Valaris Ltd (VAL) 2025 Q1 法說會逐字稿

Good day and welcome to the Valaris. First quarter 2025 results conference call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, please signal for a conference specialist by pressing the star key followed by 0.

您好，歡迎來到 Valaris。2025 年第一季業績電話會議。今天，所有參與者都將處於僅聆聽模式。如果您在今天的通話中需要協助，請按星號鍵然後按 0 來呼叫會議專家。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press then 1 on your touchtone phone. If you would like to withdraw your question, please press 2. Please note that today's event is being recorded. I would now like to turn the conference over to Nick Georgas, Vice President, Treasurer, investor relations. Please go ahead, sir.

今天的演講結束後，將有機會提問。若要提問，您可以按按鍵電話上的 1。如果您想撤回您的問題，請按 2。請注意，今天的活動正在記錄。現在，我想將會議交給投資人關係副總裁兼財務長 Nick Georges。先生，請繼續。

Welcome everyone to the Valaris 1st quarter 2025 conference call. With me today our President and CEO Anton Dibowitz, senior Vice President and CFO Chris Weber, senior Vice President and CCO Matt Lyne and other members of our executive management team. We issued our press release, which is available on our website at valaris.com. Any comments we make today about expectations are forward-looking statements and are subject to risks and uncertainties. Many factors could cause actual results to differ materially from our expectations.

歡迎大家參加 Valaris 2025 年第一季電話會議。今天與我在一起的還有我們的總裁兼執行長 Anton Dibowitz、高級副總裁兼財務長 Chris Weber、高級副總裁兼首席商務長 Matt Lyne 以及我們執行管理團隊的其他成員。我們發布了新聞稿，可在我們的網站 valaris.com 上查閱。我們今天就預期做出的任何評論均為前瞻性陳述，受風險和不確定性影響。許多因素可能導致實際結果與我們的預期有重大差異。

Please refer to our press release and SEC filings on our website that define forward-looking statements and list risk factors and other events that could impact future results. Also, please note that the company undertakes no duty to update forward-looking statements. During this call, we will refer to GAAP and non-GAAP financial measures. Please see the press release on our website for additional information and required reconciliations. Earlier this week, we issued our most recent fleet status report which provides details on our rig fleet, including new contract awards. Now I'll turn the call over to Anton Dibowitz, President and CEO.

請參閱我們網站上的新聞稿和美國證券交易委員會 (SEC) 文件，其中定義了前瞻性陳述並列出了可能影響未來結果的風險因素和其他事件。另請注意，本公司不承擔更新前瞻性聲明的義務。在本次電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。請參閱我們網站上的新聞稿以獲取更多資訊和所需的對帳。本週早些時候，我們發布了最新的船隊狀況報告，其中提供了我們的鑽井船隊的詳細信息，包括新的合約授予。現在我將把電話轉給總裁兼執行長安東‧迪博維茨 (Anton Dibowitz)。

Thanks, Nick, and good morning and afternoon to everyone. During today's call, I'll begin with a review of our performance for the quarter and highlight some of our recent commercial successes. I'll then provide an update on the offshore drilling market before discussing our approach to contracting and prudent fleet management, which are focused on driving long term value creation for our shareholders. I'll then hand the call over to Matt, who will provide a more detailed perspective on our recently awarded contracts and the broader floater and jack up markets, along with additional color on our contracting outlook.

謝謝，尼克，大家早安，下午好。在今天的電話會議上，我將首先回顧我們本季的業績，並重點介紹我們最近的一些商業成功。然後，我將介紹海上鑽井市場的最新情況，然後討論我們的承包方法和審慎的船隊管理方法，這些方法的重點是為股東創造長期價值。然後，我將把電話交給馬特，他將對我們最近授予的合約以及更廣泛的浮動和自升式市場提供更詳細的看法，並對我們的合約前景提供更多說明。

After that, Chris will walk through our financial results and guidance, and then I'll finish with some closing remarks. To begin, I want to highlight a few key points. First, we delivered another strong quarter to start the year, continuing our track record of providing safe and efficient operations for our customers, and we generated meaningful EBITDA and free cash flow.

之後，克里斯將介紹我們的財務表現和指導，然後我將做一些結束語。首先，我想強調幾個關鍵點。首先，我們在年初又取得了強勁的業績，繼續為客戶提供安全高效的運營，並創造了有意義的 EBITDA 和自由現金流。

Second, we are successfully executing our commercial strategy by securing attractive long-term contracts for our high specification fleet. Since our last conference call just two months ago, we've added more than a billion dollars in new contract backlog, including work for drill ships offshore West Africa and across all of the major shallow water markets where our rigs operate. While macroeconomic uncertainty has increased recently, we remain actively engaged with customers for additional contracting opportunities in 2026 and beyond.

其次，我們透過為高規格船隊簽訂有吸引力的長期合同，成功執行了我們的商業策略。自兩個月前召開的上一次電話會議以來，我們增加了超過 10 億美元的新合約積壓，包括西非近海鑽井船的工作以及我們鑽井平台運營的所有主要淺水市場的工作。儘管近期宏觀經濟的不確定性有所增加，但我們仍積極與客戶合作，尋求 2026 年及以後的更多簽約機會。

Third, we continue to expect that offshore production will play a vital role in meeting the world's energy needs and will remain a core component of our customers' portfolios. Given our high-quality fleet and operational performance, we are well positioned to secure additional contracts that along with our prudent fleet management will further support our earnings and cash flow.

第三，我們繼續預期海上生產將在滿足世界能源需求方面發揮至關重要的作用，並將繼續成為我們客戶產品組合的核心組成部分。鑑於我們高品質的船隊和營運業績，我們完全有能力獲得更多合同，再加上我們審慎的船隊管理，這些合約將進一步支持我們的盈利和現金流。

Starting with operations, we delivered fleetwide revenue efficiency of 96% during the first quarter, continuing our track record of providing safe and efficient operations for our customers. This excellent operational performance translated into strong financial results with adjusted EBITDA of $181 million in the first quarter, up from $142 million in the prior quarter, and we generated $74 million of adjusted free cash flow. On the safety front, we were honored to receive the 2024 Best Safety Performance Award for jack up rigs from the IADC North Sea chapter, a great recognition of the team's commitment to safe operations.

從營運開始，我們在第一季實現了 96% 的全船隊收益效率，延續了為客戶提供安全高效營運的良好記錄。出色的營運業績轉化為強勁的財務業績，第一季調整後的 EBITDA 為 1.81 億美元，高於上一季的 1.42 億美元，並且我們產生了 7,400 萬美元的調整後自由現金流。在安全方面，我們很榮幸獲得 IADC 北海分會頒發的 2024 年度自升式鑽井平台最佳安全表現獎，這是對團隊對安全營運承諾的極大認可。

We also had several rigs achieve notable safety milestones with Valaris 121 reaching two years without a recordable incident, while Valaris 144 and Mad Dog each marked 1 year recordable free. These achievements are a testament to our people and their dedication, hard work and commitment to delivering safe and efficient operations for our customers.

我們還有幾台鑽機實現了顯著的安全里程碑，其中 Valaris 121 已連續兩年無可記錄事故，而 Valaris 144 和 Mad Dog 則分別連續一年無可記錄事故。這些成就證明了我們的員工的奉獻精神、辛勤工作以及為客戶提供安全和高效運營的承諾。

Delivering safe and efficient operations is our core business. It keeps our people safe, helps to make us the preferred partner for our customers, and drives value creation for our shareholders. Customers award work to contractors with strong track records in these areas, especially those that can deliver complex drilling solutions with high specification assets. Our recent contracting success underscores this dynamic.

提供安全且有效率的營運是我們的核心業務。它保障了員工的安全，幫助我們成為客戶的首選合作夥伴，並為我們的股東創造價值。客戶將工作委託給在這些領域擁有良好業績記錄的承包商，尤其是那些能夠提供具有高規格資產的複雜鑽井解決方案的承包商。我們最近的簽約成功凸顯了這種活力。

Since our February conference call, we've secured new contracts and extensions with associated contract backlog of approximately $1 billion. A standout amongst these is the 2-year contract for drill ship Valaris DS 10. This award increased our backlog by approximately $350 million at a strong day rate and reaffirmed our customer's preference for an established drilling contractor like Valaris that can provide a high specification rig with advanced technology and reliably deliver a complex offshore program.

自二月電話會議以來，我們已獲得新合約和續約合同，相關合約積壓金額約為 10 億美元。其中最突出的是鑽井船 Valaris DS 10 的兩年合約。該合約使我們的日訂單量增加了約 3.5 億美元，並再次證明了我們的客戶對 Valaris 等成熟鑽井承包商的偏好，因為該承包商可以提供具有先進技術的高規格鑽機，並可靠地交付複雜的海上項目。

This contract enhances our strategic position in West Africa, a key deep-water market where we've built a strong reputation, and we continue to see several additional long-term opportunities in the region with startups in the second half of 2026 or 2027. As we've mentioned before, we are focused on bookending the white space for our drill ships with near term availability. Based on ongoing discussions, we are confident that we will be able to announce further progress on these efforts in the near future.

這份合約增強了我們在西非的戰略地位，西非是一個重要的深水市場，我們已經在那裡建立了良好的聲譽，並且我們將繼續看到該地區在 2026 年下半年或 2027 年的幾個額外的長期機會。正如我們之前提到的，我們專注於填補鑽井船近期可用空間的空白。根據正在進行的討論，我們有信心在不久的將來宣布這些努力的進一步進展。

We've also added meaningful backlog across our shallow water fleet, securing recent jack up contracts in the Middle East, the North Sea, Australia, and Trinidad. With 80% of our active jack up fleet operating in these four locations, we benefit from scaled positions that allow us to deliver excellent service and build long-term customer relationships.

我們還為淺水船隊增加了大量積壓訂單，確保了最近在中東、北海、澳洲和特立尼達的自升式鑽井平台合約。我們現役自升式鑽井船隊的 80% 都在這四個地點運營，得益於規模優勢，我們能夠提供優質服務並建立長期的客戶關係。

Importantly, we had 5 jack ups charted to our aero drilling joint venture with lease terms scheduled to expire this year. All 5 were recently extended for 5-year terms. Arrow is an important partnership for Valeris, and we are pleased to share in its contracting success. For Valaris, this leaves us with one rig offshore Saudi Arabia with availability in 2027 and the remaining 6 contracted into 2030. From our operational performance to our safety accomplishments and our commercial success, I want to thank the entire Valaris team for their focus on execution and a fantastic start to 2025.

重要的是，我們已與航空鑽井合資企業租賃了 5 座自升式鑽井平台，租賃期限預計今年到期。所有 5 位法官的任期最近均延長至 5 年。Arrow 是 Valeris 的重要合作夥伴，我們很高興分享其承包成功。對 Valaris 來說，這意味著我們在沙烏地阿拉伯近海擁有一座鑽井平台，可在 2027 年投入使用，其餘 6 座鑽井平台的合約將於 2030 年到期。從我們的營運績效到我們的安全成就和我們的商業成功，我要感謝整個 Valaris 團隊對執行的關注以及 2025 年的良好開端。

Turning now to the broader offshore drilling market, over the past few weeks, proposed tariffs on international trade and the associated increased costs, as well as the accelerated unwind of production cuts by OPEC Plus, have introduced new uncertainties for the global economy and our industry. We are staying close to our customers, and while it is early, scheduled programs and ongoing tenders largely appear to be on track.

現在轉向更廣泛的海上鑽井市場，在過去的幾周里，國際貿易的擬議關稅和相關成本的增加，以及歐佩克+加速解除減產，為全球經濟和我們的行業帶來了新的不確定性。我們與客戶保持密切聯繫，雖然現在還為時過早，但預定的專案和正在進行的招標工作似乎基本上進展順利。

We believe most of the projects our customers are evaluating for near to medium term commencement are expected to be economic, well below current commodity prices. According to Restart, approximately 70% of deep-water programs expected to be sanctioned over the next 3 years have break-even prices below $50 per barrel equivalent, which compares to a 5-year forward price in the mid $60 per barrel range. Offshore production, particularly deep water, benefits from the combination of large and accessible resource potential, compelling project economics, and comparatively low carbon emissions intensity factors that make offshore developments attractive relative to other sources of production.

我們相信，我們的客戶正在評估的大多數近期至中期開工的項目預計都是經濟的，遠低於目前的商品價格。據 Restart 稱，預計未來 3 年內獲批的深水油田項目中，約有 70% 的盈虧平衡價格低於每桶 50 美元，而 5 年期遠期價格則在每桶 60 美元左右。海上生產，尤其是深水生產，受益於巨大且可利用的資源潛力、引人注目的項目經濟效益以及相對較低的碳排放強度因素，這些因素使得海上開發相對於其他生產來源具有吸引力。

While recent events have created uncertainty, they don't change our expectation that offshore production will continue to play a vital role in meeting the world's energy needs and remain an important part of our customers' portfolios. As we navigate this period of heightened uncertainty, we remain focused on three areas within our control, delivering outstanding operational performance, executing our commercial strategy, and prudently managing our fleet and costs.

儘管最近發生的事件帶來了不確定性，但這並沒有改變我們的預期，即海上生產將繼續在滿足世界能源需求方面發揮重要作用，並且仍然是我們客戶產品組合的重要組成部分。在度過這段高度不確定的時期時，我們仍然專注於我們能控制的三個領域：提供出色的營運績效、執行我們的商業策略以及審慎管理我們的機隊和成本。

As I mentioned earlier, the team has executed well operationally to start the year, and we remain laser focused on operating safely and efficiently for our customers. We are well positioned to continue executing our commercial strategy and securing a tract of contracts by virtue of our high specification fleet. We expect customers will continue to favor 7th generation drill ships for longer term development programs, as the combination of technical specifications such as dual derricks with high hook load capacity, high-capacity thrusters, and 2 blowout preventers offer efficiencies that are amplified over multi-well programs.

正如我之前提到的，團隊在年初的營運中表現良好，我們仍然專注於為客戶提供安全且高效的營運。憑藉我們高規格的船隊，我們有能力繼續執行我們的商業策略並獲得大量合約。我們預計客戶將繼續青睞第七代鑽井船用於長期開發項目，因為諸如具有高鉤載能力的雙井架、大容量推進器和 2 個防噴器等技術規格的組合可提供比多井項目更高的效率。

We believe Valaris has an advantage on these longer-term opportunities since 12 of our 13 drill ships rank amongst the most technically capable assets in the global fleet and can provide these efficiencies, which are especially important to customers given their focus on optimizing costs. In addition, customer demand for shallow water jack ups is resilient, as the largest customers in this market are national oil companies which have additional drivers that underpin their needs for ongoing hydrocarbon production. Such as funding infrastructure projects and energy security.

我們相信 Valaris 在這些長期機會上具有優勢，因為我們的 13 艘鑽井船中有 12 艘在全球船隊中技術能力最強，並且能夠提供這些效率，這對於注重優化成本的客戶來說尤其重要。此外，客戶對淺水自升式平台的需求具有彈性，因為該市場的最大客戶是國家石油公司，這些公司擁有額外的驅動力來支撐其持續碳氫化合物生產的需求。例如資助基礎設施項目和能源安全。

We have a versatile jack up fleet that is a strong contributor to our financial performance, and we expect to see year over year growth in both operating days and average day rates from this segment during 2025. In terms of fleet management, our strategy is centered on maintaining a high quality, efficient fleet, and we will continue to prudently manage our rates in response to evolving market conditions.

我們擁有一支多功能自升式鑽井船隊，為我們的財務表現做出了巨大貢獻，我們預計到 2025 年，該部門的營運天數和平均日費率都將同比增長。在車隊管理方面，我們的策略是維持高品質、高效的車隊，並且我們將繼續根據不斷變化的市場情況審慎管理我們的費率。

To this end, we are actively managing costs for rigs expected to experience idle time between contracts. We recently moved Valaris DS 12 to Las Palmas after the rig completed its contract in March, and we're in the process of reducing the rig's costs as we work to secure its next contract. We have several other floaters completing contracts later this year. We are willing to be patient to find the right programs for these rigs, and we will quickly reduce costs during extended idle periods to benefit our cash flow.

為此，我們正在積極管理預計在合約之間閒置的鑽機的成本。我們最近將 Valaris DS 12 鑽井平台移至拉斯帕爾馬斯，該鑽井平台於 3 月份完成了合同，我們正在降低鑽井平台的成本，以確保獲得下一份合同。我們還有其他幾艘浮動船隻將於今年稍後完成合約。我們願意耐心尋找適合這些鑽孔機的合適方案，並且我們將在長期閒置期間迅速降低成本，以利於我們的現金流。

Prudent fleet management also extends to our decisions to retire rigs when their expected economic benefit no longer justifies their associated costs. We previously announced our decision to retire a recently active loader, Valaris DPS-5, as well as Valaris DPS-3 and DPS-6 from our fleet. In April we sold these rigs for recycling, and they will now be permanently removed from the global drilling fleet.

審慎的船隊管理也延伸到當鑽井平台的預期經濟效益不再足以抵銷其相關成本時，我們決定退役鑽井平台。我們先前宣布決定從我們的車隊中退役最近投入使用的裝載機 Valaris DPS-5，以及 Valaris DPS-3 和 DPS-6。今年四月，我們將這些鑽井平台出售並回收，現在它們將永久從全球鑽井船隊中移除。

Before handing over to Matt, I'd like to briefly recap a few key points regarding the market and our strategy. While there has been a recent increase in macroeconomic uncertainty, we expect offshore production will continue playing a vital role in meeting global energy demand and remain an important part of our customers' portfolios.

在交給馬特之前，我想先簡單回顧一下有關市場和我們的策略的幾個要點。儘管近期宏觀經濟不確定性增加，但我們預計海上生產將繼續在滿足全球能源需求方面發揮重要作用，並繼續成為我們客戶投資組合的重要組成部分。

At Valaris, we remain laser focused on both operational excellence and commercial execution. Given our high quality fleet and operational performance, we believe we're well positioned to secure additional contracts which, combined with our prudent fleet management, will further support our earnings and cash flow. With that, I'll now hand the call over to Matt.

在 Valaris，我們始終專注於卓越營運和商業執行。鑑於我們高品質的船隊和營運業績，我們相信我們有能力獲得更多合同，再加上我們審慎的船隊管理，這將進一步支持我們的盈利和現金流。說完這些，我現在將電話交給馬特。

Thanks, Anton, and good morning and afternoon, everyone. I'm going to start with an overview of our recent contracting success, then provide commentary on our major floater and jack up regions where we operate. And finish with an update on our outlook for rigs that have availability in 2025. Since our last conference call, we've signed new contracts and extensions that have increased our total backlog to more than $4.2 billion. A nearly 20% increase from our previously reported backlog of $3.6 billion.

謝謝，安東，大家早安，下午好。我將首先概述我們最近的承包成功情況，然後對我們運營的主要浮式和自升式區域進行評論。最後，我們將更新 2025 年可用鑽孔機的展望。自上次電話會議以來，我們簽署了新的合約和續約合同，使我們的總積壓訂單額增加到 42 億美元以上。與我們先前報告的 36 億美元積壓訂單相比，增加了近 20%。

These awards included backlog editions of approximately $400 million for our floaters and $600 million for our jack ups. As Anton mentioned, we secured a new contract for one of our high specification drill ships, Polaris DS-10, that contributed to these additions. Further, the customer for the DS-9 recently exercised an option to extend the rigs contract another 6 months, and this contract is now expected to run to mid 2026.

這些獎項包括我們浮式鑽井平台約 4 億美元的積壓訂單和我們自升式鑽井平台約 6 億美元的積壓訂單。正如安東所提到的，我們為我們的一艘高規格鑽井船 Polaris DS-10 簽訂了一份新合同，這有助於實現這些新增功能。此外，DS-9 的客戶最近行使了將鑽機合約延長 6 個月的選擇權，預計合約將持續到 2026 年中期。

Turning to jack ups, Offshore Australia and Trinidad, we continue to secure work for our rigs at solid day rates, reflecting customers' preference for established drilling contractors with high spec assets in these attractive niche markets. In Trinidad, we are set to grow our presence following a recent multi-year contract award for Valaris 117 that is expected to commence in the 3rd quarter of 2026.

談到自升式鑽井平台，在澳洲和特立尼達近海，我們繼續以穩定的日費率為我們的鑽井平台提供工作，這反映了客戶對這些有吸引力的利基市場中擁有高規格資產的成熟鑽井承包商的偏好。在特立尼達，我們準備擴大我們的業務，此前我們最近授予了 Valaris 117 多年期合同，該合約預計將於 2026 年第三季度開始生效。

This will bring our footprint in the region to 3 jack ups joining the Valaris 118 and 249. Notably, the 118 recently drilled a successful exploration well at the frangipani field highlighting Trinidad's renewed focus on boosting gas production as a cornerstone of the country's long-term economic growth. In our North Sea operating region, we added 2 years of work commencing in late 2025 for Valaris 248. Lastly, as Anton noted, we were successful in extending bare boat charters for 5 of our jack ups offshore Saudi Arabia.

這將使我們在該地區的足跡增至 3 座自升式鑽井平台，與 Valaris 118 和 249 一起。值得注意的是，118公司最近在雞蛋花油田成功鑽探了一口勘探井，凸顯了特立尼達重新將提高天然氣產量作為該國長期經濟成長的基石。在我們的北海作業區域，我們為 Valaris 248 增加了 2 年的工作時間，從 2025 年底開始。最後，正如安東所說，我們成功地延長了沙烏地阿拉伯近海 5 座自升式鑽井平台的光船租賃期限。

We look forward to these rigs continuing their operations into 2030 with our JV partner Arrow Drilling. Turning now to commentary on the major floater and jack up regions where we operate, as Anton mentioned. While uncertainty has increased recently, we are staying close to our customers, and while it's early, scheduled programs and ongoing tenders largely appear to be on track. Following recent awards, we are monitoring approximately 25 floater opportunities, each with a duration of at least one year and with expected startups scheduled for 2026 or 2027.

我們期待這些鑽井平台能夠與我們的合資夥伴 Arrow Drilling 一起繼續運作到 2030 年。正如安東所提到的，現在來談談對我們營運的主要浮式和自升式鑽井平台區域的評論。雖然最近不確定性有所增加，但我們仍與客戶保持密切聯繫，儘管還為時過早，但預定的計劃和正在進行的招標工作似乎基本上進展順利。繼最近授予獎項之後，我們正在監控大約 25 個浮動機會，每個機會的持續時間至少為一年，預計啟動時間為 2026 年或 2027 年。

With long term contracts typically awarded at least 9 months before their planned commencement, we anticipate additional contract awards across the industry as we progress through the year. Offshore Africa remains the most active area for future floater opportunities. We are currently tracking approximately 10 long-term programs with expected start dates in 2026 or 2027. Including projects offshore Nigeria, Ivory Coast, and Mozambique. There is one rig currently operating offshore Nigeria, and we expect to see growth in this market with two multi-year programs with IOCs presently in the tendering phase. Activity offshore Egypt has picked up over the past year, due in part to exploration success on projects drilled by Tuvalars drill ships, along with regulatory reforms to streamline licensing and environmental approvals.

長期合約通常在計劃開始前至少 9 個月授予，我們預計隨著今年的進展，整個行業將授予更多合約。非洲近海仍然是未來浮式鑽井機會最活躍的地區。我們目前正在追蹤大約 10 個長期項目，預計開始日期為 2026 年或 2027 年。包括尼日利亞、科特迪瓦和莫三比克近海計畫。目前尼日利亞近海有一座鑽井平台正在運營，我們預計，透過目前正處於招標階段的與國際石油公司合作的兩個多年期項目，該市場將實現成長。過去一年，埃及近海活動有所回升，部分原因是圖瓦盧鑽井船鑽探計畫的勘探成功，以及簡化許可和環境審批的監管改革。

There is one tender currently in process, and based on customer discussions, we understand additional contracting opportunities are under consideration. Looking ahead to 2027 and beyond, we are seeing increased activity in Mozambique and Namibia. In Mozambique, with ENI recently receiving government approval. Its Coral North project is now pending final investment decision approval. Meanwhile, Total Energies is progressing its development plan for the Venus Project offshore Namibia, which could generate between 6 to 8 rig years of work.

目前正在進行一項招標，根據客戶討論，我們了解到正在考慮其他承包機會。展望 2027 年及以後，我們看到莫三比克和納米比亞的活動將會增加。在莫三比克，埃尼集團最近獲得了政府批准。其 Coral North 項目目前正在等待最終投資決策批准。同時，道達爾能源公司正在推進納米比亞近海維納斯專案的開發計劃，該專案可能產生 6 至 8 個鑽井年的工作量。

Brazil remains the largest market for benign environment floaters, and we expect Petrobras's rig count will remain stable in the near to medium term. As we anticipated on our last call, Petrobras has issued a new multi-year tender targeting one or more high specification rigs for work on the Bouzios field starting in late 2026 or early 2027. We continue to expect that Petrobras will issue an additional tender later this year which coupled with the Busios tender, should extend the work scopes of several rigs offshore Brazil to the end of this decade.

巴西仍然是良性環境浮式鑽井平台的最大市場，我們預計巴西石油公司的鑽井數量將在中短期內保持穩定。正如我們上次電話會議所預期的那樣，巴西石油公司已經發布了一項新的多年期招標，目標是從 2026 年底或 2027 年初開始在 Bouzios 油田作業時採購一台或多台高規格鑽機。我們繼續預計，巴西石油公司將在今年稍後發布額外招標，加上 Busios 招標，將把巴西海上幾個鑽井平台的工作範圍延長至本世紀末。

Beyond Petrobras, we see upside potential from IOC activity such as Shell's Gato D'Amato project, which recently received its final investment decision approval. Elsewhere in South America, we recently saw multi-year contracts awarded for Total Energy's two rig requirement offshore surname. Given Surname's proximity to Guyana. And the increasing exploration and development activity in the region, we believe demand in Suriname has the potential to grow in the coming years.

除了巴西石油公司之外，我們還看到了國際石油公司活動帶來的上行潛力，例如殼牌的 Gato D'Amato 項目，該項目最近獲得了最終投資決策批准。在南美洲的其他地方，我們最近看到道達爾能源公司（Total Energy）授予了兩座海上鑽井平台需求的多年期合約。鑑於姓氏與圭亞那的距離較近。隨著該地區勘探和開發活動的不斷增加，我們相信蘇利南的需求在未來幾年有成長的潛力。

In the US Gulf, we expect the market to remain balanced with demand largely met by the existing supply of rigs in the region. Outside of the golden triangle, we see 5 separate drill ship programs planned offshore India and Southeast Asia, representing a combined expected firm term of more than 8 years. Turning to the jack up market, utilization for the global marketed fleet stood at a solid 90% at the end of the first quarter. Although this marks a decline from 94% in early 2024.

在美國墨西哥灣，我們預計市場將保持平衡，需求基本上由該地區現有的鑽井平台供應滿足。在金三角之外，我們看到印度和東南亞近海計劃實施 5 個獨立的鑽井船項目，預計總期限將超過 8 年。轉向自升式鑽井平台市場，第一季末全球市場船隊的使用率高達 90%。儘管這比 2024 年初的 94% 有所下降。

This reduction in global utilization has led to some downward pressure on day rates in certain benign environment regions, particularly those where rigs leaving Saudi Arabia have been competing for work. That said, other key benign environment markets where we operate, such as Australia and Trinidad, have remained largely insulated from these dynamics. And day rates in these regions have held firm as demonstrated by our recent contract awards in the mid to high 100,000s.

全球利用率的下降導致某些良好環境地區的日費率面臨下行壓力，特別是那些離開沙烏地阿拉伯的鑽井平台一直在爭奪工作的地區。儘管如此，我們經營所在的其他主要良性環境市場，例如澳洲和特立尼達，基本上仍未受到這些動態的影響。我們最近授予的十多萬份合約顯示這些地區的日費率保持穩定。

In the North Sea, we anticipate increased competition for upcoming work, particularly toward the end of the year, driven by an uptick in available units following an operator's decision to prioritize activity in other basins. While this may result in increased idle time across parts of the North Sea fleet, our rigs in the region have strong contract coverage, and we see several opportunities beginning in late 2025 and the first half of 2026.

在北海，我們預計即將到來的工作的競爭將會加劇，特別是在年底，這是由於在營運商決定優先考慮其他盆地的活動後可用單位數量將增加。雖然這可能會導致北海船隊部分船隻的閒置時間增加，但我們在該地區鑽井平台的合約覆蓋率很高，而且我們看到從 2025 年底到 2026 年上半年開始的幾個機會。

Many of these opportunities are for plug and abandonment or new energy projects. Which have become an increasing source of customer demand recently. And we believe our rigs are well positioned to meet this demand. I'll now provide an update on the outlook for our rigs, starting with our floater fleet. Since our last call, we secured a contract for one of our drill ships with near term availability with Valaris DS 10 being awarded a multi-year contract offshore West Africa with an expected commencement in mid-2026. This leaves us with 3 drill ships with 2025 availability that we need to secure contracts for DS-12, DS-15, and DS-18.

其中許多機會都與即插即棄專案或新能源專案有關。這些已成為最近日益增長的客戶需求來源。我們相信我們的鑽孔機能夠很好地滿足這一需求。我現在將提供有關我們鑽井平台前景的最新情況，首先是我們的浮動船隊。自上次通話以來，我們已獲得一份近期可用的鑽井船合同，其中 Valaris DS 10 獲得了一份西非近海多年期合同，預計將於 2026 年中期開始服役。這樣我們就有 3 艘鑽井船可供使用，可使用至 2025 年，我們需要取得 DS-12、DS-15 和 DS-18 的合約。

We're actively engaged in discussions with several customers regarding opportunities for these rigs with potential start dates in 2026 and 2027, and as Anton mentioned, we expect to announce further progress on these efforts soon. As we have stated previously, our focus remains on securing attractive long-term contracts for these high spec assets, and we are prepared to be patient in order to place them on the right programs.

我們正在積極與幾位客戶討論這些鑽機的使用機會，可能的開始日期是 2026 年和 2027 年，正如安東所提到的，我們預計很快就會宣布這些工作的進一步進展。正如我們之前所說，我們的重點仍然是確保這些高規格資產具有吸引力且長期的合同，並且我們準備耐心等待，以便將它們安排到正確的項目中。

Turning to our two semi-submersibles operating offshore Australia. MS-1 is expected to complete its current contract in the 3rd quarter, and the follow-on opportunity we are targeting has now shifted into the first half of 2026. DPS-1 is also expected to continue working into the 3rd quarter of this year, and visible opportunities for a dynamically positioned rig like DPS-1 are currently expected to begin in the 2nd half of 2026.

談到我們在澳洲近海作業的兩艘半潛式鑽井平台。MS-1 預計將於第三季度完成當前合同，我們所瞄準的後續機會現已轉移到 2026 年上半年。DPS-1 預計也將持續工作至今年第三季度，目前預計 DPS-1 等動態定位鑽機的明顯機會將在 2026 年下半年開始出現。

Moving to shallow water, we have strong contract coverage across our jack up fleet for the remainder of 2025, bolstered by recent contracting success across our key shallow water markets, including the Middle East, the North Sea, Australia, and Trinidad. We have just 3 jack ups operating in benign environments with some availability in the second half of the year. Valaris 247 in Australia, 106 in Indonesia, and 110 in Qatar. In the North Sea, we have limited availability for our 9 active jack ups in the region with 6 months of uncontracted time across 2 rigs. While we are actively engaged in discussions to secure work for all these rigs, they could incur idle time later this year if we are unsuccessful.

轉向淺水領域，我們在 2025 年剩餘時間內對我們的自升式鑽井船隊擁有強大的合約覆蓋率，這得益於我們最近在中東、北海、澳洲和特立尼達等主要淺水市場簽訂的合約成功。我們只有 3 座自升式鑽井平台在良好的環境中運行，下半年有一定的可用性。澳洲有 247 人，印尼有 106 人，卡達有 110 人。在北海，我們在該地區的 9 座活躍自升式鑽井平台的可用性有限，其中 2 座鑽井平台的未簽約期限為 6 個月。雖然我們正在積極討論如何確保所有這些鑽孔機的工作，但如果我們不成功，它們可能會在今年稍後閒置。

In summary, I'm extremely pleased with our recent contracting success that has contributed to significant backlog additions. We continue to have constructive engagement with customers around their future programs, and our focus remains on building backlog by securing attractive long-term contracts for our active fleet to further support our earnings and cash flow. I'll now hand the call over to Chris who will take you through the financials.

總而言之，我對我們最近的簽約成功感到非常高興，這有助於增加大量積壓訂單。我們繼續與客戶就其未來計劃進行建設性接觸，我們的重點仍然是透過為現役機隊簽訂有吸引力的長期合約來累積訂單，以進一步支持我們的收益和現金流。我現在將電話交給克里斯，他將向您介紹財務狀況。

Thanks, Matt, and good morning and afternoon, everyone. In my prepared remarks today, I'll begin with an overview of our first quarter results. Then I'll walk you through our outlook for the 2nd quarter, followed by an update on our full year guidance for 2025. Starting with our first quarter results, total revenues were $621 million up from $584 million in the prior quarter, and adjusted EBITDA was $181 million up from $142 million in the prior quarter.

謝謝，馬特，大家早安，下午好。在今天的準備發言中，我將首先概述我們的第一季業績。然後，我將向您介紹我們對第二季的展望，然後更新我們對 2025 年全年的指導。從我們的第一季業績開始，總營收為 6.21 億美元，高於上一季的 5.84 億美元，調整後的 EBITDA 為 1.81 億美元，高於上一季的 1.42 億美元。

Adjusted EBITDA increased in the 1st quarter primarily due to more operating days and higher average daily revenue for the floater fleet. The increase in operating days was primarily due to Valaris DS-4 commencing a new contract offshore Brazil late in the 4th quarter, partially offset by DS-12 completing a contract offshore Egypt in mid-March. The increase in average daily revenue was primarily driven by DS-15, commencing a new higher day rate contract offshore Brazil late in the fourth quarter.

第一季調整後 EBITDA 增加，主要原因是浮動船隊的營運天數增加且平均每日收入增加。營運天數的增加主要是由於 Valaris DS-4 於第四季度末開始在巴西近海簽訂一份新合同，但 DS-12 於三月中旬完成在埃及近海簽訂的合同部分抵消了這一增加。平均日收入的成長主要得益於 DS-15，該公司於第四季末在巴西近海開始簽訂一份新的更高日費率合約。

EBITDA exceeded our guidance primarily due to strong operating performance and fewer out of service days than anticipated. Our first quarter results included an $8 million non-cash loss on impairment associated with our decision to retire three semi-submersibles Valaris DPS-3, DPS-5, and DPS-6 during the quarter. We also incurred tax expense of $194 million. Our first quarter tax provision included $167 million of discrete tax expense, primarily attributable to the establishment of a valuation allowance on deferred tax assets in connection with our decision to retire the three semis.

EBITDA 超越我們的預期，主要原因是營運業績強勁，且停駛天數少於預期。我們第一季的業績包括 800 萬美元的非現金減損損失，這與我們決定在本季退役三艘半潛式鑽井平台 Valaris DPS-3、DPS-5 和 DPS-6 有關。我們還產生了 1.94 億美元的稅費。我們第一季的稅務準備金包括 1.67 億美元的單獨稅費，主要歸因於我們決定退役三輛半拖車時設立的遞延稅項資產估值準備金。

As a result of these items, we reported a net loss of $39 million in the first quarter. Adjusted for discrete tax expense, net income was $128 million. Finally, first quarter Capex totaled $100 million coming in below guidance due to timing, as certain spend shifted to later in the year. During the quarter we generated $156 million of cash flow from operations and $18 million from asset sales, which includes proceeds from the sale of Valaris 75 in January.

由於這些因素，我們報告第一季淨虧損 3900 萬美元。經單獨稅費調整後，淨收入為 1.28 億美元。最後，第一季的資本支出總額為 1 億美元，由於時間原因低於預期，因為某些支出轉移到了今年稍後。本季度，我們從營運活動中產生了 1.56 億美元的現金流，從資產出售中產生了 1800 萬美元的現金流，其中包括 1 月份出售 Valaris 75 的收益。

This was partially offset by capital expenditures resulting in $74 million of adjusted free cash flow. Cash and cash equivalents for $454 million at quarter end, and a revolving credit facility remains fully available, which together provides us with total liquidity of approximately $830 million.

這部分被資本支出所抵消，導致調整後的自由現金流為 7,400 萬美元。季度末的現金和現金等價物為 4.54 億美元，循環信貸額度仍然完全可用，這為我們提供了約 8.3 億美元的總流動資金。

Moving now to our second quarter outlook, we expect total revenues in the range of $570 to $590 million compared to $621 million in the first quarter. Revenues for the 2nd quarter are expected to decrease primarily due to idle time for Valaris DS-12 after completing a contract offshore Egypt in the 1st quarter. Lower amortized revenues related to DS-17 completing the initial firm term of its contract offshore Brazil and out of service time for Jacobs, including Valaris 106 and 248, which are undergoing 20-year surveys.

現在來看看我們對第二季的展望，我們預計總收入將在 5.7 億美元至 5.9 億美元之間，而第一季的總收入為 6.21 億美元。預計第二季的營收將下降，主要原因是 Valaris DS-12 在第一季完成埃及近海合約後停工。攤銷收入降低與 DS-17 完成其在巴西近海合約的初始固定期限以及 Jacobs 的停用時間有關，其中包括正在進行 20 年調查的 Valaris 106 和 248。

These items are expected to be partially offset by a full quarter of operations for Valaris 144 after commencing a long-term contract offshoring Gola late in the first quarter. And the Valaris 249 returning to work. Following out of service time for repairs during the 1st quarter. We expect contract drilling expense of $395 dollars to $410 million in the second quarter, down from $415 million in the first quarter. 2nd quarter contract drilling expense is expected to decrease primarily due to lower expense for DS-12 as we proactively reduce costs while the rig is in Las Palmas awaiting its next job.

在第一季末開始與 Gola 簽訂長期離岸合約後，這些項目預計將被 Valaris 144 整個季度的營運部分抵消。Valaris 249 已恢復工作。在第一季因維修而暫停服務之後。我們預計第二季的合約鑽井費用為 3.95 億美元至 4.1 億美元，低於第一季的 4.15 億美元。第二季的合約鑽井費用預計會下降，主要原因是 DS-12 的費用降低，因為我們在鑽井平台位於拉斯帕爾馬斯等待下一個作業時主動降低了成本。

Lower amortized expense for DS-17 and lower expense for jack ups undergoing major shipyard upgrade projects in the second quarter during which costs will be capitalized. These items are expected to be partially offset by higher costs for Valaris 144, which commenced its new contract late in the first quarter. Our second quarter revenue and contract drilling expenses are both expected to include around $35 to $40 million of reimbursable items. We anticipate 2nd quarter GNA expense will increase to approximately $28 million from $24 million in the first quarter.

DS-17 的攤銷費用較低，第二季進行重大船廠升級專案的自升式平台的費用較低，在此期間成本將被資本化。預計這些項目的成本將因 Valaris 144 號的較高成本而被部分抵消，該公司的新合約於第一季末開始生效。我們第二季的收入和合約鑽井費用預計將包括約 3500 萬至 4000 萬美元的可報銷項目。我們預計第二季的 GNA 支出將從第一季的 2,400 萬美元增加至約 2,800 萬美元。

Adjusted EBITDA is expected to be $140 to $160 million compared to $181 million in the first quarter. Total cap back in the 2nd quarter is expected to be $100 to $110 million. This includes ongoing fleet maintenance spend, 20-year surveys for Valaris 106 and 248, and some carryover from the first quarter primarily related to the Valaris 144 upgrade project. Partially offsetting this CapEx is approximately $10 million of cash proceeds for the sale of the three retired semis for recycling which we received in April.

調整後的 EBITDA 預計為 1.4 億至 1.6 億美元，而第一季為 1.81 億美元。預計第二季的總上限為 1 億至 1.1 億美元。這包括正在進行的船隊維護支出、Valaris 106 和 248 的 20 年調查，以及主要與 Valaris 144 升級項目相關的第一季的一些結轉。部分抵銷這筆資本支出的是我們在四月收到的出售三輛退役半拖車回收所得的約 1,000 萬美元現金收益。

Turning to our financial guidance for full year 2025, we are reiterating our EBITDA guidance with a narrowed range. Previously, we had forecasted adjusted EBITDA of $480 to $580 million for 2025. We are reaffirming the midpoint at $530 million. However, based on our recent contracting success, strong first quarter performance, and current outlook for the remainder of the year, we now expect a narrowed range of $500 to $560 million. In terms of guidance for specific line items, as a reminder, total revenues are expected to be 2.15 to $2.25 billion.

談到我們對 2025 年全年的財務指導，我們重申我們的 EBITDA 指導，但範圍有所縮小。先前，我們預測 2025 年調整後的 EBITDA 為 4.8 億至 5.8 億美元。我們重申中間值是 5.3 億美元。然而，根據我們最近的簽約成功、第一季的強勁表現以及今年剩餘時間的當前前景，我們現在預計範圍將縮小至 5 億至 5.6 億美元。關於具體項目的指導，需要提醒的是，預計總收入為 21.5 億美元至 22.5 億美元。

After securing the extensions for 5 aero leased rigs, this revenue guidance is nearly 99% contracted at the midpoint. Contract drilling expense is expected to be 1.5 to $1.6 billion and GNA expense is anticipated to be $110 to $115 billion. Turning to capex, we now expect full year 2025 capital expenditures of $375 dollars to $415 million. This is an increase from our prior guidance as recent contracting success now means we'll have some shipyard days for aero leased rigs pulled forward into the 4th quarter of 2025 from 2026.

在確保 5 架航空租賃鑽機的延期後，這一收入預期在中期已接近合約簽訂的 99%。合約鑽井費用預計為 15 億至 16 億美元，GNA 費用預計為 1100 億至 1150 億美元。談到資本支出，我們現在預計 2025 年全年資本支出為 3.75 億美元至 4.15 億美元。這比我們之前的指導有所增加，因為最近的簽約成功意味著我們將把一些航空租賃鑽井平台的船廠天數從 2026 年提前到 2025 年第四季。

As I mentioned on our last call, we expect to receive $75 million in upfront customer payments this year to offset contract specific upgrades. Lastly, with respect to tariffs, we are actively engaging with suppliers and taking proactive steps to mitigate their impact. Given our international footprint and global supply chain network, our volume of direct imports into the US is relatively small.

正如我在上次電話會議上提到的，我們預計今年將收到 7,500 萬美元的預付客戶付款，以抵消合約特定的升級。最後，關於關稅，我們正在積極與供應商合作並採取積極措施減輕其影響。鑑於我們的國際影響力和全球供應鏈網絡，我們直接進口到美國的數量相對較少。

As a result, our tariff exposure is driven more by indirect impacts from suppliers that manufacture or assemble goods in the US. While this is a very fluid situation, based on what we know today and our mitigation efforts, we believe our full year guidance accounts for the potential impact of tariffs. This concludes my review of our financial results and guidance. I'll now hand the call back to Anton for some closing remarks.

因此，我們的關稅風險更受在美國生產或組裝商品的供應商的間接影響。雖然情況非常不穩定，但根據我們目前掌握的情況和我們的緩解措施，我們相信全年指引已經考慮了關稅的潛在影響。這就是我對我們的財務表現和指導的回顧。現在我將把電話交還給安東，請他發表一些結束語。

Thanks Chris. Before we open the line for questions, I'd like to recap a few key points from today's prepared remarks. First, we delivered another strong quarter to start the year, continuing our track record of providing safe and efficient operations for our customers, and we generated meaningful EBITDA and free cash flow. Second, we are successfully executing our commercial strategy by securing attractive long-term contracts for our high specification fleet.

謝謝克里斯。在我們開始提問之前，我想回顧一下今天準備好的發言中的幾個要點。首先，我們在年初又取得了強勁的業績，繼續為客戶提供安全高效的運營，並創造了有意義的 EBITDA 和自由現金流。其次，我們透過為高規格船隊簽訂有吸引力的長期合同，成功執行了我們的商業策略。

Over the past two months we've added more than a billion dollars in backlog, including new work for drill ships offshore West Africa and across all our major shallow water markets. While macroeconomic uncertainty has increased recently, we remain actively engaged with customers for additional contracting opportunities in 2026 and beyond.

在過去兩個月中，我們增加了超過 10 億美元的積壓訂單，包括西非近海鑽井船的新工作以及我們所有主要淺水市場的工作。儘管近期宏觀經濟的不確定性有所增加，但我們仍積極與客戶合作，尋求 2026 年及以後的更多簽約機會。

And third, we continue to expect that offshore production will play a vital role in meeting the world's energy needs and will remain a core component of our customers' portfolios. Given our high-quality fleet and operational performance, we are well positioned to secure additional contracts that along with our prudent fleet management, will further support our earnings and cash flow. We thank our employees for their focus and dedication and our customers and investors for their continued support. That concludes our prepared remarks. Operator, please open the line for questions.

第三，我們繼續預期海上生產將在滿足世界能源需求方面發揮至關重要的作用，並將繼續成為我們客戶產品組合的核心組成部分。鑑於我們高品質的船隊和營運業績，我們完全有能力獲得更多合同，再加上我們審慎的船隊管理，這些合約將進一步支持我們的盈利和現金流。我們感謝員工的專注和奉獻，感謝客戶和投資者的持續支持。我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

Thank you. We will now begin the question-and-answer session. As a reminder to ask a question, you may press, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If your question has been addressed and you would like to withdraw it as a reminder, please press 2. At this time, we will pause momentarily to assemble our roster. And today's first question comes from David Smith with Pickering Energy Partners. Please proceed.

謝謝。我們現在開始問答環節。為了提醒您提出問題，您可以按下電話鍵盤上的 ，然後按 。如果您使用的是揚聲器電話，請在按下按鍵之前拿起聽筒。如果您的問題已得到解答，而您想將其撤回作為提醒，請按 2。此時，我們將暫時暫停以整理我們的名冊。今天的第一個問題來自 Pickering Energy Partners 的 David Smith。請繼續。

Hey, good morning. Thank you for taking my question.

嘿，早安。感謝您回答我的問題。

Morning David

早安，大衛

Just regarding the 25 floater opportunities that you're tracking with the 26 and 27 start dates, could you wager a guess on the percentage that require seven gen drill ships? And how do you think, operators evaluate the relative, pricing for the performance difference of an average 7th gen ship relative to, the average 6th gen, and yeah, is there a natural pricing premium that we expect should persist, regardless of the overall market rate structure.

就您所追蹤的 26 日和 27 日開始的 25 個浮動機而言，您能否猜測需要七艘發電鑽井船的百分比？您認為營運商如何評估第七代船艦與第六代船艦的平均性能差異的相對定價？是的，無論整體市場價格結構如何，我們預期自然定價溢價應該持續存在。

Absolutely, I can start and then maybe Matt can add if he has anything to add. Look. I think there's 1 part of it is where are 7th gens preferred or needed on the program, but as much as that, you can see a clear differentiation between the utilization of 7th and 6th gen rigs. So they do provide efficiency. What amount of efficiency depends on what program are they drilling, especially important for long term development programs where you're drilling multiple wells. You're going to really get the benefit out of it, but clearly the benefit that we see is that 7th gens are going to have an advantage. 7 gens operated by drillers that can deliver complex drilling solutions increasingly MPD or similar operations are going to be advantaged as we as we go through those opportunities. Matt, I don't know if you have any.

當然，我可以開始，然後如果馬特還有什麼要補充的話，他也可以補充。看。我認為其中一部分是第 7 代在程序中是首選還是需要的，但除此之外，你可以看到第 7 代和第 6 代鑽機的利用率之間存在明顯區別。所以它們確實提供了效率。效率的高低取決於他們鑽探的計劃，這對於鑽探多口井的長期開發計劃尤其重要。您確實會從中受益，但顯然我們看到的好處是第 7 代將具有優勢。第 7 代由能夠提供複雜鑽井解決方案的鑽井人員操作，MPD 或類似操作將在我們抓住這些機會時獲得優勢。馬特，我不知道你有沒有。

Yeah I think an example. You could probably spend quite a bit of time working through it, and not all 6 gens are the same, but hook load is a big difference, which allows customers to design their wells with either fewer or longer casing strings, which certainly cuts down on their cost, and those are some of the benefits that you get from the 7th gen fleet, things like dual BOPs, more common on far more common on 7th gens than you would find on 6 gens, but not entirely exclusive.

是的，我想舉個例子。您可能需要花費相當多的時間來解決這個問題，並且並非所有 6 代產品都是相同的，但鉤載是一個很大的區別，這使得客戶可以使用更少或更長的套管柱來設計他們的井，這無疑會降低他們的成本，這些都是您從第 7 代產品中獲得的一些好處，例如雙 BOP，在第 76 代產品中比第 76 代產品中更常見。

So, I think the overwhelming thing that that cuts through it all is and everything but a completely under supplied market where there's a lack of available capacity, customers are given the choice, are going to choose the highest spec asset because it gives them more option optionality and efficiency.

因此，我認為，壓倒一切的因素是，在一個完全供應不足的市場中，缺乏可用容量，客戶可以選擇，會選擇最高規格的資產，因為它為他們提供了更多的選擇餘地和效率。

I just want to answer your last question. You asked the very beginning of your question what the proportionality of the 25 opportunities we're tracking, and I would say the overwhelming majority are drill ship related. There are some we described it as floater opportunities. There are some that aren't necessarily drill ship related, but the overwhelming majority are drill ship, and you would find that of those opportunities, customers would be likely to prefer 7th gen assets.

我只想回答你的最後一個問題。您一開始就問到，我們追蹤的 25 個機會的比例是多少，我想說絕大多數都與鑽井船有關。我們將其描述為浮動機會。有些不一定與鑽井船有關，但絕大多數都是鑽井船，你會發現在這些機會中，客戶可能會更喜歡第七代資產。

Perfect. I appreciate the call. Thank you. And follow up if I may we have seen some large contract awards recently with very significant performance bonus elements. Wanted to ask if you're seeing interest from customers and similar incentive structures and if so, how are you thinking about balancing the risk and reward of efficiency linked pricing?

完美的。我很感謝你的來電。謝謝。請繼續關注，最近我們看到一些大型合約授予包含非常可觀的績效獎金元素。想問您是否看到客戶的興趣和類似的激勵結構，如果是，您如何考慮平衡與效率掛鉤的定價的風險和回報？

Absolutely it's a great question. The first thing I'll say is, yeah, absolutely, this is part of drilling contracts. We have bonus schemes in our current contract portfolio. We've done them in the past, although, not at the scale that the last two awards that you've seen. We're open to these types of arrangements. The performance incentives, they generally trend different ways to do the performance scheme, but they're generally targeted to drilling the well ahead of the customer's AFE or reducing the number of days. And sometimes these are to negotiate because it can cut both ways. I mean we have a certain amount of control over how we execute our operational efficiency, and of course we're very proud of that, delivering, 96% plus up time and great operational efficiency for our customers. But there's a lot that goes into drilling a well and a lot of other services, so it can get complicated, there's becomes an all in one. So, what you actually realize from a bonus may not be directly relational to the work that you're doing on the well.

這絕對是一個很好的問題。我首先要說的是，是的，絕對是，這是鑽井合約的一部分。我們目前的合約組合中有獎金計劃。我們過去也做過這樣的事情，儘管規模沒有你們所見過的最近兩次頒獎典禮那麼大。我們對這些類型的安排持開放態度。績效激勵，他們通常採用不同的方式來實施績效方案，但他們通常的目標是在客戶的 AFE 之前鑽井或減少天數。有時這些都需要協商，因為這可能是雙贏的。我的意思是，我們對如何執行我們的營運效率有一定的控制力，當然我們對此感到非常自豪，為我們的客戶提供了 96% 以上的正常運行時間和出色的營運效率。但是鑽井和許多其他服務涉及很多方面，因此可能會變得複雜，成為一個一體化的整體。因此，您實際獲得的獎金可能與您在油井上所做的工作沒有直接關係。

That being said, they work best in long term development programs where you're drilling a number of wells, so you start to understand the geology and the wells get progressively more efficient as you go along. Not every customer likes them. Some customers would like to entertain this kind of structure. I don't see this becoming, the norm. I think some customers will, and you've seen some who have done it, and they continue to do it, will, look for these. We're very open to that, and some customers just aren't interested in based on how they run their business. But if there's an opportunity to do it, we're absolutely open to it, and it can make sense in certain circumstances.

話雖如此，它們在長期開發項目中效果最佳，在該項目項目中，您會鑽探多口井，因此您會開始了解地質情況，並且隨著您的進展，井的效率也會逐漸提高。並不是每個顧客都喜歡它們。有些客戶願意接受這種結構。我不認為這會成為常態。我認為有些顧客會尋找這些，而且你已經看到有些顧客已經這樣做了，而且他們還在繼續這樣做。我們對此持非常開放的態度，但有些客戶只是根據他們的業務經營方式對此不感興趣。但如果有機會這樣做，我們絕對會願意接受，而且在某些情況下這也是有意義的。

Great, really appreciate it and great quarter, great backlog editions. I'll turn it over. Thank you.

太棒了，真的很感激，很棒的季度，很棒的積壓版本。我把它翻過來。謝謝。

And our next question comes from Greg Lewis with BTIG. Please go ahead.

我們的下一個問題來自 BTIG 的 Greg Lewis。請繼續。

Yeah, thank you and good morning and thanks for taking my question and appreciate there may be things you can and cannot say about the contracts that are that are out there that are going to come in 26 and 27, but just as broadly as we look across those opportunities. Any sense for kind of how many of those and you mentioned in the David's question around, the, hook load, making a difference, any kind of sense for how many of these potential 25 opportunities may require rig upgrades?

是的，謝謝你，早上好，謝謝你回答我的問題，並且理解你可能可以說一些關於 26 年和 27 年即將簽訂的合約的事情，但就像我們廣泛地看待這些機會一樣。您在 David 的問題中提到，其中有多少與吊鉤負載有關，您能確定這 25 個潛在機會中有多少個可能需要升級鑽孔機嗎？

I think it's, as you said, I think you called it right, difficult to provide specifics on individual opportunities. What we are seeing is, and this kind of fits well with our fleet given the number of rigs that we have with MPD and dual BOPs, is that you're looking for customers who want maximum flexibility to design their well and change as they go so. A lot of opportunities are having NPD as the base. So, for contractors like us where we have those assets and existing assets, it's, it can become a real benefit. And so as those systems continue to evolve, we continue to evolve our technology to match that. So that'd be one example that you're seeing as potential upgrades.

我認為，正如你所說，我認為你說得對，很難提供有關個別機會的具體資訊。我們看到的是，考慮到我們擁有配備 MPD 和雙 BOP 的鑽機數量，這非常適合我們的船隊，您正在尋找那些希望以最大靈活性來設計他們的油井並隨時進行更改的客戶。很多機會都是以新產品開發為基礎的。因此，對於像我們這樣擁有這些資產和現有資產的承包商來說，這可以帶來真正的好處。隨著這些系統的不斷發展，我們也不斷發展我們的技術以適應其發展。這就是您所看到的潛在升級的一個例子。

I think the question is generally before you start a lot of times, a good percentage of the time before you start a new contract, the customer will want some kind of upgrade, some kind of stuff, and that's great for us because they often pay the CapEx associated with it and we get a better rig out of it and that's certainly the kind of deal that we try to seek. The number of contracts, if you're making a reference to the recent awards, the number of contracts that require significant CapEx upgrades, I don't think that's the norm either. There are plenty of contracts and we're customers, and part of the reason why we're very, we're fortunate to have a high spec 7th gen fleet is that these rigs can drill a lot of the programs that are out there without needing significant upgrades. So it does depend on what what market you're in. It does depend on the customer, but from a commercial perspective, we certainly seek to get reimbursement from that in the in the contracts that we can do.

我認為問題一般是在你開始很多次之前，在你開始一份新合約之前的相當一部分時間裡，客戶會想要某種升級，一些東西，這對我們來說很好，因為他們經常支付與之相關的資本支出，而我們從中獲得更好的裝備，這當然是我們試圖尋求的那種交易。合約數量，如果您參考最近的授予，需要大量資本支出升級的合約數量，我認為這也不是常態。我們有很多合同，我們也是客戶，我們很幸運擁有高規格的第七代艦隊的部分原因是這些鑽井平台可以鑽探許多現有的項目，而無需進行重大升級。所以這確實取決於你所處的市場。這確實取決於客戶，但從商業角度來看，我們肯定會在合約中尋求補償。

Okay, great. And then my other question is around the subsea yak market. I mean, clearly in, Gulf of Mexico is not a huge market for Valaris, but just as we think about the move lower in in day rates, where, it was a tie back well where the drilling the cost of drilling the well can be, upwards of 50% or higher of the cost of getting the oil out of the well, given the pullback and day rates, and, in some of this white space, has that kind of generated any maybe increased interest on the surface as we kind of Look at this, the next few quarters are going to be kind of spotty and in the US Gulf. Has could we see some tie-back opportunities kind of pop up here over the next few quarters, or is it the move lower rates has really, generated any increased drilling demand.

好的，太好了。我的另一個問題是關於海底犛牛市場。我的意思是，顯然墨西哥灣對 Valaris 來說不是一個巨大的市場，但正如我們所想，日費率會降低，這是一個連接井，鑽井成本可能高達採油成本的 50% 或更高，考慮到回調和日費率，在某些空白領域，這是否會引起人們的興趣，從表面上看，未來幾個季度在美國墨西哥灣將有些不穩定。我們是否會看到未來幾季出現一些回扣機會，或者是降低利率確實產生了增加的鑽井需求。

I'm not sure I link the two. I mean, coming into, the over the last couple of quarters, I think, the, our view has consistently been that there's going to be some white space in 2025 across the industry that needs to be worked through and that, the predominance of the programs Gulf of Mexico and internationally are in 26 and beyond. And we don't think that's changed and we don't think that recent changes, although there's been an increase in macro uncertainty, we certainly haven't seen any change in behavior from our customers generally. The programs that we're tracking on that timeline still continue to be there. There will always be a opportunistic, operator, and I mean that in a in a positive sense where a well may pop up potentially during 2025.

我不確定我是否將這兩者聯繫起來了。我的意思是，在過去的幾個季度裡，我認為，我們的觀點一直是，到 2025 年，整個行業將存在一些需要解決的空白，而墨西哥灣和國際項目的主導地位將在 26 年及以後。我們認為這種情況並沒有改變，我們也不認為最近發生了變化，儘管宏觀不確定性有所增加，但我們當然沒有看到客戶的行為發生任何變化。我們在該時間線上追蹤的程式仍然存在。總是會有一個機會主義者，運營商，我的意思是，從積極的意義上來說，2025 年可能會出現一口油井。

I don't think that's directly rate driven because I, we've talked about going into this white space area where there would be a wide variety of rates as we work through this white space, and I don't think there's been a significant or material change in those rates because you know the term contracts that are being fixed are generally starting with a 4. There is going to be some variety in those programs, but no, I don't see that.

我不認為這是直接受利率驅動的，因為我們已經討論過進入這個空白區域，當我們研究這個空白區域時，那裡會有各種各樣的利率，而且我認為這些利率沒有發生重大或實質性的變化，因為你知道固定的定期合約通常以 4 開頭。這些程序將會有一些變化，但是我沒有看到。

Okay, super helpful. Thank you very much.

好的，非常有幫助。非常感謝。

The next question is from Eddie Kim with Barclays. Please proceed.

下一個問題來自巴克萊銀行的 Eddie Kim。請繼續。

Hi, good morning. Just wanted to ask about the 5-year extensions on 5 of your jack ups in Saudi. Could you comment at all on the pricing levels on these extensions? We were they sort of in line with the prior contracts or were they at a discount to prior levels just just given the more challenged environment today in light of the Saudi rigged suspensions over the past year and a half and separately, do you think these contracts are an indication from Saudi that the period of rigged suspensions is now behind us or do you expect there could still be more to come?

嗨，早安。我只是想詢問一下你們在沙烏地阿拉伯的 5 座自升式鑽井平台的 5 年延期事宜。您能對這些擴充功能的定價水準發表評論嗎？它們是否與之前的合約一致，或者是否比之前的水平有折扣，只是考慮到今天更具挑戰性的環境，考慮到過去一年半沙特操縱的停產行為，另外，您是否認為這些合約是沙特的一個跡象，表明操縱停產的時期已經過去，還是您預計未來還會有更多？

To your first question, I think based on the way you asked it you realize that unfortunately we're not able to disclose day rates, on these contracts as we don't have customer approval. What I say is the rates are above the historic rates, and I would describe them, some people have done the back calculation based on the backlog, and I think you know those folks are pretty smart and kind of narrowing in on where it is, but I would describe these as solid contracts and then we're very proud of the job that, Arrow's done and we've done with them to secure, 25 years of backlog on those rigs, so very comfortable with them. As far as, the future Aramco and their plans, I look, I can't, what I can say is Aero is an integral part of the infrastructure in in a key partner for Aramco. We'll continue with our building program at IMI to bring new capacity to market, we're very pleased to have a JV with Saudi Aramco, and now with this with these fixtures from a Valaris perspective, we have one lease rig rolling in 2027 and the rest of the fleet rolling into 2030 and, we're very pleased about that.

對於您的第一個問題，我想根據您的提問方式，您會意識到很遺憾我們無法揭露這些合約的日費率，因為我們沒有獲得客戶的批准。我想說的是，費率高於歷史費率，我會這樣描述，有些人根據積壓訂單做了反向計算，我認為你知道那些人非常聰明，並且縮小了計算範圍，但我會將這些描述為可靠的合同，我們對 Arrow 所做的工作感到非常自豪，我們也為他們完成了 25 年的鑽井積壓訂單，所以對他們非常放心。就阿美公司的未來及其計劃而言，我認為，我不能，我能說的是，Aero 是阿美公司關鍵合作夥伴基礎設施不可或缺的一部分。我們將繼續在 IMI 進行建設計劃，將新產能推向市場，我們很高興與沙特阿美公司成立合資企業，現在從 Valaris 的角度來看，我們有一艘租賃鑽機將於 2027 年投入使用，其餘船隊將於 2030 年投入使用，我們對此感到非常高興。

Got it. Thanks for the color. My second question is just kind of a bigger picture question on offshore FIDs. I mean, to date, I don't think we've seen, and based on your comments, you haven't seen or heard of offshore FIDs or programs getting pushed back, but I mean Brent today, as we sit here is at $61. Is there a rent price level at which you think some offshore FIDs could start to get pushed back? Is that 55, 50 just any thoughts there?

知道了。謝謝你的顏色。我的第二個問題是關於離岸 FID 的一個更大的問題。我的意思是，到目前為止，我認為我們還沒有看到，根據您的評論，您也沒有看到或聽說過離岸 FID 或計劃被推遲，但我的意思是今天的布蘭特原油價格為 61 美元。您認為，達到某個租金價格水準後，一些離岸 FID 可能會開始受到延遲嗎？那是 55、50 嗎？

The 1st, you're going to be clear, we have not, and we are in ongoing discussions with our customers. We're in tender processes. Yes, you are absolutely correct. We have not seen today any programs getting pushed based on on the programs we're looking at, especially the long term opportunities are 26, 27, and beyond. These are long cycle developments about production to be delivered ongoing towards the end of the decade, and we have not seen a pushback, obviously there is increased in macro uncertainty, but that's how we That's how we see it today. What I will say about about pricing is, the programs that we drill offshore are large resources and the economics are compelling. They're compelling well below current, where the 5 year strip is on brands and where it's trading today, and offshore is advantage versus other, sources of production, particularly for that reason. And I think that's why you haven't seen, you haven't seen a significant change in our customer behavior.

首先，你要清楚，我們還沒有，我們正在與客戶討論。我們正在進行招標流程。是的，你完全正確。我們今天還沒有看到任何基於我們正在考慮的項目而推動的項目，尤其是 26、27 及以後的長期機會。這些都是關於生產的長期週期發展，將在十年末持續進行，我們還沒有看到阻力，顯然宏觀不確定性增加，但這就是我們今天所看到的。關於定價，我想說的是，我們在海上鑽探的專案涉及大量資源，而且經濟效益十分可觀。它們的價格遠低於當前價格，其中 5 年期條帶的品牌和今天的交易價格低於當前價格，而離岸相對於其他生產來源具有優勢，尤其是出於這個原因。我認為這就是為什麼您沒有看到我們的客戶行為發生重大變化。

Got it, understood. That's very helpful. Thank you, I'll turn it back.

明白了，了解了。這非常有幫助。謝謝，我會退回去。

Thank you. This does conclude today's question and answer session. I would now like to turn the conference back over to Nick Georgas for any closing remarks.

謝謝。今天的問答環節到此結束。現在我想將會議交還給 Nick Georges 做結束語。

Thanks, Chris, and thank you to everyone on today's call for your interest in Varis. We look forward to speaking with you again when we report our second quarter 2025 results. Have a great rest of your day.

謝謝，克里斯，也感謝今天電話會議上的每個人對 Varis 的關注。我們期待在報告 2025 年第二季業績時再次與您交談。祝您今天剩餘的時間過得愉快。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。