貸額度從 5.76 億美元降至 5.1 億美元。再次強調，這是初步指導。我們希望在報告 2025 年底業績時提供最新的估計。

Finally, based upon our debt maturity schedule, we expect to reduce debt by a minimum of approximately $715 million in 2025, ending the year with gross debt of approximately $6.2 billion. As we have discussed previously, we will deploy all excess cash to debt repayment in pursuit of reducing our net debt to EBITDA metric to less than 3.5 times, a prerequisite for us to contemplate distributions to shareholders.

最後，根據我們的債務到期時間表，我們預計到 2025 年將債務減少至少約 7.15 億美元，到年底債務總額約為 62 億美元。正如我們之前所討論的，我們將把所有多餘的現金用於償還債務，以將我們的淨債務與 EBITDA 指標的比率減少到 3.5 倍以下，這是我們考慮向股東分配的先決條件。

Based upon our existing backlog and our visibility to future demand, we currently expect this threshold to be met in late 2026, as Jeremy highlighted in his remarks. However, to support and potentially accelerate this initial deleveraging objective, we will remain focused on operational execution and prudent cost control to ensure that we maximize the conversion of backlog to cash.

正如 Jeremy 在演講中所強調的那樣，根據我們現有的積壓訂單和對未來需求的了解，我們目前預計這一門檻將在 2026 年底達到。然而，為了支持並可能加速這一初步去槓桿化目標，我們將繼續專注於營運執行和審慎的成本控制，以確保我們最大限度地將積壓訂單轉化為現金。

This concludes my prepared remarks, and I'll now turn the call back to Alison for Q&A.

我準備好的演講到此結束，現在我將把電話轉回給艾莉森進行問答。

Thanks, Thad. Madison, we're now ready to take questions. And as a reminder to the participants, please limit yourself to one initial question and one follow-up question.

謝謝，泰德。麥迪遜，我們現在準備好回答問題。謹提醒參與者，請將自己限制在一個初始問題和一個後續問題。

(Operator Instructions) Eddie Kim, Barclays.

（操作員指示）Eddie Kim，巴克萊銀行。

Hi, good morning.

嗨，早安。

Good morning, Eddie.

早安，艾迪。

Good morning. Just wanted to ask about your expectations on the trajectory of day rates for next year. Leading edge has been in that kind of high 400s range for about 12 to 18 months now. Some exceptions above 500, but for the most part in the high 400s. Just given the utilization headwinds that your peers are faced with next year, not you guys, do you expect leading edge could maybe drift lower into the mid-400s maybe before ramping up again in '26? Just how are you thinking about the day rate progression from here?

早安.只是想問一下您對明年日費率軌蹟的期望。領先優勢已經在 400 左右的高點範圍內停留了大約 12 到 18 個月。有些例外情況超過 500，但大部分都在 400 左右。考慮到明年你的同行（而不是你們）面臨的利用率逆風，你是否預期領先優勢可能會下降到 400 左右，然後在 26 年再次上升？您如何看待從這裡開始的日費率進度？

Hey, Eddie, this is Roddie Mackenzie here. Okay. So look, just -- I mean, our average fixture for our 1,400 tonne class and above in '24 has been like 520. So we're firmly in the 500s for that class of asset. Our view on where things are, if there's a little bit of soft spots here and there, what we've witnessed is that a lot of these programs that the rigs are on just now, they run a little bit longer.

嘿，艾迪，我是羅迪·麥肯齊。好的。所以看，我的意思是，我們 24 年 1,400 噸級及以上級別的平均固定量約為 520 艘。因此，我們的此類資產穩居 500 多美元的行列。我們對事情現狀的看法，如果這裡那裡有一點軟弱的地方，我們所目睹的是，鑽機現在運行的很多程序，它們運行的時間都長了一點。

We also know that there's a lot of direct negotiations that take place that are perhaps not out in the public domain. So we use the example of the Invictus this year for us. So we think about -- we didn't really have a contract past April of this year, but yet the rig is still working right now. And then, of course, we had the announcement with the long-term BP contract.

我們也知道，正在進行的許多直接談判可能並未公開。所以我們以今年的 Invictus 為例。所以我們想——今年四月之後我們並沒有真正簽訂合同，但鑽機現在仍在工作。然後，當然，我們宣布了長期 BP 合約。

So I think there's a lot of stuff that you perhaps don't see. My view also is that in terms of day rates for -- instead of the seventh-gen premium units that we've got, maybe the seventh-gen commodity units, there's no reason why they should dip substantially. I think if some of the sixth-generation or Tier 2 assets are to go idle, then I think there's a very strong possibility many of them will be sidelined.

所以我認為有很多東西你可能看不到。我的觀點還在於，就日費率而言——而不是我們擁有的第七代優質單位，也許是第七代商品單位，它們沒有理由大幅下跌。我認為，如果一些第六代或二級資產閒置，那麼我認為其中許多資產很可能會被邊緣化。

In fact, that's probably time for them to kind of retire. So I actually don't think the active utilization is going to be impacted too much when you think about the right assets. So I think for a lot of those seventh-gen dual BOP rigs, there shouldn't be a substantial differential in day rate.

事實上，這可能是他們退休的時候了。因此，實際上，當您考慮正確的資產時，我認為主動利用率不會受到太大影響。因此，我認為對於許多第七代雙防噴器鑽孔機來說，每日費率不應該有太大差異。

Yes. Eddie, just to add to that, it doesn't impact us at all if you think 1,250-tonne rigs. Ours are all on longer-term contracts for the most part. And so we're not going to be really bidding them for 2026. And of course, the 1,400-tonne and 1,700-tonne rigs have proven even through the depths of the downturn that we just emerged from that they can secure contracts at premium day rates.

是的。Eddie，補充一點，如果你想到 1,250 噸的鑽孔機，這根本不會影響我們。我們的大部分合約都是長期合約。因此，我們不會真正為 2026 年投標。當然，1,400 噸和 1,700 噸鑽機已經證明，即使在我們剛走出的經濟低迷時期，它們也能以高日費率獲得合約。

And so, we're not really too concerned about what happens here over the course of the several months in terms of contracting for work in 2025. But we are certainly keeping a close eye on our competitors, and it will be interesting to see which ones favor utilization over maximizing day rates. We had no idea how that's (technicall difficulty) But as Roddie said, I think this could be a great opportunity for the industry to kind of purge some of the lower-spec assets as they roll out contracted by difficult-to-secure new ones.

因此，我們並不太關心這幾個月中 2025 年工作合約方面會發生什麼。但我們當然會密切關注我們的競爭對手，看看哪些競爭對手更傾向於利用率而不是最大化日費率，這將是很有趣的。我們不知道這是怎麼回事（技術難度），但正如羅迪所說，我認為這可能是該行業清理一些低規格資產的絕佳機會，因為它們推出了難以獲得的新資產。

Got it. That makes sense. My follow up is just on the sideline 7G drillship capacity. There are about 10 that most consider to be viable 7G rigs between cold stacked and stranded newbuilds, of which you have three of those 10. Thus far, only one of those 10 has secured a contract most recently, the title action. I think if you ask most people earlier this year, they would have expected a little more than that.

知道了。這是有道理的。我的後續只是旁觀7G鑽井船的產能。在冷堆和擱淺的新建船之間，大約有 10 個大多數人認為是可行的 7G 鑽機，其中您擁有這 10 個中的三個。到目前為止，這 10 人中只有一人最近獲得了一份合同，即產權訴訟。我想如果你在今年早些時候詢問大多數人，他們的預期會比這個高一點。

So just I guess looking ahead to next year, just given the white space concerns that the industry faces, and just based on kind of the demand that you're seeing, how many of the nine remaining sideline rigs would you expect to announce a contract sometime next year? Are we talking maybe two announcements or does that even seem a little too optimistic just based on what you're seeing?

因此，我想展望明年，考慮到該行業面臨的空白問題，並且根據您所看到的需求類型，您預計剩餘的九個副業鑽機中有多少會宣布合約明年某個時候？我們談論的可能是兩項公告，還是僅根據您所看到的情況來看，這似乎有點過於樂觀？

Yes. Again, look, we would take that when you think about the three that we have sidelined. We're in no rush to bring them to market. In fact, if we look at some of the numbers that were kind of kicked around, Jeremy had mentioned those $500 billion essentially going to be spent every year going forward on upstream investment.

是的。再說一遍，當你想到我們已經排除的三個人時，我們會採取這一點。我們並不急於將它們推向市場。事實上，如果我們看一些被討論的數字，傑瑞米曾提到，未來每年基本上將花費 5,000 億美元用於上游投資。

If you think about that specifically in Deepwater, the current levels of sanctioning are around about $50 billion per year at the moment. But in '26 and '27, that's actually expected to double according to the latest Rystad projection. So I just don't think there's any need to push those rigs out right now. I think it would actually be far smarter to wait and target the '26 and '27 timeframe when basically there's twice as many projects are going to be sanctioned as there is now.

如果你特別考慮深海地區的情況，目前的製裁水準約為每年 500 億美元。但根據最新的 Rystad 預測，在 26 年和 27 年，這一數字實際上預計會翻倍。所以我認為現在沒有必要推出這些設備。我認為等待並瞄準“26”和“27”的時間表實際上會更明智，因為基本上批准的項目數量是現在的兩倍。

Yes, and having said that though, I mean,2 these assets are going to take a year plus to bring out of cold stacked. So you could see decisions made sometime in 2025 for a contract that started in late '26 or '27. But I wouldn't I mean you said maybe one, two, maybe three. I think that would be probably about it, for 2025 in terms of contracting of cold stacked assets.

是的，儘管如此，我的意思是，2這些資產將需要一年多的時間才能從冷堆中取出。因此，您可能會看到在 2025 年某個時候就 26 年末或 27 年開始的合約做出的決定。但我不是說你說也許一個，兩個，也許三個。我認為 2025 年冷堆資產的承包情況可能就是這樣。

Got it. Okay. That makes sense. Great. Thank you both for all that color. I'll turn it back.

知道了。好的。這是有道理的。偉大的。謝謝你們兩位的顏色。我會把它轉回來。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Hey, Jeremy and team, I wanted to get your broader thoughts on just the overall industry structure that you see at the premium end of the market. And obviously, there's been some press reports on a consolidation transaction potentially between Transocean and [Seed]. I was wondering if you could maybe just comment broadly around your thoughts on industry consolidation and if you care to comment on some of the press reports that we're reading?

嘿，傑里米和團隊，我想了解您對高端市場整體行業結構的更廣泛的想法。顯然，有一些關於 Transocean 和 Transocean 之間可能進行合併交易的新聞報道[種子]。我想知道您是否可以就您對行業整合的想法進行廣泛的評論，以及您是否願意對我們正在閱讀的一些新聞報道發表評論？

Well, we're not going to comment on press reports that are out there that are based on speculation. I mean, I find that the media and the press do such a wonderful job of really getting the facts before they print a story. But regardless, I said I think we have been very consistent in our approach to consolidation. We think it is healthy for our piece of the industry. We've helped lead that consolidation.

好吧，我們不會對基於猜測的新聞報導發表評論。我的意思是，我發現媒體和新聞界在發表報道之前確實了解了事實，這方面做得非常出色。但無論如何，我說過我認為我們的整合方法一直都非常一致。我們認為這對我們的行業來說是健康的。我們幫助領導了這次整合。

Some of our competitors have certainly done that as well. We are in a much healthier piece of the industry now than we were -- if you go back to 2014, far fewer players in the market, far fewer assets in the market. The industry structure has been much improved over the course of the last eight, nine years -- ten years. And so I think we're in a good place as an industry.

我們的一些競爭對手當然也這麼做了。我們現在所處的行業比以前健康得多——如果你回到 2014 年，市場上的參與者少得多，市場上的資產也少得多。過去八年、九年、十年來，產業結構得到了很大改善。所以我認為我們作為一個行業處於一個很好的位置。

We still think there's room for a bit more consolidation in the space and think that would be healthy. There are all kinds of incremental benefit, all kinds of value that can be created through a transaction and a combination. I mean, we could take on 10, 15 additional rigs with very little increase to our shore-based support for those rigs. A lot of synergies that can be realized.

我們仍然認為該領域還有進一步整合的空間，並認為這將是健康的。透過交易和組合可以創造各種增量利益、各種價值。我的意思是，我們可以增加 10 到 15 個鑽井平台，而對這些鑽井平台的岸基支援幾乎沒有增加。可以實現很多協同效應。

So we're still always looking, but for us, it's going to be around asset quality. It's going to have to be the right value. And so, I think it's tough to match everything up and get deals done in the current environment where everybody thinks that we're up into the right for the foreseeable future. It may have a little bit of a pause here over the next several months. But I think consolidation is still a good thing. But even if there isn't any consolidation, I think the industry is in a much healthier place today than it was when we started the downturn back in 2014.

所以我們仍然一直在尋找，但對我們來說，這將圍繞著資產品質。它必須是正確的值。因此，我認為在當前環境下，每個人都認為我們在可預見的未來處於有利地位，很難將所有事情協調並完成交易。在接下來的幾個月裡，它可能會稍微暫停一下。但我認為整合仍然是一件好事。但即使沒有任何整合，我認為今天的產業比 2014 年經濟衰退開始時要健康得多。

Yes, great. Just my follow up, on the BOP kind of teething issues, could you maybe just elaborate on that? Is this just kind of normal type of commissioning work you do on a new piece of equipment?

是的，太好了。這只是我的後續行動，關於國際收支的初期問題，您能否詳細說明一下？這只是您在新設備上進行的正常調試工作嗎？

Arun, it's Keelan here. Is it normal? I guess nothing is really normal when you're talking about the aspects that have an infant mortality that we're experiencing in some of these components, pretty standard sort of expectations, stuff that by the very nature of the technology that we're using, the tolerances reduce significantly. And some of the aspects of that can be tested in qualification, and then some don't really appear until you get into actual operation and see how things work at that time.

阿倫，我是基蘭。正常嗎？我想當你談論我們在其中一些組件中遇到的嬰兒死亡率的方面時，沒有什麼是真正正常的，相當標準的期望，我們正在使用的技術的本質，公差顯著降低。其中有些方面可以在資格測試中進行測試，然後有些方面直到您進入實際操作並看到當時情況如何時才真正出現。

So we're going back through some qualification testing to amend some components to be able to deliver a much more robust reliability from the units going forward. So not necessarily surprised we experienced some of this before with some of the higher spec 15,000 BOPs we delivered in the last cycle. And we're very confident that working with our partners going forward, we'll resolve these 20,000 ones very, very quickly.

因此，我們將透過一些資格測試來修改一些組件，以便能夠為未來的設備提供更強大的可靠性。因此，我們在上一個週期交付的一些更高規格的 15,000 BOP 之前就經歷過這種情況，這並不一定令人驚訝。我們非常有信心，透過與合作夥伴的共同努力，我們將非常非常快速地解決這 20,000 個問題。

Yes. I mean, candidly, given the nature of this technology, the fact that we won an entire year without really any issues at all, and then -- we had some piece of the equipment (technical difficulty) a little sooner than we would have hoped. But honestly, it's been a pretty good run, given the first-issue equipment.

是的。我的意思是，坦白說，考慮到這項技術的性質，事實上我們贏得了一整年，沒有任何問題，然後——我們比我們希望的要早一點獲得了一些設備（技術難度） 。但老實說，考慮到第一期的設備，這是一個相當不錯的運行。

Yes. That's right, Jeremy.

是的。是的，傑瑞米。

Thanks, gentlemen.

謝謝，先生們。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning. Thad, what level of underlying cost inflation is embedded in the '25 cost guide? We're just hearing some inflation commentary coming out of Brazil and West Africa. So just trying to get a sense of where inflation is running these days.

是的，早安。Thad，'25 成本指南中包含的基本成本通膨水準是多少？我們剛剛聽到來自巴西和西非的一些通膨評論。因此，我只是想了解最近通貨膨脹的情況。

It's a good question. And it varies based upon jurisdiction, asset, activity to be sure. I mean, what we've observed, I think, in 2024 was inflation that on average comprised somewhere between 5% and 6%. But it really depended upon what it was, rig floor, things of that nature, labor. We've assumed that there is a bit of inflation going forward, typically in the sort of 3 percentage range on average, and we're pretty comfortable that that's kind of where we're going to end up. That's for 2025 and beyond.

這是一個好問題。當然，它會根據管轄權、資產、活動的不同而有所不同。我的意思是，我認為我們觀察到的 2024 年通膨率平均在 5% 到 6% 之間。但這實際上取決於它是什麼，鑽台，那種性質的東西，勞動力。我們假設未來會出現一定程度的通貨膨脹，通常平均在 3% 的範圍內，我們對最終的結果感到非常滿意。這是 2025 年及以後的情況。

Got it. I appreciate that color.

知道了。我很欣賞那種顏色。

And then just to add to that, it's important to note that in our longer term contracts, we build that into the contract and we pass it through the majority of that inflation through to the customer.

然後補充一點，重要的是要注意，在我們的長期合約中，我們將其納入合約中，並將其透過大部分通貨膨脹傳遞給客戶。

Got it. Yes, that's good to know. Thank you. And then just thinking about the incremental demand that could show up in '26, Namibia is going to be a big area of focus. What type of rig are customers discussing utilizing on the development projects offshore in Namibia?

知道了。是的，很高興知道這一點。謝謝。考慮到 26 年可能出現的增量需求，納米比亞將成為一個重點關注領域。客戶正在討論在納米比亞海上開發專案中使用什麼類型的鑽井平台？

Yes, I think it's a combination of drillship and semi, but I'll let Keelan elaborate on that.

是的，我認為這是鑽井船和半成品船的結合，但我會讓基蘭詳細說明這一點。

Yes. I think it really depends on the aspect of the area of Namibia and the opportunity that the customers are working to in that area. And in some cases, a harsh environment semi is preferred for the environmental conditions. It can be quite extreme down there. And in other close-by areas actually, drill ships can survive that weather adequately.

是的。我認為這實際上取決於納米比亞地區的情況以及客戶在該地區工作的機會。並且在某些情況下，對於環境條件來說，惡劣環境半是優選的。那裡的情況可能相當極端。實際上，在其他附近地區，鑽探船可以充分承受這種天氣。

As you get closer to the South Africa border, you tend to get into the more harsh environment areas. So I would say it's a solution that's based on the location of the prospects and also the type of work. If you're in drilling mode, you probably have a lot more tolerance than perhaps in running completion. So later on a development rig like a semi-submersible for the completion phase of a project would probably be more desired.

當你越來越接近南非邊境時，你往往會進入環境更惡劣的地區。所以我想說這是一個基於潛在客戶的位置和工作類型的解決方案。如果您處於鑽井模式，您可能比運行完井模式具有更大的容忍度。因此，稍後可能更需要用於專案完成階段的半潛式開發平台。

I mean, said simply, the Ultra Deepwater drillship is a more efficient drilling machine, but you may have more waiting on weather in certain areas of Namibia. And so in a harsh environment, semisubmersible could stay on location longer. And so that's what our customers have to weigh.

我的意思是，簡單地說，超深水鑽井船是一種更有效率的鑽井機器，但在納米比亞的某些地區，您可能需要更多的等待天氣。因此，在惡劣的環境中，半潛式潛水器可以在現場停留更長時間。這就是我們的客戶必須權衡的。

Got you. I was just wondering whether what kind of which direction they were leaning. Appreciate the color. I'll turn it back.

明白你了。我只是想知道他們到底傾向哪個方向。欣賞顏色。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。

Hey, congratulations on your successful contracting and premium asset strategy that has insulated you from the white space concerns that your peers are dealing with.

嘿，恭喜您成功的承包和優質資產策略，使您免受同行正在處理的空白問題的困擾。

Roddie asked me to say that, David.

羅迪讓我這麼說，大衛。

Nobody asked me to say it. It's impressive.

沒有人要求我說。令人印象深刻。

Thank you.

謝謝。

And I recognize that you're not facing the decision of whether or not to stack rigs next year. But given your historically strong leadership in reducing excess capacity and pass cycle, I just thought it would be valuable to get your perspective on the decision process of whether or not to stack a rig.

我意識到，您明年不會面臨是否堆放鑽孔機的決定。但鑑於您在減少過剩產能和通過週期方面歷來具有強大的領導力，我只是認為了解您對是否堆疊鑽機的決策過程的看法是有價值的。

Yes, David. We do this, I would say quarterly, but it's more frequent than quarterly. But I mean, you've seen over the years, we have -- I don't know, what is it? 60-plus floaters that we have retired or scrapped or sold into other purposes over the course of the last decade. And so I think we've demonstrated that if we see that the long-term future of a particular asset is not looking very bright, why incur the cost on it? Let's take the rig out of the supply.

是的，大衛。我們這樣做，我想說每季一次，但比每季更頻繁。但我的意思是，這些年來你已經看到，我們──我不知道，那是什麼？在過去十年中，我們已經退役、報廢或出售用於其他用途的 60 多個漂浮物。因此，我認為我們已經證明，如果我們看到某種特定資產的長期未來看起來不太光明，為什麼要為此付出代價呢？讓我們停止對鑽機的供應。

I think it will be interesting to see -- I'll speak for the industry and then a little bit for Transocean for us. As we said earlier on the call, the 1,700-tonne rigs, the eighth-gen rigs, and the 1,400-tonne rigs, which we call 7G Premium I guess, will certainly continue to work. You may see small gaps just if customer programs don't line perfectly. But for the most part, those rigs will continue to work.

我認為這會很有趣——我將代表行業發言，然後為我們代表 Transocean 發言。正如我們之前在電話會議上所說，我認為 1,700 噸鑽機、第八代鑽機和 1,400 噸鑽機（我們稱之為 7G Premium）肯定會繼續工作。如果客戶程式不完美，您可能會發現一些小差距。但在大多數情況下，這些鑽孔機將繼續工作。

Our other 1,250-tonne rigs that are currently active are on longer term contracts for the most part or in Brazil where we expect them -- hope for them to be re-contracted. Once you get to Brazil, you have a pretty good incumbent position. And so it's not really a concern for us at the moment. But as we start to look around our peer group, obviously, a lot of rigs rolling off contract amongst our peers. All of 1,250 tonne or even below, some of them are 6Gs rigs. And you've got to wonder about the demand for some of the lower specification assets.

我們目前活躍的其他 1,250 噸鑽井平台大部分都簽訂了長期合同，或者在巴西，我們希望它們能夠重新簽訂合約。一旦你到達巴西，你就擁有了一個相當不錯的現任職位。所以目前這並不是我們真正關心的問題。但當我們開始環顧我們的同行群體時，顯然，許多鑽機在我們的同行中終止了合約。全部為1250噸以下，部分為6G鑽孔機。您一定想知道對一些較低規格資產的需求。

We would create an ideal time to the extent that they don't secure contracts immediately following these contracts that their existing contract -- that those rigs get sidelined and maybe even scrapped. But that's for our customers to decide. Our approach has always been, hey, what's the next nearest opportunity for this asset? What do we think that day rate will be? And if it's a prolonged period of time and it's uncertain, we make that decision pretty quickly to scrap the asset.

我們將創造一個理想的時間，讓他們不會在現有合約之後立即獲得合約——這些鑽孔機將被擱置，甚至可能報廢。但這是由我們的客戶決定的。我們的方法一直是，嘿，該資產的下一個最近的機會是什麼？我們認為日費率會是多少？如果時間很長且不確定，我們很快就會做出廢棄該資產的決定。

Yes, I think I would add to that. I think the strategy for a lot of our competitors on the lower spec assets has been really to wring out everything we possibly can in terms of value from those assets just now. We run them to the end of the contracts, minimal spend on OpEx and CapEx as they go. And then when the time comes, you immediately reduce all of your expense and go idle or probably quickly move them to retirement without the opportunities.

是的，我想我會補充這一點。我認為我們的許多競爭對手在較低規格資產上的策略實際上是從這些資產的價值方面榨取我們所能做到的一切。我們將它們運行到合約結束，在營運支出和資本支出上保持最低限度的支出。然後，當時機成熟時，你會立即減少所有開支並閒置，或者可能很快讓他們退休而沒有機會。

But it's kind of interesting as you go down that track and that's what happens, then not only do you save the cash of not preserving the rigs or paying stacking fees, but by retiring, you actually high grade your fleet as well and high grade the overall. So I think everyone benefits from that kind of action. (Multiple speakers)

但有趣的是，當你沿著這條路走下去時，就會發生這樣的事情，那麼你不僅可以節省不保留鑽機或支付堆放費的現金，而且透過退休，你實際上也可以提高你的艦隊的等級，並提高等級全面的。所以我認為每個人都會從這種行動中受益。（多位發言者）

No, I'll just say this gets to industry structure, a question that was asked earlier on. I just want to emphasize that it is truly -- I wouldn't call it a cage fight, but it's pretty close when we sit around and we have these discussions about assets that are available. You trade off optionality, near-term optionality, long-term optionality. But at the end of the day, scarcity of drilling rigs in general is better for the stability of the industry through the cycles.

不，我只是說這涉及到行業結構，這是之前提出的問題。我只是想強調，這確實是——我不會稱其為籠鬥，但當我們坐下來討論可用資產時，情況就非常接近了。你需要權衡選擇性、近期選擇性、長期選擇性。但歸根結底，鑽機的稀缺總體上有利於產業在周期中的穩定性。

Yes, absolutely. I think you have a great playbook. I think the industry will be stronger if your competitors borrow some pages from that playbook. If I could do a quick follow up, I thought the opening remarks, that commentary about being in maybe being in a position to return cash to shareholders by late '26, that was interesting. I wanted to ask if there are any specific metrics that you're targeting before getting comfortable shifting some of that cash flow to shareholders versus debt reduction?

是的，絕對是。我認為你有一本很棒的劇本。我認為，如果你的競爭對手借用該劇本的一些內容，這個行業將會變得更加強大。如果我能做一個快速的跟進，我認為開場白，關於可能能夠在 26 年底之前向股東返還現金的評論，那很有趣。我想問一下，在將部分現金流轉移給股東與減少債務之前，您是否有任何目標目標？

Well, I think the key metric is the one that I mentioned in our credit facility, which was negotiated a couple of years ago. There are some very specific criteria for a point at which (technical difficulty) come in the form of cash or share repurchases. And the key one where we are able to actually begin to consider is 3.5 turns net debt to EBITDA. So in a hard cold reality, that is the metric that we hope to achieve as quickly as possible so that we can begin that deliberation.

嗯，我認為關鍵指標是我在我們的信貸安排中提到的指標，該指標是幾年前談判達成的。對於以現金或股票回購形式出現（技術難度）的點，有一些非常具體的標準。我們能夠實際開始考慮的關鍵因素是淨債務與 EBITDA 比率為 3.5 倍。因此，在嚴酷的現實中，這是我們希望盡快實現的指標，以便我們可以開始審議。

Beyond that, of course, paying down debt -- and we do very much have, if you will, the discipline of debt unlike many of our competitors. It's just the consequence of not restructuring during the downturn. But I think it's leading to a lot of very fruitful conversations internally about costs and things of that nature. There is a price for having assets as highly utilized as ours are.

當然，除此之外，還有償還債務——如果你願意的話，我們確實有非常嚴格的債務紀律，這與我們的許多競爭對手不同。這只是經濟低迷時期不進行重組的結果。但我認為這導致了許多關於成本和此類性質的非常富有成效的內部對話。擁有像我們這樣高度利用率的資產是有代價的。

It's the high specification component. And it's all of the, if you will, bells and whistles and things that improve the efficiency and essentially demand for them by our customers. But it does provide us with, on the positive side, the basis for a very good conversation about where every dollar of cash is deployed. The benefits, of course, of paying down debt will include better credit ratings and so forth. And we've always talked about those as sort of an interim measure, achieving that double level, which comes about the same time as the 2.5 turns.

這是高規格組件。如果你願意的話，這就是所有的花里胡哨的東西，以及提高效率和我們的客戶對它們的本質需求的東西。但從積極的方面來看，它確實為我們提供了一個很好的基礎，可以討論每一美元現金的用途。當然，償還債務的好處包括更好的信用評級等等。我們一直將這些視為一種臨時措施，以實現雙倍水平，這與 2.5 圈幾乎同時出現。

Great. I appreciate the color. That's it for me.

偉大的。我很欣賞它的顏色。對我來說就是這樣。

Thanks, David.

謝謝，大衛。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey. Good morning, everybody.

嘿。大家早安。

Hey, Kurt.

嘿，庫爾特。

Hey, great update. Really appreciate it. So just maybe one observation, which basically given your contract coverage and everything you said about pricing and how your customers are looking at opportunities out beyond 2025, not really sure why your stock is down 35% year to date. But clearly, investors are thinking the end of cycle has already come. But nonetheless, I'll get off that soapbox and get a little bit smarter about what's going on in the business.

嘿，很棒的更新。真的很感激。因此，也許只是一個觀察，它基本上給出了你的合約範圍、你所說的有關定價的所有內容以及你的客戶如何看待2025 年以後的機會，但不太確定為什麼你的股票今年迄今下跌了35%。但顯然，投資人認為週期結束已經到來。但儘管如此，我還是會擺脫肥皂劇，對行業中正在發生的事情變得更聰明一些。

So I think obviously the biggest issue that investors have right now is a concern about what's going to transpire with respect to oil supply demand out beyond 2025. And in that context, already, if you will, placing bets that oil companies will be scaling back their investment in these deepwater programs.

因此，我認為投資者目前面臨的最大問題顯然是擔心 2025 年後石油供應需求會發生什麼變化。在這種背景下，如果你願意的話，你已經可以押注石油公司將縮減對這些深水計畫的投資。

So you referenced very early on that you've done extensive conversation or had extensive conversations with your customer base and that's what you kind of predicated your outlook on as we would expect that to be. So what is it that we are missing on this side of the table that you guys are picking up on in your conversations? And maybe is there a way that you can help express the conviction that your customers have in the outlook that they are willing to contract a rig for $600,000 a day starting in 2028?

因此，您很早就提到您已經進行了廣泛的對話或與您的客戶群進行了廣泛的對話，這就是您所預測的前景，正如我們所期望的那樣。那麼，你們在對話中所注意到的，我們在桌子這一邊遺漏了什麼？也許有沒有一種方法可以幫助您表達客戶的信念，即他們願意從 2028 年開始每天以 60 萬美元的價格承包一台鑽孔機？

Yes, Kurt, that was a long question. (Multiple speakers) No, it's a good question. I certainly get the point. And I understand the concern in the broader market about future demand and supply challenges. What I would say is I don't spend a lot of time thinking about that. I pay attention to what our customers are telling us and how they are behaving, how they are acting. And I would say that everything that we are seeing from them demonstrates that they are committed for the long term.

是的，庫爾特，這是一個很長的問題。（多名發言者）不，這是個好問題。我當然明白這一點。我理解更廣泛的市場對未來需求和供應挑戰的擔憂。我想說的是我不會花很多時間去思考這個問題。我關注客戶告訴我們的內容以及他們的行為。我想說的是，我們從他們身上看到的一切都表明他們致力於長期發展。

These are long-term projects. It's not a land opportunity. These are longer cycle projects. You've got to remember now that the breakeven cost for our customers in deepwater is around $40 a barrel. And so even if oil prices drop a bit, they're still making some pretty nice returns internally. We've had several customers show us -- I mean, show us presentations that at $50 a barrel they're making a 20% IRR.

這些都是長期專案。這不是一個土地機會。這些都是周期較長的項目。現在您必須記住，我們深水客戶的損益平衡成本約為每桶 40 美元。因此，即使油價下跌一點，他們仍然可以在內部獲得相當不錯的回報。我們有幾位客戶向我們展示——我的意思是，向我們展示他們以每桶 50 美元的價格賺取 20% 的 IRR。

So they're doing very well at the moment and I think they're committed to their future program. They do need to replace reserves. The best way to do that is through offshore. What the Street doesn't see is what we see every day. You guys see tenders and maybe you hear maybe you catch wind of some direct negotiation (technical difficulty)

所以他們目前做得很好，我認為他們致力於未來的計劃。他們確實需要更換儲備金。最好的方法是離岸。華爾街看不到的正是我們每天看到的。你們看到招標，也許你們聽到也許你們聽到一些直接談判的風聲（技術難度）

The fact that our assets are so unique, the 1,700-tonne asset, the 1,400-tonne asset, why go out to tender? I mean, they're going to come to us. And so those are the conversations that we're having with customers, and we are deep in conversations, deep in negotiations on several fronts for multiple years out from now. And so all of that gives us confidence. Again, you can't see that, the Street can't see that, and that's probably part of what's weighing on the stock. But I believe we have come through with everything that we have said.

我們的資產如此獨特，1700噸資產、1400噸資產，為什麼要出去招標？我的意思是，他們會來找我們。這些就是我們正在與客戶進行的對話，從現在開始，我們將在多個方面進行深入的對話、深入的談判。所有這些都給了我們信心。同樣，你看不到這一點，華爾街也看不到這一點，這可能是該股承壓的部分原因。但我相信我們已經完成了我們所說的一切。

Maybe it didn't occur on the timing that we necessarily wanted. Maybe it stretched out a quarter or two. But we continue to sign contracts at leading-edge day rates and continue to keep utilization at near 100% for our active fleet. And it's because we believe in these conversations that we're having with our customers. And with that, I'll turn it over to Roddie who's involved in this every day.

也許它沒有在我們希望的時間發生。也許它延長了一兩個季度。但我們繼續以領先的日費率簽訂合同，並繼續將我們活躍機隊的利用率保持在接近 100% 的水平。這是因為我們相信我們與客戶進行的這些對話。有了這個，我會把它交給每天參與這件事的羅迪。

Yes. So what I would say is, as Jeremy described, the oil price is obviously important. But let's be honest, we move up and down as a stock with the commodity, but there's really a threshold by which it would not negatively impact our business. So our customers, as Jeremy mentioned, are very comfortable moving forward with these developments. And specifically, we are looking at harsh environment and deepwater.

是的。所以我想說的是，正如傑里米所描述的那樣，油價顯然很重要。但說實話，我們作為大宗商品的股票上下波動，但確實存在一個門檻，達到這個門檻不會對我們的業務產生負面影響。因此，正如 Jeremy 所提到的，我們的客戶非常樂意推進這些開發。具體來說，我們正在研究惡劣的環境和深水。

So the true differential in spend is actually continuing to skew towards deepwater because these are much more economical and viable projects. They just happen to take a longer period of time. So that's actually a positive for us, again, from the view of your question as why do you think things are going to be good in '26 and '27. Well, as we look at our fleet, in '27, we already have half of the active fleet booked, right?

因此，支出的真正差異實際上繼續偏向深水，因為這些項目更經濟、更可行。他們只是碰巧需要更長的時間。因此，從您提出的問題來看，這實際上對我們來說是一個積極的方面，為什麼您認為 26 和 27 年的情況會很好。好吧，當我們看看我們的機隊時，在 27 年，我們已經預訂了一半的現役機隊，對嗎？

So at this point in the cycle, we're well ahead of the game, and these rigs are booked on projects that will be -- that will transcend the near term up and down of oil because they were sanctioned at $35, $40 a barrel. So I think that's a really important concept for everybody to understand is that the nature of deepwater drilling is long term. The value that is unlocked through the deepwater drilling is significantly higher than practically any other place you could invest in energy, whether it be renewables or other forms of oil and gas.

因此，在周期的這一點上，我們遠遠領先於比賽，這些鑽井平台被預訂的項目將超越石油的近期漲跌，因為它們的製裁價格為每桶 35 至 40 美元。所以我認為每個人都需要理解的一個非常重要的概念是深水鑽探的本質是長期的。透過深水鑽探釋放的價值明顯高於您可以投資的任何其他能源領域，無論是再生能源還是其他形式的石油和天然氣。

We represent the best IRR. It just so happens to take a longer period of time. But yes, so I think those are the key elements of why this is not just a long cycle, but a kind of -- you would have to see a sustained downturn in economic policies and commodity that crashes rather than ebbs and flows. And the last thing I'll point out is, as we think about where the commodity is today, we're talking about, well, oil prices are a little soft. It's exactly what it was one year ago, which is exactly what it was one year prior to that. So we've kind of had this three-year stretch that there's been highly constructive oil prices even in the dips.

我們代表了最好的內部報酬率。恰好需要更長的時間。但是，是的，所以我認為這些是為什麼這不僅是一個長週期，而且是一種——你必須看到經濟政策和大宗商品持續下滑，崩潰而不是潮起潮落的關鍵因素。我要指出的最後一件事是，當我們思考今天的大宗商品狀況時，我們正在談論的是，石油價格有點疲軟。這正是一年前的情況，也正是一年前的情況。因此，我們經歷了三年的時間，即使在低迷時期，油價也具有高度建設性。

And maybe one more thing, Kurt, on that. The other area to look at is the amount of FIDs in deepwater that have been approved, the consumable equipment that's being ordered, the trees, and the wellheads, that's all long lead. That all needs to go well in front. And we see that data and that supports the decisions that are being made. Also add, we're seeing an uptick in exploration activity from where we were a few years ago to what our customers are placing our rigs on as a whole going forward, and that increase obviously supports potential future developments as well. So long answer, I guess, from my view.

庫爾特，也許還有一件事。另一個需要關注的領域是已批准的深水 FID 數量、正在訂購的消耗性設備、樹木和井口，這些都是長期領先的。這一切都需要在前面順利進行。我們看到這些數據並支持正在做出的決策。另外補充一下，我們看到勘探活動從幾年前開始增加，而我們的客戶將我們的鑽孔機作為一個整體進行安裝，這種增加顯然也支持了未來的潛在發展。從我的角度來看，我想答案很長。

No, thanks for all that color. Really appreciate it.

不，謝謝你的顏色。真的很感激。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，克拉克森證券。

Hey, Jeremy and team. Hope you are all well, and thank you for taking my question. So I wanted to circle back a bit to the M&A questions that were asked previously. And obviously, I totally understand that you can't comment specifically on everything that's running around in the press. But in your prepared remarks, you did spend quite a lot on the commentary around your fleet quality and your ability to use that quality and the specifications of your rigs to demand higher rates.

嘿，傑里米和團隊。希望您一切都好，感謝您提出我的問題。所以我想回顧一下之前提出的併購問題。顯然，我完全理解您無法對媒體上流傳的所有內容進行具體評論。但在您準備好的發言中，您確實花費了大量時間來評論您的車隊品質以及您使用該品質的能力以及您的鑽孔機規格來要求更高的費率。

So I was really wondering, should we -- if you were to participate in M&A at some point, how much should we think about fleet quality to look at potential matches for Transocean? Or would just, call it, the benefit of being larger outweigh that? So any thinking you can give around that would be very helpful for me. Thank you.

所以我真的想知道，如果你要在某個時候參與併購，我們應該在多大程度上考慮機隊品質來尋找 Transocean 的潛在匹配？或者說，規模更大的好處會超過這個嗎？因此，您提出的任何想法都會對我非常有幫助。謝謝。

Hi, Fredrik. Yes, thank you for the question. There is no acquisition we could make that would be accretive to the quality of our fleet. I mean, that's just true. No one has eighth-generation rigs. No one has eight 1,400-tonne rigs. And so there's nothing we could add that would be necessarily accretive to our fleet.

嗨，弗雷德里克。是的，謝謝你的提問。我們無法進行任何收購來提高我們機隊的品質。我的意思是，那是真的。沒有人擁有第八代鑽孔機。沒有人擁有八座 1,400 噸的鑽井平台。因此，我們無法添加任何必然會增加我們機隊規模的內容。

For us, there's value, obviously. You can immediately grow into your balance sheet and solve some issues there. You can acquire some very good marketable assets that are currently hot and some rolling off contract and ready to be repriced and what we think is a favorable. With our $9.3 billion backlog and our marketing expertise around the globe, we would have the expertise and the patience to place those rigs on the best possible contracts to earn the highest possible return. And so we think there is some value in all of that.

對我們來說，顯然是有價值的。您可以立即擴大您的資產負債表並解決其中的一些問題。您可以獲得一些非常好的適銷資產，這些資產目前很熱門，還有一些即將到期的合約並準備重新定價，我們認為這是有利的。憑藉我們 93 億美元的積壓訂單和全球行銷專業知識，我們將擁有專業知識和耐心，將這些鑽機放在盡可能最好的合約上，以獲得盡可能高的回報。所以我們認為這一切都有一定的價值。

Obviously, there are synergies with respect to SG&A reductions, purchasing power. I mean -- and I think just improving the overall quality and consistency of service that we can provide to our customers. There are all kinds of potential benefits from a transaction, but from a fleet quality standpoint itself, there's nothing we could acquire that would actually improve the quality of our fleet.

顯然，在銷售管理費用減少和購買力方面存在協同效應。我的意思是——我認為只是提高我們可以為客戶提供的服務的整體品質和一致性。交易有各種各樣的潛在好處，但從機隊品質本身的角度來看，我們無法獲得任何能夠真正提高機隊品質的東西。

We have the highest specification assets. It's not debatable. But getting hot assets that are good, marketable 1,250-tonne assets that are ready to go on to the next contract is certainly a plus. Because, I mean, for us to add capacity would require a reactivation of a cold stacked asset, which we have told is somewhere between $75 million and $125 million potentially and takes at least 12 months to do.

我們擁有最高規格的資產。這是沒有爭議的。但獲得優質、可銷售的 1,250 噸熱資產並準備好用於下一份合約無疑是一個優勢。因為，我的意思是，對我們來說，增加產能需要重新啟動冷堆資產，我們已經告知這可能需要 7,500 萬至 1.25 億美元，並且至少需要 12 個月才能完成。

So it would enable us to quickly grow and expand our presence and create some real value for our customers and our shareholders.

因此，這將使我們能夠快速發展和擴大我們的業務，並為我們的客戶和股東創造一些真正的價值。

Thank you. That's very helpful. Second question, you announced the sale of the Development Driller 3 and the Discoverer Inspiration earlier this fall, and I think the transaction was supposed to be completed in the third quarter. And then if those rigs are sold, and particularly if they're sold for auto drilling work, I think that would be great prices, et cetera. So are you able to give us some updates on the process around those two rigs? And also if you believe they will still continue to drill or if they will be used for other purposes?

謝謝。這非常有幫助。第二個問題，今年秋天早些時候，你們宣佈出售Development Driller 3和Discoverer Inspiration，我認為交易應該在第三季完成。然後，如果這些鑽孔機被出售，特別是如果它們被出售用於汽車鑽井工作，我認為這將是一個很好的價格，等等。那您能為我們介紹一下這兩台鑽孔機的最新進展嗎？另外，您是否相信它們仍會繼續鑽探，或者它們是否會用於其他目的？

So the assets were sold without restriction on use once they were sold. However, the specification, the uniqueness of assets gives us a good deal (technical difficulty) The probability of us competing against them in the future is relatively low. With respect to the timing of the transaction, we're just working with the prospective buyer right now. We've given -- we indicated in our filing that we expect the transaction to close by the end of the year, had to do with the financing elements and things of that nature, but that's all we have as far as updates right now.

因此，該資產一經出售，其使用不受限制。但是，資產的規範性、唯一性為我們帶來了很好的交易（技術難度），我們未來與他們競爭的機率是比較低的。關於交易時間，我們現在正在與潛在買家合作。我們在文件中表示，我們預計交易將在今年年底前完成，這與融資要素和此類性質的事情有關，但這就是我們目前所掌握的全部更新。

Okay. Thank you very much. And thank you guys for taking my questions. Have a good day.

好的。非常感謝。謝謝你們回答我的問題。祝你有美好的一天。

Thanks, Fredrik, you too.

謝謝，弗雷德里克，你也是。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey. Thank you and good morning, and thanks for squeezing me in. A lot's been covered, so I'll try to keep it brief. I did want to talk a little bit about Brazil. You did mention the four-spec -- the high spec tender that's I guess going to be announced shortly and Sépia. You kind of alluded to a third one, less familiar with that one in terms of maybe when that starts up.

嘿。謝謝你，早安，謝謝你讓我進來。已經涵蓋了很多內容，所以我會盡量簡短。我確實想談談巴西。你確實提到了四個規格——我想很快就會宣布的高規格招標和 Sépia。你提到了第三個，但不太熟悉那個，可能是在它啟動的時候。

And then just as I think about that, Jeremy, I think you did talk about direct negotiations. As we look -- and we don't need to talk specifically about the Mykonos. But as we look at rigs in Brazil rolling off contract in '25, the numbers don't match. And it looks like there's going to be a couple of rigs that are idle.

然後，就在我想到這一點時，傑里米，我認為你確實談到了直接談判。正如我們所看到的——我們不需要具體談論米克諾斯島。但當我們觀察巴西 25 年合約到期的鑽孔機時，發現數字並不符。看起來會有幾台鑽孔機閒置。

I guess, two questions there. One is, in the past, I believe Petrobras has done direct negotiations with rigs that were already on contract and just extending those. Is that something that is still happening? And then, I guess, if an international contracting rig was idle in Brazil, it doesn't seem like idle rigs stick around Brazil too long. Realistically, how much white space could an international contractor rig be in Brazil before it would move out?

我想，有兩個問題。一是，在過去，我相信巴西國家石油公司已經與已經簽訂合約的鑽井平台進行了直接談判，並且只是延長了合約。這種事現在還在發生嗎？然後，我想，如果國際承包鑽井平台在巴西閒置，閒置鑽井平台似乎不會在巴西停留太久。實際上，國際承包商鑽井平台在搬出去之前可以在巴西留出多少空白空間？

Yes. Hey, this is Roddie. I'll take that one. Yes, so you've got -- the Roncador tender's already been decided, and then you've got the Sépia and the Pool 3 tender. Yes, there is quite a lot of anticipation about there being additional tenders to come. So I think that was the first comment that you had.

是的。嘿，這是羅迪。我會接受那個。是的，所以你已經 - Roncador 招標已經決定，然後你有 Sépia 和 Pool 3 招標。是的，人們對即將進行的額外招標充滿期待。所以我認為這是你的第一條評論。

The second piece is direct negotiations is open to Petrobras, particularly on developed -- they have a different ownership pattern or a wider partner base, if you would. So there's a couple of those that could result in direct negotiations for extensions. And again, the concept being, it's far more efficient from the operator's point of view to extend a rig rather than to bring in a new one.

第二件事是直接談判對巴西國家石油公司開放，特別是在已開發國家——如果你願意的話，他們有不同的所有權模式或更廣泛的合作夥伴基礎。因此，有一些可能會導致直接就延期進行談判。同樣，這個概念是，從操作員的角度來看，擴展鑽機比引入新鑽機要高效得多。

So even to stop a contract, have a pause, and then start up again, there's a lot of frictional losses there, not only for the contractor potential, but also for the operator. So like picking up services, laying down services, going through inspections, all that kind of stuff. So we do expect that there's going to be a little bit of that going on in terms of direct negotiations. We also think there's going to be some additional tendered work coming out. So I think the incumbent fleet in Brazil is going to look pretty good for the most part.

因此，即使停止合同，暫停一下，然後重新啟動，也會產生很多摩擦損失，不僅對承包商來說，而且對運營商來說也是如此。就像接受服務、提供服務、接受檢查等等。因此，我們確實預計在直接談判方面將會有一些進展。我們也認為將會有一些額外的招標工作出現。所以我認為巴西現有的機隊在很大程度上看起來相當不錯。

And then your last piece about how long would you hang around in Brazil, typically, there used to be a rule that you had to remove the rig from Brazil if you were not on the contract. That is no longer a rule. So you can actually hang out in Brazil for a while. So I think that probably depends a lot on the rigs that have some white space. It's not until six, nine months from now, maybe longer.

然後你最後一篇關於你會在巴西待多久的文章，通常情況下，過去有一條規則，如果你不在合約中，你必須將鑽機從巴西移走。這不再是規則。所以你實際上可以在巴西閒逛一段時間。所以我認為這可能在很大程度上取決於有一些空白的裝備。直到六、九個月後，也許更久。

So they're probably going to wait and see what these additional tenders look like before making a decision on that. And I would imagine they would wait as long as they possibly could. But I think you'll see over the next few months the anticipation for the other tenders, the possibility of some direct negotiations, and you'll probably see that play out kind of by the end of the year or first quarter next year.

因此，他們可能會等待，看看這些額外的招標是什麼樣子，然後再做出決定。我想他們會盡可能地等待。但我認為，在接下來的幾個月裡，您會看到對其他招標的預期，以及進行一些直接談判的可能性，並且您可能會在今年年底或明年第一季看到這種情況的發生。

Super helpful. Thank you very much.

超有幫助。非常感謝。

Thank you. And it appears that we have reached our allotted time for questions. I will now turn the program back to Alison Johnson.

謝謝。看來我們已經到達規定的提問時間了。現在我將把這個計劃轉回給艾莉森·約翰遜。

Thank you, Madison. And thank you, everyone, for your participation on this call. We look forward to speaking with you again when we report our fourth-quarter 2024 results. Have a good day.

謝謝你，麥迪遜。感謝大家參與本次電話會議。我們期待在報告 2024 年第四季業績時再次與您交談。祝你有美好的一天。

This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。