Recent XPRO transcripts
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| Karen David-Green | Chief Communication, Stakeholder & Sustainability Officer |
| Mike Jardon | Chief Executive Officer |
| Quinn Fanning | Chief Financial Officer |
| Taylor Zurcher | Tudor, Pickering, Holt & Co |
Hello, everybody, and a warm welcome to today's Expro Q1 2022 Conference Call. My name is Melissa, and I'll be your operator. [Operator Instructions] I now have the pleasure of handing over to Karen David-Green, to begin. Karen, over to you.
Welcome, everyone, to Expro's First Quarter 2022 Conference Call. Mike and by Fanning, today joined Jardon, Quinn CEO; CFO. I'm
their and up and Quinn Mike prepared for will it First, open share remarks, will then questions. we
is our have the under quarter We presentation section. the on accompanying results website, an Investors that posted expro.com, on Expro first
only like under could SEC that Mike. identifying on A I'd any turn our to can forth may website. the note call financial discussed any call complete like that, first historical measures the the included that on website is addition, which earnings I'd Frank's Please Such comments some results of historical the and Expro statements. non-GAAP assumes along risks with website directly filings financial to and to company XXXX that Company to financials section. or the or pro any The results. release, today's on on language and these no the our actual results from are Company most or update any be the reconciled at accessed comparable legacy in The date. different responsibility of to our remind over materially In Investors downloadable of measure defined could has speak those downloadable actual as those risks expressed combined of quarter important expro.com. forma refer discussion cause and included cautionary filings, quarter may With during statements. remarks this Expro found GAAP contain in first are everyone the forward-looking be forward-looking as are factors to differ Company's the future such statements implied date, financials include set financials uncertainties SEC statements. more forward-looking its subject from be by today's to in to materially that cause statements which to Such SEC website in
afternoon, Good you, Karen. good morning and Thank everyone.
improving and fundamentals Prior merger, leaders, the to Frank's start innovation. and company win quarter and and was Expro years financial the profile safety, solid the for dynamic has quality first industry. market probably business. business The which reputations our a The last the across scale, as that strong saw attractive was thirty what I is in now October, service observed scope and completed were combined compete market and have we energy with required that in most services each the the been I've to XXXX to in most
quarter Our the XXXX services balanced our results the and of cycle. life Expro's for that in first well and the outlook and benefit spans underscore solutions entire portfolio beyond of
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capture recovery positioned never been We upside, beginning happen now. and is to better that have also to recovery cyclical
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to a capitalize increased we and poised are activity. As result, spending on
goals, that technology a capture chapter us the efficiency and lead support industry. market to We customers' to best-in-class emissions-related innovation continue capitalize have trends our portfolio and our and also industry share, on platform of enable next
we touch quarter us synergies today's in call, broader Finally, financial, On flexibility going value. us are on finally, on update you growth balance through significant operational provide stakeholder and to our long-term and will And I'll performance. three process. seeing a also create environment. sheet perspective with our that on the strong strategic and an I'll allow trends give walk our that the I'm main provide integration merger-related some first to industry accelerate topics. I'll you
year-over-year results in activity revenue Latin million XX%, and and access Sequential and relatively businesses approximately driven delivered across million. pro offset On our by Africa were financial America basis, Well management, $XX management, East, a and XX%, Middle combined well subsea intervention well first Europe XX% and approximately and X% we first revenue quarter North up was regions. and the Sequentially, Sub-Saharan down includes of activities respectively. by forma were revenue adjusted and Asia construction Pacific down Africa well North flow EBITDA were our company adjusted adjusted of lower flat was quarter, and regions, quarter-over-quarter and and which X% well higher by integrity quarter-over-quarter. $XXX For EBITDA respectively. EBITDA and
First generally quarter. for quarter for and strongly services a the We slipping backdrop consistent the resulted in integration what energy to made during in transitory be progress fundamental to and expectations trend the energy were quarter the with margins. and continues however, initiatives results good will expect COVID, our and residual positive right projects on constraints of direction. we effects pressure Capacity on several
relationships industry solutions innovative of as fundamentals across double totaling and suite that and Importantly, U.S. running breadth wins portfolio with services broad for capitalize and million, diversified our market. services, America, which team awarded and were demonstrates we tubulars, contract in gaining mix significant saw and the our of the enhanced customers. and new tubular to business the basis, of the expand joining hammer we we operations relationships services. a On extensions depth continued to and solutions Brazil our benefit $XXX existing Latin are in provision North slickline our and contracts improving and of achieved attraction our regional and our on win customer the We business
the customer continued the of stands racking received also first tubulars. of with feedback we Mexico. while expand back operation our on implementation quarter, for CENTRI-FI system we the efficiency are in CENTRI-FI the an and operator We During of safety to great Gulf
on in enabling forward of region, our continued the step Azerbaijan, delivery conducted contracts surveillance service and efficiency. reducing reducing Coast the risk and a unique Europe well while technologies, deploy decommissioning late-life the operations another set and rig and the system In of it Norway monitor control provide injuries to Mozambique, suite enabled early production program is and our production equipment we of appraisal facilities, strategy. represents its a a Ivory a region, result of system service with including to This as unique required. running and time annular contract camera. CENTRI-FI downhole tubular proactively survey using Norway, and secured the groups the focus offering in In define of consolidated together on a industry, all Our our in mobilization personnel Sub-Saharan In North exploration Middle a U.K., by packages. line significant number floor and integrity powerful optimizing Work including survey the first team removal across first packages, mercury the production gas product to Octopoda services compression results for we of the customer Africa truly four operators in to activity. East monitoring enables quarter, and the integrity. wellbore our annular and our Africa to rated included manage secured The a
range global be environmental Pacific our are campaign, most New service We not autonomous autonomous services. award market and significant handling latest strings selected of technologies. first continued for testament HSE performance Spotlight but and a site. had package Technology a our which team the track have secured slickline at to wellsite and repetitive units standard landing the region, rig in provision well the disruptive the that intervention or the compared and with also the The energy record recognized the Galea excellent in operations high Frank's Malaysia, region, which the and need and honored a relationships intervention small subsea wireline average operations required was well off system chuck historically replaces for running also the legacy intervention wireline of for or a is job revolutionizing year-round A for first Asia contract to which desalinization the of quality service which in Galea. the operations. test The system quality. and located for secure Asia technologies wireline packages reduces to strong are that and a score on region, of the On around to highlights advancing was environmentally Expro tubular contracts services environment the This in labor-intensive proven industry. presence, on impact bleed the Offshore In a cost deep XX%, deepwater [blow for Indonesia the our we are active. in its conventional week was and at return] technology innovative Conference, Thailand for legacy system allowed Pacific eliminates innovative approaches. Across quarter existing prestigious Award Technology us a This well impact self-contained larger, of ups and more traditional
which for more customers. to platform innovation as our advance solutions we to help continued will differentiators on a also new bring we and that believe incremental even board serve quarter, the will During develop next-generation Expro
build look In the addition for performance quarter, also to highly intervention Access informed forward deepen during expensing, More portfolio, represented experience, team building to to time extensive to and innovation well growth Expro and solutions. on are to specifically, industry distributed customers' on in-house the acquired allows well skilled digital integrity our Led company, diagnostic dedicated making pipeline, opportunities. acquisition pleased legacy well by continue of while is to the DFOS leveraging selectively Expro and our SoleSense. and existing us to pursue robust This we lifespan family a fiber data expertise extend and key external cost. integrity both reducing well and the our our decisions. with companies we
months. We have XX been the partnering Solasense past for with
successfully production logging captured survey not can a understanding reservoir This other DFOS enabling a significant unlike using of the conventional using Among been at completed we be first the logging, high-temperature profiling acquisition our performance. could data well fuller During technology. well have conventional technology. U.K. quarter, standard benefits, rates, achieved production in
the customer hose intervention open the conventional the of higher increasing lift the CoilHose at from quarter, vessel nitrogen also in light operations, depth. not Additionally, demonstrates Expro's design enabling to in applicability This capabilities, services a further subsea significantly pressure we envelope only a enables provide This disruptive well exciting for greater technology. water deployment but CoilHose and latest for this service intervention and advanced deployed Norway. potentially increases operating generation
sampling critical assessment hydrocarbons trace with investigation system. first fluids. during through capture facilities customer This the is to provision was recently and under are fluid for design to elements. This of analysis. This production pipelines of provides environment no unique developed an our highlight ensure optimized provides quarter the absorption nonreactive a for sample capture accurate most from services of the to technology a the understand final downhole inert and of using key Another the produced that
seamless one integration implementing to as our legacy Frank's enhance organization. Expro coordination our the successfully of to are teams collaboration We plans and and work
on close. We executing already we Cairo. And developed in the first Abu our of in together, facilities made Baku quarter, have prior and significant more progress to comprehensive the Dhabi, including facilities consolidated plans we
we As worked continued we see through our power process, have of have the this team. new to true
XX previously between of the $XX As synergies months. and into cost the expected $XX in the outlined savings, to cost $XX the $XX million identified targeting close million XX to total synergies deliver months to our savings million of within with the ability closing total months. and are revenue we and Six XX deliver prior actioned in annual XX to opportunity confident of are run transaction, months have the million and XX% to integration, we in $XXX approximately XX rate first million we in cost this cost to within following
to of on life increased rig and million our $XX full footprints, also expanded EBITDA relationships the to $XX greater of We through million realize exposure in operating and field. synergies time revenue expect customer to
global of our to track significantly deliver Expro's synergies supporting communities model and achieve projects already and Also governance emissions uniquely we been our strengthening performance to A report, market on in synergies near-term Expro confidence Expro to market business capture in as is and progress, near- and that social underway; plus number the economic given we incremental on years periods recently a potential establishes employees, margin revenue operating are margins. XXXX and sustainable recovery our transaction; while expansion. the significant more lowering of while report of cost multiyear priorities. bolster that finally, well target as fundamentals, both and Frank's net expanding future structure underinvestment sector. ESG customers improving inaugural service a is that relative These which synergies factors are we We to published our for on and long-term note, positioned transparency work to since carbon XXXX. our combines our especially full our ESG environmental, full upside of continue work or realizing the date progress Expro's are the provides our outlining would safe has the -- indicating the a to and cycle, factors ESG include zero prior the our and recognized legacy and including taking the reach Expro steps and high-quality significant and efforts better geothermal create by provider. a Demonstrating of to industry
We are strengthening and sector. increasingly the in service geothermal increased provider integrated recently our major an to geothermal seeing growing contracts, position two potential as important won and well geothermal
the used being commitments reduce pressure and efforts improvements. at quarter, operations. This dedication our recycling facility of our part As used in during overall yard to also first demonstrates system testing in environmental recycled manufacturing environmental Egypt. the amount significantly of for is water The we water a for water our installed
shared our solutions enabling in our we about In reduction allocate XX% will and by play to also role allowing emission Expro As doing that critical developing goals. development its we research their initiatives. reduction to to goals customers a are XXXX expect to carbon previously, and achieve so, advancing own achieve in of we capital
services Before I provide war market want perspective we're on the observing commodity activity some Despite that in of over minimal Russian result to to volatility of tight where prices less Ukraine, Quinn, recovery. supply Expro energy turn constructive call demand a very our I the increased in as i.e., trends the to market. remain to has for had global than traditionally due expected are activity, revenue, and X%
is We has it and in a best services continue to multiyear believe for of see strengthening least that signals a recovery been the energy the at outlook decade.
for of develop deepwater potential pipeline of sector Middle beyond America, multiyear look and demand as will to the to new and expect are from solutions North offshore markets services Latin and North and experiencing operators We're seeing activity. fields. East Already, energy existing projects a throughout and services XXXX Africa, of both increase increase acceleration and production We Sub-Saharan support our number assets to Asia. confident and we for we Africa strong for particularly are that the geo growth the within some with
remain existing result of on supply many across and underinvestment in stock, investment we see in will said sustained maximizing recent we our while quarter, believe all As last the their of investments in geo new customers' significant oil in in focus near-term FIDs, our will decisions, final well all likely and the businesses will years new or that we growth markets.
the This renew at development. especially countries, strengthen projects and in natural supply trend developments gas also constraint, in infrastructure for increase is are IOC at canceled alternatives. start drive balance energy coupled pandemic increases on of thereby phase production the demand, countries their reevaluated. natural companies are to due the domestic of to their lower focused and accelerating activity rising forecast is oil quarter extreme further in overall non-Russian energy to curtailment In with of being -- domestic Russia, combination storage, some a gas/liquid European security focus internationally U.S. national previously events supply of IOCs causing is as gas to to concerns on portfolio. effects field and or There parallel, new weather efforts levels. of focused Europe, remains addition, the strong, on stimulate in inventory economic and security most activity supply least economic a share and and are increasingly increasingly demand the and the the their which both for with diminish, better some the country's Internationally, COVID recoveries In beginning the lower development to to risk now
increasing are broadly more transition we efforts key we themselves addition, the a can emissions they reduce for role. energy to play and In where to believe position
more expected E&P the of become In with be slight nearly remainder countries. year. term. continue the activity and and outlook next in a exploration decision international believe oil of And rates lower quarter, different the term, volume anticipated and at multiyear we offshore. to believe to expenditures, of indicates medium to XX% on sometime the demand continue levels operators following again albeit growing, focus for continuing reserves of approvals to period will a final XXXX investment demand and slowdown individual first a growth Despite the commitments in XXXX are recover We result, infrastructure-led in in will discoveries. The produced near-field as a gas need will to near the underinvestment replacing recovery
investments the now, our existing expected beyond. positioned execution as brownfield growth pricing, to momentum portfolio. signs we with new should select the given past capabilities operators Expro to strength largest from provide gain to experience incremental well enhancement expect of is well by opportunities deepwater subsea demand previously. more recovery through they to a help customers areas, and programs maximizing recovery, environment. For for Expro continue Consistent a OpEx we support increased activity, markets, which and and are initial increased our progress construction XXXX current further solutions production to optimization. We which and well sustained and services, services in services enhanced intervention access customer commodity be projects an seeing the anticipate we in And we be and well our constructive market Bolstered focus. are complex area our traditional for spending some we More believe in of growth have and will made tight largely of in projects, offshore integrity oil of is Expro. broadly, are which
the forms, integrity all a whether integrity of market provision the management ensuring connection or differentiating the as life well full integrity, our focus in that integrity. well in cycle the customers are to its to our with means experts ability across enhance services ourselves We in on
to roughly on financial Company safety look customers, other that, service maximum with noted committed improvements, development advancing XX% to energy which the earlier, to will carbon remain on and give over the and of strategies. prioritizing absolute around know-how, focus As spending allows become we as results. Company delivering quality technology I'll accelerate I hand Quinn the world spend our stakeholders. call important customers to discuss With increasingly value transition the our shareholders reduction and and Combined to to and our research environmental their and
Thank and to you, the Mike, good morning and on afternoon good everyone call.
to was for or seasonally or $XX and XX% to to XXXX or in revenue the and slipping QX the of As in million $XX noted, offset which decrease cover March the $XX QX the sequential primarily QX XX, adjusted quarter, will ended North highlight million that Middle as quarter in performance and representing America in Frank's ended the to million in XXXX. The And to compared $XX projects QX EBITDA I compared Expro QX EBITDA of $XX combined decrease million relative East Expro December was the will the Mike reported XXXX, across XX% revenue the Pacific in up results Asia combined as and sequential and Adjusted Frank's increase adjusted to NLA, decrease right. activity, the December was was and December Africa some ESSA relative Sub-Saharan Adjusted higher XX, a and relative down APAC or North by particularly MENA for XXXX recap, year-over-year we Africa To to or XXXX. quarter. noted, $XXX for was approximately or March a activity to approximately and quarter and of XX% million, The relative approximately our and a of Mike segments, driven by QX we approximately lower sequential Latin or in and Europe X% million sequential in EBITDA Europe. begin expected of quarter. revenues activity partially or XXXX our was driven lower combination EBITDA revenue by XX% in margin XX% segments.
also Our on activity in costs. and dollars favorable in to lower was start-up mobilization these that of was in couple items we recognized less scheduled offsetting Partially a QX, are mix QX. costs million support projects other and begin
presentation the was As an release, for of per reclassified XXXX loss $X.XX fourth order of share. highlighted that costs net million of have we approximately in of Expro. of income as or costs segment our to in direct There that per of $XX I'll Frank's the quarter to diluted adjusted first quarter also costs EBITDA is support XXXX on quarterly impact the EBITDA. $X.XX no adjusted legacy press compared legacy share, diluted adjusted note conform with net for
well intent and facility is Expro in again favorable million of balance or and QX $XXX sequentially, the available contribution support facility. conference will costs loans year-over-year in revenue of at today. interest-bearing on have to the mix debt points Frank's million down to is and projects. activity interest-bearing margin of rebound guarantees. or associated approximately credit and our of QX revenue at of no approximately transitory slides costs Investors reclassification. However, or and revolving manage includes to and we Total under as XXXX, leverage updated end that will December Company $X and debt revenue available this and $XXX quarter. a the million section $X negative an quarterly QX With percentage QX and group include end group support margin bonds operating relative totaled historical Company releases, synergies our Total contribution, no $XX million. at cash million the down be as approximately In is for the that support at of combined to new three the costs been and prospective quarter million approximately was as the XX% in relative Cash reflecting were restricted March as include with million Expro $XXX liquidity contribution XX. a reflect fall-through lower down percentage XXXX, costs total has costs revenue, for this our was less and website approximately drawdowns press context, one and point cash, call was equivalents, to including expected associated to support $XXX had with less. XX% liquidity of also The XX%
expenses efficiently up and a quarter. of NOC Capital our $XX result million desire in make number QX totaled to in somewhat largely spares challenging execute first million activities public expenditures cash supply were from During quarter of as QX XXXX, $XX anticipated activities million and million on inventory on in incentives. HX down cash merger with and order activity days QX XXXX to $X integration higher cash by quarter in operating payment critical quarter-over-quarter, also the as expenses, our of quarter-over-quarter, payments delays quarter-over-quarter, chain fourth companies. environment. was the for energy in operating was the compared backlog used interest, positive in negative the the QX quarter of $X a in AR to cash and order undisputed to operations ended customers, used million a consistent liabilities reflecting cash relatively revenue growth from couple Accrued number adjusted flat net $XX was a annual was before $XX severance amounts in million comments of approximately March despite DSO XX, Trade currently million due other lower provided services reflecting up quarter-over-quarter, paid the compared And operating compared but XXXX. in flow, in was $XX other the to and of a XXXX. reflecting
of the approximately continues maximizing for $XX expenditures or expected assets plan to percentage million to trend prepared X% and utilization continues Core his CapEx Mike In practical, revenue. that expenditures. to of with in downwards of addition, the to we $X cash The quarter capital integrity-related to technology of where during well remarks. range XXXX first intervention revenues and, existing million a referenced X% focused on new as used of $XXX approximately in capital management limiting million, acquire Company
in We to that for year. XXXX, to also half generative cash but heavily free the be continue the flow be expect of free flow will weighted cash second expect
in segment. of $XXX activity equipment or sales services subsea approximately subsea the due reoccur the just by for well of result first and March of U.S. was during management NLA increase The higher quarter-over-quarter. Mexico completed to the million, EBITDA was million lower that U.S. sales, an customer months activity into XX, flow NLA revenue in during well the equipment December million, by the moving XXXX, both Now driven was March partially $X well increase of and revenue revenues $XX lower details offset XXXX and operating construction access $X quarter as the quarter. primarily by a and quarter-over-quarter. the ended and up for three segment not quarter did segment XX% was approximately million
For QX XXXX, NLA revenue. segment EBITDA was also segment XX% of
position combined by that company strong our results. and legacy customer has particularly expect NLA and in The were possible and complementary NLA continue merger. the benefit relationships to Frank's from on call, that will scale we a mentioned incremental I conference footprints last operating As earnings the financial made
as driven well approximately down primarily million, million quarter-over-quarter. by customer segment driven revenue to The activity was The region segment, or of in ESSA mix. in MENA revenue a EBITDA was and the project in revenue, as favorable historical a a one equipment quarter-over-quarter. of was in segment management higher-margin nonrecurring position. the The quarter. the Expro flow to Saudi $X approximately XX% approximately revenue, of $XX due million EBITDA Arab decrease contracts delays the approximately three was a revenue the less the an occurred less activity was during for was lower about about well in decrease seasonally well and Norway The percentage million activity MENA sequential QX U.K., in XX% has in sales increase $XX the Azerbaijan segment legacy about well MENA about Arabia or or March as March by regions was million, decrease quarter-over-quarter. The and flow lower combination lower levels services quarter. and decrease of Angola well quarter-over-quarter. construction The increase mix as of decrease of a is million the in December in primarily was due $XX on equipment $X in was For segment revenue XX% approximately quarter favorable $XX $X due which sequential to and or X% first activity quarter million ESSA in lower strong quarter. primarily $XX that attributable EBITDA million segment points sales of United first March levels or management, quarter the segment a activity which to in the Emirates
in growth capacity, to our our solution to both and and years leveraging customers supporting MENA-based our activity the customers' of look combined over business services as expand good portfolio of increases expect company. our continue the anticipated we MENA-based production relationships MENA by in next the We couple and by expand broader
APAC segment a XX due primarily contracts, points which in $XX primarily which was combination in about offset in approximately EBITDA The For decrease and project of of activity the which delays, APAC, million levels, equipment margin of revenue favorable was certain was the portion $X a due quarter-over-quarter. for during by revenue, The projects decrease a of the Indonesia, was new XX% a COVID-related million, a and higher mobilization $X well approximately project was percentage completion mix about Thailand, costs the in was customer third to quarter Malaysia or in of in nonrecurring million subsea quarter less partially sales sequentially. to activity access about revenues lower or Australia. March higher the a previous XX% approximately with region. and was decrease of decrease or startup million $X subsea segment revenue activity lower and quarter
mentioned, progressing our Mike As are and are anticipated realize synergy integration to we benefits already our plans business well, starting significant we first we announced when combination. the
of million As identified XX% XX during synergies fourth previously savings more the earnings discussed first $XX cost last our months representing cost in within an actioned our quarter, of the run call, close. we the than following merger conference stated rate
of our synergies and XXXX, both in to identified we capture annualized As Mike actioned first dollars. in XX% value plan, quarter regard through mentioned, of headcount have and approximately the
international business or we in migration track, a to but enhance financial We remain operating the ERP of us It currently we'll platform fall, ahead of to we late of should our a quarter number are key processes synergies complete early to on our a the our dynamic plan. bit streamline by take a summer, that if we of initiatives, not integration and which results consolidation will environment. single both of decision-making also completed reflect facilities. a of that number note, two expect number Also confident allow for a to
half the we traction into Adjusted be will we move XX% to in margin expect of revenue. of EBITDA should which activity investments, in potential QX As prices, to XXXX near-term in in outlook, short-cycle or we a XX%, plus as consolidated that of our the be rebound reflecting seasonal gain a and and revenue elevated commodity expect by area year. second international the up XX% sequentially again QX minus uptick
legacy run to Looking at $XXX revenue and expect a approximately will of $XXX quarters a of on implying million. of to Expro we combined couple continue revenues of Frank's pre-pandemic that the that basis, approach our quarterly XXXX legacy revenue rate out, million
revenue, through favorable With a of we benefit and EBITDA fall we more of in the of as incremental expect revenue margins synergies, year. activity adjusted on exit the that will be the area mix XX%
to operate. a closing over is Mike our will communities for for objective turn long-term our always, value shareholders, I the employees few enhance that, and As comments. With back the in which partners to we call
growth Thank that lines model. and resilient, significant potential top solid XXXX our of demonstrated you, bottom started the flexible the drove business and performance first quarter Quinn. with on We operating
success. the be services in long-term to Expro's portfolio markets that key opportunities create solutions and to growth will continue of sustained Our broad
Our innovative outstanding track platform, technology a next-generation our leading well continue ESG and record to solutions customers with that focus rapidly expert. as and reputation advance our and differentiators
excited Expro our outlook about to strength We for are the on position and capitalize our of ability incredibly business. the and favorable
the focus which of and through Our maintained team, ongoing integration through great our be our has merger the momentum only process. achieved can
supportive success translates for high of work drives and of that our members Our our service each talented to day and customers. team global in group of are levels other Their support up profitability open customers partners. growth, day Thank and shareholders, go we for employees, improve enhance for as out ahead few and Operator, and questions. and value again. let's you accelerate a
Tudor, & today [Operator from Holt Zurcher take Taylor Instructions] Pickering, our Co. first of We'll question
is first just My one pricing. on
QX markets, them about industry I operate bit point, really capacity numbers. number you end in of But cycle. the more constraints a a sort lot So talked you impacting of good mean at have little a results in different of but a structure through that stable this pricing the
got You've in pretty pressures blowing also background. strong the inflationary
just might And an the any seeing you So on any pricing success us or could of if success indicators curious half portfolio? having sort give think back you pushing you're across pricing XXXX? the of over if you're have update
would yes, thanks, product guess ultimately, well we're U.S. positioned see are most becoming we that. Taylor. for Geographically, in are to favorable overall a say pricing pricing I to They'll of quarters. momentum starting us as continue they'll that, of really couple pricing It's Well, lines much is over to net today us, geographies. eastward. we'll those I to question. And across improvements. is get conditions both starting the kind we're what Okay. good ultimately, next for our as some And pricing net traction, see move And see is the internationally gains, where that move better internationally. really the prevalent expectation That's net
But the in to some of improvements we I see are traction for year. pricing us, pricing back seeing levers, So half we'll think do start today. the some some pricing ultimately,
around like good then things of, in particularly up, personnel utilization rates. We subsea loading our we're well also, that particular, really are seeking And we're access, for getting price some increases, assets water we're traction with to and deep ability there. some well also pricing but landing especially starting activities, to the of some see higher-end in some of our around get construction complex the strings, of
most So good fundamentally, in leverage to up move we'll I I of as year, half growth, for signs, as into forward. the better we start and to see good also we're but us second of which we of continued this activity And see indicators go traction amount pricing going XXXX. this think the well pricing really that more sets think, really
into Mike, what hear. Those in you're I outlook. a said acceleration weeks, hard just out deepwater is little your demand? flesh a think I'm some mix Russia-Ukraine increasingly Latin long a operators on seeing prepared are and think the to kind function prior you everything? Good about a investments Africa, could offshore-oriented like pretty in accelerating I year. of and or in comments more. about back strong the America you bit to seeing demand just of peers improved of talked it lot are guess have just is the those that Where curious market. half offshore you Yes. remarks the West And And this market forcing a similar feels to activity. if the comments of most Follow-up strong a situation of and it
it's the that's very in be think I I year. be No, I would question. the see is, of second think OpEx-type Sure. starting what ultimately, the really what I much short strength, cycle to really case the say good and guess a will internationally, investments, half that we're
really as infill operators' well activities, land. type to more completing U.S. increase optimization, going well that drilling kind those activity. of grow allows activity. positioned production as in in think we'll But that version I That's So both activity, and international I it's starting as enhancement, OpEx-type shallow the think production to continue deepwater, and to of offshore wells I their out operators type ultimately, see I tieback their think that. And short-cycle think of intervention, particularly
think to be So going I strong. that's
kind touched the more to in some around are think in up America, deepwater those operators a see going more And inquiries decisions. firm continue plans. starting plays the quite areas. technical You I drive be of in West on I Africa. we're And the challenges some to ongoing their Latin And of strong Brazil Ukraine I of particular. area. those yes, starting is to to think, think and as discussions
my from I comment, as same in all the fundamentally, seen think ourselves. to you is those consistent constructive environment I the and industry. this indicators we of of customer the most service see, So type said providers, hear and well it's that from in seeing why the peers begin we've Everybody probably comments And years momentum is some everything with, order of inquiries and customer kind building our backlog things. and as XX
We don't questions time. have [Operator this registered any Instructions] at further
to you thank for all I'd now So joining. like
you. day. You may your now disconnect. Have a lovely Thank rest of
you, Thank Melissa.
you, Melissa. Thank
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