Seadrill Limited (SDRL) 2026 Q2 法說會逐字稿

Hello, everyone.

大家好。

Thank you for joining us and welcome to the Seadrill Second Quarter 2026 Earnings Call.

感謝各位加入我們，歡迎參加 Seadrill 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Kevin Smith.

我現在把會議交給 Kevin Smith。

Hello and welcome to Seadrill's second 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 年第二季財報電話會議。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有：總裁兼執行長 Samir Ali；執行副總裁兼財務長 Grant Creed；以及商務副總裁 Jacob Taylor。

Our call will include forward-looking statements that involve risks and certainty.

本次電話會議將包含涉及風險與不確定性的前瞻性陳述。

Actual results may differ materially.

實際結果可能會有重大差異。

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

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，否則我們不承擔更新之義務。

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.

我們向美國證券交易委員會（SEC）提交的申報文件，對前瞻性陳述以及影響本公司業務的風險因素有更詳細的討論。

During the call, we will also reference non-GAAP measures.

在本次電話會議中，我們也會提及非 GAAP 衡量指標。

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

我們提交給 SEC 並於公司網站提供的財報新聞稿，包含與最接近之對應 GAAP 指標的調節表。

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）。

I will now turn the call over to Samir.

我現在把電話會議交給 Samir。

Thanks, Kevin. Welcome, everyone.

謝謝你，Kevin。各位好，歡迎大家。

Thank you for joining us.

感謝各位加入我們。

I'll begin with our second quarter highlights. Including continued progress against our core priorities and our recent contracting successes.

我先從第二季重點開始。包括我們在核心優先事項上的持續進展，以及近期簽約方面的成功。

I'll then discuss the market backdrop and regional outlook before turning the call over to Grant to review our financial results and updated full year 2026 guidance.

接著我會在把電話交給 Grant 之前，先談市場背景與各區域展望；Grant 將回顧我們的財務結果並更新 2026 全年指引。

Second quarter financial performance was very strong, exceeding expectations. We delivered EBITDA of $144 million.

第二季財務表現非常強勁，超出預期。我們實現 EBITDA 1.44 億美元。

Underpinning our decision to raise full-year revenue and EBITDA guidance. This marks our second guidance increase this year.

這也支撐我們上調全年營收與 EBITDA 指引的決定。這是我們今年第二次上調指引。

The quarter also reflected continued execution against our core priorities, delivering safe, reliable operations, generating free cash flow, and capturing the upside ahead of us.

本季也反映我們持續落實核心優先事項：提供安全、可靠的營運；創造自由現金流；並把握眼前的上行機會。

Let's start with our first priority, safe and reliable operations.

先從第一項優先事項：安全且可靠的營運。

We delivered another solid quarter, achieving economic utilization of 96%. We also successfully completed the Westelus reacceptance on schedule and on budget.

我們再度交出穩健的一季，經濟使用率達 96%。我們也按期、按預算成功完成 Westelus 的重新驗收（reacceptance）。

Seadrill's one team culture met all client expectations, and the rig has been successfully operating since mid-June.

Seadrill 的「一個團隊」文化滿足了客戶的所有期望，該鑽井平台自 6 月中旬起已成功投入營運。

This is an important milestone. It marks the second of three rigs to roll off legacy day-rate contracts and begin generating revenue at substantially higher rates.

這是一個重要的里程碑。這標誌著三座鑽井平台中的第二座，已從歷史日費率合約退場，並開始以顯著更高的費率創造營收。

Safety remains our top priority.

安全仍是我們的首要任務。

We are proud of the progress we've made, but we are never satisfied with standing still.

我們為已取得的進展感到自豪，但我們絕不滿足於停滯不前。

By continuing to invest in training, knowledge sharing, and leadership development, we are building an even stronger organization for the future.

透過持續投資於訓練、知識分享與領導力發展，我們正在為未來打造更強大的組織。

I want to take this moment to remind our dedicated crews everyone has stop-work authority, and no task is worth compromising our high safety standards.

我也想藉此提醒我們敬業的船員：每個人都擁有停工權（stop-work authority），任何工作都不值得以犧牲我們的高安全標準為代價。

Priority two, free cash flow generation. We remain on track to generate meaningful free cash flow in the second-half of 2026.

第二項優先事項：自由現金流的創造。我們仍按計畫在 2026 年下半年產生可觀的自由現金流。

With that visibility, we resumed shareholder returns during the second quarter, opportunistically repurchasing $20 million of shares under our repurchase program during the last week of June.

在具備這樣的能見度下，我們於第二季恢復股東回饋，並在 6 月最後一週把握時機，依據我們的庫藏股計畫回購 2,000 萬美元的股票。

Priority three, capturing the upside.

第三項優先事項：把握上行機會。

Our recent contracting success strengthens 2027 revenue visibility and demonstrates HDRL's ability to capture the upside ahead of us.

我們近期的簽約成果強化了 2027 年營收能見度，並展現 HDRL 把握未來上行機會的能力。

Since our May call, we have added approximately $200 million of backlog, including new contracts and contract extensions on three rigs in the US Gulf and Malaysia.

自 5 月的電話會議以來，我們新增約 2 億美元的在手訂單（backlog），包括在美國墨西哥灣與馬來西亞三座鑽井平台的新合約與合約延長。

In the US Gulf, the Westfellas secured a 12-month contract with Talos beginning in June 2027. In direct continuation of its current program.

在美國墨西哥灣，Westfellas 取得 Talos 一份為期 12 個月、於 2027 年 6 月開始的合約。該合約將直接延續其目前的作業計畫。

The award adds approximately $161 million to backlog, excluding additional services, and reflects the strength of our operational execution and customer relationships.

此項得標為在手訂單增加約 1.61 億美元（不含額外服務），並反映我們營運執行力與客戶關係的強勁。

We are pleased to extend our partnership with Talos and thank the crew of the Westfella for their superior performance that is the foundation for what's next.

我們很高興能延續與 Talos 的合作夥伴關係，也感謝 Westfella 船員的卓越表現，這正是下一步發展的基礎。

Staying in the US Gulf. The Savan, Louisiana, has worked steadily throughout the year.

同樣在美國墨西哥灣。Savan, Louisiana 今年以來持續穩定作業。

The Rig is expected to wrap up its current program with Walter Oil & Gas later this week, following the successful completion of earlier campaigns with Guardian and Log in July.

該鑽井平台預計將於本週稍晚完成與 Walter Oil & Gas 的現行作業計畫；此前已於 7 月成功完成與 Guardian 與 Log 的早期作業。

We also want to recognize Harbour and Log for their continued trust in CDRL. Earlier this year, Harbour and Log extended the West Neptune once again and selected the West Villa for a 270-day campaign beginning later this year.

我們也要肯定 Harbour 與 Log 對 CDRL 持續的信任。今年稍早，Harbour 與 Log 再次延長 West Neptune 的合約，並選定 West Villa 於今年稍晚展開一項為期 270 天的作業。

Harbor also contracted the Savant, Louisiana for a short campaign at the end of July, meaning they will have had all of Seadrill's US Gulf fleet under contract in 2026.

Harbor 也在 7 月底為 Savant, Louisiana 簽下短期作業，意味著他們在 2026 年將 Seadrill 在美國墨西哥灣的整個船隊都納入合約之下。

We appreciate their confidence and remain focused on delivering safe, efficient, and reliable operations across every rig.

我們感謝他們的信心，並將持續專注於在每一座鑽井平台上提供安全、高效率且可靠的營運。

And in Malaysia, our customer recently exercised a priced option for approximately 75 days on the West Capella. Extending operations into the second-half of 2027.

而在馬來西亞，我們的客戶近期對 West Capella 行使一項已定價的選擇權，約為期 75 天。使作業延伸至 2027 年下半年。

Turning to the broader market, the current tender pipeline points to a materially tighter environment in 2027.

談到更廣泛的市場，目前的招標管線顯示 2027 年市場環境將明顯趨緊。

If these tenders convert into awards as expected, we believe drill ship utilization could reach the mid-90% range by next year.

若這些招標如預期轉化為得標，我們認為鑽井船使用率到明年可能達到 90% 中段水準。

Collectively, developments across strategic reserves, offshore investment. And exploration activities support our view of growing demand for deepwater rigs.

整體而言，戰略儲備、離岸投資以及勘探活動等方面的發展，支持我們對深水鑽井平台需求成長的看法。

The US Energy Information Administration's latest outlook shows OECD inventories falling to their lowest levels since at least 2003, as supply disruptions accelerate stock draws.

美國能源資訊署（EIA）最新展望顯示，隨著供應中斷加速去庫存，OECD 庫存將降至至少自 2003 年以來的最低水準。

Oil managers have also highlighted tightening supply conditions. With Chevron noting that supply crunch could soon be felt globally, and ExxonMobil noting that the US is approaching unheard-of inventory levels.

石油業管理層也指出供應條件正在收緊。Chevron 表示供應吃緊可能很快在全球顯現；ExxonMobil 則指出美國正接近前所未見的庫存水準。

Wood McKinsey forecast offshore project FIDs to rise to $165 billion in 2027, representing a 132% increase from 2025, underscoring the strength of the offshore cycle.

Wood McKinsey 預測，離岸專案最終投資決策（FID）將於 2027 年升至 1,650 億美元，較 2025 年增加 132%，凸顯離岸景氣循環的強勁。

Further, we continue to see offshore exploration activity gaining momentum, driven by structurally higher oil price, energy security coming back into vogue, slowing non-OpEx production growth, and operators need to rebuild reserve bases.

此外，我們持續看到離岸勘探活動動能增強，驅動因素包括結構性較高的油價、能源安全再度成為主流、非 OPEC 產量成長放緩，以及營運商需要重建儲量基礎。

Equinor validated this theme in its Capital Markets Day in June, guiding to an international exploration budget for the first time and highlighting plans to. Step up exploration along the Atlantic margin, supported by its view that oil and gas demand will remain higher for longer.

Equinor 在 6 月的資本市場日也驗證了這一主題，首次指引國際勘探預算，並強調計畫在大西洋邊緣加大勘探力度；其觀點認為油氣需求將在更長時間內維持較高水準。

Recent exploration announcements also reinforce this momentum with Total Energies securing offshore exploration agreements in Egypt and Syria, Chevron signing an early exploration deal offshore Guinea, Exxon applying for new exploration permits offshore Guyana, and Repsol entering into an exploration agreement in Venezuela.

近期的勘探公告也進一步強化這股動能：Total Energies 在埃及與敘利亞取得離岸勘探協議；Chevron 在幾內亞外海簽署早期勘探協議；Exxon 申請圭亞那外海新的勘探許可；Repsol 則在委內瑞拉簽訂勘探協議。

Moving to the outlook for key regions where Seadrill operates.

接著談 Seadrill 營運所在的主要區域展望。

The U.S. Gulf remains in transition, with several drill ships expected to become available before year-end.

美國墨西哥灣仍處於轉換期，預計年底前將有數艘鑽井船釋出可用。

Seadrill is ahead of the curve by recently securing a 365-day contract at leading-edge day rates for the West Villa, bringing total year-to-date backlog added in the region to nearly half a billion dollars.

Seadrill 近期以領先市場的日費率為 West Villa 取得一份 365 天合約，已走在市場前面，使該區域今年迄今新增在手訂單總額接近 5 億美元。

The West Neptune is already contracted into late 2027 and is well positioned for attractive follow-on opportunities.

West Neptune 已簽約至 2027 年末，並具備良好條件把握具吸引力的後續機會。

We remain confident that the supply-demand balance of drill ships in the region will improve in 2027.

我們仍然有信心，該地區鑽井船的供需平衡將於 2027 年改善。

Our semi-submersible, the Savant, Louisiana, is also favorably positioned as market conditions in the US Gulf strengthen into 2027.

我們的半潛式鑽井平台 Savant, Louisiana 亦處於有利位置，因美國墨西哥灣市場狀況預期將持續走強至 2027 年。

While we have a strong track record of winning programs with short lead times, visibility for the balance of 2026 remains limited.

儘管我們在短交期專案的中標方面有良好紀錄，但對於 2026 年剩餘期間的能見度仍然有限。

We will continue to manage the asset with commercial discipline while preserving flexibility.

我們將在維持彈性的同時，持續以商業紀律管理該資產。

Turning to Brazil, Cedro remains well contracted in one of the industry's most important deepwater geographies.

談到巴西，Cedro 在業界最重要的深水區域之一仍維持良好合約覆蓋。

Recent multi-year awards and extensions reinforce our view that Brazil will remain a core source of drillship demand through the end of the decade.

近期多年度合約授予與展延進一步強化我們的觀點：巴西將在本十年末之前持續成為鑽井船需求的核心來源。

25 drill ships are currently contracted in the region, with only three expected to become available before the end of 2027 if options on a couple of rigs are exercised.

目前該地區有 25 艘鑽井船已簽約；若行使其中幾座鑽井平台的選擇權，預計在 2027 年底前僅有三艘會釋出可用。

A recent Petrobras pre-qualification exercise may be an indication of tendering activity to come.

近期 Petrobras 的預資格審查可能預示後續將有招標活動。

We expect Brazil to remain balanced and competitive, with opportunities favoring rigs that align closely with customer needs and basement requirements.

我們預期巴西市場將維持供需均衡且競爭激烈，機會將偏向那些與客戶需求及井底（basement）要求高度契合的鑽井平台。

Following the completion of the West Corina contract at the end of June, we mobilized the rig outside of Brazil, consistent with typical post-contract process in the country.

在 6 月底完成 West Corina 合約後，我們依照該國典型的合約結束後流程，將該平台動員至巴西境外。

We are in advanced discussions for follow-on opportunities and remain confident in our abilities to secure work commencing the first half of 2027.

我們正就後續機會進行深入洽談，並仍有信心能取得於 2027 年上半年開始的工作。

In Southeast Asia, a region we have repeatedly identified as a source of growing demand, momentum is building.

在東南亞——我們多次指出其為需求成長來源的地區——動能正在累積。

A recent leading-edge fixture awarded for work commencing in mid-2028 is a positive data point.

近期有一筆前沿（leading-edge）租約授予，工作將於 2028 年年中開始，這是一個正面的數據點。

Customers' willingness to secure assets at leading-edge rates for future work is an indicator that the balance of supply and demand is expected to tighten.

客戶願意以前沿日費率提前鎖定未來工作的資產，顯示供需平衡預期將趨於緊俏。

With limited drillship availability in the region, the West Capella is in a strong position to capture potential upside.

由於該地區鑽井船可用性有限，West Capella 具備強勢地位以掌握潛在上行空間。

In West Africa, and particularly Angola. The Sonra Drool joint venture continues to demonstrate the strength of our local partnership and the reliability of our operations, with all three rigs delivering technical uptime above 99% during the second quarter.

在西非，尤其是安哥拉。Sonra Drool 合資企業持續展現我們在地合作夥伴關係的強度與營運可靠性，第二季三座平台的技術可用率皆高於 99%。

Our near-term commercial focus is on the West Gemini, which is due to roll-off contract later this year.

我們近期的商務重點聚焦於 West Gemini，其合約將於今年稍晚到期退場。

While the rig is well positioned for future work in Angola, we continue to market it across West Africa.

儘管該平台在安哥拉的後續工作方面具備良好條件，我們仍持續在整個西非市場推廣。

We expect upcoming FIDs and tenders in countries such as Angola, Ghana, Cote d'Ivoire, Nigeria and Namibia to absorb a meaningful share of available rig capacity.

我們預期安哥拉、迦納、象牙海岸、奈及利亞與納米比亞等國即將到來的最終投資決策（FID）與招標，將吸收相當比例的可用平台產能。

Bringing it all together, the broader deepwater market continues to tighten, supported by improving market fundamentals, rising offshore investment and exploration momentum.

綜合而言，整體深水市場持續趨緊，受惠於市場基本面改善、離岸投資上升以及勘探動能增強。

We remain encouraged by the outlook across our key regions and believe Seadrill is entering 2027 from a position of strength, well positioned to capitalize on the opportunities ahead.

我們對主要區域的前景仍感到鼓舞，並相信 Seadrill 將以強勢姿態邁入 2027 年，具備良好條件把握前方機會。

With that, I'll hand it over to Grant.

接下來我把時間交給 Grant。

Thanks, Samir. I'll now discuss our second quarter 2026 financial results, recap the refinancing completed in June, and then provide an update on our outlook for the balance of the year.

謝謝你，Samir。我接下來將說明我們 2026 年第二季的財務結果，回顧 6 月完成的再融資，並更新我們對今年剩餘期間的展望。

Seadrill delivered strong second quarter financial performance with total operating revenues of $449 million and adjusted EBITDA of $144 million.

Seadrill 第二季財務表現強勁，營運收入總額為 4.49 億美元，調整後 EBITDA 為 1.44 億美元。

The quarter-on-quarter increase was primarily driven by more operating days and an improving average day rate. In Malaysia and Brazil, the West Capella and West Jupiter contributed full quarters of revenue after commencing their new programs in late March.

與前一季相比的成長主要由更多營運天數及平均日費率改善所帶動。在馬來西亞與巴西，West Capella 與 West Jupiter 於 3 月下旬啟動新專案後，於本季貢獻了完整季度的收入。

While increased activity on the Savannah, Louisiana and the US Gulf also supported revenue growth.

同時，Savannah, Louisiana 與美國墨西哥灣的活動增加亦支撐了營收成長。

This was partially offset by the impact of fewer operating days for the West Telus, which underwent reacceptance testing before commencing its contract in Brazil as planned late in the second quarter.

但部分被 West Telus 營運天數較少的影響所抵銷；該平台在按計畫於第二季末在巴西啟動合約前，進行了重新驗收測試。

Importantly, both the West Jupiter and West Telus have now commenced contracts at materially higher day rates. Representing a meaningful step-up in revenue of roughly $400,000 per day between the two rigs compared with their prior contracts.

重要的是，West Jupiter 與 West Telus 現已以顯著更高的日費率開始履約。相較其先前合約，兩座平台合計每日收入約增加 40 萬美元，形成具意義的躍升。

Repricing these legacy contracts has long been a strategic objective and is now strengthening the cash generation from our active fleet as we move into the second-half of the year and into 2027.

對這些既有合約重新定價長期以來一直是策略目標，如今正強化我們在下半年及邁入 2027 年時，活躍船隊的現金創造能力。

Also contributing to second quarter revenue was an uplift in management contract revenues, reflecting an increase in the daily management fee CDRL earns for providing management, operational and technical support to Sonodril.

第二季營收的另一項貢獻來自管理合約收入的提升，反映 CDRL 因向 Sonodril 提供管理、營運與技術支援而收取的每日管理費上調。

The increase was applied retroactively from January 1, 2026.

該項調升自 2026 年 1 月 1 日起追溯適用。

And now moving to operating expenses, which were $377 million in the second quarter, up $43 million from the prior quarter.

接著看營運費用，第二季為 3.77 億美元，較前一季增加 4,300 萬美元。

The increase was primarily attributable to the West Capella and West Jupiter returning to operations for the full quarter.

增加主要歸因於 West Capella 與 West Jupiter 於本季全季恢復營運。

Resulting EBITDA was $144 million, a sequential increase of $47 million compared to the prior quarter, with an EBITDA margin excluding reimbursables of 33.5%. Now turning to the balance sheet and cash flow statements.

因此 EBITDA 為 1.44 億美元，較前一季序列增加 4,700 萬美元；扣除可報銷項目（reimbursables）後的 EBITDA 利潤率為 33.5%。接下來轉到資產負債表與現金流量表。

I'll start by providing a recap of the refinancing completed in June.

我先回顧 6 月完成的再融資。

The refinancing strengthens our financial flexibility, extends debt maturities further into the next decade and reinforces our commitment to maintaining a resilient through-cycle capital structure.

本次再融資強化了我們的財務彈性，將債務到期日延伸至下一個十年更後段，並重申我們致力於維持具韌性的跨景氣循環資本結構。

Seadrill issued $700 million of 6.753 senior notes due in 2034 and used part of the proceeds to redeem $575 million of 8 3/8 senior secured second E notes due in 2030.

Seadrill 發行 7 億美元、票面利率 6.753%、2034 年到期的優先票據，並以部分募集資金贖回 5.75 億美元、票面利率 8 3/8%、2030 年到期的優先擔保第二留置權 E 類票據。

We also increased the revolving credit facility from $225 million to $300 million and extended the maturity by three years to 2031.

我們亦將循環信用額度由 2.25 億美元提高至 3 億美元，並將到期日延長三年至 2031 年。

We ended the quarter with total cash of $360 million, a $31 million increase from the prior quarter.

本季末我們的現金總額為 3.60 億美元，較前一季增加 3,100 萬美元。

The net proceeds from the refinancing as well as a $30 million lump sum receipt for mobilization revenue related to the West Jupiters contract in Brazil.

主要來自再融資的淨募集資金，以及與 West Jupiter 在巴西合約相關的動員收入一次性收款 3,000 萬美元。

Were partially offset by $57 million of capital expenditures, a $16 million final payment for a legal judgment related to the Sonadrill joint venture as previously disclosed in 2025, an accelerated interest payment of $20 million relating to the redemption of the old notes, and a build in accounts receivable primarily related to the commencement of West Jupiter and West Capella contracts, plus timing of receipts across the remainder of the fleet.

但部分被以下項目抵銷：資本支出 5,700 萬美元、如先前於 2025 年揭露與 Sonadrill 合資企業相關法律判決的 1,600 萬美元尾款、因贖回舊票據而加速支付的 2,000 萬美元利息，以及應收帳款增加（主要與 West Jupiter 與 West Capella 合約啟動相關，並加上船隊其餘部分收款時點差異）。

Notably, we are entering a stronger phase of cash generation.

值得注意的是，我們正進入更強勁的現金創造階段。

Major project-related outflows are now behind us, with cash benefits from the West Capella, West Jupiter and West Telus contracts ahead of us. We expect cash flow to strengthen through the second-half of the year, including the anticipated collection of the West Telus mobilization fee in the third quarter.

重大專案相關的現金流出已告一段落，West Capella、West Jupiter 與 West Telus 合約帶來的現金效益則在前方。我們預期下半年現金流將走強，包括第三季預期收取 West Telus 的動員費。

CEDA remains focused on three financial priorities to enhance long-term shoulder value: generating free cash flow, disciplined capital deployment, and maintaining a robust balance sheet.

CEDA 仍聚焦三項財務優先事項以提升長期股東價值：創造自由現金流、具紀律的資本配置，以及維持穩健的資產負債表。

On June 22nd, the Board of Directors authorized an extension of the $208 million remaining on the share repurchase program through the end of the current calendar year.

6 月 22 日，董事會核准將股票回購計畫剩餘的 2.08 億美元額度延長至本曆年年底。

And during the last week of June, we repurchased $20 million worth of shares.

並且在 6 月最後一週，我們回購了 2,000 萬美元的股份。

Now turning to our outlook for the remainder of the year.

接下來談我們對今年剩餘期間的展望。

Strong project execution and higher than anticipated utilization have driven the increase in the revenue and EBITDA guidance ranges set out in our press release.

強勁的專案執行與高於預期的稼動率，推動我們在新聞稿中所列的營收與 EBITDA 指引區間上調。

We now anticipate operating revenues of $1.5 billion to $1.55 billion, and that excludes $50 million of reimbursable revenues.

我們目前預期營運收入為15億至15.5億美元，且不包含5,000萬美元的可報銷收入。

And EBITDA of $420 million to $450 million.

以及EBITDA為4.2億至4.5億美元。

Our updated guidance ranges reflect two factors for the second-half of the year: assumed utilization for the Savant, Louisiana, which was fully contracted in the second quarter but has less visibility for the remainder of 2026 and the timing of repair and maintenance expenses, which we expect to be higher over the balance of the year.

我們更新後的指引區間反映今年下半年兩項因素：對Savant（路易斯安那）之使用率的假設——該項目在第二季已全數簽約，但對2026年其餘期間的能見度較低——以及維修與保養費用的發生時點，我們預期在今年剩餘期間將較高。

Our EBITDA guidance includes a non-cash net expense of $30 million related to the amortization and mobilization costs and revenues, of which $16 million has been recognized through the end of the second quarter.

我們的EBITDA指引包含3,000萬美元的非現金淨費用，與攤銷以及動員成本與收入相關，其中截至第二季末已認列1,600萬美元。

Full year capital expenditure guidance range is maintained at $200 million to $240 million.

全年資本支出指引區間維持在2億至2.4億美元。

With three major projects delivered on time and on budget.

且三個重大專案均按時、按預算交付。

A strengthened balance sheet and a supportive commercial backdrop, CDRL is well positioned to generate meaningful free cash flow in the second-half of the year and create long-term shelter value.

在資產負債表更為強健且商業環境有利的背景下，CDRL具備良好條件於今年下半年產生可觀的自由現金流，並創造長期的避險價值。

And with that, I'll hand back to Samir for his closing remarks.

接下來我把時間交回Samir作結語。

Thanks, Grant.

謝謝你，Grant。

For Seadrill, the message is straightforward.

對Seadrill而言，訊息很明確。

Our commercial approach remains centered on winning direct continuation work and maximizing the total economic value of contracts.

我們的商業策略仍以爭取直接續約工作、並最大化合約的整體經濟價值為核心。

In the U.S. Gulf, we secured work for the West Vella at leading-edge day rates despite near-term oversupply.

在美國墨西哥灣，儘管短期供給過剩，我們仍以領先市場的日費率為West Vella取得工作。

In Brazil, West Africa, and Southeast Asia, our fleet remains well positioned for both established and emerging sources of deepwater demand.

在巴西、西非與東南亞，我們的船隊在既有與新興的深水需求來源方面仍具備良好布局。

Across the rest of the world, the demand outlook continues to support our conviction that available high-specification floaters will become increasingly scarce as the cycle progresses.

在全球其他地區，需求展望持續支持我們的信念：隨著景氣循環推進，可用的高規格浮式鑽井平台將愈來愈稀缺。

Taken together, Seadrill is well positioned to create long-term shareholder value through disciplined contracting, free cash flow generation, and a relentless focus on safe and reliable operations.

綜合而言，Seadrill透過嚴謹的簽約策略、自由現金流的產生，以及對安全與可靠營運的持續專注，具備創造長期股東價值的良好條件。

With that, I'll hand the call over for questions.

接下來我們開放提問。

(Operator Instructions)

（接線員指示）

Your first question from Doug Becker with Capital One Securities.

第一個問題來自Capital One Securities的Doug Becker。

Samir, you extended the share repurchase program through December. We actually saw the restart of buybacks of about 20 million shares in the second quarter. Just how would you frame the scale and the pace of buybacks once we see the free cash flow inflection in the second-half of the year?

Samir，你把庫藏股回購計畫延長到12月。我們確實看到第二季重啟回購，約回購了2,000萬股。當我們在今年下半年看到自由現金流出現拐點後，你會如何描述回購的規模與節奏？

Sure. Hey, Doug. I'll start and I'll hand it over to Grant. Holistically, our job at Seadrill as a management team is to maximize free cash flow. So, every contract we look at, everything we're doing around here, we are hyper-focused on generating as much free cash flow as possible. But Grant can kind of speak through the mechanics of how we're thinking about it.

當然。嗨，Doug。我先回答，然後交給Grant補充。整體而言，Seadrill管理團隊的工作是最大化自由現金流。因此，我們檢視的每一份合約、我們在這裡做的每一件事，都高度聚焦於盡可能產生更多自由現金流。不過Grant可以更進一步說明我們在機制上是如何思考的。

Yeah, thanks. And hey, Doug. And just to add to that, look, when we are thinking about the buyback, first thing we look at is our cash position. And of course, we had a very healthy cash position in June, and that was further supported by a successful refinancing that was executed in June.

好的，謝謝。嗨，Doug。補充一下，談到回購時，我們首先看的就是現金部位。當然，我們在6月有非常充裕的現金部位，而這也因6月成功完成再融資而進一步獲得支撐。

Forecast cash going forward. And as we discussed on our prepared remarks, we are at this inflection point that we have been looking forward to for some time, primarily related to the repricing off of legacy contracts on the spot rate contracts. So, we are starting to enjoy the step up in earnings. And we saw during Q2, as expected, we had some working capital build, but that's going to be behind us from the Q3 onwards.

接著是對未來現金的預測。如同我們在事先準備的發言中提到的，我們正處於一個期待已久的拐點，主要與舊合約在現貨費率合約上的重新定價有關。因此，我們開始享受到獲利的躍升。而在第二季，如預期般，我們的營運資金有所增加，但從第三季起這將成為過去式。

And so, we are looking healthy in that perspective. And then deploying the capital is all about assessing the alternatives through a disciplined and deliberate lens.

因此，從這個角度看，我們的狀況相當健康。接著，資本部署則是透過嚴謹且審慎的角度來評估各種替代方案。

And then when the share price started trading in the 30s in June, it became apparent to us that a buyback was going to be a very accretive use of that capital.

當股價在6月開始於30多美元區間交易時，我們很清楚回購將會是對該資本非常具增益性的運用方式。

So that's a little bit of insight as to how we approach the buybacks and I hope that helps.

以上是我們如何看待回購的一些說明，希望對你有幫助。

That's helpful context. Is the plan to kind of utilize the full remaining share authorization over the course of this year or just to be determined based on the parameters you just laid out?

這些背景很有幫助。計畫是今年內把剩餘的回購授權額度用完，還是會依你剛提到的參數再決定？

Look, Doug, it's to be determined. We take those decisions at any point in time and we'll see how it goes the rest of the year.

Doug，這還有待決定。我們會在任何時間點做出這些決策，並觀察今年剩餘時間的情況再說。

Yeah, it's a discussion obviously we have with our Board on a regular basis, but coming back to it, the management team's focus is maximizing cash flow and then we have an in-depth discussion with the Board of how we want to deploy that capital.

是的，這顯然是我們會定期與董事會討論的議題；但回到核心，管理團隊的重點是最大化現金流，接著再與董事會深入討論我們要如何部署這些資本。

Got it.

了解。

Thank you very much.

非常感謝。

The next question comes from Eddie Kim with Barclays.

下一個問題來自Barclays的Eddie Kim。

Hi, good morning. So, this is the second consecutive quarter where you have raised full year guidance, which is particularly notable as offshore drillers are more commonly known to lower. Full-year guidance center raise. So could you just talk about what has surprised you to the upside compared to when you first provided full-year guidance at the beginning of the year? Is it contrast you secured that you didn't necessarily expect to or better operational performance or costs maybe getting pushed into 2027? Just some more color on the main drivers of the guidance raises the past two quarters would be great.

嗨，早安。所以，這是你們連續第二個季度上調全年指引，這點特別值得注意，因為離岸鑽井業者更常見的是下調。全年指引中位數上調。能否談談，相較於你們在年初首次提供全年指引時，有哪些方面的表現超出預期？是你們拿到了一些原本不一定預期能取得的合約、或是營運表現更好、或是成本可能被延後到2027年？若能就過去兩季上調指引的主要驅動因素提供更多說明會很有幫助。

First and foremost, operational execution has been great this year, so the operations team has done a fantastic job on executing work. The projects, we know that those projects are key to determining our results in any year and we executed those very well for the Jupiter, Capella and TELUS.

首先也是最重要的，今年的營運執行非常出色，營運團隊在工作執行上做得非常好。這些專案我們知道在任何一年都對結果至關重要，而我們在Jupiter、Capella與TELUS的執行表現非常到位。

And then on the rig activity side, I'd say Karina ended up working longer than we anticipated at the beginning of the year. And then we call the Louisiana the show me rig, where we don't get too far ahead of ourselves in booking or estimating or forecasting revenue for that rig. She ended up working more in the first half of the year than we anticipated.

另外在鑽井平台活動方面，我會說Karina的工作時間比我們年初預期的更長。而我們把Louisiana稱為「讓我看看」的鑽井平台，意思是我們不會在為該平台預訂、估算或預測收入時過度超前。結果她在上半年工作的時間也比我們預期的更多。

On the expense side, I think it's more or less in line with how we are seeing expenses, but I would say that repairs and maintenance is skewed to the second-half of the year. We see that quite often in our business that the first half of the year we spend less on repairs and maintenance projects in particular than in the second-half.

在費用方面，我認為大致符合我們對費用的觀察，但我會說維修與保養費用偏向集中在下半年。在我們的業務中這很常見：上半年在維修與保養專案上的支出通常會少於下半年。

Understood. Thanks for that color. And then my follow-up is just more broadly. I mean, the outlook you laid out was pretty constructive with drill ship utilization potentially reaching the mid-90s by next year. It feels like leading edge day rates are now firmly in the mid-400s, as indicated by the most recent contract you signed on the West Zella, as well as.

了解。謝謝你提供這些說明。接著我的追問是更宏觀的問題。你們提出的展望相當正面，鑽井船使用率到明年可能達到90%中段。從你們最近為West Zella簽下的合約，以及其他合約來看，領先市場的日費率似乎已穩固站上每日至少400多美元中段的水準。

Other contracts industry. Is there any reason to believe that leading edge day rates shouldn't continue to move higher next year off of this current mid-400s level just given tightness in the market? And if not, what would you say are the potential headwinds or roadblocks that might prevent that from happening?

以及產業內的其他合約。考量市場供給吃緊，有沒有任何理由認為領先市場的日費率不應該在明年於目前每日至少400多美元中段的基礎上繼續走高？如果有，你認為可能的逆風或障礙是什麼，會阻止這件事發生？

Eddie, the day rate progression is purely driven by utilization, right? So we continue to expect utilization to improve. I mean, it is a global market and rigs are going to continue to move from kind of Western Hemisphere into Eastern Hemisphere. So that should drive kind of day rate momentum. But the other thing I'd say, at least procedural, we look at it holistically. It's not just day rate, right? It is the full contract value. It is mobilization fees. It's Ts and Cs. How do we make sure that we are maximizing the cash out of that contract, not. Just we don't have a huge ego around here. It's not about getting the highest day rate. It is getting the best potential contract for our rigs. But that's how I'd say we holistically look at it. It's definitely not just day rate driven for us.

Eddie，日費率的走勢純粹是由使用率驅動的，對吧？所以我們仍然預期使用率會改善。我的意思是，這是一個全球市場，鑽井平台將會持續從某種程度上的西半球移往東半球。因此這應該會帶動日費率的動能。但我還想說，至少在流程上，我們是以整體角度來看。不只是日費率，對吧？而是整份合約的總價值。包括動員費。包括條款與條件（Ts and Cs）。我們如何確保把那份合約的現金流最大化，而不是——只是我們這裡沒有很強的自尊心包袱。重點不在拿到最高的日費率。而是在為我們的鑽井平台拿到最好的潛在合約。這就是我所說我們如何以整體方式來看待它。對我們而言，絕對不只是由日費率驅動。

Got it. Great.

了解。很好。

Thank you. I'll turn it back.

謝謝。我把時間交回去。

The next question is from Frederik Stene with Clarkson Securities.

下一個問題來自 Clarkson Securities 的 Frederik Stene。

Hey, Samir and Tim, and congratulations on a very strong operational quarter.

嗨，Samir 和 Tim，恭喜你們營運表現非常強勁的一季。

I wanted to, and thanks for actually providing quite detailed commentary on the regions already, but I wanted to be a bit more rig specific maybe.

我想問一下，也謝謝你們其實已經就各區域提供了相當詳細的評論，但我想可能更針對單一鑽井平台來問。

Obviously, like the West Carina, the Gemini, I'm pretty sure that those are very high on your list in terms of getting recontracted.

很明顯，像 West Carina、Gemini，我很確定這些在你們的名單上、就重新簽約而言是非常優先的。

And you seemed relatively positive on the Carina maybe from the first half of next year. But maybe if you leave those aside and think about the rigs that are rolling off in the second-half of next year, have you started progression on new contracts for those rigs?

而且你們對 Carina 似乎相對正面，可能從明年上半年開始。但如果先把那些放一邊，改想明年下半年到期的那些平台，你們是否已經開始推進那些平台的新合約？

And I guess in the context of your market, you expecting mid-'90s utilization for drill ships.

我想也是在你們的市場背景下，你們預期鑽井船的使用率在 90% 中段。

How would you also kind of think about looking in short versus long-term work as you work on extending those rigs, weighing visibility versus upside capture? Any color would be very helpful.

在延長那些平台合約的過程中，你們如何在短期與長期工作之間做取捨，權衡能見度與上行空間的掌握？任何補充說明都會很有幫助。

Hi, Frederick, Jakob here. I'll go ahead and take that one.

嗨，Frederick，我是 Jakob。我來回答這題。

For us, I mean, going back to what Samir said, we are heavily focused on our capital discipline and cash management. And SWIFT payback period is the highest priority, rates will increase as utilization tightens and the way we look at it right now is if we are successful in securing work for say the Carina, then we have assets like the Gemini, potentially even the Auriga to play for the upside.

對我們而言，我的意思是回到 Samir 說的，我們非常專注於資本紀律與現金管理。SWIFT 回收期是最高優先事項；隨著使用率收緊，費率會上升。我們目前的看法是，如果我們成功為例如 Carina 取得工作，那麼我們就有像 Gemini，甚至可能 Auriga 這樣的資產，可以去爭取上行空間。

So we'll continue just to monitor the opportunities as they come, but if we start seeing the utilization tighten or squeeze to above 95%, I think it's just inherent that we're going to see rates pushing up to the higher 400s.

所以我們會持續在機會出現時加以觀察；但如果我們開始看到使用率收緊或擠壓到 95% 以上，我認為很自然地我們會看到費率推升到 400 多美元的高檔區間。

And Frederick, the only thing I would add to that is, look, you saw with Avella, we have got direct continuation work.

而且 Frederick，我唯一要補充的是，你看 Avella，我們已經拿到直接的延續工作。

Our team's focus is minimizing as many gaps as humanly possible, right? For us, gaps are wasted money and wasted time.

我們團隊的重點是盡可能把空檔降到最低，對吧？對我們來說，空檔就是浪費金錢、浪費時間。

So whatever we can do to close those will be very important to us.

所以我們能做的任何事情來縮短那些空檔，對我們都非常重要。

All right, very helpful.

好，非常有幫助。

And then just maybe one quick to Grant as well. You gave some commentary about the working capital and there were overarching comments that the second-half would be better on free cash flow.

然後也許再快速問 Grant 一題。你對營運資金做了一些評論，也有整體性的說法是下半年自由現金流會更好。

I was hoping that given the working capital bills in the second quarter in particular as new contracts start up, are you able to help us quantify a bit how you think maybe the working capital element in particular is going to be.

我希望，鑑於第二季特別是新合約啟動時的營運資金帳款變動，你能否協助我們量化一下，尤其是你認為營運資金這一塊大概會如何表現。

Reversed in the second-half as things normalize and as you start or you get a mobilization fee from Petrobras, etc.

在下半年，隨著狀況正常化，以及你們開始收到或取得來自 Petrobras 的動員費等，這部分會如何回轉？

Yeah, sure. I think now you can think of the so the build in accounts receivable this quarter was primarily Jupiter and Capella. Remember, they started contracts late March.

好的，當然。我想你現在可以這樣看：本季應收帳款的增加主要來自 Jupiter 和 Capella。記得它們是在 3 月底才開始合約。

And so they start collecting revenue then in Q3 rather. So, I would think about them then on a normalized working capital rate. So don't expect any sort of reversal or inflow, but I would consider them at a normal level, so no outflow beyond that. Then on the telus, I guess, is going to be the interesting.

因此它們會在第三季才開始收取收入。所以，我會把它們視為回到正常化的營運資金水準。因此不要期待會有任何回轉或流入；但我會把它們視為正常水位，所以除了那之外不會再有額外流出。接著 Telus 我想會是比較值得關注的。

To look at from a working capital perspective in Q3 because she will then have a working capital build on accounts receivable just as we experienced on Jupiter and Capella, but we will also enjoy the mobilization receipt from Petrobras of $40 million in Q3.

從第三季的營運資金角度來看，因為她會像我們在 Jupiter 和 Capella 所經歷的一樣，出現應收帳款的營運資金增加，但我們也會在第三季收到 Petrobras 的 4,000 萬美元動員款。

I think as far as work capital is concerned, that's the one to watch in Q3 really, Frederick, and once that's behind us we really then should be on a. On a sort of a normal basis.

我認為就營運資金而言，Frederick，第三季真正要看的就是這一項；一旦這段過去之後，我們基本上就應該會回到——回到一個比較正常的狀態。

All right, appreciate all the answers.

好的，感謝所有回答。

Thank you so much. That's all from me. I'll hand it back.

非常感謝。我這邊就到這裡。我把時間交回去。

Your next question comes from Gregory Lewis with BTIG.

下一個問題來自 BTIG 的 Gregory Lewis。

Yeah, hey, thank you and good morning and thanks for taking my question. Sameer, kind of curious on your views, I guess kind of dovetails on Frederik's question.

是的，嗨，謝謝，早安，也謝謝讓我提問。Sameer，我有點好奇你對此的看法，我想這也和 Frederik 的問題相呼應。

Clearly, there's opportunities in Asia for rigs, obviously all over the world, West Africa as well, the Golden Triangle. But as we think about Asia, we think about India, I know the last rig you guys had in India was the Polaris. That was a sixth Gen. Rig. The Capella operated in Asia is sixth Gen.

很明顯在亞洲有鑽井平台的機會，當然全球各地也是，西非也是，還有「黃金三角」。但當我們思考亞洲、思考印度時，我知道你們上一次在印度的那座平台是 Polaris。那是一座第六代。鑽井平台。Capella 在亞洲營運的是第六代。

How do you think about the opportunity set for seventh Gen. Rigs in Asia, just given that historically, maybe that part of the world has been maybe a lower on average.

你們如何看待第七代鑽井平台在亞洲的機會集合？考量到歷史上，可能那個地區平均而言一直是相對較低的。

Pricing market for, I guess we'll call them leading-edge, high-quality drill ships.

定價市場——我想我們稱它們為最先進、高品質的鑽井船。

Yeah, so I would start with our sixth-generation rigs, yes, they are sixes, but they are dual activity. The Capella has MPD on it. The Polaris has MPD on it. So I'd say they're better than your average sixth Gen. Rig, working in those markets.

是的，所以我會先從我們的第六代平台談起：沒錯，它們是第六代，但它們是雙活動（dual activity）。Capella 配有 MPD。Polaris 也配有 MPD。所以我會說，在那些市場運作時，它們比一般平均的第六代。鑽井平台更好。

Yes, there's a bit of a difference, but not as much as you would think. And if we look at the Carina, we position her, she's currently in Walvis Bay, so she's got access to both Africa and Asia as a potential. And as we look at the Asian market, it's back to look at the whole contract value. Your OpEx is a little lower out there, so can you get still good return? But I'll let Jacob kind of speak to the opportunity specifically.

是的，確實有一些差異，但沒有你想像的那麼大。而如果我們看 Carina，我們對她的部署是——她目前在 Walvis Bay，所以她同時具備前往非洲與亞洲的潛在可及性。而當我們看亞洲市場時，又回到看整份合約的總價值。你在那邊的營運支出（OpEx）會稍微低一些，所以是否仍能取得良好回報？不過我會讓 Jacob 來更具體談談那個機會。

I think one thing I would add to that is. In 2024, we saw one of our 6th Gen. Units kind of in a niche position and we are opportunistic about that and we got a rate of $545,000 a day. And so there could be a scenario where the 7th Gens get scooped up early on in this cycle and what's left are the 6th Gens to play for the upside. So, we look at both parts of our fleet as opportunity.

我想我會補充一點。在2024年，我們看到我們的一座第六代鑽井平台處於某種利基位置，我們也把握機會，拿到了每天54.5萬美元的日費率。因此，可能會出現一種情境：在本輪週期初期，第七代平台先被搶先簽走，而剩下的第六代平台反而有機會去爭取上行空間。所以，我們把船隊的這兩個部分都視為機會。

We are not just focused on kind of the higher-end rates for the 7th Gen. Units.

我們不只是專注在第七代平台較高端的日費率。

Okay, super helpful. And then realize it's still the middle of 2026, but just since we did kick the buyback back on, I guess I'll just ask it this way. Are there any kind of as we look out in 2027, are there any special surveys that are coming, are there any kind of rig upgrades we're thinking about, the kind of app on, I guess you'd say, out of the normal operations that we should be thinking about, just as we think about, as we start to try to kind of pencil in what a CapEx could look like in '27. Not asking for guidance, just asking any special surveys and kind of rig upgrade type things.

好的，非常有幫助。另外我知道現在仍是2026年年中，但既然我們已經重新啟動回購，我想我就這樣問。展望2027年，是否會有任何特殊檢驗（special surveys）要到期？是否有任何我們正在考慮的鑽井平台升級？也就是說，有沒有一些我想你會稱之為超出日常營運的事項需要留意，讓我們在開始試算2027年的資本支出（CapEx）可能長什麼樣子時納入考量。我不是在要你們給指引，只是想問是否有任何特殊檢驗以及類似平台升級的事項。

Greg, the short answer is no significant SBS projects or reacceptance projects. I think, of course, you look at the rig activity schedule and any rigs that are coming up for new contracts to the extent the contract is signed that has.

Greg，簡短回答是：沒有重大的SBS專案或重新驗收（reacceptance）專案。當然，你會去看平台作業排程，以及任何即將進入新合約的鑽井平台；在合約已簽署且包含

Specific requirements, we would have to take that. But like Samir said, we assess our opportunities on an all-in cash basis and would look to be compensated through the terms of that contract.

特定要求的情況下，我們就必須配合。但如Samir所說，我們以全額現金（all-in cash）基礎來評估機會，並會透過該合約條款來確保獲得相應補償。

Yeah, Greg, I would just add.

是的，Greg，我再補充一下。

Sorry, I would just add that commercially, our strategy is to ensure that if there are any major mobilizations or sizable upgrades to the rigs, then there would be a meaningful mobilization upfront fee from our customers in order to help cover the cost of that.

抱歉，我再補充一點：在商務面，我們的策略是確保若有任何重大動員（mobilization）或對平台進行較大規模的升級，我們會向客戶收取一筆具實質意義的前期動員費，以協助涵蓋相關成本。

Okay, super helpful.

好的，非常有幫助。

Thank you for taking my questions.

謝謝你回答我的問題。

Your next question comes from Keith Beckman with Pickering Energy Partners.

下一個問題來自Pickering Energy Partners的Keith Beckman。

Good morning, and thanks for taking my question.

早安，謝謝讓我提問。

I'm just wondering if you guys are seeing I'm just wondering if you guys are seeing any change in customer behavior at all here as the market starts to look like it's going to tighten here into 2027. I mean, are you seeing any customers look to lock in rates further out for longer-term, sort of maybe what we saw with the Vella here for kind of a year in the Gulf and mid-'28? Just any thoughts around that and operator behavior changing?

我想請問，隨著市場看起來在2027年前後將趨於吃緊，你們是否看到客戶行為有任何改變？我的意思是，你們是否看到有客戶想更早、以更長約期鎖定較遠期的費率，類似我們在Vella上看到的那種情況——在墨西哥灣簽了大約一年、延伸到28年年中？想聽聽你們對此以及營運商行為是否改變的看法。

Not really, to be honest. You are seeing maybe on the margins; you are seeing a bit here and there. You saw a client secure rig in Southeast Asia for a 28 start. Is a bit further out there. There's some tenders that are for '28, '29 starts. So maybe on the margins you're seeing it, but would I say it's a wholesale change yet? No. I would say, look, our clients probably have some more free cash flow coming into their doors given the higher commodity price. So as they enter budgeting season, that maybe puts a wind at their backs of, hey, maybe we want to go spend a bit more and kind of develop a few more fields. But I wouldn't say we've seen a wholesale change just yet, but hopefully it will come.

老實說，沒有太多。你可能在邊際上看到一些零星變化。你看到有客戶在東南亞鎖定了一座鑽井平台，於28年開始。那算是簽得更遠一些。也有一些標案是從28、29年開始。所以可能在邊際上看得到，但要說已經出現全面性的改變嗎？沒有。我會說，我們的客戶因為大宗商品價格較高，進帳的自由現金流可能更多。因此當他們進入預算編列季，這可能會成為助力：也許我們想多花一點，去開發多幾個油氣田。但我不會說我們已經看到全面性的改變，不過希望會出現。

Okay, perfect. That's very helpful. And then my second question, maybe just thinking a little bit longer-term here, probably not in the near term, but you guys still kind of have the two stacked harsh environment semis, I believe the Aquarius and the Phoenix, and that market has gotten a little bit tighter here. If we continue to see tightness, my question is really just around what could the potential reactivation costs be on those? Do you have any sense of that? And then what would the contract terms kind of need to look like to. To make that make sense for you guys maybe longer-term?

好的，完美。這很有幫助。第二個問題，可能是把時間拉長一點來看，短期內或許不會，但我相信你們仍有兩座處於封存（stacked）的嚴苛環境半潛式平台（harsh environment semis），也就是Aquarius和Phoenix，而那個市場最近也變得更吃緊。如果緊俏持續，我的問題主要是：把它們重新啟用（reactivation）的潛在成本會是多少？你們有概念嗎？另外，合約條款大概要長什麼樣子，才會讓你們覺得合理？也就是說，從較長期的角度來看，怎樣才值得你們去做？

Yeah, sure. So I'd say, look, the harsher environment floater space is almost 100% utilized right now, and it's something that we would love to grow our fleet into. We've got a presence in Norway. We've got one asset working there.

好的，當然。我會說，嚴苛環境浮式平台市場目前幾乎是100%使用率，這也是我們很希望擴充船隊切入的領域。我們在挪威已有據點。我們有一項資產正在那裡作業。

We've been very deliberate and vocal about our strategy to cluster rigs. So we would love to add a few more rigs into that market. In terms of reactivations for the Phoenix or the Aquarius, look, it's a meaningful number. It's probably over $100 million to reactivate those. In terms of what we're looking for is a contract that justifies that investment.

我們一直很審慎，也很公開地談到我們「平台群聚（cluster rigs）」的策略。所以我們很希望在那個市場再增加幾座平台。至於Phoenix或Aquarius的重新啟用，這會是一筆可觀的金額。重新啟用它們的成本可能超過1億美元。我們要找的是一份能夠合理化這項投資的合約。

For us, and this is a bit hyperbole, would I take a short contract of $2 million a day that covers that cost? Absolutely. So it doesn't need to be a long contract. It really comes down to the economics of the whole contract. And is it a mobilization fee? Is it longer-term? What's the day rate? We throw all of that into the pot and kind of say, look, does this make economic sense for CDROL or not?

對我們而言，這有點誇張地說，如果有一份短期合約、日費率200萬美元，且能把那個成本覆蓋掉，我會接嗎？當然會。所以不一定需要很長的合約。關鍵在於整份合約的經濟性。是否有動員費？是否是長約？日費率是多少？我們把這些都納入考量，然後判斷：這對CDROL而言在經濟上是否合理？

Awesome. That's really helpful, guys. I'll turn it back.

太棒了。各位，這真的很有幫助。我把時間交還給你們。

Your next question comes from Hamed Khorsand with BWS Financial.

下一個問題來自BWS Financial的Hamed Khorsand。

Good morning. Could you just expand on your commentary on the Karina? It looks like you have shifted it to West Africa already, what your expectations are that you have already completed that mobilization?

早安。你能否再延伸說明一下你們對Karina的評論？看起來你們已經把它移到西非了，你們的預期是什麼？你們是否已經完成那次動員？

I think for the Karina, the reason we shifted over to West Africa is because we feel based off of our outlook that that gives us the closest proximity to near-term work in the regions. So it gives us the flexibility to pursue prospects both in West Africa and in Southeast Asia because that's where we're seeing the largest amount of demand at the moment.

我想就Karina而言，我們之所以轉移到西非，是因為根據我們的展望，我們認為那能讓我們在各區域中最接近近期的工作機會。因此，這讓我們能同時保有彈性去追逐西非與東南亞的機會，因為目前我們看到需求最大的就在這兩個地區。

And it also we get synergies from our presence out there in the region already. We're able to continue to maintain that rig and have it ready for the next campaign.

而且我們在當地已經有布局，因此也能取得協同效益。我們能持續維護那座平台，並讓它為下一個作業期（campaign）保持就緒。

Is there a timing of when we should expect some sort of contract activity there?

那我們大概什麼時候可以期待那邊出現某種合約動態？

Most of the campaigns we're seeing right now in the market are commencing probably in the first half of '27. So there is a bit of time there is a bit of a lead time before commencement would happen, awards, I would say within the next quarter or two.

我們目前在市場上看到的大多數作業期，可能會在27年上半年開始。所以距離開工還有一些時間，也需要一些前置期；至於授標（awards），我會說大概在接下來一到兩個季度內。

Okay, great.

好的，很棒。

Thank you.

謝謝。

Your next question comes from Noel Parks with Toy Brothers.

下一個問題來自Toy Brothers的Noel Parks。

Hi, good morning. I was also on the topic of sort of customer behavior. I just was wondering sort of, maybe what negotiations might be like right now when, say, I don't know, you have a customer that wants a rig for, say, midyear next year. You have got something coming available, six months earlier, say, beginning of the year. I'm just kind of wondering what that back and forth looks like when I mean, is that you would get reflected in price for the time difference or are situations like that kind of not so common still yet?

嗨，早安。我也想延伸到客戶行為這個話題。我只是想請教一下，像是目前在協商上大概會是什麼樣子：比方說，我不確定，假設有客戶想要一座鑽井平台，時間點是明年年中。但你們手上剛好有一座平台會在更早六個月可用，例如年初。我想了解的是，這種來回協商通常長什麼樣子；我的意思是，這個時間差會反映在價格上嗎？還是說這種情況其實仍然不太常見？

Yeah, I can go ahead and take that one.

好的，我可以先回答這題。

So, I think for us, going back to what we have said in earlier statements, we are not going to invest in a major mobilization, reactivation, or upgrade without a meaningful contribution from the customer. We also look at the cost of having that rig idle, waiting for that opportunity. But it just depends on whether or not it's competing against an alternative prospect. For us, we're not solely focused on day rate. I think the terms and conditions. Drive a lot of value for our business and so economic uptime is another lever that is really important for us that we like to play with. And I think that with the market tightening, all of those factors are becoming more and more favorable.

所以，我想對我們而言，回到我們在先前發言中提過的，我們不會在沒有客戶提供具實質意義的貢獻之前，就投入重大的動員、復工（reactivation）或升級。我們也會考量讓那座平台閒置、等待該機會的成本。但這也取決於它是否在與其他替代性機會競爭。對我們來說，我們不只專注在日費率（day rate）。我認為合約條款與條件（terms and conditions）能為我們的業務帶來很大的價值，因此「經濟性正常運轉時間」（economic uptime）也是另一個對我們非常重要、我們喜歡運用的槓桿。而我認為，隨著市場趨緊，所有這些因素都變得越來越有利。

I was also wondering, does what you see ahead for the next few years, is it in any way reminiscent of sort of where we were at any particular prior cycle? And just thinking about, sort of seeing tightening ahead after a bit of a slowdown. But then I'm also mindful that this time around, we do have that sort of.

我也想請教，你們對未來幾年的展望，在任何程度上是否讓人聯想到過去某個特定循環？我在想，像是經歷一段放緩之後，接下來看到供需收緊。但同時我也注意到，這一次我們確實有那種……

Gradual bounce back in exploration that maybe wasn't there in past cycles. So any thoughts there would be great.

勘探活動逐步回升，這在過去的循環中也許沒有那麼明顯。所以如果你們有任何看法，會很有幫助。

Absolutely. So, look, it does feel kind of like the beginnings of upcycles you have seen in the past, kind of the '08 cycle, if you will. I think the fundamental difference this time around is there's not a whole bunch of newbuilds sitting on the sideline that can come back, right? We are a relatively inelastic supply in an increasing demand environment. So it does have some flavors of the previous cycle, but the last cycle you had a bunch of drill ships coming out of the shipyard still kind of from '08 to almost 2013, 2014 rigs were being delivered to kind of help take up some of that demand. That doesn't exist today. Yes, there's a couple rigs still out there, but the realities are inelastic supply with increasing demand. It feels even better than the last cycle, if you will, in my opinion.

當然。所以，你看，確實有點像你過去看過的上行循環初期，有點像 2008 年那一輪。我認為這次根本性的差異在於：旁邊並沒有一大堆新造船（newbuilds）閒置著、可以再回到市場，對吧？在需求增加的環境下，我們的供給相對缺乏彈性。所以它確實帶有一些前一個循環的味道，但上一輪你還有一堆鑽井船從船廠出來，從 2008 年一直到接近 2013、2014 年都有平台交付，用來吸收部分需求。今天已經不存在那種情況。是的，外面還有少數幾座平台，但現實是：供給缺乏彈性、需求在增加。以我個人看法，這次的感覺甚至比上一輪更好。

Your next question comes from Josh Jain with Daniel Energy Partners.

下一個問題來自 Daniel Energy Partners 的 Josh Jain。

Good morning. Thanks for taking my questions. First one is just a bit of a follow-up on Greg's question. I was hoping you could touch on supply chain, how you're seeing the world. Are you seeing any issues. Getting equipment over the last couple of quarters, do you see any issues moving forward and just how are you potentially thinking about inflation in equipment cost or CapEx moving forward? Are you seeing anything material or not at all?

早安。謝謝回答我的問題。第一題算是延續 Greg 的問題。我希望你們能談談供應鏈，你們怎麼看目前的情況。你們是否看到任何問題？過去幾季在取得設備方面是否有遇到困難、未來是否預期會有問題？以及你們如何看待未來設備成本或資本支出（CapEx）的通膨？你們有看到任何重大的變化嗎，還是完全沒有？

Look, we are seeing some inflation that you would expect both on labor and material. Obviously, fuel's gone up probably the most, but most of our contracts, we don't take fuel exposure. It's provided by the client. So when we think about it is when we have kind of gaps between schedules back to our contracting strategy of not having us trying to minimize our gaps so we don't have that fuel cost. But the rest of it, look, we're seeing your normal inflation across the board.

你看，我們確實看到一些如預期的通膨，包含人力與材料。顯然燃料漲得最多，但我們大多數合約不承擔燃料曝險。燃料是由客戶提供。所以我們在思考時，會回到我們的簽約策略：當排程之間出現空檔時，我們會盡量把空檔降到最低，這樣就不會有那筆燃料成本。至於其他部分，你看，我們看到的是全面性的正常通膨。

And bring it back to what Jacob was talking about earlier in Ts and Cs, we're trying to pass that on to clients, right? Wherever we can is better, the whole contract is kind of how we think about it. And can we pass some of those inflation costs back onto the day rate or into the contract value, if you will?

再把話題拉回 Jacob 先前提到的條款與條件（Ts and Cs），我們正嘗試把這些成本轉嫁給客戶，對吧？能轉嫁的地方越多越好；我們的思考方式是看整份合約。也就是說，我們能否把部分通膨成本反映到日費率，或是反映到合約價值上。

Understood. Thanks for that. And then I just wanted to follow-up on a rig-specific question. So the Louisiana has obviously continued to.

了解。謝謝。接著我想追問一個特定平台的問題。Louisiana 顯然持續在……

Put together, string together number of short-term opportunities, could you just could could you speak to what's embedded in the guidance for the back half of this year surrounding that rig and then as we think about it longer-term, I guess into '27, are there term opportunities for that rig in your view or do you view this as sort of.

串接、累積一連串短期機會；你們能否談談今年下半年在該平台方面，指引（guidance）中包含了哪些假設？另外從更長期來看，我想延伸到 2027 年，你們認為那座平台是否有長約（term）機會？還是你們認為這會比較像是……

Continuing to put together shorter term programs. I'm just curious how you and we should be thinking about the RIG opportunities and, in across 27. Thanks.

持續以較短期的專案來拼接。我只是好奇，你們以及我們應該如何看待該平台在 2027 年前後的機會。謝謝。

Yeah, sure, Josh. Thanks. And yeah, so like I said in my in one of these answer in the Q&A, I said Louisiana ended up working more than we anticipated the first half of the year. But then I did also mention in my prepared remarks that.

好的，當然可以，Josh。謝謝。是的，就像我在問答中的其中一個回答提到的，Louisiana 在今年上半年實際工作的時間比我們預期的更多。但我也在事先準備的講稿中提到……

The rest of this year is a little less clear. And I think as we look at guidance, we still apply the same principle as we typically apply to that rig, which is quote unquote the Show Me rig. So when we secure the work, we'll start baking it into our forwarding projections. And so I guess that's a long way of saying it's not really, we're not booking upside on that rig the remainder of this year.

今年剩下的時間就比較不明朗。而我認為在看指引時，我們對那座平台仍採用一貫的原則，也就是所謂的「Show Me」平台。當我們把工作確定下來後，才會開始把它納入我們的前瞻預測。所以換句話說，今年剩餘時間我們並沒有把那座平台的上行空間（upside）先行計入。

But then I'll hand over to Jacob for commentary on 27 and beyond.

接著我把 2027 年及之後的部分交給 Jacob 補充說明。

Yeah, I would just add that it didn't just exceed our expectations. I think it's had 99% economic uptime so far this year. And a lot of that work was captured with a very short lead time. There's a diverse set of customers in the Gulf of America and even new ones such as Guardian, who we've recently worked with.

是的，我補充一下：它不只是超出我們的預期。我認為截至目前為止，今年它的經濟性正常運轉時間（economic uptime）達到 99%。而且其中很多工作是在非常短的前置時間下取得的。美洲灣（Gulf of America）有多元的客戶群，甚至也有新的客戶，例如我們最近合作過的 Guardian。

That love the versatility of that asset. She has a trendsetter intervention system on board as well. And so, it enables her to go do drilling, P&A, intervention, all the likes of it. And we're having positive dialogue with customers who have some campaigns starting as early as toward the end of this year and then probably some longer-term prospects that are. To be maturing in Q2, Q3 of '27. So, I think we're still very optimistic about the capabilities of that rig.

他們很喜歡那項資產的多功能性。她也配備了 Trendsetter 的介入系統（intervention system）。因此，她可以去做鑽井、封井與廢棄（P&A）、介入作業等各種工作。我們也正與客戶進行正向對話，有些作業計畫最早可能在今年底左右啟動，另外也可能有一些較長期的機會……預計在 2027 年第二季、第三季逐步成熟。所以，我認為我們對那座平台的能力仍然非常樂觀。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。