Seadrill Ltd (Hamilton) (SDRL) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to Seadrill's quarterly earnings call for the first quarter of 2023. We are currently live via webcast and the conference call line. The format of today's call will start with a short presentation by Seadrill's President and CEO, Simon Johnson; and its EVP and CFO, Grant Creed.

大家好，歡迎來到 Seadrill 2023 年第一季度的季度財報電話會議。我們目前通過網絡直播和電話會議進行直播。今天的電話會議將從 Seadrill 總裁兼首席執行官 Simon Johnson 的簡短演講開始；及其執行副總裁兼首席財務官 Grant Creed。

For those tuned via conference call line, you can obtain a PDF copy of the presentation from the Investors section of Seadrill's website under Reports and Presentation.

對於那些通過電話會議線路調整的人，您可以從 Seadrill 網站的“報告和演示”下的“投資者”部分獲取演示文稿的 PDF 副本。

The formal presentation will be followed by a Q&A session where industry analysts and market commentators will be invited to participate. To join the Q&A, you must be tuned in via conference call using the details provided on the notice of earnings release published on Thursday, May 11, 2023. (Operator Instructions)

正式介紹之後將舉行問答環節，屆時將邀請行業分析師和市場評論員參加。要加入問答環節，您必須使用 2023 年 5 月 11 日星期四發布的收益發布通知中提供的詳細信息通過電話會議收聽。（運營商說明）

Please note that the recording of today's call will be available on the company's website within the next few days. I will now pass the line over to Simon Johnson. Simon, the line is now open to you.

請注意，今天的通話錄音將在未來幾天內在公司網站上提供。我現在將電話轉交給 Simon Johnson。西蒙，線路現在對你開放。

Thank you very much. Welcome all to our second quarterly earnings call this calendar year and the first call of the 2023 financial period. On the line today, Grant and I are joined by Leif Nelson, our Chief Operating and Technology Officer; and Samir Ali, our Chief Commercial Officer.

非常感謝。歡迎大家參加本日曆年的第二個季度財報電話會議和 2023 財年的第一次電話會議。今天，我們的首席運營和技術官 Leif Nelson 加入了 Grant 和我的行列；和我們的首席商務官 Samir Ali。

Grant and I will shortly take you through our prepared remarks before we open up for a Q&A session. For further information regarding today's presentation on the first-quarter earnings, I invite you to read the full earnings release published to the market earlier today, which is accessible on the Seadrill website.

在我們開始問答環節之前，格蘭特和我將很快向您介紹我們準備好的評論。有關今天第一季度收益報告的更多信息，我邀請您閱讀今天早些時候向市場發布的完整收益報告，該報告可在 Seadrill 網站上訪問。

On slide 2, you'll find a disclaimer relating to today's presentation. This outlines important points around forward-looking statements made in the earnings report and to be discussed on this call, which are based on current expectations and are subject to certain risks and uncertainties.

在幻燈片 2 上，您會找到與今天的演示文稿相關的免責聲明。這概述了有關收益報告中將在本次電話會議上討論的前瞻性陳述的要點，這些陳述基於當前預期，並受到某些風險和不確定性的影響。

There are many factors that could cause actual performance and results to differ materially. For further information, please take the time after the call to read this disclaimer and refer to the full-quarter earnings report as well as our other SEC filings.

有許多因素可能導致實際性能和結果存在重大差異。欲了解更多信息，請在電話會議結束後花點時間閱讀本免責聲明，並參考全季度收益報告以及我們提交給美國證券交易委員會的其他文件。

In addition, please note that we'll be referencing non-GAAP measures on our call and a reconciliation of operating income to adjusted EBITDA can be found in today's full earnings release.

此外，請注意，我們將在電話會議上參考非 GAAP 指標，並且可以在今天的完整收益發布中找到營業收入與調整後 EBITDA 的對賬。

We've started this year strongly with an adjusted EBITDA more than doubling on a quarter-on-quarter basis to $85 million. This represents a 32% EBITDA margin. The significant improvement in financial performance was mainly due to a full quarter of operations for our drillships operating in Brazil. As of today, Seadrill's backlog stands at approximately $2.6 billion, which is especially strong in the context of our fleet size.

我們今年開局強勁，調整後的 EBITDA 環比翻了一番以上，達到 8500 萬美元。這代表 32% 的 EBITDA 利潤率。財務業績的顯著改善主要歸功於我們在巴西運營的鑽井船的整個季度運營。截至今天，Seadrill 的積壓訂單約為 26 億美元，考慮到我們的船隊規模，這一數字尤其強勁。

This backlog total includes a three-month extension secured for the West Neptune, which added $39 million, reflecting our long-standing relationship with LLOG. We ended the quarter with an adjusted net cash position of $133 million. Going forward, free cash flow generated by the enterprise will be a key metric.

這一積壓總數包括為 West Neptune 獲得的三個月延期，這增加了 3900 萬美元，反映了我們與 LLOG 的長期合作關係。我們在本季度結束時調整後的淨現金頭寸為 1.33 億美元。展望未來，企業產生的自由現金流將是一個關鍵指標。

Across our own fleet, we had good operational performance, with technical utilization coming at 96%, while our economic utilization was 95%.

在我們自己的機隊中，我們有良好的運營績效，技術利用率達到 96%，而我們的經濟利用率為 95%。

As Seadrill stands today, we have a fleet of 22 units, including 13 ultra-deepwater floaters. We're delighted that most floaters are contracted, including all of our 10 high-specification drillships, primarily deployed across the Golden Triangle. Also, in our fleet, our two harsh environment units continue operations on the NCS. We have three benign jack-ups operating through our Qatari joint venture and lastly, 110 resist units operating in Thailand.

就今天的 Seadrill 而言，我們擁有一支由 22 個單位組成的艦隊，其中包括 13 個超深水漂浮物。我們很高興大多數浮式鑽井船都已簽約，包括我們所有的 10 艘高規格鑽井船，主要部署在金三角地區。此外，在我們的艦隊中，我們的兩個惡劣環境單位繼續在 NCS 上運行。我們通過我們的卡塔爾合資企業運營三個良性自升式平台，最後在泰國運營 110 個抵抗裝置。

Finally, we are proud to announce that we have received a B rating under the Carbon Disclosure Project framework, the equal highest rating amongst all offshore drillers, which reflects our commitments to minimizing our impact on the environment. I'll be covering ESG in a little more detail later in the presentation.

最後，我們很自豪地宣布，我們在碳信息披露項目框架下獲得了 B 評級，這是所有海上鑽井公司中同等最高的評級，這反映了我們致力於最大限度地減少對環境的影響。我將在稍後的演示中更詳細地介紹 ESG。

Moving to slide 4. I will touch on the market backdrop. Despite some volatility recently, the price of Brent has generally remained above the $70 mark and oil and gas market fundamentals continue to be supportive for offshore drilling. Many analysts expect oil demand year on year to increase by around 1.5 million to 2 million barrels per day in 2023.

轉到幻燈片 4。我將談談市場背景。儘管近期出現一些波動，但布倫特原油價格普遍保持在 70 美元大關上方，油氣市場基本面繼續支持海上鑽探。許多分析師預計，到 2023 年，石油需求將同比增加約 150 萬至 200 萬桶/日。

Whilst on the supply side, OPEC announced further production cuts earlier this year. Coupled with the healthy economics of offshore projects, this demand-supply balance is a positive read across for our activity in the sector.

在供應方面，歐佩克今年早些時候宣布進一步減產。再加上離岸項目的健康經濟，這種供需平衡對我們在該行業的活動是一個積極的解讀。

Taking a closer look at offshore drilling. In the benign ultra-deepwater floater segment, marketed utilization for drillships has remained around the 95% mark, while leading-edge dayrates continue to increase, with a recent fixture close to $500,000 per day. In our view, we expect to see a five-handle [fixed jet], the leading edge, in the second half of the year as the market tightens further.

近距離觀察海上鑽井。在良性超深水浮體部分，鑽井船的市場利用率一直保持在 95% 左右，而前沿日費率繼續增加，最近的固定裝置每天接近 500,000 美元。在我們看來，隨著市場進一步收緊，我們預計在下半年會看到領先的五把手 [固定式噴氣式飛機]。

Brazil continues to be the main driver of floater demand, with Petrobras in particular, moving to secure more capacity. In the near term, we anticipate additional requirements from Brazil and results from ongoing Petrobras tenders, leading to more rigs mobilizing to the region from different geographies.

巴西仍然是浮動需求的主要驅動力，尤其是巴西國家石油公司，正在努力確保更多產能。在短期內，我們預計來自巴西的額外需求以及正在進行的巴西國家石油公司招標的結果，將導致更多鑽井平台從不同地區調動到該地區。

We also forecast incremental floater demand offshore Africa, with active requirements for Angola, Nigeria, Namibia, and Mozambique. To round off the Golden Triangle outlook, Gulf of Mexico demand visibility is typically limited with a lot of contracting activity undertaken via direct negotiations. However, this region is effectively sold out, and we remain positive about its utilization outlook.

我們還預測非洲近海的漂浮物需求將增加，安哥拉、尼日利亞、納米比亞和莫桑比克的需求量很大。為了完善金三角前景，墨西哥灣的需求可見度通常有限，因為通過直接談判進行的大量承包活動。然而，該地區實際上已經售罄，我們對其利用前景保持樂觀。

With that all said, although demand is very important, we continue to believe that supply side discipline amongst drillers is the most salient factor as to how this upcycle progresses. Turning to the harsh environment segment, we have one CJ70 jack-up on long-term contract with ConocoPhillips and one floater at the West Phoenix operating with Vår Energi on the NCS that is currently estimated to roll off in the second half of 2024.

話雖如此，儘管需求非常重要，但我們仍然認為，鑽井商的供應方紀律是影響這一上升週期如何進展的最突出因素。談到惡劣環境部分，我們有一個 CJ70 自升式平台與康菲石油公司簽訂長期合同，在西鳳凰城有一個浮式平台與 Vår Energi 在 NCS 上運營，目前估計將在 2024 年下半年下線。

On the supply front, we have seen a string of announcements about floaters exiting the North Sea for contracts outside the region, including notably Namibia and Australia, with more announcements to follow soon.

在供應方面，我們已經看到一系列關於漂浮物離開北海以在該地區以外簽訂合同的公告，其中包括納米比亞和澳大利亞，很快還會有更多公告發布。

On the demand side, anticipated requirements in 2024 and 2025 are beginning to materialize. Furthermore, we are seeing interest in the West Phoenix for harsh environment operations outside the North Sea.

在需求方面，2024 年和 2025 年的預期需求開始實現。此外，我們看到人們對 West Phoenix 號在北海以外的惡劣環境下開展業務感興趣。

Altogether, we view these dynamics as supportive for our recontracting prospects next year. Overall, we are very optimistic about market developments in offshore drilling and continue to believe that we're in the constructive early stages of a multiyear upcycle.

總而言之，我們認為這些動態支持我們明年的續約前景。總體而言，我們對海上鑽井市場的發展非常樂觀，並繼續相信我們正處於多年上升週期的建設性早期階段。

I'll now hand over to Grant, who will outline our first-quarter financials, then cover a few points on our capital structure and set out our guidance for the full year of 2023. Over to you, Grant.

我現在將交給格蘭特，他將概述我們第一季度的財務狀況，然後介紹我們資本結構的幾點，並製定我們對 2023 年全年的指導。格蘭特，交給你了。

Thank you, Simon, and welcome again to everybody joining us today. Before I jump into the figures, please note that our Q1 results do not include the effects of our Aquadrill acquisition that closed on April 3. The operating results and the assets and liabilities of Aquadrill will be consolidated from April 3 and presented as part of our next quarterly earnings.

謝謝你，西蒙，再次歡迎大家今天加入我們。在我進入數據之前，請注意我們的第一季度業績不包括我們於 4 月 3 日完成的 Aquadrill 收購的影響。Aquadrill 的經營業績以及資產和負債將從 4 月 3 日開始合併，並作為我們的一部分呈現下一個季度的收益。

And our full-year 2023 guidance, which I'll outline later in this presentation, includes the consolidation of Aquadrill for a period of nine months from the closing date to year end.

我將在本演示文稿後面概述的 2023 年全年指導包括從截止日期到年底的九個月內對 Aquadrill 的整合。

Now to the key quarterly figures. Q1 revenue was $266 million, an increase quarter on quarter, primarily due to a full period of operations in respect of our four drillships offshore Brazil. We also benefited from a higher dayrate on the West Neptune and from the Sevan Louisiana, achieving higher economic utilization. That was slightly offset by no further revenue from West Hercules, which demobilized and was returned to the rig owner in Q4.

現在是關鍵的季度數據。第一季度收入為 2.66 億美元，環比增長，這主要是由於我們在巴西海上的四艘鑽井船的整個運營期。我們還受益於 West Neptune 和 Sevan Louisiana 更高的日費率，實現了更高的經濟利用率。這被 West Hercules 沒有進一步的收入所抵消，West Hercules 在第四季度復員並歸還給鑽井平台所有者。

Moving to OpEx. Q1 OpEx was $219 million, a reduction quarter on quarter, mainly driven by the demobilization and redelivery of the West Hercules to the rig owner, partly offset by a full period of operations for our drillships in Brazil. As a result of these movements, we recorded adjusted EBITDA of $85 million, which marked a substantial increase compared to Q4.

轉向運營支出。第一季度的運營支出為 2.19 億美元，環比下降，這主要是由於 West Hercules 的複員和重新交付給鑽井平台所有者，部分被我們在巴西的鑽井船的整個運營期所抵消。由於這些變動，我們記錄了 8500 萬美元的調整後 EBITDA，與第四季度相比有了大幅增長。

Further, this translated to an adjusted EBITDA margin of approximately 32%, which screens well compared to our peer group. On the balance sheet, unrestricted cash decreased to $376 million at the end of the period. This was largely driven by the settlement of liabilities for accrued expenditures in relation to our recent rig start-ups in Brazil and voluntary prepayments made under our second lien debt facility of $150 million. This was partly offset by the receipt of $43 million in net proceeds in respect of our sale of Paratus Energy Services, which closed in February.

此外，這轉化為調整後的 EBITDA 利潤率約為 32%，與我們的同行相比表現良好。在資產負債表上，不受限制的現金在期末減少至 3.76 億美元。這主要是由於與我們最近在巴西啟動的鑽井平台有關的應計支出負債的清償以及根據我們的 1.5 億美元第二留置權債務安排自願提前還款。這部分被我們出售 Paratus Energy Services 的 4300 萬美元淨收益所抵消，該交易於 2 月結束。

Elsewhere on the balance sheet, the settlement of accrued expenditures and voluntary prepayments that I just outlined were the main drivers of the reduction in our current and noncurrent liabilities, respectively.

在資產負債表的其他地方，我剛才概述的應計支出和自願預付款的結算分別是我們流動負債和非流動負債減少的主要驅動力。

I'll now take a moment to focus a bit more on our leverage and capital structure more broadly. Over the last year, we've been proactive in respect of our debt profile by making several mandatory and voluntary prepayments under our second lien debt facility, including those in Q1 that I highlighted on the previous slide.

我現在花點時間更廣泛地關注我們的槓桿和資本結構。在過去的一年裡，我們通過在我們的第二留置權債務安排下進行多項強制性和自願性預付款，在我們的債務狀況方面一直積極主動，包括我在上一張幻燈片中強調的第一季度的預付款。

This put us in an adjusted net cash position of $133 million at the end of March, as mentioned by Simon earlier. We are delighted that we have delevered our balance sheet and, in turn, reduced our interest expense in light of the prevailing economic climates.

正如西蒙之前提到的，這使我們在 3 月底的調整後淨現金頭寸為 1.33 億美元。我們很高興我們已經去槓桿化了我們的資產負債表，進而根據當前的經濟環境減少了我們的利息支出。

Nevertheless, as I said in our prior earnings call, we are now focused on further optimizing and simplifying our capital structure, and we believe that we are well positioned following closing of the Aquadrill acquisition. We are in active discussions with our Board and capital market advisers as to the form this may take.

儘管如此，正如我在之前的財報電話會議上所說，我們現在專注於進一步優化和簡化我們的資本結構，我們相信在完成對 Aquadrill 的收購後我們處於有利地位。我們正在與我們的董事會和資本市場顧問積極討論這可能採取的形式。

On slide 7, you'll find our financial guidance for the full year of 2023, which includes the consolidation of Aquadrill into Seadrill from April 3. We anticipate total operating revenues to be between $1.435 billion and $1.485 billion. Our adjusted EBITDA range stands at $435 million to $485 million. And lastly, we expect CapEx and long-term maintenance to be between $210 million and $250 million.

在幻燈片 7 上，您會看到我們對 2023 年全年的財務指導，其中包括從 4 月 3 日起將 Aquadrill 整合到 Seadrill。我們預計總營業收入將在 14.35 億美元至 14.85 億美元之間。我們調整後的 EBITDA 範圍為 4.35 億美元至 4.85 億美元。最後，我們預計資本支出和長期維護費用將在 2.1 億美元至 2.5 億美元之間。

I'd like to draw your attention to a footnote in the earnings release, which essentially says our 2023 EBITDA guidance includes net $12 million of noncash costs related to the amortized mobilization revenues received and costs incurred prior to January 1, 2023.

我想提請您注意收益發布中的一個腳註，該腳註實質上說我們的 2023 年 EBITDA 指導包括與 2023 年 1 月 1 日之前收到的攤銷動員收入和發生的成本相關的 1200 萬美元淨非現金成本。

I'll now hand the line back to Simon.

我現在將線路交還給西蒙。

Thanks, Grant. On screen, you'll see Seadrill's ultra-deepwater floater fleet. During the last year, we pivoted strategically to the segment through two transformative M&A transactions in the belief that this part of the rig market will produce outsized growth and value for our shareholders. Now taking a closer look at the fleet, all 11 -- all 13 floaters on screen are at least 10,000 foot capable in terms of water depth.

謝謝，格蘭特。在屏幕上，您會看到 Seadrill 的超深水漂浮船隊。去年，我們通過兩項變革性的併購交易戰略性地轉向該領域，相信鑽機市場的這一部分將為我們的股東帶來巨大的增長和價值。現在仔細觀察船隊，所有 11 艘 - 屏幕上的所有 13 艘漂浮物在水深方面都至少有 10,000 英尺的能力。

We have 10 drillships that are all drill activity and seven that are of seventh generation design, which typically have better specification, require less maintenance spend, and deliver superior contract economics as a result.

我們有 10 艘鑽井船和 7 艘第七代設計的鑽井船，它們通常具有更好的規格，需要更少的維護支出，因此提供卓越的合同經濟性。

Lastly, on managed pressure drilling, Seadrill is a trailblazer in this adaptive drilling technology, and we continue to be amongst the market leaders on this equipment, with six units currently outfilled across our fleet. We have contributed strongly to the industry knowledge and technology in this important drilling approach, which will be increasingly available for penetrating the deeper geologic horizons in our targeted ultra-deepwater markets.

最後，在受控壓力鑽井方面，Seadrill 是這種自適應鑽井技術的開拓者，我們仍然是該設備的市場領導者之一，目前我們的船隊中有 6 台設備被淘汰。我們在這一重要的鑽井方法中為行業知識和技術做出了巨大貢獻，它將越來越多地用於在我們的目標超深水市場中穿透更深的地質層。

Moving to the next slide, I want to focus on our ESG strategy, which has delivered our leading position as part of the Carbon Disclosure Project. As a major offshore driller, we have a critical role to play in the global energy transition. Our aim at Seadrill is to deliver oil and gas wells to our customers responsibly and with the best carbon footprint possible.

轉到下一張幻燈片，我想重點介紹我們的 ESG 戰略，該戰略使我們在碳信息披露項目中處於領先地位。作為主要的海上鑽井公司，我們在全球能源轉型中發揮著關鍵作用。 Seadrill 的目標是負責任地向我們的客戶提供油氣井，並儘可能減少碳足跡。

In our latest sustainability report, we published Seadrill's ESG framework with its contributions towards the United Nations' Sustainable Development Goals. I won't outline all of the elements here, but there are two of particular focus for us, which I'll explain in a little bit more detail.

在我們最新的可持續發展報告中，我們發布了 Seadrill 的 ESG 框架及其對聯合國可持續發展目標的貢獻。我不會在這裡概述所有元素，但有兩個對我們來說特別重要，我將對其進行更詳細的解釋。

First, on the environmental front, we are committed to adopting greenhouse gas reducing technologies. In offshore drilling, Seadrill has developed the first methanol injection system for an offshore drilling rig, and we pioneered the introduction of [mobo] hybrid power technology.

首先，在環境方面，我們致力於採用溫室氣體減排技術。在海上鑽井方面，Seadrill開發了首個海上鑽井平台甲醇噴射系統，並率先引入了[mobo]混合動力技術。

More recently, we installed a closed bus-tie system on the West Saturn working for Equinor in Brazil, enabling the rig to position itself dynamically with fewer engines running, which is a substantially more efficient operating mode, reducing fuel burn and emissions. We've also deployed the first version of [NIV's] technology, which enables remote operation of the mud system, and we continue to advance automation of the drilling process.

最近，我們為巴西的 Equinor 在 West Saturn 上安裝了一個封閉式總線連接系統，使鑽井平台能夠在運行更少的發動機的情況下動態定位，這是一種效率更高的操作模式，可減少燃油消耗和排放。我們還部署了 [NIV] 技術的第一個版本，該技術可實現泥漿系統的遠程操作，並且我們將繼續推進鑽井過程的自動化。

Second, I want to highlight our commitment to the development of our employees with the Seadrill Development Academy, which we rolled out earlier this year. The program uses an enhanced facility that is owned and managed by Seadrill complete with the state-of-the-art drilling simulator.

其次，我想強調我們在今年早些時候推出的 Seadrill 發展學院對員工發展的承諾。該計劃使用由 Seadrill 擁有和管理的增強設施，配備最先進的鑽井模擬器。

Seadrill has a best-in-class workforce that is integral to the development of safe and efficient operations for our customers. And investments, such as this one, illustrate our commitment to operational excellence and also our employees' development and growth. Furthermore, on the expanding business environment, our ability to train our own people will be critical to service delivery quality and cost control.

Seadrill 擁有一流的員工隊伍，這是為我們的客戶開發安全高效運營不可或缺的一部分。像這樣的投資表明了我們對卓越運營以及員工發展和成長的承諾。此外，在不斷擴大的商業環境中，我們培訓自己員工的能力對於服務交付質量和成本控制至關重要。

To wrap up, we are very pleased with our start to the year, with a nearly fully utilized fleet and the closing of our Aquadrill acquisition in April on an accelerated timeline. The offshore outlook is promising. And looking ahead into future quarters, we're focusing on further refining our fleet and enhancing our exposure to our core segments, including through organic transactions, if accretive, whilst optimizing our capital structure to enable the implementation of sustainable shareholder returns policy.

總而言之，我們對今年的開局感到非常滿意，我們的船隊幾乎完全被利用，並且我們在 4 月份加速完成了對 Aquadrill 的收購。離岸前景充滿希望。展望未來幾個季度，我們將專注於進一步完善我們的機隊並加強我們對核心部門的敞口，包括通過有機交易（如果有增長），同時優化我們的資本結構以實施可持續的股東回報政策。

We have demonstrated during the past 12 months that our management team has a bias for action. And put simply, we fully intend to continue to deliver on what we promise.

在過去的 12 個月中，我們已經證明我們的管理團隊傾向於採取行動。簡而言之，我們完全打算繼續兌現我們的承諾。

That brings an end to today's presentation. I'll now hand the line back to the operator, who will handle the Q&A session to answer any questions that you may have for the management team.

今天的演講到此結束。我現在會將線路交還給接線員，接線員將處理問答環節，回答您可能向管理團隊提出的任何問題。

(Operator Instructions)

（操作員說明）

Gregory Lewis, BTIG.

格雷戈里·劉易斯，BTIG。

Hi, thank you and good afternoon, everybody. Simon, I realize the ink is barely dry on the Aquadrill acquisition. But all that being said, a lot of common questions, thematic, we continue to get from investors is around continued consolidation across the offshore drilling sector. Just kind of curious maybe how active the company is at this point, realizing we're still integrating Aquadrill?

嗨，謝謝大家，下午好。西蒙，我意識到收購 Aquadrill 的墨跡還未乾。但話雖如此，我們繼續從投資者那裡得到的許多常見問題、主題是圍繞海上鑽井行業的持續整合。只是有點好奇公司在這一點上有多活躍，意識到我們仍在整合 Aquadrill？

And really, as you think about a bigger picture, do we think that there's still opportunities, whether it's Seadrill or others, to help Qatar to continue to consolidate the market? Realizing at this point, as I look at most publicly listed drillers, whether it was this year or last year or even over the last couple of years, each one of you is kind of put a stake in the ground and done some M&A. Just kind of curious on your thoughts around that.

真的，當你考慮更大的圖景時，我們是否認為仍然有機會，無論是 Seadrill 還是其他人，來幫助卡塔爾繼續鞏固市場？意識到這一點，當我看到大多數公開上市的鑽探公司時，無論是今年還是去年，甚至是過去幾年，你們每個人都在某種程度上持有股份並進行了一些併購。只是對您對此的想法感到好奇。

Yes. Thanks, Greg. Look, I don't think the window is closed for consolidation. But obviously, as the community shrinks, it gets harder and harder to do interesting deals. So we believe there's still considerable market upside, and that's really the most important factor. We're still -- there's a lot of work -- a lot of room for improvement with leading-edge dayrates.

是的。謝謝，格雷格。聽著，我不認為整合的窗口已經關閉。但顯然，隨著社區的縮小，做有趣的交易變得越來越難。因此，我們認為市場仍有相當大的上行空間，這確實是最重要的因素。我們仍然 - 有很多工作 - 在領先的日費率方面有很大的改進空間。

We're early in the business cycle, we believe. We think that as people progress their refinancing efforts and the restrictive covenants have act as somewhat of a barrier to further consolidation, some of those will fall away. So that could be a catalyst for further combinations across the space.

我們相信，我們處於商業周期的早期。我們認為，隨著人們的再融資努力取得進展，限制性契約在某種程度上成為進一步整合的障礙，其中一些將會消失。因此，這可能成為該領域進一步組合的催化劑。

But I think the most deals will continue to likely be stock transactions. Few of us have enough cash consideration at this point to do outright cash deals today. So we've been active in concentrating our asset base.

但我認為大多數交易可能仍將是股票交易。在這一點上，我們中很少有人有足夠的現金考慮來進行今天的直接現金交易。因此，我們一直在積極集中我們的資產基礎。

There's an opportunity for some of our peers to do similar things. So I think it may not be sort of large-scale M&A necessarily, although there's probably room for some terminal transactions that certainly our larger peers. I think there's a possibility of people specializing and concentrating their asset base.

我們的一些同行有機會做類似的事情。所以我認為這可能不一定是大規模的併購，儘管可能有一些終端交易的空間，當然我們更大的同行。我認為人們有可能專業化和集中他們的資產基礎。

So yeah. No, I don't think it's behind us. I think there's still a lot of opportunities for people to choose the part of the market they want to play in and focus their asset acquisition and divestment activities around that.

嗯是的。不，我不認為它在我們身後。我認為人們仍然有很多機會選擇他們想參與的市場部分，並將他們的資產收購和撤資活動集中在這方面。

Okay. Great. Thank you. Thank you for those thoughts. And then I did want to touch on a couple of other rigs. The West Polaris, which is being managed -- it's still -- it's being managed by a third-party manager. It's -- I guess, September is -- you're going to be here before we know it. Unfortunately, summer is going to fly by.

好的。偉大的。謝謝。謝謝你的想法。然後我確實想談談其他幾個鑽機。正在管理的 West Polaris - 它仍然 - 它由第三方管理器管理。這是——我想，九月是——你會在我們知道之前就來這裡。不幸的是，夏天就要過去了。

But could you maybe talk a little bit about the outlook for that rig? And how we should be thinking about the continuation or termination of that management contract?

但是您能否談談該鑽井平台的前景？我們應該如何考慮該管理合同的延續或終止？

You bet, Greg. Well, let me start and then I'll throw it to Samir, and he can give you the market color. So I mean, when we announced the Aquadrill transaction, you'll recall that we anticipated realizing all of the synergies within the first two years.

你打賭，格雷格。好吧，讓我開始，然後我會把它交給 Samir，他可以給你市場顏色。所以我的意思是，當我們宣布 Aquadrill 交易時，您會記得我們預計在頭兩年內實現所有協同效應。

So as a practical matter, transition of management is still some time off. And we've only really started the conversations with the existing rig managers and the customers who would be affected. So there's not much to report at this time other than to let you know that we had started those conversations. But Samir can probably put a little bit more granularity around that.

因此，作為一個實際問題，管理層的過渡還需要一段時間。而且我們才真正開始與現有的鑽機經理和將受到影響的客戶進行對話。因此，除了讓您知道我們已經開始這些對話之外，目前沒有太多要報告的。但 Samir 可能會更細化一點。

Hey, Greg. So I'd say we are in active dialogue with the current client that they have an open tender in the same region. So we think we're well positioned.

嘿，格雷格。所以我想說我們正在與當前客戶積極對話，他們在同一地區進行公開招標。所以我們認為我們的定位很好。

But in this business, it's not done until it's signed. So we are optimistic that we'll be able to keep her working where she is today.

但是在這項業務中，直到簽署才算完成。因此，我們樂觀地認為，我們能夠讓她在今天的工作崗位上繼續工作。

So you know, we are also looking at other opportunities for the rig, and we are bidding her around the world. But our working assumption right now is that she will stay in India and continue on with ONGC.

所以你知道，我們也在尋找鑽井平台的其他機會，我們正在世界各地競標。但我們現在的工作假設是她將留在印度並繼續在 ONGC 工作。

Okay. That's kind of what I was curious about. And then, Samir, while I have you, realizing that the bulk of the fleet is contracted out, but there are -- as we look out over the next 12 months, there are rigs that start to at least roll off their contracts. Any kind of sense realizing that there's always a spot market in the US Gulf of Mexico for short-term work?

好的。這就是我很好奇的地方。然後，薩米爾，雖然我有你，我意識到大部分船隊都外包了，但有——當我們展望未來 12 個月時，有些鑽井平台至少開始取消他們的合同。意識到美國墨西哥灣總是有短期工作的現貨市場有什麼意義？

But as we look maybe West Africa, Brazil, Asia, how far ahead are customers at this point looking to fix out, i.e., we're in May of '23, is -- any way to characterize maybe on a quarterly forward basis as you're looking at the market? Are we seeing tenders pop up for work next summer, next fall, next spring? How far out is it going just to kind of get a feel for how anxious maybe some customers are starting to get?

但是，正如我們所看到的，西非、巴西、亞洲，客戶在這一點上希望解決問題的時間有多遠，也就是說，我們在 2023 年 5 月，是——任何可能以季度遠期為基礎來描述的方式你在看市場嗎？我們會看到明年夏天、明年秋天、明年春天出現工作招標嗎？僅僅了解一些客戶可能開始變得多麼焦慮還有多遠？

Sure. So as the sign of the market continuing to tighten, clients are looking for rigs further and further out. There's one data point where there's a client looking for rig in '26. So that's probably the outermost part of where clients are right now, but I'd say you are seeing it elongate out.

當然。因此，隨著市場繼續收緊的跡象，客戶正在越來越遠的地方尋找鑽井平台。有一個數據點，其中有一位客戶在 26 年尋找鑽機。所以這可能是客戶現在所在位置的最外層部分，但我會說你看到它在拉長。

Clients are starting to come to us earlier and saying, hey, can we talk about options that aren't due for a while? Or can we talk about rigs in '24, '25? Though you are seeing it as a reaction just to a tightening market, but they're looking to secure supply. And as they build out their drilling plans, we are seeing an elongation of the kind of time before award and the -- when customers are looking to secure rigs.

客戶開始更早地來找我們說，嘿，我們可以談談暫時沒有到期的選項嗎？或者我們可以談談 24、25 年的鑽井平台嗎？儘管您將其視為對市場緊縮的反應，但他們正在尋求確保供應。當他們制定鑽井計劃時，我們看到授予前的那種時間延長了——當客戶希望獲得鑽井平台時。

Super helpful. Thank you all for the time.

超級有幫助。謝謝大家的時間。

Thanks, Greg.

謝謝，格雷格。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，克拉克森證券。

Hi, Simon and team. Hope you are all well. And congratulations on the nice performance this quarter. I wanted to touch a bit more on the fleet here. You're mostly locked up for 2023 and a large part of '24 is also locked up.

嗨，西蒙和團隊。希望你們一切都好。並祝賀本季度的出色表現。我想在這裡多談談艦隊。你大部分時間都在 2023 年被鎖定，24 年的大部分時間也被鎖定。

But then of course, as we touched upon, I think, last quarter as well, you have your stacked assets. And first, since we spoke last time, have anything kind of changed in your approach to those assets?

但是，當然，正如我們提到的那樣，我認為，上個季度也是如此，你擁有堆積如山的資產。首先，自從我們上次發言以來，您對這些資產的處理方式有什麼變化嗎？

Simon, you talked about supply discipline. So I guess my question is: either have you changed anything in your requirement to take those rigs back? Or have you since then noticed difference from your clients in terms of more opportunities or more active discussions for those rigs?

西蒙，你談到了供應紀律。所以我想我的問題是：您是否更改了收回這些鑽井平台的要求？或者從那時起您是否注意到您的客戶在更多機會或對這些鑽井平台進行更積極的討論方面有所不同？

Hi, Fredrik, and good to hear your voice. Look, firstly, I'd say that we consider those assets to be fungible. And where -- just possible, we may even divest them. But in so far as reactivating is concerned, I think we've been pretty forceful in our views that we require a full recovery of the capital upfront from any potential customer.

嗨，弗雷德里克，很高興聽到你的聲音。看，首先，我會說我們認為這些資產是可替代的。在可能的情況下，我們甚至可能會剝離它們。但就重新激活而言，我認為我們的觀點非常有力，即我們需要從任何潛在客戶那裡完全收回資本。

I'll pass to Samir to talk about the individual market opportunities, but nothing has changed in our position or in our approach in terms of what we require. And I think as we go further into this cycle, we're just going to be increasingly resolute in that stance. But Samir absolutely can add something to that.

我將轉交給 Samir 來談談個別市場機會，但我們的立場或我們的方法在我們需要的方面沒有任何改變。而且我認為，隨著我們進一步進入這個週期，我們只會越來越堅定地採取這種立場。但 Samir 絕對可以為此添加一些內容。

Yeah. So we're definitely looking at opportunities for our stacked fleet, but we're going to remain disciplined. I mean there is significant cost to reactivate these rigs. And given supply chain constraints, those costs aren't going down; they're actually going up. So for us, it's making sure that we can find the right job, the right opportunity to invest in the rig and bring her back out.

是的。因此，我們肯定會為我們的堆疊車隊尋找機會，但我們將保持紀律。我的意思是重新激活這些鑽機需要大量成本。考慮到供應鏈的限制，這些成本不會下降；他們實際上在上升。所以對我們來說，這是確保我們能找到合適的工作，合適的機會來投資鑽井平台並將她帶回來。

So we're absolutely chasing opportunities for our stacked fleet, but we are going to be judicious about it. And we're going to make sure that we're getting a return on our capital, and we're not going to take it on our balance sheet just because.

因此，我們絕對是在為我們的堆疊車隊尋找機會，但我們會對此保持審慎。我們將確保我們獲得資本回報，我們不會僅僅因為它而將其計入我們的資產負債表。

Thanks. And a follow-up to the comment about potential divestments there. If you were to divest some of those stacked assets to other players, would you be willing to divest it to competitors? Or would you try to channel them into local or non-internationally competitive markets or owners, if you were to do that?

謝謝。以及關於潛在撤資的評論的後續行動。如果您要將這些堆積的資產中的一部分剝離給其他玩家，您願意將其剝離給競爭對手嗎？或者，如果您要這樣做，您會嘗試將它們引入本地或非國際競爭市場或所有者嗎？

I think we look at every opportunity on its merit side. I don't think necessarily we would be averse to selling to a competitor whatever shape and form that may take. So yeah. No, I think it's whatever would generate the best return for us, Fredrik. So we have an open mind.

我認為我們會從優點的角度看待每一個機會。我認為我們不一定會反對向競爭對手出售任何形式的產品。嗯是的。不，我認為這會為我們帶來最好的回報，Fredrik。所以我們有一個開放的心態。

Okay. Thanks. And specifically on the West Phoenix, just turning away from the stacked fleet. You've got an extension now until August, if I remember correctly. But you said that that rig was also being bid outside Norway or [NPF]. So do you have any -- or any thoughts or comments around your preference in terms of keeping that rig in Norway?

好的。謝謝。尤其是在西鳳凰號上，正轉身離開堆積如山的艦隊。如果我沒記錯的話，你現在可以延期到八月。但是你說那個鑽井平台也在挪威或 [NPF] 以外的地方進行投標。那麼，對於將鑽井平台保留在挪威，您有任何想法或意見嗎？

I guess kind of in a way, you're right now, a bit subscale in that region. Would it be better if it actually worked elsewhere? Or do you think based on your market view that the (inaudible) is actually tightened quite significantly, '24 and '25, that you would like to keep it there still, even though you're exploring other opportunities.

我想在某種程度上，你現在在那個地區有點小規模。如果它真的在其他地方工作會更好嗎？或者您是否認為根據您的市場觀點，（聽不清）實際上收緊了 24 年和 25 年，即使您正在探索其他機會，您仍希望將其保持在那裡。

Fredrik, it's Samir. So I'd say our preference is going to be the keeper in Norway, but that is from a cash flow perspective, right? Setting up another shore base in another location, unless it's a region that we operate in. There is just that.

弗雷德里克，是薩米爾。所以我想說我們的首選是挪威的門將，但這是從現金流的角度來看的，對吧？在另一個地方建立另一個海岸基地，除非它是我們經營的地區。就是這樣。

So our preference is to maximize cash flow wherever that is. And the math would tell you that that's most likely Norway, but by no means are we married to keeping the rig in Norway. That is -- again, it is maximizing our return profile and our cash flow.

因此，我們的偏好是在任何地方最大化現金流。數學會告訴你，那很可能是挪威，但我們絕不是為了在挪威保留鑽井平台而結婚。也就是說——再次，它正在最大化我們的回報率和現金流。

So if we can co-locate the rigs, that does help us in the long term, but if we find the right opportunity outside of Norway. And I would say there are a number of opportunities outside of Norway for that rig now. The harsh environment market, you've seen some of our peers pull out rigs from that market. You're going to continue to probably see rigs leave that market, and the market is starting to tighten in Norway.

因此，如果我們可以將鑽井平台放在一起，從長遠來看確實對我們有幫助，但如果我們在挪威以外找到合適的機會。我想說現在挪威以外的鑽井平台有很多機會。惡劣的環境市場，您已經看到我們的一些同行從該市場撤出鑽井平台。你可能會繼續看到鑽井平台離開那個市場，挪威的市場開始收緊。

So you're finding that perfect storm in '24 and '25 in the Norwegian market. So for us, we will maximize cash flow ideally in Norway, but we have no problems taking the rig outside.

所以你在挪威市場上發現了 24 和 25 年的完美風暴。因此，對我們來說，理想情況下，我們將在挪威最大化現金流，但將鑽井平台帶到國外也沒有問題。

Perfect. Thank you so much all for the answers. I will leave at that. Have a good day.

完美的。非常感謝大家的回答。我會離開的。祝你有美好的一天。

Hamed Khorsand, BWS.

Hamed Khorsand，BWS。

Hi. So the first question I had was about Aquadrill just given that you've only provided Q4 '22 numbers. Is there any operational enhancements or improvements since then? Or is that because they're fully operational rigs now that's going to be the operating kind of rate per quarter for them?

你好。所以我的第一個問題是關於 Aquadrill 的，因為你只提供了 Q4 '22 的數字。從那時起是否有任何操作增強或改進？還是因為他們現在是全面運營的鑽井平台，這將成為他們每季度的運營率？

So let me try to take it, Hamed. I'm not sure I fully understand the question. But the Q1 doesn't include any results from Aquadrill, right? So from a financial perspective, you don't see anything in there from Aquadrill. You'll start seeing that come through Q2.

所以讓我試著接受它，Hamed。我不確定我是否完全理解這個問題。但是 Q1 不包括 Aquadrill 的任何結果，對嗎？因此，從財務角度來看，您看不到 Aquadrill 的任何內容。您將開始看到 Q2 出現這種情況。

From a financial perspective, Q2 will, of course, include Auriga, Vela, and Polaris and some of Capella. Capella is just starting up now or has just recently started up, but you won't get a full court from Capella.

從財務角度來看，Q2 當然會包括 Auriga、Vela 和 Polaris 以及一些 Capella。卡佩拉現在剛剛起步或者最近才起步，但你不會從卡佩拉那裡得到一個完整的場地。

From Q3 onwards, you'll get full run rate performance on the four Aquadrill drillships. I hope that answered your question from a financial perspective. But if you're looking for more of an operational sort of technical asset type of answer, I can hand over to Leif or Simon.

從第 3 季度開始，您將在四艘 Aquadrill 鑽井船上獲得全速性能。我希望從財務角度回答您的問題。但是，如果您正在尋找更多的運營類型的技術資產類型的答案，我可以交給 Leif 或 Simon。

No, that was exactly what I was looking for. And then as far as your fleet is concerned, just given the lockup trends right now with your fleet, is there much to do as far as contracting goes? I mean you're talking about customers looking out for '24 and '25, but you're pretty much locked in. Is there any advantage to getting in those conversations now just given the trajectory of dayrates?

不，這正是我要找的。然後就您的車隊而言，考慮到您車隊目前的鎖定趨勢，就合同而言還有很多事情要做嗎？我的意思是你說的是客戶在尋找 24 歲和 25 歲，但你幾乎被鎖定了。考慮到日費率的軌跡，現在參與這些對話有什麼好處嗎？

Hamed, I think one of the -- part of the rationale for the Aquadrill transaction was to get more exposure to the spot market. And we had some opportunities there with the Polaris. There's one that's crystallized for the Capella here in the near term.

Hamed，我認為 Aquadrill 交易的部分原因是為了更多地接觸現貨市場。我們在北極星那裡有一些機會。有一個在近期內為 Capella 結晶。

So I think relative to the comments that Samir made about opportunities in the marketplace and how that's stretching out, we think that what you've mentioned may have been a weakness in our story maybe three, six months ago, but is increasingly irrelevant in terms of how we see the market developing going forward and the spread of availability of the units that are in rolling off contracts over the next couple of years or will be available. Samir, anything to add?

因此，我認為相對於 Samir 對市場機會以及它如何延伸的評論，我們認為你提到的可能是我們故事中的一個弱點，也許在三六個月前，但在術語方面越來越無關緊要我們如何看待未來市場的發展，以及未來幾年正在簽訂合同或即將上市的單位的可用性分佈。薩米爾，有什麼要補充的嗎？

No, I think that's right. And I think as clients are starting to look further out, that's where we're spending our time, starting to layer in contracts and build a layered approach to our contract with some short-term duration and some long-term duration. I think that's what we're focused on kind of going forward on '25.

不，我認為這是對的。而且我認為隨著客戶開始看得更遠，這就是我們花費時間的地方，開始分層合同並為我們的合同建立分層方法，包括一些短期期限和一些長期期限。我認為這就是我們在 25 年向前發展的重點。

Got it. And my last question was: are you seeing any customer conversations talking about bringing those cold stacked or warm stacked fleets online?

知道了。我的最後一個問題是：您是否看到任何客戶談話都在談論將那些冷堆垛或暖堆垛車隊聯機？

There's some conversation around that, right? So you've seen a few of the new -- or stranded assets get brought back into the market. The cost of bringing these things back is increasing. So we are having conversations with clients about our stacked fleet. But I'd say it's -- we haven't reached a point, obviously, of where we can announce a contract and we feel comfortable bringing a rig back.

有一些關於這個的對話，對吧？所以你已經看到一些新的或擱淺的資產被帶回市場。將這些東西帶回來的成本正在增加。因此，我們正在與客戶就我們的堆疊車隊進行對話。但我要說的是——顯然，我們還沒有達到可以宣布合同的地步，並且我們很樂意帶回鑽井平台。

I'd say we are progressing those conversations, but the market is not there yet in our view, given we just can't get that return profile where we need it to be. But I'd say, if the market continues the way it is, we should be seeing some of those conversations materialize or kind of crystallize later or next year.

我想說我們正在推進這些對話，但我們認為市場還不存在，因為我們無法在需要的地方獲得回報率。但我想說，如果市場繼續保持現狀，我們應該會看到其中一些對話在晚些時候或明年實現或某種程度上具體化。

Okay. Great. Thank you.

好的。偉大的。謝謝。

(Operator Instructions)

（操作員說明）

Konstantin Chinarov, Aptior Capital.

Konstantin Chinarov，Aptior Capital。

Hi, guys. Thanks so much for taking my questions. When I think about adjusted EBITDA guidance, so that range of $435 million to $485 million, could you please talk a bit more about what's behind that guidance? Is it basically just saying that you're going to execute the backlog that you've locked in for this year? Or there are some other assumptions behind that? And also curious if that guidance include any synergies from Aquadrill acquisition. That's my first question.

嗨，大家好。非常感謝你回答我的問題。當我考慮調整後的 EBITDA 指導時，即 4.35 億美元至 4.85 億美元的範圍內，您能否多談談該指導背後的內容？它基本上只是說你要執行你今年鎖定的積壓工作嗎？或者這背後還有其他一些假設？也很好奇該指導是否包括收購 Aquadrill 的任何協同作用。這是我的第一個問題。

Hey, Konstantin. Thanks. So I would break it down by looking at the old Seadrill legacy fleet, first of all, and I'd say that that's pretty clear. You saw Q1 was that fleet. And so that kind of gives you a good idea of what to expect from Seadrill for the rest of this year and that sort of -- I think it was a relatively good quarter, so the 80 to 85 region for the rest of the quarter on the Seadrill legacy fleet.

嘿，康斯坦丁。謝謝。所以我會首先通過查看舊的 Seadrill 遺留艦隊來分解它，我想說這很清楚。你看到 Q1 就是那支艦隊。因此，這讓您對今年餘下時間對 Seadrill 的期望有了一個很好的了解 - 我認為這是一個相對不錯的季度，所以本季度餘下時間的 80 至 85 區域Seadrill 遺留艦隊。

On the Aquadrill fleet, Auriga/Vela, they come into the 2023 results. Well, all the Aquadrill fleet, I should say, comes in from April 3. Auriga/Vela, of course, on contract for the full year, so you get the benefit of all of those. Like I said earlier to Hamed, Capella just started up recently. And then Polaris would be any other variable then because she has a term ending end of August.

在 Aquadrill 艦隊 Auriga/Vela 上，它們進入 2023 年的結果。好吧，我應該說，所有的 Aquadrill 艦隊都是從 4 月 3 日開始的。當然，Auriga/Vela 的合同是全年的，所以你可以從所有這些中受益。就像我之前對哈米德說的，卡佩拉最近才剛剛起步。然後北極星將成為任何其他變量，因為她的任期將在八月底結束。

So Q4, you do need to take a view on what the recontracting assumption is. And there's a range of possibilities and a range of outcomes, and that's what we've sort of taken into account when setting the guided range.

因此，第四季度，您確實需要了解重新簽約的假設是什麼。並且存在一系列可能性和一系列結果，這就是我們在設置指導範圍時考慮的因素。

Final part of your question, I think, was whether there are any synergies coming in? And the answer to that is no for now. We said to you that -- we said when announced the transaction, that will take some time. It will take a period of, well, at least up to the first two years to realize those synergies. So we just got to wait for the -- for those Aquadrill rigs to roll off their existing contracts.

我認為，你問題的最後一部分是是否有任何協同效應？答案暫時是否定的。我們對你說過——我們在宣布交易時說過，這需要一些時間。要實現這些協同效應，至少需要兩年的時間。所以我們只需要等待——讓那些 Aquadrill 鑽機取消他們現有的合同。

And that answer, Konstantin, I should just add. That's in relation to the key synergy area of the MSAs. There are a smaller amount of synergies to be realized in respect to their overheads. We said that that was $10 million per annum. We will start realizing those synergies sort of more late Q3, Q4. So there's a small element of that. It does take some time to start realizing those, but there will be an element, albeit small for that piece.

那個答案，康斯坦丁，我應該補充一下。這與 MSA 的關鍵協同領域有關。就其管理費用而言，可實現的協同效應較少。我們說那是每年 1000 萬美元。我們將在第三季度、第四季度開始實現這些協同效應。所以其中有一小部分。開始意識到這些確實需要一些時間，但是會有一個元素，儘管對於那件作品來說很小。

Got it. And you're still looking to get $70 million of run rate synergies out of Aquadrill transaction?

知道了。而且您仍然希望從 Aquadrill 交易中獲得 7000 萬美元的運行率協同效應？

That's right. On a recurring basis, yes, once the rig (multiple speakers)

這是正確的。在循環的基礎上，是的，一旦鑽機（多個揚聲器）

And that's from the 2024 or -- and is that from 2024 or from 2025?

那是從 2024 年開始的還是——是從 2024 年還是從 2025 年開始的？

Well, we said two years, yes, so I think 2025. We said two years from when the deal closed and allow the contracts to roll off.

好吧，我們說了兩年，是的，所以我認為是 2025 年。我們說的是從交易完成並允許合同到期開始的兩年。

Got it. I see. And if you -- do you have a sense of the adjusted EBITDA number if you were to effectively deploy the whole fleet, including Aquadrill at the moment -- at the current spot market? Just to get a sense of the earnings power of the combined business.

知道了。我懂了。如果你——如果你要在當前的現貨市場上有效地部署整個艦隊，包括目前的 Aquadrill，你是否對調整後的 EBITDA 數字有所了解？只是為了了解合併後業務的盈利能力。

We have a -- you'll see in our website an investor deck where we do an analysis like that, where we assume the entire fleet is contracted at spot, and then you take a view on what spot is. And so I encourage you to go and look at that deck.

我們有一個 - 你會在我們的網站上看到一個投資者甲板，我們在那裡進行這樣的分析，我們假設整個船隊都在現場簽約，然後你看看現場是什麼。所以我鼓勵你去看看那副牌。

But it's more or less $1 billion EBITDA in that range when you start getting $450,000 to $500,000 a day. So it's $800 million to $1 billion when operating between that $450 million to $500 million for seventh gen.

但當你開始每天獲得 450,000 至 500,000 美元時，該範圍內的 EBITDA 或多或少為 10 億美元。因此，當第七代運營在 4.5 億至 5 億美元之間時，它是 8 億至 10 億美元。

Got it. And then if I look at page 6, the capital structure, it looks somewhat deficient. So I guess some of your peers went out and took advantage of the high-yield market and raised debt. Are you looking to optimize the capital structure anytime soon, maybe return capital to shareholders? What's your latest thinking there?

知道了。然後，如果我看第 6 頁，資本結構，它看起來有些不足。所以我猜你的一些同行出去利用高收益市場並籌集了債務。您是否希望盡快優化資本結構，或者向股東返還資本？你最近的想法是什麼？

We are -- so we see our existing debt facilities as in a suboptimal, both in terms of pricing as well as the covenants contained in them. And so we are looking into what a refinancing would look like. We did take the view that the best approach was to complete the Aquadrill transaction so that we could go to market on a refinancing with a stronger collateral package.

我們是 - 所以我們認為我們現有的債務安排在定價和其中包含的契約方面都不是最理想的。因此，我們正在研究再融資的情況。我們確實認為最好的方法是完成 Aquadrill 交易，這樣我們就可以通過更強大的抵押品組合進行再融資。

We've now done that, of course, in April and been working since then on a refinancing. But -- and like I said in the prepared remarks, we're in active discussions with our Board to discuss the pros and cons of the options we see in front of us.

當然，我們現在已經在 4 月份完成了這項工作，並且從那時起就一直致力於再融資。但是——就像我在準備好的發言中所說的那樣，我們正在與董事會進行積極討論，以討論擺在我們面前的選項的利弊。

And is the idea to run an unlevered balance sheet or you're happy? Because at the moment, net debt is actually zero, which is arguably suboptimal. So what's -- how do you think about sort of optimal leverage for the business?

運行無槓桿資產負債表的想法還是您滿意？因為目前，淨債務實際上為零，這可以說是次優的。那麼，您如何看待業務的最佳槓桿作用？

And then related to that, this year on unlevered basis, the business is going to be cash generative. So wondering what you're thinking to do with excess cash flow. Would you invest in the business, or you might buy back shares or whatever, like what's your latest thinking there?

然後與此相關，今年在無槓桿的基礎上，該業務將產生現金。所以想知道您打算如何處理多餘的現金流。你會投資這項業務，或者你可能會回購股票或其他任何東西，比如你最近的想法是什麼？

So on the quantum of debt, like I said, we're in active discussions with the Board. So I don't want to get too far out in front of that discussion. But I can say at a high level, we'd expect to have some debt on the balance sheet, but certainly not -- we're certainly going to maintain a prudent or conservative balance sheet. So talking about net leverage, certainly not exceeding the 2 times net leverage on a through-cycle basis.

因此，正如我所說，關於債務的數量，我們正在與董事會進行積極討論。所以我不想在討論之前走得太遠。但我可以說，在高層次上，我們預計資產負債表上會有一些債務，但肯定不會——我們肯定會保持審慎或保守的資產負債表。所以說淨槓桿，在全週期基礎上肯定不會超過2倍的淨槓桿。

But like I said, those discussions are live with our Board so I can't give too much for you at this stage. And then on the -- as it relates to what we do with the cash, let me hand over to Simon and he can give you some comments there.

但就像我說的，這些討論是在我們的董事會中進行的，所以在這個階段我不能給你太多。然後，關於我們如何處理現金，讓我交給西蒙，他可以在那裡給你一些評論。

Sure.

當然。

I think we mentioned earlier, Konstantin, that our loan docs currently prohibit the issuance of dividends. So as Grant said, we recognize that we have a need to refinance first, and that's an area of current focus. But we've been explicit through time on the need or the potential to return capital to shareholders, be it via dividends or buybacks, if we can't use those funds elsewhere within the enterprise. So you're going to be hearing something from us very soon on this. It's a topic of constant discussion and debate.

我想我們之前提到過，康斯坦丁，我們的貸款文件目前禁止發放股息。正如格蘭特所說，我們認識到我們需要首先進行再融資，這是當前關注的領域。但隨著時間的推移，如果我們不能在企業的其他地方使用這些資金，我們一直明確表示有必要或有可能通過股息或回購的方式向股東返還資本。所以你很快就會聽到我們的消息。這是一個不斷討論和爭論的話題。

But we do believe the dividend should be supported by a sound capital structure and strong cash flows, and we think we're well placed in that regard. When we look at our peer group, we see a lot of people who are either highly leveraged or have poor cash flows in the near term. And we think that's an area where Seadrill represents extremely good value compared to our competitors.

但我們確實認為，股息應該得到穩健的資本結構和強勁現金流的支持，我們認為我們在這方面處於有利地位。當我們審視同行群體時，我們會發現很多人的槓桿率很高，或者短期內現金流不佳。我們認為，與我們的競爭對手相比，Seadrill 在這方面具有極高的價值。

Got it. Makes sense. And finally, on the asset base, are there any assets that you're planning to retire anytime soon? Or are there any sort of noncore assets that you might consider selling, let's say, jack-ups or certain drillships, anything like that on the horizon?

知道了。說得通。最後，在資產基礎上，是否有您計劃很快退休的資產？或者您是否可以考慮出售任何類型的非核心資產，比方說，自升式平台或某些鑽井船，諸如此類即將出現的資產？

Yeah, sure. I think we've been pretty open, and we -- there's some things that we've communicated in our 20-F. We're actively considering options to dispose noncore assets. We can't provide any specific comments at this time. We'll come back to you if we have any news in that regard.

好，當然。我認為我們一直很開放，而且我們 - 我們已經在 20-F 中交流了一些事情。我們正在積極考慮處置非核心資產的方案。我們目前無法提供任何具體評論。如果我們有這方面的任何消息，我們會盡快與您聯繫。

But I think, generally speaking, we want to be an important player in a smaller number of asset segments so that we can be more efficient and harness economies of scale across the cost base.

但我認為，總的來說，我們希望成為少數資產領域的重要參與者，這樣我們就可以提高效率，並在整個成本基礎上利用規模經濟。

So we're focusing our asset base through time. So you should expect to see movement from us as we continually refocus and refine other parts of the market that we want to play in.

因此，我們一直在關注我們的資產基礎。因此，隨著我們不斷重新調整和完善我們想要參與的市場的其他部分，您應該期待看到我們的行動。

Got it. Okay. Thanks for your comments.

知道了。好的。感謝您的意見。

We currently have no further questions. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

我們目前沒有進一步的問題。女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。謝謝。