斯倫貝謝公司 (SLB) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the SLB Earnings Conference Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加 SLB 收益電話會議。 （操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to the Senior Vice President of Investor Relations and Industry Affairs, James McDonald. Please go ahead.

提醒一下，本次會議正在錄製中。現在我想將會議交給投資者關係和行業事務高級副總裁詹姆斯·麥克唐納 (James McDonald)。請繼續。

Thank you, Lea. Good morning, and welcome to the SLB Third Quarter 2023 Earnings Conference Call. Today's call is being hosted from New York City following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝你，莉亞。早安，歡迎參加 SLB 2023 年第三季財報電話會議。今天的電話會議是在本週早些時候舉行的董事會會議之後在紐約舉行的。與我們一起參加電話會議的還有執行長 Olivier Le Peuch；和財務長 Stephane Biguet。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause the results to differ materially from those projected in these statements. I therefore refer you to our latest 10-K filing and our other SEC filings.

在開始之前，我想提醒所有與會者，我們今天將發表的一些聲明具有前瞻性。這些事項涉及風險和不確定性，可能導致結果與這些聲明中的預測有重大差異。因此，我建議您參閱我們最新的 10-K 文件和其他 SEC 文件。

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our third quarter press release, which is on our website.

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的調整可以在我們網站上的第三季新聞稿中找到。

With that, I will turn the call over to Olivier.

這樣，我會將電話轉給奧利維爾。

Thank you, James. Ladies and gentlemen, thank you for joining us on the call today. In my remarks this morning, I will begin by reviewing the third quarter financial results we presented in today's earnings release. Then I will discuss the progress we are achieving across our 3 engines of growth and the macro environment supporting them. And finally, I will share our outlook for the fourth quarter and the full year. Stephane will then provide more details on our financial results, and we will open the line to your questions.

謝謝你，詹姆斯。女士們先生們，感謝您今天加入我們的電話會議。在今天早上的演講中，我將首先回顧我們在今天的財報發布中公佈的第三季財務業績。然後我將討論我們在三大成長引擎方面取得的進展以及支持它們的宏觀環境。最後，我將分享我們對第四季和全年的展望。然後，史蒂芬將提供有關我們財務業績的更多詳細信息，我們將開通熱線回答您的問題。

Our third quarter results have built upon the positive momentum we established in the first half of the year and firmly position us to achieve our full year financial ambitions. We continued to grow revenue and adjusted EBITDA, both sequentially and year-on-year, and we generated free cash flow of $1 billion for the second consecutive quarter.

我們的第三季業績建立在上半年建立的積極勢頭之上，並為我們實現全年財務目標奠定了堅實的基礎。我們的營收和調整後的 EBITDA 持續成長，無論是環比還是同比，我們連續第二個季度產生了 10 億美元的自由現金流。

Internationally, we continued to seize the cycle. We achieved our highest international revenue quarter since 2015 by growing revenue in this market for the ninth consecutive quarter year-on-year. This was particularly visible in the Middle East and Asia, where we posted 22% year-on-year revenue growth, led by significant growth in Saudi Arabia, the United Arab Emirates, Kuwait and Egypt.

在國際上，我們繼續抓住週期。我們在該市場的收入連續第九個季度同比增長，實現了自 2015 年以來最高的國際收入季度。這在中東和亞洲尤其明顯，在沙烏地阿拉伯、阿拉伯聯合大公國、科威特和埃及的顯著成長帶動下，我們的營收年增了 22%。

Our strong international activity was further augmented by the resilient investments in the offshore markets, notably in Africa, Brazil and Scandinavia. Offshore continues to offer many opportunities for our business, and I will shortly discuss how the recent closing of our OneSubsea joint venture with Aker Solutions and Subsea7 will help us to expand our footprint in the market moving forward.

離岸市場（特別是非洲、巴西和斯堪的納維亞半島）的彈性投資進一步增強了我們強大的國際活動。近海繼續為我們的業務提供許多機會，我很快就會討論我們最近與 Aker Solutions 和 Subsea7 成立的 OneSubsea 合資企業將如何幫助我們擴大我們在市場中的足跡。

And in North America, although revenue decreased sequentially due to lower activity, we continued to grow year-on-year, outperforming the headcount. Once again, our focus on the quality of our revenue, combined with the differentiated value we deliver through technology drove margin expansion. Our EBITDA margins reached a new cycle high of 25%, and our pretax segment operating margin expanded for the 11th consecutive quarter year-on-year. These are very positive results, and I want to thank the entire SLB team for delivering this strong performance.

在北美，儘管由於活動減少而收入環比下降，但我們的業績繼續同比增長，超過了員工數量。我們對收入品質的關注，再加上我們透過科技提供的差異化價值，再次推動了利潤率的擴張。我們的 EBITDA 利潤率達到 25%，創下週期新高，稅前分部營業利潤率連續 11 個季度同比增長。這些都是非常正面的結果，我要感謝整個 SLB 團隊帶來的強勁表現。

Next, I would like to share some updates of our progress across our 3 engines of growth: core, digital and New Energy. Let me begin with the core. The oil and gas sector continues to benefit from broad, durable and resilient material growth cycle that is being supported by long cycle developments, production capacity expansions, exploration appraisal and as a critical fuel source for the energy transition. These market fundamentals remain very compelling for our core business, which has grown 22% year-to-date and has materially expanded margins.

接下來，我想分享我們在核心、數位和新能源三大成長引擎的最新進展。讓我從核心開始。石油和天然氣產業繼續受益於廣泛、持久和有彈性的材料成長週期，這一週期得到長週期開發、產能擴張、勘探評估的支持，並作為能源轉型的關鍵燃料來源。這些市場基本面對我們的核心業務仍然非常有吸引力，今年迄今已成長 22%，且利潤率大幅提高。

This strong performance is being driven by the diversity of our portfolio, our industry-leading technology and our unique integration capabilities. Reservoir Performance achieved exceptional results with stronger evaluation activity. Production Systems achieved its highest level of margin in the cycle led by subsea, surface and artificial lift. Our construction maintained impressive results through new technology innovations and differentiated performance. All in all, this was a very strong quarter across our core divisions.

這種強勁的業績是由我們產品組合的多樣性、行業領先的技術和獨特的整合能力所推動的。評估活動力度加大，油藏動態取得優異成績。生產系統在海底、水面和人工舉升主導的周期中實現了最高水準的利潤。透過新技術創新和差異化性能，我們的施工保持了令人印象深刻的成果。總而言之，這是我們核心部門非常強勁的季度。

The supportive macro environment is also leading operator to make long-cycle investments offshore, where advanced [inefficiency] have significantly improved project economics. We have visibility into FIDs extending well beyond 2025, and it could not be a better time to join forces with Aker Solutions and Subsea7 to drive a new era for subsea.

支持性的宏觀環境也導致營運商進行長週期的離岸投資，其中先進的[低效率]顯著提高了專案的經濟效益。我們預計 FID 的期限將遠遠超出 2025 年，現在正是與 Aker Solutions 和 Subsea7 聯手推動海底新時代的最佳時機。

Today, SLB is recognized for its unique ability to have a large, complex and full integrated offshore projects from subsurface development to midstream processing. Through our OneSubsea joint venture, we'll further enhance this offering by bringing new levels of technology and partnership to the market.

如今，SLB 因其擁有從地下開發到中游加工的大型、複雜和完全整合的海上專案的獨特能力而受到認可。透過我們的 OneSubsea 合資企業，我們將透過為市場帶來新水平的技術和合作夥伴關係來進一步增強這項產品。

Together, our companies are the clear leader in subsea multiphase boosting and subsea gas compression, and we will provide electrification and digital solutions to further enhance the business. This partnership approach will also create a more flexible customer offering through scale, increased capacity and large oilfield services. Collectively, this will drive meaningful change to subsea asset performance as we partner with customers to help them unlock their reserves, drive efficiency, reduce cycle times and reduce emission in the deepwater market.

我們公司共同成為海底多相增壓和海底氣體壓縮領域的明顯領導者，我們將提供電氣化和數位解決方案以進一步增強業務。這種合作方式也將透過規模、增加產能和大型油田服務創造更靈活的客戶服務。總的來說，這將推動海底資產績效發生有意義的變化，因為我們與客戶合作，幫助他們釋放儲量、提高效率、縮短週期時間並減少深水市場的排放。

Now let me turn to digital. On the last call quarter, I shared an update on the emerging digital trends shaping the industry. This included the adoption of cloud computing, the power of data and AI scale and digital operation gaining maturity. At a recent investor conference, I discussed how SLB is capitalizing on this opportunity with our platform strategy, comprising of a workflow platform that serves as the backbone for our customers' planning and operation, and how data and AI platform that unlocks data at scale for digital transformation.

現在讓我轉向數字。在上一季的電話會議中，我分享了有關塑造產業的新興數位趨勢的最新資訊。這包括雲端運算的採用、數據的力量和人工智慧的規模以及數位化營運的成熟。在最近的一次投資者會議上，我討論了 SLB 如何透過我們的平台策略利用這一機會，其中包括作為客戶規劃和營運支柱的工作流程平台，以及數據和人工智慧平台如何大規模解鎖數據數位化轉型。

Today, we are seeing increased digital adoption across the industry. Delfi continued its year-over-year growth momentum with a 49% increase in users and an 89% -- 86% increase in compute hours compared to the third quarter last year. Additionally, our customers are embracing our connected and autonomous drilling solution with 1.9 million feet of automated drilling completed in the third quarter, an increase of 60% year-over-year.

如今，我們看到整個產業的數位化應用不斷增加。 Delfi 繼續保持同比成長勢頭，與去年第三季相比，用戶數量增加了 49%，計算時間增加了 89% 至 86%。此外，我們的客戶正在接受我們的互聯和自主鑽井解決方案，第三季完成了 190 萬英尺的自動化鑽井，年增 60%。

As a result, SLB's platform, representing our new digital technology offering, sustained growth at a CAGR rate of about 60%. The benefit of this technology is clear, and you can see this illustrated in our earnings press release this morning with our Shell-AWS collaborative agreement and the Kuwait Energy Basra Limited digital feed contract, serving as just 2 recent examples of customers choosing SLB digital technology to reimagine their workflows across the E&P value chain.

因此，代表我們新數位技術產品的 SLB 平台以約 60% 的複合年增長率持續成長。這項技術的好處是顯而易見的，您可以在今天早上的收益新聞稿中看到這一點，我們的Shell-AWS 合作協議和科威特能源巴士拉有限公司數位饋送合約只是客戶選擇SLB 數位技術的兩個最新範例重新構想整個勘探與生產價值鏈的工作流程。

And finally, let me quickly discuss some of the exciting opportunities in our New Energy business and transition technology portfolio. As we address the energy dilemma, our industry has an imperative to decarbonize operations. Two of the most immediate opportunities to do this are reducing methane emissions and scaling CCUS as a solution for mitigating climate change.

最後，讓我快速討論一下我們的新能源業務和轉型技術組合中的一些令人興奮的機會。當我們解決能源困境時，我們的產業必須實現脫碳營運。實現這一目標的兩個最直接的機會是減少甲烷排放並擴大 CCUS 規模，作為緩解氣候變遷的解決方案。

Regarding methane, we have opportunity to address positive methane and flaring through better monitoring and leak detection. A few weeks ago, we launched a new IoT-enabled methane point instrument for continuous monitoring that seamlessly connects to a methane digital platform for insights and analysis, eliminating the need for intermittent site visits and enabling operators to quickly scale up across their operations. This and other solutions are available today to help clients abate their methane emissions.

關於甲烷，我們有機會透過更好的監測和洩漏檢測來解決積極的甲烷和火炬問題。幾週前，我們推出了一款支援物聯網的新型甲烷點儀器，用於連續監測，該儀器無縫連接到甲烷數位平台以進行洞察和分析，消除了間歇性現場訪問的需要，並使運營商能夠快速擴大其營運規模。該解決方案和其他解決方案現已推出，可協助客戶減少甲烷排放。

And in CCUS, momentum is building across the industry, both in oil and gas as well as in other hard-to-abate sectors. SLB is actively involved with more than 20 CCUS projects globally, and we are investing in capture technology as underscored by the partnership with TDA Research highlighted in our earnings release. Overall, we are pleased with our pipeline of technology and projects, and we have confidence that by establishing ourselves as a leader in this space, we will create yet another avenue for diversified long-term growth.

在 CCUS 領域，整個產業的勢頭正在增強，無論是在石油和天然氣領域，還是在其他難以減弱的領域。 SLB 積極參與全球 20 多個 CCUS 項目，我們正在投資捕集技術，正如我們在財報中強調的與 TDA Research 的合作夥伴關係所強調的那樣。總體而言，我們對我們的技術和專案感到滿意，我們有信心，透過確立自己在該領域的領導者地位，我們將為多元化長期成長創造另一條途徑。

Now I will turn to our outlook for the fourth quarter and the full year. In the fourth quarter, we expect continued sequential revenue growth driven by year-end digital sales and seasonal product and equipment sales in production systems. The quarter will also reflect the results of the OneSubsea joint venture. As a result, we expect overall sequential revenue growth to be in the high single digits.

現在我將談談我們對第四季和全年的展望。在第四季度，我們預計在年末數位銷售以及生產系統中的季節性產品和設備銷售的推動下，營收將持續環比成長。該季度也將反映 OneSubsea 合資企業的業績。因此，我們預期整體連續收入成長將維持在高個位數。

With our continued focus on the quality of revenue, harnessing operating leverage and further technology adoption, we expect to maintain global pretax segment prorating and EBITDA margins at their highest levels in the cycle, in line with our third quarter performance. Stephane will provide additional color on the net contribution of the OneSubsea joint venture on our fourth quarter guidance.

隨著我們繼續專注於收入品質、利用營運槓桿和進一步採用技術，我們預計將全球稅前分部按比例分配和 EBITDA 利潤率維持在周期內的最高水平，與我們第三季度的業績保持一致。 Stephane 將在我們第四季的指導中進一步說明 OneSubsea 合資企業的淨貢獻。

Turning to the full year. We expect to achieve our financial ambition we shared back in January. Excluding the effects of the OneSubsea joint venture, we expect to conclude the year by increasing revenue more than 15% and growing EBITDA in the mid-20s, with recent North America headwinds being more than offset by strong international growth. With these strong full year results, we'll remain well positioned to continue returning value to our shareholders.

轉至全年。我們期望實現我們在一月份分享的財務目標。排除 OneSubsea 合資企業的影響，我們預計今年的營收將成長 15% 以上，EBITDA 將在 20 多歲左右成長，而近期北美的不利因素將被強勁的國際成長所抵消。憑藉這些強勁的全年業績，我們將保持良好的地位，並繼續為股東回報價值。

I will now turn the call over to Stephane.

我現在將把電話轉給史蒂芬。

Thank you, Olivier, and good morning, ladies and gentlemen. Third quarter earnings per share was $0.78. This represents an increase of $0.06 sequentially and $0.15 when compared to the third quarter of last year. We did not record any charges or credits during any of those periods. Overall, our third quarter revenue of $8.3 billion increased 3% sequentially. International sequential revenue growth of 5% was led by the Middle East and Asia, which increased 8% while North America revenue decreased 6%.

謝謝奧利維爾，女士們先生們早安。第三季每股收益為 0.78 美元。這意味著比上一季增加了 0.06 美元，與去年第三季相比增加了 0.15 美元。在這些期間，我們沒有記錄任何費用或積分。總體而言，我們第三季的營收為 83 億美元，比上一季成長 3%。國際營收季增 5%，其中中東和亞洲帶動成長 8%，而北美收入下降 6%。

Sequentially, pretax segment operating margin increased 73 basis points, which resulted in incremental margins of 48%, largely due to the high-quality international revenue. Company-wide adjusted EBITDA margin for the third quarter reached 25%, the highest level since 2015. On a year-on-year basis, third quarter revenue increased 11% as international revenue grew 12% while North America revenue increased 6%. The strong international performance was led by broad-based growth across the Middle East and Asia and offshore markets.

隨後，稅前部門營業利潤率成長了 73 個基點，增量利潤率達到 48%，這主要歸功於高品質的國際收入。第三季全公司調整後 EBITDA 利潤率達到 25%，為 2015 年以來的最高水準。第三季營收年增 11%，其中國際營收成長 12%，北美營收成長 6%。強勁的國際業績得益於中東、亞洲和離岸市場的廣泛成長。

Let me now go through the third quarter results for each division. Third quarter digital and integration revenue of $982 million increased 4% sequentially, with margins decreasing 2 percentage points to 32%. The sequential revenue growth was primarily driven by increased EPS revenue and increased digital revenue, including higher sales of exploration data licenses. Margins declined sequentially as lower profitability in APS more than offset improved digital margins.

現在讓我回顧一下每個部門的第三季業績。第三季數位和整合收入為 9.82 億美元，季增 4%，利潤率下降 2 個百分點至 32%。收入環比增長主要是由每股收益收入和數位收入的增加所推動的，包括勘探數據許可證銷售額的增加。利潤率連續下降，因為 APS 獲利能力的下降足以抵消數字利潤率的提高。

Reservoir Performance revenue of $1.7 billion increased 2% sequentially while margins improved 190 basis points to 20.5%. These increases were due to strong international growth, a favorable technology mix and improved pricing, while construction revenue of $3.4 billion increased 2% sequentially, led by strong growth in the Middle East and Asia, which was partially offset by lower revenue in North America.

油藏動態收入為 17 億美元，比上一季成長 2%，而利潤率則提高 190 個基點，達到 20.5%。這些成長得益於強勁的國際成長、有利的技術組合和改進的定價，而建築收入為34 億美元，環比增長2%，其中中東和亞洲的強勁增長帶動了這一增長，但北美收入的下降部分抵消了這一增長。

Margins of 22.1% increased 38 basis points, driven by the international market. Finally, Production Systems revenue of $2.4 billion increased 2% sequentially as International revenue increased 7% led by the Middle East and Asia and Latin America.

在國際市場的推動下，22.1%的利潤率增加了38個基點。最後，生產系統營收為 24 億美元，季增 2%，國際營收成長 7%，其中中東、亞洲和拉丁美洲帶動成長。

North America revenue decreased by 8% due to lower subsea activity. Margins expanded 147 basis points to 13.5%, representing the highest margin since we began reporting results for the division. This expansion was primarily driven by higher sales of completions, artificial lift and surface production systems as well as pricing improvements.

由於海底活動減少，北美收入下降 8%。利潤率擴大了 147 個基點，達到 13.5%，這是我們開始報告該部門業績以來的最高利潤率。這項擴張主要是由於完井、人工舉升和地面生產系統的銷售增加以及價格改善所致。

Now turning to our liquidity. During the quarter, we generated $1.7 billion of cash flow from operations and free cash flow of just over $1 billion. As a result of this strong cash flow performance, our net debt reduced sequentially by $731 million to $9.4 billion. Our net debt to trailing 12-month EBITDA leverage ratio of 1.2 is at its lowest level since 2015.

現在轉向我們的流動性。本季度，我們從營運中產生了 17 億美元的現金流，自由現金流略高於 10 億美元。由於現金流表現強勁，我們的淨債務連續減少 7.31 億美元，達到 94 億美元。我們的淨負債與過去 12 個月 EBITDA 槓桿比率為 1.2，處於 2015 年以來的最低水準。

Capital investments inclusive of CapEx and investments in APS projects and exploration data were $640 million in the third quarter. For the full year, we are still expecting capital investments to be approximately $2.5 billion to $2.6 billion. We repurchased 2.6 million shares of our stock during the quarter for a total purchase price of $151 million. We continue to target to return $2 billion to our shareholders this year between dividends and stock buybacks.

第三季資本投資（包括資本支出以及 APS 專案和勘探資料投資）為 6.4 億美元。我們仍預計全年資本投資約 25 億至 26 億美元。我們在本季回購了 260 萬股股票，總購買價為 1.51 億美元。我們今年的目標仍然是透過股利和股票回購向股東返還 20 億美元。

Before closing, I would like to add some color to the Q4 outlook that Olivier just provided. We are expecting sequential fourth quarter revenue growth to be in the high single digits, with pretax margins remaining at the same high level we achieved in the third quarter. As Olivier highlighted, this outlook includes the contribution from the recently acquired Aker subsea business, which will be consolidated under our Production Systems division starting in the fourth quarter.

在結束之前，我想為奧利維爾剛剛提供的第四季度前景增添一些色彩。我們預計第四季營收將季增至高個位數，稅前利潤率將維持在第三季的相同高水準。正如 Olivier 所強調的那樣，這一前景包括最近收購的 Aker 海底業務的貢獻，該業務將從第四季度開始併入我們的生產系統部門。

The Aker subsea business is expected to contribute approximately $400 million to $500 million of incremental revenue in the fourth quarter with pretax operating margins in the low teens. Therefore, excluding the effects of the acquired Aker subsea business, SLB's fourth quarter sequential revenue growth is expected to be similar to the sequential revenue growth we experienced in the third quarter.

Aker 海底業務預計將在第四季度貢獻約 4 億至 5 億美元的增量收入，稅前營業利潤率將在十幾歲以下。因此，排除收購的 Aker 海底業務的影響，SLB 第四季的環比收入成長預計將與我們第三季經歷的環比收入成長類似。

SLB's organic pretax operating margin, again excluding the effects of the acquired Aker business, is expected to continue expanding sequentially. After considering the impact of below-the-line items relating to this joint venture such as amortization of intangibles, taxes and noncontrolling interests, this transaction is expected to be slightly accretive to our fourth quarter earnings per share, excluding charges and credits.

SLB 的有機稅前營業利潤率（再次排除收購的 Aker 業務的影響）預計將繼續擴大。在考慮與該合資企業相關的線下項目（例如無形資產攤銷、稅收和非控股權益）的影響後，預計此次交易將略微增加我們第四季度的每股收益（不包括費用和貸項）。

In closing, we are very excited about the prospects of this venture, which strengthens our offshore portfolio and has the potential to deliver more than $100 million of net annual synergies starting year 3 after closing.

最後，我們對這項合資企業的前景感到非常興奮，它增強了我們的離岸投資組合，並有潛力在交易完成後的第三年開始提供超過 1 億美元的年度淨協同效應。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給奧利維爾。

Thank you, Stephane. Ladies and gentlemen, we will now open the line for your questions. Lea, you may open the line.

謝謝你，史蒂芬。女士們、先生們，我們現在開通提問專線。莉亞，你可以接通電話了。

(Operator Instructions) And our first question is from the line of James West with Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 James West。

Olivier, I know you recently learned from ADIPEC and most likely met with all of the major oil producers in the region. Curious to hear your thoughts on the Middle East and how we should think about the Middle East with respect to Schlumberger over the next several years, because it looks like it's going to be a huge driver of growth.

奧利維爾，我知道您最近從 ADIPEC 了解到，並且很可能會見了該地區所有主要石油生產商。我很想聽聽您對中東的看法，以及未來幾年我們應該如何看待斯倫貝謝的中東問題，因為它看起來將成為成長的巨大推動力。

No. Thank you, James. I hope everybody could catch your question relating to Middle East. Indeed, I've been -- I've had the privilege to be there for about a week and not only went to the conference and met a lot of our customers in the region but also had the benefit to go to our operation in Saudi and visit the customer itself over there. So great insights.

不，謝謝你，詹姆斯。希望大家能夠聽清楚你提出的關於中東的問題。事實上，我有幸在那裡待了大約一周，不僅參加了會議並會見了我們在該地區的許多客戶，而且還有幸參觀了我們在沙特的業務並親自拜訪那裡的客戶。如此偉大的見解。

Just to say that this is clearly the largest investment cycle is clearly now underway. The momentum is set. It's not about becoming set. And I think the sentiment across is extremely positive. (technical difficulty)

只是說，這顯然是目前最大的投資週期。勢頭已定。這不是關於變得固定。我認為大家的情緒非常正面。 （技術難度）

So if I had to characterize attributes, I think, breadth, resilience, durability that we have characterized for the full cycle, I think, are very much in full display in Middle East. I think the durability, [27] is the target for capacity expansion. Breadth is not only oil but it's also gas as a driver of operational gas consumption and LNG exports. It's offshore and onshore, it's conventional and unconventional and goes beyond 1 or 2 countries that are very well known into Kuwait, into Iraq, into Egypt and more. And it's clearly decoupled from some of the short-term uncertainty.

因此，如果我必須描述屬性，我認為，我們在整個週期中所描述的廣度、彈性和耐用性，我認為在中東得到了充分的體現。我認為耐久性，[27]是產能擴張的目標。廣度不僅涉及石油，還涉及天然氣，它是營運天然氣消費和液化天然氣出口的驅動力。它是海上和陸上的，它是常規的和非常規的，並且超越一兩個眾所周知的國家，進入科威特、伊拉克、埃及等等。而且它顯然與一些短期不確定性脫鉤。

So it's all made about long-term contract from the REIT contracting to the service contract and we are a clear beneficiary of this situation. We have a unique footprint in the region. And indeed, we see that this will continue to support growth in the years to come for SLB. And this year, as stated before, we'll record our record revenue in the region. And we will continue to grow and use this to be accretive to international growth and accretive to our international margin and the company. A great outlook, in essence.

因此，從房地產投資信託合約到服務合同，這一切都是為了長期合同，我們是這種情況的明顯受益者。我們在該地區擁有獨特的足跡。事實上，我們看到這將繼續支持 SLB 未來幾年的成長。今年，如前所述，我們將創下該地區創紀錄的收入。我們將繼續發展，並利用這一點來促進國際成長，提高我們的國際利潤和公司。從本質上講，這是一個偉大的前景。

That's great. Sorry about my phone issues here. Probably a follow-up for me, maybe for Stephane is on FX. How much was FX a headwind during the quarter?

那太棒了。很抱歉我的電話問題在這裡。可能是我的後續行動，也許史蒂芬在 FX 上。本季外匯阻力有多大？

Thanks, James. So look, most of our revenue is billed in U.S. dollars, but indeed, in a few countries, it's partially not the case. So for some of those, we indeed had an unfavorable impact of the U.S. dollar strengthening against local currencies, and that was both sequentially and year-on-year. I prefer not giving you a specific amount as we have contractual adjustment clauses that come and offset the negative effect, at least partially.

謝謝，詹姆斯。所以你看，我們的大部分收入都是以美元結算的，但事實上，在某些國家，情況並非如此。因此，對於其中一些項目，我們確實受到了美元兌當地貨幣走強的不利影響，無論是連續還是同比。我不想給你具體的金額，因為我們有合約調整條款，可以抵銷（至少部分）負面影響。

But yes, the revenue would have been slightly higher without that. And the last point here to remember is a lot of our costs as well are expressed in local currency, so we have a natural hedge on this. And the net impact on earnings is quite marginal, it's limited.

但是，是的，如果沒有這個，收入會略高一些。這裡要記住的最後一點是我們的許多成本也以當地貨幣表示，因此我們對此有自然的對沖。對獲利的淨影響非常小，有限。

We will move on to David Anderson with Barclays.

我們將繼續討論巴克萊銀行的大衛安德森。

With Aker now part of the OneSubsea JV, I was hoping you could talk a little bit more about the value proposition of not only a larger subsea entity but how it fits kind of within the whole -- how it now fits in a fully consolidated market. In terms of offshore worth in FIDs, obviously, the timing really couldn't be any better. But what does a larger, more robust OneSubsea bring to Schlumberger as a whole?

隨著 Aker 現在成為 OneSubsea 合資企業的一部分，我希望您能更多地談論更大的海底實體的價值主張，以及它如何適應整體——它現在如何適應一個完全整合的市場。顯然，就最終投資決定的離岸價值而言，時機確實再好不過了。但更大、更強大的 OneSubsea 會為整個斯倫貝謝帶來什麼？

And then as a follow-up, if you could talk about some of the integration steps you're planning. Culture is such a big part of Schlumberger. Just wondering how you're thinking about bringing in one of your long-standing competitors into the fold and kind of any -- how do you think about culture in that sense?

然後作為後續行動，您是否可以談談您正在計劃的一些整合步驟。文化是斯倫貝謝的重要組成部分。只是想知道您如何考慮將您的長期競爭對手之一納入其中 - 您如何看待這個意義上的文化？

Great question, Dave, and I think, indeed, we have been working on this and very proud and I'm relieved that the timing could not be better, that closing this now at the onset of the offshore growth and the long duration that we see with FID beyond 2025. So if I had to take 3 keywords, I would say, technology fit, integration capability and scale are the 3 elements that I think resonates very well and create value for our customers.

很好的問題，戴夫，我認為，事實上，我們一直在努力解決這個問題，並且非常自豪，我感到欣慰的是，時機再好不過了，在離岸增長和我們長期合作的開始之際，現在就結束了這個專案。看看2025 年之後的FID。因此，如果我必須採用3 個關鍵字，我會說，技術契合度、整合能力和規模是我認為能夠產生很好共鳴並為我們的顧客創造價值的3 個要素。

Technology, where we are enhancing and getting with this addition, a very comprehensive portfolio that is fit to every deepwater market that exists. And that includes further capability, complementary capability in subsea processing and also vehicles that complete the portfolio and allow us to fully participate and being differentiated in every basin, in every deepwater in the world.

技術，我們正在增強並透過這項補充獲得適合每個現有深水市場的非常全面的產品組合。這包括進一步的能力、海底加工的補充能力以及完善產品組合的車輛，使我們能夠充分參與並在世界上每個深水盆地的每個盆地中脫穎而出。

Integration, we bring and we keep our unique subsurface reservoir to processing capability that we had already in OneSubsea, but we are enhancing it with a larger and a very competent team running us for -- from acquisition and engineering capability so that we can take any deepwater prospect and help customers and collaborate to get the best outcome.

整合，我們帶來並保留我們獨特的地下油藏處理能力，我們已經在OneSubsea 中擁有，但我們正在通過一個更大且非常有能力的團隊來增強它——從採集和工程能力，以便我們可以採取任何深水勘探並幫助客戶並協作以獲得最佳結果。

And we are getting our Subsea7 partner to joining and to be aligned with making this a success when and as we are required to deliver as integrated with us. So all in all, this is what the value brings to the integration.

我們正在讓我們的 Subsea7 合作夥伴加入並配合，以便在我們需要與我們整合交付時取得成功。所以總而言之，這就是整合帶來的價值。

Scale, scale gives us manufacturing footprint, that give us flexibility and the ability to respond fast and to respond to customer need everywhere and give us the unique life of field with the largest installed base of subsidiary, where we will use digital. We'll use our integration capability of Reservoir Performance to provide further integration and further life-of-field, unlocking production recovery, if you like, long term.

規模，規模給了我們製造足跡，給了我們靈活性和快速響應的能力，以及響應各地客戶需求的能力，並給了我們獨特的現場壽命，擁有最大的子公司安裝基地，我們將在其中使用數位化。如果您願意，我們將利用我們的油藏性能整合能力來提供進一步的整合和進一步的現場壽命，解鎖生產恢復（如果您願意的話）。

So customer feedback is excellent at the onset. I think the customer really appreciate and recognize the recovery potential, the comprehensive technology portfolio, the lower emission, the digital and the integration capability.

因此，客戶的回饋一開始就非常好。我認為客戶真正欣賞並認可回收潛力、全面的技術組合、較低的排放、數位化和整合能力。

Culture, I think we have discovered throughout this engagement that actually, the culture is very much aligned. And I think we have had a day 1 set of events last week or 2 weeks ago that we are really -- our planning how aligned we are and how complementary our culture and portfolio are to go into this.

文化，我認為我們在整個參與過程中發現，實際上，文化非常一致。我認為我們上週或兩週前舉行了第一天的一系列活動，我們確實計劃了我們的一致性以及我們的文化和產品組合的互補性。

So I'm very optimistic, I'm very positive and customer feedback is so far extremely positive to onboard this. And you may have seen the bp SIA announced in [bp earlier], which is a precursor, in our opinion, is what we can do to partner with our customers and to help unlock the future of subsea reserves and to impact their recovery, their efficiency and economics and their lower carbon outlook.

所以我非常樂觀，非常積極，到目前為止，客戶的回饋對此非常積極。您可能已經在 [bp 早些時候] 中看到了 bp SIA，我們認為，這是一個先驅，我們可以與客戶合作，幫助解鎖海底儲量的未來，並影響其恢復、恢復和恢復。效率和經濟性及其低碳前景。

Obviously, all things that your customers are looking to achieve. If I could shift over to your digital business. Just more specifically, digital within D&I. APS has been kind of noisy this year between Canada and Ecuador. Kind of hard for us to get a real sense as to what's happening in software. In your release, you talked about higher sales or margins.

顯然，這是您的客戶希望實現的所有事情。如果我可以轉向你們的數位業務。更具體地說，是 D&I 中的數位化。今年，APS 在加拿大和厄瓜多爾之間有點吵鬧。我們很難真正了解軟體中發生的事情。在您的新聞稿中，您談到了更高的銷售額或利潤。

I was wondering if you could provide a little more context around that. Have margins improved from a year ago? Is this necessarily about margins? You just gave some interesting [tidbits] here about an increasing number of users, increasing computing time. And you also said 60% growth, can you just repeat that what you meant by that? Is that the top line of that business?

我想知道您是否可以提供更多相關背景資訊。利潤率較一年前有所改善嗎？這一定與利潤有關嗎？您剛剛在這裡給出了一些有趣的[花絮]，涉及用戶數量的增加，計算時間的增加。您也提到了 60% 的成長，您能重複一下您的意思嗎？這是該業務的首要任務嗎？

Yes. I think we -- no, thank you, James. I think we continue to be very positive about the digital business and its adoption with our customers. You will continue to see announcements being made from workflow and adoption for customers and also more and more announcement of digital operation, edge, AI, as you have seen many of them into our press release earlier today. So we are very satisfied with the momentum.

是的。我想我們——不，謝謝你，詹姆斯。我認為我們對數位業務及其與客戶的採用仍然非常積極。您將繼續看到有關工作流程和客戶採用的公告，以及越來越多的數位操作、邊緣、人工智慧的公告，正如您在今天早些時候的新聞稿中看到的那樣。所以我們對這個勢頭非常滿意。

And it's going. It's going fairly well. I think you are seeing that we have quoted that the new technology digital portfolio from workflows to operation is growing at a CAGR of about 60%. And I think this is in line with what we expected. And this is on top of the baseline that includes the legacy software maintenance and all the services, including the data sales that we do, that is somehow offsetting some of this but still represents total growth. So we expect this growth to be very visible into the fourth quarter as we typically have a year-end sales effect. And we continue -- we expect this to continue and accelerate actually next year.

它正在發生。進展順利。我想您已經看到，我們引用了從工作流程到營運的新技術數位組合正在以約 60% 的複合年增長率成長。我認為這符合我們的預期。這是在包括遺留軟體維護和所有服務（包括我們所做的數據銷售）的基線之上的，這在某種程度上抵消了其中的一些，但仍然代表了整體成長。因此，我們預計這種成長在第四季度將非常明顯，因為我們通常會產生年終銷售效應。我們繼續——我們預計這種情況將在明年繼續並實際加速。

Next, we move to the line of Scott Gruber with Citigroup.

接下來，我們轉向花旗集團的 Scott Gruber。

Question on the Production Systems outlook for margins post the Aker JV. Just how should we think about the path forward for margins in the business? I'm thinking about legacy contracts in subsea rolling out that are largely lower margin, better price contracts rolling in. And then as you capture synergies, just what is a reasonable expectation for incrementals or where margins could go overall in Production Systems out over the next 2 years?

關於阿克合資企業後生產系統利潤前景的問題。我們該如何思考業務利潤率的未來發展方向？我正在考慮海底推出的遺留合同，這些合同的利潤率基本上較低，價格也更好。然後，當您獲得協同效應時，增量的合理預期是什麼，或者生產系統中的總體利潤率可以達到什麼水準？未來2年？

I think Scott, simply said, we believe that we'll continue to have -- continue our journey of margin expansion. As you have seen, we have reached the highest level of margin in Production Systems since we have been reporting this division on the back of rolling in contract that in the backlog, into revenue generation, that are more accretive than the previous contract and at the results of not only the pricing environment that is more positive but also the result of better supply chain and increased efficiency and use of additional technology that I think the entire team in Production System has been very good at selling to our customers.

我認為斯科特簡單地說，我們相信我們將繼續——繼續我們的利潤擴張之旅。正如您所看到的，我們已經達到了生產系統的最高利潤水平，因為我們一直在積壓合約的基礎上報告該部門，以產生收入，這比之前的合約更具增值性，並且在這不僅是更積極的定價環境的結果，也是更好的供應鏈、更高的效率和使用附加技術的結果，我認為生產系統的整個團隊非常擅長向我們的客戶銷售。

And I think, hence, the results now very specifically to the subsea environment, the OneSubsea, we have been, a few months back, highlighting that our performance in OneSubsea is already in high teens EBITDA as in previous or organic OneSubsea. The addition of the -- we expect to continue to -- and to recoup this margin and long term, continue to increase at this level and beyond. At subsea, we will generate $100 million from year 3 on this OneSubsea joint venture going forward.

因此，我認為，現在的結果非常具體地針對海底環境，即 OneSubsea，幾個月前，我們一直在強調我們在 OneSubsea 中的表現已經達到了與之前或有機 OneSubsea 一樣高的 EBITDA。我們預計將繼續增加這一利潤，並從長遠來看，繼續在這一水平及更高水平上增加。在海底領域，我們將從第三年起透過這家 OneSubsea 合資企業籌集 1 億美元的資金。

So all in all, I believe that the element of our Production System portfolio are set to continue to not only grow but also have incremental margin going forward. Hence, we expect the journey of margin expansion to continue next year and beyond. And the JV will be accretive to this.

總而言之，我相信我們的生產系統產品組合不僅將繼續成長，而且未來的利潤率也會不斷增加。因此，我們預計明年及以後利潤率擴張的旅程將繼續。合資企業將對此起到促進作用。

Got it. And then turning to North America. A couple of years ago, you tilted your sales model towards more product sales and fewer boots on the ground. But now we're going through a wave of consolidation amongst your customers. We're seeing more privates taken out and now potentially a wave of larger mergers. How does that impact your strategy in North America?

知道了。然後轉向北美。幾年前，您將銷售模式轉向更多的產品銷售和更少的實際操作。但現在我們正在經歷一場客戶整合浪潮。我們看到越來越多的私人企業被淘汰，現在可能會出現一波更大規模的合併浪潮。這對您在北美的策略有何影響？

I think we have been very satisfied with the onset of our strategy and the deployment of strategy as we initiated it 4 years ago. I think it had turned out to be both appealing to the adoption of our technology products through partners, through this fit-for-basin and tech access model as well as our focused technology and focused fit-for-basin offering has been resonating with large public integrated company that have adopted our technology for performance purpose.

我認為我們對四年前啟動的策略的啟動和部署感到非常滿意。我認為，透過這種適合盆地和技術訪問的模式，事實證明，這不僅吸引了合作夥伴採用我們的技術產品，而且我們專注的技術和專注的適合盆地的產品已經引起了大型企業的共鳴。出於性能目的而採用我們的技術的公共綜合公司。

As the market mature and as some consolidation will happen, we still believe that our technology performance, including what impacts recovery, digital will continue to resonate very well and will continue to be adopted very well by our customers. So we have an excellent exposure at this point to the public and integrated company. And I think this consolidation will give us opportunity to further showcase our technology, showcase our digital, showcase our fit-for-basin across both Production System and drilling in Well Construction in particular.

隨著市場的成熟和一些整合的發生，我們仍然相信我們的技術性能，包括影響復甦的因素，數位化將繼續產生良好的共鳴，並將繼續被我們的客戶很好地採用。因此，我們目前對上市公司和綜合公司有很好的曝光度。我認為這種整合將使我們有機會進一步展示我們的技術，展示我們的數位化，展示我們在生產系統和鑽井領域的適用性，特別是在建井方面。

And let's not forget that CCUS is a new exploration world in NAM. This is also playing a critical role to our growth through sour performance and the evaluation portfolio, if not digital in that context. So we will continue to use tech access and fit-for-basin to be agile in this market to respond to the privates that are set to come back next year. and at the same time, continue to engage with a larger customer and the customers that are at the top of our portfolio through technology and integration capabilities. So we believe we are set for success in this new mature market in NAM.

我們不要忘記 CCUS 是 NAM 中的一個新的探索世界。即使在這種情況下不是數位化的，這也透過糟糕的業績和評估組合對我們的成長發揮關鍵作用。因此，我們將繼續利用技術存取和適合盆地的方式在這個市場上保持敏捷，以應對明年回歸的私人客戶。同時，繼續透過技術和整合能力與更大的客戶和我們產品組合中最重要的客戶進行合作。因此，我們相信我們已經準備好在北美這個新的成熟市場中取得成功。

Next, we move on to Arun Jayaram with JPMorgan Chase.

接下來，我們將與摩根大通一起前往 Arun Jayaram。

I was wondering, Olivier, if you and Stephane could elaborate on kind of the margin performance in the core. In particular, you commented about pricing gains, particularly in Reservoir Performance. If you could highlight what you're seeing on pricing. And excluding, obviously, the impact from the close of the OneSubsea JV, would you expect similar margin expansion in the fourth quarter on a -- for the legacy SLB?

我想知道，奧利維爾，你和史蒂芬是否可以詳細說明核心的利潤表現。特別是，您評論了定價收益，特別是在油藏性能方面。如果您能強調一下您在定價方面看到的內容。顯然，排除 OneSubsea 合資企業關閉的影響，您是否預計傳統 SLB 第四季的利潤率會出現類似的成長？

So let me start. I will let Stephane comment on the margin because I believe he provided some remarks to that effect. First, I believe that the core is benefiting from 3 things, in my opinion. It benefits from differentiated performance in the eyes of the customer, and hence, is benefiting by this -- creating an opportunity to secure market position and commands a pricing premium or favorable commercial terms to support this performance. Performance is recognized. Performance is critical in all projects, but particularly in deepwater environment and is something that differentiates us and it's being recognized. So performance is a key factor.

那麼就讓我開始吧。我會讓史蒂芬在邊緣發表評論，因為我相信他為此提供了一些評論。首先，我認為核心受益於三件事。它受益於客戶眼中的差異化性能，因此也從中受益——創造機會來確保市場地位，並要求定價溢價或有利的商業條款來支持這種性能。表現得到認可。性能對於所有項目都至關重要，尤其是在深水環境中，它是我們的獨特之處，並且得到了認可。所以性能是關鍵因素。

The second, I believe, is technology. Technology adoption has been accelerating. I think the target and the basket of technology we have set this year, including the transition technology where we set a target for $1 billion for the year has already been achieved year-to-date. And hence, we see technology adoption as being unique in this environment, has differentiated again on performance and differentiated on creating insight and features and differentiate the value for customer and being recognized. And that is accretive to the margin and that drives our margin in the core.

我認為第二個是技術。技術的採用一直在加速。我認為我們今年設定的目標和一攬子技術，包括我們設定的今年目標為 10 億美元的過渡技術，今年迄今已經實現了。因此，我們認為技術採用在這種環境中是獨一無二的，在性能上再次實現差異化，在創建洞察力和功能上實現差異化，並為客戶提供差異化價值並獲得認可。這會增加利潤，並推動我們的核心利潤。

Finally, integration, and I'll put digital into this. The ability to intertwine and add digital capability to our integration has delivered value. And you see that Well Construction is benefiting from high level margin that are very much helped by integration and digital as well as performance.

最後是整合，我將把數位化融入其中。將數位能力交織在一起並添加到我們的整合中的能力已經創造了價值。您會看到，Well Construction 受益於高水準的利潤，這在整合、數位化以及性能的幫助下得到了很大幫助。

Back to Reservoir Performance. Reservoir Performance had a very strong quarter on the back of Reservoir Performance evaluation, which is used in exploration appraisal particularly, where our differentiated technology portfolio has, again, been recognized with a premium. So that is what we are benefiting from. Technology, performance and integration with digital are driving a differentiated value proposition recognized with a pricing premium with our customers.

回到油藏性能。油藏表現在油藏表現評估的支持下取得了非常強勁的季度表現，該評估特別用於勘探評估，我們的差異化技術組合再次獲得了溢價認可。這就是我們從中受益的地方。技術、性能以及與數位化的整合正在推動差異化的價值主張，並以溢價贏得客戶的認可。

And relating to margins, Arun, for Q4. Yes, we do expect excluding the effect of the Aker subsea contribution to continue expanding margins. Particularly the digital and integration margins will definitely improve from accretive year-end digital sales, so that will clearly be a tailwind. And then we'll have probably improved margins, I'd say, across the other divisions, particularly in Production Systems where we have typically year-end sales that bring good incrementals. So yes, continuous margin expansion, excluding the JV in Q4.

關於第四季的利潤率，阿倫。是的，我們確實預期排除阿克海底貢獻的影響將繼續擴大利潤率。特別是數位和整合利潤肯定會因年終數位銷售的成長而提高，因此這顯然將是一個順風車。然後我們可能會提高其他部門的利潤率，特別是在生產系統中，我們通常在年終銷售中帶來良好的增量。所以，是的，利潤率持續擴張，不包括第四季的合資企業。

And you could expect this to carry on in 2024 as we believe the attributes of differentiation, as I outlined before, and the favorable environment which we are operating partly internationally will continue to support margin expansion for the core.

您可以預期這種情況將在 2024 年繼續下去，因為我們相信，正如我之前概述的那樣，差異化的屬性以及我們部分國際化運營的有利環境將繼續支持核心業務的利潤率擴張。

Great. My follow-up, Stephane, $1 billion of free cash flow generation in 3Q. Any thoughts on what could impact free cash flow in 4Q, just given working capital and just the OneSubsea JV? Just any things to flag?

偉大的。我的後續行動，Stephane，第三季產生了 10 億美元的自由現金流。在考慮到營運資金和 OneSubsea 合資企業的情況下，您對可能影響第四季度的自由現金流有何想法？只是有什麼要標記的嗎？

Sure, sure. So first, we are actually quite pleased with our free cash flow performance so far this year. It's indeed the second quarter in a row where we generate about $1 billion free cash flow. And it's really a combination, of course, of higher EBITDA, but also discipline in capital investments and an improved working capital performance quarter after quarter.

一定一定。首先，我們實際上對今年迄今的自由現金流表現非常滿意。這確實是我們連續第二季產生約 10 億美元的自由現金流。當然，這實際上是更高的 EBITDA、資本投資紀律和逐季改善的營運資本績效的結合。

So relating to Q4, we typically see a strong end of the year as it relates to free cash flow. So we are hoping that it will be the case this year as well. There are always moving targets based on customer collections. It's the main variability. But in general, we expect a strong free cash flow performance as we close the year.

因此，就第四季度而言，我們通常會看到年底的強勁表現，因為它與自由現金流有關。所以我們希望今年也能如此。總是有基於客戶集合的移動目標。這是主要的變化。但總的來說，我們預計年底時自由現金流表現強勁。

Next, we move on to Marc Bianchi with TD Cowen.

接下來，我們轉向 Marc Bianchi 和 TD Cowen。

You previously discussed an expectation for directionally $1.5 billion of EBITDA improvement in 2024. I'm curious what the underlying assumption for the JV is here, just so we can get a sense of how it's doing versus the -- what appears to be the fourth quarter run rate here.

您之前討論過 2024 年 EBITDA 定向改善 15 億美元的預期。我很好奇這家合資企業的基本假設是什麼，這樣我們就可以了解它與第四個項目相比的表現如何季度運行率在這裡。

I don't think we'll, at this point, comment specifically on -- next year, I think it's -- directionally, I think it's an indication that we gave. I think the market, as it stands today, we have under a scenario of international growth momentum and also North America coming to a year-on-year growth activity, I think we see a scenario by which indeed this guidance we gave on this scenario we outlined will materialize.

我認為我們現在不會具體評論——明年，我認為是——方向性的，我認為這是我們給出的一個跡象。我認為，就目前的市場情況而言，我們處於國際增長勢頭以及北美出現同比增長活動的情況下，我認為我們看到了一種情況，我們確實對此情況給出了指導我們概述的將會實現。

But I will not go into the detail at this point until our Q4 conference call in January and until we have time to triangulate some of our expectations with the customer engagement. We will come back with more detail, including the contribution we expect for the JV subsea at that time.

但我現在不會詳細介紹這一點，直到我們在一月份的第四季度電話會議之前，直到我們有時間對客戶參與度的一些期望進行三角測量。我們將在回來時提供更多細節，包括我們當時對合資海底合資企業的預期貢獻。

Okay. Another question on offshore but specifically related to exploration. I think you earlier said that you expect 20% type growth in '23. I'm curious how that's playing out. And then can you remind us how large exploration is for SLB?

好的。另一個關於近海但與勘探特別相關的問題。我想您之前說過您預計 23 年將實現 20% 的成長。我很好奇事情進展如何。那麼您能否提醒我們SLB的勘探規模有多大？

We don't comment on exploration because exploration, I think, as a subset of market segmentation, touch many aspects, I think, primarily Reservoir Performance, but also digital, some of them are integration and obviously, some components of some PS and Well Construction. So all in all, we believe that the exploration appraisal market has been aligned with the international growth this year and I think has been an element of offshore momentum that has been set this year.

我們不對勘探發表評論，因為勘探，我認為，作為市場細分的一個子集，涉及很多方面，我認為，主要是油藏性能，但也是數位化的，其中一些是集成的，顯然，一些PS 和Well 的某些組件建造。總而言之，我們認為勘探評估市場與今年的國際成長保持一致，我認為這是今年海上勢頭的一個要素。

I think the results of -- and margin that we have seen from the performance are very much a reflection of that success. We are seeing success as well in our digital sales when it relates to data exploration. And we are seeing that the campaign of appraisal that had been -- is made around Africa, particularly continuing to be sustained and in the search of confirming these finds and to develop FID in '24, '25.

我認為我們從業績中看到的結果和利潤在很大程度上反映了這一成功。當涉及數據探索時，我們在數位銷售方面也取得了成功。我們看到，評估活動在非洲各地展開，特別是繼續持續下去，尋求確認這些發現並在 24 年、25 年制定最終投資決定。

So we are positive about the exploration. We don't see a setback for customers on exploration, and we see that the breadth of exploration appraisal in offshore and in onshore market is much higher than it was a couple of years ago. It touched many geographies and basins from Southeast Asia to obviously, Middle East, Africa and North and South America. It's very broad and that is what I think is quite unique in this cycle.

所以我們對探索持正面態度。我們沒有看到客戶在勘探方面遇到挫折，而且我們看到海上和陸上市場勘探評估的廣度比幾年前要高得多。它涉及許多地區和盆地，從東南亞到中東、非洲以及北美和南美。它非常廣泛，我認為這在這個週期中是非常獨特的。

Our next question is from Luke Lemoine with Piper Sandler.

我們的下一個問題來自 Luke Lemoine 和 Piper Sandler。

Olivier, you've -- the enhanced capabilities of the new OneSubsea. And maybe to fine-tune it a bit more, could you talk about what you'd like to achieve on a commercial basis and maybe qualitatively on an operational level within the first year and maybe the next few years as well?

Olivier，您已經獲得了新 OneSubsea 的增強功能。也許為了對其進行更多的微調，您能否談談您希望在第一年甚至未來幾年內在商業基礎上實現什麼，或者在營運層面上實現什麼品質？

First and foremost is to continue to satisfy it fully, the customer base and the backlog that we have, respectively, from Aker Solutions, from the organic OneSubsea secured in the last 18 months. And I think execution will be the first priority, first and foremost, to make sure the performance by joining team would not be affected. And I think we have been reassured from the engagement that our team that this is the case.

首先也是最重要的是繼續充分滿足我們在過去 18 個月中分別從 Aker Solutions 和 OneSubsea 獲得的客戶群和積壓訂單。而且我認為執行力是第一要務，首先要確保加入團隊後的表現不會受到影響。我認為我們的團隊的參與讓我們對這種情況感到放心。

I think next, I believe that what we want to achieve is to demonstrate for every customers that we have in the portfolio today, that the combination of our engineering, new technology portfolio, a broader portfolio and integration capability that SLB brings with Subsea7 and the rest of the SLB portfolio is differentiated and will add value to all the backlog that we have.

我認為下一步，我相信我們想要實現的是向我們今天產品組合中的每一位客戶展示我們的工程、新技術產品組合、SLB 與Subsea7 帶來的更廣泛的產品組合和集成能力的結合以及SLB 產品組合的其餘部分具有差異化，將為我們所有的積壓訂單增加價值。

And third and maybe the most interesting and the most exciting part that we are seeing is that customer at the onset of this announcement have come to us for asking partnership to be explored so that we can unlock economics, we can unlock recovery, and we can accelerate the path to decarbonization of deepwater operation to you by the combining and using and leveraging the full portfolio we have.

第三，也許是我們看到的最有趣和最令人興奮的部分是，在本公告一開始，客戶就來找我們尋求合作夥伴關係，以便我們可以釋放經濟，我們可以釋放復甦，我們可以透過結合、使用並利用我們擁有的完整產品組合，加速您深水作業的脫碳之路。

So I would say performance and execution. I would say, sell up and integration capability for technology. And finally, this partnership model that I believe will be defining the new era for subsea.

所以我想說的是性能和執行力。我想說的是，科技的銷售和整合能力。最後，我相信這種合作模式將定義海底新時代。

Next, we go to Neil Mehta with Goldman Sachs.

接下來，我們請教高盛的尼爾梅塔。

I had a couple of geography questions. The first is around North America, recognizing it's a smaller part of the growth driver of the business. But what are you seeing real time in this market? And do you think we're in a bottoming phase as we move into 2024?

我有幾個地理問題。第一個是北美地區，我們意識到它只是業務成長動力的一小部分。但您在這個市場上實時看到了什麼？進入 2024 年，您認為我們是否處於觸底階段？

Yes. Great question, Neil. I think indeed, our hypothesis for the way forward and more here, specific -- discuss the U.S. land activity. The hypothesis we have is that by the combination of the gas price, creating a little bit of a pull on supply and a pull on activity on gas as well as the favorable oil commodity price. We create a pull on the private -- E&P privates coming back into this market, the magnitude of which is, at this point, difficult to judge.

是的。好問題，尼爾。我認為確實，我們對前進方向的假設更具體，討論美國的土地活動。我們的假設是，透過天然氣價格的結合，對供應和天然氣活動以及有利的石油商品價格產生了一定的拉動。我們對私人企業－勘探與生產私人企業重返這個市場產生了吸引力，其規模目前很難判斷。

And I think there are plenty of scenarios and it will be a little bit of the swing factor, more opinion in the 2024 planning. Yes, we believe that the trough is beyond us so it's about, at this point, and we see incremental from H2 of this year in the U.S. market going forward, our biggest incremental gain. We will come back to that as we guide 2024.

我認為有很多場景，這將是一些搖擺因素，2024 年規劃中有更多意見。是的，我們相信低谷已經超出了我們的範圍，所以在這一點上，我們看到美國市場今年下半年的增量將是我們最大的增量收益。我們將在 2024 年指導時再次討論這一點。

When it comes to North America offshore, I think here from Canada to Gulf of Mexico, we see a robust and steady activity going forward. And we see that will continue to benefit to our exposure, and the OneSubsea JV will continue to magnify this where we have opportunity to do so. And we are very satisfied with our performance there. So I believe that the activity and the outlook is, if anything, steady and has a potential for upside in 2024.

當談到北美近海時，我認為從加拿大到墨西哥灣，我們看到未來的活動強勁而穩定。我們認為這將繼續有利於我們的曝光度，而 OneSubsea 合資企業將在我們有機會的情況下繼續擴大這一點。我們對我們在那裡的表現非常滿意。因此，我相信活動和前景（如果有的話）是穩定的，並且在 2024 年有上漲的潛力。

And then just a follow-up is on Russia. You put out a release a couple of months ago talking about how you continue to wind down the business, and our expectation is that's going to go to 0 here. But just any update on where you stand there and any color you can give to the market?

接下來就是俄羅斯的後續行動。幾個月前，您發布了一份新聞稿，談論如何繼續縮減業務，我們的預期是，這裡的數字將降至 0。但只是關於你的立場的任何更新以及你可以向市場提供的任何顏色嗎？

As you could find in today's [3Q] document, that we are releasing -- Russia revenue percent approximately 5% of our consolidated revenue year-to-date. And we expect it indeed to decline as a percentage but not to 0 in 2024. And any guidance that we provide will always include the Russia effect and how we anticipate this to happen. This has always been built in our model and does not impact our financial guidance, as I said. And I remind you that we continue to ensure that our remaining presence in Russia meets and exceeds all international sanctions.

正如您在今天的 [3Q] 文件中可以找到的那樣，我們發布的俄羅斯收入約占我們年初至今合併收入的 5%。我們預計到 2024 年，這一百分比確實會下降，但不會降至 0。我們提供的任何指導將始終包括俄羅斯效應以及我們預計這種情況如何發生。正如我所說，這一直是我們模型的一部分，不會影響我們的財務指導。我提醒大家，我們將繼續確保我們在俄羅斯的剩餘存在符合並超過所有國際制裁。

Lea, do we have any further calls on the line?

莉亞，我們還有其他電話嗎？

Yes, Mr. Kurt Hallead with Benchmark.

是的，Benchmark 的 Kurt Hallad 先生。

Olivier, I'm kind of curious, just this week, it looks like the U.S. has agreed to lift sanctions on the export of Venezuelan oil products. I know that Venezuela had been a very -- fairly large market for Schlumberger prior to the sanction dynamics, and I think you guys have maintained a presence there. So just kind of curious as to what you think the opportunity could be once the sanctions are lifted in terms of providing incremental revenue growth.

奧利維爾，我有點好奇，就在本週，美國似乎同意解除對委內瑞拉石油產品出口的製裁。我知道在製裁之前，委內瑞拉對斯倫貝謝來說是一個非常相當大的市場，我認為你們一直在那裡保持存在。因此，我有點好奇，一旦制裁解除，您認為在提供增量收入成長方面可能會有什麼機會。

I think it's early stage. I don't think it's -- it will be appropriate to comment on the size of the opportunity. But surely, I think we have that historically, very strong track record and set of capability in country that have been dormant since we had to shut down the operation. But as soon as and we get support from our partners and customers into this, we will be responding and as fast as we can with mobilizing resources and equipment that is over there to respond and participate to this opening. But it's too early to say, and it's too early to give a guidance of any thoughts on the impact it will have, but its potential and its upside, if it comes, indeed.

我認為現在還處於早期階段。我認為對機會的大小發表評論是不合適的。但可以肯定的是，我認為我們在歷史上擁有非常強大的記錄和能力，自從我們不得不關閉業務以來，這些記錄和能力一直處於休眠狀態。但是，一旦我們得到合作夥伴和客戶的支持，我們將盡快做出回應，動員那裡的資源和設備來回應和參與這項開放。但現在下結論還為時過早，現在就其影響提供指導還為時過早，但它的潛力和好處（如果它確實到來的話）。

That's great. And I've got a follow-up. Just I know you referenced you expect digital revenue to grow to be about $3 billion by 2025. Just kind of curious as to what contribution you think AI will have in that growth and whether or not the adoption rate of AI among your customer base gives you even greater conviction of getting to that level.

那太棒了。我還有後續行動。我只知道您提到您預計到2025 年數位收入將成長到約30 億美元。只是有點好奇您認為人工智慧將在這一成長中做出什麼貢獻，以及您的客戶群中人工智慧的採用率是否會為您帶來好處更加堅定了達到這一水平的信念。

Yes, indeed. I think for making sure that we are all aligned, we quoted that we expect the revenue of digital to double from '21 to '25 and to reach approximately $3 billion by '25. And indeed, very much a component of what we call the new technology, digital portfolio includes our ability to unlock data insights through AI, the ability to create and imagine new workflow to AI into geo science and to support a key element of digital operations like autonomous drilling through AI.

確實是的。我認為，為了確保我們都一致，我們預計數位收入將從 21 年到 25 年翻一番，到 25 年達到約 30 億美元。事實上，數位產品組合在很大程度上是我們所說的新技術的組成部分，包括我們透過人工智慧解鎖數據洞察的能力、創建和想像人工智慧進入地球科學的新工作流程的能力以及支援數位營運的關鍵要素的能力，例如透過人工智慧進行自主鑽井。

And you will see very soon some announcement of industry firsts that have used automation and AI to enable this automation, to enable these new insights. So we are very positive about what AI can bring to this. We have a unique capability. We have domain AI capability embedded into our platform. We have better IQ as a partner, with ready-to-go portfolio of routines and AI capability that have been recognized as best-in-class and allowing our customers to rapidly unlock and use AI and scale AI into their application.

您很快就會看到一些行業首創的公告，這些行業首創使用自動化和人工智慧來實現自動化，從而實現這些新的見解。因此，我們對人工智慧為此帶來的影響非常樂觀。我們擁有獨特的能力。我們的平台中嵌入了領域人工智慧功能。作為合作夥伴，我們擁有更好的智商，擁有現成的例程組合和人工智慧功能，這些功能被公認為是同類最佳的，使我們的客戶能夠快速解鎖和使用人工智慧，並將人工智慧擴展到他們的應用程式。

And we have, for the last 1.5 years, launched our INNOVATION FACTORI which are labs that we use to collaborate for customers, and we have 6 of them across the globe, where we collaborate. And we have more than 100 projects already achieved with our customers through this INNOVATION FACTORI. So a great pickup, and you may have seen during at APEC, we announced an AI project that we have released with our partners in the Emirates to support AIQ capability with ADNOC.

在過去的 1.5 年裡，我們推出了創新工廠，這些實驗室是我們用來與客戶合作的實驗室，我們在全球有 6 個實驗室合作。透過這個創新工廠，我們已經與客戶合作完成了 100 多個專案。這是一個偉大的進步，您可能在 APEC 期間看到了，我們宣布了一個人工智慧項目，我們與阿聯酋的合作夥伴一起發布了該項目，以支援 ADNOC 的 AIQ 功能。

So it's all over the place. It's in geo science, it's in planning, and it's an execution in digital operations towards Schlumberger's operations. So it's picking up, and it would indeed hopefully contribute and give us that opportunity in 2025.

所以到處都是。它涉及地球科學、規劃以及斯倫貝謝營運數位化營運的執行。所以它正在回升，它確實有望做出貢獻，並在 2025 年為我們提供這樣的機會。

Our last question will come from Roger Read with Wells Fargo.

我們的最後一個問題將來自富國銀行的羅傑·里德。

I'd like to come to it from a margin standpoint. I mean, your margins are pretty fantastic here for certainly where we are in the cycle and everything like that. When we look back to the up cycle and there's still a ton of room to go. And I recognize this question may be premature relative to maybe an update when we're really looking more at '24, but what do you see as things that could lift margins from here? What do you see as things that would restrain margins from reaching sort of max levels? Or what would we need to see in the market fundamentals to make a significant uplift from margins here?

我想從利潤的角度來談這個問題。我的意思是，對於我們所處的周期以及類似的情況來說，你們的利潤率非常好。當我們回顧上升週期時，仍然還有很大的空間。我認識到，當我們真正更多地關注 24 世紀時，相對於更新而言，這個問題可能還為時過早，但您認為什麼可以提高利潤率？您認為哪些因素會限制利潤率達到最高水準？或者我們需要在市場基本面中看到什麼才能大幅提高利潤率？

I don't want to, first, put a ceiling on the max, on the margin we can achieve. I think the future and the market outlook will depict that. But most importantly, our ability to execute, to continue to execute on our performance strategy will continue to define our ability to capture, enhance our margin, whatever the market conditions are. And I think this is what we have been achieving for the last 4 years.

首先，我不想為我們可以實現的最大限度設定上限。我認為未來和市場前景將描述這一點。但最重要的是，無論市場條件為何，我們執行、持續執行績效策略的能力將繼續決定我們獲取、提高利潤的能力。我認為這就是我們過去 4 年所取得的成就。

And I think, again, technology differentiation, integration capability, augmented by digital and performance on everything we deliver is what is getting our customers to trust us to give us premium and give us favorable commercial commission and further growth potential by better share of their business allocation. So I think, again, we initiated and we telegraphed fairly well 3 years ago that we'll be initiating a margin expansion journey. We have been on that journey for the last 3 years from the trough of 2020. We committed to expand. And I think we have delivered upon this commitment.

我再次認為，技術差異化、整合能力，以及我們提供的所有產品的數位化和性能增強，使我們的客戶相信我們能夠為我們提供溢價，並透過更好地分享他們的業務，為我們帶來有利的商業佣金和進一步的成長潛力。分配。因此，我認為，我們在三年前就已經啟動並明確表示我們將啟動利潤擴張之旅。從 2020 年的低谷開始，我們在過去 3 年裡一直在這段旅程中。我們致力於擴張。我認為我們已經兌現了這項承諾。

Some of you were looking forward to see when we will cross the 25%. Some scenario, we are putting this in 2025. We said we would likely be able to cross this before. It came slightly ahead of our expectation because I think I'm impressed by what our team is able to deliver. And yes, the market conditions are favorable, but we expect that the breadth, duration and the resiliency of the cycle will continue.

你們中的一些人期待著我們何時能夠突破 25%。在某些情況下，我們將其推遲到 2025 年。我們之前說過我們很可能能夠跨越這一目標。它稍微超出了我們的預期，因為我認為我們團隊能夠交付的成果給我留下了深刻的印象。是的，市場條件有利，但我們預期週期的廣度、持續時間和彈性將持續下去。

The effect of Middle East and offshore will continue to give us a favorable backdrop so that this strategy will continue to support margin expansion. So that's our belief. And again, I don't want to put a ceiling, I don't want to put a max, but I will continue to push my team to continue to extract the best and seize the cycle, as we say.

中東和離岸的影響將繼續為我們提供有利的背景，使該策略將繼續支持利潤率擴張。這就是我們的信念。再說一次，我不想設定上限，我不想設定上限，但我將繼續推動我的團隊繼續提取最好的並抓住循環，正如我們所說的。

Sounds good. Good luck with everything.

聽起來不錯。祝一切順利。

And I will turn the conference back over to the Schlumberger management team for closing remarks.

我將把會議轉回斯倫貝謝管理團隊進行閉幕致詞。

Thank you, Lea. Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways. First, the ongoing oil and gas cycle continues to display the unique attributes of breadth, resilience and durability that are closely align with our business strategy. In this environment, unparalleled offerings in our core, our ability to enhance value through digital and our investments in New Energy have us positioned to win both today and tomorrow.

謝謝你，莉亞。女士們、先生們，在我們結束今天的電話會議時，我想向你們傳達以下要點。首先，目前的石油和天然氣循環繼續展現出廣度、彈性和持久性的獨特屬性，這與我們的業務策略密切相關。在這種環境下，我們的核心產品無與倫比，我們透過數位化提升價值的能力以及我們對新能源的投資使我們能夠贏得今天和明天。

Second, our international reach continued to drive our financial performance. As investment momentum has shifted internationally and offshore, our business is well positioned for sustained growth and will be further supported by our OneSubsea joint venture.

其次，我們的國際影響力持續推動我們的財務表現。隨著投資勢頭轉向國際和海外，我們的業務已做好持續成長的準備，並將得到我們 OneSubsea 合資企業的進一步支持。

Third, after posting an impressive 9-month year-to-date performance and with visibility into the fourth quarter and 2024, we remain confident in our full year and through-cycle financial targets.

第三，在公佈了年初至今 9 個月的令人印象深刻的業績並展望第四季度和 2024 年之後，我們對全年和整個週期的財務目標仍然充滿信心。

This is an exciting time for the energy industry, and SLB is ideally positioned for success across all time horizons. This is an excellent environment to continue delivering value to our shareholders. I remain fully confident in our strategy and look forward to another successful quarter and close to the year.

對於能源產業來說，這是一個令人興奮的時刻，而 SLB 處於所有時間範圍內取得成功的理想位置。這是一個繼續為股東創造價值的絕佳環境。我對我們的策略仍然充滿信心，並期待著另一個成功的季度和臨近的一年。

With that, we'll conclude our call this morning. Thank you, and good day, everyone.

至此，我們將結束今天早上的通話。謝謝大家，祝大家有美好的一天。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。