Expro Group Holdings NV (XPRO) 2024 Q4 法說會逐字稿

Hello and welcome to the Expro Q4 2024 earnings presentation. My name is Carla and I will be coordinating your call today. (Operator Instructions). I would now like to hand you over to Chad Stephenson, director of investor relations, to begin. Chat, please go ahead when you're ready.

您好，歡迎參加 Expro 2024 年第四季財報。我叫卡拉，今天我將負責協調您的通話。（操作員指令）。現在我想把麥克風交給投資人關係總監 Chad Stephenson。聊天，當您準備好時請繼續。

Welcome to Expro's fourth quarter 2024 conference call. I'm joined today by Expro CEO Mike Jardon and Expro CFO Quinn Fanning. First, Mike and Quinn have some prepared remarks, then we'll open it up for questions. We have an accompany presentation on our fourth quarter results that is posted on the Expro website expro.com under the investors section.

歡迎參加 Expro 2024 年第四季電話會議。今天與我一起參加的還有 Expro 執行長 Mike Jardon 和 Expro 財務長 Quinn Fanning。首先，麥克和奎因準備了一些發言，然後我們將開始提問。我們對第四季度業績進行了附帶介紹，該介紹已發佈在 Expro 網站 expro.com 的投資者部分。

In addition, supplemental financial information for the fourth quarter results is downloadable on the Expro website. Likewise, under the investor section. I'd like to remind everyone that some of today's comments may refer to or contain forward-looking statements.

此外，第四季度業績的補充財務資訊可在 Expro 網站上下載。同樣，在投資者部分下。我想提醒大家，今天的一些評論可能涉及或包含前瞻性陳述。

Such remarks are subject to risk and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such statements speak only as of today's date, and the company assumes no responsibility to update forward-looking statements as of any future date.

此類言論受風險和不確定性的影響，可能導致實際結果與此類言論表達或暗示的結果有重大差異。此類聲明僅代表截至今日的觀點，本公司不承擔在未來任何日期更新前瞻性聲明的責任。

The company has included in its SEC filings cautionary language identifying important factors that could cause actual results to be materially different from those set forth any forward-looking statements. A more complete discussion of these risks is included in the company's SEC filings, which may be accessed on the SEC's website SEC.gov or our website again at expro.com.

該公司在其提交給美國證券交易委員會的文件中加入了警示性語言，指出了可能導致實際結果與前瞻性陳述中所述的結果存在重大差異的重要因素。有關這些風險的更完整討論包含在公司的 SEC 文件中，可在美國證券交易委員會網站 SEC.gov 或我們的網站 expro.com 上查閱。

Please note that any non-gap financial measures discussed during this call are defined and reconciled to the most directly comparable GAAP financial measure in our fourth quarter of 2024 earnings release, which can also be found on our website. With that, I'd like to turn the call over to Mike.

請注意，本次電話會議中討論的任何非差距財務指標均已定義並與我們 2024 年第四季度收益報告中最直接可比較的 GAAP 財務指標相協調，該收益報告也可在我們的網站上找到。說完這些，我想把電話轉給麥克。

Good morning, everyone. I'd like to start off by reviewing the fourth quarter and full year 2024 financial results, as was summarized in today's earnings press release.

大家早安。首先，我想回顧一下今天的收益新聞稿中總結的 2024 年第四季和全年財務表現。

I will then discuss what I would characterize as a dynamic macro environment which, despite our expectation of a near term moderating of upstream investment, we believe supports a positive multi-year outlook for energy services companies with exposure to international and offshore markets.

然後，我將討論我所描述的動態宏觀環境，儘管我們預計上游投資短期內會放緩，但我們相信，對於涉足國際和離岸市場的能源服務公司來說，這將支持其在未來幾年保持積極的前景。

Finally, Quinn will provide some additional commentary on just completed quarter, the full year, and share some additional financial information.

最後，奎因將對剛結束的季度和全年提供一些額外的評論，並分享一些額外的財務資訊。

For a recap of consolidated results and quarterly results by region, I'll direct you to slides 2 through 7 of the presentation we posted to expro.com. Turning to slide 2, I am pleased to report a solid quarter for Expro with Q4 2024 revenue of $437 million and adjusted EBITA of $100 million or 23% of revenue. Q4 adjusted cash flow from operations and free cash flow were $115 million and $0.75 million dollars respectively.

若要回顧合併結果和按地區劃分的季度結果，請直接參閱我們在 expro.com 上發布的簡報的第 2 至第 7 張投影片。翻到投影片 2，我很高興地報告 Expro 本季業績穩健，2024 年第四季營收為 4.37 億美元，調整後 EBITA 為 1 億美元，佔營收的 23%。第四季調整後的營運現金流和自由現金流分別為 1.15 億美元和 75 萬美元。

Of note, Q4 2024 results reflect our best financial performance in terms of adjusted-to-adjusted EA margin, adjusted cash flow from operations, and free cash flow since we closed the Expro Frans merger in October of 2021.

值得注意的是，2024 年第四季的業績反映了我們自 2021 年 10 月完成 Expro Frans 合併以來在調整後 EA 利潤率、調整後經營現金流和自由現金流方面的最佳財務表現。

The sequential increase in revenue of $14 million in the fourth quarter was primarily due to increased activity in Angola within our subsea well access business and higher wealth soil management services in Algeria, Iraq, and Saudi Arabia.

第四季營收連續增加 1,400 萬美元，主要原因是我們在安哥拉的海底油井接入業務活動增加，以及在阿爾及利亞、伊拉克和沙烏地阿拉伯的富礦土壤管理服務增加。

Compared to Q4 2023, revenue was up $30 million or 7%, again reflecting a strong quarter for the subsidy well access business, as well as results of the acquired Coretrax business, partially offset by lower revenue from our Congo production Solutions project.

與 2023 年第四季相比，營收成長了 3,000 萬美元，增幅為 7%，這再次反映了補貼井接入業務的強勁表現，以及收購的 Coretrax 業務的業績，但剛果生產解決方案項目的收入下降部分抵消了這一影響。

As highlighted in our press release, we recently resolved outstanding variation orders related to the Congo project, allowing us to successfully close out the construction and commissioning phase of the project.

正如我們在新聞稿中所強調的那樣，我們最近解決了與剛果項目相關的未決變更訂單，使我們能夠成功完成該項目的建設和調試階段。

Our customer also approved an adjustment to the contract rate for the multi-year operations and maintenance, or O&M phase of the project to incentivize higher throughput from the Expro -built onshore pre-treatment plant and our provision of additional services for the facility.

我們的客戶還批准調整該專案多年期營運和維護或 O&M 階段的合約費率，以激勵 Expro 建造的陸上預處理廠提高吞吐量以及我們為該設施提供的額外服務。

Our customers continue to highlight their desire to optimize production from existing wells and assets and reduce their emissions, and the Congo project is an excellent example of how we enable our customers to achieve these objectives.

我們的客戶不斷強調他們希望優化現有油井和資產的生產並減少排放，而剛果專案就是我們如何幫助客戶實現這些目標的一個絕佳的例子。

I congratulate our production solutions team for developing and delivering a cost competitive differentiated solution for this important customer and doing so within a very ambitious timeline. With over 800 team members working at site for over 22 months, we also achieved nearly $1.9 million man hours without an HSC-related last time incident.

我祝賀我們的生產解決方案團隊為這個重要客戶開發並提供了具有成本競爭力的差異化解決方案，並且在非常雄心勃勃的時間內完成了這項任務。超過 800 名團隊成員在現場工作了超過 22 個月，上次也實現了近 190 萬個工時，且沒有發生與 HSC 相關的事故。

This is a significant milestone, the achievement of which all my expert colleagues can take pride. For full year 2024, Expro delivered revenue of $1.7 billion, up 13% year over year, with performance led by the North in Latin America, Europe, and sub-Saharan Africa, and Middle East North Africa regions, with the growth in MINA in particular being bolstered by the Coretrax's acquisition.

這是一個重要的里程碑，我所有的專家同事都可以為此感到自豪。2024 年全年，Expro 的營收為 17 億美元，年增 13%，其中拉美北部地區、歐洲和撒哈拉以南非洲地區以及中東北非地區的業績最為突出，其中 MINA 地區的成長尤其受到 Coretrax 收購的推動。

Full year adjusted even was $347 million or 20% of revenue and was up 40% year over year in dollar terms. Adjusted even a margin was up approximately 400 basis points year over year and up approximately 800 basis points relative to combined results for Legacy Expro and Frank's International over the four quarters prior to our completing the merger.

全年調整後利潤為 3.47 億美元，佔營收的 20%，以美元計算年增 40%。調整後的利潤率較去年同期上漲了約 400 個基點，與完成合併前四個季度 Legacy Expro 和 Frank's International 的合併業績相比上漲了約 800 個基點。

In terms of commercial activity across the company, we have continued to build on our momentum, capturing roughly $314 million of new contract awards, including contract extensions worth more than $50 million for plug and perforation solutions in Argentina, $35 million for tubular running services in Norway, and $25 million for well test and TRS services in the UK.

就整個公司的商業活動而言，我們繼續保持良好勢頭，獲得了約 3.14 億美元的新合同，其中包括阿根廷超過 5000 萬美元的塞子和穿孔解決方案合同延期、挪威 3500 萬美元的管柱運行服務合同延期以及英國 2500 萬美元的油井延期測試和 TRS 服務合同延期。

Our backlog remains healthy at approximately $2.3 billion at the end of the fourth quarter, which is consistent with the end of the previous quarter. During the past year, our team managed the business through a dynamic macro environment and starting in the second half of 2024, a more subdued short-term growth outlook for the sector as customers adopted a more cautious approach around mid-year due to concerns about a potentially oversupply of oil market.

截至第四季末，我們的積壓訂單量依然保持健康，約 23 億美元，與上一季末持平。在過去的一年裡，我們的團隊在動態的宏觀環境中管理業務，從 2024 年下半年開始，由於客戶擔心石油市場可能供應過剩，在年中左右採取了更為謹慎的態度，該行業的短期成長前景更加低迷。

In fact, the oil market remained relatively balanced, and prices were generally stable over the fourth quarter with continued production restraint and a focus on price stability from OPEC plus, largely offsetting an apparent reduction in geopolitical risk premium and a tepid demand growth, particularly in China.

事實上，石油市場保持相對平衡，第四季度價格總體穩定，在歐佩克持續限制產量和關注價格穩定的情況下，這在很大程度上抵消了地緣政治風險溢價的顯著下降和需求增長不振（尤其是在中國）。

The US Energy Information Administration is currently forecasting global liquids demand to average $104.1 million barrels per day in 2025, an increase of roughly $1.3 million barrels over 2024. Demand is further expected to grow by another $1.1 million barrels in 2026 to average roughly $105 million barrels per day. The EIA forecasts that global fuels production will grow by $1.8 million barrels per day in 2025 to average $104.4 million barrels per day.

美國能源資訊署目前預測，2025 年全球液體燃料需求將平均達到每天 1.041 億桶，比 2024 年增加約 130 萬美元。預計到 2026 年，需求量將進一步成長 110 萬美元，達到平均每天約 1.05 億美元。EIA預測，2025年全球燃料產量將成長180萬桶/日，達到平均1.044億桶/日。

Global liquid supply is then predicted to grow a further $1.5 million barrels per day in 2026 to average $105.9 million barrels per day. Production growth in 2025 is due to a combination of an expected relaxation of OPEC plus production cuts and further production growth from countries outside of OPEC, including the US, Canada, Brazil, and Guyana.

預計到 2026 年，全球液體供應量將進一步成長 150 萬桶/日，達到平均 1.059 億桶/日。2025 年產量成長是由於 OPEC 放鬆減產以及美國、加拿大、巴西和圭亞那等 OPEC 以外國家預計的產量進一步成長。

OPEC plus countries are expected to contribute$0.2 million barrels per day to global supply growth in 2025 as voluntary production cuts are expected to gradually unwind, whereas countries outside of OPEC plus are expected to collectively increase production by roughly $1.6 million barrels per day.

隨著自願減產預計將逐步取消，預計 2025 年 OPEC 及以上國家將為全球供應成長貢獻 20 萬桶/日的產量，而 OPEC 及以上國家以外的國家預計將共同增加約 160 萬桶/日的產量。

With a relatively well-balanced outlook for demand and supply, oil prices are expected to see modest upward movement in early 2025 amid global oil inventory withdrawals before beginning a modest decline from mid-2025 through to 2026, as expected global oil production modestly outpaces what is currently expected to be a relatively weak demand growth.

由於需求和供應前景相對平衡，預計油價將在 2025 年初隨著全球石油庫存減少而出現小幅上漲，然後從 2025 年中期到 2026 年開始小幅下跌，因為預計全球石油產量將略微超過目前預計的相對疲軟的需求增長。

EIA currently forecasts that the rent price will average $74 per barrel in 2025 and $66 per barrel in 2026. However, several uncertainties are not factored into this outlook, not the least of which is the impact of new sanctions on Iranian exports and the go forward volume and destination of Russian exports if there is a negotiated peace deal between Russia and Ukraine.

EIA目前預測，2025年油價平均為每桶74美元，2026年油價平均為每桶66美元。然而，這種前景並未考慮幾個不確定因素，其中最主要的是新制裁對伊朗出口的影響，以及如果俄羅斯和烏克蘭達成和平協議，俄羅斯出口的數量和目的地將受到怎樣的影響。

As a general matter, if customers have confidence that oil prices will remain above $65 to $70 per barrel, we believe the outlook for our business will be stable to positive, largely due to what is expected to be steady to modestly increasing global liquids demand through 2030 and the break even costs and carbon advantages of deep water barrels.

總體而言，如果客戶有信心油價將保持在每桶 65 至 70 美元以上，我們相信我們的業務前景將保持穩定至積極，這主要是因為預計到 2030 年全球液體需求將保持穩定至適度增長，以及深水桶的盈虧平衡成本和碳優勢。

The global gas market remains fundamentally tight, likely supporting prices and significant investment through the remainder of this decade. In the near to medium term, replacing lost Russian pipeline supplies, growth in US LNG export capacity, energy security, and diversification of supply will remain key themes in the industry.

全球天然氣市場基本面依然緊張，可能在本世紀剩餘時間內支撐價格和大量投資。從中短期來看，彌補俄羅斯管道供應的損失、提高美國液化天然氣出口能力、確保能源安全以及實現供應多樣化仍將是該行業的關鍵主題。

Longer term, there is massive upstream and infrastructure investments required to support AI and data center-driven demand, and we believe gas will remain the most cost competitive transition fuel towards renewables, if not a structural source of lower carbon electricity generation.

從長遠來看，需要大量的上游和基礎設施投資來支持人工智慧和資料中心驅動的需求，我們相信，天然氣即使不是低碳發電的結構性來源，仍將是向再生能源過渡的最具成本競爭力的過渡燃料。

Translating the commodity backdrop to what it means for our business, a high cadence of sanctioning activity is forecast to continue in 2025, maintaining levels observed in 2024. The majority of new projects are expected to be in the lower cost, lower carbon offshore segment. Offshore project approvals are expected to account for 72% of Greenfield CapEx in 2025, growing further to 75% of all final investment decisions in 2026.

將大宗商品背景轉化為對我們業務的意義，預計 2025 年制裁活動將繼續保持高節奏，維持 2024 年的水準。預計大多數新項目將屬於成本較低、碳排放較低的海上領域。預計到 2025 年，海上專案審批將佔綠地資本支出的 72%，到 2026 年，這一比例將進一步增長至所有最終投資決策的 75%。

Consequently, a sustained level of project sanctioning by operators should support growth and demand for the services and solutions that energy services companies provide. We believe Ex and other companies that are more levered to international and offshore markets will be better positioned on a relative basis.

因此，營運商持續批准專案應能支援能源服務公司提供的服務和解決方案的成長和需求。我們相信，Ex 和其他更多利用國際和離岸市場的公司將處於相對更有利的地位。

Customer OpEx spending is also set to continue growth in 2025, facilitating increased brownfield activity as operators remain focused on cost effectively increasing production from existing assets and reducing their emissions. Like deepwater development,

客戶營運支出也預計在 2025 年繼續成長，從而促進棕地活動的增加，因為營運商仍然專注於以經濟有效的方式提高現有資產的產量並減少其排放。就像深水開發一樣，

we believe cost effective and carbon advantage production enhancement will be a secular theme, and adding additional exposure to OpEx funded production optimization activity remains a strategic objective for the company.

我們相信成本效益和碳優勢生產的提高將是一個長期主題，而增加對 OpEx 資助的生產優化活動的額外投資仍然是該公司的策略目標。

Overall, we expect upstream investments to be stable up modestly in 2025 as compared to 2024, with several geo-markets, including the US onshore, Mexico, the UK, offshore Saudi Arabia, and offshore Australia currently expected to contract.

總體而言，我們預計 2025 年上游投資將較 2024 年略有穩定成長，目前預計包括美國陸上、墨西哥、英國、沙烏地阿拉伯海上和澳洲海上在內的幾個地緣市場將萎縮。

Other markets including US offshore, Guyana, and Norway should be relatively stable, and still other markets such as Brazil, Argentina, onshore Saudi, the Emirates, and onshore Australia should provide scope for growth.

包括美國海上、圭亞那和挪威在內的其他市場應該相對穩定，而巴西、阿根廷、沙烏地阿拉伯陸上、阿聯酋和澳洲陸上等其他市場應該具有成長空間。

For Expro, our 2025 outlook is for stable, if not modest growth in revenue and stable to improving margins, reflecting one, the relative size of our business and the markets that are expected to decelerate and the markets that we expect to be more resilient. Secondly, our strong relationships with our blue-chip global customers.

對於 Expro 而言，我們對 2025 年的展望是收入保持穩定（即使不是適度增長）並且利潤率保持穩定甚至提高，這反映了我們業務的相對規模以及預計將減速的市場和我們預計將更具彈性的市場。其次，我們與全球藍籌客戶建立了穩固的關係。

And third, an ability to offer differentiated services and solutions. fourth, our recently initiated operating efficiency campaign, and lastly, our strategic and marginal creative acquisitions. We remain focused on building a business that is relevant and resilient and one that more consistently delivers strong financial results.

第三，提供差異化服務和解決方案的能力。第四，我們最近發起的營運效率活動，最後，我們的策略性和邊際創意收購。我們將繼續致力於打造一個具有相關性和韌性、能夠持續提供強勁財務表現的企業。

We continue to invest in high return projects and opportunistically pursue smart, synergies focused acquisitions to broaden our portfolio of cost-effective technology enabled services and solutions, enable margin expansion, and capture the opportunities that should come with global economic growth, increasing demand for energy and security of supply considerations.

我們將繼續投資高回報項目，並抓住機會進行智慧、注重協同效應的收購，以擴大我們具有成本效益的技術支援的服務和解決方案組合，實現利潤率的提高，並抓住全球經濟成長、能源需求成長和供應安全考量帶來的機會。

Investments in our core businesses such as well construction have allowed us to remain on the forefront of the industry, and we continue to offer leading edge technologies to the market, which is demonstrated through several of the contract awards that were highlighted in our press release, including the first deployment in West Africa of our AI-enabled ION, the industry's most advanced tubular makeup solution.

我們對油井建造等核心業務的投資使我們始終處於行業前沿，並且我們繼續向市場提供前沿技術，這透過我們在新聞稿中強調的幾份合約授予得到了證明，包括首次在西非部署我們的支援人工智慧的 ION，這是業界最先進的管狀補充解決方案。

Similarly, offshore Saudi Arabia, we successfully displaced conventional plug manifolds through our first deployment of the wireless dropping cement head and Skyhook. This follows the successful deployment by one of our super majors of our cement head with Skyhook in Trinidad.

同樣，在沙烏地阿拉伯近海，我們透過首次部署無線投放水泥頭和 Skyhook，成功取代了傳統的堵塞管匯。在此之前，我們的一家超級專業公司已在特立尼達成功部署了 Skyhook 水泥頭。

Like [IO], our cement head system with Skyhook creates operational efficiencies while improving safety by removing personnel from the red zone. Performance is a differentiator in the markets like Saudi, and while Aramco has announced the suspension of several jack ups and the deferral of several offshore development projects in 2024,

與 [IO] 一樣，我們的帶有 Skyhook 的水泥頭系統透過將人員移出紅區，提高了營運效率，同時提高了安全性。在沙烏地阿拉伯等市場，業績是一個差異化因素。儘管沙特阿美宣布暫停幾座自升式鑽井平台的建設，並推遲了 2024 年的幾個海上開發項目，

our operations success with cementing and other technologies has resulted in additional opportunities and revenue growth. Within our well intervention and integrity business over the last several years, we have selectively invested in deployment solutions to facilitate the introduction of case to services and data acquisition and data interpretation capabilities.

我們在固井和其他技術方面的成功營運帶來了更多的機會和收入成長。在過去幾年的井下作業和完整性業務中，我們有選擇地投資了部署解決方案，以促進案例向服務的引入以及資料收集和資料解釋能力。

Compared to our traditional mechanical slick line business, this has resulted in a higher quality OpEx funded business with improved margins and better returns on invested capital. For example, revenue generated from our well intervention and integrity business in Brunei is about 50% larger than it was three years ago, and margins have improved by about 10% points over the same time frame.

與我們傳統的機械鋼絲繩業務相比，這帶來了更高品質的營運支出資助業務，提高了利潤率並提高了投資資本回報率。例如，我們在汶萊的井下作業和完整性業務產生的收入比三年前成長了約 50%，利潤率在同一時間段內提高了約 10%。

More value added intervention capabilities have also led to recent contract awards such as in Algeria where we achieved the first commercial deployment of our distributed fiber optic sensing capability, as well as a new multi-year wire line in case full services contracts.

更多的增值幹預能力也促成了我們最近獲得的合約授予，例如在阿爾及利亞，我們首次實現了分佈式光纖感測能力的商業部署，以及一條新的多年期有線線路的全方位服務合約。

Overall, our well intervention integrity business is expected to be over $300 million in 2025 with contribution margins in the low 30s, which lags are drilling completion levered businesses but is a stable production levered business. Margins continue to move in the right direction as a result of the investments in technology and overall cost discipline.

總體而言，我們的井下作業完整性業務預計在 2025 年將超過 3 億美元，貢獻利潤率將在 30% 出頭，這落後於鑽井完井槓桿業務，但卻是一項穩定的生產槓桿業務。由於對技術的投資和總體成本控制，利潤率繼續朝著正確的方向發展。

Within Well flow Management, Expro recently partnered with Peter Bros to develop a new flow meter technology which will provide flow rates and identify flow patterns generating online and real-time data availability for remote monitoring and control to increase efficiency and optimize the production of wells.

在井流管理領域，Expro 最近與 Peter Bros 合作開發了一種新的流量計技術，該技術將提供流量並識別流動模式，從而產生線上和即時數據以進行遠端監控和控制，以提高效率並優化油井的生產。

The key requirement in its technology development is the nonintrusive aspect of the clamp-on design as well as the absence of any radioactive sources. Our global operating footprint and service delivery franchise also provide a platform to deploy value adding services and solutions added through technology and business acquisitions.

其技術開發的關鍵要求是夾式設計的非侵入性以及不存在任何放射源。我們的全球營運足跡和服務交付特許經營權也提供了一個平台，透過技術和業務收購來部署增值服務和解決方案。

You can see our global platform at work to the commercial success of Coretrax and markets that are new to the Corra's business following our acquisition in May of 2024. A great example of this is Offshore Qatar, where a client recently deployed Coretrax ‘s hyper hole saver hydraulic pipe recovery system.

您可以看到我們的全球平台為 Coretrax 的商業成功以及自 2024 年 5 月我們收購以來對 Corra 業務而言全新的市場所做的努力。一個很好的例子是卡達近海，那裡的客戶最近部署了 Coretrax 的超級孔保護液壓管道回收系統。

In this case, the bottom hole assembly was severed efficiently, allowing for a timely cementing operation and the deployment of the next drilling assembly within a single day. This milestone underscores the technology's ability to support rapid decision making and minimize operational downtime and challenging drilling environments.

在這種情況下，底部鑽具組合被有效切斷，從而可以及時進行固井作業，並在一天內部署下一個鑽具組合。這項里程碑凸顯了該技術支援快速決策、最大限度地減少停機時間和挑戰性鑽井環境的能力。

Similarly, in December, the Coretrax team utilized the reline MNS expandable casing integrity solution for the first well of an intended 15 well campaign onshore Australia, successfully addressing corrosion issues and bringing production back online, with the remaining wells scheduled for completion in early 2025.

同樣，12 月，Coretrax 團隊在澳洲陸上計劃的 15 口井作業中的第一口井中採用了可膨脹套管完整性解決方案，成功解決了腐蝕問題並恢復了生產，其餘井計劃於 2025 年初完工。

Reline M&S is a new technical solution for the market, positioning Expro as the only service company capable of delivering a full suite of remediation solutions, including short, medium, and long expandable patches.

Reline M&S 是市場上一種新的技術解決方案，將 Expro 定位為唯一能夠提供全套修復解決方案（包括短期、中期和長期可擴展修補程式）的服務公司。

With recent contract awards and ongoing pilot programs in several markets including the onshore US onshore basins in eastern Australia, and in Brazil, we are excited about the growth potential for Coretrax's expandable solutions. Markets with high well counts and systematic casing integrity or corrosion issues such as Argentina and Colombia also have untapped potential.

隨著最近在包括美國陸上盆地、澳大利亞東部和巴西在內的多個市場授予的合約和正在進行的試點項目，我們對 Coretrax 可擴展解決方案的成長潛力感到興奮。阿根廷和哥倫比亞等井數較多且有系統性套管完整性或腐蝕問題的市場也具有尚未開發的潛力。

Importantly, our expandable solutions are conveyance agnostic, meaning that we can deploy via cool tubing, wire line, or drill pipe. Regarding our operating efficiency campaign, what we are calling Drive 25, we have identified a 7% to 8% reduction in run rate support costs that we plan to realize over the next 12 to 18 months, about half of which should be captured in 2025.

重要的是，我們的可擴展解決方案與輸送無關，這意味著我們可以透過冷管、電線或鑽桿進行部署。關於我們的營運效率活動（我們稱之為 Drive 25），我們已經確定將運行率支援成本降低 7% 至 8%，我們計劃在未來 12 至 18 個月內實現這一目標，其中約一半應在 2025 年實現。

As was highlighted in our press release, the Drive 25 campaign is focused on standardizing practices across geo-markets, product lines, and job functions in order to improve operating leverage and facilitate marginal expansion.

正如我們在新聞稿中所強調的，Drive 25 活動的重點是標準化跨地域市場、產品線和工作職能的實踐，以提高營運槓桿並促進邊際擴張。

Consistent with my comments on our third quarter earnings call, my view remains that 2025 will start slow, again primarily driven by near term concerns related to oversupplied oil market and then build momentum as the year progresses.

與我在第三季財報電話會議上的評論一致，我仍然認為 2025 年開局將緩慢，這主要還是受到與石油市場供應過剩相關的短期擔憂的驅動，然後隨著時間的推移逐漸積聚動力。

We believe our business and revenue, which are largely levered to long cycle development, will be stable or grow modestly over the next year. Resulting in full year revenues that are stable to modestly relative to 2024. Thus our initial guidance is that full year revenue will be within the range of $1.7billion to $1.75 billion.

我們相信，我們的業務和收入（主要依靠長週期開發）明年將保持穩定或適度成長。導致全年收入相對於 2024 年而言保持穩定或適度增長。因此，我們初步預計全年營收將在 17 億美元至 17.5 億美元之間。

While 2025 seems to be setting up to be a transition year for the energy services industry, the outlook for oil and gas investment and ex remains quite compelling for the rest of the decade, so we are cautious about near term and more bullish over the medium to long term.

雖然 2025 年似乎將成為能源服務業的轉型年，但石油和天然氣投資及出口​​的前景在未來十年內仍然相當引人注目，因此我們對短期持謹慎態度，對中長期則更為看好。

That said, our intent is to size our support structure and calibrate CapEx and other investments based on revenue realities rather than revenue aspirations. So cost and capital discipline will be key themes at Expro until we have better clarity around the direction of international and offshore markets and the timing of deepwater projects that we expect will be sanctioned beginning in the second half of 2025.

也就是說，我們的目的是根據收入實際情況而不是收入期望來調整我們的支持結構並調整資本支出和其他投資。因此，成本和資本紀律將是 Expro 的關鍵主題，直到我們更清楚地了解國際和海上市場的方向以及我們預計將於 2025 年下半年開始批准的深水項目的時間。

As hided in our press release, driven by an improved activity mix which includes business and backlog and a full year contribution and pull through revenue opportunities from the acquired Coretrax's business efficiency gains, we expect 2025 adjusted (EBITDA) margin will be up more than 100 basis points, implying 2025 adjusted EBITDA within a range of $350 million to $370 million.

正如我們在新聞稿中所述，受業務和積壓訂單等活動組合改善以及收購的 Coretrax 業務效率提升帶來的全年貢獻和收入機會的推動，我們預計 2025 年調整後 (EBITDA) 利潤率將上升超過 100 個基點，這意味著 2025 年調整後的 EBITDA 將在 3.7 億美元之間。

Please note that guidance assumes the conversion of backlog at contracted rates but does not embed material gains in net pricing. With that, I'll hand the call over to Quinn to further discuss our financial results.

請注意，該指南假設積壓訂單按合約費率轉換，但並未將物質收益納入淨定價。說完這些，我將把電話交給 Quinn，進一步討論我們的財務表現。

Thank you, Mike. Good morning and good afternoon to everyone on the call. As Mike noted, we reported revenue of $437 million for the quarter end of December 31, as compared to the guidance range for Q4 2024, revenue of $440 million to $470 million that was provided on our Q3 earnings conference call. Revenue was up sequentially $14 million or 3% relative to the third quarter of 2024.

謝謝你，麥克。各位電話會議中的嘉賓，大家早安，下午好。正如麥克所指出的，我們報告稱，截至 12 月 31 日的季度收入為 4.37 億美元，而我們在第三季度收益電話會議上提供的 2024 年第四季度指導範圍為 4.4 億至 4.7 億美元。與 2024 年第三季相比，營收季增 1,400 萬美元，增幅為 3%。

Year over year revenue is up $30 million or approximately 7% relative to the fourth quarter of 2023. North and Latin America came in a bit below Q4 revenue expectations, primarily reflecting lower than expected while construction activity and tubular sales in the Gulf of America and lower Cora's revenue, which was largely driven by delivery delays within the expendable's product line.

與 2023 年第四季相比，年收入增加 3,000 萬美元，增幅約 7%。北美和拉丁美洲的第四季營收略低於預期，主要反映出美國灣的建築活動和管材銷售低於預期，以及 Cora 的收入下降，這主要是由於消耗品產品線的交付延遲所致。

Additionally, lower wealth flow management revenue in APEC, specifically in Malaysia and Australia, impacted Q4 results. Looking at the full year, revenue at $1.71 billion was up $200 million or approximately 13% year over year. Activity and revenue across all of our regions increased during the year end of December 2024, most notably in NLA, ESA, and MINA, as Mike noted, MIA in particular was bolstered by the Cora's acquisition.

此外，亞太經合組織（特別是馬來西亞和澳洲）的財富流管理收入下降影響了第四季的業績。綜觀全年，營收為 17.1 億美元，年增 2 億美元，約佔 13%。截至 2024 年 12 月底，我們所有地區的活動和收入均有所增長，其中最顯著的是 NLA、ESA 和 MINA，正如 Mike 指出的那樣，MIA 尤其受到了 Cora 收購的提振。

Adjusted Eva for the fourth quarter of 2024 was $100 million as compared to Q4 guidance of $90 to $105 million representing a sequential increase of approximately $15 million or 18% relative to the third quarter of 2024. Adjusted the margin for the fourth quarter was 23%, was up approximately 300 basis points quarter over quarter.

2024 年第四季調整後的 Eva 為 1 億美元，而第四季的指導值為 9,000 萬至 1.05 億美元，與 2024 年第三季相比較上季增加約 1,500 萬美元或 18%。調整後第四季利潤率為23%，季增約300個基點。

On a full year 2024 basis, suggested was $347 million which represents an increase of almost $100 million approximately 40% relative to 2023. Adjusted Evat margin for the full year was approximately 20%, which represents an increase of approximately 400 basis points year over year.

以 2024 年全年計算，建議投資額為 3.47 億美元，較 2023 年增加近 1 億美元，增幅約 40%。全年調整後Evat利潤率約20%，較去年成長約400個基點。

Turning to regional results for North and Latin America or NLA, 4th quarter revenue was $139 million or flat quarter over quarter, again reflecting lower activity in well construction, while full management activity was higher in the US and in Brazil. NLA segment margin at 22% was down from 24% in Q3 2024, again reflecting a decrease in construction activity and a resulting less favorable activity mix in the region.

談到北美和拉丁美洲或 NLA 的區域業績，第 4 季收入為 1.39 億美元，環比持平，再次反映出油井建設活動的減少，而美國和巴西的全面管理活動增加。NLA 部門利潤率為 22%，低於 2024 年第三季的 24%，這再次反映了該地區建築活動的減少以及由此導致的活動組合不太有利。

Full year NLA's e.g. the margin was 25%. We expect mid-single digit revenue growth and relatively stable segment margin for NLA in 2025. Following our rationalization of the lower 48 TRS business over the course of 2024, we are not particularly exposed to the expected continued contraction in the US onshore market.

全年 NLA 例如利潤率為25%。我們預計 2025 年 NLA 的收入將實現中等個位數成長，且分部利潤率將相對穩定。繼我們在 2024 年期間對較低的 48 個 TRS 業務進行合理化之後，我們不會特別受到美國境內市場預期持續萎縮的影響。

That said, we are excited about several US onshore applications to the expendable’s product line, which should provide scope for higher margin revenue within the US land business without requiring additional base infrastructure or significant personnel additions.

話雖如此，我們對美國陸上消耗品產品線的幾項應用感到興奮，這應該為美國陸地業務的更高利潤收入提供空間，而無需額外的基礎設施或大量增加人員。

Well, the average floater count in 2025 is expected to be flattish in the Gulf of America, and Guyana is expected to be down one rig year on year on average. We have secured several new multi-year awards within the wall construction business, which should allow us to sustain a high level of well construction activity in NLA in 2025.

嗯，預計 2025 年美國灣的浮式鑽井平台平均數量將持平，圭亞那的鑽井平台數量預計平均每年將減少一座。我們在牆體建造業務中獲得了幾個新的多年期獎項，這將使我們能夠在 2025 年在 NLA 保持高水準的井建造活動。

While activity in Mexico will be tempered by decreased spending, we continue to see positive activity across South America, where we have secured several contracts in Brazil within our well construction and wealth management businesses, as well as a contract extension in Argentina within the Well Invention and integrity product line valued at more than $50 million and highlighted in both our press release and Mike's prepared remarks.

雖然墨西哥的活動將因支出減少而受到抑制，但我們繼續看到整個南美洲的積極活動，我們在巴西的油井建設和財富管理業務中獲得了幾份合同，並且在阿根廷的油井發明和完整性產品線中獲得了價值超過 5000 萬美元的合同延期，並在我們的新聞稿和邁克的準備好的發言中進行了強調。

Note that revenue generated in the US land and Mexican markets was about 4% and 2% of consolidated 2024 revenue respectively. For Europe and Sub-Saharan Africa, or ISA, fourth quarter revenue was $143 million a sequential increase of $11 million or 9%, primarily driven by higher subsea well access revenue in Angola. The EBITDA margin at 37% was up 13% points sequentially.

請注意，美國土地和墨西哥市場產生的收入分別約佔 2024 年合併收入的 4% 和 2%。歐洲和撒哈拉以南非洲地區（ISA）第四季營收為 1.43 億美元，季增 1,100 萬美元，增幅 9%，主要得益於安哥拉海底油井接入收入的增加。EBITDA 利潤率為 37%，較上季成長 13 個百分點。

Reflecting the increased subsea activity and a positive contribution from the Congo production Solutions project as we closed out the construction and commissioning phase of the project. Full year ISA segment margin was 26%. Our business sustained good momentum through 2024 as we continue to capitalize on increased activity in the region.

隨著我們結束該專案的建設和調試階段，這反映了海底活動的增加和剛果生產解決方案專案的積極貢獻。全年 ISA 部門利潤率為 26%。隨著我們繼續利用該地區日益增長的活動，我們的業務將在 2024 年保持良好發展勢頭。

As anticipated in the UK, we are seeing increased activity in P&A opportunities, which is reflected in the December press release announcing our support of an operator's 52 well plug and abandonment campaign. As Mike highlighted in Norway, Expro was secured a contract in excess of $40 million for TRS and well cleanup services during the startup phase covering eight wells, four of the largest gas fields on the Norwegian continental shelf.

正如英國所預期的那樣，我們看到 P&A 機會的活動正在增加，這反映在 12 月的新聞稿中，宣布我們支援營運商的 52 口井封鎖和廢棄活動。正如麥克在挪威強調的那樣，Expro 在啟動階段獲得了一份價值超過 4000 萬美元的 TRS 和井清理服務合同，涵蓋八口井，其中四個是挪威大陸架最大的天然氣田。

For 2025, we expect (ESSA) revenue will be down about 10% year over year, largely reflecting the completion of the construction and commissioning phase of the Congo project and a non-repeat of several Angola subsidy projects that were delivered in 2024. ESA segment is expected to improve several 100 basis points year over year based on expected activity mix.

到 2025 年，我們預計 (ESSA) 收入將年減約 10%，這主要反映了剛果項目建設和調試階段的完成，以及 2024 年交付的幾個安哥拉補貼項目不再重複。根據預期活動組合，ESA 部門預計將比去年同期提高數百個基點。

All these activity and revenue is currently assumed to be down year on year. Expected FIDs beginning in age 22,025 should support a strong rebound in 2026. For reference, for full year 2024, construction and commissioning phase related to our Congo production solutions project, contributed revenue of approximately $42 million and negative margin of approximately $14 million.

目前預計所有這些活動和收入都將年減。預計從 22,025 歲開始的 FID 應該會支持 2026 年的強勁反彈。作為參考，2024 年全年，與我們的剛果生產解決方案專案相關的建設和調試階段貢獻了約 4,200 萬美元的收入和約 1,400 萬美元的負利潤。

As Mike noted, variation orders that were pending when we reported Q3 results were recently resolved with a positive, albeit modest impact on fourth quarter results.

正如麥克所指出的，我們報告第三季度業績時待決的變更訂單最近已得到解決，這對第四季度業績產生了積極的影響，儘管影響不大。

Based on the incentive structure and our provision of additional services during the multi-year operations and maintenance phase of the project, we should have a bit of revenue margin upside on a go forward basis relative to our initial assumptions for the ONM phase of the project.

基於激勵結構以及我們在專案多年營運和維護階段提供的額外服務，相對於我們對專案 ONM 階段的初步假設，我們未來的收入利潤率應該會略有上升。

The Middle East and North Africa or MENA team delivered another excellent quarter. Q4 revenue in MENA was $93 million or up 7% sequentially, driven by higher wealth management services, revenue in Algeria, Iraq, and Saudi Arabia. I mean a segment even margin at 35% was flat quarter over quarter and up about 5% points year over year. Full year MENA segment margin was also 35%.

中東和北非（MENA）團隊又一個季度表現出色。中東和北非地區第四季營收為 9,300 萬美元，季增 7%，這得益於財富管理服務以及阿爾及利亞、伊拉克和沙烏地阿拉伯收入的增加。我的意思是，分部的利潤率為 35%，與上一季持平，與去年同期相比增長了約 5%。全年中東和北非地區利潤率也達到 35%。

For 2025, with a full year contribution from the acquired Core business, we are expecting mid to high single digit revenue growth within MENA and still strong but modestly lower segment EBITDA margin based on expected activity mix. The geo-markets generally driving the MENA region are Saudi Arabia, Algeria, and the Emirates.

對於 2025 年，由於收購的核心業務全年貢獻，我們預計中東和北非地區的營收將實現中高個位數成長，並且根據預期的活動組合，分部的 EBITDA 利潤率將依然強勁，但略有下降。通常推動中東和北非地區發展的地緣市場是沙烏地阿拉伯、阿爾及利亞和阿聯酋。

Saudi and Algeria each accounted for about 37% of being a revenue in 2024, and the Emirates accounted for about 8% of being a revenue. Note also that the majority of our revenue generated in the KSA is from onshore activity, which is weighted to gas and unconventional and is largely unaffected by Saudi's announcement of the suspension of offshore [jaco] rigs and the deferral of several offshore oil developments.

2024 年，沙烏地阿拉伯和阿爾及利亞各佔收入的約 37%，阿聯酋佔收入的約 8%。還要注意的是，我們在沙烏地阿拉伯王國產生的大部分收入來自陸上活動，主要集中在天然氣和非常規油氣領域，基本上不受沙烏地阿拉伯宣布暫停海上 [jaco] 鑽井平台和推遲幾項海上石油開發項目的影響。

Finally, in Asia Pacific or APAC, fourth quarter revenue was $62 million a decrease of 5% relative to the September quarter, primarily reflecting decreased wealth management activity in Malaysia and Australia. Asia Pacific segment even margin at 25% was flat from the prior quarter and full year APEC segment even down was 23%.

最後，在亞太地區或APAC，第四季營收為6,200萬美元，較9月份季度下降5％，主要反映了馬來西亞和澳洲財富管理活動的減少。亞太地區分部的利潤率為 25%，與上一季持平，全年 APEC 分部的利潤率下降了 23%。

For 2025, we are expecting APEC revenue to be flat down a couple of percentage points with declines in activity offshore Australia, largely offset by increased activity in Indonesia, Malaysia, Thailand, and Brunei. AAC segment even though margins should be relatively stable year on year. Total support costs for Q4 2024 and full year 2024 were $88 million and $340 million respectively.

到 2025 年，我們預計亞太經合組織的收入將持平下降幾個百分點，澳洲海外活動的下降將在很大程度上被印尼、馬來西亞、泰國和汶萊活動的增加所抵消。儘管 AAC 部門的利潤率同比應該相對穩定。2024 年第四季和 2024 年全年的總支援成本分別為 8,800 萬美元和 3.4 億美元。

And for both Q4 and full year 2024, total support costs for approximately 20% of revenue. Corporate G&A is a subset of total support costs. It was about 3.5% of revenue in 2024. To expand on our Drive 25 initiative and assuming full year 2025 revenue is relatively stable compared to 2024, the 7% to 8% reduction in support costs that Mike referenced implies an approximate $25 million dollar reduction in run rate support savings by Q4 2025, half of which we expect to capture in 2025 results.

對於 2024 年第四季和全年而言，總支援成本約佔收入的 20%。企業一般及行政費用 (G&A) 是總支援成本的一部分。到 2024 年，這一數字將達到約 3.5%。為了擴大我們的 Drive 25 計劃，並假設 2025 年全年收入與 2024 年相比相對穩定，Mike 提到的支持成本減少 7% 到 8% 意味著到 2025 年第四季度，運行率支持節省將減少約 2500 萬美元，其中一半我們預計將在 2025 年的業績中實現。

This will allow us to establish a new baseline for support costs at around 19% of revenue, which should provide scope for improved operating leverage and further margin expansion with growth. Turning to liquidity, full year adjusted cash from operations, which excludes cash paid for interest net, cash paid for severance and other expense, and cash paid for merger and integration expense was $225 million a year over year increase of $55 million.

這將使我們能夠在收入的 19% 左右建立新的支援成本基準，從而為提高營運槓桿和隨著成長進一步擴大利潤率提供空間。談到流動性，全年調整後的營運現金流（不包括支付的利息淨額現金、支付的遣散費和其他費用現金以及支付的合併和整合費用現金）為 2.25 億美元，比去年同期增加了 5500 萬美元。

Working capital increased $55 million year over year. In 2024, cash taxes were approximately $39 million. 2024 cash conversion or adjusted cash flow from operations as a percentage of adjusted Eva was 65%. For your adjusted debitile, less capital expenditures were approximately $210 million and free cash flow or adjusted cash flow from operations less CapEx was approximately $87 million.

營運資金年增5500萬美元。2024 年，現金稅約 3,900 萬美元。 2024 年現金轉換率或調整後經營活動現金流佔調整後 Eva 的百分比為 65%。對於您的調整後借方，減去資本支出約為 2.1 億美元，自由現金流或調整後的營運現金流量減去資本支出約為 8,700 萬美元。

Non-operating uses of cash included CapEx of $144 million. $24 million for the cash portion of the Corres acquisition, that of post-closing adjustments which were an expert's favor. $13 million for the final settlement of contingent consideration related to the 2023 PRT offshore acquisition and $14 million for the repurchase of $1.2 million Expro shares at an average price per share of $11.80.

非經營性現金使用包括 1.44 億美元的資本支出。 2,400 萬美元是 Corres 收購的現金部分，即收盤後調整，這是專家青睞的。 1300 萬美元用於支付與 2023 年 PRT 海外收購相關的或有對價的最終結算，1400 萬美元用於以每股平均 11.80 美元的價格回購 120 萬美元的 Expro 股票。

Acquired shares were approximately 1% of total shares outstanding. Expro had total available liquidity at year end of approximately $320 million with cash and cash equivalents, including restricted cash of approximately $185 million in availability under a revolving credit facility of $136 million.

收購的股份約佔總流通股數的 1%。截至年底，Expro 擁有的可用流動資金總額約為 3.2 億美元，包括現金和現金等價物，其中包括在 1.36 億美元循環信貸額度下可用的約 1.85 億美元的受限現金。

Turning to our outlook, page 9 of our accompanying slides summarizes our guidance for Q1 and full year 2025. As Mike noted, we are currently expecting full year 2025 revenue to be stable to modestly year on year. An adjusted diva margin is expected to be up more than 100 basis points year on year.

談到我們的展望，隨附投影片的第 9 頁總結了我們對 2025 年第一季和全年的指導。正如麥克所說，我們目前預計 2025 年全年營收將保持穩定或同比小幅成長。調整後的 Diva 利潤率預計將比去年同期上漲 100 個基點以上。

On this basis, our initial full year 2025 guidance is for revenue to be within a range of $1.7billion and $1.75 billion and for adjusted EBITDA to be within a range of $350 and $370 million. Free cash flow margin or free cash flow as a percentage of revenue is expected to be about 7%.

在此基礎上，我們對 2025 年全年的初步預期是營收在 17 億美元至 17.5 億美元之間，調整後的 EBITDA 在 3.5 億美元至 3.7 億美元之間。自由現金流利潤率或自由現金流佔收入的百分比預計約為 7%。

Finally, full year guidance for 2025 is based on aggregate support costs and cash taxes of between 19% and 20% of revenue and approximately 4% of revenue respectively.

最後，2025 年全年指引基於總支援成本和現金稅分別佔收入的 19% 至 20% 和約 4%。

As is typical, Q1 is expected to reflect seasonal impacts of the winter season in the northern hemisphere and the budget cycles of our national oil company customers, with revenue expected to be a range of $370 to $380 million. We're down about 15% sequentially from the strong Q4 results and relatively flat year over year in both cases based on the midpoint of guidance.

與往常一樣，預計第一季將反映北半球冬季的季節性影響以及我們國家石油公司客戶的預算週期，預計收入將在 3.7 億美元至 3.8 億美元之間。根據指導中位數，與強勁的第四季業績相比，我們的業績環比下降了約 15%，而與去年同期相比，我們的業績則相對持平。

As highlighted in our press release, the year-on-year trend largely reflects the non-repeat of first quarter of 2024 revenue associated with the construction commissioning phase of Congo production Solutions project. Largely offset by revenue from the acquired Cora's business. Based on Q1 adjusted EBITDA guidance of $65 million to $75 million.

正如我們在新聞稿中所強調的那樣，同比趨勢很大程度上反映了與剛果生產解決方案項目建設調試階段相關的 2024 年第一季收入的未重複。很大程度上被收購的 Cora 業務的收入所抵消。根據第一季調整後的 EBITDA 指引，為 6,500 萬美元至 7,500 萬美元。

Q1 2025 adjusted EBITDA margin is expected to be sequentially lower by about 400 basis points and up 50 to 100 basis points year on year. As Mike noted, we expect the traditionally weak first quarter to be followed by an activity rebound in the second quarter, particularly in international markets and momentum building in international and offshore markets as the year progresses.

預計 2025 年第一季調整後 EBITDA 利潤率將季減約 400 個基點，較去年同期上升 50 至 100 個基點。正如麥克所指出的，我們預計傳統上疲軟的第一季之後，第二季的經濟活動將出現反彈，尤其是在國際市場，隨著時間的推移，國際和離岸市場的勢頭將不斷增強。

We are planning for 2025 capital expenditures of $120 million to $130 million or approximately 7% of revenue at the midpoint of guidance. Note that our revenue and CapEx guidance does not contemplate significant new production solutions projects.

我們計劃 2025 年的資本支出為 1.2 億至 1.3 億美元，約佔指導中位數收入的 7%。請注意，我們的收入和資本支出指導並未考慮重大的新生產解決方案項目。

As we've highlighted in the past, larger production solutions projects can result in elevated capital expenditures relative to what is required to sustain our business and support more typical non-production solutions project related growth. However, PS projects usually do provide for milestone payments.

正如我們過去所強調的那樣，更大的生產解決方案項目可能會導致資本支出相對於維持我們的業務和支持更典型的非生產解決方案項目相關增長所需的資本支出增加。然而，PS 專案通常確實提供里程碑付款。

To the extent new production solutions project awards will have a material impact on our guidance. We'll highlight such projects in future earnings calls or other investor communications. With that, I'll turn the call back to Mike for a few closing comments.

在某種程度上，新的生產解決方案專案獎勵將對我們的指導產生重大影響。我們將在未來的收益電話會議或其他投資者溝通中重點介紹此類項目。說完這些，我將把電話轉回給麥克，讓他發表一些結束語。

Thank you, Quinn. Expro accomplished a lot in 2024 with solid financial performance, including year over year growth in revenue of 13% and year over year growth in adjusted EBITDA of 40%. Some key operational highlights include the acquisition of Coretrax, which enhances our depth of talent and the capabilities of our product offerings,

謝謝你，奎因。Expro 在 2024 年取得了豐碩的成果，財務表現穩健，包括營收年增 13%，調整後 EBITDA 較去年同期成長 40%。一些關鍵的營運亮點包括收購 Coretrax，這增強了我們的人才深度和產品能力，

the successful integration of the PRT offshore team, and the completion of the construction and commissioning phase of the Large Congo production solutions project. While we believe the macro backdrop sets up 2025 to be a transition year for the energy services industry, Expro's outlook is for steady revenue, if not modest growth, relative to 2024.

PRT海上團隊的成功整合，以及大剛果生產解決方案專案的建造和調試階段的完成。雖然我們認為宏觀背景將使 2025 年成為能源服務業的轉型年，但 Expro 的預期是，相對於 2024 年，其收入將保持穩定，甚至略有增長。

Activity mix and operating efficiency gains should translate into adjusted even in dollars and margins at or above 2024 levels. Absent further geopolitical disruptions, we expect momentum to build in the international and offshore markets as the year progresses and concerns about oil supply abate.

活動組合和營運效率的提高應轉化為調整後的美元和利潤率，達到或超過 2024 年的水準。如果沒有進一步的地緣政治動盪，我們預計隨著時間的推移和對石油供應的擔憂減弱，國際和海上市場勢頭將會增強。

Beyond 2025, we remain very bullish on the outlook for long cycle development driven by economic growth, security of supply considerations, and market policymakers accepting that hydrocarbons, and particularly natural gas, will remain a key element of the global energy slate for the foreseeable future. With that, we can open up the call for questions.

2025年後，我們仍然非常看好長期週期發展的前景，這得益於經濟成長、供應安全考量以及市場政策制定者接受碳氫化合物（特別是天然氣）在可預見的未來仍將是全球能源結構的關鍵要素。這樣，我們就可以開始提問了。

We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Eti Kim with Barclays.

我們現在開始問答環節。（操作員指示）我們的第一個問題來自巴克萊銀行的 Eti Kim。

Hi, good morning. Just wanted to ask about the full year 25 revenue guide of stable to modestly up year over year, which is a little bit higher than. What others have indicated, more kind of in the maybe flat or maybe even flat to down kind of level, is that more a function of maybe Expro gaining share or just a better-than-expected outlook than what others are saying,

嗨，早安。只是想問全年 25 收入指南是否穩定或同比小幅上漲，比去年同期略高一些。其他人表示，這更多的是處於可能持平甚至可能持平或下降的水平，這更多的是因為 Expro 獲得了市場份額，或者僅僅是好於預期的前景，而不是其他人所說的，

or is it maybe a function of kind of Expro's specific differences? I know there are a lot of moving parts with the core track acquisition last year and the Congo project moving into the ONM phase of the contract. So just more details around your full year revenue guidance. Would be great.

或者它可能是 Expro 某種特定差異的函數？我知道去年核心軌道收購和剛果專案進入合約的 ONM 階段有很多活動零件。因此，您只想了解有關全年收入預期的更多詳細資訊。那就太好了。

Sure, no, Eddie, good morning and thanks for the question. I guess that I would frame it up like this. Part of it has to do with the markets that we have a lot of exposure to. Whether it's US land, which, I think is going to have some choppiness this year, or, the announced, reduction in spend by PME in Mexico, we have very minimal spend. We're about, 4% and 2% respectively revenue from those.

當然，不，艾迪，早安，謝謝你的提問。我想我會把它設計成這樣。部分原因與我們大量接觸的市場有關。無論是美國土地（我認為今年會出現一些波動），還是 PME 宣布減少在墨西哥的支出，我們的支出都非常少。我們從中分別獲得了約 4% 和 2% 的收入。

It also has to do with our exposure to the Saudi market as we TRY to highlight in a discussion. Most of our exposure in Saudi is really unconventional land, gas. The jack up reduction and the offshore reduction is not going to have as much of an impact on us.

這也與我們對沙烏地阿拉伯市場的了解有關，正如我們在討論中試圖強調的那樣。我們在沙烏地阿拉伯的大部分投資其實是非常規土地和天然氣。自升式鑽井平台和海上鑽井平台數量的減少不會對我們造成太大的影響。

And then the other one is really kind of what's going to happen in the offshore Australia market. So it's really kind of us. It's a combination of the markets we're exposed to. It also, frankly, is, we very intentionally and strategically have done some creative M&A in the last few years.

另一個問題是澳洲離岸市場將會發生什麼。我們真的很友善。這是我們所接觸的市場的組合。坦白說，在過去幾年裡，我們非常有意且有策略地進行了一些富有創意的併購。

We're going to see the benefit of those as we internationalize those businesses and frankly we're all. Going to see the benefit of some of the investments we've made in our in our own engineering efforts, whether it's introduction of introduction of technology around cementation or introduction of technology, to reduce personnel in the red zone, we're really starting to see the benefit of it.

隨著我們將這些業務國際化，我們將看到其中的好處，坦白說，我們都這樣做。我們將看到我們在自己的工程工作中所做的一些投資所帶來的好處，無論是引進圍繞水泥的技術還是引進減少紅區人員的技術，我們都開始看到它的好處。

So, some of its related to our business, the markets where we're in, and really continue to see some of the internationalization of our overall business.

因此，其中一些與我們的業務、我們所處的市場有關，並且確實繼續看到我們整體業務的國際化。

Understood. My follow up is just on the first quarter guidance, the 15% kind of sequential decline in revenue is a bit more steep than historically. If I look at past years, I think the sequential decline has been kind of in the mid-single digits range.

明白了。我的後續行動只是針對第一季的預測，營收連續 15% 的下降比歷史上嚴重一些。如果回顧過去幾年，我認為連續的下降幅度一直處於個位數的中等範圍內。

So just any more color on why, this first quarter is the decline is a little bit more steep than historically and then I guess just your confidence level in the rebounds in to and the rest of the year, is that more your expectation for the market, the overall market to kind of rebound or is it based on projects you're working on currently?

那麼，能否進一步解釋為什麼今年第一季的跌幅比史上大一些？然後我想問一下，您對今年剩餘時間的反彈的信心水平，這是您對市場、整個市場反彈的預期嗎？還是基於您目前正在進行的專案？

Hey, it's Quinn. I'll take that. So, number one on the sequential decline in the first quarter, I think a couple of things that I would highlight would be number one, we had a very strong quarter in terms of subsidy project deliveries in Q4 2024, so we won't repeat that in the first quarter.

嘿，我是奎因。我會接受的。因此，關於第一季度的連續下降，我想強調的幾點是，第一，我們在 2024 年第四季的補貼專案交付方面表現非常強勁，因此我們不會在第一季度重複這種情況。

And beyond that, it's really the kind of, as expected and as this happened in the last number of years, the winter season in the northern hemisphere which most significantly impacts the North Sea activity. And I guess if you look at it from a year over year perspective, we did have Congo project related revenue in, last year which, somewhat insulated the step down.

除此之外，正如預期的那樣，正如過去幾年發生的那樣，北半球的冬季對北海活動的影響最為顯著。我想，如果從同比的角度來看，去年我們確實有與剛果專案相關的收入，這在一定程度上緩解了收入下降的影響。

That was also true in 2023. So essentially when you remove the Congo benefit in the last two years, it's actually pretty consistent with, the seasonality that we've experienced in the past. So, again, the Q4 2024 subsea projects probably magnifies it a bit. Regarding the rebound, our internal forecasting and budgeting process is very much bottoms up.

2023年也是如此。因此，從本質上講，當你消除過去兩年剛果的福利時，它實際上與我們過去經歷的季節性非常一致。因此，2024 年第四季的海底計畫可能會再次放大這一影響。關於反彈，我們的內部預測和預算流程基本上是自下而上的。

A lot of it relates to expected timing, in part, benefiting from the winter season in the northern hemisphere kind of, passing, that is, expected, uptick, but beyond that, we had some relative weakness in terms of NLA. In the tubulars deliveries and the expendable’s product line and at least based on the visibility that we have today, that was somewhat reverse.

這在很大程度上與預期時間有關，部分原因是受益於北半球冬季的到來，也就是預期的上升趨勢，但除此之外，我們在 NLA 方面相對疲軟。在管材交付和消耗品產品線中，至少根據我們今天的了解，情況有些逆轉。

So, it's really, kind of as the team sees projects lining up in 24, hopefully the macro, situation improves a bit, but we have relatively good visibility on our Q2 activity and based on what we know today, we should see, the typical recovery. Okay, great.

因此，正如團隊看到 24 個專案排隊一樣，希望宏觀情況會有所改善，但我們對第二季度的活動有相對較好的了解，並且根據我們今天所知道的情況，我們應該看到典型的復甦。好的，太好了。

All very clear. Thank you. I'll turn it back.

一切都非常清楚。謝謝。我會把它轉回去。

Thanks.

謝謝。

Thank you. And our next question comes from [Audie Modo Wade] Goldman Sachs.

謝謝。我們的下一個問題來自 [Audie Modo Wade] 高盛。

Hi, good morning team. I guess on the thanks for all the color on the Drive 25, I was just wondering if you can give us more color on the free cash flow progression as well from the 7% of revenue this year, into the 10% target over time.

嗨，大家早安。我想，感謝您對 Drive 25 的貢獻，我只是想知道您是否可以為我們提供更多關於自由現金流進展的信息，以及從今年收入的 7% 到隨著時間的推移達到 10% 的目標。

Yeah, Audie, thanks for the question. I'll comment on the Drive 25 initiative. You know this was something that we actually highlighted in in our Q3 call that we had kicked off kind of at the middle of the summer last year. Really felt like we had an opportunity to start to go through.

是的，奧迪，謝謝你的提問。我將對 Drive 25 計劃發表評論。您知道，這實際上是我們在去年夏中旬開始的第三季電話會議上強調的。真的感覺我們有機會開始前進。

And look at efficiency opportunities and look at how we can drive more throughput through the organization and as much as anything that you know as we get out into, 2026 and beyond as we see revenues step up, how do we drive more efficiency with the business from a support cost standpoint.

看看效率機會，看看我們如何在整個組織中提高吞吐量，以及隨著我們進入 2026 年及以後看到收入增加，我們如何從支援成本的角度提高業務效率。

So, we spent a lot of time over the course of and we had some external help, kind of in the in the late fall time frame to really go through and look at how are the regions and how are the product lines and how are the support functions operating today, how can we become more efficient, how can we drive additional costs out.

因此，我們花了很多時間，也得到了一些外部幫助，在深秋的時間段內，我們真正地審視了各個地區的情況、產品線的情況以及支持功能的運作情況，我們如何才能變得更有效率，如何才能降低額外的成本。

And part of that has been to continue to expand our shared service, center operations. We stood up a support center in Bogota, Colombia last year to support largely the America's activity, but also how do we drive more of that, more of the transactional kind of things, how do we drive more operating efficiency, more operating leverage there.

其中一部分是繼續擴大我們的共享服務和中心營運。我們去年在哥倫比亞波哥大建立了一個支援中心，主要支援美國的業務活動，但同時我們也考慮如何推動更多此類活動，更多的交易類活動，如何提高營運效率和營運槓桿的。

So, the good thing was, we started that off back in the summertime, not because we hadn't necessarily anticipated any market softness in 2025, but more around a, we have a lot of focus on continuous improvement, and that's really what that was around.

因此，好消息是，我們在夏天就開始了這項工作，這並不是因為我們沒有預料到 2025 年會出現任何市場疲軟，而更多的是因為我們非常注重持續改進，而這才是真正的目的。

So, to some extent we were kind of ahead of the curve, so to speak, so we could move into an implementation mode, as we moved into 2020. 5 we're able to embed many of those expectations in our 2025 budget process.

因此，在某種程度上，我們可以說是走在了前面，所以隨著我們進入 2020 年，我們可以進入實施模式。 5 我們能夠將許多這些期望嵌入到我們的 2025 年預算流程中。

So, I think kind of as we TRY to highlight in the prepared remarks, it's about $25 million of cost improvements, about half of which we think we'll see, kind of pop out the bottom of the P&L, so to speak, here in 2025, but it's very much part of ours.

因此，我認為，正如我們在準備好的發言中試圖強調的那樣，這大約是 2500 萬美元的成本改進，其中大約有一半我們認為我們會看到，在 2025 年，它會從損益表的底部彈出，可以這麼說，但這在很大程度上是我們的一部分。

We really focus a lot on continuous improvement around our HSC performance and our service delivery performance, and it's really applying that same kind of approach and efficiency expectation to our own kind of internal support efforts as well.

我們確實非常注重 HSC 效能和服務交付效能的持續改進，並且也將相同的方法和效率期望應用於我們自己的內部支援工作。

Yeah, now I'll just pick up on the free cash flow margin progression and one of the key drivers. So activity mix is one, so the movement into the operations maintenance phase of the Congo is one example where we know we've got a change in mix that's expected that should be beneficial, but more broadly, I think it's about cost and capital discipline.

是的，現在我只想談談自由現金流利潤率的進展和其中一個關鍵驅動因素。因此，活動組合是其中之一，進入剛果的營運維護階段就是一個例子，我們知道我們的組合發生了變化，預計這應該是有益的，但更廣泛地說，我認為這與成本和資本紀律有關。

Mike talked about the Drive 25 program. We've provided guidance for CapEx, which is down year over year. In a more, flattish type environment, we, as Mike said, we'll be, designing the cost structure and capital investments around revenue realities as opposed to revenue aspirations. So, you'll see us restrained in terms of CapEx until we have a better sense of where the markets at.

麥克談到了 Drive 25 計畫。我們已為資本支出提供了指導，但其同比下降。在更平坦的環境中，正如麥克所說，我們將根據收入實際情況而不是收入期望來設計成本結構和資本投資。因此，在我們更好地了解市場狀況之前，您會看到我們在資本支出方面受到限制。

And then finally, Expro and quite frankly the entire energy services industry. Has been challenged with working capital issues over the last, year plus, and, at least our expectations that we'll at least moderate in a more flat revenue environment and hopefully reverse at some point, but I think we're all sitting on, higher AI or higher AR and higher inventory, than we prefer as an industry and hopefully that will start to again moderate or reverse, but those are the key drivers.

最後，是 Expro 以及整個能源服務產業。在過去一年多的時間裡，我們一直面臨著營運資金問題的挑戰，至少我們預期我們會在更加平穩的收入環境中有所緩和，並希望在某個時候出現逆轉，但我認為我們都面臨著更高的人工智能或更高的 AR 和更高的庫存，這比我們作為一個行業所希望的要高，希望這種情況會再次開始緩和或逆轉，但這些是關鍵驅動因素。

That's very helpful. Thank you, Quinn. And maybe sticking with you, if you can give us any color on capital allocation priorities throughout the year, Corax obviously has been very additive to me thoughts around similar kind of M&A given that the market is area our spreads becoming more interesting. What's the appetite for M&A there and then overall, capital allocation if you can.

這非常有幫助。謝謝你，奎因。也許繼續問下去，如果您能給我們一些關於全年資本配置重點的信息，那麼 Corax 顯然對我關於類似併購的想法有很大幫助，因為市場是我們的利差變得越來越有趣的區域。那裡對併購的興趣如何？總體而言，如果可以的話，進行資本配置。

Well, the appetite is there for M&A. We've got a clean balance sheet that would allow us to execute on it without issuing shares within a certain size parameter, but we don't believe in big for Big's sake, as Mike says, we focus on three things industrial logic, and industrial logic,

嗯，存在併購的興趣。我們有一個乾淨的資產負債表，這使我們能夠在不發行一定規模參數的股票的情況下執行該目標，但我們不相信為了大而大，正如邁克所說，我們專注於三件事：工業邏輯，以及工業邏輯，

And that'll continue to be our North Star, but I guess the. Broader capital allocation we've highlighted the 7% that we're intending to invest in CapEx M&A will be compared against, we're effectively Expro trades. We've tried to be balanced in our approach, targeting 1% to 2% of TSO in terms of buybacks per annum. I think that will continue to be, our plan or expectation.

這將繼續是我們的北極星，但我想。更廣泛的資本配置，我們強調了我們打算投資於資本支出併購的 7%，將與之進行比較，我們實際上是 Expro 交易。我們試圖在方法上保持平衡，目標是每年回購 1% 到 2% 的 TSO。我認為這將繼續是我們的計劃或期望。

We did buy, some stock in, the fourth quarter, late in the fourth quarter, and I would expect we'll continue to look hard at that on a go forward basis. So again, I think our approach is balanced, the name of the game is to create long term shareholder value and if we can convince ourselves that we can do that through M&A, we'll do so, but it's got to be, relative to, where expert trades and, ultimately what's in the best interests of shareholders. That responsive.

我們確實在第四季度末買入了一些股票，我預計我們將繼續密切關注這一情況。所以，我再次認為我們的方法是平衡的，遊戲的名稱是創造長期股東價值，如果我們能夠說服自己我們可以透過併購來做到這一點，我們就會這樣做，但這必須相對於專家交易的位置以及最終符合股東的最佳利益。反應靈敏。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Thank you. And our next question comes from Grant Hines with JP Morgan.

謝謝。我們的下一個問題來自摩根大通的格蘭特海因斯。

Hey, good morning, Quinn and team. I just had. One quick one here. Could you provide us a bit more. Color kind of on the. Resolution of the. Condo project? I think previously might have represented about $7 million dollar headwind or so kind of in 3Q.

嘿，早安，奎因和團隊。我剛剛有。這裡簡單介紹一下。您能否提供更多資訊？顏色種類上。的解決方案。公寓專案？我認為之前可能在第三季帶來約 700 萬美元的逆風。

Was this essentially reversed in 4Q and then additionally it sounds like you have an opportunity to maybe earn some better rates, on the execution side within the ONM contract and more color there as well. Thanks.

這在第四季度是否基本上被逆轉了，另外聽起來你可能有機會在 ONM 合約的執行方面獲得更好的利率，並且還有更多的色彩。謝謝。

No, great, thank you, Grant. Appreciate the question. I guess, first off. what I really want to highlight is that I am very pleased that we delivered a world-class facility in a very quick manner.

不，太好了，謝謝你，格蘭特。感謝你的提問。我想，首先。我真正想強調的是，我很高興我們能夠以非常快的方式交付世界一流的設施。

All of this while maintaining a very high level of HSC performance. On top of that, the design that we had for the plant has allowed for some short-term production rates to be above the nameplate capacity, which I think gives us and the operators some operational flexibility.

所有這一切同時保持了非常高的 HSC 性能水準。最重要的是，我們對工廠的設計允許一些短期生產率高於標稱產能，我認為這為我們和營運商提供了一些營運彈性。

So, fundamentally, subsequent to the close of the of the third quarter, we've been able to successfully resolve the outstanding variation orders. And this really this is a mix of kind of lump sum in the construct and commissioning phase, lump sum that's going to be in the O&M phase, and some increase in the OM rates.

因此，從根本上來說，在第三季結束後，我們已經能夠成功解決未決的變更訂單。這實際上是建設和調試階段的一筆總付款、運營和維護階段的一筆總付款以及運營維護費率的一定增加。

Fundamentally, as we can, as I alluded to, as we can increase the production throughput, as well as provide some additional services and some additional support to them specifically around power generation capacity.

從根本上說，正如我所提到的，我們可以提高生產能力，並為他們提供一些額外的服務和一些額外的支持，特別是在發電能力方面。

The original 10-year project economics will ultimately be delivered and fundamentally despite the chopping that we had during the percentage of completion part of the project in 2024, these are the type of production solutions projects that we really want to have, we now move into, the operate and maintain phase and fundamentally for us that's when margins will be a creative.

最初的 10 年專案經濟效益最終將實現，從根本上講，儘管我們在 2024 年專案完成百分比部分有所削減，但這些都是我們真正想要的生產解決方案專案類型，我們現在進入營運和維護階段，從根本上來說，對於我們來說，利潤率將具有創造性。

Our overall business, the lump sum impact in Q4 was not significant. It was a couple million bucks. We are, I am really pleased how we've concluded the conversations with the operator, and it's really going to be, a combination of, small incremental revenues in the commission and construct phase, increased in the A lump sum and some O&M rates and then increased in the overall daily rates.

我們的整體業務，第四季的總額影響並不大。價值幾百萬美元。我很高興我們與運營商的對話已經結束，這實際上將是佣金和建設階段的小幅增量收入、總價和一些 O&M 費率的增加以及整體日費率的增加。

So, good conclusion and fundamentally overall we still maintain the original project economics that we had based on the project, and we sanctioned it a number of years ago, albeit a little bit more choppineness during the percentage of completion, constructive commissioning phase, but overall, very successful.

因此，結論很好，從根本上來說，我們仍然保持了基於該項目的原始項目經濟性，並且我們在幾年前就批准了該項目，儘管在完成百分比、建設性調試階段出現了一些波動，但總體而言，非常成功。

Appreciate the collar. I'll hand it back.

欣賞衣領。我會把它還給我。

Thank you.

謝謝。

Sounds good thanks.

聽起來不錯，謝謝。

Our next question comes from Steve Ferazani with Sidoti Company.

下一個問題來自 Sidoti Company 的 Steve Ferazani。

I did want to follow up on the answer to the previous question, Mike and Quinn. Obviously, you generated a really significant margin in 4Q. If it was only a couple million bucks from the from the Congo repayment, what else was driving that really significant margin? Besides, obviously you had the drag in the previous two quarters.

我確實想跟進一下上一個問題的答案，麥克和奎因。顯然，你們在第四季獲得了非常可觀的利潤。如果剛果償還的款項只有幾百萬美元，那麼還有什麼因素推動瞭如此可觀的差額呢？此外，顯然你在前兩個季度遇到了拖累。

It's still well above what we might have expected, and I'm assuming that's not the type of margin you want us to assume even as you go into the ONM phase with Congo next year. Is all of that kind of. Right?

它仍然遠高於我們預期的水平，而且我認為，即使明年你們進入與剛果的 ONM 階段，這也不是你們希望我們假設的利潤率類型。都是那樣的。正確的？

Yeah, that's why I tried to walk through the regions in terms of our expectations in terms of your profession, but as Mike highlighted the close out of the construction commissioning phase on Congo. I mean it was a driver in terms of the sequential improvement because we essentially didn't repeat the losses that were recognized in Q3.

是的，這就是為什麼我試圖根據我們對你的職業的期望走遍各個地區，但正如麥克所強調的，剛果的建設調試階段已經結束。我的意思是，它是連續改善的一個驅動力，因為我們基本上沒有重複第三季確認的損失。

So that was obviously a positive and then we had, as Mike mentioned, a couple million dollars dollar benefit that was recognized in Q4. I would say the primary driver, beyond that is, subsea is one of our higher margin product lines.

所以這顯然是積極的，然後正如麥克所提到的，我們在第四季度獲得了數百萬美元的收益。我想說，除此之外，主要的驅動力是海底是我們利潤率較高的產品線之一。

We had significant subsea deliveries in terms of projects in Q2. Which was also a good margin quarter though somewhat offset by the Congo project and then 42 we had, another, large project delivery again in Angola within the subsea well axis product line.

我們在第二季度有大量海底專案交付。這也是一個很好的利潤季度，儘管在一定程度上被剛果項目所抵消，然後我們在安哥拉的海底井軸產品線中再次進行了另一個大型項目的交付。

So, subsea can be a bit lumpy at times, but it is, very. High value added, mission critical service and customers value that and we tend to generate better margins from it.

因此，海底有時會有點顛簸，但事實確實如此。高附加價值、關鍵任務服務和客戶重視這一點，我們傾向於從中獲得更好的利潤。

Okay, that's helpful. And when we think about your margin assumptions for 2025 guidance and you're talking about 10 basis points, but when we put together all the pieces you walk through the cost cuts related to Drive 25, the phasing into O&M, and you won't have to drag from the cost overruns last year in Congo, we think about a full year of core tracks, which is higher margin.

好的，這很有幫助。當我們考慮您對 2025 年指引的利潤率假設時，您說的是 10 個基點，但是當我們把所有與 Drive 25 相關的成本削減、分階段實施 O&M 放在一起時，您不必再承受去年剛果的成本超支，我們考慮全年的核心軌道，這是更高的利潤率。

A lot of this would buy us towards higher margin. What's offsetting it less subsea well access projects this year or what limits margin improvement as we just go through those three pieces which clearly drive better margins next year even in a flat market.

其中許多將幫助我們獲得更高的利潤。今年海底油井接入計畫減少的原因是什麼，或者說是什麼限制了利潤率的提高，正如我們剛才討論的這三個因素一樣，即使在平淡的市場中，這三個因素也明顯會在明年帶來更好的利潤率。

Yeah, I think you might have misspoken, so the margin benefit that we should get from the operating efficiency campaign, on a run rate basis should close in on 100 basis points itself. We obviously won't get the full benefit of that in 2025 it's a phased program.

是的，我想你可能說錯了，所以我們應該從營運效率活動中獲得的利潤收益，按運行率計算應該接近 100 個基點。顯然，我們無法在 2025 年就獲得全部好處，因為這是一個分階段的計劃。

But again, the biggest drivers are going to be activity mix and, as Mike mentioned, we've built in the pricing that's embedded in our backlog, but we're not assuming, given the current market tone that we'll get incremental that pricing gains, though certainly within well construction subsea we have, high value added mission critical services that have limited, sideline capacity.

但再次強調，最大的驅動力將是活動組合，正如麥克提到的，我們已經將定價納入了積壓訂單中，但考慮到目前的市場基調，我們並不認為我們會獲得增量定價收益，儘管在海底油井建設方面，我們確實擁有高附加價值的關鍵任務服務，但這些服務具有有限的、副業的能力。

So, as the market tightens up, we should see benefits from that, but we're not embedding it in our guidance today. So again, I think. What we're focused on is where can we expand margins within the things that we can 100% control, and that's really costs.

因此，隨著市場收緊，我們應該會看到其中的好處，但我們今天不會將其納入我們的指導中。所以我再次認為。我們關注的是，在我們能夠 100% 控制的範圍內，我們可以在哪裡擴大利潤，那就是成本。

So, I would say that, primarily costs and maybe a little bit of activity that's embedded in backlog is what drives the guidance and hopefully as the year progresses and the market tightens up a little bit, and we can improve upon that. But I think we and others are going into 25 cautious both in terms of expectations and the guidance that we're providing the market.

因此，我想說，主要成本以及可能包含在積壓訂單中的一些活動是推動指導的因素，希望隨著時間的推移和市場收緊，我們可以改進這一點。但我認為，我們和其他人在向市場提供的預期和指導方面都持謹慎態度。

If I could get one more in just in terms of progress with Coretrax and Delta Tech, you just lapsed two years on that acquisition. When you made it, you talked about potentially doubling the cementing business. How far are you towards that target? In Core tracks, you won that Australia contract in terms of winning awards outside of the core markets where you are with that progress.

如果我能就 Coretrax 和 Delta Tech 的進展再多說一點的話，那次收購已經過去兩年了。當您實現這一目標時，您談到了水泥業務可能翻倍的可能性。你距離這個目標還有多遠？在核心領域，您憑藉這一進展贏得了澳大利亞合同，這是在核心市場之外贏得獎項的體現。

No, it seems a great question. I can tell you we continue to make good progress on the expansion of our cementation product line. This helps us drive a lot of rig efficiency. When you start dramatically reducing the, waiting on cement cure time for, offshore deep-water rigs, that's. 18 to 24 hours it starts to become meaningful,

不，這似乎是一個很好的問題。我可以告訴你們，我們在擴大水泥產品線方面繼續取得良好進展。這有助於我們提高鑽孔機效率。當你開始大幅減少等待海上深水鑽井平台水泥固化的時間時，就是這樣。 18到24小時後它開始變得有意義，

So, we continue to make really good progress on that. At the same time, I can also tell you that we're going to be patient on our introduction because we have value creation and revenue generation expectations for those new services, and we're not going to give them away. I can tell you I was in Europe.

因此，我們在這方面繼續取得良好進展。同時，我也可以告訴你們，我們將耐心地介紹，因為我們對這些新服務有創造價值和產生收入的期望，我們不會免費提供它們。我可以告訴你我去過歐洲。

A week ago with one of our international customers and they pressed me really hard on, why we don't have it on every one of their rigs globally and my answer was, as soon as you guys agree to the rates that we have expectations around, we'll continue deployment.

一週前，我們的一位國際客戶極力追問我，為什麼我們沒有在全球的每座鑽井平台上都部署它，我的回答是，只要你們同意我們預期的費率，我們就會繼續部署。

So, we're going to be patient. We're going to get those things out there, but we're making good progress with that. Corax is another one that you know we're going to have an ability to expand our footprint in US Land Australia and some of the coal bed methane, fields where they have a lot of corrosion issues and a lot of casing integrity issues. Brazil land, we tried to highlight, Argentina and Colombia.

所以，我們會保持耐心。我們會把這些東西拿出來，我們在這方面取得了良好的進展。Corax 是另一家我們將有能力擴大我們在美國土地澳洲和一些煤層氣領域的業務的公司，這些領域存在許多腐蝕問題和套管完整性問題。我們試圖強調巴西、阿根廷和哥倫比亞。

There's a lot of places that, expandable tubulars whether it's short. And patches or it's, full production string relining we think we're going to have some great opportunities there. So it's as much as anything, making sure we focus on the right markets. We can't TRY to go to 60 countries tomorrow to operate core tracks in. We want to make sure we go to the TOP5 and then the next five.

有很多地方都有可膨脹管，無論它有多短。我們認為，無論是補丁還是完整的生產字串修復，我們都會在那裡獲得一些很好的機會。因此，最重要的是確保我們專注於正確的市場。我們不可能明天就試圖去 60 個國家運作核心軌道。我們希望確保進入前五名，然後進入接下來的五名。

So, it's really a matter of us trying to be, methodical and patient to get the maximum benefit out of these things.

因此，我們實際上需要努力有條不紊、耐心等待，以便從這些事情中獲得最大利益。

That's great thanks Mike thanks Glen.

太好了，謝謝麥克，謝謝格倫。

Thanks Steve.

謝謝史蒂夫。

Our next question comes from Josh Jane with Daniel Energy Partners.

下一個問題來自 Daniel Energy Partners 的 Josh Jane。

Thanks. Good morning. Mike, in your last, thanks, good morning. Mike, in your last, question that you just responded to, you talked about Ian a little bit and you also highlighted it in the presentation, first deployment in West Africa.

謝謝。早安.麥克，最後，謝謝，早安。麥克，在您剛才回答的最後一個問題中，您稍微談到了伊恩，並且在演講中強調了在西非的首次部署。

Maybe you could just speak to the sense of urgency among A customers to pay for this type of technology, especially when we think about rig safety and also the ability to take 15 rig hours out a month. How many of these systems are in the market today and what do you think the growth runway is for this over the next couple of years?

也許您可以談談 A 客戶對購買此類技術的緊迫感，尤其是當我們考慮到鑽機安全以及每月可節省 15 個鑽機小時的能力時。目前市場上有多少這樣的系統？您認為未來幾年這些系統的成長軌跡如何？

No, Josh, it's a great question. I can tell you it's. Some of our customers, some of our IOEC customers are much more focused on the HSC importance of this and the reducing the number of personnel in the red zone and those type of things. I think we'll continue to gain momentum.

不，喬希，這是一個很好的問題。我可以告訴你確實如此。我們的一些客戶，我們的一些 IOEC 客戶更加關注這一點的 HSC 重要性以及減少紅區人員數量等事情。我認為我們將繼續獲得動力。

I mean, quite frankly, I was in Europe with an executive level meeting with the customer, and I'll be Honest, I was quite surprised that one of the key topics they want to talk about was I and introduction of How much value you know they see it bringing to them.

我的意思是，坦白說，我在歐洲與客戶舉行了一次高階主管級別的會議，說實話，我很驚訝他們想要討論的關鍵話題之一是「你知道它能為他們帶來多少價值」。

It was a kind of specific technology importance that I wouldn't have thought would have kind of bubbled up to that level, but we've got good momentum behind it, we're going to put those into the marketplace at an appropriate rate because frankly, we have an expectation around what we're going to charge for that, and we could probably double the market uptake if we would reduce the pricing on it, and we're not going to because it brings such tremendous value.

這是一種特定的技術重要性，我以前從未想過它會發展到如此程度，但我們擁有良好的發展勢頭，我們將以適當的價格將其投放到市場，因為坦率地說，我們對它的收費有一個預期，如果我們降低它的價格，我們的市場吸收量可能會翻一番，但我們不會這樣做，因為它帶來瞭如此巨大的價值。

And so, we're going to push it out there at the right at the right rate, ideally, we today probably operate on somewhere north of 70 of the total floating assets and well construction, I would like to think that at some point in time down the road in the next couple of years that we would have.

因此，我們將以正確的速度將其推向市場，理想情況下，我們今天可能在總浮動資產和油井建設的 70% 以上的地方進行運營，我想在未來幾年的某個時間點，我們會擁有它。

75% plus you know eye centrfi uptake on those rigs because it does drive efficiency and more importantly it really reduces the exposure for personnel in the red zone. So, I think we'll continue with that kind of that kind of uptake.

75% 以上，您知道這些鑽孔機的眼中心吸收率是因為它確實提高了效率，更重要的是，它確實減少了紅區人員的暴露。所以，我認為我們會繼續這種做法。

Okay, thanks very much. I'll turn it back.

好的，非常感謝。我會把它轉回去。

Great thanks y'all.

非常感謝大家。

That was our final question. So, this does conclude today's call. Thank you everyone for joining and thank you for your participation. Have a great day and you may not disconnect.

這是我們的最後一個問題。今天的電話會議到此結束。謝謝大家的加入，也謝謝大家的參與。祝您有美好的一天並且您可能不會斷開連接。