Tidewater Inc (TDW) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tidewater Q1 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫 Janice，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Tidewater 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to West Gotcher, Senior Vice President of Strategy, Corporate Development and Investor Relations. Please go ahead.

現在我想將電話轉給負責策略、企業發展和投資者關係的高級副總裁 West Gotcher。請繼續。

Thank you, Janice. Good morning, everyone, and welcome to Tidewater's first quarter 2025 earnings conference call. I'm joined on the call this morning by: our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; and our Chief Commercial Officer, Piers Middleton. During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations. The risks and uncertainties and other factors that may cause the company's actual performance to be materially different from that stated or implied by any comment that we're making during today's conference call.

謝謝你，珍妮絲。大家早安，歡迎參加 Tidewater 2025 年第一季財報電話會議。今天早上參加電話會議的還有：我們的總裁兼執行長 Quintin Kneen；我們的財務長 Sam Rubio；以及我們的首席商務官皮爾斯·米德爾頓 (Piers Middleton)。在今天的電話會議中，我們將做出一些前瞻性的聲明，並提及我們的計劃和期望。風險、不確定性和其他因素可能導致公司的實際業績與我們在今天的電話會議中所作的任何評論所明示或暗示的業績有重大差異。

Please refer to our most recent Form 10-K and Form 10-Q for additional details on these factors. These documents are available on our website at tdw.com or through the SEC at sec.gov. Information presented on this call speaks only as of today, May 6, 2025. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay. Also during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release located on our website at tdw.com.

有關這些因素的更多詳細信息，請參閱我們最新的 10-K 表格和 10-Q 表格。這些文件可在我們的網站 tdw.com 或透過美國證券交易委員會 (SEC) 的網站 sec.gov 取得。本次電話會議中提供的資訊僅截至 2025 年 5 月 6 日有效。因此，請注意，任何時間敏感資訊在重播時可能不再準確。此外，在電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。您可以在我們的網站 tdw.com 上的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳表。

And now with that, I'll turn the call over to Quintin.

現在，我將把電話轉給昆汀。

Thank you, West. Good morning, everyone, and welcome to Tidewater's first quarter 2025 earnings conference call. As usual, I'd like to discuss some highlights of the first quarter; provide an update on the execution of our share repurchase program and our views on capital allocation; discuss the state of the offshore vessel market in the midst of the tariff and macroeconomic uncertainty; and lastly, provide an update on the state of vessel supply.

謝謝你，韋斯特。大家早安，歡迎參加 Tidewater 2025 年第一季財報電話會議。像往常一樣，我想討論第一季度的一些亮點；提供有關我們股票回購計劃執行情況的最新信息以及我們對資本配置的看法；討論關稅和宏觀經濟不確定性下的近海船舶市場狀況；最後，提供船舶供應狀況的最新情況。

West will then provide some commentary on our capital structure and financial outlook. Piers will give an overview of the global market, and Sam will discuss our consolidated financial results.

然後，韋斯特將對我們的資本結構和財務前景發表一些評論。Piers 將概述全球市場，而 Sam 將討論我們的綜合財務表現。

First quarter revenue and gross margin nicely exceeded our expectations. Revenue came in at $333.4 million due to both a higher average day rate and better utilization. Gross margin came in at over 50% for the second consecutive quarter. Day rates outperformed our expectations by more than $500 per day, setting a new quarterly day rate record at $22,303. We experienced lower-than-anticipated down for repair days, which has the benefit of increasing utilization, lowering repair and maintenance expenses and reducing fuel expenses related to off-hire time.

第一季的營收和毛利率大大超出了我們的預期。由於平均日費率提高和利用率提高，收入達到 3.334 億美元。毛利率連續第二季超過50%。日費率超出我們的預期 500 多美元/天，創下季度日費率新高，達到 22,303 美元。我們的維修停駛天數低於預期，有助於提高利用率、降低維修和維護費用以及減少與停租時間相關的燃料費用。

The sequential day rate and utilization improvements in the quarter were an encouraging start to the year, especially given that the quarter was disadvantaged by being our largest dry dock quarter of the year and the fact that from a calendar year seasonality perspective, the first quarter is typically characterized as the slowest quarter of the year.

本季每日費率和使用率的連續改善為今年帶來了令人鼓舞的開端，特別是考慮到本季度是我們一年中乾船塢業務最大的一個季度，而且從日曆年的季節性角度來看，第一季通常被認為是一年中最慢的季度。

Additionally, during the first quarter, we generated about $95 million of free cash flow, the second highest quarterly free cash flow figure since the offshore recovery began, down slightly from the fourth quarter, even though during the first quarter, we incurred more than $30 million of additional dry dock and capital expenditures than we did in the fourth quarter.

此外，在第一季度，我們產生了約 9500 萬美元的自由現金流，這是自海上復甦開始以來第二高的季度自由現金流，略低於第四季度，儘管在第一季度，我們比第四季度增加了 3000 多萬美元的干船塢和資本支出。

As we've discussed in prior calls, our view on share repurchase program as we view our share repurchase program as a nice mechanism to return capital to shareholders, but also as a mechanism to take advantage of inefficiencies we see in the market, particularly to the extent that compelling M&A opportunities are not viable or actionable.

正如我們在先前的電話會議中所討論的那樣，我們對股票回購計劃的看法是，我們認為股票回購計劃是一種向股東返還資本的良好機制，同時也是一種利用我們在市場上看到的低效率的機制，特別是在引人注目的併購機會不可行或不可行的情況下。

During the first quarter and the beginning of the second quarter, amidst broader market volatility, we leaned heavily into the share repurchase program, fully utilizing the $90 million of share repurchase activity available to us under our existing debt agreements, repurchasing 2.3 million shares on the open market at an average price of $39.31 per share.

在第一季和第二季初，在更廣泛的市場波動中，我們大量依賴股票回購計劃，充分利用現有債務協議下可用的 9,000 萬美元股票回購活動，以每股 39.31 美元的平均價格在公開市場上回購了 230 萬股。

In addition, we further reduced the outstanding share count by 180,000 shares in exchange for paying $7.5 million of employee taxes on the vesting of equity compensation at an average price of $41.55 per share, bringing the total use of cash to reduce the outstanding share count to nearly 100 million or 2.5 million shares. Given our long-term outlook for the offshore activity and our associated view on the intrinsic value of our shares, we view the recent buyback activity as particularly opportunistic.

此外，我們還進一步減少了 18 萬股流通股，以換取以平均每股 41.55 美元的價格支付 750 萬美元的股權薪酬歸屬員工稅，使減少流通股數量的現金總額達到近 1 億股或 250 萬股。鑑於我們對離岸活動的長期展望以及我們對股票內在價值的相關看法，我們認為最近的回購活動尤其具有機會性。

M&A remains a cornerstone of our growth strategy. However, the broader market volatility and shifting sentiment on offshore activity continues to challenge deal dynamics. The strength and durability of any acquired cash flows and the resulting consolidated capital structure are important to our view of a transaction, although our focus remains on unlevered overall returns and near-term free cash flow generation. And to the extent that we find targets that satisfy these conditions, we remain interested in aggressively pursuing them.

併購仍是我們成長策略的基石。然而，更廣泛的市場波動和離岸活動情緒的變化繼續對交易動態構成挑戰。儘管我們的重點仍然是無槓桿的整體回報和近期的自由現金流產生，但任何獲得的現金流的強度和持久性以及由此產生的合併資本結構對於我們對交易的看法很重要。只要我們找到滿足這些條件的目標，我們就會繼續積極追求它們。

We will evaluate a deal using stock, cash or a combination of both, although using shares would need to satisfy our long-term view of our shares intrinsic value. We will contemplate additional balance sheet leverage for the right acquisition, providing the ability to quickly de-lever back to a reasonable level as we have done in our prior transactions.

我們將使用股票、現金或兩者結合的方式來評估交易，但使用股票需要滿足我們對股票內在價值的長期看法。我們將考慮為正確的收購增加資產負債表槓桿，以便能夠像我們在先前的交易中所做的那樣，迅速將槓桿率降至合理水平。

Shifting gears a bit, I'd like to discuss recent macroeconomic events and how they influence our business and the markets. We are all watching in real time how the recently announced US-led tariff regime will ultimately shape trading patterns globally, its subsequent impact on the global economy and the resulting impact on global energy needs, which is ultimately what drives our customers' investment plans. It's difficult to say how these factors will play out, but it's easy to say the uncertainty about the magnitude and direction of global growth is relatively high.

稍微轉換一下主題，我想討論一下最近的宏觀經濟事件以及它們對我們的業務和市場的影響。我們都在即時關注最近宣布的美國主導的關稅制度最終將如何影響全球貿易模式、其對全球經濟的後續影響以及對全球能源需求的影響，而這最終將推動我們客戶的投資計畫。很難說這些因素將如何發揮作用，但可以肯定的是，全球成長的幅度和方向的不確定性相對較高。

The good news is that we, along with the broader industry, are familiar with how to navigate situations like this. The benefit of maintaining a relatively low leverage profile and a highly scalable global operating footprint is that it provides the flexibility to react quickly to optimize the business.

好消息是，我們以及整個產業都熟悉如何應對這種情況。保持相對較低的槓桿率和高度可擴展的全球營運足跡的好處是，它提供了快速反應以優化業務的靈活性。

Reacting quickly requires optimizing the fleet by relocating, withholding or disposing of vessel capacity. The investments we've made in our scalable shore-based infrastructure ensure that we run the business as efficiently as possible. Our geographic diversification ensures that we are able to redistribute the fleet to focus on those geographic areas that look to be relatively more attractive.

快速反應需要透過重新安置、保留或處置船舶運力來優化船隊。我們對可擴展的岸基基礎設施的投資確保我們盡可能有效率地經營業務。我們的地理多樣化確保我們能夠重新分配船隊，專注於那些看起來相對更具吸引力的地理區域。

I recount these factors not to suggest that these are required today or that activity is structurally declining. And in fact, it's quite the opposite. To date, we've learned of no canceled or delayed projects and continue to see signs of strength for the intermediate to long-term plans for our customers via long-term contracts for the offshore drilling units, perhaps the most tangible evidence of continued conviction by our customers.

我重複這些因素並不是想表明這些因素是當今所必需的，也不是說活動正在結構性下降。而事實上，情況恰恰相反。到目前為止，我們還沒有了解到任何被取消或推遲的項目，並且透過海上鑽井裝置的長期合同，我們繼續看到為客戶制定的中長期計劃的強勁跡象，這也許是客戶持續信任的最有力證據。

I simply mentioned it as a reminder that through the cycles of the past decades, we have fundamentally changed how we run the business, focused on efficiency, free cash flow generation, financial and operational flexibility and geographic diversification. 2025 looks to be in line with our prior expectations with pockets of driller in activity offset by increases in subsea construction and production-related activity offering opportunities to deploy our vessels.

我只是想提醒大家，在過去幾十年的周期中，我們從根本上改變了業務運營方式，專注於效率、自由現金流的產生、財務和運營的靈活性以及地域多樣化。 2025 年似乎與我們先前預期的一致，部分鑽井活動被海底施工和生產相關活動的增加所抵消，為部署我們的船舶提供了機會。

Recent contract awards for offshore drilling and tendering activity for our vessels provides for cautious optimism that as we progress into 2026, offshore activity will return to a point that demand will outpace the supply of vessels and provides us the opportunity to resume our aggressive push on day rates.

我們最近授予的海上鑽井合約和船舶招標活動讓我們謹慎樂觀地認為，隨著我們進入 2026 年，海上活動將恢復到需求超過船舶供應的水平，並為我們提供了恢復積極推動日費率的機會。

We anticipate that we will continue to see more rig and vessel tenders as we progress through the summer and into the fall, further supporting the intermediate-term outlook. Encouragingly, the pipeline of subsea projects and FPSO deliveries remains robust and provides for an alternative source of demand in addition to the anticipated incremental drilling activity.

我們預計，隨著夏季和秋季的到來，我們將繼續看到更多的鑽井平台和船舶招標，進一步支持中期前景。令人鼓舞的是，海底專案和 FPSO 交付管道依然強勁，除了預期的增量鑽井活動外，還提供了替代需求來源。

The vessel supply outlook remains essentially unchanged from the prior quarter, although the general feeling for potential new builds has waned. As a reminder, a shade under 3% of the global supply is on order, most of which were placed back in the latter half of 2024.

儘管對潛在新船建造的整體感覺已經減弱，但船舶供應前景與上一季相比基本保持不變。需要提醒的是，全球供應量中約有 3% 處於訂購狀態，其中大部分是在 2024 年下半年訂購的。

Our view is that newbuild discussions have largely ceased. The modest number of newbuilds on order are now expected to deliver until late-2026 at the earliest, likely into 2027, and likely won't sufficiently replace vessels that are expected to attrition during that same time frame, resulting in a continued decrease in net vessel supply and supportive of our expectation that demand will outpace supply in the intermediate term.

我們認為，新建案的討論已基本停止。目前預計，訂單中少量的新船最早也要到 2026 年底才能交付，甚至可能要到 2027 年，而且很可能無法充分替代在同一時間段內預計會損耗的船舶，從而導致淨船舶供應量持續下降，這也支持了我們的預期，即中期內需求將超過供應。

We watch newbuild activity very closely and we'll continue to do so, but remain of the view that current shipyard capacity, prevailing global day rates and contract terms, the state of the financing markets and vessel technology considerations make any large-scale newbuilding programs unlikely.

我們密切關注新船建造活動，並將繼續這樣做，但我們仍然認為，當前的造船廠產能、全球現行的日費率和合約條款、融資市場的狀況以及船舶技術方面的考慮，使得任何大規模的新船建造計劃都不太可能。

In summary, we're pleased with a nice start to the year and expect 2025 to play out largely as anticipated with optimism on longer-term offshore activity continuing to support the fundamentals for our business.

總而言之，我們對今年的良好開局感到滿意，並預計 2025 年將基本按照預期進行，對長期海上活動的樂觀情緒將繼續支持我們業務的基本面。

And with that, let me turn the call back over to West for additional commentary and our financial outlook.

說完這些，讓我把電話轉回給韋斯特，讓他提供更多評論和我們的財務展望。

Thank you, Quintin. During the first quarter of 2025 and subsequently through the middle of April, we deployed just north of $97 million to reduce the outstanding share count by approximately 2.5 million shares at an average price of $39.47, including both open market repurchases and in exchange for paying employee taxes on the vesting of equity compensation.

謝謝你，昆汀。在 2025 年第一季以及隨後至 4 月中旬，我們部署了近 9,700 萬美元，以平均 39.47 美元的價格減少流通股數量約 250 萬股，其中包括公開市場回購和支付股權補償歸屬的員工稅。

As we've discussed in prior earnings calls, our two outstanding Nordic bonds contain the operative language providing for capacity for distributions to shareholders, namely share repurchases. We completed our latest share repurchase authorization of $90 million.

正如我們在先前的收益電話會議上所討論的那樣，我們的兩隻未償還的北歐債券包含了向股東分配能力的有效語言，即股票回購。我們完成了最新一筆9000萬美元的股票回購授權。

Given the terms of the indentures, specifically the limitation on shareholder distributions to 50% of trailing four quarter net income, as of today, we have no incremental allowance provided; and therefore, have no incremental allowance under the bonds or Board share repurchase authorization to announce.

鑑於契約條款，特別是對股東分配的限制為過去四個季度淨收入的 50%，截至今天，我們沒有提供增量津貼；因此，無需宣布債券或董事會股票回購授權下的增量津貼。

Our future allowance under the bonds will be determined by the trailing fourth quarter net income measure or through a refinancing of our existing bonds into a new debt structure that could contain different shareholder return provisions.

我們未來債券下的撥備將由過去第四季的淨收入指標決定，或透過將我們現有的債券再融資為可能包含不同股東回報條款的新債務結構來確定。

On that note, we continue to actively monitor the debt capital markets and bank markets to successfully achieve our goal of establishing a long-term unsecured debt capital structure, along with a sizable revolving credit facility. We remain opportunistic on pursuing a potential refinancing as we have no near-term maturities and no immediate need to access the debt capital markets.

在這方面，我們繼續積極監控債務資本市場和銀行市場，以成功實現建立長期無擔保債務資本結構以及大量循環信貸額度的目標。由於我們沒有短期到期債務，也沒有立即進入債務資本市場的需要，因此我們仍願意尋求潛在的再融資。

To make call on our unsecured Nordic bonds, which we previously described as one of the primary considerations around the timing of a refinancing, will step down to the first call price in July of 2025. As we approach July, we are mindful of the economic impact of reaching the first call date.

我們先前將無擔保北歐債券的贖回價格描述為再融資時機的主要考慮因素之一，該價格將於 2025 年 7 月降至首次贖回價格。隨著七月的臨近，我們注意到了首次贖回日期所帶來的經濟影響。

Further, while we still view a debt capital structure reset as an important step on the continued evolution of the business, it is equally important that to the extent we do access the markets to establish a long-term debt capital structure that it's an economically and structurally attractive solution for our long-term vision. As such, with no impending maturities and relatively low leverage, we will remain opportunistic in our approach to a debt capital structure reset.

此外，雖然我們仍然認為債務資本結構重置是業務持續發展的重要一步，但同樣重要的是，在我們進入市場建立長期債務資本結構的範圍內，這對我們來說是一個在經濟和結構上都有吸引力的解決方案，符合我們的長期願景。因此，在沒有即將到期且槓桿率相對較低的情況下，我們將繼續採取機會主義的方式進行債務資本結構重置。

Turning to our leading-edge day rates by vessel class, which were posted in our investor materials yesterday. For our largest class of PSVs and anchor handlers, we saw some limited downward pressure on our leading-edge day rates as the majority of contracts entered into during the first quarter for these classes of vessels were done in the North Sea. The first quarter is typically characterized as the quarter as the least favorable quarter of the year due to seasonality, which is especially pronounced in the North Sea.

讓我們來談談我們昨天在投資者材料中公佈的按船級劃分的領先日費率。對於我們最大級別的 PSV 和錨處理船而言，我們的前沿日費率面臨有限的下行壓力，因為第一季簽訂的此類船舶的大多數合約都是在北海簽訂的。由於季節性因素，第一季通常被認為是一年中業績最不理想的季度，這在北海地區尤其明顯。

We did see sequential improvement in our midsized and smallest classes of PSVs that entered into contracts throughout the rest of our operating regions. Looking to 2025, we are reiterating our full year revenue guidance of $1.32 billion to $1.38 billion and a full year gross margin range of 48% to 50%.

我們確實看到，在我們其他營運區域簽訂合約的中型和最小級別的 PSV 數量出現了連續改善。展望 2025 年，我們重申全年營收預期為 13.2 億至 13.8 億美元，全年毛利率預期為 48% 至 50%。

We anticipate second quarter revenue to be about the same as we did last quarter, but given the revenue outperformance in the first quarter, we anticipate revenue to decline about 5% sequentially. We anticipate a Q2 gross margin of 44%. The sequential decline is due to the fall-through on lower revenue as well as higher costs associated with fuel expense related to idle days and vessels down for repair as well as the repair and maintenance expense associated with vessels down for repair.

我們預計第二季的營收與上一季大致相同，但鑑於第一季的營收表現優異，我們預計營收將季減約 5%。我們預計第二季毛利率為 44%。環比下降是由於收入下降以及與停工天數和船舶維修相關的燃料費用以及與船舶維修相關的維修和保養費用相關的成本增加所致。

As we progress into the back half of the year, we anticipate a material uplift in utilization in the third quarter and further modest strengthening into the fourth quarter. We expect margins to improve in the back half of the year due to the fall-through from higher levels of revenue and through a reduction in operating expenses as dry docks decline, and a normalization of expenses associated with vessels down for repair.

隨著進入下半年，我們預計第三季利用率將大幅提升，第四季將進一步小幅增強。我們預計，由於收入水準的下降、乾船塢數量的減少導致的營運費用的減少以及與船舶維修相關的費用的正常化，利潤率將在下半年有所提高。

The midpoint of our revenue guidance range is approximately 88% supported by first quarter revenue plus firm backlog and options for the remainder of the year. Our firm backlog and options represent $848 million of revenue for the remainder of 2025. Approximately 70% of available days are captured in firm backlog and options with our larger classes of vessels retaining slightly more availability to pursue incremental work as compared to our smaller vessel classes. The bigger risk to our backlog revenue is unanticipated downtime due to unplanned maintenance and incremental time spent on dry docks.

我們的營收預期範圍的中點約為 88%，由第一季營收加上公司積壓訂單和今年剩餘時間的選擇所支撐。我們公司積壓訂單和選擇權在 2025 年剩餘時間內將帶來 8.48 億美元的收入。大約 70% 的可用天數用於確定的積壓訂單和選擇，與小型船舶相比，大型船舶保留了更多可用天數來執行增量工作。對於我們的積壓收入來說，更大的風險是由於計劃外的維護和在乾船塢上花費的額外時間而導致的意外停機。

With that, I'll turn the call over to Piers for an overview of the commercial landscape.

說完這些，我將把電話轉給皮爾斯，讓他概述一下商業狀況。

Thank you, West, and good morning, everyone. The outlook for offshore markets has become increasingly uncertain amid the fast-changing macroeconomic environment in response to recent developments. However, day rates in the broader offshore market generally remain in a strong position versus long-term averages. And in particular, OSV markets remain above historical averages, although we are starting to see a further exacerbation of diverging trends between some of the regions in which we operate.

謝謝你，韋斯特，大家早安。受近期情勢影響，宏觀經濟環境快速變化，離岸市場的前景變得越來越不確定。然而，更廣泛的離岸市場的日費率相對於長期平均水平總體上仍保持強勁。尤其是 OSV 市場仍然高於歷史平均水平，儘管我們開始看到我們經營的一些地區之間的分歧趨勢進一步加劇。

In short, the Brazilian OSV market has strengthened significantly in recent months and the Middle East, Africa and Southeast Asia have seen steady improvements. However, the UK, North Sea and Mexico markets continue to face demand side challenges. Overall, the outlook for the OSV market has become more complex amidst the increasingly uncertain economic backdrop and volatile energy prices.

簡而言之，巴西OSV市場近幾個月來顯著增強，中東、非洲和東南亞市場也穩步改善。然而，英國、北海和墨西哥市場繼續面臨需求方面的挑戰。總體而言，在日益不確定的經濟背景和能源價格波動的背景下，OSV市場的前景變得更加複雜。

But the long-term fundamentals we have spoken about on previous calls remain in the boat owners' favor going forward. And as Quintin mentioned earlier, we have not seen any of our customers canceling or deferring any projects. In the Americas, we saw varying degrees of puts and takes during the quarter.

但我們在先前的電話會議上談到的長期基本面仍然對船主有利。正如昆汀之前提到的，我們還沒有看到任何客戶取消或推遲任何專案。在美洲，我們在本季看到了不同程度的投入和產出。

On the negative side, Pemex still appears to be in disarray with little clear guidance from the Mexican government on their long-term plans for Pemex, which has meant that in the short term, we don't expect to see any additional demand coming from Pemex for the remainder of the year.

不利的一面是，墨西哥石油公司似乎仍然處於混亂之中，墨西哥政府對墨西哥石油公司的長期計劃幾乎沒有給出明確的指導，這意味著在短期內，我們預計今年剩餘時間內不會出現來自墨西哥石油公司的任何額外需求。

On the other hand, the opposite is true in Brazil, where Petrobras has just released another long-term tender for up to 18 large OSVs split between foreign and Brazilian flag, with the expectation that a number of PSVs working in both the UK and Norwegian North Sea will be bid into Brazil, which in turn should help tighten supply in the North Sea going forward. Also in the plus column for additional OSV demand, we have seen several recent announcements and tendering related to future development projects in Suriname and Guyana expecting to kick off during 2026.

另一方面，巴西的情況則截然相反，巴西國家石油公司剛剛發布了另一項長期招標，招標內容包括多達18艘大型OSV，這些OSV將懸掛外國國旗和巴西國旗，預計一些在英國和挪威北海作業的PSV將被招標到巴西，這反過來將有助於收緊北海未來的供應。此外，在OSV需求增加的正面方面，我們看到最近有幾項與蘇利南和圭亞那未來開發項目相關的公告和招標，預計將於2026年啟動。

The areas in the North Sea have yet to see improvements in 2025, with PSV rates remaining flat, which is not unexpected as Q1 is generally the slowest quarter in the North Sea. And whilst rates are flat, they're still above where rates were in the last upcycle of 2010 to 2014.

2025 年北海地區的情況尚未見改善，PSV 費率保持平穩，這並不意外，因為第一季通常是北海最慢的一個季度。儘管利率持平，但仍高於 2010 年至 2014 年上一輪上升週期的利率。

As mentioned earlier, we do also expect to see some PSVs leaving the North Sea market for Brazil during 2025 and 2026. And as such, this will tighten the supply-demand balance further into the boatowners stable over the upcoming quarters.

如前所述，我們預計在 2025 年和 2026 年期間，一些 PSV 會離開北海市場前往巴西。因此，這將導致未來幾季船東的供需平衡進一步收緊。

In Africa, we had a strong Q1 as we continued supporting drilling campaigns in the Orange Basin and kicked off projects in Congo and the Ivory Coast. In the short term for the remainder of 2025, we still have several tender awards outstanding for the second half of the year related to additional drilling campaigns in the Orange Basin, which we expect to have clarity on by around midyear.

在非洲，我們第一季表現強勁，因為我們繼續支持奧蘭治盆地的鑽探活動，並啟動了剛果和科特迪瓦的計畫。就 2025 年剩餘時間的短期而言，我們仍有幾項與下半年在奧蘭治盆地進行額外鑽探活動有關的招標獎項尚未頒發，我們預計到年中左右將會有明確的結果。

Longer term, in Angola, both Sonangol and CABGOC will come out with multiple vessel tenders to support ongoing production activities from mid-2026 onwards, and the Angolan government continues to push the IOCs to increase production in country. As mentioned on previous calls, we may see some short-term headwinds in the region, but longer term, we expect to see an increase in demand in the region, not only from the continuing development of the Orange Basin, but also from an expected uptick in tendering activity in Nigeria with a number of projects slated to kick off in the second half of 2026.

從長遠來看，在安哥拉，Sonangol 和 CABGOC 都將推出多艘船舶招標，以支持從 2026 年中期開始持續的生產活動，安哥拉政府將繼續推動國際石油公司提高該國的產量。正如前幾次電話會議中提到的，我們可能會看到該地區出現一些短期阻力，但從長遠來看，我們預計該地區的需求將會增加，這不僅來自橙色盆地的持續開發，還來自尼日利亞招標活動的預期增加，其中許多項目計劃於 2026 年下半年啟動。

In the Middle East, the market remains very tight with limited vessel availability and increasing demand. The region performed very well in Q1. And while new tendering activity was relatively muted due to the Eve celebrations falling during Q1, we've already started to see tendering activity pick up again during Q2, both from the NOCs and Subsea contractors. Overall, our outlook for the region remains very positive for the remainder of the year and into 2026.

在中東，市場仍然非常緊張，船隻供應有限，需求不斷增加。該地區第一季表現非常良好。雖然由於第一季的除夕慶祝活動導致新的招標活動相對平淡，但我們已經開始看到第二季度國家石油公司和海底承包商的招標活動再次回升。總體而言，我們對今年剩餘時間以及 2026 年該地區的前景仍然非常樂觀。

Lastly, in Asia Pacific, the region performed well in Q1. And looking out over the rest of the year and beyond, there are numerous outstanding long-term tenders in Australia, Malaysia and Indonesia, which bode well for the long-term large PSV demand story in the region. In addition, there is significant subsea construction activity expected in Australia in the second half of 2025, which will require large AHTSs and large PSVs to support during Q3 and Q4.

最後，在亞太地區，該地區在第一季表現良好。展望今年剩餘時間及以後，澳洲、馬來西亞和印尼有許多未完成的長期招標，這預示著該地區對長期大型 PSV 的需求將保持良好。此外，預計2025年下半年澳洲將有大量海底建設活動，這將需要大型AHTS和大型PSV在第三季和第四季提供支援。

For the remainder of 2025, the team will remain vigilant to any potential issues that might arise from the current potential economic headwinds. But at present, the business seems set fair for the remainder of the year. We will remain focused and disciplined on continuing to maintain and improve Tidewater's position in the market.

在 2025 年剩餘時間裡，該團隊將繼續警惕當前潛在經濟逆風可能帶來的任何潛在問題。但目前來看，今年剩餘時間的業務前景似乎還不錯。我們將繼續集中精力、嚴守紀律，維護並提高 Tidewater 在市場上的地位。

Overall, as mentioned by Quintin, we are pleased with how our global team, both on and offshore continue to perform with the highest level of dedication and professionalism, and we look forward to what the rest of 2025 brings.

總體而言，正如 Quintin 所提到的，我們很高興看到我們的全球團隊（包括陸上和海上團隊）繼續以最高水平的奉獻精神和專業精神發揮作用，我們期待 2025 年剩餘時間的表現。

And with that, I'll hand it over to Sam. Thank you.

說完這些，我就把它交給 Sam。謝謝。

Thank you, Piers, and good morning, everyone. At this time, I would like to take you through our financial results. My discussion will focus primarily on quarter-to-quarter results of the first quarter of 2025 compared to the fourth quarter of 2024, including operational aspects that affected the first quarter.

謝謝你，皮爾斯，大家早安。現在，我想向大家介紹一下我們的財務表現。我的討論將主要集中於 2025 年第一季與 2024 年第四季相比的季度業績，包括影響第一季的營運方面。

As noted in our press release filed yesterday, we reported net income of $42.7 million for the quarter or $0.83 per share. We generated a revenue of $333.4 million compared to $345.1 million in the fourth quarter, a total decrease of $12 million or about 3%.

正如我們昨天發布的新聞稿中所述，我們報告本季淨收入為 4,270 萬美元，即每股 0.83 美元。我們的營收為 3.334 億美元，而第四季的營收為 3.451 億美元，共減少 1,200 萬美元，降幅約為 3%。

First quarter average day rates of $22,303 per day were marginally higher versus the fourth quarter. We also saw a slight increase in active utilization from 77.7% in the fourth quarter to 78.4% in the first quarter due mainly to the decrease in idle, dry dock and repair days.

第一季平均日薪為 22,303 美元，略高於第四季。我們也看到活躍利用率從第四季的 77.7% 略微上升至第一季的 78.4%，這主要歸因於閒置、乾船塢和維修天數的減少。

Gross margin in the first quarter was $167 million compared to $174 million in the fourth quarter. Gross margin percentage came in at 50.1% compared to 50.4% in Q4, which marks two consecutive quarters with margins over 50%. We did expect gross margin to fall slightly from Q4 levels. However, the decline was less than anticipated, primarily due to higher-than-expected revenue, combined with the reduction in operating costs.

第一季毛利為 1.67 億美元，而第四季為 1.74 億美元。毛利率為 50.1%，而第四季為 50.4%，這標誌著毛利率連續兩個季度超過 50%。我們確實預計毛利率將較第四季水準略有下降。不過，降幅低於預期，主要由於收入高於預期，加上營運成本降低。

Adjusted EBITDA was $154.2 million in the first quarter compared to $138.4 million in the fourth quarter. As a reminder, in Q4, we recorded a $14.3 million FX loss that negatively impacted our adjusted EBITDA. In the first quarter, we experienced a partial reversal of this FX loss and recorded a $7.6 million FX gain as a result of the weakening US dollar in the latter portion of Q1.

第一季調整後 EBITDA 為 1.542 億美元，而第四季為 1.384 億美元。提醒一下，在第四季度，我們記錄了 1,430 萬美元的外匯損失，這對我們的調整後 EBITDA 產生了負面影響。在第一季度，我們部分扭轉了外匯損失，並由於第一季後半段美元走弱而實現了 760 萬美元的外匯收益。

Vessel operating costs for the first quarter were approximately $165 million compared to $170.4 million in Q4. During Q1, we were able to reduce crew on some of our idle vessels to a minimum demanding level. And additionally, we had a couple of vessels operating in Southeast Asia instead of Australia where mariner cost is lower. The combination of which contributed $2.7 million to the decrease in crew salaries and travel costs.

第一季的船舶營運成本約為 1.65 億美元，而第四季為 1.704 億美元。在第一季度，我們已將部分閒置船隻上的船員數量減少至最低水平。此外，我們有幾艘船在東南亞而不是澳洲運營，因為那裡的海員成本較低。上述兩項總計導致船員薪資和差旅費減少 270 萬美元。

R&M expense was also down approximately $4.8 million compared to Q4 due mainly to lower unplanned repair days and costs the largest decreases related to our APAC and Europe and Mediterranean regions. Also, we had 266 fewer idle days, 52 fewer dry dock days and 13 fewer mobilization days, which also helped reduce our supplies and consumable expense for the quarter by about $900,000. Offsetting these decreases were insurance, variable charter and other miscellaneous costs that came in higher than the prior quarter.

與第四季相比，研發和維護費用也下降了約 480 萬美元，主要原因是計劃外維修天數和成本減少，其中降幅最大的是亞太地區、歐洲和地中海地區。此外，我們的閒置天數減少了 266 天，乾船塢停留天數減少了 52 天，動員天數減少了 13 天，這也幫助我們將本季的供應品和消耗品費用減少了約 90 萬美元。抵銷這些減少的是保險、變動租船費和其他雜費，這些費用高於上一季。

G&A costs for the quarter was $29.1 million, $1.6 million lower than the fourth quarter due primarily to a decrease in professional fees. We are still projecting G&A costs to be about $119 million for 2025, which includes $15 million of noncash stock-based compensation. As a reminder, we conduct our business through five segments. I refer to the tables in the press release and the segment footnote and results of operations discussions in the 10-Q for details of our regional results.

本季的一般及行政費用為 2,910 萬美元，比第四季低 160 萬美元，主要原因是專業費用減少。我們仍預期 2025 年的 G&A 成本約為 1.19 億美元，其中包括 1,500 萬美元的非現金股票薪酬。提醒一下，我們透過五個部門來開展業務。我參考了新聞稿中的表格以及 10-Q 中的分部腳註和經營業績討論，以了解我們區域業績的詳細資訊。

In the first quarter, consolidated average day rates were up slightly versus the fourth quarter. However, results vary by segment with our Americas day rates improving by 8% and our Middle East day rates improving by almost 5%. We saw marginal increases in day rates in our Africa and APAC regions in our Europe and Mediterranean region, which is the most affected by seasonality, decreased about 4%.

第一季度，綜合平均日費率較第四季略有上漲。然而，不同地區的結果有所不同，美洲地區的日費率提高了 8%，中東地區的日費率提高了近 5%。我們發現非洲和亞太地區的日費率略有上漲，而受季節性影響最大的歐洲和地中海地區的日費率則下降了約 4%。

Total revenues were down compared to the fourth quarter with revenues up in the Middle East region by 6%, while revenues in all other regions decreased compared to Q4. Regionally, gross margin increased in the APAC and Middle East regions, but decreased in our other three regions. The increase in the Middle East region was due to increases in average day rates and utilization as well as a minor decrease in operating expenses. The increase in the APAC region was primarily due to a 14% decrease in operating expenses versus the fourth quarter.

總收入與第四季度相比有所下降，其中中東地區的收入增長了 6%，而其他所有地區的收入與第四季度相比均有所下降。從地區來看，亞太地區和中東地區的毛利率上升，但其他三個地區的毛利率卻下降。中東地區的成長是由於平均日費率和利用率的增加以及營運費用的略微下降。亞太地區的成長主要是由於營業費用較第四季下降了 14%。

In Africa, we saw a gross margin decrease of about 1 percentage point, primarily due to a slight decrease in utilization due to higher stack days related to our crew boats, combined with slightly higher vessel operating costs. Our Europe and Mediterranean region also saw a gross margin decrease of about 1 percentage point due to marginally lower utilization, resulting primarily from more dry dock days.

在非洲，我們的毛利率下降了約 1 個百分點，主要是因為我們的船員船的停泊天數增加導致利用率略有下降，加上船舶運營成本略有上升。我們的歐洲和地中海地區的毛利率也下降了約 1 個百分點，因為利用率略有下降，主要原因是乾船塢天數增加。

In our Americas region, we saw a decrease in gross margin due primarily to lower utilization from higher idle and repair days, partially offset by fewer dry dock days. We generated $94.7 million in free cash flow this quarter compared to $107 million in Q4. The free cash flow decrease quarter-over-quarter was primarily attributable to higher dry dock and CapEx costs and lower proceeds from asset sales, offset by improved cash flows from net working capital activities.

在美洲地區，我們的毛利率下降主要是由於閒置天數和維修天數增加導致利用率降低，但乾船塢天數減少部分抵消了這一影響。本季我們產生了 9,470 萬美元的自由現金流，而第四季為 1.07 億美元。自由現金流環比減少主要歸因於乾船塢和資本支出成本增加以及資產出售收益減少，但淨營運資本活動帶來的現金流量改善抵消了這一影響。

Despite the improved working capital, I do want to mention that we have not received payment for several quarters from our primary customer in Mexico. Our outstanding receivable balance as of March 31 was $35.1 million. Historically, we have not had any write-offs due to the collectability of their receivables and do not expect any in the future. However, we will continue to monitor these receivables.

儘管營運資金有所改善，但我還是想提一下，我們已經有幾個季度沒有收到墨西哥主要客戶的付款了。截至 3 月 31 日，我們的未償應收帳款餘額為 3,510 萬美元。從歷史上看，我們從未因應收帳款的可收回性而進行過任何註銷，並且預計未來也不會發生任何註銷。不過，我們將繼續監控這些應收帳款。

During the first quarter, we made $12.5 million in principal payments on our senior secured term loan. We also incurred $43.3 million in deferred drydock costs compared to $17.7 million in the fourth quarter. We had 950 drydock days that affected utilization by about 5 percentage points during the first quarter.

第一季度，我們支付了 1,250 萬美元的優先擔保定期貸款本金。我們也發生了 4,330 萬美元的遞延幹船塢成本，而第四季為 1,770 萬美元。第一季我們有 950 天的乾船塢停工時間，影響了利用率約 5 個百分點。

For the year, we're still projecting drydock costs to be about $113 million. We incurred $10.3 million in capital expenditures in Q1 related to various CapEx projects, including ballast water treatment installation, DP upgrades, fuel system upgrades and various IT upgrades, both onshore and vessel related. For the year, we still project capital expenditures of $37 million. In the quarter, we sold two vessels for proceeds of $3.8 million. And in Q4, we also sold two vessels for proceeds of $4.5 million.

我們仍預計今年的乾船塢成本約為 1.13 億美元。我們在第一季度花費了 1030 萬美元用於各種資本支出項目，包括壓載水處理安裝、DP 升級、燃油系統升級以及各種 IT 升級（包括與陸上和船舶相關的）。今年，我們仍預期資本支出為 3,700 萬美元。本季度，我們出售了兩艘船，收益為 380 萬美元。在第四季度，我們還出售了兩艘船，收益為 450 萬美元。

As mentioned previously, we have no immediate need to refinance our existing debt as we have no near-term maturities. However, as noted earlier, as we get closer to the expiration of call premiums and as market conditions become favorable in the debt capital markets, we will be opportunistic and weigh the cost benefit of a potential refinancing.

如前所述，由於我們沒有短期到期債務，因此我們不需要立即為現有債務進行再融資。然而，如前所述，隨著我們越來越接近看漲溢價到期日，以及債務資本市場的市場條件變得有利，我們將抓住機會，權衡潛在再融資的成本效益。

During Q1 2025, we used $39.3 million in cash to repurchase approximately 910,000 shares in the market. In April, we spent approximately $51 million in share repurchases to bring our total 2025 repurchase to about $90 million, which further reduced our shares outstanding by approximately 2.3 million shares. Also similar to the first quarter of 2024, we held back approximately 180,000 shares to pay roughly $7.5 million in taxes related to vesting of employee share-based awards.

2025 年第一季度，我們使用 3,930 萬美元現金在市場上回購了約 910,000 股股票。4 月份，我們花了約 5,100 萬美元回購股票，使我們 2025 年的回購總額達到約 9,000 萬美元，這進一步減少了約 230 萬股的流通股。與 2024 年第一季類似，我們保留了約 18 萬股股票，以支付與員工股權獎勵歸屬相關的約 750 萬美元的稅款。

As we all know, the industry is navigating global economic uncertainty related to challenged commodity prices as well as recent tariff announcements. There is some lack of clarity as to how these factors will ultimately play out. Currently, we do not anticipate direct tariff exposure to drive a meaningful increase in our costs as we have access to local sourcing for most of our equipment, materials and supply needs in our international locations.

眾所周知，該行業正在應對與大宗商品價格挑戰以及最近的關稅公告相關的全球經濟不確定性。目前還不清楚這些因素最終將如何發揮作用。目前，我們預計直接關稅不會導致我們的成本大幅增加，因為我們可以在國際工廠內採購大部分設備、材料和供應品。

However, we may indirectly expose -- may be indirectly exposed to tariffs in the form of increased costs from our US-based suppliers who are subject to tariffs. At this point, we have not observed any supplier price increase in this regard. However, most vendors still appear to be assessing the situation and the impact tariffs may have on them. We are in ongoing discussions with our suppliers to understand the potential impact of the tariff regimes, and we'll work with them to mitigate this increases.

然而，我們可能間接地——可能以來自受關稅影響的美國供應商的成本增加的形式間接地受到關稅的影響。目前，我們尚未發現任何供應商在這方面的漲價。然而，大多數供應商似乎仍在評估情況以及關稅可能對他們產生的影響。我們正在與供應商進行討論，以了解關稅制度的潛在影響，並將與他們合作減輕關稅上漲的影響。

In Q1 -- in summary, Q1 is typically the slowest quarter of the year due to the seasonality that normally occurs. However, this quarter proved to be different as our financial results are well above our initial expectations. The industry long-term fundamentals remain strong despite uncertain global economic environment.

在第一季—總而言之，由於通常出現的季節性因素，第一季通常是一年中最慢的季度。然而，本季的情況有所不同，我們的財務表現遠高於最初的預期。儘管全球經濟環境不確定，但該產業的長期基本面依然強勁。

Despite this uncertainty, we expect to achieve our financial guidance and expect to continue to generate strong free cash flows and profitability in each subsequent quarter of the year. In the near term, we will continue to invest in our fleet, pursue attractive M&A opportunities, manage our cost structure efficiently and execute operationally at a high level.

儘管存在不確定性，我們仍有望實現財務預期，並有望在今年隨後的每個季度繼續產生強勁的自由現金流和獲利能力。短期內，我們將繼續投資我們的船隊，尋求有吸引力的併購機會，有效管理我們的成本結構，並在高水準上執行營運。

The first quarter also demonstrated our commitment to pursue share repurchases as an attractive investment option and return of capital avenue for our shareholders. We remain optimistic about our current position, about the strong long-term fundamentals of the industry and about the opportunities that lie ahead for Tidewater.

第一季也顯示我們致力於將股票回購作為對​​股東有吸引力的投資選擇和資本回報途徑。我們對於目前的狀況、行業強勁的長期基本面以及 Tidewater 未來的機會仍然持樂觀態度。

With that, I'll turn the call back over to Quintin.

說完這些，我會把電話轉回給昆汀。

Thank you, Sam. Janice, we will go ahead and open it up for questions.

謝謝你，山姆。珍妮絲，我們將繼續回答問題。

(Operator Instructions)

（操作員指示）

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Hey, good morning, Quentin and everyone else. Nice job on, I guess, a good start to the year in a normally seasonally slow period. Quintin, you referenced this a little bit, but kind of listening through this earnings season so far to some of the offshore drilling contractors and subsea contractors, everyone has kind of echoed the same thing as far as not seeing any changes to plans.

嘿，昆汀和大家早安。我想，這是一份不錯的工作，在平常的季節性淡季，這是一個好的開始。昆汀，你稍微提到了這一點，但到目前為止，在整個財報季中，我聽取了一些海上鑽井承包商和海底承包商的意見，大家都表示沒有看到計劃有任何變化。

And maybe further to that, the view that activity picks up when we start getting into the back half of '26 and '27 is being kind of reiterated and maybe buoyed by recent contract awards. I'm curious if you guys are seeing that translate into conversations yet or if it's still too soon just because it seems like we're building towards a better at least second half '26 and '27, assuming the macro doesn't materially get worse from here. But curious kind of what you guys are hearing and seeing.

或許更進一步的是，當我們開始進入 26 年和 27 年下半年時活動將會回升的觀點得到了重申，並且可能受到最近合約授予的鼓舞。我很好奇，你們是否已經看到這一點轉化為對話，或者現在還為時過早，因為看起來我們正在朝著至少在 26 年下半年和 27 年更好的方向發展，假設宏觀經濟不會從現在開始大幅惡化。但我很好奇你們聽到了什麼、看到了什麼。

Jim, thanks. Actually, I'm going to give this one over to Piers because he's closer to the conversations with the customers related to those particular drilling contracts.

吉姆，謝謝。實際上，我將把這個問題交給皮爾斯，因為他更了解與這些特定鑽井合約相關的客戶對話。

Yeah, hi, Jim. It's a good question. I mean, I think as we commented, we haven't seen any changes from our customers in terms of their outlook and views. Our expectations hasn't changed. We've still got, as we sort of mentioned, a couple of outstanding tenders, which we're still in active discussions on for the second half of '25.

是的，你好，吉姆。這是個好問題。我的意思是，我認為正如我們所評論的那樣，我們沒有看到客戶在觀點和看法方面發生任何變化。我們的期望沒有改變。正如我們所提到的那樣，我們仍然有幾個未完成的投標，我們仍在積極討論 2025 年下半年的投標。

We are seeing the same amount of sort of pre-tender type discussions with our customers hasn't slowed down either. We saw a tick up in Q1 on those which are more them looking for vessels going out for '26 and '27 and seeing what the market looks like.

我們看到與客戶進行的同等數量的投標前類型的討論也沒有減少。我們看到第一季有更多人尋求 26 年和 27 年出海的船隻，並觀察市場狀況。

So as where we sit today, those conversations haven't slowed down and still look very positive. But obviously, there's always a hint of caution with anything in this business as we look forward. But no, at the moment, we're not seeing anything and the teams on the ground haven't seen any slowdown in those conversations yet.

因此，就我們今天所處的情況而言，這些對話並沒有減緩，而且看起來仍然非常積極。但顯然，當我們展望未來時，對這個行業中的任何事情總是要保持謹慎。但目前，我們還沒有看到任何變化，實地團隊也沒有看到這些對話有任何放緩。

Got it. Appreciate that color, Piers. And maybe as a follow-up, probably back to you, but you mentioned -- in a couple of regions, one being North Sea expectations of assets moving out of there. Curious if you guys expect to participate in that or just benefit from the tightening market. And the other one might be, couple of quarters ago, you had brought up some of the challenges in the Asian market related to Malaysia and kind of a softness for a period of time.

知道了。欣賞那個顏色，皮爾斯。也許作為後續問題，可能會回到您的問題上，但您提到了——在幾個地區，其中一個是北海地區預期資產將從那裡轉移出去。好奇你們是否希望參與其中，或只是從緊縮的市場中獲益。另一個可能是，幾個季度前，您提到了亞洲市場在馬來西亞面臨的一些挑戰，以及一段時間內的疲軟現象。

And it sounds like things are tightening back up. And if I recall correctly, that tightening back up was the difference between you guys being able to continue pushing price or not. I'm curious how that's shaping up for you. Thanks.

聽起來事情又開始變得緊張了。如果我沒記錯的話，重新收緊政策就是你們能否繼續推高價格的關鍵。我很好奇這對你來說如何。謝謝。

Yeah. So the first one on Brazil, I think we'll benefit from that. I'm not going to say whether or not we're going to be taking part actively in anything with Petrobras. It's an ongoing discussion here. But I mean we already heard of a number of vessels which are going to be moving to Brazil.

是的。因此，首先關於巴西的問題，我認為我們將從中受益。我不會透露我們是否會積極參與與巴西石油公司的任何合作。這是這裡正在進行的討論。但我的意思是我們已經聽說有許多船隻將要前往巴西。

So, I'd expect that to continue and that will help to tighten both the UK or at least [hold] supply down in the UK, which will be to our advantage is my belief. And in Asia-Pacific, Malaysia is back online. They obviously had Eid as well in Q1, similar to the Middle East. So, we didn't see much activity out of PETRONAS, but they have started to come back and putting vessels back on.

因此，我預計這種情況將持續下去，並有助於收緊英國的供應，或至少抑制英國的供應，我相信這對我們有利。在亞太地區，馬來西亞已恢復網路。他們顯然也在第一季慶祝開齋節，與中東類似。因此，我們沒有看到馬來西亞國家石油公司有太多活動，但他們已經開始恢復營運並重新投入船隻。

So, things tend to move a little bit slower when you're dealing with the NOCs and perhaps the IOCs. So, I expect that sort of full impact of that sucking up their supply is more of a Q3, Q4 type of story for Malaysia in particular. But Malaysia is the biggest market in that region in terms of the amount of vessels in that. So it will take a little bit of time for that to work through on the effects. But I think by the end of the year, you'll see most of that supply -- most of those Malaysian flag bloomy vessels go back into long-term contracts again with Malaysia, with PETRONAS, which will be good for us.

因此，當你與國家奧委會甚至國際奧委會打交道時，事情進展往往會慢一些。因此，我預計，這種吸收其供應的全面影響對於馬來西亞來說更像是第三季、第四季的情況。但就船舶數量而言，馬來西亞是該地區最大的市場。因此，需要一點時間才能看到效果。但我認為到今年年底，你會看到大部分供應——大多數懸掛馬來西亞國旗的船隻將再次與馬來西亞國家石油公司簽訂長期合同，這對我們有利。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, hi, thank you and good morning and thanks for taking my questions. Quintin, good quarter. I did have a couple of questions around the forward margin guidance for Q2. As I kind of look at the fleet, it looks like we stacked a couple of vessels, a handful plus in -- across like West Africa largely. Is there an -- I guess two questions around that. Is there an associated stacking cost that's going to hit margins in Q2?

是的，嗨，謝謝你，早安，謝謝你回答我的問題。昆汀，好季度。我確實對第二季的預期利潤率指引有幾個疑問。當我觀察這支船隊時，我發現我們好像在西非等地堆放了幾艘船。有沒有——我想圍繞這一點有兩個問題。相關的堆疊成本是否會對第二季的利潤率產生影響？

And any kind of color on those types of vessels? Are they kind of core vessels that are just dealing through some spotty work? Or are they maybe older vessels that maybe are stacked and maybe are never coming back?

這些類型的容器有什麼顏色嗎？它們是那種只負責處理一些零散工作的核心船隻嗎？或者它們可能是一些被堆放起來並且永遠不會再回來的舊船？

Greg, listen, I think you're spot on actually in the sense that it's certainly in Africa, and it's a certain class of vessels. But the person that's been working directly on this is West. So West can kind of walk you through exactly what's been happening over there.

格雷格，聽著，我認為你說得完全正確，因為它肯定在非洲，而且是某一類船隻。但直接負責此事的人是韋斯特。因此韋斯特可以向您詳細解釋那裡發生的事情。

Hey, Greg, good morning. So, to your first question, I believe at the end of the quarter, we had 6 vessels stacked; five of the six are what we refer to as Alicats, okay? So these are very small, effectively crude transport vessels. I mean these are 30-foot-long type. These are not what we would refer to as our core vessels.

嘿，格雷格，早安。因此，對於您的第一個問題，我相信在本季度末，我們有 6 艘船堆放；六個中的五個就是我們所說的 Alicats，好嗎？所以這些都是非常小、實際上簡陋的運輸船。我的意思是這些是 30 英尺長的類型。這些並不是我們所說的核心船。

They're core for that region because we do have a legacy position with a couple of customers, primarily in Angola, where we have kind of a full logistics offering, including crude transfer, which these Alicats provide. But these are not our core PSVs or anchor handlers that principally comprise the business and really drive a lot of the revenue and margin profile. There is one small anchor handler that is stacked. I believe it's one of the lower classes. So when you look at that, that's not -- those vessels are not a major contributor to the financial outlook or financial profile of the business.

它們是該地區的核心，因為我們確實與幾個客戶有著長期的合作關係，主要是在安哥拉，我們在那裡提供全方位的物流服務，包括原油轉運，這些都是 Alicats 提供的。但這些並不是我們的核心PSV或錨泊船處理商，它們並不是我們業務的主要組成部分，也不是真正推動大量收入和利潤率的關鍵。有一個堆疊的小型錨處理程序。我相信這是較低階層之一。因此，當你看到這一點時，你會發現這些船隻並不是對企業財務前景或財務狀況的主要貢獻者。

Okay. And so -- and then like when we just -- so when we think about the stacking cost of those, it sounds like it would be negligible.

好的。所以 — — 然後就像我們剛剛 — — 所以當我們考慮這些的堆疊成本時，聽起來它是可以忽略不計的。

Yes, absolutely. Good news, bad news in our business, the stacking costs for almost any type of vessel are generally quite low, certainly as compared to a drilling unit. But for an Alicat of this nature, a very small crude transfer vessel, it's a de minimis cost.

是的，絕對是。對我們這個行業來說有好消息也有壞消息，幾乎任何類型船舶的堆放成本通常都很低，當然與鑽井裝置相比。但對於這種性質的 Alicat 型小型原油轉運船來說，這只是微不足道的成本。

Okay. Great. And then on -- Piers, you mentioned the Brazil tender for next year. I realize you have -- it looks like maybe a little over a handful of vessels in Brazil. I don't believe any of those are -- I believe they're all kind of with the IOCs, not Petrobras.

好的。偉大的。然後——皮爾斯，你提到了明年的巴西招標。我知道你有——看起來巴西可能有幾艘船。我不相信其中任何一個——我相信它們都與國際石油公司有關，而不是巴西石油公司。

That being said, we're seeing some kind of pretty -- Brazil has kind of been the saving -- has been one of the stronger basins in terms of day rate momentum that we've seen really over the last 12 months. Any kind of thoughts around that 18-vessel tender? Is that going to be incremental both? I mean I know it's a mix of local and international players that are going to be awarded.

話雖如此，我們看到了某種漂亮的景象——巴西在某種程度上起到了儲蓄作用——就日費率勢頭而言，巴西是過去 12 個月中表現較強的盆地之一。對於那艘載有 18 艘船的招標船，您有什麼看法？這兩者都會是增量的嗎？我的意思是，我知道獲獎者既有本土球員，也有國際球員。

Any kind of color you can give around that being incremental and kind of where -- maybe not, we don't know where the pricing is going to be on those lots as they come in next year. But any kind of view on what the pricing market is in Brazil just because that is going to impact your non-Petrobras vessels in that basin?

您能否提供任何有關增量的詳細資訊以及大概是怎樣的——也許不是，我們不知道明年這些地塊的定價會是多少。但是，對於巴西的定價市場有什麼看法呢？因為這會影響到該盆地中的非巴西石油公司的船隻嗎？

Yeah. So, I mean the good news is that some of those 18 ships are incremental to what Petrobras currently have. We're sort of just working through how many, but there's definitely going to be a number of vessels which are in addition to what Petrobras already has. I think in terms of rates, I think we talked about it on the last call about where the newbuilding rates come in at sort of high 50s. I think, obviously, this is for existing vessels and stuff.

是的。所以，我的意思是好消息是，這 18 艘船中有一些是巴西石油公司目前擁有的船隻的增量。我們正在研究具體數量，但肯定會有更多船隻加入，這些船隻的數量將超出巴西石油公司現有的船隻數量。我認為就費率而言，我們在上次電話會議上討論過新船費率在 50% 左右。我認為，顯然這是針對現有船隻和其他東西的。

But I think that's a pretty good guide as to where rates can start pushing towards for Brazil. And look, we're in a very -- as we've sort of said many times, this is a finely balanced supply, demand balance at the moment. And I think anything where you see incremental demand in Brazil is going to really help the other regions. It's not going to happen from one quarter to the other. It will take a few quarters for that to really pull through.

但我認為這對於巴西利率可以開始向何處推升提供了相當好的指引。而且，正如我們多次說過的，我們目前處於供需平衡的狀態。我認為巴西需求的任何增加都會對其他地區產生真正的幫助。這種現像不會從一個季度到另一個季度發生。要真正實現這一目標還需要幾個季度的時間。

But I think that opportunity in Brazil with Petrobras is really going to help tighten up the market a little bit in the North Sea, which is, as we've said, has always been a little bit slower than everywhere else at the moment. So I think it's a very good story going forward over the longer term as to what Petrobras is doing.

但我認為，與巴西石油公司在巴西的合作機會確實有助於收緊北海市場，正如我們所說，北海市場目前的成長速度一直比其他地方都要慢一些。因此我認為，從長遠來看，巴西石油公司的所作所為將會是一個非常好的故事。

Fredrik Stene, Clarksons Securities

克拉克森證券的 Fredrik Stene

Hey Quintin and team, hope you're well and congratulations on a strong quarter. So I wanted to touch a bit more on the guidance commentary that you gave. You're reiterating guidance for the year, $1.32 billion to $1.38 billion of revenue, 48% to 50% gross margin.

嘿，昆汀和團隊，希望你們一切都好，並祝賀你們本季表現強勁。所以我想進一步談談您給出的指導性評論。您重申了今年的預期，營收為 13.2 億美元至 13.8 億美元，毛利率為 48% 至 50%。

But compared to, I think your guidance for the first quarter during the fourth quarter call, that quarter also exceeded your own expectations. So I guess I was hoping for some color on how the second quarter, third quarter, fourth quarter outlook to still be able to keep the guidance has changed from how you looked those respective quarters before, right?

但相較之下，我認為您在第四季度電話會議上對第一季的指導也超出了您自己的預期。所以我想我希望對第二季、第三季、第四季的前景進行一些說明，以便仍然能夠保持指導與之前各個季度相比的變化，對嗎？

Is the first quarter outperformance a way for you to make up for what now is potentially relative weakness in those other two quarters? Or are they still the same as before and we have a higher chance maybe to end up slightly in the upper end of the guidance? So any color that you can give us to help us understand how those periods have developed since we last said on the call, like this would be super helpful. Thank you.

第一季的優異表現是否可以彌補其他兩季可能出現的相對疲軟？或者它們仍然與以前相同，並且我們有更高的機會最終達到指導的上限？因此，如果您能提供任何顏色來幫助我們了解自上次通話以來這些時期是如何發展的，這將非常有幫助。謝謝。

Hey, Fredrik, it's West. Good morning and thanks for the question. So you're right, we did outperform in Q1, which was obviously well received and we're pleased with. But we laid out that we have about 88% of our backlog covered by contracts right now, okay? So that gives us a degree of confidence. And as we said both in the press release and I believe here this morning, we haven't seen anything to the contrary that would make us think any of the projects that we're expecting or pursuing have been canceled or delayed.

嘿，弗雷德里克，我是韋斯特。早安，感謝您的提問。所以你說得對，我們在第一季的表現確實出色，這顯然受到了好評，我們對此感到滿意。但我們已經表示，目前大約 88% 的積壓訂單都已透過合約覆蓋，好嗎？這給了我們一定的信心。正如我們在新聞稿中以及我相信今天早上在這裡所說的那樣，我們還沒有看到任何相反的情況，讓我們認為我們期待或正在進行的任何項目已被取消或推遲。

But we still have some open revenue days and some uncontracted days within our fleet and in the backlog that we have to secure in order to ultimately hit the midpoint of our full year revenue range. So I think from all the facts that we know today that I just laid out, that gave us the comfort to reiterate guidance. Is there still uncertainty there? Are there still open days and kind of go get.

但我們的機隊和積壓訂單中仍有一些未結算的收入天數和未簽約天數，我們必須確保這些天數，才能最終達到全年收入範圍的中點。因此，我認為，從我剛才列出的我們今天所了解的所有事實來看，我們可以放心地重申指導意見。那裡還存在不確定性嗎？還有開放日嗎？去那裡吧。

Yeah, there is. And so, the Q1 revenue outperformance gave us a little bit more confidence, but there's some uncertainty there, just naturally, through some of the exposure we have that we had to contemplate in reiterating that guidance.

是的，有。因此，第一季營收的優異表現給了我們更多信心，但也存在一些不確定性，這很自然，因為我們在重申這項指引時必須考慮到一些風險。

Yeah. Fredrik, this is Quintin. And let me tell you something else that I think about when we talk about the guidance. One of the reasons that we did well in Q1 is that our down for repair days was less than anticipated. And that doesn't always hit on a pro rata basis.

是的。弗雷德里克，這是昆汀。當我們談論指導時，讓我告訴你我想到的一些其他事情。我們在第一季表現良好的原因之一是我們的維修停工天數少於預期。並且這並不總是按比例實現的。

So some of that you may see get kind of rolled and sprinkled into Q2, Q3 and Q4 with the hope that we do actually continue to outperform on a DFR -- on down for repair basis. But it's one of those where we've struggled with it for the last couple of years, and I'm not ready to kind of set a new benchmark a little bit lower on DFR. And so the DFR outperformance that we saw in Q1 theoretically is expected to hit us somewhere in Q2, 3 and 4.

因此，您可能會看到其中一些內容被捲入並分散到第二季度、第三季度和第四季度，希望我們確實能夠在 DFR（因維修而下降）上繼續表現出色。但這是我們過去幾年一直在努力解決的問題之一，我還沒有準備好為 DFR 設定一個稍微低一點的新基準。因此，理論上，我們在第一季看到的 DFR 優異表現預計會在第二季、第三季和第四季的某個時候對我們產生影響。

That's very good color. And as a follow-up on all of it, how are you -- and obviously, I don't expect you to guide on 2026. But how do you feel the, call it, the backlog for 2026 has progressed compared to where they were during the fourth quarter call?

顏色非常好。作為對這一切的後續關注，您好嗎——顯然，我不指望您能指導 2026 年。但是，您覺得與第四季度電話會議期間的情況相比，2026 年的積壓訂單進度如何？

I think we discussed this on last quarter's call. We typically haven't given next year's backlog and I think we'll likely keep that stance. As Piers mentioned, there are -- we certainly have backlog in '26 and I suspect that's continuing to improve. And as Piers mentioned, the pre-tendering discussions continue in a very positive way. And we've talked about the average length of our contract over time and that's roughly six quarters or so, and that still persists.

我想我們在上個季度的電話會議上討論過這個問題。我們通常不會給出明年的積壓訂單，我認為我們可能會保持這種立場。正如皮爾斯提到的那樣，我們在 26 年肯定有積壓，我相信這種情況會繼續改善。正如皮爾斯所提到的，招標前的討論仍在以非常積極的方式進行。我們討論過我們的合約的平均期限，大約是六個季度左右，而且這個期限仍然保持不變。

So, we certainly have coverage out into '26, obviously, not to the same degree as '25 given our short contracting strategy. But I would say, given what we see in the drilling market, the production market, the subsea market that our outlook still remains fairly constructive. And as we said, some cautious optimism about what the intermediate-term outlook looks like.

因此，我們肯定會對 26 年進行覆蓋，但顯然，考慮到我們的短期承包策略，覆蓋程度不會與 25 年相同。但我想說，鑑於我們在鑽井市場、生產市場和海底市場看到的情況，我們的前景仍然相當樂觀。正如我們所說，對於中期前景持謹慎樂觀的態度。

David Smith, Pickering Energy Partners.

大衛史密斯 (David Smith)，Pickering Energy Partners。

Hey, good morning. Congratulations on the strong quarter and thank you for taking my question.

嘿，早安。恭喜您本季業績表現強勁，感謝您回答我的問題。

Thank you, Dave.

謝謝你，戴夫。

I wanted to follow up on Greg's stacking question. And hopefully, this is just hypothetical and safe that way. But could you please walk us through the decision-making framework that you use when deciding whether to stack a vessel versus keeping it warm or chasing spot work, like are there specific rate thresholds, visibility metrics, maybe region-specific factors?

我想跟進 Greg 的堆疊問題。希望這只是假設，這樣是安全的。但是，您能否向我們介紹一下您在決定是否堆疊船隻、保持船隻溫暖或追逐現場工作時使用的決策框架，例如是否有特定的費率閾值、可見性指標，也許是特定於地區的因素？

It's all of those. And these particular vessels, they don't really have an operating sphere outside of West Africa and really not even that far outside of Malongo. So the relationship with the existing customer there, CABGOC or Chevron, is going to dictate how many they need and what we can get for those particular vessels at a given time. Those vessels also are very high maintenance vessels.

這些都是。而這些船隻實際上並沒有在西非以外的地區開展作業，甚至沒有在馬隆戈以外那麼遠的地方開展作業。因此，與現有客戶 CABGOC 或雪佛龍的關係將決定他們需要多少，以及我們在特定時間內可以為這些特定船隻提供什麼。這些船隻的維護成本也非常高。

So they cost -- they're inexpensive vessels, but they're disproportionately more expensive per dollar of actual capital cost. So we have to manage the fleet somewhat tightly. We've had some new deliveries into that market in the last six to eight months. And so as a result, these vessels even got put into layup. And my sense is that these vessels will probably likely be sold. But it is an economic consideration.

因此，它們的成本——它們是廉價的船隻，但每美元的實際資本成本卻高得離譜。因此我們必須嚴格管理船隊。在過去的六到八個月裡，我們向該市場推出了一些新產品。因此，這些船隻甚至被擱置。我的感覺是這些船隻很可能會被出售。但這是出於經濟考量。

So we think about it on the availability of opportunities out there and what we expect utilization to be. And again, these are higher maintenance vessels, so they generally have lower utilization and also what we can get with them in the open market outside of, in this case, Malongo.

因此，我們會考慮是否存在機會以及我們預期的利用率。而且，這些船隻的維護成本較高，因此利用率通常較低，而且在 Malongo 以外的公開市場上，我們也可以用它們買到想要的東西。

Great, I appreciate that. And just wanted to confirm that I heard guidance correctly for Q2 revenue down 5% sequentially at 44% margins.

太好了，我很感激。只是想確認一下，我聽到的指引是否正確：第二季營收季減 5%，利潤率為 44%。

That's correct, Dave.

沒錯，戴夫。

With that, I think the full year guidance midpoint would kind of point to a second half gross margin that's maybe 15% to 16% better than the first half. And just wanted to ask if that is primarily the benefit of better utilization? Or is there also some visibility for contract rollover contributing to better pricing in the second half?

因此，我認為全年指導中點將表明下半年毛利率可能比上半年高出 15% 至 16%。我只是想問一下，這是否主要是更好利用的好處？或者合約展期是否也有助於下半年更好的定價？

Yeah, David, it's generally driven by better utilization. But as we also said, as dry docks decline and as we think DFR days kind of normalized to some degree, there's a little bit of OpEx improvement, but the primary driver is the utilization.

是的，大衛，這通常由更好的利用所驅動。但正如我們所說，隨著乾船塢的減少以及我們認為 DFR 天數在某種程度上正常化，營運支出會有所改善，但主要驅動力是利用率。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Good morning, guys. Thanks for letting me in. Piers, on the tendering side, can you kind of walk us through the kind of timeline normally seen on these tenders? And what I'm kind of driving at is, if you have a tender that has a, call it, a July 1 start-up for 2026, when is that generally signed and kind of put on the books? Is that kind of a six months out process or is it shorter or longer than that?

大家早安。謝謝你讓我進來。皮爾斯，在招標方面，您能否向我們介紹這些招標中通常看到的時間表？我想說的是，如果你有一個招標文件，上面寫著 2026 年 7 月 1 日啟動，那麼這個文件通常是什麼時候簽署並記錄下來的？這個過程需要六個月嗎？還是比這更短或更長？

It really depends on the end customer. We tend to -- the subsea contractors tend to come to the market a quarter ahead of what -- when they need vessels. So they're much more sort of short term, which is why we think about the second half of '25, we've got some subsea contractor work scopes we're still bidding for. But when you're looking at something like Petrobras, not really Petrobras, but it's on that 18-ship tender that come out now, that will probably be -- it will take them three to six months to get organized on that. So probably end of this year, you'll hear from them of vessels working in mid-2026.

這實際上取決於最終客戶。我們傾向於——海底承包商傾向於在需要船舶之前四分之一進入市場。所以它們更像是短期的，這就是為什麼我們認為在 25 年下半年，我們有一些仍在競標的海底承包商工作範圍。但是，當你看到巴西石油公司之類的公司時，其實不是真正的巴西石油公司，而是現在推出的那艘由 18 艘船組成的招標船，他們可能需要三到六個月的時間來組織起來。因此，大概在今年年底，你會聽到他們關於 2026 年中期投入使用的船隻的消息。

So it really depends on the type of working customers. North Sea tends to be a little bit shorter term because it's just a little bit more of a transparent and spot type of market there. It's areas like Africa with some of the tenders we're doing there because it's a more complicated region and it takes time. The tenders which we're working on at the moment to some of the longer-term ones, then you're in the -- sometimes it will take a year from when the tender comes out to when the vessels actually start. And so they're sort of similar in line with Petrobras.

所以這實際上取決於工作客戶的類型。北海的合約期限往往比較短，因為那裡的市場比較透明，而且是現貨市場。我們在非洲等地區進行一些招標，因為那裡的情況比較複雜，需要時間。我們目前正在進行的招標是針對一些長期招標，有時從招標發佈到船隻實際啟動需要一年的時間。因此它們與巴西石油公司有點類似。

So there's no exact rule of thumb, I'm afraid I can't give you a -- every customer is different, and we all love them for it. So that's what we have to play with.

所以沒有確切的經驗法則，恐怕我無法給你——每個顧客都是不同的，我們都愛他們。這就是我們要玩的。

Okay, I appreciate that color. But it's kind of safe to say that you should know two to three quarters ahead of what your utilization, generally speaking, would be?

好的，我很欣賞那個顏色。但可以肯定地說，一般來說，您應該提前兩到三個季度了解您的使用率是多少？

Yeah, in general.

是的，一般來說。

Okay. And then, I guess one for West on -- or Quintin. Just on capital allocation and the balance sheet. Obviously, you are very focused on M&A and have been for a long time, but the bonds that you currently have outstanding are kind of a hindrance to some flexibility you might have on the buyback side. What kind of priority would you put on kind of debt refinancing versus kind of leaving that out and not having the flexibility on share buybacks as we kind of move forward?

好的。然後，我猜韋斯特或昆汀會得到一個。僅涉及資本配置和資產負債表。顯然，您長期以來一直非常關注併購，但您目前未償還的債券在某種程度上阻礙了您在回購方面的靈活性。隨著我們不斷前進，您會優先考慮債務再融資還是將其排除在外，並且在股票回購方面沒有靈活性？

So use of proceeds is obviously important for us. I don't see the need to de-lever at this point. So it really just becomes an economic and opportunistic consideration as to resetting the capital structure. Obviously, if we were not able to find suitable acquisitions, which would be my first preference.

因此，收益的用途對我們來說顯然很重要。我認為目前沒有必要降低槓桿。因此，這其實只是重置資本結構的經濟和機會主義考量。顯然，如果我們無法找到合適的收購對象，這將是我的首選。

And we started inadvertently building cash, we would certainly consider the fact we have all this negative carry and whether or not it's worth the cost of refinancing the debt because there is a relatively large cost today for that. But I would say that it's purely economic with the idea of maximizing equity shareholder value. My preference is to redeploy it into value-accretive acquisitions as opposed to new builds or anything like that.

當我們開始無意中累積現金時，我們肯定會考慮我們擁有所有這些負收益的事實，以及是否值得為債務再融資付出成本，因為目前這樣做的成本相對較大。但我想說，這純粹是出於經濟考慮，目的是最大化股東價值。我傾向於將其重新部署到增值收購中，而不是新建或類似的東西。

Thank you, I will now turn the call back over to Quintin Kneen, CEO, for closing remarks. Please go ahead.

謝謝，現在我將把電話轉回給執行長 Quintin Kneen，請他作最後發言。請繼續。

Well, Janice, everyone, thank you very much, and we will update you again in August. Goodbye.

好吧，Janice，大家好，非常感謝你們，我們將在八月份再次向你們更新情況。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。