Seadrill Limited (SDRL) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Seadrill first-quarter 2026 conference call. (Operator Instructions) I would now like to turn the call over to Kevin Smith. Please proceed.

感謝各位耐心等候。此刻，我謹代表公司歡迎各位參加 Seadrill 2026 年第一季電話會議。（接線員指示）現在我想將電話交給 Kevin Smith。請開始。

Hello, and welcome to Seadrill's first-quarter 2026 earnings call. I'm Kevin Smith, Vice President of Corporate Finance and Investor Relations, and I'm joined today by Samir Ali, President and Chief Executive Officer; Grant Creed, Executive Vice President and Chief Financial Officer; and Jacob Taylor, Vice President, Commercial.

各位好，歡迎參加 Seadrill 2026 年第一季財報電話會議。我是 Kevin Smith，企業財務與投資人關係副總裁。今天與我一同出席的還有：總裁暨執行長 Samir Ali；執行副總裁暨財務長 Grant Creed；以及商務副總裁 Jacob Taylor。

Our call will include forward-looking statements that involve risks and uncertainty. Actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or year, and we assume no obligation to update them, except as required by securities laws. Our filings with the US Securities and Exchange Commission provide a more detailed discussion of our forward-looking statements and the risk factors affecting our business.

本次電話會議將包含涉及風險與不確定性的前瞻性陳述。實際結果可能出現重大差異。任何人都不應假設這些前瞻性陳述在本季或本年度稍後仍然有效；除非證券法規要求，我們亦不承擔更新之義務。我們向美國證券交易委員會（SEC）提交的文件，對前瞻性陳述以及影響本公司業務的風險因素提供了更為詳細的說明。

During the call, we will also reference non-GAAP measures. Our earnings release furnished to the SEC and available on our website includes reconciliations with the nearest corresponding GAAP measures. Our use of the term EBITDA on today's call corresponds with the term adjusted EBITDA as defined in our earnings release. I'll now turn the call over to Samir.

在本次電話會議中，我們也會提及非 GAAP 衡量指標。我們提交給 SEC 並可於公司網站取得的財報新聞稿，包含與最接近之對應 GAAP 指標的調節表。我們在今天電話會議中使用的 EBITDA 一詞，對應於我們財報新聞稿中所定義的調整後 EBITDA（adjusted EBITDA）。現在我把電話交給 Samir。

Thanks, Kevin. Welcome, everyone, and thank you for joining us. I'll begin with Seadrill's key priorities, followed by first-quarter highlights, including recent contract awards, and a brief market update. Grant will then review our financial results and speak to our improved full-year 2026 guidance before I close with final remarks.

謝謝你，Kevin。歡迎各位，也感謝大家加入。我將先說明 Seadrill 的關鍵優先事項，接著回顧第一季重點，包括近期合約得標情況，並提供簡要的市場更新。之後 Grant 將檢視我們的財務結果，並說明我們上調後的 2026 全年指引，最後我將以結語作收。

Seadrill's priorities continue to be driven by our motto of Focus on the Drill Bit. It reflects the fundamentals of our business and the standards we hold ourselves to every day. First and foremost, operational discipline underpins everything we do. Our goal is to deliver safe, efficient, and reliable operations across our fleet with a focus on zero incidents while maximizing uptime. This is supported by an adherence to our procedures, disciplined risk management, and systematically learning from our experiences. By identifying issues early, closing gaps quickly, and applying lessons learned across our fleet, we seek to strengthen Seadrill's performance quarter over quarter.

Seadrill 的優先事項持續以我們的座右銘「Focus on the Drill Bit（專注於鑽頭）」為驅動。這反映了我們業務的基本面，以及我們每天對自身要求的標準。首先也是最重要的，營運紀律是我們一切工作的基礎。我們的目標是在整個船隊提供安全、高效率且可靠的營運，以零事故為目標，同時最大化開機時間（uptime）。這建立在對程序的遵循、嚴謹的風險管理，以及系統性地從經驗中學習之上。透過及早識別問題、迅速補足缺口，並將經驗教訓在全船隊推廣，我們希望逐季強化 Seadrill 的表現。

Next, we are sharpening our focus on free cash flow. This means winning the right contracts and then effectively converting that backlog into cash. It also means delivering projects on time and on budget while continuing to simplify our onshore organization so every dollar spent supports value creation. Third, we are committed to capturing the upside ahead of us. Three legacy day-rate contracts roll off in 2026, and we have already recontracted two of the associated rigs, an important milestone that strengthens our earnings and cash flow profiles this year.

其次，我們正進一步聚焦於自由現金流。這意味著要贏得合適的合約，並有效地將在手訂單（backlog）轉化為現金；也意味著要按時、按預算交付專案，同時持續精簡岸上組織，確保每一分支出都能支持價值創造。第三，我們致力於把握眼前的上行機會。2026 年將有三份歷史日費率（day-rate）合約到期，而我們已為其中兩座相關鑽井平台完成再簽約，這是一項重要里程碑，可在今年強化我們的獲利與現金流輪廓。

As we look ahead, we believe the opportunity to reprice the West Carina at current market rates, combined with our contracting leverage in an improving market, positions us for meaningful earnings and free cash flow growth in 2027.

展望未來，我們認為 West Carina 以當前市場費率重新定價的機會，加上在市場改善下我們在簽約方面的議價能力，將使我們在 2027 年具備顯著的獲利與自由現金流成長潛力。

Executing against these priorities is reflected in our first-quarter performance, but the West Tellus reacceptance and the West Capella reactivation projects were completed ahead of schedule and on budget, enabling early start-up and revenue generation. We delivered a solid quarter, both financially and operationally, with EBITDA of $97 million and strong economic utilization.

落實這些優先事項已反映在我們第一季的表現上；West Tellus 的重新驗收（reacceptance）以及 West Capella 的復工（reactivation）專案均提前完工且控制在預算內，使其得以提前啟動並開始貢獻營收。我們在財務與營運面皆交出穩健的一季，EBITDA 為 9,700 萬美元，且經濟稼動率（economic utilization）表現強勁。

As a result of this performance, we are raising full-year revenue and EBITDA guidance, which Grant will cover in more detail. Importantly, we remain on track for meaningful free cash flow generation starting in the second half of 2026. I want to extend a special thank you to our offshore crews for the tremendous work delivered this quarter. Our performance is driven by your collaboration and operational discipline and your continued efforts to strengthen Seadrill's position as a leader in deepwater drilling.

基於上述表現，我們上調全年營收與 EBITDA 指引，Grant 將在稍後更詳細說明。重要的是，我們仍按計畫在 2026 年下半年開始產生可觀的自由現金流。我也要特別感謝我們的離岸團隊在本季所完成的卓越工作。我們的表現來自各位的協作與營運紀律，以及持續強化 Seadrill 作為深水鑽井領導者地位的努力。

Turning to our contract awards since our last call, we have added approximately $860 million to our backlog. In the US Gulf, industry-leading performance continues to translate into follow-on work. In April, the West Neptune and West Vela each secured new contracts with LLOG, adding approximately $260 million to our backlog. We are pleased to expand our relationship with LLOG, now a subsidiary of Harbour Energy and look forward to supporting their ambitions to establish a leading position in the US Gulf with a second drillship now unlocking valuable resources.

接著談談自上次電話會議以來的合約得標情況，我們的在手訂單新增約 8.6 億美元。在美國墨西哥灣，業界領先的表現持續轉化為後續工作。4 月，West Neptune 與 West Vela 分別與 LLOG 簽下新合約，為我們的在手訂單增加約 2.6 億美元。我們很高興擴大與 LLOG 的合作關係；LLOG 現為 Harbour Energy 的子公司。我們也期待支持其在美國墨西哥灣建立領先地位的企圖，隨著第二艘鑽井船投入運作，將可開發具價值的資源。

Last quarter, we noted that seven drillships were expected to roll off contract in the US Gulf before year-end. Removing white space for both of our drillships in the region significantly improves revenue visibility and reduces idle time in 2026 for Seadrill. Both rigs are now positioned to capitalize on improving supply-demand fundamentals in 2027 as other assets find work or leave the region. Ultimately, we believe improving market utilization will drive the potential upward day-rate momentum.

上季我們提到，預期在年底前美國墨西哥灣將有七艘鑽井船合約到期。為我們在該區域的兩艘鑽井船消除空檔期（white space），可大幅提升 Seadrill 在 2026 年的營收能見度並降低閒置時間。隨著其他資產找到工作或離開該區域，兩座鑽井平台目前也已就位，可在 2027 年把握供需基本面改善所帶來的機會。最終，我們相信市場稼動率的提升將推動日費率上行動能的潛力。

In Angola, the Sonangol Quenguela, had a seven-well priced option exercised, committing the rig into mid-2028. Lastly, in Brazil, the West Polaris was awarded a three-year extension with Petrobras in direct continuation of the current program, extending a sixth-generation drillship into the next decade. Consistent with our focus on free cash flow, this extension has no additional CapEx requirements and does not require lengthy acceptance testing normally found in Petrobras contracts.

在安哥拉方面，Sonangol Quenguela 的七口井定價選擇權已被行使，使該鑽井平台的合約承諾延續至 2028 年年中。最後，在巴西，West Polaris 獲 Petrobras 授予為期三年的延長合約，直接延續目前的作業計畫，將一艘第六代鑽井船的合約延伸至下一個十年。與我們聚焦自由現金流的策略一致，此次延約不需要額外資本支出（CapEx），也不需要 Petrobras 合約中常見的冗長驗收測試。

In addition, we now anticipate the West Carina will remain on contract until mid-June. We continue to see a strong demand pipeline driven by growing deepwater exploration as operators intensify efforts to secure future growth. There's a clear shift amongst majors and large independents towards allocating incremental capital to deepwater, addressing the exploration underinvestment over the past decade and offsetting production declines.

此外，我們目前預期 West Carina 將持續在合約中至 6 月中旬。我們仍看到強勁的需求管線，主要由深水勘探成長所驅動，因營運商正加大力度以確保未來成長。大型石油公司與大型獨立業者明顯轉向將增量資本配置至深水領域，以彌補過去十年的勘探投資不足並抵銷產量下滑。

At an industry conference in March, the largest operators in the world highlighted the reality of production declines and the maturation of onshore plays. Chevron's CEO noted that the natural decline of existing fields as a growing supply challenge. He described the loss as the equivalent of [five Saudi Arabias] over the next decade. Similarly, ConocoPhillips' CEO noted that the peak-in-shale output has helped shape their strategy of targeting major new conventional discoveries.

在 3 月的一場產業會議上，全球最大的營運商強調了產量下滑與陸上油氣區塊日益成熟的現實。Chevron 執行長指出，既有油田的自然遞減正成為日益嚴峻的供給挑戰；他形容未來十年的損失相當於【五個沙烏地阿拉伯】。同樣地，ConocoPhillips 執行長也提到，頁岩油產量見頂已協助形塑其策略，即鎖定重大的新型傳統油氣發現。

This decline, coupled with recent exploration successes from ENI in Indonesia, Egypt, and Libya, Petrobras in Brazil, and Colombia, and Oxy in the US Gulf, to name just a few, further strengthens our thesis that a new exploration cycle is emerging.

這種下滑趨勢，再加上近期 ENI 在印尼、埃及與利比亞的勘探成功、Petrobras 在巴西與哥倫比亞的成果，以及 Oxy 在美國墨西哥灣的進展（僅舉數例），進一步強化了我們的觀點：新的勘探循環正在形成。

The start of the year, geopolitical tensions pushed import-dependent economies to prioritize energy security with examples such as India's initiative to drill approximately 150 wells over seven years amid sanctions on Russian crude. The Iran conflict has further intensified this focus, reinforcing the need for domestically anchored supply, where deepwater will be the beneficiary.

今年年初，地緣政治緊張局勢促使依賴進口的經濟體將能源安全列為優先事項，例如在對俄羅斯原油制裁的背景下，印度提出於七年內鑽探約 150 口井的計畫。伊朗衝突進一步加劇了這一焦點，強化了對以國內為基礎之供給的需求，而深水領域將成為受益者。

With production shortfalls already in the hundreds of millions of barrels and pressure to rebuild strategic reserves, deepwater resources are becoming increasingly attractive and even better positioned for development. Energy security is back in vogue.

在產量缺口已達數億桶、且重建戰略儲備的壓力之下，深水資源正變得愈發具吸引力，並且在開發方面具備更佳的條件。能源安全再度成為主流議題。

In summary, sentiment has improved since our last call. Demand in Brazil has crystallized with several multiyear extensions recently awarded. Despite a softer '26 in the US Gulf, we've contracted both of our drillships in a highly competitive environment.

總結而言，自上次電話會議以來市場情緒已有所改善。巴西的需求已趨於明朗，近期已授予多項多年期延長合約。儘管美國墨西哥灣在 2026 年相對疲弱，我們仍在高度競爭的環境中為兩艘鑽井船完成簽約。

Going forward, we expect available capacity to be redeployed across the Atlantic Basin towards the Eastern Hemisphere, where demand continues to strengthen. Taken together, rising demand from deepwater exploration and a renewed focus on energy security increases our confidence in an improving 2027 and a firmer commodity backdrop provides an additional tailwind for offshore project economics.

展望未來，我們預期可用產能將在大西洋盆地內重新部署，朝向東半球移動，因當地需求持續增強。綜合來看，深水勘探需求上升與對能源安全的重新聚焦，提升了我們對 2027 年市場改善的信心；而更為穩固的大宗商品環境也將為離岸專案經濟性帶來額外助力。

With that, I'll hand the call over to Grant.

那麼，我把電話交給 Grant。

Thanks, Samir. I'll now walk through our first-quarter 2026 financial results before providing an update on our outlook for the balance of the year. First-quarter results surpassed expectations due to early contract commencements, solid economic utilization, and the timing of operating expenditures.

謝謝你，Samir。我現在先說明我們 2026 年第一季的財務結果，接著更新我們對今年剩餘期間的展望。第一季結果優於預期，主要因為合約提前開工、經濟利用率穩健，以及營運支出發生時點的影響。

During the quarter, the West Jupiter underwent reacceptance testing and began its new contracts with Petrobras in late March. The West Capella was successfully reactivated and commenced operations late in the quarter, and the West Tellus entered reacceptance testing following the completion of its contract in mid-March.

本季期間，West Jupiter 進行了重新驗收測試，並於 3 月下旬開始與 Petrobras 的新合約。West Capella 已成功重新啟用，並於本季後段開始營運；而 West Tellus 在 3 月中旬完成其合約後，已進入重新驗收測試。

Contract-drilling revenues were $277 million, up $4 million quarter on quarter. The key drivers were more operating days and higher day rates for the West Vela and higher economic utilization across the fleet with increased uptime driven by strong operational execution.

合約鑽井收入為 2.77 億美元，較上季增加 400 萬美元。主要驅動因素為 West Vela 的營運天數增加且日費率提高，以及在強勁的營運執行帶動更高開機時間下，整體船隊的經濟利用率提升。

This offset the impact of fewer operating days for the West Jupiter and fewer operating days for the Sevan Louisiana, which had a short gap between programs. Reimbursable revenues decreased, offset by a corresponding movement in reimbursable expenses. Management contract revenues decreased by $2 million to $63 million due to the timing of add-on services, which can fluctuate quarter on quarter. Leasing revenues were consistent with the prior quarter at $8 million.

上述增長抵銷了 West Jupiter 營運天數較少，以及 Sevan Louisiana 因兩個作業計畫間有短暫空檔而導致營運天數減少的影響。可報銷收入下降，但相應的可報銷費用亦同步變動而抵銷。管理合約收入因附加服務時點因素（可能季對季波動）而減少 200 萬美元至 6,300 萬美元。租賃收入與上季持平，為 800 萬美元。

Now moving to operating expenses, which were $334 million in the first quarter, down $10 million from the prior quarter. The movement was attributable to a reduction in vessel and rig operating expenses relating to the capitalization of mobilization costs for the West Jupiter with the cost to be amortized over the three-year contract term. And that was partially offset by higher costs related to the preparation and commencement of the West Capella contract. Resulting EBITDA was $97 million, a sequential increase of $9 million compared to the prior quarter.

接著看營運費用：第一季為 3.34 億美元，較上季減少 1,000 萬美元。變動主因為 West Jupiter 的動員成本資本化，導致船舶與鑽井平台營運費用下降；該成本將在三年合約期間內攤銷。部分降幅被 West Capella 合約準備與開工相關成本上升所抵銷。因此 EBITDA 為 9,700 萬美元，較上季增加 900 萬美元。

Turning to the balance sheet and cash flow statements. We ended the quarter with total cash of $329 million. The $35 million use of cash in the first quarter included $13 million of capital expenditures captured in investing activities and $38 million of long-term maintenance recorded in operating activities.

接著看資產負債表與現金流量表。我們在季末的現金總額為 3.29 億美元。第一季現金淨流出 3,500 萬美元，其中包括投資活動中的 1,300 萬美元資本支出，以及營運活動中認列的 3,800 萬美元長期維護支出。

As anticipated, our cash position was largely impacted by the reactivation and contract preparations for West Capella, the reacceptance testing for West Jupiter as well as timing of working capital. We are increasingly confident in a return to strong cash flow generation in the middle of 2026. We expect cash receipts totaling approximately $70 million over the next two quarters relating to lump sum mobilization revenues from Petrobras as reimbursement for reacceptance projects for both the West Jupiter and West Tellus.

如預期，我們的現金部位主要受到 West Capella 的重新啟用與合約準備、West Jupiter 的重新驗收測試，以及營運資金時點影響。我們對於在 2026 年年中恢復強勁的現金流創造能力愈發有信心。我們預期未來兩季將收到合計約 7,000 萬美元現金，係來自 Petrobras 的一次性動員收入收款，作為 West Jupiter 與 West Tellus 兩項重新驗收專案的報銷。

These receipts as well as benefiting from incremental day rate revenues from the West Jupiter, West Capella, and West Tellus contracts will mark the inflection points in our cash profile this year. Overall, our capital structure remains robust. Gross principal debt was $625 million at quarter end with maturities extending through 2030, and we have access to $482 million of total liquidity when including available borrowing capacity on our revolving credit facility.

這些收款，加上 West Jupiter、West Capella 與 West Tellus 合約帶來的增量日費率收入，將成為我們今年現金輪廓的轉折點。整體而言，我們的資本結構仍然穩健。季末總本金負債為 6.25 億美元，到期日延伸至 2030 年；若包含循環信貸額度的可用借款能力，我們可動用的總流動性為 4.82 億美元。

And now turning to our outlook for the remainder of the year. First quarter EBITDA was stronger than anticipated, with a portion of the outperformance attributable to the timing of repair and maintenance expenses that are expected to occur later in the year. We are updating our revenue and EBITDA guidance ranges to reflect project execution as demonstrated by the early commencements of the West Jupiter and West Capella contracts in the first quarter and additional operating days for the West Carina, which is now expected to work through mid-June.

接著談今年剩餘期間的展望。第一季 EBITDA 強於預期，其中一部分超預期來自修繕與維護費用發生時點的影響，這些費用預計將在今年稍晚發生。我們正在更新收入與 EBITDA 指引區間，以反映專案執行進展：第一季 West Jupiter 與 West Capella 合約提前開工，以及 West Carina 額外的營運天數（目前預期將工作至 6 月中旬）。

For the full-year 2026, we are updating our guidance for operating revenues to $1.43 billion to $1.48 billion, and that excludes $50 million of reimbursable revenues. And our EBITDA range to $370 million to $420 million. And that EBITDA guidance includes a non-cash net expense of $26 million related to the amortization of mobilization costs and revenues, of which $7 million has been recognized at the end of the first quarter. Full-year capital expenditure guidance range is maintained at $200 million to $240 million.

就 2026 全年而言，我們將營運收入指引更新為 14.3 億至 14.8 億美元，且不包含 5,000 萬美元的可報銷收入；EBITDA 指引區間更新為 3.70 億至 4.20 億美元。該 EBITDA 指引包含 2,600 萬美元與動員成本及收入攤銷相關的非現金淨費用，其中截至第一季末已認列 700 萬美元。全年資本支出指引區間維持在 2.00 億至 2.40 億美元。

I'll now hand the call back to Samir for his closing remarks.

我現在把電話交回給 Samir，請他做結語。

Thanks, Grant. In closing, I'd like to reiterate our priorities: safe, reliable operations, free cash flow generation, and capturing the upside. We are proud of our performance to start 2026, executing key projects ahead of schedule, adding meaningful backlog, delivering first-quarter EBITDA that exceeds expectations, and raising our full-year revenue and EBITDA guidance. Collectively, these achievements enhance our line of sight to higher earnings and free cash flow in the second half of 2026 and in 2027.

謝謝你，Grant。最後，我想重申我們的優先事項：安全、可靠的營運；自由現金流的創造；以及把握上行機會。我們為 2026 年開局的表現感到自豪：關鍵專案提前於時程執行、增加具意義的在手訂單、第一季 EBITDA 優於預期，並上調全年收入與 EBITDA 指引。綜合而言，這些成果提升了我們對 2026 年下半年及 2027 年更高獲利與自由現金流的可見度。

With that, I will now hand the call over for questions.

那麼，我現在把電話交給提問環節。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，Clarksons Securities。

I hope you are well and congratulations on a very solid first-quarter performance. I wanted to kick it off here with maybe a high-level question. You paint a relatively, I think, supportive demand story, which I definitely agree with myself. But the start of 2026 has been quite eventful from a geopolitical perspective. But my take on this is that the pivot towards more exploration, more conventional oil and gas activity rather than just M&A to replace reserves is something that was on the way of happening anyway. And I guess my question is, would you agree with that and any kind of additional commentary you might have around it? And also with the war in the Middle East now adding some aspects around energy security, et cetera, on top of that, how has that changed, if anything? And are we starting to see any impact of that war into tenders, et cetera, at the moment? Or is that too early?

希望你一切都好，也恭喜第一季表現非常穩健。我想先從一個較高層次的問題開始。你們描繪了一個相對而言、我認為是具支撐性的需求故事，這點我也非常認同。不過 2026 年開局在地緣政治方面相當多事。但我的看法是：相較於僅透過併購（M&A）來補充儲量，轉向更多勘探、更多傳統油氣活動，其實本來就已在發生的路上。我想問的是，你是否同意這個看法？以及你們是否有任何補充評論？另外，隨著中東戰爭在此基礎上又增加了能源安全等面向，這在多大程度上改變了情勢（如果有的話）？我們目前是否已開始在招標等方面看到這場戰爭帶來的任何影響？還是說現在談這個還太早？

Yeah, absolutely. So I'd say we saw it coming before. If you roll the clock back and like January 1, just to pick a date, when we look, did our forecast, and looked out in kind of demand in the world, we saw clients already starting to talk about investing in new regions and going back and finding hydrocarbons through the drill bit.

是的，完全同意。我會說我們之前就看到了這個趨勢。如果把時間往回推，比如以 1 月 1 日作為一個時間點，當我們做預測、觀察全球需求時，我們已看到客戶開始談論投資新區域，並回到透過鑽井來尋找碳氫化合物。

To your point, historically, they bought a lot of their hydrocarbons via M&A. But I think there was that pivot that came of, look, we have to go invest in places like Namibia or Angola or even Mozambique, just to pick a few places. So we saw that coming early this year. And then on top of that, you've now had what's going on in Iran, so -- which has helped commodity prices, obviously, which has added some cash to their balance sheets and allows them to spend.

如你所說，過去他們有很大一部分碳氫資源是透過併購取得的。但我認為確實出現了那個轉向：我們必須去投資像納米比亞、安哥拉，甚至莫三比克等地區（隨便舉幾個例子）。所以我們在今年初就看到這個趨勢。除此之外，現在又發生了伊朗的情勢——這顯然推升了大宗商品價格，也讓他們的資產負債表增加了一些現金，因而有能力支出。

But on top of all of that is you have energy security. So a long way of saying. So yeah, we saw that demand coming already. And then what you've seen with what happened in Iran has just added fuel to that fire of energy security and a higher commodity price for them to go explore even more.

而在這一切之上，還有能源安全的因素。換句話說，是的，我們本來就已看到需求正在形成；而伊朗事件所帶來的影響，只是為能源安全這把火再添柴，並以更高的商品價格促使他們進一步加大勘探。

All right. And as a follow-up to that, if -- and I'm sure there are some stats on this. But if you think about it (inaudible) the share of exploration drilling versus development drilling over the last, let's say, five years, given this new exploration cycle, if you will, are you able to, in some way, quantify how much additional demand that can come from new exploration versus what you've seen historically again over maybe the last five years?

好的。那作為追問，如果——我相信這方面應該有一些統計數據——但如果你回想一下（聽不清）過去比如說五年，勘探鑽井相對於開發鑽井的占比；在這一輪新的勘探週期之下，你們是否能以某種方式量化：相較於過去五年的歷史水準，新增勘探可能帶來多少額外需求？

Yeah. It's hard to quantify right now. But yeah, historically, if you look at it, exploration, by definition, is a little less efficient than development because you're not doing exploration wells with an eyesight of each other with a development program, you're kind of rinse and repeat on the same field. So exploration, you have one well here or one well there. So by definition, that will take a bit more time and add more incremental demand for our assets and our peers' assets. So hard to quantify exactly how much more demand comes from the exploration, but we definitely see more exploration coming, and that will drive more demand going forward.

是的。現在很難量化。但從歷史來看，如果你看這件事，勘探按定義來說，效率會比開發低一些，因為你做勘探井時，不像開發計畫那樣井與井之間距離很近、彼此可視，基本上是在同一個油田反覆複製執行。所以勘探會是這裡打一口、那裡打一口。按定義來說，這會花更久的時間，並對我們的資產以及同業的資產帶來更多的增量需求。因此很難精確量化勘探會帶來多少額外需求，但我們確實看到更多勘探即將到來，而這將在未來推動更多需求。

Eddie Kim, Barclays.

Eddie Kim，巴克萊。

So obviously, the world has changed since your last earnings call three months ago. Just wanted to ask if you could remind us on how you see the trajectory or the progression of leading edge pricing, which I assume is probably improved since three months ago. But we're kind of still in the low [400s] today for leading-edge drillships. Do you suspect we'll see contract announcements maybe by the end of this year in the mid-[400s] or even the high [400s]? Just any thoughts there based on the customer conversations you're having today would be great.

所以很明顯，自從你們三個月前上次財報電話會議以來，世界已經改變了。想請你們提醒一下，你們如何看待領先（leading edge）價格的走勢或進展；我猜這可能比三個月前有所改善。但目前領先的鑽井船（drillships）日費率大概仍在低[400多]。你們是否認為在今年年底前，我們可能會看到合約公告落在中[400多]，甚至高[400多]？想聽聽你們基於目前與客戶對話的任何看法。

Sure. I'll start and then I'll hand it over to Jacob to provide some more color. So when we look at day rates, right, Eddie, for us, it's about free cash flow generation, right? So when we look at internally on bidding stuff, it's part yet obviously, day rate matters, but it's how much free cash flow can you generate off that contract. So I would just frame it that way of how we think about day rates, at least at Seadrill. And as we look forward, demand continues to improve and utilization is kind of picking up across the world. So that should lead to day rate progression as we move into 2026 and into 2027. But I'll let Jacob speak a little more on that.

當然。我先開始，然後交給Jacob補充一些細節。Eddie，當我們看日費率時，對我們而言重點在於自由現金流的產生。也就是說，我們內部在投標時，日費率當然重要，但更重要的是那份合約能產生多少自由現金流。我會用這個角度來框定我們（至少在Seadrill）如何看待日費率。往前看，需求持續改善，全球的使用率也在回升。因此，隨著我們進入2026年與2027年，這應該會帶動日費率的上行。但我讓Jacob再多談一些。

Eddie, I think if we look back over the last three to four months, we've had the strongest backlog cycle we've had since 2012. I think we've had over 71 years of contracted term being awarded throughout the industry. And that was predicated on a market that was materializing before the war broke out. And I think that this is just going to bring momentum and a windfall of cash to some of our customers who are going to continue to invest going forward. And this -- what we have going forward is we have opportunities within Indonesia, Namibia, Nigeria, Suriname, US Gulf with long-term contracts anywhere from two to three years that we expect to be awarded here before the end of '26. So I think that, that definitely creates an opportunity for rates to be pushed up further than they are today.

Eddie，我想如果回顧過去三到四個月，我們看到的是自2012年以來最強的一輪積壓訂單（backlog）週期。我認為整個產業已經有超過71年的合約期被授予。而這是在戰爭爆發前市場就已經在成形的背景下發生的。我認為這只會帶來動能，並為我們的一些客戶帶來一筆意外之財（windfall）的現金，他們將在未來持續投資。往前看，我們在印尼、納米比亞、奈及利亞、蘇利南、美國墨西哥灣都有機會，長約大約兩到三年，我們預期在26年底之前會陸續授出。因此我認為，這確實創造了讓費率進一步高於目前水準的機會。

Great. My follow-up is just on potential M&A and perhaps increasing the size of your fleet. It would seem that having more rigs and rig availability in this rising pricing environment would be a good thing. Are there sort of obvious acquisitions of one-off drillships out there or even larger corporate M&A? And just curious on your willingness to increase the size of your fleet or if you're comfortable with the size of your fleet at this stage?

很好。我接著想追問的是潛在的併購（M&A），以及可能擴大你們船隊規模。看起來在這個價格上升的環境中，擁有更多鑽井平台以及平台可用性會是好事。市場上是否有明顯的單艘鑽井船收購機會，或甚至更大型的公司層級併購？也想了解你們是否願意擴大船隊規模，或在這個階段你們對目前的船隊規模已經感到滿意？

Yes, I'd say we're at minimum efficient scale. Our focus is on -- if we're going to do M&A, making sure it's an accretive deal. So for us, we're not juning to do a deal just because we -- just for the sake of it, if it makes financial sense, absolutely, we'd look at it. And we look at it on the other side as well, right? So we are a public company. Our job is to make sure we maximize shareholder return, and that is going to be the focus.

是的，我會說我們目前至少已達到最低的有效規模（minimum efficient scale）。我們的重點是——如果要做併購，必須確保是增益性（accretive）的交易。對我們而言，我們不會只是因為——只是為了做交易而去做；如果在財務上合理，我們當然會看。我們也會從另一面來看，對吧？我們是一家上市公司。我們的工作是確保股東報酬最大化，而這將是重點。

Keith Beckman, Pickering Energy Partners.

Keith Beckman，Pickering Energy Partners。

Congrats on the quarter, guys. I just wanted to hit a little bit more on free cash flow around -- I think that you guys -- thinking about working capital, you talked about the $70 million that you guys expect to be paid back through the rest of the year. And then 2027 should also -- we're thinking should be a really strong free cash flow year for you. Can you maybe talk about how you're thinking about free cash flow conversion through the balance of that? And then maybe also hit on whenever you get all this free cash flow, how do you plan to deploy it? Is that the buyback or kind of like -- or potentially M&A similar to what Eddie was just talking about?

恭喜這一季的表現，各位。我想再多問一些關於自由現金流的部分——我想你們——在思考營運資金時，你們提到預期今年剩餘時間會收回7,000萬美元。然後我們也認為2027年對你們來說應該會是自由現金流非常強的一年。你們能否談談你們如何看待接下來的自由現金流轉換（conversion）？另外，當你們產生這些自由現金流後，你們打算如何運用？是回購，或是——或可能像Eddie剛剛提到的併購？

Yeah. Thanks, Keith. You dead right. We've been looking to this inflection point for some time and looking to it with great enthusiasm, and it's now upon us. And of course, cash flow wasn't the strongest Q1, and that was entirely as anticipated given the fact that we were going through reactivation of Capella and the reacceptance of Jupiter. And of course, Q2, we have the reacceptance of Tellus as well as a headwind.

是的，謝謝你，Keith。你說得完全正確。我們期待這個拐點已經有一段時間了，也非常興奮，而現在它已經到來。當然，第一季的現金流並不是最強的，而這完全符合預期，因為我們當時正在進行Capella的重新啟用（reactivation）以及Jupiter的重新驗收（reacceptance）。當然，第二季我們也有Tellus的重新驗收，這同樣帶來逆風。

But then on the tail side, we have lump sum mobilizations, which I mentioned in my prepared remarks of $70 million due to us from Petrobras in respect of Jupiter and Tellus. And then importantly, the Jupiter and Tellus move off of legacy contracts and legacy day rates that were lower rates on to market rates in Brazil, and that's going to be really instrumental to that free cash flow generation starting in the middle of the year.

但在有利的一端，我們有一次性（lump sum）的動員費（mobilizations），我在事先準備的發言中提到，Petrobras就Jupiter與Tellus應支付給我們7,000萬美元。更重要的是，Jupiter與Tellus將從舊合約與舊日費率（較低的費率）轉換到巴西市場費率，而這將在年中開始，對自由現金流的產生非常關鍵。

And then moving forward, your question around what we do with that cash. Look, as a management team, to be honest, we're focused on generating the cash, and that's our number one priority. How we distribute that, we'll take a decision at that point in time. And that's -- yeah, so I don't want to get ahead of ourselves there. We've demonstrated in the past that returning capital to shareholders is extremely important to us. And so that's a data point to look at. But yes, I don't want to get ahead of it on how and what we do. We just want to focus on generating it for now.

接著往前看，你問到我們如何使用這些現金。坦白說，作為管理團隊，我們目前專注在把現金產生出來，這是我們的第一優先。至於如何分配，我們會在那個時間點再做決定。是的——所以我不想在這裡超前部署。我們過去已經證明，回饋資本給股東對我們極其重要，這是一個可以參考的事實。但我不想先講太多我們會怎麼做、做什麼；我們現在只想先專注把現金產生出來。

Keith, just to put in on that. Our job as a management team is to maximize free cash flow generation. And that's what this team is going to be focused on.

Keith，我補充一下。作為管理團隊，我們的工作是讓自由現金流產生最大化。這就是這個團隊將要專注的事情。

Perfect. That's awesome. And then my second question, I just wanted to check in and see potentially what the outlook -- you guys have done a really good job contracting several -- like the two Gulf rigs in particular. But just thinking about the Carina, maybe. What's the outlook on it after the extension it received in June with Petrobras?

完美。太棒了。那我的第二個問題是，我想確認一下可能的展望——你們在簽下幾座平台方面做得很好——特別是兩座墨西哥灣的平台。但我在想Carina。它在6月獲得Petrobras的延長之後，後續展望如何？

Yeah. So for the Carina, we are finishing up the well currently with Petrobras. We've said that it's probably mid-June. After that, we are chasing opportunities both inside of Brazil, in South America, and other markets. These are mobile rigs, and we will chase opportunities around the world for that asset. So nothing to announce at this point, but we've got until mid-June, and we are pursuing opportunities actively.

是的。關於Carina，我們目前正在與Petrobras完成這口井。我們說過大概到6月中。之後，我們會在巴西境內、南美以及其他市場追尋機會。這些是可移動式平台，我們會為這項資產在全球各地追逐機會。目前沒有可公告的內容，但我們到6月中還有時間，而且我們正在積極尋找機會。

I think one thing I would add to that is we have been successful in recently contracting some of our seventh gen rigs and covering that white space in '26 and '27. And we like the idea of having the Carina available to us for playing the upside going into '27, which we feel is going to be a strong year.

我想我會補充一點：我們最近成功為部分第七代（seventh gen）平台簽約，並填補了2026年與2027年的空檔（white space）。我們也喜歡讓Carina保持可用，以便在邁向2027年時把握上行空間，而我們認為2027年將會是強勁的一年。

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Samir, I'd like to talk a little bit about -- for my soft voice today. The outlook in Brazil and some of the things that we're starting to hear was, if you go back in time, Petrobras has clearly been very opportunistic in how it's contracted rigs. And the fixed at the bottom, more recently, the outlook for -- it sounds like when we listen to these calls, you included, the outlook for the industry, the floater industry as a whole is pretty positive.

Samir，我想稍微談一下——今天我聲音比較輕。關於巴西的展望，以及我們開始聽到的一些事情：如果回到過去，Petrobras 在鑽井平台的合約簽訂上顯然一直非常善於把握時機。而且在低點鎖定了固定合約；更近期來看，對於——聽起來當我們聽這些電話會議（包括你們的）時，對整個產業、整個浮式鑽井平台產業的展望都相當正面。

So really, my question is you have the rig rolling off in Brazil. You mentioned the Carina. You mentioned there's potential opportunities, whether that's with -- you didn't specifically say it's with IOC or maybe Petrobras. Really, what I'm wondering is, as we look at the outlook for Brazil rigs, I guess there's two questions. One is, what is the opportunity for IOCs? And it seems to be that there's growing consensus that -- or at least there was a growing consensus that Petrobras was going to shed two to three rigs. Could we be in an environment in '27, maybe where Petrobras isn't as net negative from where they are today?

所以我的問題其實是：你們在巴西有一座平台即將到期退場。你提到了 Carina。你也提到有潛在機會，不論是與——你沒有明確說是與國際石油公司（IOC）或可能是 Petrobras。我的疑問是，當我們看巴西鑽井平台的展望時，我想有兩個問題：第一，IOC 的機會是什麼？而且似乎越來越多共識認為——或至少曾有越來越多共識認為 Petrobras 會減少兩到三座平台。到了 2027 年，我們是否可能處在一個環境：Petrobras 相較於今天不再是那麼明顯的淨減少？

Look, I think it's possible, but Petrobras, they are incredible acquirers of rigs just given their size in the market. We still believe that they're probably net down three to four rigs -- if you roll the clock forward a year from now. Could some of those get picked up by IOCs? Absolutely, right? The IOCs are starting to ramp up. But -- so I wouldn't say that it's likely, but it's definitely possible that you could see that situation. But I think overall, what we are seeing in the market is that demand is continuing to increase, right?

你看，我認為這是有可能的，但 Petrobras 以其在市場上的規模而言，他們在取得鑽井平台方面非常厲害。我們仍然相信——如果把時間往後推一年——他們可能會淨減少三到四座平台。其中一些會被 IOC 接手嗎？當然可能，對吧？IOC 正開始加速投入。不過——所以我不會說這很可能，但你確實有可能看到那種情況。但我認為整體而言，我們在市場上看到的是需求仍在持續增加，對吧？

I think Petrobras probably is back in the market later this year or next year. I think there will be other demand pulls from West Africa and from Southeast Asia. So as we look forward, as Jacob mentioned, we're quite happy that we've got the Carina to redeploy into a higher day rate.

我認為 Petrobras 可能會在今年稍晚或明年回到市場。我認為西非與東南亞也會帶來其他需求拉動。因此往前看，如 Jacob 所提，我們很高興能把 Carina 重新部署到更高的日費率。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Was there any update on the Gemini?

Gemini 有任何更新嗎？

Nothing specific that we mentioned, but the rig continues to perform quite well for -- in Angola, and we think that there's more room in that JV and kind of more demand as we look into 2027 in Angola and across West Africa. So we remain cautiously optimistic about the ability to continue finding work for the Gemini.

我們沒有提到任何具體更新，但該平台在安哥拉的表現持續相當好；而且我們認為，隨著我們展望 2027 年在安哥拉及整個西非，該合資企業（JV）還有更多空間、也會有更多需求。因此，我們對 Gemini 持續找到工作能力仍保持審慎樂觀。

And is it too early to talk about bringing stacked ships back online?

那現在談把封存的船舶重新啟用是否還太早？

Look, as we look at our stacked fleet, we've got two harsh environment semis that are probably the most likely candidates to reactivate. We would look to reactivate them for the right contract. There is a cost of capital our -- between what -- our cost of capital and our clients' cost of capital is. If they're willing to fund a large portion of that reactivation, would we look at it? Absolutely.

你看，從我們的封存船隊來看，我們有兩座嚴苛環境半潛式平台，可能是最有機會重新啟用的候選。我們會在合適的合約下考慮重新啟用。這裡牽涉到資本成本——我們的資本成本與客戶的資本成本之間存在差異。如果他們願意為那次重新啟用提供大部分資金，我們會考慮嗎？當然會。

As we look back, we think the harsh environment market continues to tighten just like the rest of the floater market. And there's probably going to be a need for those assets. But in the near term, I think it's a bit challenged. But longer term, we could absolutely look at reactivating them. But I think the key there is, given the focus on free cash flow, we are not going to fund that on our balance sheet. A client will have to fund that reactivation.

回頭看，我們認為嚴苛環境市場會像其他浮式平台市場一樣持續收緊，而且很可能會需要那些資產。但在短期內，我認為會有些挑戰；但從長期來看，我們絕對可以考慮重新啟用它們。不過關鍵在於：鑑於對自由現金流的重視，我們不會用資產負債表來出資。客戶必須為那次重新啟用提供資金。

Noel Parks, Tuohy Brothers.

Noel Parks，Tuohy Brothers。

One thing I was thinking about is if we look at the current really encouraging environment fundamentally now for offshore and contrast it with the last big rally in the sector, 2023 into 2024. I just wonder, is it possible to contrast maybe the relative capabilities of the global fleet just in terms of efficiency, technical upgrades, and so forth that could sort of help make an argument for not just sort of re-achieving the levels we had before, but even more robust cycle kind of maybe even above and beyond what we're seeing with the exploratory boost?

我在想一件事：如果我們看目前離岸基本面上非常令人鼓舞的環境，並把它與上一波該產業的大行情（2023 年到 2024 年）做對比。我想知道，是否可以對比一下全球船隊的相對能力——就效率、技術升級等等而言——這些因素是否能支持一個論點：不只是重新達到我們之前的水準，而是更強健的景氣循環，甚至可能高於我們在勘探帶動下所看到的提升？

Look, if I look at our fleet, we're -- we've continued to invest in making sure that they're at the leading edge of technological upgrades and competitive. Do I think there's more efficiency to be had? Potentially, but I don't think there's a step change in efficiency that's coming with the current technology we have, right? For us, we -- there's probably a bit more to do, but I wouldn't say that you're going to get a 40% or 50% increase in efficiency from here.

你看，如果我看我們的船隊，我們——一直持續投資，確保它們在技術升級上保持領先並具競爭力。我認為還有更多效率可挖掘嗎？可能有，但我不認為以我們目前的技術會出現效率的「躍升式」變化，對吧？對我們而言——可能還有一些可以做，但我不會說從現在起你會看到 40% 或 50% 的效率提升。

Got you. And I wonder if you just had any further thoughts. You've mentioned, of course, the trend of -- general trend of equipment moving out of the Atlantic Basin and moving east. And I just wonder on the customer side, as they look to, again, what costs might look like in the cycle heading up from here. Do they -- the ones that are multi-basin in their drilling, is there any degree of regional arbitrage they're looking at? Like a project maybe a little bit less upside, keeping a rig in region or being able to hang on to a rig in anticipation of something maybe a larger program that they're looking to for next year versus just going totally on near-term economics as far as making the regional choices?

了解。我也想知道你是否還有其他想法。你當然提到過——設備從大西洋盆地移出、往東移動的整體趨勢。我想知道在客戶端，當他們再次思考從這裡進入上行循環時成本可能會是什麼樣子時——那些在多個盆地進行鑽探的客戶，是否在尋找某種程度的區域套利？例如某個專案上行空間可能較小，但為了把平台留在區域內，或為了保留一座平台以期待明年可能更大型的計畫，而不是僅僅依據短期經濟性來做區域選擇？

Yeah. Look, I think when you speak to our clients, they view their portfolio the same way you would rationally and they're going to allocate capital where it makes the most sense for them. We have talked to certain clients that have said, look, we're pulling capital away from a particular market and investing in the Gulf, for example, the US Gulf. We have talked to certain clients that are ramping up their investments in Southeast Asia.

是的。你看，我認為當你和我們的客戶交談時，他們會像你理性地看待一個投資組合那樣看待自己的資產組合，並把資本配置到對他們最有意義的地方。我們確實和某些客戶談過，他們說：你看，我們正把資本從某個市場抽離，轉而投資到墨西哥灣，例如美國墨西哥灣。我們也和某些客戶談過，他們正在加大對東南亞的投資。

So I think it really is client-specific and where their acreage sits and how ready to develop those programs are. But when we do speak to the bigger international oil companies, a lot of them do seem to be shifting capital to Southeast Asia and West Africa. It really does feel like there's a demand pull there, but by no means does that mean that that's the only place we're seeing demand improve.

所以我認為這真的取決於客戶本身、他們的區塊（acreage）在哪裡，以及那些計畫的開發準備程度。但當我們與較大型的國際石油公司交談時，其中很多似乎確實在把資本轉向東南亞與西非。確實感覺那裡有需求拉動，但這絕不代表我們只在那裡看到需求改善。

There are no further questions at this time. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

目前沒有進一步的問題。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。