Valaris Ltd (VAL) 2025 Q2 法說會逐字稿

Good day and welcome to the Valaris second quarter 2025 results conference call (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Nick Georgas, Vice President, Treasurer, and Investor Relations. Please go ahead.

大家好，歡迎參加 Valaris 2025 年第二季業績電話會議（操作員指示）請注意，此活動正在錄製中。現在，我想將會議交給副總裁、財務主管和投資者關係部經理尼克·喬治斯 (Nick Georges)。請繼續。

Welcome, everyone to the Valaris second quarter 2025 conference call. With me today are 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.

歡迎大家參加 Valaris 2025 年第二季電話會議。今天與我在一起的有總裁兼首席執行官安東·迪博維茨 (Anton Dibowitz)、高級副總裁兼首席財務官克里斯·韋伯 (Chris Weber)、高級副總裁兼首席商務官馬特·林恩 (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。

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.

我們今天對預期所做的任何評論都是前瞻性陳述，並受風險和不確定性的影響。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.

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。

Also, please note that the company undertakes no duty to update forward-looking statements. During this call, we refer to GAAP and non-GAAP financial measures. Please see the press release on our website for additional information and required reconciliations.

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，我們參考了 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。

Last 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.

上週，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, everyone.

謝謝，尼克，大家早安，下午好。

During today's call, I'll begin with a review of our performance for the quarter and highlight some of our recent contract awards. I'll then provide an update on the offshore drilling market and conclude by outlining how our strategic focus on delivering outstanding operational performance, executing our commercial strategy, and maintaining disciplined, cost, and fleet management is driving long-term value for shareholders.

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授予的一些合約。然後，我將介紹海上鑽井市場的最新情況，最後概述我們如何將策略重點放在提供卓越的營運績效、執行我們的商業策略以及保持紀律、成本和船隊管理上，從而為股東創造長期價值。

Then I'll hand the call over to Matt, who will provide a more detailed perspective on our recent contracting success and the broader floater and Jackups markets. After that, Chris will walk through our financial results and guidance, and I'll finish with some closing remarks.

然後我將把電話交給馬特，他將更詳細地介紹我們最近的簽約成功以及更廣泛的浮式鑽井平台和自升式鑽井平台市場。之後，克里斯將介紹我們的財務表現和指導，最後我將做一些總結發言。

To begin, I want to highlight a few key points. First, I am very proud of the entire Valaris team for delivering another quarter of strong operational and financial performance, with revenue efficiency of 96% contributing to meaningful EBITDA and free cash flow for the quarter.

首先，我想強調幾個關鍵點。首先，我為整個 Valaris 團隊感到非常自豪，他們又一個季度取得了強勁的營運和財務業績，96% 的收入效率為本季度帶來了有意義的 EBITDA 和自由現金流。

Second, we are successfully executing our commercial strategy by securing attractive long-term contracts for a high specification fleet.

其次，我們透過獲得具有高規格船隊的有吸引力的長期合同，成功地執行了我們的商業策略。

Since reporting first quarter results, we've added more than a billion dollars in new contract backlog, increasing our total backlog to approximately $4.7 billion.

自報告第一季業績以來，我們增加了超過 10 億美元的新合約積壓訂單，使我們的總積壓訂單增加到約 47 億美元。

Third, as expected, the pipeline of floater opportunities that we have discussed in recent quarters are converting into contracts. We anticipate additional awards across the industry in the coming months, and Valaris is well positioned to capitalize on these opportunities and deliver long-term value for our shareholders.

第三，正如預期的那樣，我們最近幾季討論過的浮動利率貸款機會正在轉化為合約。我們預計未來幾個月整個行業將獲得更多獎項，而 Valaris 已準備好利用這些機會，為我們的股東創造長期價值。

Safe and efficient operations are at the heart of everything we do. They keep our people safe and build trust with our customers.

安全且有效率的營運是我們一切工作的核心。他們保障我們員工的安全並與我們的客戶建立信任。

We delivered fleetwide revenue efficiency of 96% in the second quarter, continuing our track record of providing safe and efficient operations to our customers.

我們在第二季實現了 96% 的全船隊收益效率，持續為客戶提供安全且高效的營運。

This solid operational performance contributed to strong financial results, including adjusted EBITDA of $201 million and adjusted free cash flow of $63 million.

穩健的營運業績帶來了強勁的財務業績，包括 2.01 億美元的調整後 EBITDA 和 6,300 萬美元的調整後自由現金流。

As always, delivering safe operations is our top priority. And I'm pleased to report that we completed the first half of the year without a single lost time incident, a testament to our safety culture and commitment to eliminating workplace injuries.

像往常一樣，安全營運是我們的首要任務。我很高興地報告，我們在上半年沒有發生一起工時損失事故，這證明了我們的安全文化和消除工傷事故的承諾。

We also had several rigs achieve notable safety milestones with VALARIS DS-10 reaching two years without a recordable incident, while VALARIS 107, 118, and 248 each marked one year recordable free.

我們還有幾台鑽機實現了顯著的安全里程碑，其中 VALARIS DS-10 已連續兩年未發生可記錄事故，而 VALARIS 107、118 和 248 則分別連續一年未發生可記錄事故。

On prior conference calls, we've discussed our focus on bookending the white space across our drill ship fleet by securing attractive long-term contracts for our high spec seventh generation assets.

在先前的電話會議中，我們討論了我們的重點，即透過為我們的高規格第七代資產簽訂有吸引力的長期合約來填補我們鑽井船隊的空白。

We've made great progress on this objective this year, having now contracted three of our four drill ships with near term availability, as well as extending the DS-16, which was previously scheduled to roll off contract mid next year to the end of 2028.

今年，我們在這一目標上取得了巨大進展，目前已簽訂了四艘鑽井船中的三艘的合同，這些船均可近期使用，同時還將原定於明年年中到期的 DS-16 的合同期限延長至 2028 年底。

Since reporting first quarter results, we've added $860 million in drill ship backlog with average day rates above $400,000. These awards have helped us to increase our contract backlog to $4.7 billion the highest it has been this decade.

自從報告第一季業績以來，我們已增加了價值 8.6 億美元的鑽井船積壓訂單，平均日費率超過 40 萬美元。這些獎項幫助我們將合約積壓金額增加到 47 億美元，這是近十年來的最高水準。

And reflect the strength of our customer relationships, our operational track record, and the value customers place on our high specification fleet.

並反映出我們與客戶關係的強度、我們的營運記錄以及客戶對我們高規格車隊的重視程度。

Turning now to the broader offshore drilling market.

現在轉向更廣泛的海上鑽井市場。

The long term fundamentals for offshore activity remain strong, and we continue to believe that offshore production will play a vital role in helping to meet global energy needs. Offshore production, particularly deep water, offers large accessible resource potential, compelling project economics, and comparatively lower carbon emissions.

海上活動的長期基本面依然強勁，我們仍然相信海上生產將在幫助滿足全球能源需求方面發揮至關重要的作用。海上生產，尤其是深水生產，具有巨大的可利用資源潛力、引人注目的項目經濟效益以及相對較低的碳排放量。

Consequently, we are seeing our customers prioritize long cycle offshore developments over shorter cycle activity such as US land, and we anticipate meaningful growth in deep water project sanctioning of both greenfield developments and exploration projects in 2026 and 2027. The majority of these projects are expected to be economically viable well below current commodity prices.

因此，我們看到客戶優先考慮長週期海上開發，而不是美國陸地等短週期活動，我們預計 2026 年和 2027 年深水項目批准的綠地開發和勘探項目都將顯著成長。預計這些項目中的大多數在遠低於當前商品價格的情況下仍具有經濟可行性。

According to Restart, over 75% of deep water spending expected to be sanctioned in the next three years is tied to programs with break-even prices below $50 per barrel compared to a five-year forward price above $65 per barrel.

據 Restart 稱，預計未來三年內批准的深水油田支出中，超過 75% 與盈虧平衡價格低於每桶 50 美元的項目有關，而五年遠期油價將高於每桶 65 美元。

This supports our view that the floater opportunities we've been tracking will continue converting to contracts, and as expected, the pace of this contracting has picked up in recent months.

這支持了我們的觀點，即我們一直在追蹤的浮動油田機會將繼續轉化為合同，而且正如預期的那樣，近幾個月來，這種合約的簽訂速度有所加快。

Based on our ongoing conversations with customers, we anticipate additional awards across the industry in the coming months, and there remains a healthy pipeline of more than 30 floater opportunities with planned start dates in 2026 or 2027 in durations of at least one year.

根據我們與客戶的持續對話，我們預計未來幾個月整個行業將獲得更多獎項，並且仍有超過 30 個浮動動機會，計劃於 2026 年或 2027 年開始，持續時間至少為一年。

We continue to see a clear customer preference for the most technically capable assets which aligns well with our high specification drill ship fleet.

我們繼續看到客戶明顯偏好技術性能最強的資產，這與我們的高規格鑽井船隊非常吻合。

As 12 of our 13 ships are seventh generation units, the highest concentration in the industry. On average, seventh generation drill ships have achieved day rates that are approximately 25% higher, and marketed utilization that is nearly 10% points better than sixth generation units over the past 12 months.

我們的13艘船中有12艘是第七代船舶，是業界密度最高的。平均而言，在過去 12 個月中，第七代鑽井船的日費率比第六代鑽井船高出約 25%，市場利用率比第六代鑽井船高出近 10%。

We expect this differentiation to continue, particularly for longer term development programs, as the combination of technical specifications such as dual derricks with high hook load capacity, high capacity thrusters, and two blowout preventers offer efficiencies that are amplified over multi-well programs.

我們預計這種差異化將會持續下去，特別是對於長期開發項目而言，因為高鉤載能力的雙井架、高容量推進器和兩個防噴器等技術規格的組合可以提供比多井項目更高的效率。

As a result, while we still anticipate overall drill ship utilization to trough in the first half of 2026, we expect seventh generation drill ships will lead the recovery and exit 2026 with utilization levels above 90%.

因此，雖然我們仍然預計整體鑽井船利用率將在 2026 年上半年觸底，但我們預計第七代鑽井船將引領復甦，並在 2026 年退出時將超過 90%。

Moving to Jackupss, shallow water demand remains resilient, with global utilization of 90%, driven primarily by national oil companies prioritizing energy security and infrastructure funding. We have robust contract coverage on our Jackups fleet with more than 70% of available days for our active rigs already contracted in 2026 and 60% contracted in 2027.

轉向自升式平台，淺水需求仍保持彈性，全球利用率達 90%，主要由優先考慮能源安全和基礎設施資金的國家石油公司推動。我們的自升式鑽井平台船隊擁有強大的合約覆蓋率，其中超過 70% 的現役鑽井平台可用天數已簽訂 2026 年合同，60% 的現役鑽井平台可用天數已簽訂 2027 年合約。

Our versatile jack fleet continues to be a strong contributor to our financial performance, and we expect year over year growth in EBITDA from the segment in 2025, driven by more operating days and higher average day rates.

我們的多功能千斤頂車隊繼續為我們的財務業績做出強大貢獻，我們預計，在營運天數增加和平均日費率上升的推動下，2025 年該部門的 EBITDA 將同比增長。

Against this positive backdrop at Valaris, we remain focused on delivering outstanding operational performance, executing our commercial strategy, and prudently managing our fleet and costs.

在瓦拉里斯的積極背景下，我們將繼續專注於提供卓越的營運績效、執行我們的商業策略以及審慎管理我們的船隊和成本。

As I mentioned earlier, the team has performed excellently over the first half of the year, and we remain laser focused on operating safely and efficiently for our customers.

正如我之前提到的，團隊在上半年表現出色，我們仍然專注於為客戶提供安全且有效率的營運。

We're well positioned to continue executing our commercial strategy by winning attractive floater contracts supported by a global scale and high spec fleet.

透過贏得由全球規模和高規格船隊支持的有吸引力的浮動合同，我們已準備好繼續執行我們的商業策略。

With three of our four seventh generation drill ships with near term availability now contracted, our focus is on securing work for the DS-12, and we are actively engaged in discussions with multiple customers for opportunities starting in 2026.

我們目前已簽訂了四艘近期可用的第七代鑽井船中的三艘的合同，我們的重點是確保 DS-12 的工作，並且我們正在積極與多個客戶討論從 2026 年開始的機會。

We're also starting to see some customers consider short-term programs in the first half of 2026, which aligns well with our strategy of first securing attractive long-term contracts and then targeting potential GAAP fill opportunities.

我們也開始看到一些客戶在 2026 年上半年考慮短期計劃，這與我們的策略一致，即首先確保有吸引力的長期合同，然後瞄準潛在的 GAAP 填補機會。

In terms of our broader fleet strategy spanning both floaters and Jackupss, we remain focused on maintaining a high quality and efficient fleet.

就我們涵蓋浮式鑽井平台和自升式鑽井平台的更廣泛的船隊策略而言，我們仍然專注於維持高品質和高效的船隊。

We will continue to actively manage our rigs in response to evolving market conditions, including tightly controlling costs between contracts and quickly reducing expenses during extended idle periods.

我們將繼續積極管理我們的鑽井平台，以應對不斷變化的市場條件，包括嚴格控制合約之間的成本以及在長期閒置期間迅速減少開支。

Prudent fleet management also extends to our decisions to retire eggs when their expected economic benefit no longer justifies their associated costs.

審慎的機隊管理也延伸到當雞蛋的預期經濟效益不再抵得上其相關成本時，我們決定淘汰雞蛋。

Earlier this year, we completed the sale for recycling of three benign environment semi-submersibles, reflecting the challenged global market for this asset class, and we continue to closely monitor market conditions and opportunities for our two remaining semis.

今年早些時候，我們完成了三艘環保半潛式鑽井平台的回收銷售，這反映出全球市場對此類資產的挑戰，我們將繼續密切關注剩餘兩艘半潛式鑽井平台的市場狀況和機會。

We also regularly evaluate the vestiges and will sell rigs when we can secure tractor prices, as demonstrated by the announced sale of Jackups Valaris's 247 for $108 million in cash.

我們還定期評估殘餘物，並在我們能夠確定拖拉機價格時出售鑽機，正如宣布以 1.08 億美元現金出售 Jackups Valaris 的 247 所證明的那樣。

Before handing over to Matt, I'd like to briefly recap a few key points about the market and our strategy.

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。

As we anticipated, the flow to pipeline is converting into contracts, and we expect more rewards across the industry in the months ahead. Customers continue to prioritize long cycle offshore projects, and we believe offshore production will remain essential to meet global energy demand and an increasingly important part of their portfolios.

正如我們預期的那樣，流入管道的流量正在轉化為合同，我們預計未來幾個月整個行業將獲得更多回報。客戶繼續優先考慮長週期的海上項目，我們相信海上生產對於滿足全球能源需求仍然至關重要，並將成為其投資組合中越來越重要的一部分。

We are laser focused on operational excellence and commercial execution. Given our high quality fleet and operational performance, we're well positioned to secure additional contracts which, combined with our prudent approach to fleet management, will further support our earnings and cash flow.

我們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，我們完全有能力獲得更多合同，再加上我們審慎的船隊管理方法，將進一步支持我們的盈利和現金流。

With that, I'll now hand the call over to Matt.

說完這些，我現在將電話交給馬特。

Thanks, Anton, and good morning and afternoon, everyone. I'll begin with a summary of our recent contracting success before providing updates on the major floater and Jackup markets where we operate.

謝謝，安東，大家早安，下午好。我將首先總結我們最近的簽約成功情況，然後再介紹我們營運的主要浮式鑽井平台和自升式鑽井平台市場的最新情況。

Since our first quarter call, we've secured new contracts and extensions that have increased our total backlog to $4.7 billion. These awards added more than $1 billion in new backlog, including approximately $860 million for floaters and $145 million for Jackups.

自第一季電話會議以來，我們已獲得新合約和續約合同，使我們的總積壓訂單金額增加到 47 億美元。這些獎項為新訂單增添了超過 10 億美元的金額，其中包括約 8.6 億美元的浮式鑽井平台訂單和 1.45 億美元的自升式鑽井平台訂單。

Starting with floaters, we recently secured multi-year programs for drill ships Valaris DS-16 and DS-18 with Oxy in the US Gulf, adding a combined five years of term and approximately $760 million of backlog.

從浮式鑽井平台開始，我們最近與美國墨西哥灣的 Oxy 公司簽訂了鑽井船 Valaris DS-16 和 DS-18 的多年期合同，合同總期限為五年，積壓訂單價值約為 7.6 億美元。

The DS-16 award extends the rig's contract with Oxy into late 2028, while the DS-18 was awarded a new contract that is expected to keep the rig busy from late 2026 to early 2029.

DS-16 合約將該鑽井平台與 Oxy 的合同延長至 2028 年底，而 DS-18 獲得了一份新合同，預計該鑽井平台將從 2026 年底到 2029 年初保持活躍。

We also secured a 250 day contract for Valaris DS-15 offshore West Africa, which could extend to nearly one year if customer options are exercised. As part of this contract, the rig will be upgraded with an enhanced managed pressure drilling system, reflecting growing customer preference for contractors that can deliver technically complex drilling programs using high spec seventh generation drill ships. This upgrade is being funded upfront by the customer, providing for an effective day rate of $540,000 over the firm term of the contract.

我們還為西非近海的 Valaris DS-15 簽訂了為期 250 天的合同，如果客戶選擇執行，該合約可延長至近一年。作為該合約的一部分，該鑽井平台將升級為增強型管理壓力鑽井系統，這反映出客戶對能夠使用高規格第七代鑽井船提供技術複雜的鑽井專案的承包商的偏好日益增長。此次升級費用由客戶預先支付，在合約固定期限內有效日費率為 540,000 美元。

Including these awards and the DS-10 contract announced last quarter at a day rate in the high [$400s], we've now secured work for three of our four drill ships with near term availability at average rates above $400,000 per day.

包括這些獎項和上個季度宣布的日租金高達 [400 美元] 的 DS-10 合約在內，我們現在已經為四艘鑽井船中的三艘爭取到了工作機會，近期可用平均日租金超過 40 萬美元。

Turning to Jackups, we recently secured a four year extension for Valaris 110, offshore Qatar, along with more work in the North Sea for Valaris, Norway. And 122.

談到自升式鑽井平台，我們最近為卡達近海的 Valaris 110 贏得了為期四年的續約合同，同時也為挪威 Valaris 在北海贏得了更多工作。和 122。

Increasing our contract coverage in the region through the remainder of 2025 and into 2026. Year-to-date, we've added more than $2 billion in contracted revenue backlog, significantly enhancing our contract coverage in 2026 and beyond.

在 2025 年剩餘時間和 2026 年期間擴大我們在該地區的合約覆蓋範圍。年初至今，我們已增加超過 20 億美元的合約收入積壓，大大增強了我們 2026 年及以後的合約覆蓋範圍。

Turning now to the major floater and Jackups regions where we operate.

現在轉向我們營運的主要浮式鑽井平台和自升式鑽井平台區域。

As Anton mentioned, the pipeline of floater opportunities is converting into contracts. Following these recent contract awards, we've seen a replenishment of the pipeline of longer term floater opportunities and are currently tracking more than 30 opportunities with planned start dates in 2026 or 2027 and durations of a year or more.

正如安東所提到的，浮動機會管道正在轉化為合約。在最近授予這些合約之後，我們看到長期浮動機會的補充，目前正在追蹤 30 多個機會，計劃開始日期為 2026 年或 2027 年，持續時間為一年或更長時間。

With long term contracts typically awarded at least nine months before their planned commencement. We anticipate additional contract awards across the industry over the remainder of the year.

長期合約通常在計劃開始前至少九個月授予。我們預計今年剩餘時間內整個產業將獲得更多合約授予。

Offshore Africa, including West Africa, Mozambique, and the Mediterranean, remains the most active region for future floater demand, representing roughly half of the long-term opportunities in our pipeline.

包括西非、莫三比克和地中海在內的非洲近海仍是未來浮式平台需求最活躍的地區，約佔我們長期投資機會的一半。

In West Africa, we expect to see growth offshore Nigeria with two multi-year programs with IOCs presently in the tendering phase and offshore Ivory Coast, where a two-rig requirement starting in 2027 is expected to come to market later this year.

在西非，我們預計尼日利亞近海將出現成長，目前尼日利亞與國際石油公司正處於招標階段，而科特迪瓦近海將從 2027 年開始對兩座鑽井平台的需求，預計今年稍後進入市場。

Similarly, we expect incremental demand from Namibia, with total energies progressing a long term development for its Venus project that could lead to several years of work for multiple rates.

同樣，我們預計納米比亞的需求將會增加，其金星項目的長期開發總能量將不斷增加，這可能會導致數年內多種費率的工作。

In Ghana, a new discovery at the Evan Acoma field, the country's first major offshore find in several years, may generate future demand that would be incremental to the pipeline of opportunities we are tracking in Mozambique, ENI is currently tendering for a drill ship with work starting in the second half of 2026. And further tenders from Total Energies and Exxon are expected to follow later this year for programs starting in 2027.

在加納，埃文阿科馬油田的新發現，是該國幾年來首次發現大型海上油田，可能會產生未來的需求，這將增加我們在莫三比克追蹤的眾多機會，埃尼集團目前正在招標一艘鑽井船，工作將於 2026 年下半年開始。預計道達爾能源公司和埃克森美孚將於今年稍後對 2027 年啟動的項目進行進一步招標。

Belarus DS-9 is returning to Angola with Exxon following a successful exploration campaign offshore Cyprus, which may lead to future development activity as the country seeks to increase offshore production.

在塞浦路斯近海成功勘探後，白俄羅斯 DS-9 號將隨埃克森美孚返回安哥拉，這可能會引發未來的開發活動，因為安哥拉正在尋求增加海上產量。

Also in the Mediterranean, BP has a tender out for development work starting in mid-2026, following exploration success offshore Egypt with the DS-12.

此外，在地中海地區，繼 DS-12 在埃及近海取得勘探成功後，英國石油公司已開始招標 2026 年中期開始的開發工作。

Polaris has a long and successful track record offshore Africa, and we anticipate that development activity around the continent will be the main driver of incremental float to demand over the next few years.

Polaris 在非洲近海擁有長期且成功的業績記錄，我們預計，未來幾年非洲大陸的開發活動將成為增加浮式油田需求的主要驅動力。

To this end, we are in active discussions with customers for several opportunities that DS-12 is well suited for and both the DS-9 and the DS-7 have had strong operational performance with their customers that positions them well for follow-on work when their current contracts expire in the second half of 2026.

為此，我們正在與客戶積極討論 DS-12 非常適合的幾個機會，並且 DS-9 和 DS-7 在其客戶中都表現出色，這為它們在 2026 年下半年現有合約到期後的後續工作做好了準備。

Moving to Brazil, which is the largest market for benign environment floaters, we expect Petrobras's rig count will remain stable in the near to medium term as they seek to recontract existing rig capacity through active and upcoming tenders.

轉向巴西，它是良性環境浮式鑽井平台的最大市場，我們預計巴西國家石油公司的鑽井數量將在中短期內保持穩定，因為他們尋求透過正在進行的和即將進行的招標來重新簽訂現有的鑽井能力。

These include the recent tender for the Buzios field, a tender covering the marrow and Tupi fields that came to market last week, and a third tender anticipated later this year. These tenders provide opportunities for potential follow-on work for Valaris DS-8, which is scheduled to complete its current contract with Petrobras at the end of next year.

其中包括最近對布茲奧斯油田的招標、上週上市的骨髓油田和圖皮油田的招標，以及預計今年稍後進行的第三次招標。這些招標為 Valaris DS-8 的潛在後續工作提供了機會，該船計劃於明年年底完成與巴西石油公司的現有合約。

Beyond Petrobras, we have also seen increased demand from IOCs for multi-year terms, with Ecuador looking to add a third rig offshore Brazil and Shell issuing a tender for its Gato D'Amato project.

除了巴西國家石油公司之外，我們還看到國際石油公司對多年期合約的需求有所增加，其中厄瓜多爾希望在巴西近海增加第三個鑽井平台，殼牌則為其加托達馬托 (Gato D'Amato) 項目發出招標。

In the US Gulf, customer demand remains healthy, as evidenced by our recent long-term contracts with Oxy. And we expect the market to remain balanced with demand largely met by existing supply of rigs in the region.

在美國墨西哥灣，客戶需求仍然健康，我們最近與 Oxy 簽訂的長期合約證明了這一點。我們預計市場將保持平衡，該地區現有的鑽井平台供應將基本滿足需求。

Outside of the golden triangle, we're tracking requirements for seven drill ships offshore India, Southeast Asia, and Australia, representing more than 10 years of expected firm term. This demand could draw supply away from the Golden Triangle, since there are just five drill ships that are working or warm stacked in these regions today.

在金三角之外，我們正在追蹤印度、東南亞和澳洲近海七艘鑽井船的需求，預計固定期限將超過 10 年。這種需求可能會導致金三角地區的石油供應減少，因為目前這些地區只有五艘鑽井船在作業或熱停泊。

As Anton mentioned, we're also starting to see some customers consider short-term programs in the first half of 2026. This is a positive development since our last conference call, with increased interest across the golden triangle that could help us mitigate some idle time between contracts.

正如安東所提到的，我們也開始看到一些客戶考慮 2026 年上半年的短期計畫。這是自我們上次電話會議以來的一個積極進展，整個金三角地區的興趣日益濃厚，這可以幫助我們減少合約之間的一些閒置時間。

While many deepwater regions show encouraging signs of growth, the semi-submersible market offshore Australia remains challenged, and we expect idle time from both MS-1 and DPS-1 once their current contracts end later this year.

儘管許多深水地區顯示出令人鼓舞的成長跡象，但澳洲近海半潛式平台市場仍面臨挑戰，我們預計 MS-1 和 DPS-1 的現有合約在今年稍後結束後都將出現閒置時間。

We are actively engaging with customers on potential opportunities for 2026 and 2027, and we will manage our fleet in line with demand.

我們正在積極與客戶探討 2026 年和 2027 年的潛在機會，並將根據需求管理我們的機隊。

Turning to Jackups, global marketed utilization ended the 2nd quarter at 90%. Marking three straight years with utilization at or above this level. Our Jackups fleet is concentrated in basins where we have strong positions.

就自升式鑽井平台而言，第二季全球市場利用率達 90%。連續三年利用率達到或超過此水準。我們的自升式鑽井平台船隊集中在我們佔據強勢地位的盆地。

Such as our rigs leased to arrow in Saudi Arabia, our market leading position in North Sea, and niche markets that require high specification assets like Trinidad and Australia.

例如，我們向沙烏地阿拉伯的 Arrow 租賃了鑽井平台，我們在北海佔據了市場領先地位，我們在特立尼達和澳洲等需要高規格資產的利基市場也佔有一席之地。

In benign environments we have strong contract coverage. And accounting for one customer option we expect to be exercised, we have open availability in 2026 for just two rigs Valaris 106 in Indonesia and Valaris 107 in Australia.

在良好的環境中，我們擁有強大的合約覆蓋範圍。考慮到我們預計將行使的一項客戶選擇權，我們在 2026 年僅有兩座鑽井平台可供使用，即印尼的 Valaris 106 和澳洲的 Valaris 107。

We remain confident in the outlook for both rigs. The Valaris 106 is well placed for domestic work as an Indonesian flagged vessel, and the Valaris 107 is expected to be the only Jackup offshore Australia with 2026 availability that could meet multiple opportunities we are tracking.

我們對這兩座鑽井平台的前景仍然充滿信心。Valaris 106 作為一艘懸掛印尼國旗的船隻，非常適合國內作業，而 Valaris 107 預計將成為唯一一艘可在 2026 年投入使用的澳洲海上自升式鑽井平台，可以滿足我們正在追蹤的多個機會。

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 as two operators have chosen to prioritize activity in other basins.

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，這是由於兩家業者選擇優先在其他盆地開展活動，導致可用單位數量增加。

We have solid contract coverage for most of our active fleet into mid next year. We are currently tracking approximately 20 programs expected to commence by year end 2026 across the UK, Danish, and Dutch sectors.

我們為大多數現役機隊簽訂了到明年年中的穩固合約。我們目前正在追蹤英國、丹麥和荷蘭各部門預計 2026 年底啟動的約 20 個項目。

These include gas drilling, plug and abandonment work, and new energy projects, and we believe our rigs are well positioned to meet this demand. The Dutch sector stands out as a particular bright spot with three programs of at least one year in duration expected to start by early next year.

其中包括天然氣鑽探、封堵和廢棄工作以及新能源項目，我們相信我們的鑽機能夠很好地滿足這些需求。荷蘭產業尤其引人注目，預計明年初將啟動三個為期至少一年的計畫。

In summary, we are successfully executing our commercial strategy and have secured over $2 billion in backlog from new contracts this year.

總而言之，我們正在成功執行我們的商業策略，並在今年獲得了超過 20 億美元的新合約積壓訂單。

We continue to have constructive engagement with our customers around their future programs, and our focus remains on building backlog by winning attractive long-term contracts to further support our earnings and cash flow. I'll now hand the call over to Chris, who will take you through the financials.

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贏得有吸引力的長期合約來建立積壓訂單，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 second quarter results. Then I'll walk you through our outlook for the third quarter, followed by an update on our full year guidance for 2025.

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二季業績。然後，我將向您介紹我們對第三季的展望，然後更新我們對 2025 年全年的指導。

Starting with our second quarter results, total revenues were $615 million compared to $621 million in the prior quarter, primarily due to Valaris DS-12 completing a contract late in the first quarter without follow-on work, which is partially offset by a full quarter of operations for Valaris 144 and several Jackups starting new contracts at higher day rates than those earned in the prior quarter.

從我們第二季度的業績開始，總收入為 6.15 億美元，而上一季度為 6.21 億美元，這主要是因為 Valaris DS-12 在第一季度末完成了一項合同而沒有後續工作，但 Valaris 144 的整個季度運營和幾座自升式鑽井平台以高於上一季度的日費率開始簽訂新合同，簽訂了這一部分收益。

Adjusted EBITDA was $201 million compared to $181 million in the prior quarter. Adjusted EBITDA was up on lower revenue primarily due to a favorable arbitration outcome related to a previously disclosed patent license litigation that provided a total benefit of $24 million in the second quarter.

調整後的 EBITDA 為 2.01 億美元，而上一季為 1.81 億美元。調整後的 EBITDA 在收入下降的情況下有所上升，這主要是由於與先前披露的專利許可訴訟相關的仲裁結果有利，該訴訟在第二季度帶來了總計 2400 萬美元的收益。

$17 million of this benefit was recognized in contract drilling expense and the remaining $7 million in G&A expense. Second quarter adjusted EBITDA exceeded our guidance range of $140 million to $160 million.

其中 1,700 萬美元計入合約鑽井費用，其餘 700 萬美元計入一般及行政費用。第二季調整後的 EBITDA 超過了我們 1.4 億美元至 1.6 億美元的預期範圍。

Approximately half of the beat was due to strong operating results driven by higher revenues from aero leased rigs, certain contracts running longer than expected, and lower support costs, and the other half was due to the favorable arbitration outcome.

大約一半的業績超出預期是由於航空租賃鑽機收入增加、某些合約期限超過預期以及支持成本降低所推動的強勁經營業績，另一半則是由於有利的仲裁結果。

Second quarter CapEx totals $67 million coming in below guidance due to timing as certain projects been shifted to later in the year. During the quarter, we generated $120 million of cash flow from operations and received $10 million in proceeds from the sale for recycling of semi-submersibles DPS-3, DPS-5, and DPS-6.

第二季的資本支出總額為 6,700 萬美元，低於預期，原因是某些項目轉移到今年稍後。本季度，我們從營運中產生了 1.2 億美元的現金流，並從半潛式鑽井平台 DPS-3、DPS-5 和 DPS-6 的回收銷售中獲得了 1000 萬美元的收益。

This was partial set by capital expenditures resulting in $63 million of adjusted free cash flow. Cash and cash equivalents were $516 million at quarter end, and a revolving credit facility remains fully available, which together provided us with total liquidity of nearly $900 million.

這部分是由資本支出決定的，從而產生了 6300 萬美元的調整後自由現金流。季度末的現金和現金等價物為 5.16 億美元，循環信貸額度仍然完全可用，這為我們提供了近 9 億美元的總流動資金。

Moving now to our third quarter outlook, we expect total revenues in the range of $555 million to $575 million down from $615 million in the second quarter.

現在來看看我們對第三季的展望，我們預計總營收將在 5.55 億美元至 5.75 億美元之間，低於第二季的 6.15 億美元。

The anticipated decrease is primarily due to idle time for Valaris DS-15 and DS-18, both of which are expected to complete their contracts during the quarter, and fewer operating days for Valaris 247, which is scheduled to finish its contract offshore Australia during the quarter ahead of its planned sale later this year.

預計下降的主要原因是 Valaris DS-15 和 DS-18 的閒置時間，這兩艘船預計都在本季度完成合同，而 Valaris 247 的運營天數減少，該船計劃在本季度完成其在澳大利亞近海的合同，併計劃在今年晚些時候出售。

These items are expected to be partially offset by more operating days for Valaris 106, which returned to work late in the second quarter following out of service time for its 20-year survey.

預計這些項目將因 Valaris 106 號作業天數增加而被部分抵消，該船在因 20 年的調查而停運一段時間後，於第二季末恢復工作。

We expect contract drilling expense of $400 million to $415 million compared to $396 million in the second quarter. This increase is primarily due to the $17 million dollar benefit from the favorable arbitration outcome in the second quarter that I mentioned earlier.

我們預計合約鑽井費用為 4 億至 4.15 億美元，而第二季為 3.96 億美元。這一增長主要歸功於我之前提到的第二季有利的仲裁結果帶來的 1700 萬美元收益。

Both revenue and contract drilling expense for the third quarter are expected to include $30million to $35 million of reimbursable items. We anticipate that G&A expense will be approximately $28 million and adjusted EBITA is expected to be $120 million to $140 million.

預計第三季的收入和合約鑽井費用將包括 3,000 萬至 3,500 萬美元的可報銷項目。我們預計 G&A 費用約為 2,800 萬美元，調整後的 EBITA 預計為 1.2 億至 1.4 億美元。

Total CapEx is expected to be $100 million to $110 million including ongoing fleet maintenance spend, 20 year survey costs for Valaris 106 and 248, and contract specific upgrades for several rigs.

總資本支出預計為 1 億至 1.1 億美元，其中包括持續的船隊維護費用、Valaris 106 和 248 的 20 年調查費用以及幾座鑽井平台的合約特定升級費用。

Turning to our financial guidance for full year 2025, we now expect adjusted EBITDA in the range of $565 million to $605 million up from our prior guidance range of $500 million to $560 million. This increases the midpoint of our adjusted EBITDA guidance by $55 million taking it up to $585 million primarily due to our outperformance in the second quarter.

談到我們對 2025 年全年的財務指導，我們現在預計調整後的 EBITDA 在 5.65 億美元至 6.05 億美元之間，高於我們先前指導的 5 億美元至 5.6 億美元。這使我們的調整後 EBITDA 指引中點增加了 5,500 萬美元，達到 5.85 億美元，這主要歸功於我們在第二季的出色表現。

In terms of our guidance for specific line items, we now forecast total revenues of $2.25 billion to $2.3 billion which is fully contracted at the midpoint. Contract drilling expense of $1.57 billion to $1.6 billion and G&A expense of $100 million to $105 million.

就我們對具體項目的指導而言，我們現在預測總收入為 22.5 億美元至 23 億美元，按中間值計算，該數字已完全簽約。合約鑽井費用為 15.7 億美元至 16 億美元，一般及行政費用為 1 億美元至 1.05 億美元。

Our full year 2025 CapEx guidance remains unchanged at $375 million to $415 million and we expect approximately $70 million in upfront customer payments this year, which will help offset contract specific upgrades. This concludes my review of our financial results and guidance.

我們對 2025 年全年資本支出的預期保持不變，為 3.75 億美元至 4.15 億美元，我們預計今年客戶預付款約為 7000 萬美元，這將有助於抵消合約特定的升級。這就是我對我們的財務表現和指導的回顧。

I'll now hand the call back to Anton for some closing remarks.

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.

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。

First, I'm very proud of the entire Valaris team for delivering another quarter of strong operational and financial performance, with revenue efficiency of 96% contributing to meaningful EBITDA and free cash flow for the quarter.

首先，我為整個 Valaris 團隊感到非常自豪，他們又一個季度取得了強勁的營運和財務業績，96% 的收入效率為本季度帶來了有意義的 EBITDA 和自由現金流。

Second, we are successfully executing commercially, securing attractive long-term contracts for our high specification fleet. Since reporting first quarter results, we've added more than a billion dollars in new contract backlog, increasing our total backlog to approximately $4.7 billion.

其次，我們在商業上成功執行，為我們的高規格船隊簽訂了有吸引力的長期合約。自報告第一季業績以來，我們增加了超過 10 億美元的新合約積壓訂單，使我們的總積壓訂單增加到約 47 億美元。

Third, as expected, the pipeline of floater opportunities that we have discussed in recent quarters is converting into contracts, and we anticipate additional awards across the industry in the coming months.

第三，正如預期的那樣，我們在最近幾個季度討論過的浮動油氣項目機會正在轉化為合同，我們預計未來幾個月整個行業將獲得更多合同。

Given our high specification fleet, proven operating track record, and continued focus on execution cost discipline, Valaris is well positioned to capitalize on these opportunities and deliver long-term value for our shareholders.

鑑於我們高規格的船隊、成熟的營運記錄以及對執行成本紀律的持續關注，Valaris 完全有能力利用這些機會並為我們的股東創造長期價值。

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.

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，請打開提問熱線。

(Operator Instructions) Fredrik Stene, Clarksons Securities.

（操作員指示）Fredrik Stene，Clarksons Securities。

Anton and team, I hope you're all well and congratulations with a very strong quarter. So --.

安東和團隊，我希望你們一切都好，並祝賀你們取得了非常強勁的季度業績。所以--.

Thanks Frederick.

謝謝弗雷德里克。

Great to see you and obviously great to see you. Good string of drill ship contracts coming in as well. And I think that's kind of, partly what I want to touch a touch on. A lot of these contracts are starting in the latter part of '26 as you mentioned, but you said that one of the developments from the first quarter, call until today is that you're now actually accessing more activity for shorter term work, in the first quarter of '26 as well.

很高興見到你，當然也很高興見到你。一系列鑽井船合約也即將簽訂。我認為這在某種程度上是我想要談論的。正如您所說，許多合約都是在 2026 年下半年開始的，但您說，從第一季到今天的進展之一是，您現在實際上正在獲得更多短期工作活動，在 2026 年第一季也是如此。

So, I was wondering if you could, share maybe a bit more caller on what this could potentially entail for, the likes of the DS-10, the DS-15, and the DS-18. What kind of length are we talking about for these, short term or potentially short-term contracts? Are there any rigs that are able to, of these three that are able to do any of this work, or any additional call you can give in terms of how to think about the first half of next year.

因此，我想知道您是否可以分享更多有關這可能對 DS-10、DS-15 和 DS-18 等產品產生的影響的資訊。我們談論的這些短期或潛在短期合約的期限是多久？這三個鑽孔機中，是否有任何一個可以完成這些工作，或者您能否就如何考慮明年上半年提供任何其他資訊？

Sure, thanks, Frederick. Matt here. Just I guess some more detailed color. The average duration varies as you would expect based on whether it's one well or a couple of wells. Location wise it's scattered across the golden triangle. So the different rigs that we have white space on that could potentially utilize the GAAP fill, we're well positioned to service them in different locations.

當然，謝謝，弗雷德里克。這裡是馬特。我只是猜測一些更詳細的顏色。平均持續時間會根據是一口井還是幾口井而有所不同。從位置上看，它分散在金三角各地。因此，對於我們擁有空白空間並可能利用 GAAP 填充的不同鑽孔機，我們已準備好在不同位置為它們提供服務。

So, they, I think the benefit we have obviously with our with the spec of our fleet is the ability to provide services like MPD on our rigs that that in short term customers may not be able to fill with other alternatives, so it puts us in a strong position. There's still some work to do in a competitive environment.

因此，我認為，我們船隊規格帶來的好處顯然是能夠在我們的鑽井平台上提供 MPD 等服務，而短期內客戶可能無法用其他替代方案來填補，因此它使我們處於有利地位。在競爭環境中仍有一些工作要做。

Frederick, I think there are two really important things to focus on here when we talk about that, shorter term opportunities are starting to pop up. The one is that we had a clear strategy and our strategy in contracting. The fleet is to book in the white space and secure our assets on those long term programs and then to see if there was a shorter term GAAP for work that butts up against that because we want to keep costs low while we have extended idle periods.

弗雷德里克，我認為當我們談論這個問題時，有兩件非常重要的事情需要關注，短期機會開始出現。一是我們有明確的戰略和承包策略。機隊將在空白區域進行預訂，並在這些長期計劃中保護我們的資產，然後查看是否有與之相衝突的短期 GAAP 工作，因為我們希望在延長閒置期的同時保持低成本。

And the mere fact that you know we are having discussions, across the market that there are these opportunities, increasingly popping up from a very low base, the last couple of quarters is a good sign for us about where the market is going now, where those opportunities are and whether we can execute on them. And if they make sense for us, remains to be seen, but just the fact that they are developing and are showing up, I think is a very good sign for the market.

事實上，我們正在討論，整個市場都存在這些機會，而且這些機會越來越多地從非常低的基數中湧現出來，過去幾個季度對我們來說是一個好兆頭，讓我們了解市場現在的走向、這些機會在哪里以及我們是否可以抓住它們。它們是否對我們有意義還有待觀察，但就它們正在發展和出現這一事實而言，我認為對於市場來說是一個非常好的信號。

Yeah, and I guess kind of that was the essence of what I was wondering about here since there's a trade-off between having some sort of stacking like cost on a rig, versus having a higher cost and then trying to get that paid for by short term contracts is not necessarily always the best idea. So --

是的，我想這就是我在這裡思考的本質，因為在鑽機上堆積成本與更高的成本之間存在權衡，然後試圖透過短期合約來支付這筆費用並不一定總是最好的主意。所以--

I'll be clear, our strategy has not changed. We said we were going to secure the book and the white space, that long term opportunity. And if we're going to add GAAP fill, that is going to be at the end of the current contract or likely, just before in the start up to the next contract.

我可以明確地說，我們的策略沒有改變。我們說過，我們要確保這本書和空白處的安全，確保這個長期機會。如果我們要添加 GAAP 填充，那將是當前合約結束時，或者很可能是在下一份合約開始之前。

We are not going to be keeping high operating costs on our rigs during those idle periods and chasing, where we have to ramp up activity on a rig, do a well, and then ramp back and again that is that is not good economics.

在閒置期間和追逐期間，我們不會讓鑽機保持高營運成本，在這種情況下，我們必須加大鑽機活動，鑽好井，然後再加大力度，這樣不是很好的經濟效益。

It's not, it's not beneficial to the business and it doesn't lead to good operations. So it doesn't make sense economically. It doesn't make sense operationally. That's how we view it. If we can find something, that well that starts a couple of months before, when we're going to be on one of these long term programs and we can make it work, then that's what we'll be focused on.

事實並非如此，它對業務沒有好處，也不會帶來良好的營運。所以從經濟角度來說這沒有意義。從操作上來說這毫無意義。我們就是這樣看待它的。如果我們能夠找到一些東西，那麼在我們要實施這些長期計劃的幾個月前就開始實施，並且能夠使其發揮作用，那麼這就是我們關注的重點。

Alright, that was exactly what I wanted to hear. Just a quick, follow up on the, on these rigs and the new contracts. Any, out of the ordinary, type of CapEx that we should be, that we should think about to prep these rigs for work or nothing out of the regular?

好吧，這正是我想聽到的。只是快速跟進一下這些鑽孔機和新合約的情況。我們應該考慮哪些不同尋常的資本支出類型來為這些鑽孔機做好工作準備，還是不要採取任何不尋常的措施？

No, I mean, I think it's fair to say, most contracts have some kind of, CapEx requirement. Everybody wants something a little different, but amongst these contracts that we've signed, I would not characterize anything here as out of the ordinary or exceptional.

不，我的意思是，我認為可以公平地說，大多數合約都有某種資本支出要求。每個人想要的東西都有點不同，但在我們簽署的這些合約中，我不會將任何東西描述為不尋常或例外。

All right, thank you so much. That's all from me, have a good day.

好的，非常感謝。我說的就這些，祝您有個愉快的一天。

Thanks

謝謝

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, I thank you. Good morning, everybody, and thanks for taking my question. I was hoping for a little bit more color or describe it how you want around those 30 planned, Potential floater opportunities. And kind of what I've been wondering is, and I think some investors are clearly concerned is, of those 30 plan potential opportunities, any sense for how many of those have kind of just continued to push right?

是的，謝謝你。大家早安，感謝您回答我的問題。我希望能夠更詳細地描述您計劃中的 30 個潛在浮動機會。我一直在想的是，而且我認為一些投資者顯然擔心的是，在這 30 個計劃潛在機會中，有多少是能夠繼續推進的？

I mean, there's a couple in West Africa that I think at one point we're expected to be done in 2025 with the rigs working and then it shifted to '26. We're hearing at least one of those is now in '27. I guess maybe I'll ask it this way, of those 30 plans start dates, maybe how many of them kind of came into the into the opportunities that may maybe in this calendar year.

我的意思是，我認為我們一度預計在 2025 年完成西非的幾個鑽井工程，但後來推遲到了 2026 年。我們聽說其中至少有一個是在'27。我想也許我會這樣問，在這 30 個計劃的開始日期中，有多少個計劃可能在今年內實現。

I let me start with this one and then maybe Matt can add on if he has a comment. When we talk about 30 opportunities, okay, let's roll back to a year ago. We were tracking about 30 opportunities and there was clearly a white space challenge where everything got, kind of pushed forward by a year.

我先從這個開始，然後如果 Matt 有意見的話，他可以補充。當我們談論 30 個機會時，好吧，讓我們回顧一年前。我們追蹤了大約 30 個機會，顯然存在一個空白挑戰，所有事情都被推遲了一年。

We said that we expected contracts to start getting awarded and accelerate as we go into this year, and we've seen that. So there are awards happening, but the pipeline still remains about 30 opportunities because it is being replenished or refilled with new work that is coming to market.

我們說過，我們預計隨著今年的到來，合約將開始授予並加速，我們已經看到了這一點。因此，雖然有獎項頒發，但管道中仍然有大約 30 個機會，因為它正在補充或重新填充即將進入市場的新作品。

So this work that we were, this is not the same 30 opportunities that we were talking about a year ago. There are awards coming out of the pipeline, on the back end, and there's new work coming in on the front end. You know what gives us confidence, what we're the discussions we're having with our customers and what we're seeing with them awarding contracts, gives us confidence that that these that these contracts will continue to be awarded.

因此，我們所做的工作與一年前談論的 30 個機會不同。後端有獎項陸續頒發，前端也有新作品陸續推出。您知道什麼讓我們有信心嗎？我們與客戶進行的討論以及我們看到的他們授予合約的情況，讓我們有信心這些合約將繼續被授予。

Yes, stuff may move around within the. Windows that they are that they are, targeting to have a rig startup and some of these windows can be, quite broad, but we are seeing an increasing consistency in our customers delivering on the programs that they have been planning for.

是的，東西可能會在裡面移動。他們所針對的 Windows 是啟動鑽機，其中一些 Windows 的範圍可能相當廣泛，但我們看到我們的客戶在交付他們所規劃的程式時越來越一致。

I see, the last comment to leave you with is, well, while we have seen some delays, and I think they're moving less than they had previously, which is more likely timing related to delivery of equipment, so they're narrowing that.

我明白了，最後要給你留下的評論是，雖然我們看到了一些延誤，但我認為他們的行動比以前少了，這更有可能是與設備交付有關的時間安排，所以他們正在縮小這個範圍。

We're not seeing them cancelled -- they're just they're just shifting a little bit, which I think is extremely positive. So we've moved past that if to more of a when. So I think that's something really positive to take away from the whole point.

我們沒有看到它們被取消——它們只是發生了一些變化，我認為這是非常積極的。因此，我們已經不再只是「如果」的問題，而是「何時」的問題。所以我認為這是一個非常積極的事情。

Okay, yeah, that's super helpful. Thanks. And then just following up on that is kind of you, you'll look at the landscape of opportunities, out there and then and also be curious on the, on those kind of shorter term opportunities that that may pop up for a well here or a well there.

好的，是的，這非常有幫助。謝謝。然後繼續跟進，你會看到外面的各種機會，同時也會對可能在這裡或那裡出現的短期機會感到好奇。

Any sense, but any in realizing that hey, a long-term contract probably includes some exploration and some development. Any kind of sense for the mix between development work and exploration work of kind of the broader oper -- the broader potential contracting opportunities that you're looking out in the market over the next couple of years.

任何意義，但任何人都意識到，嘿，長期合約可能包括一些探索和一些發展。您對未來幾年在市場上尋找的更廣泛的營運——更廣泛的潛在承包機會的開發工作和勘探工作之間的結合有何看法？

I think rule of thumb is, longer term traditionally development. They put together work streams. Options that sit within those are often future exploration on new blocks planning ahead as customers try to retain some. Some capacity being a market tightening in '27 and '28 and onward. So I think you know I don't have the statistics off the top of my head with respect to the difference between exploration and development, but we are seeing a growth in exploration. They do have a tendency to be the shorter duration programs because they're multi-country, so.

我認為經驗法則是長期傳統發展。他們整合了工作流程。其中的選項通常是客戶試圖保留一些新區塊時提前規劃的未來探索。2027 年、2028 年及以後，部分運能市場趨於緊縮。所以我想你知道，我還沒有關於勘探和開發之間差異的統計數據，但我們看到勘探正在增長。由於它們是多國的，因此它們確實傾向於採用持續時間較短的項目。

I think what you're hearing is these shorter term programs have a tendency to be, slot in an exploration well before we go to a development or, let's see if we can do some exploration versus the kind of more telegraph longer term programs which generally tend to be the more development focused. So, this opportunistic short-term work trends towards exploration more than more than the average.

我認為您所聽到的是，這些短期項目往往在我們進行開發之前就插入探索，或者，讓我們看看我們是否可以進行一些探索，而不是像電報那樣更注重長期的項目，因為這些項目通常更注重開發。因此，這種機會主義的短期工作比一般工作更傾向於探索。

Eddie Kim, Barclays.

巴克萊銀行的 Eddie Kim。

Hi, good morning. So we've seen some pretty nice multiyear contracts here over the past three months from you and one of your peers, but leading edge data rates do seem to have come down now into the low 400s versus sort of mid to high [$400s] previously.

嗨，早安。因此，在過去三個月中，我們看到您和您的一位同事簽訂了一些非常不錯的多年期合同，但前沿數據費率現在似乎已經降至 400 美元出頭，而之前則在中高價位 [400 美元]。

You noted your expectation for drill ship utilization to trough sometime in the first half of '26, but at the same time provided a very constructive sort of medium term outlook, particularly in West Africa. So -- against that backdrop, just curious your thoughts on the trend of leading edge day rates on some of these upcoming contract announcements, that will be coming over the next several months.

您指出，預計鑽井船利用率將在 26 年上半年某個時候達到低谷，但同時提供了非常建設性的中期前景，特別是在西非。所以——在這種背景下，我只是好奇您對未來幾個月即將發布的一些合約公告中前沿日利率趨勢的看法。

Do you think day rates on those remain kind of in the low [$400s] even on multiyear programs, or could we see some further softening perhaps into the high [$300s]? Any thoughts there would be appreciated.

您認為即使是多年期計劃，日利率也會保持在較低水平（400 美元左右），還是會進一步走低，甚至可能達到較高水平？[300美元]？任何想法都將受到讚賞。

And so, I mean, I think the positive aspects we see seventh gen utilizations potentially exiting '26 in the 90s. That's really positive. And as that utilization grows or increases, I think you'll see day rates following suit on a similar trend.

所以，我的意思是，我認為我們看到的積極方面是第七代利用率可能在 90 年代退出 '26。這確實很積極。隨著利用率的成長或提高，我認為你會看到日費率也呈現類似的趨勢。

The pace will be able to determine by the availability and the number of tenders and the duration, with availabilities, but on the specific point where we're talking about.

速度將能夠根據可用性、投標數量和持續時間來確定，但取決於我們正在討論的具體點。

The next round of fixtures that we see to be released, I mean, I wouldn't speculate on where I think some of those day rates are going to be, but you'll probably be in the band where we've been seeing for us, having recently secured contracts all in the fours, I think is indicative of how we feel about the resilience of the market.

我們看到下一輪的固定裝置即將發布，我的意思是，我不會猜測其中一些日費率將會是多少，但你可能會處於我們所看到的範圍內，最近我們已經獲得了四個合同，我認為這表明了我們對市場彈性的感受。

I think let me just reiterate a couple of things, Matt said. I mean, this is at some measure simple supply demand economics 101, when utilization tightens, there's more pressure on day rates and day rates have a tendency to go up. When there is availability in the market, there tends to be some pressure on day rates, and we do expect, as we go through '25 with rigs being released and utilization troughing kind of first half of '26 there to be, some pressure on flow to day rigs.

我想讓我重申幾件事，馬特說。我的意思是，這在某種程度上是簡單的供需經濟學 101，當利用率收緊時，日費率的壓力就會更大，而且日費率有上升的趨勢。當市場上有可用資源時，日費率往往會面臨一些壓力，我們確實預計，隨著 25 年鑽機的釋放和 26 年上半年利用率的下降，日費率將面臨一些壓力。

What I can tell you is how we view the market and our high spec fleet we've fixed, three out of our four rigs with near term availability north of [$400]. We expect seventh gen rigs which have a clear differentiation in terms of rates historically. And kind of 25% and utilization over sixth gen to lead that recovery and as Matt said, exit '26 at 90% and as the market tightens, we expect, there to be that commensurate pressure on day rates.

我可以告訴你的是，我們如何看待市場，以及我們已修復的高規格船隊，我們四台鑽機中有三台近期可在北部地區使用[400美元]。我們預計第七代鑽井平台在歷史上的費率上會有明顯的差異。大約 25% 的利用率和第六代的利用率引領了這一復甦，正如馬特所說，26 年的出口率為 90%，隨著市場收緊，我們預計日費率將面臨相應的壓力。

Great, that's very helpful. Thank you. But my follow up is just on your three cold stack drill ships. Obviously, you have two warm stacked rigs currently in the DS-10 at DS-12, but the DS-10 is future contracted for a long-term program, and if you can secure a contract for the DS-12, I mean, essentially, we're looking at a scenario where all your drill ships are effectively sold out.

太好了，這非常有幫助。謝謝。但我的後續問題僅涉及你們的三艘冷堆鑽井船。顯然，您目前在 DS-10 和 DS-12 有兩個熱堆疊鑽井平台，但 DS-10 是未來簽訂的長期合同，如果您可以獲得 DS-12 的合同，我的意思是，基本上，我們正在考慮這樣一種情況，即您的所有鑽井船實際上都已售罄。

So, I just wanted to ask for your updated thoughts on when you think one of your cold stack drill ships could be reactivated and actually start working. Could that be sometime in 2027 or is that more likely in in 2028 or potentially even later?

所以，我只是想問一下您的最新想法，您認為什麼時候您的一艘冷鑽井船可以重新啟動並真正開始工作。這可能是在 2027 年的某個時候，還是更有可能是在 2028 年，甚至可能更晚？

Not going to get into speculation or prognostication. What I can tell you is I think we've been very clear of what our near term focus is, and that's the book and the white space on our attractive fleet that we have active right now we've done three out of four, we're very focused on the DS-12. It's remaining.

不會進行猜測或預測。我可以告訴你的是，我認為我們已經非常清楚我們近期的重點是什麼，那就是書籍和我們有吸引力的艦隊的空白，我們目前活躍的艦隊我們已經完成了四分之三，我們非常專注於 DS-12。還剩下呢。

We have good opportunities for it in 2026, and we expect them to tighten and in a market that's tightening going forward in the next couple of years, having the three most attractive seventh gen two BOP rigs sitting on the sidelines is going to be a great option for us to bring to market, but we will be patient. We're focused on the near term, and we will bring those rigs to market when the market is ready for them.

我們在 2026 年有很好的機遇，我們預計這些機會將會收緊，並且在未來幾年市場收緊的情況下，讓三台最具吸引力的第七代雙 BOP 鑽機處於觀望狀態將是我們推向市場的一個很好的選擇，但我們會耐心等待。我們專注於短期目標，當市場做好準備時，我們就會將這些鑽孔機推向市場。

Great, thanks, Anton. I'll turn it back.

太好了，謝謝，安東。我會把它轉回去。

Douglas Becker, Capital One. Capital One Securities, Inc

道格拉斯貝克爾，Capital One，Capital One Securities, Inc.

Thank you. Anton and Matt wanted to get some sense for the expected timing of announcements related to Bios and Marrow and just any color on how many rigs expected duration that might come from a third Petrobras tender this year.

謝謝。安東 (Anton) 和馬特 (Matt) 想要了解 Bios 和 Marrow 相關公告的預計發佈時間，以及今年巴西石油公司第三次招標中可能出現的鑽機數量預計持續時間。

So positive that we see Petrobras back in the market. I think, the view amongst us and our peers and the analysts remains that Petrobras will keep their fleet largely flat out through the end of the decade. So I think that kind of gives us an idea of their tendering schedule to pick up existing rigs and keep their fleet working, so each one of their tenders, the way they sort of put them out there is that they will take at least one.

看到巴西石油重返市場，我們感到非常樂觀。我認為，我們以及我們的同行和分析師仍然認為，巴西石油公司的船隊規模到本世紀末將基本保持穩定。所以我認為這讓我們大致了解了他們的招標時間表，以接收現有的鑽井平台並保持他們的船隊正常運轉，所以他們的每艘招標船，他們把這些招標船放在那裡的方式是，他們會接收至少一艘。

Then it comes down to sort of our intel. Our view, it's likely to be more than one for the current tender, which is Buzios is under evaluation, but nothing is public, could be three, could be four, but positive on the on the outlook of the number of rates they intend to contract. The follow on one could be very similar, but of course, it starts with one, but it depends on where rigs come in and against their budget. But for the third tender, still a bit of information to be captured on that one, but as I said earlier, it's positive that we that we hear that there's already talk about a third opportunity entering the market.

然後就牽涉到我們的情報了。我們認為，目前的招標數量可能不止一個，Buzios 正在接受評估，但尚未公開，可能是三個，也可能是四個，但對於他們打算簽訂合約的費率數量的前景持樂觀態度。後續的可能非常相似，但當然，它從一個開始，但這取決於鑽機進入的位置和他們的預算。但對於第三次招標，仍有一些資訊需要掌握，但正如我之前所說，我們聽到有關第三次進入市場的機會的討論是積極的。

I think what's important to view here is that Petrobras is a really important part. Petrobras' demand for high spec and for ships is an important part of the overall flow of demand. The fact that Petrobras, whether they take it in the marrow tender or the two tender, is going to, there's going to be an opportunity for the rigs that are operating in Brazil for Petrobras to be rolled over.

我認為這裡需要注意的是，巴西石油公司是其中非常重要的一環。巴西石油公司對高規格和船舶的需求是整體需求流的重要組成部分。事實上，無論巴西石油公司是在第一次招標還是第二次招標中獲得該合同，巴西石油公司在巴西運營的鑽井平台都有機會得到轉讓。

They're going to keep their rig count flat. We have what's interesting in Brazil to add to that is what's happening with the IOC. We've already seen, Ecuador doing their program. Shell now looking at Gatto D'Amato, and there is, quite a bit of exploration work.

他們將保持鑽機數量不變。我們對巴西發生的事情很感興趣，除此之外，還有國際奧委會正在發生的事情。我們已經看到厄瓜多爾正在實施他們的計劃。殼牌目前正在關注加托達馬托，並且已經進行了相當多的勘探工作。

On from other IOCs. So beyond, with a solid recount from Petrobras, which is important for the market, plus, some fines and some increased activity for IOCs, you can see, a very productive market in Brazil in the next few years.

來自其他 IOC。因此，除此之外，巴西石油公司的穩健表現對市場來說非常重要，再加上一些罰款和國際石油公司的一些活動增加，您可以看到，未來幾年巴西的市場將非常有效率。

Then switching gears, just, are there any other steps on the dual activity arbitration, that benefited the second quarter, or is it finally put to rest?

那麼換個話題，雙重活動仲裁還有其他措施對第二季有利嗎，還是最後被擱置了？

Well, the details are. There is a right to appeal. Either party has the right to appeal an arbitration, but what I will say, there's a there's a pretty high bar on that appeal. It's for kind of procedural matters. You can't just appeal to a court based on kind of the facts and circumstances and the and the legal finding of the arbitration panel. So we're obviously very happy with the outcome of the favorable outcome for us and we'll just have to see how it plays out.

嗯，細節是這樣的。有上訴的權利。任何一方都有權對仲裁提出上訴，但我要說的是，上訴的門檻相當高。這是為了處理一些程序性的事情。您不能僅根據事實、情況以及仲裁小組的法律裁定向法院上訴。因此，我們顯然對這個對我們有利的結果感到非常高興，我們只需要看看它如何發展。

Got it. Thank you.

知道了。謝謝。

Josh Jayne, Daniel Energy Partners.

喬許·傑恩（Josh Jayne），丹尼爾能源合作夥伴。

Thanks. Good morning. I don't want to ask too short term of a question, but it was pretty busy second quarter from a macro standpoint just with Liberation Day and then a number of macro events that yielded a lot of volatility in oil prices. So maybe you could just speak to customer mindset today, and if your customer base is generally more comfortable with the environment today than they were, let's say in late March, maybe some color would be helpful.

謝謝。早安.我不想問太短期的問題，但從宏觀角度來看，第二季相當繁忙，不僅有解放日，還有一系列宏觀事件導致油價大幅波動。因此，也許您可以談談今天的客戶心態，如果您的客戶群總體上比以前（比如說 3 月底）對今天的環境更滿意，那麼也許一些顏色會有所幫助。

Absolutely. I mean, I don't think they lost confidence and what's important if you look at the macro here is one, the absolute, demand for offshore, you talk about large resource bases, highly economic, I think we cited the stat wear, if you look at what's expected to be FID or sanctioned over the next couple of years, more 3 quarters of that is below $50 a barrel. And if you had asked me, kind of six months ago when you see what OpEx plus adding 400,000 barrels a month back to the market, plus kind of some geopolitical and tariff uncertainty whether, oil would still be trading in the mid-60s.

絕對地。我的意思是，我不認為他們失去了信心，如果你從宏觀角度來看，重要的是，對海上的絕對需求，你談論的是大型資源基地，高度經濟，我認為我們提到了統計磨損，如果你看看預計在未來幾年內最終投資決定或批准的內容，其中超過三個季度的價格低於每桶 50 美元。如果你在六個月前問我，當你看到營運支出加上每月向市場增加 40 萬桶石油，再加上一些地緣政治和關稅不確定性時，石油交易價格是否仍會在 60 年代中期。

I think a lot of people would have doubted that so our customers feel really good about, they're contracting the rigs, they're Going ahead with their developments. They see the resources as being needed. So, we definitely see a more positive outlook from our customers about going ahead with programs than we did, let's call it six months ago.

我想很多人會對此表示懷疑，所以我們的客戶感覺非常好，他們正在承包鑽機，他們正在繼續他們的開發。他們認為這些資源是必要的。因此，我們確實看到客戶對於繼續實施計劃的態度比六個月前更加積極。

That's helpful, thanks. And then just on the Jackups side and you guys have obviously a lot better insight into Saudi than most. Could you just update us on, your thoughts on how you believe their rate count progresses over the next couple of years I think would be helpful.

這很有幫助，謝謝。然後就自升式鑽井平台方面而言，你們顯然比大多數人對沙烏地阿拉伯有更深入的了解。您能否向我們介紹一下您對未來幾年利率計算進度的看法，我認為這會有所幫助。

Right now Saudis sitting with the recount in the mid-50s, they're marginally above where they were before they started, the ramp up in 22, 23, so it's kind of ramped up and kind of back down to basically the same level. I mean, there are always going to be, changes in what customers, any customer around the world needs as far as their rig fleet, but as far as we're concerned and arrow, we did the extensions last quarter.

目前，沙烏地阿拉伯的重新計票結果在 50 多點，略高於開始之前的水平，22、23 年的計票結果有所上升，所以它有點像是上升了，然後又回落到基本上相同的水平。我的意思是，就鑽井船隊而言，世界各地的任何客戶的需求總是會發生變化，但就我們而言，我們在上個季度進行了擴展。

So you know our fleet is contracted from the Valaris side through mostly through the end of the decade with one rig rolling in 2027, so we feel, really good about our position in in Saudi.

所以你知道，我們的船隊是與瓦拉里斯方面簽訂合約的，合約大部分到本世紀末，其中一艘鑽井平台將於 2027 年投入使用，所以我們對自己在沙烏地阿拉伯的地位感到非常滿意。

And then maybe just to sneak one more in if I may, since we're towards the end, could you just highlight your thoughts on the buyback moving forward just given that the free cash flow continues to be strong for the company and Chris highlighted the $900 million of liquidity that you have available.

然後，如果可以的話，我再偷偷問一句，因為我們已經接近尾聲了，您能否簡單談談您對未來回購的看法，因為公司的自由現金流仍然強勁，而克里斯強調了您擁有的 9 億美元流動資金。

So I'm just curious your thoughts on it moving forward. Is this something where you look at the environment and think, wait till the things turn around after one half '26 or just how you're thinking about it moving forward over the next 12 to 24 months given your liquidity position. Thanks.

所以我只是好奇你對未來的想法。您是否會觀察周圍環境並思考，等到 26 年上半年情況會好轉，或者只是根據您的流動性狀況考慮未來 12 到 24 個月內情況會如何發展。謝謝。

I like Chris start with that one. and see if I, maybe. Yeah, no.

我喜歡克里斯從那個開始。看看我是否可能。是的，不。

Yeah, like I mean we remain committed to returning capital to shareholders. What we said before is it may not be a linear line and we're going to see how this year progresses and what flexibility that provides from return a capital perspective, but obviously we've had strong operational financial performance this year.

是的，我的意思是我們仍然致力於向股東返還資本。我們之前說過，這可能不是一條直線，我們將看看今年的進展以及從資本回報角度提供的靈活性，但顯然我們今年的營運財務表現強勁。

Matt and team are making great progress on the commercial front and, the V247 rig sale is expected to close later this year. That'll provide sale proceeds for over $100 million and particularly with that rig sale of those proceeds coming in, that will increase our flexibility for return of capital to shareholders.

馬特和他的團隊在商業方面取得了巨大進展，V247 鑽機的銷售預計將於今年稍後完成。這將提供超過 1 億美元的銷售收益，特別是隨著鑽孔機銷售收益的到位，這將增加我們向股東返還資本的靈活性。

Yeah, I just reiterate what Chris said. I mean, we've been pretty clear about our capital return philosophy. Second, that it may not necessarily be linear, but the business is executing extremely well, and it gives us, good opportunities going forward to return capital.

是的，我只是重申克里斯所說的話。我的意思是，我們對我們的資本回報理念已經非常清楚了。其次，它可能不一定是線性的，但業務執行得非常好，並且它為我們提供了未來回報資本的良好機會。

Thanks, I'll turn it back.

謝謝，我會退回去。

Both our question and answer session. I would like to turn the conference back over to Nick Georges for any closing remarks.

這既是我們的問答環節。我想將會議交還給 Nick Georges 來做結束語。

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

謝謝，尼克，也感謝今天電話會議中每個人對瓦拉里斯的關注。我們期待在報告 2025 年第三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 has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。