斯倫貝謝公司 (SLB) 2025 Q3 法說會逐字稿

Good morning. My name is Meghan and I'll be your conference operator today. I would like to welcome everyone to the third-quarter SLB earnings call. (Operator Instructions)

早安.我叫梅根，今天將擔任你們的會議接線生。歡迎各位參加 SLB 第三季財報電話會議。（操作說明）

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

再次提醒，本次通話正在錄音。現在我將把電話交給投資者關係和行業事務高級副總裁詹姆斯·R·麥克唐納。請繼續。

Thank you, Meghan. Good morning, and welcome to the SLB third-quarter 2025 earnings conference call. Today's call is being hosted from Houston 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，梅根。早安，歡迎參加 SLB 2025 年第三季財報電話會議。今天的電話會議是在休士頓舉行的，此前我們在本週稍早召開了董事會會議。參加本次電話會議的有執行長 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 our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings, which can be found on our website.

在開始之前，我想提醒各位參與者，我們今天將要發表的一些聲明是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的實際結果與這些聲明中預測的結果有重大差異。更多資訊請參閱我們最新的 10-K 文件和其他提交給美國證券交易委員會的文件，這些文件可以在我們的網站上找到。

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

我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的第三季財報新聞稿。

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

接下來，我將把電話交給奧利維爾。

Thank you, James. Ladies and gentlemen, thank you for joining us on the call.

謝謝你，詹姆斯。女士們、先生們，感謝各位參加本次電話會議。

I'll begin today by discussing our third-quarter performance, then I will describe the near-term outlook for oil and gas markets. And finally, I will share our guidance for the fourth quarter. Stephane will then provide more details on our financial results and the structure of our new Digital division. After that, we'll open the line for your questions.

今天我將首先討論我們第三季的業績，然後描述石油和天然氣市場的近期前景。最後，我將分享我們對第四季的預期。接下來，Stephane 將詳細介紹我們的財務表現和新成立的數位部門的架構。之後，我們將開放提問通道。

Let's begin. Our third quarter unfolded in line with expectations as we achieved sequential revenue growth driven by the addition of two months of activity from ChampionX, our Digital business, and the resilient performance of our Core.

我們開始吧。第三季業績符合預期，我們實現了環比收入成長，這得益於 ChampionX（我們的數位業務）兩個月的業務成長以及我們核心業務的穩健表現。

In the international markets, revenue rose 1% sequentially, with notable increases in several countries across the Middle East and Asia. Across this region, sequential growth was seen in Iraq, the United Arab Emirates, Oman, Egypt, China, East Asia, Indonesia, Australia, and India, alongside broader improvement in offshore activity across Guyana, Sub-Saharan Africa, and Scandinavia.

在國際市場，營收季增 1%，其中中東和亞洲多個國家的營收成長尤為顯著。在這一地區，伊拉克、阿拉伯聯合大公國、阿曼、埃及、中國、東亞、印尼、澳洲和印度均實現了連續成長，同時圭亞那、撒哈拉以南非洲和斯堪的納維亞半島的離岸活動也普遍改善。

Meanwhile, revenue in North America grew 17% sequentially. This was driven mainly by the contribution of ChampionX, followed by higher offshore activity, which more than offset a decline in US land activity as US shale operators focus on further efficiency gains and cash preservation during the quarter.

同時，北美地區的營收則是月增了17%。這主要得益於 ChampionX 的貢獻，其次是海上活動的增加，這足以抵消美國陸上活動的下降，因為美國頁岩油營運商在本季度專注於進一步提高效率和保留現金。

We also experienced strong growth in our data center solution business, extending our reach with hyperscalers to a new market for SLB. This quarter marks the first time we have disclosed our data center revenue, which has more than doubled year on year. Looking ahead, we foresee expansion beyond the US, along with the onboarding of new customers.

我們的資料中心解決方案業務也實現了強勁成長，將我們的業務範圍從超大規模資料中心擴展到了 SLB 的新市場。本季是我們首次揭露資料中心收入，該收入年增超過一倍。展望未來，我們預期業務將拓展到美國以外的地區，並吸引更多新客戶。

Next, let me discuss the performance of our divisions. I'll begin with Digital. This is the first quarter we are reporting Digital as a standalone division. As you have seen in our release this morning, our Digital business is comprised of four categories where SLB offers solutions that help unlock productivity for geoscientists and engineers, drive a step change in efficiency and safety in operations, and help our customers in delivering better wells and higher producing assets. The solutions embedded in Platform & Applications, Digital Operations, Digital Exploration, and Professional Services, each of which Stephane will describe in more detail a little later in this morning's call.

接下來，我將談談我們各部門的表現。我先從數位領域說起。這是我們首次將數位業務作為一個獨立部門進行季度報告。正如您今天早上在我們的新聞稿中所看到的，我們的數位業務由四大類組成，SLB 提供的解決方案可以幫助地球科學家和工程師提高生產力，推動營運效率和安全性的飛躍，並幫助我們的客戶交付更好的油井和更高產量的資產。平台與應用、數位營運、數位探索和專業服務中嵌入的解決方案，Stephane 將在今天上午的電話會議中更詳細地介紹這些解決方案。

Specific to the third quarter, Digital revenue increased 11% sequentially. This was driven by a 39% increase in Digital Operations, which enables digital services and automation capabilities, augmenting our offering from our Core divisions. Of note, automated drilling footage increased by more than 50% year on year. This was also supported by the addition of new connected assets from ChampionX.

第三季度，數位業務收入較上季成長11%。這主要得益於數位營運成長了 39%，從而實現了數位服務和自動化能力，增強了我們核心部門的產品。值得注意的是，自動化鑽井進尺年增超過 50%。ChampionX 新增的互聯資產也為此提供了支援。

Following the integration, we now have a combined total of more than 20,000 connected assets deployed in the field, providing additional digital insights and optimization for our customers. One of the reasons digital operations is such an exciting growth is because it presents the opportunity to enhance every service and piece of equipment that we deliver by embedding digital capabilities that enhance performance and unlock the power of autonomous operations — creating an adjacent and fast-growing digital market that strengthens our Core offering.

整合完成後，我們現在在現場部署了超過 20,000 個連網資產，為我們的客戶提供了額外的數位洞察和最佳化。數位營運之所以如此令人興奮地成長，其中一個原因是它提供了一個機會，可以透過嵌入數位功能來增強我們提供的每一項服務和每一件設備，從而提高性能並釋放自主運營的力量——創建一個相鄰且快速增長的數位市場，從而加強我們的核心產品。

In the earnings release published this morning, you will have seen a broad range of examples of Platform & Applications being adopted by customers across all basins, customer types, and life cycles. These examples demonstrate global reach of our digital brand, the impact of our platform strategy and the emergence of AI as a transformative force in our industry.

在今天早上發布的收益報告中，您將看到平台和應用程式被各個流域、各種客戶類型和各個生命週期的客戶廣泛採用的案例。這些例子顯示了我們數位品牌的全球影響力、我們平台策略的影響以及人工智慧作為我們產業變革力量的出現。

This quarter, for example, we secured key contract awards for our OptiSite™ production suite, which enables customers to process comprehensive data streams through cloud-based applications to drive productivity and efficiency across assets and facilities in the field.

例如，本季度我們獲得了 OptiSite™ 生產套件的關鍵合同，該套件使客戶能夠透過基於雲端的應用程式處理全面的資料流，從而提高現場資產和設施的生產力和效率。

We've also announced a collaboration with AIQ to deploy its ENERGYai agentic AI solution for ADNOC, powered by SLB Lumi™ data and AI platform. These are meaningful milestones that speak to the momentum behind our Digital business, and you can expect to hear more announcements in the weeks ahead that further demonstrate the impact and scale of these solutions.

我們也宣布與 AIQ 合作，為 ADNOC 部署其 ENERGYai 智能體 AI 解決方案，該方案由 SLB Lumi™ 數據和 AI 平台提供支援。這些都是意義重大的里程碑，體現了我們數位業務的發展勢頭，未來幾週您將會聽到更多公告，進一步展示這些解決方案的影響和規模。

Turning to the financial performance of this business. We expect our Digital revenue to continue growing at a rate that visibly outperforms global upstream spending and that exceeds the growth rate of our Core business by double digits. At the same time, we expect Digital to continue delivering highly accretive margins to the company.

接下來我們來看看這家企業的財務表現。我們預計，我們的數位業務收入將繼續以明顯超過全球上游支出水準的速度成長，並且比我們核心業務的成長率高出兩位數。同時，我們預期數位化業務將繼續為公司帶來高增值利潤。

In the Core, I was very pleased with the resilient performance of this quarter, given the challenging macro environment. Excluding the impact of the ChampionX contribution, the Core divisions of Reservoir Performance, Well Construction, and Production Systems were essentially flat sequentially. This demonstrates how our global footprint and broad portfolio help us to navigate regional uncertainties and offset localized headwinds.

核心業務方面，考慮到充滿挑戰的宏觀環境，我對本季業務的穩健表現感到非常滿意。排除 ChampionX 的貢獻影響，油藏性能、油井建造和生產系統等核心部門的業績基本持平。這表明，我們的全球佈局和廣泛的產品組合如何幫助我們應對區域性的不確定性並抵消局部的不利因素。

Specific to our Production Systems division, we are already benefiting from the addition of ChampionX, which delivered revenue growth and margin contribution ahead of expectations. We are very pleased with the integration so far. And in addition to the strong delivery of the team, we continue to receive positive feedback from our customers.

具體到我們的生產系統部門，我們已經從 ChampionX 的加入中受益，其帶來的收入成長和利潤貢獻都超出預期。我們對目前的整合情況非常滿意。除了團隊的出色表現外，我們還不斷收到客戶的正面回饋。

For example, we recently delivered a combined ESP run using a ChampionX pump with an SLB induction model for a main operator in the Permian Basin. By bringing together these two best-in-class technologies, we improved performance for unconventional wells and enabled faster installation, reducing downtown, and strengthening project economics for our customer.

例如，我們最近為二疊紀盆地的一家主要營運商交付了一套採用 ChampionX 泵浦和 SLB 感應式電潛泵浦的組合式 ESP 系統。透過將這兩項一流技術結合起來，我們提高了非常規油井的性能，加快了安裝速度，減少了停機時間，並提高了客戶的專案經濟效益。

And in the Middle East, we have received several contract awards for artificial lift, well testing, and production chemical technologies that leverage the combination of SLB and ChampionX solutions and engineering capabilities.

在中東，我們獲得了多項人工舉升、油井測試和生產化學技術的合同，這些技術充分利用了 SLB 和 ChampionX 的解決方案和工程能力。

Moving forward, in the context of tighter industry economics and mounting pressure from production declines, our customers are placing greater emphasis on production and recovery solutions to unlock additional barrels at the lowest possible cost and with maximum capital efficiency. This presents an exciting growth opportunity for companies who can offer solutions and technology to optimize production and maximize recovery from maturing assets, and technology will be the key. This is where SLB has a distinct advantage and why we have made production and recovery a strategic focus for our business.

展望未來，在產業經濟狀況日益嚴峻和產量下降壓力不斷增加的背景下，我們的客戶更加重視生產和回收解決方案，以盡可能低的成本和最高的資本效率釋放更多的原油產量。對於能夠提供解決方案和技術來優化生產並最大限度地從老舊資產中回收資金的公司而言，這帶來了令人興奮的成長機會，而技術將是關鍵。這就是 SLB 的獨特優勢所在，也是為什麼我們將生產和回收作為我們業務的策略重點。

By combining our deep subsurface expertise, the industry’s broadest lift, intervention, and chemical technology portfolio, with unique integration and digital capabilities, we offer a differentiated value proposition to our customers. This offering now includes ChampionX, which brings unique technical capabilities and strong track record of customer success, from production chemicals to artificial lift, enhanced with digital capabilities.

結合我們深厚的地下專業知識、業內最廣泛的提升、幹預和化學技術組合以及獨特的整合和數位化能力，我們為客戶提供差異化的價值主張。該產品現在包含 ChampionX，它擁有獨特的技術能力和強大的客戶成功記錄，涵蓋從生產化學品到人工舉升的各個領域，並增強了數位化能力。

And we continue to develop our portfolio with strategic investments, including our recent acquisitions of RESMAN Energy Technology and Stimline Digital. Altogether, our production and recovery offering adds another level of growth to our business. With combined exposure to CapEx and OpEx spend, complementing our leadership in upstream exploration and development.

我們將繼續透過策略性投資來發展我們的投資組合，包括我們最近收購的 RESMAN Energy Technology 和 Stimline Digital。總而言之，我們的生產和回收服務為我們的業務帶來了另一個成長階段。結合資本支出和營運支出，鞏固我們在上游勘探和開發領域的領先地位。

Now turning back to our quarterly results and considering the market conditions we faced during the past few months, I'm pleased with our performance. We achieved resilient results across the Core divisions, delivering early success with ChampionX and continuing the momentum in Digital, and there are several bright spots on the horizon.

現在回到我們的季度業績，考慮到過去幾個月我們所面臨的市場狀況，我對我們的表現感到滿意。我們在核心業務部門取得了穩健的業績，ChampionX 取得了早期成功，數位業務也保持了強勁勢頭，未來還有幾個亮點值得期待。

Thank you to the entire SLB team, including our new colleagues from ChampionX for your excellent contribution this quarter.

感謝SLB團隊全體成員，包括來自ChampionX的新同事們，感謝你們在本季做出的優秀貢獻。

Next, I will discuss the ongoing macro environment and the near-term outlook for oil and gas markets. In an environment with increasingly challenging commodity prices and uncertainty on the demand-supply balance, the industry has so far proven disciplined and most long-cycle and international activity demonstrating resilience. While it is difficult to predict the exact outcome of further production increases and ongoing geopolitical developments, the fundamentals for oil and gas remain constructive.

接下來，我將討論當前的宏觀環境以及石油和天然氣市場的近期前景。在商品價格日益嚴峻、供需平衡充滿不確定性的環境下，該行業迄今為止表現出了自律精神，並且大多數長期週期性和國際性活動都展現出了韌性。儘管很難預測進一步增產和持續地緣政治發展的具體結果，但石油和天然氣的基本面仍然保持良好。

Global inventories still reside at multiyear lows and the need to offset natural production decline accounts for nearly 90% of annual upstream investment. These dynamics create a supportive environment for stable investment in near to midterm, barring a dramatic shift in commodity prices. Against this backdrop, with the exception of three to four well-known markets where activity has recessed, global activity has stabilized with many locations still on the rise.

全球庫存仍處於多年來的低位，彌補自然產量下降的需求佔上游年度投資的近 90%。除非大宗商品價格發生劇烈波動，否則這些因素將為中短期內穩定的投資創造有利環境。在此背景下，除三、四個知名市場活動有所萎縮外，全球經濟活動已趨於穩定，許多地區的經濟活動仍在成長。

To touch on international markets, many countries remain poised for investment growth tied to long-term capacity expansion plans and assurance of energy supply, particularly for gas. Notably, while OPEC+ production release are currently being filled using capacity behind the pipes, additional release will eventually require new infill drilling or new development to meet the higher supply output from these countries. This presents a positive catalyst for activity in member countries and reinforces the potential for higher activity in 2026.

談到國際市場，許多國家仍然準備進行與長期產能擴張計畫和能源供應保障（特別是天然氣供應）相關的投資成長。值得注意的是，雖然目前歐佩克+的減產是透過管道後面的產能來實現的，但要滿足這些國家更高的供應量，最終還需要新的加密鑽井或新的開發。這將對成員國的活動起到積極的推動作用，並增強 2026 年活動更加活躍的潛力。

Specific to deepwater markets, the pipeline remains very healthy with favorable economics. We expect further investments in countries across the Atlantic, supported by oil; and in Asia, driven by gas. And while short-term scheduling uncertainties have resulted in white space, particularly in Sub-Saharan Africa, we expect this to progressively disappear as there are a number of FIDs planned for 2026 and early 2027.

就深水市場而言，管道狀況依然非常良好，經濟效益可觀。我們預計在石油的推動下，將在大西洋彼岸的國家進行更多投資；在天然氣的驅動下，將在亞洲進行更多投資。雖然短期日程安排的不確定性導致了空白期，尤其是在撒哈拉以南非洲地區，但我們預計隨著2026年和2027年初計劃進行多項最終投資決定，這種情況將逐漸消失。

Meanwhile, in North America, operators continue to prioritize production maintenance as a result of commodity prices, underpinned by efficiency improvements, leading to muted activity in the near to midterm. In this context, considering current industry dynamics and commodity price environment, we believe the conditions are set, when the supply-demand rebalances, for the international markets to lead the future activity rebound, and SLB is well positioned to benefit from such an event.

同時，在北美，由於大宗商品價格上漲，加上效率提升，業者繼續優先考慮生產維護，導致中短期內活動較為低迷。在此背景下，考慮到當前的行業動態和商品價格環境，我們認為，當供需重新平衡時，國際市場將引領未來的經濟活動反彈，而SLB已做好充分準備從中受益。

Now that we have discussed the market conditions, let me describe how we see the fourth quarter unfolding for our business. We expect that we'll achieve a sequential step up in results in the fourth quarter of high single-digit topline growth as we report a full quarter of ChampionX and generate seasonally higher year-end digital and product sales. With the third-quarter results behind us, we're now in a position to consider that second half revenue will be within the midpoint of our previous guidance range of $18.2 billion to $18.8 billion.

既然我們已經討論了市場狀況，那麼讓我來描述一下我們對公司第四季業務發展的看法。我們預計，隨著 ChampionX 完整季度業績的公佈以及年底數位和產品銷售額的季節性增長，第四季度營收將實現高個位數成長，業績將逐步提升。隨著第三季業績的公佈，我們現在可以認為下半年營收將處於我們先前預測的 182 億美元至 188 億美元區間的中點。

We also expect the fourth-quarter adjusted EBITDA margin to expand 50 to 150 bps sequentially. This was driven primarily by increased earnings contribution from both Digital and Production Systems end-of-year sales, including a full quarter of ChampionX results and fully restored operations on our APS Ecuador assets.

我們也預計第四季度調整後 EBITDA 利潤率將季增 50 至 150 個基點。這主要得益於數位系統和生產系統年末銷售額的增加，包括 ChampionX 的完整季度業績以及我們在厄瓜多爾 APS 資產的全面恢復營運。

Specific to the Digital business, we expect a significant increase in the fourth quarter on seasonally higher sales across the portfolio. As a result, we believe our Digital division will be able to achieve double-digit growth year on year with EBITDA margin reaching 35% on a full-year basis.

具體到數位業務方面，我們預計第四季度將顯著成長，這主要得益於產品組合中各業務板塊季節性銷售額的成長。因此，我們相信我們的數位部門將能夠實現兩位數的年增長率，全年 EBITDA 利潤率將達到 35%。

Overall, SLB continues to demonstrate resilience in navigating the challenging market environment. And our strength in Digital, coupled with our growing presence in the production and recovery space, will expand our leadership in the sector and help us drive positive outcomes for customers.

總體而言，SLB 在應對充滿挑戰的市場環境方面繼續展現出強大的韌性。我們在數位化領域的優勢，加上我們在生產和回收領域不斷增長的影響力，將擴大我們在該領域的領導地位，並幫助我們為客戶帶來積極的成果。

I will now turn the call over to Stephane to discuss our financial results in more detail.

現在我將把電話交給史蒂芬，讓他更詳細地討論我們的財務表現。

Thank you, Olivier, and good morning, ladies and gentlemen.

謝謝你，奧利維爾，女士們、先生們，早安。

Third-quarter earnings per share, excluding charges and credits, was $0.69, which represents a decrease of $0.05 sequentially and $0.20 when compared to the third quarter of last year. We recorded $0.19 of charges during the third quarter. This includes $0.12 of merger and integration charges, largely related to the ChampionX acquisition that we closed during the quarter, as well as approximately $0.04 related to workforce reductions and $0.03 related to the impairment of an equity method investment.

第三季每股收益（不計費用和收益）為 0.69 美元，季減 0.05 美元，年減 0.20 美元。第三季我們記錄了 0.19 美元的費用。這包括 0.12 美元的合併和整合費用，主要與我們在本季完成的 ChampionX 收購有關；以及約 0.04 美元的裁員費用和 0.03 美元的權益法投資減損費用。

Overall, our third-quarter revenue of $8.9 billion increased $382 million or 4% sequentially. I recognize that there are a lot of moving pieces this quarter. So let me bridge our Q3 revenue to Q2 at a high level. $579 million of the sequential revenue increase comes from the two months of activity we recorded this quarter from the acquired ChampionX businesses.

總體而言，我們第三季的營收為 89 億美元，比上一季成長了 3.82 億美元，增幅為 4%。我知道本季有很多變數。那麼，讓我簡要地將我們第三季的營收與第二季的營收進行比較。環比成長的5.79億美元營收來自我們本季收購的ChampionX業務帶來的兩個月收入。

This increase was partially offset by the loss of approximately $100 million of APS revenue due to production interruptions arising from a pipeline disruption in Ecuador and the absence of approximately another $100 million of revenue following the divestiture of our interest in the Palliser APS project in Canada at the end of the second quarter. In other words, after considering the revenue contribution from ChampionX and the impact of the lower APS revenue due to the two factors I just mentioned, revenue was essentially flat on a sequential basis.

由於厄瓜多爾管道中斷導致生產中斷，APS 收入損失約 1 億美元，加上第二季度末出售我們在加拿大 Palliser APS 項目中的權益後損失約 1 億美元收入，部分抵消了這一增長。換句話說，考慮到 ChampionX 的收入貢獻以及由於我剛才提到的兩個因素導致 APS 收入下降的影響，收入基本上是環比持平。

Our pretax segment operating margin declined 32 basis points sequentially to 18.2%. The impact of the two months of ChampionX was accretive to these margins, as ChampionX contributed $579 million of revenue and $108 million of pretax income in the quarter.

我們的稅前分部營業利潤率季減 32 個基點至 18.2%。ChampionX 兩個月的業績對這些利潤率產生了積極影響，因為 ChampionX 在該季度貢獻了 5.79 億美元的收入和 1.08 億美元的稅前利潤。

Company-wide adjusted EBITDA margin for the third quarter was 23.1%, representing a sequential decrease of 92 basis points. The effect of the pipeline disruption in Ecuador negatively impacted our EBITDA margin by approximately 60 basis points. In addition, the divestiture of our interest in the Palliser project resulted in a further 30 basis points reduction.

該公司第三季調整後 EBITDA 利潤率為 23.1%，季減 92 個基點。厄瓜多爾輸油管中斷對我們的 EBITDA 利潤率產生了約 60 個基點的負面影響。此外，我們剝離在帕利瑟項目中的權益，導致利率進一步下降了 30 個基點。

I will now go through the quarterly results for each division. And let me begin by sharing more detail about our new Digital reporting structure. As Olivier described earlier, Digital is a fast-growing business, and SLB is at the forefront of this industry transformation. We expect our Digital business to grow faster than our Core business for the foreseeable future with margins visibly accretive to the rest of the company. As such, our intent is to increase transparency around our Digital business and better highlight its strategic value.

接下來我將逐一介紹各部門的季度業績。首先，讓我詳細介紹一下我們新的數位化報告架構。正如 Olivier 之前所描述的那樣，數位業務是一個快速成長的行業，而 SLB 正處於這一行業變革的前沿。我們預計在可預見的未來，我們的數位業務成長速度將超過我們的核心業務，並且利潤率將顯著提高公司其他業務的利潤率。因此，我們的目的是提高數位業務的透明度，並更好地凸顯其策略價值。

To do this, we are now reporting Digital as a standalone division. At the same time, our APS business is now being reported in the All Other category, together with our Data Center Solutions and SLB Capturi businesses.

為此，我們現在將數位業務作為一個獨立的部門進行報告。同時，我們的 APS 業務現在與我們的資料中心解決方案和 SLB Capturi 業務一起，歸入「其他所有」類別進行報告。

To provide you with better insight into these reporting changes as well as the impact of ChampionX, we have included supplemental pro forma financial information going back to the first quarter of 2024 as an exhibit to the Form 8-K we filed this morning for our earnings press release.

為了讓您更了解這些報告變更以及 ChampionX 的影響，我們已將補充的備考財務資訊（追溯至 2024 年第一季）作為附件，附在我們今天早上提交的 8-K 表格中，作為我們收益新聞稿的一部分。

Getting back to Digital. Revenue is captured and will be reported across four categories where SLB offers solutions for our customers: Platforms & Applications, Digital Operations, Digital Exploration, and Professional Services. Let me briefly describe each of these categories. Additional details can be found in Question 11 to the FAQs at the back of our earnings release.

回歸數位化時代。收入將按 SLB 為客戶提供解決方案的四個類別進行統計和報告：平台和應用程式、數位營運、數位探索和專業服務。讓我簡單介紹一下這些類別。更多詳情請參閱我們盈利報告背面常見問題解答中的第 11 題。

The first category is Platforms & Applications. Platforms & Applications include SLBs cloud technologies, such as the Delfi™ and Lumi™ platforms, along with a suite of specialized domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses. These platforms and applications automate complex models, unlock data and utilize AI and machine learning to reduce cycle time and improve efficiency of workflows. This allows our clients to make better, faster decisions to improve their project economics and reservoir performance.

第一類是平台和應用程式。平台和應用程式包括 SLB 雲端技術，例如 Delfi™ 和 Lumi™ 平台，以及一套專注於特定領域的專業應用程序，例如 Petrel™ 和 Techlog™，這些應用程式以 SaaS 訂閱或永久授權的形式提供。這些平台和應用程式可自動執行複雜模型，解鎖數據，並利用人工智慧和機器學習來縮短週期時間，提高工作流程效率。這使得我們的客戶能夠更快、更好地做出決策，從而改善專案的經濟效益和油藏性能。

With the exception of one-off license sales, revenue in this category is recurring in nature, underpinned by a globally installed software base built over four decades and complemented by growing adoption of cloud-based capabilities and IoT-enabled solutions. As a result, Platforms & Applications has high retention rates and very limited churn, as illustrated by the fact that the net revenue retention rate was 103% at the end of the third quarter. This represents the percentage of recurring revenue retained from our existing customer base over the last trailing 12 months, relative to the prior trailing 12 months.

除了單次許可證銷售外，該類別的收入具有經常性，這得益於過去四十年來在全球範圍內建立的軟體安裝基礎，以及對基於雲端的功能和物聯網解決方案的日益普及。因此，平台與應用部門的客戶留存率很高，客戶流失率非常低，第三季末淨收入留存率達到 103% 就證明了這一點。這代表過去 12 個月中，我們從現有客戶群中保留的經常性收入占前 12 個月的百分比。

The second category is Digital Operations, which combines the unique strength of SLB's core oilfield services and products with advanced digital technologies to deliver more reliable and more efficient field operations. By integrating connected solutions with Performance Live™ digital service delivery centers, customers gain real-time monitoring, remote decision making, and automated execution across their workflows from autonomous drilling to automated well intervention. Revenue in this category is generated from the same client base as our Core divisions and is, therefore, repeatable. Additionally, a portion of the revenue is recurring in nature.

第二類是數位化運營，它將 SLB 核心油田服務和產品的獨特優勢與先進的數位技術相結合，以提供更可靠、更有效率的現場作業。透過將互聯解決方案與 Performance Live™ 數位服務交付中心集成，客戶可以實現從自主鑽井到自動井幹預的整個工作流程的即時監控、遠端決策和自動化執行。該類別的收入與我們的核心部門來自相同的客戶群，因此具有可重複性。此外，部分收入具有經常性。

To incentivize the three Core divisions — Well Construction, Reservoir Performance, and Production Systems — and Digital to develop and promote this offering, the resulting revenue is recognized in both the respective Core division as well as in the Digital division. This revenue is then eliminated in consolidation.

為了激勵三個核心部門——油井建造、油藏性能和生產系統——以及數位部門開發和推廣此產品，由此產生的收入將在各自的核心部門和數位部門中確認。這部分收入會在合併報表中被抵銷。

The third category is Digital Exploration. Digital exploration represents our exploration data business. Our differentiated library of seismic surveys and other subsurface data covers key exploration and producing basins worldwide. These licensed datasets are refreshed and reprocessed to benefit from the latest imaging algorithms and AI technologies enabled by high-performance cloud computing. Revenues are generated from one-time non-transferable license sales and are therefore non-recurring in nature.

第三類是數位探索。數位化勘探代表了我們的勘探資料業務。我們擁有差異化的地震勘探和其他地下資料資料庫，涵蓋全球主要勘探和生產盆地。這些獲得許可的數據集會進行更新和重新處理，以利用高效能雲端運算支援的最新成像演算法和人工智慧技術。收入來自一次性不可轉讓的許可銷售，因此不具有經常性。

Professional Services makes up the fourth revenue category. This includes consulting and other services required to support our clients' digital transformations. These services include transition support from on-prem to cloud-based digital solutions, data cleanup and migration, and workflow automation, including deployment of solutions built using our global network of Innovation Factories.

專業服務構成第四大收入類別。這包括為支援客戶的數位轉型所需的諮詢和其他服務。這些服務包括從本地部署到雲端數位解決方案的過渡支援、資料清理和遷移以及工作流程自動化，包括部署使用我們全球創新工廠網路建置的解決方案。

Professional Services revenue is largely project-based, and repetitive engagements with the same customers are common. These services generate pull-through opportunities across the other Digital revenue streams.

專業服務收入主要以專案為基礎，與同一客戶重複合作的情況很常見。這些服務為其他數位收入來源創造了拉動動機會。

In addition to reporting revenue across each of these four categories, we will also share annual recurring revenue, or ARR, on a quarterly basis. ARR represents the annual value of recurring subscription and maintenance revenue from Platforms & Applications, along with the recurring portion of Digital Operations, providing a measure of predictable revenue over the next 12 months.

除了報告這四個類別中的每一項的收入外，我們還將按季度分享年度經常性收入（ARR）。ARR 代表平台和應用程式的年度經常性訂閱和維護收入，以及數位營運的經常性部分，從而衡量未來 12 個月的可預測收入。

Now that I have described our Digital reporting structure in more detail, I will walk through our third-quarter Digital results. Third-quarter Digital revenue of $658 million increased 11% sequentially, and adjusted EBITDA was $215 million, reflecting a margin of 32.7%, up 123 basis points sequentially.

現在我已經更詳細地介紹了我們的數位化報告結構，接下來我將介紹我們第三季的數位化業績。第三季數位業務收入為 6.58 億美元，季增 11%；調整後 EBITDA 為 2.15 億美元，利潤率為 32.7%，季增 123 個基點。

Third-quarter sequential revenue growth was driven by robust sales of digital exploration coupled with increased Digital Operations. It also reflects two months of activity from ChampionX, which contributed Digital revenue of $20 million. Annual recurring revenue stood at $926 million at the end of Q3, representing year-on-year growth of 7%, highlighting our ability to continuously expand our offerings in Platforms & Applications and Digital Operations as well as secure new customers.

第三季營收環比成長主要得益於數位探索業務的強勁銷售以及數位營運的增加。這也反映了 ChampionX 兩個月的業務活動，該公司貢獻了 2000 萬美元的數位收入。截至第三季末，年度經常性收入為 9.26 億美元，年增 7%，這凸顯了我們不斷擴展平台與應用和數位營運產品以及獲得新客戶的能力。

Turning to the Core divisions, Reservoir Performance revenue of $1.7 billion declined 1% sequentially as higher activity in Europe and Africa was more than offset by lower revenue in the Middle East and Asia, primarily in Saudi Arabia. Pretax operating margin of 18.5% was essentially flat sequentially.

從核心業務部門來看，油藏性能業務收入為 17 億美元，環比下降 1%，因為歐洲和非洲業務活動的增加被中東和亞洲（主要是沙烏地阿拉伯）收入的下降所抵消。稅前營業利益率為 18.5%，與上一季基本持平。

Well Construction revenue of $3 billion was flat sequentially as higher revenue in offshore Guyana and North America were offset by lower drilling activity in Saudi Arabia and Argentina. Margins of 18.8% were essentially flat sequentially.

油井建設收入為 30 億美元，與上一季持平，因為圭亞那近海和北美地區的收入成長被沙烏地阿拉伯和阿根廷鑽井活動的減少所抵消。利潤率為 18.8%，與上一季基本持平。

Production Systems as-reported revenue of $3.5 billion increased $542 million or 18% sequentially. This reflects two months of activity from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $575 million of revenue. Pretax operating margin of 16.1% declined 66 basis points sequentially, driven by an unfavorable geographic mix in completions and lower subsea margins. This decline was partially offset by the accretive margin contribution from ChampionX.

生產系統部門公佈的營收為 35 億美元，比上一季成長 5.42 億美元，增幅達 18%。這反映了收購的 ChampionX 生產化學品和人工舉升業務兩個月的活動，該業務貢獻了 5.75 億美元的收入。稅前營業利益率為 16.1%，較上季下降 66 個基點，主要原因是完井作業的地理分佈不利以及海底利潤率下降。ChampionX 帶來的利潤成長部分抵消了這一下滑。

On a pro forma basis, Production Systems revenue of $3.8 billion was flat sequentially with lower completion sales, offset by increased sales of valves and production chemicals. While it is still early days, we are quite pleased with the performance of ChampionX, which recorded another quarter of year-on-year revenue and margin growth, demonstrating the resilient nature of this production and OpEx-based business.

以備考基準計算，生產系統收入為 38 億美元，與上一季持平，完工銷售額下降，但閥門和生產化學品的銷售額增長抵消了這一影響。雖然現在下結論還為時過早，但我們對 ChampionX 的表現相當滿意，該公司連續第二個季度實現了同比營收和利潤增長，這表明這種以生產和營運支出為基礎的業務具有很強的韌性。

Going forward, these results will be further enhanced by $400 million of annual pretax synergies that we expect to generate within the first three years after closing. We will remain confident that we will be able to realize 70% to 80% of the synergies within the first 24 months of the transaction. As a result, we expect the transaction will be accretive to both margins and earnings per share on a full-year basis in 2026.

展望未來，我們預計在交易完成後的前三年內，每年將產生 4 億美元的稅前綜效，這將進一步提升這些績效。我們仍然有信心在交易後的前 24 個月內實現 70% 至 80% 的協同效應。因此，我們預計該交易將在 2026 年全年提高利潤率和每股盈餘。

Now turning to our liquidity. During the quarter, we generated $1.7 billion of cash flow from operations and $1.1 billion of free cash flow. These amounts include the payments of $153 million of acquisition-related items during the quarter.

現在來談談我們的流動性。本季度，我們從營運活動中產生了 17 億美元的現金流和 11 億美元的自由現金流。這些金額包括本季支付的 1.53 億美元收購相關款項。

Capital investments inclusive of CapEx and investments in APS projects and exploration data were $581 million in the quarter. For the full year, we still expect capital investments, including the impact of ChampionX to be approximately $2.4 billion.

本季資本投資（包括資本支出及對APS項目及勘探數據的投資）為5.81億美元。全年來看，我們仍然預期資本投資（包括 ChampionX 的影響）約為 24 億美元。

We expect that following our historical patterns, free cash flow will increase in the fourth quarter on the back of lower inventory as a result of year-end product sales as well as higher customer collections. The extent of the sequential step-up in free cash flow will largely depend on cash collections in certain countries.

我們預計，按照以往的模式，由於年底產品銷售導致庫存減少以及客戶收款增加，第四季度自由現金流將會增加。自由現金流的持續成長幅度將很大程度取決於某些國家的現金回收情況。

And finally, we repurchased $114 million of our stock during the quarter, which brings our total stock repurchases to $2.4 billion on a year-to-date basis. When combined with our $1.6 billion dividend commitment for the year, this will result in us returning a total of $4 billion to our shareholders for the full year.

最後，本季我們回購了價值 1.14 億美元的股票，使我們今年迄今的股票回購總額達到 24 億美元。加上我們今年承諾的 16 億美元股息，我們將在全年向股東返還總計 40 億美元。

I will now turn the call back to Olivier.

現在我將把電話轉回給奧利維爾。

Thank you, Stephane. Meghan, I think we are ready to open the floor for the questions.

謝謝你，史蒂芬。梅根，我想我們現在可以開始接受提問了。

(Operator Instructions) Dave Anderson, Barclays.

（操作說明）戴夫·安德森，巴克萊銀行。

The IEA put out a report highlighting the increased global decline rates and the need to spend capital just to offset these barrels each year. You now have ChampionX in the fold and you've created really what is to be the largest production-focused business in services. When we think about chemicals, lift, subsea, something like 40%, 45% of your revenue.

國際能源總署發布報告，強調全球石油產量下降速度加快，每年都需要投入資金來抵銷這些石油產量下降。現在 ChampionX 已納入麾下，你們真正打造了服務領域中規模最大的以生產為中心的企業。當我們想到化學品、起重、海底工程時，這些產業大約佔您收入的 40% 到 45%。

Can you talk about how you see this part of your business growing? I'm a little confusing when I think about your Core business because this seems a little bit different, but how are you thinking about this part of your business growing particularly with deepwater development ramping up?

您能否談談您如何看待貴公司這部分業務的發展？當我想到你們的核心業務時，我有點困惑，因為這似乎有點不同，但你們是如何看待這部分業務的成長的，尤其是在深水開發不斷加速的情況下？

And I'm just wondering, are you thinking the production should outpace upstream-driven part of your portfolio through the end of the decade? Is that the right way to think about it in terms of the opportunity set?

我只是想問一下，您是否認為到本十年末，生產部分的成長速度應該會超過您投資組合中上游驅動部分的成長速度？從機會集的角度來看，這種思考方式是否正確？

I think the right way to think about it, first is what a customer is looking for. And I think as you pointed out, I think it's clear that the natural decline that are waiting on the industry that have to be offset not only by infill drilling and new development but increased recognition by the -- in the customer that production and recovery is a new theme that needs reinvestment, that needs technology, that needs innovation, that needs integration, and that needs capability to lift and increase production, enhanced recovery through technology, through disruptive solution, I think the industry needs.

我認為正確的思考方式是，首先要考慮顧客想要什麼。正如你所指出的，我認為很明顯，產業即將面臨的自然衰退不僅需要透過加密鑽井和新開發來抵消，還需要客戶更加認識到，生產和回收是一個需要再投資、需要技術、需要創新、需要整合以及需要提升和增加產量的能力的新主題，透過技術和顛覆性解決方案來提高回收率，我認為這是產業所需要的。

So we are positioning ourselves with this acquisition of ChampionX to not only address both the OpEx and the CapEx market as a larger market and hence, as a larger share of the wallet of our customers, but also as a more resilient space as the OpEx is indeed growing as -- has been growing at a higher pace than CapEx lately, and we continue to do so.

因此，我們透過收購 ChampionX 來定位自己，不僅是為了將營運支出和資本支出市場作為一個更大的市場來應對，從而佔據客戶錢包中更大的份額，而且也是為了作為一個更具韌性的領域，因為營運支出確實在增長——最近一直以比資本支出更高的速度增長，而且我們將繼續這樣做。

But what is more important, I believe, is that we are able to unlock a new solution because we have the broadest portfolio with this addition. We have the broadest lift portfolio where we have the largest intervention portfolio in the market. And we have now science in chemistry and capability industry that not only touch the production from the well up to the process, but also the reservoir.

但我認為更重要的是，由於新增了這項技術，我們擁有了最廣泛的產品組合，從而能夠解鎖新的解決方案。我們擁有市場上最廣泛的電梯產品組合，同時也是市場上乾預項目組合最大的公司。現在，我們在化學和工業領域擁有的科學技術不僅涉及從油井到生產過程的整個過程，而且還涉及油藏。

And I think when combining this established integration capability of Digital, I think we have something that I think the industry was looking for. And I think the customer feedback we are getting is actually extremely good because they're all focusing increasingly on production and recovery as a way to add to their production target.

我認為，結合 Digital 已有的這種整合能力，我們就能擁有業界一直在尋找的東西。我認為我們收到的客戶回饋實際上非常好，因為他們都越來越注重生產和恢復，以增加他們的生產目標。

And it's an “and,” it's not an “or.” The “and” of upstream exploration and development will be complemented by production recurring. It's a market that will expand long term and this market, we believe we have a leadership position that we have established.

而且這是一個“和”，而不是一個“或”。上游勘探和開發的資金將與持續生產相輔相成。這是一個長期來看會不斷擴張的市場，我們相信我們已經在這個市場中建立了領導地位。

And so shifting over to Digital. I'm thrilled to see a breakout here. I have a million questions here. I'm going to try to keep it to a handful of things to focus on.

於是，我們開始向數位轉型。我很高興看到這裡取得了突破性進展。我這裡有一大堆問題。我打算只專注於少數幾件事。

Stephane, you talked that we have the four different segments here. I was wondering if you could kind of just talk a little bit about how we should be thinking about those four segments, how they should be trending and kind of what the drivers are for those four sites, I guess, the exploration part, but kind of the rest of it.

史蒂芬，你剛才說過我們這裡有四個不同的部分。我想請您談談我們應該如何看待這四個細分市場，它們的趨勢是什麼，以及這四個網站的驅動因素是什麼，我想，探索部分，以及其他方面。

And then secondarily, you highlighted $900 million in recurring revenue year to date, up 7% from last year. I'm just curious, are you expecting this to accelerate? Do you think it was going to grow more or less this year? And how should we think about that going forward?

其次，您也重點提到，今年迄今的經常性收入為 9 億美元，比去年成長了 7%。我只是好奇，你認為這種情況會加速發展嗎？你認為它今年的生長速度會比往年快還是慢？那麼，我們接下來該如何看待這個問題呢？

So the -- thanks for all the questions. Indeed, it's a lot of additional info. So the ARR above $900 million already. Yes, it's growing, and we clearly anticipate this to continue growing as we not only offer more to our existing customers but also secure new customers. So probably going into Q4, we can be looking probably at a high-single-digit growth for ARR.

所以——謝謝大家提出的所有問題。確實，這提供了很多額外資訊。所以年度經常性收入已經超過9億美元了。是的，它正在成長，而且我們預計隨著我們不僅為現有客戶提供更多服務，而且還吸引新客戶，這種成長勢頭將會繼續下去。因此，進入第四季度，我們可能會看到 ARR 實現接近兩位數的成長。

And -- and with the kind of number you see now, we are not too far, I believe, from getting into next year, getting to $1 billion of ARR, which really provides a very good baseline of revenue. For the rest of your questions, I will pass it to Olivier.

而且——以你現在看到的這個數字來看，我相信，到明年我們離實現 10 億美元的年度經常性收入目標（ARR）不會太遠了，這確實提供了一個非常好的收入基準。至於你其他的問題，我會轉交給奧利維爾。

Yeah. No, thank you, Stephane. No, Dave, clearly, I think, yes, there's a different dynamic for the four buckets. But I think if you have to look at the Platform & Application, these were the customer adoption and expansion of our offering will give us the opportunity to continue on our journey to accompany our customers from the -- across the subsurface, across production and drilling, and across their data and AI capability.

是的。不，謝謝你，史蒂芬。不，戴夫，很明顯，我認為，是的，這四個桶的動態有所不同。但我認為，如果你要審視平台和應用程序，那麼客戶對我們產品的接受度和擴展將使我們有機會繼續陪伴客戶走過這段旅程——從地下到生產和鑽井，再到他們的數據和人工智慧能力。

So the expansion of AI into that space, and you have seen several announcements during the -- in the earnings press release this morning, showing that this is the early innings will be a driving force for further growth.

因此，人工智慧在該領域的擴展，正如您在今天早上發布的財報新聞稿中看到的幾項公告所表明的那樣，這僅僅是開始，將成為進一步增長的驅動力。

The deployment of clouds, both hybrid and public cloud continuation of our platform transition that we have sent. And the continuing adoption of the capability we keep adding to our offering, the application you have seen. So this is all about customer adoption. They had a technology transition from desktop to cloud to AI.

混合雲和公有雲的部署是我們平台轉型計畫的延續，我們已經發出了相關指令。以及我們不斷添加到產品中的功能的持續普及，也就是您所看到的應用程式。所以這一切都與客戶接受度有關。他們經歷了從桌面系統到雲端再到人工智慧的技術轉型。

Secondly, the Digital Operation is all driven by adoption of -- for every well we touch, for every product equipment we deliver, we'll continue to add digital services, automation, autonomous capability to complement this offering. So this will be added to the Core. It's jointly to the Core, but it's an exciting adjacent space to the Core that we grow and fast-paced growth ahead of the core. You have seen this quarter, you have seen the year on year, we're talking about 50% year-on-year growth. This is remarkable.

其次，數位化營運完全由以下方式驅動——對於我們接觸的每一口油井，對於我們交付的每一件產品設備，我們將繼續增加數位化服務、自動化和自主功能，以完善我們的產品和服務。所以這將會添加到核心程式碼中。它與核心業務共同發展，但它是核心業務旁邊一個令人興奮的領域，我們在這裡發展，並且發展速度比核心業務更快。你們已經看到了本季的數據，也看到了年比數據，我們說的是年增 50%。這真是令人驚嘆。

The Digital Exploration is linked to exploration market, but it's increasingly becoming digital because the customer recognized they need to use more digital insights before they drill the first well. Hence, it would believe and it will be up and down, highly variable from quarter to quarter, but yet trending in our opinion, positively.

數位勘探與勘探市場相關，但它變得越來越數位化，因為客戶意識到在鑽第一口井之前，他們需要利用更多的數位洞察力。因此，我們認為它會有起有落，季度之間波動很大，但總體趨勢是正面的。

And turning to service, Professional Services, I think, are here to support the three buckets and I hear the capability we put inside the customer office ahead of the large engagement or consulting engagements or doing transition of that data space into our offering. This is what drives this. So it's a different driver. But altogether, we believe over time, this will all be positive, leading to each other to create a sustainable growth going forward, as you say, outpacing the CapEx spend.

說到服務，我認為專業服務是為了支援這三個方面，而且我聽說我們在大型專案或諮詢專案之前，就已經在客戶辦公室建立了相應的能力，或者將資料空間過渡到我們的產品中。這就是驅動力。所以是不同的司機。但總的來說，我們相信隨著時間的推移，這一切都將是積極的，彼此促進，從而創造可持續的成長，正如你所說，超過資本支出。

James West, Mellus Research.

James West，Mellus Research。

So curious on two key markets here for you guys, where you have a nice dominant position. I'd love to get your thoughts on. First is deepwater. As we look out into '26, obviously, it's been very resilient although some white space, but it looks like we're going to hit a lot of campaigns next year. I just love to hear your thoughts on how we should think about that unfolding in Schlumberger's position or SLB's, excuse me, position.

所以，我很好奇你們在兩個關鍵市場（你們在這兩個市場都佔有相當好的地位）有哪些優勢。我很想聽聽你的看法。首先是深水。展望 2026 年，顯然，儘管存在一些空白期，但它一直保持著很強的韌性，看來我們明年將開展許多活動。我非常想聽聽你們對於我們應該如何看待斯倫貝謝（或抱歉，SLB）的處境有何看法。

No. First and foremost, I think deepwater remains easy to stay and easier to grow as a market. It has several economics, and it is seen as a place to invest to unlock new resource. You see its not only development, FID, but it's also exploration. Deepwater is going on and is steady and is growing.

不。首先，我認為深水市場仍然容易維持，也更容易發展。它擁有多種經濟模式，被視為投資以獲取新資源的場所。你看，這不僅是開發，是最終投資決定，也是探索。深水作業正在進行中，而且穩定發展。

So now if we look at the activity and the schedule of the rigs that we foresee going forward, actually, we are foreseeing that the white space that developed in the last 18 months are starting to dissipate. And we are at -- we believe from a rig activity -- drilling activity we may say that we are at bottom this quarter in Q4 of 2025.

所以現在，如果我們看一下我們預見的未來鑽井平台的活動和日程安排，實際上，我們預見到過去 18 個月形成的空白期正在開始消散。我們認為，從鑽井活動來看，2025 年第四季鑽井活動可能已經觸底。

We expect, although very gradual, we expect the strengthening of the rig activity to support this -- both exploration and development FID come in the pipeline with a gradual strengthening and uptick in the later part of the year that is currently scheduled and strengthening further in 2027.

我們預計，儘管進展非常緩慢，但鑽井活動的加強將對此提供支持——勘探和開發最終投資決定（FID）都將在今年下半年逐步加強和上升，目前已按計劃進行，並將在 2027 年進一步加強。

And we see it from the call from our customers to prepare the subsea pipeline that correspond. We are happy with our subsea position. We'll be closing the year with growing both our booking and backlog to be ahead of last year, both, and to place us to a position where subsea should grow not in '26, but materially in 2027 as a consequence of this pipeline.

我們從客戶要求準備相應的海底管道的呼聲中就能看出這一點。我們對我們的海底定位很滿意。我們將以訂單量和積壓訂單量雙雙超過去年的成績結束今年，這將使我們處於一個有利地位，即海底業務不會在 2026 年增長，而由於這條管道的推進，海底業務將在 2027 年實現實質性增長。

So we are confident that it's on the horizon. And I think we'll start to see the strengthening happening step by step.

所以我們相信它即將到來。我認為我們會逐步看到這種加強的趨勢。

Got it. Okay, that's great. Thanks for that, Olivier. And then the other market, the Kingdom of Saudi Arabia has gone through some gyrations here in recent quarters. But it seems to me like at least we may have found somewhat of a bottom and maybe looking to add activity next year. Is that consistent with what you're seeing in that market? I know it's a sizable market for yourself.

知道了。好的，太好了。謝謝你，奧利維爾。而另一個市場，沙烏地阿拉伯王國，近幾季經歷了劇烈的波動。但我覺得我們至少可能已經觸底反彈，明年或許可以考慮增加一些活動。這和你在該市場觀察到的情況一致嗎？我知道這對你來說是一個相當大的市場。

I would comment on the activity. I think it is our assessment indeed that we have reached a stabilized activity if not bottom in the current level of activity we see. And we are anticipating a likely rebound in near to midterm.

我想對這項活動發表一些評論。我認為，我們目前的評估是，即便不是觸底，我們也已經達到了目前活動水準的穩定狀態。我們預期中短期內可能會出現反彈。

And directionally, we are anticipating that we should expect increased activity in the first half of 2026 for both gas and oil for different drivers. Gas to continue to support the expanded capacity commitment to 2030 and then unconventional reservoir and other assets in the country.

從趨勢來看，我們預計 2026 年上半年天然氣和石油市場活動將因不同因素而增加。天然氣將繼續支持 2030 年擴大的產能承諾，以及該國非常規油氣藏和其他資產。

And for oil in relation with supporting the extra supply that is delivered to the market an assurance of supply to intervention and possibly to some additional oil drilling as well.

至於石油，為了支持向市場輸送的額外供應，需要確保供應，以進行幹預，並可能進行一些額外的石油鑽探。

Scott Gruber, Citi Research.

Scott Gruber，花旗研究部。

I want to ask about the data solutions business. So the data center solutions business, it's growing pretty quickly here. It's actually becoming really sizable. Can you talk about the strategy for the business? Is it in here to develop a skill set and take a global as data center construction goes global? And overall, how do we think about the growth of the data center solutions business in '26 and beyond?

我想諮詢一下數據解決方案業務方面的問題。所以，資料中心解決方案業務在這裡發展得相當迅速。它實際上已經變得非常龐大了。您能談談公司的策略嗎？這樣做是為了培養技能，並隨著資料中心建設走向全球化而走向全球嗎？總的來說，我們如何看待 2026 年及以後資料中心解決方案業務的成長？

Yeah, I think it's early days, and we're very pleased with the market position we gain in very fast pace. I think based on our first, our relationship and partnership that hyperscalers have given us the opportunity to step in into that market, building on our manufacturing engineering process technology and global supply and logistics that I think we have pulled to make it a reality.

是的，我認為現在還為時過早，我們對如此迅速地獲得市場地位感到非常滿意。我認為，基於我們與超大規模資料中心建立的良好關係和合作夥伴關係，超大規模資料中心給了我們進入該市場的機會，並依賴我們的製造工程流程技術以及全球供應和物流，我認為我們已經成功地將這一切變為現實。

Now going forward, yes, the ambition is to expand beyond the US footprint we have established, and we already have a pipeline of expansion here in Asia has been agreed and to also expand to more customers and diversify our hyperscalers and colocators, as we call them, to complement our offering.

展望未來，我們的目標是拓展到我們已在美國建立的業務範圍之外，我們已經在亞洲制定了擴張計劃，並已達成協議，同時還將拓展到更多客戶，並使我們的超大規模數據中心和託管數據中心（我們稱之為）多樣化，以完善我們的產品和服務。

But yes, we will add technology. We'll add the critical technology that make it unique to go beyond the first step we have. So yes, we have an ambition to grow it, to expand customers, to expand geography, to broaden our offering. And remember, this is clearly not driven by oil and gas customers. It's driven by hyperscalers partners that reach out to us to help them respond to this AI boom and data center growth that I think will last beyond these decades, clearly.

是的，我們會引入技術。我們將添加使其獨一無二的關鍵技術，從而超越我們目前所取得的第一步。所以，是的，我們有發展壯大的雄心，擴大客戶群，拓展地域範圍，拓寬產品和服務範圍。請記住，這顯然不是由石油和天然氣客戶驅動的。這是由超大規模資料中心合作夥伴推動的，他們主動聯繫我們，幫助我們應對人工智慧的蓬勃發展和資料中心的成長，我認為這種成長勢頭顯然會持續到未來幾十年以後。

Got it. No, very interesting. It's a bit of a different business. Is it fair to assume that there's little CapEx and balance sheet commitment with the business? Or is there an investment needed to grow this business?

知道了。不，非常有趣。這完全是另一種生意。是否可以合理地假設該業務的資本支出和資產負債表承諾很少？或者說，發展這項業務需要投資嗎？

Absolutely. Investment is competencies that I think we have at scale in the organization. It's technology, creating a repeatable, scalable modular solutions that differentiate us for fast deployment. And -- but it's not CapEx, no. I think we are not -- this is a very low CapEx intensity business that we have set up here.

絕對地。我認為，投資是我們組織內部大規模具備的能力。這是技術，它創造了可重複、可擴展的模組化解決方案，使我們在快速部署方面脫穎而出。但這並非資本支出，絕對不是。我認為我們不是——我們在這裡建立的是一家資本支出強度非常低的企業。

Josh Silverstein, UBS.

瑞銀集團的 Josh Silverstein。

Thanks for the new Digital details here. You have the 7% growth in the annual recurring revenue. Is this growth predominantly coming from new customers? Or growing the new customer base -- sorry, the existing customer base? Obviously, the 100% net retention rate shows how sticky the revenue is, but I'm curious about if you need to keep adding customers to drive that growth going forward.

感謝您提供的最新數位版詳情。您的年度經常性收入成長了 7%。這種成長主要來自新客戶嗎？或擴大新客戶群－抱歉，是擴大現有客戶群？顯然，100% 的淨留存率表明收入的黏性很強，但我很好奇，為了推動未來的成長，是否需要不斷增加客戶。

I think we already have 1,500 customers, and I think we have a lot to grow with each customer we have. But yes, we are adding -- we're adding new customers in every new space where we develop technology. I think the Digital Operation, I think, is a discovery for many customers, and we are doing it every day.

我認為我們已經有 1500 位客戶了，而且我認為隨著每位客戶的加入，我們都有很大的發展空間。是的，我們確實在增加——在我們開發技術的每一個新領域，我們都在增加新客戶。我認為數位化營運對許多客戶來說都是一項全新的體驗，而我們每天都在實踐中運用它。

The Platform & Application, I think the new offering, Lumi™ data and AI platform, I think, is being delivered fresh launch last Q4 to new customers and as adoption has been already more than 50 customers in less than a year, I think it's remarkable. So I think we are very proud of this.

我認為，平台和應用程式方面，新產品 Lumi™ 數據和 AI 平台，在上個季度第四季度面向新客戶全新推出，不到一年時間就已經有超過 50 位客戶採用，我認為這非常了不起。所以我覺得我們為此感到非常自豪。

So it's a combination of enhancing the adoption within customers, developing enterprise solutions, and enhancing the consumption and they bring more to an existing customer set and also expanding and broadening our customer access for part of our offering that we are more confined to a few customers in the past.

因此，這結合了提高客戶採納率、開發企業解決方案和提高消費水平，為現有客戶群帶來更多價值，同時也擴大了我們部分產品的客戶覆蓋範圍，而過去我們這些產品僅限於少數客戶。

So I think we are broadening our offering with more access across all our customers, and we are strengthening for raising large customer, and you have seen announcements in the last and you will see more announcement coming soon on customer adoption, large customer adoption that reflect our success with those customers.

所以我認為我們正在擴大服務範圍，讓所有客戶都能更方便地使用我們的服務，我們也努力爭取大客戶。你們在最近的公告中已經看到了一些消息，很快你們還會看到更多關於客戶採納和大客戶採納的公告，這些公告反映了我們與這些客戶合作的成功。

Great. And then just as a follow-up, I wanted to go back on the EBITDA margin comments that you guys have made. You highlighted it was around 32% for the first nine months, but the -- I think you said you expected to reach 35% for the full year, which implies a very large job towards 45% in the fourth quarter. So I wanted to just picture that was right. And then where you think margins can kind of go to if we look at 2026 versus '25?

偉大的。然後，作為後續，我想就你們之前提到的 EBITDA 利潤率問題再補充一點。您強調前九個月的比例約為 32%，但——我想您說過您預計全年將達到 35%，這意味著第四季度要達到 45% 的目標還有很長的路要走。所以我就想想像那是對的。那麼，如果我們比較 2026 年和 2025 年，您認為利潤率會如何改變？

Yes, yes. We -- I confirm we did say that we think we can reach 35% EBITDA margin for the full year. And yes, it's a step up for the fourth quarter. If you look at actually at the pro forma statements we provided for the -- which includes the Digital division by quarter back to 2024, it's this variability and seasonality is quite common. Actually, we always start very low in the first quarter and margins as well as revenue by the way grow quarter after quarter.

是的，是的。我確認我們確實說過，我們認為全年 EBITDA 利潤率可達 35%。是的，這是第四季的一次進步。如果你查看我們提供的預測報表（包括數位部門從季度到 2024 年的報表），你會發現這種波動性和季節性是相當普遍的。事實上，我們第一季的起步總是很低，但利潤率和收入都會逐季成長。

So Q4 is always the best revenue quarter and is always the best EBITDA quarter as well. So we are pretty confident we can get there. And if you look into the future, 35% EBITDA margin is a good baseline to start from basically.

因此，第四季總是營收最好的季度，也是 EBITDA 最好的季度。所以我們很有信心能夠實現目標。展望未來，35% 的 EBITDA 利潤率基本上是一個不錯的基準線。

By the way, if I can add something we've not discussed before on the EBITDA margin, except for the -- sorry, Digital Exploration part of it, is a very good proxy for free cash flow. There's obviously no CapEx in the Digital business, again, excluding exploration data.

順便說一句，如果我可以補充一點我們之前沒有討論過的關於 EBITDA 利潤率的內容，除了——抱歉，數字探索部分之外，它是自由現金流的一個很好的替代指標。顯然，數位業務不需要資本支出，勘探資料除外。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Yeah. That was my question on kind of Digital margins and kind of the capital intensity of that segment. So I was just wondering about as you think about longer-term growth from that segment, I mean you mentioned that you think that it could outstrip the Core business by double digits, I was wondering if you could maybe elaborate on that commentary on growth from Digital.

是的。我的問題是關於數位業務的利潤率以及該領域的資本密集度。所以我想知道，您在考慮該業務板塊的長期增長時，您提到您認為它可能會比核心業務增長兩位數，我想知道您是否可以詳細闡述您對數位業務成長的看法。

I think there are two components to it. One, as I said, is the adoption of our customers, existing and new customers, we developed in the last question. I think the market expansion itself, the digital is being seen as a critical — mission critical — for many customers to transform the way they operate to add productivity to add efficiency to their geoscientists, engineers, and asset team. And I think this trend is here to stay, and we are leveraging our market leadership to leverage and to continue to grow market position into that superior trend.

我認為這其中包含兩個面向。正如我剛才所說，第一點是我們的客戶（包括現有客戶和新客戶）的採納情況，我們在上一個問題中已經闡述過了。我認為市場擴張本身，數位化正被視為許多客戶改變營運方式的關鍵任務，以提高其地質學家、工程師和資產團隊的生產力和效率。我認為這種趨勢將會持續下去，我們將利用我們的市場領導地位來鞏固和擴大市場地位，從而順應這一優越趨勢。

But secondly, and I think more importantly or equally importantly, our ability to continue to add digital operation capability, digital growth and hence, this one will outperform the Core because the principle we are sitting here is essentially for every service we provide, for every wellsite we touch, for every equipment we deliver, we will progressively add building on our platform and connecting to our live performance center will add a set of digital services that enhance this offering, that enhance the operation, the performance, and get differentiation, get the customer to create more value.

但其次，我認為更重要或同樣重要的是，我們能夠不斷增加數位化營運能力，實現數位化成長，因此，這項業務將超越核心業務，因為我們在這裡秉持的原則是，對於我們提供的每一項服務，對於我們接觸的每一個油井，對於我們交付的每一台設備，我們都會逐步在我們的平台上構建，並連接到我們的實時性能中心，從而增加一系列數位化服務，以增強這些服務，提高運營效率和性能，實現差異化，並幫助客戶創造更多價值。

So this will ultimately and mechanically be growing at a higher rate than the Core because it will be a market penetration of Digital into our Core business. So you add this to the underlying trend of digital transformation with the early innings that we have been witnessing in AI, I think you get the combination that give us the confidence that we will clearly outperform the market growth of CapEx and outperform the Core as a combination.

因此，從根本上來說，這部分業務的成長速度將高於核心業務，因為這將是數位業務向我們核心業務的市場滲透。因此，再加上數位轉型這一潛在趨勢，以及我們在人工智慧領域所看到的早期發展，我認為，這些因素結合起來，讓我們有信心，我們將明顯超越資本支出市場的成長率，並且作為一個整體，我們將超越核心業務的成長率。

Great. One follow up, Olivier, I wanted to see if you could elaborate on your commentary on what would happen in the recovery. Your commentary suggest you expect that international would lead in a recovery. Historically, it's been North America. So I was wondering if you could maybe just elaborate on that thought behind that commentary.

偉大的。奧利維爾，我還有一個後續問題，我想請你詳細闡述你對恢復過程中會發生什麼情況的看法。你的評論表明你認為國際因素將在復甦中發揮主導作用。歷史上，一直是北美。所以我想知道您是否可以詳細說明您那番評論背後的想法。

Yeah. I think we believe that the tightened economics that we are under, and we believe we don't see them necessarily changing very much. We see them improving slightly as soon as the demand-supply rebalance. And under those conditions, I think we believe that the situation in North America is such that we don't anticipate significant gain of activity based on the efficiency, traffic curve based on the, I would say, the challenging economics of some basin and also of the continued consolidation happening in this market. By contrast, and international, you have several trends that are here to stay.

是的。我認為我們相信目前經濟情勢趨於緊縮，而且我們認為這種情況不一定會有太大改變。我們看到，一旦供需重新平衡，情況就會略有改善。在這種情況下，我認為我們認為北美的情況是，基於效率和交通曲線，以及某些盆地嚴峻的經濟形勢和該市場持續的整合，我們預計不會出現顯著的業務成長。相較之下，國際上則有一些趨勢將會長期存在。

I think deepwater as a very solid pipeline that drives the international growth. You have gas and as a security of supply that has led to capacity deployment exploration capacity expansion and on unconventional development internationally. And you still have the commitment to oil capacity expansion. If not, the necessity to offset the decline in many international locations and aging pacing that combined to make international, I would say, getting a better outlook and the first leg for the rebound as activity strengthened.

我認為深水石油是一條非常可靠的管道，它推動了國際石油產業的成長。你們擁有天然氣，為了保障供應安全，這導致了產能部署、勘探產能擴張以及國際上非常規油氣開發。你們仍然致力於擴大石油產能。否則，為了抵消許多國際地區的下滑和老化步伐，我認為，隨著國際經濟活動的加強，前景會更好，反彈的第一階段將會到來。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

So sir, I just wanted your perspective on the oil macro and is more of a near-term question. Certainly, the market has flipped into oversupply. And I think with a lot of market participants are trying to figure out, which you have a unique perspective on, is what is the rebalancing mechanism to get the market back into balance? And there are a couple of different levers. Certainly, the US could be part of it and part of it could just be time and demand can grow into it. But how do you guys see the market rebalancing from this current period of oversupply?

先生，我只是想聽聽您對石油宏觀經濟的看法，這更多的是一個近期問題。毋庸置疑，市場已轉為供應過剩。我認為很多市場參與者都在試圖弄清楚，而你對此有著獨特的見解，那就是如何透過再平衡機制使市場恢復平衡？這裡有幾個不同的控制桿。當然，美國可能是其中的一部分，而部分原因可能只是時間和需求的成長。但你們認為市場將如何從目前的供應過剩狀態中重新平衡？

Yeah. I think first, you have to assume that I think the release of supply that happen -- that have happened, I think will align and moderate and or be managed to not create a further, I think, I would say, further stretch, okay, to the demand supply to the oversupply market. You have to assume this first. And I think that's an assumption we're making.

是的。我認為首先，你必須假設已經發生的供應釋放將會趨於平衡和緩和，或得到妥善管理，以避免進一步加劇供需過剩的市場局面。你首先要假設這一點。我認為這是我們所做的一個假設。

Secondly, we are making the assumption that indeed, the demand will -- over time, and we are talking about -- we're not talking years, we're talking a months, okay, will catch up. And hence, we believe that with the buffer of supply being behind us or the decline of this excess of supply being behind us. We believe that sometime next year, I think that's one update is that demand-supply will be sufficiently rebalanced to allow the market to have the investment incentive to indeed consolidate from this steady -- steady solution or steady situation in which we are today to start to rebound.

其次，我們假設需求確實會隨著時間的推移而趕上——我們說的是——我們說的不是幾年，而是幾個月，好嗎？因此，我們相信，隨著供應過剩的緩衝期過去，或者說這種過剩供應的下降趨勢已經過去。我們相信，明年某個時候，供需將得到充分的再平衡，從而使市場有動力進行投資，真正從我們今天所處的這種穩定的局面開始復甦。

So there are some plus and minus, obviously, increase, based on there is some China adding some silos of liquid inventory. There are some OPEC country that currently are not fulfilling their quota despite the raise, and I think there is some US shale production anticipation that could also be starting to create a deficit of supply on the horizon.

所以有利有弊，顯然有利有弊，有利的一面是，中國增加了一些液態庫存。儘管歐佩克提高了產量，但目前仍有一些成員國未能完成其配額。我認為，美國頁岩油產量的一些預期也可能開始造成未來供應短缺。

So you combine this and you get a situation where the demand-supply will rebalance itself in the future. And under those conditions, we believe that the drivers of activity will prompt reinvestments and rebound of activity first in the international market.

所以把這些因素結合起來，就會出現供需在未來重新平衡的狀況。在這種情況下，我們認為，推動經濟活動的因素將首先在國際市場上促進再投資和經濟活動反彈。

Yeah. Thanks, Olivier. You have a unique perspective to what's going on in the oil market. The follow-up is just on M&A, ChampionX, I think in retrospect, really helped to balance out the portfolio on the production side. Just your extent we are in a period of softness, do you see an opportunity for SLB to continue to be a consolidator or given the softness in the equity, do you feel like a more organic approach is the right strategy?

是的。謝謝你，奧利維爾。您對石油市場現狀有著獨特的見解。後續進展主要集中在併購方面，ChampionX，現在看來，確實有助於平衡生產方面的投資組合。鑑於我們目前所處的疲軟時期，您認為SLB是否有機會繼續扮演整合者的角色？或者考慮到股票市場的疲軟，您是否認為採取更有機成長的方式才是正確的策略？

I think the first, we are focusing on executing the strategy ChampionX, realizing the benefit of this unique addition to our portfolio to consolidate and execute a production and recovery strategy. And you have seen we have done two more add-on bolt-on strategic acquisition, RESMAN for the tracer technology and used chemistry actually, okay, to enhance and to help enhanced recovery development; and Stimline Digital, which is a technology, digital technology addition to our portfolio and application, cloud application, that helps to plan and execute well intervention for our customers.

我認為首先，我們專注於執行 ChampionX 策略，實現這項獨特措施對我們投資組合的益處，從而鞏固和執行生產和回收策略。您已經看到，我們又進行了兩項附加的策略性收購：收購 RESMAN，用於示踪劑技術和化學，實際上是為了增強和幫助提高採收率開發；以及收購 Stimline Digital，這是一種數位技術，是我們產品組合和應用程式（雲端應用程式）的補充，可以幫助我們的客戶規劃和執行油井幹預。

So all this pertains to the production and recovery portfolio, and this is one focus that we have. And we believe that aside from bolt-on acquisition, we don’t see any further need for consolidating this but executing through integration, through our unique capability set ,and expanding internationally, getting the full benefit of this -- that's our current focus.

所以這一切都與生產和回收組合有關，這也是我們關注的重點之一。我們相信，除了進行補充收購之外，我們認為沒有必要進一步整合，而是透過整合，利用我們獨特的能力組合，並向國際市場擴張，充分發揮這些優勢——這就是我們目前的重點。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

I was wondering if you could talk a little bit about the addressable market in Digital. I think you just talked about the longer-term growth. But how should we think about the addressable market? I mean, I think we've seen consultants talk about a mid-$30 billion number for total revenues in 2030? Or should we think about it as a proportion of total upstream spend? How do we think about the total pie here? And I appreciate that it's various objectives in terms of how you define the -- what is Digital and what is --

我想請您談談數位領域的潛在市場。我想你剛才談的是長期成長。但我們該如何看待潛在市場呢？我的意思是，我想我們已經看到一些顧問顧問預測，到 2030 年，總收入將達到 300 億美元左右？或者我們應該把它看作是上游總支出的一部分？我們如何看待這裡的整體局面？我理解您在定義「數位化」和「傳統」時所設定的各種目標。--

It's very subjective, but I would consider it unconstrained. I will consider that I think the digital solution will create the space for their own. And I believe that the scale of our offering the capability and the opportunity we have, I don't see constraints into the market. So I believe that okay, the growth potential we have from both the digital operation today, if you compare the Digital Operation if you were to do the math, okay. We could say that this represents 1% of revenue of Core, why not 50% of revenue for Core in the future. So that's the way you could look into it, okay.

這非常主觀，但我認為它是不受約束的。我認為數位化解決方案將為他們創造發展空間。我相信，憑藉我們產品的規模、能力和機遇，我看不出我們在市場上會受到任何限制。所以我認為，好吧，我們今天從數位化運營中獲得的成長潛力，如果你比較一下數位化運營，如果你計算一下，好吧。我們可以說，這佔Core收入的1%，為什麼未來不能佔Core收入的50%呢？這就是你可以研究這個問題的方法，好嗎？

We have 1,500 customers, only a few portion of them have adopted the platform. We had an early innings of AI. I've seen a handful of announcements on Lumi and AI in this quarter. Why not 1,000 customer using Lumi and AI in the future and using Agentic AI to supplement and get companions to help them execute their workflows with digital capabilities. So this is okay. Digital is a new wireline, I could say, okay.

我們有 1500 位客戶，但只有一小部分客戶採用了這個平台。我們早期就接觸到了人工智慧。本季我看到了一些關於 Lumi 和人工智慧的公告。為什麼不讓 1000 位客戶在未來使用 Lumi 和 AI，並使用 Agentic AI 來補充和獲得助手，以幫助他們利用數位化能力執行工作流程呢？這樣可以。可以說，數位技術是一種新的有線技術。

So I think I believe that you should consider is unconstrained for now, and it's only limited viability to create the right solution that I think the customers are keen to adopt because it has a net impact on their productivity for the geoscientists, has a net impact on the effectiveness and decision making, and it creates value and they recognize the value.

所以我認為，目前應該考慮不受限制的情況，只有有限的可行性才能創造出合適的解決方案，我認為客戶渴望採用這種方案，因為它對地球科學家的生產力有淨影響，對效率和決策有淨影響，它創造了價值，他們也認識到了這種價值。

So one-on-one, we'll continue to work and partner with our customers, continue to develop and use our platform to both address the office workflow, the back-office workflow and the digital operation to expand the offering, and we will use the technology portfolio we have at our disposal, both on-premise to public cloud, hybrid cloud, edge, and obviously, accelerate genAI and agentic AI for the future.

因此，我們將繼續與客戶一對一地合作，繼續開發和使用我們的平台，以解決辦公室工作流程、後台工作流程和數位營運問題，從而擴展產品和服務。我們將利用現有的技術組合，包括本地部署、公有雲、混合雲、邊緣運算等，當然，我們也將加速未來 genAI 和智慧體 AI 的發展。

So it's unconstrained, and I wouldn't want to put a constraint. I'm just willing to keep supporting our customers into their digital journey, and we believe we are the partner of choice in this regard, and we will continue to lead the industry for our technology, our solutions, and capability of it.

所以它是不受限制的，我也不想施加限制。我願意繼續支持我們的客戶邁向數位轉型，我們相信我們是這方面的首選合作夥伴，我們將繼續憑藉我們的技術、解決方案和能力引領業界。

That's great, Olivier. I mean I think a quick follow-up, if I may. On the commercial push here, do you find that you are -- is it fair to assume that you're coming in to your customer and providing a new solution that's outsourcing or replacing something that they're doing internal. Are you finding that you're bidding against a competitor?

太好了，奧利維爾。我想快速補充一點，如果可以的話。就目前的商業推廣而言，您是否覺得——可以這樣假設：您進入客戶群，並提供一種新的解決方案，將他們內部正在做的某些事情外包或替換掉。你是否發現自己在與競爭對手競標？

And then as a follow-up there, how much of Digital would you think right now is bundled with something that comes out of the Core? So does that create the commercial entry to then make the digital sale? Or should we think about them completely separately?

那麼，作為後續問題，您認為目前有多少數位產品是與核心產品捆綁銷售的呢？那麼，這是否為後續的線上銷售創造了商業機會呢？或者我們應該將它們完全分開考慮？

No, I think it's all in. I think we have -- we are the leader in the space and it's recognized with our customers. And I think they work with us, they desire to work with us and partner to understand how they can get a better use of the product -- the new product they have, most of the product -- most of the customers have one of our products, one of our applications, and they are then sitting with us and we are partnering to see how we can expand and help them go along the journey to adopt more of our offering.

不，我覺得已經全部投入進去了。我認為我們已經取得了領先地位——我們是該領域的領導者，這一點也得到了客戶的認可。我認為他們與我們合作，他們渴望與我們合作，共同了解如何更好地利用我們的產品——他們擁有的新產品，大多數客戶都擁有我們的一款產品或應用程序，然後他們會與我們坐下來，我們共同探討如何擴展業務，幫助他們逐步採用我們更多的產品和服務。

So it's sometimes it complements because you have taken an approach of an open strategy for our platform. It complements what they have, and we are able to preserve and build on what they have developed internally.

所以有時候這會起到互補作用，因為你們為我們的平台採取了開放的策略。它與他們現有的資源相輔相成，我們能夠保留並發展他們內部已經取得的成果。

Sometimes it sits side by side with competitive offering that is an integral part of their workflows, and we are not here to push everything out to be perceived as a platform integrator in our industry. And yes, it builds on the Core because whenever we are delivering integrated drilling operations and we can offer autonomous geosteering as an option, I think it obviously have a mutual pull-through on the digital to sell this value-added geosteering capability and pull-through of hardware services that get the benefit of a better performance with digital services.

有時，它會與競爭對手的產品並存，而這些產品是他們工作流程中不可或缺的一部分。我們來到這裡，不是為了把自己塑造成產業內的平台整合商，而是為了把所有東西都推出去。是的，它建立在核心之上，因為每當我們交付綜合鑽井作業並能提供自主地質導向作為選項時，我認為這顯然會對數位化產生相互促進作用，從而銷售這種增值地質導向能力，並促進硬體服務的推廣，使硬體服務受益於數位化服務帶來的更佳性能。

So it's all in. And I think that's the reason why we are optimistic that it will continue to grow at a faster pace than the industry global spend and hence, it's a bright future ahead of us.

所以一切都已成定局。我認為，正因如此，我們才樂觀地認為，它將繼續以比行業全球支出更快的速度增長，因此，它的未來一片光明。

Thank you. I will now turn the call over to SLB for closing comments.

謝謝。現在我將把電話交給SLB，請他作總結發言。

Thank you, Meghan. Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways.

謝謝你，梅根。女士們、先生們，在今天的電話會議即將結束之際，我想和大家分享以下幾點要點。

First, upstream oil and gas remains investment remains resilient with pockets of growth in many international markets. SLB's unique global footprint and portfolio provide us with leading exposure to many of these regions and enable us to deliver steady financial results through all market conditions.

首先，上游油氣投資仍保持韌性，在許多國際市場仍有成長空間。SLB獨特的全球佈局和投資組合使我們在許多地區擁有領先的業務拓展機會，並使我們能夠在各種市場條件下取得穩定的財務表現。

Second, the addition of ChampionX is already making a meaningful impact. As customers remain focused on increasing production from existing assets, our expanded portfolio positions us to capture a larger share of their spending and unlock greater value across the production life cycle, both in OpEx and CapEx spend categories.

其次，ChampionX 的加入已經產生了顯著的影響。由於客戶仍然專注於提高現有資產的產量，我們擴大的產品組合使我們能夠獲得他們更大的支出份額，並在整個生產生命週期中釋放更大的價值，無論是在營運支出還是資本支出方面。

And finally, our Digital business is a true differentiator for SLB. This is the fastest-growing part of our business, and I look forward to sharing the continued growth of this business through our new Digital Division.

最後，我們的數位化業務是SLB真正的差異化優勢。這是我們業務中成長最快的部分，我期待透過我們新的數位部門與大家分享這項業務的持續成長。

With these strengths, SLB is exceptionally well positioned to continue delivering for our customers and our shareholders, and we look forward to delivering a strong fourth quarter to close the year. With this, I will conclude today's call. Thank you all for joining.

憑藉這些優勢，SLB 擁有非常有利的地位，能夠繼續為我們的客戶和股東創造價值，我們期待在第四季度取得強勁的業績，為今年畫下圓滿的句號。今天的電話會議到此結束。感謝各位的參與。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。