Tidewater Inc (TDW) 2025 Q2 法說會逐字稿

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

感謝您的支持。我叫珍妮，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Tidewater 公司歡迎各位參加 2025 年第二季財報電話會議。（操作說明）

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.

現在我將把電話交給策略、企業發展和投資者關係高級副總裁韋斯特·戈徹。請繼續。

Thank you, Jeannie. Good morning, everyone. Welcome to Tidewater's second-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 Operating Officer, Piers Middleton.

謝謝你，珍妮。各位早安。歡迎參加 Tidewater 2025 年第二季財報電話會議。今天早上與我一起參加電話會議的有我們的總裁兼首席執行官昆廷·克尼恩；我們的首席財務官薩姆·魯比奧；以及我們的首席營運官皮爾斯·米德爾頓。

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. 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.

在今天的電話會議上，我們將發表一些前瞻性的聲明，這些聲明涉及我們的計劃和預期。可能導致公司實際業績與我們在今天的電話會議中發表的任何評論中明示或暗示的業績存在重大差異的風險、不確定性和其他因素。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 上獲取，也可透過美國證券交易委員會網站 sec.gov 取得。

Information presented on this call speaks only as of today, August 5, 2025. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay.

本次電話會議中提供的資訊僅代表截至 2025 年 8 月 5 日的情況。因此，請注意，任何有時效性的信息在重播時可能不再準確。

Also, during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP and non-GAAP financial measures can be found on our earnings release located on our website at tdw.com.

此外，在電話會議期間，我們將同時介紹 GAAP 和非 GAAP 財務指標。GAAP 和非 GAAP 財務指標的調整表可在我們網站 tdw.com 上的獲利報告中找到。

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

現在，我將把電話交給昆汀。

Thank you, West. Good morning, everyone, and welcome to Tidewater's second-quarter 2025 earnings conference call.

謝謝你，韋斯特。各位早安，歡迎參加 Tidewater 2025 年第二季財報電話會議。

Before beginning my prepared remarks, I'd like to first congratulate Piers Middleton on his recent appointment to Chief Operating Officer. Piers has over 30 years of experience in the industry and has been instrumental in the success that Tidewater has enjoyed over the past four years, and he will now be responsible for all of Tidewater's vessel operations in addition to the Chief Commercial Officer responsibilities he has held for the past four years.

在開始我的演講之前，我首先要祝賀皮爾斯·米德爾頓先生最近被任命為首席營運長。皮爾斯在該行業擁有超過 30 年的經驗，在過去四年中，他對 Tidewater 的成功起到了至關重要的作用。現在，除了過去四年擔任的首席商務官職責外，他還將負責 Tidewater 的所有船舶運營。

I'll start off today's prepared remarks by providing some highlights of the second quarter, discuss our recent balance sheet refinancing, update you on our share repurchase program and our current view on capital allocation, discuss the offshore vessel market, and lastly, provide an update on the state of vessel supply.

今天，我將首先概述第二季度的一些亮點，討論我們最近的資產負債表再融資，向大家介紹我們的股票回購計劃和我們目前對資本配置的看法，討論海上船舶市場，最後，提供船舶供應狀況的最新信息。

West will then provide some additional detail on our financial outlook and our new capital structure and share repurchase program. Piers will give an overview of the global market. And Sam will discuss our consolidated financial results.

隨後，韋斯特將詳細介紹我們的財務前景、新的資本結構和股票回購計畫。皮爾斯將概述全球市場狀況。Sam 將討論我們的合併財務表現。

Second quarter revenue and gross margin nicely exceeded our expectations. Revenue came in at $341.4 million due primarily to a higher-than-expected average day rate and slightly better-than-anticipated utilization.

第二季營收和毛利率均遠超預期。由於平均每日租金高於預期，以及利用率略高於預期，該公司營收達 3.414 億美元。

Gross margin came in at over 50% for the third consecutive quarter. Day rates outperformed our expectations by more than $1,300 per day, stating a new quarterly day rate record at $23,166. The primary factor driving the increase in average day rate was the benefit of our fleet rolling on to higher leading edge day rate contracts, bolstered by foreign exchange rates that largely strengthened against the dollar during the quarter. Additionally, our uptime performance continued to outperform our expectations as our vessels continue to benefit from the substantial drive back and maintenance investment we've made over the past few years.

毛利率連續第三個季度超過50%。日租金超出預期，每天超出 1300 多美元，創下季度日租金新紀錄，達到 23166 美元。推動平均日租金上漲的主要因素是我們的船隊簽訂了更優的日租金合同，這得益於本季度外匯匯率對美元大幅走強。此外，由於過去幾年我們投入大量資金進行船舶維護和保養，我們的船舶持續受益，正常運作時間表現也持續超出預期。

As a result of a higher-than-expected printed day rate for the quarter, along with improved uptime performance of our vessels, our gross margin of 50.1% came in well above our expectation of 44% provided on last quarter's call. Continued outperformance in the quarter helped drive the gross margin beat because not only do we benefit from the incremental revenue associated with the vessel working, but we also avoided the expense of the repair itself and we avoided the fuel expense associated with the operation of the vessel while it is on hire.

由於本季印刷日租金高於預期，加上船舶正常運作時間有所提高，我們的毛利率達到 50.1%，遠高於上季電話會議上給出的 44% 的預期。本季持續優異的業績推動了毛利率超預期，因為我們不僅受益於船舶營運帶來的增量收入，而且還避免了維修本身的費用以及船舶租賃營運期間的燃料費用。

During the second quarter, we generated $98 million of free cash flow, the second highest quarterly free cash flow figure since the offshore recovery began, up slightly from last quarter, bringing the first half of 2025 total free cash flow to over $192 million.

第二季度，我們產生了 9,800 萬美元的自由現金流，這是自海外經濟復甦以來第二高的季度自由現金流數字，比上一季度略有增長，使 2025 年上半年的總自由現金流超過 1.92 億美元。

In early July, we closed on a $650 million US unsecured bond that refinanced the vast majority of our previously outstanding debt instruments, namely our two Nordic bonds and our long-term facility for our term loan facility. We are very pleased to have consummated this refinancing, achieving our long-discussed goal of establishing a long-term unsecured debt capital structure more appropriate for the cyclical business in which we operate.

7 月初，我們完成了 6.5 億美元的美國無擔保債券的發行，為我們之前的大部分未償債務工具進行了再融資，即我們的兩筆北歐債券和我們用於定期貸款的長期融資。我們非常高興完成了此次再融資，實現了我們長期以來討論的目標，即建立一個更適合我們所處週期性業務的長期無擔保債務資本結構。

Alongside the new bond, we put in place a $250 million revolving credit facility that provides us with a significant amount of financial flexibility. Importantly, given liquidity enhancement of the revolving credit facility, we are now in a position to operate the business with fresh cash on the balance sheet as we now have an alternative source of liquidity besides cash-on-hand.

除了發行新債券外，我們還設立了 2.5 億美元的循環信貸額度，這為我們提供了相當大的財務彈性。重要的是，由於循環信貸額度的流動性增強，我們現在能夠利用資產負債表上的新現金來經營業務，因為除了手頭現金之外，我們現在有了另一個流動性來源。

West will provide more details next, but another important feature of our new debt capital structure is that it allows for substantially increased capacity for shareholder returns. Our confidence in the long term cash flow generation capability of the business is such that we are pleased to announce that our Board of Directors has approved a $500 million share repurchase program which equates to over 20% of the company's closing market capitalization as of yesterday.

接下來，韋斯特將提供更多細節，但我們新的債務資本結構的另一個重要特點是，它允許大幅提高股東回報能力。我們對公司長期現金流產生能力充滿信心，因此我們很高興地宣布，董事會已批准一項 5 億美元的股票回購計劃，這相當於該公司截至昨日收盤市值的 20% 以上。

I'd like to discuss our share of repurchase philosophy a bit further given the new capacity we have available to us and the size of the new program.

鑑於我們現有的產能和新專案的規模，我想進一步探討我們的股份回購理念。

Over the past year and a half or so, under our prior debt documents, we were somewhat constrained in our capacity to repurchase shares. As such, we approached the share repurchase program on a quarter-by-quarter basis, updating our share repurchase capacity on a quarterly basis and for the most part, rapidly executing on our available capacity each quarter to ensure we maximize the share repurchase capacity available to us, particularly during those times when we saw a more pronounced dislocation in the stock price.

在過去一年半左右的時間裡，根據我們先前的債務文件，我們在回購股票方面的能力受到了一定的限制。因此，我們按季度進行股票回購計劃，每季更新股票回購能力，並且在大多數情況下，每個季度迅速執行可用能力，以確保我們最大限度地利用可用的股票回購能力，尤其是在股價出現更明顯偏差的時候。

Because we have previously executed our program in full each quarter, I don't want to leave you with the impression that we will execute all of the $500 million this quarter. We see this new program as a long-term repurchase program. Given our current cash-on-hand and our future quarterly cash flow generation, we can easily execute on this program over the next year or so and maintain a net debt-to-EBITDA ratio well below 1 times. We won't be utilizing our revolving credit facility to repurchase shares, and our capital allocation philosophy still prioritizes acquisitions over repurchases when such acquisitions add more value to our equity holders.

因為我們之前每季都全面執行了我們的計劃，所以我不想讓你們誤以為我們本季也會執行全部 5 億美元的計劃。我們認為這項新計劃是一項長期回購計劃。鑑於我們目前的現金儲備和未來季度的現金流，我們可以在未來一年左右的時間內輕鬆執行該計劃，並將淨債務與 EBITDA 的比率保持在遠低於 1 倍的水平。我們不會動用循環信貸額度回購股票，而且我們的資本配置理念仍然是，當收購能為我們的股東創造更多價值時，優先考慮收購而不是回購。

Just to wrap up on the prior repurchase program, as previously announced during the second quarter, we fully utilized the remaining capacity under our prior share repurchase program, repurchasing 1.4 million shares at an average price of $36.08 per share, totaling $50.8 million of shares repurchased in the second quarter.

最後總結一下先前的股票回購計劃，正如先前在第二季宣布的那樣，我們充分利用了先前的股票回購計劃的剩餘額度，以每股 36.08 美元的平均價格回購了 140 萬股，第二季共回購了價值 5,080 萬美元的股票。

As it relates to capital allocation priorities, we remain committed to pursuing M&A opportunities, and this is still the preferred direction for us to allocate capital. As excited as we are to announce our new share repurchase program, we are optimistic that we can (inaudible) more M&A transactions.

就資本配置優先事項而言，我們仍然致力於尋求併購機會，這仍然是我們配置資本的首選方向。儘管我們很高興宣布新的股票回購計劃，但我們樂觀地認為我們可以（聽不清楚）進行更多併購交易。

Fortunately, the longer term cash flow for the business is such that we can likely execute on both acquisitions and share repurchases, but the right value for acquisitions can provide benefits in the excess of what a share repurchase alone can achieve, and we believe there are such opportunities in the market today.

幸運的是，公司長期現金流狀況良好，我們很可能可以同時進行收購和股票回購，但合適的收購價格可以帶來比單純股票回購更多的收益，我們相信當今市場上存在這樣的機會。

We remain open to a transaction using stock, cash, or a combination of both, although our view of the intrinsic value of our shares will influence how we employ stock as consideration. We will contemplate additional balance sheet leverage for the right acquisition, provided that we have confidence that the near term cash flows provide the ability to quickly delever back to the low 1 times net debt-to-EBITDA, very similar and consistent with what we have done in our prior acquisitions.

我們仍然對使用股票、現金或兩者結合的方式進行交易持開放態度，儘管我們對股票內在價值的看法將影響我們如何以股票作為對價。對於合適的收購，我們將考慮增加資產負債表槓桿，前提是我們有信心近期現金流能夠迅速將槓桿率降至較低的 1 倍淨債務與 EBITDA 比率，這與我們先前收購的做法非常相似且一致。

Shifting gears a bit, I'd like to discuss our view on the current offshore vessel market and how we see the market evolving over the coming months and quarters. West and Piers will provide more commentary shortly, but I think it's worth providing some context on our view of the market outlook today.

稍微轉換一下主題，我想談談我們對當前海上船舶市場的看法，以及我們認為該市場在未來幾個月和幾季將如何發展。West 和 Piers 稍後將提供更多評論，但我認為有必要就我們今天對市場前景的看法提供一些背景資訊。

Coming into 2025, uncertainty around offshore activity, particularly in the first half of the year, was the prevailing theme with drilling activity poised to rebound in the back half of the year. Recent macroeconomic and geopolitical events seem to be extending that period of uncertainty, including for offshore vessels.

進入 2025 年，海上活動的不確定性，尤其是在上半年，成為主要趨勢，而鑽井活動預計在下半年反彈。近期宏觀經濟和地緣政治事件似乎正在延長這種不確定時期，包括對海上船舶也是如此。

We are in the fortunate position of benefiting from operations in almost every geographical location around the world and from a wide variety of offshore end markets including production, subsea offshore construction, and drilling. And we remain confident in the fundamentals across each of these service lines.

我們很幸運，業務遍及世界各地幾乎所有地區，並且擁有廣泛的離岸終端市場，包括生產、海底海上建設和鑽井。我們對各項服務的基本面依然充滿信心。

That said, the near term, specifically in the next quarter or two, appear to be a bit softer than we originally expected, offsetting the fact that the last two quarters were much stronger than we originally expected. We remain unaware of any project cancellations and customer conversations remain constructive. But nonetheless, we seem to be in a period that can be characterized as lacking any sense of urgency related to commencing committed capital expenditures.

也就是說，短期內，特別是未來一兩個季度，情況似乎比我們最初預期的要疲軟一些，抵消了過去兩個季度比我們最初預期的要強勁得多的事實。我們目前尚未收到任何項目取消的消息，與客戶的溝通也仍然富有建設性。但儘管如此，我們似乎正處於一個缺乏啟動已承諾資本支出緊迫感的時期。

Fortunately, subsidy and production-related activity remains robust and is helping to mitigate the near-term activity softness in the drilling market. When vessel supply is as tight as it is, marginal improvements in drilling have an outsized impact on our ability to push up day rates across all of our service lines. The current level of subsea and production activity is strong, but it isn't quite sufficient to put the same strain on existing vessel supply that is needed to meaningfully push up day rates, but it has been enough to hold the day rates at their current levels.

幸運的是，補貼和生產相關活動仍然強勁，有助於緩解鑽井市場近期活動的疲軟。在船舶供應如此緊張的情況下，鑽井技術的微小改進會對我們提高所有服務項目的日租金產生巨大的影響。目前的海底和生產活動水準強勁，但不足以對現有船舶供應造成足夠的壓力，從而顯著提高日租金，但足以將日租金維持在目前的水平。

The continued expansion of subsea and production-related work provides a higher baseload demand, which reduces the number of vessels available to satisfy the increase in drilling activity we see shaping up nicely in 2026, which would then provide that much more of a strain on vessel supply as drilling activity picks up and therefore, increase our ability to once again aggressively push day rates higher.

海底和生產相關工作的持續擴張帶來了更高的基本負荷需求，這減少了可用於滿足我們預計在 2026 年將出現的鑽井活動增長的船舶數量，這將隨著鑽井活動的增加而給船舶供應帶來更大的壓力，因此，這將增強我們再次大力提高日租金的能力。

The vessel supply outlook remains essentially unchanged from the prior quarters, and really over the past year nothing has changed. And our understanding of newbuild conversations globally points to very limited activity. We're not aware of any newbuild announcements during 2025. The number of newbuilds on order, representing less than 3% of the global fleet, are expected to deliver in late 2026 at the earliest, likely into 2027 into 2028.

船舶供應前景與前幾季基本保持不變，而且過去一年來情況實際上沒有任何變化。我們對全球新建專案洽談情況的了解表明，相關活動非常有限。我們目前尚未收到任何關於2025年新船建造計畫的公告。目前訂購的新造船數量佔全球船隊的不到 3%，預計最快也要到 2026 年底才能交付，很可能要等到 2027 年甚至 2028 年。

We remain of the view that newbuild capacity won't sufficiently replace vessels expected to attrition from the global fleet during the same time frame. As such, we still view vessel supply limitations as a tailwind over the coming years as subsidy and production markets structurally grow and as drilling activity increases. We watch newbuild activity very closely, and we will continue to do so, but believe that current shipyard capacity, prevailing global day rates and contractual terms, the state of the vessel financing markets as well as vessel technological obsolescence considerations, make any large scale newbuilding programs unlikely.

我們仍然認為，在同一時期內，新造船產能不足以彌補全球船隊預計淘汰的船舶數量。因此，我們仍然認為，隨著補貼和生產市場結構性成長以及鑽井活動的增加，未來幾年船舶供應限制將成為有利因素。我們密切關注新船建造活動，並將繼續這樣做，但我們認為，目前的造船廠產能、全球現行的日租金和合約條款、船舶融資市場的狀況以及船舶技術過時的考慮因素，使得任何大規模的新船建造計劃都不太可能實現。

In summary, we are pleased with the strong first half of the year and remain confident in our full year expectations. We are now better positioned than we ever have been since the offshore recovery began with our new debt capital structure and its added flexibility to capitalize on value-accretive acquisitions and share repurchases. We remain confident in a robust free cash flow outlook, and we look forward to deploying this cash in the most value accretive manner for our shareholders.

總而言之，我們對今年上半年的強勁業績感到滿意，並對全年預期充滿信心。憑藉新的債務資本結構及其更大的靈活性，我們現在比自離岸業務復甦以來任何時候都處於更有利的地位，可以充分利用增值收購和股票回購。我們對強勁的自由現金流前景依然充滿信心，並期待以最能為股東創造價值的方式運用這些現金。

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

那麼，接下來我將把電話轉回給韋斯特，請他補充評論並展望我們的財務前景。

Thank you, Quintin. Expanding on a recent debt refinancing, subsequent to the quarter end in early July, we closed on our inaugural US high-yield bond issuance, issuing a five-year $650 million unsecured bond with a coupon of 9.125%. The net proceeds of the issuance went to the redemption of our two previously outstanding Nordic secured and unsecured bonds, as well as the previously outstanding term loan facility.

謝謝你，昆廷。在最近一次債務再融資的基礎上，繼 7 月初季度末之後，我們完成了首次美國高收益債券發行，發行了五年期 6.5 億美元的無擔保債券，票面利率為 9.125%。此發行所得淨收益用於贖回我們先前未償還的兩筆北歐擔保債券和無擔保債券，以及先前未償還的定期貸款。

Alongside the new unsecured bond issuance, we entered into a $250 million revolving credit facility with a syndicate of nine banks. The completed refinancing marks an important milestone on the continued evolution of Tidewater.

除了發行新的無擔保債券外，我們還與九家銀行組成的銀團簽訂了 2.5 億美元的循環信貸協議。此次融資的完成標誌著 Tidewater 持續發展歷程中的重要里程碑。

The new bond represents the first issue into the US high-yield markets in the 65-year-plus history of the company and establishes a debt capital structure that is well suited for our business, extending maturities out five years, and providing substantial financial flexibility via the new revolving credit facility.

這筆新債券是該公司 65 年多歷史上首次在美國高收益債券市場發行，建立了一個非常適合我們業務的債務資本結構，將到期日延長至五年，並透過新的循環信貸安排提供了相當大的財務靈活性。

Pro forma for the refinancing, Tidewater had liquidity north of $600 million at the end of Q2. Further, given the new liquidity enhancement via the revolving credit facility, we are now comfortable to reduce the amount of cash held on the balance sheet as that was previously our only source of liquidity. Importantly, the new bonds and revolving credit facility provide substantial flexibility as it relates to M&A and shareholder distributions.

根據再融資的預估，截至第二季末，Tidewater 的流動資金超過 6 億美元。此外，鑑於透過循環信貸安排獲得了新的流動性增強，我們現在可以放心地減少資產負債表上持有的現金數量，因為先前現金是我們唯一的流動性來源。重要的是，新的債券和循環信貸安排在併購和股東分配方面提供了相當大的靈活性。

From an M&A perspective, we are unlimited in our ability to incur additional and secured debt or assume debt related with an M&A transaction up to certain credit metrics, all of which were well below today.

從併購的角度來看，在一定的信用指標範圍內，我們有能力承擔與併購交易相關的額外擔保債務或債務，而這些指標目前都遠低於這些指標。

From a shareholder return perspective, our new debt instruments similarly provide for unlimited ability to return capital so long as we meet certain leverage metrics. Under the bonds, we are unlimited in our ability to return capital to shareholders, provided that our net leverage ratio, defined as net debt divided by EBITDA, pro forma for a given return of capital is less than 1.25 times.

從股東回報的角度來看，只要我們滿足一定的槓桿指標，我們的新債務工具同樣可以提供無限的資本回報能力。根據債券條款，只要我們的淨槓桿率（定義為淨債務除以 EBITDA，以給定的資本回報計算）小於 1.25 倍，我們就沒有無限的資本返還能力向股東返還資本。

Similarly, our revolving credit facility allows for unlimited returns to shareholders, provided that our net leverage ratio does not exceed 1 times. Under the revolving credit facility metric, to the extent that we exceed 1 times net leverage, we still retain the flexibility to continue returns to shareholders, provided that free cash flow generation is in excess of cumulative returns to shareholders.

同樣，只要淨槓桿率不超過 1 倍，我們的循環信用額度就允許股東獲得無限回報。根據循環信貸額度指標，即使我們的淨槓桿率超過 1 倍，只要自由現金流產生量超過股東累積回報，我們仍然有彈性繼續向股東回饋回報。

More broadly, our approach to leverage has not changed. We remain firmly rooted in our view of maintaining a leverage profile that, when combined with our cash flow outlook, provides us with the path to return to net debt zero within about six quarters.

更廣泛地說，我們運用槓桿的方法並沒有改變。我們仍然堅定地認為，保持合理的槓桿水平，結合我們的現金流預期，將使我們能夠在大約六個季度內實現淨債務為零的目標。

Our leverage velocity matches up nicely with the shareholder return covenants in our new debt capital structure as we feel comfortable that the latitude provided is consistent with our approach to managing our leverage profile and provides substantial capacity to pursue shareholder returns. As such, we are excited to announce the $500 million share repurchase program.

我們的槓桿速度與我們新的債務資本結構中的股東回報契約非常匹配，因為我們認為所提供的靈活性與我們管理槓桿狀況的方法一致，並為追求股東回報提供了充足的能力。因此，我們很高興地宣布 5 億美元的股票回購計畫。

Given our current leverage profile, current cash on balance sheet, and our outlook for cash flows, we believe this program is consistent with our philosophical approach to leverage and within the limitations set forth in our new debt instruments.

鑑於我們目前的槓桿水平、資產負債表上的現金以及我們對現金流的展望，我們認為該計劃符合我們對槓桿的理念，並且符合我們新的債務工具所規定的限制。

As Quintin discussed, while our philosophy around share repurchases and capital allocation remain consistent, our approach to our share repurchase program will evolve given the new long-term capital structure and more permissive debt instruments. We will remain opportunistic and look to take advantage of inefficiencies we see in the market but the pacing of the program could take a different shape than what we've exhibited in the past, particularly to the extent M&A transaction becomes actionable that requires a component of cash consideration. Having said that, we remain confident that the longer-term cash flow outlook for the business supports both M&A and returning capital to shareholders.

正如昆廷所討論的那樣，雖然我們關於股票回購和資本配置的理念保持不變，但鑑於新的長期資本結構和更寬鬆的債務工具，我們對股票回購計劃的方法將會演變。我們將繼續保持機會主義，並尋求利用我們在市場中看到的低效之處，但該計劃的節奏可能會與我們過去所展現的有所不同，尤其是在併購交易變得可行且需要現金對價的情況下。儘管如此，我們仍然相信，該業務的長期現金流前景能夠支持併購並向股東返還資本。

Turning to our leading-edge day rates. I will reference the data that was posted in our investor materials yesterday. Across the fleet, our weighted average leading-edge day rate was consistent from the first quarter into the second quarter. For our largest class of PSVs, we saw a nice pickup in day rates from the previous quarter due to strength in the Mediterranean, the Caribbean and the US, offset by lower day rate regions such as the UK and Mexico.

接下來介紹我們領先的日費率。我將引用昨天在投資者資料中發布的數據。從第一季到第二季度，我們整個船隊的加權平均前線日租金保持穩定。對於我們最大的PSV船型，由於地中海、加勒比海和美國市場的強勁表現，日租金較上一季度有了顯著增長，但英國和墨西哥等地區的日租金較低，抵消了部分增長。

Similarly, in our medium-sized class of PSVs, we saw particular strength in Brazil, Australia and the Caribbean, offset by lower day rate regions in the UK and the Middle East. For our largest classes of AHTS vessels, strength in the Caribbean helped push day rates. We entered into 15 term contracts during the second quarter with an average duration of nine months as we look to a strengthening market as we progress into 2026. Looking to full year 2025, we are reiterating our revenue guidance of $1.32 billion to $1.38 billion and a full year gross margin range of 48% to 50%.

同樣，在我們中等規模的PSV船型中，巴西、澳洲和加勒比地區表現尤為強勁，但英國和中東地區的日租金較低，抵消了這一優勢。對於我們最大的 AHTS 船舶系列而言，加勒比海地區的強勁需求推動了每日租金上漲。第二季我們簽訂了 15 份定期合同，平均期限為九個月，因為我們期待在 2026 年市場走強。展望 2025 年全年，我們重申營收預期為 13.2 億至 13.8 億美元，全年毛利率預期為 48% 至 50%。

We now anticipate Q3 revenue to decline by about 4% sequentially. Although we do expect utilization to improve sequentially, more near-term softness than anticipated is meeting our previously expected utilization improvement. In addition, we see a modest softening in day rates in the North Sea and West Africa, ahead of drilling activity demand improvements in 2026. We anticipate a Q3 gross margin of 45%. 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 repair and maintenance expense associated with vessels down for repair.

我們現在預計第三季營收將季減約 4%。儘管我們預期利用率會逐週提高，但短期內的疲軟程度超過了預期，未能達到我們先前預期的利用率改善水準。此外，我們看到北海和西非的日租金略有下降，預計 2026 年鑽井活動需求將有所改善。我們預計第三季毛利率為 45%。環比下降是由於收入減少以及與船舶閒置天數相關的燃料費用增加和船舶停工維修相關的維修保養費用增加所致。

As we progress into the end of the year, we anticipate utilization to improve sequentially from the third quarter into the fourth quarter due to dry dock days declining by about half, representing about 3 percentage points of utilization improvement. We expect margins to improve in the fourth quarter due to revenue associated with the reduction in dry dock days and associated reduction of fuel and repair and maintenance expense spend during the dry docks. The midpoint of our revenue guidance range is approximately 93% supported by first half revenue plus firm backlog and options for the remainder of the year. Our firm backlog and options represent $585 million of revenue for the remainder of 2025. Approximately 73% of available days for the remainder of the year are captured in firm backlog and options with our larger classes of vessels retain slightly more availability to pursue incremental work as compared to our smaller vessel classes.

隨著年底臨近，我們預計利用率將從第三季到第四季逐季提高，因為乾船塢維修天數減少了約一半，這相當於利用率提高了約 3 個百分點。我們預計第四季度利潤率將有所提高，因為乾船塢維修天數減少，乾船塢維修期間的燃料、維修和維護費用支出也相應減少，從而帶來相關收入。我們營收預期範圍的中點約為 93%，這得益於上半年營收加上已確定的訂單積壓以及今年剩餘時間的選擇權。我們目前的積壓訂單和選擇權在 2025 年剩餘時間內將帶來 5.85 億美元的收入。今年剩餘時間中約 73% 的可用天數已被確定的積壓訂單和選擇權所佔據，與我們的小型船舶相比，我們的大型船舶保留了更多的可用性來進行增量工作。

The bigger risk to our backlog revenue are anticipated downtime due to unplanned maintenance and incremental time spend on dry docks. With that, I'll turn the call over to Piers.

對我們積壓訂單收入更大的風險是由於計劃外維護和在乾船塢上花費的額外時間而導致的預期停機時間。接下來，我將把電話交給皮爾斯。

Thank you, West, and good morning, everyone. As both Quintin and West have alluded to, and as we've mentioned on the last couple of calls, the short to medium-term outlook for the offshore space remains challenging. And while we've seen demands ease back slightly during 2025, we still feel that with a favorable supply story, we have one of the youngest fleets in the industry, we're still well placed to weather any short-term headwinds and make further progress in the second half of 2026 and 2027 as expected demand comes back online to exploration and subsea construction projects.

謝謝你，韋斯特，大家早安。正如昆廷和韋斯特都曾暗示過的那樣，也正如我們在最近幾次電話會議中提到的那樣，海上油氣領域的中短期前景仍然充滿挑戰。儘管我們看到 2025 年需求略有回落，但我們仍然認為，憑藉有利的供應形勢，以及我們擁有業內最年輕的船隊之一，我們仍然能夠很好地應對任何短期不利因素，並在 2026 年下半年和 2027 年取得進一步進展，因為隨著勘探和海底建設項目需求的預期恢復，我們將能夠繼續推進。

In Africa, we had a weaker Q2 than previous quarters as we experienced a winding down of several drilling campaigns in the Orange Basin, which over the last few quarters to support a significant number of our larger PSVs in Africa. We're still going to be supporting the remaining drilling campaigns in Namibia for the rest of the year, however, not at the same level of PSV intensity as in the past six quarters.

在非洲，由於奧蘭治盆地幾個鑽井活動的結束，我們第二季的表現不如前幾季。在過去幾個季度，這些鑽井活動是為了支持我們在非洲的大量大型平台供應船 (PSV) 而進行的。今年剩餘時間裡，我們仍將繼續支持納米比亞的剩餘鑽井活動，但不會像過去六個季度那樣投入同等數量的生產支援力量。

However, helping to offset some of the expected slowdown in Namibia, we won work in the Caribbean and have mobilized a couple of larger PSVs to support drilling campaigns in Guyana and Suriname as well as also winning work in Mozambique for a couple of more of our large PSVs at the tail end of the year to support subsea construction projects, which are expected to push through well into 2026. In the short term, for the remainder of 2025 in Africa, we still have several ongoing discussions with customers both for drilling support work as well as to support a few construction projects slated to start in Q4.

然而，為了彌補納米比亞預期中的經濟放緩，我們在加勒比地區贏得了工作，並調動了幾艘大型平台供應船 (PSV) 來支援圭亞那和蘇利南的鑽井作業。此外，我們還在莫三比克贏得了工作，將在年底派出幾艘大型平台供應船 (PSV) 來支持海底建設項目，預計這些項目將持續到 2026 年。短期內，在 2025 年剩餘的時間裡，我們在非洲仍與客戶進行多項正在進行的討論，包括鑽井支援工作以及支援計劃在第四季度開始的幾個建設項目。

Longer term, as mentioned on previous calls, we still see strong demand for the region from the second half of 2026 onwards, driven by continued uptick in drilling, subsea construction and long-term production support. Moving on to the Americas. We saw a very solid quarter for the region and by leveraging our global footprint and best-in-class operations, we won a number of new contracts in the Caribbean, which allowed us to move vessels out of the North Sea and Africa, which helps us relieve some of the short-term pressure we're currently experiencing in those two particular regions.

從長遠來看，正如先前電話會議中提到的，我們仍然看到從 2026 年下半年開始，該地區的需求將保持強勁，這主要得益於鑽井、海底建設和長期生產支援的持續成長。接下來是美洲地區。該地區本季業績非常穩健，憑藉我們的全球佈局和一流的運營能力，我們在加勒比海地區贏得了許多新合同，這使我們能夠將船隻從北海和非洲調出，從而幫助我們緩解目前在這兩個特定地區面臨的一些短期壓力。

Looking ahead, we still see no slowdown in the long-term prospects of the wider region. The Caribbean seems set fair that both Guyana and Suriname continuing to develop their nascent offshore businesses. And in Brazil, although we have seen some Petrobras FID slip into 2026, the long-term prospects remain very bright with both Shell and BW Energy sanctioning significant projects in Q2. In Europe, we had a strong Q2 driven by strong North Sea spot markets and good utilization in the Med during the first half of the year. Rates have held up well in the UK

展望未來，我們仍然認為整個地區的長期前景不會放緩。加勒比地區似乎已做好充分準備，圭亞那和蘇利南將繼續發展其新興的離岸業務。在巴西，雖然我們看到巴西石油公司的一些最終投資決定推遲到 2026 年，但長期前景仍然非常光明，殼牌和 BW Energy 都在第二季度批准了重大項目。在歐洲，第二季業績強勁，這主要得益於北海現貨市場的強勁表現以及上半年地中海地區的良好利用率。英國的利率一直保持良好。

and are still above historical averages. So looking out for the remainder of the year, we do see a slowdown in demand, which we expect to pressure rates on the down side for the remainder of the year. On the plus side for the UK (inaudible) looks likely to go ahead and expect some incremental PSV demand to support this project. In the Med and Norway, the long-term outlook remains positive.

並且仍然高於歷史平均。因此，展望今年剩餘時間，我們確實看到需求放緩，我們預計這將對今年剩餘時間的利率構成下行壓力。對英國來說，有利的一面是（聽不清楚）該項目似乎可能會繼續推進，並預計公共服務車輛需求將有所增長，以支持該項目。在地中海地區和挪威，長期前景依然樂觀。

However, a number of expected projects slated to start in 2026 in the Med could be affected by the ongoing conflict in the Eastern Med, and as such we'll be watching closely how this continues to evolve. Asia Pacific was relatively flat in the quarter. But the good news is that with the resolution of the ongoing tribulations for PETRONAS and Eastern Malaysia now firmly behind us, we have started to see demand picking up again in Malaysia and some of the locally-owned vessels that were putting downward veteran rates returning to work.

然而，一些計劃於 2026 年在地中海地區啟動的項目可能會受到東地中海持續衝突的影響，因此我們將密切關注事態的進一步發展。本季亞太地區經濟相對穩定。但好消息是，隨著馬來西亞國家石油公司 (PETRONAS) 和東馬地區持續不斷的困境徹底解決，我們已經開始看到馬來西亞的需求再次回升，一些本地擁有的、此前降低老舊運費的船舶也重新開始運營。

There's still a few quarters away, but expectations are by year-end things will be back to business as usual in Malaysia. In Australia, there are still several incremental longer-term PSV tenders to support production still to be awarded which are all expected to start in Q4 as well as a number of construction support scopes, which are yet be awarded.

雖然還有幾個季度的時間，但預計到年底馬來西亞的一切將恢復正常。在澳大利亞，還有幾個用於支持生產的長期平台供應車輛 (PSV) 增量招標項目尚未授予，預計所有項目都將在第四季度開始；此外還有一些建設支持範圍的招標項目尚未授予。

Looking at longer term, we see a very positive demand story unfolding in the latter part of 2026 as a number of long-term exploration development projects are expected to kick off in Indonesia, Myanmar and Malaysia. Lastly, finishing off with the Middle East, the market remains very tight with limited availability of tonnage in the region. We expect the region to remain supply constrained with the EPCI contractors continuing to utilize any available vessels to support their operations in Qatar and Saudi Arabia and that the opportunity will be there to continue to push rates as our vessels become available.

從長遠來看，隨著印尼、緬甸和馬來西亞多個長期勘探開發項目預計將在 2026 年下半年啟動，我們看到非常積極的需求前景。最後，我們來看看中東地區，該地區的市場仍然非常緊張，噸位供應有限。我們預計該地區的供應仍將受到限制，EPCI承包商將繼續利用任何可用的船舶來支持他們在卡達和沙烏地阿拉伯的運營，隨著我們的船舶投入使用，我們將有機會繼續提高運價。

However, as we've mentioned on previous calls, this is a highly fragmented market, and as such, rate increases tend to take longer to push through than in other areas of the world. Longer term, we don't see any slowdown in the region and the supply-demand balance still staying in the shipowners' favor for some time to come.

然而，正如我們在先前的電話會議中所提到的，這是一個高度分散的市場，因此，升息往往需要比世界其他地區更長的時間才能推行。從長遠來看，我們預計該地區不會出現任何放緩跡象，而且在未來一段時間內，供需平衡仍將有利於船東。

With that, I'll hand over to Sam. Thank you.

接下來，我將把麥克風交給薩姆。謝謝。

Thank you, Piers, and good morning, everyone. At this time, I would like to take you through our financial results. As in prior calls, my discussion will focus primarily on sequential quarterly comparisons which includes the second quarter of 2025 compared to the first quarter of 2025, also including operational aspects that affected the second quarter. As noted in our press release filed yesterday, we reported net income of $72.9 million for the quarter or $1.46 per share. We generated revenue of $341.4 million compared to $333.4 million in the first quarter, an increase of $8 million or 2%.

謝謝你，皮爾斯，大家早安。此時，我想向大家介紹一下我們的財務表現。與先前的電話會議一樣，我的討論將主要集中在季度環比比較上，包括 2025 年第二季度與 2025 年第一季的比較，以及影響第二季度的營運方面。正如我們昨天發布的新聞稿中所述，我們本季淨收入為 7,290 萬美元，即每股 1.46 美元。本季營收為 3.414 億美元，而第一季為 3.334 億美元，成長了 800 萬美元，增幅為 2%。

Second quarter average day rates of $23,166 were 4% higher versus the first quarter. We saw a slight decrease in active utilization from 78.4% in the first quarter to 76.4% in the second quarter due mainly to the increase in idle and dry dock days and several dockings scheduled in Q1 were pushed to Q2.

第二季平均日租金為 23,166 美元，比第一季上漲了 4%。我們看到，由於閒置天數和乾船塢天數增加，以及第一季度計劃的幾項進塢維修工作推遲到第二季度，第二季度的活躍利用率從第一季的 78.4% 略微下降到 76.4%。

Gross margin in the second quarter was $171 million compared to $167 million in the first quarter. Gross margin percentage in the second quarter remained steady at 50.1% and now marks three consecutive quarters with margins over 50%. Margin outperformance versus our expectations was primarily due to higher-than-expected day rates and utilization, combined with lower-than-expected operating costs, primarily related to lower R&M costs due to overall fewer repair days and lower salaries and travel costs due to reduced manning on some idle vessels.

第二季毛利為 1.71 億美元，而第一季為 1.67 億美元。第二季毛利率維持穩定在 50.1%，這標誌著連續三個季度毛利率超過 50%。利潤率超出預期主要歸功於高於預期的每日租金和利用率，以及低於預期的營運成本，這主要與維修天數減少導致的維修保養成本降低，以及部分閒置船舶人員減少導致的工資和差旅費用降低有關。

Adjusted EBITDA was $163 million in the second quarter compared to $154.2 million in the first quarter. As a reminder, in Q4 '24, we reported a $14.3 million FX loss and negatively impacted our adjusted EBITDA. In the first quarter of 2025, we experienced a partial reversal of this FX loss in the quarter to $7.6 million FX gain and in Q2, we experienced an additional FX gain of $11.7 million as a result of the continued weakened US dollar. As it relates to tax expense during the quarter, we reversed the valuation allowance related to US

第二季調整後 EBITDA 為 1.63 億美元，而第一季為 1.542 億美元。提醒一下，2024 年第四季度，我們報告了 1,430 萬美元的外匯損失，對我們的調整後 EBITDA 產生了負面影響。2025 年第一季度，我們部分扭轉了外匯損失，實現了 760 萬美元的外匯收益；第二季度，由於美元持續走弱，我們又獲得了 1,170 萬美元的外匯收益。關於本季的稅項支出，我們衝回了與美國相關的估值準備。

net operating losses we generated during earlier periods. We made this reversal due to our increased confidence in the sustainability of our global profitability. The reversal resulted in a onetime noncash increase to net income of $27 million. Operating costs for the second quarter were $170.5 million compared to $166.4 million in Q1. The increase in costs is due primarily to an increase in salaries and travel and R&M costs as we had one more day of operation in the quarter, together with FX impacts due to the weakening US

我們在前期期間產生的淨營業虧損。我們做出這項轉變，是因為我們對全球獲利能力的可持續性更有信心。這一逆轉導致淨收入一次性增加 2,700 萬美元（非現金）。第二季的營運成本為 1.705 億美元，而第一季為 1.664 億美元。成本增加主要是因為薪資、差旅和維修成本增加，因為我們本季多營運了一天，此外，美元走弱也帶來了匯率影響。

dollar. The combination of which contributed $4.3 million to the increase. In the quarter, we also had 192 higher idle days, 245 higher dry dock days, and 59 more mobilization days, which contributed to an increase of $700,000 in fuel costs for the quarter. Offsetting these increases were insurance and other operating costs that came in lower than prior quarter. G&A expense for the second quarter was $31.2 million, $2.1 million higher than the first quarter due primarily to an increase in personnel costs as well as an increase in professional fees.

美元。這兩筆加起來為成長貢獻了 430 萬美元。本季度，我們的閒置天數增加了 192 天，乾船塢維修天數增加了 245 天，動員天數增加了 59 天，導致本季燃料成本增加了 70 萬美元。抵銷這些成長的是保險和其他營運成本，這些成本低於上一季。第二季一般及行政費用為 3,120 萬美元，比第一季高出 210 萬美元，主要原因是人員成本增加以及專業費用增加。

We are projecting G&A expense to be about $120 million for 2025, which includes $15 million of noncash stock-based compensation. As a reminder, we conduct our business in five operating segments. I refer to the tables in the press release and the segment foot note and results of operations discussions in our Form 10-Q for details of our segment results. In the second quarter, consolidated average day rates were up versus first quarter. However, results varied by segment, with our Europe and Mediterranean day rates improving 14% and our Americas day rates improving by almost 3%.

我們預計 2025 年的一般及行政費用約為 1.2 億美元，其中包括 1,500 萬美元的非現金股票補償。再次提醒，我們的業務分為五個營運部門。有關我們各業務部門業績的詳細信息，請參閱新聞稿中的表格、10-Q 表格中的業務部門腳註和經營業績討論。第二季綜合平均日租金較第一季上漲。然而，不同細分市場的結果各不相同，歐洲和地中海地區的日租金提高了 14%，美洲地區的日租金提高了近 3%。

We saw marginal increases in day rates in our APAC and Middle East regions, offset by a day rate decrease in Africa of about 5% quarter-over-quarter. Total revenues were up compared to the first quarter with revenues up in our Americas and Europe and Mediterranean regions by 28% and 27%, respectively, quarter-over-quarter. While revenues in all other regions decreased compared to Q1, with the largest decrease in our Africa region of 22%.

我們在亞太和中東地區的日租金略有上漲，但非洲地區的日租金環比下降了約 5%，抵消了這一漲幅。與第一季相比，總收入有所增長，其中美洲和歐洲及地中海地區的收入分別環比增長了 28% 和 27%。雖然其他所有地區的收入都比第一季有所下降，但非洲地區的降幅最大，達 22%。

Regionally, overall, gross margin increased in the Americas region by 14 percentage points, and in Europe and Mediterranean region by 10 percentage points, a decrease in our other three regions. The increase in the Americas region was due to increases in average day rates and utilization as well as a minor decrease in operating expenses.

從區域來看，總體而言，美洲地區的毛利率增加了 14 個百分點，歐洲和地中海地區的毛利率增加了 10 個百分點，而其他三個地區的毛利率則有所下降。美洲地區的成長是由於平均日租金和利用率的提高以及營運費用的略微下降。

The increase in the Europe and Mediterranean region was primarily due to an 8 percentage point increase in utilization and a 14% increase in average day rates due to typical calendar seasonality and a stronger-than-expected North Sea spot market. In our APAC region, gross margin decreased about 2 percentage points, primarily due to a slight decrease in utilization, partially offset by higher average day rates and slightly lower operating costs.

歐洲和地中海地區的成長主要是由於利用率提高了 8 個百分點，以及由於典型的季節性因素和北海現貨市場強於預期，平均日租金上漲了 14%。在亞太地區，毛利率下降了約 2 個百分點，主要是由於利用率略有下降，但較高的平均日租金和略低的營運成本部分抵消了這一影響。

Our Middle East region also saw a gross margin decrease of about 8 percentage points due to a decline in utilization, combined with an increase in operating expenses due to higher fuel costs. The primary reason for the lower utilization was higher dry dock days and higher repair and idle days. In our Africa region, we saw a 12 percentage point decrease in gross margin due primarily to lower day rates, lower utilization and higher R&M and fuel costs resulting from higher dry dock repair and idle days.

由於利用率下降，加上燃料成本上漲導致營運費用增加，我們的中東地區毛利率也下降了約 8 個百分點。利用率較低的主要原因是乾船塢維修天數較多以及維修和閒置天數較多。在非洲地區，由於日租金降低、利用率降低以及乾船塢維修和閒置天數增加導致的維修保養和燃料成本上升，我們的毛利率下降了 12 個百分點。

We generated $97.5 million in free cash flow this quarter compared to $94.7 million in Q1. The free cash flow increase quarter-over-quarter was primarily attributable to the stronger results from operation, lower dry dock and CapEx costs and higher proceeds from asset sales, partially offset by a use of working capital.

本季我們產生了 9,750 萬美元的自由現金流，而第一季為 9,470 萬美元。自由現金流環比成長主要歸功於營運績效增強、幹船塢和資本支出成本降低以及資產出售收益增加，但部分被營運資金的使用所抵銷。

Last quarter, I mentioned that we had not received payment for several quarters from our primary customer in Mexico. We still have not received payment from them and our outstanding AR balance at the end of June represents approximately 14% of our total trade AR. As mentioned previously, this customer had periods of nonpayment in the past, but historically, we have not had any write-offs due to the collectibility of their receivables.

上個季度我提到過，我們已經好幾季沒有收到墨西哥主要客戶的付款了。我們仍未收到他們的付款，截至 6 月底，我們未結應收帳款餘額約占我們貿易應收帳款總額的 14%。如前所述，該客戶過去曾出現過拖欠款項的情況，但從歷史數據來看，由於其應收帳款的可收回性，我們從未發生過任何帳款核銷的情況。

We continue to monitor and assess this closely. During the second quarter, we made $12.5 million in principal payments on our senior secured term loan in addition to approximately $1.5 million in other debt repayments related to the financing of recently constructed smaller crude transport vessels. We also incurred $23.7 million in deferred dry dock costs compared to $43.3 million in the first quarter. In the quarter, we had 1,195 dry dock days that affected utilization by about 6 percentage points. For the year, we are projecting dry dock costs to be about $107 million, which is down about $6 million from our prior call.

我們將繼續密切關注和評估此事。第二季度，我們支付了 1,250 萬美元的優先擔保定期貸款本金，此外還支付了約 150 萬美元的其他債務，這些債務與最近建造的小型原油運輸船的融資有關。與第一季的 4,330 萬美元相比，我們本季產生了 2,370 萬美元的遞延幹船塢費用。本季度，我們有 1195 個乾船塢維修日，這影響了利用率約 6 個百分點。今年，我們預計乾船塢費用約為 1.07 億美元，比我們先前的預測減少了約 600 萬美元。

The decrease is due to the net effect of changes in timing of various '25 and '26 projects. In addition, the savings generated from our already completed 2025 dry docks. In Q2, we incurred $5.2 million in capital expenditures related to various projects, including ballast water treatment installations, EP system upgrades and IT upgrades, both onshore and vessel related. For the year, we still project capital expenditures of $37 million. During Q2, we spent $51 million on share repurchases to bring our total of 2025 repurchases to about $90 million.

下降是由於 2025 年和 2026 年各種專案進度變化的淨影響。此外，還有我們已完工的 2025 年乾船塢所產生的節省。第二季度，我們在與各種項目相關的資本支出中投入了 520 萬美元，包括壓載水處理裝置、EP 系統升級和 IT 升級，涵蓋陸上和船舶相關項目。今年，我們仍然預期資本支出為 3700 萬美元。第二季度，我們花了 5,100 萬美元用於股票回購，使我們 2025 年的股票回購總額達到約 9,000 萬美元。

The Q2 repurchases reduced our shares outstanding by approximately 1.4 million shares. As Quintin and West mentioned earlier, we successfully refinanced our previous debt instruments, the longer tenured unsecured structure and we were also successful in entering into a $250 million revolving credit facility. We also announced our new authorized $500 million share repurchase program. Overall, we believe this new debt capital structure increases financial flexibility for Tidewater, and we are also excited about the opportunity for additional shareholder returns moving forward.

第二季的股票回購使我們的流通股減少了約 140 萬股。正如昆廷和韋斯特之前提到的那樣，我們成功地對先前的債務工具（期限較長的無擔保結構）進行了再融資，並且我們還成功地獲得了 2.5 億美元的循環信貸額度。我們也宣布了新的授權5億美元股票回購計畫。總的來說，我們相信這種新的債務資本結構提高了 Tidewater 的財務靈活性，我們也對未來股東獲得更多回報的機會感到興奮。

On the tariff front, we have not seen a meaningful decrease in our costs, and we do not anticipate direct or indirect tariff exposure that will drive a meaningful increase in our costs. We acknowledge that many vendors are still evaluating tariff announcements. As such, the impact of these tariffs on our cost structure is subject to change moving forward.

在關稅方面，我們沒有看到成本出現實質下降，而且我們預期不會有直接或間接的關稅風險，導致成本出現實質上升。我們注意到許多供應商仍在評估關稅公告。因此，這些關稅對我們成本結構的影響未來可能會改變。

In summary, Q2 was exceptionally strong from an operations and execution standpoint. We delivered both strong financial results and free cash flow as well as returning significant amount of cash to shareholders in the form of share repurchases. We also successfully refinanced our previous debt to a more suitable and flexible structure that aligns with our objectives and needs.

總而言之，從營運和執行的角度來看，第二季表現異常強勁。我們不僅實現了強勁的財務業績和自由現金流，還以股票回購的形式向股東返還了大量現金。我們也成功地將先前的債務重新融資為更合適、更靈活的結構，以符合我們的目標和需求。

While there is some amount of near-term uncertainty in the industry related to the timing of incremental vessel demand, the industry's long-term fundamentals remain very strong. Despite this uncertainty, we expect to achieve our full year financial guidance and expect to continue to generate strong free cash flows and profitability each subsequent quarter of the year. We remain optimistic about our current position and about the opportunities that lie ahead for Tidewater.

儘管航運業近期在船舶需求成長的時間方面存在一些不確定性，但航運業的長期基本面依然非常強勁。儘管存在這種不確定性，我們仍有望實現全年財務目標，並有望在接下來的每個季度繼續產生強勁的自由現金流和獲利能力。我們對目前的狀況以及 Tidewater 未來的發展機會仍然保持樂觀。

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

這樣，我就把麥克風交還給昆汀了。

Thank you, Sam. Jeannie, would you please open the call up for questions?

謝謝你，山姆。珍妮，請你開始接受提問好嗎？

(Operator Instructions)

（操作說明）

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Hey, good morning, everyone. Congrats on a nice quarter and congrats, Piers, on your promotion. Quintin, maybe since you brought it up, and I think I've heard it three or four times throughout the call, you brought up M&A and obviously, the flexibility that your new facility and financing and not need to keep all the cash on the balance sheet, provide you. Would love just to hear an update of kind of what you're seeing out there and if you think there's actually anything actionable in the fairly near term out there since you've been kind of evaluating opportunities for quite some time since your last transaction?

嘿，大家早安。恭喜你本季業績出色，也恭喜皮爾斯升職。昆汀，既然你提到了，而且我覺得我在整個通話過程中已經聽到了三四次，你提到了併購，顯然，你的新設施和融資方式為你提供了靈活性，無需將所有現金都保留在資產負債表上。很想了解您目前觀察到的市場狀況，以及您認為近期內是否有任何切實可行的機會，因為自從您上次交易以來，您已經評估各種機會相當長一段時間了？

Jim, thanks. So I would characterize the discussions over the past several months as becoming more constructive. If you take us back to last summer, everybody was very excited about the near-term outlook and I think prices for secondhand equipment and for companies got a little bit ahead of where I thought they should be. And I believe that people over the last several months have come to terms with what they see as the pace of the offshore cycle and probably just the growing awareness of the uncertainty or volatility that's inherent in our business. And so that's just brought people back to the table.

吉姆，謝謝。因此，我認為過去幾個月的討論變得越來越有建設性。回顧去年夏天，每個人都對近期前景感到非常興奮，我認為二手設備和公司的價格都比我預想的要高一些。我相信，在過去的幾個月裡，人們已經逐漸接受了他們所看到的離岸週期的節奏，並且可能也越來越意識到我們這個行業固有的不確定性或波動性。所以，這就把大家重新拉回了談判桌前。

So I am encouraged. It's always hard to know. I joke with West that we've probably been in due diligence for six years straight and we had three or four transactions done. But -- so we're still active in the market, and we look forward to getting things done, but we've got some very -- we've got some significant price hurdles. Right now, just repurchasing our own shares is significant value.

我因此備受鼓舞。這總是很難知道。我跟韋斯特開玩笑說，我們可能已經連續六年進行盡職調查了，而我們只完成了三、四筆交易。但是——所以我們仍然活躍在市場上，我們期待著把事情做好，但是我們遇到了一些非常——我們遇到了一些重大的價格障礙。目前，光是回購我們自己的股票就具有相當大的價值。

So I need to make sure that anything that we do outside of that creates just as much more value for our shareholders.

因此，我需要確保我們在此之外所做的任何事情都能為我們的股東創造同樣的價值。

Yes, that makes sense and consistent with kind of how you thought about this in the past. And then maybe as a follow-up, as we've gone through last quarterly earnings season and so far this season, it seems like all the talk around or the thesis around back half of '26 into '27 and '28 drilling demand in the deepwater side at least is that all seems to still be in place based on what contracts have been let with some of the drillers that have reported so far are still talking about and it seems kind of consistent with your comments.

是的，這很有道理，也和你過去的想法一致。然後，作為後續，正如我們回顧上個季度財報季以及本季度至今的情況來看，關於2026年下半年到2027年和2028年深水鑽井需求的討論或理論似乎都表明，根據目前為止一些鑽井公司簽訂的合同來看，一切似乎仍然保持不變，這與您的評論也基本一致。

But I'd love to hear to whatever extent you have visibility going into next year, maybe its second half and into the years after just from a demand perspective, and you mentioned a slightly kind of balanced supply/demand for vessels right now where you're not able to push rates, but you're still able to sustain rates just kind of put the pieces of the puzzle together to see if we get back to a market sometime next year or into '27 where you're actually able to push rates again?

但我很想聽聽您對明年，或許是下半年以及之後幾年的需求狀況的預測。您提到目前船舶供需略為平衡，雖然無法推高運價，但仍能維持運價。我們不妨把各種因素綜合起來，看看明年或2027年市場能否恢復到可以再次推高運價的水平？

Well, that's certainly our house view. But I'll tell you what, I'm going to hand it over to Piers because he's got more visibility with the customers, and he can give you a little bit more color on what he's seeing developing in 2026.

嗯，那確實是我們家的窗外景色。但我告訴你，我要把這個機會交給皮爾斯，因為他與客戶的聯繫更緊密，他可以更詳細地向你介紹一下他對 2026 年發展趨勢的展望。

Thanks, Jim, for the congratulations. Yes, I mean it's -- I think as Quintin said, our house view is definitely we're seeing the drillers starting to pick up contracts and have been quite public about what they're picking up in 2026. And we're certainly seeing that in the tendering activity that we're starting to now see. We always tend to be slightly behind where the drillers are, but I would say we're seeing an uptick in those tenders and pre-tenders coming out for those regions to support the drilling activity. And as we sort of said in the past, I mean the thing about our business is we're not just a drilling derivative, of course, we've got layering on to that subsea construction, and we're starting to see those contracts coming into play now, which maybe we thought come a little bit earlier, but now Q4 and into 2026 as well.

謝謝你的祝賀，吉姆。是的，我的意思是——我認為正如昆廷所說，我們公司的觀點是，我們確實看到鑽井公司開始獲得合同，並且已經公開宣布了他們在 2026 年獲得的合同。而我們現在開始看到的招標活動也確實印證了這一點。我們總是比鑽井公司稍微落後一點，但我認為我們看到這些地區的招標和預招標數量有所增加，以支持鑽井活動。正如我們過去所說，我們業務的特點是，我們不僅僅是鑽井的衍生品，當然，我們還在海底建設領域進行拓展，我們現在開始看到這些合約發揮作用，我們可能認為它們會更早一些到來，但現在是第四季度，而且會持續到 2026 年。

So we've got a very positive outlook in terms of the second half of '26, we've got a bit of an uptick on some of the production stuff. We're supporting development drilling already. We see other projects coming up in -- not just in the Caribbean, but Southern Africa as well and Indonesia, like I mentioned. So yes, it's looking to be a much more positive story as we sort of go into the second half of '26 and think we'll have all sort of three production -- subsea construction and drilling all working at the same time. And once we have that demand story in place, that with the limited supply will give us a chance to really start pushing rates again like we did in '23 and '24 is the intention.

所以，我們對 2026 年下半年的前景非常樂觀，一些生產方面也出現了一些好轉。我們已經在支援開發鑽井作業了。我們看到其他項目正在湧現——不僅在加勒比地區，而且在南部非洲和印度尼西亞，就像我剛才提到的那樣。所以，是的，隨著我們進入 2026 年下半年，情況看起來會好得多，我們認為海底建設和鑽井這三項生產活動將同時進行。一旦需求旺盛，加上供應有限，我們將有機會像 2023 年和 2024 年那樣再次真正開始提高利率，這就是我們的目標。

Appreciate all that color, guys and I'll turn it back. Thanks.

夥計們，好好欣賞這些色彩吧，我會把它恢復原狀的。謝謝。

Thank you, Jim.

謝謝你，吉姆。

Fredrik Stene, Clarksons Securities.

Fredrik Stene，克拉克森證券。

Hey, Quintin, team. Hope you are all well and nice to see a very strong quarter, absolutely. So I think kind of the themes that I wanted to touch upon is a previous question touched slightly on it as well. But Quintin, in your prepared remarks around the M&A story and what you said now that you -- there could have been three or four transactions that might have been realized at some point, but there's always different pieces that doesn't work out at a specific time.

嘿，昆汀，團隊。希望你們一切都好，很高興看到本季業績非常強勁，確實如此。所以我覺得我想探討的主題，之前的一個問題也稍微牽涉到了。但是昆廷，在你之前關於併購的發言稿以及你現在所說的話中——可能曾經有三四筆交易在某個時候得以實現，但總會有一些事情在特定時間無法完成。

But I think kind of the way you phrased yourself and also remembering some of the comments you've given before around M&A makes me feel like you might be a bit more optimistic about getting things done now than before? And if that's the case, is it because the market itself, while there's still volatility out there, it seems like people have been able to assess that volatility better than what they have been doing before that there is a calmness amidst all this volatility that could make transaction happen nonetheless?

但我覺得你剛才的措辭，以及我之前對併購的一些評論，都讓我覺得你現在對事情的進展可能比以前更加樂觀了？如果是這樣，是不是因為市場本身雖然仍然存在波動，但人們似乎比以前更能評估這種波動性，所以在所有這些波動中出現了一種平靜，從而使交易得以進行？

Good afternoon, Fredrik. That's exactly what I would say. I would say that people are getting comfortable with the uncertainty levels that are out there. And maybe a year ago, they were a little bit too irrationally bullish and the pace of the recovery. Now they are starting to feel the '26-year fill up for the drillers are starting to see what the vessel supply is going to be required. They're not seeing any vessel supply coming in.

下午好，弗雷德里克。我正是要這麼說。我認為人們正在逐漸適應當前的不確定性。也許一年前，他們對經濟復甦的速度過於樂觀，甚至有些不理性。現在，鑽井工人開始感受到「26 年的填滿」的壓力，他們開始意識到船舶供應將需要多少。他們沒有看到任何船隻運抵。

And so everybody is getting real comfortable with the recovery that they see playing out and the pace of it. And so as a result, I think it settled people into some expectations that allow these conversations to be more constructive. And so my hope is, yes, I would say on balance quarter-over-quarter, I'm more bullish about the opportunity to get some things done. But it's always difficult to say because there's -- everyone has different price expectation. And we have -- again, we just have a firm expectation of value creation, and we've got an opportunity to repurchase shares if we need to.

因此，大家都逐漸適應了當前的復甦情勢和復甦步伐。因此，我認為這讓人們對未來有了一些預期，從而使這些對話更具建設性。因此，我的希望是，是的，總的來說，從季度環比來看，我對完成一些事情的機會更加樂觀。但很難說，因為每個人對價格的期望都不同。而且，我們——再說一遍，我們對創造價值抱持著堅定的預期，如果需要的話，我們有機會回購股票。

And so we'll deploy capital to the most constructive way. But there's always a benefit in acquiring vessels that will reduce the age of the fleet that enhances a particular region for strategic reasons, for competitive and balanced reasons well as access reasons. So no, I'm generally more bullish now than I was even over the past nine months, hopeful that we can get some things done, but at the same time, we'll take it as it comes.

因此，我們將以最具建設性的方式部署資金。但購置能夠降低船隊年齡的船舶，出於戰略原因、競爭和平衡原因以及准入原因，總能為特定地區帶來好處。所以，不，我現在總體上比過去九個月更加樂觀，希望我們能完成一些事情，但同時，我們也會順其自然。

Perfect. And one on the outlook for the year. You guys gave quite comprehensive commentary now on how you view the rest of the year and you've reiterated guidance. But clearly, Q1 was stronger than initially expected. Q2 was stronger than initially expected.

完美的。還有一篇今年展望的文章。你們對今年剩餘時間的看法給出了相當全面的評論，並重申了指導方針。但很明顯，第一季的業績強於預期。第二季業績強於預期。

Delta from when we had this call here in May on the first quarter, what has -- the outlook for the second half, is that worse now? Maybe if I try to read a bit between the lines, upturn has might be pushed a bit out in time. Any particular color on that would be helpful. And as a side question to that, I think for 2024, you initially guided for '24 during the third quarter conference call in '23. Last year, you weighted the guidance one extra quarter because of all this volatility.

自從我們五月在這裡就第一季進行電話會議以來，達美航空下半年的前景如何？現在情況更糟了嗎？或許如果我稍微揣摩一下言外之意，經濟復甦的時間可能會稍微延後一些。如果能提供一些特定的顏色就更好了。另外，我想問一下，關於 2024 年，您最初是在 2023 年第三季電話會議上給出的 2024 年業績指引。去年，由於市場波動性較大，你們將業績指引的權重提高了一個季度。

Do you think you'll be in a position to guide for '26 during the third quarter call? Or is it still same type of outlook for next year that there is too early to tell this time around as well?

您認為您能夠在第三季財報電話會議上對2026年的業績做出預測嗎？或者，明年的前景仍然像今年一樣，現在下結論還為時過早？

Hey, Fredrik. It's West. I'll try and parse your question there. I think on the last piece, referring to delaying our guidance from our kind of regular scheduled programming and doing so in Q3 of last year into Q4 results so at the beginning of the year. I don't know that we're necessarily in a position to confirm that yet. In terms of what we'll do for this coming year.

嘿，弗雷德里克。這是西部。我來試著理解你的問題。我認為最後一點是指，我們將業績指引從常規的日程安排推遲到去年第三季度，也就是今年年初。我還不確定我們是否已經具備確認這一點的條件。至於我們明年要做的事。

I think in a perfect world, that would be our preference to get guidance out sooner rather than later. But similar to last year, I think we'll have to evaluate the market factors in play to understand our level of confidence in doing so. So we'll play that out over the coming months and quarters or so to see what the world looks like heading into 2026, and we'll make that determination when we get there. I'm going to restate your first question to make sure that we understand it, and that's our second half expectations from the Q1 call in to the Q2 call. Is that correct?

我認為，在理想情況下，我們更傾向於儘早發布指導意見。但與去年類似，我認為我們需要評估各種市場因素，才能了解我們對此的信心程度。所以，在接下來的幾個月和幾個季度裡，我們將觀察世界在 2026 年的發展趨勢，到那時我們將做出最終決定。為了確保我們理解你的第一個問題，我將重述一遍，那就是我們對第一季電話會議到第二季電話會議之間下半年業績的預期。對嗎？

Yeah, how have those changed?

是啊，這些都發生了哪些變化？

Sure. So I think it is fair to say that our second half expectations have come down as compared to our second half expectations at the end -- during the Q1 call. Our commentary in the prepared remarks specifically referred to our previous utilization improvements in the back half of the year. I think if you recall on the last earnings call, and we provided guidance, we expected a more meaningful step-up in utilization into Q3 and Q4 that we've backed off a little bit on. We do expect utilization to improve in the back half but not as substantially as we did in last quarter's call.

當然。因此，我認為可以公平地說，與第一季財報電話會議結束時我們對下半年的預期相比，我們的下半年預期已經下調。我們在事先準備好的演講稿中特別提到了我們上半年在利用率方面的改進。我想，如果你還記得上次財報電話會議，我們當時給出了業績指引，我們預計第三季和第四季的產能利用率會有更顯著的成長，但我們現在稍微降低了預期。我們預計下半年利用率會有所改善，但不會像上個季度電話會議上預測的那樣大幅提高。

So when we look at the full year guidance, given the outperformance in the first half, and still a fairly constructive back half, we're comfortable to reiterate the full year, but again, I didn't want to differentiate a little bit that expectations have come down a little bit for the back half, particularly as it relates to the step up in utilization that we had originally expected.

因此，當我們審視全年業績指引時，鑑於上半年的出色表現以及下半年依然相當積極的態勢，我們很樂意重申全年業績指引。但同樣，我也不想稍微區分一下，下半年的預期有所下調，特別是與我們最初預期的利用率提升相關的預期。

All right. That's very clear and you've taken my question much more simply than I managed to do. So thank you.

好的。這一點非常清楚，你比我更簡潔地理解了我的問題。所以謝謝你。

All right. I want to make sure we answered it correctly.

好的。我想確保我們的答案是正確的。

I appreciate it. Thank you.

謝謝。謝謝。

David Smith, Pickering Energy Partners.

David Smith，Pickering Energy Partners。

Good morning. Thank you for taking my question. I think you mentioned Q3 utilization was expected to tick higher. Can you give a rough range of that improvement?

早安.感謝您回答我的問題。我想你之前提到過，預計第三季的利用率會小幅上升。能大概估算一下改進幅度嗎？

Sorry, for the second quarter into the third?

抱歉，是指第三季第二季開始的時候嗎？

Right. So the third quarter guidance, I thought your expectation was for utilization to tick higher, and I was just looking at --

正確的。所以，關於第三季的業績指引，我以為你們預期利用率會小幅上升，而我剛才正在看…--

Yes. That's correct. Yes. To quantify, that would be a few percentage points of utilization improvement from -- into the third quarter from the second.

是的。沒錯。是的。量化來說，這意味著從第二季到第三季度，利用率將提高幾個百分點。

Okay. I appreciate that. With -- even a small uptick in utilization, just doing back of the envelope math, right? If I heard the guidance for Q3, revenue down 4%. And kind of suggest average rates in Q3 that are down 1,200 or more and it sounds like you're pretty well contracted for the quarter.

好的。我很感激。即使利用率略有上升，粗略估算一下也會有影響，對吧？如果我聽到的第三季業績指引是營收下降 4%。這表明第三季的平均利率下降了 1200 或更多，聽起來你們本季的合約簽訂得相當不錯。

So I was just hoping to get some color on that lower rate outlook, if it's more driven by mix, if you're seeing unfavorable contract rollovers or maybe there's some healthy conservatism baked in?

所以，我只是想了解一下低利率前景的具體情況，例如它是否受到資產組合的影響，是否出現了不利的合約展期，或者其中是否包含一些健康的保守主義因素？

Hey Dave. I'll draw my comments back to -- as it relates to day rates, that is the correct implication or inference that you're making. And we referred to the day rates in the North Sea and West Africa is softening a bit. As discussed in the prepared remarks, the second quarter in North Sea was actually relatively strong, which one would expect given the seasonally favorable time of the year. And so that was positive. But I think both of my comments and Piers' comments, we suggested that given some demand pull off in the North Sea heading into Q3, we'd actually expect that to taper back a little bit.

嘿，戴夫。我再把評論拉回來——關於日租金，你所做的推論或推論是正確的。我們提到北海和西非的日租金略有下降。正如事先準備好的發言稿中所討論的，北海第二季度的表現實際上相對強勁，考慮到該季度正值一年中季節性有利時期，這也在意料之中。所以這是個正面的訊號。但我認為，我和皮爾斯的評論都表明，考慮到北海在第三季的一些需求下降，我們實際上預計這種情況會略有回落。

And similarly, in West Africa, given some of the dynamics that Piers discussed related to drilling and some of the time between contracts, we would expect that to come off a little bit. And there's also the -- as a reminder that we discussed in the prepared remarks, we also benefited from foreign exchange from FX during the second quarter, even in the day rate line as well as below the line. And so we're not necessarily forecasting an improvement in FX rates to help push the day rate. So when you put all those together, your inference is correct that with a slight utilization improvement that does imply a printed day rate reduction into the third quarter.

同樣地，在西非，考慮到皮爾斯討論的一些與鑽井和合約之間的時間間隔相關的動態因素，我們預計這種情況會有所改善。還有一點——提醒一下，我們在準備好的發言稿中討論過——我們在第二季度也從外匯市場受益，即使是日內匯率以及低於日內匯率的匯率也是如此。因此，我們並不一定會預測外匯匯率會改善以推動日匯率上漲。因此，綜合所有因素來看，你的推論是正確的，即利用率略有提高確實意味著第三季的每日租金會下降。

I appreciate that. And if I could sneak a quick follow-up. Just wanted to make sure if I'm understanding the full year guidance correctly in the Q3 then the midpoint for the full year kind of suggest Q4 vessel margin that steps up about $30 million compared to the Q3 outlook, which would be a pretty strong uplift compared to fourth quarters from prior years. And I know you touched on it in the prepared remarks, but could you give just a little more color on that visibility for the activity drivers in Q4?

我很感激。如果可以的話，我想快速補充一點。我只是想確認一下，如果我對第三季度全年業績指引的理解正確的話，那麼全年業績指引的中點似乎表明第四季度船舶利潤率將比第三季度預期提高約 3000 萬美元，與往年第四季度相比，這將是一個相當大的提升。我知道您在準備好的發言稿中已經提到了這一點，但您能否再詳細闡述一下第四季度業務活動驅動因素的可見性？

So maybe I'll speak to the first part and then let Piers discuss, again, his view on the macro and the activity landscape. But again, your inference is correct that in order to achieve the midpoint of guidance for the full year, given our Q3, the specificity we provided around Q3, that would imply a fairly meaningful step-up in Q4. So again, that is the right read. And -- but I'll let Piers talk about some of the activity drivers that he sees into Q4.

所以，我可能會先談談第一部分，然後再讓皮爾斯再次討論他對宏觀經濟和活動格局的看法。但是，你的推論是正確的，考慮到我們第三季的具體情況，為了實現全年業績指引的中點，第四季需要有相當大的提升。所以，這再次證明了這種解讀是正確的。不過，我還是讓皮爾斯來談談他認為第四季的一些活動驅動因素吧。

Yes. Thanks, West. Yes, Q3 is going to be a little bit (inaudible) than perhaps expected. But I think as I mentioned, Q4, we are already starting to see a number of tenders for some drilling activity in Africa, but also subsea construction is starting to kick in as well. So some of our -- we've seen this sort of tailing off of some of our big PSVs, which have been very successful in Namibia supporting drilling campaigns there.

是的。謝謝你，韋斯特。是的，第三季可能會比預期的（聽不清楚）稍微少一些。但我認為正如我之前提到的，在第四季度，我們已經開始看到非洲的一些鑽井活動招標，而且海底建設也開始啟動。所以我們看到，我們的一些大型平台供應船（PSV）出現了這種下滑趨勢，這些船在納米比亞為當地的鑽井活動提供了支持，並取得了巨大的成功。

So there's a slowdown on that, and that's going to pick up again in Q4. So that's what's driving our more positive response to go towards the end of the year, primarily for Africa, Mozambique, Angola, specifically on that side. But then we're also seeing an uptick in Asia Pacific as well. There's a slight slowdown in Q3, but in Q4 , we've seen a number of projects in Australia, which we're expecting to pick up. So it's just -- sometimes you get these small short blips in our business and waiting for new contracts to come along, and we're starting to see those tenders coming through.

所以這方面成長放緩，但預計第四季會再次加快。所以，這就是促使我們在年底採取更積極應對措施的原因，主要針對非洲、莫三比克、安哥拉，特別是那邊的情況。但我們也看到亞太地區出現了成長趨勢。第三季略有放緩，但第四季我們在澳洲看到了一些項目，我們預計這些項目將會加速推進。所以，有時候我們的業務會遇到一些小的、短暫的波動，需要等待新的合約到來，而我們現在開始看到這些招標項目陸續到來。

And as I think we've mentioned on previous calls, subsea construction tends to have a much shorter time frame in terms of -- they come out (inaudible) in a much quicker time frame. The oil companies tend to have sort of 6- to 12-month type of window, whereas the construction tenders tend to be sometimes 30 to 90 days of notice. So that's what we're dealing with. We're seeing that now for the subsea construction piece picking up in Q4.

正如我們在之前的電話會議中提到的，海底建設的工期往往要短得多——它們會在更短的時間內完成（聽不清楚）。石油公司的招標窗口期通常為 6 至 12 個月，而建築招標的通知期有時為 30 至 90 天。這就是我們目前面臨的情況。我們現在看到，海底建設業務在第四季開始回升。

Dave, if I could add one more data point to Piers' commentary more on the fleet side. Just to remind you, we do expect dry dock days to fall half in Q4 which equates to about 3 percentage points of utilization.

戴夫，如果我可以補充皮爾斯關於艦隊方面的一個數據點就好了。再次提醒您，我們預計第四季乾船塢使用天數將減少一半，相當於利用率下降約 3 個百分點。

That's perfect. I really appreciate all the color and congrats on the great Q2 performance and the debt refi.

那很完美。我非常欣賞所有這些色彩，祝賀你們第二季度業績出色，並成功完成債務再融資。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

Thanks. Good morning. First one, I know you talked about some utilization softness in West Africa over the near term. But could you talk about your multiyear outlook there as it seems to be one of the regions when you listen to driller optimism over '26, '27 and beyond. How do you see this playing out versus some of the other regions where you have opportunities to deploy assets over the next couple of years?

謝謝。早安.首先，我知道您曾提到西非地區近期內能源利用率可能偏低。但您能否談談您對該地區未來多年的展望？因為從鑽井工人對 2026 年、2027 年及以後的樂觀態度來看，該地區似乎是前景最好的地區之一。您認為未來幾年，在您有機會部署資產的其他一些地區，這種情況會如何發展？

Yes. I'll take that. So we are also very optimistic for Africa. I mean there's always -- as you know, in the cyclical nature. I mean I think the way we look at our business and you go through that process, we've obviously been very busy, as I mentioned, in the last six quarters or so supporting drilling in Namibia.

是的。我接受。因此，我們對非洲的前景也非常樂觀。我的意思是，如你所知，自然界總是循環往復的。我的意思是，我認為從我們看待業務的方式以及你經歷這個過程來看，正如我所提到的，在過去的六個季度左右，我們顯然非常忙於支持納米比亞的鑽探活動。

That is expected to slow down a little bit over the next year perhaps. And then the expectation is that as you go into the second half of '26, those projects will go into a development phase. And that when you go into development, that tends to sign up a number of rigs and significant amount of drilling and over a longer period of time, which is the sort of work we're now doing in Suriname and Guyana in terms of that development phase of two to three years. So once those kick in, and we're seeing that in Southern Africa as well, we're supporting some campaigns there. So that's going to drive demand for the bigger PSVs.

預計未來一年內，這一趨勢可能會有所放緩。然後預計，到了 2026 年下半年，這些項目將進入開發階段。而當你進入開發階段時，往往會投入大量鑽井平台，進行大量的鑽井作業，並且持續時間更長，這正是我們目前在蘇利南和圭亞那開展的為期兩到三年的開發階段的工作。所以一旦這些措施開始實施（我們在南部非洲也看到了這種情況），我們就會支持那裡的一些運動。因此，這將推動對大型公共服務車輛的需求。

And then we're also seeing supporting projects in Congo at the moment. So there's some new production on that side. So I think there's probably going to be -- probably there is going to be a pause on the drilling for the next few quarters, and that's what we're, I think, talking about. And I think as you go into 2026, you'll start seeing additional exploration and then development as well on top of that as well. So you're going to layer in another layer of demand from that side.

目前我們還在剛果開展一些援助計畫。所以那邊有一些新的產品。所以我認為，未來幾季鑽探活動可能會暫停，而這正是我們正在討論的問題。我認為，到了 2026 年，你會看到更多的探索，然後在此基礎上也會有更多的發展。所以你還要從那邊增加另一層需求。

And I think the other thing which I think we may have mentioned on the last call, which is we're not particularly active there, but Nigeria seems to be very (inaudible) we've seen a couple of awards or discussions ongoing for the drillers on that side as well. So Nigeria is going to suck up a certain amount of supply as well of vessel. So maybe we'll work there, maybe we won't, but that's going to certainly suck up supply from our competitors as well. So I think Africa longer term is a very positive story. It's just the next few quarters is probably going to be a little bit quieter than we've seen in the past, but there's a lot of work coming up. So we have a very positive long-term outlook for the region.

還有一點，我想我們在上次通話中可能也提到過，那就是我們在那裡並不特別活躍，但尼日利亞似乎非常（聽不清楚），我們看到那邊也有一些鑽井公司正在洽談或進行一些相關討論。所以尼日利亞也將消耗一定數量的船舶供應。所以，我們或許會在那裡開展業務，或許不會，但這肯定也會從我們的競爭對手那裡吸走一些貨源。所以我認為從長遠來看，非洲的發展前景非常樂觀。接下來的幾個季度可能會比以往平靜一些，但仍然有很多工作要做。因此，我們對該地區的長期前景非常樂觀。

Thanks for that. And then just as my follow-up, how did you all arrive at the $500 million number for the share repurchase program? I think there was a comment in the opening remarks that -- it was something that was -- you felt comfortable that you'll be able to execute with them a year on. I'm just curious how you arrived at the $500 million number. Thanks.

謝謝。那麼，我的後續問題是，你們是如何確定股票回購計畫金額為 5 億美元的呢？我認為在開場白中提到過——也就是說——你覺得一年後你仍然能夠和他們一起取得成功。我只是好奇你是如何得出5億美元這個數字的。謝謝。

Hey. It's Quintin. I don't want to commit to just a year because there may be some things that will come into play over the next year that either accelerated or extended one way or the other. But when I look at the cash that we have on hand, and I think about the excess amount that exists today on the balance sheet. Since we have our new revolver, we're allowed, we're going to allow ourselves to reduce that balance to a reasonable level. We're generating about $100 million of free cash flow a quarter.

嘿。是昆汀。我不想只承諾一年，因為在接下來的一年可能會出現一些情況，這些情況可能會加速或延緩某些進程。但是當我看到我們手頭上的現金，並想到目前資產負債表上存在的盈餘金額時，我就覺得不對勁。既然我們有了新的左輪手槍，我們就被允許將餘額減少到合理的水平。我們每季大約能產生 1 億美元的自由現金流。

And so in the next year or so, it's certainly very conceivable that we could take advantage of the entire $500 million amount. And that's how we set it. Now I'd like to do acquisitions, and so I'd like to use cash for acquisitions. So that may delay us fully utilizing that program within the year, but that's how we go.

因此，在接下來的一年左右的時間裡，我們完全有可能利用這 5 億美元的全部資金。我們就是這樣設定的。現在我想進行收購，所以我想用現金進行收購。所以這可能會推遲我們今年全面利用該計劃的時間，但我們就是這樣做的。

Understood. Thank you very much. I'll turn it back.

明白了。非常感謝。我會把它轉回去。

There are no further questions at this time. I will now turn the call back over to Quintin Kneen for closing remarks.

目前沒有其他問題了。現在我將把電話交還給昆廷·尼恩，請他作總結發言。

Thank you and thank you, everyone, for listening. We will update you again in November. Good-bye.

謝謝大家，也謝謝各位的聆聽。我們將在11月再次向您更新資訊。再見。