Transocean Ltd (RIG) 2024 Q4 法說會逐字稿

(Operator Instructions)

（操作員指令）

Good day everyone and welcome to today's Q4 2024 Transocean earnings call. (Operator Instructions) Please note, today's conference is being recorded. I will be standing by if you should need any assistance.

大家好，歡迎參加今天的 2024 年第四季 Transocean 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。如果您需要任何幫助，我將隨時待命。

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

現在我很高興將會議交給投資者關係總監艾莉森·約翰遜。請繼續。

Thank you, Margo. Good morning, and welcome to Transocean's fourth 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，瑪戈。早安，歡迎參加 Transocean 2024 年第四季財報電話會議。涵蓋財務績效的新聞稿副本以及支援聲明和時間表，包括有關非 GAAP 財務指標的對帳和揭露，均發佈在我們的網站 deepwater.com 上。

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

參加今天早上電話會議的還有執行長 Jeremy Thigpen；總裁兼營運長 Keelan Adamson； 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.

在本次電話會議過程中，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。此類聲明是基於當前預期和某些假設，因此受某些風險和不確定性的影響。

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 statement.

許多因素可能導致實際結果大不相同。請參閱我們向美國證券交易委員會提交的文件，以了解我們的前瞻性聲明以及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，本公司不承擔更新或修改前瞻性聲明的義務。

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. Thank you very much.

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環節。在此期間，為了讓更多參與者有發言機會，請將自己限制在一個初始問題和一個後續問題上。非常感謝。

I'll now turn the call over to Jeremy.

現在我將電話轉給傑瑞米。

Thank you, Alison, and welcome to our employees, customers, investors and analysts participating on today's call. As disclosed in yesterday's earnings release for the fourth quarter, Transocean reported adjusted EBITDA of $323 million on $952 million of adjusted contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 34%.

謝謝你，艾莉森，歡迎參加今天的電話會議的員工、客戶、投資者和分析師。根據昨日發布的第四季度財報，Transocean 報告稱，調整後合約鑽井收入為 9.52 億美元，調整後 EBITDA 為 3.23 億美元，調整後 EBITDA 利潤率約為 34%。

For the full year 2024, we delivered adjusted EBITDA of $1.15 billion on approximately $3.5 billion of adjusted contract drilling revenues resulting in an adjusted EBITDA margin of approximately 33%. 2024 was a year that once again demonstrated the strong preference our customers have for Transocean's industry-leading high-specification fleet and services.

2024 年全年，我們實現的調整後 EBITDA 為 11.5 億美元，調整後合約鑽井收入約為 35 億美元，調整後 EBITDA 利潤率約為 33%。 2024年再次證明了我們的客戶對Transocean行業領先的高規格船隊和服務的強烈偏好。

I do not believe that there's been a single moment in the previous decade that has better illustrated our industry leadership and the trust our customers place in Transocean as clearly as in the past year. As we outlined in great detail on the third quarter earnings call, throughout the year, Transocean continued to book market-leading rates even as excess capacity was obviously emerging among our competitors fleets.

我認為，在過去十年中，沒有哪一個時刻能像過去的一年一樣，如此清晰地體現我們的行業領導地位以及客戶對 Transocean 的信任。正如我們在第三季財報電話會議上詳細闡述的那樣，在全年中，儘管我們競爭對手的船隊明顯出現了運力過剩的現象，但 Transocean 依然繼續保持著市場領先的運價。

While our customers who are extremely astute observed an upcoming availability of assets, they still awarded us with several contracts approaching and exceeding $500,000 per day for our high hook load [7th gen plus assets and more than $600,000 per day for our 8th gen $20,000 assets], clearly demonstrating their recognition of the value that Transocean creates and the delivery of their wells.

儘管我們的客戶非常精明，他們觀察到了即將到來的資產可用性，但他們仍然與我們簽訂了幾份合同，這些合同的金額接近甚至超過每天 500,000 美元的高鉤載[第 7 代以上的資產和第 8 代 20,000 美元的資產每天 600,000 多美元]，清楚地表明了他們創造 Transocean 的價值的價值。

In addition to many of our headline grabbing announcements, elsewhere in the fleet, in December, we announced that Reliance Industries exercised a four well option for the KG1 in India at a rate of $410,000 per day.

除了我們眾多引人注目的公告之外，12 月份，我們還宣布，信實工業公司 (Reliance Industries) 以每天 41 萬美元的價格行使了印度 KG1 四口井的選擇權。

The rig is now expected to remain in India on its firm program through the end of 2027 and will generate strong cash flow throughout that period, representing very good value for both us and our customer and in January, an eight day option was exercised on the Transocean Endurance by its customer in Australia at a rate of $390,000 per day.

目前，預計該鑽井平台將按照確定的計劃繼續在印度運行至 2027 年底，並將在此期間產生強勁的現金流，這對於我們和我們的客戶而言都具有非常好的價值。

Given that our active fleet is near full utilization through mid-2026, we are primarily focused on opportunities that commence in mid to late 2026.

鑑於我們的現役機隊到 2026 年中期將接近滿載運轉，我們主要關注 2026 年中後期開始的機會。

And I'm pleased to report that we are in direct discussions with a number of customers on multiyear term opportunities on our rigs with availability in 2026. Before I cover those specific opportunities and our view of the market by region, I will hand it over to Keelan to review key operational milestones and technology deployment over the past year.

我很高興地報告，我們正在與一些客戶直接討論我們的鑽機的多年期租賃機會，這些鑽機將於 2026 年投入使用。在我介紹這些具體的機會和我們對各地區市場的看法之前，我將把時間交給基蘭來回顧過去一年中的關鍵營運里程碑和技術部署。

Thanks, Jeremy, and good day, everyone. We achieved a number of significant operational milestones in 2024. We delivered our best ever occupational and process safety performance, ending the year with a total recordable incident rate of 0.15.

謝謝，傑里米，大家好。我們在 2024 年實現了許多重要的營運里程碑。我們實現了有史以來最好的職業和製程安全績效，年底的總可記錄事故率為 0.15。

And more importantly, with zero serious injury cases or lost time injuries. The safety of all personnel aboard our rigs is our highest priority, and we take great pride in our commitment to maintaining the highest standards and continuously striving for an incident-free workplace all the time everywhere.

更重要的是，嚴重傷害案件和誤工傷害案件為零。鑽井平台上所有人員的安全是我們的首要任務，我們非常自豪能夠始終保持最高標準並不斷努力打造無事故的工作場所。

In April, we commenced operations on the Transocean Equinox in Australia. The rig recently completed its contract several months ahead of the planned program schedule, creating significant value for our customer. The early completion has enabled the rig to progress to its higher day rate follow-on program earlier than we expected.

今年4月，我們開始在澳洲營運Transocean Equinox號。該鑽機最近提前幾個月完成了合同，為我們的客戶創造了巨大的價值。提前完工使得該鑽井平台能夠比我們預期的更早進入更高日費率的後續計劃。

In June, we commenced operations on the Deepwater Aquila the latest 1,400 short ton drillship added to our fleet just nine months after we acquired the outstanding interest in that joint venture that owned the rig. The Aquila is currently on contract with Petrobras until mid-2027.

6 月份，我們開始在 Deepwater Aquila 號上進行作業，這是我們船隊新增的最新一艘 1,400 短噸鑽井船，而這距離我們收購擁有該鑽井平台的合資企業的未償權益僅有九個月。Aquila 目前與巴西石油公司簽訂的合約將持續到 2027 年中期。

Perhaps most notably from a technology perspective, during the year, we installed the first two, 20,000 subsea completions in the history of the offshore drilling industry with our two, 8th generation drillships, the Deepwater Atlas and the Deepwater Titan.

從技術角度來看，最值得注意的是，今年，我們利用兩艘第八代鑽井船「深水阿特拉斯號」和「深水泰坦號」，完成了海上鑽井行業歷史上前兩個 20,000 個海底完井作業。

These completions are significant milestones in the process of achieving first oil for our customers in each of the high-pressure, high-temperature reservoirs, and we are exceptionally proud to contribute to these landmark developments. We express our sincere gratitude to Chevron and Beacon Offshore for their trust in our expertise to execute this important work.

這些完井對於我們在每個高壓高溫油藏中為客戶獲取第一批石油而言都是重要的里程碑，我們非常自豪能夠為這些里程碑式的進展做出貢獻。我們對雪佛龍和Beacon Offshore對我們專業知識的信任以及我們完成這項重要工作的成果表示誠摯的感謝。

In 2024, we continue to deploy new technologies to enhance our operational performance and further differentiate our fleet by improving the safety, reliability and efficiency of our operations. We expanded the use of drilling automation in the fleet, achieving an industry first on the Transocean Norge.

2024年，我們將繼續部署新技術，以提高我們的營運績效，並透過提高營運的安全性、可靠性和效率來進一步使我們的機隊脫穎而出。我們擴大了船隊鑽井自動化的應用，在Transocean Norge 上實現了業界首創。

Using the InteliWell automation platform, which is installed in two rigs, we simultaneously conducted fully automated casing running and offline stambuilding operations. On these rigs, we tripped over 1.5 million feet of drill pipe with no personnel in the red zone.

利用安裝在兩台鑽孔機上的InteliWell自動化平台，我們同時進行了全自動套管下入和離線模板建造作業。在這些鑽井平台上，我們在紅區內沒有人員的情況下，鋪設了超過 150 萬英尺的鑽桿。

And lastly, we codeveloped the rotary multitool to eliminate other manual tacks on the drill floor. This is now on its initial deployment on the Transocean Enabler. We are actively using industrial robotics on three of our ultra-deep water drilling.

最後，我們共同開發了旋轉多功能工具，以消除鑽台上的其他手動操作。這是目前在 Transocean Enabler 上的初始部署。我們正在三處超深水鑽井中積極使用工業機器人。

The robotic riser bolting system automates the riser joint connection process, one of the most taxing and hazardous activities we perform offshore. The system removes personnel from the red zone during riser handling operations.

機器人立管螺栓系統可將立管接頭連接過程自動化，這是我們在海上執行的最繁重和最危險的活動之一。在立管處理作業期間，此系統會將人員從紅區移出。

To date, we've handled over 3,000 riser joints using the system, greatly enhancing safety and efficiency and are experiencing a significant surge of interest for additional customer-driven deployments across the globe.

到目前為止，我們已經使用該系統處理了 3,000 多個立管接頭，大大提高了安全性和效率，並且在全球範圍內，人們對更多客戶驅動的部署的興趣正在大幅增加。

In addition to the robotic systems, I would like to highlight two other safety-enhancing technologies that we deployed in 2024. The Kinetic Blowout Stopper, a tubular sharing technology that is retrofittable to existing blowout preventers and HaloGuard, a monitoring and control system designed to stop drill floor moving equipment when traveling in close proximity to personnel. The latter technology is now operational on eight of our rigs, resulting in even greater protection for our offshore teams.

除了機器人系統之外，我還想強調一下我們在 2024 年部署的另外兩種增強安全的技術。動能井噴阻止器是一種管柱共享技術，可以改裝到現有的防噴器和 HaloGuard 上，HaloGuard 是一種監控和控制系統，旨在當鑽台移動設備在靠近人員的地方移動時停止它們。後一項技術目前已在我們的八個鑽井平台上運行，為我們的海上團隊提供了更大的保護。

We are in discussions with a number of our customers for more installations of these and other products. Significantly, we recently signed an agreement with Petrobras for a customer funded installation of robotic riser on the deep battle and are nearing completion of an agreement to implement HaloGuard on four of our six rigs currently in contract in Brazil.

我們正在與一些客戶討論安裝更多這些產品和其他產品。值得注意的是，我們最近與巴西石油公司簽署了一項協議，由客戶出資在深海戰場上安裝機器人立管，並且即將完成一項協議，在我們目前在巴西簽訂合約的六個鑽井平台中的四個上實施 HaloGuard。

And finally, in 2024, we were granted 22 patent applications around the world, once again demonstrating Transocean's industry leadership in innovation and technological development. I'm proud of the work our team does each and every day, their commitment to operational excellence and innovation drives our success and the delivery of outstanding results for our customers.

最後，在2024年，我們在全球獲得了22項專利申請，再次證明了Transocean在創新和技術開發方面的產業領導地位。我為我們團隊每天所做的工作感到自豪，他們對卓越營運和創新的承諾推動了我們的成功並為我們的客戶帶來了卓越的成果。

I'll now hand the call back to Jeremy.

我現在將電話交還給傑里米。

Thanks, Keelan. Looking at the various regions. Starting in the US Gulf. Our analysis of the market suggests that most of the major contracts for work commencing in 2025 have already been awarded.

謝謝，基蘭。縱觀各個地區。從美國墨西哥灣開始。我們的市場分析表明，2025 年開始的大部分主要工程合約已經授予。

And that rigs concluding work this year will likely remain available until at least 2026, unless they're mobilized elsewhere. Fortunately, we are at present somewhat insulated from this market dynamic in the short term and remain encouraged by the future outlook.

今年完成工作的鑽孔機可能至少會持續可用到 2026 年，除非它們被調動到其他地方。幸運的是，我們目前在短期內在某種程度上不受這種市場動態的影響，並對未來前景保持樂觀。

We continue to be engaged in multiple conversations across the customer spectrum for programs starting in 2026 and 2027 that specifically require our high-specification, high hook-load drillships. Including work scopes that require the 20,000 completions capability of our 8th generation drills. As such, we believe that our assets in the US Gulf will remain in high demand for the foreseeable future.

我們將繼續與客戶進行多項對話，討論從 2026 年和 2027 年開始的項目，這些項目特別需要我們的高規格、高鉤載鑽井船。包括需要我們第八代鑽機具備20,000次完井能力的工作範圍。因此，我們相信，在可預見的未來，我們在美國墨西哥灣的資產仍將保持旺盛的需求。

In Latin America, we expect the active rig count to remain relatively stable. In Guyana, demand forecast suggests that five rigs currently on contract will remain working until at least 2028. In [Surname] total recently tendered for a program requiring one drillship commencing in late 2026 for approximately two years.

在拉丁美洲，我們預計活躍鑽井數量將保持相對穩定。在圭亞那，需求預測表明，目前簽約的五座鑽井平台將持續運作至少到 2028 年。[姓氏] 總計最近招標了一項項目，該項目要求一艘鑽井船於 2026 年底開始運行，為期約兩年。

In Brazil, we expect Petrobras to issue another multi-rig tender with a commencement window beginning in late 2026 and to maintain the number of rigs that is contracted for the foreseeable future. The company is scheduled to host a future scenario meeting with the drilling contractors later this week to provide an update on its activity outlook.

在巴西，我們預計巴西石油公司將發布另一個多鑽井平台招標，開始時間窗口將於 2026 年底開始，並在可預見的未來保持合約鑽井平台數量。該公司計劃本週稍後與鑽井承包商舉行未來情境會議，以提供有關其活動前景的最新資訊。

We anticipate that this meeting will provide incremental clarity on the company's plans. With Petrobras' keen interest in our technology, we believe our assets are well positioned towards future programs. Importantly, other operators in Brazil are beginning to investigate rig availability for their programs commencing during the next several years. Most notably, Shell is planning to make its final investment decision within the next month for a multiyear development program commencing in 2027 for its Gato do Mato project.

我們預計這次會議將使公司的計劃更加清晰。由於巴西石油公司對我們技術的濃厚興趣，我們相信我們的資產將在未來專案中佔據有利地位。重要的是，巴西的其他業者也開始調查未來幾年內其專案的鑽機可用性。最值得注意的是，殼牌計劃在下個月對其 Gato do Mato 項目於 2027 年啟動的多年期開發計劃做出最終投資決定。

Additionally, BP is expected to move ahead with a short exploration campaign in late 2026. In Africa, we have not seen much change in demand over the last three months and expect there will be a short-term supply driven in balance as rigs roll off contract before new programs commence.

此外，預計BP將在2026年底進行短期勘探活動。在非洲，過去三個月我們沒有看到需求出現太大變化，預計由於鑽井平台在新項目開始前合約到期，短期供應將保持平衡。

While we believe much of this work will start in 2026 and 2027, several operators are in tender process and or direct discussions for various programs in and around the West African Coast, some of which may have a late 2025 commencement.

雖然我們相信大部分工作將於 2026 年和 2027 年開始，但有幾家業者正在就西非海岸及其周邊地區的各種項目進行招標和直接討論，其中一些項目可能會在 2025 年底開始。

In Norway, Equinor is out to tender for multiple rig lines with commencement dates between the end of 2026 and beginning of 2027. We expect this work to be awarded in the second quarter. This combined with demand from other operators in Norway will require up to two rigs to return from outside the country in 2026.

在挪威，Equinor 正在招標多條鑽井線路，投產日期為 2026 年底至 2027 年初之間。我們預計這項工作將在第二季獲獎。加上挪威其他業者的需求，到 2026 年將需要最多兩座鑽井平台從國外返回。

Additionally, the Norwegian Ministry of Petroleum and Energy plans to offer 76 blocks on the Norwegian Continental Shelf in the AP 2025 licensing. This is up from 53 licenses in the 2024 round. Farther East, more programs are beginning to materialize in Australia for late 2026 and 2027.

此外，挪威石油和能源部計劃在 AP 2025 許可證中提供挪威大陸架的 76 個區塊。這比 2024 年一輪的 53 個許可證有所增加。更遠的東方，澳洲也開始在 2026 年底和 2027 年實施更多計畫。

These include a one year program, a two year program and a five year program. In India, ONGC is expected to tender for submersible and one drillship later this year. To fulfil these requirements would require rigs from outside the region.

其中包括一年制計劃、兩年制計劃和五年制計劃。在印度，印度石油天然氣公司預計今年稍後招標購買潛水器和一艘鑽井船。要滿足這些要求就需要來自該地區以外的鑽孔機。

Finally, in Malaysia, PTTEP will retender for its program with a revised start date of mid-2026. Overall, our outlook remains upbeat given our position of near 100% utilization throughout 2025, and particularly positive for a tighter market in 2026 and beyond.

最後，在馬來西亞，PTTEP 將重新招標其項目，並將開始日期修改為 2026 年中期。總體而言，鑑於我們在 2025 年的利用率接近 100%，我們對前景依然樂觀，並且對 2026 年及以後的市場收緊尤其樂觀。

Thus far, day rates have been fairly resilient in the context of an anticipated temporary rig supply driver drill. We are also encouraged by recent fleet rationalization announcements made by competitors. In our view, both of these are strong indications of healthy industry dynamics.

到目前為止，在預期的臨時鑽機供應司機演習的背景下，日費率一直相當有彈性。競爭對手最近宣布的機隊合理化措施也令我們感到鼓舞。我們認為，這兩者都是產業健康發展的強烈跡象。

From a macro perspective, our customers are increasingly focused on the traditional (technical difficulty) This was reinforced earlier this month when Equinor communicated that expect to gross production by 10% between 2024 and (technical difficulty) while concurrently reducing investment in renewables and other low-carbon technology by $5 billion, half its previous target over that same period.

從宏觀角度來看，我們的客戶越來越關注傳統的（技術難度）。

According to Rystad Energy, deepwater CapEx sanctioning is projected to rebound in 2026 and 2027, more than doubling from 2025 estimates. These projections are consistent with the conversations we have with our customers and our view that we continue to be in a sustained up cycle.

據 Rystad Energy 稱，深水資本支出審批預計將在 2026 年和 2027 年反彈，比 2025 年的預估增加一倍以上。這些預測與我們與客戶的對話以及我們持續處於持續上升週期的觀點一致。

With our active fleet largely contracted for the next 18 months, our main focus for 2025 is on operational execution to maximize the conversion of our remaining $3.1 billion in backlog during the year into revenue and a net revenue to cash.

由於我們現役機隊在未來 18 個月內大部分都已簽約，因此我們 2025 年的主要重點是營運執行，以最大限度地將當年剩餘的 31 億美元積壓訂單轉化為收入，並將淨收入轉化為現金。

With that Thad will now discuss our financial results. Thad?

現在，Thad 將討論我們的財務表現。泰德？

Thank you, Jeremy, and good day to everyone. During today's call, I will briefly recap our fourth quarter results to provide guidance for the first quarter of 2025 and conclude with an update of our expectations for the full year.

謝謝你，傑里米，祝大家有個愉快的一天。在今天的電話會議上，我將簡要回顧我們第四季度的業績，為 2025 年第一季提供指導，並最後更新我們對全年的預期。

As disclosed in our press release for the fourth quarter, we reported a net income attributable to controlling interest of $7 million or a net loss of $0.11 per diluted share. The net loss per share is caused by the impact of certain financial instruments related to value changes in our exchangeable bonds, please refer to Note 11 in our forthcoming annual report for additional information regarding the effects of our convertible debt instruments on net income.

正如我們在第四季度新聞稿中所揭露的，我們報告歸屬於控股權益的淨利潤為 700 萬美元，或每股攤薄淨虧損 0.11 美元。每股淨虧損是由於與我們的可轉換債券價值變動相關的某些金融工具的影響造成的，有關我們的可轉換債務工具對淨收入的影響的更多信息，請參閱我們即將發布的年度報告中的註釋 11。

During the quarter, we generated adjusted EBITDA of $323 million and cash flow from operations of approximately $206 million. Positive unlevered free cash flow of $177 million reflects the $206 million of operating cash flow, net of $29 million of capital expenditures.

本季度，我們的調整後 EBITDA 為 3.23 億美元，營運活動現金流約為 2.06 億美元。1.77 億美元的正無槓桿自由現金流反映了 2.06 億美元的營運現金流，扣除 2,900 萬美元的資本支出。

During the fourth quarter, we delivered contract drilling revenues of $952 million within our guidance range at an average daily revenue of approximately $435,000.

第四季度，我們實現了 9.52 億美元的合約鑽井收入，符合我們的預期範圍，平均每日收入約為 435,000 美元。

Operating and maintenance expense in the fourth quarter was $579 million. This fell slightly below the lower end of our forecast range, primarily due to the delay of noncritical in service maintenance activities for our active fleet, delayed contract preparation costs for the Transocean Barents and a favorable resolution of old contingencies.

第四季營運和維護費用為5.79億美元。這個數字略低於我們預測範圍的下限，主要原因是我們現役船隊的非關鍵服務維護活動延遲、Transocean Barents 的合約準備成本延遲以及舊突發事件的有利解決。

G&A expense in the fourth quarter was $56 million. We ended the fourth quarter with total liquidity of approximately $1.5 billion. This includes unrestricted cash and cash equivalents of $560 million about $381 million of restricted cash, the majority of which is reserved for debt service and $576 million of capacity from our undrawn credit facility.

第四季的一般及行政管理費用為 5,600 萬美元。截至第四季度，我們的總流動資金約為 15 億美元。這包括 5.6 億美元的非限制現金和現金等價物，約 3.81 億美元的限制現金，其中大部分用於償還債務，以及 5.76 億美元的未提取信貸額度。

I'll now provide guidance ranges for the first quarter of 2025 and an update on our expectations. As always, our guidance excludes speculative reactivations and upgrades.

我現在將提供 2025 年第一季的指導範圍以及我們的預期更新。像往常一樣，我們的指引不包括投機性的重新激活和升級。

In the first quarter, we expect contract drilling revenues to be between $870 million and $890 million based upon an average fleet-wide revenue efficiency of 96.5% on our working rigs, which as you know, can vary based upon uptime performance, weather and other factors.

在第一季度，我們預計合約鑽井收入將在 8.7 億美元至 8.9 億美元之間，這是基於我們工作鑽機的整個船隊平均收入效率為 96.5%，正如您所知，這可能會根據正常運行時間表現、天氣和其他因素而變化。

This estimate always includes between $55 million and $65 million of additional services and reimbursable expenses. Please recall that these additional services and customer reimbursables generally carry low single-digit margins. The quarter over quarter decrease in contract drilling revenues is primarily caused by lower activity within the active fleet due to mobilization out of service activities and contract preparation periods.

這項估算總是包括 5,500 萬至 6,500 萬美元的額外服務和可報銷費用。請記住，這些附加服務和客戶報銷費用通常具有較低的個位數利潤率。合約鑽井收入環比下降，主要由於退出服務活動和合約準備期導致現役船隊活動減少。

We expect first quarter O&M expense to be within a range of approximately $610 million to $630 million. This quarter-over-quarter increase is primarily due to out of service and contract preparation periods, including those on the Spitsbergen, Invictus, Equinox and Endurance.

我們預計第一季的營運和維護費用將在約 6.1 億美元至 6.3 億美元之間。這一季度環比增長主要歸因於停運和合約準備期，包括「斯匹次卑爾根號」、「因維克圖斯號」、「春分號」和「耐力號」上的停運和合約準備期。

We expect G&A expense for the first quarter to fall within a range of approximately $50 million to $55 million. This quarter over quarter decrease is primarily due to higher legal fees incurred in the fourth quarter of 2024 that we do not expect to repeat.

我們預計第一季的一般及行政管理費用將在約 5,000 萬美元至 5,500 萬美元之間。本季環比下降主要是由於 2024 年第四季發生的法律費用增加，我們預計這種情況不會重複。

Noninterest expense for the first quarter is forecasted to be between [$140 million] and (technical difficulty) comprising interest expense and interest income of about $150 million and between $5 million and $10 million, respectively.

預計第一季的非利息支出將在[1.4 億美元]至（技術難度）之間，其中利息支出約 1.5 億美元，利息收入在 500 萬美元至 1,000 萬美元之間。

Capital expenditures for the first quarter are forecasted to be approximately $59 million, And cash taxes to be paid are expected to be about $13 million.

預計第一季的資本支出約為5,900萬美元，需支付的現金稅款預計約為1,300萬美元。

For the full year 2025, we currently forecast contract drilling revenues to be between [$3.85 billion and $3.95 billion]. The range primarily reflects potential variances in revenue efficiency and the limited availability of our fleet.

我們目前預測 2025 年全年合約鑽井收入將達到[38.5 億美元和 39.5 億美元]。該範圍主要反映了收入效率的潛在差異和我們機隊的有限可用性。

Our guidance includes between $230 million and $245 million of additional services and reimbursable expenses. These expectations vary somewhat from the preliminary guidance we provided in the third quarter 2024 earnings call, mainly due to shorter than expected activity for the Deepwater Skyros result of the customer changing its well schedule and unfavorable foreign exchange movement impacting the remeasurement of our local currency contracts in Brazil. This is largely offset in our O&M cost due to transactions that are settled in local currencies.

我們的指導包括 2.3 億美元至 2.45 億美元的額外服務和可報銷費用。這些預期與我們在 2024 年第三季財報電話會議上提供的初步指引略有不同，主要是由於客戶改變其鑽井計劃導致 Deepwater Skyros 的活動時間短於預期，以及不利的外匯走勢影響了我們在巴西的本幣合約的重新計量。由於交易以當地貨幣結算，這在很大程度上抵消了我們的營運和維護成本。

We expect our full year O&M expense to be between $2.3 billion and $2.4 billion, in line with our previous guidance, and we still anticipate G&A cost to be between $190 million and $200 million.

我們預計全年營運和維護費用將在 23 億美元至 24 億美元之間，與我們先前的預期一致，我們仍預計一般及行政費用將在 1.9 億美元至 2 億美元之間。

For the full year, we're anticipating net interest expense between $550 million and $555 million comprising interest expense and interest income of about $580 million and between $25 million and $30 million, respectively.

我們預計全年淨利息支出在 5.5 億美元至 5.55 億美元之間，其中利息支出和利息收入分別約為 5.8 億美元和 2,500 萬美元至 3,000 萬美元之間。

Cash taxes for the year are forecasted to be between $65 million and $70 million. Our projected liquidity at year-end 2025 is currently forecasted to be (technical difficulty) reflecting our revenue and cost guidance and including our undrawn revolving credit facility and restricted cash of approximately [$381 million] of which is reserved for debt service.

預計今年的現金稅將在 6,500 萬美元至 7,000 萬美元之間。目前預測，2025 年底的預期流動性為（技術難度），反映了我們的收入和成本指導，包括未提取的循環信貸額度和約 [3.81 億美元] 的受限現金，其中保留用於償還債務。

This liquidity forecast includes 2025 CapEx expectations of approximately (technical difficulty) of which approximately $70 million is related to customer required capital upgrades for upcoming projects and capital spares and approximately $60 million of sustaining capital investment.

這項流動性預測包括 2025 年資本支出預期約（技術難度），其中約 7,000 萬美元與客戶即將進行的專案所需的資本升級和資本備用有關，約 6,000 萬美元與持續資本投資有關。

As a reminder, but in terms of our credit agreement, the capacity of the facility declined to $510 million from $576 million effective late June 2025. As Jeremy mentioned, we are fully committed to efficiently converting our backlog to revenue and that revenue to cash. So in addition to our intense focus on providing superior operational execution for our customers, we are exploring ways to materially improve our cost structure.

提醒一下，根據我們的信貸協議，自 2025 年 6 月底起，該設施的容量將從 5.76 億美元下降至 5.1 億美元。正如傑里米所提到的，我們完全致力於有效地將積壓訂單轉化為收入，並將收入轉化為現金。因此，除了高度重視為客戶提供卓越的營運執行之外，我們還在探索實質改善成本結構的方法。

At the outset of this year, we commenced an enterprise-wide evaluation to identify areas in which (technical difficulty) without compromising our ability to provide safe, reliable and the most efficient operations possible which creates value for both our customers and our shareholders, and we will use the savings to accelerate the leveraging of our balance sheet.

今年年初，我們開始了一項全企業的評估，以確定哪些領域（技術困難）不會損害我們提供安全、可靠和最高效運營的能力，為我們的客戶和股東創造價值，我們將利用節省下來的資金來加速我們資產負債表的槓桿化。

Once this evaluation is complete, we will provide a definitive savings target and time line for achieving it and we expect to provide this guidance when we report our first quarter 2025 results in April.

一旦評估完成，我們將提供明確的節約目標和實現目標的時間表，並預計在 4 月報告 2025 年第一季業績時提供此指導。

This concludes my prepared remarks, and I'll now turn the call back to Jeremy for some concluding comments before we start Q&A.

我的準備好的演講到此結束，現在，在我們開始問答環節之前，我將把電話轉回給傑里米，請他發表一些總結性評論。

Thank you, Thad. Before we move to Q&A, I would also like to share the following. April 22 will mark my 10th year as the CEO of Transocean. Over the past several years, we, management and the Board and worked diligently to define and execute succession plans with the objective of developing and recognizing our incredibly deep bench of internal talent while simultaneously maintaining business and leadership continuity.

謝謝你，泰德。在我們進入問答環節之前，我還想分享以下內容。4 月 22 日將是我擔任 Transocean 執行長的第十週年。過去幾年中，我們、管理層和董事會勤勉地制定和執行繼任計劃，目的是培養和認可我們內部深厚的人才隊伍，同時保持業務和領導層的連續性。

Over those years, just looking around the room, we promoted and expanded the responsibilities of Keelan Adamson, to the position of President and Chief Operating Officer; Roddie Mackenzie, to Executive Vice President and Chief Commercial Officer; Brady Long, Executive Vice President and Chief Legal Officer; and last year, Thad Vayda to Executive Vice President and Chief Financial Officer.

這些年來，環顧四周，我們將 Keelan Adamson 的職責提拔到總裁兼營運長的職位，並擴大到他的職責範圍； Roddie Mackenzie，擔任執行副總裁兼商務長；布雷迪朗 (Brady Long)，執行副總裁兼首席法律長；去年，Thad Vayda 出任執行副總裁兼財務長。

As you will have read in this morning's press release today, I'm pleased to announce that we will continue the progression of the succession plan by soon naming Keelan Adamson, Transocean's next President and Chief Executive Officer.

正如您在今天早上的新聞稿中讀到的那樣，我很高興地宣布，我們將繼續推進繼任計劃，很快就任命 Keelan Adamson 為 Transocean 的下一任總裁兼執行長。

Over the next few months, I will assist Keelan with the Transocean, which we expect will take place during the second quarter of 2025, and I will continue as a Board member through our 2025 Annual General Meeting. Where shareholders will be asked to elect Keelan to the Board elect our current Board Chair, Chad Deaton, as a Director and elect me as Executive Chairman.

在接下來的幾個月裡，我將協助基蘭負責 Transocean 事宜，我們預計該事宜將於 2025 年第二季進行，並且我將繼續擔任董事會成員直到 2025 年年度股東大會。當股東們被要求選舉基蘭 (Keelan) 加入董事會時，選舉我們現任董事會主席 Chad Deaton 為董事，並選舉我為執行主席。

At that time, Chad will transition to the role of Lead Independent Director. I would like to thank the Board and the entire Transocean team for their trust and support these past 10 years. While an incredibly challenging time in offshore drilling, I am proud of the fact that we are the only publicly traded offshore drilling company to survive the downturn without restructuring.

屆時，Chad 將轉任首席獨立董事。我要感謝董事會和整個 Transocean 團隊過去十年來的信任和支持。雖然海上鑽井產業正處於極具挑戰性的時期，但我很自豪我們是唯一一家在不進行重組的情況下度過經濟低迷的上市公司。

And are now on a path to materially delever the balance sheet. I'm also proud of the transformation in our fleet and that we continue to introduce innovative technology to the industry, which improves safety and drilling efficiency.

目前正走在大幅降低資產負債表槓桿的道路上。我還為我們車隊的轉型以及我們不斷向產業引入創新技術而感到自豪，這提高了安全性和鑽井效率。

But most of all, I'm proud of the team and culture we've built to Transocean. And I could not be more excited about transitioning the leadership of this company to Keelan. A man who spent the past three decades of his life with the company, starting on with drill floor and progressing all the way to the executive ranks.

但最重要的是，我為我們為 Transocean 建立的團隊和文化感到自豪。我對於將公司的領導權轉交給基蘭感到非常興奮。此人已在該公司度過了三十年時光，從鑽井崗位做起，一直晉升到高階主管。

There was no one more capable or deserving of this opportunity, and I look forward to the positive impact he and the team will have on the company as they further Transocean's position as the undisputed leader in offshore drilling.

沒有人比他更有能力或更值得獲得這個機會，我期待他和他的團隊將對公司產生積極影響，進一步鞏固 Transocean 作為海上鑽井領域無可爭議的領導者的地位。

Before we move to Q&A, I just want to once again thank the Board and the transition team. It is my honor to work alongside all of you. Alison?

在我們進入問答環節之前，我只想再次感謝董事會和過渡團隊。能與大家一起工作是我的榮幸。艾莉森？

Thanks, Jeremy. Margo, we're now ready to take questions. (Event Instructions)

謝謝，傑里米。瑪戈，現在我們可以回答問題了。(活動須知)

(Operator Instructions)

（操作員指令）

Eddie Kim, Barclays

巴克萊銀行 Eddie Kim

Hey, good morning, Jeremy, it's only been 10 years, but some years are much longer than others. So congratulations on what I'll call maybe an effective 20 year career at Transocean. A well-deserved transition away from having to speak to guys like us all time.

嘿，早上好，傑里米，雖然才過了 10 年，但有些年份比其他年份要長得多。所以，恭喜你在 Transocean 度過了高效的 20 年職業生涯。這是一個當之無愧的轉變，不再需要一直跟我們這樣的人說話。

Thanks, Eddie. I appreciate it.

謝謝，艾迪。我很感激。

My first question is just around the potential day rate we could see on contracts later this year. Obviously, Transocean is very well insulated, but we've had white space concerns industry-wide. And your regional commentary also suggests some temporary supply demand imbalance this year.

我的第一個問題是關於今年稍後合約的潛在日利率。顯然，Transocean 的防護措施非常好，但整個產業都存在空白問題。您的地區評論也指出今年會出現一些暫時的供需失衡。

So in light of that, do you think we could see a contract announcement for a 7G drillship at a day rate maybe even as low as [$350,000] a day. Just curious about your thoughts there?

那麼，有鑑於此，您是否認為我們可以看到一份 7G 鑽井船的合約公告，其日租金可能低至 [350,000 美元] 每天？只是好奇您的想法？

Yeah. Eddie, I think I'll take that one. This is Roddie. So look, I mean what we see at the moment is there's not that many opportunities available in 2025. So we actually think it's pretty unlikely that you're going to see many fixtures at significantly lower, there may be one or two.

是的。艾迪，我想我會選這個。這是羅迪。所以，我的意思是，我們目前看到的是，2025 年並沒有那麼多機會。因此，我們實際上認為，您不太可能看到很多價格明顯較低的裝置，可能只有一兩台。

But in all honesty, I think unless those opportunities are in direct continuation. The drilling community is unlikely to sacrifice kind of a longer-term deal at a lower rate to try and plug a gap that's perhaps not on the table, if you know what I mean.

但老實說，我認為除非這些機會可以直接延續下去。如果你明白我的意思，鑽井界不太可能以較低的價格犧牲長期協議來試圖填補可能不存在的缺口。

So I think it's possible that you might see some data rate dip and down into the 3s for the kind of commodity 7th gen rigs. I don't think you're going to see any of that, especially for the higher spec units. I also think that because there's not that many opportunities in '25, I think a lot of the drillers will be patient in that regard.

因此，我認為對於第 7 代商品設備來說，您可能會看到一些數據速率下降到 3 秒以下。我認為你不會看到任何這些，特別是對於更高規格的單元。我還認為，由於 25 年的機會並不多，所以我認為很多鑽井工人在這方面都會保持耐心。

And most of the work that we're looking at just now, as Jeremy had mentioned in his prepared comments is for multiple years. So the concept of starting something in '26 or '27 for two or three years and doing it based on a temporary short-term dip in the market, it doesn't really make sense to me, certainly. So I'm not sure you're going to see that many of these low fixtures. Certainly, we haven't seen very many published so far.

正如傑里米在他準備好的評論中提到的那樣，我們現在正在考慮的大部分工作要持續數年。因此，在 1926 年或 1927 年開始做某事並持續兩三年並且基於市場暫時的短期低迷來做這件事的想法，對我來說肯定沒有任何意義。所以我不確定你是否會看到那麼多這樣的低矮裝置。當然，到目前為止我們還沒有看到太多的出版品。

Got it. Understood. And my follow-up is just on your three 7th generation cold stacked rigs, the Mylos, Athena and Apollo. One of your peers, as you mentioned, just announced the retirement of their 7G stacked rig, which isn't necessarily the best indicator of forward demand. There are also a handful of other 7G cold stacked rigs.

知道了。明白了。我的後續關注點是您的三款第七代冷堆疊鑽孔機，即 Mylos、Athena 和 Apollo。正如您所說，您的一個同行剛剛宣布退役其 7G 堆疊鑽機，這並不一定是遠期需求的最佳指標。另外還有少量其他7G冷堆疊鑽孔機。

The contractors could be more motivated and putting their rigs back to work. So in light of that, how are you (technical difficulty) reactivation of your 7G rigs? And do you think it's likely that we could see one of them working before 2028?

承包商可以更積極地讓他們的鑽孔機重新投入工作。那麼，有鑑於此，您如何（技術困難）重新啟動您的 7G 鑽孔機？您認為我們有可能在 2028 年之前看到其中一個投入運作嗎？

Yeah. Good question, Eddie. We continue to evaluate our fleet (technical difficulty) not even a quarterly exercise. It's more frequent than that. And of course, take into account how long have the rig has been stacked, what do we think the cost to reactivate and of course, that tends to go up the longer they've been stacked.

是的。問得好，艾迪。我們持續評估我們的艦隊（技術難度），甚至不是每季進行一次。這比那更頻繁。當然，也要考慮鑽孔機堆放了多長時間，我們認為重新啟動的成本是多少，當然，堆疊時間越長，成本就越高。

And then when do we think they're going to come back into the market and at what day rate. And so we will continue that process could or could not lead to changes in the fleet over time. But I would say the three 7th gen rigs, we still believe are (technical difficulty) but we're going to be disciplined.

那我們認為他們什麼時候會重返市場、每日價格是多少。因此，我們將繼續這一進程，無論隨著時間的推移，這是否會導致機隊發生變化。但我想說，我們仍然相信第七代鑽機存在技術難度，但我們會嚴格遵守紀律。

If the customer is not willing to pay for the reactivation in the first contract with a decent return for us, then we won't move forward. And we'll just continue to evaluate their future on an ongoing basis.

如果客戶不願意在第一份合約中支付重新啟動的費用，並且為我們帶來可觀的回報，那麼我們就不會繼續前進。我們將繼續持續評估他們的未來。

Got it. Thank you for that color. I'll turn it back.

知道了。謝謝你的色彩。我會把它轉回去。

Kurt Hallead, Benchmark

Kurt Hallead，Benchmark

Hey, good morning and --

嘿，早安，--

Good morning, Kurt.

早上好，庫爾特。

Don't mean to one up, Eddie, on this, but in this business, it's probably more like dog years. So 10 years is like 70 so --

艾迪，在這一點上，我無意勝人一籌，但在這個行業裡，這可能更像是狗年。所以 10 年相當於 70 年--

I certainly look at Kurt.

我當然看著庫爾特。

Not quite. But -- hey congrats, and I know it's been a tough road, and you guys took a solo path on trying to preserve as much shareholder equity as possible. It looks like you're on the verge of seeing that to fruition. So kudos on that front for sure. Keelan, be careful what you wish for, man. The wolves are howling, we're coming after you.

不完全是。但是——嘿，恭喜，我知道這是一條艱難的道路，你們單獨行動，試圖盡可能保留股東權益。看起來你就快要看到這結果了。因此在這方面絕對值得稱讚。基蘭，夥計，要小心你的願望。狼在嚎叫，我們來追你了。

I appreciate that Kurt. Thanks, Kurt.

我很感激庫爾特。謝謝，庫爾特。

Got it. All right. So great summary here on what's going on with the market dynamics. But maybe coming back around to one of the answers that Roddie gave on commodity 7G. So it sounds like we have yet another layer to consider or another tier to consider in the context of 7G drillship. So Roddie, can you once again help us kind of how do you define a commodity 7G drillship. And how do we think about the tiers right now?

知道了。好的。這裡對市場動態的總結非常好。但也許又回到羅迪對商品 7G 給的一個答案。因此聽起來我們在 7G 鑽井船的背景下還有另一個層面需要考慮或另一個層級需要考慮。那麼 Roddie，您能否再次幫助我們，如何定義商品 7G 鑽井船。那我們現在該如何看待這些層級呢？

Yes, fair enough. Commodity 7G, we kind of consider that the non-high hook load rigs, other rigs now with single (technical difficulty) So typically, you've got a bit of a split in the higher specifications. Normally, that line is pretty bright between 6th generation and 7th generation. But within the 7th generation, you have, we call them 7G plus because they basically have the super high hook load.

是的，相當公平。商品7G，我們有點認為是非高鉤載鑽機，其他鑽機現在只有單一（技術難度）所以通常情況下，你會在更高的規格上遇到一些分歧。通常情況下，第六代和第七代之間的界線非常明顯。但在第 7 代中，我們稱之為 7G plus，因為它們基本上具有超高的鉤載。

They also typically have larger mud handling capacities and those kind of things as well. So what that means is that the operators for the well designs and certainly the size of the casing runs that they can deploy are significantly larger and therefore, more efficient than the lower hook load rigs.

它們通常還具有更大的泥漿處理能力等等。所以這意味著，井設計的操作人員以及他們可以部署的套管運行的尺寸要大得多，因此比低鉤載鑽機更有效率。

So that's typically been our strategy over the past 10 years is to really (technical difficulty) in that class of asset because we believe that is the most desirable asset. And I think that has definitely shown up in our results in terms of utilization of those assets.

所以，我們過去 10 年的典型策略就是真正解決該類資產的技術難題，因為我們相信這是最理想的資產。我認為這確實在我們資產利用率的成果中有所體現。

Today, right now, I don't think there is a single 1,400 tonne rig with any availability in 2025. So if you take it from that point of view, there's clearly a difference between those big rigs that are more capable and can unlock greater efficiencies with the customers versus the rest of the 7th gen, does that make sense?

今天，就目前而言，我認為沒有一座 1,400 噸的鑽井平台可以在 2025 年投入使用。因此，如果從這個角度來看，那些功能更強大、能夠為客戶帶來更高效​​率的大型鑽機與第七代鑽機的其他產品之間顯然存在差異，這有意義嗎？

Yeah. I appreciate that. And then maybe the one follow-up then, Jeremy, you referenced having a number of different discussions for potential projects and '26 and into '27. Can you give us some sense on how you're kind of navigating those discussions from a pricing standpoint?

是的。我很感激。然後也許有一個後續問題，傑里米，你提到對潛在項目以及'26 和'27 進行了許多不同的討論。您能否從定價的角度告訴我們您是如何引導這些討論的？

And how much are your customers saying, well, look, if we're going to give you this deal in '26, you got to give us 2025 pricing. How is that discussion evolving?

您的客戶是怎麼想的？ 好吧，看，如果我們要在 26 年給您這筆交易，您必須給我們 2025 年的定價。這次討論進度如何？

Yeah. Good question, Kurt. I would say kind of adding on to Roddie's point, we're talking about the high specification rigs in the (technical difficulty) and we control most of them, fortunately. And so as we think about the ultra-deepwater market and the harsh environment market, we are talking to these customers about rigs that we know that they need.

是的。好問題，庫爾特。我想補充一下 Roddie 的觀點，我們正在討論（技術難度）高規格的鑽孔機，幸運的是，我們控制了其中的大部分。因此，當我們考慮超深水市場和惡劣環境市場時，我們正在與這些客戶討論我們知道他們需要的鑽孔機。

And so that kind of frames how we approach the contracting and the day rates. So this little blip is certainly not helpful. Because our customers will use every advantage they can possibly get in negotiations. But we also know that our assets are value to them. Our services are a value to them, and we're going to price it accordingly.

這就是我們如何處理合約和日費率的框架。所以這個小失誤一定是沒有幫助的。因為我們的客戶會在談判中利用他們可能獲得的一切優勢。但我們也知道我們的資產對他們來說很有價值。我們的服務對他們來說很有價值，因此我們會相應地定價。

Got it. All right. Thanks again. That congrats, Keelan and good luck in the next role, Jeremy.

知道了。好的。再次感謝。恭喜基蘭，祝傑里米在下一個角色中好運。

Thank you, Kurt.

謝謝你，庫爾特。

Thanks, Kurt.

謝謝，庫爾特。

Fredrik Stene, Clarksons Securities

Fredrik Stene，克拉克森證券

Hey Jeremy and team and congratulations again to Jeremy and team. I don't know what's longer than dog here, so I'll just leave it at that. But would be interested to hear what you think about 2025, 2026 and 2027 in general.

嘿傑里米和團隊，再次祝賀傑里米和團隊。我不知道這裡什麼比狗長，所以我就不說了。但我很想聽聽您對 2025、2026 和 2027 年的整體看法。

You gave a good commentary here in your prepared remarks, but from my own discussions with investors, it seems like one of the key fears is that programs just continue to slip to the right and flick to the right and slip to the right.

您在準備好的發言中給出了很好的評論，但從我與投資者的討論來看，似乎主要擔心的問題之一是計劃會繼續向右滑動、向右輕彈、再向右滑動。

So I was wondering if there's anything in your discussions now, maybe particularly around the work in '26 and '27 that gives you confidence that these things will actually materialize in due course or in your current expected time lines? Thank you.

所以我想知道您現在的討論中是否有任何內容，特別是圍繞 26 年和 27 年的工作，讓您有信心這些事情會在適當的時候或您目前預期的時間表內實現？謝謝。

Sure. I'll let Roddie answer but I'll just start. I think what's been most important to us throughout the years, they are all kind of concerns about what could happen in the macro. There are all kinds of concerns about how it would impact oil prices and how that would impact demand for our assets and services. And from my perspective, I tend not to get caught up in those conversations. I tend to think more about what our customers are doing and what they're telling us and what they're pushing forward toward.

當然。我會讓羅迪回答，但我才剛開始。我認為這些年來對我們來說最重要的是對宏觀上可能發生的事情的擔憂。人們擔心這會如何影響油價以及會如何影響對我們的資產和服務的需求。從我的角度來看，我傾向於不參與這些對話。我傾向於更多地思考我們的客戶在做什麼、他們告訴了我們什麼以及他們正在推動什麼。

And everything that we're seeing right now suggests yes, there is a slight lull in 2025. (technical difficulty) But our customers are moving forward with these negotiations and these programs that are commencing in late '26 and then in '27, and they're multiyear opportunities. And so all of that to me inspires confidence. Could it push to the right? Of course, I mean, who knows what can happen on the horizon.

而我們現在看到的一切都表明，2025 年確實會出現短暫的低迷。(技術難題)但我們的客戶正在推進這些談判和計劃，這些計劃將於26年底和27年開始，這是多年的機會。所以這一切對我來說都激發了信心。它可以向右推嗎？當然，我的意思是，誰知道未來會發生什麼。

But everything we're seeing today seems to demonstrate they have resolved around these programs moving forward. And with that, I'll hand it over to Roddie because he's certainly neck deep in all of these discussions.

但我們今天看到的一切似乎表明他們已經下定決心繼續推進這些計劃。現在，我將把發言權交給羅迪，因為他確實全心投入這些討論。

Yeah, sure. So I mean, apart from the macro, which we're not going to touch on too much, but the macro, in general, is extremely healthy and has been for some time and will continue to be so. I think I'll leave that up to the other analysts to reference the cases.

是的，當然。所以我的意思是，除了宏觀層面，我們不會過多涉及，但宏觀層面總體上是極其健康的，並且已經持續了一段時間，並將繼續如此。我想我會把這個問題留給其他分析師去參考。

But if you go look at anybody's case, I think production of oil and gas is going to be significant going forward. Deepwater and harsh environment appear to be the most economical places to do that.

但如果你看看任何人的情況，我認為石油和天然氣的生產在未來都將具有重要意義。深水和惡劣環境似乎是實現這一目標最經濟的地方。

So thinking about where we are in terms of '25, '26 and '27. If we think about where we were this time last year or let's say, this time in '23, looking into '24, we basically had 77% utilization on the book.

那麼思考一下我們在 25、26 和 27 年的情況。如果我們想想去年這個時候，或者說23年的這個時候，展望24年，我們的帳面利用率基本上是77%。

In '24, looking at -- sorry, in '23, looking at '24, we stood at 88%. Today, looking into '25 for the year, we're looking at 96%-plus. So if you think about where we are in that perspective, '25 looks extremely healthy, arguably healthier than any of the previous years have looked in the past 10 decade -- 10 years.

在 24 年，回顧 — — 抱歉，在 23 年，回顧 24 年，我們的比例是 88%。今天，展望 25 年，我們的預期是 96% 以上。因此，如果你從這個角度考慮我們現在的情況，25 年看起來極其健康，可以說比過去 10 年中的任何一年都要健康。

In addition to that, as we think about entering '26, our utilization is about 93%, entering '26. And without tipping our hand to all the different things that we're working on, there's every opportunity that we could -- with a few fixtures made between now and say, the middle of the year, be again in the high 90 percentile range for utilization throughout '26.

除此之外，當我們考慮進入'26年時，我們的利用率在進入'26年時約為 93％。而且，在不透露我們正在進行的所有不同工作的情況下，我們完全有可能——從現在到年中之間做出一些安排，使整個26年的利用率再次達到90%的高水平。

So as I think about '25, we are extremely solid. As I think about '26, we are extremely optimistic that we'll be -- everybody is good. And you also mentioned '27. I have to tell you that a lot of the programs that we're working on just now are actually starting in '27. So either starting late '26 or '27.

所以當我想到25年時，我們是非常穩固的。當我想到 26 年時，我們非常樂觀地認為——每個人都會很好。您也提到了‘27’。我必須告訴你，我們現在正在進行的許多項目實際上是從 27 年就開始了。因此要麼從 26 年末開始，要麼從 27 年末開始。

So again, if you're looking for a barometer on how the operators are thinking about the health of the market, the health of the drilling industry in general, if we are talking about multiyear jobs that start two years from now. I think that's a very healthy position to be in.

所以，如果你想要了解營運商如何看待市場健康狀況、鑽井行業整體健康狀況，那麼我們談論的是兩年後開始的多年期工作。我認為這是一個非常健康的狀況。

That's super helpful commentary from both of you. Thank you. Just two quick ones on the back of that. First, Thad, could you repeat the liquidity guidance for 2025 because maybe it was only me who had technical issues that kind of dropped out there? And second, any update on the inspiration and the development driller?

你們兩位的評論非常有幫助。謝謝。關於這一點，我只想簡單說兩點。首先，Thad，您能否重複一下 2025 年的流動性指導，因為可能只有我一個人遇到了技術問題，導致指導失效？其次，關於靈感和開發鑽探有什麼最新消息嗎？

I'm sorry, do you want the full guidance for 2025?

抱歉，您想要 2025 年的完整指南嗎？

Just the liquidity year-end guidance, liquidity.

只是流動性年終指導，流動性。

I'm sorry. $1.35 billion to $1.45 billion. And with respect to your second question, so those two assets had been held for sale in anticipation of a transaction that ultimately did not materialize. We did cancel the sales purchase agreement in mid-January and are holding them as still held for sale for some other opportunities. I'd add to that, but given the circumstances, we are pursuing some (technical difficulty) remedies.

對不起。 13.5 億美元至 14.5 億美元。關於您的第二個問題，這兩項資產一直被持有以待出售，以備最終未能實現的交易。我們確實在一月中旬取消了銷售購買協議，並且仍將其保留以備其他銷售機會。我想補充一點，但考慮到目前的情況，我們正在尋求一些（技術困難）補救措施。

Thank you very much. That's it from me. Have a good day.

非常感謝。我要說的就這些。祝你有美好的一天。

Arun Jayaram, JP Morgan

摩根大通 (JP Morgan) 的 Arun Jayaram

Yeah, good morning. I was wondering if you can maybe elaborate on what you're seeing in the Brazil market, you mentioned that you'd expect Petrobras to hold relatively flat in terms of rig count with some potential for demand to increase as you push towards late 2026.

是的，早安。我想知道您是否可以詳細說明您在巴西市場看到的情況，您提到您預計巴西石油公司的鑽井數量將保持相對平穩，但到 2026 年底，需求可能會有一定增長。

You also mentioned that there's kind of a meeting -- a scenario meeting going on later this week with the drilling contractor. Maybe I just wondering if you could just give us a sense of how you see the tea leaves progressing in Brazil? And any future thoughts on how Petrobras may manage its future rig demand in country?

您還提到本週稍後將與鑽井承包商舉行情境會議。我只是想知道您是否可以告訴我們您如何看待巴西茶葉的進展？您對於巴西石油公司未來如何管理該國鑽井平台需求有何看法？

Yeah, I think I'll take that one. Yeah. So Petrobras has been very vocal about their forward-looking investments. So we actually have an update coming later this week. But basically, if we think about where they were, from '23 to '24, there was a rig count grew from 19 to 24 rigs. That's a healthy increase.

是的，我想我會選擇那個。是的。巴西石油公司一直直言不諱地談論他們的前瞻性投資。因此我們實際上將在本週晚些時候發布更新。但基本上，如果我們想想它們的情況，從 23 年到 24 年，鑽井數量從 19 個增加到了 24 個。這是一個健康的成長。

Then from '24 -- going into '24, we went up to 29 rigs. Now by the second half of '25 are expected to be somewhere between 32 to 33 rigs in Brazil. So that's really positive growth there across the Board. We think Petrobras themselves are going to be operating something like 32 rigs with a few others in countries, so as high as 35 to 37 rigs in country.

然後從 24 年開始 — — 進入 24 年以來，我們的鑽機數量增加到了 29 台。預計2025年下半年巴西的鑽井數量將達到32至33座。所以這確實表明整個行業都出現了積極的成長。我們認為，巴西石油公司本身將與其他國家一起運作 32 個鑽井平台，因此在該國的鑽井平台數量將高達 35 至 37 個。

So overall, I think Brazil is a very positive spot. We don't expect them to regress at any point. A lot of the discussions that we have with Petrobras is kind of a full acknowledgment that they need all of the rigs we currently have under contract.

所以總的來說，我認為巴西是一個非常積極的地方。我們不希望他們在任何時候退步。我們與巴西石油公司進行的許多討論都充分錶明他們需要我們目前合約中的所有鑽井平台。

So I'm not going to say that they're going to add more. But typically, if you need everything that's under contract, then there's a chance that there may be some incremental demand as the year goes on.

所以我不會說他們會增加更多。但通常情況下，如果您需要合約中的所有內容，那麼隨著時間的推移，可能就會出現一些增量需求。

Great. And maybe my follow-up is for Thad. Could you maybe elaborate on the insurance recovery you had in the quarter and just thoughts on -- does the 2025 O&M cost guide, does that contemplate some of the cost efficiency things that are contemplated by rig today?

偉大的。也許我的後續行動是為了塔德。您能否詳細說明本季的保險回收情況以及您的想法——2025 年的 O&M 成本指南是否考慮了當今鑽機所考慮的一些成本效益因素？

So second question first, it does not. We've had this program in place since the beginning of this year, actually even a little bit before that. We are doing, as I mentioned, a good deal of research identifying different ways to do business differently.

所以首先第二個問題是，事實並非如此。我們從今年年初就已經開始實施該計劃，實際上甚至更早。正如我所提到的，我們正在進行大量研究，尋找以不同的方式開展業務的不同方式。

We'll provide some guidance later on, but it is not included in our guidance. And with respect to the question about the settlement, I'm going to refer you to the [K], but suffice it to say that's associated with an asbestos settlement that we received earlier.

我們稍後會提供一些指導，但這並不包括在我們的指導中。關於和解的問題，我將請您諮詢 [K]，但我只想說，這與我們之前收到的石棉和解有關。

Okay. Thanks a lot. Jeremy, best of luck to you.

好的。多謝。傑里米，祝你好運。

Thank you very much.

非常感謝。

Greg Lewis, BTIG

格雷格·劉易斯（Greg Lewis），BTIG

Hey, thank you and good morning everybody, and thanks for taking my question. Jeremy, congratulations it's been fun and Keelan, good luck, looking forward to talking to you a little bit more. I guess my first question is everybody is hearing a lot about longer-term multiyear contracts coming.

嘿，謝謝大家，早安，謝謝你們回答我的問題。傑里米，恭喜你，這很有趣。我想我的第一個問題是大家都聽到了很多關於即將簽訂的長期多年期合約的消息。

When we think about those, should we expect like a six, nine month lead times for working rig versus any kind of guidance versus if it's a warm rig, how much time should we think about that versus a rig maybe that has been sitting on the sidelines for 6, 9, 12 months or even longer?

當我們考慮這些問題時，我們是否應該預期鑽機的準備時間大約是 6 到 9 個月，相對於任何類型的指導，如果是熱鑽機，我們應該考慮多長時間，而對於可能已經在場邊待了 6、9、12 個月甚至更長時間的鑽機呢？

Yeah, morning, Greg. Yeah, maybe I'll take that one. Obviously, it's a pretty wide question because it really depends on where the opportunity is and the customer and where the potential opportunity could be, right? So for a warm rig depending on the regulatory environment where it's going and the customer requirements (technical difficulty) on three to six months, I suppose, getting a rig ready for that sort of work compared to, in our mind, a cold stack unit that is still probably 12 to 18 months to get ready for activity.

是的，早上好，格雷格。是的，也許我會選擇那個。顯然，這是一個相當廣泛的問題，因為它實際上取決於機會在哪裡、客戶在哪裡以及潛在機會可能在哪裡，對嗎？因此，對於熱鑽機來說，根據其運行地的監管環境和客戶要求（技術難度），我認為大約需要三到六個月的時間才能讓鑽機為此類工作做好準備，而我們認為冷鑽機可能仍需要 12 到 18 個月的時間才能準備好投入使用。

In terms of active rig, obviously, again, it kind of sits with the same requirements as to what customer regulatory means, but obviously much quicker.

就主動鑽機而言，顯然，它的要求與客戶監管的要求相同，但顯然要快得多。

Okay. Great. And then just, obviously, one of your competitors made a decision to remove a couple of rigs that have been on the sidelines that probably would be kind of on the higher end spectrum. Just as you look across your fleet, and I apologize if you maybe already answered this, but as you look at rigs, maybe like the Americas or the Champions.

好的。偉大的。然後，很明顯，您的一個競爭對手決定移除一些被擱置的、可能屬於高端領域的鑽孔機。就像您查看自己的船隊一樣，如果您可能已經回答了這個問題，我深感抱歉，但當您查看鑽井平台時，也許像美洲號或冠軍號。

How are you thinking about maybe being aggressive when just removing those while they're not being competitively bid, they kind of sit out there and everybody looks at them and wonders, maybe someday they come back to work? Thank you.

您覺得是否應該採取積極措施，在那些沒有進行競爭性投標的情況下將其移除，讓它們閒置在那裡，每個人都看著它們，想知道，也許有一天它們會回來工作？謝謝。

Yeah, Greg, thank you. Yeah, we did answer that a little bit ago, but we can kind of reiterate it. I would say that we -- one, we've been the most aggressive in the space at retiring assets. Of course, we have the largest fleet, but we continue to look at our fleet and analyze the assets that are currently stacked.

是的，格雷格，謝謝你。是的，我們之前確實回答過這個問題，但我們可以重申。我想說的是，首先，我們在資產退出方面是該領域最積極的。當然，我們擁有最大的船隊，但我們會繼續關注我們的船隊並分析當前堆存的資產。

We look at the cost to reactivate, we look at the time to reactivate. We look at what kind of day rates we think they could get and what kind of term and constantly assess the fleet, and we'll continue to do that as we move through the balance of this year.

我們考慮重新激活的成本，我們考慮重新激活的時間。我們會考慮他們可以獲得什麼樣的日費率和期限，並不斷評估船隊，我們將在今年餘下的時間裡繼續這樣做。

Josh Jayne, Daniel Energy Partners.

喬許·傑恩（Josh Jayne），丹尼爾能源合作夥伴。

Thanks. Good morning. First one, we've talked a lot over the last year about HaloGuard and Jeremy, this is something you've been big on the last few years, removing people from the rig floor, keeping them safe. Maybe you could just give us opportunity to talk about where we go from here with respect to technology and rig safety, sort of what's next and is there anything major you see implemented over the next couple of years?

謝謝。早安.首先，去年我們談了很多關於 HaloGuard 和 Jeremy 的事情，這是你在過去幾年中一直重點關注的事情，將人們從鑽井平台上轉移出去，確保他們的安全。也許您可以給我們機會談談我們在技術和鑽機安全方面的下一步發展方向，以及您認為未來幾年將實施哪些重大舉措？

Sure. Thanks for the question. I'll give it over to Keelan on that one.

當然。謝謝你的提問。我將把這個任務交給基蘭 (Keelan)。

Yeah, that's a very interesting question. I think, obviously, we have some great success with the deployment of HaloGuard and we're looking to get that much wider deployment across our fleets, and we have opportunities for the customer will fund those as we go forward. It's an ongoing propose.

是的，這是一個非常有趣的問題。我認為，顯然，我們在 HaloGuard 的部署方面取得了巨大的成功，我們希望在我們的車隊中進行更廣泛的部署，並且我們有機會讓客戶在我們前進的過程中為這些部署提供資金。這是一個正在進行的提議。

We look at more a major accident hazard activities take place. And what we're trying to prevent and help our people have the right information at the right time to make decisions.

我們再來看看發生重大事故危險活動的情況。我們正在努力預防並幫助我們的人民在正確的時間獲得正確的資訊以做出決策。

So I would say any technology development that will assist our teams to do those things and prevent themselves from getting in harm's way or assisting them a critical decision moment by moment and day by day. That's where we'll be focusing our efforts in technology going forward.

因此，我想說，任何技術發展都將幫助我們的團隊做到這些事情，防止他們受到傷害，或幫助他們時時刻刻、每天做出關鍵的決定。這就是我們今後技術努力的重點。

And as my follow-up, you talked about in the prepared remarks, Gulf of Mexico opportunities over the course of this year, sort of and into next year sort of being flattish. There were some thoughts maybe with the new administration might allow for drilling activity to pick up in the Gulf.

作為我的後續問題，您在準備好的評論中談到，今年以及明年墨西哥灣的機會將比較平緩。有人認為，新政府或許會允許墨西哥灣地區的鑽探活動恢復。

Maybe your thoughts on what it would take for activity to grind higher there? And just what are the puts and takes that could move things potentially higher in the Gulf?

也許您對如何才能使活動在那裡進一步發展有想法？那麼，到底有哪些因素可能會使墨西哥灣局勢進一步惡化呢？

Yeah. I think with a favorable administration, that's obviously good for us. But these are long-dated projects. They take a while to materialize to sanction. And so even with favorable regulation, it's probably going to take a little bit of time to push projects forward and to increase demand and certainly not a bad thing. It's a positive thing. It just may take a little time. So I wouldn't expect anything in the near term to materially move the needle. But over time, it certainly should be helpful.

是的。我認為，有一個有利的政府，這對我們來說顯然是有利的。但這些都是長期專案。他們需要一段時間才能實現批准。因此，即使有有利的監管，推動專案進度和增加需求可能仍需要一點時間，這肯定不是壞事。這是一件正面的事情。這可能需要一點時間。因此，我預計短期內不會有任何實質的進展。但隨著時間的推移，它肯定會有所幫助。

Thanks. I'll turn it back.

謝謝。我會把它轉回去。

Thank you. And I'd like to turn the call over to Alison Johnson for any final or closing remarks.

謝謝。我想將電話轉給艾莉森·約翰遜，請她做最後的演講或結束語。

Thank you, Margo, and thank you, everyone, for your participation on today's call. We look forward to speaking with you again when we report our first quarter 2025 results. Have a good day.

謝謝你，瑪戈，也謝謝大家參加今天的電話會議。我們期待在報告 2025 年第一季業績時再次與您交談。祝你有美好的一天。

Thank you. And ladies and gentlemen, that does conclude today's program. We thank you for your participation. You may disconnect at any time.

謝謝。女士們、先生們，今天的節目到此結束。我們感謝您的參與。您可以隨時斷開連線。