Expro Ltd (XPRO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, the Expro Q4 2025 earnings presentation will begin shortly with your host, Dave Wilson. We appreciate your patience as we prepare your session today. (Operator Instructions) We will begin shortly.

女士們、先生們，Expro 2025 年第四季財報會即將開始，主持人是戴夫威爾森。感謝您在準備今天課程期間的耐心等待。（操作說明）我們馬上開始。

Good morning or good afternoon all and thank you for joining us for the Expro Q4 2025 earnings conference call. My name is Carly and I'll be the conference call coordinator today. (Operator Instructions)

各位早安/下午好，感謝各位參加Expro 2025年第四季財報電話會議。我叫卡莉，今天我將擔任電話會議協調員。（操作說明）

I'll now hand over to our host, Dave Wilson, Investor Relations. The floor is yours.

現在我將把麥克風交給我們的主持人，投資者關係部門的戴夫威爾森。現在輪到你發言了。

Thank you, operator. Good morning everyone and welcome to Expro's fourth quarter call for the year ended 2025. I'm joined today by Michael Jardon, CEO; and Sergio L. Maiworm, CFO. Both Michael and Sergio will have some prepared remarks, after which we'll open the call for questions.

謝謝接線生。各位早安，歡迎參加Expro截至2025年第四季的電話會議。今天和我一起的有首席執行官邁克爾·賈登和首席財務官塞爾吉奧·L·邁沃姆。麥可和塞爾吉奧都會有一些準備好的發言稿，之後我們將開放提問環節。

As part of today's call, we have an accompanying presentation and supplemental financial information on our fourth quarter and full year results. Both of these are posted on the Expro website under the Investors section. Before we begin today's call, I'll remind everyone that some of today's comments may refer to or contain forward‑looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially.

作為今天電話會議的一部分，我們將提供一份簡報以及有關我們第四季度和全年業績的補充財務資訊。這兩篇文章都發佈在Expro網站的投資者關係欄位下。在今天的電話會議開始之前，我要提醒大家，今天的一些評論可能涉及或包含前瞻性陳述。這些聲明並非對未來績效的保證，並且存在風險和不確定性，可能導致實際結果與預期結果有重大差異。

These statements speak only as of today's date, and the company assumes no responsibility to update them. A more complete discussion of these risks is included in the company's SEC filings located on sec.gov or on our website. Please note that any non‑GAAP financial measures discussed during this call are defined and reconciled to the most directly comparable GAAP financial measures in our earnings release.

這些聲明僅代表截至今日的信息，公司不承擔更新這些聲明的責任。有關這些風險的更完整討論，請參閱本公司向美國證券交易委員會提交的文件，這些文件可在 sec.gov 或我們的網站上找到。請注意，本次電話會議中討論的任何非GAAP財務指標均已在我們的盈利報告中定義並與最直接可比的GAAP財務指標進行了核對。

With that said, I turn the call over to Mike.

說完這些，我把電話交給麥克了。

Good morning, everyone and welcome to Expro's fourth quarter call. I'll begin by reviewing the fourth quarter and full‑year 2025 financial results from today's press release. Next, I'll cover Expro's strong backlog, the macro environment, and the current outlook for the year ahead, as well as give some input on guidance. We will conclude with operational highlights for the quarter.

各位早安，歡迎參加Expro第四季財報電話會議。我將首先回顧今天新聞稿中公佈的2025年第四季和全年財務表現。接下來，我將介紹Expro強勁的訂單積壓情況、宏觀環境以及未來一年的展望，並就業績指引給出一些看法。最後，我們將總結本季營運亮點。

Sergio will then provide further details on our financial performance and address the company's ongoing capital allocation framework. Let's begin on slide number 3. For the year 2025 marked another year with several successes for the company. We delivered on expanding margins, cost efficiencies, higher free cash flow generation, a strong balance sheet, technology deployments, and returning cash to shareholders.

隨後，塞爾吉奧將提供更多關於我們財務表現的細節，並闡述公司正在進行的資本配置架構。讓我們從第3張投影片開始。2025年對公司來說又是個碩果累累的一年。我們在擴大利潤率、提高成本效益、增加自由現金流、保持強勁的資產負債表、部署技術以及向股東返還現金方面都取得了成功。

The company generated just over $1.6 billion of revenue and $353 million of adjusted EBITDA, representing a 22% margin. This performance was within the guidance ranges previously provided and represents progress in expanding our margins, moving us closer to our longer‑term goal of EBITDA margins at 25%. Adjusted free cash flow came in at $127 million for the year, more than doubling the amount generated in 2024.

該公司創造了略高於 16 億美元的收入和 3.53 億美元的調整後 EBITDA，利潤率為 22%。這一業績符合先前給出的指導範圍，代表我們在擴大利潤率方面取得了進展，使我們更接近 EBITDA 利潤率達到 25% 的長期目標。經調整後的本年度自由現金流為 1.27 億美元，比 2024 年產生的金額翻了一番還多。

Going forward into 2026, we expect another sequential increase in the amount of free cash flow that the company can generate. For the quarter, the company reported quarterly revenue of $382 million and adjusted EBITDA of $88 million representing a 23% margin in the quarter. Adjusted free cash flow for the quarter was $28 million or 7% of revenue.

展望 2026 年，我們預計該公司能夠產生的自由現金流金額將持續成長。該季度，該公司公佈的季度營收為 3.82 億美元，調整後 EBITDA 為 8,800 萬美元，季度利潤率為 23%。本季調整後自由現金流為 2,800 萬美元，佔營收的 7%。

These quarterly and annual financial results reflect ongoing operational efficiency gains, technological product advancements, and globalization impacts. Moving to slide 4, Expro’s $2.5 billion backlog reflects a $196 million increase during the fourth quarter. Our current backlog provides robust revenue visibility heading into 2026 and reinforces the strength of our diverse portfolio and operations across our geographic regions.

這些季度和年度財務表現反映了持續的營運效率提升、技術產品進步和全球化影響。翻到第 4 張投影片，Expro 的 25 億美元積壓訂單反映出第四季增加了 1.96 億美元。我們目前的積壓訂單為 2026 年的收入提供了強勁的可見性，並鞏固了我們在各個地理區域的多元化產品組合和營運實力。

Within our backlog are long‑term contracts which provide a solid base and some stability in our revenue generation. One such recent example was a 4‑year, $380 million contract for a customer in North Africa. This achievement represents one of Expro's largest single customer awards, and I'll address this in a little bit more detail in some of my comments later on.

我們的積壓訂單中包含長期合同，這些合約為我們的收入提供了堅實的基礎和一定的穩定性。最近的一個例子是與北非的一位客戶簽訂了一份為期 4 年、價值 3.8 億美元的合約。這項成就代表了 Expro 獲得的最大單筆客戶獎勵之一，稍後我將在評論中更詳細地談論這一點。

Now, as we've mentioned before, this level of backlog is encouraging and supports our strategic planning and visibility on revenue, but it does not represent a guarantee of future outcomes. Rather, we view our backlog as a reasonableness test and health check for our business, one that offers insight into the business going forward.

正如我們之前提到的，目前的積壓訂單量令人鼓舞，有助於我們的策略規劃和收入可見性，但這並不能保證未來的結果。相反，我們將積壓訂單視為對我們業務的合理性測試和健康檢查，它能讓我們深入了解業務未來的發展方向。

As we look to the year ahead, we consider the evolving market landscape which continues to shape demand, investment, and opportunity across the sector. Global demand for oil and gas remains resilient, supporting long‑term investment, particularly in the international and offshore markets to which Expro is well positioned.

展望未來一年，我們將考慮不斷變化的市場格局，它將繼續影響整個產業的需求、投資和機會。全球對石油和天然氣的需求仍然強勁，為長期投資提供了支持，尤其是在Expro佔據有利地位的國際和海上市場。

We believe the current macro environment will result in a modest recovery in upstream investment with growth concentrated in international and offshore projects, particularly deepwater developments. This will be supportive of demand for Expro’s well construction, well flow management, subsea, and digital solutions.

我們認為，當前的宏觀環境將導致上游投資溫和復甦，成長將集中在國際和海上項目，特別是深水開發項目。這將有利於對 Expro 的油井建設、油井流量管理、海底和數位解決方案的需求。

While brownfield optimization and production enhancement requirements from our customers continue to provide prospects for our well intervention, production optimization, and digital offerings.

客戶對油田優化和增產的需求不斷增長，為我們的油井幹預、生產優化和數位化產品提供了發展前景。

Expro’s diverse service portfolio, strong international footprint, technology differentiation, and operational efficiency position us to capture opportunities across our geographic segments. To summarize, Expro maintains a cautiously constructive outlook for 2026 and beyond, allowing us to continue supporting customers throughout the full life cycle of their assets.

Expro 擁有多元化的服務組合、強大的國際影響力、技術差異化和營運效率，這使我們能夠抓住各個地理區域的機會。總而言之，Expro 對 2026 年及以後保持謹慎樂觀的態度，這將使我們能夠繼續在客戶資產的整個生命週期內為其提供支援。

Turning to slide 5, we are providing our 2026 financial guidance based upon what we currently see in the global market.

接下來請看第 5 張投影片，我們將根據我們目前在全球市場觀察到的情況，提供 2026 年的財務指導。

For the year, projected revenue for 2026 looks to be at similar levels to 2025. And although revenue expectations remain relatively flat this year, Expro remains strongly committed to further expanding EBITDA margins and free cash flow generation.

預計 2026 年的收入將與 2025 年的水準大致相同。儘管今年的營收預期仍然相對平穩，但Expro仍堅定致力於進一步擴大EBITDA利潤率和自由現金流。

We plan to achieve this with a full year benefiting from our Drive 25 initiative, our increased capital efficiency, and further improving our wallet share with existing customers. To that end, we expect our 2026 CapEx to be similar to that of the 2025 level.

我們計劃透過一整年的「Drive 25」計畫、提高資本效率以及進一步提高現有客戶的錢包份額來實現這一目標。為此，我們預計 2026 年的資本支出將與 2025 年的水準相近。

Looking more near term and specifically at our first quarter guidance, you will notice that we expect our first quarter results to be impacted by the normal seasonal factors that we experience almost every year in our business.

展望近期，特別是我們第一季的業績預期，你會發現，我們預期第一季的業績將受到我們業務中幾乎每年都會遇到的正常季節性因素的影響。

The U.S. activity and revenue levels for the first quarter are projected to decline from the fourth quarter due to the winter season in the northern hemisphere, where the UK and Norwegian North Sea, as well as the U.S. Gulf activity, tends to be lower due to ongoing winter storms and rougher than normal seas, which makes it harder to operate in the offshore environment.

由於北半球進入冬季，預計美國第一季的業務活動和收入水準將比第四季下降。英國和挪威北海以及美國墨西哥灣的業務活動往往會因持續的冬季風暴和比正常情況更惡劣的海況而減少，這使得海上作業環境更加困難。

Additionally, the seasonal dip is due to some customers' CapEx and operational spend that tend to be lower at the start of their annual budget cycles, which tends to be the case with most of our NOC customers.

此外，季節性下降是由於一些客戶的資本支出和營運支出在年度預算週期開始時往往較低，這種情況在我們的大多數 NOC 客戶中都很常見。

To be clear, the lower level of projected revenue and margins for the quarter is due to the normal seasonality of our business and not representative of our overall expectations for the year. Overall, based on our activity outlook and our position today, I'm confident in our ability to achieve these 2026 objectives.

需要說明的是，本季預計收入和利潤率較低是由於我們業務的正常季節性因素造成的，並不代表我們對全年的整體預期。整體而言，根據我們的業務前景和目前的狀況，我對我們實現 2026 年目標的能力充滿信心。

Before turning to our customer and technology highlights, I want to revisit a few themes that set Expro apart and that we think are important attributes for investors to consider. You see these on slide number 6.

在介紹我們的客戶和技術亮點之前，我想再次回顧Expro的一些獨特之處，我們認為這些是投資者應該考慮的重要因素。這些內容在第6張投影片上可以看到。

Due to our exposure across the well‑life cycle, we see opportunities to expand our wallet share with existing customers. We can do this by providing additional or enhanced services to customers, leveraging our installed base to help expand margins, especially with the deployment of new technologies.

由於我們在健康產品生命週期的各個階段都有所涉獵，我們看到了擴大現有客戶錢包份額的機會。我們可以透過向客戶提供額外或增強的服務，利用我們現有的客戶基礎來幫助擴大利潤率，尤其是在部署新技術的情況下，來實現這一目標。

Another theme central to Expro is our commitment to technology and innovation. While the rate of technology adoption varies greatly among customers, geographic regions, and the different parts of the well‑life cycle, its importance cannot be overstated. Without technology and innovation, we think it is very difficult to remain competitive or relevant in this industry. We put a lot of emphasis on this as we know it creates value for both our customers as well as our shareholders.

Expro 的另一個核心主題是我們對技術和創新的承諾。雖然技術採納率在不同客戶、地理區域和健康生命週期的不同階段之間差異很大，但其重要性不容小覷。我們認為，如果沒有技術和創新，在這個行業中很難保持競爭力或與時俱進。我們非常重視這一點，因為我們知道這能為我們的客戶和股東創造價值。

Additionally, our global footprint enables us to leverage technologies internally developed or acquired through M&A in one geography to then deploy them to another geography where we operate. For example, our acquisition of Coretrax in 2024. That business was operating in roughly 18 countries at the time of the acquisition, but now we're deploying those technologies that we've acquired across roughly 31 countries.

此外，我們的全球佈局使我們能夠利用在某一地區內部開發或透過併購獲得的技術，將其部署到我們營運的另一個地區。例如，我們在 2024 年收購 Coretrax。收購時，該業務在約 18 個國家/地區開展業務，但現在我們正在將我們收購的這些技術部署到約 31 個國家。

Moving to our customer and technology highlights for the quarter on slide 7. During the fourth quarter, Expro continued to deliver safe and reliable performance to our customers across our global portfolio. We secured several major contract wins, advanced key technology deployments, and demonstrated our commitment to safety for both our employees as well as our customers.

接下來，請看第 7 頁，了解本季客戶和技術的亮點。第四季度，Expro 繼續為我們全球範圍內的客戶提供安全可靠的效能。我們成功贏得了幾項重大合同，推進了關鍵技術的部署，並展現了我們對員工和客戶安全的承諾。

While there have been several notable operational achievements and customer successes for the quarter, I will just quickly highlight four. This quarter, experts secured one of the company's largest single customer awards, a 4 year, $380 million contract across multiple fields in North Africa for production optimization and well management services.

雖然本季取得了一些值得關注的營運成就和客戶成功案例，但我只想快速重點介紹其中四項。本季度，專家們為該公司贏得了迄今為止最大的單筆客戶訂單之一，這是一份為期 4 年、價值 3.8 億美元的合同，涵蓋北非多個油田的生產優化和油井管理服務。

While there have been several notable operational achievements and customer successes for the quarter, I will just quickly highlight four. This quarter, Expro secured one of the company's largest single customer awards, a 4‑year, $380 million contract across multiple fields in North Africa for production optimization and well management services.

雖然本季取得了一些值得關注的營運成就和客戶成功案例，但我只想快速重點介紹其中四項。本季度，Expro 獲得了該公司有史以來最大的單筆客戶訂單之一，一份為期 4 年、價值 3.8 億美元的合同，涵蓋北非多個油田的生產優化和油井管理服務。

Also, during the quarter, the company successfully deployed its proprietary Extended Range Drilling, or XRD, Spider. It is the first and only 1,250‑ton spider of its kind. This innovative technology supports drilling, tripping, and landing string operations, significantly reducing tool changeouts. Consequently, it saves substantial rig time and minimizes red‑zone exposure. Thereby enhancing both operational efficiency and safety, Expro plans to deploy the XRD Spider to more customer operations and expand the fleet in accordance with customer demand.

此外，本季度該公司還成功部署了其專有的擴展範圍鑽井（XRD）蜘蛛鑽機。它是同類蜘蛛中第一隻也是唯一一隻重達 1250 噸的蜘蛛。這項創新技術支援鑽井、起下鑽和下管柱作業，顯著減少了工具更換次數。因此，它節省了大量鑽井時間，並最大限度地減少了紅區暴露。透過提高營運效率和安全性，Expro 計劃將 XRD Spider 部署到更多客戶的營運中，並根據客戶需求擴大車隊規模。

In Australia, Expro successfully supported a major operator in delivering one of the region's largest offshore campaigns, completing multiple subsea wells with zero QHSE incidents. The campaign involved integrating subsea well testing and sampling capabilities, resulting in over 2,200 man‑days of activity in which we received job performance review scores of 100%.

在澳大利亞，Expro 成功地支持一家大型營運商完成了該地區最大的海上作業項目之一，完成了多口海底油井，且未發生任何品質、健康、安全和環境 (QHSE) 事故。活動涉及整合海底油井測試和取樣能力，共投入超過 2200 人日，我們在工作績效評估中獲得了 100% 的分數。

In Indonesia, our CaTS ATX system enabled real‑time wireless downhole data and remote valve control during drill stem testing. This product offering again demonstrates Expro's commitment to innovation and risk reduction in well operations.

在印尼，我們的 CaTS ATX 系統實現了鑽桿測試期間的即時無線井下資料和遠端閥門控制。該產品的推出再次體現了Expro致力於油井作業創新和降低風險的承諾。

Before moving on, I would like to address another geography that has been topical as of late, and that is Venezuela. Having lived and worked earlier in my career in Venezuela, I'm intimately aware of the geological, reservoir, and production challenges in the country.

在繼續討論之前，我想談談最近備受關注的另一個地理問題，那就是委內瑞拉。由於我職業生涯早期曾在委內瑞拉生活和工作過，因此我對該國的地質、油藏和生產方面的挑戰非常了解。

These high‑technology and challenging conditions are where the Expro solutions approach really shines. While we don't currently see any near‑term opportunities in the country, we do believe we are well positioned should opportunities arise in the future.

在這些高科技和充滿挑戰的條件下，Expro 的解決方案方法才能真正脫穎而出。雖然我們目前沒有看到該國近期有任何機會，但我們相信，如果未來出現機會，我們已經做好了充分的準備。

Expro has operated in Venezuela for many years previously, still having a facility and some stranded equipment in the country related to both our tubular running services as well as our well flow management product lines. For now, we will stay engaged with our customers that may have opportunities there to develop, but also realize that this will take time and a significant amount of industry investment in order to mature these opportunities.

Expro 先前已在委內瑞拉開展業務多年，目前在該國仍擁有設施和一些與我們的油管運行服務和油井流量管理產品線相關的設備。目前，我們將繼續與可能有發展機會的客戶保持聯繫，但我們也意​​識到，要讓這些機會成熟，需要時間和大量的產業投資。

Before turning over to Sergio, I'd like to remind everyone of Expro's long‑term strategic pillars. These that we adhere to drive value for our shareholders we see on slide number 8.

在把發言權交給塞爾吉奧之前，我想提醒大家Expro的長期策略支柱。這些我們堅持的原則為股東創造了價值，我們在第 8 張投影片中可以看到。

Expro's long‑term strategy is to build a large diversified company with a compelling business and product mix and market leadership positions. We are striving to build a company that is able to generate healthy levels of free cash flow which will be used to achieve our various capital allocation goals, which Sergio will expand on in his comments later on.

Expro 的長期策略是打造一家擁有強大業務和產品組合以及市場領導地位的大型多元化公司。我們正努力打造一家能夠產生健康自由現金流的公司，這些自由現金流將用於實現我們的各種資本配置目標，塞爾吉奧稍後將在他的評論中對此進行詳細說明。

One of these strategic pillars is our commitment to continually improving the company's financial profile. The avenues used to achieve this goal are our relentless focus on margin expansion and free cash flow generation, our ability to drive cost efficiencies and reduce capital intensity, and our ability to return cash to shareholders all backed by a strong balance sheet.

其中一項策略支柱是我們致力於不斷改善公司的財務狀況。實現這一目標的途徑包括：我們堅持不懈地專注於擴大利潤率和創造自由現金流；我們提高成本效益和降低資本密集度；以及我們向股東返還現金，所有這些都以強勁的資產負債表為支撐。

Another pillar is our technical leadership and innovation. We continually develop and deploy new technologies into the market across our global footprint. This footprint also enables us to globalize technologies that we have acquired through acquisitions and then implement those technologies in one geography location to another.

另一大支柱是我們的技術領先地位和創新能力。我們不斷開發新技術，並將它們推向全球市場。這種佈局也使我們能夠將透過收購獲得的技術全球化，然後將這些技術從一個地理位置應用到另一個地理位置。

Finally, Expro looks to grow through inorganic scalable acquisitions. We seek opportunities to target international and offshore opportunities that have adjacent product offerings and are accretive to the company's financial position. We have made several successful and accretive acquisitions and have developed a proven blueprint for integrating acquired businesses in an efficient and cost‑effective manner.

最後，Expro 尋求透過可擴展的非內生性收購實現成長。我們尋求機會開拓國際和海外市場，這些市場擁有相關的產品，並且能夠提升公司的財務狀況。我們已經成功完成了幾項增值收購，並制定了一套行之有效的方案，以高效且經濟的方式整合被收購的業務。

With that, I'll turn the call over to Sergio to review our financial results in detail.

接下來，我將把電話交給塞爾吉奧，讓他詳細回顧我們的財務表現。

Thank you, Mike, and good morning to everyone on the call. As Mike noted, Expro executed well on its financial results for both the quarter and full year.

謝謝你，麥克，也祝所有參加電話會議的朋友們早安。正如麥克指出的那樣，Expro 在本季度和全年的財務表現都表現出色。

While annual revenue was at the lower end of guidance, the free cash flow generated surpassed expectations and exceeded the high end of guidance. Specifically, to Q4, our adjusted EBITDA was $88 million with a margin of 23.1%, up about 30 basis points from last quarter and 10 basis points year over year.

雖然年度營收處於預期範圍的下限，但產生的自由現金流超出了預期，並超過了預期範圍的上限。具體而言，截至第四季度，我們調整後的 EBITDA 為 8,800 萬美元，利潤率為 23.1%，比上一季增長約 30 個基點，比上年同期增長 10 個基點。

For the year 2025, adjusted EBITDA was $353 million with a margin of 22%, up 170 basis points year over year. Slide 9 illustrates our annual margin growth for the past few years.

2025 年調整後 EBITDA 為 3.53 億美元，利潤率為 22%，年增 170 個基點。第 9 張幻燈片展示了我們過去幾年的年度利潤成長。

We remain confident that we will experience further margin expansion in 2026 driven by a full year impact of our Drive 25 cost efficiency initiative, increased customer wallet shares at higher margins and continued international growth resulting from previous acquisitions like Coretrax. Moving to slide 10. Longer‑term EBITDA margin expansion, it's not the goal in and of itself, but rather a means of increasing free cash flow generation.

我們仍然相信，在 2026 年，我們的利潤率將進一步擴大，這得益於我們的 Drive 25 成本效益計劃的全面實施、客戶錢包份額的增加以及利潤率的提高，以及之前收購 Coretrax 等公司帶來的持續國際增長。切換到第10張投影片。從長遠來看，EBITDA 利潤率擴張本身並不是目標，而是增加自由現金流的一種手段。

In Q4, Expro posted its quarterly free cash flow generation of $28 million on an adjusted basis, bringing full year 2025 free cash flow generated to $127 million. Which again was above the high end of the $110 and $120 million guidance and more than double the amount generated in the prior year.

第四季度，Expro 公佈其經調整後的季度自由現金流為 2,800 萬美元，使 2025 年全年自由現金流達到 1.27 億美元。這一數字再次超過了先前1.1億美元至1.2億美元的預期上限，並且是前一年收入的兩倍多。

Along those lines, we expect even stronger free cash flow in 2026, both as a percentage of revenue and in absolute terms as we plan to further reduce the capital intensity of the business, holding 2026 projected CapEx relatively flat. Turning to liquidity, the company closed the quarter with $551 million in total liquidity.

基於此，我們預期 2026 年的自由現金流將更加強勁，無論從收入百分比或絕對值來看都是如此，因為我們計劃進一步降低業務的資本密集度，同時保持 2026 年預計資本支出相對穩定。從流動性方面來看，該公司本季末的總流動資金為 5.51 億美元。

That includes $198 million in cash in the balance sheet after accounting for the voluntary prepayment on the revolving credit facility, which totaled $20 million during the quarter. This voluntary repayment reduced the outstanding drawn balance on the revolving credit facility from $99 million to $79 million as of December 30, 2025, further enhancing the company's net cash position.

扣除本季自願提前償還的循環信貸額度 2,000 萬美元後，資產負債表上的現金為 1.98 億美元。截至 2025 年 12 月 30 日，此次自願還款將循環信貸額度的未償還餘額從 9,900 萬美元減少到 7,900 萬美元，進一步增強了公司的淨現金狀況。

Before turning to our segment performance, I do want to reiterate and summarize our financial outlook for 2026 as Mike previously addressed in slide 5. Overall, we're cautiously optimistic with our 2026 outlook, recognizing the seasonal impacts on our projected first quarter results with noticeable improvement in the subsequent quarters with a stronger back half leading to a good start for 2027.

在討論我們各業務板塊的業績之前，我想重申並總結我們對 2026 年的財務展望，正如 Mike 在第 5 張幻燈片中提到的那樣。總體而言，我們對 2026 年的前景持謹慎樂觀態度，我們認識到季節性因素會對我們預計的第一季業績產生影響，但隨後的幾個季度會有明顯的改善，下半年業績將更加強勁，從而為 2027 年帶來良好的開端。

Any anxiety over the flattish revenue guidance should be viewed in conjunction with projected sequential increases in adjusted EBITDA margins, and free cash flow generation. The achievements will continue us on the path of one of the strategic pillars that Mike just mentioned, that of continued financial improvements, which we believe will ultimately translate into increased shareholder value.

對於較為平穩的收入預期，任何擔憂都應該結合調整後 EBITDA 利潤率和自由現金流的預期連續成長來看待。這些成就將使我們繼續沿著麥克剛才提到的策略支柱之一——持續的財務改善——的道路前進，我們相信這最終將轉化為股東價值的增加。

Now I'd like to quickly address our segment performance this quarter before finally addressing our capital allocation framework. A reminder that details around our segment performances can also be found in the appendix of this presentation.

在最終討論我們的資本配置框架之前，我想先快速介紹一下我們本季的業務部門業績。提醒各位，有關我們各業務板塊業績的詳細信息，請參閱本簡報的附錄。

Turning to regional results for North and Latin America or NLA, fourth quarter revenue was $130 million or down $21 million quarter over quarter, reflecting lower subsea access and well construction revenue in the U.S. where projects have shifted into 2026, offset by higher well intervention and integrity revenues in Argentina. Segment EBITDA margin at 24% was flat as compared to prior quarter.

再來看北美和拉丁美洲（NLA）的區域業績，第四季度收入為 1.3 億美元，比上一季度減少了 2100 萬美元，這反映出美國海底接入和油井建設收入下降，因為這些項目已經推遲到 2026 年，但阿根廷油井幹預和完整性收入的增加抵消了這一影響。分部 EBITDA 利潤率為 24%，與上一季持平。

For Europe and Sub‑Saharan Africa, or ESSA, fourth quarter revenue decreased $10 million to $116 million sequentially, primarily driven by lower subsea well access and well construction revenue in Angola and Central and West Africa, partially offset by higher well flow management revenue in Bulgaria. Segment EBITDA margin at 34% was up approximately 120 basis points sequentially reflecting a favorable product mix.

歐洲和撒哈拉以南非洲地區（ESSA）第四季營收季減 1,000 萬美元至 1.16 億美元，主要原因是安哥拉以及中非和西非的海底油井接入和油井建設收入下降，部分被保加利亞較高的油井流量管理收入所抵銷。分部 EBITDA 利潤率為 34%，較上季成長約 120 個基點，反映產品組合的良好發展。

The Middle East and North Africa, or MENA delivered another solid quarter, sequentially higher as compared to Q3, with revenue at $93 million driven by an increase in well flow management revenue in Algeria and Saudi Arabia. MENA segment EBITDA was 39% of revenue, an increase of 400 basis points from the prior quarter, reflecting the higher well flow management activity and more favorable activity mix.

中東和北非地區（MENA）又迎來了一個穩健的季度，與第三季度相比環比增長，收入達到 9,300 萬美元，這主要得益於阿爾及利亞和沙烏地阿拉伯的油井流量管理收入的成長。MENA 業務部門 EBITDA 佔營收的 39%，比上一季成長 400 個基點，反映出油井流量管理活動增加和業務組合更有利。

Finally, in Asia Pacific or APAC, fourth quarter revenue was $43 million a decrease of $6 million relative to the third quarter, primarily reflecting the lower well flow management activity in Indonesia and India, lower well construction revenue in Australia, and offset by higher subsea well access activity also in Australia. Asia Pacific segment EBITDA margin at 16% of revenue decreased approximately 400 basis points from the prior quarter, reflecting decreased activity and mix.

最後，在亞太地區，第四季收入為 4,300 萬美元，比第三季減少了 600 萬美元，主要反映了印尼和印度的油井流量管理活動減少，澳洲的油井建設收入減少，但澳洲的海底油井接入活動增加抵消了這些減少。亞太地區業務的 EBITDA 利潤率為營收的 16%，較上一季下降約 400 個基點，反映出業務活動和產品組合的減少。

Now I'd like to briefly revisit Expro's capital allocation framework on slide 11. Expro's capital allocation framework is designed to maximize long‑term value creation by maintaining a disciplined and balanced approach across four equally important capital deployment priorities.

現在我想簡單回顧一下第 11 頁投影片中 Expro 的資本配置架構。Expro 的資本配置框架旨在透過在四個同等重要的資本部署優先事項上保持嚴謹和平衡的方法，最大限度地創造長期價值。

Our philosophy is that every dollar of capital must be deployed where it can generate the highest risk adjusted returns, and as such, each of these four areas continuously competes for capital on an ongoing basis. As a consequence, it may appear that priorities shift, and they are, but only to those that we believe will generate the highest risk adjusted return.

我們的理念是，每一美元的資金都必須投入到能夠產生最高風險調整後收益的地方，因此，這四個領域一直在不斷地爭取資金。因此，優先事項似乎發生了變化，而且確實發生了變化，但只會變化到我們認為能夠產生最高風險調整後收益的事項。

One of our capital priorities is to continue to invest in our business to drive organic growth with superior return profiles. This includes funding projects and initiatives through CapEx deployments that enhance our core capabilities, improve efficiency, and support technology innovation across our service lines.

我們的資本重點之一是繼續投資於我們的業務，以推動內生成長並獲得優異的回報。這包括透過資本支出部署來資助專案和計劃，以增強我們的核心能力、提高效率並支持我們各服務領域的技術創新。

Every organic investment is rigorously evaluated to ensure it meets our standards for superior returns throughout the business cycle. As a reminder, the vast majority of our capital expenditures are geared towards specific projects with known return profiles that meet our standards.

我們對每項有機投資都進行嚴格評估，以確保其符合我們在整個商業週期中實現卓越回報的標準。再次提醒大家，我們絕大部分的資本支出都用於符合我們標準的、具有已知回報特徵的特定項目。

I would reiterate these are not speculative investments. Another area where we can deploy capital is inorganic growth opportunities. We pursue selective, highly accretive mergers and acquisitions that complement our existing capabilities and customer relationships.

我再次重申，這些並非投機性投資。我們可以投入資金的另一個領域是實現非有機成長的機會。我們追求選擇性的、高增值的併購，以補充我們現有的能力和客戶關係。

Our M&A strategy is focused on opportunities that offer clear industrial logic, scalable technologies, and synergies, and the potential to expand our presence in attractive markets. We apply the same disciplined capital allocation criteria to acquisitions as we do to organic investments, ensuring that only the most compelling opportunities receive funding.

我們的併購策略著重於那些具有清晰產業邏輯、可擴展技術和協同效應，以及能夠擴大我們在有吸引力的市場中的影響力的機會。我們對收購項目採用與內部投資相同的嚴格資本配置標準，確保只有最有吸引力的機會才能獲得資金。

The company has a successful track record of executing on this strategy. We're also committed to returning capital to shareholders. Our framework targets the return of at least 1/3 of free cash flow to shareholders annually, primarily through share repurchases.

該公司在執行這項策略方面有著成功的記錄。我們也致力於向股東返還資本。我們的框架目標是每年至少將三分之一的自由現金流回饋給股東，主要透過股票回購來實現。

This commitment reflects our confidence in the company's ability to generate sustainable free cash flow and our focus on delivering direct value to our investors, particularly over the long‑term. During the fourth quarter we were unable to repurchase as many shares as we intended, causing the total percentage of free cash flow returned to shareholders for the year to come just short of 32%.

這項承諾反映了我們對公司產生可持續自由現金流能力的信心，以及我們致力於為投資者創造直接價值，尤其是在長期內。第四季度，我們未能按計畫回購足夠的股票，導致來年返還給股東的自由現金流總百分比略低於 32%。

Finally, maintaining a strong fortress balance sheet ensures that we have the financial flexibility and resilience to act on our other capital allocation priorities. Additionally, preserving a strong balance sheet enables us to navigate market cycles, invest in growth opportunities as they arise, and protect the company's long‑term stability.

最後，保持穩健的資產負債表，確保我們擁有足夠的財務靈活性和韌性，以應對其他資本配置優先事項。此外，保持強勁的資產負債表使我們能夠應對市場週期，在成長機會出現時進行投資，並保護公司的長期穩定。

Importantly, these four priorities constitute our capital allocation framework organic investments, M&A, shareholder returns, and balance sheet strength and again are not ranked in a set order of priority. Instead they're managed dynamically with each area continuously competing for capital based on the quality of the opportunities available.

重要的是，這四個優先事項構成了我們的資本配置框架：有機投資、併購、股東回報和資產負債表實力，並且再次強調，它們沒有按優先順序排列。相反，它們採用動態管理，每個領域根據可用機會的品質不斷競爭資金。

This disciplined, balanced approach ensures that Expro remains agile, resilient, and focused on maximizing value for all shareholders and with that I'll turn the call back to Mike for a few closing comments.

這種嚴謹、平衡的方法確保了Expro保持敏捷、韌性，並專注於為所有股東創造最大價值。接下來，我會把電話轉回給Mike，請他做一些總結性發言。

Thank you, Sergio.

謝謝你，塞爾吉奧。

As we conclude our prepared remarks, and before opening for questions, I'd like to conclude with the following comments. I'm excited about what was achieved by Expro's employees in 2025. I'll reiterate, we collectively implemented cost efficiencies as part of our Drive 25 initiative, increased our EBITDA margins, moving closer to our long‑term goal, successfully deployed new and innovative technologies, generated a high level of free cash flow, and returned cash to shareholders and improved the company's net cash position.

在我們結束事先準備好的發言，並開始接受提問之前，我想以以下幾點作為總結。我對Expro員工在2025年所取得的成就感到非常興奮。我重申一下，作為「Drive 25」計畫的一部分，我們共同實施了成本效益措施，提高了 EBITDA 利潤率，朝著我們的長期目標邁進了一步，成功部署了新的創新技術，產生了高水平的自由現金流，並將現金返還給了股東，改善了公司的淨現金狀況。

We executed on multiple priorities that Sergio just referred to in our capital allocation framework. Looking ahead, I'm also excited about what the company plans to achieve in 2026, even in a macro environment where we are cautiously optimistic. We acknowledge a somewhat softer start to the year related to the normal seasonal factors that impact both the industry and Expro, but we expect sequential improvements in the latter quarters, especially as we head into 2027 and beyond.

我們按照塞爾吉奧剛才提到的資本配置架構中的多項優先事項執行了相關工作。展望未來，即使在宏觀經濟環境下我們持謹慎樂觀態度，我也對公司在 2026 年的計畫感到興奮。我們承認，由於正常的季節性因素影響著產業和Expro，今年的開局略顯疲軟，但我們預計在接下來的幾季會逐步改善，尤其是在我們邁入2027年及以後的時候。

We do expect to generate improved EBITDA margins and free cash flow in 2026 and anticipate executing again across our strategic pillars. I remain confident in Expro's resilience and ability to continue to deliver on operational and financial performance.

我們預計 2026 年 EBITDA 利潤率和自由現金流將有所提高，並有望在我們的策略支柱領域再次取得進展。我對Expro的韌性和持續實現營運和財務表現的能力仍然充滿信心。

Finally, we thank our employees, our customers, and our shareholders for their continued support and look forward to building on our momentum in the quarters and years ahead. With that, we can open up the call for questions.

最後，我們感謝員工、客戶和股東們的持續支持，並期待在未來的幾個季度和幾年裡繼續保持成長勢頭。接下來，我們可以開始接受提問了。

Thank you very much. We know how to open the lines for the Q&A. (Operator Instructions)

非常感謝。我們知道如何開啟問答環節。（操作說明）

Atidrip Modak, Goldman Sachs.

Atidrip Modak，高盛。

Hey, good morning guys. Mike, can you talk more about the increase in wallet share comment? It sounded like there's some inherent cross‑selling opportunities. What exactly are those opportunities, and is this a little bit more geographical expansion? Any color you can provide around it?

嘿，各位早安。麥克，你能詳細談談關於錢包份額增加的評論嗎？聽起來這裡存在著一些固有的交叉銷售機會。這些機會具體有哪些？這是否意味著地域範圍的進一步擴張？你能為它周圍添加一些顏色嗎？

No, Ati, thanks for joining us and I appreciate the question. This really is especially in some of our well construction operations where we're providing TRS services and we're also providing cementation services. We're adding additional services in there. Some of our Cure technologies is a great example where we're already on the rig, we're already running TRS operations, and we run our cementation operations. It significantly reduces the waiting‑on‑cement cure time, and we use the same personnel that are out there running our TRS services.

不，Ati，謝謝你加入我們，我很感謝你的提問。尤其是在我們的一些油井建設作業中，我們既提供 TRS 服務，也提供固井服務。我們正在增加其他服務。我們的一些 Cure 技術就是一個很好的例子，我們已經在鑽井平台上進行了 TRS 作業，並且進行了我們的固井作業。它顯著縮短了等待水泥固化的時間，而且我們使用與營運 TRS 服務相同的員工。

When I say expanding the wallet, it's that we're already on the rig and already providing services. We provide some incremental services or products to our customers that help drive efficiency for them, and we're utilizing the same personnel on the ground. It's something that we can do across geographies. We're doing similar things in well construction, and we're also doing that across our well flow management product lines as well.

我說擴大資金規模，是指我們已經在鑽井平台上提供服務了。我們向客戶提供一些增值服務或產品，幫助他們提高效率，並且我們仍然使用相同的現場人員。這是我們可以跨越地域界線去做的事情。我們在油井建設中也採取了類似的措施，並且在我們的油井流量管理產品線中也採取了同樣的措施。

That's very helpful. And then, as you think about the EBITDA range you provided for 2026, what are the puts and takes that you're focused on, whether it's activity‑wise or idiosyncratic for you, as you think about the bottom and the high end of the range?

那很有幫助。那麼，在考慮您為 2026 年提供的 EBITDA 範圍時，您關注的重點是什麼？無論是從業務活動的角度，還是從您個人的角度，在考慮範圍的底部和頂部時，您關注的重點是什麼？

Yeah, I mean, I guess how I would frame it, Ati, is the market's going to do what the market's going to do this year. We're going to maintain our market share. We're going to expand our customer wallet. Exactly, how many offshore floating assets are going to be operational in Q3 and Q4. That can always ebb and flow.

是的，我的意思是，Ati，我想我會這樣說，今年市場會按照市場該有的方向發展。我們將繼續保持市場份額。我們將擴大客戶的錢包。確切地說，第三季和第四季將有多少海上浮式資產投入營運？這種情況總是會有起伏的。

We're really laser‑focused on making sure that even if we're in a flattish climate, we can still expand our margins. That's really what our guidance is framed up to give. It’s not that we look at a massive step‑up in activity in the second half of the year. It's more around the visibility we see today, and that's why we've given the guidance range that we have in there.

我們真正專注於確保即使在經濟環境較為平穩的情況下，我們仍然可以擴大利潤空間。這正是我們制定指導方針的目的。這並不意味著我們預計下半年活動量會大幅增加。更重要的是我們今天所看到的能見度，這就是為什麼我們給出了我們所擁有的指導範圍。

Got it. I appreciate it.

知道了。謝謝。

That's great. Thank you very much.

那太棒了。非常感謝。

Eddie Kim from Barclays.

來自巴克萊銀行的艾迪金。

Hey, good morning. Just staying on the full‑year 2026 guidance, EBITDA $365 million at the midpoint, which reflects a modest improvement year‑on‑year. I just wanted to better understand the market assumptions behind that guide.

嘿，早安。就維持 2026 年全年業績指引，EBITDA 中位數為 3.65 億美元，反映出年比略有改善。我只是想更能理解那份指南背後的市場假設。

Is the guidance valid at Brent in this $60 to $70 range for the year? Could there be further upside if commodity prices firm up from here? And on the flip side, if market conditions were to deteriorate, is there an oil price at which you expect operators might push back or delay some programs? I know there was a lot in there, but any color would be helpful.

今年布蘭特原油價格維持在每桶 60 至 70 美元的區間內，上述指引是否仍有效？如果大宗商品價格從目前水準走強，是否還有進一步上漲的空間？另一方面，如果市場狀況惡化，當您認為油價達到什麼程度時，運營商可能會推遲或取消一些項目？我知道裡面有很多東西，但任何顏色都會有所幫助。

No, Eddie, thanks for joining us and really good question. It's one that we talk a lot about internally. I guess how I would try to frame it up for you is our activity set is really based on what we're seeing with current commodity prices. I still think we've got a range here where even if commodity prices were to be compressed a little bit more, I don't know that. We're so active in offshore deepwater projects that have a long investment cycle, and our customers are not going to throttle that down significantly here in the short term.

不，艾迪，謝謝你加入我們，你問的問題非常好。這是我們內部經常討論的問題。我想這樣解釋一下：我們的業務活動實際上是根據我們目前看到的商品價格走勢來製定的。我仍然認為我們目前的市場區間內，即使大宗商品價格再稍微收窄一些，我也不確定。我們非常活躍於投資週期長的海上深水項目，我們的客戶短期內不會大幅縮減這方面的投入。

I do think that we are cautious on how we're viewing the total activity set this year. I do, quite frankly, think that there could be some potential things that are going to ramp up more; we've heard some positive commentary from the drilling guys and those kinds of things. It really depends on how some of that activity translates into turning to the right, so to speak, so I think there could be some upside in the back end of the year. We're not going to rely on that. We're going to get our fair share.

我認為我們對今年整體活動狀況的評估持謹慎態度。坦白說，我認為有些事情可能會進一步發展；我們從鑽井人員那裡聽到了一些積極的評論等等。這真的取決於其中一些活動如何轉化為所謂的“向右轉”，所以我認為今年下半年可能會有一些上漲空間。我們不會依賴它。我們會得到我們應得的那一份。

We're going to stay focused on technology rollouts and those kinds of things. We'll look at that as upside potentially, I guess it's how I would frame it up, but we are laser focused on, even if we're in a situation in 2026, and I hope I'm wrong, but even if we're in a situation in 2026 where we're in a flattish revenue climate to even slightly down, meaning the market is flat to slightly down. We're still going to be able to expand our margins modestly, and we're going to expand our cash generation as well. That’s what we're really focused on.

我們將繼續專注於技術推廣和類似的事情。我們會把這看作潛在的上漲空間，我想我會這樣看待它，但我們目前最關注的是，即使到了 2026 年，我希望我的判斷是錯誤的，即使到了 2026 年，我們的收入環境趨於平穩甚至略有下降，這意味著市場也趨於平穩甚至略有下降。我們仍將能夠小幅擴大利潤率，同時也將擴大現金流。這才是我們真正關注的重點。

Got it. That's very helpful, color. Thank you.

知道了。顏色這很有幫助。謝謝。

And just wanted to touch on the offshore activity inflection, as you mentioned that there's kind of growing, maybe consensus or optimism about an activity inflection back half of this year into 2027. Just from a regional perspective, could you talk about which regions you expect will sort of drive the recovery and which you expect will remain flattish, or maybe take longer to ramp up.

我只是想談談離岸業務活動的轉折點，正如您所提到的，人們越來越普遍地認為，從今年下半年到 2027 年，離岸業務活動將會出現拐點，或者說對此持樂觀態度。從區域角度來看，您能否談談您認為哪些地區將引領復甦，哪些地區將保持平穩，或者需要更長時間才能復甦？

Sure, no, it's -- I think one of the -- And this is something we've been consistent about talking about for a number of quarters. I think the subsea tree outlook has continued to be very positive and very strong and very robust. You look at the order backlog that some of our peers are adding in; that's been quite positive. That's a good leading indicator of what's to come, but those are things. They add backlog today; those aren't trees that are going to be installed tomorrow. Those are trees that are going to be installed nine months, 12 months, 18 months down the road.

當然，不，我認為這是——而且這是我們幾個季度以來一直在討論的問題之一。我認為海底採油樹的前景依然非常​​樂觀、強勁且穩健。看看我們一些同業增加的訂單積壓情況；這相當令人鼓舞。這是預測未來趨勢的一個很好的先行指標，但這些只是暫時的。今天他們增加了積壓訂單；這些樹木不是明天就要栽種的。這些樹木將在九個月、十二個月、十八個月後種植。

I think that's been a good set of breadcrumbs that's been laid out there and that's one of the reasons why we've been consistent. We think the second half of this year is more robust, especially going into 2027. And I think you're going to see this -- the U.S. Gulf is probably going to be flattish here in 2026. I think good potential as we go into 2027 for some expanded investments. South America is going to be strong.

我認為我們已經埋下了很好的伏筆，這也是我們能夠始終如一的原因之一。我們認為今年下半年市場表現會更加強勁，尤其是進入2027年後。我認為你會看到——到 2026 年，美國墨西哥灣沿岸地區可能會變得比較平坦。我認為，展望 2027 年，擴大投資具有良好的潛力。南美洲將會很強勢。

West Africa is always the one that is going to take a little bit more time to ramp up. But that's the one that will really start to move the needle when that happens. I think West Africa in particular is why we're going to start to see the 2027 and beyond. That's when we're going to start to see more of that real inflection point, and those are bigger projects. Those are multi‑rig campaigns. Those are significant drilling and completion, drill‑and‑complete operations.

西非總是需要更長的時間才能發展。但只有當這種情況發生時，才會真正產生影響。我認為西非的情況尤其如此，因為我們將會看到2027年及以後的情況發生。到那時，我們將開始看到更多真正的轉折點，而這些轉折點往往是更大的項目。這些是多目標競選活動。這些是重要的鑽井和完井作業。

Right. Got it, great, thanks for all that color. I'll turn it back.

正確的。明白了，太好了，謝謝你帶來的色彩。我會把它轉回去。

Thanks, Eddie, appreciate it.

謝謝你，艾迪，感激不盡。

Thank you very much. (Operator Instructions)

非常感謝。（操作說明）

Colby Sasso, Daniel Energy Partners.

Colby Sasso，Daniel Energy Partners。

Hi, hello. I just wanted to ask, given the current administration has been favorable to pushing deals through, we've got other meaningful deals announced in the offshore space a few weeks ago. I'm curious, seeing the increased transactions go through, has that changed your strategy at all? Or maybe could you update on the surrounding thoughts given M&A that you've done and that you haven't done anything in a while.

你好。我想問的是，鑑於本屆政府一直傾向於推動交易，幾週前我們在離岸領域也宣布了一些其他重要的交易。我很好奇，看到交易量增加，這是否改變了你們的策略？或者，鑑於您之前進行的併購活動以及您已經有一段時間沒有進行併購活動了，您能否更新一下您對此的看法？

Sure, no, Colby, it's a great question. I mean, I think it's yes, the current administration is probably more amenable to M&A and those types of things. Quite frankly, the things that we have an appetite, and we have an interest in aren't -- they're going to have a global nature, they're going to have a global presence, and we don't have a significant concern around our ability for those to go through antitrust or those kinds of things.

當然，科爾比，這是一個很好的問題。我的意思是，我認為答案是肯定的，現任政府可能更傾向於併購以及這類事情。坦白說，我們感興趣、有興趣的東西——它們具有全球性，具有全球影響力，我們並不擔心它們能否通過反壟斷審查或其他類似的審查。

For us as a company, the types of things we're interested in looking at aren't really being influenced heavily by whether the administration is more or less amenable. I think there continues to be. There's still, over the last five, six years, there still has only been a handful of consolidations of size in the services space, whether that was ours back in 2021 or what Patterson has done. It's nice to see the RIG and the Valaris transaction here. I think that's a good move for the industry.

對我們公司而言，我們感興趣的方向並不會受到政府態度（是更配合還是更不配合）太大的影響。我認為這種情況依然存在。在過去的五、六年裡，服務領域仍然只有少數幾起規模較大的整合，無論是我們 2021 年的整合，或是 Patterson 所做的整合。很高興看到RIG和Valaris的交易出現在這裡。我認為這對業界來說是個好舉措。

I think we'll continue to see those types of things happen, and we are working on those kinds of things every day of the week because it really is about helping us become more relevant to our customers, helping them more solutions and more efficiencies and those types of things, and we're absolutely convinced that if we're more relevant to our customers, we're going to become more relevant to our shareholders as well.

我認為我們會繼續看到這類事情發生，我們每天都在努力做這些事情，因為這確實關乎幫助我們與客戶建立更緊密的聯繫，幫助他們獲得更多解決方案和更高效率等等，我們堅信，如果我們與客戶更緊密地聯繫在一起，我們對股東也更有意義。

It fits in, but it's something we continue to work really hard on because we have a great platform. We're offshore, we're international. You know we have touch points with our customers all the way from exploration through appraisal through development through production all through P&A, so we have a lot of flexibility, latitude on the types of things that would fit into our portfolio and that we could help drive value with.

它很契合，但我們仍然會為此付出巨大的努力，因為我們擁有一個很棒的平台。我們是一家海外公司，我們是一家國際公司。你知道，從勘探、評估、開發、生產到處置，我們與客戶的接觸點貫穿始終，因此我們在哪些類型的業務適合我們的業務組合以及我們可以幫助客戶創造價值方面擁有很大的靈活性和自由度。

Thanks for the call and just another follow‑up. One of the themes over the last two quarters of larger operator calls has been increased need for exploration offshore. Any thoughts on what you're seeing in the areas geographically that could surprise to the upside over the next couple of years? And how do you see yourself taking advantage of what you're seeing and hearing?

謝謝你的來電，再跟進一下。過去兩個季度大型營運商來電的一個共同主題是海上勘探需求增加。您認為未來幾年某些地區的發展可能會帶來意想不到的正面影響嗎？你打算如何利用你所看到和聽到的信息？

No, Colby, it's a great question. It's a really perceptive question, so kudos for you for picking up on that. Our customers. Yes, we're having more and more exploration project discussions. Part of that's because they need to add more and more into their portfolio for future production and future reserves. We provide a lot of services in the exploration activity set.

不，科爾比，這是一個很好的問題。這是一個非常有洞察力的問題，你能夠注意到這一點，值得稱讚。我們的客戶。是的，我們正在進行越來越多的勘探項目討論。部分原因是他們需要不斷增加投資組合，以滿足未來的生產和儲量需求。我們在勘探活動領域提供多種服務。

Whether it's well construction or it's well flow management -- when we start flowing these wells back to evaluate the reservoirs or it's being able to help provide the connectivity in a subsea application, from the rig to the seafloor, it's a great opportunity for us. We play a lot of those kinds of services and I think as we see more and more of that translate into activity, I think we'll continue to see more exploration opportunities and that means more exploration revenue and dollars for us. We've been -- really, over the course of the last -- really since 2012, there hasn't been a lot of meaningful exploration activity going on globally. I’m excited to see that potential. We'll see how much of it translates into 2026. I think more of what we're going to see is in 2027.

無論是油井建設還是油井流量管理——當我們開始回流這些油井以評估油藏，或者能夠幫助在海底應用中提供從鑽井平台到海底的連接時，這對我們來說都是一個巨大的機會。我們做了很多這類服務，我認為隨著越來越多的服務轉化為實際活動，我們將繼續看到更多的勘探機會，這意味著我們將獲得更多的勘探收入和資金。實際上，在過去的幾年裡——實際上，自 2012 年以來，全球範圍內並沒有進行太多有意義的勘探活動。我很興奮地看到這種潛力。我們拭目以待，看看其中有多少能延續到 2026 年。我認為我們將在 2027 年看到更多這樣的變化。

Thank you so much for the color. I'll turn it back.

非常感謝您提供的顏色。我會把它轉回去。

Thanks.

謝謝。

Thank you very much.

非常感謝。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Hey, good morning guys. I just want to go back to the conversations around the 2026 guidance. Just going up to the top‑line revenue here, I know the prior guide was for 2026 to be flat to down. Now the new guidance is flat to up.

嘿，各位早安。我只想回到之前關於 2026 年指導方針的討論。僅就最高營收而言，我知道之前的預測是 2026 年將持平或下降。現在新的指導意見是持平或上漲。

I was hoping you could help us understand some of the puts and takes there, why your outlook has improved maybe from a regional standpoint, and then just thinking about how the guidance ties to the implied sequential growth on the top‑line second, third, and fourth quarter, because it looks pretty meaningful.

我希望您能幫助我們理解其中的一些利弊，例如從區域角度來看，您的前景為何有所改善，以及該指引與第二、第三和第四季度營收環比增長的隱含關係，因為這看起來意義重大。

Yeah, and Derek, thanks for joining. I guess what I would -- we’re more, and I alluded to it in one of your earlier questions, is we are laser focused on if the market grows 2% or 5% or 10%, we will absolutely get our fair share of projects. We have a very high bid‑win rate and great customer relationships, so what the market does, we're going to benefit from that as well as anybody else.

是的，還有德瑞克，謝謝你的參與。我想說的是——我們更傾向於——我在你之前的一個問題中也提到過——我們非常關注的是，如果市場增長 2%、5% 或 10%，我們絕對會獲得我們應得的項目份額。我們擁有非常高的中標率和良好的客戶關係，所以無論市場如何變化，我們都會像其他人一樣從中受益。

I don't want to say we don't have any control over that, but the timing of somebody adding a rig in Angola or the timing of additional rigs and activity in the U.S. Gulf, we're not going to have an influence over that, but we’re going to be able to provide those services. It's not so much that our view has become more positive or more negative. What I have the organization focused on is execution, service delivery, HSE performance, continuing to win our fair share of activity, and fundamentally driving more efficient operations.

我不想說我們對此沒有任何控制權，但是對於有人在安哥拉增加鑽井平台的時間，或者美國墨西哥灣增加鑽井平台和活動的時機，我們無法施加影響，但我們將能夠提供這些服務。與其說我們的觀點變得更積極或更消極，不如說我們的觀點發生了轉變。我讓組織專注於執行、服務交付、HSE績效、繼續贏得我們應得的業務份額，並從根本上推動更有效率的營運。

We expanded margins in 2025 and expanded cash flow generation significantly in 2025 because we were focused on the things we could control, and we're going to do that again in 2026. Even if the market is flat to slightly down, that’s not to say I think it's going to be slightly down, my message is even if the market's under a little more pressure, we will still expand our margins and expand our cash flow generation. That's a subtle difference, but it's much more around focusing on what we can control, and if the market grows, that's fantastic. We’ll have some upside potential to what our forecast looks like going forward.

2025年，我們擴大了利潤率，並大幅提高了現金流，因為我們專注於我們能夠控制的事情，2026年我們將再次這樣做。即使市場持平或略有下跌（這並不意味著我認為市場一定會略有下跌），我的意思是，即使市場面臨更大的壓力，我們仍然會擴大利潤率並擴大現金流。這是一個細微的差別，但更多的是專注於我們能夠控制的事情，如果市場成長，那就太好了。展望未來，我們的預測還有一些上行空間。

Yeah, that makes sense and I appreciate the call. Maybe just to follow up there, could you maybe break down the geographies? Where do you see maybe the points of strength as we work through second, third, and fourth quarter? Maybe we can rank‑order them, just your geographic regions.

是的，這很有道理，謝謝你的來電。為了進一步說明，能否具體介紹一下地理位置？在第二、第三和第四季度，您認為我們的優勢可能在哪裡？或許我們可以按地理區域對它們進行排名/排序。

Sure. I do think that for us, Middle East and North Africa is going to be solid this year. We're going to have some projects that will deliver in the fourth quarter that we're already actively engaged in, and that’s part of the reason why we see and anticipate a solid Q4. South America. We’ve got some similar projects and activity that's going to happen there as well.

當然。我認為今年中東和北非市場對我們來說會非常穩健。我們將在第四季度交付一些項目，這些項目我們已經積極參與其中，這也是我們預計第四季度業績穩健的部分原因。南美洲。我們在那裡也有一些類似的項目和活動。

I suspect that when we do a look‑back on 2026, I would be very surprised if there's not some surprise to the upside in the U.S. Gulf. I think for operators, access to those reservoirs, the carbon advantage nature of it, and the ability to get access to rigs that are working for one operator today and come to another operator tomorrow. That's going to be another one that could be strong potential.

我懷疑，當我們回顧 2026 年時，如果美國墨西哥灣沿岸地區沒有一些意想不到的上漲趨勢，我會感到非常驚訝。我認為對於營運商來說，這些油藏的開採權、其碳排放優勢以及能夠使用今天為一家營運商工作的鑽井平台明天就能為另一家營運商工作的鑽井平台，都是非常重要的因素。那將是另一個極具潛力的項目。

I would probably put Asia Pacific as continuing to be, just because of the cycle time and where they're at in the sequence of activity in places like Australia. I think that's going to be more of a 2027 phenomenon. I kind of view Asia Pacific in that same context. It's going to be a little bit more of a laggard than the others.

我可能會把亞太地區列為“持續”，僅僅是因為週期時間以及他們在澳大利亞等地的活動順序中所處的位置。我認為這更像是2027年才會出現的現象。我大致也是從這個角度看待亞太地區的。它會比其他幾款車稍微落後一些。

And then West Africa is one in which I think by the time we're talking in 2027, it's going to be quite robust. For me it's the transition of whether that starts to happen in the third quarter of 2026, the middle of the fourth quarter, or the end of the fourth quarter. I think that's just a little bit more of a timing matter, when they take delivery of rigs and when they really start solid drilling and completions activity.

而西非地區，我認為到 2027 年，將會發展得相當強勁。對我來說，關鍵在於這種轉變究竟會在 2026 年第三季開始，還是在第四季中期，或是在第四季末開始。我認為這更多的是一個時間問題，取決於他們何時接收鑽機，何時真正開始大規模的鑽井和完井作業。

Got it. Very helpful. I'll turn it back.

知道了。很有幫助。我會把它轉回去。

Thanks, Derek. Appreciate you participating.

謝謝你，德里克。感謝您的參與。

Thank you very much. (Operator Instructions)

非常感謝。（操作說明）

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

Thanks. Good morning. I apologize if you covered this earlier. I just wanted to hit on pricing quickly. Over the last 24 months, we saw a pretty sharp acceleration in rig rates, and then things have come off but stabilized over the last six months. How does potentially a tightening rig‑rate environment frame your pricing conversations, and allow customers to see some more value in a lot of the things that you offer? Maybe you could elaborate on that a little bit.

謝謝。早安.如果您之前已經介紹過這一點，我深表歉意。我只是想盡快確定價格。在過去 24 個月裡，鑽井平台租金出現了相當急劇的上漲，之後雖然有所回落，但在過去六個月趨於穩定。在鑽井平台價格可能收緊的環境下，你們的定價策略會如何影響客戶，讓他們看到你們提供的許多產品和服務的價值？或許您可以再詳細解釋一下。

Sure, Josh, thanks and I appreciate that. I guess how I would frame it up is I think the pricing climate we have had -- although we don't have a lot of ability to raise prices right now -- has not seen downward pressure on pricing, and I think a lot of it has been the rig guys and the rig rates. They really set the tone, they set expectations for customers, and the fact that those guys have been extremely disciplined -- they're going to stack rigs or retire rigs before moving rates down materially. I think that's been helpful and constructive.

當然，喬什，謝謝你，我很感激。我想我會這樣表述：我認為我們目前的定價環境——儘管我們現在沒有太多提價的能力——並沒有出現價格下行壓力，我認為這很大程度上要歸功於鑽井平台和鑽井平台的租金。他們確實定下了基調，為客戶設定了期望，而這些人非常自律——在大幅降低價格之前，他們寧願囤積鑽機或讓鑽機退役。我認為這很有幫助，也很有建設性。

Our prices aren't indexed or directly correlated to the rig, but it sets an expectation or tone within the space and within the sector. As we're seeing consolidation with those guys and more demand for those rigs, hopefully we go back to a climate where there's discussion around rising rig rates, and I think that conversely starts to set up some of the opportunities there as well.

我們的價格與鑽井平台沒有指數化或直接關聯，但它在該領域和產業內設定了一種預期或基調。隨著我們看到這些公司進行整合，以及對這些鑽井平台的需求增加，希望我們能回到討論鑽井平台租金上漲的氛圍中，我認為這反過來也會創造一些機會。

I think the other flip side for us is really around how we expand and roll out new technology. Our new technology, especially the ones that help us expand our wallet share, typically comes at more of a premium because we're generally out there servicing it with the same crews we have who are already running services. When you add incremental services, that's what helps us expand wallet share and expand margins.

我認為對我們來說，另一個關鍵點在於我們如何拓展和推廣新技術。我們的新技術，特別是那些幫助我們擴大市場份額的技術，通常價格更高，因為我們通常需要使用現有的服務團隊來提供服務。增加增量服務有助於我們擴大市場佔有率和提高利潤率。

At the same time, we're very disciplined about rolling out technology at the right rate. We have pricing expectations and value‑creation expectations. When you run Cure technologies in an offshore application, you save almost 24 hours of rig time not waiting on cement. We have a value expectation of the time savings, and we're not going to try to increase technology adoption by lowering our prices. We're going to stay disciplined. We'll take a longer period of time because over the next couple of years, rig rates will rise, things will tighten, and you get an opportunity to price things only once, so we're going to be disciplined about that.

同時，我們在以合適的速度推出技術方面也非常嚴謹。我們有定價預期和價值創造預期。在海上應用中使用 Cure 技術，可以節省近 24 小時的鑽井平台等待水泥的時間。我們對節省時間抱有有價值預期，我們不會透過降低價格來提高技術的採用率。我們會保持自律。我們會花更長的時間，因為在接下來的幾年裡，鑽井平台租金會上漲，市場會趨緊，而且定價的機會只有一次，所以我們會在這方面保持謹慎。

Thanks for that. And then just one, if I may, and again, if you covered this already, apologies. Understanding that offshore Venezuela isn't projected to be something massive, I'm just curious, as things calm down geopolitically within that country, how does that potentially open up areas like Colombia or Trinidad or Guyana, given the geographical proximity to those areas? Any thoughts?

謝謝。如果可以的話，我只想問一個問題。如果您已經回答過這個問題，我再次表示歉意。我知道委內瑞拉國內地緣政治局勢的穩定，考慮到哥倫比亞、特立尼達和多巴哥或圭亞那等地與委內瑞拉國內地緣政治局勢的穩定，考慮到哥倫比亞、特立尼達和多巴哥或圭亞那等地與委內瑞拉的地理位置接近，這會對這些地區產生怎樣的潛在影響？有什麼想法嗎？

Yeah, no. And Josh, thanks for bringing it up. I commented in the prepared remarks earlier that for myself, having lived and worked in Venezuela, my kids spent a number of years growing up and going to school in Venezuela. It is -- I'm really excited to see the opportunities that are going to happen in the country. It's going to be interesting. It's going to be unique because you're going to have land opportunities, shallow‑water Lake Maracaibo opportunities, and potentially deepwater offshore. There are FPSOs, and there's infrastructure that already exists with Guyana and what's going to happen with Suriname.

不，不是。喬希，謝謝你提出這個問題。我在先前的演講稿中提到，我自己曾在委內瑞拉生活和工作過，我的孩子們也在委內瑞拉度過了多年的成長和求學時光。是的——我非常興奮地看到這個國家即將出現的機會。這會很有意思。這將是獨一無二的，因為您將擁有陸地開發機會、馬拉開波湖淺水區開發機會，以及潛在的深水近海開發機會。圭亞那已經擁有FPSO（浮式生產儲卸油船）和相關基礎設施，而蘇利南也將迎來新的發展機會。

I mean, I think it's tremendously positive. I'm really excited about it, and especially for us as a company, because we're really good at the high‑technology component -- the things that are difficult producing environments or difficult drilling environments. That's where we really can shine. I'm super excited about it for us. The question is when that's going to happen. It's not the question of whether there's an opportunity. It's when it's going to materialize.

我的意思是，我認為這是非常積極的。我對此感到非常興奮，尤其是對我們公司而言，因為我們非常擅長高科技領域——那些在生產環境或鑽井環境中較為困難的領域。這正是我們真正能大放異彩的地方。我為此感到非常興奮。問題是，這種情況何時會發生。問題不在於是否存在機會。就是它最終實現的時候。

No, I think it's fantastic. I think it will really provide a real growth engine for the industry because of the close linkage between Guyana, Suriname, Trinidad, even French Guiana. I think it's just a great opportunity. I'm super excited about it, as you can probably pick up.

不，我覺得太棒了。我認為這將真正為該行業提供真正的成長引擎，因為圭亞那、蘇利南、特立尼達，甚至是法屬圭亞那之間聯繫緊密。我覺得這是一個絕佳的機會。對此我感到非常興奮，你可能也能感受到。

Understood. Thanks for taking the questions. I appreciate it.

明白了。謝謝您回答問題。謝謝。

All right, sounds good, thanks.

好的，聽起來不錯，謝謝。

Thank you very much. We currently have no further questions, so I'd like to hand back to the management team for any closing remarks.

非常感謝。目前我們沒有其他問題，所以請管理團隊作總結發言。

Hey, everybody. Thanks for joining us today. This is Dave Wilson. If you have any follow‑up calls, please reach out to me. Again, I appreciate your participation. Thank you.

大家好。感謝您今天收看我們的節目。這是戴夫威爾森。如果您有任何後續電話，請與我聯絡。再次感謝您的參與。謝謝。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。您可以斷開線路。