ION Geophysical Corporation (IO) 首席执行官 Chris Usher 于 2019年 第三季度业绩-收益电话抄本

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ION Geophysical Corporation (NYSE:IO) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

ION Geophysical Corporation (NYSE:IO) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

公司参与者

Rachel White - Vice President, Corporate Communications
Chris Usher - President and Chief Executive Officer
Steve Bate - Executive Vice President and Chief Financial Officer

  • Rachel White - Vice President, Corporate Communications
  • Chris Usher - President and Chief Executive Officer
  • Steve Bate - Executive Vice President and Chief Financial Officer

电话会议参与者

Andrew McLellan - Wasserstein Company
Colin Rusch - Oppenheimer & Company

  • Andrew McLellan - Wasserstein Company
  • Colin Rusch - Oppenheimer

会议主持员

Greetings and welcome to ION Geophysical Third Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rachel White, Vice President of Corporate Communications. Thank you. You may begin.

Greetings and welcome to ION Geophysical Third Quarter 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rachel White, Vice President of Corporate Communications. Thank you. You may begin.

Rachel White

Rachel White

Thank you, operator. Good morning and welcome to ION’s third quarter 2019 earnings conference call. We appreciate your joining us today. As indicated on Slide 2, our hosts today are Chris Usher, President and Chief Executive Officer and Steve Bate, Executive Vice President and Chief Financial Officer. Before I turn the call over to them, I have a few items to cover. We will be using slides to accompany today’s call, which are accessible via a link on our website, iongeo.com. There, you will also find a replay of today’s call.
Before we begin, let me remind you that certain statements made during this call may constitute forward-looking statements. These statements are subject to various risks and uncertainties, including those detailed in our latest 10-K and other SEC filings, which may cause our results or performance to differ materially from those projected in these statements. Our remarks today may also include non-GAAP financial measures. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our earnings release issued yesterday.
I will now turn the call over to Chris who will begin on Slide 4.

Thank you, operator. Good morning and welcome to ION’s third quarter 2019 earnings conference call. We appreciate your joining us today. As indicated on Slide 2, our hosts today are Chris Usher, President and Chief Executive Officer and Steve Bate, Executive Vice President and Chief Financial Officer. Before I turn the call over to them, I have a few items to cover. We will be using slides to accompany today’s call, which are accessible via a link on our website, iongeo.com. There, you will also find a replay of today’s call.

Before we begin, let me remind you that certain statements made during this call may constitute forward-looking statements. These statements are subject to various risks and uncertainties, including those detailed in our latest 10-K and other SEC filings, which may cause our results or performance to differ materially from those projected in these statements. Our remarks today may also include non-GAAP financial measures. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our earnings release issued yesterday.

I will now turn the call over to Chris who will begin on Slide 4.

Chris Usher

Chris Usher

Thank you, Rachel. Good morning, everyone and thanks again for joining us today. Our third quarter financial performance was an improvement year-on-year. However, we haven’t launched the scale of new multi-client programs we had originally anticipated. Against the backdrop of continued fiscal discipline in the E&P sector and limited geographies where serious investment is flowing, our revenues were up 13% year-on-year and 27% sequentially. In fact, all aspects of our business improved. Our adjusted EBITDA of $16 million this quarter was up from $13 million in the prior year. Year-to-date, our revenues are up 25%, and our adjusted EBITDA is up over 300% from 2018. Gross margin is also up from 35% in the prior year to 47% this quarter. Steve will elaborate on our financial results in a few minutes.
As I mentioned last quarter in my first earnings call, as CEO, my near-term focus for ION is improved execution. We are making tangible progress on a portfolio of growth initiatives and in healthy, expanding market segments while delivering near-term results, we are increasingly focused on where we are investing. I will call out a couple of examples we can speak to in each segment. There are exciting opportunities to not only build on ION’s traditional data library and imaging strengths, but also to commercialize new technology we have been developing over the last few years and to adapt our cutting-edge capabilities for new markets. I spoke at length about market dynamics last time.
So I will just quickly reiterate that our E&P outlook is unchanged. We expect continued portfolio rationalization and high grading as companies seek to find the best return on investment opportunities to meet oil and gas demand in the next decade. Near term, we are seeing positive market signals, but anticipate exploration will remain lumpy. Due to more competitive return on investment and payback periods, we are seeing investment flow offshore again, which is favorable for our business. Our third-party imaging services business is a decent barometer of the sector, and both the number of bids and project duration is growing. Imaging services revenues are up 70% from last year, and backlog remains near its highest level since 2015. As investment returns offshore, our customers are focusing on higher, faster return infrastructure-led exploration that is often in complex geological environments. As a result, we believe these trends support the increased use of seabed seismic as a tool of choice and in a multi-client business model. ION’s offerings are now well aligned across our segments to capitalize on this developing industry theme.
In our E&P Technology & Services segment, revenues increased 11% this quarter compared to the third quarter 2018, primarily due to an increase in our imaging services revenues. Our multi-client revenues were modestly up year-over-year, with a significant portion of third quarter revenues from our Picanha 3D re-imaging program offshore Brazil and, to a lesser extent, from revenues from our North American programs. Year-to-date, our multi-client revenues are up 29% due to North and South American data sales. Brazil has continued to garner considerable attention and investment due to its attractive proven acreage and investor-friendly business environment. Brazil held 6 license rounds during 2017 and 2018 with their petroleum agency, the ANP, estimates generated $112 billion in new investment. Oil and gas production in Brazil is up nearly 20% this year as some of these new projects started coming online. Additional upcoming license rounds later this year, including the highly anticipated transfer of rights surplus bidding round, are expected to attract a number of large international E&P companies, a significant investment in data before the end of the year.

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谢谢你,雷切尔。大家早上好,再次感谢您今天加入我们。我们的第三季度财务业绩同比有所改善。但是,我们尚未启动我们最初预期的新的多客户端程序规模。在勘探与生产部门持续遵守财务纪律和有限的地域进行大量投资的背景下,我们的收入同比增长13%,环比增长27%。实际上,我们业务的各个方面都有所改善。本季度调整后的EBITDA为1600万美元,而去年同期为1300万美元。年初至今,我们的收入增长了25%,调整后的EBITDA比2018年增长了300%以上。毛利率也从去年的35%增长到了本季度的47%。史蒂夫将在几分钟内详细说明我们的财务业绩。

正如我在第一季度财报电话会议中提到的那样,作为首席执行官,我对ION的近期关注是提高执行力。我们在一系列增长计划以及健康,不断扩大的细分市场中取得了切实进展,同时又取得了近期成果,我们越来越关注我们的投资领域。我将举几个例子,供我们在每个部分中使用。不仅可以利用ION的传统数据库和影像技术优势,而且还可以将过去几年中一直在开发的新技术商业化,并使我们的尖端功能适应新市场,这是令人兴奋的机遇。我上次详细谈到了市场动态。

因此,我将迅速重申,我们的勘探与生产前景未变。我们期望随着公司寻求找到最佳的投资机会来满足未来十年石油和天然气需求的投资组合合理化和高评级。短期内,我们看到积极的市场信号,但预计勘探仍将是块状的。由于更具竞争力的投资回报和投资回收期,我们看到投资再次流向海外,这对我们的业务有利。我们的第三方影像服务业务是该行业的良好晴雨表,并且投标数量和项目期限都在增长。影像服务收入比去年增长了70%,积压订单量仍接近2015年以来的最高水平。随着海外投资的回报,我们的客户将注意力集中在基础设施导向的更高,更快回报的勘探上,而勘探通常是在复杂的地质环境中进行的。因此,我们认为这些趋势支持将海底地震作为一种选择工具和多客户业务模型的使用增加。 ION的产品现已在我们的各个细分市场中保持一致,以利用这一发展中的行业主题。

在E&P技术与服务部门中,本季度的收入比2018年第三季度增长了11%,这主要是由于我们的成像服务收入增加了。我们的多客户收入与去年同期相比略有增长,其中第三季度的很大一部分收入来自巴西离岸的Picanha 3D重新成像计划,而程度较小的则来自我们北美计划的收入。年初至今,由于北美和南美的数据销售,我们的多客户收入增长了29%。由于其诱人的探明面积和对投资者友好的商业环境,巴西一直吸引着相当多的关注和投资。巴西在2017年至2018年间与石油机构ANP进行了6轮许可评估,估计产生了1,120亿美元的新投资。由于其中一些新项目开始上线,今年巴西的石油和天然气产量增长了近20%。今年晚些时候即将进行的其他许可回合,包括备受期待的权利剩余招标回合的转让,预计将吸引许多大型国际勘探与生产公司,这是在年底之前对数据进行的重大投资。

Our Picanha 3D multi-client program offshore Brazil is a huge 100,000 square kilometers seamlessly re-imaged multi-vintage data set that many explorers have found valuable in calibrating their exploration and bidding strategies. For the first time since the downturn, we are starting to see more material corporate consolidation in our E&P customer base, which not only helps market dynamics, but also creates for us data library transfer fee opportunities, one of which occurred in the quarter. Since our data library is still primarily 2D and globally distributed, we didn’t see quite as much of a windfall as our competitors who had concentrated 3D libraries in the Gulf of Mexico. We were pleased to modestly benefit from this event, nonetheless. As expected, we had very focused engagement from E&P clients on targeted exploration programs within specific geographic areas. We believe the new venture program activity will continue to improve. And as we stated in February, we plan to increase the number of new sanctioned programs this year. We have sanctioned 8 new multi-client programs so far this year, compared to 7 for all of 2018. While the quantity improved, the scale and timing of new multi-client programs didn’t materialize as we had envisioned at the beginning of the year.
During the quarter, we sanctioned 2 new 3D multi-client programs. The first is offshore Denmark that we described in detail on the last call. The second is the 3D multi-client program in Argentina’s Neuquén Basin. ION is nearly tripling the size of its Vaca Muerta program to 25,000 square kilometers at one of – over one of the most prospective unconventional plays in the world, which is estimated to hold 16 billion barrels of recoverable hydrocarbons. The first phase of the program is complete, with 25 seamlessly merged 3D data sets, comprising a single 9,000 square kilometer depth volume. The second phase of the program was sanctioned this week and will increase the project size to 25,000 square kilometers by merging an additional 60 surveys and incorporating 150 wells.
We also announced and began acquisition on a previously sanctioned program offshore Africa, bringing our data library there to over 150,000 kilometers. This new industry-supported 2D multi-client program covers the under-explored Namibe Basin offshore Southern Angola. Angola passed several petroleum laws in 2018 to make the legislative and fiscal terms more favorable for investment and to prevent an anticipated decline in oil production. As a result, this basin is garnering significant interest from E&P companies seeking attractive frontier investment opportunities. The other new program that we are acquiring offshore Northeast Canada, GrandSPAN 2, has wrapped up nicely on time and on budget. The data quality is as outstanding as our initial program was.
Moving to imaging services, revenues increased 70% compared to the prior quarter. As we mentioned last quarter, imaging services backlog at June 30 was at its highest level since 2015, which resulted in the significant increase in revenues during the quarter. We continue to strategically reserve the majority of our imaging capacity to distinguish our multi-client offerings and to deploy the remaining resources on challenging proprietary projects that keep ION’s brand front and center with our customer base. Highlighting our successful execution of this approach, I’m happy to say imaging services backlog remains robust, which should lead to a year-over-year increase in imaging services revenues during the fourth quarter of 2019.

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我们在巴西近海的Picanha 3D多客户计划是一个巨大的100,000平方公里的无缝重新成像的多年份数据集,许多探险家发现这些数据集对于校准其勘探和出价策略非常有价值。自经济低迷以来,我们首次在勘探与生产客户群中看到更多实质性的公司合并,这不仅有助于市场动态,而且还为我们创造了数据库转移费用的机会,其中一个机会发生在本季度。由于我们的数据库仍主要是2D的并且在全球范围内分布,因此我们没有像将竞争对手集中在墨西哥湾的3D一样多。尽管如此,我们还是很高兴从这次活动中受益。正如预期的那样,我们将勘探与开发客户非常专注于特定地理区域内的目标勘探计划。我们相信新的风险投资计划活动将继续改善。正如我们在2月所说的那样,我们计划今年增加新的制裁计划的数量。今年到目前为止,我们已经批准了8个新的多客户计划,而2018年全年只有7个。尽管数量有所增加,但新的多客户计划的规模和时机并未实现,正如我们在开始时所设想的那样年。

在本季度中,我们批准了2个新的3D多客户端程序。第一个是我们在最后一次通话中详细描述的丹麦离岸。第二个是阿根廷内乌肯盆地的3D多客户计划。 ION的Vaca Muerta计划的规模几乎翻了三倍,达到25,000平方公里,这是世界上最有前景的非常规油气田之一,据估计,该油田拥有160亿桶可采碳氢化合物。该程序的第一阶段已完成,其中包含25个无缝合并的3D数据集,包括一个9,000平方公里的深度体积。该计划的第二阶段已于本周获得批准,通过合并另外60项调查并合并150口井,该项目的规模将增加到25,000平方公里。

我们还宣布并开始收购先前批准的非洲近海计划,使我们的数据库超过15万公里。这个新的由行业支持的2D多客户计划涵盖了安哥拉南部近海尚未开发的纳米贝盆地。安哥拉于2018年通过了几项石油法律,以使立法和财政条款更有利于投资并防止石油产量预期下降。因此,这个盆地吸引了寻求有吸引力的前沿投资机会的勘探与生产公司的浓厚兴趣。我们正在收购加拿大东北部近海的另一项新计划GrandSPAN 2,已按时按预算完成了。数据质量与我们的初始程序一样出色。

转向影像服务,收入比上一季度增长了70%。正如我们在上个季度提到的那样,截至6月30日,成像服务的积压量是2015年以来的最高水平,这导致该季度收入显着增加。我们将继续战略性地保留我们大部分的影像处理能力,以区分我们的多客户产品,并将剩余的资源部署到具有挑战性的专有项目上,这些项目将使ION的品牌保持领先地位,并以客户群为中心。在强调我们成功实施此方法的同时,我很高兴地说,影像服务的积压工作仍然很强劲,这将导致2019年第四季度影像服务的收入同比增长。

Our E&P advisers team has now met with the new Panamanian government multiple times regarding their future energy plans. We presented the policy and economic case for development of Panama’s offshore hydrocarbon resources and how such development supports Panama’s long-term energy plan, economic goals and other national interest. A license round is required to attract foreign investment needed to properly develop Panama’s oil and gas resources.
To ensure license round success, the government is taking a cautious approach, ensuring that they are adequately prepared to host a successful license round, carrying out required due diligence and securing alignment among ministries. As this process will require additional time, we now anticipate that the earliest day license round will be announced will be late 2020. We are well positioned with our Panama spend data as and when they move ahead. I am excited to share some additional advances we made in the seabed market, one of the few strong growth segments in our space with record level of spending, crews and equipment this year. We are dedicated to advancing ocean bottom acquisition to significantly expand the use of superior seabed data to enhance clients’ reservoir decision-making.
You have heard us talk on prior calls about a number of asset-light offerings targeting this growing high value markets such as our next-generation ocean bottom system 4Sea and our full-waveform inversion suite of imaging technologies. Building on that toolkit, we are further positioned to differentiate ourselves in this rapidly evolving OBS ecosystem with our recently developed enhanced frequency source. This novel energy source significantly extends low frequencies in the acquired data for improved velocity model estimation, whilst limiting higher frequencies to a more environmentally friendly range. This key ingredient has been developed in collaboration with an E&P operator and validated during multiple field trials over the last 24 months. We rolled it out to select clients at SEG, one of our major trade shows in September. And it was extremely well received. These customers were impressed with our rapid development of the solution and commented how well it aligned with their subsurface imaging objectives in their respective portfolio geographies.
We are maturing our portfolio of OBN opportunities and have secured a number of seabed multi-client permits around the world. We are hoping to announce our first 3D OBN multi-client program in the next few quarters. And we believe our seabed technology portfolio will be a key ingredient in launching the significant addition to ION’s data library portfolio. In our operations optimization segment, revenues were up 19% due to increases in Marlin deployments and marine equipment replacement and repairs. Our Software group’s revenue was up 25% to the highest level since the downturn due to continued strong performance of our command and control solutions, augmented by record Marlin-related revenues and deployments. I am very pleased that year-to-date, about a third of our software revenues have risen from recent technology investments and commercialization.

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我们的勘探与生产顾问团队现已就其未来的能源计划多次与巴拿马新政府会面。我们介绍了开发巴拿马海上油气资源的政策和经济案例,以及这种开发如何支持巴拿马的长期能源计划,经济目标和其他国家利益。需要进行许可回合,以吸引适当开发巴拿马的石油和天然气资源所需的外国投资。

为了确保许可成功,政府正在采取谨慎的态度,以确保他们有足够的准备进行成功的许可,进行必要的尽职调查并确保各部之间的一致。由于此过程将需要更多时间,因此我们现在预计最早的一轮许可证发布将在2020年末宣布。随着巴拿马支出数据的继续发展,我们处于有利地位。我很高兴分享我们在海底市场上取得的一些其他进步,海底市场是我们空间中为数不多的强劲增长领域之一,今年的支出,人员和设备水平均创历史新高。我们致力于推进海底采集,以显着扩大高级海床数据的使用范围,以增强客户的储层决策能力。

您已经听到我们在先前的电话会议上谈论过一些针对此不断增长的高价值市场的轻资产产品,例如我们的下一代海底系统4Sea和我们的全波形反转成像技术套件。在该工具包的基础上,我们进一步定位于借助我们最近开发的增强型频率源,在这个快速发展的OBS生态系统中脱颖而出。这种新颖的能源极大地扩展了采集数据中的低频,从而改善了速度模型的估算,同时将更高的频率限制在更环保的范围内。该关键成分是与E&P运营商合作开发的,并在过去24个月的多次现场试验中得到了验证。我们将其推广给SEG的精选客户,这是我们9月的主要贸易展览之一。这是非常受欢迎的。这些客户对我们解决方案的快速开发印象深刻,并评论了该解决方案与各自产品组合地区的地下成像目标的吻合程度。

我们正在逐步完善我们的OBN机会组合,并在全球范围内获得了许多海底多客户许可。我们希望在接下来的几个季度中宣布我们的第一个3D OBN多客户端程序。而且我们认为,我们的海底技术产品组合将成为ION的重要补充产品的重要组成部分。在我们的运营优化部门,收入增长了19%,这是由于Marlin部署以及船舶设备更换和维修的增加。我们的软件部门的收入增长了25%,达到了经济下滑以来的最高水平,这归功于我们指挥与控制解决方案的持续强劲表现,而与Marlin相关的收入和部署也达到了创纪录水平。到目前为止,到目前为止,我们的软件收入中约有三分之一来自最近的技术投资和商业化,这让我感到非常高兴。

We are seeing growing adoption of our strategy to better link offshore operations to onshore offices. There is an industry-wide desire to shift a number of offshore roles onshore to reduce risks and costs. We have expanded some of the functionalities developed from Marlin and retrofitted that connectivity to our core products such as Orca command and control and are pleased to see commercial take-up. We plan a similar derivative product enhancement to our core command and control software suite, which can expand revenues and drive stickiness in our installed base.
Building on the growth in the seabed market mentioned earlier, we commercialized one of the last 4Sea components this quarter. A client initially trialed MESA SimSurvey and very quickly switched to a recurring license, validating the value it’s providing. SimSurvey is a multi-scenario simulator for complex seabed operations, including survey costing and project duration estimates. Effectively, it’s a digital twin for operations that enables customers to choose an optimal plan for project execution with specific operational assets at their disposal.
After a full year of worldwide use, we held an in-depth workshop with a major E&P company, who adopted Marlin to monitor global seismic operations from their Houston control room. The software has achieved high corporate visibility after repeatedly demonstrating its ability to prevent multimillion-dollar operational shutdowns. Our client, champion Marlin’s situational awareness and replanning capabilities that avoided project curtailment and operational theaters, highly congested with floating fisheries debris. We have got great feedback listening to the clients use cases and revealed our next feature enhancements that we believe will provide even more value to them over the coming year.
In the same timeframe, we employed Marlin at the heart of a large SimOps contract in a congested oilfield where ION’s services team, leveraging our Marlin software, has been indispensable around optimizing seabed seismic operations and several other non-seismic logistics use cases. The key responsibility is to drive alerts around vessels penetrating sensitive national boundaries adjacent to the project area. Marlin is designed to be the operations optimization platform supporting a number of offshore applications. Ports and harbors were identified last year as one of the most attractive markets for our technology. Last quarter, I alluded to the large market opportunity for digital transformation offshore. The global freight market is estimated to be over $1 trillion. 90% of goods are transported by sea using 50,000 cargo vessels at over 5,000 shop – shipping ports. The ship tech sector alone is estimated to be over $100 billion. Tier 1 ports have been leading the digital transformation, and there’s an emerging need for Tier 2 ports to do so as well to compete. New disruptive technologies such as artificial intelligence, Internet of Things and Blockchain have the potential to transform port efficiency. It’s an exciting opportunity that’s just starting to unfold with immense potential.

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我们看到越来越多地采用我们的战略,以更好地将离岸业务与岸上办公室联系起来。整个行业都希望将许多离岸职位转移到岸上以降低风险和成本。我们扩展了从Marlin开发的一些功能,并对与Orca指挥和控制等核心产品的连接进行了改装,并很高兴看到商业应用。我们计划对核心命令和控制软件套件进行类似的派生产品增强,以增加收入并提高已安装用户群的粘性。

基于前面提到的海底市场的增长,我们在本季度将最后的4Sea组件之一商业化。一位客户最初试用了MESA SimSurvey,很快就转用了周期性许可证,以验证其提供的价值。 SimSurvey是用于复杂海底作业的多场景模拟器,包括勘测成本和项目工期估算。实际上,这是一个用于运营的数字化双胞胎,它使客户可以选择可利用特定运营资产的最佳项目执行计划。

在全球使用了整整一年之后,我们与一家大型勘探与生产公司举行了一次深入的研讨会,该公司采用Marlin从其休斯顿控制室监控全球地震作业。该软件在反复展示其防止数百万美元的运营停机的能力之后,已经获得了很高的企业知名度。我们的客户,冠军马林(Marlin)的态势感知和重新规划能力避免了项目缩减和运营区域的混乱,而这些领域高度拥挤了漂浮的渔业废弃物。我们在聆听客户用例时收到了很多反馈,并透露了我们的下一个功能增强功能,我们相信这些功能增强功能将在未来一年为他们提供更多价值。

在同一时间范围内,我们在拥挤的油田中聘用了Marlin作为SimOps大型合同的核心,ION的服务团队利用我们的Marlin软件,在优化海底地震作业和其他一些非地震物流用例方面必不可少。关键职责是在穿透项目区域附近敏感国家边界的船只周围发出警报。 Marlin被设计为支持许多海上应用的运营优化平台。去年,港口被认为是我们技术最有吸引力的市场之一。上个季度,我提到离岸数字转换的巨大市场机会。全球货运市场估计超过1万亿美元。 90%的货物是通过5,000艘货船在5,000多家商店(海运港口)中进行海上运输的。仅船舶技术领域就估计超过1000亿美元。第1层端口一直引领着数字化转型,并且第2层端口也越来越需要这样做,以便竞争。人工智能,物联网和区块链等新的颠覆性技术具有改变端口效率的潜力。这是一个令人兴奋的机会,而它才刚刚开始发挥巨大的潜力。

Our Marlin SmartPort pilot in the UK is progressing nicely. We recently completed a 5-year agreement with our ports and harbors launch partner in Scotland and have now deployed the latest version of Marlin into the port’s daily operations. There is early excitement around our digital solution, and we are working closely with them and our AWS partners to build out a truly transformational offering for them that we can also take to other ports. It’s early days, but this is an exciting milestone on our diversification journey and the fact, we’ve attracted an industrial-strength partner like AWS is very encouraging to us.
In the devices group of our operations optimization segment, revenues were up 14% year-on-year, driven by an increase in towed streamer equipment replacement and repairs. Meanwhile, our devices team is building out new core seismic capabilities and also adjacent market offerings and I am pleased to highlight two milestones along that path. Our first 2 SailWing systems were deployed commercially in the quarter and are performing above expectations. Seismic surveys are designed in the office and the vessels towing seismic sources are expected to follow a predefined course when they get to the field. Well, the real world always gets in the way of that.
Our launch partner advocated positioning the seismic sources using SailWing to predefine navigation objectives in a high current environment, and it was very successful. So much though that they ended up using our technology in production for the entire job. And the onboard client rep recommended using SailWing as the spec for all future jobs with our company and the highly productive crew performance was acknowledged by our customers’ CEO. This validates our strategy of providing technology that drives efficiency in the growing ocean bottom marketplace.
We have also been working closely with the U.S. Department of Defense, to better understand the potential defense applications of our technology stack. In August, we participated in the U.S. Navy’s Advanced Naval Technology Exercise or ANTX, which demonstrates the potential that emerging maritime technologies can have for the Navy in the near future. I am delighted to share that we work with U.S. Navy groups and industry partners to demonstrate an integrated port security threat detection and mitigation system that we are going to market to the military and ports around the world. Marlin served as the multi-system mission control and decision optimization tool for various threat detection and mitigation scenarios. We were able to track hostile divers and unmanned underwater vehicles and manage real-time mitigation actions in response to operation zone incursions, such as smart nets, ROV interception and shepherding friendly assets via unmanned service vehicles. The exercise demonstrates ION’s strong capability to work with partners and customers on rapid system integration. These are good examples of the sort of capabilities and dual use technologies that are important as we move to diversify.

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我们在英国的Marlin SmartPort试点项目进展顺利。我们最近与苏格兰的港口和港口发射合作伙伴完成了为期5年的协议,现在已将最新版本的Marlin部署到港口的日常运营中。我们的数字解决方案令人兴奋,我们正与他们和我们的AWS合作伙伴紧密合作,为他们构建真正的转型产品,我们也可以将其带到其他港口。那时还很早,但这是我们多元化之旅中一个激动人心的里程碑,而且事实上,我们吸引了像AWS这样的具有行业实力的合作伙伴,这对我们来说非常鼓舞人心。

在拖曳拖缆设备更换和维修增加的推动下,我们的运营优化部门的设备部门收入同比增长14%。同时,我们的设备团队正在建立新的核心抗震能力以及邻近的市场产品,我很高兴强调这条道路上的两个里程碑。我们的第一批2个SailWing系统在本季度进行了商业部署,并且性能超出了预期。在办公室设计了地震勘测,拖曳地震源的船只到达现场时应遵循预定的路线。好吧,现实世界总是会阻碍这种情况。

我们的发射合作伙伴提倡使用SailWing定位地震源,以在高电流环境中预定义导航目标,这非常成功。尽管如此,他们最终还是在整个生产过程中使用我们的技术。船上客户代表建议使用SailWing作为我们公司今后所有工作的规范,并且客户首席执行官认可了高效率的船员绩效。这验证了我们在不断增长的海底市场中提供可提高效率的技术的策略。

我们还与美国国防部紧密合作,以更好地了解我们技术堆栈的潜在国防应用。 8月,我们参加了美国海军的先进海军技术演习或ANTX,该演习展示了新兴海事技术在不久的将来对海军可能具有的潜力。我很高兴与大家分享我们与美国海军团体和行业合作伙伴合作,展示了一个集成的港口安全威胁检测和缓解系统,该系统将向全球军队和港口销售。 Marlin充当了用于各种威胁检测和缓解方案的多系统任务控制和决策优化工具。我们能够跟踪敌对潜水员和无人水下航行器,并管理实时的缓解行动,以应对操作区入侵,例如智能网,ROV拦截和通过无人服务车辆运送友好资产。该演习证明了ION具有与合作伙伴和客户合作进行快速系统集成的强大能力。这些都是功能和双重用途技术的典范,在我们向多元化发展的过程中,这些功能和双重用途技术很重要。

With that, I will turn it over to Steve to walk us through the financials and then I will wrap up before taking questions.

With that, I will turn it over to Steve to walk us through the financials and then I will wrap up before taking questions.

Steve Bate

Steve Bate

Thanks, Chris. Good morning, everyone. Our total third quarter revenues were up 13% compared to the third quarter of 2018. Revenues in our E&P Technology & Services segment were up 11% and our operations optimization segment revenues were up 19%. The increase in revenues within our E&P Technology & Services segment was driven by imaging services, which reported revenues of $7 million this quarter, an increase of 70%.
As we mentioned on last quarter’s earnings call, imaging services backlog at June 30 was at its highest level since 2015. As expected, that increase in backlog drove the increase in imaging services revenues during the quarter. As of September 30, imaging services backlog was slightly down compared to last quarter as the team worked through projects, but remains at a robust level that should lead to a continued increase in year-over-year quarterly revenues in the fourth quarter of 2019.
Our multi-client revenues were $33 million, a modest increase year-over-year, with a significant portion of third quarter revenues from our Brazil 3D re-imaging program. In our operations optimization segment, our optimization software and services revenues were $7 million, a 25% increase from the third quarter of 2018. This was primarily due to increased deployments of, and associated engineering services related to, our Marlin offshore operations optimization software. Our devices revenues were $6 million, a 14% increase over the third quarter of 2018, driven by continued uptick in equipment replacement and repairs.
Overall, we reported a net loss for the third quarter of $4 million or $0.26 per share compared to a net loss of $8 million or $0.54 per share in the third quarter of 2018. Excluding special items in both periods, our adjusted net loss was $3 million or $0.21 per share, compared to an adjusted net loss of $7 million or $0.52 per share in the third quarter of 2018. A detailed reconciliation of the special items in our financial results can be found in the tables of our press release issued yesterday.
Our adjusted EBITDA for the third quarter was $16 million compared to $13 million 1 year ago. The improvement in our adjusted EBITDA is a result of the revenue increase year-over-year. Our cash balance was $28 million at September 30. Our total liquidity, defined as the combination of our cash balance and the available borrowing capacity under our revolving credit facility, remained strong at $65 million in amounts under our credit facility at the end of the quarter.
With that, I will turn it back to Chris.

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谢谢,克里斯。大家,早安。我们的第三季度总收入与2018年第三季度相比增长了13%.E&P技术与服务部门的收入增长了11%,运营优化部门的收入增长了19%。 E&P技术与服务部门的收入增长是由成像服务推动的,该服务本季度的收入为700万美元,增长了70%。

正如我们在上个季度的财报电话会议上提到的那样,截至6月30日,成像服务的积压量是2015年以来的最高水平。正如所料,积压的增加推动了本季度成像服务收入的增长。截至9月30日,由于团队正在处理项目,影像服务的积压量与上一季度相比略有下降,但仍处于强劲水平,这将导致2019年第四季度的同比季度收入持续增长。

我们的多客户收入为3,300万美元,同比略有增长,其中第三季度的很大一部分收入来自我们的巴西3D重新成像计划。在运营优化部门,优化软件和服务收入为700万美元,较2018年第三季度增长25%。这主要是由于Marlin海上运营优化软件的部署以及与之相关的工程服务的增加。在设备更换和维修业务持续增长的推动下,我们的设备收入为600万美元,较2018年第三季度增长14%。

总体而言,我们报告第三季度净亏损为400万美元或每股0.26美元,而2018年第三季度净亏损为800万美元或每股0.54美元。不计这两个时期的特殊项目,我们的调整后净亏损为3美元百万美元或每股0.21美元,而2018年第三季度的调整后净亏损为700万美元或每股0.52美元。我们财务业绩中特殊项目的详细核对请参见我们昨天发布的新闻稿表。

我们第三季度的调整后EBITDA为1600万美元,而一年前为1300万美元。调整后的EBITDA的增长是收入同比增长的结果。截至9月30日,我们的现金余额为2800万美元。我们的总流动性(定义为现金余额与循环信贷额度下的可用借贷能力的组合)在季度末的信贷额度下保持强劲,达到6500万美元。

这样,我将把它转回克里斯。

Chris Usher

Chris Usher

Thanks, Steve. Before I wrap up, I would like to give an update on our patent litigation with WesternGeco. On August 30, the District Court granted us a new trial to determine what loss profits if any, WesternGeco is entitled to for foreign surveys that our customers performed. This is a great outcome for ION. The ruling wiped out $100 million judgment that has been hanging over ahead for the last 7 years, and I was delighted to be present in the courtroom for this milestone for ION when the judge ruled from the bench in this long-running case. In the new trial, we will only face exposure for 1 patent claim instead of 5 and that remaining claim in our view was the least important for the performance of the surveys.
The Appellate Court also made clear that we are entitled to seek apportionment of any lost profits. The theory behind WesternGeco’s loss profits damages was that WesternGeco would have been awarded the foreign surveys, but for the infringement. And that they would have made $100 million of profits on those surveys. Apportionment means that loss profits would stem from anything other than that sole remaining patent claim, whether it was data processing, vessel rates, payment of personnel or the myriad of other factors that the seismic survey encompasses would not be recoverable. That paints a very different landscape than we have faced for the last decade, and we are looking forward to making our case.
Okay. Let’s shift gears to our outlook for 2019. We still believe 2019 will be an improvement on 2018 subject to fourth quarter E&P spending levels that we anticipate will depend heavily on end of year budgets and company strategies around their success or not in recent license rounds, such as Brazil. I’m pleased with the progress we’ve made year-to-date executing ION’s strategy to deliver year-over-year financial improvement and to progress key initiatives that position the company for future success in both core and adjacent markets.
In summary, multi-client sales are up. We have sanctioned 8 new survey programs this year and made progress preparing our entry into the multi-client OBN market. We have seen growth in both our imaging services and software businesses. We are continuing to expand and enhance our Marlin software for both E&P and adjacent markets. We’ve also successfully commercialized several technology offerings we developed over the last few years. I am looking forward to sharing even more progress next quarter.
With that, we will turn back to the operator for Q&A.

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谢谢,史蒂夫。在总结之前,我想向我们提供关于WesternGeco的专利诉讼的最新信息。 8月30日,地方法院批准了我们的一项新审判,以确定WesternGeco有权为客户进行的国外调查产生什么损失(如果有的话)。对于ION来说,这是一个伟大的成果。这项裁决消灭了过去7年来悬而未决的1亿美元判决书,当法官在本案中长期担任法官时,我很高兴能在法庭上为ION迈出这一里程碑。在新的审判中,我们将只面临1项专利要求的公开要求,而不是5项,我们认为其余的要求对进行调查最不重要。

上诉法院还明确表示,我们有权要求赔偿任何利润损失。 WesternGeco的损失利润损害赔偿金背后的理论是,WestgeGeco将获得外国调查,但仅限于侵权行为。而且他们在这些调查中本可以赚取1亿美元的利润。分摊意味着损失的利润将仅来自仅剩余的专利权利要求之外的任何东西,无论是数据处理,船价,人员薪资还是地震勘测所包含的众多其他因素,都是无法弥补的。这与我们过去十年所面临的情况截然不同,我们期待提出自己的理由。

好的。让我们调整2019年的展望。我们仍然相信,2019年将比2018年有所改善,但要视第四季度的勘探与生产支出水平而定,我们预计这将严重取决于年终预算和公司能否成功实施的战略,在最近的几轮许可中,例如巴西。我对我们自执行ION以来的最新战略感到高兴,该战略提供了逐年的财务改善,并推动了关键举措,使公司在核心和邻近市场取得成功。

综上所述,多客户销售增长。今年,我们批准了8个新的调查计划,并为进入多客户OBN市场做好了准备。我们已经看到成像服务和软件业务都在增长。我们将继续为E&P和邻近市场扩展和增强我们的Marlin软件。我们还成功地将过去几年开发的多种技术产品商业化。我期待在下个季度分享更多的进展。

这样,我们将回到操作员那里进行问答。

问答环节

Thank you. [Operator Instructions] Our first question comes from the line of Andrew McLellan with Wasserstein Company. Please proceed with your question.

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谢谢。 [操作员说明]我们的第一个问题来自Wasserstein Company的Andrew McLellan。 请继续您的问题。

Andrew McLellan

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安德鲁·麦克拉伦

Hey, Chris. On the OBN progress that you mentioned, can you just help define the timing and the potential revenue and profit from these initiatives?

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嘿,克里斯。 关于您提到的OBN进度,您能否帮助定义这些计划的时机以及潜在的收益和利润?

Chris Usher

Chris Usher

Sure. Andrew good to have you on the line and here you are asking some questions. So, on the OBN front, yes, so I think you are referring to the large-scale 3D OBN plans that we have to kind of step us up into a new product offering for our multi-client business. And yes as I said in the prepared notes in the next quarter or two, we plan to be able to announce that. These surveys are quite large. They tend to be near infrastructure kind of things. And they are – OBN is one of the more expensive types of marine acquisition compared to towed streamers, it’s significantly more, but as tremendous more in terms of the quality of the data. So, this is why the industry is looking at this and it’s not just us, it’s many of our peers. So, the typical project would be in the $60 million to $80 million range, depending on how much acreage you’re actually trying to cover and the number of underwriters you are trying to bring into with the program. And it’s maybe not the high level of return we see in our 3D reprocessing, but we are talking about something like a 1.8 to 2.5x kind of return over the life of the project. And with a view that we would be pretty highly underwritten coming into these as well. And again, in the next quarter or two, we would like to be really embarking on one of these. Does that answer your question, Andrew?

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当然。安德鲁(Andrew)很高兴让您加入电话,在这里您在问一些问题。因此,在OBN方面,是的,因此,我认为您是指大型3D OBN计划,我们必须将该计划逐步引入我们的多客户业务的新产品中。是的,正如我在下一两个季度的准备好的笔记中所说的那样,我们计划能够宣布这一点。这些调查相当大。他们倾向于接近基础设施之类的东西。而且,它们是–与拖缆相比,OBN是最昂贵的海上采集类型之一,它的数量要多得多,但就数据质量而言却要大得多。因此,这就是业界关注这一点的原因,而不仅仅是我们,还有我们的许多同行。因此,典型的项目在6,000万至8,000万美元之间,具体取决于您实际要覆盖的面积以及您希望为该计划带来的承销商数量。也许这不是我们在3D预处理中看到的高回报水平,但我们谈论的是整个项目生命周期中1.8到2.5倍的回报率。并认为我们也将被高度推销。再说一遍,在接下来的一两个季度中,我们将真正着手其中之一。这能回答您的问题吗,安德鲁?

Andrew McLellan

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安德鲁·麦克拉伦

That’s great. Thank you.

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那很棒。 谢谢。

会议主持员

Our next question comes from the line of Colin Rusch with Oppenheimer & Company. Please proceed with your question.

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我们的下一个问题来自Oppenheimer&Company的Colin Rusch。 请继续您的问题。

Colin Rusch

Thanks so much guys. Can you talk a little bit about the portfolio of technology that you have right now? Are there opportunities or needs to augment that as you look out at the landscape of growth over the next, call it, 3 to 5 years?

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非常感谢你们。 您能否谈谈您现在拥有的技术组合? 当您查看未来3至5年的增长前景时,是否有机会或需求来增强它?

Chris Usher

Chris Usher

Colin, yes, that’s a good question. So we think we have a pretty appropriate technology stack for stepping out into these expanding our core market, but also stepping out into some of these new markets that we talked about. But clearly, we don’t have everything covered in the world of digitalization and digital transformation across the marine industries that we are looking at. There is a whole host of other things. I mentioned some of them, like all the kind of sensors that are part of Internet of Things and some of these applications. Certainly, the blockchain we don’t have capability there, but we are looking at the whole ecosystem in these areas where we are playing like ports and harbors and also offshore logistics around oilfields and there are other small players who complement our Marlin platform in those regards. And we would certainly look at partnering with them. We actually are partnering with several smaller companies as we are right now and we are also working with AWS as I mentioned is kind of a platform partner and they have been excellent to work with. Actually, I spoke at their E&P Day in Houston early – just Tuesday last week and to kind of talked about the road we have been going down in terms of digital transformation, and we gave our port and harbor example there. But working with AWS, as a platform, they are also working with lots of other providers and that’s a great way for us to kind of start defining what that ecosystem is and the people that we are going to plug and play with our Marlin solution. And these are typically smaller software companies that might be doing the Blockchain kind of revenue tracking and transaction tracking or it might be people doing the manpower handling, things like that, that we need to plug into Marlin that we don’t necessarily want to develop ourselves.

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科林,是的,这是一个很好的问题。因此,我们认为我们拥有一个非常合适的技术堆栈,可以涉足这些扩展我们的核心市场,同时也涉足一些我们谈论过的新市场。但很明显,我们所关注的海洋产业并没有涵盖数字化和数字转换领域中的所有内容。还有很多其他的事情。我提到了其中的一些,例如物联网中的所有类型的传感器以及其中的一些应用。当然,我们在那里没有能力的区块链,但是我们正在研究这些区域中的整个生态系统,例如港口,港口以及油田周围的海上物流,在这些区域中,还有其他一些小公司在补充我们的Marlin平台问候。我们当然会考虑与他们合作。实际上,我们目前正在与几家较小的公司建立合作伙伴关系,我们也正在与AWS合作,因为我提到的是一种平台合作伙伴,与他们的合作非常出色。实际上,我很早在上周二的休斯敦举行的E&P Day上发表了讲话,并谈到了我们在数字化转型方面一直走的道路,并在此举了港口和港口的例子。但是使用AWS作为平台,他们还与许多其他提供商一起工作,这对我们来说是一种很好的方式,可以开始定义该生态系统是什么,以及将要使用我们的Marlin解决方案的人员。这些通常是规模较小的软件公司,它们可能正在进行区块链式的收入跟踪和交易跟踪,或者可能是人在进行人力处理等类似的事情,我们需要将它们插入我们不一定要开发的Marlin中我们自己。

Colin Rusch

Okay, that’s helpful. And then as you think about the investment cycle just internally are there reallocation of the resources towards some of these other – the other opportunities in technology developments or do you feel like you have got to add some new expertise or invest a little bit more on the R&D side. Obviously, even though you are optimizing the operations, but just want to get a sense of that spend and how targeted it is and where we might see some of it going over the next little while?

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好的,这很有帮助。 然后,当您在内部考虑投资周期时,是否会将资源重新分配给其他资源,例如技术开发中的其他机会,或者您觉得您必须增加一些新的专业知识或在此方面进行更多投资? 研发方面。 显然,即使您正在优化操作,但只想了解这笔支出以及支出的针对性,以及接下来的一段时间我们可能会看到其中的一些支出?

Chris Usher

Chris Usher

Yes, it’s a great question because we’re trying to balance the tension between a pretty lumpy recovery in our core business and the resources we have allocated to that to drive growth as the environment improves, and also to go tackle the new markets, which are typically looking healthier than the oil and gas sector. So ideally, we would want to go maybe accelerate some of the development to those new markets. But given the world we live in and what pays the bills right now, we need to be a little bit cautious. But we have added some resources on the Marlin side for ports and harbors. For example, we have a dedicated team there. And some of that’s reallocation of resources from traditional products over into the ports and harbor development. We’ve also found that by working with a partner like Amazon and all the tools they have for development, much more modern tools than the industry, any of the industry saw 10 years ago, we are able to develop new functionality much faster in the cloud environment – in the cloud-native environment. So that’s helping us well. We are getting more bang for our buck out of the development resources. And on the sales side, obviously, as we enter new markets where we don’t know the customers like we do in oil and gas, we are bringing on business development and sales resources that have specific subject matter expertise in ports and harbors and logistics. And that’s a modest investment, you are talking about ones and twos as we get traction we develop – we demonstrate we are getting value with a customer like a ports and harbor customer, then we add BD resource to start taking that forward out into the market, so a modest investment, keeping an eye on the bottom line.

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是的,这是一个很大的问题,因为我们正在努力平衡核心业务中不整洁的复苏与分配给我们的资源之间的紧张关系,以随着环境的改善推动增长,并着手应对新市场。通常看起来比石油和天然气行业更健康。因此,理想情况下,我们可能希望加快对这些新市场的开发。但是考虑到我们所生活的世界以及现在支付的费用,我们需要谨慎一些。但是,我们在马林一方增加了一些港口和港口资源。例如,我们在那里有一支敬业的团队。其中一些资源是从传统产品到港口和港口开发的重新分配。我们还发现,通过与像亚马逊这样的合作伙伴以及他们拥有的所有开发工具进行合作,这比该行业更现代的工具,十年前的任何行业,我们都能够在开发中更快地开发新功能。云环境–在云原生环境中。这样可以很好地帮助我们。我们将在开发资源上获得更多回报。在销售方面,很明显,随着我们进入新市场,我们不像石油和天然气这样的客户,我们正在开发业务发展和销售资源,这些资源在港口,港口和物流领域具有特定的专业知识。这是一笔微不足道的投资,当我们获得发展动力时,您在谈论的是两三者–我们证明我们正在与像港口和海港客户这样的客户获得价值,然后我们添加BD资源以开始将其推向市场,这是一笔适度的投资,请留意底线。

Colin Rusch

That’s helpful. Thanks so much guys.

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很有帮助。 非常感谢你们。

Chris Usher

Chris Usher

Yes, thanks.

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对了谢谢。

会议主持员

[Operator Instructions] Our next question comes from the line of Andrew McLellan with Wasserstein Company. Please proceed with your question.

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[操作员说明]我们的下一个问题来自Wasserstein Company的Andrew McLellan。 请继续您的问题。

Andrew McLellan

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安德鲁·麦克拉伦

Hey, Chris. One more question I had. You mentioned in your prepared remarks that the imaging services given kind of the backlog should drive improvement in the fourth quarter year-over-year. As it relates to just kind of activity levels that you are seeing in some of the Brazil exposure that you have, can you talk about the new venture in the data library portion embedded within technology and services? Do you anticipate that being up year-over-year in the fourth quarter? And maybe you could just discuss just some of the drivers that you see within the new venture in the data library portion?

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嘿,克里斯。 我还有一个问题。 您在准备好的发言中提到,给定的积压影像服务将推动第四季度的同比增长。 由于它与您在某些巴西业务中所看到的活动水平有关,您能否谈谈技术和服务中嵌入的数据库部分中的新项目? 您是否预计第四季度同比增长? 也许您可以只讨论您在新项目中在数据库部分看到的一些驱动程序?

Chris Usher

Chris Usher

Sure. Yes, well, obviously, the hallmark of our Brazil focus is our Picanha 3D re-imaging that I talked about, which covers 100,000 square kilometers. Our data processing guys are, of course, creating that wonderful data set. And we do think Brazil is going to be the thing that really helps carry the end of the year. And as I said, we are cautiously optimistic about the year-end finishing well. Part of that is due to the fact that we’re well positioned in Brazil. Money in the market is flowing into Brazil, tremendous interest from operators there. There is the successful round that just was carried off within the last 3 weeks. There is two more licensing rounds coming up in November. So there is a tremendous level of activity, a very focused and well-understood activity that the Brazilian government is managing there that is driving this. So again well positioned more licensing rounds coming up, a lot of the people that are going to be bidding in those rounds have already accessed data, and that’s driven some of the data sales we had in the current quarter. But there is going to be winners and losers in those rounds and people that have lost, they are going to have a spare budget to come and look at where they go next, and they will probably still be in the broader Brazilian region or the South American margins there, one-off margins. So we are well positioned there with our data. And of course, you always have the end of your budget effect in general. So yes, I think we are pretty optimistic about that.

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当然。是的,很明显,我们专注于巴西的标志是我刚才谈到的Picanha 3D重成像,覆盖面积100,000平方公里。当然,我们的数据处理人员正在创建出色的数据集。而且我们确实认为巴西将成为真正有助于在今年年底结束的事情。正如我所说,我们对年底的良好表现持谨慎乐观的态度。部分原因是因为我们在巴西处于有利地位。市场上的钱正流入巴西,那里的运营商对此产生了极大的兴趣。最近三周内才进行了一次成功的回合。 11月将进行另外两轮许可。因此,巴西政府正在开展大量活动,开展非常有重点且易于理解的活动,从而推动了这一进程。因此,再次准备好了更多的许可回合,这些回合中将要竞标的许多人已经访问了数据,这带动了我们本季度的某些数据销售。但是,在这些回合中将会有赢家和输家,而输掉的人将是他们的剩余预算,他们将有多余的预算来考虑下一步的发展,而且他们可能仍会在更广阔的巴西地区或南部美国的利润率是一次性的。因此,我们在这些数据上的位置很好。当然,总的来说,预算总会结束。是的,我认为我们对此非常乐观。

Andrew McLellan

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安德鲁·麦克拉伦

Got it. So on the existing library side, it sounds like that’s pretty well positioned. On the new venture activity front, do you expect that to be an improvement year-over-year?

得到它了。 因此,在现有图书馆方面,这听起来很不错。 在新的风险活动方面,您是否希望这会逐年改善?

Steve Bate

Steve Bate

Well, we already – we are in terms of sales, it’s hard to say. I mean, we have got as I already said in the first sentence of the boxes, we’re a little bit disappointed with the level of activity on the new venture side compared to what we wanted to have occur. It’s running a little bit better year-on-year in terms of the number of projects started. But as you probably noticed, some of those are reprocessing projects rather than putting vessels in the water on new 2D programs and a lot of that is just timing. We have got a project essentially awarded in the Eastern Hemisphere that just hasn’t gotten underway yet due to permitting. We have had very hot area like Guyana slowed down. So it could be modestly better. It’s hard to say at the moment.

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好吧,我们已经–销售方面,这很难说。 我的意思是,正如我在方框第一句中已经说过的那样,与我们希望发生的事情相比,我们对新风险方面的活动水平感到有些失望。 就启动的项目数量而言,它的运行情况比去年同期好一点。 但是,您可能已经注意到,其中一些是后处理项目,而不是将船只放到新的2D程序中,很多只是时间安排。 我们已经在东半球获得了一项基本上授予的项目,由于许可,该项目尚未开始。 我们有一个非常热的地区,例如圭亚那放慢了速度。 因此,可能会更好。 目前很难说。

Andrew McLellan

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安德鲁·麦克拉伦

Okay, thank you.

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好的谢谢。

会议主持员

As there are no further questions left in the queue, I would like to turn the call back over to Mr. Chris Usher for any closing remarks.

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由于队列中没有其他问题了,因此我想将电话转给克里斯·乌瑟尔先生,以作最后发言。

Chris Usher

Chris Usher

Yes, thank you everyone for taking time to attend the conference call. We look forward to speaking to you on our fourth quarter call and we will see how things turn out compared to some of the things you are asking today. Take care.

是的,谢谢大家花时间参加电话会议。 我们期待在第四季度的电话会议上与您交谈,与您今天提出的一些要求相比,我们会看到结果如何。 照顾自己。

会议主持员

Ladies and gentlemen, thank you for your participation. This does conclude today’s teleconference. You may now disconnect your lines at this time and have a wonderful day.

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女士们,先生们,谢谢您的参与。 确实结束了今天的电话会议。 现在,您可以此时断开线路,并度过美好的一天。

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