斯倫貝謝公司 (SLB) 2026 Q2 法說會逐字稿

Good morning. My name is Sarah and I will be your conference operator today and would like to welcome everyone to the second quarter SLB earnings call. (Operator Instructions) 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.

早安。我叫 Sarah，今天將擔任本次會議的接線員，並歡迎各位參加 SLB 第二季財報電話會議。(接線員指示) 提醒各位，本通話將被錄音。現在我將把電話交給投資人關係與產業事務資深副總裁 James R. McDonald。請開始。

Thank you, Sarah. Good morning, and welcome to the SLB second quarter 2026 earnings conference Call. Today's call is being hosted from London 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，Sarah。早安，歡迎各位參加 SLB 2026 年第二季財報電話會議。今天的電話會議在倫敦舉行，本週稍早我們在此召開董事會會議。與會者包括執行長 Olivier Le Peuch，以及財務長 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. 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 second-quarter earnings press release, which is on our website.

在開始之前，我想提醒所有與會者，我們今天將發表的部分陳述屬於前瞻性陳述。這些事項涉及風險與不確定性，可能導致我們的實際結果與這些陳述中的預期有重大差異。更多資訊請參閱我們最新的 10-K 申報文件及其他 SEC 申報文件，可在我們網站上查閱。我們今天的評論也包含非 GAAP 財務衡量指標；更多細節以及與最直接可比的 GAAP 財務衡量指標之調節，請見我們網站上的第二季財報新聞稿。

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

接下來，我把電話交給 Olivier。

Thank you, James. Good morning, ladies and gentlemen. Thank you for joining us. Today, we'll begin with our second-quarter performance. Then I will discuss the evolving macro environment and strategic growth areas for SLB. And finally, I will close by sharing our outlook for the third quarter and how we will exit the year.

謝謝你，James。各位女士、先生，早安。感謝各位加入我們。今天我們將先從第二季表現談起。接著我會討論不斷演變的總體環境，以及 SLB 的策略性成長領域。最後，我將分享我們對第三季的展望，以及我們將如何結束今年。

Stephane will then provide additional details on our financial results. And after that, we'll open the line for your questions.

接著 Stephane 會提供我們財務結果的更多細節。之後，我們將開放提問。

Let's begin. This was a solid quarter for SLB, marked by broad-based international growth and rebound in North America. Excluding the Middle East, revenue increased sequentially across all divisions. was supported by higher offshore activity in Latin America, including Brazil, Guyana and Mexico; in Europe & Africa, across Scandinavia and Nigeria; and in Asia including China, Indonesia, India, and Australia.

我們開始吧。對 SLB 而言，這是一個穩健的季度，特徵是國際市場廣泛成長，以及北美市場回升。不含中東在內，各事業部營收皆呈現季增；成長主要受拉丁美洲（包括巴西、蓋亞那與墨西哥）更高的離岸活動帶動；在歐洲與非洲，則遍及斯堪地那維亞與奈及利亞；在亞洲則包括中國、印尼、印度與澳洲。

Additionally, we saw a rebound in US Land, with higher sales of production chemicals, artificial lifts and valves, driven by strong demand for production and recovery solutions. In the Middle East, we continued to navigate the conflict during the second quarter, while maintaining our focus on protecting our people and facilities across the region. Activity resumed in several countries, although operations in Iraq remain constrained by security challenges.

此外，我們也看到美國陸上業務回升，生產化學品、人工舉升與閥門銷售增加，主要受生產與提高採收率解決方案的強勁需求帶動。在中東，我們在第二季持續因應衝突，同時仍專注於保護我們在該地區的人員與設施。多個國家的活動已恢復，但伊拉克的營運仍受安全挑戰所限制。

While uncertainty persists, we continue to work closely for our customers to gradually restore activity. That said, returning to full activity will take time, and the pace of recovery will vary by country, customer and operating environment.

儘管不確定性仍在，我們仍持續與客戶密切合作，逐步恢復活動。不過，要回到全面活動仍需要時間，復甦速度也會因國家、客戶與營運環境而異。

Turning to the divisions, I was very pleased with the continued momentum in Production Systems and Digital. In Production Systems, growth was supported by higher demand in artificial lift, valves, surface Production Systems, and production chemicals, as well as stronger subsea activity, particularly in North America and Latin America.

談到各事業部，我對生產系統與數位業務持續的動能感到非常滿意。在生產系統方面，成長受人工舉升、閥門、地面生產系統與生產化學品需求提升所支撐，同時海底（subsea）活動也更強勁，尤其是在北美與拉丁美洲。

This reflects clear and durable customer priorities, improving production, enhancing recovery, and extending the life of existing assets, which are fully aligned with our increased focus in the core toward production and recovery.

這反映出客戶明確且持久的優先事項：提升產量、提高採收率，以及延長既有資產的使用年限；這些都與我們在核心業務中更聚焦於生產與提高採收率的方向完全一致。

Production Systems adjusted EBITDA margins returned to above 20%, supported by strong execution. ChampionX also continued to provide acceptive margins to Production Systems, despite facing cost inflation in chemicals. Notably, ChampionX delivered sequential margin expansion for the third consecutive quarter.

在強勁執行力的支撐下，生產系統調整後 EBITDA 利潤率回升至 20% 以上。儘管化學品面臨成本通膨，ChampionX 也持續為生產系統帶來具吸引力的利潤率。值得注意的是，ChampionX 已連續第三個季度實現利潤率季增。

Digital also delivered very strong results, supported by a favorable business mix. This included higher exploration data licenses and transfer fees in Brazil and Indonesia, which had Digital adjusted EBITDA margins to reach approximately 35% for the quarter. Additionally, annual recurring revenue increased by 15% year-over-year.

數位業務同樣交出非常強勁的成績，受惠於有利的業務組合。其中包括巴西與印尼更高的勘探資料授權與轉讓費，使數位業務本季調整後 EBITDA 利潤率達到約 35%。此外，年度經常性收入年增 15%。

As we shared during our Digital Investor Day last month, the future of our industry is digital. And we are confident that the key growth drivers highlighted at the event, Digital Operations and AI will continue to build strong momentum across the industry. You can see several examples of recent customer contracts and deployments in the quarterly highlights included in today’s earnings press release.

正如我們在上個月的數位投資人日所分享的，本產業的未來是數位化。我們也有信心，活動中所強調的關鍵成長動能——數位營運與 AI——將持續在整個產業累積強勁動能。您可以在今天財報新聞稿所附的季度重點中，看到近期多個客戶合約與部署的例子。

Meanwhile, revenue in Well Construction and Reservoir Performance declined slightly as a result of activity disruption in the Middle East. However, the impact was largely offset by stronger activity in North America and across other international markets.

同時，由於中東活動受干擾，井筒建設與油藏績效的營收小幅下滑。不過，這項影響大多被北美以及其他國際市場更強勁的活動所抵銷。

Data Center Solutions also continued its strong growth trajectory, with revenue increasing 33% sequentially and 80% year on year. Growth was supported by the addition of new hyperscaler customers and a broader scope of offerings as we evolve beyond manufacturing into data center design, integration as exemplified by the recent announcement with [Meta].

資料中心解決方案也延續強勁的成長軌跡，營收季增 33%、年增 80%。成長受新增超大規模雲端（hyperscaler）客戶，以及我們在產品與服務範疇擴大所支撐；隨著我們從製造延伸至資料中心設計與整合（近期與[Meta] 的公告即為例證）。

All in all, this was a strong quarter against a difficult backdrop, with solid financial results and steady progress in our strategy execution.

總體而言，在艱難的外部環境下，這是一個表現強勁的季度：財務結果穩健，策略執行也持續穩步推進。

I want to thank the entire SLB team for delivering these results in a very dynamic market. I continue to be impressed by your performance, your innovation and your commitment to our customers.

我要感謝整個 SLB 團隊在非常動態的市場中交出這些成果。我持續對各位的表現、創新，以及對客戶的承諾印象深刻。

Now, let me turn to the macro environment, which continues to evolve following the disruption in the Middle East. There are several structural drivers of upstream investment that have been heightened by the conflict in the Middle East.

接下來談談總體環境；在中東受干擾之後，總體環境仍在持續演變。中東衝突使上游投資的若干結構性驅動因素更加凸顯。

This includes the replenishment of commercial inventories and strategic reserves that have been depleted during the conflict, increased efforts to diversify supply, and the development of domestic resources to strengthen long-term energy security.

其中包括補充在衝突期間被消耗的商業庫存與戰略儲備、加大供應多元化的努力，以及開發國內資源以強化長期能源安全。

These priorities support a favorable investment backdrop across both short- and long-cycle markets, and they are bringing a renewed focus on exploration to unlock new reserves and an increasing production and recovery from existing assets.

這些優先事項為短週期與長週期市場帶來有利的投資背景，並使市場重新聚焦於勘探以開發新儲量，同時提高既有資產的產量與採收率。

In this context, we expect a range-bound commodity environment that is constructive for upstream investment. Indeed, inventory replenishment and the need to rebuild spare capacity should provide support at the lower end of the range. And at the same time, higher price will encourage the development of new supply while unlocking new opportunities for our business.

在此背景下，我們預期大宗商品價格將呈區間震盪，而這對上游投資具有建設性。確實，庫存補充以及重建閒置產能的需求，應可在區間下緣提供支撐。同時，較高的價格將鼓勵新供給的開發，並為我們的業務開啟新的機會。

Let me now turn to regional activity dynamics. The market is starting to exhibit the characteristics of an upcycle. International and deepwater activity is growing, supported by the fundamentals I've just discussed.

接著我談談各地區活動動態。市場開始展現景氣上行週期的特徵。在我剛才提到的基本面支撐下，國際市場與深水活動正在成長。

Notably, according to third-party reports, final investment decisions for long-cycle projects are expected to increase by approximately 30% year-on-year in 2026. This will support higher exploration spending and upstream CapEx growth across the product markets during the second-half of 2026, led by Africa. And we expect a more meaningful impact in 2027, with growth extending to Latin America, the Mediterranean and Asia.

值得注意的是，根據第三方報告，2026 年長週期專案的最終投資決策預計將年增約 30%。這將在 2026 年下半年支撐更高的勘探支出，並帶動各產品市場的上游資本支出（CapEx）成長，其中以非洲領先。我們預期在 2027 年影響將更為顯著，成長將擴及拉丁美洲、地中海與亞洲。

Meanwhile, North American land will remain tied to short-cycle market dynamics, including commodity prices, inventory level, and the pace of restocking. Our position in North America has been strengthened by ChampionX and by the increasing need for technology innovation in production and recovery.

同時，北美陸上業務仍將與短週期市場動態緊密連動，包括商品價格、庫存水位以及補庫速度。在 ChampionX 的助力以及生產與採收對技術創新需求日益增加的推動下，我們在北美的布局已獲得強化。

In the Middle East, we see the impact as largely transitory. Restoring production to prior levels will require higher services intensity, particularly in well intervention, along with increased equipment demand, infrastructure repairs and realigned shipping logistics.

在中東，我們認為其影響大多屬於短暫性。要將產量恢復至先前水準，將需要更高的服務強度，特別是在井下介入作業方面，同時也需要增加設備需求、進行基礎設施修復並重新調整航運物流。

Based on this condition, and our exposure to international deepwater and exploration, production and recovery, and Digital, our outlook for our business into 2027 is compelling.

基於此情況，以及我們在國際深水與勘探、生產與採收，以及數位業務方面的曝險，我們對公司業務至 2027 年的展望令人振奮。

Against this backdrop, SLB's strategy remains closely aligned with our customers' highest investment priorities. In the core, this includes restoring production capacity, developing advantaged resources, including deepwater, and improving capital efficiency.

在此背景下，SLB 的策略仍與客戶最高投資優先事項保持高度一致。在核心業務方面，這包括恢復產能、開發具優勢的資源（包括深水），以及提升資本效率。

Beyond the core, Digital remains both a key enabler of performance and a powerful growth platform for SLB. Data and AI will increasingly touch every part of the upstream lifecycle. Advantage is that Digital is grounded in deep domain expertise and connected to real-field operations.

在核心業務之外，數位業務仍是提升績效的關鍵推動者，也是 SLB 強而有力的成長平台。資料與 AI 將日益觸及上游生命週期的每一個環節。我們的優勢在於，數位業務建立在深厚的領域專業之上，並與真實現場作業相連結。

We are embedding intelligence to the workflows that matter most, from subsurface interpretation and well delivery to production optimization and autonomous operations. Finally, we're accelerating our Data Center Solutions strategy around three priorities, diversifying our customer base, expanding internationally, and increasing the scale and scope of our offerings.

我們正將智慧能力嵌入最重要的工作流程中，從地下解釋與井筒交付，到生產最佳化與自主作業。最後，我們正圍繞三項優先事項加速推進資料中心解決方案策略：多元化客戶基礎、拓展國際市場，以及擴大我們產品與服務的規模與範疇。

This quarter, we delivered on our strategic pathways, adding new hyperscaler customers to our portfolio, diversifying our end markets across Canada and Asia, and expanding our capabilities to include design, engineering, and system integration.

本季，我們在策略路徑上取得進展，將新的超大規模雲端（hyperscaler）客戶納入我們的客戶組合，並在加拿大與亞洲分散我們的終端市場，同時擴充能力，涵蓋設計、工程與系統整合。

At the same time, we continue to leverage our off-site fabrication capabilities to scale up in response to accelerating demand and to compress delivery time for our customers. Our differentiated capabilities have resulted in our backlog growing ahead of expectations with new contract awards, strong customer engagement and international expansion.

同時，我們持續運用異地製造能力，以因應加速成長的需求並擴大產能，並為客戶縮短交付時間。憑藉我們差異化的能力，在新合約得標、強勁的客戶互動與國際擴張的帶動下，我們的在手訂單量增長超出預期。

This momentum gives us the confidence that we'll finish this year strong as we had previously guided, and we now foresee that Data Center Solutions will exit 2027 at an annualized revenue run rate exceeding $2 billion.

這股動能讓我們有信心如先前指引所述，將以強勁表現結束今年；此外，我們目前預期資料中心解決方案在 2027 年底的年化營收運行率將超過 20 億美元。

But this is just the start. Our ambition is to become an industrial technology partner to the data center industry, and our expanding role in design and integration provides us a platform to have adjacent capabilities, including decarbonized power and cooling solutions. These are natural extension of our domain expertise in process engineering and complex energy systems, and given the pace of market development, we can accelerate this strategy for our partnerships and acquisitions.

但這只是開始。我們的目標是成為資料中心產業的工業技術合作夥伴，而我們在設計與整合方面不斷擴大的角色，為我們提供平台以發展相鄰能力，包括去碳化電力與冷卻解決方案。這些是我們在流程工程與複雜能源系統領域專業的自然延伸；鑑於市場發展速度，我們可透過合作夥伴關係與併購加速推進此策略。

Examples of this include our recent alliance with Liberty Energy that will combine SLB's, modular infrastructure solution, and global market reach with Liberty's behind-the-meter power generation systems, in addition to our pilot with Ormat for next generation geothermal power development, to support future Data Center demand. These are exciting steps toward becoming a critical infrastructure partner for the AI economy.

相關例子包括我們近期與 Liberty Energy 的策略聯盟，將結合 SLB 的模組化基礎設施解決方案與全球市場觸及能力，以及 Liberty 的表後（behind-the-meter）發電系統；此外，我們也與 Ormat 進行下一代地熱發電開發的試點，以支援未來資料中心需求。這些都是我們邁向成為 AI 經濟關鍵基礎設施合作夥伴的令人振奮的步伐。

Together, this strategic investment offers a broader and more resilient growth profile for the future, anchored in the core, accelerated by Digital, and expanded through Data Center Solutions.

綜合而言，這項策略性投資為未來提供更廣泛且更具韌性的成長輪廓：以核心業務為錨、由數位業務加速，並透過資料中心解決方案擴張。

Let me now turn to our outlook for the third quarter, followed by our preliminary view of the fourth quarter. Turning to our third quarter outlook. Our base case assumes a gradual recovery in Middle East activity, consistent with the pace we observe toward the end of the second quarter as we continue to remobilize operations across the countries affected by the conflict.

接下來我將談談我們對第三季的展望，並提供對第四季的初步看法。先看第三季展望。我們的基本情境假設中東活動將逐步復甦，與我們在第二季末觀察到的節奏一致，因我們持續在受衝突影響的各國重新動員作業。

Based on this trajectory, we expect global sequential revenue growth between 3% and 4%, with adjusted EBITDA margin expansion of approximately 75 basis points. At the division level, we anticipate revenues of the core divisions to increase sequentially in the low to mid-single-digits, while Digital revenue is expected to grow in the low-single-digits.

基於此一走勢，我們預期全球營收將季增 3% 至 4%，調整後 EBITDA 利潤率約擴張 75 個基點。以事業部層級來看，我們預期核心事業部營收將以低至中個位數百分比季增，而數位營收預期將以低個位數百分比成長。

The heightened tensions recently observed in the Middle East have not had a material impact on our current activity. However, we have developed a downside scenario to help model the potential impacts of the ongoing geopolitical volatility.

近期在中東觀察到的緊張局勢升高，對我們目前的活動並未造成重大影響。然而，我們已建立一個下行情境，以協助建模持續地緣政治波動可能帶來的影響。

In the event of a significant re-escalation that disrupts ongoing remobilization efforts and results in flat sequential Middle East revenue, we estimate third-quarter revenue will be approximately $150 million lower than our base case assumption. This will translate into an adjusted EBITDA headwind of approximately $75 million. The impact of these downside scenario will be concentrated primarily in the Well Construction and Reservoir Performance divisions.

若發生顯著再度升級，干擾正在進行的重新動員工作，並導致中東營收季比持平，我們估計第三季營收將較基本情境假設低約 1.5 億美元。這將轉化為調整後 EBITDA 約 7,500 萬美元的不利影響。此下行情境的影響將主要集中在井筒建設（Well Construction）與油藏績效（Reservoir Performance）事業部。

Looking ahead to the fourth quarter, our preliminary outlook assumes that Middle East activity reaches between $2.1 billion and $2.2 billion, or approximately 95% of the revenue achieved in the fourth quarter of 2025. Based on this assumption and supported by deepwater momentum in a typical year-end Digital and product sales, we'll expect fourth quarter revenue to surpass $10 billion, representing approximately 5% growth year-over-year.

展望第四季，我們的初步展望假設中東活動達到 21 億至 22 億美元，約為 2025 年第四季所達成營收的 95%。在此假設下，並在深水動能以及典型年末的數位與產品銷售支撐下，我們預期第四季營收將超過 100 億美元，年增約 5%。

We also expect adjusted EBITDA margin to be approximately 24% in line with the fourth quarter of last year. While this outlook remains dependent on certain conditions, primarily related to the Middle East conflict, we view it as an encouraging indicator of the underlying strength of the business and believe it will position us well to deliver solid growth in 2027.

我們也預期調整後 EBITDA 利潤率約為 24%，與去年第四季一致。雖然此展望仍取決於若干條件，主要與中東衝突相關，但我們視其為業務基本面強勁的正向指標，並相信這將使我們處於有利位置，在 2027 年實現穩健成長。

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

接下來我將把電話會議交給 Stephane，請他更詳細地說明我們的財務結果。

Thank you, Olivier, and good morning, ladies and gentlemen. Second quarter earnings per share, excluding charges and credits, was $0.55. This represents an increase of $0.03 sequentially and a decrease of $0.19 when compared to the second quarter of last year. During the quarter, we recorded $0.03 of merger and integration charges, primarily related to the ChampionX transaction. Overall, our second quarter revenue of $9 billion increased 3% sequentially despite severe disruptions in the Middle East.

謝謝你，Olivier，各位女士、先生們，早安。第二季每股盈餘（不含費用與收益）為 0.55 美元。這較前一季增加 0.03 美元，較去年第二季減少 0.19 美元。本季我們認列了 0.03 美元的併購與整合費用，主要與 ChampionX 交易相關。整體而言，儘管中東出現嚴重干擾，我們第二季營收 90 億美元仍季增 3%。

Strong performance in Latin America, Europe and Africa, US land and Asia more than offset the decline in the Middle East, where revenue fell 13% sequentially to $1.66 billion. Despite the headwinds from the Middle East, our pretax segment operating margin increased 49 basis points sequentially and our adjusted EBITDA margin increased 83 basis points sequentially.

拉丁美洲、歐洲與非洲、美國陸上以及亞洲的強勁表現，足以抵銷中東下滑的影響；中東營收季減 13% 至 16.6 億美元。儘管面臨中東逆風，我們稅前分部營業利潤率季增 49 個基點，調整後 EBITDA 利潤率季增 83 個基點。

As it relates specifically to the Middle East while the revenue shortfall was close to our expectations, we took some temporary cost actions to alleviate the detrimental effect on our earnings.

就中東而言，雖然營收缺口大致符合我們的預期，但我們採取了一些臨時性成本措施，以減輕對獲利的不利影響。

As a result, the sequential impact on our earnings per share was slightly below the low end of the $0.06 to $0.08 range that we originally indicated for the second quarter.

因此，每股盈餘的季比影響略低於我們先前對第二季所指出的 0.06 至 0.08 美元區間下緣。

Let me now go through the second quarter results for each division. Second quarter Digital revenue of $697 million increased 9% sequentially driven by higher Digital exploration revenue and higher sales in platforms and applications.

接下來我將逐一說明各事業部的第二季結果。第二季數位營收為 6.97 億美元，受數位勘探營收增加以及平台與應用銷售提升帶動，季增 9%。

Digital pretax operating margin of 27.8% expanded 683 basis points, while adjusted EBITDA margin of 34.7% increased 860 basis points. These increases were due to higher sales of exploration data licenses and transfer fees as well as improved profitability in Digital operations and platforms and applications.

數位稅前營業利潤率為 27.8%，擴張 683 個基點；調整後 EBITDA 利潤率為 34.7%，增加 860 個基點。這些提升主要來自勘探資料授權銷售與轉移費用增加，以及數位營運與平台及應用業務獲利能力改善。

Reservoir Performance revenue of $1.6 billion declined 2% sequentially, while pretax operating margin of 14.9% decreased 121 basis points. These decreases were primarily due to operational disruptions related to the Middle East conflict.

儲層績效（Reservoir Performance）營收為16億美元，較前一季下滑2%，而稅前營業利潤率14.9%下降121個基點。這些下滑主要是由於與中東衝突相關的營運中斷所致。

Well Construction revenue of $2.7 billion decreased 2% sequentially primarily as a result of the disruptions in the Middle East, partially offset by higher drilling activity in Latin America. Pretax operating margin of 15.2% and was essentially flat sequentially, as lower profitability in the Middle East was offset by improved profitability in North America and Latin America.

井筒建設（Well Construction）營收為27億美元，較前一季下滑2%，主要因中東地區的干擾所致，部分被拉丁美洲較高的鑽井活動所抵銷。稅前營業利潤率為15.2%，與前一季基本持平，因中東較低的獲利能力被北美與拉丁美洲獲利改善所抵銷。

Finally, Production Systems revenue of $3.8 billion increased 7% sequentially, driven by higher revenue from OneSubsea as well as increased sales of artificial lift, valves, surface Production Systems and completions.

最後，生產系統（Production Systems）營收為38億美元，較前一季成長7%，主要受OneSubsea營收增加，以及人工舉升、閥門、地面生產系統與完井銷售增加所帶動。

Production Systems pretax operating margin increased 138 basis points to 15.5% primarily due to improved profitability in OneSubsea and artificial lift. Margin also benefited from the accretive contribution of ChampionX's production chemicals and artificial lift businesses.

生產系統稅前營業利潤率上升138個基點至15.5%，主要因OneSubsea與人工舉升獲利能力改善。利潤率亦受益於ChampionX之生產化學品與人工舉升業務帶來的增厚式（accretive）貢獻。

Now turning to our liquidity. We ended the quarter with net debt of $8.7 billion. We generated $1.4 billion of cash flow from operations and free cash flow of $716 million during the quarter. This represents a $739 million increase in free cash flow compared to the last quarter, which is largely due to seasonal improvements in working capital, including the absence of the annual employee incentive payouts in the first quarter.

接下來談我們的流動性。本季末我們的淨負債為87億美元。本季我們產生14億美元的營運現金流，以及7.16億美元的自由現金流。相較上一季，自由現金流增加7.39億美元，主要由於營運資金的季節性改善，包括第一季未發生年度員工獎酬（激勵）發放。

Consistent with our historical trends, we expect our free cash flow in the second half of the year to be materially higher than in the first half on improved earnings, higher customer collections and lower inventories. Capital investments, inclusive of CapEx and investments in APS projects and exploration data were $643 million in the second quarter.

依照我們一貫的歷史趨勢，我們預期下半年自由現金流將顯著高於上半年，受益於獲利改善、客戶回款增加以及庫存降低。第二季資本投資（包含資本支出CapEx，以及APS專案與勘探資料投資）為6.43億美元。

For the full year, we still expect capital investments to be approximately $2.5 billion. During the quarter, we repurchased $648 million of our stock and still expect to repurchase a minimum of $2.4 billion for the full year, in line with 2025. Lastly, we are still targeting to return more than $4 billion to our shareholders in 2026 through a combination of dividends and stock buybacks.

就全年而言，我們仍預期資本投資約為25億美元。本季我們回購自家股票6.48億美元，且仍預期全年至少回購24億美元，與2025年一致。最後，我們仍以在2026年透過股利與股票回購的組合，向股東回饋超過40億美元為目標。

I will now turn the conference call back to Olivier.

我現在把電話會議交回給Olivier。

Thank you, Stephane. I believe we are now ready for the question-and-answer session.

謝謝你，Stephane。我想我們現在已準備好進入問答環節。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Scott Gruber, Citigroup.

Scott Gruber，花旗集團（Citigroup）。

Yes, good afternoon on your end, Olivier and Stephane.

是的，Olivier和Stephane，你們那邊下午好。

Yes, good morning.

是的，早安。

Good morning, Scott.

早安，Scott。

Thank you. We appreciate the guidance on 3Q and 4Q given the moving pieces. You mentioned the Middle East getting back to, I think it was $2.1 billion to $2.2 billion in 4Q, 95% of last year. How much of a step up is that from 3Q? And how do you see the other geo markets stepping up in 4Q, if you can unpack that, that move to $10 billion.

謝謝。在變數很多的情況下，我們很感謝你們對第三季與第四季的指引。你提到中東在第四季回到我記得是21億到22億美元，相當於去年第四季的95%。這相較第三季會增加多少？另外，若你能拆解一下其他地理市場在第四季如何推升，帶動到100億美元的變化。

And as we start to think about 2027 is that $10 billion a good run rate to think about the potential for your top line in '27 so call it something close to a $40 billion top line run rate next year. Is that reasonable?

另外，當我們開始思考2027年時，100億美元是否是一個可用來思考你們在2027年營收潛力的良好運行水準（run rate）——也就是說，明年接近400億美元的營收運行水準？這樣的推估合理嗎？

I will not comment at this point on '27, but I can comment on Q4 and what it means for the setting and accompanying outlook that we see. First, to comment very broadly on the Q3 sequence and the Q4 sequence, obviously, Q4 step-up from the third quarter will be characterized by a combination of factors, the first being the further Middle East recovery that will indeed, we believe, step up and the assumption it will reach up to 95% of last year Q4.

我目前不評論2027年，但我可以評論第四季，以及這對我們所看到的情勢與相應展望意味著什麼。首先，概括談第三季與第四季的序列變化，顯然第四季相較第三季的上升將由多項因素共同構成，第一項是中東進一步復甦；我們確實相信會上升，並假設可達到去年第四季的95%。

The second factor will be the usual year-end sales into Digital and Production Systems and finally, data centers. But underlying all of this, as we would expect the growth sequentially both in North America and international at that stage are the fundamentals of the market that I believe give us a business outlook that is very compelling. That combines not only the rebound in the Middle East that will continue but also the setting up of the offshore deepwater environment that will add to it and the strengths we have developed into production and recovery to come into benefits in short cycle.

第二項因素是年底通常會出現的數位（Digital）與生產系統的銷售，以及最後的資料中心。但在這一切之下，我們預期屆時北美與國際市場的序列成長，來自我認為非常有吸引力的市場基本面，為我們帶來相當具說服力的業務展望。這不僅結合了中東持續反彈，也包括離岸深水環境的成形所帶來的增量，以及我們在生產與採收（recovery）方面建立的優勢，將在短週期業務中帶來效益。

So it will be a long- and short-cycle exposure, long cycle to deepwater, short cycle to production and recovery and the kick of the Middle East recovery developing at scale in the fourth quarter and continuing throughout '27. So indeed, it is highly compelling adding to the secular trends of Digital and to the significant strength and scale that we are foreseeing in data centers going forward.

因此，這將同時具備長週期與短週期的曝險：長週期來自深水，短週期來自生產與採收；而中東復甦的推力將在第四季以規模化方式展開，並在整個2027年持續。因此，這確實非常有吸引力，並且還會疊加數位化的長期趨勢，以及我們預見未來資料中心顯著的強勁動能與規模。

And Scott, to clarify your specific question on the Middle East just to put the numbers back together. So first, Q2 actual revenue in the Middle East was $1.66 billion. And we have assumed in our base case scenario where the global revenue grows between 3% and 4% sequentially, but the Middle East will recover gradually in the third quarter. If it doesn't, if current escalation ceases the ongoing mobilization, but Middle East revenue would be $150 million lower than in our base case, then it would bring it back to more or less the level of Q2. So that gives you the range where it could end up in the third quarter.

Scott，為了釐清你對中東的具體問題，我把數字重新整理一下。第二季中東實際營收為16.6億美元。在我們的基本情境中，假設全球營收序列成長3%到4%，而中東在第三季將逐步復甦。如果沒有復甦——如果目前的升級情勢使正在進行的動員停止——那麼中東營收將比我們的基本情境少1.5億美元，屆時大致會回到第二季的水準。因此，這就給了你第三季可能落點的區間。

Well, I appreciate that color. And then my follow-up is on exploration. You’re witnessing a nice pickup currently in your data library sales. And I would assume kind of across wireline, et cetera. How are you thinking about the durability of the exploration cycle?

我很感謝這些補充說明。接著我的追問是關於勘探。你們目前的資料庫（data library）銷售出現不錯的回升。我猜也涵蓋測井（wireline）等領域。你們如何看待勘探週期的持續性？

Is this just a reaction to the higher crude prices?

這是否只是對較高原油價格的反應？

Do you think we'll see a multiyear improvement in exploration activity, given the need for the industry to locate new reserves, shale production growth slows and in order to improve the diversity of supply given the Middle East conflict, just your thoughts on the durability of the exploration cycle would be great.

你是否認為，鑑於產業需要找到新的儲量、頁岩產量成長放緩，以及為了在中東衝突下提升供應多元性，我們將看到勘探活動出現多年期的改善？你對勘探週期持續性的看法會很有幫助。

Yes. I think indeed, the fundamental forces are favorable and constructive for the global exploration. And it's driven by energy security, by the resource -- exporting resource, natural resource, and the need for certain, if not the majority, of the customers to replace the reserves and to bring and build the long-term portfolio that includes deepwater, highly valuable resources. So we see that exploration cycle and appraisal is developing nicely.

是的。我認為，全球勘探的基本驅動力確實是有利且具建設性的。其驅動因素包括能源安全、資源——出口資源、天然資源——以及部分（若非多數）客戶需要補充儲量，並建立包含深水等高價值資源的長期投資組合。因此我們看到勘探週期與評估（appraisal）正在良好發展。

And I think we see this not being a trend of one quarter, a long-term trend that will support reserve replacement across different basins, both in frontier, in infrastructure-led exploration, deepwater, but also in some land operations to further secure [incremental] (corrected by company after the call) development in some regions. So we see this as an underlying strength, and we have the portfolio to match it.

而且我認為，我們看到這不是單一季度的趨勢，而是將支持不同盆地儲量補充的長期趨勢，涵蓋前緣（frontier）、以基礎設施帶動的勘探、深水，同時也包括部分陸上作業，以在某些地區進一步確保[增量]（公司於會後更正）開發。因此我們將其視為一項底層的強勁動能，而我們也具備相匹配的產品組合。

We have the Reservoir Performance wireline portfolio with unique differentiated technology that are being used on the vast majority of the high-value wells -- exploration wells that happen. We have the Digital offering, both in our platforms and applications, but also obviously, into our exploration data as it was highlighted this quarter. And we are introducing new technology in Well Construction, including AlphaSight, which is the latest generation of our geosteering tool that provides the best performing tool to place exploration wells in the spot for maximum success. So we believe we are very well placed to benefit from this global trend.

我們擁有油藏績效（Reservoir Performance）測井（wireline）產品組合，具備獨特且差異化的技術，已被用於絕大多數高價值井——也就是正在進行的勘探井。我們也有數位化（Digital）產品，不僅在我們的平台與應用上，當然也涵蓋我們的勘探數據，正如本季所強調的。此外，我們也在井建設（Well Construction）領域導入新技術，包括 AlphaSight——這是我們最新一代地質導向（geosteering）工具，可提供最佳表現，將勘探井精準放置在最有利的位置，以達到最大成功率。因此，我們相信我們已處於非常有利的位置，可受惠於這一全球趨勢。

Great. I appreciate the color. Thank you.

很好。感謝補充說明。謝謝。

Thank you.

謝謝。

James West, Melius Research.

James West，Melius Research。

Thanks. Hi, Olivier, Stephane.

謝謝。嗨，Olivier、Stephane。

Hey, good morning, guys.

嘿，各位早安。

So -- no problem. So Olivier, I wanted to just hone in on the Middle East situation. Obviously, people want to get back to work. We want to see a recovery post conflict. You've probably been in the region recently, and I'm sure you're in touch with everybody in the region.

所以——沒問題。所以 Olivier，我想聚焦一下中東的情勢。顯然，大家都希望回到工作崗位。我們也希望在衝突之後看到復甦。你最近可能去過該地區，我也確信你與當地各方都保持聯繫。

What's kind of the level of urgency to get things flowing again, get back to work, get drilling activity and production activity going. And I know you've talked about 95% of fourth quarter of last year levels. But what do you think we look like kind of after we get back to activity?

目前要讓一切重新運轉、回到工作狀態、讓鑽井活動與生產活動恢復的急迫程度大概如何？我知道你提到已回到去年第四季水準的 95%。但你認為在恢復活動之後，整體看起來會是什麼樣子？

So clearly, we see that the engagement level and frequency of engagement with our customers in recent weeks and days actually is increasing and to secure mobilization resources to plan and to tailor solutions to the recovery of the wells that have been shut or to plan for accelerating the deployment of resources to do the infill drilling, to catch up and expand the capacity. And I think it varies from country to country.

很明顯地，我們看到近幾週與近幾天，與客戶的互動程度與互動頻率其實正在提高，以確保動員資源、進行規劃，並量身打造解決方案：一方面是針對已關停的井進行復產（recovery）規劃；另一方面是規劃加速資源部署以進行加密鑽井（infill drilling），追趕進度並擴充產能。而且我認為各國情況不盡相同。

Some like Iraq are more concerned and are constrained by security, but we have seen activity restored and strengthening in UAE, in Qatar, to a lesser extent in Saudi. And I think these are the signs that I think activity is being built gradually. We have not seen a material impact in the recent complete re-escalation as we have seen in the last 12 days and customers are eager to restore production. And hence, they are looking for solutions for well intervention. They are looking for solutions that can assure that the shut-in wells can be restored and the solutions, be it the production and recovery solution or be it the intervention solution, can be deployed at scale in the coming weeks and coming months.

像伊拉克這類國家更為擔憂，且受制於安全因素；但我們已看到阿聯（UAE）、卡達的活動恢復並走強，在沙烏地則相對較弱一些。我認為這些跡象顯示活動正在逐步建立。在過去 12 天我們看到局勢再度全面升級的情況下，我們並未看到實質性的影響，客戶也急於恢復生產。因此，他們正在尋求井下作業（well intervention）的解決方案。他們也在尋找能確保關停井可恢復的方案；無論是生產與採收（production and recovery）方案，或是介入作業方案，都能在未來幾週與幾個月內以規模化方式部署。

So yes, activity engagement is happening. And I think we are getting the strong signal that aside from reescalation and worsening of the conflict as it stands today, we see a gradual recovery unfolding in the third quarter.

所以是的，活動與互動正在發生。我認為我們收到強烈訊號：除非衝突再度升級並惡化（以目前狀態而言），否則我們看到第三季將逐步展開復甦。

Okay. Great. And then maybe to hone in a little bit more on the exact nature of the work you think you'll see initially? I'm assuming it's going to be a lot of production-related work. Is that a fair assumption that it will be a lot of interventions and a lot of the ChampionX business getting active first before we see kind of new well drilling.

了解。很好。那接著也許再更聚焦一點：你認為一開始會看到的工作性質會是什麼？我猜會以生產相關工作為主。這樣的假設合理嗎——也就是會先有大量介入作業，ChampionX 的業務會先恢復活躍，之後才會看到新井鑽探？

I think I see threefold, three vectors of activity. One, we lead the combination of production and recovery that includes well intervention in ChampionX capability that includes coiled tubing intervention to restore or to kick wells back into production. I see also Digital being -- considered being a new catalyst, this crisis being an occasion catalyst for accelerating Digital deployments to unlock the potential of existing wells and to ensure our best performing -- best performance, and we are being involved in several contracts in the region to make it happen.

我認為會有三個面向、三條活動主軸。第一，我們在生產與採收的整體組合上具領先地位，其中包含 ChampionX 的井下介入能力，包括連續油管（coiled tubing）介入作業，用於恢復或讓油井重新回到生產狀態。第二，我也看到數位化（Digital）被視為新的催化劑；這次危機成為加速數位化部署的契機，以釋放既有油井的潛力並確保最佳表現——我們也正參與該地區多個合約以促成此事。

And finally, for the company and the region of the country that can mobilize rigs for infill drilling and expansion of capacity going beyond the intervention, beyond restoring production and accelerating capacity to respond to the lost supply in the last few months.

最後，對於能夠動員鑽機進行加密鑽井並擴充產能的公司與國家而言，活動將不僅止於介入作業、不僅止於恢復生產，而是進一步加速擴產，以回應過去幾個月流失的供給。

Great. Thanks, Olivier.

很好。謝謝你，Olivier。

Thank you, James.

謝謝你，James。

David Anderson, Barclays.

David Anderson，Barclays。

Hi, good morning, gentlemen. So an improving offshore business is clearly an underlying theme for you this quarter. FIDs this year have already surpassed full-year '25; deepwater rig count is higher as well. I would think you'd have better visibility here than just about any other part of your business for '27? So kind of the question I'm just wondering is, should we at least see double-digit growth in offshore next year for both the production side with OneSubsea and higher activity in Well Construction?

嗨，兩位早安。本季你們的核心主題之一，顯然是離岸業務的改善。今年的最終投資決策（FID）已經超過 2025 全年的水準；深水鑽機數量也更高。我想你們在這方面的能見度，可能比你們業務中的其他任何部分都更好，尤其是對 2027 年？所以我想問的是：至少在明年，我們是否應該看到離岸業務出現雙位數成長——包括 OneSubsea 的生產端，以及井建設（Well Construction）活動提升？

I think directionally, it's fair to say that the acceleration of FID, we see finally setting in place this year and the pipeline even growing next year that will set the tone for indeed, a deepwater activity that will certainly go directionally well to next year. We have set an ambition, as you know, that our subsea booking will reach $9 billion over two years, and hence, being visibly accretive to our current revenue rate into '26 and '27.

從方向性來看，可以說 FID 的加速今年終於開始到位，而明年管線甚至還會成長，這將為深水活動定調，確實在方向上會讓明年表現更好。如你所知，我們已設定目標：兩年內海底（subsea）訂單將達到 90 億美元，因此在 2026 與 2027 年，將對我們目前的營收水準帶來可見的增益（accretive）。

So yes, globally and directionally, we expect visible growth, difficult to say at this point, depending on the whole mobilization and timing of mobilization throughout the second half of this year and throughout next year and the exact timing of the FID that will still dependent upon all parties and, including the host country, to find agreement and this will still push or pull some FID approval here and there, but we see significant activity already starting in Africa, West Africa and East Africa in the coming months.

所以是的，從全球與方向性來看，我們預期會有可見的成長；但此刻很難下定論，因為仍取決於今年下半年與明年的整體動員（mobilization）與動員時程，以及 FID 的確切時間點——這仍將取決於所有相關方（包括東道國）能否達成協議；這仍可能在某些地方推遲或提前部分 FID 的核准。不過，我們已看到非洲、尤其西非與東非，在未來幾個月將有顯著活動開始。

We see Mediterranean to be a nice setup in 2027. We see East Asia following the FID and some contract award to be also very prolific for gas development, and we continue to see Latin America from Brazil to Guyana and Suriname to be -- continue to go and to be an engine of growth. And not forgetting the mature basin of North Sea, Norwegian sector and Gulf of America that continue to look for a capital-efficient solution, including boosting, as you have seen some announcements and we continue to develop at pace, the proven reserve and focus on infrastructure-led development.

我們看到地中海在 2027 年會是一個不錯的布局。我們看到東亞在 FID 之後、以及部分合約授予之後，也將在天然氣開發方面非常活躍；而拉丁美洲從巴西到蓋亞那、蘇利南也將——持續推進並成為成長引擎。同時也別忘了成熟盆地：北海、挪威區塊與美洲灣（Gulf of America）仍在尋求資本效率更高的解決方案，包括增壓（boosting）——你已看到一些公告，而我們也持續加速開發已證儲量，並聚焦於以基礎設施帶動的開發（infrastructure-led development）。

So you combine all of this, you have a setting that is highly favorable. That was in the making and that to some extent, this crisis created the catalyst to secure and accelerate going forward as energy security, exploiting resource, has become a priority and gas development continue to be a driver as well.

把這些因素綜合起來，你會看到一個非常有利的局面。這原本就在醞釀之中，而在某種程度上，這次危機成為催化劑，促使未來的確定性與加速推進；因為能源安全、資源開發已成為優先事項，而天然氣開發也仍將是驅動因素。

I appreciate the color there. If I could make my second question, more of a macro question here. On the Middle East, you had mentioned production is going to take longer to return. I think that's a little bit controversial. I think the broader market seems to think that production comes right back very quickly within a couple of months.

感謝你補充說明。如果我可以問第二個問題，會更偏宏觀一些。關於中東，你提到生產回復需要更長時間。我認為這有點具爭議。我想更廣泛的市場似乎認為，產量會在幾個月內很快就回到原本水準。

Can you tell us why you think that's going to take a little bit longer? Is that certain countries that are a little bit different? Is it -- I mean, I know we're talking about the intervention work and everything happening. If you could just provide a little bit -- a little bit more detail on kind of what you're seeing in kind of the ground level and why you come to that conclusion?

你能告訴我們為什麼你認為這會需要更長一點的時間嗎？是因為某些國家情況比較不同嗎？是——我的意思是，我知道我們在談介入行動以及所有正在發生的事情。如果你能再多提供一點——更詳細一點——關於你在第一線看到的情況，以及你為什麼會得出這個結論？

Yes. We believe that it's -- it will not be prudent to assume that things will restore in weeks. And we believe that the condition that have not met yet and partially around security in some countries, specifically Iraq and for production capacity in Kuwait will not necessarily give, in short term, the capability to unlock and come back to the full production. Not only talking about the export capacity from the straight or pipelines.

是的。我們認為——假設事情會在幾週內恢復並不審慎。我們也認為，有些條件尚未達成，部分與某些國家的安全情勢有關，特別是伊拉克；以及科威特的產能狀況，短期內未必具備解鎖並回到滿載生產的能力。而且不只是談海峽或管線的出口能力。

But -- so I think this will take time. Now well intervention and the capacity that many countries have to restore, yes, it will take weeks and months. And yes, as we exit this year. Certain countries will already be well on their way to have restored full capacity, if not being on our way to expand capacity beyond. And I think we know that, but it's a mix.

但是——所以我認為這需要時間。現在，介入行動以及許多國家具備的恢復能力，是的，會需要數週到數月。而且是的，當我們走出今年之際。某些國家將已經在恢復到滿載產能的路上進展良好，甚至可能正朝著擴增產能的方向前進。我想我們知道這一點，但這是一個組合。

And I think here, I cannot do more than comment on the [gradient], the mix, from the ones that are untouched, like Oman, or the ones that are severely damaged, such as Bahrain, Iraq, and Kuwait, and in between UAE and Saudi [Aramco], so you put all this into a different phasing and depending on the mobilization of resource, you'll have a [gradient] (corrected by company after the call) of recovery of production.

我想在這裡，我所能做的也只能評論這個[gradient]、這個組合：從未受影響的，例如阿曼；到受損嚴重的，例如巴林、伊拉克與科威特；以及介於其間的阿聯與沙烏地[Aramco]。因此你把這些放進不同的時程分段，並且取決於資源動員的情況，你會看到一個[gradient]（會後由公司更正）的產量復原梯度。

But yes, gradually, it will improve and gradually will be over weeks, months or quarters depending on the conditions at asset and depending on how the resolution of the conflict will pan out to be. Always positive in our opinion and already gradually growing going forward but it's very difficult to pinpoint a time where this will intersect the previous capacity or the previous production total.

但沒錯，會逐步改善，而且會在數週、數月或數季內逐步完成，取決於資產端的條件，以及衝突解決的走向會如何發展。以我們的看法，始終是正向的，而且未來已在逐步成長，但要精準指出何時會回到先前的產能或先前的總產量，是非常困難的。

Appreciate your thoughts. Thank you.

感謝你的看法。謝謝。

Thank you.

謝謝。

Neil Mehta, Goldman Sachs

Neil Mehta，高盛

Hey, good morning, Olivier and team. I really appreciate all the color you provided around data center -- data center opportunity set and the path to $2 billion of exit rate revenue. I guess there are a couple of components around it, but for those of us who have probably spent less come on these modular systems.

嗨，早安，Olivier 和團隊。非常感謝你們就資料中心——資料中心的機會集合，以及達到 20 億美元退出年化營收（exit rate revenue）的路徑所提供的所有細節。我想這裡面有幾個組成部分，但對於我們這些可能較少深入研究這些模組化系統的人來說。

Can you just simplify what exactly is the product that you're providing here for every part of the data center and with the value add to customers. And then, can you just talk about how we should think about the economics of this? I would imagine it's a little bit lower EBITDA margin, but higher free cash flow conversion. So just thinking about the economics and then helping us simplify what the product offering is.

你能不能簡化說明一下，你們在資料中心的各個部分到底提供的是什麼產品，以及對客戶的加值是什麼？然後，你能談談我們應該如何看待這件事的經濟性嗎？我猜 EBITDA 利潤率可能會低一些，但自由現金流轉換率更高。所以就是從經濟性角度，以及幫助我們簡化理解你們的產品供應內容。

Yes. So I think to take a bit simple and to explain how did we develop the right-of-play into this market. I think you have to run the tape for two or three years. And I think we have realized that we could deliver highly -- high-quality, high reliability, modular construction equipment off-site to package this modular equipment destined towards the server hall of the data centers, destined towards the cooling equipment of the data centers and then package this in -- with modular construction so that they are delivered from an off-site large-scale manufacturing site to the diversity of the data center site in any state or ultimately in any country.

是的。我想用比較簡單的方式來說明我們是如何在這個市場建立正確的切入點（right-of-play）。我想你得把時間軸往回看兩到三年。我們意識到，我們可以在場外（off-site）交付高——高品質、高可靠性的模組化建造設備，把這些模組化設備打包，供應給資料中心的伺服器機房（server hall），也供應給資料中心的冷卻設備，並以模組化建造的方式進行封裝，讓它們從一個大型、規模化的場外製造基地交付到各個資料中心工地——在任何州，甚至最終在任何國家。

So it brings -- the benefit brings to the hyperscaler, it brings a reliable, scalable and value assurance of delivering at a shorter lead time, flexibly across different data centers. We have delivered, as we noted, in the one announcement we did last week, 1.3 gigawatts of various equipment capacity across more than 20 or 30 different data centers from one single site of manufacturing at large scale and that's the beauty of it.

因此它帶來——對超大規模業者（hyperscaler）的好處是：提供可靠、可擴展，並且在更短交期內交付的價值保證，且能夠彈性地跨不同資料中心供應。如同我們提到的，在我們上週發布的那則公告中，我們已從單一的大型製造基地，向 20 到 30 個不同的資料中心交付了合計 1.3 吉瓦的各類設備產能，而這就是它的精髓。

So the value proposition and economics from the hyperscaler is that it provides reliable delivery at the lower -- shorter lead time and it can demonstrate scalability for any data center in any state. So it brings simplicity. It brings quality.

所以，對超大規模業者而言，這個價值主張與經濟性在於：它能以更短——更短的交期提供可靠交付，並能證明對任何州的任何資料中心都具備可擴展性。因此它帶來簡化。它帶來品質。

And I think that's what we’ve built on and both for the server hall infrastructure or cooling solutions and it's built on a capability that we can transfer from our engineering processing and engineering capability, both the logistics, the manufacturing and the engineering capability, and we are starting to add design capability to it, as you have seen from the NVIDIA announcement, future-fitting of equipment, commissioning equipment as well, as you will see in the Meta announcement that we have made. So all in all, a very interesting capability for the hyperscaler and something that they look for, and we are getting a lot of requests and a lot of pull, actually.

我想這就是我們所建立的基礎，無論是伺服器機房的基礎設施或冷卻解決方案；而這是建立在我們能把工程流程與工程能力移轉過來的基礎上，包含物流、製造與工程能力；同時我們也開始加入設計能力，如你從 NVIDIA 的公告所看到的，還包括設備的前瞻性配置（future-fitting）、以及設備的試運轉（commissioning），你也會在我們已發布的 Meta 公告中看到。總之，這對超大規模業者而言是一項非常有趣的能力，也是他們所尋求的；而且我們確實收到很多需求與很多拉動（pull）。

So now, Neil, on the financial profile of this business to your question. Yes, from a pure margin standpoint, this business is currently not accretive to SLBs overall margins, but of course, it's very accretive to top line growth and very accretive to earnings growth. And as you alluded to, it is a capital-light business model that we have and the type of contract and contractual terms we have result into very strong free cash flow generation. We are quite happy to see the earnings growth and the free cash flow of this business.

那麼，Neil，針對你問到的這項業務的財務輪廓。是的，從純粹的利潤率角度來看，這項業務目前對 SLB 的整體利潤率並沒有增益（not accretive），但當然，它對營收成長非常有增益，對獲利成長也非常有增益。而如你所提到的，這是我們採用的輕資本（capital-light）商業模式，且我們的合約型態與合約條款帶來非常強勁的自由現金流產生能力。我們很高興看到這項業務的獲利成長與自由現金流表現。

And maybe you can unpack the new announcement here around the gigawatt data center in Canada with Meta, how many more opportunities like that are there? And can you give us a sense of what are the constraints to scaling this business? I would imagine the demand for prefab work is enormous. So what is the constraint? Is the facility size in Shreveport, for example, what's the limitation?

另外，你能不能再拆解一下這次關於加拿大與 Meta 的吉瓦級資料中心的新公告：像這樣的機會還有多少？以及你能否讓我們了解，擴大這項業務規模的限制是什麼？我想預製（prefab）工作的需求應該非常龐大。那麼限制是什麼？例如 Shreveport 的廠房規模，是不是限制？限制在哪裡？

I think we have been able to scale this beyond what we had planned originally by expanding, by improving, by optimizing, and by starting to scale within the constraints of the compass we have set, but for the specific Canada setup that we are preparing with Meta, we set up a sister center, if you like, sister campus, to what we have done in Shreveport -- we know how to start from scratch easily. This is, relatively speaking, a low-capital intensity and we'll be ready to scale this because we have the lessons learned.

我想我們透過擴建、改善、最佳化，並在我們所設定的指引（compass）限制內開始擴張，已經把規模擴大到超出原先規劃；但就我們正在與 Meta 準備的加拿大專案而言，我們會建立一個姊妹中心——如果你願意這麼稱呼——一個姊妹園區，對應我們在 Shreveport 所做的事情——我們知道如何從零開始，而且很容易。相對而言，這是低資本密集度（low-capital intensity）的，我們也會準備好擴大規模，因為我們已經累積了經驗教訓。

We have done it at scale. We’re delivering quite a capacity every month from the Shreveport campus. So we'll expand this into Canada and we will continue to do that as a new business and new projects unfold. And in this particular case, we are doing a little bit more than just delivering modules. We are fitting the module in place onto the data center. We are commissioning these, and we are passing into the level of system integration design that expands our capability set and prepares us for the next project award.

我們已經以規模化方式做過了。我們每個月都從 Shreveport 園區交付相當可觀的產能。所以我們會把這套模式擴展到加拿大，並且在新的業務與新專案逐步展開時持續這麼做。而在這個特定案例中，我們做的不僅僅是交付模組。我們會把模組就位安裝到資料中心上。我們會進行試運轉（commissioning），並且提升到系統整合設計的層級，這會擴大我們的能力組合，並讓我們為下一個專案授標做好準備。

Thank you.

謝謝。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Yes, Olivier, good morning. I was wondering if you could talk a little bit more about your Middle East pipeline, we've seen a number of, call it, tender announcements from some of your OFS peers in Saudi Arabia and Iraq. And I was wondering if you could just talk a little bit about your pipeline of potential opportunities and maybe just general relative positioning in light of some of these awards.

是的，Olivier，早安。我想請您再多談一點你們在中東的案源（pipeline）。我們看到你們一些油田服務（OFS）同業在沙烏地阿拉伯和伊拉克發布了多項招標公告。我想請您談談你們潛在機會的案源，以及在這些得標案的背景下，你們整體相對定位如何。

No, we feel very good about our position in Middle East. We have -- first, we have built quite a backlog of contracts in the last 18 months. The Mutriba award, including some awards in Saudi, Iraq, and UAE that we -- and in Kuwait that we're executing and part of our backlog, and we feel very good about those wins and those contract awards. And we believe that we have maintained, if not reinforced, in most of the countries our market position.

不，我們對自己在中東的定位感到非常有信心。首先，我們在過去18個月建立了相當可觀的合約在手訂單（backlog）。Mutriba 的得標案，以及我們在沙烏地、伊拉克、阿聯與科威特取得的一些合約獎項——我們正在執行，且已納入在手訂單——我們對這些勝利與合約授予感到非常滿意。我們相信，在多數國家我們維持了、甚至強化了我們的市場地位。

And you should expect more awards to be coming in the coming weeks or coming months that will solidify our market position. So again, we are proud of what we are delivering to our customers in the Middle East. We have a lot of fit-for-basin capabilities that are in place that are recognized. We have a pretty large integration capability set in Saudi Aramco, in Saudi and in other, including Kuwait or in Iraq that I think we're leveraging.

而且你們應該會看到未來幾週或幾個月還會有更多合約授予，進一步鞏固我們的市場地位。所以再次強調，我們以在中東為客戶交付的成果為榮。我們具備許多「因盆地制宜」（fit-for-basin）的能力，且已到位並獲得認可。我們在沙烏地阿美（Saudi Aramco）、在沙烏地以及其他地區（包括科威特或伊拉克）都有相當大型的整合能力組合，我們正在加以運用。

And we are more and more successful with our Digital capability in the region and the current recovery of Middle East is calling upon our production and recovery capability, well intervention, chemistry, and production solution that we can fit for the market. So we're very pleased and you see the size of our -- and the scale of our business today, and we're not concerned about leaving behind an opportunity, and we will have a nice growth in the second half of this year as we have guided, and we expect this to only expand into 2027.

此外，我們在該區域的數位能力也越來越成功；而中東目前的復甦正需要我們在生產與提高採收率、修井介入（well intervention）、化學品，以及可因應市場需求的生產解決方案等能力。因此我們非常滿意；你也看到我們目前業務的規模與量體。我們不擔心會錯失任何機會；正如我們所指引的，今年下半年將有不錯的成長，而且我們預期這樣的擴張將延續到2027年。

Got it. And my follow-up, offshore clearly a theme with this print. Olivier, I was wondering maybe you could give us a little bit of an update on the OneSubsea JV. We did notice quite a number of awards this quarter. You mentioned the $9 billion order ambitions.

了解。我的追問是，離岸顯然是這次財報的一個主題。Olivier，我想請你就 OneSubsea 合資公司（JV）提供一些最新進展。我們確實注意到本季有相當多的得標案。你也提到90億美元的訂單目標。

How is SLB evolving your product and solutions capabilities within the JV? I'd love to hear more about that.

SLB 在這個合資公司內，產品與解決方案能力是如何演進的？我很想多聽一些。

No, I think we're indeed very happy with the momentum that we are seeing in OneSubsea JV. I think we are benefiting from the portfolio we have. I think the portfolio that includes now what we needed to expand to be having a more complete portfolio of trees and manifolds and umbilicals as you have seen that I think that complements what we used to have in OneSubsea before. So I think we have a more comprehensive portfolio that addresses all the basins and that makes us competitive in all the basins, and that have fit solution for all the water conditions and all the geology and all the characteristics of the fluids, gas or oil assets that we are addressing.

不，我想我們確實對 OneSubsea 合資公司目前看到的動能感到非常高興。我認為我們正受惠於我們擁有的產品組合。我認為這個產品組合現在包含了我們為了擴充所需要的內容，使我們能擁有更完整的海底採油樹（trees）、歧管（manifolds）與臍帶纜（umbilicals）產品線——如你所見——這也補足了我們過去 OneSubsea 原本的配置。因此我認為我們現在有更全面的產品組合，可涵蓋所有盆地，讓我們在各盆地都具競爭力，並能針對不同水深條件、地質、以及流體特性（天然氣或原油資產）提供合適的解決方案。

In addition, I think we continue to see significant momentum in our processing solution, and we have seen some recently announced award on the boosting solution. We continue to work with customers in the domain of production and recovery to link the future recovery capability of their reserve with processing -- subsea processing capability that we have that are unique. So we continue to develop processing to differentiate. We continue develop Digital capabilities, and we continue to standardize and modularize our solution to make it more effective for deployment and to be more competitive into the tree-and-manifold solutions.

此外，我認為我們在處理解決方案方面持續看到顯著動能，近期也看到一些已公告的增壓（boosting）解決方案得標案。我們持續與客戶在生產與提高採收率領域合作，把其儲量未來的提高採收能力，與我們獨特的海底處理（subsea processing）能力連結起來。因此我們持續發展處理技術以形成差異化。我們持續發展數位能力，並持續推動解決方案的標準化與模組化，使部署更有效率，並在採油樹與歧管解決方案上更具競爭力。

So again, we are successful across different basins in Africa, in Asia, in Latin America, while continuing to build on our legacy Gulf of America and the North Sea. And you have seen that we have also strategically entered into alliance with Equinor and with BP, particularly, to develop and to work side by side early -- an early FEED and design to optimize the subsea architecture to leverage long-term solution that we foresee, could unlock more economics for the customer and to position ourselves for life-of-field solution.

所以再次強調，我們在非洲、亞洲、拉丁美洲等不同盆地都取得成功，同時也持續鞏固我們在美洲灣（Gulf of America）與北海的既有優勢。你也看到我們在策略上與 Equinor 及 BP 建立聯盟，特別是為了在早期——早期 FEED 與設計階段——並肩合作，最佳化海底架構，運用我們預見的長期解決方案，為客戶釋放更多經濟效益，並讓我們在全油田壽命（life-of-field）解決方案上取得有利定位。

Life-of-field solution is the last part where we are investing to find a solution to intervene those wells and done some acquisition in that sense. And also continue to work with partners like Subsea7 to provide end-to-end allowance solution for development or for intervention going forward. So very pleased with progress and certainly at the right time in this deep water cycle rebound.

全油田壽命解決方案是我們正在投資的最後一塊：尋找介入這些井的解決方案，並為此進行了一些收購。同時也持續與像 Subsea7 這樣的合作夥伴合作，提供端到端的解決方案，無論是未來的開發或介入作業。因此我們對進展非常滿意，而且在這一波深水週期反彈中，時機確實恰到好處。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Hey, good morning. I wanted to ask about your margin outlook in the core, OneSubsea, ChampionX some of the synergy pull-through there, Well Construction held up really well. just thinking about this margin momentum as you head into 2027 off that 24% EBITDA margin that you stated for your expectation for fourth quarter this year. So maybe just talk towards the core as far as the momentum you're seeing into next year.

嗨，早安。我想問你們核心業務、OneSubsea、ChampionX 的利潤率展望，以及其中一些協同效益的帶動；鑽完井（Well Construction）表現也維持得很好。考量你們提到今年第四季 EBITDA 利潤率預期為24%，我想了解當你們邁向2027年時，這個利潤率動能的看法。所以也許請談談核心業務方面，你們看到進入明年的動能如何。

So on the OneSubsea side, if you remember, we had a few transitory issues and start-up costs in the first quarter and the good news is that the margins increased in the second quarter. This is why you see Production Systems increasing margins as well. So, in the second half, OneSubsea will continue to increase margin as well. So it's a gradual increase throughout the quarter for OneSubsea.

就 OneSubsea 而言，如果你還記得，我們在第一季有一些短期性的問題與啟動成本；好消息是第二季利潤率已經提升。這也是你看到生產系統（Production Systems）利潤率上升的原因。因此在下半年，OneSubsea 也會持續提升利潤率。所以 OneSubsea 的利潤率會在各季度呈現逐步上升。

You mentioned ChampionX as well. And as Olivier indicated, we are quite happy to see quarter after quarter ChampionX margins continuing to increase despite some inflationary pressure we have on chemicals, but mostly come from the Middle East conflict by the way.

你也提到 ChampionX。如 Olivier 所指出的，我們很高興看到 ChampionX 的利潤率一季接一季持續提升，儘管我們在化學品上承受一些通膨壓力，而這主要來自中東衝突，順帶一提。

But regardless, because synergies are unfolding, we continue to see ChampionX margins increasing. And Well Construction, yes, through despite the severe disruption in the Middle East, they managed to hold the margins flat because we had -- we had a good mix of activities in Latin America and North America.

但無論如何，因為協同效益正在逐步展開，我們持續看到 ChampionX 的利潤率上升。至於鑽完井（Well Construction），是的，儘管中東出現嚴重干擾，他們仍能把利潤率維持持平，因為我們在拉丁美洲與北美的業務活動組合不錯。

So you put all this together, you, of course, will have end-of-year sales in Digital as well. Digital is always recording the best quarter margins in the fourth quarter. So that's what will get us to this more or less the same level in Q4 as we were in Q4 of last year, around 24%.

把這些因素綜合起來，當然，年底數位業務也會有銷售貢獻。數位業務一向在第四季錄得全年最佳的季度利潤率。因此，這些將使我們在第四季達到大致與去年第四季相同的水準，約24%。

Got it. Great. That's helpful. And then maybe sticking on Digital a very solid quarter. Growth across all four of your subsegments understand exploration can be a little lumpy for the year, but clear adoption and momentum across the other three segments as this dynamic you really laid out for us at the recent Digital Day.

了解。很好。這很有幫助。接著也許延續數位業務，本季表現非常穩健。你們四個子分部都成長；我理解勘探（exploration）全年可能會比較波動，但另外三個分部的採用與動能都很明顯，正如你們在最近的 Digital Day 為我們清楚闡述的那樣。

Maybe if you could talk to us about some of your recent wins and really the primary drivers behind that growth and how you see adoption evolving over time?

也許您可以跟我們談談近期的一些勝利案例，以及推動該成長的主要驅動因素是什麼，並且您如何看待採用率隨時間的演進？

I think you have seen in the in the prepared remarks and reiterating what we have highlighted during the Digital Market Day. I think Digital Operations and AI will be the key lever of growth and dynamic and adoption in the market. But in addition to this, our platform approach from Delfi to Lumi to Agora, which is our edge platform, and Tela, which is our AI platform. I think combining to give us the -- I would say, the comprehensive differentiated offering that I think is attracting market award.

我想您已在事先準備的發言中看到，也再次重申我們在數位市場日所強調的內容。我認為數位營運與 AI 將是市場成長動能與採用的關鍵槓桿。但除此之外，我們的平台策略，從 Delfi 到 Lumi 到 Agora（我們的邊緣平台），以及 Tela（我們的 AI 平台）。我認為這些結合起來，讓我們具備——我會說——全面且差異化的產品組合，我認為這正吸引市場的肯定。

And I think you have seen the diversity of what you have announced across the different geographies, across the different customer landscape, and we expect this to continue because we see track record. We see -- we can help customers create value through Digital solutions, be it in the planning cycle or a be it in operation, partly in drilling operation, we are seeing a lot of success adoption of autonomous or automated solution drilling, and we're starting to unlock the value and production solution by establishing new autonomous solutions that can unlock. And we do that with a customer actually in Middle East, and we are expanding this in other regions. So all across Digital approach and AI, we shape the future of adoption, but it is built on our platform, it's a built on our domain, our partnership and our global scale.

而且我想您也看到我們在不同地理區域、不同客戶版圖所宣布事項的多樣性，我們預期這會持續，因為我們看到了實績。我們看到——我們能透過數位解決方案協助客戶創造價值，無論是在規劃週期或是在營運中；部分在鑽井作業方面，我們看到自主或自動化鑽井解決方案的採用非常成功，而我們也開始透過建立新的自主解決方案來釋放價值與生產端的解決方案，進而解鎖更多價值。我們正與一位中東客戶這麼做，並且正擴展到其他地區。因此，透過數位策略與 AI，我們塑造採用的未來，但其基礎建立在我們的平台、我們的領域專長、我們的合作夥伴關係以及我們的全球規模之上。

Great. Thank you for all the comments. I'll turn it back.

很好。感謝所有評論。我把時間交回去。

Thank you.

謝謝。

Keith Mackey, RBC.

RBC 的 Keith Mackey。

Hey, thanks, and good morning. We've been hearing more about conversations happening in Venezuela. You also announced a framework agreement with PDVSA recently. Can you just discuss how that agreement is important to growing your business in Venezuela and just what is happening there more broadly? And when you think that it could be -- start to become a little bit more of a major contributor? .

嗨，謝謝，早安。我們聽到更多關於委內瑞拉正在進行的對話。你們最近也宣布與 PDVSA 達成一項框架協議。你能否談談該協議對於在委內瑞拉拓展你們業務的重要性，以及更廣泛來看當地正在發生什麼？以及你認為它何時可能——開始成為更主要的貢獻來源？.

I think first, I wanted to give a word to the discussion in Venezuela. Unfortunately, a few weeks back, there was an earthquake that really shocked the whole country. And I think this is still a country under recovery. And I think -- first, I think a word the whole industry there and to the whole country as we witnessed this and it’s a tragic incident.

我想首先，我想就委內瑞拉的討論說幾句。不幸的是，幾週前發生了一場地震，確實震撼了整個國家。我想這個國家仍在復原中。而且我想——首先，我想向當地整個產業以及整個國家致意，我們目睹了這一切，這是一場悲劇事件。

Now we have been, I would say, for the last two years, working already in country, scaling our source, scaling our capability, working under an OFAC license with an IOC, Chevron, and I think having a large scope of -- to support them, and you have used this to continue to develop our capabilities, continue to prepare for the recovery and to work at by side of the new entrants that are preparing a re-entry at scale into the country.

現在，我們在過去兩年裡，我會說，已經在當地開展工作，擴大我們的資源、擴充我們的能力，並在 OFAC 許可下與一家國際石油公司（IOC）雪佛龍合作，我想我們有相當大的工作範圍——來支援他們；而我們也利用這段時間持續提升能力、持續為復甦做準備，並與正在準備以規模重新進入該國的新進入者並肩合作。

So this year, it means that we are securing contracts. We are securing work scope with international companies that are -- that either were there or that are reinforcing their position in country, and we are accompanying them into preparing and planning mobilizing resources as we speak with significant setup that will happen in the next few months to give us a significant exit rate that will enter 2027 with multiple customers and multiple contracts that will shape 2027 in a significant growth curve compared to where we were in '25 and where we are in '26.

因此，今年這意味著我們正在取得合約。我們正在與國際公司確保工作範圍——這些公司要麼原本就在當地，要麼正在強化其在當地的布局；我們也正協助他們準備與規劃資源動員。

So as a reminder, I think we used to have more than 3,000 people. At a peak we used to generate more than visibly more than $1 billion in this country. Difficult to say when we will reach or will we reach this level, but it's clear that having the dynamic of reinvestment under certain right condition will support high growth, and we have positioned ourselves very well and we already are securing the contract and the additional work scope beyond what we have done for the last 2 years to scale in '26 H2 and to scale in '27.

提醒一下，我想我們過去在這個國家曾有超過 3,000 名員工。在高峰期，我們在該國的營收曾明顯超過 10 億美元。很難說我們何時會達到、或是否會達到那個水準，但很明顯，在某些正確條件下的再投資動能將支撐高速成長；而我們已經把自己定位得非常好，並且除了過去兩年所做的工作之外，我們也已在取得合約與額外的工作範圍，以便在 2026 年下半年擴張，並在 2027 年擴張。

Okay. I appreciate the comments there. And just maybe stepping back a little bit on the FID comment. So 30% increase in long-cycle FIDs and bodes well for 2027. Can you just comment generally on the revenue conversion to SLB of FIDs of this nature?

好的。我很感謝你在這方面的評論。另外，或許稍微退一步談談你對 FID 的評論。所以長週期 FID 增加 30%，這對 2027 年是個好兆頭。你能否大致談談這類 FID 對 SLB 的營收轉換情況？

Does it generally lead to multi years of growth? And what is the time lag between an FID and sort of when your revenue off that might peak?

它通常會帶來多年的成長嗎？以及從 FID 到你們相關營收可能達到高峰之間，大概有多長的時間落差？

The only good answer to this is it depends. I think depending on the FID, depending on the deepwater contract, depending on the position we earn on that FID. I think between any FID and the first well drilled, I think there is typically at least 12 months. And FID, typically this year, these days, two to three years as a minimum, if not three to five years, depending on number of wells, number of subsea trees and the more phases of those projects.

對此唯一好的答案是：視情況而定。我想取決於 FID 的性質、取決於深水合約、取決於我們在該 FID 上取得的地位。我想在任何 FID 與第一口井開鑽之間，通常至少有 12 個月。而 FID 之後，通常在現在的環境下，至少需要兩到三年，如果不是三到五年，取決於井數、海底樹（subsea trees）數量，以及這些專案的分期數。

So between contract award and first revenue a few quarters and then the duration of any of this FID deepwater is typically to the order of two or three years as a minimum. And typically, the coming phases as the customer are prudent in the way they plan and scale this large deepwater investments. And hence, these deepwater go through 2 or 3 phases typically that last in excess of 5 to 6 years and hence create momentum for the years to come. So that's where it is.

因此，從合約授予到第一筆營收通常需要幾個季度；而任何這類深水 FID 的持續期間通常至少約兩到三年。而且通常，隨著客戶在規劃與擴大這些大型深水投資時採取審慎方式，後續還會有不同階段。因此，這些深水專案通常會經歷 2 到 3 個階段，往往持續超過 5 到 6 年，因而為未來幾年創造動能。大致就是這樣。

Perfect. Yes. It sounds like we're setting up for a multiyear up cycle offshore .Thanks for the color. Appreciate it.

完美。是的。聽起來我們正在為離岸市場的多年上行週期做準備.謝謝你的補充說明。很感謝。

Thank you.

謝謝。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi. Good afternoon, Olivier.

嗨。午安，Olivier。

Good morning.

早安。

Olivier, I want to touch on the Middle East a little bit. It's kind of a 2-part question, but these are some of the recent themes that we have been leaving the first part, is on the pricing dynamics in the Middle East. There was a little bit of noise around some LSTK contracts being awarded that's a pretty old mature business model in the country, right? But maybe just talk to the broader pricing dynamics in the Middle East that you're seeing.

Olivier，我想稍微談一下中東。這算是兩部分的問題，但這些是我們最近一直在聽到的一些主題。第一部分是關於中東的定價動態。市場上對一些 LSTK 合約的授予有些雜音，而那在當地其實是相當老、成熟的商業模式，對吧？但也許你可以談談你所看到的中東更廣泛的定價動態。

And then the other part of the question is around the logistics disruption and the cost inflation that we saw early in the conflict, but it sounds like things might be getting a little better as you learn to live with it, you sought out your supply chain or everything rewires and your costs start to moderate a little bit. But maybe if you can touch on those 2 points, pricing dynamic and then just the cost setup and if that's improving as we go forward?

然後問題的另一部分是關於物流中斷與成本通膨——我們在衝突初期看到這些情況，但聽起來隨著你們學會與之共存、你們梳理供應鏈或一切重新調整，你們的成本可能開始稍微趨緩、情況變得好一些。但也許你可以就這兩點談談：定價動態，以及成本結構，還有隨著往前走是否正在改善？

Yes. Indeed, and building on your second part of the question first, I think indeed, we are learning how to adjust, as I said in my prepared remarks, the logistics and the supply and localize the local supply differently to prevent -- to avoid some of the excessive costs and the same to continue to operate and provide business continuity and efficiency into the scalable solutions that we apply as we mobilize back within the country. So this is -- this will fade away. And as regard to recover, we'll put this part, and I think will have an impact will gradually remove this impact.

是的。確實，而且先從你問題的第二部分延伸來說，我認為確實，我們正在學習如何調整——正如我在事先準備的發言中所說——物流與供應，並以不同方式在地化本地供應，以防止——避免一些過度成本，同時也能持續營運，並在我們於國內重新動員之際，為我們所採用的可擴展解決方案帶來業務連續性與效率。所以這——這將會逐漸消退。至於復甦，我們會把這部分納入考量，我認為其影響將會逐步消除。

Now from the pricing, pricing has been generally speaking, globally a headwind in 2026, and partly in large competitive tenders be it in integration, in stimulation and subsea has been something that has been with us -- now the market is tightening as the market is starting to normalize for additional growth in national capacity naturally and gradually, the outlook will improve as capacity will tighten, and then we expect this to be something that will say being a headwind as we go forward in 2027 and beyond.

現在就定價而言，概括來說，2026年全球定價一直是一股逆風，部分原因在於大型競爭性招標，不論是在整合、增產以及海底（subsea）領域，這一直伴隨著我們——如今市場正在收緊，隨著市場開始正常化、各國產能自然且逐步地為額外成長而提升，展望將會改善，因為產能會趨於緊俏；因此我們預期，這將在我們邁向2027年及之後仍會是一項逆風因素。

Fantastic Olivier. That's good color. I want to just switch gears a little bit towards your Data Center Solutions business. Just on the point you made about widening your scope trying to capture a bigger portion of the pie. You noted for the Canada data center, you would be doing engineering and design and then we think thermal management, decarbonized power will come later on. But maybe just give us some context on what portion of the pie of the overall data center spending is addressable for SLB right now?

太棒了，Olivier。這些補充很有幫助。我想稍微轉換一下話題，談談你們的資料中心解決方案業務。就你提到擴大範疇、試圖取得更大份額這點。你提到加拿大的資料中心案子，你們會做工程與設計，然後我們認為熱管理、去碳電力會在之後加入。但也許請你提供一些背景：就整體資料中心支出而言，目前SLB可切入的可服務市場（addressable）大概占多少？

And where do you think that can go? And how can you capture that organically versus inorganically?

你認為這個比例未來可以到哪裡？以及你們要如何透過有機成長與非有機方式來取得？

I think it's -- I don't -- I don't think we'll have time to go into the detail and to explain this in -- that can address your question. I think the simplest way to answer this is that we have the confidence that they would exit rate and continue to grow organically to the diversity of the hyperscaler, the solution and the scope expansion including international between Asia and Canada and the US to support an exit rate that will exceed $2 billion by the end of this year -- around next year. So that is, in essence, giving us a significant growth. And I think the time is -- I don't want to -- the time will continue to grow, obviously, as we expand the scope, but the sky is the limit at the moment and our growth rate.

我想這——我不——我不認為我們有時間深入細節並解釋到——足以完整回答你的問題。我認為最簡單的回答方式是：我們有信心，憑藉超大規模業者（hyperscaler）的多元化、解決方案與範疇擴張（包含亞洲、加拿大與美國之間的國際拓展），我們的退出年化營收水準（exit rate）將能持續以有機方式成長，並支撐在今年底——大約到明年——超過20億美元的退出年化營收水準。所以本質上，這為我們帶來顯著成長。而我認為時間——我不想——隨著我們擴大範疇，規模當然會持續成長；但就目前而言，上限幾乎沒有天花板，取決於我們的成長率。

Right. Okay. Fantastic, Olivier. I'll turn it back.

了解。好。太棒了，Olivier。我把時間交回去。

Thank you.

謝謝。

Thank you.

謝謝。

Marc Bianchi, TD Cowen

Marc Bianchi，TD Cowen

Thank you very much. [Sorry, you caught me finishing up] (corrected by company after the call) the question that I had. But maybe, Olivier, you could talk a little bit more on the point to get to the $2 billion run rate. How much of that currently sits in backlog? And how much do you need to go get? And maybe you could talk a little bit more about the pipeline of opportunities, maybe how many different projects you're looking at?

非常感謝。[抱歉，你剛好抓到我在收尾]（公司於會後更正）我原本想問的問題。不過也許，Olivier，你可以再多談一點關於達到20億美元年化營收水準（run rate）這點。其中目前有多少已經在積壓訂單（backlog）裡？還有多少需要你們再去爭取？另外也許你可以多談談機會管線（pipeline），例如你們正在看多少個不同的專案？

Does it include other parts of the equation besides the cooling that you're talking about?

這是否包含你所談的冷卻之外的其他部分？

First, to keep it simple. I think the backlog is already in place to support this $2 billion or more. So that gives us opportunity to chase for more and to perform our future and to hire and to develop our scope from design to expanding our capability set and to try to participate to design and start to expand as well. So, no, it's already in the pipeline that is the reason why we feel confident to announce it. Now we will continue to build we'll continue to explore.

首先，簡單說。我認為積壓訂單已經到位，足以支撐這20億美元或更多。因此這讓我們有機會去追求更多、去交付我們未來的成長，並進行招募、發展我們的範疇，從設計到擴充我們的能力組合，並嘗試參與設計並開始進一步擴張。所以，不，這已經在管線之中，這也是我們有信心對外宣布的原因。接下來我們會持續建置、持續探索。

We continue to work with the different customers we have secured in the last six to nine months to explore how we can develop this further, how we can add value and not only scale in manufacturing on but also scale into the product and the technology offering that can help optimize the performance of those data centers and expand beyond the inside of the data center and start to touch the cooling loop, full optimization as well as touch into the power -- the carbon as power provision for some of the centers. So that's the combination of expansion that we are looking in that will go beyond the $2 billion level I just mentioned.

我們會持續與過去六到九個月內已取得的不同客戶合作，探索如何進一步發展、如何增加價值；不僅在製造端擴大規模，也在產品與技術供給上擴大規模，以協助最佳化那些資料中心的效能，並將範疇擴展到資料中心內部之外，開始涵蓋冷卻迴路、全方位最佳化，同時也觸及電力——以及以去碳方式提供電力給部分中心的碳相關面向。因此，這就是我們所尋求的擴張組合，將會超越我剛提到的20億美元水準。

Yes, very good. Thank you, Olivier. I'll leave it there.

是的，非常好。謝謝你，Olivier。我就先到這裡。

Thank you very much. Thank you, Marc.

非常感謝。謝謝你，Marc。

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

我現在把電話會議交回SLB作結語。

Thank you. Ladies and gentlemen, as we conclude today’s call, I would like to leave you with the following reflections. First, the market is beginning to exhibit the characteristics of an upcycle. The need to replenish inventories, diversify supply, develop domestic resources and rebuild spare capacity is supporting increased customer investment across both short-and long-cycle markets. This will drive higher activity with deepwater, in particular, expected to accelerate into 2027.

謝謝。各位女士、先生，在我們結束今天的電話會議之際，我想留給各位以下幾點思考。第一，市場正開始展現景氣上行週期（upcycle）的特徵。補充庫存、分散供應、開發國內資源以及重建備用產能的需求，正支撐客戶在短週期與長週期市場的投資增加。這將帶動更高的活動量，尤其是深水領域，預期將加速延續至2027年。

Combined with the increased activity that will be required to restore production capacity in the Middle East as conditions allow, these dynamics create a compelling outlook for our Core business.

再加上在條件允許時，為恢復中東地區產能所需的活動增加，這些動態為我們的核心業務帶來極具吸引力的展望。

Second, we continue to capture exciting growth beyond the Core. Our Digital and AI solutions are becoming increasingly critical to our customers’ operations, while Data Center Solutions is expanding our reach into critical infrastructure for the AI economy.

第二，我們持續在核心業務之外擷取令人振奮的成長。我們的數位與AI解決方案正變得對客戶營運愈來愈關鍵，而資料中心解決方案則正在擴大我們在AI經濟關鍵基礎設施中的觸及範圍。

Both businesses are gaining momentum, extending our capabilities into new markets, and creating additional avenues for long-term growth.

兩項業務都在累積動能，將我們的能力延伸至新市場，並創造更多長期成長的途徑。

And third, we are well positioned to capture the opportunities ahead. Our leadership in international and deepwater, combined with our expanded capabilities in production and recovery, align SLB with where our customers are directing investment. And as the cycle strengthens, we expect this position to translate into differentiated growth and performance.

第三，我們已做好充分準備，把握前方的機會。我們在國際市場與深水領域的領導地位，加上我們在生產與採收（recovery）方面擴充的能力，使SLB與客戶投資方向保持一致。隨著週期走強，我們預期這一定位將轉化為差異化的成長與表現。

With this, I will conclude today’s call. Thank you all for joining.

至此，我將結束今天的電話會議。感謝各位參與。

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

今天的電話會議到此結束。您現在可以掛線。