斯倫貝謝公司 (SLB) 2026 Q3 法說會逐字稿

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

早安。我叫[Sarah]，今天將擔任本次會議的接線員。歡迎各位參加SLB第三季財報電話會議。（接線員指示）

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.

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 Third Quarter 2026 Earnings Conference Call. Today's call is being hosted from New York City, following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

謝謝你，[Sarah]。各位早安，歡迎參加SLB 2026年第三季財報電話會議。今天的會議在紐約市舉行，緊接著我們本週稍早召開的董事會會議。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.

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測出現重大差異。

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 third quarter earnings press release, which is on our website.

更多資訊請參閱我們最新的10-K申報文件及其他向SEC提交的文件，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表，可在我們第三季財報新聞稿中找到，該新聞稿已發布於我們網站。

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

接下來，我把電話交給Olivier。

Thank you, James, and good morning, ladies and gentlemen. Thank you for joining us. Today, I will begin with our third quarter performance. I will then discuss the evolving macro environment and the fundamentals supporting our outlook as we approach 2027. And finally, I will share our expectations for the fourth quarter. Stephane will then provide additional details on our financial results. And after that, we'll open the line for your questions.

謝謝你，James，各位女士先生早安。感謝各位加入我們。今天我將先從第三季表現談起。接著我會討論不斷演變的總體環境，以及在我們邁向2027年之際支撐展望的基本面。最後，我將分享我們對第四季的預期。之後Stephane會就我們的財務結果提供更多細節。然後我們將開放提問。

Let's begin. The third quarter was marked by broad-based sequential revenue growth across each of our geographical areas and Core divisions, with pretax segment operating margins expanding across all four divisions. This was driven by the gradual recovery in the Middle East, solid growth in North America, and continued momentum across the international offshore basins, including Latin America, Europe and Africa and Asia.

我們開始吧。第三季的特點是：我們各地理區域與核心事業部門的營收皆呈現廣泛的連續季成長，且四個事業部門的稅前分部營運利潤率均有所擴張。這主要受惠於中東逐步復甦、北美穩健成長，以及國際離岸盆地（包括拉丁美洲、歐洲與非洲以及亞洲）動能持續。

Within the Core divisions, Production Systems led the way, supported by higher OneSubsea revenue and strong sales of production chemicals and artificial lift in North America and the Middle East. Notably, ChampionX delivered its highest quarterly revenue since the acquisition with margins expanding sequentially for the fourth consecutive quarter.

在核心事業部門中，生產系統（Production Systems）表現領先，受惠於OneSubsea營收增加，以及北美與中東地區生產化學品與人工舉升（artificial lift）銷售強勁。值得注意的是，ChampionX在併購後繳出最高單季營收，且利潤率已連續第四季呈現季增。

Well Construction growth was driven by double-digit increases across Argentina, Guyana, Brazil and US land along with a seasonal recovery in Canada, complemented by strong offshore drilling in Asia. Sequential growth was also driven by higher drilling activity and fluids demand in the Middle East.

井建設（Well Construction）的成長，來自阿根廷、蓋亞那、巴西與美國陸上業務的兩位數增幅，以及加拿大的季節性復甦，並由亞洲強勁的離岸鑽井活動加以帶動。中東地區鑽井活動提升與鑽井液需求增加，也推動了連續季成長。

While the near-term pace of recovery in the Middle East remains uncertain, the longer-term outlook continues to strengthen. This is reflected by Saudi Aramco's recent award of four integrated well construction contracts to SLB, covering more than 450 wells over an initial three-year term.

儘管中東短期復甦步伐仍不確定，但長期展望持續轉強。這點反映在沙烏地阿美（Saudi Aramco）近期授予SLB四份整合式井建設合約，初始三年期涵蓋超過450口井。

These multi-year awards significantly improve our revenue visibility and expand our participation in development activity across the Kingdom by bringing together our digital drilling workflows, automated technologies and integrated well construction portfolio.

這些多年期合約大幅提升我們的營收能見度，並透過整合我們的數位鑽井工作流程、自動化技術與整合式井建設產品組合，擴大我們在沙國開發活動中的參與度。

Reservoir Performance also delivered strong sequential growth, led by increased stimulation and intervention activity alongside an uptick in evaluation. This demonstrates that customers are investing in both restoration and production optimization of existing assets and evaluation of reservoirs to support new developments.

油藏績效（Reservoir Performance）同樣實現強勁的連續季成長，主要由增產刺激（stimulation）與介入（intervention）活動增加所帶動，並伴隨評估（evaluation）業務回升。這顯示客戶同時在既有資產的修復與產量最佳化，以及為支持新開發而進行的油藏評估上加大投資。

Our results this quarter continue to demonstrate the benefits of our strategic focus on production and recovery. Our production business, encompassing all Production Systems, and some of the offerings in Reservoir Performance, now represents more than 50% of our portfolio, leading position across every major basin, and the balance mix of short and long-cycle activity, including exposure to resilient OpEx spend.

本季的結果持續展現我們聚焦於生產與採收率提升之策略所帶來的效益。我們的生產業務涵蓋所有生產系統，以及油藏績效中的部分產品與服務，如今已占我們產品組合的50%以上；我們在各主要盆地皆具領先地位，並擁有短週期與長週期活動的均衡組合，其中也包含對具韌性的營運支出（OpEx）投入的曝險。

This provides a durable foundation with greater revenue visibility and resilient performance across market cycles. Taken together, growth across all Core divisions reflect the characteristics of an inflecting upcycle with broad expansion of activity across exploration, development, and intervention, as operators ramp up efforts to restore production and bringing new capacity online.

這為我們提供了更具持久性的基礎，帶來更高的營收能見度，並在不同市場循環中展現韌性表現。綜合而言，所有核心事業部門的成長反映出景氣上行週期轉折點的特徵：勘探、開發與介入活動全面擴張，營運商加速恢復產量並將新增產能投入上線。

In Digital, third quarter revenue was steady sequentially and margins remained strong, despite digital exploration sales declining following exceptional sales in the second quarter. Customers continue to recognize the benefit of AI and digital operations, and we delivered more than 750,000 feet of automated drilling this quarter, an increase of nearly 50% year-on-year.

在數位（Digital）方面，第三季營收與前一季持平，且利潤率維持強勁，儘管在第二季出現異常強勁銷售後，數位勘探（digital exploration）銷售有所下滑。客戶持續認可AI與數位化營運的效益；本季我們交付超過750,000英尺的自動化鑽井，年增近50%。

Additionally, DrillOps Predictive analytics, our intelligent real-time monitoring and advisory system, is now monitoring more than 20% of active international rigs, representing year-on-year growth of more than 60%. As you can see, adoption continues to accelerate, and we are very pleased with the progress of our Digital business. Our revenue has grown 11% year-to-date, and we have clear visibility into higher sales in the fourth quarter.

此外，DrillOps Predictive分析（我們的智慧即時監測與建議系統）目前已監測超過20%的國際在役鑽機，年增超過60%。如各位所見，採用速度持續加快，我們對數位業務的進展感到非常滿意。我們年初至今營收成長11%，且對第四季更高的銷售有明確能見度。

As a result, we anticipate finishing the year with double-digit year-on-year growth, and adjusted EBITDA margins exceeding 35%. Finally, Data Center Solutions continued the strong growth trajectory, supported by the progression of existing projects.

因此，我們預期全年將以兩位數的年增率收官，且調整後EBITDA利潤率將超過35%。最後，資料中心解決方案（Data Center Solutions）在既有專案推進的支持下，持續維持強勁的成長軌跡。

During the quarter, we continued to invest in facilities and talents to expand our execution capacity, including a new manufacturing center in Canada to support the Meta data center project that are essential to meet surging customer demand.

本季期間，我們持續投資於設施與人才以擴大執行產能，包括在加拿大新設製造中心，以支援Meta資料中心專案；這些投資對於滿足客戶需求的快速攀升至關重要。

Upon closing of our recently announced acquisition of Kelvion, the Kelvion portfolio will also benefit greatly from this momentum and will accelerate our ambition to become a leading industrial partner into the AI infrastructure build-out. In summary, I'm extremely proud of our third quarter performance, and I want to thank the entire SLB team for delivering these results.

在完成我們近期宣布對Kelvion的收購後，Kelvion的產品組合也將大幅受惠於這股動能，並將加速我們成為AI基礎設施建置領域領先工業合作夥伴的企圖。總結來說，我對第三季表現感到非常自豪，也要感謝整個SLB團隊交出這些成果。

Their focus on execution, innovation and our customer centricity continues to make the difference. Let me now turn to the macro environment and the fundamentals supporting our outlook as we approach 2027. Ongoing disruptions continue to reinforce the importance of energy security and the need of reliable, geographically diverse source of supply.

他們對執行、創新以及以客戶為中心的專注，持續帶來關鍵差異。接下來我談談總體環境，以及在我們邁向2027年之際支撐展望的基本面。持續的干擾因素不斷凸顯能源安全的重要性，以及對可靠且地理分散供應來源的需求。

At the same time, the industry continues to face the structural challenge of offsetting natural decline and replacing reserves following several years of limited exploration. Collectively, these conditions are supporting a broader and increasingly diversified international opportunity.

同時，產業仍面臨結構性挑戰：在多年勘探受限之後，必須抵消自然遞減並補充儲量。整體而言，這些條件正在支撐更廣泛且日益多元化的國際機會。

In the near term, this will support production, intervention, and other short-cycle activity. Longer-term, this is providing a strong foundation for the progression of offshore developments, renewed exploration and new areas of investment emerging across several markets.

短期而言，這將支撐生產、介入以及其他短週期活動。長期而言，這為離岸開發推進、勘探回溫，以及多個市場中浮現的新投資領域提供了堅實基礎。

Let me briefly discuss how these long-cycle dynamics are evolving. Deepwater represents one of the industry's most advantaged source of new supply, combining attractive project economics, material resource development, and long-duration production. We continue to see this opportunity broaden across Latin America, Africa, the Eastern Mediterranean and Asia, with FIDs expected to increase more than 30% year-on-year in 2026 and many projects advancing from sanction into execution.

我簡要說明這些長週期動態如何演變。深水是產業中最具優勢的新供應來源之一，兼具具吸引力的專案經濟性、可觀的資源開發量，以及長期的生產壽命。我們持續看到此機會在拉丁美洲、非洲、東地中海與亞洲擴大；預期2026年的最終投資決策（FID）將年增逾30%，且許多專案正從核准（sanction）階段推進至執行階段。

For SLB, this momentum is reflected into the continued flow of OneSubsea awards, further strengthening our backlog and increasing visibility into 2027 and beyond. One example is our recent award in Mozambique, where OneSubsea was selected to deliver subsea production systems for the first phase of ExxonMobil deepwater Rovuma LNG development.

對SLB而言，這股動能反映在OneSubsea獎項持續流入，進一步強化我們的在手訂單（backlog），並提升對2027年及以後的能見度。其中一個例子是我們近期在莫三比克獲得的合約：OneSubsea獲選為埃克森美孚（ExxonMobil）深水Rovuma LNG開發第一階段提供海底生產系統。

This project will contribute to an important new source of global gas supply and further demonstrates the progression of large, long-cycle deepwater developments into execution. In addition, fundamentals for exploration are improving as operators seek to replace reserves, and diversify supply following several years of restrained investment.

此專案將為全球天然氣供應新增一個重要的新來源，並進一步展現大型、長週期深水開發專案正逐步推進至執行階段。此外，隨著營運商尋求補充儲量，並在多年投資受抑後分散供應來源，勘探的基本面正在改善。

We see this materializing through new licensing activity in Brazil, the Eastern Mediterranean and West Africa, growing interest in frontier basins such as Namibia, and preparations for future campaigns across deepwater markets, including Guyana and Suriname.

我們看到這一趨勢正透過巴西、東地中海與西非的新一輪授權活動逐步顯現，對納米比亞等前沿盆地的興趣升溫，以及為包括蓋亞那與蘇利南在內的深水市場未來作業活動做準備。

As exploration assumes a greater role in our customer portfolio, SLB's leading position across exploration data, subsurface modeling and evaluation technologies positioned us to capture this growing opportunity. So far this year, SLB has participated in the evaluation of approximately 80% of completed high-impact exploration wells globally, many of which are concentrated in frontier and deepwater basins.

隨著勘探在我們的客戶組合中扮演更重要的角色，SLB 在勘探資料、地下建模與評估技術方面的領先地位，使我們得以把握這一日益成長的機會。截至今年目前為止，SLB 參與了全球約 80% 已完成的高影響力勘探井評估，其中許多集中於前沿與深水盆地。

Beyond deepwater and exploration, international markets are offering new pathway for growth, with opportunities broadening across conventional and unconventional resources in the Middle East, as well as key emerging markets. In this context, Venezuela represents a particularly significant growth driver for SLB.

除深水與勘探之外，國際市場也提供新的成長路徑，中東的常規與非常規資源機會正在擴大，關鍵新興市場亦然。在此背景下，委內瑞拉對 SLB 而言是特別重要的成長驅動因素。

Following more than a decade of limited investment, activity in the country is accelerating, led by international oil companies. For SLB, this is already translating into revenue growth. Our revenue in Venezuela is on track to more than double this year, with strong momentum among US and European E&Ps, supporting the potential for multifold growth in 2027.

在超過十年的投資有限之後，該國活動正由國際石油公司帶動而加速。對 SLB 而言，這已轉化為營收成長。我們在委內瑞拉的營收今年有望超過翻倍，在美國與歐洲上游勘探與生產公司（E&P）強勁動能的支持下，為 2027 年的倍數成長潛力奠定基礎。

At the same time, major US shale operators are expanding internationally, entering new countries and partnering with NOCs. This trend further broadens our addressable market, particularly in exploration and deepwater developments across Africa, Latin America, and Asia, as well as in conventional and unconventional resources in the Middle East.

同時，美國主要頁岩營運商正向海外擴張，進入新國家並與國家石油公司（NOC）合作。此趨勢進一步擴大我們可服務的市場，特別是在非洲、拉丁美洲與亞洲的勘探與深水開發，以及中東的常規與非常規資源。

Looking across these dynamics, long cycle offshore developments, renewed exploration, digital adoption, and U.S. operators expanding globally all confirm a durable, multi-year international investment cycle with clear visibility into 2027. With market-leading position across our Core divisions, the recently established leadership position in global production, differentiated digital capabilities and an unmatched global footprint, SLB is uniquely positioned to capture this upside.

綜觀這些動態，長週期離岸開發、勘探回溫、數位化採用，以及美國營運商全球擴張，都印證了一個具韌性、跨多年的國際投資循環，且對 2027 年具備清晰能見度。憑藉我們核心事業部門的市場領先地位、近期在全球生產領域建立的領導地位、差異化的數位能力與無可匹敵的全球佈局，SLB 具備獨特優勢以掌握這一上行機會。

Now let me conclude with our expectations for the fourth quarter and our first view of the 2027 market outlook. Over the past several weeks, the Middle East has continued to experience heightened tensions. Given the ongoing uncertainty, our fourth quarter outlook assumes Middle East revenue remains flat, sequentially at approximately $1.9 billion, representing about 83% of revenue generated in the fourth quarter of 2025.

接下來我將以我們對第四季的預期，以及對 2027 年市場展望的初步看法作結。過去幾週，中東地區緊張局勢持續升高。鑑於不確定性仍在，我們對第四季的展望假設中東營收按季持平，約為 19 億美元，約相當於 2025 年第四季所創造營收的 83%。

Based on this assumption and supported by continued deepwater momentum as well as the typical year-end strength in Digital and product sales, we expect overall fourth-quarter revenue to reach approximately $10 billion, representing an increase of 5% to 7% sequentially. As a result, when excluding the Middle East, global fourth-quarter revenue is expected to grow in the high-single digits year on year.

在此假設下，並在深水動能持續以及數位與產品銷售於年底通常走強的支撐下，我們預期第四季整體營收約達 100 億美元，按季成長約 5% 至 7%。因此，若排除中東，全球第四季營收預期將呈現年增高個位數。

We also expect adjusted EBITDA margins to expand 100bps to 150bps. At the division level, we anticipate combined revenue from the Core division to sequentially increase by low single-digits, led by high single-digit growth in Production Systems and with Well Construction and Reservoir Performance essentially flat.

我們也預期調整後 EBITDA 利潤率將擴張 100 至 150 個基點。在事業部門層級，我們預期核心事業部門合計營收按季將以低個位數成長，其中以生產系統的高個位數成長領先，而井建設與油藏績效則大致持平。

In Digital, revenue is expected to increase in line with fourth-quarter historical trends, led by a significant uptake in typical year-end digital exploration sales. This outlook provides clear evidence that the next phase of the upcycle is underway.

在數位業務方面，營收預期將符合第四季的歷史趨勢，主要由年底典型的數位勘探銷售顯著增加所帶動。此展望清楚顯示，本輪上行週期的下一階段已經展開。

While our near-term outlook remains dependent on geopolitical developments, an eventual resolution of regional disruptions in the Middle East would unlock deferred activity and serve as a powerful catalyst for accelerated growth in 2027.

儘管我們的短期展望仍取決於地緣政治發展，但若中東地區的擾動最終得以解決，將釋放延後的活動，並成為 2027 年加速成長的強力催化劑。

Looking ahead to 2027, assuming Middle East activity remains at second-half 2026 levels, and that the conflict doesn't materially escalate, we expect global OFSE market activity to grow in the mid-single-digits with normalization of activity in the Middle East, providing further upside.

展望 2027 年，假設中東活動維持在 2026 年下半年的水準，且衝突未出現實質升級，我們預期全球油田服務與設備（OFSE）市場活動將以中個位數成長；若中東活動回歸常態，仍有進一步上行空間。

Against this backdrop, we expect our Core divisions to visibly outperform the market, reflecting our differentiated exposure to the strongest areas of activity, including long-cycle offshore development, renewed exploration activity, production and recovery investments and the reactivation of Venezuela.

在此背景下，我們預期核心事業部門將明顯優於市場表現，反映我們在最強勁活動領域的差異化曝險，包括長週期離岸開發、勘探活動回升、生產與提高採收率投資，以及委內瑞拉的重啟。

Beyond the Core, we expect Digital to continue its established growth trajectory, while our Data Center Solutions business will continue to accelerate as a meaningful growth engine for the company.

除核心業務之外，我們預期數位業務將延續既有的成長軌跡，而我們的資料中心解決方案業務也將持續加速，成為公司重要的成長引擎。

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. Third quarter earnings per share, excluding charges and credits, was $0.64. This represents an increase of $0.09 sequentially and a decrease of $0.05 when compared to the third quarter of last year.

謝謝你，Olivier，各位女士、先生們早安。第三季每股盈餘（不含費用與收益項目）為 0.64 美元。這較前一季增加 0.09 美元，較去年第三季則減少 0.05 美元。

During the quarter, we recorded $0.03 of merger and integration charges related to the ChampionX transaction as well as a $0.12 or $187 million non-cash pension settlement charge. This was the result of offering a lump-sum payment to certain former employees in one of our pension plans.

本季我們認列了與 ChampionX 交易相關的 0.03 美元併購與整合費用，以及 0.12 美元（1.87 億美元）的非現金退休金結清費用。這是因為我們向某一退休金計畫中的部分前員工提供一次性總額給付。

This transaction, which was funded directly by assets of the plan allowed us to de risk our largest pension plan by reducing both our pension obligations and plan assets by almost $900 million. This will help us lower potential volatility as well as manage future pension costs.

此交易由該計畫資產直接出資，使我們得以透過將退休金義務與計畫資產各自減少近 9 億美元，降低我們最大退休金計畫的風險。這將有助於降低潛在波動，並管理未來的退休金成本。

Importantly, the plan remains very well-funded. Overall, our third quarter revenue of $9.45 billion increased 5% sequentially. This performance was driven by the Middle East, growth in North America land and strong international deepwater activity, including upside in OneSubsea. In the Middle East, we experienced a gradual recovery as third quarter revenue of $1.9 billion increased 13% from the previous quarter.

重要的是，該計畫仍然資金非常充足。整體而言，我們第三季營收 94.5 億美元，按季成長 5%。此表現由中東、北美陸上成長以及強勁的國際深水活動所帶動，其中包括 OneSubsea 的上行貢獻。在中東，我們經歷了逐步復甦，第三季營收 19 億美元，較前一季成長 13%。

Sequentially, our pretax segment operating margin increased 104 basis points with margin expansion across all four divisions. Company-wide adjusted EBITDA margin for the third quarter was 21.9%, representing a sequential increase of 71 basis points.

按季來看，我們稅前分部營運利潤率提升 104 個基點，四個事業部門的利潤率皆有所擴張。公司整體第三季調整後 EBITDA 利潤率為 21.9%，按季增加 71 個基點。

Let me now go through the third quarter results for each division. Third-quarter Digital revenue of $693 million was essentially flat sequentially, as strong Platforms & Applications sales and higher revenue from digital operations and professional services was offset by lower digital exploration revenue following a very strong second quarter.

接下來我將逐一說明各事業部門第三季的結果。第三季數位業務營收為 6.93 億美元，按季基本持平；平台與應用（Platforms & Applications）銷售強勁，以及數位營運與專業服務營收增加，被在第二季非常強勁之後數位勘探營收下降所抵銷。

Digital pretax operating margin of 28% increased 27 basis points as improved profitability in digital operations and Platforms & Applications more than offset the effects of lower sales of exploration data licenses and transfer fees.

數位業務稅前營運利潤率為 28%，提升 27 個基點；數位營運與平台與應用的獲利改善，足以抵銷勘探資料授權銷售與轉移費下降的影響。

We expect digital exploration revenue to increase significantly in the fourth quarter, which will result in strong year-on-year growth for the Digital division and adjusted EBITDA margin exceeding 35% for the full year. Reservoir Performance revenue of $1.6 billion increased 5% sequentially, while pretax operating margin of 16.3% increased 140 basis points.

我們預期第四季數位勘探營收將顯著增加，這將使數位事業部門實現強勁的年增成長，並使全年調整後 EBITDA 利潤率超過 35%。油藏績效營收為 16 億美元，按季成長 5%，稅前營運利潤率為 16.3%，提升 140 個基點。

These increases were primarily driven by the gradual recovery in the Middle East. Well Construction revenue of $2.9 billion increased 5% sequentially, primarily driven by higher drilling activity in the Middle East. Pretax operating margin of 16.4%, improved 122 basis points, mostly due to the Middle East activity rebound.

這些提升主要由中東逐步復甦所帶動。井建設營收為 29 億美元，按季成長 5%，主要由中東鑽井活動增加所驅動。稅前營運利潤率為 16.4%，改善 122 個基點，主要同樣來自中東活動反彈。

Production Systems revenue of $4 billion increased 6% sequentially, driven by the recovery of Middle East activity, increased sales in North America, and strong OneSubsea activity. OneSubsea also recorded a steady flow of new contract awards, increasing backlog and further enhancing subsea revenue visibility into 2027.

生產系統營收為 40 億美元，按季成長 6%，受惠於中東活動復甦、北美銷售增加，以及 OneSubsea 活動強勁。OneSubsea 亦持續獲得穩定的新合約授予，推升在手訂單（backlog），並進一步提升至 2027 年的海底業務營收能見度。

Production Systems pretax operating margin of 16.1% increased 60 basis points, with broad-based growth in OneSubsea, artificial lift, completions, and production chemicals. Notably, the acquired ChampionX businesses delivered the highest quarterly revenue and margin since joining SLB.

生產系統稅前營運利潤率為 16.1%，提升 60 個基點；OneSubsea、人工舉升、完井與生產化學品均呈現廣泛成長。值得注意的是，併購取得的 ChampionX 業務在加入 SLB 以來，創下最高的單季營收與利潤率。

Finally, in the all other category, revenue increased 8% sequentially, driven by strong growth in Data Center Solutions, while pretax operating income decreased slightly as a result of ramp-up costs associated with new data center projects.

最後，在「其他所有」類別中，營收較前一季成長 8%，主要受資料中心解決方案（Data Center Solutions）強勁成長帶動；而稅前營業利益則因新資料中心專案相關的爬坡成本而小幅下滑。

With regard to our previously announced agreement to acquire Kelvion, things are progressing quite well. A dedicated integration team has been put in place that has kicked off its various work streams, and we are in the process of making all necessary filings in the relevant jurisdictions. We are very excited about the opportunities that this transaction will bring. And we remain on track for closing in the first half of 2027.

關於我們先前宣布收購 Kelvion 的協議，進展相當順利。我們已成立專責整合團隊並啟動各項工作流程，同時正於相關司法管轄區進行所有必要的申報作業。我們對這筆交易將帶來的機會感到非常振奮。我們仍按計畫在 2027 年上半年完成交割。

Now turning to our liquidity. We ended the quarter with net debt of $9.2 billion, the same level as the third quarter of last year. We generated $1.5 billion of cash flow from operations and $828 million of free cash flow.

接著談我們的流動性。本季末淨負債為 92 億美元，與去年第三季相同。我們產生了 15 億美元的營運現金流，以及 8.28 億美元的自由現金流。

Looking ahead, consistent with our historical pattern, we expect a meaningful step-up in free cash flow in the fourth quarter, supported by lower inventory following year-end product sales and higher customer collections. The magnitude of the sequential increase in free cash flow will largely depend on the timing of collections in certain countries.

展望未來，依循我們過往的季節性型態，我們預期第四季自由現金流將顯著提升，主要受惠於年末產品銷售後庫存下降，以及客戶回款增加。自由現金流較前一季增加的幅度，將在很大程度上取決於部分國家的收款時點。

Capital investments inclusive of CapEx and investments in APS projects and exploration data were $682 million in the third quarter. For the full year, we still expect capital investments to be approximately $2.5 billion. During the quarter, we repurchased $656 million of our stock and are on track to repurchase approximately $2.4 billion for the full year, in line with 2025 levels.

第三季資本投資（包含資本支出 CapEx、APS 專案投資及勘探資料投資）為 6.82 億美元。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 6.56 億美元，並按計畫全年回購約 24 億美元，與 2025 年水準一致。

This will bring our total returns to shareholders for 2026, slightly above $4 billion, in line with the commitment we made earlier this year.

這將使我們 2026 年對股東的總回饋略高於 40 億美元，符合我們今年稍早所做的承諾。

I will now turn the call back to Olivier.

我現在把電話交回給 Olivier。

Thank you, Stephane. I believe Sarah, that you are ready for taking questions.

謝謝你，Stephane。我想 Sarah，你已經準備好開始提問環節了。

(Operator Instructions)

(接線員指示)

James West, Melius Research.

James West，Melius Research。

So Olivier, I think in your prepared remarks, I mean, it seems like almost every part of your business, whether product line or region -- ex the Middle East, of course, which is -- still has uncertainty is inflecting higher. And I'm curious if you could parse that out a little bit further and let us know kind of which areas or maybe which products -- product lines or service lines you think will grow faster than others?

Olivier，在你事先準備的發言中，我的意思是，看起來你們幾乎每個業務面向，不論是產品線或地區——當然不含中東，因為那裡——仍存在不確定性——都在往更好的方向轉折。我想請你再進一步拆解一下，讓我們了解哪些領域，或哪些產品——產品線或服務線——你認為成長會比其他更快？

No. Thank you, James. We believe indeed that the cycle has started, and I think it has the characteristics of a very favorable to our footprint and to the composition of our business line. Indeed, I think we are seeing that the combination of deepwater exploration rebound for a long cycle. We see the investment flowing into production recovery to improve the production of our recovering assets.

好的，謝謝你，James。我們確實認為景氣循環已經啟動，而且我認為它的特性非常有利於我們的布局以及我們業務線的組合。的確，我想我們看到深水勘探在長週期上出現反彈。我們也看到投資正流向增產回收（production recovery），以提升我們正在回收資產的產量。

And we see the development of new areas -- geographical areas that are attracting investments such as Venezuela, Argentina. And all this without the catalyst of resolution in the Middle East that will add growth. So I believe that, indeed, we are set for all divisions, and all basins to benefit for growth in 2027 and beyond.

同時我們也看到一些新的地區——地理區域——正在吸引投資，例如委內瑞拉、阿根廷。而這一切尚未包含中東局勢若獲得解決所帶來的額外成長催化。因此我相信，確實我們已具備條件，讓所有事業部與所有盆地在 2027 年及之後受惠於成長。

And we believe that, again, it goes from digital to production recovery from deepwater to unconventional and with exploration being certainly an uptick that will match very well our footprint and match very well our portfolio of technology. So yes, it is, I would say, broadly an inflection that is characteristic of an upcycle with long duration.

我們也相信，再次強調，從數位到增產回收、從深水到非常規，而勘探也必然會出現上行，這將非常契合我們的布局，也非常契合我們的技術組合。所以是的，我會說這是一個相當廣泛的轉折點，具備長週期上行的典型特徵。

Great. That's very helpful. And then -- on the exploration side, I happen to speak to a group of explorations recently and spent some time with the heads at many of the major oil companies and then, of course, one of your senior people as well.

很好。這非常有幫助。接著——在勘探方面，我最近剛好和一群勘探團隊交流，花了一些時間與多家主要石油公司的主管，當然也包括你們的一位資深人士。

Capital is definitely flowing there for the first time in maybe a decade. They were happy about capital. Where are you seeing the most exciting exploration at this point?

資本確實正在流入那個領域，這可能是近十年來第一次。他們對資本投入感到很滿意。你目前看到最令人振奮的勘探機會在哪裡？

I think we see several -- what is very good in this exploration cycle, I think it's a mix of infrastructure-led exploration in very well, no mature basins that still have pocket of oil or gas to be unlocked and to be connected to and with opportunity for sizable development in those. And I think that relates to the West Africa mature Basin as well as North Sea on both sides of the sector and then obviously, Gulf of America.

我想我們看到好幾個——這一輪勘探循環非常好的地方在於：它結合了由基礎設施帶動的勘探，在一些非常成熟的盆地中，仍有尚待釋放的油氣「口袋」，可以被開發並接入既有系統，而且其中一些具備可觀的開發規模機會。我想這與西非成熟盆地有關，也與北海兩側的區域有關，當然還包括美洲灣（Gulf of America）。

Now there is a lot of frontier basins and a lot of areas that are expanding. And I think this is particularly true in Americas. And Brazil, I think the Pelotas basin is attracting a lot of attention as well as the Atlantic margin or the margin on the north, I think, which is along with continued investment into Suriname and Guyana.

此外也有許多前沿盆地，以及許多正在擴張的區域。我認為這在美洲尤其明顯。在巴西，我認為 Pelotas 盆地正吸引大量關注，此外還有大西洋邊緣地帶，或我認為北部邊緣地帶；同時對蘇利南與蓋亞那的投資也持續進行。

I think are clearly a spotlight for this, the same as in Namibia, in further the basin in Angola as well as of a part of Africa and East Med -- And then I could keep going east to East India, Indonesia that has attracted a lot of investment due to gas reserves and potential there. And two large discovery has been made and after entering subsea development going forward.

我認為這些顯然都是焦點；同樣地，在納米比亞、安哥拉更深部的盆地，以及非洲部分地區與東地中海——然後我還可以繼續往東談到東印度、印尼，因為那裡的天然氣儲量與潛力而吸引了大量投資。而且已有兩項重大發現，並在進入海底（subsea）開發後持續推進。

So it all combined, it's an exciting cycle for exploration. I think the combination of energy security heightened priority as well as depleting reserves and the pressure of declining production, adding and fueling this investment in exploration.

因此綜合來看，這是一個令人振奮的勘探循環。我認為能源安全的優先性提高、儲量逐步耗竭，以及產量下滑的壓力，共同推動並強化了對勘探的投資。

Great. Thanks, Olivier.

很好。謝謝你，Olivier。

Scott Gruber, Citi.

Scott Gruber，花旗（Citi）。

So a number of growth drivers into '27 as you outlined. But I'm curious because this is a question we often get from investors. Should we see resolution in the Middle East in the not-too-distant future? And crude moderates back to $65 or $70, similar to what we saw back in June. How resilient do you think the growth drivers would prove to be -- obviously, the Middle East would improve.

如你所述，到 2027 年有多項成長驅動因素。但我很好奇，因為這是投資人常問我們的問題。如果在不久的將來中東局勢獲得解決，而原油價格回落至 65 或 70 美元，類似我們在 6 月看到的水準，你認為這些成長驅動因素的韌性會如何——當然，中東會改善。

But do you see much risk to the mid-single-digit growth outlook, excluding the Middle East, that have more mid-cycle crude prices? Or would the secular elements at play here sustain a healthy growth rate?

但在排除中東、且油價回到較偏中週期水準的情境下，你是否看到對「中個位數」成長展望有明顯風險？或者，這裡的結構性因素是否足以支撐健康的成長率？

No, Scott, I believe that we should keep in mind that a lot of barrels have been lost to this crisis. A lot of pull on the strategic reserves and commercial inventory as inevitable inventory, to the point that I think it is clear that seeing additional investment needs to be flowing through activity into supply in the future.

不，Scott，我認為我們應該記住，這場危機已經造成大量產量（barrels）流失。戰略儲備與商業庫存也被大量動用，庫存不可避免地被拉低到某種程度，因此我認為很清楚，未來需要有更多投資透過活動量轉化為供給。

Additionally, I think the realization of energy securities is vital to the future of economic growth is also adding a diversity of supply. So this will -- is getting the condition at the comment I made earlier on exploration to create the conditions that are not here for one year or six months.

此外，我認為大家已意識到能源安全對未來經濟成長至關重要，這也促使供給來源更加多元。因此，這——也就是我先前對勘探所做的評論——正在創造一些條件，而這些條件不會只存在一年或六個月。

But the upcycle is adding strong legs, both on long cycle, including exploration deepwater; on short cycle, including production and recovery activity that is materializing cost and that is very well registered into the growth that we are enjoying and that -- that will be the base for the 2027 outlook.

同時，這一輪上行循環具備強勁支撐：在長週期方面，包括勘探與深水；在短週期方面，包括生產與增產回收活動，這些活動正在實現成本效益，並且已非常明確地反映在我們目前享有的成長之中，而——這也將成為 2027 年展望的基礎。

So we believe that we have set -- the market is set for mid-single-digit global activity growth, assuming Middle East being flat on 2026. But this means that we will visibly outperform this and the Middle East catalyst will become a catalyst on the peace deal going forward.

因此我們相信，在假設中東於 2026 年持平的情況下，市場已具備全球活動量中個位數成長的條件。但這也意味著我們將明顯優於該水準；而中東的催化因素，將在未來和平協議推進時成為一項催化。

I appreciate that. And I wanted to turn to Venezuela. Opportunity here certainly appears to be materializing more quickly than you anticipated initially. Can you provide some more color on what you're seeing in the market? And you mentioned that Venezuela could double this year with multi-fold growth in '27.

感謝你。我想把話題轉到委內瑞拉。這裡的機會看起來確實比你們最初預期更快地在成形。你能否多分享一些你們在市場上看到的情況？另外你提到委內瑞拉今年可能翻倍，並在 '27 年出現數倍成長。

How large could Venezuela become for SLB in two to three years' time? I know you guys said $1 billion back at peak, I'm curious kind of in the ballpark where you think the market could grow to here in the next two to three years?

在未來兩到三年，委內瑞拉對 SLB 來說可能會成長到多大？我知道你們之前說過在高峰期是 10 億美元，我想了解你們認為未來兩到三年這個市場大概可能成長到什麼量級？

No, we remain very excited about Venezuela. Every time we look into it. I think we realizing that the activity is set to increase further. And I think we are getting several catalysts for this. We are getting first and foremost in lockstep with our customer that we have been working on it with for the last two years.

不，我們對委內瑞拉仍然非常振奮。每次我們深入研究。我想我們都意識到活動量還會進一步增加。而且我認為我們看到幾個推動因素。首先也是最重要的，我們與客戶保持高度一致；過去兩年我們一直與他們一起推進這件事。

We are seeing activity increase currently. And in the near future, and they have made an announcement for further increment of CapEx into the region. So it will be fully participating to this upside. But additionally, several of our international operators have committed have come to agreements in country, and we have benefited from this and by signing contracts, and we have already started with another large contract execution this quarter.

我們看到目前活動正在增加。而且在不久的將來，他們也宣布將進一步提高在該地區的資本支出（CapEx）。因此我們將充分參與這一波上行。此外，我們的幾家國際營運商也已承諾並在當地達成協議；我們透過簽署合約而受益，而且本季我們已開始執行另一份大型合約。

So we expect this to only continue going forward. So how big it can become? I think we have mentioned that the potential is for multiple-fold growth next year. And I think we see this trajectory to continue going forward. And I think we have mentioned before the historical level of $1 billion of growth in the long term.

因此我們預期未來只會持續下去。至於它能變得多大？我想我們提過，明年有數倍成長的潛力。而且我們看到這個軌跡會持續向前。我們之前也提過，長期來看歷史水準曾達到 10 億美元。

So we don't see why not this as a ceiling or there is no ceiling, why not as a target as an ambition going forward. So we are well prepared. We're adding resource, adding equipment and getting the trust because we have a unique capacity on the ground and ability to deliver.

所以我們不覺得這會是天花板；或者說沒有天花板，為什麼不能把它當作未來的目標與企圖心。因此我們已做好充分準備。我們正在增加人力資源、增加設備，並且因為我們在當地具備獨特的能力與交付能力而獲得信任。

Great. I appreciate the color. Thank you.

很好。感謝你提供的補充說明。謝謝。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

Hi. Good morning, Olivier and Stephane.

嗨，早安，Olivier 和 Stephane。

Good morning, Saurabh.

早安，Saurabh。

Olivier, maybe I want to dig in on the Middle East to a little bit more because we saw you delivered strong 13% increase in the Middle East revenue, and that was despite some late quarter disruption, right? So that kind of tells me you were running ahead of expectations perhaps before the disruption Can you maybe share some more color on the disruption?

Olivier，我想再更深入談一下中東，因為我們看到你們中東營收強勁成長 13%，而且是在季末出現一些干擾的情況下，對吧？所以這讓我覺得，在干擾發生之前，你們的表現可能已經超出預期。你能否多分享一些關於這些干擾的細節？

And if these disruptions are continuing right now? And then what was driving this, I guess, stronger than maybe anticipated recovery before these disruptions. I know you talked about already some contracts including those integrated drilling contracts, maybe some color on all of that?

而且這些干擾目前是否仍在持續？另外，在這些干擾之前，推動復甦比預期更強的因素是什麼？我知道你們已談到一些合約，包括那些整合式鑽井合約，能否也就這些提供一些補充說明？

Yes. First, I think, indeed, several countries did participate a uplift of activity in the third quarter as the situation started to ease off in several countries. And I think this included the UAE, Kuwait, to a lesser extent, Qatar, and to a lesser extent, Saudi that at the beginning of the quarter, clearly, has an increase of activity, and this was consolidated on the -- on some intervention activity stimulation and drilling activity across the region.

是的。首先，我認為確實有幾個國家在第三季參與了活動量的回升，因為多個國家的情勢開始緩和。我想這包括阿聯、科威特；卡達的幅度較小；沙烏地在本季初也明顯出現活動增加，而這在整個區域的介入作業、增產刺激以及鑽井活動上都得到鞏固。

Iraq by contrast was on the study getting the same uplift of activity but Oman was steady. And that's the situation that turned out to be slightly ahead of our expectation, indeed, at the run rate as well mid-quarter. Now at the end of the quarter, some adjustment of activity were done. And I think this has been fairly publicized. I don't want to come back on this.

相較之下，伊拉克並沒有出現同樣的活動回升，但阿曼則維持穩定。因此在運行速度（run rate）上、以及季中來看，情況確實略優於我們的預期。到了季末，活動做了一些調整。我想這已相當公開。我不想再回到這個話題。

We see things stabilizing, though. Hence, our expectation is that the fourth quarter will be at current level of disruption, I would say, and without further escalation conflict going into worst-case scenario. We are seeing that the fourth quarter will be in line with the third quarter, and that's our assumption.

不過我們看到情況正在穩定下來。因此，我們預期第四季會維持在目前的干擾程度，我會這麼說，而且不會進一步升級衝突、走向最壞情境。我們看到第四季將與第三季大致一致，這是我們的假設。

And this is the assumptions we have made on our guidance for 2027 market outlook as well. So that's in a sense where we stand. Now we've related into relation with the integrated contract. We're very pleased with this award that touch both gas and oil assets.

這也是我們在 2027 年市場展望指引中所採用的假設。所以大致上我們目前就是這樣的狀態。至於你提到的整合式合約。我們對這項涵蓋天然氣與石油資產的得標非常滿意。

And this is an activity that is definitively going forward and for which we are mobilizing in the fourth quarter and then will come to full good capacity in 2027 going forward. And I think that's not -- that's untouched and certainly a committed contract for which we are dedicating resource and gaining increased activity going forward.

而這項活動肯定會持續推進；我們會在第四季動員，之後在 2027 年起逐步達到完整、良好的產能水準。我認為這部分沒有受到影響，且確實是一份已承諾的合約；我們正為此投入資源，並在未來帶來更多活動量。

Got it. No. That's very useful color, Olivier. And then for my follow-up, maybe I'll stick to the Middle East and focus on the margin side of things a little bit. I know there are lots of crosscurrents -- lots of uncertainty.

了解。這些補充說明很有幫助，Olivier。接著我的追問，我可能還是聚焦在中東，並稍微談一下利潤率。我知道有很多相互牽動的因素——不確定性也很多。

But just given everything that we have heard about disruptions and cost inflation and then some pricing pressure on larger tenders, how should we think about where margins can go in maybe 27, but I'm just thinking more broadly, if revenues normalize in the Middle East to, let's say, the pre-conflict level, can margins normalize to that level immediately? Or would it take more time because of everything that's going on the pricing and cost side of things?

但考量我們聽到的干擾、成本通膨，以及大型標案的一些定價壓力，我們應該如何看待 27 年利潤率可能走向何處？更廣泛地說，如果中東營收回到例如衝突前的水準，利潤率能否立刻回到那個水準？還是因為定價與成本端正在發生的一切，需要更長時間才能恢復？

Yes. I mean you are using the Middle East as a swing factor to margins, and it's clearly a significant negative effect this year, if you look at the year-on-year performance. As we have indicated earlier, we have actually decided intentionally to adjust only partially the resources in the Middle East not to hamper our capacity to address the activity rebound. So we are keeping some resources in place.

是的。我的意思是，你把中東當作影響利潤率的擺盪因素，而如果看年對年表現，今年它確實帶來顯著的負面影響。如我們先前所指出，我們其實是有意只部分調整中東的資源配置，以免削弱我們因應活動反彈的能力。所以我們保留了一部分資源在當地。

When the conflict is resolved and activity rebounds, as a result, we'll have very strong operating leverage, very few additional costs to bring in. So that will increase margin. Now the overall level of margins of the company it's not just the Middle East. That will be a booster.

當衝突解決、活動回升時，我們將會有非常強的營運槓桿，因為幾乎不需要再增加太多額外成本。因此利潤率會上升。當然，公司整體的利潤率水準不只取決於中東；但中東會是一個推升因素。

We will have likely less inflation effects going into '27 because this is already kind of baked in, if you want. We also hope that pricing pressure we have experienced in some of our Core divisions will also abate and are also baked into the current margins. But then you have all the mix of the divisions.

進入 '27 年，我們很可能會看到較少的通膨影響，因為這些基本上已經反映在內了（baked in），如果你願意這麼說。我們也希望在部分核心事業部所經歷的定價壓力會緩解，而且也已反映在目前的利潤率之中。但接著還有各事業部組合（mix）的影響。

Digital is a booster, obviously, on margins, data center on its own as it grows very fast -- is, as you know, not accretive to the overall SLB margin. So it's a big equation, which we are not going to give you the answer today, we will provide more color on our '27 margins in January. But overall, yes, the Middle East will be a catalyst for margin expansion for sure.

數位業務顯然會推升利潤率；資料中心本身雖然成長很快——但如你所知，對 SLB 整體利潤率並非增益（not accretive）。所以這是一道很大的方程式，我們今天不會給你答案；我們會在一月提供更多關於 '27 年利潤率的說明。但整體而言，是的，中東肯定會成為利潤率擴張的催化劑。

Right. No, thanks, Stephane. And that equation is on us to solve in the meantime. But thank you. Thanks for all the moving pieces. Olivier, thank you.

好的。謝謝你，Stephane。那這道方程式就由我們在這段時間自己來解。但謝謝。也謝謝你把所有變動因素都說明清楚。Olivier，謝謝你。

Arun Jayaram, JPMorgan.

摩根大通的 Arun Jayaram。

Good morning. Olivier, I was wondering if you could comment on some of the trends you're seeing at ChampionX. On a year-over-year basis, obviously, a partial quarter data from last year, but it looks like revenues were up in the mid-teens and margins are now pushing in the mid-20s.

早安。Olivier，我想請你評論一下你在 ChampionX 看到的一些趨勢。以年對年來看，顯然去年只有部分季度的數據可比，但看起來營收成長在十幾個百分點的中段，而利潤率現在也正推進到 20% 中段。

So I just wanted to talk a little bit about some of the trends here? And how is the ability of SLB to scale that business internationally versus when you bought it?

所以我想稍微談談這裡的一些趨勢？以及相較於你們收購時，SLB 將這項業務在國際上擴張、規模化的能力如何？

No, as we have seen, we are very, very pleased with the performance of ChampionX. I think the result of the success of the integration team having landed this business to be having very resilient and as well as very successful in innovation and customer centricity, which we attribute to ChampionX in North America.

是的，正如我們所看到的，我們對 ChampionX 的表現非常、非常滿意。我認為這是整合團隊成功落地這項業務的成果，使其展現出非常強的韌性，同時在創新與以客戶為中心方面也非常成功；這些我們都歸功於 ChampionX 在北美的表現。

So you have seen that the quarter was remarkable in terms of topline growth and further margin expansion for the fourth consecutive quarter based on both Production Chemicals success and growth. And also the artificial lift both in North America and with more potential internationally.

所以你也看到，本季在營收成長方面表現亮眼，且連續第四個季度進一步擴大利潤率，這主要來自生產化學品（Production Chemicals）的成功與成長。另外還有人工舉升（artificial lift），不僅在北美，也在國際市場具備更大的潛力。

So I think internationally, as we mentioned in the prepared remarks, I think it would have been even better without the conflict in Middle East as we have optionality for expanding the ChampionX portfolio internationally, particularly in the Middle East and across several offshore basins.

因此我認為在國際市場方面，正如我們在事先準備的講稿中提到的，如果沒有中東的衝突，表現本來會更好，因為我們在國際上擴展 ChampionX 產品組合具有彈性選項，特別是在中東以及多個離岸盆地。

So this is progressing. And I think this will be certainly an upside into the ChampionX growth trajectory in 2027, both international and offshore. And as the conflict is getting to an end, we'll have a further catalyst for the ChampionX success. But yes, we are very pleased.

所以這正在推進中。我認為這將在 2027 年成為 ChampionX 成長軌跡的明顯上行因素，涵蓋國際與離岸市場。而隨著衝突走向結束，將為 ChampionX 的成功帶來進一步的催化劑。但總之，是的，我們非常滿意。

The thing it reflects again the ability we have to integrate and to leverage their technology and to leverage our global footprint and our customer engagements to make it successful. I think very pleased with the performance. Congratulations to all the ChampionX employees and to the integration team into the Production Systems portfolio.

這也再次反映出我們具備整合能力，並能夠運用他們的技術、結合我們的全球佈局與客戶互動，使其取得成功。我認為我們對表現非常滿意。也恭喜所有 ChampionX 員工，以及將其納入生產系統（Production Systems）產品組合的整合團隊。

I think the combination is attracting -- attractive for our customers and all the feedback we're receiving from customers, both in North America and abroad is that they like the combination. They like the power of production and recovery. They like the potential of unlocking further recovery and production performance to both production chemicals and lift technology, including Digital.

我認為這樣的組合對我們的客戶很有吸引力——而且我們從北美與海外客戶收到的回饋都是，他們喜歡這個組合。他們喜歡生產與採收率提升的綜效。他們也喜歡透過生產化學品與舉升技術（包含數位化）進一步釋放採收率與生產績效的潛力。

So very, very, very pleased with the performance so far.

所以到目前為止，我們對表現非常、非常、非常滿意。

And as to the margin level, Arun, yes, you are right. We are ChampionX touched now the mid-20s on EBITDA, which is clearly accretive to the overall company. And this is despite inflation pressures, particularly on chemicals, so the synergies, including in G&A have been higher than we expected and have mostly offset was inflationary pressure to the point where margin continues to expand quarter-after-quarter.

至於利潤率水準，Arun，是的，你說得沒錯。ChampionX 的 EBITDA 現在已達到 20% 中段，這顯然對整體公司具有增益（accretive）。而且即便面臨通膨壓力，特別是在化學品方面，協同效益（包含在 G&A）仍高於我們預期，並且大多抵銷了通膨壓力，使得利潤率得以季度接著季度擴張。

So clearly, we are going to achieve our interim synergy target of about $200 million after 18 months post-acquisition, which is basically the end of this year, and we are not going to stop there, and we are quite happy with the margins the businesses are generating.

因此很明確地，我們將在收購後 18 個月達成約 2 億美元的階段性協同目標——也就是基本上在今年年底——而且我們不會止步於此；我們也對這些業務所創造的利潤率感到相當滿意。

Okay. And then my follow-up, I was wondering if you could just elaborate on OneSubsea visibility as we think about 2027. Obviously, you announced the Exxon Rovuma LNG award in Mozambique. But are you seeing 2027 as a year where there's going to be a lot of greenfield activity in terms of larger awards? And maybe just speak to the visibility you're seeing as we extend into this deepwater cycle.

好的。那我的追問是，想請你再多談一些我們展望 2027 時對 OneSubsea 能見度的看法。你們顯然已宣布在莫三比克拿下 Exxon 的 Rovuma LNG 訂單。但你們是否認為 2027 會是大型獎項帶動、綠地（greenfield）活動很多的一年？也請談談在這一輪深水週期延伸之際，你們看到的能見度如何。

No. Thank you, Arun. I think I will not restrict this to '27. OneSubsea awards typically are multiple -- multiyear revenue generation. So I mean whatever is earned in bookings in '25 and '26 reach out to '27 to '29 typically. So I think -- directionally, I think the success we have had in recent months and the booking projection that we are anticipating.

好的，謝謝你，Arun。我想我不會把這件事侷限在 2027 年。OneSubsea 的訂單通常會帶來跨多年——多年度的營收貢獻。也就是說，2025 與 2026 年所取得的訂單（bookings），通常會延伸到 2027 到 2029 年的營收。所以我認為——就方向性而言，我們近幾個月取得的成功，以及我們所預期的接單展望。

I think we believe that we will surpass the $9 billion target booking that we have set across the two years. I believe this will translate into a visible growth on revenue in '27 and '28 and beyond. And as we believe that the technology portfolio we have, the deliverability of our capacity to the market, the multiple alliance we have created with joint FEED study with customers to secure FID and to participate the best economics and best recovery solution for the customer, are combining to make it very attractive, including the processing -- subsea processing technology, we are uniquely positioned to unlock recovery solutions for mature basins. So all in, we are quite confident into the outlook for subsea that is aligned with the deepwater cycle that has started.

我想我們相信，兩年合計我們將超越先前設定的 90 億美元接單目標。我相信這將轉化為 2027、2028 年及更長期的可見營收成長。而且我們認為，我們的技術產品組合、我們向市場交付產能的能力、以及我們與客戶建立的多項聯盟（透過共同 FEED 研究以促成 FID，並為客戶提供最佳經濟性與最佳採收率解決方案），這些因素共同使我們極具吸引力；其中也包括處理——海底處理（subsea processing）技術。我們具備獨特定位，可為成熟盆地解鎖採收率提升方案。總體而言，我們對海底業務的展望相當有信心，並且這與已經啟動的深水週期一致。

And we believe that we'll benefit from it. And OneSubsea will be a growth driver for the company going forward.

我們相信我們將從中受益。而 OneSubsea 將成為公司未來的成長驅動力。

Sebastian Erskine, Rothschild & Co Redburn.

Sebastian Erskine，Rothschild & Co Redburn。

Good morning, Olivier and Stephane. Congratulations on a strong North America quarter, obviously, 7% sequential growth. I mean maybe you can talk about some of the building blocks of that performance, how much of it came from that production-linked revenues, obviously, the ChampionX side and artificial lift rather than sort of activity linked to work?

早安，Olivier 和 Stephane。恭喜北美季度表現強勁，顯然季增 7%。我想也許你們可以談談這項表現的幾個構成要素：其中有多少來自與產量連動的營收——顯然包括 ChampionX 以及人工舉升——而不是來自與工作量/活動量連動的業務？

And what are your expectations for North America next year outside of Data Center Solutions in the Core business?

另外，對於明年北美市場（不含核心業務中的資料中心解決方案 Data Center Solutions），你們的預期是什麼？

No. We are indeed very pleased with the North America sequential growth. I think, beat sequentially or year-on-year. I think we believe we have been ahead of the market, and we believe that the factor that supports this is the combination of our market position in North America land, not only ChampionX and a production and recovery portfolio we have there, a combination of Production Chemicals and Artificial Lift solution, but also our drilling technology and our Digital portfolio that includes now the S&P Energy.

是的。我們確實對北美的季增成長非常滿意。我想，不論是季比或年比，我們都表現優於市場。我們認為支撐這點的因素，是我們在北美陸上市場的地位組合：不僅是 ChampionX 以及我們在當地的生產與採收率提升產品組合（結合生產化學品與人工舉升解決方案），也包括我們的鑽井技術與數位化產品組合，而其中現在也納入了 S&P Energy。

I think all factors that will continue to support outperformance in North America land, including Canada and U.S. And conversely, North America offshore and some of the activity we have in Alaska or in North America offshore in the Gulf of America. We'll continue to also support North America growth and with performance with digital exploration and contracts across drilling and Reservoir Performance that continue to give us give us growth.

我認為所有這些因素都將持續支撐我們在北美陸上市場（包括加拿大與美國）的超越表現。相對地，北美離岸以及我們在阿拉斯加、或北美離岸的美洲灣（Gulf of America）的一些活動，也將持續支撐北美的成長；同時，數位化勘探，以及橫跨鑽井與油藏績效（Reservoir Performance）的合約，也持續帶來成長。

And finally, as you know, Data Center Solutions will serve as a new leg of growth in North America growing at the rate that we have seen fairly impressive. And we are well on track for surpassing $1 billion by the end of this year as a run rate. And we are still on track and very well on track to surpass $2 billion in exit rate for 2027.

最後，如你所知，資料中心解決方案（Data Center Solutions）將成為北美新的成長支柱，其成長速度如我們所見相當亮眼。我們正穩步朝向在今年年底以年化運行率（run rate）超過 10 億美元的目標前進。而且我們仍然按計畫、且進展非常順利，預計在 2027 年的期末運行率（exit rate）超過 20 億美元。

So you combine all of this differentiated portfolio and technology in North America land. Continued differentiation in North America offshore, including Alaska and Digital. And then an uptick and a new growth vector of growth in -- with Data Center Solutions and you get the North America market that is poised to growth despite the market condition that will qualify as a low growth environment going forward.

因此，把北美陸上市場這些差異化的產品組合與技術、北美離岸（包括阿拉斯加）與數位化的持續差異化優勢，再加上資料中心解決方案帶來的增量與新的成長向量結合起來，你就會看到北美市場即便在未來可被定義為低成長環境的市場條件下，仍具備成長態勢。

Appreciate the color Olivier. And just turning to Data Center Solutions. I noticed in the release you've expanded in Asia this quarter. I'm curious how long could the opportunity outside the U.S. become for your business? And also, how is the customer base kind of broadening beyond your sort of initial hyperscaler contacts?

感謝你提供的細節，Olivier。接著談資料中心解決方案。我注意到你們在本季的新聞稿中提到已在亞洲擴張。我很好奇，美國以外的機會對你們的業務而言，可能會有多大？另外，客戶基礎如何從你們最初接觸的超大規模雲端業者（hyperscaler）逐步擴大？

I think we have potential to grow and replicate the setup we have put in Americas internationally. Now it's early days. And I think we are leveraging the hyperscaler contracts we have and delivering for -- and use, we say, for data center construction or data center development into Asia at this point and then replicating to some extent, some of the capability we have developed with our manufacturing hub in Louisiana and expanding it with some satellite capability of manufacturing integration that we have departed into Asia and then delivering our end customer into Asia market.

我認為我們有潛力在國際市場複製並擴展我們在美洲所建立的布局。目前仍處於早期階段。我認為我們正在運用既有的超大規模雲端業者（hyperscaler）合約並履約——並將我們所稱的資料中心建造或資料中心開發能力帶入亞洲，然後在某種程度上複製我們在路易斯安那製造樞紐所建立的部分能力，並透過我們已帶入亞洲的製造整合衛星能力加以擴展，進而為我們的終端客戶交付至亞洲市場。

So this we believe will continue to happen. But I think the potential we see, as we -- you have heard from the Meta contract in Canada. And as we develop further hyperscaler contract in North America will still be centered in the short term with North America growth.

因此，我們相信這種情況將會持續發生。但我認為我們看到的潛力，正如——你們已聽到我們在加拿大與 Meta 的合約。而且，隨著我們在北美進一步發展更多超大規模雲端業者合約，短期內仍將以北美的成長為核心。

And we continue to diversify our customer base, and I think we'll be in a position next year to more develop and deploy and inform you about this, but this is certainly a multiple customer contracts that are being deployed and being logged in our backlog, and that will give us the support to grow. And additionally, obviously, the acquisition announcement we've made on Kelvion will only add to this.

我們也持續分散客戶基礎；我認為明年我們將更能進一步發展、部署並向各位說明。不過，這確實是多個客戶合約正在部署，並已記錄在我們的在手訂單（backlog）中，這將為我們的成長提供支撐。此外，顯然，我們所宣布對 Kelvion 的收購也只會在此基礎上再加分。

And as -- and the feedback we are getting from our existing and prospective customers in this domain is that they love the combination of our manufacturing engineering technology capability and the Kelvion technology portfolio that supports thermal management and heat management in the data center space that is an equation that is difficult to resolve where a lot of efficiency, a lot of upside exists, hence a pool of technology, the pool of integration in which we will play as a partner for this infrastructure buildout.

而且——我們從此領域既有與潛在客戶收到的回饋是，他們非常喜歡我們的製造工程技術能力與 Kelvion 的技術產品組合之結合；該組合可支援資料中心領域的熱管理與散熱管理。這是一個不容易解的方程式，但其中存在大量效率提升與上行空間，因此我們將以合作夥伴的角色，參與這個技術池與整合池，支援這波基礎設施建置。

Thank you very much. I'll turn the call back over now. Thank you.

非常感謝。我現在把電話會議交回。謝謝。

Alexandra Bruno, Goldman Sachs.

高盛（Goldman Sachs）的 Alexandra Bruno。

Good morning, team, and thanks for taking our question. I'd love to dig into the '27 commentary a little more. Can you provide some color on the outlook there from a regional perspective? And then as you look across your global footprint, where are you seeing meaningful trends in customer spending?

各位早安，團隊，謝謝讓我們提問。我想再深入探討一下你們對 2027 年的評論。能否從區域角度提供一些前景的補充說明？另外，從你們的全球布局來看，你們在哪些地方看到客戶支出出現顯著趨勢？

I think I will not go into detail on the guidance for 2027. We provided color on the directional trends. And -- but yet, I will reaffirm that we see the market giving us the opportunity to grow in every basin across every division in 2027. -- and I think the combination of the portfolio we have, the contracts we have put in our backlog and differentiated technology portfolio give us an upside in each of the basin.

我想我不會就 2027 年的指引提供細節。我們已就方向性趨勢提供了一些說明。不過，我會再次確認：我們看到市場在 2027 年於各個區域盆地、各個事業部門都給了我們成長的機會。我認為我們的產品組合、已納入在手訂單的合約，以及具差異化的技術產品組合，讓我們在每個盆地都有上行空間。

And other basin has a combination of deepwater for Latin America for North America, for Europe and Africa and for Asia, as a combination of conventional and unconventional for Middle East and Latin America. And all of these basins also have needs and an increased investment in production and recovery across all basins.

而各個盆地的組合包括：拉丁美洲、北美、歐洲與非洲、以及亞洲的深水；中東與拉丁美洲的常規與非常規並存。而所有這些盆地在產量提升與採收率提升方面也都有需求，且投資正在增加。

So now directionally, I believe that -- as we commented earlier, exploration will be very visible in Africa and Americas. Deepwater will be very visible in Americas, including North and Latin America, Africa and Asia. Unconventional will happen internationally in Argentina and Middle East region.

因此，就方向性而言，我認為——如我們先前所評論，勘探在非洲與美洲將非常明顯。深水在美洲（包括北美與拉丁美洲）、非洲與亞洲將非常明顯。非常規則會在阿根廷與中東地區於國際市場展開。

And the conventional part, across conventional developments or production recovery will occur in every basin. So again, we believe that it provides -- sort of this provides a tailwind across the entire portfolio and across all divisions, as we expect every basin to benefit.

而常規部分，無論是常規開發或提高採收率的生產作業，都會在每個盆地發生。因此，我們再次認為，這將——某種程度上為整體產品組合與所有事業部門帶來順風，因為我們預期每個盆地都將受益。

Thank you. I really appreciate that color. And then maybe just a follow-up. Can you talk a little about the Digital offering and some of the opportunity set there from a customer perspective?

謝謝。我非常感謝這些補充說明。接著可能再追問一下。能否談談數位（Digital）產品/服務，以及從客戶角度來看其中的一些機會集合？

Yeah. I think we are very pleased with the progress we're making in Digital. I think as we commented earlier, I think digital operation, particularly and data and AI are the vectors of growth that I think we are the most excited about. Additionally, I think digital exploration is about to benefit from secular trends coming into exploration market.

好的。我想我們對數位業務的進展非常滿意。如我們先前所說，數位營運，特別是資料與 AI，是我們最感到興奮的成長向量。此外，我認為數位勘探也即將受惠於進入勘探市場的長期結構性趨勢。

So I think these are the three vectors of growth that we see will certainly support our growth ambitions for the next few years. Digital operation, as we commented before, relates to both drilling and production operation. It's a combination of platform applications and edge applications that allow us to provide automated solutions for our customers.

因此，我認為這是我們看到、在未來幾年肯定會支持我們成長企圖的三個成長向量。數位營運，如我們先前評論，涵蓋鑽井與生產營運。它結合平台端應用與邊緣端應用，使我們能為客戶提供自動化解決方案。

We have been commenting on the success we are getting into drilling automation and drilling optimization. The same thing applies to production optimization. So digital operation clearly will continue to be a factor of growth going forward. Now adding to it, digital exploration. As we have seen, is benefiting from a secular trend or a new up-cycle in exploration.

我們一直在談我們在鑽井自動化與鑽井最佳化方面取得的成功。同樣的情況也適用於生產最佳化。因此，數位營運顯然將在未來持續成為成長因素。接著再加上數位勘探。如我們所見，它正受惠於勘探領域的結構性趨勢或新一輪上行週期。

And every new frontier basin is getting the benefit of digital exploration to derisk the development of the risk, the exploration campaign. And I think we are seeing increasing interest from our customers to invest into data, to invest into reprocessing and to invest into digital AI capability to improve the imaging and improve the capability that we can provide to derisk this exploration and accelerate the success.

而每一個新的前沿盆地都在受惠於數位勘探，以降低開發風險、降低勘探活動的風險。我認為我們看到客戶對於投資資料、投資再處理（reprocessing）、以及投資數位 AI 能力的興趣日益增加，以改善成像並提升我們能提供的能力，從而降低勘探風險並加速成功。

And finally, data and AI as a new vector of growth as a new disruptor for the industry. We believe with our offering, with our Lumi offering, with our AI Tela offering, we are seeing early adoption that I think indicates that this has a potential to disrupt and become a new vector, of course, for Digital in our company.

最後，資料與 AI 作為新的成長向量、也是產業的新破壞者。我們相信，憑藉我們的產品/服務——Lumi 方案與 AI Tela 方案——我們看到的早期採用情況顯示，它有潛力帶來顛覆，並成為我們公司數位業務新的成長向量。

Thank you very much for the color. We'll turn it back.

非常感謝這些補充說明。我們把時間交回。

Thank you very much, Alexa.

非常感謝，Alexa。

Marc Bianchi, TD Cowen.

TD Cowen 的 Marc Bianchi。

Thank you very much. I guess following up on the Digital, I know you didn't want to get into too many specifics on the drivers for '27. But just given the strong year that seems to be unfolding for that business. Do you anticipate that it can continue at double-digit growth in '27, just given all the exploration visibility that seems to be coming in?

非常感謝。我想接續數位業務的話題。我知道你不想就 2027 年的驅動因素談太多細節。但考量到該業務今年看起來正展現強勁表現。在勘探能見度似乎持續提升的情況下，你是否預期 2027 年仍能維持雙位數成長？

I think are you talking about digital exploration specifically or Digital at large?

你指的是數位勘探（digital exploration）特別這一塊，還是整體數位（Digital）？

Digital at large.

整體數位。

Yeah. Yes. I think Digital at large, the ambition we have is to continue to operate at the level of double digit or about or higher. And I think we have the attributes, as I said, combination of digital exploration cycle that is favorable as we turn into '27.

好的。是的，我認為就整體數位而言，我們的企圖是持續維持在雙位數左右或更高的成長水準。我認為我們具備這些條件：如我所說，隨著我們進入 2027 年，數位勘探週期是有利的。

Digital operation that has started, as you have seen last year, this year, continue on a high growth rate cycle, and we believe that we continue to make progress as you have seen, the number of automated feet drilled this year-to-date. And production -- I think production digital portion and the production domain is where there is the most upside in our opinion as the most attractive opportunity that we have going forward.

數位營運也已經啟動——如你們去年與今年所見——並持續處於高成長率週期；我們相信我們會持續取得進展，例如你們今年迄今所看到的自動化鑽進英尺數。而在生產方面——我認為生產數位化這一塊、以及生產領域，是我們認為上行空間最大、也是未來最具吸引力的機會。

So we believe this will play out in 2027 and beyond. And finally, as I said, AI is a disruptor that I think will play and support as a leg of growth going forward. So I think these three, in addition to our resilient platform portfolio, I think, should combine to the exploration data, the digital operation and the data and AI to combine to provide us with the lag of growth that we look for a double-digit gain in '27 and beyond.

因此，我們相信這將在 2027 年及之後逐步展現。最後，如我所說，AI 是一個破壞者，我認為它將在未來扮演角色並作為成長的一條支柱提供支撐。因此，我認為這三者，再加上我們具韌性的平台產品組合——也就是勘探資料、數位營運，以及資料與 AI——結合起來，將為我們帶來我們所尋求的成長動能，使我們在 2027 年及之後實現雙位數成長。

Very good, Olivier. The other question was on the data center business. And with Kelvion, you increase your content opportunity. I'm curious what your appetite is for further M&A to continue to increase the content opportunity? Or is it more likely what we'll see here as you increase that on an organic basis?

很好，Olivier。另一個問題是關於資料中心業務。隨著收購 Kelvion，你們提升了內容機會。我想了解你們對進一步併購（M&A）以持續擴大內容機會的意願有多大？還是說，更可能看到你們以有機方式來提升這部分？

We are very pleased with what we have managed to get as an acquisition. And I think we'll be concentrated on closing this. We concentrated on fulfilling. I think the ambition and the strategic opportunity that we have unlocked with this. I think this indeed will give us an opportunity to increase our share of the wallet per gigawatt.

我們對這次收購所取得的成果非常滿意。我認為我們會專注於完成交割。我們也專注於落實執行。我認為，透過這次交易我們解鎖了雄心與策略性機會。這確實將讓我們有機會提高每吉瓦的錢包份額。

And I think we have significant backlog with a large number of -- an increasing number of customers, including hyperscalers that will give us a project to put it to work. And to participate into optimizing the thermal efficiency. And hence, to increase the share of the wallet to increase our participation into this market.

而且我認為我們有相當可觀的在手訂單，客戶數量很多——而且還在增加，包括超大規模雲端業者（hyperscalers），這些都會提供我們可落地執行的專案。並且參與熱效率的最佳化。因此，提高錢包份額、提升我們在這個市場的參與度。

And to provide not only fit modular manufactured solutions but also integrate more and more into the engineered thermal and manufactured solution for the market. So I think this is where we will focus in the foreseeable future. And then depending on how the market develops, we'll see what could come next, but this is where we are putting our focus going forward.

並且不僅提供適配的模組化製造解決方案，也會越來越多地整合到面向市場的工程化熱管理與製造解決方案之中。所以我認為，這將是我們在可預見的未來的重點。接著再視市場如何發展，我們會再看下一步可能是什麼，但未來我們的重心會放在這裡。

Thank you. I'll turn it back to you.

謝謝。我把時間交還給你。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Hey. Good morning. I just wanted to ask about production -- you guided Production Systems up; I think it was high single digits for the fourth quarter. You mentioned throughout the call, production chemicals, Artificial Lift, which obviously ties into the ChampionX acquisition completions. We've talked to Venezuela, OneSubsea, a lot of the visibility there.

嗨，早安。我想問一下生產方面——你們上調了 Production Systems 的指引；我記得第四季是高個位數成長。你們在電話會議中提到生產化學品、人工舉升（Artificial Lift），這顯然與 ChampionX 收購後的完井（completions）業務相連。我們也談到委內瑞拉、OneSubsea，以及那邊的能見度。

Maybe if you could just talk through the different levers for just fourth quarter specifically seeing that high single-digit outperformance. And how we should maybe thinking about this directionally as we work into 2027? I know we'll hear more in January, but just kind of early thoughts just these different lines within your Production Systems, which is obviously gaining some momentum here.

或許你可以談談，針對第四季特別是看到高個位數超預期表現，背後有哪些不同的槓桿？以及當我們往 2027 年推進時，方向上應該如何思考？我知道一月會聽到更多，但想先聽聽你對 Production Systems 內部不同產品線的初步想法，這塊顯然正在累積動能。

Yeah. I think we are very pleased with the performance of Production Systems. We're very pleased at large of our strategy, production recovery is taking shape. And I think that reflects into the Production Systems backlog and into the production potential going forward. Now the fourth quarter has an effect of end-of-year product sales and includes OneSubsea.

是的。我們對 Production Systems 的表現非常滿意。整體而言，我們也對策略非常滿意，生產復甦正在成形。我認為這反映在 Production Systems 的在手訂單，以及未來的生產潛力上。至於第四季，年末產品銷售會有影響，且其中包含 OneSubsea。

So I think as we come out every year, the product -- the year-end product sales is a factor that shapes the sequential performance of Production Systems, no different than any other year. I think in a year that is indicative of upcycle, this is magnified. But now going forward in 2027, we will not comment at this point directionally. But as I commented earlier, we anticipate every division to be experiencing growth in 2027.

所以我認為，每年年底的產品銷售都是影響 Production Systems 季比表現的因素，和其他年份並無不同。在一個顯示景氣上行循環（upcycle）的年份，這種影響會被放大。但展望 2027 年，我們目前不會就方向性做評論。不過如我先前所說，我們預期 2027 年每個事業部都會成長。

And this one will be led by the combination of the portfolio that you mentioned, ChampionX, obviously, the completions,the OneSubsea, I think clearly, portfolio will benefit going forward from the deep water from the short and long cycle activity outlook that we believe we will participate fully and outperform going forward.

而這一塊將由你提到的產品組合所帶動：ChampionX，當然還有完井業務、OneSubsea。我認為很明顯，這個產品組合未來將受惠於深水市場，以及我們認為將全面參與並在未來持續跑贏的短週期與長週期活動展望。

So I think Production Systems is resilient short cycle and long cycle and has a durable backlog, characterized OneSubsea that will give us legs of growth going forward in '27 and beyond.

所以我認為 Production Systems 兼具短週期與長週期的韌性，並且擁有以 OneSubsea 為特徵的耐久在手訂單，這將讓我們在 2027 年及之後具備持續成長的動能。

Great. That's helpful. And maybe just to wrap up, again, addressing the 2027 outlook. I know it assumes the Middle East stays flat from the second half of '26. You're calling for market growth in the mid-single-digit range.

很好。這很有幫助。最後再補一個問題，還是關於 2027 年展望。我知道你們的假設是中東從 2026 年下半年起維持持平。你們預期市場成長在中個位數區間。

I guess, help us walk through or frame the magnitude of the upside in this market here if we do see in Middle East recovery. I don't know if you want to talk through on a country-by-country level, but just help us understand where that mid-single digit can really ultimately go to we do see some form of resolution on recovery?

我想請你幫我們梳理或框架一下：如果中東確實出現復甦，這個市場的上行空間大概有多大？我不確定你是否想逐國說明，但請幫我們理解，如果復甦有某種程度的解決或落地，那個中個位數最終可能上修到什麼程度？

I think, first, I think to clarify, I think we have been commenting on the market outlook that we see at this point. And based on our early engagement of customers also based on reflecting on some third-party analysis on the 2027 outlook that the combination of North American International, including and assuming flat Middle East activity is set to be in the mid-single digit growth year-on-year.

我想先澄清一下：我們是在評論目前所看到的市場展望。根據我們與客戶的早期互動，也參考一些第三方對 2027 年展望的分析，北美與國際市場的組合——其中包含並假設中東活動持平——年增將落在中個位數成長。

We believe that we are set to visibly outperform this. And obviously, the Middle East resolution will only give a catalyst for additional growth into this. Now I will come sort of giving you exact guidance on this, okay? I think it will be internationally led up cycle going forward.

我們相信我們將明顯跑贏這個水準。而且很顯然，中東若出現解決方案，只會成為額外成長的催化劑。不過我不會在這裡給你精確的指引，好嗎？我認為接下來的上行循環將由國際市場主導。

But you have seen the commentary that I provided earlier that we are very pleased our market position and performance in North America. So again, we have multiple legs of growth ahead of us in this cycle. You should only consider the Middle East, depending on the resolution of the conflict has the potential to come back.

但你也聽到我先前的評論：我們對自己在北美的市場地位與表現非常滿意。所以再次強調，在這個循環中我們前方有多條成長動能。至於中東，你只需要把它視為：視衝突的解決而定，它有潛力回歸。

If not, to exceed previous activity pre-conflict as some of the countries in the region will not only have to mobilize activity to restore the production capacity, but we also continue to accelerate on their capacity commitments, be it unconventional gas, gas, or oil in the region. So going forward, I think this is only serving as a catalyst going forward. But again, 2027 at this point, will witness international growth despite Middle East and this being only a catalyst going forward on top of it.

如果真是如此，甚至可能超過衝突前的活動水準，因為該區部分國家不僅需要動員活動以恢復產能，還會持續加速其產能承諾——無論是非常規天然氣、天然氣或該區的石油。因此展望未來，我認為這只會在未來扮演催化劑。但再次強調，就目前而言，2027 年即便中東維持現狀，國際市場仍將成長，而中東只是在此之上額外的催化劑。

Great. Very encouraging. Thank you, Olivier. I'll turn it back.

很好。非常令人鼓舞。謝謝你，Olivier。我把時間交還。

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

我現在把電話會議交回 SLB 進行結語。

Thank you, ladies and gentlemen. As we conclude today's call, I would like to leave you with the following reflections. First, our third quarter performance demonstrates that momentum is broadening across SLB. Each geography and Core division grew sequentially, with a gradual recovery in the Middle East, complemented by solid growth in North America and continued strength across the international offshore markets.

謝謝各位女士、先生。在結束今天的電話會議之際，我想與各位分享以下幾點觀察。第一，我們第三季的表現顯示 SLB 的動能正在擴大。各地區與核心事業部（Core division）皆呈現季比成長；中東逐步復甦，同時北美穩健成長，國際離岸市場也持續強勁。

Second, our Core portfolio is benefiting from increasing activity across development and production. The strength and resilience of our expanded production portfolio, together with growth in Well Construction and Reservoir Performance, position us to participate as customer optimize existing assets and develop future activities.

第二，我們的核心產品組合正受惠於開發與生產活動的增加。我們擴大的生產產品組合所展現的強度與韌性，加上井建設（Well Construction）與油藏績效（Reservoir Performance）的成長，使我們能在客戶最佳化既有資產並開展未來活動時，參與其中。

And third, the international outlook continues to strengthen. Long-cycle offshore projects are progressing. The foundation for renewed exploration are taking shape, and new opportunities are emerging across several markets. Combined with the continued progress in digital and accelerating momentum in Data Center Solutions, where reach will be further expanded through the acquisition of Kelvion.

第三，國際市場展望持續轉強。長週期離岸專案正在推進。重新啟動勘探的基礎正在成形，且多個市場正浮現新機會。再加上數位化持續進展，以及資料中心解決方案（Data Center Solutions）動能加速；我們的觸及範圍也將透過收購 Kelvion 進一步擴大。

We are well positioned to capture attractive growth opportunities across both energy and industrial markets. These dynamics reinforce our confidence in delivering differentiated growth and outperformance as we move into 2027. With this, I will conclude today's call. Thank you all for joining.

我們已做好充分準備，把握能源與工業市場中具吸引力的成長機會。這些動態強化了我們對於在邁向 2027 年之際，實現差異化成長並跑贏市場的信心。以上，我結束今天的電話會議。感謝各位參與。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。