Seadrill Ltd (Hamilton) (SDRL) 2023 Q4 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Eric, and I will be your conference operator today.

我叫艾瑞克，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Seadrill fourth-quarter 2023 earnings release call.

此時此刻，我歡迎大家參加 Seadrill 2023 年第四季財報電話會議。

(Operator instructions)

（操作員說明）

I would now like to turn the call over to Lydia Mabry, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Lydia Mabry。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Welcome to Seadrill's fourth-quarter and full-year 2023 earnings call.

歡迎參加 Seadrill 的第四季和 2023 年全年財報電話會議。

With me for the call today are Simon Johnson, our President and Chief Executive Officer; Grant Creed, Executive Vice President and Chief Financial Officer; Samir Ali, Executive Vice President and Chief Commercial Officer; and Marcel Wieggers, Senior Vice President of Operations.

今天與我一起參加電話會議的有我們的總裁兼執行長西蒙·約翰遜 (Simon Johnson)； Grant Creed，執行副總裁兼財務長；薩米爾·阿里，執行副總裁兼首席商務官；和 Marcel Wieggers，營運資深副總裁。

Today's call may include forward-looking statements that involve risks and uncertainty.

今天的電話會議可能包括涉及風險和不確定性的前瞻性陳述。

Actual results may differ materially.

實際結果可能存在重大差異。

No one should assume these forward-looking statements remain valid later in the quarter or year, and we assume no obligation to update them.

任何人都不應認為這些前瞻性陳述在季度或年度晚些時候仍然有效，我們不承擔更新它們的義務。

Our latest Forms 20-F and 6-K filed with the US Securities and Exchange Commission provide a more detailed discussion of our forward-looking statements and the risk factors affecting our business.

我們向美國證券交易委員會提交的最新表格 20-F 和 6-K 更詳細地討論了我們的前瞻性陳述以及影響我們業務的風險因素。

During today's call, we may also refer to non-GAAP measures.

在今天的電話會議中，我們也可能提到非公認會計準則措施。

Reconciliations to the nearest corresponding GAAP measures are in the earnings release filed with the SEC and available on our website, seadrill.com/investors. Our use of the term EBITDA corresponds with the term adjusted EBITDA as defined in our earnings release.

與最接近的相應 GAAP 衡量標準的對帳資訊包含在向 SEC 提交的收益報告中，也可在我們的網站seadrill.com/investors 上查看。我們使用的術語 EBITDA 與我們的收益發布中定義的調整後 EBITDA 術語相對應。

Now, let me turn the call over to Simon.

現在，讓我把電話轉給西蒙。

Thank you.

謝謝。

Today, I will address our recent accomplishments, near-term positioning, and future potential.

今天，我將談談我們最近的成就、近期定位和未來潛力。

Samir will then discuss our commercial activity and outlook, and Grant will review our financial results and 2024 guidance.

然後，薩米爾將討論我們的商業活動和前景，格蘭特將審查我們的財務業績和 2024 年指引。

Then we will open the call to questions.

然後我們將開始提問。

Seadrill is a leading offshore driller.

Seadrill 是一家領先的海上鑽井公司。

We consistently execute on our stated strategy, achieving financial and operational results that allow us to deliver industry-leading total shareholder returns relative to our offshore floater peers.

我們始終如一地執行我們既定的策略，取得了財務和營運成果，使我們能夠相對於離岸浮動航運同行提供業界領先的股東總回報。

We were the best performing equity in the peer group in the 2023 calendar year, and we've bought back over $340 million worth of Seadrill shares through our ongoing repurchase program.

我們是 2023 年同業中表現最好的股票，我們透過持續的回購計畫回購了價值超過 3.4 億美元的 Seadrill 股票。

Throughout the year, we continued our efforts to simplify and strengthen our business.

全年，我們繼續努力簡化和加強我們的業務。

We operate a modern floater-focused fleet, concentrated primarily in the Golden Triangle.

我們經營著一支現代化的浮動船隊，主要集中在金三角。

We achieved minimum efficient scale through our Aquadrill acquisition, adding four drillships with near-term contracting exposure.

我們透過收購 Aquadrill 實現了最低有效規模，增加了四艘具有近期承包業務的鑽井船。

We secured leading-edge contracts for term work and are announcing two major Brazil awards, representing $1.1 billion in firm revenue at rates our peers would envy, and we followed that with another announcement of a benchmark rate in late January for the US Gulf of Mexico.

我們獲得了領先的定期工作合同，並宣布了兩項重要的巴西合同，代表著11 億美元的公司收入，其收入水平令我們的同行羨慕不已，隨後我們又於1 月底宣布了美國墨西哥灣的基準費率。

We have long telegraphed and prepare to headwinds in 2024, first calling attention to them on our second-quarter 2023 earnings call.

我們很早就發出了電報，並為 2024 年的逆風做好了準備，首先在 2023 年第二季度的財報電話會議上呼籲人們關注這些逆風。

Our trade rivals seem to be recognizing varying degrees of emerging white space, supply chain pressures, and inflationary capital expenditure and OpEx trends in 2024.

我們的貿易競爭對手似乎不同程度地認識到 2024 年將出現不同程度的空白空間、供應鏈壓力以及通膨資本支出和營運支出趨勢。

At Seadrill, we continue to manage and mitigate the impact these trends may have on our operational and financial results.

在 Seadrill，我們繼續管理和減輕這些趨勢可能對我們的營運和財務表現產生的影響。

We aim to secure the right contracts for the right rigs in the right place at the right rates.

我們的目標是在正確的地點以正確的價格為正確的鑽機獲得正確的合約。

Moving, for example, the West Polaris to a term contract in Brazil, a growing market for the industry and a key operating region for Seadrill where we've costed rigs and benefit from economies of scale.

例如，將西北極星號轉移到巴西的定期合同，巴西是該行業不斷增長的市場，也是 Seadrill 的關鍵營運區域，我們在那裡計算了鑽機成本並從規模經濟中受益。

We made early decisions to implement wage increases and retention programs, securing talent that's critical to our continued delivery of safe, efficient operations.

我們很早就決定實施加薪和保留計劃，以確保對我們持續安全、高效運作至關重要的人才。

We invest in our drilling crews continued development, providing high-fidelity simulator-based training programs that allow them to practice and prepare for real-life scenarios in an immersive classroom environment.

我們投資於鑽井人員的持續發展，提供基於模擬器的高保真培訓計劃，使他們能夠在身臨其境的課堂環境中練習和為現實生活場景做好準備。

We maintain an active dialogue with key vendors on supply chain requirements and realities, proactively ordering long lead time items to minimize schedule risk and to improve our ability to recover from unplanned events.

我們與主要供應商就供應鏈要求和現實情況保持積極對話，主動訂購交貨時間較長的產品，以最大限度地降低進度風險並提高我們從計劃外事件中恢復的能力。

Lastly, to the extent we are able, we've begun performing special periodic surveys and related work on an accelerated schedule to limit interruption to our fleet's revenue profile and coincide with a broader transition year.

最後，在我們力所能及的範圍內，我們已經開始加速進行特別定期調查和相關工作，以限制對我們機隊收入狀況的干擾，並與更廣泛的過渡年相一致。

We're commencing a transition to a more continuous approach to require with classification in coming years.

我們將在未來幾年開始過渡到更連續的分類方法。

Going forward, we anticipate that we will see less time out of service for five yearly surveys.

展望未來，我們預計五年一次的調查的服務中斷時間將會減少。

For 2025, we continue to de-risk our outlook and build greater earnings visibility through term contracts and optimize maintenance schedules.

2025 年，我們將繼續降低前景風險，並透過定期合約和優化維護計劃來提高獲利可見度。

Our active fleet is now over 60% contracted for the year 2025, and that number will rise higher as we approach recontracting windows.

目前，我們的現役機隊中超過 60% 的機隊已簽訂了 2025 年合同，而且隨著重新簽約窗口的臨近，這一數字還會上升。

Additionally, reduced maintenance obligations limit future out-of-service days and related impact to revenue margin.

此外，維護義務的減少限制了未來的停駛天數以及對收入利潤率的相關影響。

We remain steadfast in our belief in a long and enduring offshore drilling upcycle as the world's population continues to grow in both size and wealth, so to, will be attendant demand for hydrocarbons as they remain some of the most economic, efficient, and reliable sources of energy.

我們仍然堅信，隨著世界人口規模和財富的持續增長，海上鑽探將迎來長期持久的升級週期，因此，對碳氫化合物的需求也會隨之增加，因為它們仍然是最經濟、最高效和最可靠的來源之一的能量。

Increasingly, we expect offshore will be the source of supply of rising oil and gas demand given the size and strength of its reserves by rig supply remains constrained as most industry participants expressed reluctance to reactivate the thin inventory of stacked assets and to customer terms and contract economics justify the time and capital investment needed.

鑑於大多數行業參與者表示不願意重新啟動庫存薄弱的堆積資產以及客戶條款和合同，因此，我們預計海上將越來越成為石油和天然氣需求不斷增長的供應源。經濟學證明了所需時間和資本投資的合理性。

The resulting delta between supply and demand reaffirms our view that this will be a multiyear cycle.

由此產生的供需之間的差異再次證實了我們的觀點，即這將是一個多年周期。

We're not alone in this, as third-party analysts expect drillship demand to increase by nearly 20% in 2025 compared to 2023.

我們並不是唯一這樣做的公司，第三方分析師預計 2025 年鑽井船需求將比 2023 年增加近 20%。

At the firm level, we believe our ability to maintain a strong balance sheet and generate healthy cash flow allows us to withstand any near-term adversity and capitalize on mid- to longer-term opportunities that will develop as the cycle progresses, creating continued value for our customers and shareholders.

在公司層面，我們相信，我們保持強勁的資產負債表和產生健康現金流的能力使我們能夠抵禦任何短期逆境，並利用隨著週期的進展而發展的中長期機會，創造持續價值為我們的客戶和股東。

Based on current market conditions, we believe we can deliver meaningful EBITDA expansion and free cash flow generation from our existing business in 2025 and beyond.

根據當前的市場狀況，我們相信我們能夠在 2025 年及以後實現有意義的 EBITDA 擴張並從現有業務中產生自由現金流。

Let's elaborate and what that might look like in four simple steps using high-level estimates in round numbers.

讓我們使用整數的高級估計值透過四個簡單步驟來詳細說明它可能會是什麼樣子。

So let's begin with 2023 reported EBITDA of $495 million.

讓我們從 2023 年報告的 EBITDA 為 4.95 億美元開始。

First, 2023 actions only included nine months of Aquadrill contribution.

首先，2023 年的行動僅包括 9 個月的 Aquadrill 貢獻。

Future results will benefit from the full year.

未來的業績將受益於全年。

Second, we are on track to deliver our stated synergies of $70 million of value per year in respect of the Aquadrill transaction, largely associated with the elimination of third-party rig management fees.

其次，我們預計在 Aquadrill 交易中實現每年 7000 萬美元的協同效應，這主要與取消第三方鑽機管理費有關。

As many of you are aware, legacy Aquadrill was more of a regain of an operator subcontracting drillers to operate rigs on their behalf.

正如你們許多人所知，傳統的 Aquadrill 更像是運營商分包鑽井人員代表他們操作鑽機的重新獲得。

When we acquired the company, we acquired those contracts effectively, paying industry competitors to perform a job we do ourselves every day. as the rigs transition to new contracts through 2024, we will eliminate those management fees and see immediate bottom-line impact.

當我們收購這家公司時，我們有效地獲得了這些合同，付錢給行業競爭對手來完成我們每天自己做的工作。隨著鑽機在 2024 年過渡到新合約，我們將消除這些管理費並立即看到獲利影響。

Third, repricing near term-contracts to market rates supports further EBITDA expansion.

第三，根據市場利率重新定價近期合約支持 EBITDA 進一步擴張。

West Polaris was a meaningful EBITDA improvement when it moves from India to its new leading-edge contract in Brazil at the end of the year despite India being a much lower-cost operating environment.

儘管印度的營運環境成本要低得多，但西北極星公司在年底從印度轉移到巴西的新的領先合約時，EBITDA 取得了有意義的改善。

Finally, repricing should become particularly impactful when we mark to market of three rigs we currently operate in Brazil on long-dated legacy contracts booked in the fourth quarter of 2022.

最後，當我們根據 2022 年第四季度預訂的長期遺留合約對目前在巴西運營的三台鑽機進行市場評估時，重新定價應該會變得特別有影響力。

These three rigs have a current average disclose day rate of just over $250,000 per day.

這三台鑽機目前的平均揭露日費率略高於每天 25 萬美元。

Were they to secure contracts at rates like that awarded to the West Auriga by would earn nearly twice as much revenue and assuming costs remain the same, approximately $250 million more in annual EBITDA.

如果他們以授予 West Auriga 的價格獲得合同，他們將獲得近兩倍的收入，並且假設成本保持不變，年度 EBITDA 將增加約 2.5 億美元。

Should the market improve, as we believe it can, that number could be even higher.

如果市場像我們相信的那樣改善，這個數字可能會更高。

So bringing this together, you can see how we can materially improve from that 2023 baseline.

因此，將這些綜合起來，您可以看到我們如何在 2023 年基線的基礎上實現實質改進。

We believe this level of EBITDA expansion and resulting cash flow generation is both reasonable and realistic.

我們相信這種 EBITDA 擴張水平以及由此產生的現金流既合理又現實。

We should soon benefit from a full year's contribution from the legacy Aquadrill fleet and the elimination of third-party rig management fees.

我們很快就會受益於傳統 Aquadrill 船隊的全年貢獻以及第三方鑽機管理費的取消。

And we will continue to see impact of near- and longer-term repricing as rigs roll off existing contracts.

隨著鑽機退出現有合同，我們將繼續看到近期和長期重新定價的影響。

We remain confident in the value we can create in the coming years.

我們對未來幾年所能創造的價值仍然充滿信心。

We actively manage our business in a way that reflects tomorrow's realities and tomorrow's opportunities, which Samir and Grant will discuss in more detail.

我們以反映未來現實和未來機會的方式積極管理我們的業務，薩米爾和格蘭特將對此進行更詳細的討論。

With that, I'll turn the call to Samir.

這樣，我就把電話轉給薩米爾。

Thank you, Simon.

謝謝你，西蒙。

I will review our recent contract awards, and then walk through our fleet status, providing a Seadrill-specific market outlook.

我將回顧我們最近授予的合同，然後介紹我們的船隊狀況，提供針對 Seadrill 的市場前景。

Since we last spoke during our third-quarter earnings call, we have secured approximately 80 months, or 6.5 years, worth of additional backlog across four drillships on an average day rate close to $475,000 per day.

自從我們上次在第三季財報電話會議上發言以來，我們已經在四艘鑽井船上獲得了大約 80 個月（即 6.5 年）的額外積壓訂單，平均日費率接近每天 475,000 美元。

These awards are a testament to the strong brand and industry-leading team at Seadrill.

這些獎項證明了 Seadrill 強大的品牌和領先業界的團隊。

In December of last year, as a part of the busiest tender, Petrobras awarded both the West Auriga and the West Polaris multiyear contracts for offshore Brazil, representing $1.1 billion in combined contract backlog.

去年 12 月，作為最繁忙招標的一部分，巴西國家石油公司授予了巴西近海的 West Auriga 和 West Polaris 多年期合同，合約積壓總額達 11 億美元。

We expect the contracts to commence in late 2024.

我們預計合約將於 2024 年底開始。

Notably, the West Auriga represents one of the highest day rates achieved thus far in the cycle by any industry player with an implied day rate of approximately $500,000 per day.

值得注意的是，West Auriga 是迄今為止所有行業參與者在該週期中實現的最高日費率之一，隱含日費率約為每天 50 萬美元。

In January, we announced another market-leading rate, this time in the US Gulf of Mexico.

一月份，我們宣布了另一個市場領先的費率，這次是在美國墨西哥灣。

The West Vela secured 150-day contract, an implied day rate of approximately $490,000 per day excluding managed pressure drilling services.

West Vela 獲得了 150 天的合同，隱含的日費約為每天 490,000 美元，不包括控壓鑽井服務。

We expect the work to commence in direct continuation of the rig's existing firm term contracts, securing the rigs in the US Gulf of Mexico to the middle of next year.

我們預計這項工作將直接延續該鑽井平台現有的固定期限合同，確保美國墨西哥灣的鑽井平台運行到明年年中。

Lastly, the operator of the West Capella exercise a priced one-well option valued at $24 million to maintain her for their current program.

最後，West Capella 的營運商行使價值 2,400 萬美元的單井選擇權，以維持其當前專案。

While we anticipate the option would carry the Capella through November, recent changes in the client's well schedule means you will only be working through August.

雖然我們預計該選項將使 Capella 工作到 11 月，但最近客戶油井計劃的變更意味著您只能工作到 8 月。

Unlike firm-term contracts, while base agreements may move to the left or the right, depending on drilling programs and schedules.

與固定期限合約不同，基礎協議可能會向左或向右移動，具體取決於鑽井計劃和時間表。

As of today, our 2024 contracted utilization is a solid 80%, excluding three cold-stacked rigs, which we market selectively.

截至今天，我們 2024 年的合約利用率穩定在 80%，不包括我們選擇性銷售的三台冷堆鑽機。

We currently have 39 months of uncontracted rig time across our fleet for the calendar year 2024.

目前，我們的船隊在 2024 年有 39 個月的未合約鑽機時間。

Scheduled maintenance should consume approximately seven months' worth of this idle time, with five rigs requiring varying amounts of out-of-service time based on our current plans.

定期維護應消耗約七個月的閒置時間，根據我們目前的計劃，五台鑽孔機需要不同長度的停機時間。

Contract preparation could consume an additional 17 months, largely related to our two Brazil contract awards I mentioned earlier.

合約準備工作可能還需要 17 個月的時間，這主要與我之前提到的兩項巴西合約有關。

We're actively looking to secure work for the remaining 15 months.

我們正在積極尋找剩餘 15 個月的工作。

The Sevan Louisiana is currently undergoing five-year maintenance through the first half of March after completing her well-based contract earlier and effectively drilling herself out of work in December of last year.

Sevan Louisiana 號早些時候完成了基礎良好的合同，並於去年 12 月有效地擺脫了工作，目前正在進行為期五年的維護，一直持續到 3 月上半月。

The Louisiana is one of the last remaining semisubmersibles and an increasingly bifurcated US Gulf of Mexico.

路易斯安那號是僅存的半潛式潛水器之一，也是美國墨西哥灣日益分叉的地方。

She competes in a smaller secondary segment focused on lower priced and more niche applications.

她在較小的二級市場競爭，專注於價格較低和更利基的應用。

We continue to market her actively in the US Gulf and further abroad.

我們繼續在美國海灣和更遠的海外地區積極推銷她。

And while we don't have anything to announce today, we remain optimistic on her contracting potential.

雖然我們今天沒有任何消息要宣布，但我們對她的簽約潛力仍然持樂觀態度。

Turning to the two rigs that were awarded contracts in Brazil, both the West Polaris and the West Auriga require significant modifications, mobilization, and intake and acceptance by Petrobas and regulatory agencies before they begin their new contracts at year end.

談到在巴西獲得合約的兩座鑽井平台，West Polaris 和 West Auriga 都需要進行重大修改、動員，並獲得 Petrobas 和監管機構的接收和認可，然後才能在年底開始新合約。

So while the rigs are technically available to work now, the opportunity to slot in short-term work is limited as any delays could jeopardize the rig schedule arrival offshore Brazil.

因此，雖然這些鑽井平台現在在技術上可以投入使用，但短期工作的機會有限，因為任何延誤都可能危及鑽井平台抵達巴西近海的時間表。

We knew meaningful white space was a possible outcome when we pursued these contracts.

當我們追求這些合約時，我們知道有意義的空白是可能的結果。

Securing a fifth and sixth rigs in Brazil strengthens our already leading position in the local market and enhances our economies of scale.

在巴西獲得第五和第六座鑽機鞏固了我們在當地市場的領先地位，並增強了我們的規模經濟。

We expect the West Phoenix, our harsher environment semi in Norway, to finish its well-based contract in August.

我們預計 West Phoenix（我們在挪威環境較惡劣的半成品）將在 8 月完成其基礎良好的合約。

The rig will require shipyard stay for upgrades and maintenance before she begins her next contract, and her destination market will influence the type and level of investment made.

在她開始下一份合約之前，該鑽井平台將需要在船廠進行升級和維護，而她的目的地市場將影響投資的類型和水平。

The Phoenix will be the first floater available in the Norwegian market.

Phoenix 將成為挪威市場的第一款漂浮設備。

While we remain optimistic about her contracting process, we expect any potential future work will not start before the second quarter as a North Sea operators typically wait until spring to begin drilling programs.

雖然我們對她的承包過程保持樂觀，但我們預計任何潛在的未來工作都不會在第二季之前開始，因為北海業者通常要等到春季才開始鑽探計畫。

As previously stated, we now expect the West Capella to end its current contract in August, subject to our schedule.

如前所述，我們現在預計西卡佩拉隊將根據我們的時間表在八月結束其當前合約。

She's one of the few available rigs in Southeast Asia; additionally, she's equipped with MPD.

她是東南亞少數可用的鑽井平台之一；此外，她還配備了MPD。

Given recent discoveries in Indonesia and elsewhere, we are confident we can secure further work for the rig soon.

鑑於最近在印尼和其他地方的發現，我們有信心很快就能確保該鑽井平台的進一步工作。

Lastly, we expect the West Neptune to be out of service for 45 days in the third quarter for its special periodic survey and upgrades scheduled between wells on its existing contract in the US Gulf of Mexico.

最後，我們預計西海王星號將在第三季停止服務 45 天，因為其在美國墨西哥灣現有合約的井間計劃進行特別定期調查和升級。

That concludes my walk through the Seadrill rig fleet.

我對 Seadrill 鑽井平台的了解就到此結束。

We expect to provide more insight on our 2025 contracting outlook, the deeper we get into the year.

隨著我們對 2025 年合約前景的深入了解，我們預計將提供更多有關 2025 年合約前景的見解。

Lead times for future contracts vary by region from 6 to 18 months, depending on geography.

未來合約的交貨時間因地區而異，從 6 個月到 18 個月不等，具體取決於地理位置。

In some regions, customers are initiating conversations for projects with start dates in 2026 and beyond and others that are not even yet discussing the fourth quarter.

在某些地區，客戶正在就開始日期為 2026 年及以後的專案發起對話，而其他地區甚至尚未討論第四季度的專案。

In either case, we believe we're well-positioned to secure the right contracts to generate the earnings potential, as Simon alluded to earlier.

無論哪種情況，我們相信我們都處於有利位置，能夠獲得合適的合約以產生盈利潛力，正如西蒙之前提到的那樣。

And with that, I'll pass the call to Grant.

這樣，我就會把電話轉給格蘭特。

Thanks, Samir.

謝謝，薩米爾。

I'll start by reviewing our recent financial results before providing our full-year guidance.

在提供全年指導之前，我將首先回顧我們最近的財務表現。

For the full year '23, we delivered $495 million of adjusted EBITDA and $1.5 billion in revenue.

23 年全年，我們實現了 4.95 億美元的調整後 EBITDA 和 15 億美元的營收。

This translates into industry-leading EBITDA margin of 33%.

這相當於業界領先的 EBITDA 利潤率 33%。

Turning to the fourth quarter, adjusted EBITDA was $100 million, consistent with expectations as our 2023 full-year guidance implied softer fourth quarter EBITDA of $90 million to $110 million.

轉向第四季度，調整後 EBITDA 為 1 億美元，與預期一致，因為我們的 2023 年全年指引意味著第四季度 EBITDA 較弱，為 9,000 萬美元至 1.1 億美元。

Total operating revenues were relatively flat quarter on quarter at $408 million.

總營業收入環比持平，為 4.08 億美元。

We recognized $315 million in contract revenues, a slight decline from the prior quarter, primarily due to unplanned downtime related to well control equipment and the Sevan Louisiana finishing a well-based contract earlier than anticipated.

我們確認了 3.15 億美元的合約收入，較上一季略有下降，主要是由於與井控設備相關的計劃外停機以及 Sevan Louisiana 比預期提前完成了基礎良好的合約。

We recognized an additional $73 million in management contract revenues, which represents income generated from the three rigs we operate as part of our Sonadrill JV.

我們確認了另外 7300 萬美元的管理合約收入，這是我們作為 Sonadrill 合資企業一部分運營的三台鑽機產生的收入。

The $5 million sequential increase reflects higher reimbursable revenue relating primarily to rig maintenance that was offset by a corresponding increase in management contract expenses.

環比增加 500 萬美元反映了主要與鑽機維護相關的可償還收入增加，但管理合約費用的相應增加抵消了這一增加。

Lastly, we recognized $14 million in other revenues, which includes bareboat charter income from our Gulfdrill joint venture and $6 million in reimbursables, which is offset by corresponding reimbursable expenses.

最後，我們確認了 1400 萬美元的其他收入，其中包括來自我們的 Gulfdrill 合資企業的光船租賃收入和 600 萬美元的可報銷費用，該收入被相應的可報銷費用所抵消。

Now, turning to expenses.

現在，轉向支出。

For the fourth quarter, vessel and rig operating expenses were up $36 million sequentially, primarily composed of three components.

第四季度，船舶和鑽井平台營運費用較上季增加 3,600 萬美元，主要由三個部分組成。

Noncash accruals represented $15 million and much of the remaining $21 million was distributed relatively equally across two primary categories.

非現金應計費用為 1500 萬美元，其餘 2100 萬美元的大部分相對平均地分配在兩個主要類別中。

The first category was planned maintenance projects and capital spares purchases, which was heavily related to timing.

第一類是計畫的維護項目和資本備件採購，這與時間安排密切相關。

The second was rig personnel.

第二個是鑽機人員。

Fourth-quarter results include the impact of pay rise and retention programs, reflecting a tight labor market and inflationary environment.

第四季業績包括加薪和保留計畫的影響，反映出勞動市場緊張和通膨環境。

Additionally, we saw third-party managers on legacy Aquadrill rigs use temporary contract labor to fill crew vacancies.

此外，我們還看到傳統 Aquadrill 鑽孔機上的第三方管理人員使用臨時合約工來填補船員空缺。

SG&A costs were $6 million higher than the prior quarter, primarily related to severance.

SG&A 成本比上一季高出 600 萬美元，主要與遣散費有關。

Moving on to the balance sheet and cash flow statements, we maintained a strong balance sheet and sound capital structure.

從資產負債表和現金流量表來看，我們維持了強勁的資產負債表和健全的資本結構。

At year end, we had total gross debt of $625 million, and $697 million in unrestricted cash, resulting in a net cash position of $72 million.

截至年底，我們的總債務為 6.25 億美元，非限制性現金為 6.97 億美元，淨現金部位為 7,200 萬美元。

Fourth-quarter operating cash flow totaled $140 million on the back of solid earnings and supported by a reduction in working capital.

在穩健的獲利和營運資本減少的支持下，第四季營運現金流總計 1.4 億美元。

Capital expenditure for the fourth quarter totaled $90 million, divided almost equally across long-term maintenance costs, which, for your awareness, are treated as operating cash flows and the cash flow statements and capital upgrades related to contract preparation and incremental equipment spend.

第四季的資本支出總計 9000 萬美元，幾乎平均分配給長期維護成本，據您所知，這些成本被視為營運現金流以及與合約準備和增量設備支出相關的現金流量表和資本升級。

This was slightly higher than previously guided on our third-quarter call due to the need to secure long-lead items for the Auriga and Polaris projects.

由於需要為 Auriga 和 Polaris 專案確保長期供貨，這一數字略高於我們第三季電話會議的預期。

This yielded free cash flow of $92 million for the quarter.

該季度的自由現金流為 9,200 萬美元。

Now, let's discuss our guidance.

現在，讓我們討論一下我們的指導。

Our full-year guidance reflects our expectations that 2024 is a transition year.

我們的全年指引反映了我們對 2024 年是過渡年的預期。

We expect total operating revenues between $1.47 billion and $1.52 billion.

我們預計總營業收入在 14.7 億美元至 15.2 億美元之間。

Guidance largely reflects firm revenues, including 92% of contract drilling revenue already secured in our backlog, as well as the fleet status and outlook that Samir reviewed earlier.

指導很大程度上反映了公司收入，包括我們積壓訂單中已獲得的 92% 的合約鑽井收入，以及薩米爾先前審查的船隊狀況和前景。

We anticipate adjusted EBITDA to be $400 million to $450 million, key points to note our extensive contract preparation and mobilization of the West Auriga and the West Polaris ahead of the Brazil contracts and planned out-of-service time related to special periodic surveys and associated maintenance.

我們預計調整後的EBITDA 為4 億至4.5 億美元，值得注意的是，我們在巴西合約之前對西奧裡加號和西北極星號進行了廣泛的合約準備和動員，以及與特別定期調查和相關的規劃停運時間。維護。

Note that our revenue and adjusted EBITDA guidance includes amortized mobilization revenues and expenses of approximately $40 million and $45 million, respectively.

請注意，我們的收入和調整後 EBITDA 指引包括攤銷的動員收入和支出，分別約為 4,000 萬美元和 4,500 萬美元。

It also includes reimbursable revenue and expenses of approximately $70 million.

它還包括約 7000 萬美元的可償還收入和支出。

And as a reminder, reimbursables are low margin revenues.

提醒一下，可報銷收入是低利潤收入。

And finally, we expect CapEx of $400 million to $450 million.

最後，我們預期資本支出為 4 億至 4.5 億美元。

This reflects a spike in our SPS cycle as well as major projects for the Auriga and Polaris, which are due to commence long-term campaigns toward the end of the year.

這反映出我們的 SPS 週期以及 Auriga 和 Polaris 的主要專案的激增，這些專案將於年底開始長期活動。

As it relates to capital allocation, we remain committed to shareholder returns.

由於涉及資本配置，我們仍然致力於股東回報。

The pace at which we've bought back our own shares certainly demonstrates this.

我們回購自己股票的速度無疑證明了這一點。

We initiated a $250 million share repurchase program in September.

我們於 9 月啟動了 2.5 億美元的股票回購計畫。

We completed it by November.

我們在 11 月完成了它。

And in December, we expanded it by an incremental $250 million.

12 月，我們將規模擴大了 2.5 億美元。

To date, we have repurchased $342 million worth of Seadrill shares at what we believe is a highly accretive price level, which represents 11% of our total share capital.

迄今為止，我們已經以我們認為具有高度增值性的價格水平回購了價值 3.42 億美元的 Seadrill 股票，占我們總股本的 11%。

We remain committed to continued value creation across the cycle.

我們仍然致力於在整個週期中持續創造價值。

Back to you, Simon.

回到你身邊，西蒙。

Before we open the call for questions, I want to thank our employees for their continued contributions to our progress.

在我們開始提問之前，我要感謝我們的員工為我們的進步做出的持續貢獻。

As you're aware, we are closing our corporate office in London and concentrating our headquarters in Houston, bringing together our senior leadership and broader corporate team and aligning our presence with key customers, vendors, and fleet operations.

如您所知，我們將關閉位於倫敦的公司辦事處，並將總部集中在休士頓，將我們的高級領導層和更廣泛的公司團隊聚集在一起，並使我們的業務與主要客戶、供應商和車隊營運保持一致。

The move marks yet another transition this calendar year.

此舉標誌著今年的另一個轉變。

We're excited about the energy and enthusiasm that being together will create.

我們對在一起所產生的能量和熱情感到興奮。

To our London team, thank you for your efforts to strengthen our organization during your tenure.

感謝我們的倫敦團隊在您任職期間為加強我們的組織所做的努力。

For those who make the move to Houston, thank you for your continued commitment to Seadrill and interest in making us one of the best in the industry.

對於那些搬到休士頓的人，感謝您對 Seadrill 的持續承諾以及對使我們成為業內最好的公司之一的興趣。

So in closing, to all of our employees, suppliers, and customers, thank you for your engagement and ideas as we consider how we can be more collaborative, efficient, and responsive in our daily operations through our combined efforts that we will continue to improve.

最後，感謝我們所有的員工、供應商和客戶，感謝你們的參與和想法，因為我們正在考慮如何透過我們的共同努力，在日常營運中更加協作、高效和響應迅速，我們將繼續改進。

With that, we can open the call for questions.

這樣，我們就可以開始提問了。

(Operator instructions) Ben Nolan, Stifel.

（操作員指示）Ben Nolan，Stifel。

Yeah, hi.

是的，嗨。

This is Frank Galanti on for Ben.

我是本的弗蘭克·加蘭蒂。

Thanks for taking our questions.

感謝您回答我們的問題。

In the past, you had talked about renegotiating the existing contracts early for the couple of assets in Brazil with Petrobras.

過去，您曾談到儘早與巴西國家石油公司就巴西的幾項資產重新談判現有合約。

Can you provide us an update on where that stands?

您能為我們提供最新情況嗎？

Sure.

當然。

This is Samir.

這是薩米爾.

I don't think we've said previously we'd renegotiate them, but we are definitely looking to recontract those rigs in Brazil.

我認為我們之前沒有說過我們會重新談判它們，但我們肯定會尋求重新承包巴西的這些鑽井平台。

I'd say we're starting to enter that window in the prepared remarks that certain markets are nearing six months.

我想說的是，我們已經開始進入這個窗口，在準備好的評論中，某些市場已接近六個月。

Certain markets are 18, I'd say Brazil is probably on the upper end of that range.

某些市場是 18，我認為巴西可能處於該範圍的上限。

So we are starting to have those early conversations with Petrobras and others about recontracting those assets.

因此，我們開始與巴西國家石油公司和其他公司就重新承包這些資產進行早期對話。

But as we get deeper into 2024, you should expect us to provide some more guidance about where we are in that recontracting for those rigs.

但隨著 2024 年的深入，您應該期待我們提供更多關於我們在這些鑽孔機重新承包方面的進展的指導。

And also, say, they're all Brazil ready, and they could stay in that market, but we're not opposed to moving them to other markets if required as well.

而且，比如說，他們都已經在巴西做好了準備，他們可以留在那個市場，但如果需要的話，我們也不反對將他們轉移到其他市場。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And so the -- I wanted to sort of follow up on the CapEx.

因此，我想對資本支出進行跟進。

It's a pretty meaningful step-up in '24.

這是 24 年非常有意義的進步。

But can you sort of talk about what sort of what goes into that number and, really, to sort of get visibility on what that number looks like on a go-forward basis in '25 and going forward?

但是你能談談這個數字的具體內容嗎？實際上，能否了解這個數字在 25 年以及未來的基礎上是什麼樣子？

Yeah.

是的。

Good morning, Frank.

早安，弗蘭克。

It's Simon.

這是西蒙。

Well, let me just kick off and then I'll pass to Grant to get into the numbers.

好吧，讓我開始吧，然後我會交給格蘭特介紹數字。

But, I mean, our CapEx is meaningfully higher next year because of the SPS intensity.

但是，我的意思是，由於 SPS 強度，明年我們的資本支出會顯著提高。

And that is really itself a function of the delivery anniversary dates when these rigs originally constructed.

這本身就是這些鑽機最初建造時的交付週年日期的函數。

So we've been talking for many quarters now that this was coming at us.

因此，我們已經討論了好幾個季度，因為這件事正在向我們襲來。

It was going to be a reality and that we are planning for how to mitigate its impact.

這將成為現實，我們正在計劃如何減輕其影響。

The key thing to understand is there going to be more revenue days in '25 and '26.

需要理解的關鍵一點是，25 年和 26 年將會有更多的收入天數。

We're proactively doing maintenance where we have the opportunity to do that as part of contract preparation.

我們正在積極主動地進行維護，作為合約準備的一部分，我們有機會這樣做。

And we expect to be a materially higher average rates across the fleet in future years, and that's going to be at the benefit of the work that we're doing now.

我們預計未來幾年整個機隊的平均費率將大幅提高，這將有利於我們現在所做的工作。

But Grant will go into detail in terms of the quantum.

但格蘭特將詳細介紹量子。

Yeah, sure.

好，當然。

I'll just break it down into three categories that we typically talk about being the maintenance, SPS, and then the customer-specific requirements.

我將其分為三類，我們通常談論的是維護、SPS，然後是客戶特定的要求。

But starting with the LTM, we have said consistently now that maintenance for one of our rigs is between $20,000, $25,000 a day, which for our fleet translates into approximately $100 million, $120 million per annum, and that will continue to be the case 2024.

但從LTM 開始，我們現在一直表示，我們的一台鑽機的維護費用每天在20,000 至25,000 美元之間，這對於我們的船隊來說相當於每年約1 億至1.2 億美元，而且到2024 年仍將如此。 。

Then going on to SPSs, we've said previously, we've mentioned a figure of seven rigs on SPS is now leading excludes the rig appliance, which I'll come on to.

然後繼續 SPS，我們之前說過，我們提到 SPS 上的七台鑽機現在領先，不包括鑽機設備，我將繼續討論。

We said that Neptune and Louisiana are going to go through the full SPS cycle with associated downtime days.

我們說過，海王星和路易斯安那州將經歷完整的 SPS 週期以及相關的停機天數。

I'm sorry, you can model in your full SPS cost.

抱歉，您可以對全部 SPS 成本進行建模。

Phoenix, we put in the SPS category.

Phoenix，我們將其歸類為 SPS 類別。

I guess, technically that's regulatory compliance work, but that's going to be undertaken this year, and that we'll have associated downtime days to the extent that when that's done rolling off the Vela contract.

我想，從技術上講，這是監管合規工作，但這將在今年進行，並且我們將在 Vela 合約完成後進行相關的停機天數。

Then on the four Brazil rigs that are currently in Brazil.

然後是目前位於巴西的四個巴西鑽井平台。

Jupiter, Carina, Saturn, Tellus, those have SPS works, but we are not doing, or not having associated, SPS or out-of-service days.

木星、船底座、土星、特勒斯，這些都有 SPS 工作，但我們沒有或沒有相關的 SPS 或停止服務日。

That's going to our continuous classing that Samir and Simon have talked to previously.

這是薩米爾和西蒙之前談過的我們的連續課程。

And then finally, a rig at Polaris, numbers are in there.

最後，北極星的一個鑽井平台上有數字。

Important when you look at it per rig at Polaris.

當您在北極星的每個鑽孔機上查看它時，這一點很重要。

We've got the project, of course as well.

當然，我們也有這個項目。

But within that, we're taking the opportunity to do some SPS work and long-term maintenance as well.

但在此期間，我們也藉此機會進行一些 SPS 工作和長期維護。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Thanks for the questions, Frank.

謝謝你的提問，弗蘭克。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, hi.

是的，嗨。

Thank you and good morning -- good afternoon, everybody.

謝謝大家，早安——大家下午好。

Simon, thanks for the guidance.

西蒙，謝謝你的指導。

As we kind of match, what free cash flow could look like?

當我們配對時，自由現金流會是什麼樣子？

Kind of curious, just given the transition here.

有點好奇，剛剛考慮到這裡的轉變。

This is -- kind of curious how you're thinking about the buyback.

這有點好奇你是如何考慮回購的。

I mean, clearly, we still have some available capacity still have a lot of cash on the balance sheet, any kind of thoughts around how you're thinking about the implementation of the buyback as kind of 2024 plays out?

我的意思是，很明顯，我們仍然有一些可用產能，資產負債表上仍然有大量現金，您對 2024 年回購實施有何想法？

Yeah, good morning, Greg.

是的，早上好，格雷格。

Yes, certainly.

是的，當然了。

Look, I think capital return is going to be the heart of our proposition to the market in coming years.

看，我認為資本回報將成為我們未來幾年向市場提出的核心主張。

We have a facility in place that takes us through to at least the middle of this year.

我們有一個設施可以讓我們至少持續到今年年中。

And I think we're very mindful that a lot of people like our stock for that visibility and that commitment to deliver value to shareholders that can't be otherwise utilized in the ordinary business of the firm.

我認為我們非常清楚，很多人喜歡我們的股票，因為它具有可見性，並且致力於為股東提供價值，而這些價值在公司的日常業務中是無法利用的。

So we think it's important and it's -- we're somewhat unique in the space.

所以我們認為這很重要，而且我們在這個領域有些獨特。

We've got only one other major peer who's able to deliver in the way that we've been delivering.

我們只有另一家主要同行能夠以我們一直以來的方式提供服務。

And yeah, we think it's a great feature.

是的，我們認為這是一個很棒的功能。

But Grant, maybe you like to add some color?

但是格蘭特，也許你想添加一些顏色？

I think as it relates to the buyback, I think it's important to say that we will always assess the buyback at the point in time that we're making the decisions, and we'll always have reference to a financial policy, and we've been through that on previous calls.

我認為，由於這與回購有關，我認為重要的是，我們將始終在做出決定時評估回購，並且我們將始終參考財務政策，而且我們'在之前的通話中已經經歷過這種情況。

But then just to recap very quickly.

但很快就回顧一下。

Looking at where the market is, looking at leverage and liquidity projections, looking at maintenance of the fleet, including SPSs.

關注市場狀況，關注槓桿和流動性預測，關注機隊維護，包括 SPS。

Then we look at any growth opportunities and with a focus on accretive growth opportunities.

然後我們會專注於任何成長機會，並專注於增值成長機會。

But in the absence of that with excess cash and visibility with comfortable leverage and liquidity, we'll look to return capital to shareholders.

但如果缺乏多餘的現金和可見性以及舒適的槓桿和流動性，我們將尋求向股東返還資本。

Okay, great.

好的，太好了。

And then I was hoping for some color or I guess it's a two-part question on the Gulfdrill jackups.

然後我希望有一些顏色，或者我猜這是一個關於 Gulfdrill 自升式鑽井平台的由兩部分組成的問題。

I guess, one, how are we thinking about or how should we be thinking about the impact on the guidance around those rigs, i.e., I know we've been exploring a potential sale since at least last, the back half of last year.

我想，第一，我們如何考慮或應該如何考慮對這些鑽機指導的影響，也就是說，我知道我們至少從去年下半年開始就一直在探索潛在的出售。

And then beyond that, what's the appetite been on realizing that the market is still digesting the news out of Saudi Arabia, not that these rigs are in Saudi Arabia, but did the news around Saudi Arabia and that impact on the jackup market.

除此之外，意識到市場仍在消化來自沙烏地阿拉伯的消息，而不是這些鑽井平台位於沙烏地阿拉伯，而是沙烏地阿拉伯周圍的消息及其對自升式鑽井平台市場的影響，人們的興趣是什麼。

That's kind of what I'm wondering.

這正是我想知道的。

And that's sort of interesting question, Greg.

這是一個有趣的問題，格雷格。

I think, first of all, it's important to say that the reaction to the Saudi news, we believe has been disproportionate.

我認為，首先，重要的是要說，我們認為對沙烏地阿拉伯新聞的反應是不成比例的。

And, really, for us, the big takeaways that growth outside the Kingdom of Saudi Arabia has been really undervalued by market spectators.

事實上，對我們來說，最大的收穫是沙烏地阿拉伯王國以外的成長確實被市場觀察者低估了。

The opportunities in Qatar, that's the biggest potential source of jackup demand outside of Saudi Arabia.

卡達的機會是沙烏地阿拉伯以外自升式鑽井平台需求的最大潛在來源。

And in Spain, somewhat off everyone's radar.

而在西班牙，這有點不受所有人關注。

The Qatar market is also typically lag, activity in other market segments as well.

卡達市場通常也滯後，其他細分市場的活動也是如此。

So we have a in a great position there with our joint venture partner.

因此，我們與合資夥伴在這方面處於有利地位。

We believe that they have a preferred status in terms of providing a supply to that market.

我們相信他們在向該市場提供供應方面具有優先地位。

And as we think about the future, we're happy to stay with those rigs.

當我們思考未來時，我們很高興繼續使用這些鑽孔機。

But unoccupied a lot of management bandwidth, as we said before, and we'll be patient on if we choose to conclude a sale.

但正如我們之前所說，未佔用大量管理頻寬，如果我們選擇完成銷售，我們將保持耐心。

It's going to be at terms that will be satisfactory to our shareholders.

其條款將令我們的股東滿意。

We don't feel pressured to hasten that sale process.

我們並不感到有加快銷售過程的壓力。

We're going to wait to get the right buyer at the right price.

我們將等待以合適的價格找到合適的買家。

We are obviously transitioning out of the jackup segment.

顯然，我們正在從自升式鑽井平台領域轉型。

That's no secret, but we are going to be patient and rational in the manner in which we do that.

這不是什麼秘密，但我們將保持耐心和理性。

So we continue conversations with interested potential buyers.

因此，我們繼續與有興趣的潛在買家進行對話。

And when we've got some firm news, we'll come back and share that with the market, Greg.

當我們得到一些確定的消息時，我們會回來與市場分享，格雷格。

But at this point, we don't see any bad read across from the Saudi news.

但目前，我們沒有看到沙烏地阿拉伯新聞有任何不好的解讀。

We think is great news to come in terms of the Qatar market and the value of those assets in that market.

我們認為，就卡達市場以及該市場中這些資產的價值而言，這是個好消息。

Super helpful.

超有幫助。

Thanks, Simon.

謝謝，西蒙。

Thanks, Greg.

謝謝，格雷格。

Have a great day.

祝你有美好的一天。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，克拉克森證券。

Hey, Simon and team.

嘿，西蒙和他的團隊。

I hope you are all well, and thanks for all the color today.

我希望你們一切都好，感謝今天所有的色彩。

I wanted to touch a bit on your contracting strategy.

我想談談你們的承包策略。

As you said in your prepared remarks, you'll provide more color, particularly on 2025, as we move along but after working through the opportunities that you're currently looking at, are you inclined based on your market view to chase shorter-term opportunities or longer-term opportunities?

正如您在準備好的演講中所說，您將提供更多的色彩，特別是在2025 年，隨著我們的前進，但在研究了您目前正在尋找的機會之後，您是否傾向於根據您的市場觀點追逐短期目標機會還是長期機會？

Do you have any preference in how you would like to lock in rates or if you would be bold and if they go even higher?

您對如何鎖定利率有什麼偏好，或者您會大膽，以及利率是否會更高？

That's kind of the first question I have.

這是我的第一個問題。

Sure, Fredrik.

當然，弗雷德里克。

This is Samir.

這是薩米爾.

I'd say both, right?

我會說兩者都對吧？

So I think it's rig specific, geography specific.

所以我認為這是特定於裝備、特定於地理的。

There are certain rigs that we're not opposed to chasing some short-term work, but we do have some longer-term prospects that we're also looking at.

對於某些鑽孔機，我們並不反對追求一些短期工作，但我們確實也有一些長期前景。

So I think for us, it's being balanced to making sure that we're generating cash flow in the near term for some of our open capacity, but we're trying to box smart as well, right?

因此，我認為對我們來說，這是平衡的，以確保我們在短期內為我們的一些開放產能產生現金流，但我們也在嘗試明智地進行包裝，對吧？

So we're also looking at and being very surgical and strategic with where we place our assets.

因此，我們也在考慮並非常謹慎地和策略性地安排我們的資產。

So we're not just going to chase everything.

所以我們不會只是去追逐一切。

We're going to look for the right work for the right rig.

我們將為合適的設備尋找合適的工作。

So long way of saying, yes on both accounts.

這麼長的說法，兩個帳戶都是如此。

I've got some assets that will take short term, and then we've got some assets that we're waiting for that right opportunity and locking along the rate.

我有一些資產需要短期投資，然後我們有一些資產正在等待合適的機會並鎖定利率。

As you saw with the Auriga and the Polaris, we thought there would be some turbulence in the market, so we went along on those.

正如您在 Auriga 和 Polaris 上看到的那樣，我們認為市場會出現一些動盪，所以我們繼續這樣做。

And there's some other shorter-term contracts in the Gulf of Mexico that we went short on and got high day rates off.

我們在墨西哥灣還有一些其他短期合同，我們做空了這些合同，並獲得了很高的日費率。

So we will be pretty strategic about how we do it.

因此，我們對於如何做到這一點將非常具有戰略意義。

That's very helpful, Samir.

這非常有幫助，薩米爾。

Thanks.

謝謝。

And just one more from me.

我還想再發一份。

On the West Phoenix, I think you said and it's heard that side of contract work needs to be done, and it will probably not work until the second quarter of next year.

關於西鳳凰號，我想你說過，聽說合約工作需要完成，而且可能要到明年第二季才能完成。

I got that right, right?

我沒聽錯吧？

I think that's reasonable.

我認為這是合理的。

I mean, I guess for us right now, she does roll off later this year.

我的意思是，我想現在對我們來說，她確實會在今年晚些時候退休。

We do have some capital investment in her, depending on the market she goes to that will drive that capital investment and her contract outlook.

我們確實對她進行了一些資本投資，具體取決於她所進入的市場，這將推動資本投資和她的合約前景。

So I think we are working a few leads right now, but realistically speaking, probably drilling season of '25.

所以我認為我們現在正在尋找一些線索，但實際上，可能是 25 年的鑽探季節。

It's probably when she picks back up.

大概就是她回過神來的時候吧。

Yeah.

是的。

And then just as a follow-up on that, depending on what kind of a reach opportunities you're chasing.

然後作為後續行動，取決於您正在追逐什麼樣的接觸機會。

Will you, before you put capital into or will you have to have something firm defined, or is there some work that you could do that would be needed to do anyway and then new contract-specific things or how are you going to play that so that you make sure that you actually get the return on whatever you put into her cash wise?

在你投入資金之前，或者你是否必須有一些明確的定義，或者是否有一些你可以做的工作，無論如何都需要做，然後是新的合約特定的事情，或者你將如何做你確保你投入到她的現金中的任何東西都能真正得到回報？

Absolutely.

絕對地。

So that's something that I spend a lot of time and the team spend a lot of time thinking through, right?

所以這是我花了很多時間、團隊也花了很多時間思考的事情，對嗎？

So we will not spend a significant amount of capital in her unless we have clear line of sight to something.

因此，除非我們對某些事情有清晰的認識，否則我們不會在她身上投入大量資金。

We're looking at a few things.

我們正在研究一些事情。

But for us to ask for a reasonable amount of capital, we need to, I wouldn't say a firm contract, but we need to have very, very clear line of sight towards something.

但對我們來說，要獲得合理的資金數額，我們需要，我不會說是一份確定的合同，但我們需要對某些事情有非常非常清晰的視線。

All right, great.

好吧，太好了。

Thanks so much, all.

非常感謝大家。

I'll hand it back.

我會把它還給你。

Have a good day.

祝你有美好的一天。

Thanks, Fredrik.

謝謝，弗雷德里克。

(Operator instructions) Hamed Khorsand, BWS Financial.

（操作員指令）Hamed Khorsand，BWS Financial。

Hey, good morning.

嗨，早安。

So first question I had was, what type of conversation, if any, are you having with customers at this point as far as the rigs are concerned?

所以我的第一個問題是，就鑽孔機而言，您目前正在與客戶進行哪種類型的對話（如果有的話）？

Is there -- are you seeing pushback on the contract day rates, or is it really just more the customers or potential customers push back on their own timelines?

您是否看到合約日費率受到推遲，或者實際上只是客戶或潛在客戶推遲了自己的時間表？

Hey, Hamed.

嘿，哈米德。

Maybe I'll kick off, and then Samir can jump on the back.

也許我會開始，然後薩米爾可以跳到後面。

But look, I mean, I think your reference is the fact that rates have been sort of tracking sideways a bit.

但你看，我的意思是，我認為你的參考是利率一直在橫向跟踪這一事實。

I don't think that's so much a function of some kind of structural resistance in the market.

我認為這並不是市場中某種結構性阻力的結果。

It's really more a reflection of the market absorbing some idle capacity from short number of our active competitors.

這實際上更反映了市場從少數活躍競爭對手那裡吸收了一些閒置產能。

There's a declining inventory of those idle rigs now.

現在這些閒置鑽孔機的庫存正在減少。

And I think the fact that the market has been able to absorb them pretty well in the last couple of quarters gives good indication of the potential for further development in the future.

我認為市場在過去幾個季度能夠很好地吸收它們這一事實充分錶明了未來進一步發展的潛力。

So we're not too worried about that.

所以我們對此不太擔心。

What I would tell you is that we still believe that the fundamentals are strong.

我要告訴你的是，我們仍然相信基本面是強勁的。

The medium-term outlook is great for the rig business.

鑽機業務的中期前景看好。

We're seeing steady but continuous improvement in demand across a wide range of geographies.

我們看到各個地區的需求都在穩定且持續地改善。

And, really, that's what is going to drive the development of rates going forward.

事實上，這將推動未來利率的發展。

It's going to be about the interaction of that growth and demand with a relatively elastic supply of rigs.

這將涉及成長和需求與相對彈性的鑽機供應之間的相互作用。

It's really quite straightforward, I think.

我認為這確實非常簡單。

And I think we saw recently one of our major customers take a position in rig ownership.

我認為我們最近看到我們的一位主要客戶在鑽機所有權方面佔據了一席之地。

I think that was a great signal for the market.

我認為這對市場來說是一個很好的訊號。

It was certainly great for the contractor in question, they have unparalleled visibility in the revenue profile.

這對相關承包商來說無疑是一件好事，他們在收入狀況方面擁有無與倫比的可見度。

I think what that does indicate is also potential for flexibility in the commercial bargain.

我認為這確實表明商業談判也具有靈活性的潛力。

The customers and their bid to maintain costs at levels that they deem acceptable are having to get more creative about how they reward contractors.

客戶及其將成本維持在他們認為可以接受的水平的努力必須在獎勵承包商的方式上更有創意。

So that may mean that you see them being willing to commit more money upfront to defray CapEx challenges and assisting contractors in that manner, as well as maybe giving them some near-term relief or some long-term security of supply.

因此，這可能意味著您會看到他們願意預先投入更多資金來應對資本支出挑戰，並以這種方式協助承包商，並可能為他們提供一些短期救濟或長期供應保障。

So I think there's lots of things happening in the market.

所以我認為市場上正在發生很多事情。

Overall, the trend is up and to the right, and we continue to be encouraged by that.

總體而言，趨勢是向上且向右的，我們繼續對此感到鼓舞。

And one last thing I'll leave before I pass to Samir that people, I think, should be reflective of is that we're nowhere near the levels of customer demand that we saw at the height of the last cycle.

在我向薩米爾轉達之前我要留下的最後一件事是，我認為人們應該反思的是，我們遠遠沒有達到上一個週期高峰時的客戶需求水平。

We're roughly halfway, I would say, in that regard.

我想說，在這方面我們大約已經完成一半了。

So as people think about potential for where the market might go, that clear analog is what happened last time.

因此，當人們思考市場走向的潛力時，上次發生的情況就是一個明顯的類比。

So with that, I'll past to Samir.

那麼，我將轉到薩米爾那裡。

Yeah.

是的。

So we definitely saw '24 as the transition year.

所以我們確實將 24 年視為過渡年。

You saw a flurry of rewards in the second half of last year.

去年下半年你看到了一系列的回報。

I think customers are just digesting now and going through it.

我認為客戶現在只是消化並經歷它。

And historically, if you look, Q1 has always been slower as well.

從歷史上看，第一季也一直較慢。

So nothing terribly surprising.

所以沒什麼特別令人驚訝的。

I think we saw this coming, that's why you've seen us make the moves we have.

我想我們已經預見了這一點，這就是為什麼你們看到我們採取了我們所採取的行動。

And as we look at 2025, we continue to see the progression going.

展望 2025 年，我們將繼續看到這項進展。

So I think for us, none of this seems terribly surprising on where we are in the market.

所以我認為對我們來說，對於我們所處的市場地位來說，這一切似乎都不足為奇。

And just given the downtime you're taking this year, any estimate what kind of downtime you would have in '25?

考慮到今年的停機時間，您可以估計一下 25 年您會遇到什麼樣的停機時間嗎？

We haven't guided to 25 yet, but we have said it will be significantly less, right?

我們還沒有指導到 25，但我們說過會明顯減少，對嗎？

We have a bunch of rigs going to survey this year and that just takes them out of service for in terms of our ability to market them.

今年我們有很多鑽孔機要進行調查，這使得它們因我們的行銷能力而停止服務。

So a part of that was us being conscious about doing a lot of this year as we could because that transition was happening.

因此，其中一部分是我們有意識地在今年盡可能做很多事情，因為這種轉變正在發生。

But going forward, you should expect it to be significantly less than '25.

但展望未來，您應該預期它會明顯低於 '25。

And last question is on the Capella.

最後一個問題是關於卡佩拉的。

Have you already started marketing the rig?

您已經開始行銷該設備了嗎？

And how is the market up there as far as being able to get another contract as soon as possible?

市場狀況如何才能盡快獲得另一份合約？

Absolutely.

絕對地。

So we started marketing the day we closed on Aquadrill.

因此，我們在 Aquadrill 關閉的那天就開始行銷。

So we've been actively having those conversations because part of our synergy capture was bringing those back all in-house.

因此，我們一直在積極進行這些對話，因為我們捕捉協同效應的一部分是將這些對話全部帶回內部。

Paying a third-party manager to do something that we can do doesn't make a lot of sense for us.

付錢給第三方經理來做我們能做的事情對我們來說沒有多大意義。

So we are doing that actively.

所以我們正在積極地這樣做。

In terms of when we could get something, she's on a well-based contract.

就我們何時能得到一些東西而言，她簽訂了一份基礎良好的合約。

You saw it slipped.

你看到它滑落了。

So it could go to the left, it could go to the right.

所以它可以向左走，也可以向右走。

We do have to transition back to ourselves as well.

我們確實也必須轉變回自己。

But really, that well-based contract will make it kind of a little difficult to nail down to start window.

但實際上，這份基本良好的合約會讓確定啟動窗口變得有點困難。

But I can say we are in active dialogue with that rig and we hope to be able to announce something in the near term.

但我可以說，我們正在與該鑽機進行積極對話，我們希望能夠在短期內宣布一些消息。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Hamed.

謝謝，哈米德。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, good morning, everybody.

嘿，大家早安。

Hey, Kurt.

嘿，庫爾特。

Simon, team, everybody.

西蒙，團隊，大家。

So I had a follow-up.

所以我進行了跟進。

There was the reference there to the fact that demand in this current, where we sit currently, is not anywhere near where it was last cycle.

那裡提到了這樣一個事實，即我們目前所處的當前需求與上一個週期的需求相差甚遠。

I was just wondering like what kind of data can people who are not so living the business like we are, and you are, what kind of things can journalist investors look at to give them the same level of conviction that you guys have about, and others in this business, about the fact that demand is still on the way higher and hasn't plateaued, right?

我只是想知道，那些不像我們這樣生活的人可以看到什麼樣的數據，而你是，記者投資者可以看到什麼樣的東西，讓他們有像你們一樣的信念，以及這個行業的其他人，關於需求仍在不斷上升並且尚未趨於穩定的事實，對吧？

Because that's part of the concern.

因為這是問題的一部分。

You've already addressed part of it in the pricing dynamic.

您已經在定價動態中解決了部分問題。

But again, you guys live it, breath it every day.

但再說一次，你們每天都活著，呼吸著。

So what are some things that people on the outside can look to kind of give them the same conviction you have?

那麼，外部人士可以從哪些方面獲得與您相同的信念呢？

Yeah, sure.

好，當然。

Look, I think other than rule or rig market data and that picture is a little less transparent than it has been in the past because there's a lot of direct negotiations and extensions.

看，我認為除了規則或鑽機市場數據之外，這種情況比過去稍微不那麼透明，因為有很多直接談判和延期。

So there's a lot of work programs that aren't visible even to inform participants in the market necessarily.

因此，有許多工作計劃是不可見的，甚至無法通知市場參與者。

So I'd say that the outset, but there's a lot of other proxies for activity, be it wellheads, be it Christmas tree orders.

所以我一開始就這麼說，但還有很多其他的活動指標，無論是井口，還是聖誕樹訂單。

We look at seismic programs.

我們研究地震計劃。

A good one was the 261-lease sale in December of last year where you saw $382 million spent by the operators.

一個很好的例子是去年 12 月出售的 261 份租賃合同，營運商花費了 3.82 億美元。

It was the largest Gulf of Mexico sale since 2015.

這是自 2015 年以來墨西哥灣最大的一筆銷售。

I think that doesn't translate into immediate drilling activity, but these are all great data points in terms of giving us confidence in the future and subsequent years ahead.

我認為這並不會轉化為立即的鑽探活動，但這些都是很好的數據點，讓我們對未來和未來幾年充滿信心。

So we look at what other segments of the upstream business are doing, how all of that interacts with rig days that are in the market and supply.

因此，我們研究上游業務的其他部分正在做什麼，以及所有這些部分如何與市場和供應中的鑽井天數相互作用。

Most of the people in the management teams that our peer group have been through multiple of these cycles.

我們同儕組的管理團隊中的大多數人都經歷過多個這樣的週期。

So look, part of it is muscle memory, but it is informed, ultimately, by underlying data, and we spent a lot of time dredging through that and drawing conclusions about what the future might deliver.

所以看，其中一部分是肌肉記憶，但它最終是由基礎數據決定的，我們花了很多時間來挖掘這一點，並得出關於未來可能會發生什麼的結論。

I've been in this business for almost 30 years now, and this is a good picture as I've ever seen at this point in the cycle.

我從事這個行業已經近 30 年了，這是我在這個週期中所見過的美好景象。

Okay.

好的。

That's great.

那太棒了。

Appreciate that.

感謝。

So maybe on a follow-up to that, in the context of economics.

因此，也許是在經濟學背景下的後續行動。

So we've seen a lot of third-party data out there that shows that ultra-deepwater projects in multiple basins are generating 30% plus returns at $70 [Brent] and are breakeven at $40 Brent and below, again, I've heard numbers lower for Guyana and Brazil, et cetera.

因此，我們看到大量第三方數據表明，多個盆地的超深水項目在70 美元[布倫特] 價格下產生30% 以上的回報，並且在40 美元及以下布倫特原油價格下實現盈虧平衡，我再次聽說圭亞那和巴西等國的數字較低。

So another setup here is that beginning some questions around how much pushback will the offshore drillers get on pricing improvement in the context of how that impacts overall drilling economics.

因此，這裡的另一個設置是開始一些問題，即在如何影響整體鑽探經濟的背景下，海上鑽探公司在定價改善方面會受到多大的阻力。

Can you give us a refresher as when you think about the all-in spread rate for an ultra-deepwater rig, what is the percent of project economics that the rig represents?

您能否給我們回顧一下，當您考慮超深水鑽井平台的總鋪展率時，該鑽井平台所代表的專案經濟效益的百分比是多少？

Look, it's a difficult question to answer concisely, Kurt.

聽著，這是一個很難簡潔回答的問題，寇特。

I think the issue is that the operators, there's a wide variety of projects in their portfolios, some near-term tieback opportunities that are much more driven by rig rate.

我認為問題在於運營商的投資組合中有各種各樣的項目，一些近期的回扣機會更多是由鑽機費率驅動的。

And then you're looking at big multiyear field developments, where the rig rate is relatively unimportant as a proportion of the total cost.

然後你會看到大型的多年油田開發，其中鑽機費率在總成本中所佔的比例相對不重要。

So typically, the rule of thumb we use is that the spread rate these days is typically about $1 million a day.

因此，通常情況下，我們使用的經驗法則是，目前的點差通常約為每天 100 萬美元。

And with rig rates tracking as they are at the moment, close to $500 a day, we represent about 50% of that total cost mix, but it does vary according to the project.

根據目前的鑽機費率跟踪，每天接近 500 美元，我們約佔總成本組合的 50%，但它確實根據項目而有所不同。

What I would say though is and what I think is more important than how much of the spread cost is in the rig rate constitutes.

但我想說的是，我認為比鑽機費率中價差成本的組成更重要。

What I think is more important is the fact that all the understanding that the operators are constrained in terms of their capital allocation by their desire to return money to their shareholders.

我認為更重要的是，所有人都認為營運商的資本配置受到他們將資金返還給股東的願望的限制。

And I think that really is the more important thing rather than any sort of ultimate rate level.

我認為這確實比任何最終利率水準更重要。

So they're wanting to reward their shareholders and some of their major suppliers are in a similar boat.

因此，他們希望回報股東，而他們的一些主要供應商也有類似的情況。

And increasingly, as you've seen with our share repurchase agreement, we're also focused on that, too.

正如您在我們的股票回購協議中看到的那樣，我們也越來越關注這一點。

So I never have seen such synchronicity through the value chain in that regard.

因此，我從未在價值鏈中看到過如此同步的情況。

So when we're thinking about how our rates might sort of drive activity, will demand get pinched out at some point?

因此，當我們考慮利率如何推動經濟活動時，需求是否會在某個時刻受到抑制？

Well, conceivably, yes.

嗯，可以想像，是的。

But really, I think we're more focused on how these project economics stack up relative to the return profile that the principal customers are offering their shareholders.

但實際上，我認為我們更關注這些項目的經濟效益如何相對於主要客戶為其股東提供的回報狀況進行疊加。

So yeah, I didn't quite answer the question, Kurt, but hopefully, that gives you a bit of color.

是的，庫爾特，我沒有完全回答這個問題，但希望這能帶給你一些啟發。

No, that's good.

不，那很好。

Now, there is one more follow-up, if I may, is the other dynamic here, I would have to imagine, is that when an oil company is assessing their future projects and assessing, the guy says, okay, what rigs are available that have the spec that you want, et cetera, et cetera.

現在，如果可以的話，還有一個後續行動，我必須想像，這裡的另一種動態是，當一家石油公司正在評估他們的未來項目並進行評估時，那傢伙說，好吧，有哪些可用的鑽井平台有您想要的規格，等等。

I really have to assume when they go through that budgeting process, they're not looking in the rearview mirror with respect to potential price of a rig, right?

我真的必須假設，當他們進行預算過程時，他們不會在後視鏡中查看鑽孔機的潛在價格，對嗎？

And I have to imagine that they're looking at different ranges and what they may be willing to accept?

我必須想像他們正在考慮不同的範圍以及他們可能願意接受的範圍？

But I have to imagine that they're not looking at these projects and saying, I can only do them at $400,000 a day.

但我必須想像他們不會在看到這些項目後說，我每天只能以 40 萬美元的價格完成這些項目。

So again, you have some like -- am I completely off base in that process?

再說一次，你可能會想──我在這個過程中是否完全偏離了基礎？

And I guess the real answer to that question is are customer, the oil company customers factoring in?

我想這個問題的真正答案是客戶，石油公司的客戶是否考慮過？

I have to imagine they're factoring in some sort of price increase for rates, so when they assess these projects.

我必須想像他們在評估這些項目時會考慮到某種價格上漲的因素。

Any -- do you want to set me straight on any of that?

任何——你想讓我直接了解其中任何一個嗎？

No.

不。

I think we're in all agreement with you.

我想我們完全同意你的觀點。

What I would say is different technical specifications, the customer's ability to make active choices their declines as the market gets tighter.

我想說的是不同的技術規格，隨著市場變得更加緊張，客戶做出積極選擇的能力會下降。

And I think you also see less price discrimination between rigs of differing specification in a tight market as well.

我認為，在緊張的市場中，不同規格的鑽孔機之間的價格歧視也會減少。

So care to add anything, Samir?

薩米爾，想補充點什麼嗎？

No.

不。

Yeah, I'd say the clients claim that our rig rate makes a huge difference to their project FIDs, but in the reality is no, they don't, right?

是的，我想說的是，客戶聲稱我們的鑽機率對他們的專案最終投資決定有很大的影響，但實際上並非如此，他們沒有，對嗎？

I mean, the projects work.

我的意思是，這些項目有效。

It's just making sure that they can get all of their other equipment put together and do the process.

只是確保他們能夠將所有其他設備組裝在一起並完成該過程。

And to Simon's point, it's a return on capital for them, right?

對西蒙來說，這對他們來說是資本回報，對嗎？

It is -- does this make sense for their capital.

這是──這對他們的資本有意義嗎？

But in terms of rates, we'll get beat over the head that it makes a huge difference, but the reality is it does not really move the needle.

但就費率而言，我們可能會感到驚訝，因為它產生了巨大的差異，但現實是它並沒有真正改變現狀。

That's great.

那太棒了。

Thanks.

謝謝。

Thanks for the call.

感謝您的來電。

Thanks, Kurt.

謝謝，庫爾特。

Ladies and gentlemen, there are no further questions at this time.

女士們、先生們，目前沒有其他問題了。

That concludes today's call.

今天的電話會議到此結束。

Thank you all for joining, and you may now disconnect your lines.

感謝大家的加入，現在您可以斷開線路了。