Bristow Group Inc. (VTOL) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to Bristow Group's second quarter of 2026 earnings call. Today's call is being recorded. (Operator Instructions)

各位好，歡迎參加 Bristow Group 2026 年第二季財報電話會議。今天的電話會議將被錄音。(接線員指示)

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

此時，我想將電話會議交給投資人關係與財務報告資深經理 Red Tilahun。

Thank you, Amy. Good morning, everyone, and welcome to Bristow Group's second quarter of 2026 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，Amy。各位早安，歡迎參加 Bristow Group 2026 年第二季財報電話會議。今天與會的還有我們的總裁兼執行長 Chris Bradshaw，以及資深副總裁兼財務長 Jennifer Whalen。

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.

在開始之前，我想藉此機會提醒各位，在本次電話會議過程中，管理團隊可能會發表前瞻性陳述，相關風險與不確定性在我們投資人簡報第 3 頁有更詳細的說明。您可於我們的網站上取得投資人簡報。

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.

我們也將提及某些非 GAAP 財務衡量指標，例如 EBITDA 與自由現金流。這些指標與 GAAP 的調節表已包含於財報新聞稿與投資人簡報中。

I will now turn the call over for President and CEO. Chris?

我現在把電話會議交給我們的總裁兼執行長。Chris？

Thank you, Red. I'll begin with a brief note on safety, which remains Bristow's number one core value and highest operational priority. The company has delivered on our goal of zero air accidents year-to-date 2026. With regard to occupational safety, we are pleased that the number of lost workdays is down from this time last year and we are on track to achieve our third consecutive year of fewer lost workdays. I would like to thank everyone on the Bristow team for their continued commitment to play safety first every day.

謝謝你，Red。我先簡短談談安全議題，安全仍是 Bristow 的第一核心價值與最高營運優先事項。截至 2026 年目前為止，公司已達成我們「零航空事故」的目標。在職業安全方面，我們很高興失能工日數較去年同期下降，並且有望連續第三年達成更少的失能工日。我要感謝 Bristow 團隊每一位成員持續承諾每天把安全放在第一位。

We close on the acquisition of Berry Aviation on July 13, and we are excited to welcome the Berry team to Bristow. Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft, primarily providing military and defense aviation services across multiple countries. Through its government services offering, Berry provides a broad range of services such as special missions, ISR operations, MRO services, training and mission support, and unmanned aerial systems design and development capabilities.

我們已於 7 月 13 日完成對 Berry Aviation 的收購交割，並很高興歡迎 Berry 團隊加入 Bristow。Berry Aviation 總部位於德州聖馬科斯（San Marcos），營運超過 20 架飛機的機隊，主要在多個國家提供軍事與國防航空服務。透過其政府服務產品，Berry 提供廣泛服務，例如特殊任務、ISR 作業、MRO 服務、訓練與任務支援，以及無人航空系統（UAS）設計與開發能力。

Various other services consist of on-demand cargo logistics for blue chip end customers and aftermarket supply chain aviation solutions. Berry has extensive experience supporting all branches of the US military and a record of excellence in completing missions that demand precision, safety, and strict compliance.

其他各項服務包括為藍籌終端客戶提供隨需貨運物流，以及售後供應鏈航空解決方案。Berry 在支援美國軍方各軍種方面擁有豐富經驗，並在完成要求精準、安全與嚴格合規的任務方面具備卓越紀錄。

Bristow and Berry share a cultural emphasis on safety, reliability, and rapid response in complex environments, and through this transaction, customers will benefit from Bristow's scale, operational expertise, and global platform. We now have a presence on six continents across 20 different countries.

Bristow 與 Berry 在文化上同樣強調安全、可靠性，以及在複雜環境中的快速反應；透過本次交易，客戶將受益於 Bristow 的規模、營運專業能力與全球平台。我們目前已在六大洲、20 個不同國家設有據點。

Berry specialized capabilities across a range of mission-critical operations and strong customer relationships are complementary to our existing government services operations, better positioning Bristow to compete for long-duration government programs.

Berry 在多項關鍵任務作業上的專業能力與強大的客戶關係，與我們既有的政府服務業務相互補強，使 Bristow 更有利於競逐長期政府專案。

The acquisition is expected to enhance the quality of Bristow's earnings through increased exposure to contracted government services and multi-mission aviation activities, supporting a more durable and balanced business profile. The acquisition is also expected to be immediately accretive to Bristow's earnings and free cash flow while bolstering the company's EBITDA margin profile.

預期本次收購將透過提高對合約型政府服務與多任務航空活動的曝險，提升 Bristow 獲利品質，並支持更具韌性且更均衡的業務組合。同時，預期本次收購將立即增厚 Bristow 的獲利與自由現金流，並強化公司的 EBITDA 利潤率結構。

In a separate initiative, we announced that Bristow is pursuing the sale of our Norway offshore energy services business as part of our long-standing portfolio optimization strategy. The exit is consistent with Bristow's ongoing strategy to deploy assets and resources in markets with attractive margin profiles and value-accretive returns on capital.

在另一項獨立計畫中，我們宣布 Bristow 正在推動出售挪威離岸能源服務業務，作為我們長期投資組合優化策略的一部分。此退出符合 Bristow 持續的策略：在具吸引力的利潤率結構與具增值資本報酬的市場中配置資產與資源。

Bristow remains focused on growing our global offshore energy services business in markets that meet our financial return parameters. We also expect to continue pursuing other opportunities in Norway, such as those in the advanced air mobility space. We should note that the timing and structure of any sale transaction remain subject to market conditions and other considerations. I would further note that the planned exit of the Norway OES business and the addition of Berry Aviation would have been neutral to Bristow's 2025 EBITDA on a pro forma basis.

Bristow 仍專注於在符合我們財務報酬參數的市場中，成長全球離岸能源服務業務。我們也預期將持續在挪威尋求其他機會，例如先進空中移動（advanced air mobility）領域的機會。我們也要指出，任何出售交易的時點與結構仍取決於市場狀況及其他考量。我也要補充說明，若以備考（pro forma）基礎計算，規劃退出挪威 OES 業務以及新增 Berry Aviation，對 Bristow 2025 年 EBITDA 的影響將為中性。

Turning now to our financial outlook, Bristow's second quarter financial results keep us on track for what is expected to be a transformational year for the company. We are pleased to affirm our adjusted EBITDA guidance range for full year 2026 of $295 million to $325 million, which reflects year-over-year growth of approximately 25%.

接著談我們的財務展望，Bristow 第二季的財務結果使我們持續朝向預期將是公司轉型性的一年邁進。我們很高興確認 2026 全年調整後 EBITDA 指引區間維持在 2.95 億至 3.25 億美元，反映約 25% 的年增長。

The ability to confirm this outlook despite macro uncertainties and continued supply chain challenges that are adversely impacting our government search and rescue contract transitions is a testament to the complementary nature of Bristow's business segments and the benefits provided by the significant geographic and customer diversity in our business model.

儘管宏觀不確定性仍在，且供應鏈挑戰持續對我們政府搜救合約的轉換造成不利影響，我們仍能確認此展望，這證明了 Bristow 各業務部門之間的互補性，以及我們商業模式中顯著的地域與客戶多元化所帶來的效益。

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 Q2 results and our financial outlook. Jennifer?

我稍後在電話會議中會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，請她詳細說明第二季業績與我們的財務展望。Jennifer？

Thank you, Chris, and good morning, everyone. Before we begin, I would like to echo Chris's comments on the acquisition of Berry Aviation. We are pleased to have successfully closed the deal and welcome the Berry Aviation team to Bristow.

謝謝你，Chris，各位早安。在開始之前，我想呼應 Chris 對收購 Berry Aviation 的評論。我們很高興已成功完成交易交割，並歡迎 Berry Aviation 團隊加入 Bristow。

As we begin consolidating Berry Aviation's financials, we plan to include their special missions, MRO, CRO, and UAS business as part of our government services segment and their on-demand cargo and remaining services as part of our other segments. Today, I will begin with a review of Bristow's sequential quarter financial results on a consolidated basis before covering the financial results and the 2026 guidance ranges for each of our segments.

隨著我們開始合併 Berry Aviation 的財務報表，我們計畫將其特殊任務、MRO、CRO 與 UAS 業務納入政府服務部門，並將其隨需貨運及其餘服務納入我們的其他部門。今天我將先以合併基礎回顧 Bristow 逐季的財務結果，接著再說明各部門的財務結果與 2026 年指引區間。

In Q2, Bristow's total revenues were $23.1 million higher compared to Q1, primarily due to higher utilization in our Other Services segment and higher fuel revenues and rates in our Offshore Energy Services or OES business. Adjusted EBITDA was $20.5 million higher in Q2 largely attributable to the increased revenues across our segments and lower repairs and maintenance costs. 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.

在第二季，Bristow 的總營收較第一季增加 2,310 萬美元，主要因為我們其他服務部門的使用率提高，以及離岸能源服務（Offshore Energy Services，或 OES）業務的燃油營收與費率上升。第二季調整後 EBITDA 增加 2,050 萬美元，主要歸因於各部門營收增加以及修理與維護成本下降。我們確認 2026 年指引區間維持不變：總營收 16 億至 17 億美元，調整後 EBITDA 2.95 億至 3.25 億美元。

Turning now to our segment financial results. Revenues in our OES segment were $7.3 million higher in Q2, primarily due to higher rates and fuel revenues in Europe and across several key markets in the Americas, while revenues in Africa remained consistent with the preceding quarter. Adjusted operating income in OES was $16.4 million higher this quarter due to higher revenues coupled with lower operating expenses of $4.3 million and higher earnings from unconsolidated affiliates of $2.2 million.

接著看各部門的財務結果。第二季 OES 部門營收較第一季增加 730 萬美元，主要因歐洲以及美洲多個關鍵市場的費率與燃油營收提高，而非洲營收則與前一季持平。本季 OES 的調整後營業利益增加 1,640 萬美元，係因營收提高，加上營運費用減少 430 萬美元，以及來自未合併關聯企業的收益增加 220 萬美元。

In Q2, repairs and maintenance costs were $7.8 million lower primarily due to higher vendor credits. Personnel costs were $6.3 million lower due to seasonal personnel cost variations in Norway, while increases in activity and global commodity prices contributed to higher fuel, freight, and other operating costs of $9.9 million.

第二季修理與維護成本減少 780 萬美元，主要因供應商抵減（vendor credits）增加。人事成本減少 630 萬美元，係因挪威季節性人事成本變動；同時，活動量增加與全球大宗商品價格上升，導致燃油、運費及其他營運成本增加 990 萬美元。

Depreciation and amortization expense was $4 million higher as a result of accelerated depreciation of assets related to a leased facility in the US and capital spare parts associated with the S-76C medium helicopter model that is in the process of being phased out, as I mentioned last quarter. Given the continued performance of our OES business, we are tightening our 2026 revenues guidance and increasing the adjusted operating income guidance range to $235 million to $245 million for this segment.

折舊與攤銷費用增加 400 萬美元，原因是美國一處租賃設施相關資產的加速折舊，以及與 S-76C 中型直升機機型相關、正逐步汰除的資本化備用零件（如我在上季所提）。鑑於我們 OES 業務持續的表現，我們將收緊 2026 年本部門營收指引，並將調整後營業利益指引區間上調至 2.35 億至 2.45 億美元。

Moving on to government services. Revenues were $4.4 million higher, largely attributable to the commencement of operations at two UKSAR2G seasonal bases and increased rates from annual rate escalations. Irish Coast Guard revenues were $1.5 million higher due to the full quarter impact of the Waterford phase that commenced operations last quarter. And revenues in the US were $1 million higher due to higher utilization.

接著談政府服務。營收增加了440萬美元，主要歸因於兩個UKSAR2G季節性基地開始營運，以及年度費率調升帶來的費率提高。愛爾蘭海岸防衛隊營收增加了150萬美元，原因是上季開始營運的沃特福德（Waterford）階段在本季帶來完整季度的影響。而美國的營收增加了100萬美元，係因使用率提高。

Penalties related to aircraft availability, which has been adversely impacted by continued supply chain challenges, have remained elevated in the current quarter, but were consistent with the preceding quarter. While fuel revenues were consistent with the preceding quarter, despite increases in global fuel prices due to contractual lags in rebuilding fuel costs under UK's SAR2G.

與飛機可用性相關的罰款（受持續的供應鏈挑戰不利影響）在本季度仍維持在較高水準，但與前一季度一致。燃油營收與前一季度持平，儘管全球燃油價格上升，原因是英國SAR2G合約下燃油成本回補存在合約性滯後。

Adjusted operating income was $2.3 million lower, primarily due to higher operating expenses of $6.1 million, offsetting the higher revenues. The commencement of operations at certain UK SAR2G and Irish Coast Guard spaces, including full quarter impacts of costs that were previously deferred, increased overtime costs to support the ongoing transition, and one-time salary adjustments related to a labor agreement in the UK, resulted in personnel costs being $3.3 million higher this quarter.

調整後營業利益減少230萬美元，主要因營業費用增加610萬美元，抵銷了較高的營收。部分UK SAR2G與愛爾蘭海岸防衛隊據點開始營運（包含先前遞延成本在本季反映的完整季度影響）、為支援持續轉換而增加的加班成本，以及與英國勞資協議相關的一次性薪資調整，導致本季人事成本增加330萬美元。

Additionally, increased training, travel between bases, and higher base and facilities costs related to transitions were $1.8 million higher this quarter. Lastly, fuel costs were $1.5 million higher due to higher global fuel prices. While fuel is typically a pass-through, there is a delay between when the company incurs the cost of fuel at prevailing market prices and is then able to recoup the fuel expense under a UK's SAR2G.

此外，訓練增加、基地間差旅，以及與轉換相關的基地與設施成本上升，使本季成本增加180萬美元。最後，燃油成本因全球燃油價格上升而增加150萬美元。雖然燃油通常可轉嫁，但公司以當期市場價格承擔燃油成本與其在英國SAR2G合約下得以回收燃油費用之間存在時間差。

In summary, the lower margins in this segment are expected to be largely confined to calendar year 2026. The unprecedented pace and severity of increases in global jet fuel prices in Q2 adversely impacted profitability in our government services segment by $1.5 million, primarily due to a deferred price adjustment mechanism in the UKSAR2G's contract. We have since tightened the adjustment mechanism via a contractual amendment, and this impact should not recur in Q3 and beyond.

總結而言，本分部較低的利潤率預期主要將限於2026曆年。第二季全球航空燃油價格以前所未有的速度與幅度上漲，使我們政府服務分部的獲利受到150萬美元的不利影響，主要由於UKSAR2G合約中的遞延價格調整機制。我們其後已透過合約修訂收緊調整機制，該影響預期不會在第三季及之後再度發生。

In addition, and more materially, continued supply chain challenges have resulted in delayed aircraft deliveries and modification schedules, which adversely impacted 2026 adjusted operating income by approximately $8 million. This is a function of elevated KPI penalties adversely impacting revenues as well as transition costs persisting longer than anticipated due to retained headcount and other transition costs.

此外，更為關鍵的是，持續的供應鏈挑戰導致飛機交付與改裝時程延後，使2026年調整後營業利益約減少800萬美元。這是因為較高的KPI罰款不利影響營收，以及由於保留人力與其他轉換成本，轉換成本持續時間長於原先預期。

The net impact of these factors is included in our revised government services segment adjusted operating income range for 2026. While some of these transition costs will roll into early 2027, the 2027 government services results should track closer to the original guidance range, plus the additional benefit of the incremental EBITDA from the Berry acquisition.

上述因素的淨影響已納入我們修訂後的2026年政府服務分部調整後營業利益區間。雖然部分轉換成本將延續至2027年初，但2027年政府服務結果應更接近原先的指引區間，並額外受惠於收購Berry所帶來的增量EBITDA。

As a reminder, these are typically 10-year based contract periods plus option years, and we still expect to generate attractive long-term cash flow yields on these important government services mandates. At this time, we are updating our 2026 government services segment guidance ranges to include the addition of Berry Aviation government contracts and take into the effect the transition impact I noted a moment ago.

提醒一下，這些合約通常為10年期，另加選擇延長年期；我們仍預期在這些重要的政府服務任務上，長期可產生具吸引力的現金流收益率。目前，我們正更新2026年政府服務分部指引區間，以納入Berry Aviation政府合約的加入，並反映我剛才提到的轉換影響。

As such, our 2026 revenues guidance range is updated to $475 million to $495 million and the adjusted operating income guidance range is updated to $55 million to $65 million for this segment, which is roughly 60% higher when compared to the midpoint to the 2025 results.

因此，本分部2026年營收指引區間更新為4.75億至4.95億美元，調整後營業利益指引區間更新為5,500萬至6,500萬美元；與2025年結果的中點相比，約高出60%。

And finally, revenues from other services were $11.4 million higher in Q2, primarily due to higher seasonal activity and higher fuel revenues. Adjusted operating income was $4.2 million higher due to the higher seasonal revenues, partially offset by higher operating expenses of $7.7 million related to the higher activity and fuel price.

最後，其他服務在第二季的營收增加了1,140萬美元，主要由於季節性活動增加以及燃油營收較高。調整後營業利益增加420萬美元，係因季節性營收較高，部分被與活動量增加及燃油價格相關的營業費用增加770萬美元所抵銷。

We are updating our 2026 other services guidance ranges based on the performance to date and to include the addition of various ODC and other offerings. The updated 2026 revenues and adjusted operating income guidance for this segment is between $155 and $135 million and $25 to $30 million respectively.

我們正根據迄今表現並納入各項ODC及其他產品/服務的加入，更新2026年其他服務的指引區間。本分部更新後的2026年營收與調整後營業利益指引分別為1.55億至1.35億美元，以及2,500萬至3,000萬美元。

Turning now to cash flows and liquidity. As of June 2026, our unrestricted cash balance was $312 million with total available liquidity of approximately $372 million. Net cash provided by operating activities was $41.4 million this quarter compared to net cash used in operating activities of $8.3 million in Q1. The increase in operating cash flows is primarily due to higher earnings coupled with a decrease in working capital uses during the current quarter.

接著談現金流與流動性。截至2026年6月，我們不受限制的現金餘額為3.12億美元，總可用流動性約為3.72億美元。本季營業活動提供的淨現金為4,140萬美元，相較之下第一季營業活動使用的淨現金為830萬美元。營業現金流增加主要由於獲利提高，並且本季營運資金使用減少。

On a year-to-date basis, working capital uses remain elevated as a result of increases in accounts receivable due to higher activity, increases in other assets related to start-up costs for new government services contracts as the costs are incurred prior to the full commencement of revenues, and a decrease in accounts payable and accrued liabilities related to the timing of tax and OEM vendor payments at the end of the current quarter.

以年初至今來看，營運資金使用仍偏高，原因包括：因活動量增加而使應收帳款上升；與新政府服務合約啟動成本相關的其他資產增加（因在營收全面開始前即已發生成本）；以及因本季末稅款與OEM供應商付款時點影響，導致應付帳款與應計負債下降。

As noted in previous calls, the company does not have material amounts of age receivables in any of our segments, and new contract transitions are set to conclude in the coming quarters, so we expect to see continued improvement in working capital as activity and timing-related items normalize.

如先前電話會議所述，公司在各分部並無重大逾期應收帳款；且新合約轉換預計將在未來幾季結束，因此我們預期隨著活動量與時點相關項目正常化，營運資金將持續改善。

During the current quarter, Bristow paid $3.7 million in dividend and on July 30 declared another dividend at $0.125 per share of common stock. This dividend will be paid on August 28, 2026 to shareholders of record at the close of business on August 14. We consistently evaluate the best uses of our cash flow and aim to yield the highest value and return on capital.

在本季度，Bristow支付了370萬美元股利，並於7月30日宣告另一筆每股普通股0.125美元的股利。該股利將於2026年8月28日支付給截至8月14日營業日結束時的登記股東。我們持續評估現金流的最佳用途，並以創造最高價值與資本報酬為目標。

Additionally, we will continue to execute on our capital allocation strategy, which prioritizes maintaining a strong balance sheet, the conclusion of investments and other transition costs tied to growth in our various regions, and a return of capital to shareholders. We believe the company will continue to generate strong free cash flow and accelerate in earnest as we near the completion of this transformative year.

此外，我們將持續執行資本配置策略，優先事項包括維持強健的資產負債表、完成與各地區成長相關的投資及其他轉換成本，以及向股東返還資本。我們相信公司將持續產生強勁的自由現金流，並在接近完成這個具轉型意義的一年時加速展現成果。

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

此刻，我把電話交回給Chris作進一步說明。Chris？

Thank you. Looking forward, we continue to 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，我們仍相信Bristow具備有利定位，可受惠於三項全球巨型趨勢：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, 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.

我們逐一說明。第一，我們預期國防支出將在多年期間顯著增加。鑑於這些國防支出的預期規模，以及西方多數國家持續面臨的預算壓力，我們預期為實現這些政府與軍事目標，將需要更多公私協力夥伴關係。

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. The recent addition of Berry Aviation significantly increases our exposure and addressable opportunities in this segment. The transaction will enable cross-selling of services to government customers by leveraging the combined company's expertise, diversified fleet, and global footprint.

我們在核心的政府搜救業務中看到更多成長機會，同時也看到向政府與軍方客戶提供更廣泛航空服務的機會，尤其是在歐洲與美洲。近期加入的Berry Aviation大幅提升了我們在此分部的曝險與可觸及機會。該交易將使我們能藉由整合後公司的專業能力、多元機隊與全球布局，向政府客戶進行服務交叉銷售。

Number two, the importance of energy security. Recent geopolitical events have placed an enduring emphasis on where hydrocarbon supplies are located and the established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply.

第二，能源安全的重要性。近期地緣政治事件使外界長期關注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. The leading indicators for offshore activity from subsea equipment orders to rig contracting activity to expected FID approvals are positive and poised to further benefit Bristow's OES business.

深水專案具備有利定位，在油氣公司資產組合中提供具吸引力的相對報酬。我們相信離岸專案將在未來上游資本投資中占比提高。從海底設備訂單、鑽井平台簽約活動到預期的FID核准等離岸活動領先指標均呈正向，並有望進一步帶動Bristow的OES業務受惠。

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. Bristow has a unique opportunity to leverage our core competencies as an advanced, proven operator to serve the needs of this new industry sector.

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, AAM）產業的發展；該產業將納入由電動、混合電動及其他新型推進技術驅動的下一代航空器之營運。Bristow 擁有獨特機會，能以我們作為先進且經驗證的營運商之核心能力，滿足這個新產業領域的需求。

Most recently, the Scottish Electric Aviation Network, or Project SEAN, was launched by a Bristow-led consortium in partnership with BETA Technologies and supported by GBP1.5 million of funding from the UK Department of Transport to advance electric aviation services across Scotland's Highlands and Islands. We believe Bristow has created significant option value with minimal capital commitment to date and what is expected to be a large and rapidly growing addressable market for these new generation aircraft.

最近，由 Bristow 主導的聯盟與 BETA Technologies 合作，並獲英國交通部提供 150 萬英鎊資金支持，啟動了蘇格蘭電動航空網路（Scottish Electric Aviation Network），亦即 SEAN 計畫（Project SEAN），以推進蘇格蘭高地與群島地區的電動航空服務。我們相信，Bristow 迄今以極少的資本承諾創造了顯著的選擇權價值，而這些新一代航空器所對應的可服務市場預期將龐大且快速成長。

In conclusion, we have a very positive outlook for Bristow's business as we continue the company's evolution as a global leader in mission-critical aviation services for government entities, offshore energy companies, and other customers around the world.

總結而言，隨著我們持續推動公司演進，成為全球政府機構、離岸能源公司及世界各地其他客戶之關鍵任務航空服務的全球領導者，我們對 Bristow 的業務前景非常正面。

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

接下來，我們開放提問。Amy？

(Operator Instructions)

（接線員指示）

Jason Bandel, Evercore ISI.

Jason Bandel，Evercore ISI。

Thanks. Good morning, Chris, Jennifer, and Red.

謝謝。早安，Chris、Jennifer 和 Red。

Good morning.

早安。

I have a couple of questions this morning on OES. Can we unpack your update guidance in OES there a little more? Can you discuss what were the primary drivers that led to the increase in the adjusted operating income while narrowing the range for revenue?

今天早上我有幾個關於 OES 的問題。我們能否更深入拆解一下你們在 OES 的最新指引？能否談談是哪些主要驅動因素，導致調整後營業利益上修，同時營收區間卻收窄？

Sure. We did have better performance in the first half of the year. This was both in rates and in activity, more aircraft being put on contracts that went longer than we had originally expected. And we expect that to continue through the rest of the year, which really informed our increase in the guidance. And we just have more certainty around the revenues, so we were able to tighten the revenues items.

當然。我們上半年確實表現較佳。這反映在費率與活動量兩方面：有更多航空器被納入合約，而且合約期限比我們原先預期更長。我們預期這種趨勢將延續到今年剩餘時間，這也確實支撐了我們上調指引。此外，我們對營收的確定性更高，因此能夠把營收相關項目的區間收緊。

Got it. Understood. And then on the effective utilization side of things, has that changed for a portion of your fleet in recent months? And can you kind of discuss, I guess, well, first of all, what aisle capacity looks like right now and expectations for flight hours for the rest of the year? If you give us some color regionally as well, that would be helpful too.

了解。明白。那在有效利用率（effective utilization）方面，近幾個月你們機隊的部分是否有變化？另外也請談談，我想先從目前的可用運力（capacity）狀況，以及對今年剩餘時間飛行時數的預期開始。若也能按區域提供一些補充說明，會很有幫助。

Yes, happy to address that. So there has not been a material change in the effective utilization. It remains, if we're talking about the relevant heavy super medium and medium offshore helicopter models, effective utilization remains very tight. And as we know, it's also a constrained supply picture with limited new capacity that could come into the market.

好的，很樂意說明。有效利用率並沒有出現實質變化。若我們談的是相關的重型超中型與中型離岸直升機機型，有效利用率仍然非常吃緊。而且如我們所知，供給面也受限，可進入市場的新運力相當有限。

In terms of flight hour activity, we would expect second half '26 to be slightly higher, but not a huge increase. We see 2027 as being a more significant inflection point for new incremental offshore projects moving forward.

就飛行時數活動而言，我們預期 2026 年下半年會略高一些，但不會大幅增加。我們認為 2027 年將是更顯著的拐點，屆時新的增量離岸專案將更明顯地往前推進。

Regionally, I would say that the North Sea remains a more mature market, so stable. But not a lot of growth that we're seeing. We're seeing more growth and higher activity in areas like Africa, as well as in South America. So Brazil, Suriname, and even in the Caribbean with Trinidad, we've seen more activity regionally in those locations.

就區域來看，我會說北海仍屬較成熟市場，因此相對穩定。但我們看到的成長不多。我們在非洲以及南美等地區看到更多成長與更高的活動量。因此在巴西、蘇利南，甚至加勒比海的千里達，我們都看到這些地點的區域活動增加。

Great. That's helpful color, Chris. My last one, just around the planned Norwegian exit. I guess first, have you experienced any impact to that business after you made that announcement? And then I guess secondly, any sense for effort timing about a potential exit there would be helpful as well.

很好。這些區域補充很有幫助，Chris。最後一題，關於你們計畫退出挪威市場。首先，在你們宣布之後，該業務是否受到任何影響？其次，若能分享可能退出的時程進展，也會很有幫助。

Sure. Take those in order. No, we have not seen a material impact on the business since the announcement. We're continuing to focus on delivering safe and reliable service to our long-term customers there. It is a very well-established business that's been around for more than 30 years, strong customer relationships, good operating footprint, a strong, very capable management team continuing to manage the business there in Norway.

好的。我依序回答。沒有，自從公告以來，我們沒有看到對業務造成實質影響。我們仍專注於為當地長期客戶提供安全且可靠的服務。這是一項非常成熟的業務，已經營運超過 30 年，客戶關係穩固、營運據點良好，且在挪威有一支強而有力、能力很強的管理團隊持續管理該業務。

In terms of timing, we are at the beginning of the process. So we're still in the process of reaching out to potential buyers to gauge who has an interest. And for those that are interested, we would then move forward in earnest with a more detailed part of that sale process. So still at the early stages of that.

就時程而言，我們目前處於流程的起始階段。因此我們仍在接觸潛在買方，以了解哪些人有興趣。對於有興趣者，我們接著會更積極推進，進入更詳細的出售流程階段。所以目前仍在早期階段。

Understood. Thanks so much. I'll turn it back.

明白。非常感謝。我把時間交回去。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

Hey, good morning. Maybe, Jennifer, you noted that most of the transition costs related to your kind of government saw contracts in the UK and Ireland should subside in 2026, but maybe some continuing into early 2027. Could you provide a little bit more color on kind of which costs are expected to flow into 2027?

嗨，早安。Jennifer，你提到與英國與愛爾蘭政府 SAR 合約相關的大部分轉換成本應會在 2026 年消退，但可能有一些會延續到 2027 年初。你能否多補充一些，哪些成本預期會延續到 2027 年？

Sure. There will be some additional costs related to aircraft and people as we prepare the last of the aircraft for the UKSAR2G to modifications, et cetera, onto that. So there'll be people costs and some other these costs, et cetera. And those people will roll off, and this is really very early in the part of '27. Those people would then roll off, and all the rest of those costs would roll off as well.

當然。在我們為最後幾架航空器準備進行 UKSAR2G 的改裝等工作時，會有一些與航空器與人員相關的額外成本。因此會有人員成本以及其他一些相關成本等。而這些人員將會退場，這主要會發生在 2027 年非常早期的階段。這些人員退場後，其餘相關成本也會一併退場。

That's helpful. And maybe, Chris, you mentioned the Project SEAN announcement with kind of advanced mobility kind of taking a lot of attention at Farnborough. In particular around these practical commercial deployments, what milestones should investors watch to evaluate Bristow's progress in converting this segment from an investment into two commercial opportunities?

這很有幫助。另外，Chris，你提到 SEAN 計畫的公告，以及先進移動在范堡羅航展（Farnborough）受到高度關注。特別是圍繞這些可落地的商業部署，投資人應該關注哪些里程碑，來評估 Bristow 在把這個區隔從投資轉化為商業機會方面的進展？

I would note a couple of things there. First would be aircraft certification timelines. So in the Western world, we're still waiting on the first of these aircraft to be certified. Those companies are making progress with the relevant regulatory authorities, whether that be the FAA here in the US, EASA in Europe, or the CAA in the UK.

我會指出幾點。第一是航空器的認證時程。在西方市場，我們仍在等待這些航空器中的第一款取得認證。這些公司正與相關監管機關取得進展，不論是美國的 FAA、歐洲的 EASA，或英國的 CAA。

And within that certification journey, another milestone that we would point to are their flight test programs. So for the relevant aircraft, have they made the transition in flight on a manned basis to vertical flight and then back again. So those are some important milestones on that journey.

在這段認證旅程中，我們也會指出另一個里程碑：它們的飛行測試計畫。也就是就相關航空器而言，是否已在有人駕駛的情況下完成飛行中轉換至垂直飛行，並再轉回來。因此，這些都是該旅程中的重要里程碑。

And then to Bristow specifically and when there might be a translation into commercial opportunities, one of the milestones I would follow is our order status. So right now we have positions with our partners. Those are largely contingent upon things like the certification timeline, also the aircraft's actual performance meeting, the design specifications.

再來就 Bristow 本身，以及何時可能轉化為商業機會而言，我會關注的一個里程碑是我們的訂單狀態。目前我們與合作夥伴持有一些位置（positions）。這些多半取決於例如認證時程，以及航空器實際性能是否符合設計規格等條件。

So as you see some of those positions move into firm orders and start to show up in our CapEx schedule, that would be an indicator that we believe we reached the point where there is an underwritable business case to put the aircraft to work.

因此，當你看到其中一些位置轉為確定訂單，並開始出現在我們的資本支出（CapEx）規劃中時，這將是我們認為已達到可承保（underwritable）的商業案例、可以讓航空器投入營運的指標。

That makes sense. That's helpful. And if I might, just following up on kind of Jason's question earlier, he asked on the OES side, just on the government services side, just what are your kind of flight our expectations there and how that should progress given some of the challenges that you're having with the transition?

這很合理。這很有幫助。另外如果可以的話，我想延續一下先前 Jason 的問題，他在 OES 端、也就是政府服務端問到，你們對那邊的飛行時數大致有什麼預期？在你們正面臨一些轉換挑戰的情況下，這應該會如何推進？

I would expect flight hours to be relatively stable, should be consistent. Our variations in flight hours tend to be more seasonal. So in the summer months when it's warmer and people are out being more active, we tend to have more call outs for rescue missions, whereas in the months where maybe the weather is such that people aren't outdoors or doing more things, we tend to have less call outs for those rescue missions. But should be noting those seasonal differences relatively stable from a flight hour standpoint otherwise.

我預期飛行時數會相對穩定，應該會保持一致。我們飛行時數的波動通常比較偏季節性。所以在夏季天氣較暖、人們外出活動較多時，我們通常會有更多救援任務的出勤；而在天氣可能使人們不太外出或活動較少的月份，這類救援任務的出勤就會較少。但除了這些季節性差異之外，就飛行時數而言應該會相對穩定。

Thank you.

謝謝。

Alex Riggio, Texas Capital.

Alex Riggio，Texas Capital。

Thank you and good morning, everyone. What percentage of Berry revenues are under long-term contracts and how does that recompete schedule look over the next few years?

謝謝，各位早安。Berry 的營收有多少比例是長期合約之下？未來幾年的重新競標（recompete）時程看起來如何？

Jennifer, I don't know if you wanted to take that or I can certainly start and then Jennifer can add as we go. So the contracts for -- maybe I'll back up a minute. There are different contract structures in Berry business versus our existing government search and rescue business. And a lot of that really goes back to the mission itself.

Jennifer，我不確定你是否想回答，或者我可以先開頭，然後 Jennifer 再補充。所以關於合約——也許我先退一步說明。Berry 業務的合約架構，和我們既有的政府搜救業務不同。而這很大程度上其實回到任務本身的特性。

So in our civilian search and rescue work, we know the mission is going to be there. For better or worse, we know that there are going to be people who get in a condition where they need to be saved and for us to go conduct those rescue missions. So because of that visibility, the contracts tend to be longer-term in nature.

在我們的民用搜救工作中，我們知道任務一定會存在。不論好壞，我們知道總會有人陷入需要被救援的狀況，而我們需要去執行那些救援任務。因此，由於可見度高，合約通常偏向較長期。

On the Berry side, which is primarily doing business with various branches of the US military, those military missions tend to evolve more rapidly. There are more changes in the scope and demands of the mission. And so those tend to be shorter term contracts, but the activity tends to be a higher cadence activity than our civilian search and rescue call out business.

在 Berry 這邊，主要是與美國軍方各軍種做生意，軍事任務往往演變得更快。任務的範圍與需求變動較多。因此合約通常較短期，但其活動頻率往往比我們民用搜救的出勤業務更高。

So Jennifer might be can address specifically in terms of percentages, but good contract coverage for '26 and into next year. In terms of a re-compete basis, the company is very well positioned on its three largest contracts. It's really held these for multiple contract cycles, and they are in pretty demanding environments in Africa, in Asia Pacific. So they're very strongly positioned as the incumbent and very much valued and trusted by the military customer.

所以 Jennifer 也許可以就比例做更具體的說明，但我們在 2026 年以及進入明年都有不錯的合約覆蓋。就重新競標而言，公司在三大合約上具備非常好的競爭位置。這些合約已經歷多個合約週期，公司一直持有，而且作業環境相當嚴苛，分布在非洲與亞太地區。因此我們作為現任承包商（incumbent）具備很強的優勢，也深受軍方客戶重視與信任。

But Jennifer, I don't know if you wanted to add anything to that.

不過 Jennifer，我不確定你是否還想補充。

Yeah, I mean, I would just say, some of these contracts they've been on for a very long time. So, even though they've changed slightly the mission over time that, highly specialized what they do, as far as contract coverage, it's a pretty high percentage. But again, as Chris noted that the contracts tend to be shorter in duration, but again, they do the specialized missions. So they tend to be in a very good position when the mission changes and the contract changes.

是的，我想我只會補充說，其中一些合約他們已經執行很長一段時間。所以即便任務隨時間略有變化，他們所做的工作高度專業化；就合約覆蓋而言，比例相當高。但如 Chris 所說，合約期間通常較短，不過他們執行的是專業任務。因此當任務變更、合約調整時，他們通常仍處於非常有利的位置。

That's helpful. And sorry if I missed this, but can you speak more to the supply chain challenges that you referenced earlier in the prepared remarks?

這很有幫助。另外抱歉如果我漏聽了，你能否再多談談你在事先準備的發言中提到的供應鏈挑戰？

Yes. And these have really evolved over time. A few years ago, we as an industry were having a very acute supply chain challenge around the S-92, which is a Sikorsky manufactured helicopter. A lot of improvements have been made there and there's been a strong recovery, not always exactly where we want it to be, of course, but a very strong recovery on that side of things.

可以。而且這些情況確實隨時間演變。幾年前，整個產業在 S-92（由 Sikorsky 製造的直升機）方面面臨非常嚴峻的供應鏈挑戰。那方面已經做了很多改善，也出現了強勁復甦；當然不一定完全達到我們想要的水準，但確實有很強的復甦。

And then what we're experiencing now more is with a different OEM, Leonardo, around either in some cases the 139, but namely the AW189 model helicopter. And it really stems from the fact that -- going into the downturn in the offshore oil and gas industry, there weren't a lot of new deliveries being made. But as activities picked up and deliveries have been placed from that end market, but also importantly around search and rescue aircraft, which has mainly been Bristow, as well as military customers, because as a reminder, that production line is shared across all global military and civilian customers.

而我們現在更多遇到的是另一家 OEM（原廠設備製造商）Leonardo 的問題，有些情況是 139，但主要是 AW189 機型。根本原因在於——在離岸油氣產業進入下行期時，新機交付量不多。但隨著活動回升，該終端市場下了交付訂單；同時也很重要的是，搜救用航空器（主要是 Bristow），以及軍方客戶也下了訂單，因為提醒一下，那條生產線是全球軍用與民用客戶共用的。

It's been a challenge as they've ramped up and that's impacted the schedule for new aircraft deliveries. So as aircraft have been late and our modifications, because we're not taking delivery and putting to work a base aircraft, right? When we're putting it into search and rescue configuration, it's highly bespoke to that country's mission, and it takes some time after initial delivery to complete all the aircraft modifications, including the mission management system.

在他們拉升產能的過程中一直有挑戰，這也影響了新機交付時程。因此當飛機延遲交付時，我們的改裝也會被影響，因為我們不是接收一架基礎機就直接投入營運，對吧？當我們要把它配置成搜救構型時，會高度客製化以符合該國任務需求，而在初始交付後完成所有改裝（包含任務管理系統）也需要一些時間。

So it's just pushed all of that timeline to the right for us, which has resulted in some KPI penalties that's resulted enough keeping personnel, transition personnel on longer than contemplated. So higher compensation, but also all the other expenses that come along with transition to the new aircraft model and add a new base in some cases.

所以這只是把整個時程往後推，導致我們承擔了一些 KPI 罰款，也使得我們必須讓人員、轉換人員留任的時間比原先預期更長。因此薪酬成本更高，另外還有所有伴隨導入新機型、以及在某些情況下新增基地而產生的其他費用。

Just to put like one number around that, it could be a longer answer, but to put one number around that. Leonardo plans to make 40 AW189s a year going forward. That's their target for manufacturing new aircraft this year and beyond. Last year, they delivered about 15, so it shows you kind of where things have been.

用一個數字來說明——這可以講很久，但先用一個數字概括。Leonardo 計畫未來每年生產 40 架 AW189。這是他們今年及往後新機製造的目標。去年他們大約交付了 15 架，這也讓你看到目前的狀況。

We are obviously in asset discussions with them. We are their largest customer globally, continues to be a very strong relationship with Leonardo, and we've -- I was there last month in Italy. We've gone through a timeline where they plan to get some of these key components back to a recovery status by either Q4 of '26 or, in some cases, Q1 of '27.

我們顯然正在與他們就資產進行討論。我們是他們全球最大的客戶，與 Leonardo 的關係仍然非常穩固；而且——我上個月才在義大利那邊。我們已經走過一段時程，他們計畫在 2026 年第 4 季、或在某些情況下 2027 年第 1 季，讓一些關鍵零組件恢復到較正常的供應狀態。

Steve Silver, Argus Research.

Steve Silver，Argus Research。

Thanks, operator, and thanks for taking my questions. So looking at this announcement about Project SEAN in Scotland, I'm curious as to whether there are any similar opportunities that you see emerging around the world over the near term and perhaps if there are any others that may be in the current pipeline at earlier stages?

謝謝接線員，也謝謝回答我的問題。就蘇格蘭 Project SEAN 的這項公告來看，我想了解你們是否在短期內看到全球其他類似機會正在浮現？以及是否還有其他案子目前在管線中、但仍處於較早期階段？

Yes, happy to address that. So first with Project SEAN itself, really pleased to have that opportunity in Scotland, we think the community there will benefit from it, it's certainly a landscape and geography that is well suited to this type of aircraft and being able to enhance regional connectivity on an efficient, but from time and money standpoint. And also happy to have the funding support from the UK Department of Transport for that program.

是的，很樂意回覆。先談 Project SEAN 本身，我們很高興能在蘇格蘭獲得這個機會，我們認為當地社區將從中受益；那裡的地形與地理條件非常適合這類航空器，能以更有效率的方式提升區域連結性，且在時間與成本上都更具效率。我們也很高興該計畫獲得英國交通部的資金支持。

Also in Norway, we are moving forward with Phase II of the test arena. So by way of reminder, there was a Phase I where we worked in partnership with BETA Technologies to test out potential cargo routes using their CTAL Alea aircraft. This Phase II will be with a different aircraft and a different mission type. It's going to be with Electro.Aero, really focused more on regional passenger missions and exploring those capabilities in Norway.

另外在挪威，我們正推進測試場域的第二階段。提醒一下，第一階段我們與 BETA Technologies 合作，使用他們的 CTAL Alea 航空器測試潛在的貨運航線。第二階段將使用不同的航空器與不同的任務類型。我們將與 Electro.Aero 合作，更聚焦於區域客運任務，並在挪威探索這些能力。

Also, here in the US, we're partnered with a few of the OEMs on the different state EIPP programs, which were sponsored by the administration. One of those, for example, is with our partner Elroy, using their unmanned hybrid aircraft, the Chaparral. We're actually going to be doing test missions later this month in Louisiana testing the use of those aircraft to move cargo to offshore platforms and drilling rigs in the US Gulf. So a few different projects underway globally as this industry continues to progress.

另外，在美國這邊，我們也與幾家 OEM 夥伴合作，參與由政府主導贊助、在不同州推動的 EIPP 計畫。例如其中一項，是與我們的合作夥伴 Elroy 合作，使用他們的無人混合動力飛機 Chaparral。我們其實會在本月稍晚於路易斯安那州執行測試任務，測試使用這些飛機將貨物運送至美國墨西哥灣的離岸平台與鑽井平台。因此，隨著這個產業持續發展，全球各地都有幾個不同的專案正在推進。

So while the company's liquidity remains healthy, there have been a couple of moving parts this year with the Berry acquisition, the financing earlier in the year, and you guys also have a share repurchase program in place. I'm just curious as to whether you have any updated thinking on any net debt targets either by the end of 2026 or even at the end of 2027?

所以，雖然公司的流動性仍然健康，但今年因 Berry 併購、年初的融資，以及你們也有一項股票回購計畫在進行，確實有幾個變動因素。我想請教的是，你們對於到 2026 年底，甚至 2027 年底的淨負債目標，是否有任何更新的想法？

Thank you for the question. I mean we have over time done some you know debt repurchases and pay down some debt. We don't have a target per se but we would always in our capital allocations we protect the balance sheet that's our number one priority. We do show in our guidance you can kind of get back to where our free cash flow is that kind of gives you an idea of where we are.

謝謝你的提問。我的意思是，我們過去確實做過一些債務回購，也償還了一部分債務。我們沒有一個明確的目標，但在資本配置上，我們始終會先保護資產負債表，這是我們的第一優先。我們在指引中也有揭露，你可以大致回推到我們的自由現金流，這也能讓你對我們的狀況有個概念。

And as a reminder when we did the bond deal earlier this year, we did upsize the bond from $400 million to $500 million, which gave us the flexibility to be able to do the Berry acquisition without too much friction.

另外提醒一下，今年稍早我們做債券交易時，將債券規模從 4 億美元提高到 5 億美元，這讓我們在進行 Berry 併購時能有更大的彈性、摩擦也更小。

Great. And one last one, if I may. So now that we are halfway through the year, do you have any update on your full-year expectations for free cash flow?

很好。如果可以的話，最後一個問題。現在我們已經過了上半年，你們對全年自由現金流的預期有沒有任何更新？

And as you saw the guidance, we don't really generally give free cash flow guidance, but you have the waterfall there so you can get to where we're at. I will say our expected growth CapEx for this year is $130 million plus the maintenance CapEx of $30 million gives you $160 million for the total CapEx for the year. And then there's going to need to be some assumptions made around working capital as it has remained elevated use of the working capital this year, but generally you can kind of get to where we are thinking from there.

如你所見，我們一般不會提供自由現金流的指引，但你可以透過那個瀑布圖推算出我們目前的位置。我可以說的是，我們今年預期的成長性資本支出（CapEx）為 1.3 億美元，加上 3,000 萬美元的維護性資本支出，全年總 CapEx 為 1.6 億美元。另外，還需要對營運資金做一些假設，因為今年營運資金的占用仍然偏高；但一般而言，你可以從這些資訊大致推導出我們的想法。

Yeah, and I think, Jennifer, the only other note I'd add to that is on the CapEx numbers you gave for the full year very much weighted to the first half. So we've gotten through most of that already. The second half of the year really would just see about $30 million of growth CapEx plus the proportionate share of maintenance for the year.

對，而且我想，Jennifer，我唯一要補充的是，你剛提到的全年 CapEx 數字其實很大一部分集中在上半年。所以我們已經完成了大多數。下半年大概只會看到約 3,000 萬美元的成長性 CapEx，再加上全年維護性支出的按比例部分。

That's helpful. Great. Thanks so much for taking the questions.

這很有幫助。很好。非常感謝回答我的問題。

Josh Jain, Daniel Energy Partners.

Josh Jain，Daniel Energy Partners。

Good morning. Thanks for taking my questions. First one, just obviously a lot of volatility in the energy space with the Iran conflict. Could you just speak to if this persists the impact on the near to intermediate term for the business but then also conversely, what do you see as the long-term impact of this conflict? Does it strengthen the outlook in the energy business over a multi-year period and give you more confidence in sort of your multi-year outlook? That's the first question.

早安。謝謝讓我提問。第一個問題，顯然能源領域因伊朗衝突而出現很大波動。你能否談談如果這種情況持續，對公司短期到中期業務的影響？同時反過來看，你認為這場衝突的長期影響會是什麼？它是否會在未來數年強化能源產業的展望，並讓你對你們的多年期展望更有信心？這是第一個問題。

Yes. Thank you for the question. So near term, it hasn't had a big impact on our business. I think we have been in a good position in that we are offshore-oriented, but we're not in the Middle East, so we're not directly impacted. And we haven't seen a material change in customer activity levels thus far.

是的。謝謝你的提問。就短期而言，這對我們的業務影響不大。我認為我們處於有利位置，因為我們以離岸為主，但不在中東，因此沒有直接受到影響。截至目前，我們也沒有看到客戶活動水準出現重大變化。

We do expect that to change, though. Our expectation is that on the other side of this, there will be structurally higher commodity prices. And so we think the thesis, which already existed coming into the conflict, that there would be a growth in offshore spin and offshore activity going forward. We think that thesis has been significantly de-risked. So more confidence, more conviction in the outlook for offshore activity.

不過，我們確實預期這會改變。我們的預期是，在這件事告一段落之後，大宗商品價格將呈現結構性走高。因此，我們認為在衝突發生前就已存在的論點——未來離岸鑽探與離岸活動將成長——這個論點已經顯著降低風險。所以我們對離岸活動的展望更有信心、也更有把握。

And certainly, what we're seeing is an increased importance of energy security and an emphasis on that moving forward and where the source of hydrocarbons is coming from. And again, I think we are fortunate in that the basins, the offshore basins that we serve at Bristow are some of the most well-established as well as most secure sources of offshore supply globally.

而且可以確定的是，我們看到能源安全的重要性正在提升，未來也會更強調這一點，以及碳氫化合物來源將來自何處。同樣地，我認為我們很幸運，因為 Bristow 所服務的離岸盆地，是全球最成熟、也最安全的離岸供應來源之一。

Understood. Thanks for that answer. And then just one just on general capital allocation. So once you do have a sort of resolution or conclusion with Norway business, would that potentially open the door to perhaps a more aggressive return of capital to shareholder stance? Or are there more things out there similar to Berry that may be a more attractive use of capital based on sort of where we are in the cycle for defense spending today? I'm just curious how you're thinking about those options or potential proceeds once you do have a right resolution to the sale of that business and then I'll turn it back. Thanks.

了解。謝謝你的回答。接著一個關於一般資本配置的問題。所以一旦你們對挪威業務有了某種解決方案或結論，這是否可能為更積極的股東資本回饋打開大門？或者，是否還有更多像 Berry 這樣的標的，基於目前國防支出週期的位置，可能是更具吸引力的資金用途？我想了解你們如何思考這些選項，或在挪威業務出售有了合適的結果後，對可能取得的資金如何運用；我就把時間交回。謝謝。

Yeah, thank you. It's a great question and I think appropriate to ask the two together. So in terms of potential share repurchases, we will deploy the program on an opportunistic basis. So we'll evaluate that in the context of other opportunities as well as, of course, where the share price is at the time and whether or not we're in a window where we're permitted to be buying back shares.

好的，謝謝。這是個很好的問題，而且把這兩個問題放在一起問也很恰當。就潛在的股票回購而言，我們會以機會主義的方式來執行該計畫。因此，我們會在評估其他機會的同時，也會考量當時的股價水準，以及我們是否處於允許回購股票的窗口期。

Just a logistical note, for most of this calendar year, we have been restricted because of the Berry acquisition and the potential sale of Norway, as well as our normal earnings-related blackout windows. But we'll continue to approach and take an opportunistic approach to the deployment of capital under that share repurchase program.

補充一個作業層面的說明：在今年大部分的日曆年度期間，我們因 Berry 併購與挪威業務可能出售，以及一般與財報相關的禁售（blackout）期間，而受到限制。但我們會持續以機會主義的方式，推進該股票回購計畫下的資本部署。

As we do weigh considerations and alternatives, other M&A will be a part of that. And so that part of your question, we do see additional opportunities for similar tuck-in acquisitions that would be in the government, military space, other opportunities to add differentiated capabilities, customer relationships, things that we see as being very long-term value-added opportunities. So we do see a pretty compelling opportunity set.

在我們權衡各項考量與替代方案時，其他併購也會是其中一部分。因此就你問題的那一部分而言，我們確實看到更多類似的補強型（tuck-in）併購機會，可能會在政府、軍事領域，或是其他能增加差異化能力、客戶關係等的機會；我們認為這些都是非常具長期增值效果的機會。所以我們確實看到一組相當有吸引力的機會。

Now, of course, each of those situations would need to meet our financial parameters to fall within the context of deals that make sense for us financially.

當然，每一個案子都必須符合我們的財務參數，才能落在對我們而言在財務上合理的交易範圍內。

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

問答環節到此結束。我現在把電話交回給 Chris Bradshaw 作結語。

Thanks, everyone, for joining the call today. I know it's a busy time out in the market as well as summer plans, so we appreciate that. I also wish everyone stay safe and well. We look forward to speaking again next quarter. Thank you.

謝謝各位今天參與電話會議。我知道市場這段時間很忙，大家也有暑期計畫，所以我們非常感謝。也祝大家平安健康。期待下個季度再與各位交流。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。您現在可以隨時掛線。