Transocean Ltd (RIG) 2022 Q1 法說會逐字稿

Good day, and welcome to the Q1 2022 Transocean earnings conference call. Today's call is being recorded. At this time, I would like to turn the conference over to Cale Dillingham. Please go ahead, sir.

美好的一天，歡迎參加 2022 年第一季度 Transocean 收益電話會議。今天的電話正在錄音。在這個時候，我想把會議交給 Cale Dillingham。請繼續，先生。

Thank you, Kevin. Good morning, and welcome to Transocean's First Quarter 2022 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. Joining me on this morning's call are Jeremy Thigpen, Chief Executive Officer; Keelan Adamson, President and Chief Operating Officer; Mark Mey, Executive Vice President and Chief Financial Officer; and Roddie Mackenzie, Executive Vice President and Chief Commercial Officer.

謝謝你，凱文。早上好，歡迎參加 Transocean 2022 年第一季度收益電話會議。我們在 deepwater.com 網站上發布了涵蓋財務業績的新聞稿副本，以及支持性聲明和時間表，包括有關非公認會計原則財務措施的對賬和披露。與我一起參加今天上午電話會議的還有首席執行官 Jeremy Thigpen； Keelan Adamson，總裁兼首席運營官； Mark Mey，執行副總裁兼首席財務官；和執行副總裁兼首席商務官 Roddie Mackenzie。

During the course of this call, Transocean management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts. Such statements are based upon current expectations and certain assumptions, and therefore, are subject to certain risks and uncertainties. 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.

在本次電話會議期間，越洋管理層可能會就與我們的業務和公司相關的各種非歷史事實的事項作出某些前瞻性陳述。此類陳述基於當前的預期和某些假設，因此受到某些風險和不確定性的影響。許多因素可能導致實際結果存在重大差異。請參閱我們提交給美國證券交易委員會的文件，了解我們的前瞻性陳述以及有關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。

Also, please note that the company undertakes no duty to update or revise forward-looking statements. Following Jeremy and Mark's prepared comments, we will conduct a question-and-answer session with our team. (Operator Instructions). Thank you very much. I'll now turn the call over to Jeremy.

此外，請注意，公司不承擔更新或修改前瞻性陳述的義務。根據 Jeremy 和 Mark 準備好的評論，我們將與我們的團隊進行問答環節。 （操作員說明）。非常感謝你。我現在將把電話轉給傑里米。

Thank you, Cale, and welcome to our employees, customers, investors and analysts participating in today's call. Before I get into the quarterly update, I would like to provide just a few thoughts on the current global state of affairs. During the first quarter, we observed oil prices, which regularly exceeded $100 per barrel. While the Russian invasion of Ukraine and the resulting sanctions certainly contributed to these higher prices and focus the world's attention on the importance and value of energy security, we believe that the persistent underinvestment by E&P companies to replace the reserves has resulted in diminished capacity to produce hydrocarbons globally, serving as the primary driver of sustained higher oil prices.

謝謝你，Cale，並歡迎我們的員工、客戶、投資者和分析師參加今天的電話會議。在我進入季度更新之前，我想就當前的全球事態提供一些想法。在第一季度，我們觀察到油價經常超過每桶 100 美元。雖然俄羅斯入侵烏克蘭和由此產生的製裁肯定導致價格上漲，並將世界的注意力集中在能源安全的重要性和價值上，但我們認為，勘探與生產公司為替代儲備而持續投資不足導致生產能力下降全球碳氫化合物，是油價持續上漲的主要驅動力。

As you know, over the past few years, some of the capital that certain E&P companies may have previously earmarked for investments in reserve replacement and production growth was instead distributed to their shareholders in the form of dividends and buybacks as well as invested in various energy transition initiatives. All else being equal, this has left them with less capital to invest in, plan for and develop offshore projects. While we recognize that taking steps to achieve a lower carbon future is important, we also firmly believe that a diversity of energy sources is critical to ensure adequate and reliable supply.

如您所知，在過去幾年中，某些勘探與生產公司之前可能指定用於儲備置換和產量增長的部分資金，轉而以股息和回購的形式分配給其股東，以及投資於各種能源。過渡舉措。在其他條件相同的情況下，這使得他們投資、規劃和開發離岸項目的資金更少。雖然我們認識到採取措施實現低碳未來很重要，但我們也堅信多樣化的能源對於確保充足和可靠的供應至關重要。

Hydrocarbons will, without question, continue to play a central role as the energy transition proceeds. In fact, cash flow generated from the sale of oil and natural gas will play a critical role in funding energy transition technologies and initiatives by our customers. Indeed, the EIA's International Energy Outlook 2021 indicates that global energy consumption is expected to increase nearly 50% over the next 30 years. While renewable energy resources are expected to experience the most significant growth rates, albeit from a very small base, demand for both petroleum and natural gas sources will continue to increase to meet this demand.

毫無疑問，隨著能源轉型的推進，碳氫化合物將繼續發揮核心作用。事實上，石油和天然氣銷售產生的現金流將在我們的客戶為能源轉型技術和計劃提供資金方面發揮關鍵作用。事實上，EIA 的《2021 年國際能源展望》表明，未來 30 年全球能源消耗預計將增長近 50%。雖然可再生能源資源預計將經歷最顯著的增長率，儘管基數很小，但對石油和天然氣資源的需求將繼續增加以滿足這一需求。

Exploration and production companies will continue to engage in the exploration and development work to meet worldwide demand and replenish diminishing reserves. With constructive commodity prices, combined with now proven and consistent lower project cost than the industry experienced several years ago, the economics of offshore projects remain robustly favorable. In fact, the consensus of industry observers and experts indicate that approximately 80% of offshore projects are profitable at $60 per barrel with numerous customers claiming that the breakeven price for their respective projects is well below $40 per barrel.

勘探和生產公司將繼續從事勘探和開發工作，以滿足全球需求並補充不斷減少的儲量。憑藉建設性的大宗商品價格，加上現已證明的項目成本始終低於該行業幾年前的水平，海上項目的經濟性仍然非常有利。事實上，行業觀察家和專家的共識表明，大約 80% 的海上項目以每桶 60 美元的價格盈利，許多客戶聲稱其各自項目的盈虧平衡價格遠低於每桶 40 美元。

Now to the quarterly results. As discussed in yesterday's earnings release, for the first quarter, we reported adjusted EBITDA of $163 million on $616 million in adjusted revenue. This strong operating performance was again driven by our team of experienced professionals who delivered fleet uptime of 97.6% for the quarter. Let's now turn to the fleet and our recent fixtures. During the first quarter, we were able to secure $87.2 million in incremental backlog and returned one of our recently idled rigs to work, leaving us with only 2 warm rigs remaining in our worldwide fleet. And as we mentioned in our press release, we just added an additional $200 million of backlog with fixtures on the Skyros and Invictus.

現在到季度業績。正如昨天的收益發布中所討論的，第一季度，我們報告調整後的 EBITDA 為 1.63 億美元，調整後收入為 6.16 億美元。這一強勁的運營業績再次受到我們經驗豐富的專業團隊的推動，他們在本季度實現了 97.6% 的機隊正常運行時間。現在讓我們轉向艦隊和我們最近的固定裝置。在第一季度，我們能夠獲得 8720 萬美元的增量積壓，並將我們最近閒置的一個鑽機恢復工作，使我們的全球船隊中只剩下 2 台熱鑽機。正如我們在新聞稿中提到的，我們剛剛在 Skyros 和 Invictus 上增加了 2 億美元的積壓訂單。

In the Gulf of Mexico, the Deepwater Inspiration secured a 1-well extension with EnVen Energy at an increased dayrate of $300,000 per day. The additional well keeps the rig busy into January 2023. Remaining in the Gulf of Mexico, the Deepwater Invictus secured a 2-well extension with BHP at an increased dayrate of $375,000 per day. The additional wells keep the rig busy through Q1 of 2023, representing 8 years of continuous service for BHP. Heading south to Colombia, the Development Driller III returned to work, securing an 80-day contract with Petrobras at a rate of $331,000 per day. The rig had been idle since concluding its most recent contract in January.

在墨西哥灣，Deepwater Inspiration 通過 EnVen Energy 以每天 300,000 美元的日費率獲得了 1 口井的擴建。額外的油井使鑽井平台一直忙碌到 2023 年 1 月。Deepwater Invictus 仍位於墨西哥灣，與必和必拓獲得了 2 口井的擴建，日費增加 375,000 美元/天。額外的油井使鑽井平台在 2023 年第一季度保持忙碌狀態，代表必和必拓連續服務 8 年。向南前往哥倫比亞，Development Driller III 重返工作崗位，與巴西石油公司簽訂了一份為期 80 天的合同，合同金額為每天 331,000 美元。自 1 月份簽訂最新合同以來，該鑽井平台一直處於閒置狀態。

Given the lack of availability of similar assets in the region, combined with the well-deserved favorable reputation of the rig, we are actively pursuing opportunities for additional work for commencing later this year. In Norway, we added a 3-well extension to the Transocean Spitsbergen campaign at a rate of $305,000 per day, which will keep the rig working into January 2023. The agreement also contains provisions for additional work at escalating rates through 2023. In Angola, as mentioned in our earnings release, we are pleased to announce that the Deepwater Skyros recently secured 540 days of additional work with a major operator at a base dayrate of $310,000 with the opportunity to earn a significant performance-based bonus.

鑑於該地區缺乏類似資產，再加上該鑽井平台當之無愧的良好聲譽，我們正在積極尋求今年晚些時候開始的額外工作機會。在挪威，我們以每天 305,000 美元的費率為 Transocean Spitsbergen 項目增加了 3 口井擴建工程，這將使該鑽井平台一直工作到 2023 年 1 月。該協議還包含在 2023 年之前以不斷升級的速度進行額外工作的條款。在安哥拉，正如我們在收益報告中提到的，我們很高興地宣布，Deepwater Skyros 最近以 310,000 美元的基本日費率與一家主要運營商簽訂了 540 天的額外工作，並有機會獲得可觀的績效獎金。

The rig is now contracted into May of 2024. The award for additional work, while very much appreciated, was not totally surprising as the Deepwater Skyros was previously awarded Total's Rig of the Year. Thanks to its superior operational performance. Heading East to India, 3 long-term tenders were recently released. Based on our extensive experience in country and our stellar operational performance, we believe we are in a strong position to win some of this work. As we look toward upcoming opportunities for 2022, we are encouraged by the market and industry trends that continue to take shape.

該鑽井平台現在的合同期限為 2024 年 5 月。儘管深水 Skyros 曾被授予道達爾年度鑽井平台獎，但對額外工作的獎勵雖然非常感謝，但並不完全令人驚訝。得益於其卓越的運營性能。向東前往印度，最近發布了 3 份長期招標書。基於我們在國家/地區的豐富經驗和出色的運營業績，我們相信我們有能力贏得其中一些工作。當我們展望 2022 年即將到來的機遇時，我們對不斷形成的市場和行業趨勢感到鼓舞。

Oil prices, while somewhat volatile, have remained highly supportive and are driving a steady increase in offshore activity. We continue to see a tightening of the offshore market unfolding across multiple regions with committed drillship utilization consistently exceeding 90%, with some industry experts suggesting utilization as high as 97%. As further evidence that the market has reached an inflection point according to rig broker, Clarksons, for the first time in 8 years, new contracts are on average being awarded at higher dayrates than the contract they are replacing.

石油價格雖然有些波動，但仍然具有很強的支撐作用，並正在推動海上活動的穩步增長。我們繼續看到多個地區的海上市場趨緊，承諾的鑽井船利用率持續超過 90%，一些行業專家建議利用率高達 97%。鑽機經紀人克拉克森 (Clarksons) 表示，作為市場已經達到拐點的進一步證據，這是 8 年來的第一次，新合同的平均授予日費率高於他們正在取代的合同。

Additionally, Rystad Energy analysts yet again increased their short-term expectation for Deepwater investment, this time to 14% year-on-year, which is double Rystad's expectation just 6 months ago. As we've been predicting the current supply shortage of active floating rigs driven by the scrapping of rigs during the historically low demand cycle over the past 8 years, has contributed to the recent increase in dayrates. Since 2014, more than 150 benign environment floating rigs have been scrapped and permanently removed from the global fleet.

此外，Rystad Energy 分析師再次提高了他們對 Deepwater 投資的短期預期，這一次同比增長至 14%，是 Rystad 僅 6 個月前預期的兩倍。正如我們一直在預測的那樣，在過去 8 年處於歷史低位的需求週期中，由於鑽井平台報廢而導致目前活躍的浮動鑽井平台供應短缺，這導致了近期日費率的增加。自 2014 年以來，已有 150 多座良性環境浮式鑽井平台報廢並從全球船隊中永久移除。

In addition, we strongly believe that the current real supply of rigs is even more limited than headline data would suggest due to high and increasing reactivation costs, combined with long lead times for equipment. Based upon several third-party estimates and given slight differences in their definitions, there are between 25 and 35 benign floating rigs cold stacked globally. We estimate that the reactivation of the cold-stacked rig will take at least 12 months to execute, which has increased due to supply chain constraints and could drive additional cost escalation depending upon demand and availability of the required equipment.

此外，我們堅信，由於重新啟動成本高且不斷增加，加上設備交付週期長，目前的實際鑽機供應比整體數據所暗示的還要有限。根據幾個第三方的估計，並考慮到它們的定義略有不同，全球有 25 到 35 座良性浮式鑽井平台冷堆。我們估計，冷堆鑽機的重新啟動至少需要 12 個月才能執行，由於供應鏈限制，這一時間有所增加，並且可能會根據所需設備的需求和可用性導致成本增加。

Also, it is very possible that some of these cold-stacked rigs don't actually have the required specifications to be marketable in the future and will never return to the market. On the topic of reactivations, I want to reiterate that Transocean will not speculatively reactivate a rig. We will only bring incremental capacity to our active fleet with a contract that generates a suitable return on investment. We remain committed to fiscal discipline, and we believe that ultimately, rig utilization and dayrates will continue their upward progression. Per Fearnley's recent assessment of order books, there are 17 newbuilds currently at shipyards or recently in the hands of investors. We believe the majority of these rigs will likely each require significant additional capital expenditures in excess of $100 million to $125 million to prepare to go to work, which is in addition to the underlying construction costs.

此外，這些冷堆鑽機中的一些很可能實際上不具備未來銷售所需的規格，並且永遠不會重返市場。關於重新激活的話題，我想重申 Transocean 不會投機地重新激活鑽機。我們只會通過能夠產生適當投資回報的合同為我們的活躍機隊帶來增量容量。我們仍然致力於財政紀律，我們相信最終，鑽井平台利用率和日費率將繼續上升。根據 Fearnley 最近對訂單的評估，目前有 17 艘新造船在造船廠或最近在投資者手中。我們認為，這些鑽機中的大多數都可能需要超過 1 億至 1.25 億美元的大量額外資本支出才能準備投入使用，這是基礎建設成本之外的。

As such, we believe with few exceptions, the aggregate constraints of the balance sheet and liquidity of most industry participants, combined with the constraints in the global supply chain, will govern the rate of entry of both cold stacked and newbuild assets into the active fleet. Taking a closer look around the global market environment. Worldwide committed drillship utilization currently exceeds 90%. Many of these high-specification assets are concentrated in the U.S. Gulf of Mexico, where we continue to observe the most significant growth in dayrates from the low $200,000s just a few years ago to well over $300,000 per day from recently announced fixtures.

因此，我們認為，除了少數例外，大多數行業參與者的資產負債表和流動性的總體限制，加上全球供應鏈的限制，將決定冷堆和新建資產進入現役船隊的速度.仔細觀察全球市場環境。目前全球承諾的鑽井船利用率超過 90%。這些高規格資產中的許多都集中在美國墨西哥灣，我們繼續觀察到，從幾年前的低 200,000 美元到最近宣布的固定裝置的每日 300,000 美元以上，日費率出現了最顯著的增長。

It is very possible that we will see awards made in the near future at dayrates above $400,000 per day, which reflects the increasing tightening of this already nearly sold-out market. Remaining in the Gulf of Mexico, we eagerly await the delivery of our 2 newbuild drillships, the Deepwater Atlas and the Deepwater Titan, which will enter the region in the coming months. As you will recall, these floaters have already secured firm contracts for drilling on behalf of Beacon Offshore Energy and Chevron, respectively. Historically, the Gulf of Mexico has served as a leading market indicator for other deepwater offshore drilling markets.

我們很有可能在不久的將來看到每天超過 400,000 美元的獎勵，這反映了這個已經幾乎售罄的市場的日益緊縮。留在墨西哥灣，我們熱切地等待我們的 2 艘新建鑽井船 Deepwater Atlas 和 Deepwater Titan 的交付，它們將在未來幾個月內進入該地區。您會記得，這些漂浮物已經分別代表 Beacon Offshore Energy 和 Chevron 獲得了確定的鑽井合同。從歷史上看，墨西哥灣一直是其他深水海上鑽井市場的領先市場指標。

As in the Gulf of Mexico, direct negotiations with customers continue to increase in multiple locations with improving contractual terms, higher dayrates and longer durations reflecting customers' recognition that there is a looming shortage of rigs and therefore, limited time for tendering or lengthy negotiations. In Latin America, we expect strong demand growth going forward. Industry analysts expect a 50% increase in rig demand from March of 2022 through September of 2023. Given our experience, established support infrastructure and operational track record in the region, we believe we are very well positioned to compete for these incremental 15 opportunities.

與墨西哥灣一樣，與客戶的直接談判在多個地點繼續增加，合同條款不斷改善，日費率更高，持續時間更長，這反映出客戶認識到鑽機短缺迫在眉睫，因此招標時間有限或談判時間長。在拉丁美洲，我們預計未來需求將強勁增長。行業分析師預計，從 2022 年 3 月到 2023 年 9 月，鑽機需求將增長 50%。鑑於我們的經驗、在該地區建立的支持基礎設施和運營記錄，我們相信我們完全有能力競爭這 15 個增量機會。

Just last week, Petrobras issued new multiyear tenders for up to 8 additional rigs, which could ultimately necessitate up to 7 new rigs entering Brazil. In addition to the Petrobras prospects on the horizon, medium- to long-term opportunities with IOCs and other NOCs, including Equinor, Shell, Petronas and Total Energies are expected to commence in 2023. Current opportunities in Latin America could add more than 14 rig years that would start within the next 18 months. With no high-specification idle floaters in the region, rigs from other areas will be required to meet additional demand, which should remain strong over the next several years.

就在上週，巴西國家石油公司發布了多達 8 座額外鑽井平台的新的多年招標，這最終可能需要多達 7 座新鑽井平台進入巴西。除了即將出現的 Petrobras 前景外，與 IOC 和其他 NOC（包括 Equinor、Shell、Petronas 和 Total Energies）的中長期機會預計將於 2023 年開始。拉丁美洲目前的機會可能會增加 14 台以上的鑽井平台將在未來 18 個月內開始的年份。由於該地區沒有高規格的閒置浮子，將需要來自其他地區的鑽井平台來滿足額外的需求，這將在未來幾年保持強勁。

In West Africa, we remain very encouraged by floater demand. We see 20 opportunities with program durations of greater than 1 year commencing within the next 18 months. If this demand materializes as we expect, a minimum of 15 rig years could be awarded. This additional demand is driven by a return to activity in Angola and Ghana, and the recent large discoveries in Namibia combine with reactivation of major developments like Mozambique and Nigeria. In Asia Pacific, we are seeing pockets of demand for 1 or more years of work with insufficient rig supply to meet those specific needs.

在西非，我們仍然對浮動需求感到非常鼓舞。我們看到 20 個項目持續時間超過 1 年的機會將在未來 18 個月內開始。如果這一需求如我們預期的那樣實現，則可以授予至少 15 年的鑽機年限。這種額外的需求是由安哥拉和加納的活動恢復推動的，而納米比亞最近的大型發現與莫桑比克和尼日利亞等主要開發項目的重新啟動相結合。在亞太地區，我們看到需要 1 年或更長時間的工作需求，而鑽機供應不足以滿足這些特定需求。

There are opportunities for MPD drillships in Asia, but there are no available MPD units in the region. We are also seeing increasing demand for Australia, which is most likely to occur in 2023. However, similar to what we are seeing in Asia, there is likely to be a rig shortage in Australia at that time. Transitioning to the harsh environment market, broader expectations are for a stronger Norwegian market beginning in the 2023 drilling season. A record level of sanctioning is anticipated by year-end as operators move projects forward to utilize expiring tax incentives.

亞洲有 MPD 鑽井船的機會，但該地區沒有可用的 MPD 裝置。我們還看到對澳大利亞的需求不斷增長，這很可能發生在 2023 年。然而，與我們在亞洲看到的情況類似，當時澳大利亞可能會出現鑽機短缺。過渡到惡劣的環境市場，更廣泛的預期是從 2023 年鑽井季節開始，挪威市場將走強。隨著運營商推進項目以利用即將到期的稅收優惠，預計到年底的製裁水平將達到創紀錄水平。

Norway may be challenged in 2022 and into the summer of 2023 due to program delays based on a shortage of critical subsea equipment. We do, however, anticipate a stronger market by mid-2023 and a sold-out market in Norway in 2024. Our customers may also need to contend with additional tightening in the market as evidenced by a recent 500-day tender in the region starting in late 2023. Total Norwegian active utilization currently stands at 82% with 14 assets working and an active supply of only 17 rigs. This market could further tighten if rigs leave Norway for the U.K. and/or Canada, which is a very real possibility now that the Bay du Nord project in Canada has received environmental approvals offshore in Newfoundland.

由於關鍵海底設備短缺導致計劃延誤，挪威可能在 2022 年和 2023 年夏季面臨挑戰。然而，我們確實預計到 2023 年年中市場會更加強勁，2024 年挪威市場會售罄。我們的客戶可能還需要應對市場的進一步緊縮，最近該地區開始為期 500 天的招標證明了這一點到 2023 年底。挪威的總活躍利用率目前為 82%，有 14 座資產在運轉，只有 17 座鑽機活躍供應。如果鑽井平台離開挪威前往英國和/或加拿大，該市場可能會進一步收緊，鑑於加拿大的北灣項目已在紐芬蘭近海獲得環境批准，這種可能性非常大。

And in the U.K., there's a lack of warm assets. Given the prohibitive cost of reactivating a cold-stacked rig, we could find ourselves in an environment in which hot rigs from Norway are moved to the U.K. to perform some of the work anticipated over the next year, further tightening the Norwegian market. This would obviously bode well for us as Transocean remains 1 of the 2 main providers of sixth generation semisubmersibles in the North Sea. Additionally, as a result of the recent announcement made by the U.K. government regarding energy security policy to support European energy requirements, we now expect an increase in demand for rigs.

在英國，缺乏溫暖的資產。鑑於重新啟動冷堆鑽機的成本高昂，我們可能會發現自己處於這樣一個環境中，即來自挪威的熱鑽機被轉移到英國以執行預計在明年進行的一些工作，從而進一步收緊挪威市場。這顯然對我們來說是個好兆頭，因為 Transocean 仍然是北海第六代半潛器的兩大主要供應商之一。此外，由於英國政府最近宣布了支持歐洲能源需求的能源安全政策，我們現在預計對鑽機的需求將會增加。

We are actively responding to a number of new tenders that have emerged during the past couple of months and are encouraged by the new licensing round for North Sea oil and gas projects in the fall of 2022. In summary, our outlook is increasingly more positive than at the end of the fourth quarter, reinforced by recent fixture trends, customer conversations, industry analyst reports and market projections for commodity supply-demand balances. The evidence is clear that the market has further tightened since our last earnings call and the dayrates contemplated in contracts continue to increase.

我們正在積極響應過去幾個月出現的一些新招標，並受到 2022 年秋季北海油氣項目新一輪許可的鼓舞。總而言之，我們的前景越來越樂觀在第四季度末，最近的固定趨勢、客戶對話、行業分析師報告和商品供需平衡的市場預測加強了這一點。有證據表明，自我們上次召開財報電話會議以來，市場進一步收緊，合同中預期的日費率繼續增加。

As a reminder, in the context of a steadily rising market, we will continue to manage our portfolio of rigs to obtain the best combination of rate and term. Transocean currently has significant growth opportunities represented by our 12th, 6th and 7th gen stacked or idle rigs. We will evaluate these opportunities on a case-by-case basis, ensuring that the financial return results in value creation for all shareholders. As you know, Transocean owns and operates the industry's most technically capable fleet of floating rigs, and we are always implementing innovative technology to continuously improve the safety, operating efficiency and value of our assets around the world.

提醒一下，在市場穩步上升的背景下，我們將繼續管理我們的鑽機組合，以獲得最佳的費率和期限組合。 Transocean 目前擁有以我們的第 12 代、第 6 代和第 7 代堆疊或閒置鑽機為代表的重大增長機會。我們將逐案評估這些機會，確保財務回報為所有股東創造價值。如您所知，Transocean 擁有並運營業內技術能力最強的浮式鑽井平台船隊，我們一直在實施創新技術，以不斷提高我們在全球範圍內資產的安全性、運營效率和價值。

The robotic riser system was installed on its first rig in cooperation with our customer in the U.S. Gulf of Mexico and just completed a first pool from 9,500 feet. The robotic riser system automates all activities around the rotary table during riser operations, which improves personnel safety by eliminating the need for work in the red zone area while simultaneously improving consistency and increasing efficiency of operations. We will deploy a second system to another rig this month in the U.S. Gulf of Mexico. The enhanced kick detection system developed with enhanced drilling was deployed early in the first quarter and has delivered improved well efficiency and operations integrity benefit for our customer through monitoring fluid volumes to help detect flow anomalies.

機器人立管系統安裝在與我們在美國墨西哥灣的客戶合作的第一台鑽井平台上，剛剛完成了 9,500 英尺高的第一個游泳池。機器人立管系統在立管操作期間自動執行圍繞轉台的所有活動，通過消除在紅色區域工作的需要來提高人員安全，同時提高操作的一致性和效率。本月，我們將在美國墨西哥灣的另一個鑽井平台上部署第二個系統。通過增強鑽井開發的增強型反沖檢測系統於第一季度初部署，通過監測流體量以幫助檢測流動異常，為我們的客戶提供了更高的井效率和運營完整性優勢。

Our KBOS shearing technology provides unrivaled shearing capability that will result in a safer well construction process. In the U.S. Gulf of Mexico, following a just over 120-day deployment, we successfully tested our KBOS technology, shearing a landing string grade drill pipe in milliseconds to demonstrate the benefits of such a system in emergency conditions. Needless to say, we are very pleased with the performance of these new technologies and look forward to continuing the deployment across selected rigs across our global fleet. In conclusion, our industry-leading backlog provides us with a visibility to future cash flows that enables us to continue positioning Transocean for what we anticipate will be a sustained industry recovery. I'll now turn the call over to Mark. Mark?

我們的 KBOS 剪切技術提供了無與倫比的剪切能力，從而使建井過程更加安全。在美國墨西哥灣，經過 120 多天的部署，我們成功地測試了我們的 KBOS 技術，在幾毫秒內剪切了著陸管柱級鑽桿，以展示這種系統在緊急情況下的優勢。不用說，我們對這些新技術的表現非常滿意，並期待繼續在我們全球船隊的選定鑽井平台上進行部署。總之，我們行業領先的積壓工作為我們提供了對未來現金流的可見性，使我們能夠繼續為 Transocean 定位，以實現我們預期的持續行業復甦。我現在將把電話轉給馬克。標記？

Thank you, Jeremy, and good day to all. During today's call, I will briefly recap our first quarter results and then provide guidance for the second quarter as well as an update of our expectations for full year 2022. Lastly, I'll provide an update on our liquidity forecast through the first half of 2023. As reported in our press release, which includes additional detail on our results for the first quarter of 2022, we reported a net loss attributable to controlling interest of $175 million or $0.26 per diluted share. After certain adjustments as stated in yesterday's press release, we reported adjusted net loss of $183 million.

謝謝你，傑里米，祝大家有美好的一天。在今天的電話會議中，我將簡要回顧我們的第一季度業績，然後為第二季度提供指導，並更新我們對 2022 年全年的預期。最後，我將提供我們上半年流動性預測的最新信息2023 年。正如我們在新聞稿中所報導的，其中包括我們 2022 年第一季度業績的更多細節，我們報告了可歸因於 1.75 億美元或稀釋後每股收益的控制權益的淨虧損 1.75 億美元。經過昨天新聞稿中所述的某些調整後，我們報告調整後的淨虧損為 1.83 億美元。

Highlights for the first quarter include adjusted EBITDA of $163 million. Operating cash flow used during the first quarter was $1 million. We anticipate positive cash flow again in the second quarter and for full year 2022. Looking closer at our results during the first quarter, we delivered adjusted contract drilling revenues of $615 million at an average dayrate of $335,000. This is slightly better than our previous guidance and reflects increased reimbursables and marginally higher operating activity. Operating and maintenance expense for the first quarter was $412 million, which is slightly less than our guidance primarily due to the timing of certain maintenance activities associated with global supply chain challenges.

第一季度的亮點包括調整後的 EBITDA 為 1.63 億美元。第一季度使用的經營現金流為 100 萬美元。我們預計第二季度和 2022 年全年將再次出現正現金流。仔細觀察第一季度的業績，我們以 335,000 美元的平均日費率實現了 6.15 億美元的調整後合同鑽井收入。這略好於我們之前的指引，反映了可報銷的增加和經營活動的略微增加。第一季度的運營和維護費用為 4.12 億美元，略低於我們的指引，主要是由於與全球供應鏈挑戰相關的某些維護活動的時間安排。

Turning to the cash flow and balance sheet. We ended the first quarter with total liquidity of approximately $2.6 billion, creating unrestricted cash and cash equivalents of approximately $110 million, approximately $280 million of restricted cash for debt service and $1.3 billion from our undrawn revolving credit facility. Before I move on to updated guidance, let me address the impact of inflation and supply chain delays on Transocean's operations.

轉向現金流和資產負債表。我們在第一季度結束時的總流動性約為 26 億美元，創造了約 1.1 億美元的非限制性現金和現金等價物，約 2.8 億美元的受限現金用於償債，以及來自我們未提取的循環信貸額度的 13 億美元。在繼續更新指南之前，讓我先談談通貨膨脹和供應鏈延遲對 Transocean 運營的影響。

As [of both] companies, we're experiencing upward pressure on salaries and wages and increased pricing from our vendors. Fortunately, although the formulation differs for each, our long-term contracts provide cost escalation protection with a time lag. As we negotiate new contracts, we reflect these cost increases in a dayrate. In addition, we were notified by several vendors that certain parts and equipment may take longer to procure. And as such, we have adjusted our inventory strategy to address these potential delays. At this point, we do not anticipate shortages of critical equipment or spares, which may -- that could impact our operations.

作為[兩家]公司，我們正面臨著工資和工資上漲的壓力，以及來自供應商的價格上漲。幸運的是，儘管每個人的公式不同，但我們的長期合同提供了具有時間延遲的成本升級保護。當我們談判新合同時，我們會以日費率反映這些成本增加。此外，我們收到多家供應商的通知，某些零件和設備可能需要更長時間才能採購。因此，我們調整了庫存策略以解決這些潛在的延誤。在這一點上，我們預計關鍵設備或備件不會短缺，這可能會影響我們的運營。

Let me now provide an update on expectations for the second quarter and for full year financial performance. For the second quarter of 2022, we expect adjusted contract drilling revenue of approximately $705 million based upon an average fleet-wide revenue efficiency of 96.5%. The expected higher revenue efficiency than our first quarter is largely due to circumstances experienced in the first quarter, including waiting on weather in Norway and a reduced dayrate for a period on the Deepwater Pontus. For the full year 2022, we're anticipating adjusted contract drilling revenue to be approximately $2.7 billion, also based off 96.5% revenue efficiency for the 3 remaining quarters.

現在讓我提供有關第二季度和全年財務業績預期的最新信息。根據 96.5% 的平均船隊收入效率，我們預計 2022 年第二季度調整後的合同鑽井收入約為 7.05 億美元。預期比第一季度更高的收入效率主要是由於第一季度所經歷的情況，包括等待挪威的天氣以及在 Deepwater Pontus 一段時期內的日費率降低。對於 2022 年全年，我們預計調整後的合同鑽井收入約為 27 億美元，這也是基於剩餘 3 個季度 96.5% 的收入效率。

We expect second quarter O&M expense to be approximately $460 million. The slight quarter-over-quarter increase is primarily attributable to timing of maintenance projects across the fleet. For the full year 2022, we expect O&M expense to be approximately $1.7 billion. We expect G&A expense for the second quarter to be approximately $50 million and range between $180 million and $185 million for the full year. Net interest expense for the second quarter is forecasted to be approximately $98 million. This includes capitalized interest of approximately $17 million.

我們預計第二季度的運維費用約為 4.6 億美元。環比小幅增長主要歸因於整個車隊的維護項目的時間安排。對於 2022 年全年，我們預計運維費用約為 17 億美元。我們預計第二季度的 G&A 費用約為 5000 萬美元，全年在 1.8 億美元至 1.85 億美元之間。第二季度的淨利息支出預計約為 9800 萬美元。這包括大約 1700 萬美元的資本化利息。

For the full year, we estimate to incur a net interest expense of approximately $395 million, including capitalized interest of approximately $73 million. Capital expenditures and capital additions, including capitalized interest, but excluding imputed interest on favorable shipyard financing of the Deepwater Atlas are forecasted to be approximately $511 million for the quarter. This represents approximately $490 million for our newbuild drillships, predominantly the Deepwater Atlas, of which $370 million will be financed and $21 million of maintenance CapEx.

全年，我們估計將產生約 3.95 億美元的淨利息支出，包括約 7300 萬美元的資本化利息。本季度資本支出和資本增加，包括資本化利息，但不包括對深水阿特拉斯船廠有利融資的推算利息，預計約為 5.11 億美元。對於我們新建的鑽井船（主要是 Deepwater Atlas）而言，這大約是 4.9 億美元，其中 3.7 億美元將用於融資，2100 萬美元將用於維護資本支出。

Cash taxes are expected to be approximately $10 million for the second quarter and approximately $28 million for the year. Our expected liquidity in June of 2023, prior to our current $1.3 billion revolving -- revolver maturing is expected to be between $1.4 billion and $1.6 billion, including restricted cash for debt service of approximately $275 million and anticipated secured financing of our second 8th generation drillship, Deepwater Titan. This liquidity forecast includes an estimated 2022 capital expenditures and capital additions of $1.3 billion and a 2023 CapEx expectation of $140 million.

第二季度的現金稅預計約為 1000 萬美元，全年約為 2800 萬美元。我們在 2023 年 6 月的預期流動性，在我們目前的 13 億美元周轉之前 - 左輪到期預計將在 14 億美元至 16 億美元之間，包括約 2.75 億美元用於償債的受限現金以及我們第二艘第 8 代鑽井船的預期擔保融資，深水泰坦。這一流動性預測包括估計的 2022 年資本支出和資本增加 13 億美元以及 2023 年資本支出預期 1.4 億美元。

The 2022 CapEx includes $1.2 billion related to our newbuilds and $80 million for maintenance CapEx. As always, our guidance excludes speculative rig reactivations or upgrades. In conclusion, in addition to the safe, reliable and efficient operation of our rigs, we will maintain our focus on optimizing revenue and cash flow generation by enhancing our revenues in this improved offshore drilling environment and effectively optimizing our operational costs. As we have demonstrated through our prudent management of our capital, opportunistically executing liability management transactions comprising more than $10 billion over the last 6 years and judiciously assessing capital -- equity capital markets, strengthening our balance sheet and improving our liquidity remain our priority.

2022 年資本支出包括與我們的新建項目相關的 12 億美元和用於維護資本支出的 8000 萬美元。與往常一樣，我們的指導不包括投機性鑽井平台重新激活或升級。總而言之，除了鑽井平台的安全、可靠和高效運營外，我們將繼續專注於優化收入和現金流的產生，在這種改善的海上鑽井環境中增加收入並有效優化我們的運營成本。正如我們通過對資本的審慎管理所證明的那樣，在過去 6 年中，有機會地執行超過 100 億美元的負債管理交易，並明智地評估資本——股權資本市場、加強我們的資產負債表和改善我們的流動性仍然是我們的首要任務。

We will continue to actively monitor and pursue opportunities to delever and extend our liquidity runway through a variety of actions using all appropriate tools available in the market. This concludes my prepared comments. I'll now turn it back over to Cale.

我們將繼續積極監控和尋求機會，通過使用市場上所有適當工具的各種行動來去槓桿和擴大我們的流動性跑道。我準備好的評論到此結束。我現在把它還給凱爾。

Thanks, Mark. Kevin, we're now ready to take questions. (Operator Instructions).

謝謝，馬克。凱文，我們現在可以回答問題了。 （操作員說明）。

(Operator Instructions) The first question today comes from Ian MacPherson of Piper Sandler.

（操作員說明）今天的第一個問題來自 Piper Sandler 的 Ian MacPherson。

Jeremy, curious about the state of play in Norway. You described how there's going to be a potential deficit of rigs in the harsh environment theater, but possibly some project delays between end of year and the summer of '23 that could push some of these starts out. So curious how that influences your near-term contract exposure there, rigs like the Equinox, which I think Equinor might be finishing their troll work early this year. How does that play into your thinking for bidding shorter term, longer term? And where you think rates are going for that class of rigs into that type of market?

傑里米，對挪威的比賽狀況感到好奇。您描述瞭如何在惡劣環境劇院中存在潛在的鑽機短缺，但可能會在年底和 23 年夏天之間出現一些項目延遲，這可能會推動其中一些項目的啟動。很好奇這會如何影響你在那裡的近期合同敞口，像 Equinox 這樣的鑽井平台，我認為 Equinor 可能會在今年早些時候完成他們的巨魔工作。這對您對短期、長期投標的想法有何影響？您認為這類鑽機進入該類型市場的價格將走向何方？

Thanks, Ian. I will turn that one over to Roddie as he has been necked deep in this conversation right now.

謝謝，伊恩。我會把那個交給羅迪，因為他現在已經深深地陷入了這場談話。

Yes. Ian, thanks. So looking at this, as we had mentioned before, there's now been 36 development plans submitted or expected to be submitted this year for that period of '23, '24, '25. So that's where the significant optimism about just how tight that market is going to be comes from. In the near term, we've yet to see any reaction in Norway to the Russian crisis -- Russian Ukrainian issues with gas. So the energy crisis that you have in Europe has not yet played out in terms of rig activity in Norway.

是的。伊恩，謝謝。因此，正如我們之前提到的，現在有 36 個開發計劃已提交或預計將在今年 23 年、24 年、25 年期間提交。因此，這就是市場將變得多麼緊張的重大樂觀情緒的來源。在短期內，我們還沒有看到挪威對俄羅斯危機的任何反應——俄羅斯烏克蘭的天然氣問題。因此，就挪威的鑽井活動而言，歐洲的能源危機尚未結束。

It has played out a little bit in the U.K. So what you've seen recently in the U.K. is a really strong move by the government to basically reduce the red tape to open up as much as they can in terms of permitting and actually enact a new licensing run. So with the -- specifically the Equinox, she's very well placed to go in and do these increased oil recovery projects that allow her to use that lighter BOP and go on to existing wells to essentially increase production of gas in the near term, and that's what we think is going to play out here quite strongly between the U.K.

它在英國已經發揮了一些作用。所以你最近在英國看到的是政府採取的一項非常有力的舉措，基本上減少了繁文縟節，在允許方面盡可能多地開放，並實際頒布了新的許可運行。因此，對於 - 特別是 Equinox，她非常有能力進入並進行這些增加石油採收率的項目，這使她能夠使用更輕的 BOP 並繼續使用現有油井，從而在短期內從根本上增加天然氣產量，這就是我們認為在英國之間將會非常強烈地發揮作用。

And eventually, it will come to Norway. Norway being a bit more regulated, a bit more red tape involved in moving projects forward. So you could see that -- although the rig has done well in finishing the project kind of ahead of time, we think there's pretty good prospects on the back end of that. There just might be a small gap in between. The really interesting thing about that market is the U.K. already has a couple of tenders that are out there just now that are kind of in the process of being negotiated, and we would expect to see within the next couple of months that a couple of rigs -- premium rigs from Norway are going to get pulled out.

最終，它將來到挪威。挪威受到更多監管，在推進項目方面涉及更多繁文縟節。所以你可以看到——儘管鑽機在提前完成項目方面做得很好，但我們認為在後端有很好的前景。只是中間可能有一點點差距。這個市場真正有趣的是，英國已經有幾個招標項目正在進行談判，我們預計在接下來的幾個月內會看到幾個鑽井平台——來自挪威的優質鑽機將被撤出。

So as you see those rigs leave Norway, the remaining fleet in Norway is going to be in hot demand, particularly when folks are waking up to what's going on in the longer term. And you have actually seen 1 or 2 of the operators proactively booking longer-term programs in Norway despite the fact they don't actually have those wells filled on their chart. So really optimistic about Norway, even more optimistic about the changes that have just happened in the U.K., but there will be a little bit soft market just in the near term, so kind of like through the end of '22.

因此，當您看到這些鑽井平台離開挪威時，挪威剩餘的船隊需求將非常旺盛，尤其是當人們開始意識到長期發生的事情時。您實際上已經看到 1 或 2 家運營商主動預訂挪威的長期計劃，儘管事實上他們的圖表上並沒有填滿這些井。所以對挪威非常樂觀，對英國剛剛發生的變化更加樂觀，但短期內市場會有點疲軟，就像到 22 年底一樣。

Understood. And then I wanted to ask separately just how we're looking with the final construction and commissioning for the Deepwater Atlas, ahead of the Beacon start-up. And if you could refine the estimated start date there as well as how that plays into your full year guidance, if you don't mind?

明白了。然後我想單獨問一下，在 Beacon 啟動之前，我們如何看待 Deepwater Atlas 的最終建造和調試。如果您不介意的話，您是否可以在那裡細化預計的開始日期以及它如何影響您的全年指導？

Yes. So I'll turn that one over to Keelan, who is just freshly back from Singapore.

是的。所以我會把那個交給剛從新加坡回來的基蘭。

Ian, just returned from Singapore where we conducted the naming ceremony for the Deepwater Atlas. So she's on schedule for delivery in Q2. And we expect her to be in the Gulf of Mexico and working by the end of the year. So no change there.

伊恩，剛從新加坡回來，我們在那裡舉行了深水地圖集的命名儀式。所以她按計劃在第二季度交付。我們預計她將在今年年底前在墨西哥灣工作。所以那裡沒有變化。

Okay. And then just lastly, I was curious if the full year guidance contemplates some material contribution or if it's more of a late Q4 start?

好的。最後，我很好奇全年指導是否考慮了一些實質性貢獻，或者它是否更像是第四季度末開始？

Yes, yes, it's Mark. It's a late Q4 start. So there's nothing material contributed from the Atlas at this stage.

是的，是的，是馬克。這是第四季度末的開始。因此，在這個階段，Atlas 沒有提供任何材料。

Our next question comes from Connor Lynagh of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Connor Lynagh。

So obviously, things are looking very strong in the industry right now. I appreciate this is sort of an overly simplistic way of looking at it because the calculation is complex. But how are you thinking about potential uses and sources of capital. Like, Mark, you alluded to this somewhat in the prepared remarks. But obviously, there will likely be some reactivation opportunities. Would you push customers to pay some of the reactivation costs upfront? And how are you thinking about you potentially tapping the market further for equity?

很明顯，目前該行業的情況看起來非常強勁。我很欣賞這是一種過於簡單的看待它的方式，因為計算很複雜。但是您如何考慮潛在的用途和資金來源。就像，馬克，你在準備好的評論中提到了這一點。但顯然，可能會有一些重新激活的機會。您會敦促客戶預先支付一些重新激活費用嗎？您如何看待您可能進一步利用市場進行股權投資？

Yes. So thank you, Connor. Our priority this year is to, first of all, get our RCF renegotiated, extended to provide us the cushion we need for the next several years. In addition to that, we're very focused on adding our -- to our fleet either through our cold-stacked assets or in other ways. And if we do that, as Jeremy mentioned in his prepared comments, that the reactivation costs will be coming from the initial contract, in addition to a dayrate that's sufficient to be able to return a fair amount of capital to our investors.

是的。所以謝謝你，康納。我們今年的首要任務是，首先，重新談判我們的 RCF，延長我們未來幾年所需的緩衝。除此之外，我們非常專注於通過我們的冷堆資產或以其他方式將我們的 - 添加到我們的機隊中。如果我們這樣做，正如傑里米在他準備好的評論中提到的那樣，除了足以能夠向我們的投資者返還相當數量的資本的日費率之外，重新激活成本將來自初始合同。

We're also focused on other liability management opportunities. I won't get into that at this stage. But clearly, there's a lot that we can do in a market that -- a market backdrop that we currently have as a first of what we've been dealing with the last 7 years. So I'll pause there and hand it back to you.

我們還專注於其他責任管理機會。在這個階段我不會進入那個。但很明顯，我們可以在一個市場中做很多事情 - 我們目前擁有的市場背景是我們過去 7 年一直在處理的第一個市場背景。所以我會停在那裡，然後把它還給你。

Got it. That's helpful context. Maybe just moving to the broader market here. I think it's very apparent that supply has been a major source of the tightness, better discipline from some competitors out there and obviously, a lot of attrition in the fleet. I guess where -- we got some questions from investors is the demand outlook here and you've outlined some big areas. But I guess just broadly speaking, have you seen a change in customer conversations over the past few months here in light of what's been going on in Russia and Ukraine? And how are you thinking about the broader exploration opportunity globally over the next couple of years here?

知道了。這是有用的上下文。也許只是在這裡轉向更廣泛的市場。我認為很明顯，供應一直是緊張的主要來源，一些競爭對手的紀律更好，顯然，機隊中有很多減員。我想我們從投資者那裡得到的一些問題是這裡的需求前景，你已經概述了一些大領域。但我想從廣義上講，鑑於俄羅斯和烏克蘭的情況，您是否看到過去幾個月來這裡的客戶對話發生了變化？您如何看待未來幾年在全球範圍內更廣泛的勘探機會？

Yes, I think I'll take that one. Yes. So look, in the context of Russia and Ukraine, we're not focused on that as a driver for the commodity price. The underlying fundamentals and the lack of investment in oil and gas developments over the past 7 years are what drove the commodity prices up towards that $90, $100-barrel mark prior to all that. So if you take that out of the equation and you don't think that, that upset is going to happen on a long-term view, so you've got to be a bit more conservative if you do that. We look to the demand that's being created around the world.

是的，我想我會接受那個。是的。所以看，在俄羅斯和烏克蘭的背景下，我們並沒有將其作為商品價格的驅動因素。在過去 7 年中，潛在的基本面和對石油和天然氣開發投資的缺乏推動大宗商品價格上漲至 90 美元、100 美元桶大關。所以如果你把它排除在等式之外並且你不認為，那麼從長遠來看，這種不安將會發生，所以如果你這樣做，你必須更加保守一點。我們關注世界各地正在創造的需求。

So everyone has had the discussions directly with the customers that there's less tendering going on. There's more direct negotiations as customers seek out to get just the right asset for them. But it's interesting. The move by Petrobras to issue tenders for up to 8 rigs just at this moment in time, in addition to the tenders they already have out there. Brazil, for example, has already awarded 5 rigs this year. And with these new tenders that are out, they're expected to award an additional 16 potentially in the remainder of '22.

因此，每個人都直接與客戶進行了討論，即招標會減少。當客戶尋求為他們獲得合適的資產時，會有更直接的談判。但這很有趣。巴西國家石油公司的舉動是在此時發布多達 8 台鑽井平台的標書，除了他們已經有的標書。例如，巴西今年已授予 5 台鑽井平台。隨著這些新標書的發布，預計他們將在 22 年剩餘時間內可能再授予 16 份。

So if you think about it in that context, it seems like an unprecedented move. It seems like that is not going to be a huge pull on the active supply. And in fact, it's going to necessitate some reactivation of rigs because there simply aren't enough rigs to meet that demand. But I have to tell you, I don't think it is unprecedented. I think this is Petrobras' contracting philosophy. I think this is the ultimate barometer of how strong this market is going to be and for an extended period of time. In previous downturns, as you come into the upswing whenever you see Petrobras go along, that tells you that they are locking in capacity because they see the writing on the wall in terms of availability.

因此，如果您在這種情況下考慮它，這似乎是一個前所未有的舉措。似乎這不會對活躍供應產生巨大的影響。事實上，這將需要重新激活鑽機，因為根本沒有足夠的鑽機來滿足這種需求。但我必須告訴你，我不認為這是史無前例的。我認為這是巴西石油公司的承包理念。我認為這是衡量這個市場在很長一段時間內有多強的終極晴雨表。在之前的低迷時期，當你看到 Petrobras 繼續上漲時，你就會進入上升期，這告訴你他們正在鎖定產能，因為他們看到了可用性方面的困境。

So look, it appears unprecedented, but it's not. I mean I think this is truly the barometer that says drillships are going to be in very strong demand for many, many years. In fact, those tenders in Brazil are -- I think the average is about 3, 3.5 years firm, but with 3, 4 years of options. So that is going to be a tremendous draw on the global availability of ships.

所以看，這似乎是前所未有的，但事實並非如此。我的意思是，我認為這確實是一個晴雨表，表明鑽井船將在很多很多年裡都有非常強勁的需求。事實上，巴西的這些招標是 - 我認為平均約為 3、3.5 年，但有 3、4 年的選擇權。因此，這將對全球船舶可用性產生巨大影響。

The next question comes from Taylor Zurcher of Tudor, Pickering, Holt.

下一個問題來自 Tudor、Pickering、Holt 的 Taylor Zurcher。

Roddie, I actually wanted to follow up on some of the comments you just made there. So you're talking about 16 more rigs or rig years maybe going down to Latin America/Brazil. Jeremy, in the prepared remarks, you said 20 opportunities with over 1 year of potential term in West Africa, so call it 15-rig years there. And I mean, I guess, my question is, are these sorts of opportunities or rigs that are currently working today that the types of rigs that are bidding into these opportunities? Or is all this incremental work truly incremental and going to need to be serviced by rigs that aren't contracted today?

羅迪，我實際上想跟進你剛剛在那裡發表的一些評論。所以你說的還有 16 個鑽機或鑽機年可能會下降到拉丁美洲/巴西。傑里米，在準備好的評論中，你說在西非有 20 個潛在期限超過 1 年的機會，所以稱之為 15 鑽機年。我的意思是，我想，我的問題是，目前正在運作的這些類型的機會或鑽機是否是正在競標這些機會的類型的鑽機？還是所有這些增量工作真的是增量的，並且需要由今天未簽約的鑽機提供服務？

Yes. Good question. So the tenders that are out in Brazil prior to the ones that just came out this week, those were for rollover contracts. So those are [BSN 11 Libra], those kind of projects are for rigs that are already on contract and expected to renew them or roll them over. This potential for up to an additional 8, we think 7 of those are incremental demand. So that's -- rigs that are either not currently in Brazil or certainly would have to come from elsewhere to meet that demand.

是的。好問題。因此，在本周剛剛發布的招標之前在巴西進行的招標是針對展期合同的。所以這些是 [BSN 11 Libra]，這類項目適用於已經簽訂合同並預計會更新或延期的鑽井平台。這種潛力多達 8 個，我們認為其中 7 個是增量需求。所以這就是——目前不在巴西的鑽井平台，或者肯定必須來自其他地方才能滿足這一需求。

In terms of the Africa numbers, we've already seen, I think, 6, 7 awards this year, expected to get another 12 to 14 by the end of the year. And about half of those new ones are, again, incremental demand. Not only that, but in Asia, as an example, we've got several shorter-term contracts, but there are a few that are long term. Specifically in India, you've got 3 longer-term programs that are all incremental demand that will require rigs from either currently not utilized or coming from outside to satisfy that demand. So as we think about that coming across the world, the incremental demand is in each one of the major regions. So the short answer to that is a very substantial portion of these contracts is going to be all incremental. And that's why we see a fully sold-out market on the near-term horizon.

就非洲的數字而言，我認為今年我們已經看到了 6、7 個獎項，預計到今年年底將再獲得 12 到 14 個獎項。這些新產品中大約有一半是增量需求。不僅如此，以亞洲為例，我們有幾份短期合同，但也有一些長期合同。特別是在印度，您有 3 個長期項目，這些項目都是增量需求，需要來自當前未使用或來自外部的鑽機來滿足該需求。因此，當我們考慮到全球範圍內的情況時，增量需求出現在每個主要地區。因此，簡短的回答是這些合同的很大一部分將是增量的。這就是為什麼我們在短期內看到一個完全售罄的市場。

Yes. Very encouraging. And good segue into my next question, which is rig reactivation. So I mean you've got a number of cold-stacked rigs today. And actually, the higher spec rigs have been stacked for, call it, 5 or 6 years now. So Jeremy, you talked in the prepared remarks about reactivation costs continuing to tick higher as industry wide, I think was your reference, as time continues to pass by. So curious if you could refresh us as to what sort of cost it's going to take Transocean to bring some of these rigs out of stack?

是的。非常鼓舞人心。很好地繼續我的下一個問題，即鑽機重新激活。所以我的意思是你今天有許多冷堆鑽機。實際上，更高規格的鑽機已經堆放了 5 或 6 年。所以傑里米，你在準備好的評論中談到，隨著時間的流逝，隨著時間的推移，重新激活成本隨著整個行業的不斷攀升，我認為這是你的參考。非常好奇您能否讓我們了解 Transocean 將其中一些鑽機從堆棧中取出需要什麼樣的成本？

The cost?

成本？

Yes. So this is a moving target tail, as you can imagine. As an industry, we have never reactivated a cold-stacked rig 7th gen -- 6th gen cold-stacked rig with all the electronics that it has. So we've been estimating this based upon an in-depth study by our engineering team. And our estimates for our rigs are in at $50 million to $75 million. We do believe that, that number could grow higher because this is based upon a 2021 estimate. Clearly, we see that there's been inflation of somewhere around 8% to 9%.

是的。所以這是一個移動的目標尾巴，你可以想像。作為一個行業，我們從未重新激活第 7 代-第 6 代冷堆鑽機及其所有電子設備。因此，我們一直在根據我們工程團隊的深入研究來估計這一點。我們對鑽機的估計在 5000 萬到 7500 萬美元之間。我們確實相信，這個數字可能會更高，因為這是基於 2021 年的估計。顯然，我們看到通貨膨脹率在 8% 到 9% 左右。

So you can probably add that inflation impact to it as well. But as Jeremy said, and this is -- and the other issue with the supply chain delays, it will take at least 12 months to get these rigs back into the operating fleet. And that's excluding the impact you may have when coming into certain markets like the U.S. Gulf of Mexico, where you have to have specific configurations on your BOPs.

因此，您也可以將通脹影響添加到其中。但正如傑里米所說，這是 - 以及供應鏈延遲的另一個問題，至少需要 12 個月的時間才能讓這些鑽井平台重新投入運營。這還不包括您進入某些市場（如美國墨西哥灣）時可能產生的影響，您必須對 BOP 進行特定配置。

Yes. The one thing I'd add to that, Taylor, is our customers are finally starting to recognize the cost required to reactivate these assets and the duration, the time it's going to take to reactivate these assets. And so up until now, it's been short-term projects and ever-increasing dayrates, it seems, which is great. But ultimately, they're going to have to move to longer terms to secure the existing assets or they're going to wind up paying a pretty penny for reactivation of one of these assets, and they're going to have to wait potentially 12 months or more.

是的。泰勒，我要補充的一件事是，我們的客戶終於開始認識到重新激活這些資產所需的成本以及重新激活這些資產所需的持續時間和時間。直到現在，似乎都是短期項目和不斷增加的日費率，這似乎很棒。但最終，他們將不得不延長期限以保護現有資產，否則他們最終將支付一大筆錢來重新激活其中一項資產，而且他們可能不得不等待 12幾個月或更長時間。

Our next question comes from Greg Lewis of BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

I was hoping -- you guys did a good job of laying out the improving market case in Brazil and West Africa and the term work around that. It's interesting. In the Gulf of Mexico, one of the best things that's happening right there is kind of -- you might argue the lack of long-term work where you're seeing short-term spot work, which is enabling dayrates to just continually push higher and higher. As we think about the Gulf of Mexico and kind of the appetite for rig demand, is there anything that's going to change that's going to make customers think about taking rigs for longer? Or are we in this kind of this nice pocket whereas you look out over the next 6, 12, 18 months, the majority of the work is spot, which is going to enable you to continue to push pricing higher?

我希望——你們在闡述巴西和西非不斷改善的市場案例以及圍繞這一點工作的術語方面做得很好。這真有趣。在墨西哥灣，正在發生的最好的事情之一是——你可能會爭辯說缺乏長期工作，而你看到的是短期的現場工作，這使得日費率不斷推高和更高。當我們想到墨西哥灣和對鑽機需求的那種胃口時，是否有什麼會改變讓客戶考慮使用更長時間的鑽機？或者我們是否在這種不錯的口袋裡，而您在接下來的 6、12、18 個月中展望，大部分工作都是現貨，這將使您能夠繼續推高價格？

Yes. So if you think about the situation that we're in, we actually have 4 long-term contracts in the Gulf of Mexico. So if you think about our fleet and our strategy, it's about split 50-50 between rigs that are available for short-term work and rigs that are available -- are unavailable because they're on the longer-term stuff. The discussions that we have are kind of mix of both, right? So there are some customers that are looking to add year-plus programs. And what we've seen is that in each one of these discussions, which are typically not out to tender, they're almost all direct negotiations now in the Gulf of Mexico, each one of those customer conversations is indicating longer and longer periods.

是的。因此，如果您考慮一下我們所處的情況，我們實際上在墨西哥灣有 4 份長期合同。因此，如果您考慮我們的船隊和我們的戰略，那麼在可用於短期工作的鑽機和可用的鑽機之間分配 50-50 的鑽機——因為它們是長期工作而無法使用的。我們的討論是兩者的混合，對吧？因此，有些客戶希望增加一年以上的計劃。我們所看到的是，在這些通常不會招標的每一次討論中，它們現在幾乎都是在墨西哥灣進行的直接談判，每一次客戶對話都表明時間越來越長。

And I think that comes back to the overarching underinvestment in oil and gas. And the U.S. Gulf of Mexico representing a very quick uptick in terms of being able to exploit those opportunities. So what you see is the operators being able to move quickly in the Gulf of Mexico. And as they go through their budget cycles, there's more and more term getting added to these. So what we typically see is we start out with 2, 3 wells firm and then they want some options. And then before we actually get to the start of the contract, those options are now becoming firmed up and there's ask for even more options.

我認為這又回到了對石油和天然氣的總體投資不足。而美國墨西哥灣在利用這些機會方面代表了一個非常快速的上升。所以你看到的是運營商能夠在墨西哥灣快速行動。隨著他們經歷預算週期，越來越多的條款被添加到這些項目中。所以我們通常看到的是我們從 2、3 口井公司開始，然後他們想要一些選擇。然後在我們真正開始合同之前，這些選擇現在變得更加堅定，並且要求提供更多選擇。

So that's happened on a couple of rigs for us. There's also a couple of things that we're looking at that we're asked for multiyear work, and it really is going to just pan out on a kind of a case-by-case basis. We are trying to keep our powder dry for our very highest-spec assets so as to take advantage of the improving market and the complete lack of availability in '23. So watch this space, we think you're going to see further growth in terms of dayrates, but we also think you're going to see a few fixtures that are multiyear in nature as the operators basically have a much better looking runway now with a sustained commodity price up at $100-plus.

所以這發生在我們的幾個鑽機上。還有一些我們正在研究的事情，我們被要求進行多年的工作，而且它真的會在逐案的基礎上取得成功。我們正在努力為我們的最高規格資產保持粉末乾燥，以便利用 23 年不斷改善的市場和完全缺乏可用性的優勢。所以請注意這個空間，我們認為你會看到日費率進一步增長，但我們也認為你會看到一些具有多年性質的固定裝置，因為運營商現在基本上擁有更好看的跑道商品價格持續上漲 100 美元以上。

Okay. Great. And then just Jeremy, you mentioned in the prepared remarks, Australia. I know Transocean has been in Australia previously. I don't think we -- I don't think you are working in Australia right now. As I look across your assets and realize Australia is not the North Sea, but Australia is a challenging environment nevertheless. What type of rigs could -- this transition have that could actually benefit from an improving market in Australia?

好的。偉大的。然後只是傑里米，你在準備好的發言中提到，澳大利亞。我知道 Transocean 以前去過澳大利亞。我不認為我們——我認為你現在不在澳大利亞工作。當我查看您的資產並意識到澳大利亞不是北海時，但澳大利亞仍然是一個充滿挑戰的環境。什麼類型的鑽井平台可以——這種轉變實際上可以從澳大利亞市場的改善中受益？

Yes. Australia -- I'll take that one, I mean always been a kind of an interesting market for us over the years. Today, there's only a couple of rigs working. But as I look down the list of opportunities here, we have at least 5 rig lines required in Australia, and there's only a couple of rigs there. So I mean, of course, there's -- that requires rigs to come in and be reactivated. The kind of the ideal push for rigs there are rigs like our Development Driller class. So these are the rigs that are kind of a hybrid between a moored rig and a DP rig. And also high-performing moored assets like our Deepwater Nautilus, rigs like that.

是的。澳大利亞——我會選擇那個，我的意思是多年來對我們來說一直是一個有趣的市場。今天，只有幾台鑽機在工作。但是當我在這裡查看機會列表時，我們在澳大利亞至少需要 5 條鑽井平台，而那裡只有幾條鑽井平台。所以我的意思是，當然，有 - 這需要鑽機進入並重新激活。鑽機的理想推動有像我們的 Development Driller 類這樣的鑽機。因此，這些是繫泊鑽機和 DP 鑽機之間的混合鑽機。還有像我們的深水鸚鵡螺這樣的高性能係泊資產，這樣的鑽機。

In the past, we've also had several of the drillships in there. So like our KG rigs as well. So I think it's -- there's potential for a number of different classes of vessels to move into Australia. But Australia has reasonable amount of red tape and requirements to get in. So there's going to be some expense associated with that. So I would expect to see the dayrates in Australia to become real solid. And in fact, I think you probably saw that in one of the last fixtures that was up towards the 400 mark. I think you'll see them well beyond that going forward.

過去，我們在那裡也有幾艘鑽井船。就像我們的 KG 鑽機一樣。所以我認為它有可能讓許多不同類別的船隻進入澳大利亞。但是澳大利亞有相當數量的繁文縟節和進入的要求。所以會有一些與此相關的費用。所以我希望看到澳大利亞的日費率變得非常穩定。事實上，我想你可能已經在最近一次達到 400 分的比賽中看到了這一點。我想你會在未來看到他們。

Our next question comes from Samantha Hoh of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Samantha Hoh。

I know this might be unusual. But I have a question about your recent announcement about the investment that you made in Ocean Minerals. I have to submit that you guys have been definitely on my radar before the Cook Islands. I just wonder if you could elaborate on the type of technology that you would be developing? What this means for your rigs? Do you just -- so anything you can provide in terms of what this investment entails would be really appreciated?

我知道這可能是不尋常的。但我有一個關於你最近宣布你在 Ocean Minerals 投資的問題。我必須承認，在庫克群島之前，你們肯定已經在我的雷達上。我只是想知道您是否可以詳細說明您將開發的技術類型？這對您的鑽機意味著什麼？你只是 - 所以你能提供的關於這項投資的任何東西都會受到真正的讚賞嗎？

Samantha, thanks for the question. First of all, let me say it's a very small investment, basically dipping our toe in the water. We sit around and we talk about different opportunities for the direction of our business and things that we might be able to contribute to and grow into. And as you think about the nature of our business in terms of our assets and our expertise and our global presence and what we can bring to bear in that regard, kind of looked for opportunities outside of our current space that may or may not make sense. And so obviously, something like ocean -- deep seabed mining potentially we could utilize existing assets, potentially we could utilize our expertise that I just described in terms of delivering safe, reliable and efficient operations to create value in that space. As of now, again, it's just -- it's a little more exploratory at this point. We are hopeful that it could develop to a potential business. But at this point, it's very early days. So don't expect too much coming -- coming months or quarters.

薩曼莎，謝謝你的問題。首先，讓我說這是一項非常小的投資，基本上是把我們的腳趾浸入水中。我們坐下來討論我們業務方向的不同機會以及我們可能能夠做出貢獻和成長的事情。當您從我們的資產和專業知識以及我們的全球影響力以及我們在這方面可以帶來什麼方面考慮我們的業務性質時，在我們當前的空間之外尋找可能有意義或可能沒有意義的機會.很明顯，像海洋——深海海底採礦，我們可以利用現有資產，也可以利用我們剛才描述的專業知識，提供安全、可靠和高效的運營，在該空間創造價值。到目前為止，再次，它只是 - 在這一點上更具探索性。我們希望它可以發展成一個潛在的業務。但在這一點上，還為時過早。所以不要期望太多——未來幾個月或幾個季度。

Okay. Got it. Well, actually, then the other question, my follow-up was really with the CCS topic. You guys have sort of announced that you're drilling one of the wells in the side track toward the Northern Lights project. Could you -- is that happening this year?

好的。知道了。好吧，實際上，然後是另一個問題，我的後續工作實際上是 CCS 主題。你們已經宣布要在通往北極光項目的側軌上鑽一口井。你能 - 這是今年發生的事情嗎？

Yes, that's already underway. So yes, I think you'll see a few more of those there. But again, those are, as Jeremy alluded to, being part of the broader solution for energy that's kind of one more facet of the business that we're very interested in because you use -- our existing assets were largely unchanged to go do the CCS work.

是的，這已經在進行中。所以是的，我想你會在那裡看到更多。但同樣，正如 Jeremy 所暗示的，這些是更廣泛的能源解決方案的一部分，這是我們非常感興趣的業務的另一個方面，因為你使用 - 我們現有的資產基本上沒有改變，可以去做CCS 工作。

And our next question comes from Karl Blunden of Goldman Sachs.

我們的下一個問題來自高盛的 Karl Blunden。

Really good to see the 2 new fixtures announced in the press release with -- one with strong term, another with a really good dayrate. And question was, is that the kind of backdrop that you're looking for to look to extend the bank facility? I know that I think last quarter, Mark made a comment about wanting to have an improving backdrop and expecting that. And then what do you think is a reasonable term to look at when you think about an extension there to give you time to grow into this up cycle?

真的很高興看到新聞稿中宣布的 2 台新賽程——一個具有強勁的期限，另一個具有非常好的日率。問題是，您是否正在尋找這種背景來擴大銀行融資？我知道我認為上個季度，馬克發表了關於希望有一個改善的背景並期待這一點的評論。然後，當您考慮在那裡進行擴展以使您有時間進入這個上升週期時，您認為什麼是合理的術語？

Sorry. Karl, could you ask the question again? I'm sorry.

對不起。卡爾，你能再問一遍嗎？對不起。

No problem. 2 new fixtures announced, right, positive backdrop and I think the comment last quarter was that with a stronger backdrop going to put you in a better position to extend the bank facility. So just kind of wondering, are you now there at that position where you can do that? And what kind of term do you think is reasonable to target on the bank facility to give you time to grow into this positive market that you've described?

沒問題。宣布了 2 個新的固定裝置，正確的，積極的背景，我認為上個季度的評論是，在更強大的背景下，您將處於更好的位置來擴展銀行融資。所以只是想知道，您現在是否處於可以做到這一點的位置？你認為什麼樣的期限是合理的，以銀行貸款為目標，讓你有時間成長為你所描述的這個積極的市場？

Yes. So thanks, Karl. Our RCF is secured by the assets -- the still value of the assets. Obviously, having contracts on those rigs improve that, but that's not a big driver. I think the fact that we are in an up cycle now. We have numerous higher-value assets secured in the facility. I don't foresee an issue with us getting that done. This will not be a new facility. We are looking at extending it. So you're looking at an extension somewhere in that 2, maybe 2.5 year range. I think that's good for us. It's good for the banks because we do believe we're coming into a multiyear up cycle, which gives us a little more leverage down the road to be able to redo this and maybe at a larger amount or better terms.

是的。所以，謝謝，卡爾。我們的 RCF 由資產擔保——資產的靜止價值。顯然，與這些鑽機簽訂合同可以改善這一點，但這並不是一個重要的驅動因素。我認為我們現在處於上升週期的事實。我們在該設施中擔保了許多價值更高的資產。我認為我們完成這項工作不會有任何問題。這將不是一個新設施。我們正在考慮擴展它。因此，您正在尋找 2 年，也許是 2.5 年範圍內的某個擴展。我認為這對我們有好處。這對銀行有好處，因為我們確實相信我們正在進入一個多年的上升週期，這給了我們更多的籌碼，以便能夠重做這件事，而且可能以更大的數量或更好的條件進行。

That's very helpful. One other theme that's been coming through earnings season is just the inflationary pressures that many companies are seeing. Interested in what you're seeing from your major drivers of cost, labor being one of them, but also maintenance CapEx expenses. How are those trending? Do you feel like some of those headwinds have peaked at this point in time? Any commentary there would be helpful.

這很有幫助。財報季的另一個主題就是許多公司所面臨的通脹壓力。對您從主要成本驅動因素中看到的內容感興趣，勞動力是其中之一，還有維護資本支出費用。這些趨勢如何？您是否覺得其中一些不利因素在此時已達到頂峰？那裡的任何評論都會有所幫助。

Yes. So in my prepared comments, Karl, I mentioned the fact that we do have -- we do see the inflation in both salaries, wages and in some -- from some of our vendors. All of our long-term contracts have protection. Now there's a time lag, but we're protected against that dollar for dollar. So over time, that does benefit us. And then obviously, with the new contracts, as Roddie and his team are negotiating with them, we know what the cost structure is and we can incorporate those increases into the dayrate.

是的。所以在我準備好的評論中，卡爾，我提到了一個事實，我們確實 - 我們確實看到了一些供應商的工資、工資和某些方面的通貨膨脹。我們所有的長期合同都有保護。現在有一個時間滯後，但我們受到了美元兌美元的保護。因此，隨著時間的推移，這確實使我們受益。然後很明顯，隨著羅迪和他的團隊正在與他們談判新合同，我們知道成本結構是什麼，我們可以將這些增加納入日費。

And because this is an increasing dayrate environment, you can make the argument that margins are expanding and therefore, softening any impact from inflation that we're seeing. I don't think it's [speaking]. I do think we're in full bit of a ride and maybe another 12 months of increasing inflation, but we are well positioned to take care of that.

而且由於這是一個日租增加的環境，您可以提出利潤率正在擴大的論點，因此可以減輕我們所看到的通貨膨脹帶來的任何影響。我不認為這是[說話]。我確實認為我們處於完全的狀態，也許還有 12 個月的通脹上升，但我們有能力解決這個問題。

(Operator Instructions). And as there are no further questions, I would like to hand the call back to Cale Dillingham for any additional or closing remarks.

（操作員說明）。由於沒有進一步的問題，我想將電話轉回 Cale Dillingham 以獲取任何補充或結束語。

Thank you, Kevin. Thank you, everyone, for your participation on today's call. We look forward to talking with you again when we report our second quarter 2022 results. Have a good day.

謝謝你，凱文。謝謝大家參與今天的電話會議。我們期待在報告 2022 年第二季度業績時再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that now concludes today's conference call. We thank you for your participation. You may now disconnect.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連接。