Seadrill (SDRL) 首席执行官 Anton Dibowitz 在 2019年 第二季度业绩 - 收益电话会议记录

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Seadrill Limited (NYSE:SDRL) Q2 2019 Earnings Conference Call August 20, 2019 9:00 AM ET

Seadrill Limited(纽约证券交易所代码:[SDRL])2019年第二季度收益电话会议2019年8月20日美国东部时间上午9:00

公司参与者

Anton Dibowitz - President, Chief Executive Officer
Stuart Jackson - Chief Financial Officer
Matt Lyne - Chief Commercial Officer
Emma Li - Head of Investor Relations

  • Anton Dibowitz - 总裁兼首席执行官
  • Stuart Jackson - 首席财务官
  • Matt Lyne - 首席商务官
  • Emma Li - 投资者关系主管

电话会议参与者

Lucas Daul - ABG
Constantine Chenerov - Acure Capital

  • Lucas Daul - ABG
  • 康斯坦丁·切内罗夫 - Acure Capital

会议主持员

Good morning and welcome to the Seadrill Limited Quarter Two 2019 Earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded.
I would now like to turn the conference over to Ms. Emma Li, Head of Investor Relations. Please go ahead.

早上好,欢迎参加Seadrill Limited第二季度2019年收益电话会议。 所有参与者都将处于只听模式。 如果您需要帮助,请按星号键然后按零,向会议专家发出信号。 在今天的演讲之后,将有机会提问。 要问一个问题,你可以按电话键盘上的星号。 要撤回您的问题,请按星号,然后按两下。 请注意,此活动正在录制中。

我现在想把会议转交给投资者关系负责人Emma Li女士。 请继续。

艾玛莉

Thank you and welcome to Seadrill Limited Q2 2019 quarterly conference call. Before we get started, I’d like to remind everyone that much of the discussion today will not be based on historical facts but rather consist of forward-looking statements that are subject to uncertainty. Included on Page 2 of the presentation is a comprehensive list covering forward-looking statements. For additional information and to view our SEC filings, please visit our website at www.seadrill.com.
Moving onto the agenda, with us in the room today are Anton Dibowitz, our CEO; Stuart Jackson, our CFO; Matt Lyne, our Chief Commercial Officer, and Leif Nelson, our Chief Operating Officer. In our prepared remarks, you’ll hear from Anton and Stuart. Anton will cover all the highlights for the quarter and provide you with all of our views on the market, and Stuart will then provide a review of the financial performance of the quarter and then we’ll open up the lines so you can take some questions from the entire team.
With that, I’d like to turn the call over to Anton.

谢谢你,欢迎来到Seadrill Limited 2019年第二季度电话会议。在我们开始之前,我想提醒大家,今天的大部分讨论都不是基于历史事实,而是包含前瞻性陈述,这些陈述受到不确定性的影响。该演示文稿的第2页包含一份涵盖前瞻性陈述的综合清单。有关其他信息以及查看我们的SEC文件,请访问我们的网站[www.seadrill.com](http://www.seadrill.com)。

我们的首席执行官Anton Dibowitz今天和我们一起走上议程。 Stuart Jackson,我们的首席财务官;我们的首席商务官Matt Lyne和我们的首席运营官Leif Nelson。在我们准备好的评论中,你会听到安东和斯图尔特的消息。 Anton将涵盖本季度的所有亮点,并为您提供我们对市场的所有看法,然后Stuart将对该季度的财务业绩进行审核,然后我们将打开这些行,以便您可以提出一些问题来自整个团队。

有了这个,我想把电话转给安东。

Anton Dibowitz

Thanks Emma, and welcome everyone to our second quarter 2019 earnings call. Before I begin, I’d like to take the opportunity to welcome our CFO, Stuart Jackson to his first quarter call on the Seadrill team. Stuart brought with him deep experience with listed companies in the offshore and oilfield services space, and we are extremely pleased to have him on board. He’s quickly come up to speed in our business. Welcome to the team, Stuart.

感谢Emma,欢迎大家参加我们2019年第二季度的财报电话会议。 在开始之前,我想借此机会欢迎我们的首席财务官斯图尔特杰克逊在第一季度致电Seadrill团队。 Stuart带来了他在海上和油田服务领域的上市公司的丰富经验,我们非常高兴让他加入。 他很快就加快了我们的业务。 欢迎来到斯图尔特团队。

司徒杰克逊

Thank you.

谢谢。

Anton Dibowitz

To start, I’d like to reiterate some key messages that you’ve heard from me in the past. While the market is resenting some challenges, I believe that the fundamentals of our business remain unwavering; in particular, the offshore [indiscernible] to meet market demand. Oil prices remain well within the zone where offshore projects are profitable, and we expect this to translate into increasing amounts of capital being deployed into offshore exploration and development. While this is not yet a healthy market, day rates in all segments are recovering and we continue to see the leading indicators pointing in the right direction.
Today, our industry and the broader macro market are dealing with setback similar to what we faced in the fourth quarter of last year. As always, we remain focused on managing the factors that we control and being as prepared as we can for the factors that we don’t. You’ve seen us reduce our senior secured notes with a tender offer and we continue to be focused on taking out the rest of this funding that was put in place as part of our restructuring. We have already taken a considerable amount of cost out of our business and we remain laser focused on continuing our work to run our business as efficiently as possible. We have been and will continue to be disciplined in our contracting strategy. We will not add supply to the market unless day rates justify doing so.
Finally, operations and safety underpin our license to operate. Excellent operations is in our DNA and we’re committed to providing the best service for our customers and the safest environment for our people. In this regard, we continue to build on our proprietary Plato performance management system, which uses a combination of machine learning and AI driven by edge computing to drive our performance and manage the health of our assets. Our BOP monitoring system based on the Plato technology meets [indiscernible] regulatory requirements and has already been adopted by a number of our customers in the Gulf of Mexico as it has proven more stable and accurate than the alternatives already on the market. Together with our technology partner, Marsden, we are making available to the market our home-grown Vision IQ system, which uses LIDAR technology to keep workers safer in red zones around moving equipment. Our decision to share Vision IQ is based on our belief that technology that improves the safety of people should be shared because a safer industry is in all our interests.
Now turning to the results of the quarter, economic utilization of 96% was an improvement relative to last quarter’s results, and we’re pleased to have returned to the levels that we expect to see. We continued our track record of project execution with three new builds in our managed fleet, two for Sonangol and one for Northern Drilling, delivered successfully during the quarter. Following on our success with the Sonangol JV in Angola, which is progressing to plan, this quarter we established another significant drilling joint venture together with GDI in Qatar. I’ll provide further details on Gulfdrill in a few minutes.

首先,我想重申一些您过去从我那里听到的关键信息。虽然市场对一些挑战感到不满,但我相信我们业务的基本面仍然坚定不移;特别是离岸[音频不清晰]以满足市场需求。在离岸项目盈利的区域内,油价仍然处于良好状态,我们预计这将转化为越来越多的资金用于海上勘探和开发。虽然这还不是一个健康的市场,但所有细分市场的日内利率都在恢复,我们继续看到领先指标指向正确的方向。

今天,我们的行业和更广泛的宏观市场正在应对类似于去年第四季度所面临的挫折。与往常一样,我们仍然专注于管理我们控制的因素,并尽可能地为我们没有的因素做好准备。您已经看到我们通过收购要约减少我们的高级担保票据,并且我们将继续专注于取出剩余的资金,这些资金是我们重组的一部分。我们已经从我们的业务中获得了相当大的成本,我们仍然专注于继续我们的工作,以尽可能高效地开展业务。我们已经并将继续遵守我们的合同战略。除非日费率合理,否则我们不会向市场增加供应。

最后,运营和安全是我们运营许可的基础。卓越的运营是我们的DNA,我们致力于为客户提供最好的服务,为我们的员工提供最安全的环境。在这方面,我们继续以我们专有的柏拉图性能管理系统为基础,该系统结合使用机器学习和边缘计算驱动的人工智能来推动我们的绩效并管理我们资产的健康状况。我们基于柏拉图技术的BOP监控系统符合[音频不清晰]监管要求,并已被墨西哥湾的许多客户采用,因为它已经证明比市场上已有的替代品更稳定和准确。与我们的技术合作伙伴Marsden一起,我们向市场推出了我们自行开发的Vision IQ系统,该系统采用LIDAR技术,使工人在移动设备周围的红色区域更安全。我们分享Vision IQ的决定基于我们的信念,即应该分享改善人们安全的技术,因为更安全的行业符合我们的所有利益。

现在转向本季度的结果,96%的经济利用率相对于上一季度的结果有所改善,我们很高兴能够恢复到我们预期的水平。我们继续保持项目执行的记录,我们的管理车队有三个新建,其中两个用于Sonangol,一个用于Northern Drilling,在本季度成功交付。继我们在安哥拉的Sonangol合资公司取得成功后,我们正在与卡塔尔的GDI一起建立另一个重要的钻探合资企业。我会在几分钟内提供有关Gulfdrill的更多详情。

Finally, we closed the quarter with $1.5 billion in cash on hand, the major movement being as a result of the completion of the tender offer for the senior secured notes on which Stuart will provide more details later in the call.
With respect to our business, tendering activity continues to improve in the Florida market. Rates for short term work remain extremely competitive, but the market has begun to clearly demonstrate higher rates for long term work in forward start-ups. The overall utilization per marketed unit remains above 80% and there are pockets of strength in the market for harsh environment and high end ultra deepwater drill ships, where market utilization is approaching 90%. The improvements in forward pricing and utilization are key leading indicators that recovery is progressing and we expect that [indiscernible] fixtures made in 2018 marked the low point in this cycle.
Similar, we see improving trends in the premium jack-up market with marketed utilization above 80% and rates trending toward the $80,000 to $100,000 per day range, driven by increased activity in the Middle East. There remains a significant bifurcation between premium and standard jack-up units, and we expect the preference for premium units to continue and result in further attrition of standard jack-ups.
During the second quarter, we added approximately $160 million in backlog related to the following contracts. In Angola, we extended the West Gemini, keeping her busy into August. Following this extension, she will undertake her SBF before returning to Angola in Q4 to perform a nine-well contract with three options. Total contract value for the firm portion of this contract is approximately $84 million. We have a great track record of operating in Angola and hope to expand our operational footprint here through our Sonadrill JV.
Equinor exercised three options in the West Hercules in Norway, keeping her busy through Q1 2020. Following the options, Equinor has access to the West Hercules through a continuous optimality mechanism which could keep her busy through 2020.
Continuing with our Florida fleet, the West Carina secured one more contract with Petronas in Brunei, which was in direct continuation of its contract with Petronas in Malaysia. Based on its performance and the outlook in Asia, we’re confident to be able to secure additional work in the area. During and after the quarter, we entered into short term extensions with the West Callisto and AOD, both working with Saudi Aramco. These units are amongst the highest performers for Saudi Aramco and these short term extensions will facilitate the productive discussions we are having about longer term opportunities for both units.
Finally, the West Callisto secured a six-well contract with two options in Malaysia, which commenced in June. This fixture is at the high end of recent fixtures in Southeast Asia, evidencing continued signs of recovery in this market, and the duration of this contact dovetails very nicely with our new Gulfdrill joint venture.

最后,我们以15亿美元现金结束本季度,主要动向是完成对高级担保票据的要约收购,Stuart将在电话会议后期提供更多详细信息。

就我们的业务而言,佛罗里达市场的招标活动持续改善。短期工作的利率仍然极具竞争力,但市场已经开始清楚地表明在远期初创企业中长期工作的利率更高。每个销售单位的总体利用率仍然高于80%,市场上的恶劣环境和高端超深水钻井船的市场利用率接近90%。远期定价和利用率的提高是复苏正在取得进展的关键领先指标,我们预计2018年制造的[音频不清晰]灯具标志着这一周期的低点。

类似地,我们看到高端自升式市场的趋势有所改善,市场利用率超过80%,而且由于中东地区的活动增加,价格趋势达到每天80,000到100,000美元的范围。高级和标准自升式装置之间仍然存在显着的分叉,我们预计优质装置的优先性将继续,并导致标准自升式装置的进一步减少。

在第二季度,我们增加了约1.6亿美元与以下合同相关的积压。在安哥拉,我们扩展了西双子座,让她忙于八月。在延期之后,她将在第四季度返回安哥拉之前承担她的SBF,以三种方式执行九口井合同。该合同公司部分的合同总价值约为8400万美元。我们在安哥拉拥有良好的运营记录,并希望通过我们的Sonadrill合资公司扩大我们的业务足迹。

Equinor在挪威的West Hercules实施了三个选项,让她在2020年第一季度保持忙碌。在选择之后,Equinor通过持续的优化机制进入West Hercules,这可以让她在2020年之前保持忙碌。

继续我们在佛罗里达州的船队,西卡里纳与文莱的Petronas签订了另一份合同,该合同直接延续了与马来西亚国家石油公司的合同。基于其在亚洲的表现和前景,我们有信心能够在该地区获得额外的工作。在本季度和之后,我们与West Callisto和AOD进行了短期延期,两者都与沙特阿美公司合作。这些单位是沙特阿美公司表现最好的单位,这些短期延期将有助于我们就两个单位的长期机会进行富有成效的讨论。

最后,West Callisto在6月开始在马来西亚获得了两个选项,其中有两个选项。这个灯具位于东南亚近期灯具的高端,证明了这个市场的持续复苏迹象,这次接触的持续时间与我们新的Gulfdrill合资企业非常吻合。

As I mentioned earlier, we are excited this quarter to have established a significant drilling joint venture together with GDI in Qatar. GDI is an important player in this market with a 15-year track record and current operations of seven rigs, or half of the Qatar jack-up market. Qatar is a top three jack-up market in terms of utilization of premium jack-ups and a market that is expected to demonstrate continuous strength and stability over the next decade.
In the JV, Seadrill will provide two jack-ups from its working fleet and a further three jack-ups have been secured from a third party shipyard. Given GDI’s track record and critical mass in the market, they will manage the rigs with our support on the long term contract with Qatar Petroleum. Total contract value is around $650 million with options that could add up to $700 million of additional contract value.
This is an attractive opportunity for us because Qatar is a sizeable and long term market. Potential term if the options are exercised would provide approximately six years of work for each rig. The critical mass of rigs, at least five in the JV plus the seven that GDI is already operating, makes for an efficient operation. No up-front investment is required from us and we will see a run rate of approximately $20 million a year in margin for our bareboat charters, and we expect the JV to be in a position to distribute dividends 12 months from the time the last rig commences its contract.
With that, I’ll hand it over to Stuart for the financial highlights.

正如我之前提到的,本季度我们很高兴与卡塔尔的GDI一起建立了一个重要的钻探合资企业。 GDI是该市场的重要参与者,拥有15年的历史记录,目前拥有7个钻井平台,占卡塔尔自升式钻井平台市场的一半。卡塔尔在高端自升式钻井平台的使用方面位居前三,而且市场有望在未来十年内展现出持续的实力和稳定性。

在合资企业中,Seadrill将从其工作车队提供两个自升式起重机,并从第三方造船厂获得另外三个自升式起重机。鉴于GDI的市场记录和市场临界质量,他们将在与卡塔尔石油公司的长期合同的支持下管理钻井平台。合同总价值约为6.5亿美元,期权可能会增加7亿美元的额外合同价值。

这对我们来说是一个很有吸引力的机会,因为卡塔尔是一个相当大的长期市场。如果行使期权的潜在期限将为每个钻井平台提供大约六年的工作。钻机的临界质量,即JV中的至少五个加上GDI已经运行的七个,可以实现高效运行。我们不需要预先投资,我们的光船租赁每年的运行费率约为2000万美元,我们预计合资公司可以在最后一个钻井平台的12个月内分配股息开始合同。

有了这个,我将把它交给斯图亚特的财务亮点。

司徒杰克逊

Thank you Anton. I shall run through the financial highlights for the quarter, just highlighting some of the major movements, and then at the end look at the guidance for quarter three.
Moving to Slide No. 8 in terms of the revenue and EBITDA bridge, from an operations perspective we had 35 rigs, of which 17 were working at the quarter end. Eight of those are floaters and nine jack-ups, with an economic utilization through the quarter of 96%. From the contract revenue perspective, it’s broadly flat quarter on quarter. We have had some idle time between contracts but that’s been offset by high day rates on the Gemini, Phoenix, Hercules, and the Telesto. At a total revenue operating level, we are $19 million ahead of where we were in quarter one. This is as a consequence of the increase in reimbursable revenues, which is driven by the delivery and operations preparations for Northern Drilling and Sonangol. There is a corresponding reimbursement expense, so there’s a negative impact in terms of our overall margin at the EBITDA level.
Then to EBITDA, we have had idle time so we’ve had lower costs as a consequence of that in our operating expenses, and we’ve had lower costs on our spec units as they’ve moved locations. That’s offset the overdue receivable we had in Q1, which has obviously not repeated in Q2. In total terms from an EBITDA perspective for the quarter, we’re at $69 million, which is ahead of the $55 million guidance that was provided three months ago, and that’s primarily due to timing difference on maintenance activities.
Moving then to the income statement and the items below EBITDA, there are lots of moving parts here so I’ll just highlight some of the major movements. In terms of operating loss, we’re at $73 million for the quarter. On the interest expense line, you start to see the benefit of the secured notes repurchase we had, so lower interest costs coming through at $122 million compared to $132 million three months ago.
In terms of our share results from associated companies, this reflects a lower level of losses in the period, taking into account the unwind of basis differences arising from [indiscernible]. On the derivative side, we have reduced loss occurring during the period, which is what you would expect to see in terms of forward rates falling during that period. In terms of the NSN repurchase, we have to reflect the premium payment we made for the NSNs and that $22 million charge is taken as a net loss on debt extinguishment during the quarter.
In terms of our marketable securities on Seadrill Partners and Archer, this reflects the change in their share price during the period with a charge of $14 million. The other financial items reflect the interest income and the foreign exchange gains and losses incurred during the period.
A large element of change comes through in terms of our tax position, where we have a credit for the quarter which reflects the release of uncertain tax positions in relation to changes in U.S. tax legislation, as well as a reduction in our deferred tax liabilities. This delivers a net loss for the period of $206 million compared to $296 million three months ago.

谢谢安东。我将介绍本季度的财务亮点,只是突出一些主要动作,然后在最后看第三季度的指导。

从收入和EBITDA桥梁转向第8号幻灯片,从运营角度来看,我们有35个钻井平台,其中17个在季度末工作。其中8个是漂浮物和9个自升式钻井平台,经济利用率达到96%。从合同收入的角度来看,它的季度基本持平。我们在合同之间有一些空闲时间,但这已经被双子座,菲尼克斯,赫拉克勒斯和Telesto的高日费率所抵消。在总收入运营水平上,我们比第一季度的收入高出1900万美元。这是由于North Drilling和Sonangol的交付和运营准备工作推动了可偿还收入的增加。有相应的报销费用,因此对我们的EBITDA水平的整体保证金产生负面影响。

然后到EBITDA,我们有空闲时间,因此我们的运营费用因此而降低了成本,而且我们的规格单位因为搬迁地点而降低了成本。这抵消了我们在第一季度应收的逾期应收款,这在第二季度显然没有重复。从本季度的EBITDA角度来看,我们的总金额为6900万美元,高于三个月前提供的5500万美元指引,这主要是由于维护活动的时间差异。

然后转到损益表和EBITDA以下的项目,这里有很多活动部分,所以我只是强调一些主要动作。就经营亏损而言,本季度我们的亏损为7300万美元。在利息支出项目中,您开始看到我们拥有的担保票据回购的好处,因此与三个月前的1.32亿美元相比,利息成本降低了1.22亿美元。

就我们来自联营公司的股份业绩而言,这反映了该期间较低的亏损水平,同时考虑到[音频不清晰]产生的基差差异。在衍生方面,我们减少了在此期间发生的损失,这是您期望在该期间的远期利率下降。就NSN回购而言,我们必须反映我们为NSN支付的保费,并且在本季度中,2200万美元的费用被视为债务清偿的净损失。

就Seadrill Partners和Archer的有价证券而言,这反映了期内股价的变化,收费为1400万美元。其他财务项目反映了期内产生的利息收入和汇兑损益。

在我们的税收状况方面有很大的变化因素,我们在本季度有信贷,这反映了与美国税法立法变化相关的不确定税务状况的释放,以及我们的递延税务负债的减少。与三个月前的2.96亿美元相比,这一期间净亏损为2.06亿美元。

Turning then to the highlights in terms of the cash flow, our net cash used in operating activities for the quarter was $85 million compared to $99 million three months ago. Our investing activities reflect our ongoing capital expenditures on our drilling units which were partially offset by the proportion of West Capella day rate received from Seadrill Partners as contingent consideration.
In terms of our financing activities, significant movement here which is the repurchase of the senior secured notes. There are a number of items in terms of senior secured notes. Just to make sure we’re clear, the $311 million which was the principal repayment in relation to the notes, $22 million was paid in terms of the premium to the note holders and there’s a $9 million charge of accrued PIC and cash interest which was paid as part of the settlement as well, which is taken through operating cash flows in accordance with U.S. GAAP. Our net movement in cash over the period was a reduction of $433 million, so cash at the end of the period was $1.5 billion.
On the balance sheet, of our $1.5 billion of cash, we have $218 million which is restricted cash. There are two elements of this. The first is cash which is predominantly used as cash collateral for bank guarantee facilities, and then during the period we’ve had an $86 million increase in restricted cash which is collateral cash that’s been posted for our Brazilian tax defense, which is a pay-and-defend-regime.
In terms of the other current liabilities, there are a number of items here, but predominantly we have low operating cash flows for the quarter which drive the changes. Our non-current assets are broadly unchanged at $7.9 billion, but our current liabilities, the major change here is obviously the reduction as a consequence of the senior secured notes being repaid, and also we have an increase in terms of the current liabilities, which is an $85 million increase attached to the scheduled amortization repayments on our secured bank debt, so simply moving that amount from the non-current liabilities into the current liabilities.
Then to the Slide 12, which covers non-consolidated entities. In total, these four investments we hold cover a backlog of $3.2 billion. They generated EBITDA of $213 million during the second quarter, and in terms of the carrying value on our balance sheet, we have a carrying value of $724 million at the end of the quarter, which excludes the sellers credit and other debt facilities we have with these investments. Obviously, our share of profits into the Seadrill results are reflected in our results from associated companies.
In terms of the operational highlights for these investments, Seadrill Partners had a lower loss during the quarter because it also benefited from the tax credits I mentioned in relation to U.S. tax change that we had in Seadrill, but it did have some impact from BOP-related downtime during the quarter. Both Seamex and Seabras are performing very well with 99% and 95% utilization respectively, and the Archer investment saw increased activity during the second quarter. All four of these non-consolidated entities are placement securities with the NSNs. We will be adding to the presentation we have here Gulfdrill now that we’ve formed that joint venture, but this is not part of the security package for the NSNs.

然后转向现金流方面的亮点,我们在本季度的经营活动中使用的净现金为8500万美元,而三个月前为9900万美元。我们的投资活动反映了我们对钻探单位的持续资本支出,这部分抵消了Seadrill Partners收到的West Capella日费率作为或有对价的比例。

就我们的融资活动而言,这里的重大变动是回购高级担保票据。高级担保票据有很多项目。为了确保我们清楚,3.11亿美元是与票据有关的本金还款,2200万美元是以票据持有人的保费支付的,而且还有900万美元的应计PIC和现金利息。作为结算的一部分支付,这是根据美国公认会计准则通过经营现金流量获得的。我们在此期间的现金净流动减少了4.33亿美元,因此期末的现金为15亿美元。

在资产负债表上,我们的15亿美元现金中有2.18亿美元,这是限制性现金。这有两个要素。第一种是现金,主要用作银行担保设施的现金抵押品,然后在此期间我们增加了8600万美元的受限制现金,这是为我们的巴西税务抵免发布的抵押现金,这是一种支付 - 和捍卫政权。

就其他流动负债而言,这里有很多项目,但主要是我们本季度的经营现金流量较低,从而推动了变化。我们的非流动资产大致保持不变,为79亿美元,但我们的流动负债,这里的主要变化显然是由于高级担保票据的偿还而减少,而且我们的流动负债也有所增加,我们的有抵押银行债务的预定摊销还款额为8500万美元,因此只需将该金额从非流动负债转入流动负债。

然后是幻灯片12,其中包含非合并实体。总的来说,我们持有的这四项投资涵盖了32亿美元的积压。他们在第二季度产生了2.13亿美元的EBITDA,就资产负债表的账面价值而言,我们在本季度末的账面价值为7.24亿美元,不包括卖方信贷和其他债务融资。这些投资。显然,我们在Seadrill业绩中的利润份额反映在我们的联营公司业绩中。

就这些投资的运营亮点而言,Seadrill Partners在本季度的亏损较低,因为它也受益于我在Seadrill中提到的与美国税收变化相关的税收抵免,但它确实对BOP产生了一些影响 - 本季度相关的停机时间。 Seamex和Seabras的表现都很好,分别有99%和95%的利用率,而Archer投资在第二季度的活动增加。所有这四个非合并实体均为NSN的配售证券。我们现在已经组建了这家合资公司,我们将在此处添加我们在这里的演示文稿,但这不是NSN安全包的一部分。

Turning then to capital structure and liquidity, obviously we start our position with the cash position at $1.5 billion. We do have bank debt of $5.7 billion for bank loans that mature between 2022 and 2024. Amortization commences in 2020 but we do have an amortization conversion election for $500 million which allows us to defer amortization payments, so effectively amortization will start in 2021. The only covenant running at present is in relation to minimum cash, which we are comfortably above. We will have covenants later on and would expect to have net leverage and debt service cover ratio, these to commence in 2021 and will only have a margin impact if there’s any breach in that respect.
From a capital perspective position, we keep this under review. Obviously we have $1.5 billion of cash, we have the half a billion of ACE in terms of deferred amortization, and we are proactively managing our capital structure of which the NSN repurchase is an example.
Finally, in relation to the guidance for Q3, Q3 will be broadly in line with where we finished for Q2, so we’re providing guidance on an EBITDA level of $70 million to $75 million. The increased activity will be around the Sevan Louisiana returning to operations, and we also have additional operating days on the Hercules and the Phoenix, though these are partially offset by lower contract days on the West Carina and planned downtime on the West Linus for its SPS.
That concludes what we’re going to run through in terms of formal presentation. Now I’ll hand back to Nancy to open up for questions.

转向资本结构和流动性,显然我们以15亿美元的现金头寸开始我们的立场。对于2022年至2024年期间到期的银行贷款,我们确实有57亿美元的银行债务。摊销从2020年开始,但我们确实有5亿美元的摊销转换选举,这使我们可以推迟摊还,因此有效的摊销将在2021年开始。目前只有约定的契约与最低现金有关,我们很高兴。我们将在稍后签订契约并预期将拥有净杠杆和偿债保障比率,这些比率将于2021年开始,如果在这方面有任何违约,将只会产生保证金影响。

从资本角度来看,我们会对此进行审核。显然,我们拥有15亿美元的现金,我们在递延摊销方面拥有5亿美元的ACE,我们正在主动管理我们的资本结构,其中NSN回购就是一个例子。

最后,关于第三季度的指导,第三季度将与我们在第二季度完成的工作基本一致,因此我们将提供7000万至7,500万美元的EBITDA水平指引。增加的活动将在塞万路易斯安那州重新开始运营,我们还在赫拉克勒斯和凤凰城有额外的运营日,但这些部分被West Carina的合同日减少以及West Linus计划的SPS停机时间所抵消。 。

这就是我们在正式演示方面将要完成的工作。现在我将交回南希,以便提出问题。

问答环节

[Operator instructions]
Our first question comes from Lucas Daul from ABG. Please go ahead.

[操作说明]

我们的第一个问题来自ABG的Lucas Daul。 请继续。

Lucas Daul

Thank you. Good afternoon gentlemen. I was wondering if we go through your drill ships, you’ve got five drill ships rolling off contract in Q4 or in the end of Q3. Could you talk a little bit about the roll-over opportunities for those, each one in particular?

谢谢。 下午好,先生们。 我想知道如果我们通过你的钻井船,你有五艘钻井船在第四季度或第三季度末完成合同。 你能谈谈那些特别是每个人的翻车机会吗?

Anton Dibowitz

Sure, I’ll let Matt start with that and maybe I’ll cover off at the end if there’s anything I need to--.

当然,我会让马特从那开始,也许如果有什么我需要的话,我会在最后掩饰。

马特莱恩

Sure, hi Lucas. I’ll avoid talking about specific opportunities given the competitive nature of the market, but when you look at from a general perspective, if we take the Golden Triangle, we see an increase in demand when compared to 2018, and although the pace is different for each specific area, I think we feel comfortable that enough opportunities will materialize where you can expect those assets will remain in their current markets after taking a break to complete various SPS and maintenance and upgrades.
With respect to Asia, we also see a number of interesting opportunities that are attractive both in term and commencement period, so when looking at the West Carina, a large number of those opportunities require NPD and she’s outfitted with our third generation operation system, so we feel quite comfortable about her prospects in Asia.

当然,嗨卢卡斯。 考虑到市场的竞争性,我会避免谈论具体的机会,但是当你从一般的角度来看,如果我们采取金三角,我们看到与2018年相比需求增加,尽管速度不同 对于每个特定领域,我认为我们感到很舒服的是,在您休息完成各种SPS以及维护和升级后,您可以预期这些资产将保留在当前市场中。

关于亚洲,我们也看到一些有趣的机会,无论是在学期还是开学期都是如此,所以在观看West Carina时,大量的机会需要NPD,而且她配备了我们的第三代操作系统,所以 我们对她在亚洲的前景感到很自在。

Anton Dibowitz

If I just take it up a level, Lucas, what I will say is we’ve been very purposeful in not making long term commitments on our prime assets at the bottom of the market. Obviously one aspect or one consequence of that is we also need to roll those rigs as they move--as they roll off their contracts. But given the performance that we’ve delivered for customers and the attractiveness of our assets, I think we feel comfortable rolling our available assets.

如果我只是把它提升到一个水平,卢卡斯,我要说的是我们一直非常有目的地没有对我们在市场底部的主要资产做出长期承诺。 显然,这方面的一个方面或一个结果是我们还需要在移动时滚动这些钻机 - 当他们推出合同时。 但鉴于我们为客户提供的性能以及我们资产的吸引力,我认为我们可以放心地扩展我们的可用资产。

Lucas Daul

Okay, that’s good color.

好的,这是好的颜色。

Anton Dibowitz

And I’d certainly rather being doing this today than six months ago or a year ago.

而且我今天肯定比六个月前或一年前做这个。

Lucas Daul

Sure. You talk about competitive spot market, but obviously we have seen pricing come up to, I would say, more attractive levels for long term work. But we haven’t seen that much long term fixtures with a future date commencement, so I was wondering in the tender pipeline that you are dealing with on a daily basis, do you see any change or any sort of delta in terms of more term work starting in 2021 arriving on the table?

当然。 你谈到有竞争力的现货市场,但很明显我们已经看到,对于长期工作来说,定价可以达到更具吸引力的水平。 但是我们还没有看到未来日期开始的那么多长期固定装置,所以我想在你每天处理的投标管道中,你是否看到任何变化或任何类型的delta更多的术语 工作从2021年开始到达桌面?

Anton Dibowitz

Matt, do you want to start?

马特,你想开始吗?

马特莱恩

I think there’s a few opportunities that have longer term developments. I think Equinor has something down in Brazil where they’re looking at start-ups past 2020. West Africa also has a few that exist in Nigeria. They’re still in the tender process, so it’s a little bit hard to kind of put your finger on where you think the day rate is going to marry up. But I do think we’re comfortable that there’s a marked improvement when you look at the 2018 bidding behaviors compared to what we’re seeing in 2019 for fixtures or commencements in 2020, and particularly into 2021, and the trend supports that.

我认为有一些机会有长期发展。 我认为Equinor在巴西的情况有所下降,他们正在考虑到2020年的初创企业。西非也有一些在尼日利亚存在。 他们仍处于招标过程中,所以你可以把手指放在你认为当天结婚的地方。 但我确实认为,当你看到2018年的竞标行为与我们在2019年看到的2020年的固定装置或启动时,特别是到2021年时,我们感到很舒服,并且这种趋势支持了这一点。

Anton Dibowitz

Lucas, long term contracts are probably the most difficult for us to price, for drillers to price and to come to an agreement with operators in this market to make a long term forward commitment. I think there has been a function of the market where generally the number of five-plus term fixtures has decreased from where it was at the top of the last cycle, and given where we are in the cycle, where rates are increasing, where the forward curve is increasing, we’re comfortable with that. What we’d like to see is--you know, obviously you don’t want to be chopping and changing contracts all the time, but a year, 18 months, two year fixtures at this point into a rising market is a comfortable market for us to be in and to be able to have a productive discussion with our customers where we can actually achieve a mutually agreeable price.

卢卡斯,长期合同对我们来说可能是最难以定价的,钻井商可以定价,并与该市场的运营商达成协议,以达成长期的承诺。 我认为市场有一个功能,一般来说,五个以上的固定装置的数量已经从最后一个周期的顶部减少了,并且考虑到我们处于周期中的价格正在增加的地方, 前进曲线正在增加,我们对此感到满意。 我们希望看到的是 - 你知道,显然你不想一直斩断和改变合同,但是一年,18个月,两年的时间进入一个上升的市场就是一个舒适的市场 让我们进入并能够与我们的客户进行富有成效的讨论,我们实际上可以达成双方都同意的价格。

Lucas Daul

Okay. I was mainly wondering if you see any sort of improvement going forward, or whether there was a risk that we stick in this spot nature environment for a few more years, which basically puts a lot of pressure on utilization and eventually the cash you’re able to generate.

好的。 我主要想知道你是否看到任何改进,或者是否存在我们在这个现场自然环境中坚持多年的风险,这基本上会给利用带来很大的压力,最终你会获得现金 能够生成。

Anton Dibowitz

I think there’s going to be--I think the contracts are going to be more fit for purpose. The fact that they’re more short term fixtures today, and I think they will be until we’re at a different point in the cycle, when there was a complete absence of supply and rigs were very tight, the discussion was if you want to take a rig for your exploration program, I need at least three years or five years - that’s a function of the top of the market. What I think you’ll see going forward is more tailored contracts based on what the operator is doing, shorter term contracts for exploration work or remedial work and longer term contracts and surety for those long term developments. I think having a mix of those is good for all of us.
What you do see is more exploration work happening than was happening six months ago or a year ago, and the advent of exploration actually coming back into the market is another good sign for us, for the market, because exploration today leads to development tomorrow.

我认为会有 - 我认为合同会更符合目的。事实上,他们今天是更短期的固定装置,而且我认为它们将会持续到我们处于周期的不同点,当完全没有供应且钻井平台非常紧张时,讨论就是你想要的为您的勘探计划选择一台钻机,我需要至少三年或五年 - 这是市场顶级的一个功能。我认为你将看到的是基于运营商正在做什么的更具针对性的合同,勘探工作或补救工作的短期合同以及长期合同和长期发展的保证。我认为混合使用这些对我们所有人都有好处。

您所看到的是比六个月前或一年前发生的更多勘探工作,实际重新进入市场的勘探的出现对我们来说是市场的另一个好兆头,因为今天的勘探将导致明天的发展。

Lucas Daul

Okay. On a different note, could you just briefly update us on the status of the Sonangol drill ships, the drill ships in the JV, where they are and what is happening with them?

好的。 另外,您是否可以简要地向我们介绍Sonangol钻探船的状态,合资公司的钻探船,它们在哪里以及它们发生了什么?

Anton Dibowitz

Well as I mentioned in my prepared remarks, we’ve taken delivery of both of the Sonangol drill ships. One is currently being prepared in [indiscernible] Bay, the other one’s in Singapore, so that was good progress on the JV. The JV is progressing as planned. I think our initial comments last quarter were that we were confident based on the strength of that market and the visible demand that we would have four--those initial four rigs fixed on contracts between now and the middle of next year. We are in advance discussions on at least the first two, and I think we’re pleased with the progress on the JV and will meet those timelines, or at least meet those timelines.

正如我在准备好的评论中提到的那样,我们已经交付了两艘Sonangol钻探船。 其中一个目前正在[音频不清晰]湾准备,另一个在新加坡,所以这在合资企业方面取得了良好进展。 合资企业正在按计划进行。 我认为我们上个季度的初步意见是,我们对该市场的强弱以及我们有四个可见需求的信心充满信心 - 从现在到明年年中,这些最初的四个钻井平台固定在合同上。 我们至少在前两个问题上进行了讨论,我认为我们对合资企业的进展感到满意,并将满足这些时间表,或者至少符合这些时间表。

Lucas Daul

Okay, that’s good. Thank you very much.

嗯,很好。 非常感谢你。

会议主持员

Again if you have a question, please press star then one.
Our next question comes from Constantine Chenerov [ph] from Acure [ph] Capital. Please go ahead.

如果您有问题,请再次按星号。

我们的下一个问题来自Acure [ph] Capital的Constantine Chenerov [ph]。 请继续。

康斯坦丁·切内罗夫

Hi guys. Thanks very much for taking my questions. I’ve got two questions, if I may. The first one is about Seabras. You’ve got two POC contracts there that are expiring this year, so one is Diamante that I think is expiring in June ’19, or expired in June ’19, and then Topasio [ph] is expiring in September ’19. If you could provide any comments on your plans for those assets, do you seek an opportunity to re-contract them with Petrobras or someone else, or what’s your plan on that?
Secondly, it was widely reported in the press that the creditors at Seadrill Partners level are organizing, so if you could comment to the extent you can on your plans for that asset and for the process. Thank you.

嗨,大家好。 非常感谢您提出我的问题。 如果可以的话,我有两个问题。 第一个是关于Seabras。 你在那里有两份POC合约今年即将到期,所以我认为其中一项是Diamante,我认为它将于19年6月到期,或者在19年6月到期,然后Topasio [ph]将于19年9月到期。 如果您能对这些资产的计划提出任何意见,您是否有机会与Petrobras或其他人重新签订合同,或者您的计划是什么?

其次,媒体广泛报道Seadrill Partners级别的债权人正在组织,所以如果你可以就你的资产和流程计划做出评论。 谢谢。

Anton Dibowitz

Sure, let’s take the Seabras one first. Seabras is a great business. We see significant value in it. The Brazil market was probably the first to fall back during the cycle, but with the advent of the IOCs coming in, we see a recovery there. I think it’s important to note in the Seabras business that essentially although the [indiscernible] cross-sold all the vessels in that fleet, when they roll of their contracts they’re essentially debt-free. We do see further opportunity, and the Seabras JV sees further opportunities, but these are attractive high specification units and we’ll just have to see how that process plays out.
As far as SDLP, Seadrill Partners, I think this a tail of two sides of the coin. On the asset side, SDLP has some great assets. We’ve been managing them for a number of years. It’s an integral part of the Seadrill brand of our global presence, great customer relationships, but of course on the other side there is a liability issue that needs to be handled there. We know that we’re focused on it, and we’ll just have to see that play out.

当然,让我们首先选择Seabras。 Seabras是一个很棒的生意。我们看到了它的重要价值。巴西市场可能是第一个在周期内回落的市场,但随着国际石油公司的到来,我们看到了那里的复苏。我认为在Seabras业务中必须注意的是,虽然[音频不清晰]交叉销售该船队的所有船只,但当他们签订合同时,他们基本上没有债务。我们确实看到了更多的机会,Seabras JV看到了更多的机会,但这些都是极具吸引力的高规格单位,我们只需看看这个过程是如何发挥作用的。

就SDLP,Seadrill Partners而言,我认为这是硬币两面的尾巴。在资产方面,SDLP拥有一些很好的资产。我们一直在管理它们多年。它是我们全球业务的Seadrill品牌,良好的客户关系中不可或缺的一部分,但当然另一方面需要在那里处理责任问题。我们知道我们专注于它,我们只需要看到它发挥出来。

康斯坦丁·切内罗夫

Thanks.

谢谢。

会议主持员

Again if you have a question, please press star then one.
This concludes our question and answer session. I would now like to turn the conference back over to Ms. Emma Li for any closing remarks.

如果您有问题,请再次按星号。

我们的问答环节结束了。 我现在想把会议转回Emma Li女士的任何结束语。

艾玛莉

Thank you Nancy, and thanks everyone for joining us today. This concludes our second quarter conference call.

谢谢南希,感谢大家今天加入我们。 第二季度电话会议结束。

会议主持员

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect and enjoy the rest of your day.

会议现已结束。 感谢您参加今天的演讲。 您现在可以断开连接,享受一天中的其余时间。

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互联网券商的港股、美股开户教程

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写在最后

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