Tidewater Inc (TDW) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫莉茲，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 年第三季財報電話會議。（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, Liz. Good morning, everyone, and welcome to Tidewater's third-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. During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations.

謝謝你，莉茲。各位早安，歡迎參加 Tidewater 2025 年第三季財報電話會議。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。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。

There are 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 comments 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 sect at sec.gov. Information presented on this call speaks only as of today, November 11, 2025.

存在風險、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發表的任何評論所陳述或暗示的業績有重大差異。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 sec.gov 網站取得。本次電話會議中提供的資訊僅代表截至 2025 年 11 月 11 日的情況。

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.

因此，請注意，任何有時效性的信息在重播時可能不再準確。此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release located on our website at tdw.com. And now with that, I'll turn the call over to Quintin.

GAAP與非GAAP財務指標的調整表可在我們網站tdw.com上的獲利報告中查閱。現在，我將把電話會議交給昆廷。

Thank you, Wes. Good morning, everyone, and welcome to the Tidewater third-quarter 2025 earnings conference call. I'll start, as usual, by providing some highlights of the third-quarter, updating you on our current view on capital allocation and then discussing the offshore vessel market and our outlook on vessel supply and demand. Wes will then provide some additional detail on our financial outlook and give you our 2026 guidance. Piers will give you an overview of the global market and global operations, and then Sam will wrap it up with our consolidated financial results.

謝謝你，韋斯。各位早安，歡迎參加 Tidewater 2025 年第三季財報電話會議。我將像往常一樣，首先介紹第三季的一些亮點，向大家更新我們目前對資本配置的看法，然後討論海上船舶市場以及我們對船舶供需的展望。接下來，Wes 將提供更多關於我們財務前景的細節，並給出我們 2026 年的業績指引。Piers 將為大家概述全球市場和全球營運情況，然後 Sam 將總結我們的合併財務表現。

Third-quarter revenue and gross margin nicely exceeded our expectations. Revenue came in at $341.1 million due primarily to a higher-than-expected average day rate and slightly better-than-anticipated utilization. Gross margin came in at 48% for the quarter, about 200 basis points better than our guidance.

第三季營收和毛利率均超出預期。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 3.411 億美元。本季毛利率為 48%，比我們預期高出約 200 個基點。

The primary factor driving the increase in average day rate was the benefit of our fleet rolling on to higher day rates contracts. Additionally, fleet utilization continued to benefit from the substantial dry dock and maintenance investment we've made over the past few years, driving meaningful uptime performance compared to our expectations.

推動平均日租金上漲的主要因素是我們的船隊陸續簽訂了日租金更高的合約。此外，過去幾年我們對乾船塢和維護進行了大量投資，船隊利用率也因此持續受益，與我們的預期相比，正常運行時間表現顯著提高。

During the third-quarter, we generated $83 million of free cash flow, bringing the first nine months of 2025 total free cash flow to nearly $275 million. Free cash flow generation, we continue to demonstrate alongside balance sheet and liquidity enhancements we completed during the third-quarter provides us with a substantial degree of confidence in our ability to deploy a significant amount of capital over time to drive shareholder value.

第三季度，我們產生了 8,300 萬美元的自由現金流，使 2025 年前九個月的自由現金流總額接近 2.75 億美元。我們持續展現的自由現金流，以及我們在第三季完成的資產負債表和流動性改善措施，使我們對未來部署大量資本以提升股東價值的能力充滿信心。

Based on the estimates for 2026 that Wes is going to cover shortly, absent any cash used in M&A or share repurchases, we will be ending 2026 with close to $800 million in cash, which, while we like the pace of cash flow generation, we would find unacceptable from an allocation of capital perspective. We currently retain our $500 million share repurchase authorization, representing approximately 18% of shares outstanding as of yesterday's close. As discussed on last quarter's earnings call, we see this share repurchase authorization as a long-term program that we will lean into based on competing capital allocation opportunities we have before us.

根據 Wes 即將介紹的 2026 年預測，如果不使用任何現金進行併購或股票回購，我們將在 2026 年底擁有近 8 億美元的現金，雖然我們喜歡這種現金流產生速度，但從資本配置的角度來看，我們認為這是不可接受的。我們目前仍保留 5 億美元的股票回購授權，約佔昨日收盤時已發行股份的 18%。正如上個季度財報電話會議上所討論的那樣，我們認為這項股票回購授權是一項長期計劃，我們將根據我們面前的其他資本配置機會，重點推進這項計劃。

In this regard, we did not repurchase any shares during the past quarter due to these competing priorities. Our current leverage position is such that we feel comfortable in potentially using a substantial amount of cash in an M&A transaction and are comfortable adding leverage to the business, provided that we have confidence that the near-term cash flows provide the ability to quickly deliver back to below one time net debt-to-EBITDA, very similar and consistent with what we have done in our prior acquisitions.

鑑於上述優先事項，我們上個季度沒有回購任何股票。我們目前的槓桿水平使我們有信心在併購交易中投入大量現金，並且只要我們有信心近期現金流能夠迅速將淨債務與 EBITDA 的比率降至 1 倍以下，我們就有信心增加業務槓桿，這與我們之前的收購非常相似且一致。

Importantly, given our current balance sheet, future cash flow generation and liquidity position, M&A and buybacks are not necessarily and either/or proposition. However, how certain M&A discussions progress and whether or not they ultimately come together, can shift our cadence and immediate tactics in executing share repurchases, but I don't want to leave you with the impression that we are limited in the long run on our ability to execute on both. Much of the commentary for offshore activity during 2025 has been on the pace and amplitude of the recovery from a relatively muted period of tendering for near-term offshore term projects.

重要的是，鑑於我們目前的資產負債表、未來現金流量產生和流動性狀況，併購和股票回購並不一定是二選一的問題。然而，某些併購談判的進展情況以及最終能否達成，可能會改變我們執行股票回購的節奏和直接策略，但我不想讓你們覺得從長遠來看，我們在執行這兩項任務方面的能力有限。2025 年海上活動的大部分評論都集中在近期海上項目招標相對低迷的時期過後，復甦的速度和幅度。

We believe there are a number of factors that have precipitated this white space dynamic, not the least of which have been macro uncertainties, OPEC production and a relatively tepid commodity price environment and supply chain bottlenecks for critical offshore infrastructure.

我們認為，造成這種空白市場動態的原因有很多，其中最重要的包括宏觀經濟的不確定性、歐佩克的產量、相對疲軟的大宗商品價格環境以及關鍵海上基礎設施的供應鏈瓶頸。

By all accounts, including observations by the drilling contractors, recent public commentary and conversations with our customers, it appears that the next few quarters represents a shoulder period of drilling activity ahead of an uptick towards the end of 2026, with increasing conviction on the state of drilling activity into 2027 and beyond. We believe this to be a reasonable expectation given our conversations, but also more broadly, evaluating expected total global hydrocarbon demand projections in what appears to be a hydrocarbon supply curve that will being a slight surplus in 2026 moving to a meaningful deficit thereafter.

根據各方說法，包括鑽井承包商的觀察、最近的公開評論以及與客戶的對話，未來幾個季度似乎是鑽井活動的過渡期，之後到 2026 年底將出現增長，並且越來越有信心 2027 年及以後的鑽井活動狀況。鑑於我們的對話，我們認為這是一個合理的預期，更廣泛地說，評估全球碳氫化合物總需求的預期，似乎碳氫化合物供應曲線將在 2026 年略有盈餘，之後將出現明顯的短缺。

This should result in capital expenditures to bring on new production ahead of this shortfall, providing further confidence to the uptick in drilling activity that appears to be developing as evidenced by the recent tendering activity for offshore drilling units. In the intervening period, Tidewater is in the advantageous position compared to many in the offshore sector in that we are the beneficiary of a wide variety of offshore activities, all of which remain robust.

這將促使資本支出用於在產能缺口出現之前啟動新的生產，從而進一步增強人們對鑽井活動回暖的信心，而最近海上鑽井平台的招標活動也證明了這一點。在此期間，與許多海上企業相比，Tidewater 處於有利地位，因為我們受益於各種各樣的海上活動，所有這些活動都保持強勁勢頭。

Production support is a critical piece of our business, comprising roughly 50% of what we do today. This base level of demand remains steady and is supported by current commodity prices. The continued proliferation and deployment of incremental FPSO units is providing additional vessel demand. FPSO support has always been a component of our business, but the volume of units that we're delivering and expected to deliver over the coming years is fairly unique in the history of the offshore industry.

生產支援是我們業務的重要組成部分，約占我們目前業務量的 50%。此基本需求水準保持穩定，並受到當前大宗商品價格的支撐。FPSO裝置的持續擴散和部署帶來了額外的船舶需求。FPSO 支援一直是我們業務的一部分，但我們目前交付和預計在未來幾年交付的裝置數量在海上油氣行業的歷史上是相當獨特的。

In addition, many of these FPSOs are being deployed into frontier areas that have limited shipping infrastructure and are in challenging weather and wave conditions, which should ultimately disproportionately benefit our larger vessel classes.

此外，許多此類 FPSO 正在部署到航運基礎設施有限、天氣和海浪條件惡劣的前沿地區，最終應該會使我們的大型船舶受益匪淺。

On the EPCI and offshore construction segment of our business, our observation has been that backlog for these projects usually have a few years of lead time before converting into vessel demand. We've seen that backlog begin to convert into a meaningful increase in demand and based on customer conversations, that demand is set to further strengthen in 2026 and in 2027. These demand drivers are important components of our business and help mitigate some of the near-term softness we see in the drilling market. In the longer term, the structural growth in these markets will continue to put added strain on vessel supply.

在我們業務的 EPCI 和海上施工領域，我們觀察到，這些項目的積壓訂單通常需要幾年的提前期才能轉化為船舶需求。我們已經看到積壓訂單開始轉化為需求的顯著增長，並且根據與客戶的交流，這種需求將在 2026 年和 2027 年進一步增強。這些需求驅動因素是我們業務的重要組成部分，有助於緩解我們在鑽井市場中看到的一些短期疲軟局面。從長遠來看，這些市場的結構性成長將繼續給船舶供應帶來更大的壓力。

And when drilling activity growth does resume in earnest, vessel supply will be that much more constrained by the growth in these other sectors, providing even more leverage to vessel-owners than what we saw in the 2022 to 2024 period. As important as these factors are, particularly in straining vessel supply and a drilling recovery, in the near term, these factors don't adequately offset the absence of additional drilling activity to provide us the ability to aggressively push up day rates.

當鑽井活動真正恢復成長時，船舶供應將受到其他行業成長的更大限制，這將為船東提供比 2022 年至 2024 年期間更大的議價能力。儘管這些因素很重要，尤其是在船舶供應緊張和鑽井活動復甦方面，但在短期內，這些因素不足以彌補鑽井活動減少，從而使我們能夠積極提高日租金。

However, we do expect this non-drilling demand to help us retain our utilization in day rates next year. To the extent drilling activity comes in a bit stronger than what we are guiding today, we would expect some additional benefit to our 2026 financial performance. We continue to believe that tight vessel supply will remain a tailwind for the sector and that the structural limitations that impact new build investment decisions will limit any significant new build vessel programs for the foreseeable future.

不過，我們預期這種非鑽探需求將有助於我們明年維持日租金的使用率。如果鑽井活動比我們今天預測的要強一些，我們預計這將對我們 2026 年的財務表現帶來一些額外的好處。我們仍然認為船舶供應緊張將繼續成為該行業的利好因素，而影響新造船投資決策的結構性限制將在可預見的未來限制任何重要的新造船計劃。

In summary, we are pleased with the cash flow that our business is generating. We are optimistic about the long-term outlook for the offshore vessel industry and remain exceptionally well positioned to drive earnings and free cash flow generation over the coming years. Additionally, we are in the fortunate position of having a significant amount of capital to deploy, and we remain committed to deploying this capital to its highest and best use for our shareholders. And with that, let me turn the call back over to Wes for additional commentary and our financial outlook.

總而言之，我們對公司目前產生的現金流感到滿意。我們對海上船舶行業的長期前景持樂觀態度，並保持著非常有利的地位，可以在未來幾年推動盈利和自由現金流的成長。此外，我們很幸運地擁有大量可供調配的資金，我們將繼續致力於將這些資金用於對股東最有利、最有價值的用途。那麼，接下來我將把電話轉回給韋斯，請他補充評論並展望我們的財務前景。

Thank you, Quintin. At the end of the third-quarter, we had $500 million of share repurchase authorization outstanding. Our share repurchase capacity is a function of the refinancing that we completed during the third-quarter of 2025. Under the bonds, we are unlimited in our ability to return capital to shareholders, provided our net debt to EBITDA is less than 1.25 times pro forma for any share repurchase. Under the new revolving credit facility, we are also limited in our ability to repurchase shares provided that net debt to EBITDA does not exceed one time.

謝謝你，昆廷。第三季末，我們還有 5 億美元的股票回購授權尚未執行。我們的股票回購能力取決於我們在 2025 年第三季完成的再融資。根據債券條款，只要我們的淨債務與 EBITDA 的比率（按備考計算，不計入任何股份回購）低於 1.25 倍，我們就有無限的資本返還給股東的能力。根據新的循環信貸安排，我們回購股票的能力也受到限制，前提是淨債務與 EBITDA 的比率不超過 1 倍。

Under the revolving credit facility metric, to the extent that we exceed one time net leverage, we still retain the flexibility to continue returns to shareholders, provides a free cash flow generation as in excess of cumulative returns to shareholders.

根據循環信貸額度指標，即使我們的淨槓桿率超過一次，我們仍然保留繼續向股東提供回報的靈活性，並且產生的自由現金流超過股東的累積回報。

Our net debt-to-EBITDA ratio at the end of the third-quarter was 0.4 one times. Specific discussions of these limitations can be found in the respective agreements filed with the SEC. Our philosophical approach to leverage remains consistent. Whether it be for M&A or share repurchases, our litmus test is that so long as we can return to net debt zero in about six quarters, we are comfortable to proceed with a given outlay of capital.

第三季末，我們的淨負債與 EBITDA 比率為 0.4 倍。有關這些限制的具體討論可以在提交給美國證券交易委員會的相應協議中找到。我們運用槓桿的概念始終如一。無論是併購或股票回購，我們的試金石是，只要我們能在大約六個季度內恢復淨債務為零，我們就願意進行既定的資本支出。

From time to time, we may exceed this threshold only for M&A depending on the visibility and durability of the acquired cash flows, but this is our general approach. (technical difficulty) is important to keep in mind as we navigate the opportunities before us and also informs how we evaluate a combination of M&A and share repurchase. Our intention is not to use leverage for leverage's sake, but rather to efficiently deploy capital while maintaining the strength of our balance sheet. We remain opportunistic on share repurchases, and we'll look to execute share repurchase transactions when suitable M&A targets are not available.

我們有時會根據被收購現金流的可見性和可持續性，在併購交易中突破這一門檻，但這始終是我們的一般做法。 （技術難度）在我們把握機會時至關重要，它也影響我們對併購和股票回購組合的評估。我們的目的不是為了槓桿而槓桿，而是為了在保持資產負債表穩健的同時，有效地部署資本。我們仍將伺機回購股票，當沒有合適的併購目標時，我們將尋求執行股票回購交易。

Turning to our leading-edge day rates, I will reference the data that was posted in our investor materials yesterday. Probably, our weighted average leading-edge day rate for the fleet was down marginally in the third-quarter compared to the second-quarter, primarily a function of our midsize PSVs in West Africa and larger PSVs in the North Sea. Rates for these vessels were resilient elsewhere around the world. We did see a nice uplift in our largest class of anchor handlers with contracts in Africa and the Mediterranean and a bit of the movement up in our smallest PSVs.

關於我們領先的日利率，我將參考昨天在我們投資者資料中發布的數據。可能由於我們在西非的中型平台供應船和在北海的大型平台供應船，我們船隊第三季的加權平均領先日租金略有下降。這些船隻在世界其他地區的運價表現堅挺。我們看到，在非洲和地中海地區簽訂合約的最大型錨泊作業船的數量有所增加，最小型PSV的數量也有所增加。

During the quarter, we entered into the 34 term contracts with an average duration of seven months as we look to a strengthening market as we progress into the back half of 2026. Turning to our financial outlook, for the remainder of 2025, we are narrowing our full year revenue guidance to $1.33 billion to $1.35 billion and a full year gross margin range of 49% to 50%.

本季度，我們簽訂了 34 份期限合同，平均期限為 7 個月，因為我們期待在 2026 年下半年市場走強。展望財務前景，對於 2025 年剩餘時間，我們將全年營收預期收窄至 13.3 億美元至 13.5 億美元，全年毛利率範圍為 49% 至 50%。

We've narrowed our range for the remainder of the year, with the revenue outperformance in the third-quarter bringing up the low end of the range, and we've lowered the high end of the range due to a few projects ending earlier than anticipated in the Americas and as we expect a bit more idle time in West Africa as we close out the year. We now expect utilization to be roughly flat sequentially as the benefit we expected from lower dry docks is now offset by the lighter-than-anticipated activity I just mentioned. The midpoint of our revenue guidance range is approximately 99% supported by year-to-date revenue plus firm backlog and options for the remainder of the year.

我們縮小了今年剩餘時間的預期範圍，第三季度營收超出預期，拉低了預期範圍的下限；同時，由於美洲的一些項目提前結束，以及我們預計西非地區在年底會有一些閒置時間，我們也降低了預期範圍的上限。我們現在預計利用率將大致保持平穩，因為我們預期從乾船塢減少中獲得的收益現在被我剛才提到的低於預期的活動所抵消。我們營收預期範圍的中點約為 99%，這得益於年初至今的營收、已確定的訂單積壓以及今年剩餘時間的選擇權。

Turning to the 2026 outlook. We are initiating a full year 2026 revenue range of $1.32 billion to $1.37 billion and a full year 2026 gross margin range of 48% to 50%. We anticipate a relatively consistent quarterly cadence of revenue generation and margin profile throughout the year. Our expectation is for a relatively even year with the potential for uplift depending on the strength of drilling activity picking up towards the end of the year.

接下來展望2026年。我們預計 2026 年全年營收範圍為 13.2 億美元至 13.7 億美元，2026 年全年毛利率範圍為 48% 至 50%。我們預計全年營收和利潤率將保持相對穩定的季度節奏。我們預計今年整體情況相對平穩，但隨著年底鑽井活動的增加，可能會出現成長。

Our firm backlog and options represent $316 million of revenue for the remainder of 2025. Approximately 78% of available days for the remainder of the year captured and firm backlog and options with our larger and midsized classes of vessels retaining slightly more availability to pursue incremental work as compared to our smaller vessel classes.

我們目前的積壓訂單和選擇權訂單在 2025 年剩餘時間內將帶來 3.16 億美元的收入。今年剩餘時間的可用天數中，約有 78% 已被預訂，並且我們的大型和中型船舶擁有穩定的積壓訂單和選擇權，與小型船舶相比，它們在承接增量工作方面保留了更多的可用性。

Looking to 2026, our firm backlog and options represent $925 million of revenue for the full year, representing approximately 69% of the midpoint of our 2026 revenue guidance. Approximately 57% of available days for 2026 are captured in firm backlog and options. Our full year revenue guidance assumes utilization of approximately 80%, providing us with 11% of capacity to be chartered if the market tightens quicker than we're anticipating.

展望 2026 年，我們目前的積壓訂單和選擇權訂單全年收入為 9.25 億美元，約占我們 2026 年營收預期中位數的 69%。2026 年可用天數的約 57% 已被確定的積壓訂單和選擇權所佔據。我們全年的收入預期是基於約 80% 的利用率，這意味著如果市場收緊速度比我們預期的更快，我們將有 11% 的運力可供租用。

Our largest class of PSVs retain the most opportunity for incremental work followed by our midsized anchor handlers and small and mid-sized PSVs largest anchor handlers. Contract cover is higher in the earlier part of the year with more opportunity available later in the year. The bigger risk to our backlog revenue is unanticipated downtime due to unplanned maintenance and incremental time on drydocks. With that, I'll turn the call over to Piers for an overview of the commercial landscape.

我們最大的PSV船型擁有最多的增量工作機會，其次是中型錨作船，然後是小型和中型PSV船型，最後是最大的錨作船。年初的合約覆蓋率較高，而下半年則有更多機會。對我們積壓訂單收入更大的風險是由於計劃外維護和船塢維修時間延長而導致的意外停機。接下來，我將把電話交給皮爾斯，讓他概述一下商業狀況。

Thank you, Wes, and good morning, everyone. First off, as both Quintin and Wes have mentioned, our overall long-term outlook for the offshore space remains very positive for the OSV market. And while we have some thought term headwinds to navigate through, our and the industry's expectations are that as we get to this time next year, we will start to see that expected uptick in drilling demand that everyone has been so vocal about, which led on to the record EPCI backlog should bode well for other three day rates in the latter half of 2026 and into 2027.

謝謝你，韋斯，大家早安。首先，正如昆廷和韋斯都提到的那樣，我們對海上空間的整體長期前景，尤其是對海上支援船市場而言，仍然非常樂觀。儘管我們還有一些短期不利因素需要克服，但我們和業界的預期是，到明年這個時候，我們將開始看到大家一直熱議的鑽井需求預期回升，這導致了創紀錄的 EPCI 積壓訂單，這對 2026 年下半年和 2027 年的其他三天費率來說應該是一個好兆頭。

OSV supply growth is expected to remain very moderate, supporting market dynamics overall with the OSV order book of 134 units according to Clarke's research, still representing roughly 3% of the current fleet, reflecting limited capacity for supply growth. New building activity in the OSV space continues to be subdued, and we see no signs of significant new supply entering the market in the foreseeable future.

預計 OSV 供應成長將保持非常溫和的水平，從而支撐整體市場動態。根據 Clarke 的研究，OSV 訂單量為 134 艘，仍約佔目前船隊的 3%，反映出供應成長能力有限。海上支援船 (OSV) 領域的新造船活動仍然低迷，在可預見的未來，我們看不到任何大量新供應進入市場的跡象。

Turning to our regions and starting with Europe. We saw continued pressure on day rates, mainly in the UK However, utilization across the whole region compared favorably to previous quarters as our teams work hard to keep the boats working in the UK, Med, and Norway.

接下來，我們來看看各個地區的情況，首先從歐洲開始。我們看到日租金持續承壓，主要集中在英國。然而，由於我們的團隊努力確保船隻在英國、地中海和挪威正常運營，整個地區的使用率與前幾季相比有所改善。

Uncertainty over the UK energy profits levy remains. However, market chatter suggests that the UK government may soften its approach to the next budget on the 26 of November, which, if this happens, will be an unexpected shot in the arm for the region as we go into 2026.

英國能源利潤稅的前景仍不明朗。然而，市場傳言稱，英國政府可能會在 11 月 26 日的下一份預算案中軟化其立場，如果這種情況發生，這將為該地區在進入 2026 年之際注入一劑意想不到的強心針。

The longer-term outlook for both Norway and the Med remains positive, with our teams now working on several multi tenders all to start during 2026. Any awards, however, are not expected until the early part of next year, with much of the work kicking off in the latter half of Q2 2026.

挪威和地中海地區的長期前景仍然樂觀，我們的團隊目前正在進行多個多方招標項目，所有這些項目都將於 2026 年啟動。不過，預計要到明年年初才會頒發任何獎項，大部分工作將於 2026 年第二季下半年開始。

In Africa, we continue to see pressure on day rates, which as we mentioned last quarter, was in part because of the slowdown in drilling in Namibia, where we've been very active over the last six or seven quarters, supporting operations with our largest 900 square meter class of PSV. We've anticipated a slowdown in drilling. The team has been focused on winning work elsewhere in the world, and we can expect to see a few vessel movements out of Africa over the next few quarters as we mitigate against some of the expected softness in the first half of 2026.

在非洲，我們繼續看到日租金面臨壓力，正如我們上個季度提到的，部分原因是納米比亞的鑽井活動放緩，而我們在過去六七個季度裡一直非常活躍，用我們最大的 900 平方米級 PSV 為納米比亞的作業提供支持。我們預料到鑽井活動會放緩。團隊一直專注於在世界其他地方贏得工作，我們可以預期在接下來的幾個季度裡，會有一些船隻從非洲出發，以緩解 2026 年上半年預期出現的疲軟局面。

Longer term, we still remain very bullish for the region with recent announcements of Total lifting force majeure in Mozambique, Shell and Maine returning to Angola after a 20-year absence to restart deepwater exploration with all the Orange Basis to still be developed, we remain very confident that the region will bounce back very quickly once all these pieces fall into place.

從長遠來看，我們仍然非常看好該地區。最近，道達爾宣布解除在莫三比克的不可抗力，殼牌和緬因州在闊別安哥拉 20 年後重返安哥拉重啟深水勘探，加上奧蘭治盆地仍有待開發，我們仍然非常有信心，一旦所有這些條件都到位，該地區將迅速復蘇。

In the Middle East, vessel demand and day rates continued to strengthen in the quarter, driven mainly by the EPCI contractors operating in the Kingdom as well as additional incremental demand in Qatar and Abu Dhabi. As we have mentioned previously, this is a very fragmented market to make it much harder to drive rates aggressively. However, we continue to see supply constraints in certain vessel classes. And as demand has been increasing, the team has been doing a great job pushing day rates during 2025.

在中東，船舶需求和日租金在本季度繼續走強，這主要得益於在沙烏地阿拉伯王國營運的 EPCI 承包商以及卡達和阿布達比的額外增量需求。正如我們之前提到的，這是一個非常分散的市場，這使得積極推動利率上漲變得更加困難。然而，我們仍然看到某些船型的供應受到限制。隨著需求不斷增長，該團隊在 2025 年推動日租金上漲方面做得非常出色。

And with no significant slowdown in demand in sight, we expect day rate momentum to continue into 2026 and beyond, especially with the recent news that Saudi Aramco plans to start reactivating some of the rigs that they have suspended last year. In the Americas, we had a solid quarter with day rate and utilization improvement primarily came from our operations in the Caribbean and Brazil, the Gulf of America and Mexico, both continuing to be flat demand.

由於需求沒有明顯放緩的跡象，我們預計日租金的成長動能將持續到 2026 年及以後，尤其是最近有消息指出沙烏地阿美計畫重新啟用去年暫停的一些鑽井平台。在美洲，我們本季業績穩健，每日租金和利用率的提高主要得益於我們在加勒比海和巴西、美洲灣和墨西哥的業務，而這些地區的需求仍然保持穩定。

Brazil or Petrobras specifically, is likely to face some short-term headwinds in 2026 as the NOC is rethinking its offshore logistics model and financial strategy as Brazil enters into an election year in 2026. Longer term, we don't expect any slowdown in drilling or production demand in Brazil. However, we may see some Petrobras specific projects moving to the right as the politics around the election or start times close to the end of 2026 or even the beginning of 2027. Lastly, in Asia Pacific, Q3 saw a solid jump in both day rate and utilization as projects in both Australia and Asia continue on from Q2.

巴西或巴西石油公司（Petrobras）可能會在 2026 年面臨一些短期不利因素，因為隨著巴西在 2026 年進入選舉年，這家國家石油公司正在重新思考其海上物流模式和財務策略。從長遠來看，我們預計巴西的鑽探或生產需求不會放緩。然而，隨著選舉前後政治局勢的變化，我們可能會看到一些巴西石油公司的特定項目向右傾斜，或者項目啟動時間接近 2026 年底甚至 2027 年初。最後，亞太地區第三季日租金和利用率均大幅成長，因為澳洲和亞洲的專案都延續了第二季的進度。

We have seen some pressure unnecessarily in our view in Australia on day rates with competitors. More broadly in the region, day rates for our larger class of vessels have held up well. And looking out into 2026, we see some positive signs of various drilling projects coming back to the region from Q2 onwards after a bit of a hiatus during the majority of 2025 caught by various political machinations in certain areas.

我們看到，在澳大利亞，競爭對手在每日租金方面施加了一些不必要的壓力。更廣泛地說，該地區大型船舶的日租金一直保持良好。展望 2026 年，我們看到一些積極的跡象，表明在 2025 年大部分時間裡，由於某些地區的各種政治陰謀而暫停之後，從第二季度開始，各種鑽探項目將重返該地區。

Overall, we're very pleased with how Q3 has turned out and how our teams are focused on delivering strong results even with the short-term whitespace headwinds to content. So even with a short-term headwind, we remain very optimistic on the long-term fundamentals for our business, still being very much in the shipowners favor for some time to come. And with that, I'll hand it over to Sam.

總的來說，我們對第三季的業績非常滿意，我們的團隊即使在短期內容市場面臨不利因素的情況下，也依然專注於取得強勁的成果。因此，即使短期內面臨不利因素，我們仍然對公司業務的長期基本面非常樂觀，在未來一段時間內，我們仍然會非常有利於船東。然後，我就把它交給薩姆了。

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 sequential quarterly comparisons of the third-quarter of '25 compared to the second-quarter of 2025, including operational aspects that affected the third-quarter.

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。我的討論將主要集中在 2025 年第三季與 2025 年第二季的季度環比比較上，包括影響第三季的營運面向。

As noted in our press release filed yesterday, we reported a net loss of $806,000 for the quarter or $0.02 per share. Included in the net loss was a $27.1 million charge related to the early extinguishment of our debt, which will be discussed later.

正如我們昨天發布的新聞稿中所述，我們報告本季淨虧損 806,000 美元，即每股虧損 0.02 美元。淨虧損中包含一筆與提前償還債務相關的 2,710 萬美元費用，稍後將對此進行討論。

For the third-quarter, we generated revenue of $341.1 million compared to $340.4 million in the second-quarter, essentially flat quarter-over-quarter, but about 4% higher than our expectation. Third-quarter average day rates of $22,079 were 2% lower versus the second-quarter. We saw a nice increase in active utilization from 76.4% in the second-quarter to 78.5% in the third-quarter, due mainly to the decrease in idle and drydock days as we saw a lighter drydock load in the back half of the year compared to the first half of the year as expected.

第三季度，我們的營收為 3.411 億美元，而第二季度為 3.404 億美元，與上一季基本持平，但比我們的預期高出約 4%。第三季平均日租金為 22,079 美元，比第二季下降了 2%。我們看到，第三季的活躍利用率從第二季的 76.4% 穩定上升至 78.5%，這主要是由於閒置天數和乾船塢天數的減少，正如預期的那樣，下半年的乾船塢負荷比上半年有所減輕。

Gross margin in the third-quarter was $163.7 million compared to $171 million in the second-quarter. Gross margin percentage in the third-quarter was 48%, nicely above our Q3 expectation, but below our Q2 margin of 50%. The margin outperformance versus our expectation was primarily due to higher-than-expected day rates and utilization, combined with a decrease in operating costs.

第三季毛利為 1.637 億美元，而第二季為 1.71 億美元。第三季毛利率為 48%，遠高於我們對第三季的預期，但低於第二季的 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，以及營運成本的下降。

Lower operating costs were driven primarily by lower crew salaries and travel costs combined with lower supply to consumables expense due to fewer idle and repair days, offset somewhat by higher R&M expense. The margin decrease versus Q2 was due to an increase in operating costs. Operating costs for the third-quarter were $177.4 million compared to $170.5 million in Q2. The increase in costs is due primarily to an increase in salaries and travel, R&M and consumables with continuing FX impacts also contributing.

營運成本降低主要是由於船員工資和差旅費用降低，以及由於閒置和維修天數減少而導致的消耗品供應費用降低，但維修保養費用較高在一定程度上抵消了這些降低。與第二季相比，利潤率下降是由於營運成本增加所致。第三季的營運成本為 1.774 億美元，而第二季為 1.705 億美元。成本增加主要是由於工資、差旅、維修和耗材費用增加，持續的匯率波動也造成了影響。

Adjusted EBITDA was $137.9 million in the third-quarter compared to $163 million in the second-quarter. The decrease is due to the previously mentioned lower gross margin as well as a sequential lower FX gain. G&A expense for the third-quarter was $35.3 million, $4 million higher than the second-quarter due to an increase in professional fees. We are projecting G&A expense to be about $126 million for 2025, which includes about $14.4 million of noncash stock-based compensation. For 2026, we are projecting our G&A cost to be about $122 million, which includes approximately $13.4 million of noncash stock-based compensation.

第三季調整後 EBITDA 為 1.379 億美元，而第二季為 1.63 億美元。下降的原因是前面提到的毛利率下降以及外匯收益環比下降。第三季一般及行政費用為 3,530 萬美元，比第二季高出 400 萬美元，原因是專業服務費增加。我們預計 2025 年的一般及行政費用約為 1.26 億美元，其中包括約 1,440 萬美元的非現金股票補償。預計 2026 年的 G&A 費用約為 1.22 億美元，其中包括約 1,340 萬美元的非現金股票補償。

We conduct our business through five operating segments. I refer to the tables in the press release and segment footnotes and results of operations discussions in the 10-Q for details of our segment results. In the third-quarter, as mentioned, we saw overall revenues decreased slightly sequentially. However, results vary by segment with our APAC, Middle East and Americas revenue increasing. These increases were offset by decreases in Europe, the Mediterranean and African regions.

我們的業務透過五個營運部門開展。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 表格中的分部腳註和經營業績討論。如前所述，第三季整體營收較上季略有下降。然而，各細分市場的表現有所不同，亞太、中東和美洲地區的營收均有所成長。這些成長被歐洲、地中海和非洲地區的下降所抵消。

Gross margin versus the previous quarter increased in four of our five regions, with our Europe and Mediterranean region seeing a decrease of about 12-percentage-points. The increase in the Middle East region was due to increases in average day rates and utilization while operating expense was essentially flat versus Q2. The increase in the Americas region was due to increases in average day rates and utilization, offset by a 2% increase in operating expenses.

與上一季相比，我們五個地區中有四個地區的毛利率有所增長，而歐洲和地中海地區的毛利率下降了約 12 個百分點。中東地區的成長是由於平均日租金和利用率的提高，而營運支出與第二季相比基本持平。美洲地區的成長是由於平均日租金和利用率的提高，但被營運費用 2% 的成長所抵消。

Improvement in utilization was primarily due to fewer drydock, idle and mobilization days. The increase in the APAC region was primarily due to a 7-point increase in utilization and a 5% increase in average day rates, offset by higher operating costs, primarily driven by higher salaries due to movement of some Southeast Asia vessels into Australia.

利用率的提高主要歸功於乾船塢維修、閒置和動員天數的減少。亞太地區的成長主要是由於利用率提高了 7 個百分點，平均日租金上漲了 5%，但被更高的營運成本所抵消，而更高的營運成本主要是由於一些東南亞船舶轉移到澳洲導致工資上漲。

The increase in utilization was primarily due to lower idle and repair dates. Africa's gross margin percentage was marginally higher versus the previous quarter, and the decrease in our Europe and Mediterranean region was driven by an 11% decrease in day rates combined with a 6-percentage-point decline in utilization as well as an increase in operating costs. The cost increase was primarily due to higher R&M and higher fuel expense due to lower utilization. The decrease in utilization was due to higher drydock and repair days as well as an overall weaker spot market compared to a very strong Q2.

利用率的提高主要是由於閒置時間和維修天數的減少。與上一季相比，非洲的毛利率略有上升，而歐洲和地中海地區的毛利率下降是由於日租金下降了 11%，利用率下降了 6 個百分點，以及營運成本增加所致。成本增加主要是因為維修保養費用增加以及利用率降低導致燃料費用增加。利用率下降的原因是乾船塢和維修天數增加，以及與非常強勁的第二季相比，現貨市場整體疲軟。

We generated $82.7 million in free cash flow this quarter compared to $97.5 million in Q2. The free cash flow decrease quarter-over-quarter was primarily attributable to lower cash flow from operating activities and lower cash proceeds from asset sales. For a while now, I have mentioned that we had received -- we had not received payment from our primary customer in Mexico.

本季我們產生了 8,270 萬美元的自由現金流，而第二季為 9,750 萬美元。自由現金流環比下降的主要原因是經營活動產生的現金流量減少以及資產出售所得現金減少。我之前提到過，我們還沒有收到——我們沒有收到我們在墨西哥的主要客戶的付款。

Although we did not receive payment from them prior to the end of the third-quarter, subsequent to the quarter end, we did receive a payment of $7.4 million, and we expect to receive additional amounts prior to year-end. Our outstanding AR balance at the end of September before the payment was made, represented approximately 17% of our total AR and other receivables.

雖然我們在第三季末之前沒有收到他們的付款，但在季度末之後，我們收到了 740 萬美元的付款，我們預計在年底之前還會收到額外的款項。截至 9 月底付款前，我們的未結應收帳款餘額約占我們應收帳款及其他應收款項總額的 17%。

We will continue to monitor and assess the situation closely. As we communicated on our previous call, we successfully refinanced our three previous secured and unsecured debt instruments to a single longer tenured unsecured structure, and we also entered into a senior secured five-year credit agreement, which provides for a $250 million revolving credit facility, a $225 million increase over previous revolving credit.

我們將繼續密切關注和評估情況。正如我們在上一次電話會議中溝通的那樣，我們已成功將之前的三個有擔保和無擔保債務工具重新融資為一個期限更長的無擔保結構，並且我們還簽訂了一項五年期高級擔保信貸協議，該協議提供了 2.5 億美元的循環信貸額度，比之前的循環信貸額度增加了 2.25 億美元。

As part of the refinancing, we recognized a charge of $27.1 million or about $0.55 per share related to the early extinguishment of previous debt instruments. As a result of our new debt structure, we will only have small debt repayments that are related to the financing of recently constructed smaller accrued transport vessels. We have no payments until 2030 on our new unsecured notes.

作為再融資的一部分，我們確認了一筆 2,710 萬美元或每股約 0.55 美元的費用，與提前償還先前的債務工具有關。由於我們採用了新的債務結構，我們將只需要償還與近期建造的小型應計運輸船舶的融資相關的少量債務。我們新的無擔保債券在 2030 年之前無需支付任何款項。

We incurred $17.6 million in deferred drydock costs in Q3 compared to $23.7 million in the second-quarter. In the quarter, we had 943 drydock days that affected utilization by about 5-percentage-points. For the year, we're projecting drydock costs to be about $105 million, which is down about $2 million from a prior call. The decrease is due to the net effect of changes in timing of our various 2025 projects with some pushed to 2026. In addition, we see savings generated from projects completed for the remainder of the year.

第三季我們產生了 1,760 萬美元的遞延幹船塢費用，而第二季為 2,370 萬美元。本季度，我們有 943 個乾船塢日，影響了產能利用率約 5 個百分點。我們預計今年的乾船塢費用約為 1.05 億美元，比先前的預測減少了約 200 萬美元。下降是由於我們 2025 年各個項目的時間表發生變化，其中一些項目推遲到 2026 年所致。此外，我們還可以看到今年剩餘時間內完成的專案所帶來的節省。

For 2026, we are projecting drydock costs to be $124 million. Included in that number is $21 million in engine overhauls and $7 million of carryover projects from 2025. We are expecting drydock days to affect utilization by 6-percentage-points. In Q3, we incurred $5.1 million of capital expenditures related to ballast water treatment installations, DP system upgrades, and various IT upgrades. In addition, we exercised an option to purchase a vessel that we have been operating in our fleet for the past several years under variable leases.

我們預計 2026 年乾船塢費用將達到 1.24 億美元。該數字包括 2,100 萬美元的引擎大修費用和 700 萬美元從 2025 年結轉的專案費用。我們預計乾船塢維修天數將使產能利用率下降 6 個百分點。第三季度，我們產生了 510 萬美元的資本支出，用於壓載水處理裝置、DP 系統升級和各種 IT 升級。此外，我們還行使了購買權，購買了我們船隊中一艘過去幾年一直以浮動租賃方式運營的船舶。

This purchase option was significantly below market value and allows us to keep a high-quality young vessel in our own operated fleet. The purchase option is reflected in the financing section of the cash flow statement. For the full year, we project capital expenditures of about $30 million, which is down $7 million from our previous forecast.

此次購買價格遠低於市價，使我們能夠在自有船隊中保留一艘高品質的年輕船舶。購買選擇權反映在現金流量表的融資部分。我們預計全年資本支出約為 3000 萬美元，比我們先前的預測減少了 700 萬美元。

Similar to our drydock projects, the cost savings are due to timing of projects that will be done during drydock deferred to next year. For 2026, we are projecting capital expenditures to be approximately $36 million, which includes the $7 million carryover in 2025. In addition to this year, we have two other vessels under leasing arrangement that we intend to purchase in 2026 for approximately $24 million.

與我們的乾船塢專案類似，成本節省是由於將原本在幹船塢期間進行的專案推遲到明年進行。預計 2026 年資本支出約為 3,600 萬美元，其中包括 2025 年結轉的 700 萬美元。除了今年，我們還有兩艘租賃船舶，我們計劃在 2026 年以大約 2,400 萬美元的價格購買它們。

In summary, Q3 was another strong quarter from an operations and execution standpoint. We delivered both strong financial results and free cash flow. Our balance sheet is in an excellent position, and we are well positioned to continue to drive earnings and generate meaningful free cash flow in the future. Industry long-term fundamentals remain very strong, and we remain very optimistic about the opportunities that lie ahead for Tidewater.

總而言之，從營運和執行的角度來看，第三季又是一個表現強勁的季度。我們實現了強勁的財務業績和自由現金流。我們的資產負債表狀況良好，我們有能力在未來繼續推動獲利成長並產生可觀的自由現金流。產業長期基本面依然非常強勁，我們對 Tidewater 未來的發展機會依然非常樂觀。

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

接下來，我將把電話交給昆廷。

Thank you, Sam. Liz, would you please open it up for questions.

謝謝你，山姆。莉茲，請你開放提問環節好嗎？

(Operator Instructions)

（操作說明）

Tim Lawson, Raymond James.

提姆·勞森，雷蒙德·詹姆斯。

Quintin, if I kind of take some of your comments around how the market is shaping up at this stage for '26, I'm curious your thoughts on -- it seems like the production support end of the business is steady to growing with your comments about FPSOs kind of over the coming years. The construction market has been steady to strong, and really, it's been the rig market that's kind of been a differentiation between you guys having the pricing leverage you had before and not.

Quintin，如果我理解你對 2026 年市場現狀的一些評論，我很想知道你對以下方面的看法——根據你對 FPSO 的評論，未來幾年生產支援業務似乎將穩步增長。建築市場一直保持穩定強勁，而真正讓你們失去之前的價格優勢的，是鑽井平台市場。

And I'm curious, as that starts to return, but you're seeing the production support market continue to grow, do we need to get back to the same rig levels we were at the peak in '24 to get your pricing back? Or does that actually come a bit sooner because you've soaked up some capacity into the production market since then, do you think?

我很好奇，隨著這種情況開始恢復，而且您看到生產支援市場持續增長，我們是否需要回到 2024 年的峰值水平才能使您的價格恢復正常？或者，你認為這實際上會提前一些到來，因為從那時起你已經吸收了一些生產市場的產能？

Jim, thanks for the question. And I think you've summed up really well. No. Because of the increasing activity in both FPSOs and EPCI and subsea broadly, I would expect that we would get there sooner. So -- and there's also been vessel attrition over the intervening two years that I think will help us get there sooner regardless.

吉姆，謝謝你的提問。我覺得你總結得非常好。不。由於 FPSO、EPCI 和整個海底工程領域的活動日益頻繁，我預計我們會更快實現這一目標。所以——而且在過去的兩年裡，船隻也出現了損耗，我認為這無論如何都會幫助我們更快地達到目標。

But no, I would love to see the drilling activity get back to where it was in '24 because I think that's going to give us the ability to push day rates again at that $3,000 and $4,000 a day per year level, which is really what we need in this industry to get back to earning our cost of capital. We need a couple of years of that.

不，我非常希望看到鑽井活動恢復到 2024 年的水平，因為我認為這將使我們能夠再次將日租金推高到每年 3000 至 4000 美元的水平，而這正是我們這個行業真正需要的，才能重新收回我們的資本成本。我們需要幾年時間才能達到那個階段。

Right. Okay. That's helpful. And that's what I figured. And then if I read between the lines and some of your comments, you talked about capital, where capital flows between buybacks, between M&A potential. And obviously, this quarter, you guys built a lot of cash and didn't buy back anything, and you didn't really buy anything, but I'm assuming kind of the way you operate that the lack of share repurchases in this quarter maybe suggest that you're at least looking at some M&A opportunities that you're kind of holding some dry powder for.

正確的。好的。那很有幫助。我猜也是這樣。然後，如果我理解了你的一些評論背後的含義，你談到了資本，資本在回購和併購潛力之間流動。顯然，本季你們累積了大量現金，但既沒有回購任何股票，也沒有真正進行任何收購。但我推測，根據你們的營運方式，本季缺乏股票回購可能表示你們至少在考慮一些併購機會，並為此儲備了一些資金。

Not that I expect you to tell me who you're buying, when that's happening or anything like that, but I'm just curious, is that an accurate read that at least you're pursuing some things that could happen, and maybe that's why you didn't do any share repurchases this quarter?

我並不是想讓你告訴我你在買誰的股票，什麼時候買等等，但我只是好奇，你至少在關註一些可能發生的事情，這種解讀是否準確？也許這就是你本季沒有進行任何股票回購的原因？

Jim, a very thoughtful and a great question. Allow me to say that we had material nonpublic information during the quarter, but I just have to leave it at that.

吉姆，你問了一個很有見地的好問題。請允許我說明，本季度我們掌握了一些重要的非公開信息，但我只能說到這裡了。

Fredrik Stene, Carson Securities.

Fredrik Stene，Carson Securities。

I wanted to dive a bit into the guidance for 2026. And I must say that I was a bit surprised that you gave it during the third-quarter since you gave it out the fourth-quarter for last year, but clearly positive to see that you have confidence enough in next year to guide at this point.

我想深入探討 2026 年的指導方針。我必須說，我有點驚訝您在第三季度就發布了業績報告，因為去年您是在第四季度發布的，但顯然很高興看到您對明年有足夠的信心，並在這個時候發布業績報告。

With that as the preface, I wanted to ask if you could, call it, help me with a bit of granularity when it comes to which regions would be caused more exposed to open capacity, which regions are well covered, et cetera, when we think about this 69% midpoint revenue number that you gave, Wes, under 57% of available days that were booked. Is there any sort of regional discrepancies going into next year, some regions to watch closer when we try to assess whether or not you'll hit that guidance or even outperform?

以此為引子，我想請教您，能否幫我更具體地分析一下，哪些地區更容易受到開放容量的影響，哪些地區覆蓋良好等等，因為我們考慮的是您給出的 69% 的中點收入數字，而可用天數的預訂率低於 57%，Wes。明年是否存在任何區域差異？在評估貴公司能否達到甚至超越預期績效時，有哪些地區需要重點關注？

Listen, thanks for the question. I'm going to give a quick response, but then I'm going to hand it over to Wes and Piers because I've got more detail on that. But as it relates to the guidance timing, we just think it's appropriate at this point in the year to give people guidance. And if we can give people guidance at this point in the year that is somewhat firm, we're going to do it. This year, we have a little more confidence than we had last year.

謝謝你的提問。我會先簡單回答一下，然後把這個問題交給韋斯和皮爾斯，因為我還有更多細節要說明。但就發布指導意見的時機而言，我們認為在每年的這個時候向大家提供指導意見是適當的。如果在這個時間點我們能提供人們一些比較明確的指導，我們一定會這麼做。今年，我們比去年更有信心。

And I think that we could characterize this year's guidance as kind of a base case. We're hopeful to see that upside in the latter part of '26. But we are very confident that we could deliver a year in '26 that was at least as good as '25 and so we wanted to get that information out. But as to the regional breakup, let me pass it over to Piers because he's got more detailed knowledge.

我認為我們可以將今年的業績指引視為一個基準情境。我們希望在 2026 年下半年看到這種好轉勢頭。但我們非常有信心，2026 年的業績至少可以和 2025 年一樣好，所以我們想把這個訊息公佈出去。至於區域劃分方面，我還是把這個問題交給皮爾斯吧，因為他掌握更詳細的資訊。

See, Yes. So I think looking at it -- we have -- Africa has a little bit more exposure towards the second half of '26, which is not unusual when we look at into for most years. And then Asia is a little bit more on the nearer term as we go into '26 as well. There's a little bit more exposure there, which again, as I sort of mentioned, we've got a number of things we've got in the -- we're working on at the moment. So maybe that changes as we work through things. But that exposure is primarily Africa and Asia as we look out through the year. Elsewhere, we've got fairly solid coverage, I would say, as we go into 2026.

沒錯。所以我認為，從這個角度來看——我們看到——非洲在 2026 年下半年受到的影響更大一些，這在大多數年份中並不罕見。然後，隨著我們進入 2026 年，亞洲的問題也更加近期一些。那裡的曝光度稍微高一些，而且，正如我剛才提到的，我們目前正在處理一些事情。所以，隨著事情的進展，情況或許會有所改變。但展望未來一年，我們的業務主要集中在非洲和亞洲。除此之外，我認為，到 2026 年，我們的報道相當全面可靠。

All right. And just as a follow-up to that one. You're talking about 69% from firm revenues and options. Are you able to give a split there or at least give some color on whether or not it's sensible that most of those options will be exercised given whether price that?

好的。作為之前那件事的補充。你指的是公司收入和選擇權收入的 69%。您能否給出一些細分數據，或至少說明一下，考慮到價格因素，大多數選擇權是否應該被行使？

I don't have the split on further options handy at the moment. So -- but I would say we've got options, which we do have at ones, which were done a while ago. So we are very confident we'll get taken when they come.

我目前手頭上沒有其他選項的細分數據。所以——但我想說我們有一些選擇，我們確實有一些選擇，這些選擇是前段時間完成的。所以我們非常有信心，他們來的時候我們會被抓走。

Just one super quick one at the end there, which hasn't really related to any market. But in your 10-Q, you're talking about a case -- Venezuela case where you are potentially old around $80 million. And to my understanding, there's potentially a verdict by year-end. How -- is this something to care about? Is there a chance that you will be able to collect that moment if it's going in your favor?

最後還有一個非常簡短的片段，它與任何市場都無關。但在你的 10-Q 表格中，你談到了一個案例——委內瑞拉案例，你可能損失了大約 8000 萬美元。據我了解，年底前可能會有判決結果。這有什麼值得關注的？如果一切對你有利，你是否有機會抓住那個機會？

Any commentary would be super for us, more cash is obviously a positive.

任何評論對我們來說都將非常有用，資金越多當然越好。

Fredrik, this is Quintin. The timing on these types of cases is so difficult. I mean this has been going on for 12 years now. So yes, we do feel that we're getting really close. But trying to call it whether it's the end of this year or the first half of next year, I would tell you, is really difficult. I would say that most people are thinking it's going to settle in.

弗雷德里克，這位是昆廷。這類案件的時機把握非常困難。我的意思是，這件事已經持續了12年了。所以，是的，我們確實感覺我們已經非常接近目標了。但要說到底是今年底還是明年上半年，我得說，真的很難。我認為大多數人都覺得情況會逐漸穩定下來。

Joshua Jayne, Daniel Energy Partners.

Joshua Jayne，Daniel Energy Partners。

Quintin, you alluded to it a little bit in the answer to the last question, but I'm going to go ahead with that anyway about confidence level. So as we sat here a year ago, there's a lot of questions about domestic energy policy in Saudi, and we have just changed President and offshore white space. All of those went on to, I think, impact offshore activity over the course of '25.

昆汀，你在上一個問題的回答中已經稍微提到了這一點，但我還是要繼續談談自信程度的問題。所以，就像一年前我們坐在這裡一樣，沙烏地阿拉伯國內能源政策有很多問題，而且我們剛剛更換了總統，並開闢了海上空白領域。我認為，所有這些因素都對 2025 年的離岸活動產生了影響。

Do you get a sense that customers have a better sense of the playbook today and are more confident in the next 12 months, maybe more so than you were a year ago? Maybe just elaborate on that a little bit more, it would be great.

您是否感覺到客戶現在對未來的發展方向有了更清晰的了解，並且對未來 12 個月更有信心，甚至比一年前更有信心？如果能再詳細闡述一下就太好了。

I do just because we've had a year of dealing with this volatility and uncertainty, and we're getting a sense for which regions it impacts and what it doesn't. But also, we've gotten a real good view on OPEC and how they're releasing excess barrels into the market and how they're managing price expectations as they do that. So yes, I think that the operators broadly have a better sense for where they want to go and how deep they want to go in particular regions? So let me look it over to Piers. And Piers, you may have some other commentary like to add?

之所以這麼說，是因為我們已經經歷了一年的波動和不確定性，並且逐漸了解了哪些地區會受到影響，哪些地區不會受到影響。但同時，我們也對歐佩克有了非常清楚的了解，了解他們如何向市場釋放過剩的石油，以及他們如何管理價格預期。所以，是的，我認為營運商們總體上對他們想去哪裡以及想在特定地區深入到什麼程度有更清晰的認識？那我把這事交給皮爾斯看看。皮爾斯，你還有什麼要補充的嗎？

Yes, Josh. I think when we speak to our customers in a moment, they do seem to have a little more of a view as to where they think this is going to go. And you can start seeing that in some of the conversations and what we heard from the drivers in terms of second half of '26. We're seeing a lot more tenders and pre-tenders type of discussions at the moment across all of our regions. So there's definitely good undercurrent of noise coming out in terms of giving us that sort of positive outlook as we go into the second half of '26.

是的，喬希。我認為，當我們稍後與客戶交談時，他們似乎對事情的發展方向有一些更清晰的看法。從一些對話以及我們從車手那裡聽到的關於 2026 年下半年的情況來看，你可以看出這一點。目前，我們看到各個地區都出現了更多的招標和預招標類型的討論。因此，在進入 2026 年下半年之際，確實有一些正面的訊號出現，讓我們對未來充滿樂觀。

I mean you mentioned Aramco. I mean, they've already come out -- I mentioned briefly about reactivating rigs they had suspended last year. So that's a very positive sign from that side. We're seeing a lot more activity in places like the Med and obviously, Caribbean as well. So it's very positive in all the conversations were happening at the moment.

我的意思是，你提到了沙特阿美。我的意思是，他們已經出來了——我之前簡要提到他們正在重新啟用去年暫停的鑽井平台。所以從那方面來看，這是一個非常正面的訊號。我們看到地中海地區以及加勒比海地區等地的活動明顯增加。所以目前所有對話的氣氛都非常正面。

So yes, I mean the customer has seen -- they seem to have plans in place and they're starting to move on those plans, which I think is a positive sign for us.

是的，我的意思是客戶已經看到了——他們似乎已經制定了計劃，並且開始著手實施這些計劃，我認為這對我們來說是一個積極的信號。

And then you talked about the 34 contracts that were signed over the course of the quarter for an average term of seven months. The general consensus view has been, we do see some uptick in rig activity in the second half of 2026. And just when I think about the timing, is that intentional on your part? Or is the duration of those contracts? Or is that just sort of where the market is today, what customers are willing to sign? Maybe just speak to that a little bit more?

然後您談到了本季度簽訂的 34 份合同，平均期限為 7 個月。普遍的共識是，我們預計 2026 年下半年鑽井活動將會增加。就在我思考時機的時候，我想問，這是你有意為之嗎？還是指這些合約的期限？還是這只是目前市場現狀，客戶願意簽約的程度？或許可以再多談談這方面？

It's really sort of where the market is to them. We've-- and I think I mentioned this on the last call, when you when we've had to sort of fix some expected softness of the white space you can talk about, we've obviously been chasing a bit of utilization. So some of those contracts are just to get us through into the second half '26.

對他們來說，這其實就是市場所在。我們已經——我想我在上次通話中提到過這一點，當我們不得不解決一些預期的空白柔化問題時，我們顯然一直在追求一些利用率。所以其中一些合約只是為了讓我們能夠撐到 2026 年下半年。

And I think the thing which we're very conscious of is keeping utilization up, but at the same time, making sure we don't overcommit to longer term because we believe in this uplift in the market in the second half of '26 and into '27, and we don't want to be locking in something which we think is a little bit of subscale today. So some of the contracts we're signing now about just giving that cover and getting us into the second half of '26 is how we've sort of been focusing in terms of commercial strategy.

我認為我們非常重視的是維持產能利用率，但同時，也要確保我們不會過度承諾長期項目，因為我們相信 2026 年下半年和 2027 年市場將會回暖，我們不想鎖定一些我們認為目前規模還不夠大的項目。所以，我們現在簽署的一些合約只是為了提供保障，讓我們能夠順利進入 2026 年下半年，這就是我們在商業策略方面一直關注的重點。

And then maybe if I could just squeeze one more in. I'd love to get your thoughts on just the newbuild fleet today. You highlighted the number of vessels but then also just the ongoing attrition some has happened over the last two years. Could you just frame that against the attrition that you're expecting over the next 12 to 24 months, and your expectation if all if the number of vessels that are on order today all ultimately get built?

然後，如果我還能擠出一點時間再加一個就好了。我想聽聽您對目前新建船隊的看法。你強調了船隻的數量，但也提到了過去兩年持續發生的損耗。您能否結合未來 12 至 24 個月內預計的損耗情況，以及目前所有已訂購船舶最終都能建造完成的預期情況來解釋一下？

Josh, it's West. I'll give a little bit of view and Piers or others want to chime in, that's fine. What we've seen over the past, I guess, a couple of years now is a handful of orders from folks in different parts of the world. For the most part, these are not coming from legacy industrial participants. You see some orders from, if you will, new entries into the industry. You do have some new builds that are -- that have been ordered down in Brazil against contracts, which we think is -- makes sense, especially given the rates that those reportedly been on at.

喬希，這裡是西部。我先簡單說說我的看法，如果皮爾斯或其他人想補充，那也沒問題。在過去的兩年裡，我們看到的是來自世界各地人們的少量訂單。這些大多並非來自傳統工業參與者。你會看到一些訂單來自（如果你願意這麼說的話）行業新進者。確實有一些新的建築項目——已經根據合約在巴西下單建造，我們認為這是合理的，特別是考慮到據報道這些項目的建造價格。

But as of today, again, it's roughly 3% of the fleet across both PSVs and anchor handlers that have been ordered. Now what does that mean? That matters as it relates to net new build additions or net incremental supply. And as we look out over time, in an industry where the assets are 20- to 25-year life that would tell you every year, you'd lose roughly 4% to 5% of the fleet. It doesn't always work out as elegantly as that because not all vessels are built kind of pro rata over time. But over the course of a few years, you would expect dozens, if not more, vessels to reach that 20- to 25-year life at which point they should otherwise attrition.

但截至目前，無論是 PSV 還是錨作拖輪，已訂購的數量僅約佔船隊的 3%。那是什麼意思呢？這一點很重要，因為它關係到新增建築量或淨增量供應量。從長遠來看，在一個資產壽命為 20 至 25 年的行業中，這意味著每年大約會損失 4% 至 5% 的車隊。事情並不總是那麼順利，因為並非所有船隻都是隨著時間的推移按比例建造的。但幾年下來，預計會有幾十艘（甚至更多）船舶達到 20 至 25 年的使用壽命，而到了這個時間點，它們本應報廢。

Now if you're in an economic environment such that spending a considerable amount of money to keep a vessel going, that's possible that, that can happen, but there is a finite life for a lot of these vessels. And so what we see is less new build activity or less new build vessels on order than what attrition would tell you would lead to net new supply once these vessels start to deliver.

如果你所處的經濟環境允許你花費大量資金來維持一艘船的運營，那麼這種情況是有可能發生的，但是許多這類船隻的使用壽命都是有限的。因此，我們看到的是新造船活動減少，或新造船訂單減少，而損耗率表明，一旦這些船舶開始交付，淨新增供應量將會減少。

Now whether they ultimately deliver, I don't think there's any reason to believe they won't. If they're in a shipyard today and they're being built and they have the financing to do that, they -- presumably, they should deliver. The question is, on what time frame. A lot of these vessels haven't been built in a long time. And so there's some muscle memory that has to be put back in place at the shipyards.

至於他們最終能否兌現承諾，我認為沒有任何理由相信他們做不到。如果這些船隻今天正在造船廠建造，並且他們有足夠的資金來完成建造，那麼——按理說——他們應該能夠交付。問題是，在什麼時間範圍內。這些船隻很多都已經很久沒有建造過了。因此，造船廠需要重新建立一些肌肉記憶。

But I think it's fair to assume that they do indeed deliver. But against that attrition dynamic, in our mind, does it create a net new boat? And if it doesn't, then we're still in as good as the places we've been.

但我認為可以合理地推斷，他們確實兌現了承諾。但考慮到這種損耗動態，我們認為它能創造出一艘全新的船嗎？如果情況沒有好轉，那我們仍然和以前去過的地方一樣好。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Quentin, I realize you mentioned the non-public information around potential M&A, but beyond that, could you give us any color, like as we think about potential opportunities, clearly, you got the company as a diversified fleet, it's interesting because I think some people like anchor handlers better than PSVs. As you think about the world evolving offshore, which it clearly looks like it's going to over the next five years, do we kind of have a preference for specific asset types or, hey, we think asset prices are attractive? And if it's on the water, we want to buy it view?

昆汀，我知道你提到了有關潛在併購的非公開信息，但除此之外，你能否給我們提供一些細節，比如當我們考慮潛在機會時，很明顯，你把公司變成了一個多元化的船隊，這很有趣，因為我認為有些人更喜歡錨泊作業船而不是平台供應船。考慮到未來五年離岸領域的發展趨勢，我們是否對特定類型的資產有所偏好，或者只是因為資產價格具有吸引力？如果房子有水，我們想買的是海景房？

Greg, so I will tell you that similar to some commentary I've made in the past, we've been really focused in the Americas. And I will say that South America to us is probably more interesting than North America at this point. But vessel class, I would say, large PSVs, definitely a real preference. Medium and large anchor handlers, not the extra-large and handles, but medium to large and for sure, too. Not looking really to stretch too far out of that right now, but we could.

格雷格，所以我要告訴你，就像我過去發表的一些評論一樣，我們一直非常關注美洲市場。而且我認為，就目前而言，南美洲對我們來說可能比北美洲更有意思。但就船舶類型而言，我認為大型平台供應船絕對是我的首選。中型和大型錨鏈操作員，不是特大型和大型的，而是中型到大型的，當然也包括。目前我們並不打算走得太遠，但以後可能會。

I mean I do like the subsea market, but there's a you really need scale to get into that market appropriately. And so we'd have to really think hard about stretching further than the typical PSV (technical difficulty), but it's certainly a possibility based on the core competencies of managing vessels, managing crews, or using customers like.

我的意思是，我確實喜歡海底市場，但是要真正進入這個市場，你真的需要一定的規模。因此，我們必須認真考慮如何超越典型的PSV（技術難度），但這當然是基於船舶管理、船員管理或利用客戶等核心能力而實現的。

Okay. And I appreciate that you have -- in a market like West Africa, which is a key basin, you have -- there's a lot more medium-sized than large vessels in your fleet. But I guess any kind of color on the kind of -- what is keeping the larger vessels pricing stronger relative to the medium/small vessels. Is that mix of work? Is that scarcity of vessels? Any kind of commentary you can have around that?

好的。我很欣賞你們在西非這樣的重要市場中，擁有的中型船舶比大型船舶多得多。但我認為，任何關於大型船舶價格相對於中小型船舶保持堅挺的原因的資訊都至關重要。這是混合工作嗎？是因為船隻短缺嗎？您對此有什麼看法？

Greg, it's Piers. It's -- I think just on the larger PSVs, I think it's a combination of all those. I mean they're always go-to vessels that our customers want to get size masses if they can get it. I wouldn't say there's a little bit of a scarcity. We have some -- we have obviously a very large fleet of those vessels around the globe.

格雷格，我是皮爾斯。我認為——就大型PSV而言，我認為是所有這些因素的綜合作用。我的意思是，如果可以的話，它們總是我們的客戶想要獲得所需尺寸品質的首選容器。我不會說存在一點短缺。我們有一些——顯然，我們在全球各地擁有一支非常龐大的這類船隻船隊。

But I think when you're doing an EPCI contract or you're doing a drilling program in particular, there's definitely a need for a margin PSVs yet to put as much space on. So it definitely works to our advantage to have that fleet. You mentioned Africa. I mean, you just go through these waves occasionally where there's a little bit of a slowdown in activity. But we've been able to -- we are being able to not work out there where we can reposition some of our larger PSVs in different regions.

但我認為，當你執行 EPCI 合約或進行鑽井專案時，尤其需要一定的利潤空間，而 PSV 尚未投入如此多的空間。所以擁有這支艦隊對我們來說絕對是有利的。你提到了非洲。我的意思是，偶爾會經歷這樣的波動，活動會稍微放緩。但是我們已經能夠——我們正在能夠不在那裡開展工作，以便我們可以將我們的一些大型公共服務車輛重新部署到不同的地區。

So it gives us that option people prepared to pay to mobilize vessels to different places to support drilling and construction projects as well. So I think it's a combination of all the things that you mentioned in terms of what's allowing us to keep rates high enough, but could go higher always, of course, and that's where we're hoping to get to as we go into the next half next year, Quintin mentioned.

因此，這也為我們提供了一個選擇，即有人願意付費將船隻調動到不同的地方，以支持鑽井和建設項目。所以我認為，正是你提到的所有因素的綜合作用，才使得我們能夠保持足夠高的利率，當然，利率還可以繼續上漲，而這正是我們希望在明年下半年達到的目標，昆廷說道。

Okay. And then I guess if I am the last caller, I'll just ask one more. Around next year's guidance, I think somebody else mentioned that that was great to say, I think it kind of shows your kind of outlook on the market. But I guess I just had a couple of questions around that. One is, if we kind of think about -- I remember about, I don't know, maybe 1.5 years, you kind of -- we had some hiccups around maintenance and we've kind of been thinking about potential impacts, the utilization.

好的。如果我是最後一個打電話的人，那我就再問一個問題吧。關於明年的業績指引，我想有人也提到過，說這很好，我認為這在某種程度上展現了你對市場的看法。但我還有一些關於這方面的問題想請教。一是，如果我們仔細想想──我記得大概，我不知道，也許是1.5年前，我們遇到了一些維護方面的小問題，我們一直在思考潛在的影響，以及利用率。

I guess as we think about utilization for next year, are we kind of carrying through some cushion for those kind of always unexpected unplanned downtimes. And then just one other question, and I apologize, I was late dialing on. It seems like, myself included, everybody expects a stronger half of the back half of next year versus the front half. Any kind of view on how we think maybe the revenue shakes out in second half versus first half?

我想，當我們考慮明年的利用率時，我們是否應該預留一些緩衝時間來應對那些總是出乎意料的非計劃性停機時間？還有一個問題，很抱歉，我撥號晚了。似乎包括我在內的所有人都預期明年下半年的表現會比上半年更好。大家對下半年和上半年的收入走勢有什麼看法？

So I'll start with the first part, Greg. We -- in the prepared remarks, we said the quarterly cadence of revenue next year, we actually see to be fairly even. So it's not necessarily a back half-weighted outlook. We did say, however, to the extent drilling comes back in a little bit stronger than what we currently are able to see and that may influence the back half higher from what we've guided to. But right now, what we indicated was that the quarterly progression will be fairly even.

那我就從第一部分開始吧，格雷格。我們在事先準備好的演講稿中提到，我們預計明年的季度營收將相當穩定。所以這不一定是一種側重後半部的展望。不過我們也說過，如果鑽探結果比我們目前所看到的更強勁一些，那麼下半年的漲幅可能會高於我們先前的預期。但就目前而言，我們所表明的是，季度進展將相當穩定。

In terms of the down for repair time, as we've talked about. If you've noticed the past three quarters or so, we've continued to have better uptime performance than what we saw about 1.5 years ago, as you mentioned. And so three quarters is better than one quarter in terms of establishing a trend and seeing the fruits of the investments and all the work that have gone into the wherewithal of our vessels. And so for next year, we didn't dive into it specifically, but I do think we have a bit more confidence in the operational wherewithal of the vessels at this point in time.

至於維修停機時間，正如我們之前討論過的。正如您所提到的，如果您注意到過去三個季度左右的情況，您會發現我們的正常運行時間表現一直比大約 1.5 年前要好。因此，從建立趨勢和看到投資成果以及我們為船舶配備的所有工作所付出的努力來看，四個月的時間比一個月的時間要好。因此，對於明年，我們沒有具體深入研究，但我認為目前我們對這些船隻的運作能力更有信心了。

That competes our Q&A section. I will now turn to President and CEO and Director, for closing remarks.

我們的問答部分到此結束。現在我將請總裁兼執行長和董事作總結發言。

Liz, thank you. Thank you, everyone, and we look forward to updating you again in February. Goodbye.

莉茲，謝謝你。謝謝大家，我們期待在二月再次向大家報告最新情況。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。感謝各位的參與。您現在可以斷開連線了。