Seadrill Ltd (Hamilton) (SDRL) 2024 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

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

我叫凱瑟琳，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 First Quarter Earnings Call.

此時此刻，我謹歡迎大家參加 Seadrill 第一季財報電話會議。

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

（操作員說明）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 first quarter 2024 earnings call.

歡迎參加 Seadrill 的 2024 年第一季財報電話會議。

Today’s call will feature prepared remarks from Simon Johnson, our President and Chief Executive Officer; Grant Creed, Executive Vice President and Chief Financial Officer; and Samir Ali, Executive Vice President and Chief Commercial Officer.

今天的電話會議將包括我們的總裁兼執行長西蒙·約翰遜 (Simon Johnson) 準備好的演講； Grant Creed，執行副總裁兼財務長；以及執行副總裁兼首席商務官薩米爾·阿里。

Also joining us on the call is Marcel Wieggers, Senior Vice President of Operations.

營運資深副總裁 Marcel Wieggers 也加入了我們的電話會議。

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 obligations to update.

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 the call, we may also refer to non-GAAP measures.

在電話會議期間，我們也可能參考非公認會計原則措施。

Our earnings release filed with the SEC includes reconciliations to the nearest corresponding GAAP measures and is available on our website.

我們向 SEC 提交的收益報告包括對最接近的相應 GAAP 指標的調節，可在我們的網站上取得。

Our use of the term EBITDA on today’s call corresponds with the term adjusted EBITDA as defined in our earnings release.

我們在今天的電話會議上使用的術語 EBITDA 與我們的收益發布中定義的術語調整後 EBITDA 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 for joining us for our quarterly conference call.

感謝您參加我們的季度電話會議。

Seadrill’s had a strong start to the year.

Seadrills 今年開局強勁。

In the first quarter, we recorded $367 million in revenue, $124 million in EBITDA and returned to 33.8% EBITDA margin.

第一季度，我們的營收為 3.67 億美元，EBITDA 為 1.24 億美元，EBITDA 利潤率恢復到 33.8%。

We delivered safe, efficient operations to our E&P customers, and our results benefited from strong uptime.

我們為勘探與生產客戶提供了安全、高效的運營，我們的業績得益於強勁的正常運行時間。

We recently announced the highest dayrate of the current up-cycle, securing a one-well contract at a clean rate of approximately $545,000 per day, marking consistent improvement from the benchmark rates we announced last quarter as we strive to maintain top quartile pricing across our floater fleet.

我們最近宣布了當前上升週期的最高日費率，以每天約545,000 美元的清潔費率獲得了一份單井合同，這標誌著我們在上季度宣布的基準費率基礎上持續改善，因為我們努力在整個業務範圍內保持最高四分之一的定價。

As an organization, we continue to make progress in several key areas.

作為一個組織，我們繼續在幾個關鍵領域取得進展。

First, we reintegrated the West Polaris and the West Auriga into the Seadrill rig fleet, terminating their third-party manager following their recent contract completions.

首先，我們將 West Polaris 和 West Auriga 重新整合到 Seadrill 鑽井船隊中，並在最近完成合約後終止了他們的第三方經理。

And we’ll do the same with the West Capella and the West Vela later this year.

今年晚些時候，我們將對 West Capella 和 West Vela 採取同樣的做法。

In March, we began preparing the Polaris and the Auriga for Petrobras contracts in Brazil.

3 月份，我們開始為巴西國家石油公司的合約準備 Polaris 和 Auriga。

Less than two years ago, we moved four rigs into Brazil, three for Petrobras and one for Equinor.

不到兩年前，我們將四座鑽井平台移至巴西，其中三座為巴西國家石油公司（Petrobras），一座為挪威國家石油公司（Equinor）。

So, we have near-term familiarity with the customer and country acceptance and approval processes and have the systems and experience to recognize and act upon any early indicators of potential issues.

因此，我們近期熟悉客戶和國家的驗收和批准流程，並擁有識別潛在問題的任何早期跡象並採取行動的系統和經驗。

While we acknowledge the risks inherent in any large project, we’re committed to managing and executing these contract preparations effectively so that rigs can start generating EBITDA and cash flow before year-end as scheduled.

雖然我們承認任何大型專案都存在固有的風險，但我們致力於有效管理和執行這些合約準備工作，以便鑽機能夠按計劃在年底前開始產生 EBITDA 和現金流。

Next, we continue our efforts to sell our three Qatar jack-up rigs, keenly aware that a potential divestiture will further focus our enterprise on our core market segment, the floating rigs.

接下來，我們繼續努力出售我們的三座卡達自升式鑽井平台，我們敏銳地意識到潛在的剝離將進一步將我們的企業集中在我們的核心細分市場——浮動鑽井平台上。

We’ll provide an update on this transaction when available.

我們將在有可用資訊時提供此交易的最新資訊。

Lastly, we continue to deliver solid shareholder returns through both our equity performance and our share repurchase program.

最後，我們繼續透過我們的股權表現和股票回購計畫為股東帶來豐厚的回報。

Since initiating the $500 million program in September of last year, we have repurchased a total of $442 million or nearly 12.5% of our issued share count.

自去年 9 月啟動 5 億美元計畫以來，我們已回購了總計 4.42 億美元的資金，佔已發行股票數量的近 12.5%。

We consider capital returns a fundamental part of our value proposition.

我們認為資本回報是我們價值主張的基本組成部分。

And, consistent with our capital allocation policy, we intend to return excess capital to shareholders once we’ve ensured the strength of our balance sheet, invested in the competitiveness of our active rig fleet and evaluated potentially accretive growth opportunities.

而且，根據我們的資本配置政策，一旦我們確保了資產負債表的實力、投資於我們活躍鑽機隊的競爭力並評估了潛在的增值增長機會，我們打算將多餘的資本返還給股東。

We remain consistent in our offshore market outlook, encouraged by the strength and fundamentals that underpin it.

受到支撐離岸市場的實力和基本面的鼓舞，我們對離岸市場的前景保持一致。

We believe deepwater will remain an attractive source of oil and gas production with its expansive reserves, high rates of return and advantageous emissions profiles.

我們相信，深水憑藉其豐富的儲量、高回報率和有利的排放特徵，仍將是一個有吸引力的石油和天然氣生產來源。

The current offshore rig market remains buoyant with marketed utilization for deepwater floaters exceeding 90%.

目前海上鑽井平台市場仍活躍，深水浮式平台市場使用率超過90%。

Since 2015, 170 floaters have left the market.

自2015年以來，已有170個流動資金退出市場。

Over the same period, precious few rigs have entered.

同一時期，進入的鑽孔機數量非常少。

Some rigs remain in the shipyard or at stack locations but still require material amounts of money and time to be entered into service and be prepared for contract.

一些鑽井平台仍留在造船廠或堆放地點，但仍需要大量資金和時間才能投入使用並為合約做好準備。

We believe sidelined stack capacity may only trickle into the market going forwards, if at all, when their owners secure contracts that can justify reactivation costs that almost always exceed $100 million on the low-side and approach or exceed $200 million on the high-side.

我們認為，當其所有者獲得可以證明低端幾乎總是超過1 億美元、高端接近或超過2 億美元的重新啟動成本的合約時，閒置的堆疊容量可能只會慢慢進入未來市場（如果有的話） 。

The longer these rigs have been inactive, the more material the challenges to their reactivation and the less likely it is that they will return to work.

這些鑽孔機閒置的時間越長，重新啟動所面臨的挑戰就越大，恢復工作的可能性就越小。

The drilling industry’s recovery has been largely supply driven thus far.

迄今為止，鑽井行業的復甦主要是由供應驅動的。

A continued up-swelling of demand across a broadening base supports further market development.

不斷擴大的基礎上需求的持續成長支持了市場的進一步發展。

The Golden Triangle remains the engine room of deepwater production, but incremental demand is increasingly distributed across geographies.

金三角仍然是深水生產的引擎室，但增量需求越來越分佈在各個地區。

It is not limited to a single epicenter, so the market will continue to grind higher.

它不限於單一震央，因此市場將繼續走高。

That said, we do not expect neat sequencing of supply and demand.

也就是說，我們並不期望供應和需求有整齊的順序。

One of the most challenging aspects of today’s market is timing.

當今市場最具挑戰性的方面之一是時機。

E&P preference for growing cash flow over production can cloud market visibility.

勘探與生產部門對增加現金流而非生產的偏好可能會影響市場能見度。

Aside from some unique instances of extensive term, most customers appear to be seeking contracts for a maximum of two to three year terms.

除了一些特殊的長期限情況外，大多數客戶似乎都在尋求最長兩到三年的合約。

Discrete delays around permitting, supply chain challenges, and even efficient operations can affect rig schedules and contracting, further contributing to momentary mismatches in supply and demand that may result in intense market activity within a relatively compressed window.

圍繞許可、供應鏈挑戰甚至高效運營的離散延遲可能會影響鑽機計劃和合同，進一步導致供需的暫時不匹配，從而可能導致在相對壓縮的窗口內出現激烈的市場活動。

As an industry, offshore drillers simply do not have the same level of visibility we enjoyed in past cycles.

作為一個行業，海上鑽井公司根本沒有我們在過去的周期中享有的同等程度的可見度。

So, whilst the dayrate environment proves, there’s nonetheless potential for volatility in rig utilization that may result in a delay or dislocation of demand.

因此，儘管日費率環境得到了證明，但鑽機利用率仍有可能出現波動，這可能導致需求延遲或錯位。

In this environment, our balance sheet strength and positioning provides solidity.

在這種環境下，我們的資產負債表實力和定位提供了堅實的基礎。

Operating a premium floater fleet in advantaged geographies, resilient to changes in oil price and general market conditions further supports our ability to generate durable earnings and cash flow.

在得天獨厚的地理位置運作優質浮式船隊，能夠適應油價和整體市場狀況的變化，進一步支持我們產生持久收益和現金流的能力。

Ensuring the continuity of our rig operations maximizes the potential of this earnings power.

確保我們鑽機運作的連續性可以最大限度地發揮這種獲利能力的潛力。

As the cycle progresses and dayrates trend higher, the opportunity cost of unplanned, unpaid downtime rises, and the more we can minimize out-of-service time, the better.

隨著週期的進展和日費率的上升，非計劃性、無薪停機的機會成本就會上升，我們越能最大限度地減少停機時間就越好。

Our commercial team continues to improve terms and conditions to maximize uptime, earning back some of the protections drilling contractors lost in the depth of the downturn.

我們的商業團隊不斷改進條款和條件，以最大限度地延長正常運行時間，以挽回鑽井承包商在經濟低迷時期損失的一些保護。

We’re advocating for contracts that address higher allowances for repair and maintenance, raise the threshold for potential downtime, triggers and secure better rate percentages for non-drilling days spent on activities like standby, repair, and waiting on weather.

我們提倡簽訂合同，以解決更高的維修和維護津貼，提高潛在停機時間的門檻，觸發並確保用於備用、維修和等待天氣等活動的非鑽井日的更好費率百分比。

Meanwhile, our operations and project teams aim to schedule and perform necessary equipment re-certifications, maintenance, and upgrades in a way that minimizes the intrusion to rig contracts to the extent practicable.

同時，我們的營運和專案團隊的目標是安排和執行必要的設備重新認證、維護和升級，以盡可能減少對鑽機合約的干擾。

As we move towards maintaining investing in our fleet on a continuous rather than a periodic basis, the timing of our capital expenditures may begin to change.

隨著我們繼續持續而非定期地對機隊進行投資，我們的資本支出時間可能會開始改變。

Providing an explicit guidance range on spend for a typical Special Periodic Survey, or SPS, beyond the $2 million to $5 million related to class, flag, and coastal state compliance can become falsely precise.

為典型的特別定期調查 (SPS) 提供明確的支出指導範圍，超出與船級、船旗國和沿海國家合規性相關的 200 萬至 500 萬美元，可能會變得不準確。

For example, we will begin upgrading the West Neptune with managed pressure drilling capabilities during a planned out-of-service period later this year, taking advantage of the already scheduled downtime to make her the 10th MPD capable rig in our fleet.

例如，我們將在今年稍後計劃的停駛期間開始升級 West Neptune 的控制壓力鑽井能力，利用已安排的停機時間，使她成為我們船隊中第 10 個具有 MPD 能力的鑽井平台。

The additional investment out scopes traditional SPS spend.

額外投資超出了傳統 SPS 支出的範圍。

Meanwhile, the four drillships we operate in Brazil underwent extensive contract preparation before mobilizing less than two years ago.

同時，我們在巴西營運的四艘鑽井船在不到兩年前就進行了廣泛的合約準備工作。

And, when they reach their 10-year anniversary date, they should only require minimal spend and no associated out-of-service days beyond what’s accounted for in their contract.

而且，當他們到達 10 週年紀念日時，他們應該只需要最低限度的支出，並且沒有超出合約規定的相關停運天數。

This discrepancy across individual rig spending on five year increments, along with the targeted effort to move towards continuous equipment classification, may change how we talk about SPS spending going forwards.

個人鑽機支出五年增量的差異，以及朝著連續設備分類邁進的有針對性的努力，可能會改變我們談論未來 SPS 支出的方式。

Regardless of what we name or how we time this out-of-service spending, rest assured, we’ll maintain the competitiveness of our rig fleet so that we can deliver the safe, efficient operations our customers expect and demand from Seadrill.

無論我們如何命名或如何安排這種停止服務支出，請放心，我們將保持鑽機隊的競爭力，以便我們能夠提供客戶期望和要求 Seadrill 的安全、高效的營運。

I’m proud of our continued operational and commercial achievements and the teams that have delivered them.

我為我們持續取得的營運和商業成就以及實現這些成就的團隊感到自豪。

To the Seadrill employees, thank you.

感謝 Seadrill 的員工。

I appreciate all that you continue to do to strengthen our position in the marketplace as a leading deepwater driller.

我感謝你們為鞏固我們作為領先的深水鑽井公司在市場上的地位而繼續所做的一切。

We remain encouraged by the market outlook.

我們仍然對市場前景感到鼓舞。

Admittedly, the temptation in improving market is to focus solely on the topline.

誠然，改善市場的誘惑是只專注於營收。

But at Seadrill, we take a holistic view of the business, ensuring we maximize shareholder returns.

但在 Seadrill，我們對業務有整體看法，確保股東回報最大化。

We’re continuing our efforts to improve our cost performance, quality of service delivery and general efficiency with which we support our operations.

我們正在繼續努力提高我們的成本效益、服務交付品質以及支援我們營運的整體效率。

As previously mentioned, we believe the business could be characterized by increased volatility, and we remain ever mindful of the importance of having an appropriate cost culture to ensure that the company is ready to make any changes in demand.

如前所述，我們認為業務的特點可能是波動性增加，並且我們始終牢記擁有適當的成本文化以確保公司準備好應對需求的任何變化的重要性。

With that, I’ll pass the call to, Grant.

這樣，我就把電話轉給格蘭特。

Thank you, Simon.

謝謝你，西蒙。

I’ll review our first quarter financial results before speaking on our cash flow, balance sheet and full-year guidance.

在談論我們的現金流量、資產負債表和全年指導之前，我將回顧我們第一季的財務表現。

In the first quarter, we delivered total operating revenues of $367 million.

第一季度，我們實現了總營業收入 3.67 億美元。

A decline in contract drilling revenues accounts for almost all the sequential difference.

合約鑽井收入的下降幾乎是所有環比差異的原因。

At $275 million contract drilling revenues were $40 million lower than the previous quarter, primarily because of fewer operating days, partially offset by improved economic utilization.

合約鑽井收入為 2.75 億美元，比上一季減少 4,000 萬美元，主要是因為作業天數減少，但部分被經濟利用率的提高所抵消。

We had three rigs of contract for varying durations.

我們簽訂了三份不同期限的合約。

The Sevan Louisiana completed its work for Talos in the US Gulf of Mexico in late December, then underwent a planned out-of-service period for its 10-year special periodic survey and required maintenance.

Sevan Louisiana於12月下旬完成了美國墨西哥灣Talos的工作，隨後進入了計劃停運期，進行為期10年的特別定期檢驗和所需維護。

The West Polaris completed its ONGC campaign in late January, and the West Auriga completed its work with BP in the US Gulf of Mexico in late February.

West Polaris於1月下旬完成了ONGC活動，West Auriga於2月下旬完成了與BP在美國墨西哥灣的工作。

As Simon mentioned earlier, in March, we reintegrated the Polaris and the Auriga and Seadrill fleet and mobilized them to shipyards to begin preparation for their upcoming Petrobras contracts.

正如西蒙早些時候提到的，三月份，我們重新整合了北極星號、禦夫座號和海鑽號艦隊，並將它們動員到造船廠，開始為即將到來的巴西國家石油公司合約做準備。

EBITDA for the first quarter was $124 million, $24 million sequential increase relative to Q4, primarily related to strong economic utilization of 97% during the quarter, partially offset by the reduced rig activity described above in relation to the Louisiana, Polaris and Auriga.

第一季 EBITDA 為 1.24 億美元，比第四季連續成長 2,400 萬美元，主要與該季度 97% 的強勁經濟利用率有關，部分被上述路易斯安那州、北極星和 Auriga 鑽井平台活動減少所抵銷。

And a $16 million benefit related to the recovery of historical import duties in the form of tax credits that we expect will translate into cash benefits from 2025.

與以稅收抵免形式恢復歷史進口關稅相關的 1,600 萬美元收益，我們預計將從 2025 年起轉化為現金收益。

Additionally, as we mentioned in our prior quarterly call, Q4 was negatively impacted by the timing of certain repairs and maintenance spending and $15 million of non-cash accruals.

此外，正如我們在先前的季度電話會議中提到的，第四季度受到某些維修和維護支出以及 1500 萬美元非現金應計費用的時間表的負面影響。

These did not repeat in the first quarter and therefore explains partially improved performance.

這些在第一季沒有重複，因此部分解釋了業績的改善。

First quarter results also include adjustments to back out $4 million of non-recurring costs in the SG&A line related to the closure of the Company’s London office and consolidation of our corporate headquarters in Houston and $2 million in relation to the Aquadrill integration costs.

第一季業績還包括調整，以取消 SG&A 專案中與關閉公司倫敦辦公室和合併休士頓公司總部相關的 400 萬美元非經常性成本，以及與 Aquadrill 整合成本相關的 200 萬美元。

EBITDA margin, net of reimbursable revenue and expenses was 35.7%.

扣除可償還收入和費用後的 EBITDA 利潤率為 35.7%。

Now, turning to the cash flow and balance sheet.

現在，轉向現金流和資產負債表。

Cash flow from operations was $29 million for the quarter after deducting $29 million of long-term maintenance CapEx.

扣除 2,900 萬美元的長期維護資本支出後，本季營運現金流為 2,900 萬美元。

Cash flow from operations was impacted by annual employee incentive payments made in the first quarter and the biannual payment of interest on the secured bond.

營運現金流受到第一季年度員工激勵付款和擔保債券每半年支付利息的影響。

Capital upgrades captured in investing cash flows were $23 million for the quarter, resulting in free cash flow of $6 million.

本季投資現金流中捕獲的資本升級為 2,300 萬美元，導致自由現金流為 600 萬美元。

In the first quarter, we made $119 million of share repurchases.

第一季度，我們回購了 1.19 億美元的股票。

To-date, we have returned a total of $442 million to shareholders and a $58 million remaining under our current repurchase authorization.

迄今為止，我們已向股東返還總計 4.42 億美元，目前的回購授權還剩 5,800 萬美元。

We maintain a strong balance sheet and financial position.

我們維持強勁的資產負債表和財務狀況。

At the end of the quarter, we had total gross debt of $625 million inclusive of the $50 million convertible bond, a cash position of $612 million including $28 million in restricted cash and an additional $225 million in available borrowings from our undrawn revolving credit facility.

截至本季末，我們的總債務為6.25 億美元，其中包括5,000 萬美元的可轉換債券，現金頭寸為6.12 億美元，其中包括2,800 萬美元的限制性現金，以及來自未提取的循環信貸額度的額外2.25 億美元的可用借款。

Net debt was $13 million consistent with our desire to maintain net leverage of less than one.

淨債務為 1,300 萬美元，這符合我們將淨槓桿率維持在低於 1 的願望。

As we think about the year, we maintain our full-year guidance previously shared on our fourth quarter earnings call.

在我們思考這一年時，我們維持先前在第四季財報電話會議上分享的全年指引。

That is $1.47 billion to $1.52 billion in revenue, $400 million to $450 million in EBITDA and $400 million to $450 million in capital expenditures.

即營收為 14.7 億至 15.2 億美元，EBITDA 為 4 億至 4.5 億美元，資本支出為 4 億至 4.5 億美元。

Our guidance includes $5 million of non-cash net amortized mobilization expense and approximately $70 million of reimbursable revenues and expenses.

我們的指導包括 500 萬美元的非現金淨攤銷動員費用和約 7000 萬美元的可報銷收入和費用。

With that, I will pass the line to, Samir.

這樣，我會把電話轉給薩米爾。

Thank you, Grant.

謝謝你，格蘭特。

I’ll start by reviewing our contracting activities since the last call and then provide a brief update on the market.

我將首先回顧自上次通話以來我們的承包活動，然後提供市場的簡要最新情況。

In Korea, West Capella secured work at a clean rate of $545,000 per day.

在韓國，West Capella 以每天 545,000 美元的乾淨價格獲得了工作。

Note, this rate does not include MPD or mobilization, both of which will be covered by an additional charge.

請注意，此費率不包括 MPD 或動員，這兩項費用均需額外付費。

The contract represents the highest rate achieved in the current up-cycle and is an encouraging indication of the market’s potential rate progression in 2025 and beyond.

該合約代表了當前上行週期中實現的最高利率，並且是 2025 年及以後市場潛在利率進展的令人鼓舞的跡象。

The West Capella is scheduled to complete its current campaign in Indonesia in mid-August and should begin its new contract in December.

西卡佩拉隊計劃於 8 月中旬完成目前在印尼的賽季，並應在 12 月開始簽訂新合約。

Closer to home, we continue to build on our decade long partnership with LLOG in the US Gulf of Mexico.

言歸正傳，我們繼續鞏固與 LLOG 在美國墨西哥灣長達十年的合作關係。

The operator awarded the West Neptune a six-month extension that secures the rig fully through 2025.

營運商授予 West Neptune 為期 6 個月的延期，確保鑽孔機的安全直至 2025 年。

When this work begins next summer, the Neptune will earn $475,000 per day plus an additional rig for MPD as it becomes the 10th rig in our fleet to offer these capabilities, future proofing the marketability of the unit.

當這項工作明年夏天開始時，Neptune 每天將賺取475,000 美元，外加一台用於MPD 的額外鑽機，因為它成為我們船隊中第10 個提供這些功能的鑽機，從而證明了該裝置的適銷性。

Also in the Gulf, the Sevan Louisiana secured a short contract for well intervention work, testing a new application of riserless intervention.

同樣在海灣地區，Sevan Louisiana 獲得了一份短期修井工作合同，測試了無立管修井的新應用。

We believe this could be an interesting market for the Louisiana and wanted to prove we could participate in the segment traditionally not serviced by drilling rigs, if compelling opportunities present themselves.

我們相信這對路易斯安那州來說可能是一個有趣的市場，並且希望證明，如果出現令人信服的機會，我們可以參與傳統上不由鑽機服務的領域。

In April, the rig commenced intervention work that should continue through May.

4 月，該鑽井平台開始了乾預工作，該工作應持續到 5 月。

We anticipate it will move to a higher priced drilling contract shortly thereafter pending final approvals.

我們預計不久後將轉向價格更高的鑽井合同，等待最終批准。

Even with this pending work, the rig will potentially have white space in 2024, though we believe we still have time to fill it since the Gulf of Mexico has short contracting lead times for an asset like the Louisiana.

即使這項工作懸而未決，鑽井平台到 2024 年也可能會出現空白，但我們相信我們仍然有時間填補它，因為墨西哥灣對於像路易斯安那這樣的資產來說合約交付時間很短。

Turning to Norway, the precarious market balance of Norwegian North Sea will influence the fortunes of the West Phoenix.

轉向挪威，挪威北海不穩定的市場平衡將影響西鳳凰城的命運。

Norway is either one rig over-supplied or one rig under-supplied, an evolving situation that will influence whether we can secure work for it in Norway or other markets.

挪威要么是一台鑽機供應過剩，要么是一台鑽機供應不足，這種不斷變化的情況將影響我們是否能夠在挪威或其他市場獲得工作。

If we fail to secure a suitable contract that generates competitive returns, our intention is to stack the rig.

如果我們無法獲得能夠產生有競爭力回報的合適合同，我們的目的就是堆疊鑽機。

Looking ahead into 2025, we are 66% contracted as of today.

展望 2025 年，截至目前，我們的合約已完成 66%。

As Simon mentioned earlier, despite some uncertainties on the timing of demand, including the conversion from discussions to contract, we remain confident in the market, encouraged by rig supply limitations, demand dispersion across markets and dayrate progression.

正如西蒙之前提到的，儘管需求時間存在一些不確定性，包括從討論到合約的轉換，但我們對市場仍然充滿信心，受到鑽機供應限制、市場需求分散和日費進展的鼓舞。

Specifically for our rigs, we believe both the West Capella and the Sevan Louisiana are advantage in the markets where they operate.

特別是對於我們的鑽孔機而言，我們相信 West Capella 和 Sevan Louisiana 在其營運的市場中都具有優勢。

Since the Capella benefits from near-term availability and MPD capabilities and the Louisiana’s unique hull design allows it to target niche applications.

由於 Capella 受益於近期可用性和 MPD 功能，而 Louisiana 獨特的船體設計使其能夠瞄準利基應用。

And we are already in advanced dialogue to fill the remainder of the West Vela’s dance card when the rig completes its existing program in mid-2025.

我們已經在進行高級對話，以在 2025 年中期該鑽機完成其現有項目時填補西維拉舞蹈卡的剩餘部分。

The three rigs we operate through our Sonangol joint venture, the West Gemini, the Quenguela and the Libongos, all become available in mid-2025.

我們透過 Sonangol 合資企業營運的三座鑽井平台：West Gemini、Quenguela 和 Libongos 均將於 2025 年中期投入使用。

While we prefer to stagger our rig contracts so we are not competing against ourselves for work that is not the case here, primarily due to the slips in well schedule, not by design.

雖然我們更喜歡錯開我們的鑽機合同，這樣我們就不會與自己競爭工作，但這裡的情況並非如此，這主要是由於進度安排上的失誤，而不是有意為之。

Fortunately, we believe there is enough demand percolating in Angola and other West African markets that all three rigs should be able to secure work in the area.

幸運的是，我們相信安哥拉和其他西非市場有足夠的需求，所有三台鑽井平台都應該能夠在該地區開展工作。

To sum it up, we continue to believe in the long-term fundamentals of our business.

總而言之，我們仍然相信我們業務的長期基本面。

Despite some air pockets and demand that we have previously highlighted, we consistently punch above our weight and are positioned well for the recovery as it continues to unfold.

儘管存在一些我們之前強調過的氣泡和需求，但我們始終超出我們的能力範圍，並為復甦的繼續展開做好了準備。

Operator, we’d now like to open the call for questions.

接線員，我們現在要開始提問。

(Operator Instructions) Ben Nolan, Stifel.

（操作員說明）Ben Nolan，Stifel。

Thanks, and good morning, guys.

謝謝，大家早安。

So, I appreciate the color.

所以，我很欣賞這種顏色。

I wanted to ask, first of all, on the West Capella, doing the one rig in South Korea.

首先，我想問的是西卡佩拉號，在韓國做一台鑽孔機。

It’s an unusual location and congratulations on the dayrate.

這是一個不尋常的地點，祝賀日費率。

Is there any opportunity that there might be another well behind that or how are you thinking about sort of where the West Capella ends up?

是否有可能在這後面還有另一口井，或者您如何考慮西卡佩拉最終的去向？

Are you wanting to eventually move it back to one of your three core markets?

您是否想最終將其移回您的三個核心市場之一？

Any color around that?

周圍有什麼顏色嗎？

Sure.

當然。

So, it was a great little contract win for us, and we’re quite proud of that.

因此，這對我們來說是一次偉大的小合約勝利，我們對此感到非常自豪。

Could it stay there a little longer potentially?

它能在那裡停留更久嗎？

But for us, we would look to either move it back to one of our core markets, but there is also opportunity for it in Southeast Asia.

但對我們來說，我們希望要么將其移回我們的核心市場之一，但東南亞也有機會。

And she’s one of the few rigs that’s in that market that’s got MPD.

她是該市場上為數不多的擁有 MPD 的鑽孔機之一。

So for us, we are looking at the broader market and saying, hey, we could bring it back to a core market or if we find the right opportunity that justifies staying in Southeast Asia, we’ll happily stay there as well.

因此，對我們來說，我們著眼於更廣闊的市場，並說，嘿，我們可以將其帶回核心市場，或者如果我們找到合適的機會證明留在東南亞，我們也會很樂意留在那裡。

Okay.

好的。

And any thoughts on how quickly that might would develop?

對於這種情況會發展多快有什麼想法嗎？

Yes.

是的。

I’d say we’re in dialogue right now for that.

我想說我們現在正在為此進行對話。

So, most of that’s going to be after the Korea work, however long that takes.

因此，無論需要多長時間，大部分工作都將在韓國工作之後進行。

But we are in advanced dialogue right now, but nothing to announce at this point.

但我們現在正在進行高級對話，但目前沒有什麼可宣布的。

Okay.

好的。

Appreciate that.

感謝。

And then, I was a little bit curious about your commentary in the West Phoenix and the opportunity in a harsh environment either being a little over-supplied or a little under-supplied.

然後，我對您對西鳳凰城的評論以及在供應有點過剩或供應有點不足的惡劣環境中的機會有點好奇。

And then, if you’re unable to get a contract that you would stack the rig.

然後，如果你無法獲得合同，你就可以堆放鑽機。

I’m curious why you would choose to go that direction as opposed to maybe trying to redeploy it to a benign environment just to keep it running?

我很好奇為什麼您會選擇這個方向，而不是嘗試將其重新部署到一個良好的環境中以保持其運作？

Yes.

是的。

So, we’re definitely looking at benign environments as well.

因此，我們肯定也在尋找良性環境。

So for us, we’re not limiting ourselves just too harsh.

因此，對我們來說，我們並沒有對自己進行過於嚴厲的限制。

I don’t want you to feel or take that away.

我不想讓你感受到或帶走它。

I think for us, there is an investment required in the rig for various different markets that we could put her to work in.

我認為對我們來說，需要對不同市場的鑽孔機進行投資，我們可以讓她參與其中。

And what we’re doing right now is evaluating, if we make that investment, do we get a return on our capital, and if we don’t, then we’ll look to stack the rig.

我們現在正在做的是評估，如果我們進行這項投資，我們是否能獲得資本回報，如果沒有，那麼我們將尋求堆疊鑽孔機。

But, given the capabilities of the Phoenix, harsh environment is probably the most logical, but we are not opposed to looking at benign environments as well.

但是，考慮到鳳凰號的能力，惡劣的環境可能是最合乎邏輯的，但我們也不反對考慮良性環境。

Okay.

好的。

All right.

好的。

I appreciate it.

我很感激。

Thank you.

謝謝。

Thanks for the question, Ben.

謝謝你的提問，本。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yes.

是的。

Hi.

你好。

Thank you, and good morning, and thanks for taking my questions.

謝謝你，早安，謝謝你回答我的問題。

I guess, Simon or Samir, just following up on Ben’s question on the Phoenix.

我猜，西蒙或薩米爾，只是在跟進本在鳳凰號上提出的問題。

In the event that that rig were to get a contract, just given its 15 year special survey, what kind of like say we see a contract in the next couple of months, how long should we expect that rig to be in the shipyard to undergo that survey?

如果該鑽井平台獲得合同，剛剛進行了 15 年的特別調查，我們會在接下來的幾個月內看到一份合同，我們預計該鑽井平台將在造船廠進行多長時間的測試那個調查？

It really depends, Greg, on where the rig is going to be deployed.

格雷格，這實際上取決於鑽孔機將部署在哪裡。

Well, let’s assume base case it stays in North Sea.

好吧，讓我們假設基本情況是它留在北海。

Well, if it stays in Norway, then there’s it’s going to be a larger project than if it will be working in the UKCS for instance.

好吧，如果它留在挪威，那麼它將是一個比在 UKCS 工作更大的項目。

So, at this stage, we bought a lot of long lead items that would allow us to do that survey upon conclusion of the current contract.

因此，在這個階段，我們購買了很多長週期項目，這將使我們能夠在當前合約簽訂時進行調查。

But timing is, we haven’t confirmed that as yet.

但具體時間我們尚未確認。

Really we’re reluctant to make a commitment as to the outstanding capital expenditure until we have clarity about our work going forward.

實際上，在我們明確未來的工作之前，我們不願意對未償資本支出做出承諾。

I think one of the features that we’ve seen in the NCS in particular in recent years has been a growth in the cost of doing these surveys and staying compliant with the regulators requirements in terms of new equipment guidelines and so forth.

我認為，尤其是近年來，我們在 NCS 中看到的一個特點是，進行這些調查以及在新設備指南等方面遵守監管機構要求的成本不斷增加。

So, we really need to be sure that there’s a sufficient body of work there to underwrite that commitment cost.

因此，我們確實需要確保有足夠的工作來承擔承諾成本。

Yes, super helpful.

是的，超級有幫助。

So, just then as I kind of think about the low-end and high-end of guidance realizing maybe we don’t have the Phoenix working at all post its existing contract.

所以，就在那時，當我思考低端和高端指導時，我意識到也許我們沒有讓鳳凰號在其現有合約後繼續工作。

I guess, kind of, the swing factors really are going to be opportunities for the Louisiana.

我想，在某種程度上，搖擺因素確實會成為路易斯安那州的機會。

So, as we think about the Louisiana and I can appreciate you might not want to talk about the drilling work, but it was good to see the well intervention work.

因此，當我們想到路易斯安那州時，我可以理解您可能不想談論鑽井工作，但很高興看到油井幹預工作。

Obviously, a big well intervention asset moved to West Africa, not yours, someone else’s.

顯然，大量油井幹預資產轉移到了西非，不是你的，而是別人的。

So, it seems like that if there is a pickup in activity, we’re going to need non-traditional intervention assets to do that.

因此，如果經濟活動有所回升，我們似乎將需要非傳統幹預資產來做到這一點。

Any kind of way we should be thinking about maybe the spread on what a well intervention type contract pricing looks like versus say, I don’t know, like and maybe not leading edge, but kind of, realizing that’s a sixth gen rig, not a seventh average kind of rate for drilling, any kind of well intervention versus discount drilling versus spread?

我們應該以任何方式思考良好幹預型合約定價的價差，而不是說，我不知道，可能不是領先優勢，但有點意識到這是第六代鑽機，不是第七種平均鑽井費率，任何類型的油井幹預與折扣鑽井與價差？

Yes.

是的。

No, look, I understand what you’re getting at, Greg.

不，聽著，我明白你的意思，格雷格。

So, what I’d say is that the rates are definitely lower than the half of the deepwater market.

所以，我想說的是，費率肯定低於深水市場的一半。

So, in that sense it’s less than what we get for a conventional drilling job.

因此，從這個意義上說，它比我們在傳統鑽井作業中得到的要少。

But it’s becoming increasingly important part of mature basins like the Gulf of Mexico.

但對於墨西哥灣等成熟盆地來說，它正變得越來越重要。

And I think great strength of the Louisiana is its ability to DP and shallow water where a lot of this work is going to be emanating from.

我認為路易斯安那號的巨大優勢在於它的 DP 和淺水區能力，其中許多工作將來自淺水區。

So, we’re keen to develop that possibility.

因此，我們熱衷於開發這種可能性。

And the Louisiana because of its unique whole configuration and capabilities can switch between the two types of work effortlessly.

而路易斯安那號則因其獨特的整體配置和功能可以毫不費力地在兩種工作類型之間切換。

And in fact, I think one of the key attractions for the client in this case was our ability to do just that.

事實上，我認為在這種情況下對客戶的主要吸引力之一是我們有能力做到這一點。

And we are hoping to bridge the well intervention work into better paid conventional drilling.

我們希望將修井工作與報酬更高的傳統鑽井連結起來。

Samir, anything to add?

薩米爾，有什麼要補充的嗎？

Yes.

是的。

No, I think that Simon said, right, the Louisiana can hit those low water depths and for us it’s getting the resume that we can do well intervention work.

不，我認為西蒙說的是，路易斯安那號可以到達那些低水深，對我們來說，它得到了我們可以做好幹預工作的履歷。

We tested out a new technology as well, while we’re doing it.

我們在這樣做的同時也測試了一項新技術。

And we viewed it as a bridge into drilling work that is pending approval at this point.

我們將其視為目前正在等待批准的鑽井工作的橋樑。

So, we will transition to more profitable work here shortly.

因此，我們很快就會在這裡轉向利潤更高的工作。

Super helpful.

超有幫助。

Thank you very much.

非常感謝。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, good morning everybody.

嘿，大家早安。

Good morning.

早安.

So, I was kind of curious, right, Simon, you referenced a couple of dynamics at play in the market where you have some idle assets, the cost of those assets to kind of bring them back in continue to go up with time.

所以，我有點好奇，對吧，西蒙，你提到了市場上的一些動態，你有一些閒置資產，這些資產的成本隨著時間的推移而繼續上升。

And at the same juncture, right, you do have solid demand.

同時，對吧，你確實有堅實的需求。

The outlook is very favorable.

前景非常樂觀。

So, I guess my question is, look, when you have limited availability that’s currently operating, you have high-cost assets sitting on the sidelines.

因此，我想我的問題是，當您當前運行的可用性有限時，您就會有高成本的資產處於閒置狀態。

What’s your sense when you talk to customers and like how do they understand how tight the market is?

當您與客戶交談時，您的感覺是什麼？

Do they understand the cost and time that’s going to be involved?

他們了解所涉及的成本和時間嗎？

Because it just seems over the last few months there really hasn’t been as much sense of urgency as we might have seen in other cycles.

因為過去幾個月似乎確實沒有像我們在其他週期中看到的那樣緊迫感。

So, just kind of curious if you can give us some context around that.

所以，我很好奇你能否給我們一些相關的背景資訊。

Yes.

是的。

I think, that’s a really interesting point, Kurt.

我認為，這是一個非常有趣的觀點，庫爾特。

I mean, one observation I have looking back on the last 12 months is that despite being in fears about market direction and momentum, the rates have continuously grinded higher.

我的意思是，我回顧過去 12 個月的一個觀察結果是，儘管對市場方向和勢頭感到擔憂，但利率仍在不斷走高。

And that’s been consistent with our expectations, but not always with the views of market spectators through time.

這符合我們的預期，但並不總是符合市場觀察者長期以來的觀點。

So, I think directionally we’ve been correct in our estimation of where the market’s going.

因此，我認為從方向來看，我們對市場走向的估計是正確的。

I think when you think about the cost of reactivating rigs, there’s definitely more cost and more risk associated with that than we’ve seen in the past.

我認為，當您考慮重新啟動鑽機的成本時，您會發現與之相關的成本和風險肯定比我們過去看到的要高。

These modern rigs are much more complicated based than the rigs that we’re operating 20 years ago.

這些現代鑽孔機比我們 20 年前營運的鑽孔機複雜得多。

And I think there’s a period of adjustment as people come back and start surveilling the space from the investor base.

我認為，隨著人們回來並開始從投資者群體中監視這個領域，會有一段調整期。

I think there’s a bit of a catch up on the education required to people to understand what those costs look like and how significant they are.

我認為，人們需要接受一些教育來了解這些成本是什麼樣的以及它們有多重要。

And, the biggest issue for me is that we just don’t have the visibility to commit to large chunks of capital expenditure without certainty that we’re going to be able to recoup that in an acceptable period of time.

而且，對我來說最大的問題是，我們沒有能力承諾大量的資本支出，也不確定我們是否能夠在可接受的時間內收回成本。

I think that a good thing that we’re seeing at the moment is across the drillers, there’s generally speaking, not always, but generally speaking, there’s a great fiscal rectitude and people are acting rationally.

我認為，我們目前看到的一件好事是，鑽探者普遍存在，但並非總是如此，但總的來說，財政狀況良好，人們的行為也很理性。

So, when we think about the rigs that we have that aren’t currently working now, but maybe reactivated in future, we’re adamant, we’re not going to pour a whole bunch of our shareholders money into those projects unless we know that the rig has got a good long-term operating future.

因此，當我們想到我們擁有的鑽井平台目前尚未運行，但將來可能會重新啟動時，我們堅定不移，我們不會將股東的一大筆資金投入到這些項目中除非我們知道該鑽機具有良好的長期營運前景。

So, I think the customers understand that, but they were going to be reluctant to pay for it.

所以，我認為客戶理解這一點，但他們不願意為此付費。

Anything to add, Samir?

有什麼要補充的嗎，薩米爾？

No.

不。

I mean, I think the only thing I’d add to that is, I think clients are quite keenly aware, but you still have some capacity available to them in the market that’s hot and active.

我的意思是，我認為我唯一要補充的是，我認為客戶非常敏銳地意識到，但在熱門和活躍的市場中，您仍然有一些可用的能力。

Until you absorb that capacity, clients aren’t really going to step up to invest in a reactivation at this point.

在您吸收這種能力之前，客戶此時不會真正加強投資重新啟動。

Yes.

是的。

It will come, it’s just going to take a little more time.

它會來的，只是需要多一點時間。

Yes.

是的。

I mean, we remain very positive about the development of the market.

我的意思是，我們對市場的發展仍然非常樂觀。

We see consistent improvement in demand through time.

隨著時間的推移，我們看到需求持續改善。

Our customers are telling us that deepwater production is increasingly important part of the hydrocarbon mix.

我們的客戶告訴我們，深水生產是碳氫化合物組合中越來越重要的一部分。

Lifting costs are low and profitability is extremely high for our clients.

對我們的客戶來說，起重成本低，獲利能力極高。

So, it’s a really good macro story and we’re starting to see the base of demand broaden as well.

因此，這是一個非常好的宏觀故事，我們也開始看到需求基礎擴大。

So, we think the markets heading in the right direction.

因此，我們認為市場正朝著正確的方向發展。

Okay.

好的。

That’s great.

那太好了。

I appreciate that that color.

我很欣賞那種顏色。

Now, maybe getting a little granular, right.

現在，也許變得有點細化了，對吧。

You guys referenced a couple of new contracts with base rates and not including the MPD services and so on.

你們提到了幾份帶有基本費率的新合同，但不包括 MPD 服務等。

So, how should we think about, number one, per day dollar value of MPD services?

那麼，第一，我們該如何考慮 MPD 服務每天的美元價值？

And then, how frequently are those services deployed during the course of a program?

然後，在專案過程中部署這些服務的頻率如何？

Yes.

是的。

So, I’ll take that one to start and pass to Marcel, a little bit.

所以，我將從這個開始並傳遞給馬塞爾，一點點。

But I’d say starting with the second question, it depends on the well, right?

但我想說的是，從第二個問題開始，這取決於井，對嗎？

So, certain wells require MPD throughout the whole formation, some don’t.

因此，某些井需要在整個地層中進行 MPD，有些則不需要。

So it really does vary.

所以它確實有所不同。

In terms of what we’re getting, we think we’re hitting we’re punching above our weight class there and we’re getting between $40,000 to $45,000 a day for MPD on the contract we announced, which is above market.

就我們所得到的而言，我們認為我們正在超越我們的體重等級，根據我們宣布的合同，我們每天為 MPD 獲得 40,000 至 45,000 美元，這高於市場。

And, part of that is just our experience with MPD and we’ve done more MPD wells than most out there.

而且，部分原因在於我們在 MPD 方面的經驗，而且我們比大多數人完成了更多的 MPD 井。

So, we’ve been able to kind of charge a premium for it.

因此，我們可以為此收取一定的溢價。

But let Marcel kind of elaborate a little more about our MPD prowess.

但讓 Marcel 詳細闡述我們 MPD 的實力。

Yes.

是的。

So, it depends a little bit the area where you’re operating as well.

因此，這在一定程度上也取決於您運營的區域。

So, going forward five over six weeks operating in Brazil will be equipped with MPD equipment.

因此，未來在巴西營運的六週多的五週內將配備 MPD 設備。

On the other side in Angola, don’t know, but rigs are equipped with MPD equipment.

在安哥拉的另一邊，我不知道，但鑽孔機配備了 MPD 設備。

But as a company, we’re currently drilling our 99 MPD well, by this summer we will spud up 100 MPD well.

但作為一家公司，我們目前正在鑽 99 MPD 井，到今年夏天我們將開鑽 100 MPD 井。

So, we’ve got a huge experience which will give us a competitive edge in that respect as well.

因此，我們擁有豐富的經驗，這也將使我們在這方面具有競爭優勢。

Okay.

好的。

That’s great.

那太好了。

I appreciate it.

我很感激。

Thank you.

謝謝。

Thanks Kurt.

謝謝庫爾特。

Josh Jayne, Daniel Energy Partners.

喬許‧傑恩，丹尼爾能源合夥人。

Thanks.

謝謝。

Good morning.

早安.

Hi, Josh.

嗨，喬許。

Hi, Josh.

嗨，喬許。

First one, just to touch again on the Louisiana.

第一個，再談談路易斯安那州。

I know you talked about the fact that it likely moves to higher price drilling work shortly after the intervention piece.

我知道您談到了這樣一個事實，即在幹預之後不久，它可能會轉向更高價格的鑽探工作。

But I’m just curious, when you think about the asset longer-term, do you think that there are term opportunities for intervention for it in the Gulf of Mexico market and maybe just expand on that a bit?

但我只是好奇，當您從長遠角度考慮該資產時，您是否認為在墨西哥灣市場中存在幹預該資產的長期機會，並且可能只是稍微擴大一點？

Sure.

當然。

I think there’s that potential.

我認為有這種潛力。

She is designed as a drilling rig, so we’d like to pursue drilling opportunities with her if we can.

她被設計為鑽井平台，因此如果可以的話，我們希望與她一起尋求鑽井機會。

But intervention by its nature is usually quicker.

但就其本質而言，幹預通常會更快。

It is not a term work for the most part.

這在很大程度上不是一項長期工作。

There are some clients that have enough wells where they could sign-up a term intervention vessel.

有些客戶擁有足夠的油井，可以簽約定期幹預船。

But for us, the focus is going to continue to be drilling with Louisiana, if we can get it.

但對我們來說，重點將繼續是在路易斯安那州鑽探，如果我們能得到的話。

One thing I would add, Josh, is that the differential between intervention work and conventional drilling has been compressing.

喬什，我要補充的一件事是，幹預工作和傳統鑽井之間的差異一直在縮小。

And I think as P&L liabilities and well intervention becomes a more important part of operators portfolio in the Gulf of Mexico, the ability to switch between the two is that’s attractive.

我認為，隨著損益負債和油井幹預成為墨西哥灣運營商投資組合中更重要的一部分，在兩者之間切換的能力就很有吸引力。

Most operators lack the resources these days to handle multiple rig strings.

如今，大多數業者缺乏處理多個鑽孔機串的資源。

So, the ability to have an asset that is something called a Swiss Army Knife, we believe, is going to be attractive.

因此，我們相信，擁有一種被稱為瑞士軍刀的資產將會很有吸引力。

The Louisiana in terms of specification is at the lower-end of the spectrum of capability in that particular market.

路易斯安那號的規格在該特定市場的能力範圍內處於較低端。

But we see that as a plus in terms of opening increasing the affordability of the unit to progress a broader range of work.

但我們認為，就開放而言，這是一個優勢，可以提高該單位進行更廣泛工作的負擔能力。

Okay.

好的。

And maybe just one other one.

也許只是另一件。

You talked about the three JV rigs in West Africa, and Samir mentioned all three, could continue to work there in 2025.

您談到了西非的三個合資鑽井平台，薩米爾提到這三個平台都可以在 2025 年繼續在那裡工作。

Could you just offer a bit more detail about maybe if you don’t want to touch on where you are in discussions, but maybe just the outlook for that market over the next couple of years would be helpful?

如果您不想談論討論的進展情況，您能否提供更多細節，但也許僅介紹該市場未來幾年的前景就會有所幫助？

Yes, sure.

是的，當然。

So, you’re seeing demand pop-up across the West African coast and candidly, a little bit into East Africa as well.

因此，您會看到西非海岸的需求突然出現，坦白說，東非也有一些需求。

So, there is active programs.

所以，有活躍的計劃。

We’ve got some clients that are looking openly for work in Nigeria.

我們有一些客戶正在尼日利亞公開尋找工作。

You’ve got some in Namibia that’s starting to heat up.

納米比亞的一些情況開始升溫。

You’ve got Angola.

安哥拉。

So overall, late ‘25, ‘26 feels pretty good in the African market.

因此整體而言，25 月底、26 月底在非洲市場的感覺相當不錯。

I would add Kurt, to that.

我想添加庫爾特。

The JV activity footprint is not limited to Angola.

合資企業的活動足跡不僅限於安哥拉。

We’ve seen a lot of activity including some really important discoveries in the adjacent geography in Namibia.

我們已經看到了很多活動，包括在納米比亞鄰近地區的一些非常重要的發現。

So, a lot of the service companies that are supporting those drilling operations in Namibia are mobilizing straight out of Angola or being supported directly from Angola.

因此，許多支持納米比亞鑽探作業的服務公司直接從安哥拉調動或直接從安哥拉獲得支援。

So, we think that strategically those rigs in that joint venture may well be pursuing work nearby not necessarily just in Angola.

因此，我們認為，從戰略上講，該合資企業的那些鑽井平台很可能會在附近開展工作，而不一定只是在安哥拉。

Okay.

好的。

Thank you.

謝謝。

I’ll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Thank you.

謝謝。

Just curious how one-time items of the $16 million benefit from the recovery of import duties is handled in guidance.

只是好奇指導意見中如何處理從進口關稅恢復中受益的 1600 萬美元一次性項目。

Really kind of thinking about it, does it shade expectations toward the higher-end of the range that’s been laid out?

認真思考一下，它是否會影響對所設定範圍的高端的期望？

When we think about well, first of all, high targets, Grant here.

當我們首先考慮高目標時，格蘭特在這裡。

I think when we set guidance last quarter and reiterate this quarter, we’re looking at various sort of things and various opportunities and risks.

我認為，當我們在上個季度製定指導並在本季度重申時，我們正在考慮各種事情以及各種機會和風險。

So, we’re not pinpointing it.

所以，我們並沒有明確指出它。

But obviously it is a factor and now that it materializes this quarter, we keep it in mind when we reiterate guidance.

但顯然這是一個因素，既然它在本季度成為現實，我們在重申指導意見時會牢記這一點。

But, yes, I think I’m reluctant to say which direction it pushes towards the top or the bottom, but it’s considering a bunch of factors though.

但是，是的，我想我不願意說出它向頂部或底部推的方向，但它正在考慮一系列因素。

Yes, fair.

是的，公平。

And just to clarify, it is included in your expectations for adjusted EBITDA?

澄清一下，它是否包含在您對調整後 EBITDA 的預期中？

It is, yes.

是的，是的。

Got it.

知道了。

And lots of questions about the Louisiana, maybe just one more.

還有很多關於路易斯安那號的問題，也許還有一個。

There’s a report saying the rig is heading to Angola once the shorter-term Gulf of Mexico work is done.

有報導稱，墨西哥灣短期工作完成後，鑽井平台將前往安哥拉。

Are you able to provide any color there and maybe more broadly, when we’re thinking about white space for the rig this year, should we be thinking about a mobilization?

你們能否提供任何顏色，也許更廣泛地說，當我們今年考慮為鑽機留出白色空間時，我們是否應該考慮動員？

So, we’re marketing in all markets around the world.

因此，我們在全球所有市場進行行銷。

So, is that a potential?

那麼，這有潛力嗎？

Absolutely.

絕對地。

Could you stay in the Gulf of Mexico?

你能留在墨西哥灣嗎？

Absolutely.

絕對地。

We see work in both markets, and we see work in other markets for the Louisiana as well.

我們在這兩個市場都看到了工作，我們也看到了路易斯安那州其他市場的工作。

So, that white space could be mobilization or it could be just time between contracts here in the Gulf of Mexico.

因此，這個空白可能是動員，也可能只是墨西哥灣合約之間的時間。

But I would say, we are marketing that asset globally right now.

但我想說，我們現在正在全球範圍內行銷該資產。

Yes.

是的。

I think the Louisiana has got a proud track record of surprising to the upside.

我認為路易斯安那州有著令人驚嘆的上漲記錄。

I mean, I don’t think many people understood that it’s on contract until we made that clear.

我的意思是，在我們明確說明之前，我認為很多人都不會理解這是合約規定的。

And, as we think about the range of opportunities for the rig, there’s plenty of opportunities for it in the Gulf both with the existing and other operators.

而且，當我們考慮該鑽井平台的機會範圍時，海灣地區現有的和其他業者都有很多機會。

So, but we are marketing internationally as Samir says.

所以，但正如薩米爾所說，我們正在國際行銷。

Thank you.

謝謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Can you hear me?

你聽得到我嗎？

Hi, Hamed.

嗨，哈米德。

How are you?

你好嗎？

Hi, very good morning.

嗨，早安。

So, my first question was just about Africa.

所以，我的第一個問題是關於非洲的。

You’ve been talking about highly about it, but where has the market not worked for you as far as your expectations?

您一直在高度評價它，但市場在哪裡沒有達到您的期望？

Where has the lead times been extended out?

哪裡的交貨時間延長了？

You’re still sounding like it’s the market is still developing for you even though Africa is looking good?

儘管非洲看起來不錯，但您聽起來仍然覺得市場仍在發展？

Yes.

是的。

So, I’d say the place we’ve in our core geographies where we’ve seen things move out a little bit is probably Brazil.

因此，我想說，在我們的核心地區，我們看到事情發生了一些變化的地方可能是巴西。

You’ve seen a little bit of delay in some of the tenders going on there.

您已經看到那裡進行的一些招標有一點延遲。

Candidly, that’s probably worked to our benefit, not against us, because that demand has now moved into when we have rig availability.

坦白說，這可能對我們有利，而不是對我們不利，因為當我們有鑽孔機可用時，這種需求已經轉移到我們身上。

But I’d say that is a market, you’ve probably seen a little bit of slippage and that’s not because the geology is not good or that the client has not got the demand.

但我想說的是，這是一個市場，你可能已經看到了一點下滑，這並不是因為地質不好或客戶沒有得到需求。

It’s just they’re waiting on other items like FPSOs or well-heads that have pushed their schedules to the right.

只是他們正在等待 FPSO 或井口等其他項目，這使得他們的日程安排被推遲了。

But I’d reiterate that’s actually worked in our favor because that demand has now shifted into when our rigs are available.

但我要重申，這實際上對我們有利，因為這種需求現在已經轉移到我們的鑽孔機可用時。

So, that was going to be actually my follow-up on it for a different reason.

所以，出於不同的原因，這實際上是我的後續行動。

Petrobras CEO has changed this morning.

巴西國家石油公司首席執行官今天上午發生了變化。

Any commentary as to how that would benefit Seadrill and the industry or how it would not given the leadership?

關於這將如何使 Seadrill 和整個行業受益，或者它不會給予領導力，有什麼評論嗎？

Yes.

是的。

I don’t think it’s going to have a huge impact, candidly.

坦白說，我認為這不會產生巨大的影響。

I mean, you’ve got a relatively supportive government who wants to continue drilling for hydrocarbons in Brazil and building that out.

我的意思是，政府相對支持，希望繼續在巴西鑽探碳氫化合物並進行建設。

So, I don’t think it really changes the day-to-day for us.

所以，我認為這並沒有真正改變我們的日常生活。

Okay.

好的。

That was it for me.

對我來說就是這樣。

Thank you.

謝謝。

Thanks, Hamed.

謝謝，哈米德。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi.

你好。

Good morning or good afternoon, team.

早安或下午好，團隊。

Just had a couple of questions.

只是有幾個問題。

You happened to remark a little while ago that, there are customers who still see some capacity available out there and seeing that, there I guess I’m wondering, is it fair to say that sort of the full on FOMO, fear-of-missing-out, hasn’t necessarily hit all the customers yet.

您不久前碰巧說過，有些客戶仍然看到一些可用容量，我想我想知道，這樣說是否公平，因為害怕錯過機會？ - 錯過，還不一定會影響到所有客戶。

It sort of feels like, writing’s clearly on the wall, but are there still some who are maybe unrealistically optimistic about availability and pricing at this point?

感覺就像是不祥之兆，但目前是否仍有一些人對可用性和定價抱有不切實際的樂觀態度？

Well, perhaps let me start with that and then we can pass to Samir.

好吧，也許讓我從這個開始，然後我們可以交給薩米爾。

I think, the big thing with the market at the moment is it gets back to the visibility issue.

我認為，目前市場最重要的事情是回到可見性問題。

The operators are showing great discipline in terms of preferring to return capital to their shareholders rather than necessarily investing in the future of their business.

營運商在寧願將資本返還給股東而不是投資於業務的未來方面表現出了嚴格的紀律。

We are seeing a definitely shift from to higher CapEx in year-on-year basis.

我們看到同比資本支出明顯轉向更高。

But they are being very disciplined.

但他們非常有紀律。

And, but the horizon for making decisions is relatively constrained.

而且，但決策的視野相對有限。

And so, what you’re seeing with these white space or air pockets or whatever you’d like to refer to them as is really just the difficulty of resolving the availability against that tight time horizon.

因此，您所看到的這些空白或氣穴或任何您想要提及的內容實際上只是在緊迫的時間範圍內解決可用性問題的困難。

And there’s dislocations inevitably result from that.

由此不可避免地會造成混亂。

So, I think that will be persistent.

所以，我認為這將是持久的。

I think the drilling contractors and the operators, generally speaking, are working together.

我認為，總體而言，鑽井承包商和營運商正在合作。

That’s why you’re seeing a lot of demand that’s not visible in the market.

這就是為什麼您會看到大量市場上看不到的需求。

There’s a lot of fixtures that are taking place that aren’t public, but they’re preferring to work together to manage that process rather than to sort of to fall foul of it, I would say.

有很多不公開的固定裝置正在進行，但我想說，他們更願意共同努力來管理這個過程，而不是與之衝突。

So, I think there’s a lot of cooperation collaboration, but it’s not always perfectly resolved.

所以，我認為有很多合作，但並不總是完美解決。

Right, right.

是的是的。

Thanks.

謝謝。

And also this is kind of just a different sort of reality check.

這也是一種不同類型的現實檢驗。

And I don’t know if it’s fair to say it’s a widespread trend yet, but in the midst of capital discipline, the market has still been, for operators, market has still been highly supportive of M&A particularly done with stock.

我不知道這是否是一個普遍的趨勢，但在資本紀律下，市場仍然是，對於營運商來說，市場仍然高度支持併購，特別是併購有庫存。

And, I feel like the only sort of string from capital discipline I can kind of detect out there among operators is that, I guess, with the expectation that sooner or later there are going to be interest rate cuts, it seems that, rates on debt, on bonds have not been as high in some of the raises I’ve seen as I would have expected.

而且，我覺得我能在運營商中發現的唯一一種來自資本紀律的字符串是，我猜，預計遲早會降息，似乎，利率在我見過的一些加息中，債券的債務並沒有我預期的那麼高。

And it seems to me I see a little bit of the company still totally committed to their dividends and their buybacks, but maybe a little less allergic to leverage than they had been for a while.

在我看來，我看到公司的一小部分人仍然完全致力於股息和回購，但對槓桿的過敏可能比一段時間以來要少一些。

And I just wondered if you were seeing any signs of that especially if customers are openly looking to commit to longer-terms, just maybe seem to be a little less worried about that price tag down the road?

我只是想知道您是否看到了任何跡象，特別是如果客戶公開尋求承諾長期合作，也許似乎不太擔心未來的價格標籤？

Yes.

是的。

Starting to see some clients get a little more comfortable with it, but I wouldn’t say that’s the rule.

開始看到一些客戶對此感到更加適應，但我不會說這是規則。

We’re starting to see a little bit.

我們開始看到一些了。

But overall, clients are still looking at, hey, this is the program that’s been FID or this is the program we want to go drill.

但總體而言，客戶仍在關注，嘿，這是已完成 FID 的計劃，或者這是我們想要進行的計劃。

So, it’s always that fine balance of going long and locking in a rate versus keeping it short.

因此，做多並鎖定利率與保持做空之間始終存在著微妙的平衡。

A good example is our relationship with LLOG in the US Gulf of Mexico, right?

一個很好的例子就是我們與美國墨西哥灣的 LLOG 的關係，對嗎？

I mean, they’ve been with the same rig for 10 years.

我的意思是，他們已經使用同一台設備 10 年了。

We’ve been able to re-price it every six months.

我們能夠每六個月重新定價一次。

And, in a recovering market, we’re happy with that.

而且，在市場復甦的情況下，我們對此感到滿意。

And, I think they’re quite happy with that as well because it gives them flexibility, but it allows us to re-price every six months.

而且，我認為他們對此也很滿意，因為這給了他們靈活性，而且允許我們每六個月重新定價一次。

So, are we seeing clients do it a little bit, but not as much as you would think.

那麼，我們是否看到客戶做了一點，但沒有你想像的那麼多。

Great.

偉大的。

Thanks for the detail.

謝謝你的詳細資料。

Bye-bye.

再見。

Thank you.

謝謝。

(Operator Instructions) Fredrik Stene, Clarksons Securities.

（操作員指示）Fredrik Stene，克拉克森證券。

Hey, Simon and team.

嘿，西蒙和他的團隊。

Hope you are well.

一切順利。

I think this is a new record of number of questions in the Q&A in the last 10 years of drilling.

我認為這是近10年鑽井中問答問題數量的新紀錄。

But, I’ll try to keep it short here in the interest of time.

但是，為了節省時間，我會盡量簡短。

First, on your guidance, is the difference between $400 million and $450 million on the EBITDA side only related to your ability to get new contracts or are there any cost elements, bonus elements or other stuff that can help pivot that in either direction?

首先，根據您的指導，4 億美元和4.5 億美元的EBITDA 方面的差異是否僅與您獲得新合約的能力有關，或者是否有任何成本要素、獎金要素或其他因素可以幫助將其轉向任一方向？

Yes.

是的。

I think, Fred, that some of the levers are obviously around contracting cover on the Louisiana and Phoenix.

弗雷德，我認為有些槓桿顯然是圍繞著路易斯安那號和菲尼克斯號的合約掩護。

But, I think the other one is obviously the projects that we’re currently undertaking on the West Polaris and the West Auriga in preparation for the contracts down in Brazil.

但是，我認為另一個顯然是我們目前正在西北極星號和西奧裡加號上進行的項目，為巴西的合約做準備。

And, just to provide a bit of color on that if you like.

而且，如果您願意的話，只是為了提供一點顏色。

I mean just so people are aware, the Auriga was released earlier than anticipated.

我的意思是讓人們知道，Auriga 的發佈時間早於預期。

We toyed with chasing some fill in work, but we chose instead to de-risk the schedule by starting the Auriga project earlier than perhaps was anticipated.

我們曾考慮過一些補充工作，但我們選擇比預期更早開始 Auriga 項目，以降低進度風險。

We’re keenly aware of the risk profile of those projects and laser focused on delivering them in the service before the end of the year.

我們敏銳地意識到這些項目的風險狀況，並專注於在年底前將它們投入服務。

So, obviously, that’s a potential delta surrounding if we start earlier than anticipated versus if we incur project overruns and start later that’s another factor as well.

因此，顯然，如果我們比預期更早開始，與我們因專案超支而較晚開始相比，這將是一個潛在的三角洲環境，這也是另一個因素。

At the moment, we remain on firmly on schedule today, and we’ll update you as we move forward in the year on that one.

目前，我們仍然堅定地按計劃進行，我們將在這一年的進展中向您通報最新情況。

But, I think really they’re the main ones.

但是，我認為它們確實是主要的。

It’s about contract cover on those two rigs we mentioned and how we go on the projects for contract preparation in Brazil.

這是關於我們提到的兩個鑽井平台的合約範圍以及我們如何在巴西進行合約準備專案。

Thank you.

謝謝。

Very, very helpful.

非常非常有幫助。

Second, do you have as you’ve discussed many rigs rolling-off in 2025.

其次，正如您所討論的，許多鑽孔機是否會在 2025 年下線。

You’ve given some color on what you think about certain of those rigs.

您對某些裝備的看法給了一些看法。

And, I’m just curious when you are recontacting those rigs, how many of them should we expect to see contracts for announced already this year, and also are you actively trying to call it stagger the next round of re-contracting more than what’s the case, right now since, again, many of those rigs are rolling up somewhere in 2025.

而且，我只是很好奇，當您重新聯繫這些鑽機時，我們預計今年將有多少台鑽機宣布合同，您是否正在積極嘗試將其稱為錯開下一輪重新承包合同？類鑽機將在2025 年的某個時候投入使用。

I guess my question relates to whether or not you will purposefully mix short-term and long-term contracts just to make sure that it’s even more staggered to the next half?

我想我的問題是，你們是否會故意混合短期和長期合同，以確保下半年更加錯開？

Thanks.

謝謝。

Yes.

是的。

So, we absolutely want to try to stagger them out and create more of a portfolio and kind of a smoother roll off profile.

因此，我們絕對希望嘗試將它們錯開，並創建更多的產品組合和更平滑的滾滾配置檔案。

But on top of that, as Simon mentioned in his prepared remarks, we’re also very focused on kind of things below the surface on the dayrate and the terms, right, is how do you improve the overall contract quality as well.

但最重要的是，正如西蒙在他準備好的發言中提到的那樣，我們也非常關注日費率和條款的表面之下的事情，對吧，也是如何提高整體合約品質。

So, it is a balance for us of making sure we can stagger the expiration of the contracts, but also ensure that we’re getting the right rate and the right terms on our contracts.

因此，這對我們來說是一種平衡，既要確保我們能夠錯開合約到期時間，又要確保我們獲得正確的費率和正確的合約條款。

But it all goes into the pot, if you will.

但如果你願意的話，這一切都會進入鍋子裡。

Yes.

是的。

Thank you very much, Samir.

非常感謝你，薩米爾。

And finally, on your CapEx guidance also $400 million to $450 million you are just to make be absolutely clear that would include both the cash flow elements from operations and investments, right?

最後，在您的資本支出指引中，您還需要絕對明確 4 億至 4.5 億美元，其中包括營運和投資的現金流要素，對吧？

So, compared to that guidance you’ve incurred, I think $23 million plus $29 million so far this year.

因此，與您所獲得的指導相比，我認為今年迄今為止的支出為 2300 萬美元加上 2900 萬美元。

Is that the correct way to think about it just to have an idea of how timing of the CapEx will be for the rest of the year.

這是正確的思考方式嗎？

That’s right.

沒錯。

I think you’re referring to the cash flow statement of how we present the maintenance elements of CapEx, which is in the cash flows from operations, which is of course $29 million plus $23 million from additions.

我認為您指的是我們如何呈現資本支出維護要素的現金流量表，其中包括營運現金流，當然包括 2,900 萬美元加上 2,300 萬美元的新增資金。

Yes.

是的。

Okay.

好的。

And, I just wanted to make sure that I understood it correctly.

而且，我只是想確保我理解正確。

All right.

好的。

That’s it from me.

這就是我說的。

Thank you so much for the color and have a great day.

非常感謝你的顏色，祝你有美好的一天。

Thanks very much, Fredrik.

非常感謝，弗雷德里克。

Hey, Fredrik.

嘿，弗雷德里克。

Thanks.

謝謝。

That was our final question.

這是我們的最後一個問題。

Ladies and gentlemen, that concludes today’s call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。