Seadrill Ltd (Hamilton) (SDRL) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Seadrill second-quarter earnings conference call.

感謝您的耐心等待，歡迎參加 Seadrill 第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I'd 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。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Welcome to Seadrill's second-quarter 2024 earnings call.

歡迎參加 Seadrill 的 2024 年第二季財報電話會議。

Today's call will feature prepared remarks from Simon Johnson, our President and Chief Executive Officer; Samir Ali, Executive Vice President and Chief Commercial Officer; and Grant Creed, Executive Vice President and Chief Financial 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；薩米爾·阿里，執行副總裁兼首席商務官；執行副總裁兼財務長 Grant Creed。

Also joining is Marcel Wieggers, Senior Vice President of Operations.

營運資深副總裁 Marcel Wieggers 也加入其中。

Today's call includes forward-looking statements that involve risks and uncertainties.

今天的電話會議包含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.

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 the call, will also refer to non-GAAP measures.

在電話會議期間，也將提及非公認會計原則措施。

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

我們向美國證券交易委員會提交並可在我們的網站上取得的收益發布，包括對最接近的相應公認會計準則措施的調節。

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“EBITDA”一詞與我們的收益發布中定義的“調整後的 EBITDA”一詞相對應。

Now, let me turn the call to Simon.

現在，讓我把電話轉給西蒙。

Thank you for joining us on today's call.

感謝您參加今天的電話會議。

For the second quarter, Seadrill delivered EBITDA of $133 million on $375 million of total operating revenues for an EBITDA margin of 35.5%.

第二季度，Seadrill 的 EBITDA 為 1.33 億美元，總營業收入為 3.75 億美元，EBITDA 利潤率為 35.5%。

Seadrill had a strong first half of the year with a combined $257 million in EBITDA.

Seadrill 今年上半年表現強勁，EBITDA 總計 2.57 億美元。

However, we are lowering our second-half expectations based on revised estimates for contract start dates for the two rigs we're moving to Brazil and uncommitted near-term availability on other rigs within our fleet.

然而，我們根據我們將移至巴西的兩座鑽機合約開始日期的修訂估計以及我們船隊中其他鑽機未承諾的近期可用性，降低了下半年的預期。

We entered 2024 knowing it will be a transition year.

進入 2024 年，我們知道這將是一個過渡年。

We have operated fewer rigs while preparing units for long-term contracts and performing necessary calendar-based maintenance on several others.

我們運營的鑽機數量有所減少，同時為長期合約做好準備，並對其他幾台設備進行必要的基於日曆的維護。

We've acknowledged our willingness to incur idle time early in the cycle as we sought to reprice, relocate, and reintegrate rigs.

我們已經承認，當我們尋求重新定價、重新定位和重新整合鑽機時，我們願意在週期的早期產生閒置時間。

This was exemplified by the West Polaris, which we moved from a third-party managed contract in India, where it operated alone to a market rate term contract in Brazil, where we operate at scale.

西北極星就是一個例子，我們將其從印度的第三方管理合約（在印度單獨運作）轉變為在巴西的市場利率定期合約（在巴西）進行大規模營運。

Like our peers, we've encountered white space for some of our units with near-term availability, specifically the Sevan Louisiana, West Phoenix, and West Capella.

與我們的同行一樣，我們的一些近期可用的單位也遇到了空白，特別是路易斯安那州塞萬、西菲尼克斯和西卡佩拉。

We're seeing indications of limited contracting options and intensifying competition that will impact on these rigs and possibly others into 2025.

我們看到有跡象表明，承包選擇有限且競爭加劇，這將在 2025 年對這些鑽孔機以及可能的其他鑽孔機產生影響。

The emergence of more volatility inherent in the oilfield services subsector further enforces the importance of through-cycle resiliency.

油田服務子產業固有的更大波動性的出現進一步凸顯了整個週期彈性的重要性。

To achieve durable earnings and cash flow across cycles: one, scale matters; two, balance sheet strength matters; three, management discipline matters; and four, most importantly, safe, efficient, responsible drilling operations matter.

要實現跨週期的持久獲利和現金流：一是規模很重要；第二，資產負債表實力很重要；三、管理紀律事項；第四，最重要的是，安全、有效率、負責任的鑽井作業很重要。

At Seadrill, we achieve basin scale by concentrating on highly standardized rig fleet in advantaged geographies, primarily across the Golden Triangle.

在 Seadrill，我們透過專注於優勢地理位置（主要是整個金三角）的高度標準化的鑽機隊來實現盆地規模。

We maintain a prudent balance sheet that allows us to invest in maximizing the useful life, competitiveness, and performance of the rigs across our fleet, when attractive economics justify doing so.

我們保持審慎的資產負債表，使我們能夠在經濟有吸引力的情況下進行投資，以最大限度地延長我們船隊中的鑽機的使用壽命、競爭力和性能。

We consistently demonstrate discipline by doing what we say we will do, acting as strong stewards of capital.

我們言出必行，始終恪守紀律，充當強而有力的資本管理者。

We maximize the earnings potential of our contracted rig fleet by staying focused on maximizing one of the most important operational metrics, uptime.

我們專注於最大限度地提高最重要的營運指標之一——正常運行時間，從而最大限度地提高合約鑽機隊的獲利潛力。

When downtime events do occur, we learn from them, first identifying the root cause, then reshaping our efforts and behavior to deliver intended outcomes.

當停機事件確實發生時，我們會從中學習，先找出根本原因，然後重塑我們的努力和行為以實現預期結果。

We are seeing results.

我們正在看到結果。

During the quarter, five of our rigs achieved nearly 100% uptime.

本季度，我們的五台鑽機實現了近 100% 的正常運作時間。

Every year, I visit every rig in our fleet.

每年，我都會參觀我們車隊中的每台鑽孔機。

The level of operational performance and commitment to continuous improvement that I've personally seen across our rig sites will drive our success through the cycle.

我個人在我們的鑽井平台上看到的營運績效水準和對持續改進的承諾將推動我們在整個週期中取得成功。

I most recently returned from Angola, where our rigs continue to set examples with superior safety performance across our fleet, across all metrics.

我最近從安哥拉回來，我們的鑽井平台在所有指標上繼續為我們的車隊樹立了卓越安全性能的典範。

Elsewhere in the fleet, the Phoenix recently celebrated nine years without a lost time incident, and the West Saturn six years without an LTI.

在機隊的其他地方，鳳凰號最近慶祝了九年沒有發生誤時事件，西土星號也慶祝了六年沒有 LTI 事件。

Looking at the market, we remain confident in the long-term position of the deepwater drilling industry.

縱觀市場，我們對深水鑽井產業的長期地位仍然充滿信心。

We still believe burgeoning broad-based demand will bolster what's largely been a supplier side-driven recovery.

我們仍然相信，不斷增長的廣泛需求將提振主要由供應商驅動的復甦。

However, major discoveries in places like Namibia, Cote d'Ivoire, and Indonesia have yet to convert into material rig activity.

然而，納米比亞、科特迪瓦和印尼等地的重大發現尚未轉化為實際的鑽井活動。

We expect the slower conversion of demand to contract awards will persist into 2025.

我們預計需求授予合約的轉換速度將持續到 2025 年。

Importantly, we've seen no indication that dayrate development is curtailing demand.

重要的是，我們沒有看到任何跡象表明日費率的發展正在限制需求。

Rather, there are more likely paradoxes at play.

相反，更有可能存在悖論。

Firstly, E&P customers are out consolidating contractors.

首先，勘探與生產客戶正在整合承包商。

When two becomes one, it can change the timing of tenders as projects that would have occurred consecutively often get deferred.

當兩個變成一個時，它可以改變招標的時間，因為連續進行的項目經常會被推遲。

Second, E&Ps continue to prioritize returning capital to shareholders rather than spending it on the drill bit.

其次，勘探與生產公司繼續優先考慮向股東返還資本，而不是將其花在鑽頭上。

Even small independents appear to prioritize buybacks, dividends and debt retirement over new contracts.

即使是小型獨立企業似乎也會優先考慮回購、股息和債務清償，而不是新合約。

Third, E&Ps appear largely unwilling to commit to long-dated projects.

第三，勘探與生產公司似乎基本上不願意致力於長期專案。

Broader uncertainty related to demand for the underlying commodity and shifting sociopolitical situations in certain countries appear to be shortening our customers' actionable time horizons.

與基礎商品需求相關的更廣泛的不確定性以及某些國家不斷變化的社會政治局勢似乎正在縮短我們客戶的可行時間範圍。

Asymmetry between partner expectations at the JV level can also prevent projects from proceeding.

合資企業層面合作夥伴期望之間的不對稱也會阻礙專案的進展。

In a less liquid market characterized by a smaller inventory of available rigs and contracts, it can be difficult to align supply and demand perfectly, contributing to idle time.

在流動性較差的市場中，可用鑽孔機和合約的庫存較少，可能難以完美地調整供需，從而導致閒置時間。

We believe that this is transitory.

我們認為這是暫時的。

Yes, E&Ps are showing some discretion on near-term projects, but by definition, they are responsible for producing a consumable resource.

是的，勘探與生產公司在近期專案上表現出了一定的自由裁量權，但根據定義，他們負責生產消耗性資源。

What we're seeing is demand delay, not demand destruction.

我們看到的是需求延遲，而不是需求破壞。

Our positive view of the deepwater drilling market's longer-term outlook remains unaltered.

我們對深水鑽探市場長期前景的正面看法保持不變。

As frustrating as lack of a visibility and short-term congestion may be, we're satisfied with the ongoing development of the market and our relative position within it.

儘管缺乏可見性和短期擁堵可能令人沮喪，但我們對市場的持續發展以及我們在其中的相對地位感到滿意。

However, there will be volatility.

然而，將會出現波動。

As an industry, we seem to be experiencing micro-cycles where the amplitudes may be greater, the period shorter, and the spread of dayrates potentially wider.

作為一個行業，我們似乎正在經歷微週期，其中幅度可能更大，週期更短，日費率的分佈可能更寬。

That means that now, as ever, scale, balance sheets, management teams, and operations matter.

這意味著現在和以往一樣，規模、資產負債表、管理團隊和營運都很重要。

As we look to the horizon, I'm convinced Seadrill will be a competitive player.

當我們展望未來時，我相信 Seadrill 將成為一名有競爭力的球員。

I'm confident in our team's performance, potential, and progress.

我對我們團隊的表現、潛力和進步充滿信心。

Thank you to our employees for your continued commitment to the competitive, collaborative, and cost-conscious behaviors that will carry us forward.

感謝我們的員工持續致力於競爭、協作和成本意識行為，這將推動我們前進。

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

這樣，我會將電話轉給 Samir。

Thanks, Simon.

謝謝，西蒙。

Trying to anticipate what our clients are going to do when is becoming more difficult.

試圖預測我們的客戶何時會做什麼變得更加困難。

For example, global floater contract awards through the first half of this year were half of what they were over the same period last year, adjusting for an unusual 10-year contract.

例如，根據不尋常的 10 年期合約進行調整，今年上半年的全球浮動合約授予量僅為去年同期的一半。

Then, in late July, an IOC and an NOC launched multi-rig tenders within what seemed like hours of each other.

然後，在 7 月下旬，國際奧委會和國家奧委會在短短幾個小時內啟動了多鑽機招標。

Though the market balance supports continued rig progression, uncertainty on the timing of demand and the competitive response that follows can contribute to idle time and dayrate dispersion.

儘管市場平衡支持鑽機的持續發展，但需求時間的不確定性和隨後的競爭反應可能會導致閒置時間和日費分散。

Drilling contractors are card players that never really get to deal.

鑽井承包商是紙牌玩家，從來沒有真正參與過交易。

We can only play the hand in front of us.

我們只能玩我們面前的牌。

More challenging still is we are not alone at the table.

更具挑戰性的是，我們並不孤單。

We must anticipate, and where appropriate, respond with what other players may do with the cards they have.

我們必須預測並在適當的情況下回應其他玩家可能會用他們擁有的牌做什麼。

Certain markets feel different than others right now.

目前，某些市場的感覺與其他市場有所不同。

Let's walk around the world reviewing the demand and outlook and contracting activity within each.

讓我們走遍世界，回顧每個國家的需求和前景以及承包活動。

Starting with our primary focus area, the Golden Triangle.

從我們主要的關注區域——金三角開始。

Brazil remains the single most important deepwater market.

巴西仍然是最重要的深水市場。

We expect the number of floating rigs there to remain flat around 30, though operators in the region appear to have expansionary ambitions that could yield incremental additions over time.

我們預計該地區的浮式鑽井平台數量將保持在 30 座左右，儘管該地區的營運商似乎有擴張的雄心，隨著時間的推移可能會產生增量。

About seven rigs will roll off in the next 18 months, and there are two open tenders for up to seven units of varying specification that would keep the market in balance.

大約七台鑽機將在未來 18 個月內下線，並且有兩次公開招標，最多可購買七台不同規格的鑽機，這將保持市場平衡。

As industry participants are aware, we have three rigs contracted with Petrobras through 2025, so these new tenders line up well with their scheduled completion dates.

正如行業參與者所知，我們與巴西國家石油公司簽訂了到 2025 年為止的三座鑽井平台合同，因此這些新招標與預定的完工日期非常吻合。

We've begun dialogue on these rigs for future work both in and outside of Brazil, and we anticipate being able to provide an update on contracting later this year.

我們已經開始就這些鑽機在巴西國內外的未來工作進行對話，我們預計能夠在今年稍後提供合約的最新資訊。

The US Gulf of Mexico remains an active market with generally high specification threshold that often drives dayrate development.

美國墨西哥灣仍然是一個活躍的市場，其規格門檻普遍較高，這往往推動日費率的發展。

Recent contract awards here have been as short as one month and as high as three years, and the variability in demand can create for a larger fan of outcomes compared to other long-term drilling markets.

最近這裡授予的合約短則一個月，長則三年，與其他長期鑽井市場相比，需求的變化可能會產生更大的結果。

We operate three rigs in the Gulf of Mexico.

我們在墨西哥灣經營三座鑽井平台。

The West Vela is committed through mid-2025 and the West Neptune through January 2026.

West Vela 的承諾期限為 2025 年中期，West Neptune 的期限為 2026 年 1 月。

The Sevan Louisiana remains a shorter-term rig.

Sevan Louisiana 仍然是一個短期鑽井平台。

She completed a well intervention campaign in May, then transitioned to traditional drilling work that should finish later this month, though it could extend.

她在五月完成了一次油井幹預活動，然後過渡到傳統的鑽井工作，預計將於本月晚些時候完成，但可能會延長。

The rig's contracting outlook for the remainder of the year changes week to week.

該鑽井平台今年剩餘時間的合約前景每週都在變化。

We continue to explore opportunities with multiple customers for both drilling and interventional work to fill its remaining white space.

我們繼續與多個客戶探索鑽井和介入工作的機會，以填補其剩餘的空白。

West Africa remains a source of incremental demand for the industry in 2026 and beyond, driven by key geographies like Namibia and Nigeria, where we have extensive operating experience.

在納米比亞和奈及利亞等關鍵地區的推動下，西非在 2026 年及以後仍是該產業需求增量的來源，我們在這些地區擁有豐富的營運經驗。

Currently, we have three rigs on contract in Angola through our Sonadrill joint venture through mid-2025 and are in active conversation with clients that should keep them contracted in the region in 2026 and beyond.

目前，我們透過 Sonadrill 合資企業在安哥拉簽訂了三座鑽井平台的合同，合同期限到 2025 年中期，並且正在與客戶積極對話，以確保他們在 2026 年及以後繼續在該地區簽訂合同。

Outside of the Golden Triangle, Southeast Asia remains active with programs across various countries that could be of interest.

在金三角之外，東南亞仍然活躍，在各國開展可能令人感興趣的計畫。

We continue to believe that West Capella is well positioned as one of two drillships in the region equipped with managed pressure drilling but acknowledge dispersed demand can contribute to idle time between campaigns.

我們仍然認為，West Capella 作為該地區配備受控壓力鑽井的兩艘鑽井船之一，處於有利地位，但我們承認分散的需求可能會導致作業之間的閒置時間。

Norway remains precariously balanced, being either one rig oversupplied or one rig undersupplied.

挪威仍然處於不穩定的平衡狀態，要么一台鑽機供應過剩，要么一台鑽機供應不足。

When the Phoenix concludes its contract with Var Energi later this month, we will stack the rig in the absence of a contract that justifies the over $100 million investment required to continue operating in Norway, reducing costs and mitigating the impact of firm level EBITDA.

當Phoenix 於本月稍後與Var Energi 簽訂合約時，我們將在沒有合約證明繼續在挪威運營所需的超過1 億美元投資的合理性的情況下堆疊鑽井平台，從而降低成本並減輕公司層面EBITDA 的影響。

Based on the current outlook, the soonest opportunity for the rig to work will be in the second half of 2025.

根據目前的展望，該鑽機最快將在2025年下半年投入使用。

Across our fleet, we work hard for the rates we earn.

在我們的機隊中，我們為賺取的價格而努力工作。

As we book new contracts, we aim to protect the margins and the terms and conditions to ensure we get the benefit of the bargain and maximize each rig's earnings and cash flow.

當我們簽訂新合約時，我們的目標是保護利潤以及條款和條件，以確保我們從討價還價中獲益並最大化每台鑽機的收入和現金流。

And now I'll hand it over to Grant.

現在我將把它交給格蘭特。

Thanks, Samir.

謝謝，薩米爾。

Before I begin, I want to review some administrative items.

在開始之前，我想回顧一下一些管理專案。

Following the recent consolidation of our corporate office in Houston, we've transitioned from a foreign private issuer to a domestic issuer like all the other major international offshore drilling contractors.

最近，我們在休士頓的公司辦事處進行了整合，與所有其他主要國際海上鑽井承包商一樣，我們已經從外國私人發行人轉變為國內發行人。

That means we'll be filing 10-Ks and 10-Qs from 2025 onwards, which should be welcomed by our investor base.

這意味著我們將從 2025 年起提交 10-K 和 10-Q，這應該會受到我們投資者群體的歡迎。

We are also voluntarily ending our secondary listing on the Oslo Stock Exchange.

我們也自願結束在奧斯陸證券交易所的二次上市。

The last day of the trading will be on Monday, September 9, and from then on, we'll trade exclusively on the New York Stock Exchange, consistent with efforts to simplify our business.

交易的最後一天是 9 月 9 日星期一，從那時起，我們將只在紐約證券交易所進行交易，這與簡化我們業務的努力是一致的。

Now let's turn to second-quarter performance before moving on to our full-year outlook.

現在讓我們先來看看第二季的業績，然後再展望全年。

Second-quarter contract drilling revenues were $267 million, $8 million lower than the first quarter.

第二季合約鑽井收入為2.67億美元，比第一季減少800萬美元。

We received no contributions from the Polaris and Auriga in the second quarter as they underwent preparation for upcoming contracts in Brazil compared to the first quarter when they respectively contributed 25 and 60 revenue earning days.

我們第二季沒有收到來自 Polaris 和 Auriga 的貢獻，因為他們正在為即將在巴西簽訂的合約做準備，而第一季他們分別貢獻了 25 和 60 個收入天數。

This was partially offset by contributions from Sevan Louisiana, which returned to work in April, completing a short well intervention contract before transitioning to a more traditional drilling contract.

這部分被 Sevan Louisiana 的貢獻所抵消，該公司於 4 月恢復工作，完成了一份短期修井合同，然後過渡到更傳統的鑽井合同。

Reimbursable revenues were $15 million, with a $5 million sequential decline accompanied by a corresponding decline in reimbursable expenses.

可報銷收入為 1,500 萬美元，季減 500 萬美元，同時可報銷費用也隨之下降。

Updates to our Sonadrill joint venture, through which we operate three rigs in Angola, affected both management contract and leasing revenues.

我們的 Sonadrill 合資企業（我們透過該合資企業在安哥拉經營三個鑽井平台）的更新影響了管理合約和租賃收入。

First, we received an inflationary increase on the daily management fee we earn for operating the Sonadrill rigs, retroactively applied to January 1.

首先，我們因營運 Sonadrill 鑽孔機而賺取的日常管理費因通貨膨脹而增加，追溯至 1 月 1 日。

This appears on our P&L as management contract revenues and was $65 million in the second quarter.

這在我們的損益表中顯示為管理合約收入，第二季為 6,500 萬美元。

Second, we're now own a bareboat charter rate in the West Gemini, which we charter to the joint venture beyond the nominal $1 a day as the JV begins paying out earnings to its partners proportional to their rig contributions.

其次，我們現在在 West Gemini 擁有光船租賃費率，隨著合資企業開始按照合作夥伴的鑽機貢獻比例向合作夥伴支付收入，我們將其租給合資企業的名義價格超過每天 1 美元。

Second-quarter leasing revenues of $26 million include two quarters of BBC income as well as revenue associated with the Qatar jack-up rigs we leased into the Gulfdrill joint venture.

第二季 2,600 萬美元的租賃收入包括 BBC 兩個季度的收入以及與我們租賃給 Gulfdrill 合資企業的卡達自升式鑽井平台相關的收入。

Vessel and rig operating expense was $165 million compared to $180 million in the prior quarter, a delta of $15 million or 8%.

船舶和鑽井平台營運費用為 1.65 億美元，而上一季為 1.8 億美元，增量為 1,500 萬美元，即 8%。

The change was primarily attributable to the Polaris and Auriga, as they undergo contract preparation and incur minimal OpEx, until they commence operations later this year.

這項變更主要歸因於北極星和禦夫座，因為它們正在進行合約準備並產生最低限度的營運支出，直到今年稍後開始營運。

Additionally, we no longer pay third-party rig managers on those units as we transition them to Seadrill management after they completed their previous contracts.

此外，我們不再向這些設備的第三方鑽孔機經理支付費用，因為我們在他們完成之前的合約後將它們移交給 Seadrill 管理。

Management contract expense increased $3 million sequentially to $41 million, reflecting timing of repair and maintenance expense on the Sonadrill rigs.

管理合約費用較上季增加 300 萬美元，達到 4,100 萬美元，反映了 Sonadrill 鑽機的維修和維護費用。

SG&A was $24 million and included $2 million of costs related to our move of corporate headquarters from London to Houston, which we consider an adjusting item to EBITDA.

SG&A 為 2,400 萬美元，其中包括與我們將公司總部從倫敦遷至休士頓相關的 200 萬美元成本，我們認為這是 EBITDA 的調整項目。

We also recognized $203 million gain on sale of the Gulfdrill joint venture and Qatar jack-ups, which closed on June 25, representing the difference between the sale proceeds of $338 million and the net book value of the disposed assets.

我們也確認了出售 Gulfdrill 合資企業和卡達自升式鑽井平台的 2.03 億美元收益，該交易於 6 月 25 日結束，相當於 3.38 億美元的出售收益與所處置資產帳面淨值之間的差額。

This translated into a strong quarter in terms of EBITDA performance of $133 million at a margin of 35.5%.

這意味著本季 EBITDA 表現強勁，達到 1.33 億美元，利潤率為 35.5%。

We maintain a strong balance sheet, although the biggest change this quarter being the proceeds from the jack-up sale, partially offset by cash spent on our ongoing share repurchase program.

我們保持強勁的資產負債表，儘管本季最大的變化是自升式出售的收益，部分被我們正在進行的股票回購計劃所花費的現金所抵消。

At quarter-end, we had gross principal debt of $625 million and $862 million in cash, for a net cash position of $237 million.

截至季末，我們的總本金債務為 6.25 億美元，現金為 8.62 億美元，淨現金部位為 2.37 億美元。

We continues to deploy capital, consistent with our capital allocation policy, using it to maintain a healthy balance sheet and liquidity profile, invest in the maintenance and competitiveness of our existing fleet, evaluate potential growth opportunities, and return capital to shareholders.

我們繼續根據我們的資本配置政策部署資本，用它來維持健康的資產負債表和流動性狀況，投資於現有機隊的維護和競爭力，評估潛在的成長機會，並將資本回饋給股東。

We are always looking to invest our capital in value accretive activities.

我們始終尋求將資本投資於增值活動。

We continue to award our shareholders with a robust capital return program.

我們持續向股東提供穩健的資本回報計劃。

Late in the second quarter, we completed our previous $500 million buyback facility and announced another $500 million program that we began executing in late June.

第二季末，我們完成了先前 5 億美元的回購計劃，並宣布了我們於 6 月底開始執行的另一個 5 億美元計劃。

Since initiating our repurchase program in September 2023, we have reduced the issued share count by over 15%.

自 2023 年 9 月啟動回購計畫以來，我們已將已發行股份數量減少了 15% 以上。

Cash flow from operations was $79 million for the quarter, including $60 million of long-term maintenance CapEx.

本季營運現金流為 7,900 萬美元，其中包括 6,000 萬美元的長期維護資本支出。

Capital upgrades captured in investing cash flows were $43 million for the quarter, resulting in free cash flow of $36 million.

本季投資現金流中的資本升級為 4,300 萬美元，自由現金流為 3,600 萬美元。

Now, let's review our full-year outlook.

現在，讓我們回顧一下我們的全年展望。

Completion of the Gulfdrill sale on June 25 means we will not benefit from the $30 million of bareboat charter revenue related to those assets that would otherwise have been earned in the second half of this year, and it was previously included in our guided results.

6 月25 日完成Gulfdrill 出售意味著我們將無法從與這些資產相關的3000 萬美元光船租賃收入中受益，而這些收入本應在今年下半年獲得，而該收入之前已包含在我們的指導業績中。

Adjusting our guidance to reflect its completion would move the midpoint of the previously disclosed EBITDA range to $395 million.

調整我們的指引以反映其完成情況將使先前揭露的 EBITDA 範圍的中點移至 3.95 億美元。

We are further adjusting guidance to reflect updated expectations for Auriga and Polaris start dates that move EBITDA recognition into future periods and a softer outlook for speculative rig contracting on the Sevan Louisiana and the Phoenix for the remainder of 2024.

我們正在進一步調整指引，以反映對 Auriga 和 Polaris 開工日期的最新預期，將 EBITDA 確認移至未來時期，以及 Sevan Louisiana 和 Phoenix 2024 年剩餘時間內投機性鑽井合約的疲軟前景。

We now expect full-year EBITDA between $315 million to $365 million, a range that reflects real risks and opportunities on either side.

我們現在預計全年 EBITDA 在 3.15 億美元至 3.65 億美元之間，這個範圍反映了雙方的實際風險和機會。

The changes in Auriga and Polaris start dates reflect the realities of unexpected scope related to previous owners' and managers' differing approaches to rig repair and maintenance, exasperated by vendor and weather delays that disrupted our shipyard schedules.

Auriga 和Polaris 開始日期的變化反映了與先前的船東和管理人員對鑽機維修和維護的不同方法相關的意外範圍的現實，供應商和天氣延誤擾亂了我們造船廠的日程安排，這激怒了我們。

Despite these challenges, we have hit major milestones on both rigs.

儘管面臨這些挑戰，我們在兩台鑽孔機上都實現了重大里程碑。

The rigs are departing shipyards and will soon set sail for Brazil, where they'll begin customer and regulatory acceptance testing.

這些鑽井平台正在離開造船廠，很快就會啟航前往巴西，在那裡他們將開始客戶和監管機構的驗收測試。

Both rigs should still begin their contracts by year-end.

兩台鑽機仍應在年底前開始簽約。

To the extent that Sevan Louisiana secures additional work in 2024 beyond its current contract, it represents upside to the midpoint of EBITDA guidance.

如果 Sevan Louisiana 在 2024 年確保了當前合約之外的額外工作，則代表 EBITDA 指導中值的上行空間。

For revenue, we expect $1.355 billion to $1.405 billion.

對於收入，我們預計為 13.55 億美元至 14.05 億美元。

Our CapEx guidance remains the same at $400 million to $450 million.

我們的資本支出指引維持在 4 億至 4.5 億美元不變。

Our adjusted guidance does not detract from our belief in the market's strong underlying market fundamentals.

我們調整後的指導不會削弱我們對市場強勁的基本面的信念。

It reflects shifting schedules that delay EBITDA into future periods and transitory, softer outlook for lower specification assets for at least the remainder of the year.

它反映了計劃的變化，將 EBITDA 推遲到未來的時期，以及至少在今年剩餘時間內較低規格資產的短暫且疲軟的前景。

It also reinforces the importance of the theme Simon addressed earlier, executing on our strategy of operating a highly standardized floater fleet in markets that matter, harnessing the strength of our balance sheet to create value for shareholders, demonstrating discipline in our pursuit of cash flow generation and value accretion, and delivering safe, efficient, reliable operations.

它還強調了西蒙之前提到的主題的重要性，執行我們在重要市場運營高度標準化的浮動船隊的戰略，利用我們資產負債表的優勢為股東創造價值，展示我們追求現金流生成的紀律和價值增值，並提供安全、高效、可靠的營運。

With that, we'll open the call for questions.

至此，我們將開始提問。

(Operator Instructions) Scott Gruber, Citi.

（操作員說明）Scott Gruber，花旗銀行。

Yes.

是的。

Good morning.

早安.

Good morning, Scott.

早安，史考特。

Wanted to ask, just on the market.

想問一下，市場上有。

It seems that 7th gen rates are really strong here, and those will sustain through this soft patch here, based on recent awards and the demand uplift that's coming together for late '25 and then '26.

根據最近的獎項以及 25 年末和 26 年的需求上升，第七代的價格似乎在這裡確實很強勁，而且這些價格將在這個疲軟的時期維持下去。

How do you think about rate resiliency on the 6th gen fleet?

您如何看待第六代機群的速率彈性？

And obviously, there could be some discounts taken for shorter-term work, but I'm really thinking about the term work for 6th gen rigs, do you think that is impacted by rates that could be taken on the shorter-term work?

顯然，短期工作可能會有一些折扣，但我真的在考慮第六代鑽機的長期工作，您認為這會受到短期工作可能採取的費率的影響嗎？

Or do you think the 7th gen strengths helps to hold up the 6th gen rates on term work?

或者您認為第七代的優勢是否有助於維持第六代的定期工作率？

Yeah.

是的。

So this is Samir.

這就是薩米爾。

I'd say, on the 6th gen rates, at least on our 6th gen drill ships, we've been pretty conscious in where they're placed.

我想說，就第六代鑽探船而言，至少在我們的第六代鑽探船上，我們非常清楚它們的放置位置。

So we've got one in Brazil on a long-term contract.

所以我們在巴西有一個長期合約的人。

We've got one in Southeast Asia.

我們在東南亞有一個。

That's one of two rigs in the market with MPD.

這是市場上配備 MPD 的兩種鑽孔機之一。

So we think we can capitalize on that and continue to push -- keep rates at good levels.

因此，我們認為我們可以利用這一點並繼續推動——將利率保持在良好的水平。

And then one is in our JV venture in Angola, where having that protective mode is helpful.

然後是我們在安哥拉的合資企業，擁有這種保護模式是有幫助的。

So for us, when we look at the rates for those rigs, we've been pretty conscious of how we place them around the world to ensure that we can still maximize the rate on those rigs.

因此，對我們來說，當我們考慮這些鑽孔機的費率時，我們非常清楚如何將它們放置在世界各地，以確保我們仍然可以最大限度地提高這些鑽孔機的費率。

Got it.

知道了。

And just on the West Phoenix, appreciate the color.

而就在西鳳凰，欣賞色彩。

You mentioned that the next opportunity could arise late in '25, did I hear that correct?

你提到下一次機會可能會在 25 年晚些時候出現，我沒聽錯嗎？

And you're essentially going to wait for the next opportunity in Norway, I assume, that that rig probably is not going to be bid out outside of the region?

我認為，您基本上會等待挪威的下一個機會，該鑽機可能不會在該地區之外進行競標？

Or would you look outside?

或是你會看看外面嗎？

Yeah.

是的。

No.

不。

So we're focused on Norway, but we'd obviously look at other markets.

因此，我們專注於挪威，但我們顯然也會關注其他市場。

For us, it's really making sure we can justify the CapEx investment that's required in the rig.

對我們來說，這確實確保我們能夠證明鑽孔機所需的資本支出投資是合理的。

We are looking at opportunities in the middle of '25, but there are other opportunities outside of Norway.

我們正在尋找 25 年中期的機會，但挪威以外還有其他機會。

But I think I'd stress the key for us is if we're going to invest over $100 million in the rig, making sure that we've got a return on that capital.

但我想我要強調的是，對我們來說，關鍵在於我們是否要在鑽井平台上投資超過 1 億美元，並確保我們能獲得資本回報。

Okay.

好的。

Appreciate it.

欣賞它。

I'll turn it back.

我會把它轉回來。

Thanks, Scott.

謝謝，斯科特。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

Yeah, appreciate it.

是的，很感激。

So I guess my first question relates to just the competitive landscape.

所以我想我的第一個問題與競爭格局有關。

I mean, obviously, a smaller competitor is about to be gone, and now that -- it means that you guys are the little train that go here.

我的意思是，很明顯，一個較小的競爭對手即將消失，而現在——這意味著你們就是開往這裡的小火車。

So how do you -- does that change at all how you think about the competitive landscape, how you're positioned, the consolidation that is happening?

那麼，這是否會改變您對競爭格局、您的定位以及正在發生的整合的看法？

Just curious, Simon, if things are the same as they were before or if you think about the world a little bit differently now?

只是好奇，西蒙，事情是否和以前一樣，或者你現在對世界的看法有點不同？

Yeah.

是的。

No, Ben, I don't think our posture is changed by that recent announcement.

不，本，我不認為我們的立場因最近的聲明而改變。

We were charged by the Board, we've been agnostic between presenting ourselves as an attractive target for consolidation, and at the same time doing what we can to maximize growth opportunities for the company.

我們受到董事會的委託，在將自己呈現為有吸引力的整合目標與同時竭盡全力為公司提供最大成長機會之間一直保持不可知論。

So we have an attractive fleet, we've got a clean balance sheet, good backlog.

因此，我們擁有一支有吸引力的機隊，我們擁有乾淨的資產負債表和良好的積壓訂單。

So we're definitely a potential acquisition target for a larger peer.

因此，我們絕對是大型同業的潛在收購目標。

But we also believe that we've created a very strong platform for growth.

但我們也相信我們已經創造了一個非常強大的成長平台。

And Seadrill today is a very well-run business, and this is reflected in our earnings results today.

今天的 Seadrill 是一家經營良好的企業，這反映在我們今天的獲利結果中。

We're also disciplined.

我們也遵守紀律。

So when we look at those opportunities for growth, there are certain metrics and thresholds that the opportunities need to meet or exceed.

因此，當我們審視這些成長機會時，這些機會需要滿足或超過某些指標和閾值。

So we have one eye on what we've got and one eye on what we're trying to build.

因此，我們一隻眼睛專注於我們已經擁有的東西，另一隻眼睛專注於我們正在努力建立的東西。

Got you.

明白你了。

And then for my second question, Grant, you mentioned it a little bit, but could you maybe go into a little bit more color on what is driving some of the delays on the timing of the Auriga and the Polaris?

然後，對於我的第二個問題，格蘭特，您提到了一點，但是您能否詳細說明一下是什麼導致了禦夫座和北極星號的時間延遲？

Well, yeah, it's really the supply chain issues, and I guess, Simon can go into more detail there.

嗯，是的，這確實是供應鏈問題，我想西蒙可以在那裡詳細討論。

Yeah, I mean, essentially, what you're dealing with there is the rigs have -- there's some uncertainty in terms of our peers' performance in terms of rig acceptance.

是的，我的意思是，本質上，你所處理的是鑽機所擁有的——我們的同行在鑽機接受度方面的表現存在一些不確定性。

So we're really changing our outlook to recognize the fact that there may be a longer period for the customer acceptance process.

因此，我們確實正在改變我們的觀點，並認識到客戶接受過程可能需要更長的時間。

The rigs have now left the quayside.

目前，鑽井平台已離開碼頭。

We've exited the shipyard, and we're doing load-outs and some sea trials in preparation for the voyage down to Brazil.

我們已經離開造船廠，正在進行裝載和一些海上試驗，為前往巴西的航行做準備。

So most of the major project milestones are behind us.

因此，大多數重大專案里程碑都已經過去了。

Really, now the sole risk that's outstanding and the main reason that we've judged, we've changed our outlook relates to what's been a substantial growth in that customer acceptance process.

事實上，現在唯一突出的風險和我們判斷的主要原因是我們改變了我們的前景，這與客戶接受過程的大幅成長有關。

Yeah.

是的。

All right.

好的。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thanks, Ben.

謝謝，本。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，克拉克森證券。

Hey, Simon and team.

嘿，西蒙和他的團隊。

Hope you are well.

希望你一切都好。

I have a couple of questions.

我有幾個問題。

And first, I wanted to touch a bit on the guidance.

首先，我想談談指導。

I think clearly, the reduced guidance today will impact the estimates for the second half of this year.

我顯然認為，今天減少的指導將影響今年下半年的預測。

I think all over the market is taking it relatively okay, given the magnitude of it.

我認為，考慮到其規模，整個市場對它持相對良好的態度。

But I'm interested to hear a bit more color about if we should read anything into 2025 based on your reduced guidance for 2024.

但我很想聽聽更多關於我們是否應該根據您對 2024 年減少的指導對 2025 年進行任何解讀的資訊。

Or do you think, I guess for the Polaris and Auriga, it's fine, right?

或者你認為，我想對於 Polaris 和 Auriga 來說，這很好，對吧？

Because they start their contract in '24 and they'll still work through to 2025.

因為他們的合約是從 24 年開始的，而且他們仍然會工作到 2025 年。

But versus the last quarter and your previous guidance, have anything changed in terms of the opportunities, possible startups et cetera, for all your rigs that are not yet contracted through 2025?

但與上一季和您之前的指導相比，對於 2025 年尚未簽約的所有鑽機，在機會、可能的新創公司等方面是否有任何變化？

Yeah.

是的。

Well, hey, Fredrik, it's Grant, and I'll start and maybe others can add anything.

好吧，嘿，弗雷德里克，我是格蘭特，我先開始，也許其他人可以添加任何內容。

But on the guidance, the majority of that was the rig activity plus then the Auriga Polaris.

但根據指導，其中大部分是鑽機活動，然後是 Auriga Polaris。

And like you say, Auriga Polaris, is really just a timing thing and that EBITDA then just pushes out into future periods and will not impact or should not impact 2025 and beyond.

就像你說的，Auriga Polaris，實際上只是一個時間問題，然後 EBITDA 就會推到未來的時期，不會影響或不應該影響 2025 年及以後。

I think you'll see that Louisiana is a rig that we look at.

我想你會發現路易斯安那州是我們關注的鑽井平台。

It is lower spec.

它的規格較低。

You see that we are assuming that she's warm stacked during the fourth quarter, which means that we have got confidence in her commercial opportunities going forward.

你看，我們假設她在第四季度表現良好，這意味著我們對她未來的商業機會充滿信心。

But like Samir has said, white space and air pockets may continue to be a theme.

但正如薩米爾所說，空白和氣穴可能仍然是一個主題。

So we can't discount that, if you're looking at 2025.

因此，如果您著眼於 2025 年，我們就不能低估這一點。

Beyond that, we'd look at Phoenix and we talked about the contracting opportunities for her come middle of next year.

除此之外，我們也會關注菲尼克斯，並討論她明年年中的簽約機會。

And then what I would say beyond those rigs, the rest of our contracting profile actually looks very good.

然後我想說的是，除了這些鑽孔機之外，我們的其餘承包概況實際上看起來非常好。

We're approximately 67% contract covered, which on a relative basis, is very strong.

我們的合約覆蓋率約為 67%，相對而言，這是非常強勁的。

But maybe I'll hand over to Samir for

但也許我會交給薩米爾

--

--

So Fredrik, I'd also add, we're 67% contracted through 2025.

Fredrik，我還要補充一點，到 2025 年，我們 67% 的合約都已簽訂。

And if you look at our rollover profile next year, it's our rigs in Angola, where again, we have a strong JV, which we feel pretty confident in.

如果你看看我們明年的展期概況，你會發現我們在安哥拉的鑽孔機，我們在那裡有一個強大的合資企業，我們對此非常有信心。

And then we've got an asset in the Gulf of Mexico in the second half of next year.

明年下半年我們將在墨西哥灣擁有資產。

The Gulf of Mexico continues to be a strong market for a dual activity, dual BOP rig like the Vela.

墨西哥灣仍然是 Vela 等雙作業、雙防噴器鑽井平台的強勁市場。

And then we've got -- we've got the Sevan Louisiana and the Phoenix.

然後我們有 - 我們有 Sevan Louisiana 和 Phoenix。

And we spoke to the Phoenix that it'd probably be second half of next year at the earliest.

我們向《鳳凰城》透露，最快可能是明年下半年。

And then with the Sevan, she's a little engine that could -- so she always ends up finding work here and there.

然後有了Sevan，她就成了一個小引擎，可以——所以她總是能到處找到工作。

We are still continuing to be optimistic that we think we can secure work into next year for that rig.

我們仍然樂觀地認為我們可以確保該鑽機的工作持續到明年。

But that will be a shorter contracting cycle as it's always been.

但這將是一個更短的合約週期，一如既往。

Yeah.

是的。

No, that's very helpful.

不，這非常有幫助。

Second, on your fleet, you were able to close the sale of the JV, I think, slightly earlier than expected.

其次，在您的機隊中，我認為您能夠比預期稍早完成合資企業的出售。

So nice boost getting into the 2Q numbers there.

第二季的數字非常好。

With the Phoenix now potentially being out of work for some time and a substantial investment needed to take that into play again, how do you view the Aquarius, the Eclipse in terms of taking order?

由於「鳳凰號」現在可能會停工一段時間，並且需要大量投資才能使其再次發揮作用，您如何看待「水瓶座」號和「日食號」的接單情況？

Prospero as well, if you have any comments, but have your attitude towards your cold stacked rigs changed, that is are you more likely to try to sell them, scrap them, et cetera, now that you're -- you still have some gaps to fill on your active fleet.

普洛斯彼羅也是如此，如果你有任何意見，但你對冷堆鑽機的態度改變了，那就是你更有可能嘗試出售它們，報廢它們，等等，現在你 - 你仍然有一些填補你現役機隊的空白。

Yeah.

是的。

So I'd say the Phoenix is still the top priority out of those rigs, and we continue to actively market it.

所以我想說，Phoenix 仍然是這些鑽孔機中的重中之重，我們將繼續積極推銷它。

So we are in active dialogue for work for that rig.

因此，我們正在就該鑽機的工作進行積極對話。

So we may have to stack it in the near term.

所以我們可能不得不在短期內將其堆疊起來。

But for us, we're not giving up on that rig just yet.

但對我們來說，我們還沒有放棄該裝備。

In terms of asset sales, I'll leave it to Simon to comment on that.

在資產出售方面，我將讓西蒙來評論。

Yeah.

是的。

I think we've been pretty clear through time, Fredrik, in terms of reactivation opportunities for the cold stacked units.

Fredrik，我認為我們長期以來對於冷堆單元的重新激活機會已經非常清楚了。

We're looking for a material contribution to the cost of reactivation from a potential client, and we want a good outlook on the contracting side for that unit and a good foundation initial contract.

我們正在尋找潛在客戶對重新啟動成本的實質貢獻，我們希望該單位的承包商有良好的前景，並有一個良好的基礎初始合約。

So at the moment, the focus is on the existing working fleet and getting some term behind some of those units.

因此，目前的重點是現有的工作車隊，並為其中一些單位爭取一些期限。

So I don't think you're going to see anything change.

所以我認為你不會看到任何改變。

There really hasn't been a change in our attitude as to how we might approach opportunities for those units, other than certainly the West Prospero is clearly a non-core asset, now that we're pivoting to a floater focus.

對於如何為這些單位抓住機會，我們的態度確實沒有改變，除了西普羅斯佩羅顯然是一個非核心資產，現在我們正在轉向浮動焦點。

So I think that was probably a more likely sale candidate than the others.

所以我認為這可能是比其他人更有可能被出售的候選人。

That's very helpful.

這非常有幫助。

And just final on the Aquarius and Eclipse, do you have any current reactivation cost estimates that you can share?

最後，關於水瓶座和日食，您是否有任何當前的重新激活成本估算可以分享？

No, we haven't scrubbed them for some time, which I think underlines my confidence in that, we're at an unchanged position there.

不，我們已經有一段時間沒有清理它們了，我認為這強調了我的信心，我們在那裡的地位沒有改變。

Yeah.

是的。

Prefect.

長官。

Thanks so much, guys.

非常感謝，夥計們。

I'll leave it to the next one.

我將其留給下一位。

Thanks, Fredrik.

謝謝，弗雷德里克。

Thank you.

謝謝。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi.

你好。

I just wanted to follow-up on that comment -- question about the consolidation.

我只是想跟進該評論——關於合併的問題。

Do you think that is playing a role here as far as the contract tenders go?

您認為就合約招標而言，這裡發揮了作用嗎？

Because last quarter and two quarters, the commentary was that dayrates aren't budging on the -- aren't causing any harm on the tender process.

因為上個季度和兩個季度的評論是，每日費率沒有變化——不會對招標過程造成任何損害。

But now, we have these pushouts that you and your peers are talking about.

但現在，我們有您和您的同事正在談論的這些退出。

Yeah.

是的。

I'd say consolidation with our client base, one plus one doesn't equal two.

我想說的是，與我們的客戶群整合，一加一不等於二。

I mean, what ends up happening is sequential -- parallel programs become sequential programs for us as an industry.

我的意思是，最終發生的事情是順序的——對於我們這個行業來說，並行程序變成了順序程序。

So I think the consolidation that we've seen with our customer base has pushed out some demand.

因此，我認為我們所看到的客戶群整合已經推動了一些需求。

Again, it's not a demand destruction, it's just -- it's a reshaping of the demand and it's just pushing it further out.

再說一遍，這不是需求破壞，而是需求的重塑，並且只是將其進一步推遠。

And do you think the -- given the timing of the Phoenix being in Norway, is there enough time to generate revenue next year after you complete your maintenance process?

您認為，考慮到鳳凰號在挪威的時間，明年完成維護過程後是否有足夠的時間產生收入？

We definitely do.

我們絕對這樣做。

And I think for us, until we feel closer to a contract, we're not going to spend a significant amount of capital on that maintenance and those upgrades.

我認為對我們來說，在我們感覺更接近合約之前，我們不會在維護和升級上花費大量資金。

But if we're targeting programs in middle of next year, we have enough time to spend -- to complete the upgrades and be ready for them.

但如果我們的目標是在明年中期實施計劃，我們就有足夠的時間來完成升級並做好準備。

Okay.

好的。

Thank you.

謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey, guys.

嘿，夥計們。

Thanks.

謝謝。

I guess my question around the Phoenix is a little bit different.

我想我對鳳凰城的問題有點不同。

I know the base case is that maybe the Phoenix can hopefully work in the back half of '25, if it can work in Norway.

我知道基本情況是，如果鳳凰號能在挪威發揮作用的話，也許它可以在 25 年下半年發揮作用。

It seems like the high-end North Sea floater markets -- it seems like it's a plus or minus rig.

這似乎是高端北海浮式市場——似乎是一個正負鑽井平台。

So just as we think about that and potential opportunities in regions where some of its sister rigs have worked in like Namibia, have we cost out what it would take to -- you mentioned this $100 million-plus number to stay in Norway.

因此，正如我們思考這個問題以及其一些姊妹鑽機在納米比亞等地區工作過的潛在機會一樣，我們是否已經花費了您提到的留在挪威所需的 1 億多美元費用。

Obviously, that's a high-end gold plated market.

顯然，那是一個高端鍍金市場。

Have we cost it out, what it would cost to go through the survey and have the rig in a position to work in Namibia?

我們是否已經花費了這些費用？

And obviously, we're actively bidding the Phoenix, but are we actually looking outside of North Sea or is it just all roads lead to Norway?

顯然，我們正在積極競標鳳凰號，但我們實際上是在尋找北海以外的地方，還是只是所有道路都通往挪威？

Yeah.

是的。

We're actively looking outside of Norway as well, and we have looked at the costs, and I think our threshold is the same.

我們也在積極尋找挪威以外的地區，我們已經研究了成本，我認為我們的門檻是相同的。

It's -- the further you get from Norway, candidly, the cheaper it gets for the Phoenix, but -- in terms of capital required to maintain her.

坦白說，距離挪威越遠，鳳凰號的價格就越便宜，但就維持她所需的資金而言。

But at the end of the day, we keep coming back to -- we need to find a program that justifies that investment.

但歸根結底，我們不斷回到——我們需要找到一個證明該投資合理的計劃。

And if that's in Namibia, that's fine and that works for us.

如果那是在納米比亞，那很好，這對我們有用。

If it's in Norway, that's also fine.

如果是在挪威，那也沒關係。

But for us, it is that focus on -- we do have a large CapEx investment, and we need to be able to cover that cost.

但對我們來說，重點是——我們確實有大量的資本支出投資，而且我們需要能夠涵蓋該成本。

Yeah.

是的。

No, 100%.

不，100%。

And then just, as we think about Southeast Asia, I mean, I'd pay a lot more attention to the Golden Triangle than I do there.

然後，當我們想到東南亞時，我的意思是，我對金三角的關注比在那裡多得多。

As we think about those opportunities, I guess the rigs rolling off in early Q1.

當我們考慮這些機會時，我猜這些鑽孔機將在第一季初投入使用。

Any broad strokes around the type of work, i.e., are there one plus year tenders in that market or is it, hey, if I wanted to be conservative thinking about opportunities for the Capella, there is going to be work, but there's also going to be pockets of idle time.

圍繞著工作類型的任何大體情況，即該市場是否有一年以上的招標，或者是，嘿，如果我想保守地考慮卡佩拉的機會，將會有工作，但也會有成為空閒時間的一部分。

So there are some long-term programs.

所以有一些長期計劃。

There are some short-term programs in that market.

該市場有一些短期項目。

I think the unique thing about the Capella in that market is, she is equipped with MPD.

我認為Capella在該市場的獨特之處在於，她配備了MPD。

She's one of two assets in that market that have MPD.

她是該市場上擁有 MPD 的兩名資產之一。

So we are targeting both of those.

所以我們的目標就是這兩個。

Obviously, a longer-term program is preferable if we can secure it for the right return profile.

顯然，如果我們能夠確保其獲得正確的回報，那麼長期計劃是更好的選擇。

But you are seeing a good mix of multiyear tenders plus some smaller one-off wealth opportunities.

但你會看到多年期招標和一些較小的一次性財富機會的良好組合。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, Greg.

謝謝，格雷格。

(Operator Instructions) Noel Parks, Tuohy Brothers.

（操作員說明）Noel Parks，Tuohy Brothers。

Hi.

你好。

Good morning.

早安.

A question I had, when we see continued capital discipline by operators, I'm just wondering, has that changed the willingness at this point in the cycle or the reluctance for operators to involve more partners in development?

我有一個問題，當我們看到運營商持續實行資本紀律時，我只是想知道，這是否改變了周期中此時此刻的意願，或者運營商不願意讓更多合作夥伴參與開發？

I'm just curious whether as they look at making fewer investments in general, whether you're seeing any impact on your tendency to go it more alone or to try to spread out the risk in a given project?

我只是好奇，當他們考慮減少整體投資時，您是否會看到對您更單獨行動或試圖分散特定專案風險的傾向有何影響？

Yeah.

是的。

So you're seeing in certain markets where we've got clients that are trying to farm down a little bit their exposure, make small -- more bets, but smaller bets across the space, which can make it challenging to actually get approvals.

因此，您會看到在某些市場中，我們的客戶試圖減少一點曝光度，進行小規模的賭注——更多的賭注，但在整個領域的賭注較小，這可能會使實際獲得批准變得具有挑戰性。

I don't think -- we're not seeing a ton of the opposite where clients are saying, hey, we want more of it.

我不認為——我們沒有看到很多相反的情況，客戶說，嘿，我們想要更多。

But you're definitely -- at least in the Gulf of Mexico, seeing where clients are wanting to farm down a little bit of their exposure and spread their bets around, which has made it a little more challenging to secure rigs or secure contracts for us.

但你肯定會看到——至少在墨西哥灣，客戶希望減少一些風險並分散賭注，這使得獲得鑽井平台或獲得合約變得更具挑戰性。

Great.

偉大的。

Thanks.

謝謝。

And I'm just curious to the degree that -- are there any customers you come across in discussions that are maybe particularly price insensitive at this point.

我只是很好奇——您在討論中是否遇到過目前對價格特別不敏感的客戶。

Year over year, it's been a big increase.

年復一年，增幅很大。

It doesn't seem like we're vaulting forward in dayrate pricing right at the moment.

目前我們似乎並沒有在日費率定價方面向前邁進。

And so, if -- I'm just wondering if there is a subset of clients out there where the discussion is really not so much about the price.

所以，如果——我只是想知道是否有一部分客戶的討論實際上與價格無關。

And I don't know if it's availability, scheduling, logistics or what have you, but any thoughts there?

我不知道是否有可用性、日程安排、物流或其他什麼，但你有什麼想法嗎？

Yeah.

是的。

So it's a mix, but I wouldn't say there's any client that's super -- every client is price sensitive at some point.

所以這是一個混合體，但我不會說有任何客戶是超級的——每個客戶在某些時候都對價格敏感。

But I'd say the opposite of -- we're not seeing demand destruction because of the rates we're asking, right?

但我想說的是，我們沒有看到需求因我們要求的利率而受到破壞，對吧？

Clients aren't saying, oh, we're just going to turn that program off because the rates are too high.

客戶不會說，哦，我們只是要關閉該計劃，因為費率太高了。

There's other factors out there that are driving their decision.

還有其他因素推動他們做出決定。

The dayrate is a small piece of it, but it is -- it truly comes down to, can they get partners or can they get long lead equipment and some other items, not really driven by the dayrate itself.

日費率只是其中的一小部分，但它確實歸結為，他們能否獲得合作夥伴，或者他們能否獲得長期領先的設備和其他一些物品，而不是真正由日費率本身驅動。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you.

謝謝。

Josh Jayne, Daniel Energy Partners.

喬許‧傑恩，丹尼爾能源合夥人。

Thanks.

謝謝。

Good morning.

早安.

I just wanted to follow up on the last line of questioning.

我只是想跟進最後一行提問。

I think it was Simon, in his prepared remarks, talked about characterizing the market as frustrated but satisfied, when talking about where we are today, I was hoping you could discuss what ultimately you think is going to get the ball rolling further from a contracting standpoint.

我認為是西蒙在他準備好的演講中談到了將市場描述為沮喪但滿意，當談到我們今天的處境時，我希望你能討論一下你認為最終會讓合約進一步滾動的因素立場。

You just talked about rate and how customers aren't that rate sensitive.

您剛才談到了費率以及客戶對費率不那麼敏感的情況。

That's not really the big sticking point.

這並不是真正的癥結。

But how much is it project timing?

但專案時間是多少？

How much is it rate?

其費率是多少？

You'd mentioned long lead-time items.

您提到了交貨時間長的項目。

I was just hoping you could go through all of those factors and just talk about where we are today and what's ultimately going to get the ball rolling from a contracting standpoint.

我只是希望你能仔細考慮所有這些因素，並談談我們今天的處境，以及從合約的角度來看最終將如何推動事情的發展。

Yeah.

是的。

So this is Samir.

這就是薩米爾。

I'd say, as Simon mentioned in his prepared remarks, by definition, these guys are producing a consumable resource that can only last for so long, right?

我想說，正如西蒙在他準備好的演講中提到的那樣，根據定義，這些人正在生產一種只能持續這麼長時間的消耗性資源，對嗎？

You can only defer demand for so long.

您只能將需求推遲這麼長時間。

We are starting to see that already happening.

我們開始看到這種情況已經發生。

There's strong conversations happening for second half of next year and into 2026.

從明年下半年到 2026 年，將會有激烈的討論發生。

So we are starting to see that.

所以我們開始看到這一點。

And part of it too is, as I mentioned, the long lead time equipment, that's starting to loosen itself.

正如我所提到的，部分原因是交貨時間長的設備開始鬆動。

Supply chains are starting to come back, and clients are being able to get equipment that they need to start bringing some of that demand back.

供應鏈開始恢復，客戶能夠獲得所需的設備，以開始恢復部分需求。

And you're seeing it in wellhead data, you're seeing in some other places that would be leading indicators for clients wanting to continue drilling.

您可以在井口資料中看到它，您可以在其他一些地方看到這將成為希望繼續鑽探的客戶的領先指標。

I don't know if you want to add anything.

不知道還想補充什麼嗎？

Yeah.

是的。

I think what I would add is that ullage is increasingly becoming an issue in some of the deepwater production hubs.

我想我要補充的是，在一些深水生產中心，空缺日益成為一個問題。

That's certainly a factor that we look at.

這當然是我們關注的因素。

So while traditionally, people have been concerned about reserve replacement ratios, I think just the outlook of the customer base is a lot more short term these days.

因此，雖然傳統上人們一直擔心儲備替代率，但我認為現在客戶群的前景更加短期。

So ullage in facilities, I think, is an important and often a little discussed factor.

因此，我認為，設施短缺是一個重要且經常被很少討論的因素。

But really, it gets back to this capital discipline.

但實際上，這又回到了資本紀律。

Our customers are satisfying their shareholders first rather than their own thirst for production, and it's coming to the market in a somewhat staccato fashion.

我們的客戶首先滿足的是他們的股東，而不是他們自己對生產的渴望，而且它以一種斷斷續續的方式進入市場。

Thanks.

謝謝。

And then just one shorter-term question on Louisiana.

然後是一個關於路易斯安那州的短期問題。

You alluded to it earlier in the year, it did some intervention work and then some drilling work.

您在今年早些時候提到過，它做了一些幹預工作，然後進行了一些鑽探工作。

Are there options to stack back-to-back intervention projects for that rig over the next 12 to 24 months?

是否有選擇在未來 12 至 24 個月內對該鑽機進行連續的干預項目？

And I'm just curious how you're thinking about that versus using it primarily for drilling work and what the opportunities are there?

我只是好奇你如何看待這一點，而不是主要將其用於鑽井工作，以及那裡有哪些機會？

Yeah.

是的。

So our focus is always drilling work.

所以我們的重點始終是鑽井工作。

I mean, it's more profitable for us, but we're absolutely looking at intervention work as gap fill as well.

我的意思是，這對我們來說更有利可圖，但我們也絕對將介入工作視為填補空白。

We're in active dialogue on both, both inside and outside the Gulf of Mexico.

我們正在就墨西哥灣內外的問題進行積極對話。

So we are looking at opportunities.

所以我們正在尋找機會。

I'd say with the intervention work, it tends to pop up faster, even faster than the drilling work for the Louisiana, but we are pursuing both in the near term and into 2025.

我想說的是，幹預工作往往會出現得更快，甚至比路易斯安那州的鑽探工作更快，但我們在短期內和 2025 年都在追求。

I think you do make a good point there, though, in as much as the important element with that intervention work is that we have some discretion in the timing and that needs to come to market in a volume that's interesting.

不過，我認為你確實提出了一個很好的觀點，因為幹預工作的重要因素是我們在時間上有一定的自由裁量權，並且需要以有趣的數量進入市場。

We can prosecute that type of work most effectively when we have a campaign rather than just one or two wells here and there.

當我們進行一場活動而不是到處打一兩口井時，我們可以最有效地進行此類工作。

Okay.

好的。

Thanks very much.

非常感謝。

Thanks very much, Josh.

非常感謝，喬許。

Thanks, Josh.

謝謝，喬許。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。