SFL Corporation Ltd (SFL) 2024 Q2 法說會逐字稿

Welcome to SFL's Second Quarter 2024 Conference Call. My name is Sander Borgli, I'm Vice President for Investor Relations in SFL. Our CEO, Ole Hjertaker, will start the call with an overview of the second quarter highlights. Then our Chief Operating Officer, Trym Sjolie, will comment on vessel performance matters; followed by our CFO, Aksel Olesen, to take us through the financials. The conference call will be concluded by opening up for questions, and I will explain the procedure to do so prior to the Q&A session.

歡迎參加 SFL 2024 年第二季電話會議。我叫 Sander Borgli，是 SFL 投資人關係副總裁。我們的執行長 Ole Hjertaker 將在電話會議開始時概述第二季的亮點。然後我們的首席營運長 Trym Sjolie 將就船舶性能問題發表評論；接下來是我們的財務長 Aksel Olesen，他向我們介紹了財務狀況。電話會議將以開放提問方式結束，我將在問答環節之前解釋這樣做的程序。

Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, but are not limited to, conditions in the shipping, offshore and credit markets. You should, therefore, not place undue reliance on these forward-looking statements. Please refer to our filings within the Securities and Exchange Commission for a more detailed discussion of risks and uncertainties, which may have a direct bearing on operating results and our financial condition.

在我們開始演講之前，我想指出，本次電話會議將包含 1995 年美國私人證券訴訟改革法案含義內的前瞻性陳述。陳述。前瞻性陳述並非對未來績效的保證。這些陳述是基於我們目前的計劃和預期，本質上受到風險和不確定性的影響，這些風險和不確定性可能導致未來的活動和營運結果與前瞻性陳述中所述的存在重大差異。可能導致實際結果不同的重要因素包括但不限於航運、離岸和信貸市場的狀況。因此，您不應過度依賴這些前瞻性陳述。請參閱我們向美國證券交易委員會提交的文件，以了解有關風險和不確定性的更詳細討論，這些風險和不確定性可能對經營業績和我們的財務狀況產生直接影響。

Then I will leave the word over to our CEO, Ole Hjertaker, with highlights for the second quarter.

然後我將向我們的執行長 Ole Hjertaker 介紹第二季的重點內容。

Thank you, Sander. We are now announcing our 82nd dividend, and have built a unique profile as a maritime infrastructure company with a diversified fleet. We had full cash flow effect from our car carrier newbuilds this quarter, but charter revenues from drilling rigs were lower partly due to US GAAP accounting rules, where mobilization fees received for the transit to Canada and corresponding costs will be recognized in the third quarter. We also coincidentally had Linus out of service most of the quarter in connection with a scheduled periodic survey.

謝謝你，桑德。我們現在宣布第 82 次股息，並建立了作為擁有多元化船隊的海事基礎設施公司的獨特形象。本季度我們的汽車運輸船新建項目對我們的現金流產生了充分的影響，但鑽井平台的包租收入較低，部分原因是美國公認會計準則會計規則，其中運輸至加拿大的動員費和相應成本將在第三季確認。巧合的是，我們也讓 Linus 在本季的大部分時間裡因定期調查而停止服務。

We reported revenues of nearly $200 million this quarter, and the EBITDA equivalent cash flow in the quarter was approximately $131 million. Over the last 12 months, the EBITDA equivalent has been $545 million. The net income came in at around $21 million in the quarter or $0.16 per share. We had a positive contribution relating to profit share on Capesize bulkers of $1.6 million and fuels cost savings of $2.8 million in the quarter. And in line with our commitment to return value to shareholders, we are paying a quarterly dividend of $0.27 per share or around 9% dividend yield.

我們報告本季營收接近 2 億美元，本季 EBITDA 等值現金流約為 1.31 億美元。過去 12 個月，EBITDA 等值額為 5.45 億美元。該季度淨利潤約為 2,100 萬美元，即每股 0.16 美元。本季度，我們對海岬型散裝貨船的利潤分成做出了 160 萬美元的正面貢獻，並節省了 280 萬美元的燃料成本。根據我們向股東回報價值的承諾，我們支付每股 0.27 美元的季度股息，即股息收益率約為 9%。

Our fixed rate backlog stands at approximately $4.9 billion, and importantly, the backlog is concentrated around long-term charters to very strong end users. And this backlog figure excludes revenues from the vessels trading in the short-term market, and also excludes revenue on the new dual-fuel chemical carrier that will operate in a pool with Stolt-Nielsen. And it also excludes future profit share optionality, which we have seen can contribute significantly to our net income.

我們的固定利率積壓訂單約為 49 億美元，重要的是，積壓訂單主要集中在向非常強大的最終用戶提供長期包機。這項積壓數據不包括短期市場交易船舶的收入，也不包括將與斯托爾特-尼爾森共同營運的新型雙燃料化學品運輸船的收入。它也排除了未來利潤分享的選擇權，我們已經看到這對我們的淨利潤做出重大貢獻。

Most of our vessels are on long-term charters, and we have, over the last 10 years, completely transformed the company's operating model, making us relevant for large end users like Maersk, Volkswagen Group and Vitol. And we continue to build the asset portfolio, and have taken delivery of four vessels so far this year, and expect to take delivery of another three vessels by October, and most of these new vessels have dual-fuel propulsion.

我們的大多數船舶都是長期租用的，在過去 10 年裡，我們徹底改變了公司的營運模式，使我們與馬士基、大眾集團和維多等大型最終用戶息息相關。我們也正在繼續建構資產組合，今年迄今已交付四艘船，預計十月將交付另外三艘船，其中大部分新船採用雙燃料推進。

We have also added massively to the backlog through multiple charter extensions on existing vessels, and recently, through the ordering of five large container ships in combination with 10-year charters. Our COO, Trym Sjolie, will talk more about this later. And in order to fuel further growth and build long-term distributable cash flow per share, we raised $100 million in a public offering a few weeks ago.

我們還透過對現有船舶進行多次租船延期，以及最近透過訂購五艘大型貨櫃船和 10 年期租船合同，大量增加了積壓訂單。我們的營運長 Trym Sjolie 稍後將詳細討論這一點。為了推動進一步成長並建立長期的每股可分配現金流，我們在幾週前透過公開發行籌集了 1 億美元。

And with that, I will give the word over to our Chief Operating Officer, Trym Sjolie.

接下來，我將把話轉達給我們的營運長 Trym Sjolie。

Thank you, Ole. Including vessels to be delivered, we have 81 maritime assets in our portfolio, and our backlog from owned and managed shipping assets stands at $4.9 billion. The current fleet is made up of 15 dry bulk vessels, 39 container ships, 18 tankers, two drilling rigs and seven car carriers. We have a diversified fleet of assets chartered out to first-class charterers on mostly long-term charges. Container vessels is now our largest segment, with just under 50% of the backlog. We have, over the last 10 years, completely transformed the company's operating model from bareboat leases to time charters, and the majority of our customer base is large industrial end users.

謝謝你，奧萊。包括待交付的船舶在內，我們的投資組合中有 81 項海事資產，我們自有和管理的航運資產的積壓金額達 49 億美元。目前船隊由15艘乾散貨船、39艘貨櫃船、18艘油輪、2艘鑽井平台和7艘汽車運輸船組成。我們擁有多元化的資產船隊，以大部分長期費用出租給一流的承租人。貨櫃船現在是我們最大的細分市場，積壓訂單量略低於 50%。在過去的10年裡，我們已經將公司的營運模式從光船租賃徹底轉變為期租，我們的客戶群大部分是大型工業最終用戶。

In the second quarter, 95% of charter revenues from all assets came from time charter contracts, and only about 5% from bareboats or dry leases. In addition to fixed rate charter revenues, we've had significant contribution to cash flow from profit share arrangements over time, both relating to charter rates and cost savings on fuel. In Q2, profit base arrangements have contributed $4.3 million. Out of the 81 vessels and rigs, we have 11 container ships on bareboat type contracts and the rest on time charter and spot trading.

第二季度，所有資產的租船收入中有 95% 來自定期租船合同，只有約 5% 來自光船或乾租。除了固定費率包機收入外，隨著時間的推移，我們還從利潤分享安排中對現金流做出了重大貢獻，這都與包機費率和燃料成本節省有關。第二季度，利潤基礎安排貢獻了 430 萬美元。在 81 艘船舶和鑽井平台中，我們有 11 艘貨櫃船採用光船合同，其餘採用期租和現貨交易。

In Q2, we had a total of 6,400 operating days, defined as calendar day less technical, off-hire and dry-dockings. Two vessels and one rig have been in dry dock in the quarter. Our overall utilization across the fleet in Q2 was 97.6%, mainly due to these dry-dockings. The charter revenue from our fleet was $199 million in Q2, which is down from Q1, mainly due to reduced revenues from our two drilling rigs.

第二季度，我們總共有 6,400 個營運日，定義為日曆日較少的技術、停租和乾塢日。本季已有兩艘船和一個鑽井平台停泊在乾船塢。第二季我們船隊的整體利用率為 97.6%，這主要歸功於這些乾船塢。第二季度我們船隊的包租收入為 1.99 億美元，較第一季有所下降，主要是由於我們的兩個鑽機收入減少。

Hercules left Namibia mid-May and commenced operations in Canada in mid-July. Due to US GAAP accounting rules, mobilization fees from the Canada campaign and associated costs are deferred and amortized over the drilling period. Therefore, we will accordingly record high revenues and costs in third quarter from Hercules.

Hercules於5月中旬離開納米比亞，並於7月中旬開始在加拿大營運。根據美國公認會計準則會計規則，加拿大活動的動員費和相關成本將在鑽探期間遞延攤提。因此，我們將相應地在第三季從 Hercules 中錄得高收入和成本。

Linus went in for its 10-year special periodic survey in mid-May, and spent about 10 weeks in dock for the class survey. The rig was back on rate end of July. In the third quarter, we expect revenues to be materially higher than in the second quarter from both drilling mix.

Linus 在 5 月中旬開始進行 10 年特別定期調查，並在碼頭上花了大約 10 週的時間進行班級調查。該鑽機於七月底恢復正常運作。我們預計第三季這兩種鑽井組合的收入將大幅高於第二季。

In July, a judgment was made in the high court case against Allseas, Loadstar Green Ace charter for USD 27.4 million in favor of SFL. Subsequent to this judgment, the Allseas' guarantor has become subject to administration, which means there are challenging prospects for recovery of the awarded judgment. SFL are currently considering next steps.

7 月，高等法院針對 Allseas、Loadstar Green Ace 包機案作出判決，賠償 SFL 2,740 萬美元。在該判決之後，Allseas 的擔保人已受到行政管理，這意味著追回判決的前景充滿挑戰。 SFL 目前正在考慮下一步。

Our OpEx philosophy is to continuously invest in our fleet to optimize the vessels performance and maintain a high level of service to our customers. This includes investing to minimize off-hire, as well as making investments to increase cargo carrying capacity and reducing energy consumption. Such investments and cooperation with our charters is important as a way to grow our relationship and increase backlog from existing vessels. So far this year, we have increased the backlog to Maersk with new five-year charters for seven of our large container vessels, which is a result of close relationship and cooperation on vessel upgrades and performance enhancements.

我們的營運支出理念是不斷投資於我們的船隊，以優化船舶性能並為客戶保持高水準的服務。這包括投資以盡量減少停租，以及投資以增加貨運能力和減少能源消耗。這種投資以及與我們的包機合作對於發展我們的關係和增加現有船舶的積壓非常重要。今年到目前為止，我們已經為馬士基增加了七艘大型貨櫃船的新五年租約，增加了對馬士基的積壓訂單，這是我們在船舶升級和性能增強方面密切合作的結果。

On the back of our container experience, we have also recently placed orders for five 16,000 TEU dual-fuel LNG container ships in China. These ships will be chartered out on 10-year time charters to a leading liner company. On the Hapag-Lloyd charters, the first two upgraded container ships have been delivered already, and the third is scheduled for delivery from the yard this month.

憑藉我們的貨櫃經驗，我們最近還在中國訂購了五艘16,000 TEU雙燃料液化天然氣貨櫃船。這些船舶將以十年期期租的形式租給一家領先的班輪公司。在赫伯羅特租船合約中，前兩艘升級後的貨櫃船已經交付，第三艘計劃於本月從船廠交付。

On the tanker side, we have delivered the first of three LR2 newbuildings to Vitol from the yard in China. The second vessel is scheduled for delivery in about 1-week time. We are also pleased to announce that we have, just this morning, taken delivery of the 33,000 ton deadweight chemical tanker SFL Aruba for deployment in the Stolt tankers' pool. We further aim to take delivery of the sister vessel by the end of the month for delivery to Stolt under an 8-year time charter.

在油輪方面，我們已從中國船廠向維多交付了三艘 LR2 新船中的第一艘。第二艘船預計將在大約一周內交付。我們也很高興地宣布，就在今天早上，我們已經接收了 33,000 載重噸化學品油輪 SFL Aruba，用於部署在 Stolt 油輪池中。我們的進一步目標是在本月底之前接收姊妹船，並根據 8 年期租船交付到斯托爾特。

I'll now give the word over to our CFO, Aksel Olesen, who will take us through the financial highlights of the quarter.

現在我將向我們的財務長 Aksel Olesen 匯報，他將向我們介紹本季的財務亮點。

Thank you, Trym. On this slide, we have shown a pro forma illustration of cash flows for the second quarter. Please note that this is only a guideline to assess the company's performance, and is not in accordance with US GAAP, and also net of extraordinary and non-cash items.

謝謝你，特里姆。在這張投影片上，我們展示了第二季現金流量的預期說明。請注意，這只是評估公司績效的指導方針，不符合美國公認會計準則，也不符合非常規和非現金項目。

The company generated gross charter hire of approximately $199 million during the second quarter, with approximately $90 million coming from our container fleet. This includes approximately $2.8 million in profit share related to fuel savings on seven of our large container assets.

該公司第二季的包機租金總額約為 1.99 億美元，其中約 9,000 萬美元來自我們的貨櫃船隊。這包括與我們七個大型貨櫃資產節省燃料相關的約 280 萬美元的利潤份額。

The car carrier fleet generated approximately $26 million of charter hire, and out tanker fee generated approximately $30 million in charter hire, in line with the previous quarter. SFL has 15 dry bulk carriers, of which eight are employed on long-term charters. The vessels generated approximately $23 million in gross charter hire in the second quarter, including approximately $1.6 million profit share generated from our eight Capesize vessels on long-term charters to Golden Ocean. The seven vessels employed in the spot and short-term market contributed with approximately $8.2 million in charter revenue compared to approximately 6.5 million in the first quarter.

汽車運輸船隊產生了約 2,600 萬美元的包租租金，而油輪費產生了約 3,000 萬美元的包租租金，與上一季持平。 SFL 擁有 15 艘乾散裝貨船，其中 8 艘採用長期租船合約。這些船舶在第二季度產生了約 2,300 萬美元的總租船租金，其中包括我們長期租用至 Golden Ocean 的八艘好望角型船舶產生的約 160 萬美元的利潤份額。在現貨和短期市場上使用的七艘船舶貢獻了約 820 萬美元的包租收入，而第一季約為 650 萬美元。

In the second quarter, our energy assets generated approximately $29 million in contract revenues, compared to approximately $66 million in the previous quarter. Linus is under long-term contract with ConocoPhillips in Norway until the end of 2028. During the quarter, revenues from the rig were $10 million compared to $19.6 million in the previous quarter as the rig underwent its 10-year special survey. The rig was back on contract rate at the end of July after an additional repair scope, which extend (the less best) and docking scope by an additional five weeks.

第二季度，我們的能源資產產生了約 2,900 萬美元的合約收入，而上一季約為 6,600 萬美元。 Linus 與挪威康菲石油公司簽訂了到2028 年底的長期合約。 。經過額外的維修範圍後，該鑽井平台於 7 月底恢復了合約價格，其中將（次最好的）和對接範圍額外延長了五週。

Hercules finalized the contract with Galp Energia in Namibia in mid-May, and then spent approximately half of the quarter in mobilization mode, recording approximately $19.4 million of revenues compared to $46.9 million in the first quarter. The rig commenced a contract with Equinor in Canada in mid-July. And on the US GAAP, mobilization fees and costs are deferred and amortized over the course of the contract. SFL has accordingly recorded lower income and cost on Hercules in the second quarter.

Hercules在5月中旬與納米比亞Galp Energia敲定了合同，然後該季度大約一半時間處於動員模式，錄得約1940萬美元的收入，而第一季為4690萬美元。該鑽井平台於 7 月中旬與加拿大 Equinor 簽訂了合約。根據美國公認會計準則，動員費和成本在合約期間內遞延攤提。因此，SFL 第二季 Hercules 的營收和成本均有所下降。

Our operating and G&A expenses for the quarter was approximately $70 million compared to $85 million in the first quarter, mainly due to deferred operating costs of the Hercules as per the US GAAP accounting treatment just mentioned. This summarizes to an adjusted EBITDA of approximately $131 million compared to $152 million in the previous quarter.

我們本季的營運和一般管理費用約為 7000 萬美元，而第一季為 8500 萬美元，主要是由於根據剛剛提到的美國 GAAP 會計處理，Hercules 的遞延營運成本。調整後的 EBITDA 總計約為 1.31 億美元，而上一季為 1.52 億美元。

We then move on to the profit and loss statement as reported on the US GAAP. As described in previous earnings calls, our accounting statements are different from those of a traditional shipping company. And as our business strategy focuses on long-term charter contracts, some parts of our activities are classified as capital leasing. Therefore, a portion of our charter revenues are excluded from US GAAP operating revenues. This includes repayment of investment in sales type, direct financing leases and leaseback assets, and revenues from entities classified as investment in associates for accounting purposes.

然後我們繼續討論依照美國公認會計原則報告的損益表。如同先前的財報電話會議所述，我們的會計報表與傳統航運公司的會計報表不同。由於我們的業務策略專注於長期包機合同，因此我們的某些活動被歸類為資本租賃。因此，我們的部分包機收入不包括在美國公認會計準則營業收入中。這包括銷售類型投資的償還、直接融資租賃和回租資產，以及出於會計目的分類為聯營公​​司投資的實體的收入。

So for the second quarter, we report total operating revenues, according to US GAAP, of approximately $190 million, which is less than approximately $199 million of charter hire actually received for reasons just mentioned. During the quarter, the company recorded profit share income of approximately $4.4 million from fuel savings on some of our large container vessels, our car carrier, our eight Capesize vessels, on charter to Golden Ocean.

因此，根據美國公認會計原則，我們報告的第二季總營業收入約為 1.9 億美元，低於由於上述原因實際收到的約 1.99 億美元的包機租金。本季度，該公司錄得約 440 萬美元的利潤分享收入，這些收入來自我們租給 Golden Ocean 的一些大型貨櫃船、汽車運輸船、八艘好望角型船舶的燃油節省。

Our revenue from our vessels were in line with the first quarter. Both revenues and operating expenses from our energy assets was lower during the quarter for reasons previously mentioned. So overall, and according to US GAAP, the company reported a net profit of approximately $20.6 million or $0.16 per share compared to approximately $45 million or $0.36 per share in the previous quarter.

我們船舶的營收與第一季持平。由於前面提到的原因，本季我們能源資產的收入和營運支出均較低。總體而言，根據美國公認會計原則，該公司報告淨利潤約為 2,060 萬美元或每股 0.16 美元，而上一季約為 4,500 萬美元或每股 0.36 美元。

Moving on to the balance sheet. At quarter end, SFL had approximately $186 million of cash and cash equivalents. During the quarter, the company arranged $37 million JOLCO financing for previously debt-free container Maersk Phuket at very attractive terms and maturity matching the long-term charter.

繼續看資產負債表。截至季末，SFL 擁有約 1.86 億美元的現金和現金等價物。本季度，該公司以非常有吸引力的條款和與長期租船相匹配的期限，為先前無債務的貨櫃馬士基普吉島安排了 3700 萬美元的 JOLCO 融資。

In terms of CapEx commitments, we have recently acquired five tankers with a total CapEx of approximately $340 million, of which approximately $244 million will be financed with senior bank financing. Two of the vessels have already been delivered. The three remaining vessels are expected to be delivered during this third and fourth quarter.

在資本支出承諾方面，我們最近收購了五艘油輪，總資本支出約為3.4億美元，其中約2.44億美元將透過高級銀行融資融資。其中兩艘船已經交付。其餘三艘船預計將在第三和第四季交付。

In addition, our harsh environment jack-up rig Linus recently underwent its 10-year SPS, and an estimated net remaining capital expenditure of approximately $30 million. Due to an additional repair scope, the CapEx scope increased from approximately $10 million for a total of approximately $14 million.

此外，我們的嚴酷環境自升式鑽井平台 Linus 最近經歷了 10 年 SPS，預計剩餘淨資本支出約為 3,000 萬美元。由於額外的維修範圍，資本支出範圍從約 1000 萬美元增加到總計約 1400 萬美元。

Subsequent to quarter end, the company entered into agreements to build five 16,800 TEU container hassles with scheduled delivery in 2028 at an aggregate construction cost of approximately $1 billion. The vessels are expected to be funded by a combination of cash at hand and conventional pre- and post-delivery vessel financings. Furthermore, SFL has recently secured financing commitments for a combined amount of approximately $700 million, effectively covering more secure debt financing commitments maturing over the next 12 months.

季度末後，該公司簽訂了建造 5 艘 16,800 TEU 貨櫃船的協議，預計於 2028 年交付，總建築成本約為 10 億美元。這些船舶預計將透過手頭現金和傳統的交付前和交付後船舶融資相結合的方式提供資金。此外，SFL 最近獲得了總計約 7 億美元的融資承諾，有效涵蓋了未來 12 個月到期的更安全的債務融資承諾。

And finally, the company raised $100 million in net profits from a US public offering by issuing $8 million common shares in July. Based on the Q2 numbers, the company had a book equity ratio of approximately 27%.

最後，該公司透過在 7 月發行 800 萬美元的普通股，從美國公開募股中籌集了 1 億美元的淨利潤。根據第二季的數據，該公司的帳面權益比率約為27%。

Then to conclude, the board has declared the 82nd consecutive cash dividend of $0.27 per share, which represents a dividend yield of approximately 9%. Following recent investments in charter renewals, our fixed charter rate backlog currently stands at $4.9 billion, providing us with strong visibility on our cash flow going forward. The company has a strong balance sheet and liquidity position, and we recently raised $100 million of gross proceeds in a public offering, and have secured more than $1 billion in senior secured financing this year to address refinancing of existing vessels and new acquisitions.

最後，董事會宣布連續第 82 次現金股息每股 0.27 美元，股息殖利率約 9%。繼最近對租船續約進行投資之後，我們的固定租船積壓目前為 49 億美元，這為我們提供了對未來現金流的清晰可見度。該公司擁有強大的資產負債表和流動性狀況，我們最近在公開發行中籌集了1 億美元的總收益，並在今年獲得了超過10 億美元的高級擔保融資，以解決現有船舶和新收購的再融資問題。

And with that, we conclude the presentation, and move on to the Q&A session.

至此，我們結束了演示，然後進入問答環節。

(Operator Instructions) We will have our first question from Sherif Elmaghrabi.

（操作員說明）我們將聽取謝里夫·埃爾馬格拉比 (Sherif Elmaghrabi) 提出的第一個問題。

So first on the Hercules, that rig is now getting a little bit closer to the end of its existing contracts. And given recent consolidation within the offshore space, are operators becoming more interested in the rig or would you say they're still focused within their own backlog at the moment?

首先是大力神號，鑽機現在已經接近其現有合約的結束。鑑於最近海上領域的整合，營運商是否對鑽井平台越來越感興趣，或者您認為他們目前仍專注於自己的積壓訂單？

The rig is working now in Canada for Equinor doing a really good job there, made a big find in Namibia for Galp. So there's clearly a decent market for rigs of this caliber, but these are specialized assets. We have not concluded any follow-on work from the rig. The rig is expected to come off charter sometime during the fourth quarter. It all depends on, call it, both the drilling efficiency and the scope of work that Equinor wants to do in Canada. So we are in dialog with various oil companies and potential charters, but have not concluded anything so far, and cannot make any specific comments on that until you have something in place.

該鑽井平台目前正在加拿大為 Equinor 工作，工作非常出色，為 Galp 在納米比亞找到了重大發現。因此，這種等級的鑽孔機顯然有一個不錯的市場，但這些都是專業資產。我們尚未完成該鑽孔機的任何後續工作。該鑽井平台預計將在第四季度的某個時候停止租賃。這一切都取決於鑽井效率和 Equinor 希望在加拿大的工作範圍。因此，我們正在與各家石油公司和潛在的租船公司進行對話，但到目前為止還沒有得出任何結論，並且在事情落實到位之前無法對此發表任何具體評論。

In terms of M&A, what we have seen has been more relating to listed companies and consolidation with a primary focus, I would think, on drill ships and not so much on semi-submersibles, which is the type of assets that the Hercules is. But we, of course, following it closely, we see that charter rates are edging up, particularly for ultra-deepwater units, and have seen some quite strong charters and charter rates over the last few months. So we still believe strongly in the long-term story in this segment. But we cannot be specific on when we will announce a new charter for the Hercules quite yet.

在併購方面，我們看到更多的是與上市公司和整合有關，我認為主要關注的是鑽探船，而不是半潛式鑽井平台，而半潛式鑽井平台就是大力神號的資產類型。但當然，我們密切關注，我們看到租船費率正在小幅上升，特別是超深水單位，並且在過去幾個月裡看到了一些相當強勁的租船費和租船費率。因此，我們仍然堅信這一領域的長期前景。但我們目前還無法具體確定何時宣布大力神號的新憲章。

(Operator Instructions) As there are no further questions from the audience, I would like to thank everyone for participating in this conference call. If you have any follow-up questions to the management, there are contact details in the press release or you can get in touch with us through the contact pages on our web page, www.sflcorp.com. Thank you.

（操作員說明） 由於聽眾沒有其他問題，我要感謝大家參加本次電話會議。如果您對管理層有任何後續問題，請參閱新聞稿中的詳細聯絡信息，或者您可以透過我們網頁 www.sflcorp.com 上的聯絡頁面與我們聯絡。謝謝。