Bristow Group Inc. (VTOL) 2026 Q1 法說會逐字稿

(audio in progress) Before we begin, (technical difficulty) 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 the investor presentation. You may access the investor presentation on our website. 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. I will now turn the call over to our President and CEO. Chris?

(音訊進行中) 在我們開始之前，（技術問題）在本次電話會議期間，管理層可能會發表前瞻性陳述，該等陳述受風險與不確定性影響，相關內容在投資人簡報第 3 頁有更詳細說明。您可於我們的網站查閱投資人簡報。我們也將引用若干非 GAAP 財務衡量指標，例如 EBITDA 與自由現金流。該等指標與 GAAP 之調節表已包含於財報新聞稿與投資人簡報中。現在我將把電話會議交給我們的總裁兼執行長。Chris？

Thank you, Red. The company delivered on our goal of zero air accidents in the first quarter, and the Bristow team remains committed to safety as our number one core value and highest operational priority. Bristow's first-quarter financial results place us on track for what is expected to be a transformational year for the company. We are pleased to affirm our financial guidance ranges for 2026, which notably reflect adjusted EBITDA growth of approximately 25% year over year.

謝謝你，Red。公司在第一季達成我們「零空中事故」的目標，Bristow 團隊仍將安全視為我們第一核心價值與最高營運優先事項。Bristow 第一季的財務表現使我們按計畫邁向預期將為公司帶來轉型的一年。我們很高興確認 2026 年的財務指引區間，其中值得注意的是調整後 EBITDA 年增約 25%。

While geopolitical conflicts and tensions have driven turbulent and concerning global conditions thus far in 2026, these macro developments underscore the conviction we have in the outlook for Bristow's business. I'll have more comments on the strong tailwinds poised to benefit the company later in the call. But for now, I will hand it over to our CFO for a detailed discussion of Q1 results and our financial outlook. Jennifer?

儘管地緣政治衝突與緊張局勢在 2026 年迄今造成動盪且令人憂心的全球環境，這些總體發展更凸顯我們對 Bristow 業務前景的信心。我稍後會在電話會議中就有望使公司受益的強勁順風提出更多評論。但現在，我將把時間交給我們的財務長，詳細說明第一季業績與我們的財務展望。Jennifer？

Thank you, Chris, and good morning, everyone. Today, I will begin with a review of Bristow's sequential quarter financial results on a consolidated basis before covering the financial results and 2026 guidance ranges for each of our segments.

謝謝你，Chris，各位早安。今天我將先以合併基礎回顧 Bristow 逐季的財務表現，接著說明各事業部門的財務結果與 2026 年指引區間。

While the first quarter is typically our seasonally lowest quarter, Bristow's total revenues were $11.4 million higher compared to Q4 2025, primarily due to increased activity in our Government Services business and increased rates and activity in certain of our key Offshore Energy Services or OES markets.

雖然第一季通常是我們季節性最淡的一季，Bristow 的總營收較 2025 年第四季增加 1,140 萬美元，主要因政府服務業務活動增加，以及我們若干主要離岸能源服務（OES）市場的費率與活動提升。

Adjusted EBITDA was $0.9 million lower in Q1, mainly due to higher repair and maintenance costs and lease and equipment costs across our segments. We are affirming our 2026 guidance ranges of $1.6 billion to $1.7 billion for total revenues and $295 million to $325 million for adjusted EBITDA.

第一季調整後 EBITDA 較前一季減少 90 萬美元，主要因各事業部門的修理與維護成本，以及租賃與設備成本上升。我們確認 2026 年指引區間：總營收 16 億至 17 億美元，調整後 EBITDA 為 2.95 億至 3.25 億美元。

Turning now to our segment financial results. Revenues in our OES segment were $6.9 million higher in Q1 versus Q4 2025, primarily due to increased rates and higher utilization in the US and Trinidad, and higher utilization in Africa, which were partially offset by lower utilization in Europe.

接著看各事業部門的財務結果。OES 事業部門第一季營收較 2025 年第四季增加 690 萬美元，主要因美國與千里達的費率上升與使用率提高，以及非洲使用率提高；部分被歐洲使用率下降所抵銷。

Adjusted operating income was $0.7 million lower, primarily due to higher operating expenses of $5.6 million and lower earnings from unconsolidated affiliates of $1.8 million, offsetting the higher revenues. Operating expenses in OES were higher primarily due to lower vendor credits recognized this quarter, coupled with additional aircraft leases, which were partially offset by lower personnel and other operating expenses.

調整後營業利益減少 70 萬美元，主要因營業費用增加 560 萬美元，以及來自未合併關聯企業的收益減少 180 萬美元，抵銷了營收增加的影響。OES 的營業費用上升主要因本季認列的供應商抵減較少，加上新增航空器租賃；部分被人事及其他營運費用下降所抵銷。

During the quarter, the company recognized additional non-cash depreciation expense of $6.4 million related to S-76D medium helicopters used in our OES segment as it finalizes plans to return this model and transition to newer models as part of Bristow's ongoing fleet management efforts to better meet customer needs.

本季，公司就 OES 事業部門使用的 S-76D 中型直升機認列額外 640 萬美元的非現金折舊費用；公司正完成將該機型退役並轉換至較新機型的規劃，作為 Bristow 持續機隊管理工作的一部分，以更好滿足客戶需求。

The company plans to complete this transition of models by early 2027 and expects to recognize approximately $24 million of additional depreciation expense through the transition period. Our 2026 OES revenue guidance range remains between $1 billion and $1.1 billion, and our 2026 adjusted operating income guidance range remains $225 million to $235 million for this segment.

公司計畫於 2027 年初前完成此機型轉換，並預期在轉換期間將額外認列約 2,400 萬美元的折舊費用。我們 2026 年 OES 營收指引區間維持在 10 億至 11 億美元，且該事業部門 2026 年調整後營業利益指引區間維持在 2.25 億至 2.35 億美元。

Moving on to Government Services. Revenues were $7.8 million higher, primarily due to the transition of the (inaudible) Irish Coast Guard contract, including the full-quarter impact of the base in Sligo that began operations last quarter and the commencement of operations at the final base in Waterford this quarter.

接著是政府服務。營收增加 780 萬美元，主要因（聽不清）愛爾蘭海岸防衛隊合約的轉換，包括上季開始營運的斯萊戈（Sligo）基地在本季的完整季度影響，以及本季於沃特福德（Waterford）最後一個基地開始營運。

Adjusted operating income was $1.9 million higher in Q1, primarily due to the higher revenues, partially offset by higher operating expenses of $4.8 million as a result of higher repairs and maintenance, increased headcount in Ireland, higher leased-in equipment costs related to the ongoing transition activities in the UK, and higher general and administrative expenses of $0.5 million, largely related to professional service fees.

第一季調整後營業利益增加 190 萬美元，主要因營收增加；部分被營業費用增加 480 萬美元所抵銷，該增加係因修理與維護費用上升、愛爾蘭人力增加、與英國持續轉換活動相關的租入設備成本提高，以及一般與行政費用增加 50 萬美元（主要與專業服務費用相關）。

Our 2026 Government Services revenue guidance range remains between $440 million and $460 million, and the adjusted operating income guidance range remains $70 million to $80 million, which is roughly double that of 2025.

我們 2026 年政府服務營收指引區間維持在 4.4 億至 4.6 億美元，調整後營業利益指引區間維持在 7,000 萬至 8,000 萬美元，約為 2025 年的兩倍。

And finally, revenues from Other Services were $3.2 million lower in Q1, primarily due to lower seasonal activity in Australia, partially offset by favorable foreign exchange rate impact. Adjusted operating income decreased by $2.9 million due to the lower seasonal revenues, partially offset by reduced operating expenses of $0.4 million related to the lower seasonal activity. Our 2026 revenues and adjusted operating income guidance for this segment remains between $130 million and $150 million and $20 million and $25 million, respectively.

最後，其他服務第一季營收減少 320 萬美元，主要因澳洲季節性活動較低；部分被有利的外匯匯率影響所抵銷。調整後營業利益因季節性營收下降而減少 290 萬美元；部分被因季節性活動降低而使營業費用減少 40 萬美元所抵銷。我們對該事業部門 2026 年營收與調整後營業利益的指引分別維持在 1.3 億至 1.5 億美元，以及 2,000 萬至 2,500 萬美元。

Turning now to cash flows and liquidity. Net cash used in operating activities was $8.3 million in the current quarter. The working capital used in the current quarter primarily resulted from an increase in accounts receivables, largely due to timing of customer payments.

接著談現金流與流動性。本季營運活動使用的淨現金為 830 萬美元。本季使用的營運資金主要來自應收帳款增加，主要與客戶付款時點有關。

In comparison to the prior year, working capital changes consumed more cash flow in Q1 2025 than was the case in Q1 of this year. The company does not have material amounts of aged receivables, so we expect to see improvements in working capital in the coming quarters.

與前一年相比，2025 年第一季的營運資金變動所消耗的現金流，較今年第一季更多。公司並無重大逾期應收帳款，因此我們預期未來幾季營運資金將有所改善。

As of March 2026, our unrestricted cash balance was $342 million with total available liquidity of approximately $394 million. As a reminder, in January, Bristow closed a private offering of $500 million senior secured notes due in 2033 with a coupon of [6.75%]. The company used a portion of the net proceeds to redeem its existing [6.875%] senior notes with the remaining net proceeds to be used for general corporate purposes.

截至 2026 年 3 月，我們不受限制的現金餘額為 3.42 億美元，總可用流動性約為 3.94 億美元。提醒各位，1 月 Bristow 完成一筆 5 億美元、2033 年到期的優先擔保票據私募發行，票面利率為[6.75%]。公司使用部分淨募集資金贖回既有的 [6.875%] 優先票據，其餘淨募集資金將用於一般公司用途。

We are very pleased with the successful refinancing transaction highlighted by an upsized deal at a lower coupon rate and extended maturity. Bristow's financial flexibility, positive financial outlook, and robust balance sheet represent a competitive advantage for the company and favorably position us to pursue various potential growth opportunities.

我們對此次成功的再融資交易感到非常滿意，其特點包括發行規模上調、票面利率更低且到期日延長。Bristow 的財務彈性、正向的財務展望與強健的資產負債表構成公司的競爭優勢，並使我們得以在有利條件下追求各種潛在成長機會。

Lastly, Bristow paid $3.7 million in dividends during the quarter, and on April 30, declared another dividend of $0.125 per share of common stock. This dividend is payable on May 29 to shareholders of record at the close of business on May 15.

最後，Bristow 本季支付股利 370 萬美元，並於 4 月 30 日宣告再發放每股普通股 0.125 美元的股利。該股利將於 5 月 29 日支付給截至 5 月 15 日營業日結束時的登記股東。

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

此時，我將把電話會議交回給 Chris 進一步說明。Chris？

Thank you. Looking forward, we believe Bristow is favorably positioned to benefit from three global megatrends namely: increased defense spending; the importance of energy security; and the electrification of transportation.

謝謝。展望未來，我們認為 Bristow 有利地處於可受惠於三大全球巨型趨勢的位置，分別是：國防支出增加；能源安全的重要性；以及運輸電氣化。

Taking each of these in turn, number one: Increased defense spending. Given recent hostilities and the overall geopolitical landscape, we expect defense spending to increase significantly over a multi-year period. With the expected scale of these defense expenditures and the continued budgetary pressures for most countries in the Western world, we anticipate the need for increased public-private partnerships to realize these government and military objectives.

逐一來看，第一點：增加國防支出。鑑於近期的敵對行動以及整體地緣政治局勢，我們預期國防支出將在未來數年期間顯著增加。考量這些國防支出的預期規模，以及西方世界多數國家持續面臨的預算壓力，我們預期為了實現這些政府與軍事目標，將需要增加公私協力夥伴關係。

We see additional growth opportunities in our core government search and rescue business as well as a broader spectrum of aviation services to government and military customers, particularly in Europe and the Americas.

我們在核心的政府搜救業務，以及向政府與軍方客戶提供更廣泛的航空服務方面，看到了額外的成長機會，尤其是在歐洲與美洲。

In the context of a complicated geopolitical landscape and expectations for higher defense spending, we believe there will be compelling organic and inorganic growth opportunities for a specialized aviation services provider with Bristow's track record, operational expertise, and financial flexibility.

在複雜的地緣政治局勢與國防支出提高的預期之下，我們相信，對於像 Bristow 這樣具備過往實績、營運專業能力與財務彈性的專業航空服務供應商而言，將存在具吸引力的內生成長與外延併購成長機會。

Number two: The importance of energy security. While oil and gas remain commodities, recent geopolitical events have placed an enduring emphasis on where hydrocarbon supplies are located and the established offshore energy [basins] that Bristow services represents some of the most attractive and secure sources of supply.

第二點：能源安全的重要性。儘管油氣仍屬大宗商品，近期地緣政治事件使市場長期更重視碳氫化合物供應的所在地；而 Bristow 所服務的既有離岸能源[盆地]，代表了一些最具吸引力且最安全的供應來源。

Deepwater projects are favorably positioned, offering attractive relative returns within the asset portfolios of oil and gas companies. And we believe offshore projects will receive an increasing share of future upstream capital investment. This positive demand outlook is paired with a tight supply dynamic.

深水專案的定位相對有利，在油氣公司資產組合中提供具吸引力的相對報酬。我們也相信，離岸專案將在未來上游資本投資中占比提高。這樣正向的需求展望，同時伴隨著供給偏緊的態勢。

The fleet status for offshore configured heavy and super medium helicopters remains tight and the ability to bring in new capacity remains constrained with long manufacturing lead times. This constructive supply and demand balance, combined with an increased prioritization of energy security, supports a positive outlook for the offshore helicopter sector.

用於離岸配置的重型與超中型直升機機隊狀況仍然吃緊，而新增運能的能力也受限於漫長的製造交期。這種建設性的供需平衡，再加上對能源安全的優先重視提升，支撐離岸直升機產業的正向展望。

Number three: The electrification of transportation. We have continued to advance Bristow's position as an early leader in the development of the advanced air mobility industry, which will incorporate the operation of next-generation aircraft powered by electric, hybrid electric, and other new propulsion technologies.

第三點：運輸電氣化。我們持續推進 Bristow 作為先行領導者的地位，投入先進空中移動（advanced air mobility）產業的發展；該產業將納入營運由電動、混合電動及其他新型推進技術驅動的下一代航空器。

As a leader in vertical flight solutions for over 75 years, Bristow has a unique opportunity to leverage our core competencies as an advanced proven operator to serve the needs of this new industry sector. We believe the company has created significant option value with minimal capital commitment to date in what is expected to be a large and rapidly growing addressable market for these new-generation aircraft.

作為超過 75 年的垂直飛行解決方案領導者，Bristow 有獨特機會運用我們作為成熟且經驗證之營運商的核心能力，來滿足這個新產業領域的需求。我們相信，公司迄今以極少的資本承諾，已在這個預期規模龐大且快速成長的可服務市場中，為這些新世代航空器創造了可觀的選擇權價值。

In conclusion, we have a very positive outlook for Bristow's business in 2026 and beyond as we continue the company's evolution as a scaled multi-mission aviation services provider with complementary business lines.

總結而言，隨著我們持續推動公司演進為具規模的多任務航空服務供應商，並擁有互補的業務線，我們對 Bristow 在 2026 年及之後的業務前景非常正向。

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

接下來，我們開放提問。Michael？

(Operator Instructions) Savi Syth, Raymond James.

（接線員指示）Savi Syth，Raymond James。

First question may be on the fuel prices here, especially more so on the kind of the jet fuel price and availability. Just curious if that's affecting your business either directly or indirectly and your expectations as you go through the year?

第一個問題想請教燃油價格，尤其是噴射燃油的價格與供應情況。想了解這是否會直接或間接影響你們的業務，以及你們對今年接下來的預期？

Thanks for the question. Obviously, a lot of attention and rightfully so around the aviation jet fuel market globally. Fortunately, Bristow is naturally hedged as fuel is a pass-through in the vast majority of our business. For example, in all of our OES contracts, there is a pass-through of fuel cost to the end customer.

謝謝你的問題。顯然，全球航空噴射燃油市場受到高度關注，而且這樣的關注是合理的。所幸 Bristow 天然具備避險效果，因為在我們絕大多數業務中，燃油成本是可轉嫁的。例如，在我們所有的 OES 合約中，燃油成本都會轉嫁給最終客戶。

There is one of our government contracts that has a slight lag in the reset mechanism, but that's more of a timing issue. So again, naturally protected through our pass-through mechanisms. The one area of the business, which is a bit different is the commercial airline that we own and operate in Northern Australia. There, our recovery mechanisms are more around increasing rates and imposing as we recently have a fuel levy on ticket sales.

我們有一份政府合約在重設機制上有些微的時間落差，但那比較屬於時點問題。因此，再次強調，我們透過成本轉嫁機制自然受到保護。業務中有一個稍微不同的領域，是我們在澳洲北部擁有並營運的商業航空公司。在那裡，我們的回收機制較偏向提高票價，以及如同我們近期所做的，在售票時加收燃油附加費。

In terms of supply of that aviation fuel, thankfully, we've had ample supply to date, and our suppliers assure us that we should continue to do so. That's obviously something we'll continue to monitor. And in a scenario where there may be some rationing, we think as a provider of critical transportation services, and search-and-rescue services that we should receive priority. But again, availability has not been an issue to date, and we are naturally hedged and protected through the pass-through mechanisms in our customer contracts.

就航空燃油供應而言，值得慶幸的是，截至目前我們的供應相當充足，供應商也向我們保證未來應可持續如此。這當然是我們會持續監控的事項。若出現配給情境，我們認為作為關鍵運輸服務與搜救服務的提供者，我們應該會獲得優先供應。但再次強調，截至目前可得性並未成為問題，而且我們透過客戶合約中的成本轉嫁機制，自然具備避險與保護。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Just as we think about trends in global defense spending, you're highlighting and the opportunity for Bristow, historically, we've primarily known you as a civilian search-and-rescue operator. But as we think about Bristow fitting into the broader defense spending cycle perspective, can you just highlight maybe where and how that conversation is going to evolve?

談到你們所強調的全球國防支出趨勢與 Bristow 的機會，過去我們主要認識你們是民用搜救營運商。但從更廣泛的國防支出循環角度來看 Bristow 的定位，你能否說明一下，相關對話可能會如何、以及在哪些方面演進？

Sure. We believe there are really multiple avenues of potential benefit for us. First of all, as you mentioned, in our core civilian Coast Guard search and rescue services, where we are the market leader in that segment. What we're seeing in a lot of conversations, particularly out of Europe right now is as those countries have committed to increase their defense spending, usually tied to percentages of GDP, they're looking for ways to balance their overall budgets. And one of the ways they could potentially do that is as they're spending more money on tanks and missiles, potentially outsourcing some of the civilian services like the Coast Guards.

當然。我們認為對我們而言，確實有多條可能受益的途徑。首先，如你所提到，在我們核心的民用海岸防衛隊搜救服務中，我們是該細分市場的領導者。我們在許多對話中看到的情況是——尤其是目前在歐洲——當這些國家承諾提高國防支出（通常與 GDP 的百分比掛鉤）時，他們正在尋找平衡整體預算的方法。其中一種可能方式是：當他們把更多資金花在坦克與飛彈上時，可能會把一些民用服務（例如海岸防衛隊）外包出去。

So we're having conversations with more countries, again, particularly in Europe about potentially outsourcing their civilian services, which could be a source of growth for our core search-and-rescue business. In addition to that, we already provide other aviation services to militaries and government customers such as troop movements and ISR or Intelligence, Surveillance, and reconnaissance missions. We think those mission profiles will be an additional source of growth for Bristow as we look to expand our capabilities and expand our customer base that we're servicing by providing that broader spectrum of services.

因此，我們正與更多國家——同樣特別是在歐洲——洽談其民用服務外包的可能性，這可能成為我們核心搜救業務的成長來源。除此之外，我們已向軍方與政府客戶提供其他航空服務，例如部隊運輸，以及 ISR（情報、監視與偵察）任務。我們認為，隨著我們擴展能力並擴大所服務的客戶基礎、提供更廣泛的服務組合，這些任務型態將成為 Bristow 額外的成長來源。

And then on your side of things, the new international sandbox project in Norway with [electra.aero], how does that differ from the previous one with [BETA]? Is it a continuation with just a different aircraft? Are you seeking new insights, different use cases? Just curious how you guys are approaching these sandboxes.

另外想問你們這邊，在挪威與 [electra.aero] 的新國際沙盒專案，與先前和[BETA] 的那個有何不同？這是否只是更換不同航空器的延續？你們是在尋求新的洞見、不同的使用情境嗎？想了解你們如何看待並推進這些沙盒。

Yes. I think we would characterize it as an evolution. It is a different aircraft that we'll be using this time. In the first test arena, there was a focus primarily on shorter routes, primarily around cargo logistics. In the new test arena, we're looking at broader regional air mobility applications, which could include both cargo and passenger transportation along really longer routes. So more regional mobility with a different range and payload capability. So again, I would characterize it more as an evolution of the exploration of this new market for these next-generation aircraft.

是的。我想我們會把它描述為一種演進。這次我們會使用不同的航空器。在第一個測試場域中，重點主要放在較短航線，且以貨運物流為主。在新的測試場域中，我們在評估更廣泛的區域空中移動應用，可能同時包含貨運與載客運輸，且航線距離更長。也就是以不同的航程與載重能力，來進行更偏區域型的移動。因此，我會把它描述為：對這個新市場、以及這些下一代航空器的探索之延續性演進。

And then just one last one on the operating expenses and working capital dynamics here in the first quarter or even first half. Can we just have a conversation what those are going to look like in the second half? Or what are the bigger tent poles there that are going to keep us on track with guidance here?

最後一個問題，關於第一季甚至上半年營運費用與營運資金的變動。能否談談下半年這些項目可能會呈現什麼樣貌？或者有哪些更關鍵的支柱因素，能讓我們在此維持與財測指引一致的進度？

To start with working capital, I mean, this quarter was truly -- the draw on working capital was related to customer payments, which was similar to Q1 of 2025. Those have since been almost completely collected. So I think on the working capital trends, it should potentially look similar to last year as far as that goes. On the rest of guidance, we give an annual guidance number, as you know, our Q4 and our Q1 are lower quarters than our Q3 and Q2. So that trend would continue.

先從營運資金談起，我的意思是，本季確實——營運資金的動用與客戶付款有關，這與 2025 年第一季類似。而這些款項此後幾乎已全部收回。因此我認為，就營運資金的趨勢而言，可能會與去年大致相似。至於其餘的財測指引，如各位所知，我們提供的是全年指引數字，而我們的第四季與第一季通常是低於第三季與第二季的季度。所以這個趨勢會延續。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

Just curious on the slide 13. Could you remind us how global offshore production CapEx and OpEx translate into kinds of offshore opportunities? I'm guessing there is a lag in there, but I wonder if you could talk about how those two progress.

想請教一下第 13 張投影片。您能否提醒我們，全球離岸生產的資本支出（CapEx）與營運支出（OpEx）如何轉化為各類離岸機會？我猜其中會有時間落差，但想請您談談這兩者各自的進展方式。

Sure. Happy to do that. So, with reference to that slide 13 in the investor presentation, there is an expectation that drilling and exploration activity will pick up in the latter half of this year, and we expect overall offshore spending, both CapEx and OpEx to remain elevated at increasing levels through the end of this decade. For the two components, OpEx, or operating expenditures, really relate to existing established projects, primarily production support, and 85% of the revenue that Bristow generates in our OES business are related to those production activities.

當然可以。很樂意說明。就投資人簡報第 13 張投影片而言，市場預期今年下半年鑽井與勘探活動將回升，而我們預期整體離岸支出（包含 CapEx 與 OpEx）將維持在高檔，並在本十年末之前以逐步上升的水準持續。就兩個組成來看，OpEx（營運支出）主要與既有、已建立的專案相關，主要是生產支援；而 Bristow 在 OES 業務所創造的營收中，有 85% 與這些生產活動相關。

So that's really a direct indicator of spend that goes to services like ours. CapEx is related to new projects. So this would be new exploration and development activities. Any increases there provide upside to us through that 15% of our OES business. So we do have upside exposure there. And of course, any successful new discoveries on the exploration side are leading to next year's or following year's operating expenditure as production expands. So the fact that growth of those -- both of those categories are expected to grow meaningfully over the next few years are positive tailwinds for our business.

因此，這其實是直接反映會流向像我們這類服務的支出指標。CapEx 則與新專案相關。也就是新的勘探與開發活動。這方面的任何增加，會透過我們 OES 業務中那 15% 的部分為我們帶來上行空間。所以我們確實在那裡有上行曝險。當然，勘探端任何成功的新發現，會隨著產量擴張，帶動明年或後年的營運支出。因此，未來幾年這兩個類別預期都將顯著成長，對我們的業務而言是正向的順風。

Is there like a timeline generally that we should look forward to in terms of when these kinds of plans step up versus when it translates to Bristow's kind of P&L?

一般而言，在時程上我們應該如何看待：這些計畫何時開始加速、以及何時會反映到 Bristow 的損益表（P&L）？

In terms of project timelines, it does have a spectrum to it. If it's a tieback to an existing platform, that will typically be faster than an entirely new greenfield project. But overall, we expect activity to increase in the latter half of this year. We'll see almost an immediate benefit from that. And then the flow-through from that into the rest of our business should pick up in 2027 and beyond.

就專案時程而言，確實有一個光譜。如果是回接（tieback）到既有平台，通常會比全新的綠地（greenfield）專案更快。但整體而言，我們預期今年下半年活動會增加。我們幾乎會立即從中受益。而其對我們其餘業務的傳導效應，預期會在 2027 年及之後加速。

But again, on specific timelines, if it's a subsea well tieback to a platform that's already there, it may be a nine-month lead time. If it's an entirely new greenfield project in an entirely new exploration area, you might be looking at three years between when exploration activities begin and when you have production start to flow. So a pretty broad spectrum depending upon the type of activity.

不過再說一次，就具體時程而言，如果是海底井回接到既有平台，可能是九個月的前置期。如果是在全新的勘探區域、完全新的綠地專案，從勘探活動開始到產量開始出來，可能要看三年。因此會因活動類型不同而有相當廣的範圍。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

Nice quarter. Can you update us on the OES contract resets in the US?

本季表現不錯。能否更新一下美國 OES 合約重置（contract resets）的情況？

Alex, thanks for the question. Here in the US, we have now reset effective in the beginning of this year, our largest OES contract in the US Gulf. There are others that will reset over the course of this year. More broadly speaking, across our global portfolio, we expect by the end of this calendar year that essentially all of our OES -- our legacy OES contracts will have reset. So, we'll have the benefit of that this year and of course, more of a full-year benefit in '27 and beyond.

Alex，謝謝你的問題。在美國這邊，我們已於今年年初完成並生效了我們在美國墨西哥灣最大的 OES 合約重置。今年內還有其他合約會陸續重置。更廣泛來看，在我們的全球組合中，我們預期到本曆年年底，基本上我們所有 OES——也就是我們既有的 OES 合約——都將完成重置。因此，我們今年會受益，當然在 2027 年及之後會有更完整的全年受益。

And then can you elaborate on the specific operational and financial considerations that led to the decision to retire the S-76D helicopters earlier than expected?

另外，能否說明一下，哪些具體的營運與財務考量，導致決定比預期更早讓 S-76D 直升機退役？

Sure. This decision was primarily based on operational considerations, including repair and maintenance coverage with the OEM and our ability to procure parts and inventory needed to support the fleet. It has a small installed base, and it's been difficult to continue to keep those flying. So to meet our customers' needs, we've had to make a change.

當然。這項決策主要基於營運層面的考量，包括原廠（OEM）的維修與保養支援覆蓋，以及我們取得支援機隊所需零件與庫存的能力。由於其裝機基數較小，持續維持其可飛行狀態一直很困難。因此，為了滿足客戶需求，我們必須做出調整。

Steven Silver, Argus Research.

Steven Silver，Argus Research。

So it's an interesting concept laying out these megatrends that Bristow might be in position to participate in over the coming years. Can you just discuss your thoughts around the timing of the opportunities and really how you're balancing them with just the continued tight equipment supply and really the ever-changing geopolitical landscape?

把這些巨型趨勢（megatrends）梳理出來，說明 Bristow 未來幾年可能參與其中，這個概念很有意思。能否談談你們對機會時點的看法，以及你們如何在設備供給持續吃緊、以及地緣政治局勢不斷變化的背景下取得平衡？

Steve, thanks for the question. From a timing standpoint, I'd say that these are really already tangible in many ways. For example, the progress that's being made on the projects for the advanced air mobility initiatives that are out there. In addition to that, energy security is, I think, again, very tangible for everyone in the world right now and the importance of where your sources for supply are coming from. And then around the defense spending and government opportunity, again, I think very tangible just with the way headlines and developments are occurring in the world and the conversations that we're having with potential -- both existing and potential customers about new ways to support them.

Steve，謝謝你的問題。就時點而言，我會說這些在很多方面其實已經相當具體可見。例如，目前各項先進空中移動（advanced air mobility）倡議的專案正在取得進展。此外，我認為能源安全對全世界每個人而言也再次變得非常具體可感，尤其是供應來源從何而來的重要性。再談到國防支出與政府機會，我認為同樣非常具體，從全球新聞與事態發展，以及我們與潛在——包含既有與潛在客戶——就新方式支援他們所進行的對話，都能看得出來。

So it is already tangible, but we expect traction and momentum really to increase in the latter part of this year. And then we see this as a multiyear opportunity set. So we see it as being quite durable in terms of opportunities to continue to grow the business. In the context of the tight supply market that you mentioned, I think we -- that will always be a challenge in how you have enough supply to meet an increased demand.

所以它已經是具體可見的，但我們預期真正的牽引力與動能會在今年下半年提升。而我們也將其視為一個多年期的機會集合。因此，就持續性而言，我們認為這些機會相當耐久，能持續推動業務成長。在你提到的供給吃緊市場背景下，我認為——如何有足夠供給來滿足增加的需求，將永遠是一項挑戰。

Thankfully, I think we're well positioned in the sense of being the largest operator in the space, having the largest fleet globally. It does present us with both challenges as well as opportunities to optimize the portfolio and where the assets are and are they generating the best return potential for that potential asset? And then I think, again, we have a competitive advantage in the sense of the financial flexibility that we have. It's really a differentiator versus our competitors in the market.

所幸的是，我認為我們的定位很好：我們是該領域最大的營運商，全球機隊規模也最大。這同時帶來挑戰與機會，讓我們能最佳化資產組合——資產應該放在哪裡、以及該資產是否能創造最佳的潛在報酬。此外，我也認為我們在財務彈性方面具備競爭優勢。相較於市場上的競爭對手，這確實是一項差異化優勢。

So that allows us -- we can bring in aircraft on lease. We can also purchase them when that makes more sense. And being the biggest operator for most of our key OEMs on the vertical aircraft side, I think we're as well, if not better positioned than anyone to capitalize on that.

因此這讓我們——我們可以以租賃方式引進飛機。在更合理的情況下，我們也可以直接購買。而在垂直起降航空器（直升機）領域，對於我們多數關鍵原廠（OEM）而言，我們都是最大的營運商；我認為我們至少不比任何人差，甚至更有利於把握這些機會。

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

問答環節到此結束。接下來我把電話交回給 Chris Bradshaw 作結語。

Thank you, Michael. Thanks, everyone, for your time. We look forward to updating you again next quarter. In the meantime, stay safe and well.

謝謝你，Michael。也謝謝各位撥冗參與。我們期待在下個季度再次向各位更新。在此期間，請大家注意安全、保重。

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

今天的電話會議到此結束。您現在可隨時掛線。