Transocean Ltd (RIG) 2025 Q2 法說會逐字稿

Please stand by your program is about is about to begin.

請稍候，您的節目即將開始。

Good day, everyone, and welcome to today's Q2 2025 Transocean's earnings call. (Operator Instructions). Please note this call may be recorded. (Operator Instructions). It is now my pleasure to turn the conference over to Alison Johnson, Director of Investor Relations. Please go ahead.

大家好，歡迎參加今天的 Transocean 2025 年第二季財報電話會議。（操作員指令）。請注意，此通話可能會被錄音。（操作員指令）。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, Stephanie. Good morning, and welcome to Transocean's second-quarter 2025 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，斯蒂芬妮。早安，歡迎參加 Transocean 2025 年第二季財報電話會議。涵蓋財務績效的新聞稿副本以及支持性聲明和附表（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 Keelan Adamson, President and Chief Executive Officer; Thad Vayda, Executive Vice President and Chief Financial Officer; Roddie Mackenzie, Executive Vice President and Chief Commercial Officer. 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.

參加今天早上電話會議的還有總裁兼執行長 Keelan Adamson、執行副總裁兼財務長 Thad Vayda 和執行副總裁兼首席商務長 Roddie Mackenzie。在本次電話會議期間，Transocean 管理階層可能會就與我們的業務和公司相關的各種事項做出某些非歷史事實的前瞻性陳述。

Such statements are based upon current expectations and certain assumptions, and therefore, are subject to certain risks and uncertainties. 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. Following Keelan and Thad's prepared comments, we will conduct a question-and-answer session with our team. (Event Instructions).

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。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。在 Keelan 和 Thad 準備好評論之後，我們將與我們的團隊進行問答環節。（活動說明）。

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

非常感謝。現在我將把電話轉給基蘭。

Thanks, Alison, and welcome, everyone, to our second quarter conference call. As always, we greatly appreciate your interest in Transocean. I want to open today's call by sharing a few of Transocean's key priorities. We are intently focused on several interrelated objectives with outcomes that are entirely within our control, and we are addressing them with urgency and agility.

謝謝艾莉森，歡迎大家參加我們的第二季電話會議。像往常一樣，我們非常感謝您對 Transocean 的關注。在今天的電話會議開始時，我想分享一下 Transocean 的一些主要優先事項。我們專注於幾個相互關聯的目標，其結果完全在我們的控制範圍內，我們正在緊急且靈活地解決這些目標。

First, and foundational for everything we do is delivering best-in-class services for our customers. Transocean is the partner of choice for operators, requiring expertise in the most technically challenging ultra-deepwater and harsh environment regions of the world, and we are committed to providing the safest, most reliable and efficient operations everywhere all the time. Next, we will continue to manage our portfolio of high-spec rigs in a disciplined and selective manner, endeavoring to extract the greatest value possible from our unique fleet.

首先，我們所做的一切的基礎是為客戶提供一流的服務。Transocean 是營運商的首選合作夥伴，需要在世界上最具技術挑戰性的超深水和惡劣環境地區擁有專業知識，我們致力於在任何地方提供最安全、最可靠和最高效的營運。接下來，我們將繼續以嚴謹和有選擇性的方式管理我們的高規格鑽井平台組合，努力從我們獨特的船隊中獲得最大的價值。

And lastly, but also of paramount importance, we will continue to improve our overall financial flexibility. To do this, we will achieve and maintain the most efficient cost structure possible. We will reduce total debt as rapidly as we can, minimize interest expense and ultimately simplify our balance sheet. Transocean is differentiated from the competition by both its people and its assets, and our customers trust us to deliver in the world's most technically demanding environments.

最後，同樣至關重要的是，我們將繼續提高我們的整體財務靈活性。為了實現這一目標，我們將實現並維持最高效的成本結構。我們將盡快減少總債務，盡量減少利息支出，並最終簡化我們的資產負債表。Transocean 憑藉其員工和資產在競爭中脫穎而出，我們的客戶相信我們能夠在世界上技術要求最嚴格的環境中提供服務。

Operators select Transocean because of the exceptional synergies created by our people and our assets, leveraging our technology and innovations to drive consistently high performance. This powerful combination is our value proposition, differentiating our product for both customers and investors.

營運商選擇 Transocean 是因為我們的員工和資產創造了卓越的協同效應，利用我們的技術和創新來持續推動高效能。這種強大的組合就是我們的價值主張，使我們的產品對客戶和投資者都有差異化。

We take exceptional pride in being the preferred offshore drilling provider and being recognized for delivering the highest quality and most efficient solutions. Just last week, Beacon Offshore Energy announced it commenced production from the Shenandoah field, which was drilled by one of our two eighth-generation 20,000 psi drillships, the Deepwater Atlas. This is the second 20,000 psi reservoir to come online using Transocean's ships.

我們非常自豪能夠成為首選的海上鑽井供應商，並因提供最高品質和最高效的解決方案而獲得認可。就在上週，Beacon Offshore Energy 宣布開始在 Shenandoah 油田生產，該油田由我們的兩艘第八代 20,000 psi 鑽井船之一 Deepwater Atlas 進行鑽探。這是第二個使用 Transocean 船舶投入使用的 20,000 psi 儲油槽。

We are excited to be part of this achievement and thank Beacon for placing its trust in Transocean to accomplish this important milestone. Our high-specification ultra-deepwater and harsh environment fleet is unmatched, attracting an industry-leading backlog of approximately $7 billion. Under all market conditions, our fleet has maintained higher average utilization and premium day rates.

我們很高興能成為這項成就的一部分，並感謝 Beacon 對 Transocean 的信任，幫助其實現這一重要里程碑。我們的高規格超深水和惡劣環境船隊無與倫比，吸引了業界領先的約 70 億美元的積壓訂單。在所有市場條件下，我們的車隊都保持了較高的平均利用率和優質的日費率。

We believe that we have a very effective and successful commercial strategy. We are continually evaluating market dynamics from a supply and demand perspective, carefully assessing individual opportunities to ensure we are deploying each asset into the right project at the right time. You should expect us to continue to be disciplined and strategic in applying this portfolio approach to the management of our fleet to maximize EBITDA and cash flow.

我們相信我們有一個非常有效和成功的商業策略。我們不斷從供需角度評估市場動態，仔細評估個別機會，以確保我們在正確的時間將每項資產部署到正確的專案中。您應該期望我們繼續嚴謹且具有策略性地將這種投資組合方法應用於我們的船隊管理，以最大化 EBITDA 和現金流。

Regarding our efforts to improve our financial flexibility, recall that last quarter, we announced a plan to sustainably reduce our cash costs by about $100 million in each of 2025 and 2026. This reduction is primarily from our fleet operating and maintenance expense, and we are on track to deliver these savings. As should be the case, we strive for continuous improvement.

關於我們提高財務靈活性的努力，回想一下上個季度，我們宣布了一項計劃，將在 2025 年和 2026 年分別持續降低約 1 億美元的現金成本。這項減少主要來自我們的車隊營運和維護費用，我們正在按計劃實現這些節省。正如我們所期望的那樣，我們力求不斷進步。

And accordingly, we have taken additional steps to improve the efficiency of our shore-based organization and expect to reduce these costs by approximately $50 million on an annual basis beginning in 2026. Importantly, these actions will not, in any way, compromise safety, customer service or the reliability of our rigs. We understand the importance of financial resilience to effectively weather the inevitable cycles in this business and generate appropriate returns for our shareholders.

因此，我們採取了額外措施來提高岸基組織的效率，並預計從 2026 年開始每年減少約 5,000 萬美元的成本。重要的是，這些行動不會以任何方式損害我們的鑽孔機的安全、客戶服務或可靠性。我們了解財務彈性對於有效度過該行業不可避免的周期並為股東創造適當回報的重要性。

We have a clear path to delever significantly over the next few years, addressing our debt obligations by efficiently converting our industry-leading backlog to revenue and maximizing cash flow to equity. We remain on track to reduce debt by more than $700 million this year. We will continue to take a disciplined approach to managing our balance sheet, carefully assessing how each action fits into our long-term financial strategy.

我們有明確的途徑在未來幾年大幅降低槓桿率，透過有效地將我們行業領先的積壓訂單轉化為收入並最大化股權現金流來解決我們的債務問題。我們今年仍有望減少 7 億多美元的債務。我們將繼續採取嚴謹的方法來管理我們的資產負債表，仔細評估每項行動如何符合我們的長期財務策略。

Moving now to our outlook for the global market. With an active fleet mostly contracted through the middle of next year, we are actively working on opportunities for the second half of 2026. While the pace of contracting activity has been measured since the middle of last year, all projections suggest we are nearing the end of this temporary slowdown.

現在我們來展望一下全球市場。由於現役船隊的大部分合約都已簽訂至明年年中，我們正在積極尋找 2026 年下半年的機會。雖然自去年年中以來，建築業的收縮速度就一直在持續，但所有預測都表明，這種暫時放緩的趨勢即將結束。

Indeed, we are engaged in multiple conversations with customers on attractive opportunities for work well into the future and have a line of sight to a number of forthcoming tenders, which I will discuss after a brief recap of our recent fixtures. In June, we issued a press release disclosing that a two-well option was exercised on the Transocean Spitsbergen.

事實上，我們正在與客戶就未來有吸引力的工作機會進行多次對話，並對即將發布的一些招標項目有所了解，我將在簡要回顧我們最近的項目後討論這些招標項目。6 月份，我們發布了一份新聞稿，披露在 Transocean Spitsbergen 上實施了雙井選擇。

The option, which was struck at a rate of $395,000 per day, ensures the rig has continuous work through August 2027. Next, in Brazil, the Deepwater Mykonos was awarded a 60-day contract extension. The agreement also includes multiple options, which, if exercised, would keep the rig working into next year.

該選擇權的日費率為 395,000 美元，確保該鑽井平台能夠持續工作至 2027 年 8 月。接下來，在巴西，「深水米科諾斯號」獲得了一份為期 60 天的續約合約。該協議還包括多項選擇權，如果行使，鑽井平台將能繼續運作到明年。

And finally, in the Ivory Coast, Murphy awarded the Deepwater Skyros, a three-well contract. The program is expected to commence late this year and includes a one-well option that, if exercised, would keep the rig working into the second quarter next year. We continue to expect the market to tighten by late 2026 and into early 2027, at which point we expect the global active ultra-deepwater fleet will once again approach utilization exceeding 90%. This should result in upward pressure on day rates.

最後，在科特迪瓦，墨菲將三口井的合約授予了 Deepwater Skyros 公司。該計劃預計將於今年稍後啟動，其中包括一個單井選項，如果實施，鑽井平台將持續運行到明年第二季。我們繼續預期市場將在 2026 年底至 2027 年初收緊，屆時我們預計全球現役超深水船隊的利用率將再次接近 90% 以上。這應該會對日費率造成上行壓力。

Third-party analyst data supports our view. Wood Mackenzie's latest analysis shows deepwater and ultra-deepwater development CapEx rising from $64 billion in 2025 to $79 billion in 2027, a 23% increase. And in their latest commentary, both Fearnley Offshore and Westwood Global Energy Group noted that commencement dates for pent-up demand have firmed up and for the most part, stopped sliding to the right.

第三方分析師數據支持我們的觀點。Wood Mackenzie 的最新分析顯示，深水和超深水開發資本支出將從 2025 年的 640 億美元增長至 2027 年的 790 億美元，增幅為 23%。Fearnley Offshore 和 Westwood Global Energy Group 在其最新評論中都指出，被壓抑的需求的開始日期已經確定，並且在很大程度上停止了向右滑動。

For the ultra-deepwater drillship market, the primary source of incremental demand is still expected to come from Africa, the Mediterranean Sea and Asia. If known programs materialize as currently projected, there could be an incremental four drillships working in Africa in 2027 and an additional two in the Mediterranean. We are optimistic that commencement windows for these programs will continue to remain generally stable as many of them are progressing through the tender process.

對於超深水鑽井船市場，預計增量需求的主要來源仍將來自非洲、地中海和亞洲。如果已知專案按照目前預測實現，那麼到 2027 年，在非洲作業的鑽井船數量將增加 4 艘，在地中海作業的鑽井船數量將增加 2 艘。我們樂觀地認為，這些項目的啟動窗口將繼續保持整體穩定，因為其中許多項目正在通過招標程序。

For example, of the three multiyear opportunities set to commence in Mozambique in 2027, has been released, one is in the RFI stage, and one is pending release, which is expected by the end of September. Moving east to the Asia Pacific region, current tenders indicate up to four incremental drillships will be required in the next two years, including the Chevron Gorgon prospect in Australia, which is expected to commence in the first quarter of 2027. This will be the first time in seven years a drillship has operated in country.

例如，莫三比克計劃於 2027 年開始實施三個多年期投資機會，其中一個已經發布，目前處於 RFI 階段，還有一個即將發布，預計將於 9 月底發布。向東移至亞太地區，目前的招標表明，未來兩年將需要多達四艘增量鑽井船，其中包括預計 2027 年第一季開始的澳洲雪佛龍 Gorgon 油田。這將是七年來鑽井船首次在該國作業。

Demand in India also points to additional drillship as ONGC, Reliance and Cairn each have programs in this time frame. And finally, tenders for the remainder of Asia will likely require the rig count to move up from three active drillships today to five in 2027. Activity levels in the US Gulf, Latin America and Brazil are expected to remain relatively stable.

印度的需求也預示著需要增加鑽井船數量，因為印度石油天然氣公司 (ONGC)、Reliance 和 Cairn 均在此時間內制定了計劃。最後，亞洲其他地區的招標可能會要求鑽井船數量從目前的三艘增加到 2027 年的五艘。預計美國墨西哥灣、拉丁美洲和巴西的活動水準將保持相對穩定。

Since our first quarter 2025 earnings calls, bids were submitted for Petrobras' Buzios program and Petrobras released the tender for its Merrill project, which is a firm duration of nearly four years, expected to commence in the first half of 2027 for at least one rig. With respect to the previously mentioned Buzios tender, it is possible that four rigs could now be awarded rather than up to the three originally anticipated.

自我們召開 2025 年第一季財報電話會議以來，巴西石油公司的 Buzios 計畫已收到投標，巴西石油公司也發布了其 Merrill 計畫的招標，該計畫的固定期限為近四年，預計將於 2027 年上半年開始至少建造一座鑽井平台。就前面提到的布茲奧斯 (Buzios) 招標而言，現在有可能授予四座鑽井平台，而不是最初預計的三座。

Additionally, Shell is currently evaluating bids for the Gato do Mato development and Equinor released an RFI for a one-year program with commencement likely in the first half of 2026. Furthermore, just this week, BP announced their biggest discovery in 25 years at the Bumerangue block in the Santos Basin and indicated its intention to perform additional appraisal activities. The projected demand for harsh environment semisubmersibles remains strong in Norway and elsewhere internationally.

此外，殼牌目前正在評估 Gato do Mato 開發案的投標，而 Equinor 則發布了一份為期一年的計劃的資訊徵詢書，該計劃可能於 2026 年上半年開始。此外，就在本週，英國石油公司宣佈在桑托斯盆地的布梅蘭格區塊發現了25年來最大的油氣發現，並表示有意進行額外的評估活動。預計挪威及國際其他地區對惡劣環境半潛式鑽井平台的需求依然強勁。

As a reminder, our four rigs in Norway, the Transocean Spitsbergen, Transocean Norge, Transocean Encourage and Transocean Enabler are fully committed into 2027. In the UK, on top of BP West of Shetlands, Ithaca is also looking for one rig for its Campbell development, a 900-day program that starts in the same time frame. In the Orange Basin, meaning Namibia and South Africa, operators will soon begin the development phases of their discoveries, which will require at least one additional harsh environment semisubmersible. We expect a tighter global market to develop in the next two years.

提醒一下，我們在挪威的四座鑽井平台，Transocean Spitsbergen、Transocean Norge、Transocean Encourage 和 Transocean Enabler 已全部投入使用至 2027 年。在英國，除了 BP 西設得蘭群島計畫外，伊薩卡還在為其坎貝爾開發案尋找一座鑽井平台，該計畫為期 900 天，將於同一時間段內啟動。在奧蘭治盆地（即納米比亞和南非），營運商很快就會開始其發現的油田的開發階段，這將需要至少一艘額外的適用於惡劣環境的半潛式平台。我們預計未來兩年全球市場將更加緊張。

However, at this time, we do not see a compelling case for reactivations of cold stacked units. Hence, our decision in the second quarter to remove four lower specification rigs from our fleet. We continuously assess the option value of our cold stacked rigs to ensure we maintain the best and most competitive fleet to meet our customers' requirements. All else being equal, supply rationalization structurally improves industry dynamics.

然而，目前我們還沒有看到重新啟動冷堆疊單元的令人信服的理由。因此，我們在第二季度決定從我們的船隊中移除四艘規格較低的鑽孔機。我們不斷評估冷停堆鑽機的選擇價值，以確保我們擁有最好、最具競爭力的船隊來滿足客戶的需求。在其他條件相同的情況下，供應合理化從結構上改善了產業動態。

Including four of our own, a total of 11 rigs have been retired from the global fleet this year, and we believe it is reasonable to expect additional attrition in the near term. Industry consolidation could help facilitate further reduction in rig supply, which would contribute to a more balanced industry.

包括我們自己的 4 座鑽井平台在內，今年全球共有 11 座鑽井平台退役，我們認為，短期內預計還會有更多鑽井平台退役。產業整合有助於進一步減少鑽機供應，從而促進產業更加平衡。

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？

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

謝謝，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二季的業績，提供第三季的指導，並最後更新我們對全年的預期。

During the second quarter, we delivered contract drilling revenues of $988 million, in line with our guidance at an average daily revenue of approximately $459,000. At $599 million, our operating and maintenance expense in the second quarter was below our guidance, primarily due to lower costs resulting from delays in in-service maintenance across the fleet and lower-than-expected costs for out-of-service projects on Transocean Endurance and Deepwater Invictus.

第二季度，我們實現了 9.88 億美元的合約鑽井收入，符合我們的預期，平均每日收入約為 459,000 美元。我們第二季的營運和維護費用為 5.99 億美元，低於我們的預期，主要原因是整個船隊的在役維護延遲導致成本降低，以及 Transocean Endurance 和 Deepwater Invictus 的退役項目成本低於預期。

G&A expense in the second quarter was $49 million, again, in line with our expectations, and we ended the quarter with total liquidity of approximately $1.3 billion. This includes unrestricted cash and cash equivalents of $377 million, $395 million of restricted cash, the majority of which is reserved for debt service and $510 million of liquidity from our undrawn credit facility.

第二季的一般及行政費用為 4,900 萬美元，這再次符合我們的預期，本季末我們的總流動資金約為 13 億美元。其中包括 3.77 億美元的非限制性現金和現金等價物、3.95 億美元的限制性現金（其中大部分用於償還債務）以及來自我們未提取信貸額度的 5.1 億美元流動資金。

I'll now provide guidance ranges for the third quarter and an update on our expectations for the full year. For the third quarter, we expect contract drilling revenues to be between $1 billion and $1.02 billion based upon an average fleet-wide revenue efficiency of 96.5% on our working rigs. As you know, revenue efficiency is affected by uptime performance, weather and other factors.

我現在將提供第三季的指導範圍以及我們對全年預期的最新情況。對於第三季度，我們預計合約鑽井收入將在 10 億美元至 10.2 億美元之間，基於我們工作鑽井平台的整個船隊平均收入效率為 96.5%。眾所周知，收入效率受正常運作時間表現、天氣和其他因素的影響。

This revenue estimate also includes between $60 million and $70 million of additional services and reimbursable expenses, which tend to carry low single-digit margins. The expected sequential increase in contract drilling revenues is primarily due to additional in-service days for the Transocean Spitsbergen as it completed its 15-year SPS in June and one additional calendar day in the third quarter.

該收入預估還包括 6,000 萬至 7,000 萬美元的額外服務和可報銷費用，這些費用的利潤率往往較低（個位數）。合約鑽井收入預計將環比增長，主要由於 Transocean Spitsbergen 號在 6 月完成了為期 15 年的 SPS，從而增加了服務天數，並且第三季度增加了一個日曆日。

These are partially offset by lower projected activity for the Deepwater Skyros and Deepwater Conqueror in the period. We expect third quarter O&M expense to be within a range of $600 million to $620 million. This slight quarter-over-quarter increase is primarily due to the timing of in-service maintenance across the fleet, partially offset by completion of Transocean Spitsbergen's 15-year SPS in the second quarter.

這些影響被該期間深水 Skyros 號和深水征服者號預計活動減少部分抵消。我們預計第三季的營運和維護費用將在 6 億美元至 6.2 億美元之間。這一環比小幅增長主要歸因於整個船隊的在役維護時間，但因 Transocean Spitsbergen 在第二季度完成 15 年 SPS 而部分抵消。

We expect G&A expense for the third quarter to fall within a range of $50 million to $55 million. Net cash interest expense for the third quarter is forecasted to be approximately $136 million, comprising interest expense and interest income of about $143 million and approximately $7 million, respectively. Capital expenditures for the third quarter are expected to fall between $25 million and $30 million, and cash taxes to be paid are expected to be approximately $16 million.

我們預計第三季的一般及行政費用將在 5,000 萬美元至 5,500 萬美元之間。預計第三季淨現金利息支出約 1.36 億美元，其中利息支出約 1.43 億美元，利息收入約 700 萬美元。第三季的資本支出預計在2,500萬美元至3,000萬美元之間，預計需支付的現金稅款約為1,600萬美元。

For the full year 2025, contract drilling revenues are now expected to fall between $3.9 billion and $3.95 billion, primarily reflecting potential variances in revenue efficiency. Our guidance also includes between $255 million and $265 million of additional services and reimbursable expenses. We expect our full year O&M expense to be between $2.375 billion and $2.425 billion. This is somewhat higher than our previous guidance, primarily due to increased reimbursables and the effects of foreign exchange.

就2025年全年而言，合約鑽井收入預計將在39億美元至39.5億美元之間，這主要反映了收入效率的潛在差異。我們的指導還包括 2.55 億美元至 2.65 億美元的額外服務和可報銷費用。我們預計全年營運和維護費用將在 23.75 億美元至 24.25 億美元之間。這比我們先前的預期略高，主要是由於可償還金額增加和外匯的影響。

Both of these expenses are offset by increases in revenue. G&A costs in 2025 are expected to be between $190 million and $200 million, slightly higher than previously forecast, primarily due to certain performance-related accruals. For the full year, we are anticipating net cash interest expense between $540 million and $545 million, comprising interest expense and interest income of about $575 million and between $30 million and $35 million, respectively.

這兩項支出均被收入的增加所抵銷。預計 2025 年的 G&A 成本將在 1.9 億美元至 2 億美元之間，略高於先前的預測，主要原因是某些與績效相關的應計費用。我們預計全年淨現金利息支出將在 5.4 億美元至 5.45 億美元之間，其中利息支出和利息收入分別約為 5.75 億美元和 3,000 萬至 3,500 萬美元。

This excludes any impact from the bifurcated exchange feature of our 2029 exchangeable bonds. Cash taxes for the full year are forecasted to be between $70 million and $75 million. We now expect 2025 capital expenditures to be approximately $120 million, slightly above our prior guidance due to customer upgrades that are fully reimbursed. Of this, approximately $55 million is related to customer required capital upgrades for upcoming projects and capital spares and approximately $65 million in sustaining capital investment.

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。預計全年現金稅將在 7,000 萬至 7,500 萬美元之間。我們現在預計 2025 年的資本支出約為 1.2 億美元，由於客戶升級已全額報銷，因此略高於我們先前的預期。其中，約 5,500 萬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 萬美元與維持資本投資有關。

Our liquidity at year-end is forecasted to be between $1.45 billion and $1.55 billion, consistent with my prior guidance. This reflects our revenue, cost and capital expenditure expectations and includes the impact of our cost savings initiative, our undrawn revolving credit facility and restricted cash of approximately $440 million.

我們預計年底的流動資金將在 14.5 億美元至 15.5 億美元之間，與我先前的預測一致。這反映了我們的收入、成本和資本支出預期，包括我們的成本節約計劃、未提取的循環信貸額度和約 4.4 億美元的受限現金的影響。

In late June, we announced we had entered into separate agreements with certain holders of our 4% senior exchangeable bonds due in December of this year to exchange an aggregate principal amount of $157 million. Upon completion of these transactions, 59.4 million shares were issued.

6 月底，我們宣布已與今年 12 月到期的 4% 優先可交換債券的某些持有人達成單獨協議，以交換總額為 1.57 億美元的本金。本次交易完成後，共發行股票5940萬股。

Approximately $77 million in aggregate principal amount of the bonds remains outstanding. Our liquidity forecast currently assumes convertible instruments are equitized at maturity. But as the remaining 25 EBs are out of the money, we will evaluate the various options available to us to address this stuff.

該債券的未償還本金總額約為 7,700 萬美元。我們的流動性預測目前假設可轉換工具在到期時公平化。但由於剩餘的 25 個 EB 已經沒錢了，我們將評估可用的各種選項來解決這個問題。

With respect to tariffs, we continue to monitor this fluid situation and have not included any potential impact in our guidance because we currently do not expect the impact of either direct or indirect tariffs to be material. This concludes my prepared remarks, and I'll now turn the call back to Keelan for his final comments before we begin Q&A.

關於關稅，我們將繼續監測這一不穩定局勢，並且沒有在我們的指導中包含任何潛在影響，因為我們目前預計直接或間接關稅的影響不會很大。我的準備好的演講到此結束，現在我將把電話轉回給基蘭，請他在我們開始問答之前發表最後的評論。

Thanks, Thad. Before opening up the line for questions, I want to reiterate that we are focused on addressing several key priorities with urgency and agility. Our team is committed to best-in-class services for our customers. We worked hard to earn their trust, and we intend to keep it. Our asset portfolio is unrivaled.

謝謝，薩德。在開始提問之前，我想重申，我們正致力於緊急、靈活地解決幾個關鍵優先事項。我們的團隊致力於為客戶提供一流的服務。我們努力贏得他們的信任，我們打算保持這種信任。我們的資產組合無與倫比。

We will continue to take a long-term view on the market and remain disciplined as we consider future contract opportunities. As you can tell from today's comments, our outlook for late 2026 and beyond is very constructive. Lastly, we are strengthening our balance sheet and improving our capital structure.

我們將繼續以長遠的眼光看待市場，並在考慮未來的合約機會時保持自律。從今天的評論中可以看出，我們對 2026 年底及以後的展望非常有建設性。最後，我們正在加強資產負債表並改善資本結構。

We have high confidence in our ability to add to our backlog, and we intend to efficiently convert it into revenue, maximizing cash flow to reduce our debt as quickly as possible. In conclusion, we are deeply committed to delivering for our customers and shareholders. We have a strong team focused on executing a clear plan to create long-term value.

我們對增加積壓訂單的能力充滿信心，並打算有效地將其轉化為收入，最大限度地增加現金流，以盡快減少債務。總之，我們堅定地致力於為我們的客戶和股東提供服務。我們擁有一支強大的團隊，專注於執行明確的計劃以創造長期價值。

Alison, please open the line for questions.

艾莉森，請打開熱線回答問題。

Thanks, Keelan. Stephanie, we are now ready to take questions. (Event Instructions)

謝謝，基蘭。史蒂芬妮，我們現在可以回答問題了。（活動須知）

(Operator Instructions)

（操作員指示）

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. Just wanted to ask about your expectation on the trajectory of leading -edge day rates here. We've been in sort of the mid- to high 400s for some time now but have recently seen a moderation into the low 400s level.

嗨，早安。只是想問一下您對這裡前沿日利率走勢的預期。一段時間以來，我們的氣溫一直處於 400 多度，但最近氣溫有所回落，降至 400 多度。

You provided a very constructive market outlook and mentioned in your prepared remarks, you do see utilization of drillships reaching 90% by, I think, late next year. So fair to say you expect leading-edge day rates to return back to that mid- to high 400s level by end of next year? Or just curious on your thoughts on the trajectory there.

您提供了非常建設性的市場前景，並在您準備好的發言中提到，您確實看到鑽井船的利用率到明年年底將達到 90%。那麼，您是否預計到明年年底，前沿日利率將回升至 400 多美元的中高水平？或者只是好奇您對那裡的軌蹟的想法。

Good morning, Ed, thanks for your question. As you know, we have a history of being very judicious in how we apply and select and deploy our assets into whichever project. And I think what you're seeing today is some of the white space that we all anticipated. It's no surprise to us that we were there, that some of those rates are probably a little bit lower than what we've seen in the past.

早安，艾德，謝謝你的提問。如您所知，我們在將資產應用、選擇和部署到任何專案時一直非常明智。我認為您今天看到的是我們都預料到的一些空白。我們對此並不感到驚訝，其中一些利率可能比我們過去看到的利率略低。

And I think what we're going to see going forward is that capacity being absorbed. The future projections for activity is very, very positive. We're going to see more of the active fleet being contracted.

我認為，我們未來將會看到這種產能被吸收。對於未來活動的預測非常非常樂觀。我們將看到更多的現役艦隊簽訂合約。

And as we move out into the end of this year and into 2026, we're going to see a lot more contracting activity and tendering activity for the out years of '26 and beyond. As it pertains to rates, I'll let Roddie pertain -- let him express his view on where the rates we think will go right now.

隨著我們進入今年年底和 2026 年，我們將看到 2026 年及以後的更多承包活動和招標活動。至於利率，我會讓羅迪來表達他對我們認為利率目前走向的看法。

Hey, Eddie, yes, so just to follow up on Keelan's comments there. So as we think about the utilization, as you mentioned, we dipped down a little bit here. We're actually expecting that the bottom of this [V] is practically speaking, upon us. So we think that utilization is going to bottom out somewhere in the mid-80s as a percentage which is only for a relatively short period of time.

嘿，艾迪，是的，只是為了跟進基蘭的評論。因此，當我們考慮利用率時，正如您所提到的，我們在這裡稍微降低了一點。實際上，我們預計這個 [V] 的底部實際上已經到來。因此，我們認為利用率將在 80 年代中期觸底，而這只是一個相對較短的時期。

And I think if you look at all the projections and certainly a lot of the things that Keelan touched on, we would expect things to recover from there. One of the things that we mentioned about day rates is not just being very disciplined on what we're bidding, but it's the overall economic package on these tenders that we're evaluating. We have a very robust process between our various groups, our engineering group, our operations group and several other departments of the company.

我認為，如果你看一下所有的預測，當然還有基蘭提到的很多事情，我們就會預期情況會從那裡復甦。我們提到的有關日費率的事情之一不僅是對我們投標的內容非常嚴格，而且我們正在評估這些投標的整體經濟方案。我們的各個團隊、工程團隊、營運團隊以及公司的其他幾個部門之間有著非常健全的流程。

But it's very important to us that we take the holistic view that we look at all of the expenses that are associated with these tenders. And typically, the bottom of the V is when the worst deals are made. So we apologize for not making as many long-term deals right now. We're much more focused on gap fillers at the moment.

但對我們來說，從整體上考慮與這些招標相關的所有費用非常重要。通常情況下，最糟糕的交易發生在 V 型底部。因此，我們對目前未能達成那麼多長期交易表示歉意。目前我們更重視填補空白。

But certainly, to drive long-term value for the company, we don't think now is the time to aggressively pursue long-term deals, especially those you've seen some recently announced that had a very significant amount of upgrades required. But rest assured, we'll remain disciplined in that regard and make sure that we're very aware of all of the expenses associated with projects and upgrades.

但可以肯定的是，為了推動公司的長期價值，我們認為現在不是積極尋求長期交易的時候，尤其是那些最近宣布需要進行大量升級的交易。但請放心，我們將在這方面保持紀律，並確保我們非常了解與專案和升級相關的所有費用。

Yes. Maybe just to add to that, Eddie, as you rightly point out, utilization needs to bridge that 90% mark, maybe a little below that before we start seeing good pressure on day rates. So as we move through the year and the contracting continues, you should expect the rates to improve.

是的。也許需要補充的是，艾迪，正如您正確指出的那樣，利用率需要達到 90% 的水平，甚至可能略低於這個水平，我們才會開始看到日費率出現良好的壓力。因此，隨著時間推移和合約的繼續，您應該預期費率會提高。

Certainly, from our side, we'll be looking at it strategically from a term and location and a customer perspective to drive the best value that we can get from our unique fleet.

當然，從我們的角度來看，我們將從術語、位置和客戶的角度策略性地看待這個問題，以從我們獨特的車隊中獲得最大的價值。

Got it. Thank you for that color. My follow-up is just on the Proteus and the Conqueror, two of the drillships that are currently in the Gulf of Mexico and set to come off contract kind of mid to late next year. We've seen a handful of multiyear contracts signed by your peers in the Gulf of Mexico recently. And just based on your outlook for that region to be kind of stable going forward, do you expect it's likely that those rigs will stay in the Gulf? Or could they move elsewhere?

知道了。謝謝你的那個顏色。我的後續關注點是 Proteus 號和 Conqueror 號，這兩艘鑽井船目前位於墨西哥灣，預計明年中後期到期。我們最近看到你們的同行在墨西哥灣簽署了一些多年合約。僅基於您對該地區未來穩定的展望，您是否認為這些鑽井平台有可能留在墨西哥灣？或者他們可以搬到其他地方嗎？

I think Roddie is jumping at that one.

我認為羅迪對此很感興趣。

Yes, we do expect them to stay in the Gulf of Mexico. We have customers who are quite interested in that class of asset, and we're pursuing a couple of different things at the moment. So we are cautiously optimistic that those rigs will be extended right where they are.

是的，我們確實希望它們留在墨西哥灣。我們有一些客戶對這類資產非常感興趣，目前我們正在追求一些不同的東西。因此，我們謹慎樂觀地認為，這些鑽井平台將會在原地延伸。

And maybe just to add to that, Eddie. You're talking about two of our highest spec units in the fleet and in the world's industry. The Conqueror is right at the top, right behind our eighth generation units and the Proteus has obviously been performing really well for our customers. So our crews, our operation from those rigs is stellar. And I'm sure there'll be a significant demand for those two assets.

也許只是想補充一下，艾迪。您談論的是我們船隊和世界同行業中規格最高的兩艘船。Conqueror 位居榜首，僅次於我們的第八代產品，而 Proteus 顯然為我們的客戶帶來了非常出色的表現。所以我們的工作人員和我們在鑽井平台上的操作非常出色。我確信這兩種資產的需求會很大。

Great, thank you very much. I'll turn it back

太好了，非常感謝。我會把它轉回去

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 的創始人。

Thank you. Maybe a couple for Thad. Just curious on potential proceeds from some of the rigs that are slated for disposal. And just what are the assumptions embedded in the liquidity expectations that were laid out?

謝謝。或許對 Thad 來說也是一對。我只是好奇一些計劃處置的鑽孔機的潛在收益。那麼，流動性預期中究竟包含哪些假設呢？

Hey, Doug, we do have some nominal amount included in the liquidity forecast. I don't think we've disclosed the total amount for the rigs. But generally speaking, when rigs go to recycling, it's about a cash breakeven type of a transaction. So in the ballpark of probably $8 million to $12 million per asset, generally speaking.

嘿，道格，我們的流動性預測中確實包含了一些名目金額。我認為我們還沒有披露鑽機的總金額。但一般來說，當鑽孔機回收時，這是一種現金盈虧平衡類型的交易。因此，一般來說，每項資產的價值大概在 800 萬至 1,200 萬美元之間。

Certainly, if we have an opportunity to transact and to dispose of those assets into alternative functions, those numbers could be higher, but we would announce that as and when that would happen.

當然，如果我們有機會交易並將這些資產處置到其他用途，這些數字可能會更高，但我們會在發生這種情況時宣布。

Got it. So don't assume anything beyond kind of breakeven at this point?

知道了。那麼現在不要假設任何超出損益平衡範圍的事情？

That's correct.

沒錯。

And in the past, you've given some color on when we might get to 3.5 times net debt to EBITDA. Just any update on those assumptions and certainly appreciate it's been an uncertain market.

過去，您曾透露我們何時才能實現淨債務與 EBITDA 比率達到 3.5 倍。只是對這些假設的任何更新，當然也意識到這是一個不確定的市場。

Yes. No change. The objective is to achieve that metric as soon as possible so that we have the option to consider distributions to shareholders. Generally speaking, I think we're probably still in the late 2026 time frame for that.

是的。沒有變化。我們的目標是盡快實現該指標，以便我們可以考慮向股東分配。總體而言，我認為我們可能仍處於 2026 年末的時間範圍內。

Fair enough. Thank you.

很公平。謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah. Hi. Thank you, and good morning, and thanks for taking my question. I wanted to pivot a little bit about this. Kind of curious on your views. I want to go back a couple of years ago when you contributed that -- I believe it was the Olympia for deep sea mining.

是的。你好。謝謝，早安，謝謝您回答我的問題。我想就此稍微轉變一下。有點好奇你的觀點。我想回到幾年前你做出貢獻的時候——我相信那是深海採礦的奧林匹亞。

Kind of curious, just given what we're reading in the news more recently over the last couple of months, like what -- where does that -- is that something that Transocean is still involved in? And if so, maybe could you maybe provide some updates around that?

有點好奇，根據我們最近幾個月在新聞中讀到的內容，例如——那是 Transocean 仍然參與的事情嗎？如果是這樣，您能否提供一些相關更新資訊？

Yes. Thanks, Greg. Yes, we're -- obviously, as you picked up, the Olympia is still in that arrangement that we have. We're seeing a lot of press as you are on deep sea minerals and potentially the US administration pushing to advance their agenda in that regard. I'll push it over to Roddie here. He's responsible in that area and will answer your question.

是的。謝謝，格雷格。是的，我們——顯然，正如您所說，奧林匹亞仍然保持著我們的這種安排。我們看到許多媒體對深海礦物的報道，美國政府可能正在推動其在這方面的議程。我會把它推給這裡的羅迪。他負責該領域並會回答您的問題。

Yes. So we continue to pursue our technical solutions for doing this kind of recovery. But yes, having that asset in the JV is very useful for us also gives us that optionality. But these things do take a little bit of time. We have to be honest about that, but we are excited to at least have that adjacency available to us.

是的。因此，我們將繼續尋求實現此類復原的技術解決方案。但是，是的，合資企業中擁有該資產對我們來說非常有用，也為我們提供了選擇權。但這些事情確實需要一點時間。我們必須誠實地面對這一點，但我們很高興至少有這樣的鄰接關係。

And should it take off, if it does, then there is the possibility of additional vessels going in there. Typically, there would be our kind of lower specification drilling rigs that are actually perfectly adequate and actually quite well specified for this kind of a venture should it take off at some point in the future.

如果它起飛，那麼就有可能有更多的船隻進入那裡。通常情況下，我們會有我們這種規格較低的鑽機，如果這種項目在未來某個時候啟動，這些鑽機實際上已經完全足夠，而且規格相當完善。

Yes. And I think, Greg, the -- as Roddie indicated, obviously, it's a fairly elongated process, and it has to go through a lot of regulation. So when you look at our core business and you see what the drilling activity looks like it's projected to do in the next couple of years, we're very focused on the core business and maximizing our opportunities in that.

是的。我認為，格雷格，正如羅迪指出的那樣，這顯然是一個相當漫長的過程，而且必須經過大量的監管。因此，當您查看我們的核心業務並了解未來幾年鑽井活動的預期情況時，我們會非常專注於核心業務並最大限度地利用其中的機會。

Okay. Great. Thank you for that. And then just realizing your fleet is very well contracted. But I guess there does seem to be -- so I mean, I guess it's not maybe a specific question to Transocean, but maybe about the market, which is kind of indicative of maybe where we're headed. Could you maybe talk about, as you look out over the next two, three quarters, any things we're seeing in terms of spot activity?

好的。偉大的。謝謝你。然後你會發現你的車隊已經簽訂了很好的合約。但我想似乎確實有——所以我的意思是，我想這可能不是針對 Transocean 的一個具體問題，而可能是關於市場的問題，這在某種程度上表明了我們的發展方向。您能否談談，展望未來兩三個季度，我們在現貨活動上會看到什麼？

And are there certain pockets? Is it certain types of customers? Is it exploration? Just kind of if there are any kind of spot tenders or they're not even tenders, right? Spot jobs you're tracking, what's kind of the makeup of those?

有特定的口袋嗎？是特定類型的客戶嗎？是探索嗎？只是是否有任何類型的現貨招標或它們甚至不是招標，對嗎？您正在追蹤的現貨工作，它們的構成是什麼樣的？

Yes, sure. I'll take that one. Yes, so there are a number of spot jobs, and you would have seen that we picked up a couple of them, basically an extension of one of the rigs in Brazil and also picking up the Murphy work in Ivory Coast. As we look at that kind of stuff, there's been several in the Gulf of Mexico that we think are just kind of add in wells. Typically, when you have a mature basin that has a lot of prospects, a lot of development there, there's often work that comes up to kind of do remedial work on wells or recompletions of that kind of stuff or stimulations to increase production.

是的，當然。我要那個。是的，有很多臨時工作，你可能已經看到我們接了其中幾個，基本上是巴西其中一個鑽機的延伸，同時也接了科特迪瓦的墨菲工作。當我們研究這類東西時，我們認為墨西哥灣有幾口井只是附加井。通常，當你擁有一個擁有大量勘探前景和大量開發機會的成熟盆地時，通常需要對油井進行補救工作或重新完井或進行刺激以提高產量。

So we have seen plenty of those happen over the past couple of years. We know that there's several others in places like West Africa, which in general, is actually looking really positive at the moment. We've got -- there's kind of four tenders coming up for Nigeria or I think one of them has been awarded already, but Mozambique has got three and Ivory Coast has got two and Ghana has got two.

過去幾年裡，我們已經看到很多這樣的事情發生。我們知道西非等地也存在類似情況，整體而言，目前這些地方的情況確實非常樂觀。我們有——尼日利亞有四個招標項目，或者我認為其中一個已經授予，但莫三比克有三個，科特迪瓦有兩個，加納有兩個。

So there seems to be quite a lot of stuff there in terms of decent long-term activity. And we are seeing a number of these kind of 6-month opportunities, just like the one we just signed that pop up in places like that. So it makes a lot of sense for rigs that either have those longer-term contracts available to them or are kind of rolling off hot rigs at that time frame, then it's kind of a win-win between the contractors and the operators to pick up an operational hot rig that's doing well and punch out a few wells.

因此，從長期活動的角度來看，那裡似乎有很多東西。我們看到了許多這樣的為期 6 個月的機會，就像我們剛剛簽署的一樣，它們出現在類似的地方。因此，對於那些擁有長期合約或在那個時間段內推出熱鑽機的鑽機來說，這很有意義，那麼對於承包商和運營商來說，選擇一個運行良好的熱鑽機並打出幾口井是一種雙贏的局面。

Thank you very much.

非常感謝。

Noel Parks, Tuohy Brothers.

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

Hi. Good morning. I was just thinking about compared with where things stood heading into 2024 when we had such bullishness around prices and hitting new hurdles on the upside for day rates and where we are now, where you see good visibility to 2026 being hopefully the wrap-up of the slowdown.

你好。早安.我只是在思考，與 2024 年的情況相比，當時我們對價格非常樂觀，並且在日費率上行方面遇到了新的障礙，而我們現在的情況是，您可以看到 2026 年有良好的可預見性，希望這是經濟放緩的結束。

So with the benefit of hindsight, would you say this sort of slower couple, or three quarters is more typical of a service driller business cycle? Or would you say it was more kind of like a ripple effect of sort of flow-through from the dislocations of the pandemic. Just curious your thoughts on that.

那麼事後看來，您是否認為這種較慢的幾個季度或三個季度是服務鑽井業務週期的典型特徵？或者你會說這更像是疫情造成的混亂所產生的連鎖反應。只是好奇你對此的想法。

Yes. Thanks, Noel. No, I wouldn't characterize it as conventional cyclical activity in our business, I don't think. I mean, you have to look at the rates and what we've set, and we're nowhere near those rates that we were in the pandemic period or even before then. The rates are very, very solid, albeit a little less than what we saw in the last couple of years, and that's simply because we have a little white space.

是的。謝謝，諾埃爾。不，我認為我不會將其描述為我們業務中的傳統週期性活動。我的意思是，你必須看看我們設定的利率，我們遠遠沒有達到大流行時期甚至之前的利率。儘管利率比過去幾年的利率略低，但仍然非常穩定，這僅僅是因為我們有一點空白。

There are some rigs rolling off. There's opportunity. I think there's been a lot of capital discipline based on volatility in the market space, whether it's related to tariffs or related to OPEC or related to oil production and needs. So no, not at all. I think as a reminder, the Deepwater game is a long play.

有一些鑽孔機正在滑行。有機會。我認為，市場波動性決定了資本的紀律性，無論是與關稅有關，還是與歐佩克有關，還是與石油生產和需求有關。所以，根本不是。我想提醒一下，深水遊戲是一場持久戰。

The reserves are big. The investment is large and the lead times for the work and approval process is quite extensive. And so I think the projections are all pointing towards our operators, our customers are starting to get back into the FID process. They look at it with a long view on oil price and what the world's demand for hydrocarbons looks like. And all of those are positive indicators for continued constructive growth right now. Roddie, do you have anything?

儲量很大。投資巨大，工作和審批流程的準備時間也相當長。因此我認為所有的預測都指向我們的營運商，我們的客戶開始重新回到 FID 流程。他們從長遠角度看待石油價格以及世界對碳氫化合物的需求。所有這些都是當前持續積極成長的積極指標。羅迪，你有什麼事嗎？

Yes. I think I'd just add to that to say from the operator's point of view, there is a significant amount of turmoil and chop on the commodity price these days. So it's a relatively simple decision to push out noncritical investments another quarter, another two quarters just to wait and see what happens.

是的。我想我只想補充一點，從運營商的角度來看，最近商品價格出現了相當大的動盪和波動。因此，將非關鍵投資推遲一個季度或兩個季度，然後觀望一下，這是一個相對簡單的決定。

But the one thing that, that does is it kind of adds to that pent-up demand. So it kind of puts you in an interesting spot because you have the possibility of a number of the rigs that have white space ahead of them, particularly if they're a little lower specification, then there's a real chance there that those rigs may be retired.

但這樣做確實會加劇被壓抑的需求。因此，這有點讓你處於一個有趣的位置，因為有可能許多鑽機前面都有空白，特別是如果它們的規格稍低一些，那麼這些鑽機很有可能被退役。

So I think one of the effects you're going to see is rather than the drilling contractors spending a tremendous amount of money on assets that they're trying to bridge a significant period of time, they're far rather more likely to pull those off the market, retire those rigs, which ultimately is going to help the supply and demand and the balance there when we do get a busier time.

因此，我認為你將看到的效果之一是，鑽井承包商不會花費大量資金購買他們試圖在相當長的一段時間內維持的資產，而是更有可能將這些資產撤出市場，淘汰這些鑽井平台，這最終將有助於供需平衡，並在我們確實遇到更繁忙的時候實現平衡。

But I would say, actually, we're looking at the number of tenders that we're answering and we've heard our competitors say the same thing, there really is a tremendous amount of potential out there. So again, we reiterate that -- there's probably a few bargains to be had in the short term. But for long-term work, it makes all the sense in the world that the day rates will be solid going forward.

但我想說，實際上，我們正在關注我們回應的投標數量，我們也聽到我們的競爭對手說了同樣的話，那裡確實有巨大的潛力。因此，我們再次重申——短期內可能會有一些便宜貨可做。但對於長期工作而言，未來日薪維持穩定是完全合理的。

I can't really see how that would degrade materially. And to Keelan's point, we may have seen a 10%, 15% drop in rates over the last couple of quarters. But already, we see some more solid rates are expected to come out as that '27 time frame gets super busy. We expect to see the pickup beginning late '26. And I think you'll see a lot of those tenders answered and announced in late '25.

我真的看不出這會在實質上造成什麼損害。正如基蘭所說，過去幾季我們可能已經看到利率下降了 10% 到 15%。但我們已經看到，隨著 27 個時間段變得非常繁忙，預計將會出現一些更穩定的利率。我們預計這一趨勢將在 26 年底開始好轉。我認為你會在 2025 年底看到很多招標項目得到答覆和公佈。

Terrific. Thanks a lot. And I'm just wondering, with the we've been seeing these, I don't know if you call them green shoots of greater exploration activity happening across the industry. And you did touch on exploration briefly a bit earlier.

了不起。多謝。我只是想知道，我們已經看到了這些，我不知道你是否稱它們為整個行業正在發生的更大規模勘探活動的綠芽。您剛才確實簡要地談到了探索。

But I was wondering, with the BP Bumerangue find, anything you see as sort of unusual or intriguing about that project? And I wondered if -- other than the general trend of hopefully exploration picking up, do you see any implications from that success for either industry activity, CapEx levels?

但我想知道，對於 BP Bumerangue 的發現，您認為該專案有什麼不尋常或有趣的地方嗎？我想知道—除了希望勘探活動回升的整體趨勢之外，您是否認為這項成功對產業活動、資本支出水準有何影響？

Yes. Yes, for sure. I mean if you think about -- just take the Bumerangue discovery. So it's a big discovery, obviously, BP saying it's the largest in 25 years. That's a really interesting position that you find Brazil in now. So Petrobras, as you know, is out to tender on several different things, and they've kind of picked up the pace on that. And I think that's partially in response to how many opportunities there are with the IOCs. So that's a relatively new development in Brazil.

是的。是的，當然。我的意思是，如果你想想——就拿 Bumerangue 的發現來說吧。所以這顯然是一個重大發現，英國石油公司稱這是 25 年來最大的發現。巴西現在所處的境況非常有趣。如你所知，巴西石油公司正在對幾種不同的項目進行招標，而且他們已經加快了招標步伐。我認為這在一定程度上反映了國際奧委會提供了多少機會。這在巴西是一個相對較新的發展。

But we're looking at tenders from Shell at the moment. We're also expecting BP has some additional work that some of it has already been announced and some will probably come as a result of this latest discovery. As you know, we are currently in the throes of the Buzios tender, and the [Mero] tender is out now.

但我們目前正在關注殼牌的招標。我們也預計 BP 還會進行一些額外的工作，其中一些已經宣布，而另一些可能會成為這項最新發現的結果。如您所知，我們目前正處於布茲奧斯（Buzios）招標的陣痛期，而[Mero]招標現已結束。

I think what's interesting in that is the kind of the indications are that there could be maybe one extra rig than originally thought being used for the Buzios tender. And of course, with the Equinor tender that's out just now, that was kind of incremental demand as well. So you're kind of seeing these green shoots looking very interesting.

我認為有趣的是，有跡象表明，用於 Buzios 投標的鑽機可能比最初預想的多出一台。當然，隨著 Equinor 剛剛發布的招標，這也是一種增量需求。所以你看到這些綠芽看起來非常有趣。

There is -- to your point about exploration, there is actually a reasonably good increase expected in exploration wells to be drilled in '26 and '27, about a 25% increase each year. So it appears that as the operators are really shifting their focus back to oil and gas, kind of retooling, if you would, to move into the profitable core business. We are certainly beginning to see those green shoots show up in these kind of prospects.

關於勘探，您提到了這一點，預計 26 年和 27 年勘探井的數量將出現相當不錯的增長，每年增長約 25%。因此看起來，營運商確實將重點重新轉向石油和天然氣，或者說進行某種重組，以進入盈利的核心業務。我們確實開始看到這種前景中出現的綠芽。

Yes. And I think exploration activity increasing is great success is even more important and having quite a bit of success recently, BP and some of their exploration activities as are some of our other customers. And that only bodes well for absorbing capacity in the market, whether it's in Brazil or Africa or elsewhere around the world. And so yes, we see it as a big positive.

是的。我認為勘探活動的增加是巨大的成功，甚至更為重要，最近取得了相當大的成功，BP 和他們的一些勘探活動以及我們的一些其他客戶也是如此。這對市場吸收能力來說是個好兆頭，無論是在巴西、非洲或世界其他地方。是的，我們認為這是一件非常正面的事情。

Great. Thanks a lot.

偉大的。多謝。

Thank you. This does conclude our question-and-answer session. I'd like to now turn it back to Alison Johnson for any additional or closing remarks.

謝謝。我們的問答環節到此結束。現在我想把時間交還給艾莉森·約翰遜，請她做進一步的評論或結論。

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

謝謝史蒂芬妮，也謝謝大家參加今天的電話會議。我們期待在報告 2025 年第三季業績時再次與您交談。祝你有美好的一天。

Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect.

謝謝各位，女士們、先生們。今天的演講到此結束。您現在可以斷開連線。