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Incoming CEO Bruno Marsan addressed the Mexico situation, stating that the government's new $13 billion facility to support vendor payments is a significant positive, enabling activity to resume. He expressed optimism about concluding new multiyear contracts shortly. CEO Patrick Schorn discussed M&A, noting that while the company is interested in further consolidation, he could not provide specific targets. He emphasized that Boar Drilling is prepared to acquire and rationalize fleets, similar to the Paragon acquisition, to maintain its high-quality asset profile.

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SVP Michael Lennox attributed the resilient rig count to a strong customer mix and prior investments in rigs capable of drilling complex, long-lateral wells. He confirmed a slight pullback in oil plays has been offset by an uptick in natural gas plays like the Haynesville and Marcellus. CEO John Lindsay added that this aligns with a broader global trend toward natural gas.

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President and CEO Robert Eifler responded that day rates for Tier-1 rigs are holding in the low-to-mid $400,000s. While short-term 'gap filler' work might see lower rates, he doesn't expect a broader market decline given the strong outlook for late 2026. He affirmed there is a path for rates to increase with demand, but stressed that Noble is positioned for strong cash flow even in a flat market.

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President and CEO Robert Eifler explained that the call on stacked capacity has been pushed out by at least 2-3 years, diminishing the rig's option value. He noted the Meltem had never drilled a well and would likely compete against Noble's own active fleet for shorter-term contracts. He believes a significant amount of active supply must be absorbed before stacked rigs are needed, making widespread reactivations unlikely in the near term.

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President and CEO Robert Eifler acknowledged the white space in H1 2025, attributing it to a general lack of urgency from customers focused on capital discipline. However, he affirmed confidence in a late 2025/2026 recovery, citing a large volume of tenders, FID-ed projects, and a significant recent increase in customer conversations. Regarding rig stacking, Mr. Eifler stated that while the company will minimize costs on idle rigs, it would not take "dramatic measures" on a 7th generation rig that would render it less marketable.

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CFO Blake McCarthy expressed confidence in the Q3 guidance for mid-single-digit volume growth, attributing it to strong execution and maintaining a flat crew count while the market has declined. For Q4, he acknowledged the potential for a typical seasonal slowdown, possibly more pronounced this year, but noted it was too early for a definitive forecast, with potential offsets from new customer trials.

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President and CEO Keelan Adamson and EVP & CFO R. Thaddeus Vayda explained that while current rates reflect some market softness, they anticipate utilization to bottom out in the mid-80% range before recovering. They emphasized a disciplined approach to contracting, focusing on overall economic value rather than chasing long-term deals at a market trough. They expressed confidence that the high-specification Proteus and Concorde rigs would likely be extended in the Gulf of Mexico due to strong customer interest.

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EVP & Chief Commercial Officer Roddie Mackenzie stated that numerous long-term contract awards are expected throughout the second half of the year. He acknowledged potential near-term rate pressure for short-term work but expects rates for long-term contracts to remain similar to current levels, supported by a sharp increase in projected rig demand for 2027-2029. President & CEO Keelan Adamson added that the timing of bids and negotiations will create a mixed bag in the near term, but the long-term outlook for fleet utilization is strong.

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EVP and Chief Commercial Officer Roddie Mackenzie stated that a significant dip in day rates is unlikely, especially for high-spec units, as drillers will remain patient for longer-term contracts. CEO Jeremy Thigpen added that the company continuously evaluates its stacked rigs and will only proceed with a reactivation if the customer funds it with an acceptable return.

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CCO Roddie Mackenzie stated that Transocean's premium 1,400-ton class rigs are already achieving rates in the $520k range and he doesn't foresee a significant dip for commodity 7th-gen units, suggesting lower-spec assets may be retired. CFO Thad Vayda added this situation doesn't impact Transocean's fleet, which is mostly on long-term contracts. Regarding sidelined rigs, President & COO Keelan Adamson noted no rush to reactivate them, preferring to target the stronger 2026-2027 market. CEO Jeremy Thigpen estimated only one to three sidelined rigs industry-wide might be contracted in 2025.

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CCO Matt Lyne stated that as 7th-gen utilization rises toward 90% by the end of 2026, dayrates should follow, but near-term fixtures will likely remain in the current band. CEO Anton Dibowitz reiterated that simple supply-demand economics are at play, with some pressure expected during the 2026 utilization trough. Regarding cold-stacked rigs, Dibowitz said the focus is on contracting the active fleet first, and the company will be patient before reactivating assets.

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CEO Sam Sledge clarified that the Q4 outlook is conservative, with "seasonality" referring to potential holiday downtime for the guided 10-11 active fleets. He explained that Pro Power's demand is resilient because it serves midstream and production customers, which is disconnected from the volatility of the completions market and is driven by long-term cost savings.

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CEO Michael Jardon responded that Expro's forecast already incorporates rig scheduling changes, based on detailed, bottoms-up discussions with customers. He noted more caution from customers on short-cycle intervention activity rather than long-term projects. Regarding the subsea segment, Jardon attributed the Q2 revenue dip to project timing, not a sustained trend, and stated he expects a particularly strong Q4 for that business line.

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CEO Ron Gusek attributed the fleet reduction to a combination of smaller operators pausing activity and 'unconstructive' pricing from competitors, which led Liberty to choose not to participate in certain work and instead reallocate resources to long-term partners. CFO Michael Stock projected that significant revenue from large data center projects, including those under the OCLO alliance, would likely begin in 2027, with nuclear-generated revenue following in the early 2030s.

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CEO Ron Gusek clarified that the new equipment will be more stationary and skid-mounted, unlike the mobile units for frac, and will include larger-scale engines. He explained that the all-in capital cost is approximately $1.3 million to $1.4 million per megawatt, which includes not just the generator but also the entire balance of plant (transformers, infrastructure, etc.), making it a fair estimate. CFO Michael Stock confirmed all 400 MW are already scheduled with manufacturers.

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President & CEO William Hendricks responded that the rig count decline has disproportionately affected lower-technology rigs and smaller operators, to which PTEN has less exposure. He expects some seasonal softening in Q4 but is not certain it will be a steep decline. On capital allocation, he emphasized a focus on organic technology growth and share repurchases, while also noting the success of the Ultera acquisition and potential for further investment in downhole solutions.

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