Transocean Ltd (RIG) 2025 Q1 法說會逐字稿

Good day everyone, and welcome to the Q1 2025 Transocean earnings call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions).

大家好，歡迎參加 2025 年第一季 Transocean 收益電話會議。（操作員指示）請注意，今天的通話正在錄音。（操作員指令）。

I'd like to turn the floor over to the Director of Investor Relations, Alison Johnson. Please go ahead.

我想把發言權交給投資人關係總監艾莉森‧約翰遜。請繼續。

Thank you, Jamie. Good morning and welcome to Transocean's first quarter of 2025 earnings conference call.

謝謝你，傑米。早安，歡迎參加 Transocean 2025 年第一季財報電話會議。

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

涵蓋財務績效的新聞稿副本以及支持性聲明和時間表（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; Thaddeus 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； Thaddeus 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 statements.

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陳述的義務。

Following Jeremy; Keelan; and Thaddeus 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.

跟隨傑里米；基蘭；並且 Thaddeus 準備了評論，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機會發言，請將自己的發言限制在一個初始問題和一個後續問題上。

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

非常感謝。我現在將電話轉給傑里米。

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

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。

Before diving into our first quarter results, I am pleased to announce that Keelan Adamson will officially become Transocean's President and CEO effective May 1.

在深入了解我們的第一季業績之前，我很高興地宣布，Keelan Adamson 將於 5 月 1 日起正式成為 Transocean 總裁兼執行長。

While that technically provides me a few more days in the role, we believe that it's prudent to begin the handover a few days early and continue in the honor of leading today's call.

雖然從技術上講這可以讓我在該職位上多待幾天，但我們認為提前幾天開始交接並繼續主持今天的電話會議是明智之舉。

Most of you know Keelan, but for those of you who do not, he started in operations here at Transocean nearly 30 years ago and has progressed his way through the organization and the executive ranks, where he served as our President and Chief Operating Officer for the past several years.

你們大多數人都認識基蘭，但對於那些不認識的人來說，他近 30 年前就開始在 Transocean 從事營運工作，並在組織和高階主管隊伍中不斷晉升，過去幾年他一直擔任我們的總裁兼營運長。

I've had the distinct pleasure of working closely with Keelan in various capacities since I became CEO 10 years ago. And I can assure you that Keelan possesses a comprehensive understanding of the offshore drilling business and Transocean.

自從 10 年前擔任執行長以來，我很榮幸能夠與 Keelan 在各個崗位上密切合作。我可以向你們保證，基蘭對海上鑽井業務和 Transocean 有著全面的了解。

Importantly, he recognizes and appreciates the challenges that we constantly face in this business and embraces the oftentimes difficult decisions that are required to persevere, overcome, and succeed.

重要的是，他認識並理解我們在這個行業中不斷面臨的挑戰，並接受堅持、克服和成功所需的艱難決定。

Keelan is a very well-rounded, thoughtful, courageous, inspiring, and humble leader, whose depth of experience will be a key attribute and serve him well as he enhances Transocean's leadership position by safely optimizing performance, introducing innovative technologies, and maximizing shareholder returns.

基蘭是一位非常全面、深思熟慮、勇敢、鼓舞人心且謙遜的領導者，他的豐富經驗將成為一項關鍵屬性，並將幫助他透過安全優化性能、引入創新技術和最大化股東回報來提升 Transocean 的領導地位。

While transitioning out of the CEO role is certainly bittersweet, I will continue as a board member with the company through our annual general meeting on May 30. When shareholders are asked to elect Keelan to the Board, elect our current Board Chair, Chad Deaton as the Director, and elect me as Chairman. At that time, Chad will transition to the role of lead Independent Director.

雖然卸任執行長一職確實令人感到苦樂參半，但我將繼續擔任公司董事會成員，直至 5 月 30 日的年度股東大會。當股東被要求選舉 Keelan 進入董事會時，選舉我們現任董事會主席 Chad Deaton 為董事，並選舉我為董事長。屆時，Chad 將轉任首席獨立董事一職。

Irrespective of the market conditions we may encounter, I am confident we have the right team assembled under Keelan's leadership to meet any challenge.

無論我們遇到什麼樣的市場條件，我相信在基蘭的領導下，我們擁有一個合適的團隊來應對任何挑戰。

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

說完這些，我就把麥克風交給基蘭。

Thank you, Jeremy, and thank you for those very kind comments.

謝謝你，傑里米，謝謝你那些非常友好的評論。

As reported in yesterday's earnings release for the first quarter, Transocean delivered adjusted EBITDA of $244 million on $906 million of contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 27%.

根據昨日發布的第一季財報報告，Transocean 的合約鑽井營收為 9.06 億美元，調整後 EBITDA 為 2.44 億美元，調整後 EBITDA 利潤率約為 27%。

After we released our fleet status report on April 16, we signed a price option on the Deepwater Asgard that if exercised, will extend its second firm period by one year. Additionally, over the weekend, the next two options on the Transocean Equinox were exercised at $540,000 per day. This extends the rigs firm period through August 2026 and represents $40 million of backlog.

在我們於 4 月 16 日發布船隊狀況報告後，我們簽署了「深水阿斯加德號」的價格選擇權，如果行使，該選擇權將延長其第二個確定期限一年。此外，週末，Transocean Equinox 的另外兩份選擇權以每天 54 萬美元的價格行使。這將使鑽井平台的租賃期限延長至 2026 年 8 月，並意味著 4,000 萬美元的積壓訂單。

Operationally so far this year we have commenced two programs ahead of schedule on rigs moving to contracts with new customers. The Transocean Barron's started in the Black Sea with OMV Petrom 10 days earlier than planned, and the Deepwater Invictus commenced its work with BP in the US Gulf 15 days ahead of its planned start.

今年到目前為止，我們已經提前啟動了兩個鑽機轉為與新客戶簽訂合約的專案。Transocean Barron's 號比計劃提前 10 天與 OMV Petrom 號一起在黑海啟航，Deepwater Invictus 號比計劃提前 15 天與 BP 號一起在美國墨西哥灣開始作業。

Now I'd like to take a few minutes to discuss industry and recent macrodynamics. As expected, we have observed a couple of relatively quiet quarters for selling fixtures. This is evidence of our customers' continued capital discipline, supply chain delays, and business restructuring activities.

現在我想花幾分鐘討論一下產業和最近的宏觀動態。正如預期的那樣，我們觀察到幾個季度的固定裝置銷售相對平靜。這證明我們的客戶持續進行資本紀律、供應鏈延遲和業務重組活動。

Importantly, our customers have unambiguously pivoted to once again endorsing hydrocarbons as a core business and the priority investment for the future. For example, at Shell's Capital Markets Day last month, its management highlighted the superior returns generated by its deepwater assets and underscored its strong deepwater resource base relative to its peers.

重要的是，我們的客戶已明確再次將碳氫化合物作為核心業務和未來的優先投資。例如，在上個月的殼牌資本市場日上，其管理層強調了其深水資產產生的優異回報，並強調了其相對於同行而言強大的深水資源基礎。

Additionally, in February, BP reiterated the strategic role its US Gulf assets play in maintaining its position as one of the leading upstream companies globally. The emphasis on deepwater is illustrative of a broader strategic shift among particularly the European major integrated operators, many of which have already rebalanced their portfolios to emphasize their core oil and gas operations.

此外，英國石油公司在二月重申了其美國墨西哥灣資產在維持其全球領先上游公司地位方面發揮的戰略作用。對深水的重視體現了歐洲主要綜合營運商更廣泛的戰略轉變，其中許多營運商已經重新平衡了他們的投資組合，以強調他們的核心石油和天然氣業務。

In recent weeks, trade tensions and OPEC announcements have heightened volatility and introduced broad market uncertainty that we haven't seen since the COVID pandemic. Like everyone else, we continue to evaluate the potential impact of these developments on our business. However, we think it is important to remember two things.

最近幾週，貿易緊張局勢和石油輸出國組織的聲明加劇了市場波動，並帶來了自新冠疫情以來從未見過的廣泛市場不確定性。與其他人一樣，我們將繼續評估這些發展對我們業務的潛在影響。然而，我們認為記住兩件事很重要。

One, market and commodity volatility, while unnerving to some, has not materially impacted our business. And as yet, we have not seen a planned program delayed or canceled as a result. Our fleets and particularly our backlog provide us with the ability to better understand, -- better withstand market disruptions should they arise.

首先，市場和商品的波動雖然讓一些人感到不安，但並沒有對我們的業務造成實質影響。到目前為止，我們還沒有看到任何計劃中的項目因此被推遲或取消。我們的車隊，特別是我們的積壓訂單，使我們能夠更好地了解市場波動，並更好地抵禦市場波動。

Looking beyond general market volatility, we are confident in the future of deepwater drilling. Our outlook reflects the shifts in our customers' focus and constructive industry fundamentals reinforced by third party projections. For example, when McKenzie projects a 40% increase in deepwater investment by 2030, as more than 90% of deepwater 2P, proven and probable, reserves are economic above $50 per barrel.

除了一般的市場波動之外，我們對深水鑽井的未來充滿信心。我們的展望反映了客戶關注點的轉變以及第三方預測所證實的建設性產業基本面。例如，麥肯齊預測到 2030 年深水投資將增加 40%，因為超過 90% 的深水 2P（已探明和可能）儲量的經濟價值超過每桶 50 美元。

With that, I'll now cover the market outlook for the geographic regions.

現在我將介紹各地理區域的市場前景。

In the US Gulf, we are expecting up to six programs to commence in the second and third quarters of 2026 for durations ranging between six months to four years each. Of these, we believe three will come out as public tenders in the next two quarters. The remainder are already in direct discussions pending final award or just recently announced.

在美國墨西哥灣，我們預計將於 2026 年第二季和第三季啟動多達六個項目，每個項目的持續時間為六個月至四年不等。我們認為其中有三項將在未來兩季內公開招標。其餘問題已進入直接討論階段，等待最終裁決或最近剛宣布。

Additionally, nine projects are expected to reach final investment decision in the next three years, including three 20k prospects, BP's Guadalupe and Tiber and Beacons Shenandoah South.

此外，預計未來三年內將有 9 個項目做出最終投資決定，其中包括三個 20k 前景、BP 的 Guadalupe 和 Tiber 以及 Beacons Shenandoah South。

In Brazil, Petrobras has been steadily increasing its rig count over the past couple of years and is expected to reach more than 30 active rigs by the end of this year and plans to keep the same number of rigs on contract for the foreseeable future.

在巴西，巴西石油公司過去幾年一直在穩步增加其鑽井平台數量，預計到今年年底將達到 30 多個活躍鑽井平台，並計劃在可預見的未來保持相同數量的鑽井平台合約。

Consistent with our prior projections, Petrobras recently released the tender for its next Buzios program. The program will require a minimum of one and possibly up to three or four rigs for four years each. Additionally, we are awaiting a tender for its Mero program in the coming weeks.

與我們先前的預測一致，巴西石油公司最近發布了其下一個布茲奧斯計畫的招標。該計劃至少需要一座鑽井平台，最多可能需要三座或四座鑽井平台，每座鑽井平台的使用期限為四年。此外，我們正在等待未來幾週對其 Mero 計劃的招標。

Both programs will likely be filled by rigs they already have on contract in country. Also in Brazil, we anticipate Shell will come to the market in the next few months for its recently FID Gato do Mato project. The program is currently set to commence in late 2026 for two years firm.

這兩個項目很可能將由他們在該國已經簽訂合約的鑽機來完成。此外，在巴西，我們預計殼牌將在未來幾個月內進入其最近獲得最終投資決定的 Gato do Mato 項目市場。該計劃目前定於 2026 年底開始實施，為期兩年。

Now to Africa. In Nigeria, as expected, Shell recently awarded a rig for its Bonga South program. We expect Exxon and Chevron to follow in the next several quarters, with each awarding one rig by the end of the year for commencements in late 2026 to early 2027.

現在去非洲。在奈及利亞，殼牌公司最近如預期般為其 Bonga South 計畫授予了一座鑽井平台。我們預計埃克森美孚和雪佛龍將在接下來的幾季跟進，分別在年底前授予一座鑽井平台，並於 2026 年底至 2027 年初開始營運。

In the Ivory Coast in Ghana, three programs will likely be awarded in the coming months for commencements between late this year to mid next year, for between six to 12 months each. Namibia exploration activity continues and we expect development programs will materialize from this work in 2027 and 2028.

在加納的科特迪瓦，未來幾個月可能會有三個項目被授予獎項，這些項目將於今年年底至明年年中開始實施，每個項目為期 6 至 12 個月。納米比亞的勘探活動仍在繼續，我們預計開發計畫將在 2027 年和 2028 年實現。

And lastly, in Mozambique, three long-term programs are currently set to commence in 2027, all of which are expected to bring incremental rigs to the region. In the Mediterranean, despite the geopolitical situation, we continue to see our customers move ahead with their programs. Among other opportunities, BP is out to tender for a minimum one year program in Egypt that is expected to commence as early as the fourth quarter this year.

最後，在莫三比克，目前有三個長期計畫將於 2027 年啟動，預計所有這些計畫都將為該地區帶來更多的鑽井平台。在地中海，儘管地緣政治形勢嚴峻，我們仍然看到我們的客戶繼續推進他們的專案。除其他機會外，英國石油公司還將在埃及招標一個為期至少一年的項目，預計該項目最早將於今年第四季開始。

By the end of 2026, we expect at least five rigs will be on contract in the region, and incremental two to three rigs to current supply.

到 2026 年底，我們預計該地區將簽訂至少五座鑽井平台合同，並在現有供應量的基礎上增加兩到三座鑽井平台。

Moving further east in India, ONGC is expected to tender for its 18 month two rig program commencing late 2026. In Malaysia, PTTEP recently reissued the market survey for its program, and we believe it will release the tender later this quarter.

進一步向東，印度石油天然氣公司預計將於 2026 年底開始招標為期 18 個月的兩座鑽井平台計畫。在馬來西亞，PTTEP最近重新發布了該項目的市場調查，我們相信它將在本季稍後發布招標。

And in Indonesia, ENI issued a market survey for eight worlds commencing late 2026 to early 2027.

在印度尼西亞，埃尼集團發布了針對2026年底至2027年初八個國家的市場調查。

In Australia, bids were recently submitted for Chevron's Gorgon phase three tender. We expect them to issue the award sometime in the fourth quarter for 12 to 24 months of work beginning late 2026. Impex is expected to tender later this month for its five-year program, commencing the second quarter of 2027.

在澳大利亞，雪佛龍的 Gorgon 第三期招標項目最近已提交投標。我們預計他們將在第四季度的某個時候頒發該獎項，用於從 2026 年底開始的 12 至 24 個月的工作。Impex 預計將於本月稍後對其五年期計劃進行招標，該計劃將於 2027 年第二季開始。

With the current demand, including opportunities with the local independence, our two rigs, the Transocean Equinox and Transocean Endurance are well placed and could remain in Australia beyond their current programs.

鑑於目前的需求，包括當地獨立的機會，我們的兩艘鑽井平台「Transocean Equinox」和「Transocean Endurance」處於有利位置，可以在現有計劃之外繼續留在澳洲。

Shifting now to the traditional harsh environment regions are four rigs in Norway, the Transocean Spitzbergen, Transocean Norgay, Transocean encourage, and Transocean Enabler are on contract in 2027.

目前，挪威有四個鑽井平台正在轉向傳統的惡劣環境區域，即 Transocean Spitzbergen 號、Transocean Norgay 號、Transocean encourage 號和 Transocean Enabler 號，合約將於 2027 年簽訂。

Given projected demand, which suggests two incremental rigs will be required in Norway in 2027, and the push from Norwegian regulators for more exploration and development activities, we are confident our rigs will be placed on programs directly following their current contracts.

鑑於預計的需求（表明 2027 年挪威將需要增加兩台鑽機），以及挪威監管機構推動更多的勘探和開發活動，我們相信我們的鑽機將直接按照現有合約投入到專案中。

In the UK, BP released its west of Shetland tender, which will require one rig for a firm duration of three years, beginning the first quarter of 2027. And finally, in Canada, Suncor recently tendered for its one year Terra Nova program, beginning in 2027.

在英國，英國石油公司發布了設得蘭群島西部的招標，要求一座鑽井平台，固定使用期限為三年，從 2027 年第一季開始。最後，在加拿大，Suncor 最近對其為期一年的 Terra Nova 計畫進行了招標，該計畫將於 2027 年開始。

In summary, we remain optimistic about the global offshore drilling market and are encouraged by our continued conversations with customers. At this point, we do not believe that present macroeconomic uncertainty will cause delays to the programs we expect to be awarded to the industry over the next several quarters, many of which are linked to long-term developments.

總之，我們仍然對全球海上鑽井市場持樂觀態度，並與客戶的持續對話讓我們感到鼓舞。目前，我們認為，當前的宏觀經濟不確定性不會導致我們預計在未來幾季授予該行業的項目出現延遲，其中許多項目與長期發展相關。

Independent projections and key industry metrics continue to point towards increasing offshore drilling activity across the Board, with growth coming from deepwater basins.

獨立預測和關鍵行業指標繼續表明，整個行業的海上鑽井活動將不斷增加，而成長主要來自深水盆地。

According to Fernley offshore, the combined crude reserves of the majors have declined from approximately 93 billion barrels in 2012 to around 76 billion barrels at the end of last year, while the major's collective reserve to production ratio declined by approximately 20% over the same period. As we progress through 2025, our priorities remain largely the same.

Fernley Offshore 稱，各大石油公司的總原油儲量已從 2012 年的約 930 億桶下降至去年年底的約 760 億桶，而各大石油公司的總體儲產比同期下降了約 20%。隨著我們邁入 2025 年，我們的優先事項基本上保持不變。

We are committed to delivering safe, reliable and efficient operations for our customers and are focused on the conversion of our $7.9 billion of backlog to revenue, and that revenue to cash to create sustainable value for our shareholders.

我們致力於為客戶提供安全、可靠和高效的運營，並專注於將 79 億美元的積壓訂單轉化為收入，並將收入轉化為現金，為股東創造永續價值。

With that, I will now hand it over to Thad to discuss our results and guidance. Thad?

現在，我將把主題交給 Thad 來討論我們的成果和指導。薩德？

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

謝謝你，基蘭，祝大家有美好的一天。在今天的電話會議上，我將簡要回顧我們第一季的業績，提供第二季的指導，並最後更新我們對全年的預期。

As disclosed in our press release for the first quarter, we reported a net loss attributable to controlling interest of $79 million or a net loss of $0.11 per diluted share. During the quarter, we generated EBITDA of $244 million and cash flow from operating activities of $26 million.

正如我們在第一季的新聞稿中所揭露的那樣，我們報告的歸屬於控股權益的淨虧損為 7,900 萬美元，或每股攤薄淨虧損 0.11 美元。本季度，我們的 EBITDA 為 2.44 億美元，經營活動現金流為 2,600 萬美元。

Free cash flow of negative $34 million reflects the $26 million of cash flow net of $60 million of capital expenditures. During the first quarter, we delivered contract drilling revenues of $906 million at an average daily revenue of approximately $444,000.

自由現金流為負 3,400 萬美元，反映的是扣除 6,000 萬美元資本支出後的 2,600 萬美元現金流。第一季度，我們實現了 9.06 億美元的合約鑽井收入，平均每日收入約為 444,000 美元。

Contract drilling revenues exceeded our guidance range due primarily to higher than anticipated utilization on the Transocean Spitzbergen and Transocean Endurance as a result of the lay out of service periods and the early commencement of the Transocean Barron's.

合約鑽井收入超出了我們的指導範圍，主要原因是由於服務期的安排和 Transocean Barron's 的提前開始，Transocean Spitzbergen 和 Transocean Endurance 的利用率高於預期。

At $618 million operating and maintenance or O&M expense in the first quarter was within our guidance range. Lower costs related to the aforementioned delays in out of service periods were offset by an unfavorable conclusion to a customer dispute that resulted in a $34 million non-cash charge associated with the write-off of an uncollected receivable during the period.

第一季的營運和維護費用為 6.18 億美元，在我們的指導範圍內。與上述停運期間延誤相關的成本降低被客戶糾紛的不利結論所抵消，該糾紛導致與該期間未收回的應收帳款註銷相關的 3,400 萬美元非現金費用。

G&A expense in the first quarter was $50 million. We ended the first quarter with total liquidity of approximately $1.3 billion. This includes unrestricted cash and cash equivalents of $263 million, 428 million of restricted cash, the majority of which is reserved for that service, and $576 million of liquidity from our undrawn credit facility.

第一季的一般及行政費用為 5,000 萬美元。第一季結束時，我們的總流動資金約為 13 億美元。其中包括 2.63 億美元的非限制性現金和現金等價物、4.28 億美元的限制性現金（其中大部分為該服務保留）以及來自我們未提取信貸額度的 5.76 億美元流動資金。

I will now provide guidance agents for the second quarter and an update on our expectations for the full year.

我現在將為第二季的代理商提供指導，並更新我們對全年的預期。

For the second quarter, we expect contract drilling revenues to be between $970 million and $990 million based upon an average fleetwide revenue efficiency of 96.5% on our working rigs. As you know, revenue efficiency can vary based upon uptime performance, weather, and other factors.

對於第二季度，我們預計合約鑽井收入將在 9.7 億美元至 9.9 億美元之間，基於我們工作鑽井平台 96.5% 的平均全隊收入效率。如您所知，收入效率會根據正常運作時間表現、天氣和其他因素而變化。

This estimate also 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.

這項估計還包括5500萬至6500萬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通常具有較低的個位數利潤率。

The expected quarter-over-quarter increase in contract drilling revenues is primarily due to higher activity on the Barron's and the Deepwater Invictus, and our expectation for improved revenue efficiency and more operating days in the quarter, partially offset by the scheduled unpaid out of service period on the (inaudible).

預計合約鑽井收入將環比增長，主要原因是 Barron's 和 Deepwater Invictus 的活動增加，以及我們預期本季度收入效率提高和運營天數增加，但部分抵消了（聽不清楚）。

We expect second quarter O&M expenses to be within a range of approximately $610 million to $630 million. This slight quarter-over-quarter increase is primarily due to additional costs incurred due to out of service periods on the Spitzbergen and Endurance, and the timing of in-service maintenance across the fleet partially offset by the write-off associated with the customer dispute that I mentioned a moment ago.

我們預計第二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。這一環比小幅增長主要是由於 Spitzbergen 號和 Endurance 號停運期間產生的額外成本，以及整個船隊的在役維護時間，但被我剛才提到的與客戶糾紛相關的註銷部分抵消。

We expect G&A expense for the second quarter to fall within a range of $45 million to $50 million. Net cash interest expense for the second quarter is forecasted to be approximately $140 million comprising interest expense and interest income of about $147 million and approximately $7 million respectively.

我們預計第二季的一般及行政費用將在 4,500 萬美元至 5,000 萬美元之間。預計第二季淨現金利息支出約 1.4 億美元，其中利息支出約 1.47 億美元，利息收入約 700 萬美元。

Capital expenditures for the second quarter are forecasted to be approximately $20 million and cash taxes to be paid are expected to be approximately $30 million. For the full year 2025, contract drilling revenues are still expected to be between $3.85 billion and $3.95 billion. The range primarily reflects potential variances in revenue efficiency.

預計第二季的資本支出約為 2,000 萬美元，預計需支付的現金稅約為 3,000 萬美元。2025年全年，合約鑽井收入預計仍將在38.5億美元至39.5億美元之間。此範圍主要反映收入效率的潛在差異。

Our guidance also includes between $235 million and $245 million of additional services and reimbursable expenses.

我們的指導還包括 2.35 億美元至 2.45 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 $2.4 billion in line with our previous guidance, and we anticipate G&A costs to be between $185 million and $195 million and $5 million lower than previously forecasted.

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，我們預計一般和行政費用將在 1.85 億美元至 1.95 億美元之間，比先前的預測低 500 萬美元。

For the full year, we are anticipating net cash interest expense between $550 million and $555 million combined in interest expense and interest income of about $580 million and between $25 million and $30 million respectively. This excludes any impact from the bifurcated exchange feature of our 2029 exchangeable bonds.

我們預計全年淨現金利息支出在 5.5 億美元至 5.55 億美元之間，利息支出和利息收入分別約為 5.8 億美元和 2,500 萬至 3,000 萬美元。這不包括我們 2029 年可交換債券的分叉交換功能的任何影響。

Cash taxes for the full year are forecast to be between $75 million and $80 million, somewhat higher than our earlier guidance due to longer than expected activity and higher tax jurisdictions.

預計全年現金稅將在 7,500 萬美元至 8,000 萬美元之間，由於活動時間比預期長且稅收管轄範圍較高，略高於我們先前的預期。

We now expect 2025 capital expenditures to be approximately $115 million reduced from our prior guidance of $130 million of which approximately $150 million is related to customer required capital upgrades for upcoming projects and capital spares and approximately $65 million of sustaining capital investment.

我們現在預計 2025 年的資本支出將比先前預測的 1.3 億美元減少約 1.15 億美元，其中約 1.5 億美元與客戶即將開展的專案和資本備件所需的資本升級有關，約 6,500 萬美元用於維持資本投資。

Our projected liquidity at year end 2025 is now forecasted to be between $1.45 billion and $1.55 billion. This reflects our revenue, cost, and capital expenditure guidance and includes the impact of our cost savings initiative to date, our undrawn revolving credit facility, and restricted cash of approximately $450 million.

我們預計 2025 年底的流動資金將在 14.5 億美元至 15.5 億美元之間。這反映了我們的收入、成本和資本支出指導，包括迄今為止的成本節約計劃、未提取的循環信貸額度和約 4.5 億美元的受限現金的影響。

As a reminder for the terms of our credit agreement, the capacity of the facility declined to $510 million from $576 million effective late June 2025. At the present time we have not explicitly included the potential impact of tariffs in our guidance. As you know the situation is continuously evolving and highly uncertain.

提醒我們的信貸協議條款，自 2025 年 6 月底起，該信貸額度將從 5.76 億美元降至 5.1 億美元。目前，我們還沒有在指導下明確考慮關稅的潛在影響。如你們所知，形勢在不斷變化，而且高度不確定。

We anticipate that any tariff exposure will fall into two broad categories: direct, meaning directly related to our importation of materials into the US from foreign countries, and indirect, which relates to additional costs our US-based suppliers pay to import the goods and materials needed to manufacture the products they supply.

我們預期任何關稅風險將分為兩大類：直接關稅，即與我們從國外進口材料到美國直接相關；間接關稅，即與美國供應商為進口製造其供應的產品所需的商品和材料而支付的額外成本相關。

We currently do not expect our exposure to direct tariffs to be significant or likely to drive a meaningful increase in our costs. A significant portion of our sourcing is already done in the jurisdictions in which we operate. For example, roughly 87% of the goods used in our US operations are procured domestically.

目前，我們預計直接關稅的影響不會很大，也不太可能導致我們的成本大幅增加。我們的採購工作很大一部分已在我們經營所在的司法管轄區內完成。例如，我們美國業務中使用的大約 87% 的商品都是在國內採購的。

We are also able to utilize foreign trade zones for certain components. Further and coincidentally, as part of our cost savings initiative, which I will discuss shortly, we have already increased local procurement in other countries and continue to make significant progress in this regard, as evidenced by Brazil, our second largest operating area, our local content is over 60% today, up from about 30% in 2023.

我們也可以利用外貿區來採購某些零件。此外，巧合的是，作為我們成本節約計劃的一部分（我將很快討論），我們已經增加了在其他國家的本地採購，並在這方面繼續取得重大進展，以我們的第二大運營地區巴西為例，我們的本地內容目前已超過 60%，高於 2023 年的 30% 左右。

In relation to our indirect exposure to tariffs, we have observed some preemptive supplier price increases intended to mitigate the potential impact of tariffs on their own supply chains. This is not yet widespread as most of our suppliers still appear to be assessing the situation.

關於我們間接受到的關稅影響，我們觀察到一些供應商先發制人地提高價格，旨在減輕關稅對其自身供應鏈的潛在影響。這種現象尚未廣泛傳播，因為我們的大多數供應商似乎仍在評估情況。

We think that any indirect or pass through cost increases have a greater potential to affect our cost structure over the longer run if reciprocal tariffs are not curtailed. We continuously engage with our suppliers to understand the potential impact of the tariff regimes and work to mitigate increases wherever possible.

我們認為，如果不削減互惠關稅，任何間接或轉嫁成本的增加都有可能在長期內對我們的成本結構產生更大的影響。我們不斷與供應商合作，了解關稅制度的潛在影響，並盡可能減輕關稅上漲的影響。

We also continue to review our contracts with customers to determine our eligibility for relief through cost escalation or change in law provisions.

我們也將繼續審查與客戶簽訂的合同，以確定我們是否有資格透過成本上漲或法律條款變更獲得救濟。

Finally, as I mentioned when we spoke in February on our 2024 year end call, we had initiated an enterprise-wide evaluation to identify areas in which we can reduce our costs without compromising our ability to provide safe and reliable operations.

最後，正如我在 2 月份 2024 年年終電話會議上提到的那樣，我們已經啟動了一項全企業範圍的評估，以確定我們可以在不損害我們提供安全可靠運營的能力的情況下降低成本的領域。

Thus far we have identified approximately $100 million of cash cost savings that we expect to be realized over the course of 2025, predominantly in the second half of the year, with a similar quantum of savings expected in 2026. As this effort is ongoing, we expect to identify additional opportunities to improve efficiencies in our cost structure.

到目前為止，我們已經確定了大約 1 億美元的現金成本節約，預計這些節約將在 2025 年期間實現，主要是在下半年，預計 2026 年也將實現類似數額的節約。隨著這項工作的持續進行，我們期望發現更多機會來提高成本結構的效率。

Our CapEx and overhead guidance reflect a portion of these anticipated savings. However, our 2025 O&M guidance range is currently unchanged from last quarter, due in part to embedded and offsetting non-cash charges and accounting accruals. The full impact of these cash cost savings is most clearly visible on our current liquidity forecast, which we have increased by approximately $100 million.

我們的資本支出和管理費用指導反映了這些預期節省的一部分。不過，我們 2025 年的 O&M 指導範圍目前與上一季相比沒有變化，部分原因是嵌入和抵消了非現金費用和會計應計項目。這些現金成本節省的全面影響在我們目前的流動性預測中最為明顯，我們將其增加了約 1 億美元。

As we discussed previously, we anticipate using a portion of these cost savings to accelerate the leveraging of our balance sheet. This concludes my prepared remarks, and I'll now turn the call back to Keen for additional comments before we start Q&A.

正如我們之前所討論的，我們預計將使用部分成本節省來加速我們資產負債表的槓桿作用。我的準備好的演講到此結束，現在我將把電話轉回給 Keen 以徵詢他的補充意見，然後再開始問答環節。

Thanks, Thad. Before we move to Q&A, I will take this opportunity to recognize and thank Jeremy for his exceptional leadership over the past 10 years.

謝謝，薩德。在進入問答環節之前，我想藉此機會感謝傑里米在過去十年中出色的領導能力。

Jeremy's tenure as CEO of Transocean was nothing short of transformational. Upon his arrival in 2015, he quickly developed a strong understanding of this business, established a clear vision and strategy, and successfully guided the company to arguably the worst downturn in the history of the offshore drilling industry.

傑里米擔任 Transocean 執行長的任期堪稱變革性的。2015年上任後，他迅速對這項業務有了深入的了解，建立了清晰的願景和策略，並成功帶領公司度過了海上鑽井行業歷史上最嚴重的衰退。

He protected the interests of our shareholders and had the foresight to take proactive actions to position the company for even greater success when the industry recovered. In this regard, he presided over a significant restructuring of our asset base. He embraced the unique and singular objective of building the most differentiated and highest capability pure play floater fleet in the industry.

他保護了我們股東的利益，並有遠見地採取積極行動，使公司在行業復甦時取得更大的成功。在這方面，他主持了我們資產基礎的重大重組。他秉持著獨特而非凡的目標，打造業界最具差異化、能力最強的純浮動油輪船隊。

One that when operated and supported by the men and women of Transocean, has and continues to deliver outstanding performance to our customers, generate leading edge day rates and an industry-leading backlog.

在 Transocean 全體員工的營運和支援下，該公司已經並將繼續為客戶提供卓越的服務，創造領先的日費率和行業領先的積壓訂單。

What the outside world has seen are simply the outcomes of his leadership skills and style. As important to the longevity and future success of the company are things that don't necessarily make headlines, such as his commitment to developing talent and building high performance teams. His inspirational leadership unlocks potential, motivates and mobilizes our global workforce, and empowers his team to execute.

外界所看到的只是他的領導能力和領導風格的結果。對於公司的長久發展和未來成功而言，一些不一定會成為頭條新聞的事情同樣重要，例如他致力於培養人才和打造高績效團隊。他鼓舞人心的領導力釋放了潛力，激勵和動員了我們的全球員工，並授權他的團隊執行。

Every CEO wants to leave a company in better shape than they found it. I believe Jeremy can move to the next chapter in his career, knowing that he absolutely achieved that.

每個執行長都希望離開時公司的狀態比他們創立時更好。我相信傑里米能夠開啟職業生涯的下一個篇章，因為他絕對做到了這一點。

Jeremy, thank you sincerely for all you have done for Transocean over the past 10 years, and we look forward to your continued guidance on our Board of Directors.

傑里米，真誠感謝您過去10年來為Transocean所做的一切，我們期待您繼續指導我們的董事會。

And now I will turn the call back to Alison for Q&A.

現在我將把電話轉回給艾莉森進行問答。

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

謝謝，基蘭。傑里米，我們現在可以回答問題了。（活動須知）

Thank you. (Operator instructions) Eddie Kim, Barclays. Please go ahead.

謝謝。（操作員指示）巴克萊銀行的 Eddie Kim。請繼續。

Hi. Good morning. And Jeremy, congratulations again for guiding the company through an incredibly difficult time. And wish you all the best in whatever comes next.

你好。早安.傑里米，再次祝賀你帶領公司度過了極其艱難的時期。祝您在接下來的一切中一切順利。

Thanks, Eddie.

謝謝，埃迪。

My first question is on, kind of contract announcement timing. You laid out a very constructive outlook as you went through the region by region, on the upcoming tenders and programs, mostly with 2026 start dates. And I know it's always difficult to predict when these contracts will be announced, but what's your best estimate on that timing?

我的第一個問題是關於合約宣布的時間。在逐一介紹各地區即將進行的招標和計劃（大部分計劃將於 2026 年啟動）時，您提出了非常建設性的展望。我知道預測這些合約何時公佈總是很困難的，但您對這個時間的最佳估計是什麼？

Should we see most of these to be announced around mid-year or more towards the end of this year or early next year? Just your thoughts on when that, contract announcement timing could take place?

我們是否應該看到其中大部分內容在今年年中或年底或明年年初公佈？您認為何時可以宣布合約？

Hi, Eddie, this is, Roddie. I'll take that one. Yes. So, I think we've said this a few quarters in a row that, we do expect a lot of contract announcements this year. Last quarter and the quarter before were a bit quiet. But I think you just saw noble announcing several long term contracts yesterday.

嗨，艾迪，我是羅迪。我要那個。是的。所以，我想我們已經連續幾季說過了，我們確實預計今年會有很多合約公告。上個季度和上季都比較平靜。但我想你昨天剛剛看到諾貝爾宣布了幾份長期合約。

And then, we believe that many of the things that Keelan and I discussed in these comments, there will be awarded pretty soon. We think essentially there will be several awards over the summer period, but also all the way up towards the end of the year. In fact, we think the second half of the year could be, very prolific in terms of long term awards.

然後，我們相信，我和基蘭在這些評論中討論的許多事情很快就會實現。我們認為，基本上在夏季會頒發多個獎項，但到年底也會頒發多個獎項。事實上，我們認為今年下半年的長期獎項可能會非常多。

And as you pointed out, there's not a whole lot of stuff for 2025. But we're currently 97% booked in 2025. So we feel pretty good about that and through the year from this point forward, we're 93%, contracted. So, yes, a lot of the stuff starts in 2026. But, we think that suits us very well, actually.

正如您所指出的，2025 年並沒有太多的事情要做。但目前我們 2025 年的預訂率已達 97%。所以我們對此感覺很好，從現在開始，今年我們的合約簽訂率已經達到 93%。所以，是的，很多事情將於 2026 年開始。但實際上，我們認為這非常適合我們。

Got it. That sounds great. My follow up is just on, expected kind of day rates on those contracts we should expect in the second half of this year. Up until now, I mean, leading edge, voters are still kind of in that mid to high 400 range.

知道了。聽起來不錯。我的後續問題是，我們預計今年下半年這些合約的日利率會是多少。到目前為止，我的意思是，領先優勢的選民人數仍然在 400 人左右。

But there's a lot more idle rigs today than there were six months ago. So just curious if you expect, we might see some day rate pressure on these upcoming contracts or if they should, be fairly resilient at current levels.

但如今閒置的鑽孔機數量比六個月前多得多。所以只是好奇，如果您預期的話，我們可能會看到這些即將簽訂的合約面臨一些日利率壓力，或者它們在當前水平上具有相當的彈性。

Yeah. So look. The way that we look at it is, if you think about, 2025 projections are give or take about 120 working rigs, floaters, and that's sharply increases to 130 in 2027 and goes up to like 142 in 2029.

是的。所以看看吧。我們的看法是，如果你想想，2025 年的預測是大約有 120 個工作鑽井平台和浮動平台，而到 2027 年這個數字將急劇增加到 130 個，到 2029 年將增加到 142 個。

So our view on the rates are that, you could probably see some near-term pressure for short-term work, but we think for long-term work, it makes a lot more sense that, we continue at rates similar to what we've seen over the past year.

因此，我們對利率的看法是，您可能會看到短期工作面臨一些短期壓力，但我們認為，對於長期工作而言，繼續保持與過去一年類似的利率更有意義。

So certainly that's been our experience. And a lot of the discussions we've had with our customers that the rates are kind of largely unchanged going forward. But it's definitely possible that you'll see some near-term pressure for those trying to fill some gaps.

這當然是我們的經驗。我們與客戶進行過多次討論，表示未來費率基本上不會改變。但對於那些試圖填補一些空白的人來說，你肯定會看到一些短期壓力。

And maybe just add something on top of that. It really depends on when these jobs were bid up and the timing of those jobs, whether they were by tender or direct negotiations. So it could be a bit of a mixed bag in the near term.

或許還可以在此基礎上加入一些東西。這實際上取決於這些工作何時被競標以及這些工作的時間，無論是透過招標還是直接談判。因此，短期內情況可能會有點複雜。

But as Roddie indicated, we obviously see progression to a higher utilization on the industry's fleet, by end of 2026, 2027.

但正如羅迪所指出的，到 2026 年或 2027 年底，我們顯然會看到該產業船隊的利用率不斷提高。

Got it. Great. Thanks for that color. I'll turn it back.

知道了。偉大的。謝謝你這個顏色。我會把它轉回去。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah. Good morning. I was wondering if you could or getting a few by side questions on the Shell Awards from Noble. I was wondering if you could talk about the implications from Transocean, because you do obviously have a couple of incumbent rigs working for Shell today.

是的。早安.我想知道您是否可以就 Noble 頒發的殼牌獎提出一些問題。我想知道您是否可以談談 Transocean 的影響，因為您目前確實有幾個現有鑽井平台為殼牌公司工作。

Yeah, sure. No problems. I'll take that. First of all, congratulations to Noble for booking up a couple of slots there. Yes. So the way that we view that, obviously we were very involved in the process with Shell, and, we simply took the portfolio view that we weren't going to kind of go to those levels for this class of asset, but that being said, we actually think, Shell themselves have additional demand required in the Gulf of Mexico.

是的，當然。沒問題。我會接受的。首先，恭喜 Noble 在那裡預訂了幾個席位。是的。因此，我們對此的看法是，顯然我們非常參與殼牌的進程，並且，我們只是採取了投資組合的觀點，即我們不會對這類資產達到那種水平，但話雖如此，我們實際上認為，殼牌自己在墨西哥灣有額外的需求。

And we've had a long relationship with Shell, and we sincerely appreciate all of their work that has been a fabulous partnership through the years. And sure, it's going to continue. So we think, there's still plenty of opportunities, as I kind of said in the last question, we chose to take a longer view. There's a much higher period of activity just around the corner. And the rigs that we're talking about in our fleet. Well, the first one off doesn't finish for more than a year, and the second one for more than two years.

我們與殼牌公司有著長期的合作關係，我們真誠地感謝他們多年來所做的一切工作，這是我們非常愉快的合作關係。當然，這種情況還會持續下去。所以我們認為，仍然有很多機會，正如我在上一個問題中所說的那樣，我們選擇從更長遠的角度看待問題。一個更活躍的時期即將到來。以及我們正在談論的我們船隊中的鑽井平台。嗯，第一部一年多都沒完結，第二部兩年多都沒完結。

So we kind of think about adding four years that will run you into 2030 and 2031 that we would take a longer view on what those rates should be. So in addition to that, we've also had a lot of inbounds on this class of rig from other operators in the Gulf and elsewhere.

因此，我們考慮增加四年，即到 2030 年和 2031 年，以便我們能夠以更長遠的眼光來考慮這些利率應該是多少。除此之外，我們還從墨西哥灣和其他地方的其他業者那裡獲得了大量此類鑽井平台的訂單。

So, we kind of went down this track before with, with Alaska and, we're very successful in placing her elsewhere, and we're also excited about starting that project. So I think we're in very good shape there. And we're quite pleased to see the beginning of these long-term contracts now being announced.

所以，我們之前在阿拉斯加就嘗試過這種方法，我們非常成功地將她安置在其他地方，我們也很高興開始這個計畫。所以我認為我們的情況非常好。我們非常高興地看到這些長期合約即將開始生效。

And maybe just another piece on top of that. I think Shell have obviously looked at their portfolio of assets that they're using. And based on the programs that they've got, have elected to use a wider portfolio of capabilities and in that case, our 7G plus assets, there's plenty of opportunities for them in the timeframe that these contracts we’re in, and we feel very strongly about keeping them available at that point in time for the right rates and contracts.

或許只是在這之上還有另一件作品。我認為殼牌顯然已經審視過他們正在使用的資產組合。根據他們所擁有的項目，他們選擇使用更廣泛的功能組合，在這種情況下，我們的 7G plus 資產，在我們簽訂的這些合約的時間範圍內，為他們提供了大量機會，我們非常強烈地認為，在那個時候，他們會以合適的價格和合約繼續使用我們的資產。

Shell, are a very, very important customer to us. And we know that they will have activity and perhaps even more activity than they currently have. And we look to continue that relationship going forward.

殼牌對我們來說是一個非常非常重要的客戶。我們知道他們會採取一些行動，甚至可能比現在採取更多的行動。我們期待未來能夠繼續維持這種關係。

Great. Maybe just a follow-up. I was wondering if you could elaborate on your activity assumptions for West Africa. You highlighted a couple of opportunities for rigs, but do you see that being a potential growth area late 2026 into 2027?

偉大的。也許只是後續行動。我想知道您是否可以詳細說明您對西非的活動假設。您強調了鑽井平台的幾個機會，但您是否認為這會成為 2026 年底至 2027 年的一個潛在成長領域？

Yeah. It's interesting. You should ask that. You know, in a lot of the stuff we've discussed over the past six months or so, we've there's not been a lot in West Africa. Certainly. Brazil. Latin America is very, very strong just now, as is the Gulf of Mexico. But that last piece of the golden triangle is really woken up.

是的。這很有趣。你應該問這個。你知道，在過去六個月左右我們討論的許多事情中，很少有關於西非的討論。當然。巴西。拉丁美洲現在非常非常強大，墨西哥灣也是如此。但金三角的最後一塊區域確實被喚醒了。

So as Keelan had mentioned in his prepared comments, we're looking at, many countries in West Africa with multiyear opportunities and multi-rig opportunities. So we're kind of excited about that. We think there's a few rigs over there that, will benefit from all of that activity.

正如基蘭在其準備好的評論中提到的那樣，我們正在關注西非許多國家，它們擁有多年期機會和多鑽井平台機會。因此我們對此感到很興奮。我們認為那裡的幾個鑽井平台將從這些活動中受益。

And in fact, we actually predict that, the region will consume a few rigs more than it currently has. So that's looking very good. Again, in that, that 2026 timeframe.

事實上，我們預測該地區消耗的鑽井數量將比現在多一些。這看起來非常好。再次強調，那是在 2026 年的時間範圍內。

And that's and that's the third leg of the stool that we're looking we're still looking for the golden triangle to, to boost up. And so it's really upside there in that area of the world for us.

這就是我們正在尋找的凳子的第三條腿，我們仍在尋找黃金三角來推動它。因此，對我們來說，那個地區確實是一個有利條件。

Great. I wanted to pass on my best to Jeremy. Jeremy, if you do write a book on the 2014 to 2016 period, I'd love to read that one.

偉大的。我想把我最好的祝福傳遞給傑里米。傑里米，如果你真的寫了一本關於 2014 年至 2016 年期間的書，我會很樂意閱讀。

Thanks. I appreciate it.

謝謝。我很感激。

Take care.

小心。

Fredrik Stene, Clarkson Securities.

克拉克森證券的 Fredrik Stene。

Hi, Team.

大家好。

Hi, Fredrik.

你好，弗雷德里克。

Congratulations, Jeremy. Job well done. I wanted to -- you had a good breakdown of the market and some good color on the previous questions here. Take action. I wanted to touch a bit on the cost savings that you mentioned that. And I just wanted to make sure that I heard it correctly.

恭喜你，傑瑞米。工作做得很好。我想——您對市場進行了很好的分析，並對前面的問題做出了很好的闡述。採取行動。我想稍微談談您提到的成本節約。我只是想確保我聽得正確。

You talked about $100 million that could be identified in 2025 and then an additional $100 million in 2026? Or was it $100 million in total across those two years? Just want to make sure that I heard correctly?

您說過 2025 年可以確定 1 億美元，然後在 2026 年再確定 1 億美元？或者說這兩年總共花了 1 億美元？只是想確認一下我聽得是否正確？

No. You heard -- you heard correctly. It's $100 million that we've identified for 2025. And while this is an ongoing process, we continue to assess opportunities here. You know, current expectation is going to be in about the same range.

不。你聽到了——你沒有聽錯。我們確定 2025 年的投資額為 1 億美元。雖然這是一個持續的過程，但我們會繼續評估這裡的機會。您知道，目前的預期將處於大致相同的範圍內。

So about $200 million in aggregate over the next two years. Obviously, we've not provided specific guidance for 2026 yet, but just to give you an indication of the magnitude of savings that we anticipate.

因此未來兩年總計約 2 億美元。顯然，我們還沒有為 2026 年提供具體的指導，而只是為了讓您了解我們預期的節省幅度。

Yeah. And are there will you incur any costs to save those costs.

是的。您是否願意承擔任何費用來節省這些成本？

At this point? Good question. At this point, nothing significant. Again, this is the beginning of the process. We have focused mostly on O&M costs. As I mentioned, there is some in SG&A and capital expenditures. But right now this comprises mostly things like renegotiation of contracts with our vendors. Some new technology that was sort of already underway that produces a net savings, using national crews, things of that nature.

在此刻？好問題。就這一點而言，沒有什麼重大的事情。再次強調，這只是過程的開始。我們主要關注營運和維護成本。正如我所提到的，銷售、一般及行政費用和資本支出中存在一些。但目前這主要包括與我們的供應商重新談判合約等內容。一些已經在進行的新技術可以透過使用國家工作人員等來產生淨節約。

And then some elements of the capital expenditure related to spares and things of that nature, where we find that we can actually reduce the quantum and the cost over time, given our views of maintenance and things of that nature. So at this point, we've not identified any significant costs associated with achieving the savings.

然後，資本支出的一些要素與備件和類似性質的東西有關，我們發現，根據我們對維護和類似性質的事情的看法，我們實際上可以隨著時間的推移減少數量和成本。因此，目前我們還沒有發現與實現節約相關的任何重大成本。

Okay. That's very helpful. And then I wanted to touch briefly on your fleet as well. And I guess this goes mostly kind of across your island and cold-stacked vessels. First, DD III and the discoverer inspiration. You know, any news on that process? Seems like there's still held for sale.

好的。這非常有幫助。然後我想簡單談談你們的艦隊。我想這主要發生在你們的島嶼和冷堆船上。首先，DD III 和發現者的靈感。您知道有關該過程的任何消息嗎？好像仍有待售。

And also on the cold-stack, assets, particularly on the deepwater, side. Do you have any some competitors have started to do scrap cold-stack assets. Are you planning on doing the same or are there any since you still have a legacy balance sheet in a way, some technicalities that would hinder you doing that in terms of impairments et cetera? Thank you.

還有冷棧資產，特別是深水資產。有沒有一些競爭對手已經開始做廢料冷堆資產。您是否計劃做同樣的事情，或者由於您仍然擁有遺留資產負債表，是否存在一些技術細節會在減值等方面阻礙您這樣做？謝謝。

Yeah, Fredrik. Same as before -- the inspiration the DD III are still held for sale and we are looking at alternative opportunities for those particular two that are warm and idle at the moment. We look at that quarter-by-quarter. With respect to the cold-stack fleet, yes, that's something that we look at on a quarterly basis.

是的，弗雷德里克。與以前一樣——靈感 DD III 仍在出售，我們正在為目前閒置的那兩款產品尋找其他機會。我們逐季度進行觀察。關於冷堆車隊，是的，這是我們每季都會關注的事情。

I'll remind you that, the sustaining cost required to keep them cold-stacked is minimal, provides us with optionality on that fleet. And a lot of the cost to put them into cold-stack is obviously been sunk already. So something we look at and every quarter, and, we'll continue to do so.

我要提醒你的是，保持它們冷堆所需的維持成本很小，為我們提供了該船隊的選擇權。而將它們放入冷棧的大量成本顯然已經沉沒了。因此，我們每個季度都會關註一些事情，並且我們會繼續這樣做。

And Fredrik, with respect to your question about sort of the mechanics, there's nothing in any of our debt covenants or accounting policies or anything like that that would encumber the ability to transact with any of these assets.

弗雷德里克，關於你關於機制的問題，我們的任何債務契約或會計政策或類似的東西中都沒有任何內容會妨礙對這些資產進行交易的能力。

Yeah. But I also like add one thing. I think we also hear a similar message from our competitors that, you know, for, uncompetitive assets when they go idle, if they're not part of a core fleet or a forward looking scenario, then it's quite possible you'll see many of these rigs retired from the industry in general.

是的。但我還想補充一點。我認為我們也從競爭對手那裡聽到了類似的信息，你知道，對於沒有競爭力的資產，當它們閒置時，如果它們不是核心船隊的一部分或前瞻性方案，那麼很有可能你會看到許多這樣的鑽井平台從整個行業中退役。

All right. I appreciate all the answers. With that, I'll leave it to the next one and wish you all a good day.

好的。我感謝所有的回答。好了，接下來就交給大家了，祝大家有個愉快的一天。

Thanks.

謝謝。

Thanks, Fredrik.

謝謝，弗雷德里克。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi. Good morning. I will kind of come back to one of my recurring questions, which is, in an upside case, I've been interested in what you think producers. What producer behavior might be like as they face needing to crowd through the door?

你好。早安.我將回到我反覆問的一個問題，那就是，在好的案例中，我一直對你對生產者的看法很感興趣。當生產者需要擠過門時，他們可能會採取什麼樣的行為？

There -- these recent contracts we heard that are encouraging sound like, some of them are recognizing that they're advantages to locking in a little sooner rather than later. So with those now under the industry's belt, what do you think things look like if, 2026 looks like it's going to be particularly strong.

我們聽到的這些最近簽訂的合約聽起來令人鼓舞，其中一些合約承認儘早鎖定合約是有優勢的。那麼，對於目前業界已經具備實力的人來說，您認為 2026 年的情況會是如何呢？

Hi, I'll take that one. This is Roddie again. Yes. So, look, as we think about the -- we talked about the macro uncertainty. Well, of course, a couple of recent announcements on tariffs and OPEC numbers have caused that short term volatility, but something that's been kind of overlooked is over the past three months, the majors, particularly the European majors, have basically come out and said we are refocusing on oil and gas. We are going to play to our strengths.

你好，我要那個。這又是羅迪。是的。所以，看，當我們思考時——我們談論的是宏觀不確定性。當然，最近有關關稅和歐佩克數據的幾項公告導致了短期波動，但過去三個月裡人們忽視了一點，那就是各大石油公司，特別是歐洲各大石油公司，基本上都表示將重新關注石油和天然氣。我們將發揮我們的優勢。

We are going to invest in upstream. And specifically, BP, Shell and Equinor, talking about spending more money on exploration. And when you look at what's projected in terms of CapEx spend, we're expected to see around a 40% increase for deepwater between 2025 and 2029.

我們將投資上游。具體來說，英國石油、殼牌和 Equinor 正在討論在勘探方面投入更多資金。當您查看資本支出預測時，我們預計 2025 年至 2029 年間深水支出將增加約 40%。

So -- that's because, as Keelan had mentioned, the investment economics, the returns expected for deepwater developments are superior to most other forms of investment. So we think that that will play heavily into what's going to happen in the offshore market today.

所以——這是因為，正如基蘭所提到的，從投資經濟學的角度來看，深水開發的預期回報要優於大多數其他形式的投資。因此我們認為這將對當今離岸市場的走勢產生重大影響。

So in terms of active utilization, we definitely see -- or are aligned with the projections that show we could be adding 20 rigs between now and the next three or four years. We also believe that we will see more exploration that will trigger yet further developments.

因此，就主動利用率而言，我們肯定看到——或者與預測一致，表明我們可能會在現在和未來三四年內增加 20 個鑽機。我們也相信，我們將看到更多的探索，引發進一步的發展。

And this is all driven by the overarching theme that, the IEA, for example, just republished their projections that show oil and gas will increase in consumption to 2050. So previously, all of those curves came down at some point in 2030s or 2040s.

這一切都是由一個總體主題驅動的，例如，國際能源總署剛剛重新發布了他們的預測，顯示到 2050 年石油和天然氣的消耗量將會增加。此前，所有這些曲線都在 2030 年代或 2040 年代的某個時候下降。

But the most recent projections show that even in the weakest economic case, oil and gas consumption will continue through the middle of the century. So for us, we think that's very solid fundamentals that can only support positive activity and positive day rates going forward.

但最近的預測顯示，即使在最疲軟的經濟狀況下，石油和天然氣消費仍將持續到本世紀中葉。因此，對我們來說，我們認為這是非常堅實的基本面，只能支持未來的積極活動和積極的日利率。

Great. Thanks. And so then would you say it would be fair to say that, given the last couple of years have shown these signs based on just very limited, industry supply of high spec rigs, have shown these sides of very positive demand fundamentals.

偉大的。謝謝。那麼您是否認為，鑑於過去幾年已經顯示出這些跡象，並且這些跡象僅基於非常有限的高規格鑽機行業供應，已經顯示出非常積極的需求基本面，這樣說是公平的。

And so is it safe to say at this point that -- at this point, new contracts, even in low, mid 400, at that level, sort of is the, the proof point that this is essentially a strong cycle fundamentally as opposed to whatever fears there may have been out there that, oh my gosh, to get, get these rigs signed, we're going to have to see a big rollback in, in pricing? Would you say that that fear is pretty much off the table now or should be?

那麼，現在是否可以肯定地說——目前，新合約價格即使在 400 美元左右，也可以證明這是一個強勁的周期，這與外界可能存在的任何擔憂相反，天哪，為了簽署這些鑽井平台，我們將不得不看到價格大幅回落？您是否認為這種擔憂現在基本上已經消失或應該消失？

Yeah. I do. I mean, I think there was maybe a moment in time there where there was a tremendous amount of pressure. But I think many of the drillers have, are looking past 2025 looking to 2026, and 2027. So from our point of view, that's pretty solid. You may be seeing a floor for those long-term contracts.

是的。我願意。我的意思是，我認為也許有那麼一刻，我們承受著巨大的壓力。但我認為許多鑽探人員已經將目光投向了 2025 年後、2026 年和 2027 年。所以從我們的角度來看，這是非常可靠的。您可能會看到這些長期合約的底線。

Again, as we said before, near-term stuff, short-term stuff, yeah, I think, there's many things possible there, but the fundamentals are just too good on a long-term basis. So certainly would not make sense to lock in premium assets at below market rates.

再說一次，正如我們之前所說的，近期的事情，短期的事情，是的，我認為，有很多事情是可能的，但從長期來看，基本面太好了。因此，以低於市場價格鎖定優質資產肯定是沒有意義的。

Yeah. And when we look at the operators and their decision processes and what they're looking to do with their portfolios, as Roddie indicated, clearly, you know we believe it's up and to the right.

是的。當我們觀察運營商及其決策過程以及他們希望如何處理其投資組合時，正如羅迪所指出的，顯然，我們相信這是正確的。

And when it comes to the assets that are available to work, there are there are barriers to how many assets can actually go to work and the timing of those. And so we think, it's a very constructive space that we're heading into.

當談到可供使用的資產時，實際上可以投入使用的資產數量以及投入使用的時間存在障礙。因此我們認為，我們正在進入一個非常有建設性的領域。

And so each driller, takes a portfolio approach and focuses on their own particular strategies. And in our case, we believe that perhaps now is not necessarily the right time to lock up, for those future years. But, we'll continue to believe strongly in the future.

因此，每個鑽井工人都採取組合方法並專注於自己的特定策略。就我們而言，我們認為，對於未來幾年而言，現在可能不一定是鎖定的正確時機。但是，我們將繼續堅信未來。

Great. Thanks for the reminder about the timing barriers to getting rigged rig ads done. I think it's also really important dynamic. Appreciate it. Thanks for the update.

偉大的。感謝您提醒我完成操縱廣告的時間障礙。我認為這也是非常重要的動態。非常感謝。感謝您的更新。

Thanks Noel.

謝謝諾埃爾。

Ladies and gentlemen, that will conclude today's question-and-answer session. At this time, I'd like to turn the floor back over to Alison Johnson for any additional or closing comments.

女士們、先生們，今天的問答環節到此結束。現在，我想將發言權交還給艾莉森·約翰遜，請他發表任何補充或結束評論。

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

謝謝傑米，也謝謝大家參加今天的電話會議。我們期待在報告 2025 年第二季業績時再次與您交談。祝你有美好的一天。

Once again, ladies and gentlemen, that will conclude today's call. Thank you for your participation. You may disconnect at this time and have a wonderful rest of your day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接並享受美好的一天剩餘時間。