Transocean Ltd (RIG) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the third quarter 2025 Transocean earnings call. (Operator Instructions) Please keep in mind, today's call will be recorded and we will be standing by if you should need any assistance.

大家好，歡迎參加 Transocean 2025 年第三季財報電話會議。（操作員說明）請注意，今天的通話將被錄音，如果您需要任何協助，我們將隨時為您提供服務。

It is now my pleasure to turn today's conference over to Director of Investor Relations, Alison Johnson.

現在我很高興將今天的會議交給投資者關係總監艾莉森·約翰遜。

Thank you, David. Good morning, and welcome to Transocean's third 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，大衛。早安，歡迎參加 Transocean 2025 年第三季財報電話會議。我們已在網站 deepwater.com 上發布了涵蓋財務績效的新聞稿副本，以及支援聲明和附表，包括對帳和有關非 GAAP 財務指標的揭露。

Joining me on this morning's call are Keelan Adamson, President and Chief Executive Officer; Thad Vayda, Executive Vice President and Chief Financial Officer; and 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.

今天早上和我一起參加電話會議的有：總裁兼執行長 Keelan Adamson；執行副總裁兼財務長 Thad Vayda；以及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業務和公司相關的各種事項發表一些前瞻性聲明，這些聲明並非歷史事實。

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.

此類聲明是基於當前的預期和某些假設，因此存在一定的風險和不確定性。許多因素都可能導致實際結果與預期有重大差異。有關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信息，請參閱我們向美國證券交易委員會提交的文件。

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. During this time to get more participants and opportunities to speak, please limit yourself to one initial question and one follow-up.

另外，請注意，本公司不承擔更新或修改前瞻性聲明的義務。在 Keelan 和 Thad 發言結束後，我們將與團隊成員進行問答環節。在此期間，為了吸引更多參與者和發言機會，請您限制自己只能提出一個初始問題和一個後續問題。

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

非常感謝。現在我將把電話交給基蘭。

Thanks, Alison, and welcome, everyone, to our third quarter conference call. We posted a strong third quarter, demonstrating our collective focus on delivering superior operational performance to our customers. And I extend my sincere thanks to all of our crews offshore and our operation teams onshore without whom these excellent results would not be possible.

謝謝艾莉森，歡迎各位參加我們的第三季電話會議。我們第三季業績表現強勁，這反映了我們共同致力於為客戶提供卓越營運績效的決心。我衷心感謝所有海上作業人員和陸上作業團隊，沒有他們的辛勤付出，這些優異的成績是不可能的。

Additionally, we have made notable progress in recent months, reducing our operating costs as evidenced by our strong free cash flow generation in the period and our simplified and improved capital structure. We completed several important capital markets transactions that advanced our deleveraging efforts and further reduced interest expense to better position the company for the long-term benefit of our shareholders.

此外，近幾個月來，我們在降低營運成本方面取得了顯著進展，這體現在我們在此期間強勁的自由現金流產生以及我們簡化和改進的資本結構上。我們完成了幾項重要的資本市場交易，推進了我們的去槓桿化工作，並進一步降低了利息支出，從而更好地為股東的長期利益做好了準備。

Thad will provide more detail, but as the result of our ongoing cost control initiatives and these transactions, we have achieved several important results. First, by the end of 2025, we will have reduced our debt by approximately $1.2 billion versus our scheduled maturities of $714 million. We believe that a stronger and more flexible balance sheet is essential to improving total shareholder return, making accelerating -- accelerated deleveraging one of our key objectives.

Thad 將會提供更多細節，但由於我們持續的成本控制措施和這些交易，我們已經取得了一些重要的成果。首先，到 2025 年底，我們將減少約 12 億美元的債務，而我們計劃到期的債務為 7.14 億美元。我們認為，更強大、更靈活的資產負債表對於提高股東總回報至關重要，因此加速去槓桿化是我們的主要目標之一。

Second, these transactions allowed us to convert one tranche of secured debt to unsecured debt, reducing restricted cash balances that are now being used more efficiently and releasing the Deepwater Poseidon, which is among our highest specification and most capable rigs from the collateral pool. Third, our annualized interest expense will now be reduced by approximately $87 million versus 2025 with these savings expected to be used for further opportunistic debt reduction.

其次，這些交易使我們能夠將一部分擔保債務轉換為無擔保債務，從而減少了受限現金餘額，這些現金餘額現在可以獲得更有效的利用，並將我們規格最高、能力最強的鑽井平台之一——深水海神號——從抵押池中釋放出來。第三，與 2025 年相比，我們的年度利息支出將減少約 8,700 萬美元，預計這些節省下來的資金將用於進一步的機會性債務削減。

And lastly, we have significantly improved our debt maturity profile and materially reduced our 2027 obligations. Today, we currently expect to meet our remaining scheduled maturities with cash flow from operations. We will include a slide in our corporate presentation that illustrates this improvement. We are pleased with the significant progress we have made on our balance sheet so far this year and there is more work to be done.

最後，我們大幅改善了債務到期結構，並大幅減少了 2027 年的債務。目前，我們預計能夠利用經營活動產生的現金流來償還剩餘的到期債務。我們將在公司簡報中加入一張投影片來說明這項改進。我們對今年迄今在資產負債表方面取得的顯著進展感到滿意，但仍有更多的工作要做。

I will remind our listeners that in addition to the providing industry-leading offshore drilling services to our customers, these actions and outcomes are consistent with our previously articulated objectives of reducing debt, reducing interest expense and simplifying our capital structure. Turning to asset strategy. We continue to refine the composition of our fleet.

我還要提醒各位聽眾，除了向客戶提供業界領先的海上鑽井服務外，這些行動和成果也與我們先前提出的減少債務、降低利息支出和簡化資本結構的目標相符。接下來談談資產策略。我們將繼續優化船隊組成。

After a fulsome analysis of the option value of our cold stacked assets, we announced our intention to dispose of four drillships and one harsh environment semisubmersible from our stacked fleet. Overall, we will retire nine rigs, including the four announced last quarter, a process that should be complete by mid-2026.

在對我們閒置資產的選擇價值進行全面分析後，我們宣布打算從我們的閒置船隊中處置四艘鑽井船和一艘惡劣環境半潛式鑽井船。總體而言，我們將退役九座鑽井平台，包括上個季度宣布的四座，這一過程應該在 2026 年年中完成。

Our fleet now consists of 24 contracted ultra-deepwater drillships and high-specification harsh environment semisubmersibles as well as three higher specification, seventh gen ultra-deepwater drillships currently cold stacked in Greece. We have been deliberate in the rationalization of our fleet to maintain a portfolio of the highest specification, most marketable and competitive assets in the industry.

我們目前擁有 24 艘已簽約的超深水鑽井船和高規格惡劣環境半潛式鑽井平台，以及三艘目前在希臘冷封的更高規格的第七代超深水鑽井船。我們經過深思熟慮，對車隊進行了合理化調整，以保持車隊擁有業內最高規格、最具市場競爭力和最強競爭力的資產組合。

The decision to retire these older assets better aligns the company with evolving customer needs while supporting a more balanced industry supply-demand dynamic. With respect to rig contracting and as we expected, our customers exercised some priced options. In the US Gulf, following the announcement of its final investment decision on the Tiber-Guadalupe development, BP exercised its one-year $635,000 per day priced option for the Deepwater Atlas.

淘汰這些老舊資產的決定，使公司能夠更好地適應不斷變化的客戶需求，同時支持更平衡的行業供需動態。關於鑽井平台承包，正如我們預期的那樣，我們的客戶行使了一些付費選擇權。在美國墨西哥灣，在宣布對 Tiber-Guadalupe 開發案的最終投資決定後，BP 行使了其為期一年、每天價格為 635,000 美元的 Deepwater Atlas 油田開發選擇權。

The program is expected to contribute approximately $232 million in backlog and will keep the rig operating with BP through the second quarter of 2030. We are grateful for the continued confidence BP places in us to execute its pay loading programs. In Brazil, Petrobras exercised the first of its two options for the Deepwater Mykonos. The program extends the rig's firm term into early 2026.

該計劃預計將貢獻約 2.32 億美元的積壓訂單，並將使該鑽井平台繼續為 BP 營運至 2030 年第二季。我們非常感謝BP對我們執行其有效載荷裝載計劃的持續信任。在巴西，巴西石油公司行使了其對深水米科諾斯油田的兩項選擇權中的第一項。該計劃將鑽井平台的固定期限延長至 2026 年初。

Moving now to the broader market environment. Given global macro uncertainties and its impact on commodity prices, our customers continue to exhibit capital discipline, prioritizing free cash flow for debt reduction, returning capital to shareholders and taking a measured approach to the amount of capital that they commit to exploration and development activities.

接下來我們來看看更廣泛的市場環境。鑑於全球宏觀經濟的不確定性及其對大宗商品價格的影響，我們的客戶繼續展現出資本紀律，優先考​​慮自由現金流以減少債務、向股東返還資本，並對其投入勘探和開發活動的資本數額採取謹慎的態度。

They have also been reducing costs by restructuring their organizations and have largely been sustaining reserves and production levels through acquisitions and consolidation. This has resulted in deferred near-term demand for drilling services and as expected, a slower pace of contracting. However, industry projections continue to suggest that upstream investment in offshore will increase, particularly in the deepwater segment.

他們也透過重組組織結構來降低成本，並透過收購和整合來維持儲量和生產水準。這導致近期對鑽井服務的需求推遲，正如預期的那樣，合約簽訂速度也放緩了。然而，產業預測繼續表明，海上上游投資將會增加，尤其是在深水領域。

Indeed, a number of independent organizations recently observed that the significant decline in operators' reserve to production ratios resulting from their capital discipline is not sustainable, a view with which we agree. We believe that their efforts to improve this metric will lead to meaningful increases in offshore drilling activity.

事實上，許多獨立組織最近指出，由於營運商的資本紀律，其儲量與產量比率大幅下降，這種情況是不可持續的，我們對此觀點表示贊同。我們相信，他們為改善這項指標所做的努力將顯著增加海上鑽井活動。

Notably, and perhaps to the greatest extent we have heard over the past decade, many customers are now indicating a necessity to increase their exploration activity to address this emerging supply imbalance. Multiple third parties project that demand for deepwater rigs will significantly increase in the coming years and we are encouraged by recent conversations with customers and anticipate contract awards for more programs later this quarter and into 2026.

值得注意的是，而且可能是過去十年中我們聽到的最普遍的說法是，許多客戶現在表示有必要增加勘探活動，以解決這種新出現的供應失衡問題。多家第三方機構預測，未來幾年對深水鑽井平台的需求將大幅增長，我們最近與客戶的溝通也令人鼓舞，預計本季度晚些時候以及 2026 年將獲得更多項目的合約。

Based upon known tenders, programs and contract options, we expect the number of contracted floaters to grow by approximately 10% in the next 18-months. Looking regionally, in the US, Gulf, activity is stable as operators continue to extend utilization of rigs they already have on contract. Additionally, three short-term programs with independent operators are expected to be awarded in the fourth quarter with one more tender to be released before year-end.

根據已知的招標、計劃和合約選項，我們預計未來 18 個月內，簽約浮式鑽井平台的數量將增加約 10%。從區域上看，在美國墨西哥灣，由於營運商繼續延長已簽訂合約的鑽井平台的使用期限，石油活動保持穩定。此外，預計第四季度將授予三個與獨立營運商合作的短期項目，年底前還將發布一項招標。

In Brazil, we anticipate the Petrobras Buzios and Mero tenders and Shell's Gato do Mato tender will be publicly awarded in the coming weeks for a total of 23 years of firm work requiring six rigs. We believe that these programs will mostly be satisfied with rigs currently in country. In Africa, we still anticipate demand could increase the working rig count by at least three rigs through 2027.

在巴西，我們預計 Petrobras Buzios 和 Mero 的招標以及 Shell 的 Gato do Mato 的招標將在未來幾週內公開授予，總共需要 6 座鑽井平台，為期 23 年的固定作業。我們認為這些項目大多能夠滿足目前國內的鑽井平台需求。在非洲，我們仍然預計到 2027 年，需求可能會使鑽井平台數量增加至少三台。

In Nigeria, the Exxon and Chevron tenders for multiyear development are well underway and Total's new tender is expected to be released in the coming months. In the Ivory Coast, we believe Eni's release of its tender for the multiyear Baleine Phase 3 development commencing early 2027 is imminent. In Angola, the rig count is expected to remain relatively stable.

在奈及利亞，埃克森美孚和雪佛龍的多年開發案招標工作正在順利進行，預計道達爾的新招標將在未來幾個月內發布。我們認為，埃尼集團即將發布其在科特迪瓦開展的多年期巴萊恩三期開發項目的招標公告，該項目將於 2027 年初啟動。預計安哥拉的鑽井平台數量將保持相對穩定。

Azule Energy recently released an expression of interest for two rigs commencing late 2026 and Shell will go back to the country after many years out by starting a new exploration campaign in 2027. We now expect there will be five drillships and one semisubmersible working in country by 2027. In Namibia, most of the operators that are currently active will continue to drill exploration and appraisal wells in 2026 through 2027.

Azule Energy 最近發布了意向書，計劃於 2026 年底開始建造兩座鑽井平台；殼牌公司在闊別多年後，將於 2027 年重返該國，啟動新的勘探活動。我們現在預計到 2027 年，全國將有 5 艘鑽井船和 1 艘半潛式鑽井船作業。在納米比亞，目前活躍的大多數業者將在 2026 年至 2027 年繼續鑽探勘探井和評價井。

We expect the first major development program will be tendered for 2 rigs to begin in 2028. And finally, in Mozambique, Eni's tender is progressing with Exxon and Total's tenders anticipated to be released soon. I also note that Total recently lifted force majeure from their $20 billion LNG project there, a decidedly positive development for Mozambique's economic development and for investor confidence as the country continues to develop its energy resources.

我們預計第一個大型開發案將於 2028 年開始招標，建造 2 座鑽井平台。最後，在莫三比克，埃尼集團的招標工作正在推進，預計埃克森美孚和道達爾的招標工作也將很快公佈。我還注意到，道達爾最近解除了其在莫三比克價值 200 億美元的液化天然氣項目的不可抗力聲明，這對莫三比克的經濟發展和投資者信心來說無疑是一個積極的進展，因為該國正在繼續開發其能源資源。

In the Mediterranean, current opportunities could require up to two incremental rigs in the next two years with programs from a number of the major operators as well as local independent energy. Moving further east to India. The ONGC tender for one drillship with a mid-2026 commencement is in progress. And elsewhere in Asia, there are a number of market inquiries, including two in Indonesia for multiyear programs starting in 2027.

在地中海地區，目前的機會可能需要在未來兩年內新增多達兩座鑽井平台，涉及多家主要營運商以及當地獨立能源公司的專案。繼續向東前往印度。ONGC正在進行一項鑽井船招標，計劃於2026年中期開工。在亞洲其他地區，也有許多市場諮詢，其中包括印尼的兩個從 2027 年開始的多年期專案。

In Australia, Chevron's Gorgon Phase 3 tender is progressing toward award, which we currently expect in the first quarter of next year. We anticipate there will be one drillship and two semisubmersibles working in country in 2027. In Norway, utilization of the high-specification harsh environment semisubmersible fleet is expected to remain robust through 2027 as the award for Equinor's rig tender is expected imminently.

在澳大利亞，雪佛龍公司的戈爾貢三期計畫招標正在穩步推進，預計明年第一季授標。我們預計到 2027 年，該國將有一艘鑽井船和兩艘半潛式鑽井船作業。在挪威，高規格惡劣環境半潛式鑽井船隊的利用率預計將在 2027 年保持強勁，因為 Equinor 的鑽井平台招標預計很快就會授予。

This and other projects have commencements in 2027, many of which will utilize contract extensions of the current fleet. Based upon current planned programs in 2027, the drillship and harsh environment semisubmersible markets are projected to reach active utilization of above 95% and close to 100% respectively.

該項目及其他項目將於 2027 年啟動，其中許多項目將利用現有船隊的合約延期。根據目前的計劃，到 2027 年，鑽井船和惡劣環境半潛式平台的市場利用率預計將分別達到 95% 以上和接近 100%。

Operationally, we continue to deliver strong safety and reliability performance for our customers. Indeed, in September, we posted revenue efficiency of 100% and delivered 97.5% for the entire third quarter. Responsible for these achievements is a uniquely qualified and high-performing team that is focused on delivering the professional and disciplined experience to which our customers have grown accustomed.

在營運方面，我們持續為客戶提供強大的安全性和可靠性表現。事實上，9 月我們的營收效率達到了 100%，第三季的營收效率也達到了 97.5%。這些成就的背後是一支素質卓越、表現優異的團隊，他們致力於提供客戶已經習慣的專業、嚴謹的服務體驗。

Through rigorous procedural discipline, we've built an operational framework that enables us to deliver the same standard of performance on every Transocean rig regardless of where it is operating. I am also very proud that we continue to set industry firsts. We recently ran the heaviest casing string on record at a hook load of approximately 2.85 million pounds using our eighth-generation drillship, the Deepwater Titan.

透過嚴格的程序規範，我們建立了一套營運框架，使我們能夠在每一座 Transocean 鑽井平台上提供相同的性能標準，無論它在哪裡作業。我非常自豪的是，我們不斷創造行業第一。我們最近使用第八代鑽井船「深水泰坦號」完成了有史以來最重的套管柱作業，鉤載約 285 萬磅。

This achievement showcases what can be delivered with this highly capable generation of asset, unlocking significant well construction and production efficiencies for our customer. In conclusion, we remain focused on optimizing the value of our assets and services while maintaining a disciplined approach to deploying our high-specification fleet.

這項成就展現了這一代高性能資產所能帶來的成果，為我們的客戶釋放了顯著的油井建設和生產效率。總而言之，我們將繼續專注於優化資產和服務價值，同時保持嚴謹的態度部署我們的高規格車隊。

Our priority is to best serve our customers and continue to generate strong cash flow, supporting our ongoing efforts to strengthen the balance sheet and increase the value of our equity. We will continue to take steps to optimize our capital structure and financial flexibility.

我們的首要任務是竭誠為客戶服務，並持續創造強勁的現金流，以支持我們持續加強資產負債表和提高股權價值的努力。我們將繼續採取措施優化資本結構，提高財務彈性。

I'll now turn it over to Thad for further discussion on our transactions, our results and guidance. Thad?

現在我將把發言權交給薩德，讓他進一步討論我們的交易、績效和指導。薩德？

Thank you, Keelan, and good day to everyone. During today's call, I will briefly recap our third quarter results, provide guidance for the fourth quarter and conclude with our preliminary expectations for full year 2026. As is our practice, we'll provide updated guidance for 2026 when we report our full year 2025 results in February.

謝謝你，基蘭，祝大家今天愉快。在今天的電話會議上，我將簡要回顧我們第三季度的業績，提供第四季度的指導，並最後給出我們對 ​​2026 年全年的初步預期。依照慣例，我們將在2月公佈2025年全年業績時，同時提供2026年的最新業績指引。

During the third quarter, we delivered contract drilling revenues of $1.03 billion with an average daily revenue of approximately $462,000. Contract drilling revenues are slightly above our guidance range due primarily to the Deepwater Skyros, which continued to operate throughout the quarter. Operating and maintenance expense in the third quarter was $584 million.

第三季度，我們實現了 10.3 億美元的合約鑽井收入，平均每日收入約為 46.2 萬美元。合約鑽井收入略高於我們的預期範圍，這主要歸功於深水 Skyros 號鑽井平台在整個季度持續運作。第三季營運和維護費用為 5.84 億美元。

This is below our guidance range, primarily due to deferred maintenance costs across the fleet and the release of a $10 million provision resulting from the anticipated favorable outcome of a legal dispute, partially offset by severance costs associated with the company's shore-based support reorganization undertaken in August.

這低於我們的預期範圍，主要是由於整個船隊的維護成本推遲以及因預期法律糾紛的有利結果而釋放的 1000 萬美元準備金，部分被公司 8 月份進行的岸基支持重組相關的遣散費所抵消。

Capital expenditures for the quarter were $11 million, also below our guidance range of $25 million to $30 million, primarily due to the timing of payments. G&A expense was $46 million, below expectations due also to timing, but with respect to professional and legal services. We ended the third quarter with total liquidity of approximately $1.8 billion.

本季資本支出為 1,100 萬美元，也低於我們先前 2,500 萬美元至 3,000 萬美元的預期範圍，主要原因是付款時間安排。一般及行政費用為 4,600 萬美元，低於預期，這主要是由於時間因素，但主要涉及專業和法律服務。第三季末，我們的總流動資金約為18億美元。

This includes unrestricted cash and cash equivalents of $833 million, about $417 million of restricted cash, the majority of which is reserved for debt service and $510 million of capacity from our undrawn revolving credit facility. All of the proceeds from the recent equity and debt capital markets transactions have since been deployed to reduce and refinance certain debt obligations.

這包括 8.33 億美元的非限制性現金及現金等價物，約 4.17 億美元的限制性現金（其中大部分用於償還債務），以及 5.1 億美元的未提取循環信貸額度。近期股權和債務資本市場交易所得款項已全部用於減少和再融資某些債務。

Adjusting for these proceeds, our quarter end liquidity would have been approximately $1.2 billion. I will now provide guidance for the fourth quarter of 2025 and preliminary guidance for the full year of 2026. For the fourth quarter, we expect contract drilling revenues to be between $1.03 billion and $1.05 billion based upon an average fleet-wide midpoint revenue efficiency of 96.5%, which, as you know, can vary based upon uptime performance, weather and other factors.

扣除這些收益後，我們季度末的流動資金約為 12 億美元。接下來，我將提供 2025 年第四季的業績指引和 2026 年全年的初步業績指引。我們預計第四季度合約鑽井收入將在 10.3 億美元至 10.5 億美元之間，這是基於船隊平均中點收入效率 96.5% 計算得出的。但正如您所知，這一數字會因正常運作時間、天氣和其他因素而有所不同。

This guidance includes between $60 million and $70 million of additional services and reimbursable expenses. The slight sequential increase in revenue is mainly due to higher activity on the Deepwater Conqueror, which started its new contract on the 1st of October, partially offset by lower activity on the Deepwater Skyros as it has concluded its work in Angola and is mobilizing to Ivory Coast for its next contract, which starts in December.

該指導意見包括 6,000 萬至 7,000 萬美元的額外服務和可報銷費用。收入環比略有增長，主要歸功於「深水征服者號鑽井平台作業量增加，該平台於 10 月 1 日開始執行新合約；但部分增長被「深水斯基羅斯號」鑽井平台作業量減少所抵消，該平台已完成在安哥拉的工作，正在前往科特迪瓦執行將於 12 月開始的下一個合約。

We expect fourth quarter O&M expense to be within a range of approximately $595 million to $615 million. This quarter-over-quarter increase is primarily due to the release of the previously mentioned anticipated favorable resolution of a legal dispute, which is not repeated in the fourth quarter and higher in-service and out-of-service maintenance across the fleet, partially offset from the shore-based reorganization implemented in August.

我們預計第四季營運維護費用將在 5.95 億美元至 6.15 億美元之間。這一季度環比增長主要是由於之前提到的法律糾紛預期有利的解決方案的公佈，而第四季度並未重現這一情況，以及艦隊在役和停役維護成本的增加，部分被8月份實施的岸基重組所抵消。

We expect G&A expense for the fourth quarter to fall within a range of approximately $45 million to $50 million. Net cash interest expense is projected to be approximately $122 million for the fourth quarter, comprising interest expense and interest income of about $131 million and $9 million, respectively. Capital expenditures and cash taxes are expected to be approximately $25 million to $30 million and $18 million, respectively.

我們預計第四季一般及行政費用將在 4,500 萬美元至 5,000 萬美元之間。預計第四季度淨現金利息支出約為 1.22 億美元，其中包括約 1.31 億美元的利息支出和約 900 萬美元的利息收入。預計資本支出和現金稅收分別約為 2,500 萬至 3,000 萬美元和 1,800 萬美元。

Finally, we currently estimate that we should end the year with total liquidity of slightly more than $1.4 billion, including the $510 million capacity of our undrawn credit facility. Versus our prior guidance of $1.45 billion to $1.55 billion, our year-end liquidity reflects the use of approximately $106 million of cash in excess of that provided by the recent transaction to reduce our debt balances.

最後，我們目前估計，到年底我們的總流動資金將略高於 14 億美元，其中包括我們未提取的 5.1 億美元信貸額度。與我們之前給出的 14.5 億美元至 15.5 億美元的預期相比，我們年末的流動性反映了使用了大約 1.06 億美元的現金，這筆現金超過了最近交易提供的現金，用於減少我們的債務餘額。

We expect that at year-end, the remaining debt and capital lease balance will be approximately $5.9 billion, which is net of $80 million of remaining scheduled payments and maturities to be settled with cash. For 2026, we currently forecast contract drilling revenue to be between $3.8 billion and $3.95 billion. Approximately 89% of our forecasted revenue is associated with firm contracts and the range assumes revenue efficiency of approximately 96.5% at the midpoint.

我們預計到年底，剩餘債務和資本租賃餘額約為 59 億美元，扣除 8,000 萬美元的剩餘預定付款和到期款項（將以現金結算）後，淨額將達到 59 億美元。我們目前預測，2026 年合約鑽井收入將在 38 億美元至 39.5 億美元之間。我們預測的收入中約有 89% 與確定的合約相關，該範圍假設收入效率在中點約為 96.5%。

Our guidance includes between $230 million and $270 million of additional services and reimbursable expenses. We expect our full year O&M expense to be between $2.275 billion and $2.4 billion and we currently anticipate G&A costs to be between $170 million and $180 million. We forecast 2026 cash interest expense to be about $480 million.

我們的指導意見包括 2.3 億美元至 2.7 億美元的額外服務和可報銷費用。我們預計全年營運維護費用將在 22.75 億美元至 24 億美元之間，目前預計一般及行政費用將在 1.7 億美元至 1.8 億美元之間。我們預測 2026 年現金利息支出約為 4.8 億美元。

Our preliminary projected liquidity at year-end 2026 is between $1.6 billion and $1.7 billion, reflecting our revenue and cost guidance, which incorporates the net effect of our ongoing cost savings initiative and includes our $510 million revolving credit facility, which we expect to remain undrawn and anticipated restricted cash of approximately $380 million.

我們初步預測，到 2026 年底，我們的流動資金將在 16 億美元至 17 億美元之間，這反映了我們的收入和成本指導，其中包括我們正在實施的成本節約計劃的淨影響，以及我們預計不會動用的 5.1 億美元循環信貸額度和約 3.8 億美元的預期受限現金。

This liquidity forecast also includes CapEx expectations of approximately $125 million to $135 million. I reemphasize our continued focus on strengthening the company's financial position through disciplined management of our capital structure. In utilizing a combination of equity and debt in our recent capital markets transactions, we were able to reduce our gross debt by approximately $1.2 billion versus scheduled maturities of $714 million, an incremental debt retirement of over $0.5 billion.

這項流動性預測還包括約 1.25 億美元至 1.35 億美元的資本支出預期。我再次強調，我們將繼續專注於透過對資本結構的嚴格管理來加強公司的財務狀況。透過在最近的資本市場交易中結合股權和債務，我們得以將總債務減少約 12 億美元，而到期債務為 7.14 億美元，額外償還債務超過 5 億美元。

This is accompanied by a substantial reduction in annualized interest expense of about $87 million. The sequence of the capital market transactions also allowed us to achieve the best possible rate, 7.875% on the new five-year $500 million senior priority guaranteed notes due 2029, below that of the now retired 8% notes that matured in 2027.

同時，年度利息支出大幅減少約 8,700 萬美元。資本市場交易的順序也使我們能夠獲得最佳利率，即 2029 年到期的 5 億美元五年期優先擔保票據的利率為 7.875%，低於現已到期的 2027 年到期的 8% 票據的利率。

Additionally, with the retirement of the 2027 notes secured by the Deepwater Poseidon, we were able to utilize cash that would otherwise have been held in our restricted cash accounts in a more productive manner. Finally, the tender offer for our discounted 2041 and certain 2028 maturities contributed about $105 million of debt reduction to the total $1.2 billion with associated annual interest expense savings of about $9 million.

此外，隨著「深水海神號」漏油事故擔保的 2027 年到期票據的償還，我們得以更有效地利用原本存放在受限現金帳戶中的資金。最後，對我們折價出售的 2041 年和某些 2028 年到期債務的要約收購，使總債務減少了約 1.05 億美元（總計 12 億美元），並帶來了約 900 萬美元的年度利息支出節省。

In conclusion, we remain committed to a thoughtful, measured approach to liability management. With strong backlog conversion generating incremental free cash flow, we anticipate being able to continue accelerating debt reduction in excess of scheduled maturities.

總之，我們將繼續秉持深思熟慮、審慎穩妥的負債管理方式。由於積壓訂單轉換率強勁，產生了增量自由現金流，我們預計能夠繼續加快債務削減速度，超過預定到期日。

I'll now turn the call back to Alison to launch the Q&A session.

現在我將把電話轉回給艾莉森，讓她開始問答環節。

Thanks, Thad. David, we're now ready to take questions. (Operator Instructions)

謝謝你，薩德。大衛，我們現在可以開始回答問題了。（操作說明）

(Operator Instructions) Eddie Kim, Barclays.

（操作說明）巴克萊銀行 Eddie Kim。

Just a bigger picture question on your confidence level in the increase in deepwater utilization. I think you mentioned 95% or even 100%. I believe that's exiting '26 and into 2027, if you could clarify the timing there. We've seen a few day rates now below $400,000 a day and there's some investor concern around some more negative day rate prints here in the next couple of months. First, do you think those are coming? And second, how does that impact your view on this activity inflection higher in the back part of next year?

從更宏觀的角度來看，您對深水資源利用率成長的信心程度如何？我想你有提到95%甚至100%。我認為那是從 2026 年結束到 2027 年結束，如果您能澄清一下時間上的具體情況就太好了。我們已經看到一些日利率低於每天 40 萬美元，一些投資者擔心未來幾個月日利率可能會進一步下降。首先，你認為這些會到來嗎？其次，這會對您明年下半年活動轉折點上升的看法產生什麼影響？

Yes. Good question. And I think the way I would probably approach I think the two-part question was one on utilization and the second part was more on rates and how that pressure will exert itself. I would say our view remains the same, Eddie. We believe that as we turn from the end of '26 into '27, the utilization of the ultra-deepwater fleet will bridge over 90%.

是的。問得好。我認為我可能會採取的方法是，將問題分為兩部分，一部分是關於利用率，另一部分是關於費率以及這種壓力將如何發揮作用。艾迪，我認為我們的觀點依然不變。我們相信，從 2026 年底到 2027 年底，超深水船隊的使用率將超過 90%。

And based on the conversations we're having with our customers, the programs, the tenders that we know are out there, with the long-term fundamentals with respect to the upstream CapEx, we expect to start moving towards offshore. The 2025 was a low FID year and so we expect the number of FIDs to increase as we go forward here into next year. And the need for oil companies to start exploring to a greater extent.

根據我們與客戶的對話、我們所了解的項目和招標情況，以及上游資本支出的長期基本面，我們預計將開始向海上轉移。2025 年是 FID 數量較低的一年，因此我們預計隨著明年的到來，FID 數量將會增加。石油公司需要加強勘探力道。

And from my conversations with the heads of wells and indeed some CEOs in the last quarter, that sort of period looks like '27, '28, they're going to start releasing some capital to address those supply concerns. So we're very constructive on the longer term, certainly from 2027 out. Yes, there is some utilization available in 2026.

從我上個季度與油井負責人以及一些執行長的談話來看，在 2027 年、2028 年，他們將開始釋放一些資金來解決這些供應問題。因此，我們對長遠發展非常有建設性，尤其是從 2027 年以後。是的，2026年有一些利用空間。

But those rigs that are on the water, there's quite a few opportunities for those to capture some work. The question on rate, obviously, as the utilization builds from where we are at the moment, which we would consider to be at the bottom of the trough and I'm sure Roddie will add a few more thoughts on this after I'm finished, we certainly believe that as that capacity is absorbed into the awards that are coming, the rates will be competitive.

但是那些在水上的鑽井平台，有很多機會可以承接一些工作。關於費率的問題，顯然，隨著利用率從目前的水平（我們認為目前處於低谷，我相信在我講完之後，羅迪還會就此補充一些想法）逐步提高，我們堅信，隨著這些產能被納入即將到來的合同中，費率將具有競爭力。

It's a competitive environment right now as the drilling sector starts trying to build their utilization. But for the timing of our assets rolling towards the second half of next year, we expect a lot of that activity to be absorbed. And so we consider it a really good opportunity for us to roll some of our rigs that are coming available at the end of the second half of next year and going into '27 and '28 prospects.

目前鑽井產業競爭激烈，各產業正努力提高利用率。但就我們資產轉移到明年下半年的時間而言，我們預計大部分交易活動將被消化。因此，我們認為這是一個非常好的機會，可以讓我們推出一些將於明年下半年末上市的鑽機，並展望 2027 年和 2028 年的發展前景。

And so as you know, utilization when it bridges 90%, that's when the upward pressure starts exerting on rate. So we're very constructive on both utilization and our ability to create value from our assets as we move from '27 out. And with that, perhaps Roddie has a few more comments to make.

所以你也知道，當利用率超過 90% 時，就會開始對費率施加上行壓力。因此，我們對資產利用率以及從 2027 年起利用資產創造價值的能力都非常樂觀。或許羅迪還有一些話要說。

Yes, sure. Eddie, let me add just a couple of notes to that. So as we think about where we are in the cycle, essentially we were kind of at a low point of contract awards in the first quarter of this year with only about 12 rig years awarded. The second quarter was a bit better at 14 rig years. The third quarter was 18 rig years. So we see the steady increase.

當然可以。艾迪，我再補充幾點。所以，當我們思考我們目前所處的周期階段時，基本上，今年第一季我們處於合約授予的低谷，只授予了大約 12 個鑽井平台年。第二季情況稍好一些，為 14 個鑽井平台年。第三季相當於18個鑽井平台年。所以我們看到的是穩定成長。

And as Keelan has alluded to, in the fourth quarter, like in Brazil alone, we expect to get 23 rig years awarded. If we think about the other regions, we think Q4 is going to be a very strong contracting quarter and that continues into '26. So if you think about that in terms of actual utilization, we've already gone through the dip in contracting.

正如基蘭所暗示的那樣，在第四季度，僅巴西一地，我們就預計將獲得 23 個鑽井平台使用年限。如果我們考慮其他地區，我們認為第四季度將是一個非常強勁的收縮季度，這種情況將持續到 2026 年。所以，從實際利用率的角度來看，我們已經度過了合約簽訂的低谷期。

Therefore, the increase in utilization is already booked. So this utilization is going to happen. It's kind of in the books at the moment and we think it basically accelerates from there. There was one other thing I was just going to mention real quickly on utilization. So as we entered the year 2025, we did have some white space on certain assets.

因此，利用率的提高已經確定。所以這種利用將會發生。目前這件事已經基本定型，我們認為它基本上會從此加速發展。關於利用率，我還有一件事想快速提一下。因此，進入 2025 年時，我們在某些​​資產方面確實存在一些空白。

And it's just a phenomenon of our business that on the active rigs, typically, the programs will run longer rather than run shorter and that's for a variety of reasons, whether they're well-related or more often, once an operator has an active rig working, it's very cost-effective to add additional wells to that program. So we saw that kind of several times for us and it's one of the reasons why our results in the third quarter are so good that we contracted beyond the timeline that we had stated in the fleet status report.

這只是我們行業的一個現象，在活躍的鑽井平台上，作業計劃通常會持續更長時間而不是更短時間，這是由於各種原因造成的，無論是與油井相關的，還是更常見的情況是，一旦運營商的鑽井平台開始作業，向該計劃中添加額外的油井就非常划算。因此，我們多次看到了這種情況，這也是我們第三季度業績如此之好的原因之一，以至於我們超出了我們在車隊狀況報告中規定的時間表進行合約簽訂。

So I think on that side, utilization is looking only on the way up from this point forward, which is great. And to Keelan's point again about the rates, certainly, for near-term stuff, we're seeing more competitive numbers. But I think what's interesting is the time frame in which we are rolling over the rigs is going to allow us to continue our very disciplined approach and making sure that we get value for those rigs.

所以我認為從現在開始，利用率只會不斷上升，這很好。至於 Keelan 提到的利率問題，當然，就近期而言，我們看到的利率更具競爭力。但我認為有趣的是，我們輪換鑽井平台的時間框架將使我們能夠繼續採取非常嚴謹的方法，並確保我們從這些鑽井平台中獲得價值。

And to be honest, having the highest specification rigs available at a moment when we're transitioning into the busiest time, I think, is a really good position to be in. If I look at the [Farley] charts and other charts, '27 looks -- if all of the probable items come through, then we're pretty close to 100% utilization and potentially above it if there's a big release of budget capital, but we have to wait and see how that pans out. But certainly, utilization and day rates are looking pretty solid from this point forward.

說實話，在我們即將進入最繁忙的時期之際，擁有最高規格的設備，我認為這是一個非常有利的位置。如果我看一下[法利]圖表和其他圖表，2027 年的情況看起來——如果所有可能的項目都能實現，那麼我們就非常接近 100% 的利用率，如果預算資金大幅釋放，甚至可能超過這個數字，但我們必須拭目以待，看看結果如何。但可以肯定的是，從目前來看，利用率和每日租金看起來都相當穩定。

Yes. Maybe one more comment, Eddie. I think when we talk about rates and we look at what's been fixed and what's been announced, I think the seventh gen units, there's been a lot of resilience at around $400,000 a day. And the competitive environment that's available that's present right now is going to also attract some of the lower spec sixth gen units, which is where you will see some more competitive pricing as the drillers start building more utilization on those assets.

是的。艾迪，或許我還能再補充一點。我認為，當我們談論價格，並審視已經確定和宣布的內容時，我認為第七代車型的價格一直保持在每天 40 萬美元左右，表現出很強的韌性。而目前存在的競爭環境也將吸引一些規格較低的第六代鑽機，隨著鑽井公司開始提高這些資產的利用率，你會看到一些更具競爭力的價格。

But we've been pleased with the resilience of the seventh-generation assets have shown when it comes to day rate. And maybe another follow-up on '26. We're still looking to see what our customers are going to release from a budget point of view for next year. I'll be interested to see what that looks like and how that can be transferred over to the drilling market in '26.

但就每日租金而言，我們對第七代資產所展現的韌性感到滿意。或許還可以對 '26' 做個後續報道。我們仍在觀察客戶明年在預算方面會做出哪些調整。我很想看看那會是什麼樣子，以及它如何在 2026 年轉移到鑽井市場。

Great. Great. That's great to hear and all very helpful color. Just my follow-up is on your rigs coming off contract soon. You have four drillships set to come off contract around kind of early to mid-next year, the Skyros, Mikonos, KG2 and the Proteus. Just based on conversations you're having now for these rigs, would it be prudent at this point to assume maybe one quarter of idle time after coming off contract?

偉大的。偉大的。聽到這個消息真好，這些顏色搭配都很有幫助。我只是想跟進一下你們的設備即將到期合約的事情。你們有四艘鑽井船將於明年年初到年中左右合約到期，分別是 Skyros、Mikonos、KG2 和 Proteus。僅根據您目前對這些鑽井平台的討論，現在是否應該謹慎地假設合約結束後會有四分之一的時間處於閒置狀態？

How should we think about the follow-on opportunity for these rigs and the timing around when that next contract is likely to commence?

我們該如何看待這些鑽井平台的後續機會，以及下一份合約可能開始的時間？

Yes, I'll take that one. So we are in discussions on all those rigs in various different manners at the moment. So we don't want to tip our hat to that. But yes, we think -- certainly, there's not going to be idle time in all of those rigs. There's possibility that there could be on one or two. But as I said before, a lot of these programs, especially around finishing up wells going a little bit longer, but we do have active prospects on every one of them. So that's pretty promising.

是的，我要那個。所以目前我們正在以各種不同的方式討論所有這些鑽井平台。所以我們不想對此表示敬意。但是，我們認為——當然，所有這些鑽井平台都不會有閒置時間。有可能只有一兩個。但正如我之前所說，很多項目，特別是圍繞完井的項目，都需要更長的時間，但我們在每個項目中都有積極的勘探前景。所以這很有希望。

And I think something that is obviously not readily apparent to everybody in the industry, except for those that are actually bidding for the work is the number of conversations for work is kind of -- it hasn't been this active and busy for our marketing team for a couple of years. So yes, we're pretty confident we'll be putting on some backlog on a number of those rigs.

我認為，除了那些實際參與競標的人之外，業內人士可能不太容易注意到的一點是，我們行銷團隊近幾年來都沒有像現在這樣活躍和忙碌。所以，是的，我們很有信心能夠加快一些鑽孔機的交付進度。

Yes. Maybe a little bit more color from my side, Eddie. You mentioned a few rig names. Rigs have reputations and the rigs that we have rolling have very strong reputation. So the Skyros, for example, Transocean and Total's multiple year winner of rig of the Year. I mean the rig has performed outstanding on that Total contract for 10-years, even performed 10-years without an LTI in its safety performance.

是的。或許我這邊會多加一些色彩，艾迪。你提到了一些鑽井平台的名稱。鑽井平台都有自己的聲譽，而我們目前使用的鑽井平台都享有很高的聲譽。例如，Skyros 鑽井平台是 Transocean 和 Total 連續多年榮獲年度最佳鑽井平台稱號的平台。我的意思是，這台鑽機在道達爾的合約中表現出色，已經服役了 10 年，甚至在安全性能方面 10 年都沒有發生過 LTI 事故。

The reputation of that rig is outstanding and there are several inbounds that we get concerning its availability. If you think about the Proteus you mentioned in the Gulf of America, the Proteus is one of the highest spec units in the world, has performed outstanding as well for its Shell campaign. So we have a variety of rigs that are rolling. Some are more sixth gen nature and some are much more higher spec.

鑽井平台的聲譽極佳，我們收到了許多關於其可用性的回饋。如果你想想你在美洲灣提到的「普羅透斯」號，它是世界上規格最高的潛艇之一，在殼牌石油公司的行動中也表現出色。所以我們有各種各樣的鑽孔機正在運作。有些更接近第六代產品，有些則規格更高。

So what you'll see from us is certainly looking to build utilization on our lower spec units. And when it comes to the higher spec units like Proteus, that's an opportunity for us to remain disciplined. I think we've demonstrated that in the past as the market ran up before this particular mid-cycle lull. And I would say we will be very disciplined in how we approach the Proteus and the sort of work and the term that we put on her, obviously, we want to keep her busy.

因此，我們肯定會努力提高低配機型的使用率。而對於像 Proteus 這樣的高規格設備來說，這正是我們保持自律的機會。我認為我們過去已經證明了這一點，因為在本次週期中期低迷期之前，市場曾出現過上漲行情。我想說，我們會非常嚴謹地對待「普羅透斯」號，以及我們賦予它的工作類型和期限，顯然，我們希望它一直保持忙碌狀態。

But if we don't like particularly the economics that are associated at that time, we'll take shorter stint work. And then, of course, that provides opportunity for small amounts of white space. But that is the consequence of a commercially strategic bidding discipline that we employ, especially with our harsh environment -- with our high-spec units.

但如果我們不喜歡當時的經濟狀況，我們會選擇短期工作。當然，這也為留出少量空白提供了機會。但這是我們採用的商業策略性投標紀律所帶來的結果，尤其是在我們這種嚴苛的環境下——使用我們高規格的設備。

Doug Becker, Capital One.

道格·貝克爾，第一資本。

Some industry reports suggest Petrobras recently had one-on-one meetings with drilling contractors just to discuss ways to reduce costs. Just wanted to get confirmation, did Transocean have such a meeting? And if so what was the outcome?

一些行業報告顯示，巴西石油公司最近與鑽井承包商舉行了一對一會議，專門討論降低成本的方法。我只是想確認一下，Transocean公司是否有召開過這樣的會議？如果屬實，結果如何？

I'll offer some commentary, and I'm sure Roddie will add his -- some color as well. Yes, we've been engaged with Petrobras on this topic for a while. I would reiterate our belief that we do not believe that this cost reduction exercise on Petrobras' part is going to materially change the activity that they have in country.

我會發表一些評論，我相信羅迪也會補充一些內容——也會有一些有趣的見解。是的，我們已經就此問題與巴西石油公司溝通了一段時間。我重申我們的觀點，即我們認為巴西石油公司此次削減成本的舉措不會對其在該國的業務活動產生實質影響。

We have a lot of experience across our operations of driving cost efficiencies into the operation on behalf of our customers. And with respect to Petrobras, we are engaged with the lessons we've learned across our fleet and with various different customers on how to reduce that cost structure. And typically, it's built around things like the number of people on board the rig and simple things like that.

我們在營運中累積了豐富的經驗，能夠代表客戶提高營運成本效益。至於巴西石油公司，我們正在吸取我們整個船隊以及與各種不同客戶合作的經驗教訓，以降低成本結構。通常情況下，它是根據鑽井平台上的人數等簡單因素來製定的。

So Petrobras are keen to engage with the drillers on this matter. There are efficiencies to be gained and it's very encouraging to see Petrobras open to having these discussions, looking for more efficiencies and allowing drilling contractors to bring their experience to bear in this environment. So Roddie, do you want to add anything?

因此，巴西石油公司非常希望就此事與鑽井公司進行磋商。提高效率的空間很大，令人鼓舞的是，巴西石油公司願意進行這些討論，尋求提高效率，並允許鑽井承包商在這個環境中運用他們的經驗。羅迪，你還有什麼要補充的嗎？

Yes. I'd just add, that's exactly the point. This is actually a welcome effort. So yes, to recap on that, basically, they're looking to take about 7% or 8% out of their cost basis. And they're doing that in a manner, as Keelan said, there are certain things in the Petrobras contracts that have expense to the contractors that are perhaps nice to have, maybe not essential to the contract.

是的。我只想補充一點，這正是關鍵。這確實是一項值得歡迎的舉措。所以，總結一下，他們基本上是想從成本基礎中削減大約 7% 或 8%。正如基蘭所說，他們這樣做的方式是，巴西石油公司的合約中有些條款會增加承包商的費用，這些條款或許是錦上添花，但可能並非合約的必要組成部分。

So if we're able to take some of those out and pass on those savings to Petrobras, that makes their wells more competitive, that stimulates more work. So we think that's a positive effort. And of course, we're very interested in that. And I think it's off the back of news like Ibama give the approval for the drilling exploration campaign in Foz do Amazonas, which is the North Coast of Brazil.

因此，如果我們能夠削減其中一些成本並將節省的資金轉嫁給巴西石油公司，這將使他們的油井更具競爭力，從而刺激更多的工作。所以我們認為這是一個積極的舉措。當然，我們對此非常感興趣。我認為這與巴西環境與再生資源研究所 (Ibama) 批准在巴西北部沿海城市亞馬遜河口進行鑽探勘探活動的消息有關。

So that's very encouraging for future activity. But yes, I think their statement is they very much are looking to keep all the rigs they have on contract and just seeing where they can be more cost-effective on certain demands that they have. And of course, we're all over that. I think that's quite positive.

所以這對未來的活動來說非常令人鼓舞。是的，我認為他們的聲明是，他們非常希望保留所有已簽訂合約的鑽井平台，並看看在某些需求方面如何更具成本效益。當然，我們都非常關注這一點。我認為這相當積極。

Is it fair to say that discussions were much more about those cost reduction efforts outside of rate? Or is there a desire for some type of concession on price or blend and extend?

是否可以說，討論的重點更多地放在了費率以外的成本削減措施上？或者，是否希望在價格或混合和擴展方面做出某種讓步？

Yes. I mean, obviously, we can't talk about specific negotiations that we have with them. But the first focus is on the existing contracted rigs and what they can do to reduce the cost basis. If there is opportunity to add term to some of those, then that's an avenue that I'm sure many will be happy to explore.

是的。我的意思是，很顯然，我們不能談論我們與他們進行的具體談判。但首要關注點是現有已簽約鑽井平台以及它們可以採取哪些措施來降低成本。如果有機會延長其中一些合約的期限，我相信很多人都會樂於探索這條途徑。

That makes sense. And then, Thad, maybe one for you. A lot of steps to reduce debt during the third quarter. What would you highlight as the next few steps going forward and maybe in particular, just the potential for another equity raise down the road?

這很有道理。然後，薩德，也許還有一首是給你的。第三季採取了許多措施來減少債務。您認為接下來的幾個步驟應該要聚焦在哪些方面？特別是未來再次進行股權融資的可能性？

The short answer is, as Keelan had indicated, we anticipate that we're going to meet all of our obligations out of cash flow from operations. A couple of things I'd like to say on the equity raise. Clearly, it is never an easy decision for management to go to the market. And frankly, there's probably never a particularly good price at which one should issue equity.

簡而言之，正如基蘭所指出的那樣，我們預計我們將透過經營活動產生的現金流來履行我們所有的義務。關於股權融資，我有幾點想說。顯然，對管理階層來說，進入市場從來都不是一件容易的事。坦白說，發行股票可能永遠不會有一個特別好的價格。

That said, I think that the company has had a pretty good track record of treating shareholders as well as it can, particularly with respect to those things that are within our control. We didn't restructure, but with that comes this survivor's curse. When you look at the things that are encumbrances to our share price, it's two. It's, frankly, the market and the pace and day rates of contracts.

話雖如此，我認為公司在對待股東方面一直有著相當不錯的記錄，尤其是在我們能夠控制的範圍內。我們沒有進行重組，但隨之而來的是倖存者的詛咒。考察影響我們股價的因素，會發現只有兩項。坦白說，這取決於市場以及合約的成交速度和日費率。

And second, depending upon the day of the week, it's the leverage. It's sort of the survivor's curse. So we took this exercise to heart. We did a lot of analysis and we did our best to ensure that this is something that we really wouldn't have to do in the future. So our expectation now is with our liquidity profile, our debt maturity schedule, the market conditions that we'll be able to meet our obligations at cash flow.

其次，根據星期幾的不同，槓桿作用也會有所不同。這算是倖存者的詛咒吧。所以我們認真對待了這次練習。我們進行了大量的分析，並盡最大努力確保將來真的不必再做這件事。因此，我們目前的預期是，憑藉我們的流動性狀況、債務到期計劃和市場狀況，我們將能夠以現金流履行我們的義務。

You should expect to see us deploy any excess cash generated by the cash flow savings that we've talked about, the $250-so million that we anticipate in aggregate achieving in 2026 to reduce our debt balance.

你們應該會看到我們將利用我們之前談到的現金流節省所產生的任何剩餘現金，即我們預計在 2026 年總共實現的約 2.5 億美元，來減少我們的債務餘額。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯，圖伊兄弟。

I was wondering, you were talking about there -- just from discussions that you could see exploratory drilling maybe picking up in that 2027, 2028 time frame. I just wonder if you sort of think about lead time and customers' internal capital discussions, do you have any sense as to when they might -- how far in advance they might start looking at trying to commit to rigs on some of those?

我想問的是，你剛才提到的——根據討論來看，勘探性鑽探可能會在 2027 年、2028 年期間有所增加。我只是想知道，如果您考慮到提前期和客戶內部的資金討論，您是否能預估到他們可能會提前多久開始考慮為其中一些項目訂購鑽井平台？

Yes. No, it's a good question. As you know, a lot of the activity that we perform on contracted rigs is largely focused on development, but our customers also squeeze in exploration wells that they have approved in their budgets into the program should the time lines align. I think the difference that we're seeing now is a real conversation in the world about the need to increase the supply of hydrocarbons.

是的。不，這是個好問題。如您所知，我們在承包鑽井平台上進行的許多活動主要集中在開發方面，但如果時間安排合適，我們的客戶也會將他們在預算中批准的勘探井納入到專案中。我認為我們現在看到的改變是，世界各地正在真正討論增加碳氫化合物供應的必要性。

And if I cite the IEA report that was recently published, they speak about over $500 billion of the upstream investment, 90% of that is used every year to just simply replace the reserves that are being produced, right? And that's not taking into account any of the growth that is anticipated for the world. So as our customers are noticing that the decline rates in their conventional and also in their nonconventional, which is an accelerated decline rate, there isn't more conversation now about how do we produce that supply that's going to be required.

如果我引用國際能源總署最近發布的報告，他們提到上游投資超過 5,000 億美元，其中 90% 每年僅用於補充已開採的儲量，對吧？而且這還沒有考慮到世界預期中的成長。因此，隨著我們的客戶注意到他們常規和非常規能源的下降速度都在加快（非常規能源的下降速度也在加快），現在人們不再討論如何生產所需的能源供應了。

So as we think about the commodity prices, the macro environment, I think our customers are going to continue to find opportunities in their programs of contracted rigs in '26 to put a few exploration wells in. But the conversations are now changing to a major customer talking about building an entire rig line around exploration in '27 and '28. And there's more and more of those major customers starting to talk about that.

因此，當我們考慮大宗商品價格和宏觀環境時，我認為我們的客戶將繼續在 2026 年的鑽井合約計劃中找到機會，鑽探一些勘探井。但現在談話內容正在轉向一位大客戶，他正在談論在 2027 年和 2028 年圍繞勘探建立一條完整的鑽井生產線。越來越多的重要客戶開始談論這個問題。

And that's what's giving us an awful lot of encouragement with respect to what we think that will transfer to in rig activity in the out years from '27 on. And that's kind of the subtle difference that we're hearing in the conversations I'm having certainly with our customers. Roddie, do you have anything to add on that?

正是這一點給了我們極大的鼓舞，讓我們相信從 2027 年開始，這種情況將會轉移到鑽井平台上的活動中。而這正是我在與客戶交談中聽到的一些微妙差異。羅迪，你還有什麼要補充的嗎？

No, I think that nails it, exactly that it's been a while since we've had this exploration discussion and I think the broader macro commentary really helps that. And of course, we are seeing that directly with the discussions that we're having with some of our customers.

不，我覺得這說得太對了，我們已經很久沒有進行這種探索性的討論了，我認為更廣泛的宏觀評論確實對此有所幫助。當然，我們從與一些客戶的討論中也直接看到了這一點。

And there are no further questions at this time. I'll turn the program back to Alison Johnson for any additional or closing remarks.

目前沒有其他問題了。我將把發言權交還給艾莉森·約翰遜，讓她補充或作總結發言。

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

謝謝大衛，也謝謝大家參加今天的電話會議。我們期待在公佈 2025 年第四季業績時再次與您交流。祝你有美好的一天。

This does conclude the Transocean earnings call. Thank you for your participation and you may now disconnect.

Transocean的財報電話會議到此結束。感謝您的參與，您現在可以斷開連接了。