Bristow Group Inc (VTOL) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Bristow Group reports second-quarter 2025 earnings call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加布里斯托集團 2025 年第二季財報電話會議。今天的通話正在錄音。（操作員指示）

At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

現在，我想將電話轉給投資者關係和財務報告高級經理 Red Tilahun。

Thank you, Leila. Good morning, everyone and welcome to Bristow Group's second-quarter 2025 earnings call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.

謝謝你，萊拉。大家早安，歡迎參加布里斯托集團 2025 年第二季財報電話會議。今天，我與我們的總裁兼首席執行官克里斯·布拉德肖 (Chris Bradshaw) 以及高級副總裁兼首席財務官詹妮弗·惠倫 (Jennifer Whalen) 一起參加了電話會議。

Before we begin, I'd like to take this opportunity to remind everyone that, during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on slide 3 of our investor presentation. You may access the investor presentation on our website.

在我們開始之前，我想藉此機會提醒大家，在本次電話會議期間，管理層可能會做出前瞻性陳述，這些陳述會受到風險和不確定性的影響，這些風險和不確定性在我們的投資者演示文稿的第 3 張幻燈片中進行了更詳細的描述。您可以在我們的網站上造訪投資者介紹。

We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and the investor presentation.

我們也將參考某些非 GAAP 財務指標，例如 EBITDA 和自由現金流。收益報告和投資者報告中包含了此類指標與 GAAP 的對帳。

I'll now turn the call over to our President and CEO. Chris?

現在我將把電話轉給我們的總裁兼執行長。克里斯？

Thank you, Red, and good morning, everyone. I will begin with a note on safety, which is Bristow's number one core value and our highest operational priority. The company experienced one air accident in Q2 2025, which involved an AW139 helicopter landing on an offshore platform in Brazil. There were no injuries to personnel nor any damage to the offshore facility, but the aircraft was damaged. The event was unusual in that all indications fell within the parameters of a normal landing procedure. But shortly after touching down, a portion of the aircraft structure buckled, causing damage.

謝謝你，雷德，大家早安。我首先要談談安全問題，這是布里斯託的首要核心價值，也是我們最高的營運優先事項。該公司在 2025 年第二季發生了一起空難，一架 AW139 直升機降落在巴西的一個海上平台上。沒有人員受傷，海上設施也沒有任何損壞，但飛機受損。這次事件很不尋常，因為所有跡像都符合正常著陸程序的參數。但著陸後不久，飛機結構的一部分就彎曲並造成損壞。

In terms of workplace safety, we had a very good quarter with continued declines in the number of reportable injuries and lost work time. I want to thank all the Bristow team members around the world for their continued focus on placing safety first every day.

在工作場所安全方面，我們度過了一個非常好的季度，報告的受傷人數和工作時間損失持續下降。我要感謝世界各地的布里斯托團隊成員，感謝他們每天堅持把安全放在第一位。

Turning to financial performance, we are pleased to report strong second-quarter results and to raise Bristow's financial guidance for both 2025 and 2026. I would highlight that the midpoint of 2026 adjusted EBITDA guidance represents a 27% increase over the midpoint of 2025 adjusted EBITDA guidance, reflecting the strong growth expectations for our business.

談到財務業績，我們很高興地報告強勁的第二季業績，並提高了布里斯托 2025 年和 2026 年的財務指導。我要強調的是，2026 年調整後的 EBITDA 指引中點比 2025 年調整後的 EBITDA 指引中點成長了 27%，反映了我們業務的強勁成長預期。

Robust cash flow generation positions us to execute on Bristow's established capital allocation framework and both accelerated debt paydowns and opportunistic share repurchases commenced in the second quarter.

強勁的現金流生成使我們能夠執行布里斯托既定的資本配置框架，並在第二季開始加速債務償還和機會性股票回購。

I will now hand it over to our CFO for a more detailed discussion of Q2 results and our financial outlook. Jennifer?

現在我將把它交給我們的財務官，以便更詳細地討論第二季的業績和財務前景。珍妮佛？

Thank you, Chris, and good morning, everyone. I would like to reiterate Chris's comments on how pleased we are to report another quarter of strong financial results and to be able to raise 2025 and 2026 adjusted EBITDA guidance.

謝謝你，克里斯，大家早安。我想重申克里斯的評論，我們很高興報告又一個季度的強勁財務業績，並能夠提高 2025 年和 2026 年調整後的 EBITDA 指引。

Turning to our sequential quarter financial results on a consolidated basis, Bristow's revenues were $25.9 million higher in the second quarter, nearly half of which was driven by higher revenues in our Offshore Energy Services, or OES segment, and the remainder of the increase almost evenly split between Government Services and Other Services revenues.

回顧我們合併後的連續季度財務業績，布里斯托第二季度的收入增加了 2,590 萬美元，其中近一半來自海上能源服務（OES）部門的收入成長，其餘成長幾乎平均分配給政府服務和其他服務收入。

Adjusted EBITDA with $60.7 million this quarter, reflecting a $3 million increase compared to last quarter. Revenues from our OES segment were $13 million higher, primarily due to higher revenues in Europe of $6.4 million, resulting from increased utilization and favorable foreign exchange rate impacts in Norway, higher revenues in the Americas of $3.7 million due to higher utilization in the US, and higher revenues in Africa of $3 million, resulting from higher utilization and additional aircraft capacity introduced into the region.

本季調整後 EBITDA 為 6,070 萬美元，較上一季增加 300 萬美元。我們的 OES 部門收入增加了 1300 萬美元，主要原因是歐洲收入增加了 640 萬美元，這得益於挪威的利用率提高和有利的外匯匯率影響；美洲收入增加了 370 萬美元，這得益於美國的利用率提高；非洲收入增加了 300 萬美元，這得益於該地區的飛機利用率和引入了額外飛機。

The $6.5 million increase in adjusted operating income from OES was primarily due to higher revenues, partially offset by higher operating expenses, which included higher reimbursable expenses of $2.5 million as well as higher training and travel, subcontractor, and repairs and maintenance costs of $1.2 million each.

OES 調整後營業收入增加 650 萬美元，主要原因是收入增加，但被營業費用增加部分抵消，其中包括 250 萬美元的可報銷費用增加，以及 120 萬美元的培訓和差旅、分包商以及維修和維護費用增加。

Moving on to Government Services, revenues were $6.6 million higher, predominantly due to the ongoing transition of the Irish Coast Guard or IRCG search and rescue contract, and higher utilization in our UK Search and Rescue business. Adjusted operating income for this segment was $7.7 million lower this quarter due to higher subcontractor costs of $5.1 million and higher personnel costs of $2.8 million related to the previously mentioned ongoing contract transition, unfavorable foreign exchange rate impacts of $3 million, higher repairs and maintenance costs of $2 million and higher fuel costs of $0.6 million, offsetting the increased revenue.

在政府服務方面，收入增加了 660 萬美元，這主要是由於愛爾蘭海岸警衛隊或 IRCG 搜索和救援合約的持續過渡，以及我們英國搜索和救援業務的利用率提高。本季該部門的調整後營業收入減少 770 萬美元，原因是分包商成本增加 510 萬美元，與前面提到的正在進行的合約過渡相關的人員成本增加 280 萬美元，不利的匯率影響 300 萬美元，維修和維護成本增加 200 萬美元，燃料成本增加 60 萬美元，抵消了收入的增長。

As the transition comes to completion for both IRCG and UKSAR2G contracts, we will expect adjusted operating income margins to return to or exceed pre-2024 levels and for full-year impacts in subsequent years to contribute meaningfully to our financial results, providing reliable capital returns well into the middle of the next decade.

隨著 IRCG 和 UKSAR2G 合約的過渡完成，我們預計調整後的營業收入利潤率將恢復到或超過 2024 年之前的水平，並且隨後幾年的全年影響將對我們的財務業績做出有意義的貢獻，從而在下一個十年中期提供可靠的資本回報。

Finally, revenues from our other services were $6.3 million higher, resulting from seasonally higher utilization in Australia. As a reminder, our operations in Australia experienced fewer passengers during the wet season from December through March, and activity typically picks up in the second and third quarters. Adjusted operating income was $4.1 million higher this quarter due to the increased activity.

最後，由於澳洲季節性利用率較高，我們其他服務的收入增加了 630 萬美元。提醒一下，我們在澳洲的業務在 12 月至 3 月的雨季期間乘客數量較少，而活動通常會在第二季和第三季回升。由於業務活動的增加，本季調整後的營業收入增加了 410 萬美元。

Moving on to Bristow's financial outlook. Though ongoing uncertainty continues in the global economy, we have been well positioned to have better visibility than most. As such, we are increasing our previously reported 2025 adjusted EBITDA range to $240 million to $260 million, and our 2026 adjusted EBITDA guidance range to $300 million to $335 million.

繼續討論布里斯託的財務前景。儘管全球經濟仍存在不確定性，但我們已做好準備，比大多數國家擁有更好的可預見性。因此，我們將先前報告的 2025 年調整後 EBITDA 範圍上調至 2.4 億美元至 2.6 億美元，並將 2026 年調整後 EBITDA 指引範圍上調至 3 億美元至 3.35 億美元。

In our OES segment, we expect market conditions to remain constructive in 2025 and to generate adjusted operating income of approximately $200 million to $205 million on revenues of $980 million to a $1 billion. The factors contributing to the increased guidance in this segment include better visibility into operating costs and expected customer activity levels.

在我們的 OES 部門，我們預計 2025 年市場狀況將保持良好，並將產生約 2 億至 2.05 億美元的調整後營業收入，營收為 9.8 億至 10 億美元。導致該領域指導增加的因素包括更好地了解營運成本和預期的客戶活動水平。

In our Government Services segment, we expect to generate adjusted operating income of approximately $40 million to $50 million on revenues of $360 million to $400 million. This segment will continue to feel the effects of the new contract transitions until they are fully operational.

在我們的政府服務部門，我們預計調整後的營業收入約為 4,000 萬至 5,000 萬美元，營收為 3.6 億至 4 億美元。在新合約過渡全面實施之前，這一部分將繼續受到其影響。

As I noted earlier in the call, the strong margins and earning potential of this business will not become fully evident until the operations and revenues for these contracts are fully ran in 2026 and beyond. In our Other Services segment, we expect to generate adjusted operating income of approximately $20 million to $25 million on revenues of $120 million to $130 million, primarily due to improved economics in our regional airline in Australia.

正如我之前在電話會議中提到的那樣，直到 2026 年及以後這些合約的營運和收入全面完成後，該業務的強勁利潤率和盈利潛力才會完全顯現出來。在我們的其他服務部門，我們預計調整後的營業收入約為 2,000 萬至 2,500 萬美元，營收為 1.2 億至 1.3 億美元，這主要歸功於我們澳洲地區航空公司經濟狀況的改善。

You may recall from previous earnings calls that the primary factors that could buy us results to either end of our guidance range include supply chain dynamics that impact aircraft availability, customer activity levels influenced by global energy demand, new contract transitions, and the exchange rates of foreign currencies relative to the US dollar, namely the British Pound/Sterling and the Euro.

您可能還記得，從先前的收益電話會議中得知，可能使我們的業績達到指導範圍兩端的主要因素包括影響飛機可用性的供應鏈動態、受全球能源需求影響的客戶活動水平、新合約轉變以及相對於美元的外幣匯率，即英鎊和歐元。

Turning now to cash flows. Operating cash flows were almost $100 million higher than the preceding quarter and $38 million higher than the prior year. Working capital changes also saw an improvement of approximately $34 million this quarter, primarily resulting from the timing of customer collection.

現在轉向現金流。經營現金流比上一季高出近 1 億美元，比去年同期高出 3,800 萬美元。本季營運資本變動也改善了約 3,400 萬美元，主要得益於客戶收款時間的安排。

Bristow continues to benefit from a strong balance sheet and liquidity position. As of June 30, our available liquidity was approximately $317 million and we have now funded 92% of the capital investments needed for our new Government Services contract, with the remaining capital investment expected to conclude in the coming weeks.

布里斯托繼續受益於強勁的資產負債表和流動性狀況。截至 6 月 30 日，我們可用的流動資金約為 3.17 億美元，目前我們已為新政府服務合約所需的 92% 資本投資提供資金，剩餘的資本投資預計將在未來幾週內完成。

As Chris noted, we are happy to begin executing on our previously announced capital allocation target, which included a $15.3 million accelerated principal payment on our UKSAR debt facility and the repurchase of nearly 120,000 shares of common stock in open market transactions, representing an average cost per share of $32.41, both of which occurred during the current quarter. As of June 30, $121 million remained available under our $125 million stock repurchase program.

正如克里斯所說，我們很高興開始執行我們先前宣布的資本配置目標，其中包括對我們的 UKSAR 債務工具加速支付 1530 萬美元的本金，以及在公開市場交易中回購近 120,000 股普通股，平均每股成本為 32.41 美元，這兩項操作都發生在本季度。截至 6 月 30 日，我們的 1.25 億美元股票回購計畫仍有 1.21 億美元可用。

We consistently evaluate the best uses of our cash flow and aim to yield the highest value and return on capital. We will continue to execute on our capital allocation strategy, which currently prioritizes maintaining a strong balance sheet, the conclusion of investments needed to complete the government services contract transition, and the return of capital to shareholders.

我們始終如一地評估現金流的最佳用途，並力求最高的價值和資本回報。我們將繼續執行我們的資本配置策略，目前的重點是維持強勁的資產負債表、完成政府服務合約過渡所需的投資以及向股東返還資本。

At this time, I'll turn the call back to Chris for further remarks. Chirs?

現在，我將把電話轉回給克里斯，讓他進一步發表評論。克里斯？

Thank you, Jennifer, and I want to thank all the Bristow team members working diligently on the ongoing launch of Search and Rescue Services for the Irish Coast Guard and the transition of operations to the SAR2G contract in the United Kingdom.

謝謝你，珍妮佛，我還要感謝布里斯托團隊的所有成員，他們為愛爾蘭海岸警衛隊搜索和救援服務的持續啟動以及向英國 SAR2G 合約的運營過渡而辛勤工作。

While we have faced challenges along the way with unexpected regulatory and supply chain delays, the company is on track to meet the revised milestone dates, and our commitment to delivering successful outcomes for the government and communities we serve remains unwavering.

儘管我們一路上面臨著意想不到的監管和供應鏈延遲等挑戰，但公司仍有望實現修訂後的里程碑日期，我們為政府和我們服務的社區取得成功成果的承諾依然堅定不移。

From a financial standpoint, 2025 was known to be a transition year for our Government Services business, as reflected in our guidance. The full earning potential of this business should become evident in 2026 and beyond, and we expect these contracts to deliver compelling financial returns well into the middle of the next decade.

從財務角度來看，2025 年是我們的政府服務業務的過渡年，正如我們的指導所反映的那樣。這項業務的全部獲利潛力將在 2026 年及以後顯現出來，我們預計這些合約將在下一個十年中期帶來可觀的財務回報。

The outlook for our Offshore Energy Services business remains positive. While increased supply from OpEx costs, combined with demands uncertainty, have raised concerns about the trajectory of upstream spending for the overall oil and gas industry, offshore projects remain favorably positioned within oil and gas companies portfolios. The attractive full cycle economic returns from these projects are likely to drive continued investment for the foreseeable future as capital continues to rotate out of shorter cycle projects and into longer cycle deep water investments.

我們的海上能源服務業務前景依然樂觀。儘管營運成本增加導致供應增加，加上需求的不確定性，引發了人們對整個石油和天然氣行業上游支出走勢的擔憂，但海上項目在石油和天然氣公司的投資組合中仍然佔據有利地位。隨著資本繼續從短週期專案轉向長週期深水投資，這些專案帶來的誘人的全週期經濟回報可能會在可預見的未來推動持續投資。

These positive demand conditions are paired with the tight supply dynamic. The fleet status for offshore configured heavy and super medium helicopters remains at or near full effective utilization levels. The ability to bring in new capacity remains limited, with production lines that must be shared with military aircraft orders and current manufacturing lead times for approximately 24 months.

這些積極的需求條件與緊張的供給動態相伴而生。海上配置的重型和超中型直升機的機隊狀況保持或接近滿載有效利用水準。引入新產能的能力仍然有限，生產線必須與軍用飛機訂單共享，目前的製造交付週期約為 24 個月。

In conclusion, while macroeconomic risk and uncertainty are elevated, the outlook for Bristow's business remains very positive. And we are pleased to raise the company's financial guidance for both 2025 and 2026. This confidence is supported by the stability of our Government Services business, the heavy weighting of our Offshore Energy Services business, the more stable production [to support] activities, and the breadth and diversity of the geographic markets we serve.

總之，儘管宏觀經濟風險和不確定性上升，但布里斯託的業務前景仍然非常樂觀。我們很高興提高公司 2025 年和 2026 年的財務指引。這種信心源自於我們政府服務業務的穩定性、海上能源服務業務的比重、更穩定的生產（支持）活動以及我們所服務的地理市場的廣度和多樣性。

With that, let's open the line for questions. Leila?

現在，讓我們開始提問。萊拉？

(Operator Instructions) Jason Bandel, Evercore ISI.

（操作說明）Jason Bandel，Evercore ISI。

First question, just given the headwinds and the macro for the Offshore Services sector in general, we haven't really seen too many companies that have the ability to raise their guidance this earnings season. You've reaffirmed the original guidance last quarter, so what gives you greater confidence in the outlook here to kind of raise it now? And can you dig a little bit deeper into some of the primary drivers behind the '25 and '26 increase that you mentioned in the prepared remarks?

第一個問題，考慮到離岸服務業普遍面臨的阻力和宏觀環境，我們並沒有看到太多公司有能力在本財報季提高業績預期。您在上個季度重申了最初的指導方針，那麼是什麼讓您對前景更有信心，從而現在提高這一指導方針？您能否更深入地探討一下您在準備好的發言中提到的 25 年和 26 年成長背後的一些主要驅動因素？

Sure, Jason. I mentioned this in my prepared remarks, but we really do have some better visibility to our overall cost and to our customer activity, which has really allowed us to be able to raise that outlook.

當然，傑森。我在準備好的發言中提到了這一點，但我們確實對我們的整體成本和客戶活動有了更好的了解，這確實使我們能夠提高這種前景。

Okay. And then given the oil price volatility that we've kind of seen some customers slow their decision making and have a lower sense of urgency when it comes to contracting of services and other parts of the OES supply chain, even some of the more resilient OPEC spend areas. Are you seeing any changes in behavior among your production or the customers at this time?

好的。然後，鑑於油價波動，我們看到一些客戶在簽訂服務合約和 OES 供應鏈的其他部分時放慢了決策速度，緊迫感降低，甚至一些更具彈性的 OPEC 支出領域也是如此。您現在是否發現您的生產或客戶的行為發生了任何變化？

Yeah, good question. And fortunately, the short answer is no. Actually, our biggest struggle currently is managing through supply chain challenges to meet customer demand. It's a challenge right now to keep up with the current level of demand, and this is why we're moving existing aircraft in our portfolio to optimize utilization around our different geographies and also bringing in new aircraft to increase capacity in markets like Africa and Brazil.

是的，好問題。幸運的是，答案是否定的。實際上，我們目前面臨的最大挑戰是克服供應鏈挑戰以滿足客戶需求。目前，滿足當前的需求水準是一項挑戰，這就是為什麼我們要調整現有飛機組合，以優化不同地區的利用率，同時引進新飛機，以增加非洲和巴西等市場的運力。

Understood. And then that's the last one for me. Knowing that the majority of your OES revenue is generated from contracts supporting offshore production, as exploration and development drilling activity starts to improve in the second half of '26 or hopefully improve in the second half of '26 and '27, how much of that increase is already factored into your '26 guidance, if any?

明白了。這對我來說是最後一次了。了解到您的大部分 OES 收入來自支持海上生產的合同，隨著勘探和開發鑽井活動在 26 年下半年開始改善或預計在 26 年下半年和 27 年改善，其中有多少增長已經計入您的 26 年指引中，如果有的話？

We are including an expectation of increased activity in the latter half of 2026 into our guidance range. Obviously, we'll all have to wait and see how that materializes. That's one of the reasons that we do provide a range of a low end and a high end, but we are considering the impact of increased activity in offshore in the latter half of next year.

我們將 2026 年下半年活動增加的預期納入我們的指導範圍。顯然，我們都必須拭目以待，看看這將如何實現。這就是我們提供一系列低階和高端產品的原因之一，但我們正在考慮明年下半年海上活動增加的影響。

This is one of the reasons that early last year, we placed a new order for AW189 offshore configured helicopters. We have seven firm orders there and 10 options, which provides us with the flexibility to bring in additional capacity to meet some of that growth should it materialize on compelling returns for our stakeholders.

這是我們去年年初訂購AW189海上配置直升機的原因之一。我們在那裡有 7 個確定訂單和 10 個選擇，這為我們提供了靈活性，可以引入額外的產能來滿足部分成長需求，如果它能為我們的利害關係人帶來豐厚的回報的話。

Jason Sullivan, The Benchmark.

傑森‧沙利文，《基準》。

Just looking at the increased subcontractor cost you mentioned this quarter, are these related to ongoing contractor transitions or should we expect them to persist?

僅從您本季提到的分包商成本增加來看，這些是否與正在進行的承包商轉型有關，還是我們應該預期它們會持續下去？

Good morning, Josh. Thanks for the question. While we always have some level of subcontractor activity for various different functions, it is elevated during the transition of the government services contract. Both of our new government services contracts include a fixed wing element being integrated into the operations for the first time.

早安，喬希。謝謝你的提問。雖然我們總是會針對各種不同的職能進行一定程度的分包活動，但在政府服務合約過渡期間，分包商的活動將會增加。我們的兩份新政府服務合約都首次將固定翼飛機元素融入營運中。

That portion of the subcontractor costs will continue, but a portion of the subcontractor costs related to different activities to stand up the services will not continue once we get fully transitioned.

這部分分包商成本將會持續，但是一旦我們完全過渡，與提供服務的不同活動相關的部分分包商成本將不會持續。

Got it. And then just as far as supply chain dynamics, you mentioned as a factor [in and] guidance, what are you seeing as far as the availability of spares and just generally in the supply chain at this point?

知道了。然後就您提到的供應鏈動態而言，作為指導因素，您目前看到備件的可用性以及供應鏈的整體情況如何？

We're seeing some improvements. I'm pleased to share that. We're still not where we want to be, but some of the OEMs that have been struggling over the last couple of years have made significant strides in improving their delivery times of critical components. So again, we expect this to continue to be a headwind for the near term, but I do want to note the progress that's been made and things are trending in the right direction there.

我們看到了一些進步。我很高興分享這一點。我們還沒有達到我們想要的目標，但過去幾年一直在努力奮鬥的一些原始設備製造商在改善關鍵部件的交付時間方面取得了重大進展。因此，我們再次預期這在短期內將繼續成為阻力，但我確實想指出已經取得的進展，而且事情正朝著正確的方向發展。

And then maybe one on the advanced mobility market. Any updates from the announcement with the Norway advanced air mobility sandbox, I think, you're doing with BETA?

然後也許在先進的行動市場上也有一個。我認為，您正在使用 BETA 版本發布有關挪威先進空中機動沙箱的公告，請問有什麼最新消息嗎？

Yes, and a very timely question, actually. We're excited to share that the first flight for the Norway's test arena project is scheduled for this Friday, August 8, which is an exciting real-world application of this new technology, all-electric aircraft, and we're honored to partner with BETA, Avinor, and the Norwegian government on this innovative sandbox project, which will allow us to evaluate really the real-world use cases for the aircraft with routes and capabilities and test how these next-generation AAM aircraft can be deployed out in the world.

是的，實際上這是一個非常及時的問題。我們很高興地告訴大家，挪威測試場項目的首次飛行計劃於 8 月 8 日星期五進行，這是這項新技術全電動飛機令人興奮的實際應用，我們很榮幸與 BETA、Avinor 和挪威政府合作開展這個創新的沙盒項目，這將使我們能夠真正評估飛機在現實世界中的航線和能力用例，並測試如何在世界各地部署這些下一代 AAM 飛機。

And do you think we'll see more sandbox announcements over the next year or so with other manufacturers that you might have relationships with? How should we envision this opportunity evolving over the next couple of years?

您是否認為我們會在未來一年左右看到與您有合作關係的其他製造商發布更多沙盒公告？我們該如何展望未來幾年這一機遇的發展？

Yes, we are optimistic that there will be more sandbox-like projects of this nature in other jurisdictions over the next couple of years. We're exploring those opportunities that could be in places such as the UK, the US, even parts of Africa have shown some interest. So we're going to pursue those opportunities in earnest, and I do think that they're likely to occur in other geographies over that period of time.

是的，我們樂觀地認為，未來幾年其他司法管轄區將會有更多此類沙盒計畫。我們正在探索英國、美國等地可能存在的機會，甚至非洲部分地區也表現出了一些興趣。因此，我們將認真尋求這些機會，而且我確實認為，這些機會很可能在那段時間內出現在其他地區。

Got it. And then just one last one on the free cash flow profile and cash deployment starting. Can you just update us on how should we think about sustaining CapEx, target net debt? Just update us on the priorities there?

知道了。最後再說一下自由現金流狀況和現金部署的開始。您能否告訴我們應該如何考慮維持資本支出和目標淨債務？只需向我們通報那裡的優先事項嗎？

Sure. As I noted, we're about 92% done with the Government Services contracts, which is the large CapEx that we've been working through for the last couple of years. We do have orders for seven new AW189s to be deployed over the next couple of years as well. We did put in our -- as part of our capital allocation strategy that we're going to pay down our gross debt to $500 million and started that paydown in this quarter with $15 million paydown of our UKSAR debt.

當然。正如我所指出的，我們已經完成了政府服務合約的 92% 左右，這是我們過去幾年一直在努力完成的大型資本支出。我們確實有訂單，將在未來幾年內部署七架新型 AW189。我們確實將我們的——作為我們資本配置策略的一部分，我們將把我們的總債務償還至 5 億美元，並在本季度開始償還 1500 萬美元的 UKSAR 債務。

So we're starting to deploy the cash that is coming out of -- the free cash flow that's coming out of the business as we move out of this heavy investment cycle into a more sustained cycle.

因此，隨著我們走出這個高投資週期，進入一個更持續的週期，我們開始部署從業務中流出的自由現金流。

Steve Silver, Argus Research.

史蒂夫‧西爾弗 (Steve Silver)，阿格斯研究公司 (Argus Research)。

Congratulations on the quarter. Given the strong free cash flow in Q2 and the improved working capital in the quarter, I was curious if there's any color you could provide on the capital allocation strategy, given the fact that you only use a modest portion of the US share repurchase program in Q2?

恭喜本季。鑑於第二季度強勁的自由現金流和本季度改善的營運資本，我很好奇您是否可以提供有關資本配置策略的任何信息，因為您在第二季度只使用了美國股票回購計劃的一小部分？

Yes. As you noted, we still have a lot of capacity under the Board approved share repurchase program, about $121 million remains under the $125 million. We had previously messaged when we announced the capital allocation framework that our priorities in Q2 would really be completing the investment capital spend for those big government projects that Jennifer was talking about as well as beginning the accelerated debt paydown to reach our gross debt target that Jennifer referenced.

是的。正如您所說，根據董事會批准的股票回購計劃，我們仍有很大的回購能力，約 1.21 億美元仍低於 1.25 億美元。我們在宣布資本配置框架時曾表示，我們第二季度的首要任務實際上是完成詹妮弗談到的那些大型政府項目的投資資本支出，以及開始加速償還債務，以達到詹妮弗提到的總債務目標。

So we actually pulled forward, if anything, some of the timing of those opportunistic share repurchases into Q2. Going forward, as announced, we will continue to take an opportunistic approach to the share repurchases. We've also announced that, beginning in Q1 of 2026, the company intends to initiate a cash dividend program. So we look forward to kicking that off in the new year as well.

因此，我們實際上將一些機會性股票回購的時間提前到了第二季。展望未來，正如我們所宣布的那樣，我們將繼續採取機會主義的方式進行股票回購。我們也宣布，從 2026 年第一季開始，公司打算啟動現金分紅計畫。因此我們也期待在新的一年開始這項工作。

Great. That's helpful. And could you provide any color on what considerations factored into the decision to accelerate the principal payments to the UKSAR equipment facility over any other debt instruments?

偉大的。這很有幫助。您能否解釋一下，在決定加速向 UKSAR 設備設施支付本金而不是其他債務工具時，考慮了哪些因素？

Sure. Thank you for the question. Our UKSAR debt currently is our highest cost debt, and it had no prepayment tendency. So it was the best choice for our first pay down.

當然。謝謝你的提問。我們的 UKSAR 債務目前是我們成本最高的債務，並且沒有提前還款的趨勢。所以這是我們第一次付款的最佳選擇。

Keith Bachman, Pickering Energy Partners.

基斯‧巴赫曼，皮克林能源合夥公司。

Could you walk us through how your contracting model makes you somewhat insulated from an activity drop that is impacting the outlook for other OFS companies with exposure to deepwater activity?

您能否向我們介紹一下，您的承包模式如何保護您免受活動量下降的影響，而這種下降正在影響其他從事深水活動的油田服務公司的前景？

Yes. Keith, and happy to do that. I would say, first, before getting into the contracting model, just a quick note on business mix. We do have a sizable portion of our revenues, about 33% that come from non-oil and gas activity. These are the long-term, very stable government services contracts as well as the fixed wing business that we have.

是的。基思，我很樂意這麼做。首先，在討論承包模式之前，我想先簡單介紹一下業務組合。我們的收入中確實有相當一部分，約 33% 來自非石油和天然氣活動。這些是我們擁有的長期、非常穩定的政府服務合約以及固定翼業務。

But coming back to our Offshore Energy Services business, there, our contracting model is exposed really to 80% production support. So we have relatively less exposure to short-cycle drilling and exploration. And within our contracts, the significant majority of the revenues are earned on the monthly standing charge, which we get paid to be there on a standby basis.

但回到我們的海上能源服務業務，我們的承包模式實際上暴露了 80% 的生產支援。因此，我們對短週期鑽探和勘探的接觸相對較少。在我們的合約中，絕大部分收入來自每月的固定費用，我們以待命的方式獲得報酬。

So that derisks some of that exposure to actual flight activity as well. So I think it's business mix, it's the heavy weighting to production, and it's also the duration. Our typical contract is about a five-year contract to support that longer-term production type work.

因此這也降低了實際飛行活動中的部分風險。所以我認為這是業務組合，是生產的重心，也是持續時間。我們的典型合約是一份五年期合約，以支持長期生產類型的工作。

Awesome. That's great color. And if I could sneak one more in. Visibility for the floating rig count is pretty soft through the year-end. We think Q4 floater activity could come down 8% to 10% from Q2. If that happens, how would lower floating rig activity show up in results? Would it be mostly confined to lower average flight hours like what you're seeing?

驚人的。顏色真棒。如果我能再偷偷溜進去一個。到年底，浮動鑽井平台數量的可見度相當低。我們認為第四季浮動發行活動可能較第二季下降 8% 至 10%。如果發生這種情況，那麼浮動鑽井平台活動的減少將如何體現在結果中？它是否主要局限於較低的平均飛行小時數，就像您所看到的那樣？

Yes. Good question. I would say, overall, we don't anticipate that scenario reference to impact our guidance ranges for this year. We have had an expectation for some new projects that would commence this year. Those we see actually materializing. In fact, one that we just began in Surinam. We don't really have anything on the [com] in terms of new drilling activity before the end of the year that would impact that guidance range.

是的。好問題。我想說，總的來說，我們預計該情境參考不會影響我們今年的指導範圍。我們期待今年能啟動一些新計畫。我們所看到的那些實際上正在實現。事實上，我們剛剛在蘇利南開始了這個計畫。我們在[com]上實際上沒有任何關於今年年底前新鑽探活動會影響該指導範圍的消息。

We do continue to maintain a constructive outlook for offshore activity overall. Certainly, as you get into '26 and beyond, we think those offshore projects are continuing to be well positioned within the oil and gas company portfolios. But again, just following up to the gist of your question, in terms of the potential white space or idle floater activity between now and the end of the year, we don't anticipate any that impacted the guidance range that we provided.

我們確實繼續對海上活動整體保持建設性展望。當然，隨著進入 26 年及以後，我們認為這些海上項目將繼續在石油和天然氣公司的投資組合中佔據有利地位。但是，再次強調，只是回答你問題的要點，就現在到年底之間的潛在空白或閒置浮動活動而言，我們預計不會對我們提供的指導範圍產生任何影響。

Colby Sasso, Daniel Energy Partners.

科爾比·薩索 (Colby Sasso)，丹尼爾能源合作夥伴。

Last quarter, you noted you weren't expecting much of a direct financial result from tariffs, but you noted R&M costs could go up as there may be uncertainty for component delivery times. Have you seen any issues with delivery times for components? And if you haven't been impacted, to your knowledge, has this been impacting any of your competitors?

上個季度，您曾指出，您並不認為關稅會帶來太多直接的財務影響，但您指出，由於零件交付時間可能存在不確定性，研發和製造成本可能會上升。您是否發現過零件交付時間有任何問題？如果您沒有受到影響，那麼據您所知，這是否對您的任何競爭對手產生了影響？

Yes. Timely question. Certainly, for Bristow, the answer is no, we haven't seen an impact to date. Obviously, there remains some uncertainty around global trade and the tariff environment. We are encouraged by some of the recent announcements, including the intended EU-US trade deal as well as the Brazil-US trade deal, in that from everything that we understand, it's understood that the agreements will exclude civil aircraft and parts from the tariff regime, keeping those at a zero-tariff basis, which obviously is constructive.

是的。及時提問。當然，對於布里斯託來說，答案是否定的，到目前為止我們還沒有看到影響。顯然，全球貿易和關稅環境仍存在一些不確定性。我們對最近的一些聲明感到鼓舞，包括歐盟與美國擬議的貿易協議以及巴西與美國的貿易協議，據我們了解，這些協議將把民用飛機和零件排除在關稅制度之外，使其保持零關稅，這顯然是建設性的。

For us, I think it's constructive for the overall industry supply chain. So again, to date, no impacts adversely from tariffs on R&M costs or timing of deliveries. I can't speak for everyone else in the industry, but I would imagine that any delays others might be experiencing in terms of deliveries would be related to things other than tariffs.

對我們來說，我認為這對整個產業供應鏈都有建設性。因此，到目前為止，關稅尚未對研發成本或交貨時間產生不利影響。我不能代表業內所有人發言，但我認為其他人在交貨方面可能遇到的任何延誤都與關稅以外的因素有關。

Makes sense. And as a quick follow-up, West Africa has received a decent amount of airtime on this quarter's offshore drillers calls with respect to where incremental deepwater opportunities will come in the next three- to five years. Could you talk about where you're expecting to see the most growth in your energy business in the next couple of years?

有道理。作為一個快速的後續行動，西非在本季度的海上鑽井電話會議上獲得了相當多的播出時間，這些電話涉及未來三到五年內增量深水機會的出現。您能否談談您預計未來幾年能源業務的最大成長點在哪裡？

Yes. And thank you for the question. I would say, in terms of the growth opportunities for our overall business, it includes markets like Brazil, where we still see quite a bit of incremental demand and growth potential and the need to move additional aircraft into Brazil to meet that demand. Also, the US-Gulf is a pretty constructive market. I mean in terms of percentages, it won't increase at the same rates, but there are incremental opportunities here.

是的。感謝您的提問。我想說，就我們整體業務的成長機會而言，它包括巴西這樣的市場，我們仍然看到相當大的增量需求和成長潛力，並且需要將更多的飛機轉移到巴西來滿足這種需求。此外，美國墨西哥灣地區是一個相當有建設性的市場。我的意思是，就百分比而言，它不會以相同的速度增長，但這裡有增量機會。

And then coming around probably the top of the list, which you referenced, which is Africa. This is a market where we -- again, today, our greatest challenge is keeping enough aircraft working to meet the demand, and we're looking to move additional aircraft from within our existing portfolio, also bringing additional aircraft capacity into our fleet to meet some of that demand that we see coming from Africa, given the projects that are expected to move forward there.

然後，可能排在首位的就是您提到的非洲。在這個市場上，我們今天面臨的最大挑戰是保持足夠的飛機運行以滿足需求，我們希望從現有飛機組合中調動更多飛機，同時為我們的機隊增加飛機容量，以滿足我們看到的來自非洲的部分需求，因為預計那裡將有項目推進。

This concludes our question-and-answer session. I will now turn the call back over to Christopher Bradshaw for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給克里斯多福·布拉德肖，請他作最後發言。

Thank you, Leila, and thanks, everyone, for joining the call. I hope everyone stays safe and well, and we look forward to speaking again next quarter. Thank you.

謝謝你，萊拉，也謝謝大家參加電話會議。我希望每個人都平安健康，我們期待下個季度再次交談。謝謝。

This concludes today's call. You may now disconnect at any time.

今天的電話會議到此結束。您現在可以隨時斷開連線。