Transocean Ltd. (RIG) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to today's Transocean first-quarter 2026 earnings conference call. (Operator Instructions) Please note today's call is being recorded, and I will be standing by if you should need any assistance.

各位早安。歡迎參加今日 Transocean 2026 年第一季財報電話會議。(接線員指示) 請注意，今日會議將被錄音；如您需要任何協助，我將隨時待命。

It is now my pleasure to turn the meeting over to Mr. David Keddington, Vice President and Treasurer. Mr. Keddington, please go ahead.

現在我很榮幸將會議交給副總裁兼財務主管 David Keddington 先生。Keddington 先生，請開始。

Thank you, Bo, and good morning, everyone. Welcome to Transocean's first-quarter earnings call. Leading today's call will be Transocean's President and Chief Executive Officer, Keelan Adamson. Keelan will be joined by other members of Transocean's executive management team, Chief Financial Officer, Thad Vayda; and Chief Commercial Officer, Roddy McKenzie.

謝謝你，Bo，各位早安。歡迎參加 Transocean 第一季財報電話會議。今日會議將由 Transocean 總裁暨執行長 Keelan Adamson 主持。Keelan 也將與 Transocean 其他高階管理團隊成員一同出席，包括財務長 Thad Vayda，以及商務長 Roddy McKenzie。

In addition to the comments that will be shared on today's call, we'd like to direct you to our earnings release, fleet status report and 8-Ks filed yesterday that contain additional information, all of which is available on Transocean's website at www.deepwater.com. Following our prepared comments, we will open the conference line for questions.

除今日電話會議中將分享的評論外，我們也請各位參閱我們昨日發布的財報新聞稿、船隊狀態報告以及提交的 8-K 文件，內含更多資訊；上述資料皆可於 Transocean 官網 www.deepwater.com 取得。於我們的準備發言結束後，將開放電話線供提問。

Please limit your inquiries to one question and one follow-up as this will allow for more participants. Before we begin, I'd like to remind everyone that today's call will include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially.

請將提問限制為一個問題及一個追問，以便讓更多與會者參與。在開始之前，我想提醒各位，今日電話會議將包含前瞻性陳述；該等陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。

With that, I'll hand it over to Transocean's CEO, Keelan Adamson.

接下來，我把時間交給 Transocean 執行長 Keelan Adamson。

Good morning, and welcome to our first-quarter conference call. Today, we will address several topics. First, an overview of our accomplishments in the first-quarter. Next, I will provide some market updates, including a few thoughts on the impact of events in the Middle East on our business. Then, I will update you on the pending acquisition of Valaris.

各位早安，歡迎參加我們第一季電話會議。今天我們將討論幾個主題。首先，回顧我們第一季的成果。接著，我將提供一些市場最新動態，包括對中東事件對我們業務影響的幾點看法。然後，我將向各位更新我們對 Valaris 的待完成收購案進展。

And finally, Thad will make a few comments on our financial results and guidance. First, the quarter. Operational performance was very strong with an uptime of 98%. Adjusted EBITDA was $440 million, implying a solid margin of over 40%. Our average daily revenue in the period was $476,000, the highest in over a decade.

最後，Thad 將就我們的財務結果與展望指引做幾點說明。先談本季表現。營運表現非常強勁，稼動率達 98%。調整後 EBITDA 為 4.40 億美元，代表穩健的利潤率超過 40%。本期平均日營收為 47.6 萬美元，為十多年來最高。

These results were accomplished while working safely and efficiently with zero life-changing injuries or operational integrity events. This exceptional performance is due to our team's dedication to providing best-in-class service to our customers. We are committed to eliminating costs from our business and are on track to deliver versus a 2024 baseline savings of $250 million in aggregate through 2026.

我們在安全且高效率的作業下達成上述成果，零重大傷害（life-changing injuries）與零營運完整性事件。這項卓越表現歸功於我們團隊致力於為客戶提供同級最佳的服務。我們承諾從業務中持續去除成本，並正按計畫在 2026 年前相較 2024 年基準累計實現 2.50 億美元的節省。

As we have discussed, these savings are associated with continuous improvements in how we run our rig operations, removing idle and stacked assets from the fleet, more efficient maintenance spending and a reduction in shore-based support infrastructure. Since our February call, we have announced approximately $1.6 billion of backlog, including new contracts and contract extensions on five rigs in Norway, Brazil and the Eastern Mediterranean, increasing our backlog to over $7 billion, as reflected in our fleet status report published yesterday.

如我們先前所討論，這些節省來自於我們在鑽井平台營運方式上的持續改善、將閒置與封存資產自船隊中移除、更有效率的維修支出，以及降低岸基支援基礎設施。自我們 2 月的電話會議以來，我們已宣布約 16 億美元的在手訂單（backlog），包含新合約與合約延長，涵蓋挪威、巴西與東地中海的五座鑽井平台，使我們的在手訂單提升至 70 億美元以上；此亦反映於昨日發布的船隊狀態報告中。

Nearly 1/3 of this backlog increase is related to a three-year contract on the Transocean Barents with Var Energi in Norway at a rate of $450,000 per day. The program is expected to start in mid-2027 and includes options that if fully exercised, could keep the Barents working in Norway into 2034. We are very excited to be commencing a new long-term strategic relationship with Var Energi.

這次在手訂單增加中，近三分之一來自 Transocean Barents 與挪威 Var Energi 簽訂的三年合約，日費率為 45 萬美元。該計畫預計於 2027 年年中啟動，並包含選擇權；若全數行使，可能使 Barents 在挪威持續作業至 2034 年。我們非常期待與 Var Energi 展開新的長期策略合作關係。

In Brazil, three of our ultra-deepwater ships, two sixth-gen and one seventh-gen were awarded contract extensions by Petrobras. The sixth generation drillships, the Deepwater Orion and Deepwater Corcovado were each awarded three-year contract extensions, collectively contributing about $845 million in incremental backlog, committing the rigs into 2030.

在巴西，我們三艘超深水鑽井船（兩艘第六代與一艘第七代）獲 Petrobras 授予合約延長。第六代鑽井船 Deepwater Orion 與 Deepwater Corcovado 各獲三年合約延長，合計帶來約 8.45 億美元的新增在手訂單，並使鑽井平台承諾作業至 2030 年。

The seventh generation drillship Deepwater Aquila was awarded a one-year extension, contributing about $160 million in incremental backlog, committing the rig through mid-2028. Lastly, in the Eastern Med, the Deepwater Asgard was awarded a five-well contract contributing about $158 million in backlog and committing the rig through the end of 2027. Including these announcements, our firm full year 2026 and 2027 contract coverage is currently 86% and 73%, respectively, providing a strong base for future cash flow and a line of sight to continued debt and interest expense reduction.

第七代鑽井船 Deepwater Aquila 獲一年延長，帶來約 1.60 億美元的新增在手訂單，使該鑽井平台承諾作業至 2028 年年中。最後，在東地中海，Deepwater Asgard 獲一份五口井合約，貢獻約 1.58 億美元在手訂單，並使該鑽井平台承諾作業至 2027 年底。納入上述公告後，我們 2026 年與 2027 年的確定全年合約覆蓋率目前分別為 86% 與 73%，為未來現金流提供強勁基礎，並提升我們持續降低負債與利息費用的能見度。

On a related note and as previously disclosed, we retired the balance of the Deepwater Titan notes, reducing debt by $358 million in excess of our scheduled maturities. This is consistent with our commitment to delever, simplify the balance sheet and reduce interest expense as quickly as possible. Moving to our outlook for the business. We continue to see improving demand for our rigs and services.

順帶一提，如先前揭露，我們已償還 Deepwater Titan 票據的剩餘餘額，使負債減少 3.58 億美元，超出我們原定到期償還進度。這與我們去槓桿、簡化資產負債表並盡快降低利息費用的承諾一致。接著談我們對業務的展望。我們持續看到對我們鑽井平台與服務的需求正在改善。

While not directly affecting Transocean's operations, recent events in the Middle East have further exposed the vulnerability of the global energy supply chain and at an absolute minimum, have amplified the energy security imperative around the globe. This reinforces our thesis that offshore exploration and development will comprise an essential component of oil and natural gas supply for the foreseeable future.

雖然近期中東事件並未直接影響 Transocean 的營運，但其進一步凸顯全球能源供應鏈的脆弱性，至少也放大了全球對能源安全的迫切需求。這也強化了我們的觀點：在可預見的未來，離岸勘探與開發將構成石油與天然氣供應不可或缺的一部分。

I will now provide a summary of developing opportunities around the world. The number of contract awards and tendering opportunities during the quarter remain high, with visibility into multiyear programs improving meaningfully. So far in 2026, S&P Petrodata has cited 80 rig years added across 61 newly signed floater fixtures.

接下來我將概述全球正在發展的機會。本季合約授予與招標機會的數量仍維持高檔，對多年期計畫的能見度也顯著提升。截至 2026 年目前為止，S&P Petrodata 指出，在 61 份新簽署的浮式鑽井平台合約中，新增了 80 個「鑽井平台年」（rig years）。

Assuming opportunities materialize as expected, we now see deepwater utilization approaching nearly 100% by the end of 2027, setting the stage for a significantly improved business environment. Looking first at the US Gulf, long-term demand remains stable, supported by recent lease awards. In the near term, any softness may result in some high-specification assets incurring idle time before securing new work.

若各項機會如預期落地，我們目前預期深水市場的利用率將在 2027 年底前接近 100%，為顯著改善的營運環境奠定基礎。先看美國墨西哥灣，長期需求仍然穩定，並受到近期租賃區塊標售結果的支撐。短期而言，任何疲軟可能導致部分高規格資產在取得新工作前出現閒置時間。

However, with elevated crude pricing, we would not be surprised if certain customers operating in this market chose to take advantage of this short-term opportunity. In Brazil, following the recent blend and extend negotiations, Petrobras awarded approximately 38 rig years, securing its strategic capacity for the coming years.

然而，在原油價格維持高檔的情況下，若某些在此市場營運的客戶選擇把握這個短期機會，我們並不意外。在巴西，繼近期「混合並延長」（blend and extend）談判後，Petrobras 授予約 38 個鑽井平台年，為未來數年鎖定其策略性產能。

We expect Petrobras to return to the market later this year to secure additional capacity for the second half of 2027 onward to satisfy additional exploration and production activity. Supported by incremental IOC demand, the overall rig count in Brazil is expected to remain stable between 30 to 33 rigs over the next five years at least.

我們預期 Petrobras 將於今年稍晚重返市場，以自 2027 年下半年起取得額外產能，滿足更多勘探與生產活動需求。在新增國際石油公司（IOC）需求的支撐下，巴西整體鑽井平台數量預期在未來至少五年將維持於 30 至 33 座之間的穩定水準。

As we highlighted last quarter, Africa is finally showing measurable and more consistent growth. We expect the regional count to increase from roughly 15 units today to at least 20 over the next one to two years. In Mozambique, one multiyear program has already been awarded by Eni with two additional awards expected this year from Exxon and Total.

如同我們在上一季所強調的，非洲終於展現出可衡量且更為一致的成長。我們預期該區域的鑽井平台數量將從目前約15座，在未來一到兩年內增加至至少20座。在莫三比克，Eni 已授予一項多年期計畫，且預期今年還將有來自 Exxon 與 Total 的兩項額外授標。

In Nigeria, Shell, Chevron and Exxon have recently awarded their development programs, while Total has just issued a new tender for a multi-well program starting in the second half of 2026. In Namibia, we continue to expect more activity as several majors, including most recently BP, evaluate opportunities in the country.

在奈及利亞，Shell、Chevron 與 Exxon 近期已授予其開發計畫，而 Total 則剛針對一項多井計畫發布新的招標，該計畫將於2026年下半年開始。在納米比亞，隨著多家大型石油公司（包括最近的 BP）評估該國機會，我們仍預期活動將更加活躍。

And in the Ivory Coast, Eni has issued a one-rig tender for a three-year program beginning in early 2027. In the Med, our recent fixture for the Deepwater Asgard satisfies a portion of increasing demand in the region with several other awards expected soon for drilling programs starting in 2027. Rig count in the region is expected to stabilize at around seven units going forward.

在象牙海岸，Eni 已就一項單座鑽井平台的招標案發標，為期三年的計畫將於2027年初開始。在地中海地區，我們近期為 Deepwater Asgard 的簽約滿足了該區域日益增加需求的一部分，且預期不久將有數項其他授標，用於2027年開始的鑽探計畫。預期該區域的鑽井平台數量未來將穩定在約7座左右。

Turning now to Southeast Asia and India. We expect domestic production and exploration initiatives to drive a material increase in activity beginning in 2027. In Indonesia, programs are currently being tendered, adding potentially 10 rig years across five rig lines to a market that currently only has one rig operating. As previously discussed on our last call, in India, ONGC and Oil India are expected to substantially expand the regional fleet by up to four drillships and two semisubmersibles in 2027, potentially adding 20 incremental rig years.

接著談東南亞與印度。我們預期國內增產與勘探倡議將自2027年起帶動活動量顯著增加。在印尼，目前正就相關計畫進行招標，可能在五條鑽井平台線上新增合計約10個平台年，而該市場目前僅有一座平台在運作。如同我們在上次電話會議中所討論，在印度，預期 ONGC 與 Oil India 將於2027年大幅擴充區域船隊，最多新增四艘鑽井船與兩座半潛式鑽井平台，可能增加20個增量平台年。

In Norway, utilization of high-specification harsh environment semisubmersibles remains robust through 2028, supported by recent awards from Var Energi, Equinor and Aker BP. Most operators are already in the market to secure capacity from 2028 onwards, suggesting that utilization for these units should remain near 100% in the coming years.

在挪威，高規格嚴苛環境半潛式鑽井平台的使用率在2028年前仍維持強勁，並受到 Var Energi、Equinor 與 Aker BP 近期授標的支持。多數營運商已在市場上自2028年起鎖定產能，顯示這些設備的使用率在未來幾年應可維持接近100%。

In summary, both the development of known reserves and the call for new exploration continue to build strong momentum as evidenced by the recent increase in award announcements and numerous ongoing tenders for multiyear opportunities, our fleet is ideally positioned to capture value in this improving business environment.

總結而言，已知儲量的開發與新勘探需求持續累積強勁動能，近期授標公告增加以及多項進行中的多年期招標即為明證；在此改善中的商業環境下，我們的船隊具備理想條件以掌握價值。

Finally, regarding the acquisition of Valaris, we are required to seek antitrust approval in 7 countries and we have received that approval in Saudi Arabia and Trinidad and Tobago. As of yesterday, we received a second request for additional information from the US Department of Justice as a continuation of their antitrust review.

最後，關於收購 Valaris 一事，我們需要在7個國家取得反壟斷核准，目前已在沙烏地阿拉伯以及千里達及托巴哥取得核准。截至昨日，我們收到美國司法部提出的第二次補充資訊要求，作為其反壟斷審查的延續。

Further, we continue to work with antitrust agencies for approval in Angola, Australia, Brazil and Egypt. We remain confident that the outcome of the global regulatory review will be favorable and that we are on track to close the transaction in the second half of 2026. We remain excited about the capabilities and potential of the combined company. Until the transaction closes, we will continue to conduct business as separate companies. However, we have materially progressed our integration and business continuity planning.

此外，我們仍持續與安哥拉、澳洲、巴西與埃及的反壟斷機關合作以取得核准。我們仍有信心全球監管審查的結果將是有利的，並且我們正按計畫於2026年下半年完成交易。我們對合併後公司的能力與潛力仍感到振奮。在交易完成之前，我們將持續以各自獨立公司的身分營運。然而，我們在整合與營運持續性規劃方面已取得實質進展。

We remain confident in our ability to achieve over $200 million in cost synergies, incremental to our stand-alone cost reduction initiatives of approximately $250 million that I mentioned earlier. On a pro forma basis, Transocean is expected to have about $12 billion in backlog. The combined company's robust cash flow will continue to accelerate the reduction of gross debt, resulting in leverage of approximately 1.5 times EBITDA within about 24 months of closing.

我們仍有信心可實現超過2億美元的成本綜效，且此為在我先前提到約2.5億美元的單獨成本削減措施之外的增量。以備考（pro forma）基礎計算，預期 Transocean 的在手訂單（backlog）約為120億美元。合併後公司強勁的現金流將持續加速降低總負債，使槓桿比率在交割後約24個月內降至約1.5倍 EBITDA。

The acquisition of Valaris is fundamentally aligned with Transocean's strategic priorities. We will be an industry leader with the scale, scope and geographic reach that allows us to effectively support our customers in the cost-effective delivery of hydrocarbons from the world's offshore reserves.

收購 Valaris 從根本上與 Transocean 的策略優先事項一致。我們將成為具備規模、範疇與地理覆蓋的產業領導者，得以有效支援客戶以具成本效益的方式，從全球離岸儲量中交付碳氫化合物。

I will now hand the call over to Thad to provide some brief comments on our financial performance and guidance. Thad?

接下來我將把電話會議交給 Thad，請他就我們的財務表現與指引做一些簡短評論。Thad？

Thank you, Keelan, and good day to everyone. Most of the information you should need to update your models is provided in the materials we published last night, so I will only make a few remarks this morning. Our performance during the first three months of the year exceeded our forecast and the guidance range we provided to you in February.

謝謝你，Keelan，也向各位問好。你們更新模型所需的大部分資訊都已包含在我們昨晚發布的資料中，因此我今天早上只做幾點說明。我們今年前三個月的表現超出我們的預測以及2月提供給各位的指引區間。

As Keelan pointed out, contract drilling revenues of $1.08 billion reflected outstanding operations in the quarter, including revenue efficiency in excess of 97% versus our guidance of 96.5%. This is worth about $9 million in the quarter. Also included in the top line is $18 million of revenue recognized due to the early contract conclusion of the Deepwater Proteus.

如 Keelan 所指出，合約鑽井營收為10.8億美元，反映本季卓越的營運表現，其中營收效率超過97%，高於我們指引的96.5%。這在本季約相當於900萬美元。營收中亦包含因 Deepwater Proteus 合約提前結束而認列的1,800萬美元收入。

Additionally, higher recharge revenue and favorable foreign exchange effects, which are largely offset in our O&M costs totaled about $18 million in the period. Operating and maintenance and G&A expense were $606 million and $49 million, respectively. Adjusted EBITDA of $440 million translated into a margin of over 40% and cash flow from operations was $164 million.

此外，較高的 recharge 收入與有利的外匯影響（其影響大多在我們的營運與維護成本中抵銷）在本期間合計約1,800萬美元。營運與維護費用以及銷售、一般及管理費用（G&A）分別為6.06億美元與4,900萬美元。調整後 EBITDA 為4.40億美元，對應超過40%的利潤率，而營運活動現金流為1.64億美元。

Free cash flow of $136 million reflects operating cash flow net of $28 million of capital expenditures in the period. Lower sequential free cash flow in the first-quarter of the year is not unusual for us and is typically related to, among other items, the timing of collections and higher payroll obligations. We closed the quarter with an unrestricted cash balance of $330 million, which has since increased to about $495 million as of May 4th.

自由現金流為1.36億美元，反映營運現金流扣除本期間2,800萬美元資本支出後的結果。對我們而言，年度第一季自由現金流較前一季下降並不罕見，通常與（除其他因素外）收款時點以及較高的薪資支付義務有關。本季結束時，我們的非受限現金餘額為3.30億美元；截至5月4日已增加至約4.95億美元。

Our earnings report includes guidance for the second-quarter and only slightly updated guidance for the full year for Transocean on a stand-alone basis. There are only two changes to note in our annual guidance. First, the upper end of our full year revenue range has been reduced by $50 million to $3.9 billion, primarily to reflect the passage of time. While there are a number of negotiations ongoing, this includes the Cape.

我們的財報包含第二季指引，以及僅略為更新的全年 Transocean（以獨立公司基礎）指引。我們的年度指引僅有兩項變動需要注意。第一，全年營收區間上緣下調5,000萬美元至39億美元，主要反映時間推移的影響。雖然目前仍有多項協商進行中，其中也包含 Cape。

Given necessary lead times to plan and commence work, there is a somewhat lower probability of filling certain gaps in our 2026 contract schedule. As we discussed in February, our revenue guidance is otherwise based primarily on firm contracts with the upper range reflecting the possibility of new contracts commencing slightly ahead of schedule and the extension of existing contracts.

鑑於規劃與開工所需的必要前置時間，我們在2026年合約排程中填補某些空檔的機率略為降低。如同我們在2月所討論，我們的營收指引在其他方面主要以確定合約為基礎，而區間上緣則反映新合約可能略早於排程開始，以及既有合約延長的可能性。

The lower end of our revenue range assumes that no additional fixtures of the 2026 commencement dates are secured. Second, we have increased our capital expenditure expectations for the year by $20 million due to certain customer requirements that were not anticipated in our initial guidance. Approximately half of this increase is related to environmental upgrades to exhaust systems on a rig operating in Norway.

我們營收區間下緣假設未能取得任何2026年開工日期的額外簽約。第二，由於某些客戶要求未在我們最初指引中預期，我們將今年資本支出預期上調2,000萬美元。此增幅約有一半與一座在挪威作業的鑽井平台之排氣系統環保升級相關。

We will substantially recover the cost of this upgrade by the end of the year through specific contract provisions. As we highlighted in February, our cost guidance for the full year reflects our ongoing cost efficiency initiatives and also contemplates slightly lower levels of activity in 2026 versus 2025 with idle time assumed on certain rigs with contracts ending this year.

我們將透過特定合約條款，在今年年底前大幅回收此次升級的成本。如同我們在2月所強調的，我們對全年成本的指引反映了持續推動的成本效率措施，同時也納入相較於2025年，2026年的活動水準可能略低的情境，並假設部分鑽井平台在今年合約到期後將出現閒置時間。

This includes the KG2, Deepwater Proteus and Deepwater Skyros as well as costs associated with the mobilization and preparation of the Deepwater Asgard and Transocean Barents for contracts we have recently announced. As you might assume, given the dynamic nature of the market, we may incur incremental expense to position and prepare idle rigs to pursue work.

這包括KG2、Deepwater Proteus與Deepwater Skyros，以及與我們近期已宣布合約相關的Deepwater Asgard與Transocean Barents之動員與準備成本。如您所料，鑑於市場的動態特性，我們可能會為了佈署與準備閒置鑽井平台以爭取工作，而產生額外費用。

These new opportunities, likely commencing primarily in 2027 will increase utilization, revenue and cash flow. To the extent that this occurs, we will provide updated cost guidance. With respect to inflationary trends resulting from events in the Middle East, we are just now beginning to observe some small effects on our costs, mostly as it relates to scheduled projects rather than on our active rates.

這些新機會很可能主要自2027年開始，將提升使用率、營收與現金流。若確實如此，我們將提供更新的成本指引。就中東事件所引發的通膨趨勢而言，我們現在才剛開始觀察到對成本的一些輕微影響，主要與已排程的專案相關，而非影響我們的在役日費率。

Recall that we have escalation provisions in certain contracts that permit some cost recovery. While prices for fuel have nearly doubled, our customers are generally responsible for providing it, which means we are only affected by this increase for our idle rigs for which fuel currently amounts to less than 1% of O&M expense.

請記得，我們在部分合約中設有調價（升級）條款，可允許回收部分成本。雖然燃料價格幾乎翻倍，但通常由客戶負責提供，因此這項上漲僅會影響到我們的閒置鑽井平台；而燃料目前占其營運與維護（O&M）費用不到1%。

Ocean and air freight costs are also up as much as 30% and 50%, respectively, but logistics in general comprise only 2% to 3% of our annual O&M costs. We do expect that over time, higher energy and logistics costs will influence the pricing of goods and services we procure, but for now this does not warrant modification of our guidance.

海運與空運費用也分別上漲多達30%與50%，但整體物流一般僅占我們年度O&M成本的2%至3%。我們確實預期，隨著時間推移，較高的能源與物流成本將影響我們採購的商品與服務定價，但目前尚不足以需要調整我們的指引。

As Keelan noted, in March, we opportunistically retired the 8.375% notes due 2028 that were secured by the Deepwater Titan, reducing debt by $358 million and saving nearly $40 million in interest expense. Right now we have about $5.1 billion of debt principal remaining. At the end of 2024, we were forecasting a principal balance of $6 billion of debt remaining at the end of the first-quarter of 2026, meaning we are currently over $900 million ahead of schedule in our efforts to reduce debt and strengthen the balance sheet.

如Keelan所提到的，我們在3月把握時機，提前償還了以Deepwater Titan作為擔保、於2028年到期的8.375%票據，使債務減少3.58億美元，並節省近4,000萬美元的利息費用。目前我們尚餘約51億美元的債務本金。在2024年底，我們原先預估到2026年第一季末的剩餘債務本金為60億美元，這表示我們目前在降債與強化資產負債表的進度上，已超前原計畫逾9億美元。

We ended the quarter with a trailing 12-month net debt to adjusted EBITDA ratio of approximately 3.1 times and we expect to retire at least $750 million in total debt in 2026, ending the year with a principal balance of around $4.9 billion, excluding our capital lease obligation. Based upon the consensus EBITDA, this would imply a ratio of about 3.3 times at the end of this year.

本季結束時，我們過去12個月的淨負債對調整後EBITDA比率約為3.1倍；我們預期在2026年將至少償還合計7.5億美元的債務，年底債務本金約為49億美元（不含資本租賃義務）。依據市場一致預期的EBITDA推算，這意味著今年年底該比率約為3.3倍。

We will continue to evaluate opportunities to accelerate debt repayment and reduce interest expense. We closed the first-quarter with total liquidity of approximately $1.1 billion, adjusting for the effect of the Deepwater Titan note retirement. This includes unrestricted cash and cash equivalents of $330 million, restricted cash of $285 million after the reduction of $87 million associated with the debt service reserve for the notes and $510 million of capacity from our undrawn credit facility.

我們將持續評估加速償債與降低利息費用的機會。在調整Deepwater Titan票據提前償還的影響後，我們第一季結束時的總流動性約為11億美元。其中包括3.30億美元的非受限現金及約當現金、2.85億美元的受限現金（已扣除與票據償債準備金相關的8,700萬美元減少），以及我們未動用循環信貸額度所提供的5.10億美元可用額度。

On a stand-alone basis and absent any additional early retirement of debt, we expect to end the year with between $1.25 billion and $1.35 billion of total liquidity, inclusive of our undrawn credit facility. This range is consistent with our previous liquidity guidance when adjusted for the early repayment of the Deepwater Titan notes.

在單體基礎上，且不考慮任何額外的提前償債，我們預期年底總流動性將介於12.5億至13.5億美元之間（包含未動用的信貸額度）。在就Deepwater Titan票據提前償還進行調整後，該區間與我們先前的流動性指引一致。

This concludes my prepared remarks. Keelan, do you have any final thoughts?

以上為我事先準備的發言。Keelan，你還有任何最後補充嗎？

Thanks, Thad. To conclude, we will continue to focus intently on achieving our strategic priorities, including optimizing the value of our differentiated asset portfolio in this improving market to maximize free cash flow, reduce total debt and interest expense and simplify our balance sheet to create a sustainable and resilient capital structure.

謝謝你，Thad。總結來說，我們將持續專注於達成策略優先事項，包括在市場改善之際，最佳化我們具差異化的資產組合價值，以最大化自由現金流、降低總債務與利息費用，並簡化資產負債表，以建立可持續且具韌性的資本結構。

This is our 100th year in business and we are striving to be the most attractive offshore drilling investment for those desiring exposure to increasingly favorable energy and industry dynamics.

今年是我們成立第100週年，我們正努力成為對於希望參與日益有利的能源與產業動態的投資人而言，最具吸引力的離岸鑽井投資標的。

We'll now open the line for questions.

接下來我們將開放提問。

(Operator Instructions) Eddie Kim, Barclays.

（接線員指示）Barclays的Eddie Kim。

I wanted to start off with a bigger picture question. The world has clearly changed since your last earnings call in mid-February. It does feel like the market is tightening based on just the number of fixtures announced year-to-date. You also raised your utilization expectation next year to approach 100% versus 90% previously.

我想先從一個較宏觀的問題開始。自你們2月中旬上次財報電話會議以來，世界顯然已經改變。從今年迄今已宣布的合約成交數量來看，市場確實感覺正在收緊。你們也把明年的使用率預期上調至接近100%，先前則為90%。

If I go back four, five years ago, obviously, 2020 and 2021 were extremely challenging years for the market, but things started to turn in a big way in '22 and '23. And by mid-2023, leading-edge rates were sort of in the mid-400s with an expectation that pricing could exceed $500,000 a day by the end of that year, by the end of '23. Unfortunately, we ran into some industry white space, which sort of halted that trajectory.

如果我回顧四、五年前，顯然2020與2021年對市場而言極具挑戰，但在2022與2023年情勢開始大幅好轉。到了2023年年中，前緣日費率大約在40多萬美元的中段水準，並預期到當年年底、也就是2023年底，定價可能超過每日50萬美元。不幸的是，我們遇到了一些產業的空窗期，某種程度上中止了那樣的走勢。

But nonetheless, 2023 was a very strong market environment. Based on how you see things now and just the customer conversations you're having, do you think the market environment next year in '27 could be as good, if not better, than it was in 2023?

不過，2023年仍是非常強勁的市場環境。基於你們目前的觀察，以及你們與客戶的對話，你認為明年、也就是2027年的市場環境，是否可能和2023年一樣好，甚至更好？

I think as you look at the business and the current situation in the world, we're not seeing an impact per se of what's actually happening today. What we're actually seeing is the development of a market that we were forecasting prior to any of the recent conflict. So I think if you recall, we've been -- I think, as an industry, we've been talking about improved tendering opportunities, growth in the market, a real concern about hydrocarbon demand and probably more so about hydrocarbon supply and many of our customers starting to lean into the exploration activity that everybody needs to progress.

我認為，當你觀察業務與當前全球情勢時，我們並未看到今天正在發生的事情本身對我們造成直接影響。我們實際看到的是：在近期衝突發生之前，我們就已預測到的市場正在形成。因此我想，如果你還記得，我們一直——我認為整個產業一直——在談論招標機會改善、市場成長、對碳氫化合物需求的真實擔憂，甚至更關切的是碳氫化合物供給，以及許多客戶開始加大勘探活動投入，這也是大家推進所必需的。

And I think we're seeing the results of that in the number of awards that have been announced in the first-quarter this year or year-to-date. The term of those awards is nearly doubled. And we're starting to see what we expected to happen with respect to rig utilization into 2027. I think we said we expected 90% utilization as we went into 2027 and then we were going to improve from there.

我認為，我們已在今年第一季或今年迄今已宣布的得標數量中看到這些結果。這些得標合約的期限幾乎翻倍。而我們也開始看到我們所預期的情況，也就是鑽井平台使用率在邁向2027年的變化。我想我們曾說過，進入2027年時我們預期使用率為90%，之後再從那裡進一步改善。

So the activity and the forecast is being realized from our perspective. Obviously, the continual concern now with energy security, and it's a real topic of conversation around the nations in the world, is only amplifying the need for further investment in the offshore space and particularly in deepwater. And so I think the utilization is building.

因此，從我們的角度來看，活動與預測正在被驗證。顯然，當前對能源安全的持續關切——這確實是全球各國討論的重點——只會進一步放大對離岸領域、特別是深水領域加大投資的需求。因此我認為使用率正在上升。

The backlog is building. The rate progression will obviously reflect the supply and demand dynamics that exist in the industry and the visibility for the future work.

積壓訂單正在累積。費率的走勢顯然會反映產業中既有的供需動態，以及對未來工作量的能見度。

Rod, would you like to add anything to that?

Rod，你想補充什麼嗎？

Yes. Probably just pick up on one of the things that you mentioned there, Eddie, was in the previous run-up there, we kind of stalled out, as you said, we posted a few rates above 500 and what have you, but the context is really important. So what happened at that time as we hit a little bit of an economic bump globally, that also coincided with a moment in time where many of the majors were focused on capital discipline. And part of that was -- part of their push for M&A on their side.

是的。我想大概就接續你剛才提到的一點，Eddie，也就是在上一波上行過程中，我們如你所說有點停滯；我們報出過幾個高於500的日費率之類的，但當時的背景其實非常重要。當時發生的是，我們在全球經濟遇到一點顛簸的同時，也剛好碰上許多大型業者把重心放在資本紀律的時間點。而其中一部分就是——他們那邊推動併購（M&A）的動作。

So you kind of had this white space created by that capital discipline. I think the difference here that we're talking about now is at that time, there was still a heavy skew towards shale and what have you. But now everything is pointing towards offshore CapEx is now going to be a much larger chunk of the pie. We're talking about something that went from about 13% of total CapEx to nearly 30% by 2028.

所以資本紀律某種程度上創造出了一段空窗期。我認為我們現在談的差異在於，當時仍然高度偏向頁岩（shale）等領域。但現在各項跡象都指向：離岸資本支出（offshore CapEx）將成為更大的一塊。我們談的是它從總CapEx約13%提升到2028年接近30%。

So basically, CapEx spend in offshore and deepwater is expected to approach $100 billion annually by 2030. So if we do it in that context, then I think the upside for us is very significant. So there's not as many M&A opportunities available on the operator side. And to Keelan's point, everybody is now looking at exploration.

基本上，預期到2030年離岸與深水（deepwater）的CapEx支出將接近每年1,000億美元。在這樣的背景下，我認為對我們而言上行空間非常可觀。因此在營運商端可供併購的機會也沒那麼多了。而如Keelan所說，現在大家都在看勘探（exploration）。

So as we look at basins around the world that we talked about before, a lot of those that were previously explored and had discoveries are now shifting to development. And on top of that, we're adding a lot of exploration work.

因此當我們回頭看先前提到的全球各個盆地（basins），其中許多過去已勘探並有發現的區域，現在正轉向開發（development）。此外，我們也在增加大量的勘探工作。

Got it. That's very helpful color. And that's a great point on the kind of changing mindset and attitude of the majors. That's great. My follow-up is just on the Petrobras blend and extends. You extended both of the 6G rigs, the Orion and Corcovado for three years, but the 7G rig, the Aquila was only extended for one year. Just curious if there was some intentionality behind that decision on your end to not lock in your high-spec asset on a multiyear contract in a rising dayrate environment?

了解。這些補充資訊很有幫助。而且你提到大型業者心態與態度的轉變，這點非常好。很棒。我接下來的問題是關於Petrobras的組合與延展。你把兩座6G鑽井平台Orion與Corcovado都延長了三年，但7G鑽井平台Aquila只延長了一年。我想了解，這是否是你們刻意的決策：在日費率上升的環境下，不把高規格資產用多年期合約鎖住？

Okay. Yes, I'll take that one. Yes. So as we've always kind of alluded to, it's very important to us that we get appropriate value for our assets. And the sixth-gens are workhorses of the fleet, do a fantastic job and Petrobras were very keen to extend the rigs. I think it's a really interesting moment in time because Petrobras is traditionally the barometer of where things are going to go.

好的。是的，這題我來回答。是的。如同我們一直提到的，對我們而言，為資產取得適當價值非常重要。第六代平台是船隊的主力，表現非常出色，而Petrobras也非常希望延長這些平台的合約。我認為這是一個很有意思的時間點，因為Petrobras傳統上是判斷未來走向的風向球。

So when you see those guys go along, that's a pretty good sign for us. So basically, in that instance, if you notice how the delta between the average dayrates is pretty significant between the sixth and seventh gen there. So we're talking somewhere in the region of $50,000 to $70,000. So that's a fairly big deal. And to your point, in our view, we think there's a significant tightening of the market, not projected. It's already here.

所以當你看到他們採取這樣的動作，對我們來說是相當好的訊號。基本上，在那個案例中，如果你注意到第六代與第七代之間的平均日費率差距相當顯著。我們談的是大約每日日費率差5萬到7萬美元。這是很大的差異。而如你所說，以我們的觀點來看，我們認為市場正在顯著收緊，而且不是預測——它已經發生了。

So as we think about all these fixtures, we're talking about fixtures. If you think just a few quarters back, we were talking about things that were going to happen. So now the scoreboard has got fixtures on it and they're prolific. And as Keelan pointed out earlier, we're 1/3 of the way through the year and we've already significantly eclipsed what happened in all of 2025. So 2026 is shaping up to be something potentially as big as 150 rig years awarded.

所以當我們思考所有這些簽約案（fixtures）時，我們談的是已經落地的簽約。如果你回想幾個季度前，我們談的還是將會發生的事情。但現在「記分板」上已經有大量簽約，而且非常密集。而如Keelan先前指出，我們今年才過了三分之一，但已經大幅超過2025年全年的水準。因此，2026年看起來可能會達到多達150個鑽井平台年（rig years）的授標規模。

And that's before we consider direct negotiations that are not necessarily on the market. So you're kind of spot on in that strategy, but we've always kind of taken the portfolio view on the fleet, very keen to see those sixth-gens go along and give us a bit of optionality on the higher spec units as we move forward.

而這還沒把那些不一定在市場上公開的直接談判納入考量。所以你對策略的理解很到位；但我們一向以投資組合的角度看待整個船隊，非常樂見第六代平台先行延長，並在我們往前推進時，讓較高規格機組保有一些選擇權（optionalitiy）。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，Clarksons Securities。

I wanted to -- or first, happy to see that the market is looking better. And I think according to my own numbers here, we're having the highest kind of market-wide visibility contracting-wise that even above 2023 levels. So something is happening and I'm happy to see that. But today, my question relates more to the M&A process, the acquisition of Valaris.

我想先說——很高興看到市場看起來更好了。而且依我手上的數據，我們目前在合約面向的全市場能見度是最高的，甚至高於2023年的水準。所以確實有些事情正在發生，我也很高興看到這點。不過我今天的問題比較是關於併購流程，也就是收購Valaris。

And you gave some color on that in your prepared remarks, Q1, but I was hoping that you could potentially elaborate a bit more on what this second request actually means. And I guess my question and potential question from investors as well is implications on potential deal risk. You still said confidence in the second half closing. But is that time line potentially a bit delayed now compared to what was the case before?

你在事先準備的發言、第一季（Q1）時已提供一些說明，但我希望你能再多談一點這個「第二次要求」（second request）實際上代表什麼。我想我以及投資人可能也會關心的是：這對交易風險可能有哪些影響。你仍然表示有信心在下半年完成交割。但相較於之前的情況，這個時間表現在是否可能有些延後？

Or how does this -- or what does this potentially mean for remedy sales, et cetera? And I'm not trying to kind of be a devil's advocate, just trying to get clarity on what this actually means, even though it seems like most deals that have received second request ends up going through anyway. So any color you could give would be super helpful and appreciated.

或者這可能對補救性出售（remedy sales）等事項意味著什麼？我不是要唱反調，只是想釐清這實際代表什麼；雖然看起來多數收到第二次要求的交易最後也都會完成。所以如果你能提供一些補充說明，會非常有幫助，也很感謝。

Yes. Sure, Fredrik. No, I think we remain confident that the DOJ will approve the transaction. The second request is part of the process. And if you think about the deal of this nature, it's simply a case of needing a little bit more time to really understand the competitive dynamics post-close. So we've been heavily engaged with the DOJ.

是的。當然可以，Fredrik。我們仍然有信心司法部（DOJ）會核准這筆交易。第二次要求是流程的一部分。如果你想想這類性質的交易，本質上只是需要多一點時間，去充分理解交割後的競爭動態。因此我們一直與司法部密切互動。

We've been working very productively with them answering their questions and helping them understand the nature of our business, the specific nature of our business in the US Gulf and the market worldwide. And those conversations have been going very well. So no, there's no read-through. I would suggest to you that when we declared what time line we believe this transaction would close in, we're still in that window and very much believe so.

我們一直非常有建設性地與他們合作，回覆他們的問題，並協助他們理解我們業務的性質、我們在美國墨西哥灣業務的特定性，以及全球市場的情況。而這些對話進展得非常順利。所以不，沒有任何可延伸解讀的訊號。我會建議你：當我們先前宣布我們認為這筆交易會在何時完成時，我們仍然在那個時間窗內，也非常相信會如此。

So we're very happy with the progress we're making in those communications, those conversations and we will continue to work with the DOJ as they assess the situation.

因此，我們對於在這些溝通、這些對話中所取得的進展感到非常滿意，我們也將在司法部評估情勢的同時，持續與其合作。

Great. And just as a follow-up, I think you said Saudi and Trinidad, you cleared approval already and then in addition to the US, it was Angola, Australia, Brazil and Egypt. Are there any risk of similar second requests or hurdles in the conversations you're having in those countries? Or do you feel confident that those progressions and discussions that you're already having are, call it, on the track that you originally perceived?

很好。再追問一下，我想你提到沙烏地阿拉伯和千里達已經取得核准；另外除了美國之外，還有安哥拉、澳洲、巴西與埃及。在你們與這些國家的溝通中，是否有出現類似的第二次補充要求或其他障礙的風險？或者你們是否有信心，認為目前已在進行的流程與討論，基本上仍在你們原先預期的軌道上？

Yes, Fredrik, I mean, it's following the exact process and time line that we would have expected to go through the regulatory approval process. Some are further along than others and we're engaged with all of those countries and everything is moving as we would have expected at this point in time.

是的，Fredrik，我的意思是，整體正按照我們原本預期的監管核准流程與時間表在走。有些進度比其他更往前一些，我們也與所有這些國家保持互動；截至目前，一切都如我們所預期地推進。

[Ian Kutz], Morgan Stanley.

[Ian Kutz]，摩根士丹利。

Ian Kutz here from Morgan Stanley. So I just wanted to ask, you guys had shared a couple of years ago or probably more recently some of the terms and components around reactivating a cold-stacked rig. I was just wondering if you could refresh us with your latest thoughts on what the cost will be to reactivate a rig, the time line and potentially what type of contract terms or macro backdrop you would need to see to move forward with that decision?

我是摩根士丹利的 Ian Kutz。我想請教一下，你們幾年前、或更近期曾分享過一些關於重新啟用冷封存鑽井平台的條件與構成。想請你們更新一下目前的看法：重新啟用一座平台的成本會是多少、時間表如何，以及你們需要看到什麼樣的合約條款或總體環境，才會推動做出這個決策？

It's quite timely really when we're starting to talk about a constructive market going forward. However, we are a little bit away from, I think, a situation where either the market needs it or the economics are present for a cold-stacked reactivation of the deepwater drillship right now. In a few years, maybe slightly different. But I would say to you, from a cost perspective, we're still in that $100 million to $150 million range to reactivate one of these assets.

在我們開始談論未來市場走向更具建設性之際，這個問題其實很切題。不過我認為，目前距離市場真的需要、或經濟性足以支持立即重新啟用冷封存深水鑽井船的情況，還有一段距離。幾年後也許會稍有不同。但就成本而言，我會說我們仍然是在 1 億到 1.5 億美元的區間，才能重新啟用其中一項資產。

We're actually really comfortable with the stacked fleet we've got, the condition that they're in and we have a pretty good handle on the time line it would take to bring one of them back to market. We're still in the 12- to 15-month range, I would imagine to reactivate and bring one of those rigs back to service. So when you think about the sort of macro and the market dynamics that are needed to support that sort of -- remember, we're not going to do that speculatively.

我們其實對目前封存船隊的狀況很放心，包含它們的狀態，我們也相當清楚把其中一座重新帶回市場需要多久。我想重新啟用並讓其中一座平台恢復服務，時間仍大約在 12 到 15 個月。所以當你思考需要什麼樣的總體與市場動態來支撐這種——請記得，我們不會以投機方式去做。

We're going to want a contract that fully recovers that cost and returns -- and a return on top of that. So the market visibility, the future term, the time line and the lag it takes us to get that rig ready, we're not quite there yet. And I think what we would look for is a 100% utilization on the drillship market with visibility to what the market programs are looking like in order to justify bringing that out. And so you can imagine that we will be looking for term and productive dayrate for that to happen. Roddie?

我們會希望有一份合約能夠完全回收這些成本，並且——在此之上還要有報酬率。因此，市場能見度、未來合約期、時間表，以及我們讓該平台準備就緒所需的落後期，目前都還不到位。我認為我們會尋求的是：鑽井船市場達到 100% 使用率，並且能看得到市場作業計畫的樣貌，才能合理化把它重新拉出來。所以你可以想像，我們會需要一定的合約期與具生產性的日費率，才會發生。Roddie？

Yes. I would just add to that. You talk about the term and the return economics being very important. So I mean, we're basically at this point in the year, the average award has been 480 days, which is double what it was all of 2025. But that's still not enough in our view to bring out one of the cold-stacked assets. So it's really encouraging to see a doubling of duration and effectively like a four times multiple on how many fixtures are in the market and being fixed today. But we still think there's plenty of room to run before we reactivate and stack the cold-stacked fleet.

是的。我再補充一下。你提到合約期與報酬的經濟性非常重要。以今年到目前為止來看，平均授標期是 480 天，是 2025 年全年水準的兩倍。但在我們看來，這仍不足以讓我們把一座冷封存資產拉出來。所以看到合約期間倍增、而且目前市場上正在成交的案量大概是之前的四倍，確實很令人鼓舞。但我們仍認為，在重新啟用冷封存船隊之前，市場還有很大的上行空間。

Great. All very helpful. And then maybe kind of a higher-level question. I think you guys answered kind of some components of this. But just wondering, as you kind of did your tour of the world and pointed to areas where you see potential for incremental tendering or incremental activity, you kind of highlighted some regions where that was just kind of what you saw a quarter or a couple of quarters ago and it was just kind of the macro playing out as expected.

很好。都非常有幫助。接著可能是一個更高層次的問題。我想你們已經回答了其中一些面向。但我想問的是，當你們做全球巡迴、並指出你們看到可能增加招標或活動量的區域時，你們也提到有些地區其實就是你們在一季或幾季前看到的情況，只是總體環境如預期地發展。

But I'm wondering if there's any areas that you point to where your customer conversations or the incremental activity you see is more related to events that have transpired over the last two months in the Middle East? And any customers or incremental activity that seems more related to building strategic reserves or reducing reliance on Middle East exports.

但我想知道，有沒有任何你們特別指出的區域，你們與客戶的對話或看到的增量活動，更多是與過去兩個月中東所發生的事件有關？以及是否有任何客戶或增量活動，看起來更像是與建立戰略儲備或降低對中東出口依賴有關？

I guess just looking at Southeast Asia and India, where you kind of flagged that the ONGC and the India activity was something that you discussed on your last call, but you're throwing out some pretty big numbers in Indonesia. So yes, just wondering if you could parse out any areas where you see incremental kind of need or incremental demand that's more related to diversifying away from Middle East exports?

我想特別看東南亞與印度：你們提到 ONGC 與印度的活動是上次電話會議就討論過的，但你們在印尼提出了一些相當大的數字。所以，是的，我想請你們拆解一下：有哪些地方你們看到的增量需求或增量需求動能，更多是與分散、降低對中東出口依賴有關？

Yes. I think, obviously, the conflict is not that long at the present moment in time, but nations around the world are really reassessing their own energy security and what they're thinking from a policy point of view of energy supply in their own countries. And I think you probably highlighted a couple that come to mind straight away from India. I think India, Prime Minister Modi has obviously set his government in motion with a mission to establish what the nature of their reserves in country are.

是的。我想，顯然目前衝突發生的時間還不算長，但世界各國確實正在重新評估自身的能源安全，以及從政策角度如何看待本國的能源供應。我想你剛才提到的幾個，立刻會想到的就是印度。我認為印度總理莫迪顯然已推動政府展開一項任務，去釐清其國內儲量的性質與規模。

And I think that's what is driving the ONGC and Oil India action at this point in time. It was a bit of a surprise when it came, when we announced it last earnings call. And from our conversations in country with both the ministry and the oil companies, this is not a short-term effort. This is a significant investment that, that country as one country alone is going to make with several years of CapEx commitment to establish what their position is from an offshore oil and gas reserve and supply perspective.

我想這正是目前推動 ONGC 與 Oil India 行動的原因。當我們在上次財報電話會議宣布時，這確實有點出乎意料。而從我們在當地與主管機關及石油公司的對話來看，這不是短期的努力。這是一項重大的投資；就單一國家而言，該國將投入多年期的資本支出承諾，以釐清其離岸油氣儲量與供應面的定位。

That's just one country that is really thinking about it right now that we know of, obviously, Indonesia. And I think when you look around the world and what the IOCs are looking at, they're always focused on ensuring that there's a diversified global supply. And so you look at the major developments that are going through sanction right now between Suriname, Namibia, Mozambique and into the Med and West Africa, the importance of a globally diversified supply is only more heightened now for the secure, reliable and affordable energy supply to the world. Roddie?

這只是我們目前所知、正在認真思考這件事的其中一個國家；當然還有印尼。而當你放眼全球、看國際石油公司（IOCs）在評估什麼時，他們一直都聚焦於確保全球供應的多元化。因此，當你看到目前正在進入最終投資決策（sanction）的重大開發案，涵蓋蘇利南、納米比亞、莫三比克，以及延伸到地中海與西非，在此刻，全球供應多元化的重要性只會更加凸顯，以確保世界獲得安全、可靠且可負擔的能源供應。Roddie？

Yes. I love to add to that, again, we've already exceeded last year's fixtures and rig year awards. And obviously, none of that was based on the Middle East conflict or anything surrounding that. And the tenders that are on the market today, which collectively, we think with the awards already and then what else is to come is going to be somewhere in the region of 150 rig years awarded this year, maybe even more than that, none of those are predicated on stuff that happened in the Middle East today. It's all based on the macro shift over the past kind of 12 months.

是的。我也想再補充一點：我們已經超越了去年的裝置（fixtures）與鑽機年（rig year）得標數。而且很明顯，這些都不是基於中東衝突或其周邊任何因素。至於目前市場上的招標案，我們整體認為，包含已經公布的得標以及接下來可能出現的得標，今年被授予的鑽機年大概會在150鑽機年左右，甚至可能更多；而這些都不是以今天中東發生的事情為前提。這一切都是基於過去大約12個月的總體趨勢轉變。

So again, like the shift towards deepwater, our customers ramping up their activities for exploration and development and moving beyond a little bit of the capital discipline mantra, that's the real reason that we're seeing this uptick. So all of that was predicated on $60, $70 a barrel outlook. But now we're obviously in a much different position.

所以再說一次，像是轉向深水（deepwater），我們的客戶加速提升勘探與開發活動，並且不再那麼拘泥於資本紀律（capital discipline）的口號，這才是我們看到這波上行的真正原因。因此，這些原本都是建立在每桶60、70美元的展望之上。但現在我們顯然處於一個非常不同的位置。

So I think that's going to be fantastic for our customers in terms of earnings in the near term. But all of the pictures that you've seen and all the stuff that we're working on today is predicated on long-term mid-range oil prices, not elevated oil prices. So we haven't even seen the impact in our business of a prolonged increased oil price. All of the stuff that we have is predicated on oil prices of six months ago, nine months ago.

所以我認為，這在短期獲利方面對我們的客戶會非常有利。但你看到的所有情況、以及我們今天正在推進的所有工作，都是以長期中位區間油價為前提，而不是以高企油價為前提。因此，我們的業務甚至還沒有看到油價長期上升所帶來的影響。我們手上的所有工作，都是以六個月前、九個月前的油價為前提。

Greg Lewis, BTIG.

Greg Lewis，BTIG。

I was hoping to spend a little time talking about the harsh weather market. Clearly, it was good to see the Barents move back to Norway. It's interesting, right, because we have the traditional North Sea, but you have -- there was a rig that kind of just won some work over in Canada. We have Australia. You always hear about other pockets maybe in the Falklands. Just kind of curious, that's a market that one too many -- like any market, but there's just not a lot of supply.

我希望花點時間談談嚴苛氣候（harsh weather）市場。很明顯，看到 Barents 回到挪威是件好事。這很有意思，對吧，因為我們有傳統的北海市場，但你們也有——有一座鑽機剛在加拿大那邊拿到一些工作。我們還有澳洲。你也常聽到其他一些區域，例如福克蘭群島可能也有一些機會。我只是好奇，這個市場就像任何市場一樣，但供給真的不多。

So really, as you think about positioning or Transocean's harsh weather fleet, not necessarily for '26, but as we think about '27, '28 should we -- are we expecting more of a return to the North Sea? Are there going to be opportunities to kind of keep this fleet spread and beyond rig, but like the other players in this market to kind of keep everybody busy? And there was another company that had to spend a bunch of money to upgrade a rig. Like how tight could we be for the harsh market as we approach like 2028?

所以，當你們思考定位或 Transocean 的嚴苛氣候船隊時，不一定是看2026年，而是看2027、2028年——我們是否預期會有更多回到北海的情況？是否會有機會讓這支船隊維持分散部署，不只是你們的鑽機，也包括這個市場的其他業者，讓大家都能保持忙碌？另外，還有另一家公司不得不花一大筆錢去升級一座鑽機。當我們接近2028年時，嚴苛市場可能會緊到什麼程度？

Yes, so the harsh environment is a market that we've obviously been forecasting for a while to -- while it's in balance currently, it was expected to get tighter based on the projects that were getting sanctioned and the activity that was growing around the world. And you're right, the harsh environment market is no longer just Norway and it's returning to places like Canada and Australia.

是的，嚴苛環境是一個我們顯然已經預測了一段時間的市場——目前雖然大致供需平衡，但基於陸續核准（sanctioned）的專案以及全球活動量的成長，原本就預期會變得更緊。而你說得對，嚴苛環境市場不再只是挪威，也正在回到像加拿大與澳洲這些地方。

But also rigs that can be used with the loss of so many of our older semisubmersibles that used to conduct a lot of activity in not necessarily harsh environments, but other shallower water environments, the actual opportunity for the harsh environment fleet is a little bit more global now and we're not even considering what could happen in Namibia.

此外，隨著我們許多較老的半潛式鑽井平台（semisubmersibles）退場——它們過去在不一定是嚴苛環境、但在其他較淺水域環境中承擔了大量作業——因此嚴苛環境船隊的實際機會現在更全球化了，而且我們甚至還沒把納米比亞可能發生的事情納入考量。

So we're seeing, obviously, with the licensing rounds and the imperatives of Equinor, Aker BP, Var Energi, the energy security conversation in Europe, Norway is going to get busier. And so the opportunity presented itself for us to take the Barents back to Norway. We're very pleased to beginning that relationship with Var Energi again. And we will continue to keep our assets to the most strategic locations that we can and ensure that we're available to the market upswing that we're expecting in the harsh environment area. Roddie?

所以我們看到，顯然隨著授權輪次（licensing rounds）以及 Equinor、Aker BP、Var Energi 的迫切需求，加上歐洲的能源安全議題，挪威會變得更忙。因此，我們也就有機會把 Barents 帶回挪威。我們非常高興能再次與 Var Energi 開始合作關係。我們會持續把資產部署到我們能做到的最具策略性的地點，並確保我們能把握嚴苛環境領域預期的市場上行。Roddie？

Yes. To add to that, on the harsh environment side, I think the name of the game over the last few years was for a lot of the operators to retain some optionality on rigs. So not necessarily in a position to put a large commitment on their balance sheet. But the dynamic has definitely shifted with awards in Canada being made. There's another tender out for an incremental rig there or a follow-on of the existing rig.

是的。補充一下嚴苛環境這一塊，我認為過去幾年很多營運商的重點是保留對鑽機的一些選擇權（optionality）。也就是說，不一定要在資產負債表上做出很大的承諾。但隨著加拿大已經出現得標案，市場動態確實已經轉變。那邊還有另一個招標案，可能是新增一座鑽機，或是現有鑽機的後續案。

And then you've seen within Norway itself all the big guys making commitments, so far, Aker BP and then Equinor going through their NCS 2035 plans. The number of wells, the longevity of the program, it basically speaks to the Norwegian government making the commitment to sustain energy security in Europe. So that's -- those are really good fundamentals underpinning that market.

然後你也看到在挪威本土，所有大咖都在做出承諾——目前包括 Aker BP，以及 Equinor 推進他們的 NCS 2035 計畫。井數、計畫的持續年限，基本上都反映出挪威政府承諾維持歐洲能源安全。所以——這些都是支撐該市場的非常好的基本面。

That means we will be there for a long time and we're about to enter a period of, as you said, a very tight market, but this is because there's a shift towards longer-term contracting. So that kind of showed up in some of the numbers already, but we think that's going to be even more prolific as the operators need to secure those assets because there aren't that many of them. So we're feeling really strong about that.

這意味著我們會在那裡待很長一段時間，而且我們即將進入你所說的非常緊俏的市場階段，但這是因為合約正在轉向更長期的簽約。所以這點已經在一些數字上有所反映，但我們認為，隨著營運商需要確保這些資產、因為數量並不多，這種趨勢會更加明顯。因此我們對此感到非常有信心。

And the -- to your point, there's a very high chance that more rigs will return to Norway because the demand is simply well beyond the fleet that's currently in Norway. So I think it's almost necessary.

而且——如你所說，很有可能會有更多鑽機回到挪威，因為需求明顯遠遠超過目前在挪威的船隊規模。所以我認為這幾乎是必要的。

Noel Parks, Tuohy Brothers.

Noel Parks，Tuohy Brothers。

I was intrigued about what you were saying about exploration conducted long ago, some of those projects actually now heading for development. And just for perspective on that, just off the top of your head, can you sort of think of what may be the oldest, longest in the tooth past exploratory project that you're now seeing being greenlighted for development?

我對你提到很久以前進行的勘探、其中一些專案現在其實正走向開發這件事很感興趣。為了更有概念，就你直覺來看，你能不能想一下，你們現在看到被核准進入開發的專案中，最老、拖得最久的過去勘探專案大概是哪一個？

That's a good question. Probably trying to think off the top of my head on that one, I'm going to say that a lot of stuff in Nigeria, for example. So Nigeria is expected to go up to five rigs, and they've gone down to like one rig. So a lot of the stuff that is now being triggered that's basically going to have all these incremental rigs going there is all based on exploration that took place some time ago.

這是個好問題。如果我臨時想一下，我會說例如奈及利亞有很多這類案子。奈及利亞預期會回升到五座鑽機，但他們曾經降到大概只剩一座鑽機。所以現在被啟動、基本上會帶動這些新增鑽機進入當地的許多案子，都是基於一段時間以前所做的勘探。

So that -- some of that may even be as long as 8, 10 years ago. But certainly, it's stuff that was done at least five years ago. So that's probably a great example there. Kind of a shorter example of that on the opposite end of the scale might be something like Namibia. So you would have seen lots of announcements about discoveries in Namibia. And then there was kind of like a lull in activity as all the results were digested.

所以——其中有些甚至可能是 8、10 年前的事。但可以肯定的是，這些至少都是五年前做的事情。所以那大概就是一個很好的例子。在尺度的另一端，較短的例子可能像納米比亞這樣。所以你會看到很多關於在納米比亞發現的公告。然後在所有結果被消化的期間，活動就出現了一段類似空窗期。

And now we're seeing several long-term tenders there that are all based on development. But it is interesting on the whole concept of development versus exploration is that even in places like Namibia that's moving towards development, there's still several exploration wells on the books to be drilled. So it's kind of like it's a treadmill effect. You have to keep discovering.

而現在我們看到那裡有幾個長期招標，全部都是以開發為基礎。但就「開發」相對於「勘探」這個整體概念而言，有趣的是，即使在像納米比亞這種正走向開發的地方，仍然有好幾口勘探井已列入計畫、將要鑽探。所以這有點像跑步機效應。你必須持續發現。

You have to keep exploring. Petrobras are very vocal about that, that they must contribute a significant portion of the portfolio every single year to exploration. If you take your foot off the gas for a moment on exploration, you're going to find your reserves dwindling very, very quickly. And I think that's kind of the case across the board here that reserve replacement is now becoming much more of an issue. And the only way you can do that is get out there and explore.

你必須持續勘探。巴西國油（Petrobras）對此非常直言不諱：他們每一年都必須把投資組合中相當大的一部分投入勘探。如果你在勘探上稍微鬆油門一下，你會發現你的儲量會非常、非常快地萎縮。我想這在各方面都是如此：儲量替代現在正變成更大的問題。而你能做到這一點的唯一方式，就是走出去勘探。

Great. And I was wondering if you have any sense around with energy security, of course, coming to the fore and the different ripple effects in terms of various importing countries and maybe the plans they're going to be making going forward, I was just wondering if the improved economics assume that we do have sustained higher oil prices?

很好。我想請教你是否對能源安全有一些看法——當然，能源安全已成為焦點，對各個進口國在未來可能制定的計畫也會產生不同的連鎖效應——我只是想知道，改善後的經濟性是否假設我們會維持較高的油價？

Are there any regions where you can anticipate that maybe the opportunity -- the economic opportunity can become so compelling at higher oil prices that it can actually maybe overcome some political inertia or even opposition to moving forward? I don't know if there are any examples of that, that come to mind, but I was just wondering.

是否有任何地區，你可以預期在較高油價下，機會——經濟機會——會變得如此具有吸引力，以至於實際上可能克服一些政治惰性，甚至反對推進的聲音？我不確定是否有任何例子會立刻浮現，但我只是想請教一下。

Yes. So it's definitely a theme, right? So I would say that as you see the war break out in the Middle East there, I actually think it just reinforces the decisions that have already been taken. So for the last several years, that's kind of been the process that all the big guys are going through and in particular, the NOCs, looking at what they have within their own borders and that domestic production makes all the sense in the world because you retain all the taxes, you employ your people, you basically reduce your dependency on others.

有。所以這絕對是一個主題，對吧？所以我會說，當你看到中東那邊爆發戰爭時，我其實認為這只是強化了已經做出的決策。所以在過去幾年，這一直是所有大型業者正在經歷的過程，特別是國家石油公司（NOC），在檢視其國境內擁有的資源；而國內生產在各方面都非常合理，因為你保留了所有稅收、僱用本國人民，基本上也降低了對他人的依賴。

So there's definitely an element to that. But yes, I think overall, that energy security question is kind of -- it's important. But if -- I think it's more a case of reinforcing good decisions that were made for domestic exploration. To Keelan's point, you made a great point about India, that's a top one there. But even in places like the UK, I think you're going to see a u-turn on that stuff because, yes, they've been cutting back on activities for quite some time now, but it's almost inevitable that we'll -- that will shift in the near term.

所以這確實有這樣的一個面向。但我認為整體而言，能源安全這個問題——它很重要。但如果——我覺得更像是在強化先前為國內勘探所做的正確決策。呼應 Keelan 的觀點，你提到印度的點非常好，那是其中最重要的一個。但即使在像英國這樣的地方，我認為你會看到在這些事情上出現政策大轉彎；因為，是的，他們已經縮減活動相當一段時間了，但幾乎可以肯定的是，我們——那個方向在短期內會改變。

But I also think the Norway thing is a great example, right? That's linked to energy security, but also linked to basically providing energy for Europe and they are the biggest producer in Europe. So all of the activity increase will have an element of that security to it, but I think it's just overall acceptance that hydrocarbons are here for a very long time. There is no peak oil concept this side of 2050. So time to just get on with it.

但我也認為挪威就是一個很好的例子，對吧？那與能源安全有關，也與基本上為歐洲提供能源有關，而他們是歐洲最大的生產國。所以所有活動的增加都會帶有那種安全性的元素，但我認為更整體的是，大家接受碳氫化合物還會存在很長一段時間。在 2050 年之前，不存在所謂的「石油峰值」概念。所以就是時候把事情做起來了。

Yes. Maybe just to add to that, I think what we need to continue to highlight is that the deepwater business especially is very long. And the economics of it are very compelling at much lower oil prices than we're at today. And so the activity we're getting today is based on the fundamentals regarding supply and demand of hydrocarbons, the concern on replacement of reserves and then the need to explore to do that.

是的。也許補充一下，我認為我們需要持續強調的是，尤其是深水業務的週期非常長。而且其經濟性在遠低於我們今天所處水準的油價下就非常具有吸引力。因此，我們今天看到的活動是基於碳氫化合物供需的基本面、對儲量替代的擔憂，以及為了做到這一點而必須進行勘探的需求。

And then we layer in or amplify the case with energy security and it will continue, we believe, to promote more investment in the offshore space. And obviously, it's a very good place to get affordable, secure and reliable energy and we continue to see it playing that role going forward.

接著我們再把能源安全疊加進來或放大這個論點，而我們相信，這將持續推動離岸領域的更多投資。而且很明顯，這是一個取得可負擔、安全且可靠能源的非常好地方；我們也持續看到它在未來仍將扮演這樣的角色。

Thank you. And gentlemen, it appears we have no further questions this morning. Mr. Keddington, I'd like to turn things back to you, sir, for any closing comments.

謝謝。各位先生，看起來我們今天早上沒有其他問題了。Keddington 先生，我想把時間交還給您，請您做任何結語。

Great. We'd like to thank everyone who participated in our earnings call today, and we invite you to follow up with us for any additional inquiries. With that, we'll close the call.

很好。我們要感謝今天參與我們財報電話會議的各位，也歡迎就任何其他問題再與我們聯繫。那麼，我們就結束本次電話會議。

Thank you, Mr. Keddington. Ladies and gentlemen, again, this does conclude the Transocean first-quarter 2026 Earnings Conference Call. Thank you all so much for joining us and we wish you all a great day. Good-bye.

謝謝您，Keddington 先生。各位女士、先生，再次提醒，這就結束了 Transocean 2026 年第一季財報電話會議。非常感謝各位的參與，祝各位有美好的一天。再見。