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    Gregory Lewis • BTIG

    Gregory Lewis's questions to SFL Corporation Ltd (SFL) leadership

    Gregory Lewis's questions to SFL Corporation Ltd (SFL) leadership • Q2 2025

    Question

    Gregory Lewis asked for the rationale behind the dividend reduction to $0.20 per share and questioned the outlook for dry-docking costs and the current environment for asset acquisitions.

    Answer

    CEO Oleg Khtako attributed the dividend adjustment primarily to the significant costs of keeping the Hercules rig warm-stacked without a contract, combined with reduced near-term cash flow from recent asset sales. COO Tim Scholle and CFO Akce Odersen clarified that dry-docking costs, which were high in Q2 at $16.5 million, are expected to fall significantly to ~$3-3.5 million in Q3 and ~$1-2 million in Q4. Mr. Khtako added that while the M&A market was slower in Q2, SFL has significant investment capacity for accretive deals.

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    Gregory Lewis's questions to SFL Corporation Ltd (SFL) leadership • Q1 2025

    Question

    Gregory Lewis of BTIG inquired about the outlook for vessel and rig operating expenses, particularly regarding dry docking schedules and the scaling of OpEx for the Hercules rig upon re-contracting. He also asked how the environment for asset acquisitions and customer demand for long-term charters has evolved amid recent market uncertainty.

    Answer

    COO Trym Sjolie noted a heavy dry docking schedule for 2025, concentrated in Q1 and Q2 with up to 17 vessels. Executive Ole Hjertaker explained the Hercules rig is warm stacked at approximately $80,000 per day, with a ramp-up in OpEx expected in the quarter preceding a new contract. He added that while market uncertainty slowed deal-making in April, discussions are now resuming, and SFL's strong access to capital positions it well for new investments. CFO Aksel Olesen also contributed to the OpEx explanation.

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    Gregory Lewis's questions to SFL Corporation Ltd (SFL) leadership • Q4 2024

    Question

    Gregory Lewis asked about the operational expenses for the warm-stacked Hercules rig, the stability and potential triggers for changes in the dividend payout, and the potential impact of U.S. tariffs on the company's container ship and car carrier charters.

    Answer

    CEO Ole Hjertaker explained that the Hercules rig is undergoing upgrades while idle, with work not expected until later in the year. Regarding the dividend, he emphasized the stability of the underlying business, with two-thirds of the backlog from investment-grade counterparties, contrasting it with legacy assets like the rig. He also noted that SFL is insulated from direct tariff impacts due to strong counterparties like Volkswagen Group and major liner companies who absorb such risks.

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    Gregory Lewis's questions to Ftai Infrastructure Inc (FIP) leadership

    Gregory Lewis's questions to Ftai Infrastructure Inc (FIP) leadership • Q2 2025

    Question

    Gregory Lewis inquired about the drivers behind the recent pickup in rail industry consolidation and FIP's capacity for further bolt-on acquisitions. He also asked for clarification on the Long Ridge EBITDA opportunity, seeking details on what is included versus excluded from the figures presented.

    Answer

    CEO & President Ken Nicholson explained that while rail M&A tends to come in waves, FIP is now a more 'potent and competitive' buyer due to the scale achieved with the Wheeling acquisition. Regarding Long Ridge, Nicholson clarified that the EBITDA bridge in their presentation only reflects 'locked in' contracted revenue. He noted that potential upside from data center developments (a ~$75M annual EBITDA opportunity), future PJM capacity revenue increases, and other uprates are explicitly not included in the current targets.

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    Gregory Lewis's questions to Ftai Infrastructure Inc (FIP) leadership • Q1 2025

    Question

    Gregory Lewis from BTIG asked for more color on the $10 million of incremental adjusted EBITDA at Transtar, specifically questioning if it would require any significant CapEx. He also inquired about any other planned contract roll-offs or major maintenance events across the portfolio in the coming quarters that investors should be aware of, similar to the Jefferson tank transition in Q1.

    Answer

    CEO Ken Nicholson clarified that the $10 million in incremental EBITDA at Transtar requires no material additional capital. The growth is expected from over a dozen near-term opportunities, including new freight business and mechanical work. Regarding future events, Nicholson noted there are no other meaningful contract roll-offs planned. He mentioned a standard, brief maintenance outage for Long Ridge is scheduled for Q2 but is not expected to have a material financial impact, which will be far outweighed by the positive effects of the business's consolidation.

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    Gregory Lewis's questions to Ftai Infrastructure Inc (FIP) leadership • Q4 2024

    Question

    Gregory Lewis asked for more detail on the high-performance computing (HPC) opportunity at Long Ridge and how capacity auction participation might affect a shift to HPC customers. He also inquired about the short-line rail M&A market, deal pricing, and the ability to fund potential transactions.

    Answer

    CEO Kenneth Nicholson explained that shifting Long Ridge's power to higher-priced behind-the-meter data center customers would be accretive even without capacity auction revenue, and annual commitments don't impede this strategy. Regarding rail M&A, he highlighted a large addressable market and noted that while pricing is high, FTAI can be competitive due to platform synergies. He affirmed that these assets are highly financeable in the debt markets.

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    Gregory Lewis's questions to CleanSpark Inc (CLSK) leadership

    Gregory Lewis's questions to CleanSpark Inc (CLSK) leadership • Q3 2025

    Question

    Gregory Lewis from BTIG asked if the significant Bitcoin sales in July were from newly mined production or if they were the result of covered call options being exercised during the price run-up. He also requested more detail on the timeline for the 1.7-gigawatt long-term power pipeline.

    Answer

    CFO Gary Vecchiarelli explained that the capital strategy prioritizes non-dilutive funding, using sales of monthly production to cover expenses while still adding to the HODL balance. President and CEO Zachary Bradford clarified that the power pipeline is all optionality, with a significant portion available quickly, while larger infrastructure projects have a 12-24 month lead time, which is advantageous compared to competitors in metro areas.

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    Gregory Lewis's questions to CleanSpark Inc (CLSK) leadership • Q2 2025

    Question

    Gregory Lewis of BTIG asked about the impact of competitors shifting to HPC on mining rig pricing and sought clarification on whether one month of Bitcoin sales could cover a quarter's operating expenses.

    Answer

    CEO Zachary Bradford confirmed that reduced competition for rigs has created buying opportunities, evidenced by a recent transaction with a 15% discount, and he expects prices to fall further. CFO Gary Vecchiarelli clarified that monthly operational costs are approximately $35 million, which is covered by Bitcoin sales. He noted that rising Bitcoin prices and hash rate reduce the amount of Bitcoin needed to be sold each month.

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    Gregory Lewis's questions to CleanSpark Inc (CLSK) leadership • Q1 2025

    Question

    Gregory Lewis asked about the changing sentiment from small utilities and municipalities towards hosting Bitcoin mining operations and the potential impact of the political environment.

    Answer

    Executive Zachary Bradford confirmed a significant positive shift, stating that the company now receives inbound inquiries from communities that understand the economic benefits. He emphasized that CleanSpark can help utilities monetize idle assets and is being welcomed in rural America. He sees the education of utilities on interruptible loads as a key driver for future partnerships and growth.

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    Gregory Lewis's questions to Riot Platforms Inc (RIOT) leadership

    Gregory Lewis's questions to Riot Platforms Inc (RIOT) leadership • Q2 2025

    Question

    Gregory Lewis of BTIG inquired about Riot's decision to sell its produced Bitcoin rather than adhering to a 'HODL' strategy, and asked about current market dynamics for high-performance computing (HPC) power transactions, including pricing trends and potential premiums for large-scale capacity.

    Answer

    Jason Chung, EVP of Corporate Development & Strategy, explained that selling Bitcoin production is a financing lever to cover operating costs and fund growth, thereby minimizing stock issuance via the ATM. CEO Jason Les added that while data center lease rates are complex, Riot is seeing robust demand and a 'premium of interest' for its large-scale power availability, as potential tenants value the capacity for future expansion.

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    Gregory Lewis's questions to Riot Platforms Inc (RIOT) leadership • Q4 2024

    Question

    Gregory Lewis asked about the urgency and timeline for the High-Performance Computing (HPC) power opportunity, questioning if the demand window extends beyond 2025, and inquired about Riot's strategic approach to securing deals, such as whether they are pursuing a dual process with both hyperscalers and construction partners simultaneously.

    Answer

    CEO Jason Les confirmed that power availability is extremely valuable not just in 2025 but also in 2026 and 2027 due to long infrastructure development timelines. He stated that Riot is running multiple strategic tracks at once, engaging with hyperscalers, infrastructure partners, and financing partners to ensure a value-maximizing outcome for its power assets.

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    Gregory Lewis's questions to Riot Platforms Inc (RIOT) leadership • Q3 2024

    Question

    Gregory Lewis asked about the potential to expand power capacity at the Rockdale and Corsicana sites beyond the currently planned build-outs. He also requested more context on the specific reasons for the development delays in Kentucky.

    Answer

    CEO Jason Les stated that Riot is regularly working on greenfield opportunities in Texas and that its existing pipeline allows it to pursue longer-term projects. Regarding Kentucky, Les explained the delay was a strategic choice to spend extra time maximizing power capacity and securing better economics, as well as to implement design improvements that required longer lead times for certain equipment.

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    Gregory Lewis's questions to Seadrill Ltd (SDRL) leadership

    Gregory Lewis's questions to Seadrill Ltd (SDRL) leadership • Q2 2025

    Question

    Gregory Lewis from BTIG asked for Seadrill's outlook on the well intervention market and whether it represents a broader opportunity beyond the Savan Louisiana. He also inquired about the pricing on the customer options for the West Vallor and the potential for retiring older, long-term stacked rigs.

    Answer

    President & CEO Simon Johnson explained that well intervention work is primarily a strategy to ensure continuous utilization for the Savan Louisiana, though he acknowledged a broader market need for in-basin solutions. EVP & CFO Grant Creed confirmed the options on the West Vallor are at a higher rate. Regarding stacked rigs, Mr. Johnson stated that while they explore options like repurposing the West Eclipse, the harsh-environment Aquarius and Phoenix have significant remaining life and value, making near-term recycling unlikely.

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    Gregory Lewis's questions to Seadrill Ltd (SDRL) leadership • Q1 2025

    Question

    Gregory Lewis from BTIG requested color on the competitive landscape for the seventh-generation West Vela drillship against other available seventh-gen rigs. He also asked about the timing of contract opportunities in Asia, specifically if any work could commence before the latter half of 2026.

    Answer

    Executive Samir Ali highlighted the West Vela's exceptional performance in the Gulf of Mexico, noting client feedback calls it the 'best performing rig in the Gulf,' which provides confidence in securing work for late 2025 into 2026. Regarding Asia, Ali confirmed a mix of opportunities, with shorter-term work available but longer-duration programs more heavily weighted to H2 2026. Executive Simon Johnson added that the company is strategically positioning its fleet to benefit from the expected market improvement in late 2026 and is avoiding 'long and low' contracts.

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    Gregory Lewis's questions to Seadrill Ltd (SDRL) leadership • Q4 2024

    Question

    Gregory Lewis asked how an uncontracted rig like the West Capella is managed in the OpEx budget, the run-rate cost for stacked vessels, and whether the increased regulatory scrutiny in Brazil represents a new, permanent standard.

    Answer

    CEO Simon Johnson stated they will be disciplined and stack the rig if no work is secured, with a one-off cost of $6-10M and a run rate of ~$5,000/day. He also clarified that the increased regulatory focus in Brazil is affecting the entire industry, not just Seadrill, and they are working to understand the new expectations.

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    Gregory Lewis's questions to Hut 8 Corp (HUT) leadership

    Gregory Lewis's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Gregory Lewis of BTIG asked whether Hut 8 would invest its own capital directly into American Bitcoin to fund future growth.

    Answer

    CEO Asher Genoot clarified that Hut 8 will not invest its balance sheet capital into American Bitcoin's merchant operations. The strategic separation allows Hut 8 to focus on stable infrastructure returns. Hut 8 will invest in the infrastructure that supports American Bitcoin, while American Bitcoin will fund its own growth from the capital markets, where it has seen strong demand.

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    Gregory Lewis's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Gregory Lewis from BTIG asked if Hut 8, as a majority shareholder, would deploy its own capital into American Bitcoin for future growth.

    Answer

    CEO Asher Genoot affirmed that Hut 8 will not invest its balance sheet capital into American Bitcoin. The separation was designed to isolate Hut 8 as a stable infrastructure business. Hut 8 will invest in infrastructure to support American Bitcoin, which is accretive, while American Bitcoin will fund its own growth through capital markets to pursue its Bitcoin-per-share accretion strategy.

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    Gregory Lewis's questions to Blue Bird Corp (BLBD) leadership

    Gregory Lewis's questions to Blue Bird Corp (BLBD) leadership • Q3 2025

    Question

    Gregory Lewis of BTIG, LLC asked for clarity on the visibility of future EV sales based on the current backlog. He also inquired about which states, beyond New York and California, are driving EV demand with local incentives, and questioned if there was any expected seasonality in inventory and working capital for the upcoming quarter.

    Answer

    CFO Razvan Radulescu detailed the EV backlog, expressing confidence in the fiscal 2026 forecast of 750 units, supported by existing orders, ongoing EPA funding rounds, and discrete fleet opportunities. CEO John Wyskiel identified Oregon, Illinois, and Michigan as other key states with significant EV funding programs. On working capital, Radulescu stated that no significant movements are expected, though he noted potential impacts from the timing of large fleet sale collections or strategic inventory pre-buys related to supply chain or tariff management.

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    Gregory Lewis's questions to Blue Bird Corp (BLBD) leadership • Q1 2025

    Question

    Gregory Lewis inquired about the expected progression of the EV sales mix throughout the fiscal year, given the low 6% mix in Q1, and asked for the reasons behind the sequential increase in inventory during the quarter.

    Answer

    CFO Razvan Radulescu clarified that the full-year forecast of 1,000 EV units represents about 11% of total volume, with the quarterly mix planned to ramp up significantly from Q1's 6% base. CEO Phil Horlock reiterated that the Q1 EV mix was intentionally low and previously signaled due to a gap between EPA funding rounds. Regarding inventory, Radulescu explained that the increase was a strategic decision to pre-buy components, primarily for EVs, to ensure supply chain stability rather than as a preemptive move against tariffs.

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    Gregory Lewis's questions to Noble Corporation PLC (NE) leadership

    Gregory Lewis's questions to Noble Corporation PLC (NE) leadership • Q2 2025

    Question

    Gregory Lewis asked for the timing of the Exxon rig rate resets and whether recent M&A in the jack-up market would change Noble's strategy for its own jack-up fleet.

    Answer

    President and CEO Robert Eifler confirmed the Exxon rate resets occur on March 1 and September 1, with the mechanism closely tracking the market for dual BOP rigs. Regarding the jack-up market, he stated that the recent M&A activity does not change Noble's strategy or prompt any new action from the company.

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    Gregory Lewis's questions to Noble Corporation PLC (NE) leadership • Q1 2025

    Question

    Gregory Lewis asked about the Board's long-term perspective on the dividend, considering the balance between a strong backlog and lower oil prices. He also inquired about the timing of the price negotiations for the new contracts and the specific reasons customers preferred the V-class drillships.

    Answer

    President and CEO Robert Eifler reaffirmed Noble's commitment to the dividend, highlighting a strong EBITDA run rate and a line of sight to additional contracts that support its sustainability. He stated the contract pricing is very current, as final negotiations conclude at signing. Eifler noted that both Shell and TotalEnergies are strong supporters of the V-class rigs, which are being upgraded to top-tier specifications, including higher hook load capacity, making them ideal for the contracted work.

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    Gregory Lewis's questions to Noble Corporation PLC (NE) leadership • Q3 2024

    Question

    Gregory Lewis from BTIG questioned Noble's strategy for its jack-up fleet, asking if the company might sell non-core international rigs to concentrate on its primary North Sea market. He also requested an estimate of the potential cost savings from warm stacking a 7th generation drillship during an idle period.

    Answer

    President and CEO Robert Eifler explained that there is no urgency to sell non-core jack-ups as they are cash-flow positive with good customers, but the company remains open to rational, strategic moves that benefit shareholders. Regarding stacking costs, Mr. Eifler outlined a sliding scale where daily operating expenses could be reduced from full-rate down to approximately $40,000-$50,000 per day before a more costly preservation or cold stack would be required.

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    Gregory Lewis's questions to Transocean Ltd (RIG) leadership

    Gregory Lewis's questions to Transocean Ltd (RIG) leadership • Q2 2025

    Question

    Gregory Lewis from BTIG inquired about Transocean's current involvement in deep-sea mining and asked for color on the nature of spot market activity over the next few quarters.

    Answer

    President and CEO Keelan Adamson and EVP & Chief Commercial Officer Roddie Mackenzie confirmed their continued participation in deep-sea mining through their JV, viewing it as a long-term optionality play. Regarding the spot market, they noted an increase in shorter-term opportunities, particularly in mature basins like the Gulf of Mexico and West Africa, for tasks like remedial work and well completions, which are a good fit for hot, operational rigs rolling off contracts.

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    Gregory Lewis's questions to Transocean Ltd (RIG) leadership • Q4 2024

    Question

    Gregory Lewis inquired about the expected lead times for preparing warm versus cold-stacked rigs for new contracts and asked about the potential for aggressively retiring older stacked rigs like the Americas and Champions.

    Answer

    An executive outlined reactivation lead times as 3-6 months for a warm rig and 12-18 months for a cold-stacked unit, depending on requirements. CEO Jeremy Thigpen reiterated that the company has been the most aggressive in retiring assets and continues to constantly evaluate its stacked fleet based on reactivation costs and market potential.

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    Gregory Lewis's questions to Transocean Ltd (RIG) leadership • Q3 2024

    Question

    Gregory Lewis of BTIG requested more details on the Brazilian market, including upcoming tenders, the possibility of direct negotiations by Petrobras for contract extensions, and how long an idle international rig might stay in Brazil before relocating.

    Answer

    CCO Roddie Mackenzie confirmed that additional tenders from Petrobras are anticipated. He explained that direct negotiations are possible, particularly for development projects, as extending an incumbent rig is more efficient for operators. Mackenzie also noted that the rule requiring a rig to leave Brazil when off-contract no longer exists, so contractors will likely wait for new tenders to materialize before deciding to move an idle asset.

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    Gregory Lewis's questions to Galaxy Digital Inc. (GLXY) leadership

    Gregory Lewis's questions to Galaxy Digital Inc. (GLXY) leadership • Q2 2025

    Question

    Gregory Lewis from BTIG inquired about the drivers behind the Q2 slowdown in on-chain activity on the Solana network and asked about the revenue life cycle for the digital asset treasury strategies opportunity.

    Answer

    President & CIO Christopher Ferraro explained the Solana slowdown followed a prior run-up in meme coin volumes, with the ecosystem now focused on building more durable, long-term functionality. Founder, CEO & Director Michael Novogratz detailed that treasury strategies generate recurring revenue through asset management fees (around 1%), staking revenue, and services like lending to help these companies outperform ETFs.

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    Gregory Lewis's questions to Valaris Ltd (VAL) leadership

    Gregory Lewis's questions to Valaris Ltd (VAL) leadership • Q2 2025

    Question

    Gregory Lewis sought clarification on the pipeline of 30 floater opportunities, asking how many are delayed projects versus newly identified ones. He also inquired about the mix between development and exploration work within these opportunities.

    Answer

    CEO Anton Dibowitz explained that while some projects shift, the pipeline remains robust because new opportunities are replenishing those that are awarded. He noted increased customer consistency in executing plans. CCO Matt Lyne added that delays are now more about timing than cancellation. Both executives indicated that longer-term contracts are typically for development, while shorter, opportunistic work trends more toward exploration.

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    Gregory Lewis's questions to Valaris Ltd (VAL) leadership • Q1 2025

    Question

    Gregory Lewis from BTIG asked about the potential for rig upgrades required for the 25 upcoming floater opportunities and whether recent day rate softness in the U.S. Gulf of Mexico has stimulated new demand for subsea tieback projects.

    Answer

    President and CEO Anton Dibowitz explained that while some customer-funded upgrades for things like MPD are common before new contracts, he does not see significant CapEx upgrades as the norm, highlighting the high-spec nature of Valaris's existing fleet. He also stated that the company has not seen a change in customer behavior or a new wave of opportunistic projects due to the anticipated 2025 white space, as the long-term programs for 2026 and beyond remain on track.

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    Gregory Lewis's questions to Kirby Corp (KEX) leadership

    Gregory Lewis's questions to Kirby Corp (KEX) leadership • Q2 2025

    Question

    Gregory Lewis of BTIG LLC asked about the rationale for deferring some CapEx, questioned whether newbuild barge pricing was declining, and inquired about the current gap between market rates and newbuild economics.

    Answer

    EVP & CFO Raj Kumar clarified that the CapEx deferral was due to project timing shifts into 2026, which increases near-term free cash flow for buybacks or M&A. COO Christian O’Neil corrected the premise on pricing, stating that newbuild costs remain stubbornly high due to steel and labor. O'Neil estimated rates still need to rise 35-40% to justify new construction.

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    Gregory Lewis's questions to Kirby Corp (KEX) leadership • Q3 2024

    Question

    Gregory Lewis inquired about the current and future mix of spot versus term contracts for the inland fleet and asked how oil price volatility could impact the company's pricing power and margins.

    Answer

    CEO David W. Grzebinski explained that the inland business is approximately 65% term and 35% spot, a mix they are comfortable with given the positive outlook for rates. On oil prices, he stated that fuel is a pass-through and that higher oil prices are generally beneficial for customer health. He also noted that the conventional oil and gas business is extremely weak, with all new orders being for e-frac systems, which are driven by efficiency gains rather than oil prices.

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    Gregory Lewis's questions to Helix Energy Solutions Group Inc (HLX) leadership

    Gregory Lewis's questions to Helix Energy Solutions Group Inc (HLX) leadership • Q2 2025

    Question

    Gregory Lewis of BTIG inquired about the key indicators for a recovery in the shallow water abandonment market and the competitive positioning of Helix's well intervention assets in the Gulf of America, particularly the Q4000 and Q5000.

    Answer

    CEO Owen Kratz stated the shallow water market is at a bottom, with recovery signs being major contract bids like the recent Exxon award. He clarified the main challenge for the Q4000 is not competition but clients deferring work into 2026, which prompted accelerating its drydocking. COO Scotty Sparks added that the Q5000 has a strong contract backlog into 2026 and international opportunities are being explored for the Q4000.

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    Gregory Lewis's questions to Helix Energy Solutions Group Inc (HLX) leadership • Q1 2025

    Question

    Gregory Lewis asked if the weakness in the UK North Sea was also the primary driver for guidance reductions in the Robotics and Shallow Water Abandonment (SWA) segments. He also questioned if the step-down in EBITDA margin guidance was solely a function of the Seawell vessel becoming a cost center.

    Answer

    CFO Erik Staffeldt clarified that while the negative macro environment prompted minor adjustments for Robotics and SWA, the stacking of the Seawell was 'by far, the most significant reason' for the overall guidance and margin reduction. COO Scotty Sparks added that the SWA market is expected to be broadly flat year-over-year. CEO Owen Kratz noted some pricing pressure in the shallow water Gulf market, but not in well intervention.

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    Gregory Lewis's questions to Helix Energy Solutions Group Inc (HLX) leadership • Q4 2024

    Question

    Gregory Lewis from BTIG asked for more detail on the 2025 revenue guidance, specifically the drivers of the $40 million range for Well Intervention, and the percentage of contracted work for the Robotics and Shallow Water Abandonment (SWA) segments. He also inquired about margin trends and the cost to add a new trenching unit.

    Answer

    CFO Erik Staffeldt explained the Well Intervention guidance range reflects risks and opportunities in project execution, contract transition timing for the Q7000 and SH1, and potentially lower utilization in the North Sea. COO Scotty Sparks stated that a good portion of the Robotics business is already booked, with the flat year-over-year outlook being a result of one vessel coming off contract. Sparks noted trenching rates are up 20-30% from a $120k/day baseline in 2023, and a new trencher would cost ~$25 million with an 18-month build time.

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    Gregory Lewis's questions to VinFast Auto Ltd (VFS) leadership

    Gregory Lewis's questions to VinFast Auto Ltd (VFS) leadership • Q1 2025

    Question

    Gregory Lewis from BTIG sought clarification on the timing and expected peak of Capital Expenditures for the remainder of 2025, given the expansion of CKD facilities. He also asked about the strategic rationale and delivery timeline for VinFast's expansion into the electric bus market.

    Answer

    CFO Nguyen Thi Lan Anh stated that total planned spending for 2025 is $800 million, with over 50% allocated to R&D and the remainder for building CKD facilities. Chairwoman Le Thi Thu Thuy addressed the bus market expansion, noting that VinFast has already begun volume deliveries in Vietnam and expects to deliver around 1,000 buses there this year. She added that sales teams are being established in Indonesia, Europe, the Middle East, and the US to capture global growth in electric bus penetration.

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    Gregory Lewis's questions to VinFast Auto Ltd (VFS) leadership • Q4 2024

    Question

    Gregory Lewis from BTIG LLC asked for clarification on the accounting treatment for the EV free charging credit and how Average Selling Prices (ASPs) are expected to trend given the sales focus on the lower-cost VF 3 and VF 5 models.

    Answer

    CFO Anh Thi Nguyen explained that the free charging program resulted in a one-time $242 million revenue reduction in Q4 2024, treated as a deemed shareholder contribution as the founder is covering the cost. She also confirmed that the focus on VF 3 and VF 5 models lowered the Q4 ASP to approximately $16,000. While ASPs are expected to remain low during this adoption phase, the company believes strong unit growth will ultimately offset the lower price point and drive sustainable revenue.

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    Gregory Lewis's questions to National Energy Services Reunited Corp (NESR) leadership

    Gregory Lewis's questions to National Energy Services Reunited Corp (NESR) leadership • Q1 2025

    Question

    Gregory Lewis of BTIG asked for clarification on the timing and potential success rate for the several hundred million dollars in contracts being tendered in North Africa. He sought to understand the scale of the opportunity and when awards could be expected.

    Answer

    Chairman and CEO Sherif Foda responded that most of these contract awards are expected in the second half of 2025. He identified Libya as a key growth area with aggressive production targets that require a significant service capacity ramp-up, allowing NESR to potentially double or triple its small footprint there. Overall, Foda stated that NESR aims to double its market share in North Africa by the next year.

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    Gregory Lewis's questions to National Energy Services Reunited Corp (NESR) leadership • Q3 2024

    Question

    Gregory Lewis asked for a breakdown of the expected 2025 revenue growth, seeking to differentiate between general market outperformance and the specific contributions from the new ROYA directional drilling platform. He also questioned the potential impact on activity if OPEC+ were to increase production.

    Answer

    Sherif Foda, Chairman and CEO, projected overall MENA market growth at 5-6% for 2025, stating NESR aims to double that rate. He clarified that contributions from the ROYA platform and NEDA decarbonization segment would be additive to this core growth. The key variable for ROYA's contribution is the speed of successful deployment, as NESR already holds the necessary contracts. Foda believes an OPEC+ production surge is unlikely due to economic needs for stable, high oil prices, and confirmed NESR's forecast assumes current production levels remain.

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    Gregory Lewis's questions to Golar LNG Ltd (GLNG) leadership

    Gregory Lewis's questions to Golar LNG Ltd (GLNG) leadership • Q1 2025

    Question

    Gregory Lewis of BTIG asked about the timeline for ordering long-lead items for future FLNG units and the financial details of the Southern Energy JV, including its breakeven price and Golar's CapEx obligations.

    Answer

    CEO Karl Fredrik Staubo stated that the conversion time is three years for Mark I/II units and four for Mark III, with long-lead items being part of current preparations. For the Southern Energy JV, he estimated the breakeven price is in the $7.50-$8.00/MMBtu range and confirmed Golar is liable for 10% of CESA's infrastructure CapEx, which excludes upstream work.

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    Gregory Lewis's questions to Golar LNG Ltd (GLNG) leadership • Q4 2024

    Question

    Gregory Lewis from BTIG requested details on the infrastructure development, such as pipelines, required for a potential second FLNG unit in Argentina and its timeline. He also asked if the recent pause in U.S. LNG export approvals has impacted Golar's commercial discussions.

    Answer

    CEO Karl Staubo explained that a second unit in Argentina would require a new gas pipeline from Vaca Muerta, but the FID on an adjacent oil pipeline has established the right-of-way, making the pipeline timeline shorter than an FLNG delivery. Regarding U.S. policy, he stated that while it's a discussion point, Golar's projects remain competitive due to low gas costs, competitive CapEx, and offtakers seeking supply diversification, so it is not a massive driver.

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    Gregory Lewis's questions to EnerSys (ENS) leadership

    Gregory Lewis's questions to EnerSys (ENS) leadership • Q4 2025

    Question

    Gregory Lewis asked about the potential for M&A given the strong balance sheet, whether bolt-on acquisitions were factored into guidance, and how potential tariff changes could impact the competitive landscape for Motive Power's TPPL products.

    Answer

    CFO Andrea Funk confirmed no bolt-on acquisitions are included in the company's guidance. Incoming CEO Shawn O'Connell stated that market uncertainty could create M&A opportunities and that the company will remain opportunistic, particularly in Aerospace & Defense. He also noted that sustained tariffs on Asian lithium could increase customer interest in EnerSys's TPPL technology, making it a more attractive alternative.

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    Gregory Lewis's questions to EnerSys (ENS) leadership • Q3 2025

    Question

    Gregory Lewis of BTIG inquired about the Motive Power segment's outlook, asking if it was simply 'steady as she goes,' and then shifted to ask how EnerSys is preparing to manage potential tariffs and the relative supply chain importance of NAFTA versus Asia.

    Answer

    COO Shawn O'Connell stated that Motive Power is poised for a return to growth, citing a dramatic pickup in order rates in December and January and a book-to-bill ratio of 1.3. Regarding tariffs, CEO David Shaffer and O'Connell described a 'war room' approach to de-risking the supply chain. They noted that potential tariffs from Canada and Mexico were a more significant concern than those from China and that the company has mitigation plans, inventory buffers, and pricing actions ready to deploy if necessary.

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    Gregory Lewis's questions to EnerSys (ENS) leadership • Q2 2025

    Question

    Gregory Lewis asked about the margin progression in the Specialty segment, questioning how much of the recovery to double-digit margins depends on the Class 8 truck market rebound versus other factors.

    Answer

    CEO David Shaffer identified the key drivers for margin recovery as the return of Class 8 volume, the ramp-up of new automated lines, and continued strength in aerospace and defense, including Bren-Tronics. CFO Andrea Funk added significant detail, expressing confidence in reaching near double-digit margins by year-end and quantifying the future benefit from new production lines at approximately $30 million in cost savings and $150 million in added revenue capacity over 2-3 years.

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    Gregory Lewis's questions to New Fortress Energy Inc (NFE) leadership

    Gregory Lewis's questions to New Fortress Energy Inc (NFE) leadership • Q1 2025

    Question

    Gregory Lewis asked for details on the company's restricted cash, inquiring what it's allocated to and what hurdles exist to free it up. He also asked about the company's capital structure strategy, specifically regarding potential open market repurchases of debt trading at a discount.

    Answer

    CFO Christopher Guinta explained that the restricted cash is almost entirely for CapEx in Brazil for the CELBA and PortoCem power plants. Executive Wesley Edens elaborated on the refinancing strategy, stating the goal is to shift from corporate debt to asset-level financing by securitizing long-term cash flows from their supply and demand contracts. This would allow them to refinance the entire corporate balance sheet over the next 12 months, and they would consider retiring debt at a discount as part of that process.

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    Gregory Lewis's questions to New Fortress Energy Inc (NFE) leadership • Q2 2024

    Question

    Gregory Lewis inquired about New Fortress Energy's strategy for hedging natural gas and power exposure given current market pricing and upcoming financing needs. He also asked for more details on the 'fast power' opportunity for data centers in Pennsylvania and Ohio.

    Answer

    Chairman and CEO Wesley Edens explained that the company has minimal commodity exposure as it operates a spread-based business with long-term contracted volumes, making extensive hedging unnecessary. Regarding the data center opportunity, Edens highlighted Pennsylvania and Ohio as ideal markets due to plentiful land and inexpensive gas. He positioned NFE's 'fast power' solution as a critical enabler for hyperscalers facing multi-year delays for traditional grid connections.

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    Gregory Lewis's questions to DHT Holdings Inc (DHT) leadership

    Gregory Lewis's questions to DHT Holdings Inc (DHT) leadership • Q1 2025

    Question

    Gregory Lewis of BTIG, LLC asked about the potential impact of sailing cancellations in other shipping sectors on tanker fuel spreads. He also inquired about the recent shift in the Brent oil curve to contango and its potential effects on the tanker market, such as floating storage.

    Answer

    President and CEO Svein Moxnes Harfjeld stated that the scrubber fuel spread has been thin, influenced by refinery output decisions and demand for higher-grade fuels. Regarding the oil curve's contango, he acknowledged that a wider spread typically drives floating storage, but he believes the current contango is too narrow for that activity to be profitable at this time.

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    Gregory Lewis's questions to DHT Holdings Inc (DHT) leadership • Q4 2024

    Question

    Gregory Lewis inquired about the nature of the increasing demand in the time-charter market, asking if it was driven by traders or end-users and whether they were seeking longer-term contracts. He also asked about the potential impact of the U.S. blacklisting certain Chinese shipyards on dry-docking activities.

    Answer

    President and CEO Svein Moxnes Harfjeld clarified that while traders are always active, the growing time-charter interest is increasingly coming from end-users like oil companies and refiners who need to replace expiring charters. He expressed hope this would create opportunities for DHT to secure more fixed income. Regarding the blacklisted shipyards, he stated he did not have enough information to provide a credible answer but did not believe it was a significant issue for dry-docking based on current information.

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    Gregory Lewis's questions to Tidewater Inc (TDW) leadership

    Gregory Lewis's questions to Tidewater Inc (TDW) leadership • Q1 2025

    Question

    Gregory Lewis inquired about the Q2 margin guidance, asking if stacking costs for vessels in West Africa would have a material impact. He also asked about the 18-vessel tender in Brazil and its potential effect on day rates.

    Answer

    Executive West Gotcher clarified that the stacked vessels are small, non-core 'Alicats' with de minimis stacking costs. Chief Commercial Officer Piers Middleton added that the Brazil tender includes incremental demand and that newbuild parity rates in the high $50,000s serve as a good indicator for where rates could trend, which will help tighten the North Sea market over time.

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    Gregory Lewis's questions to Tidewater Inc (TDW) leadership • Q4 2024

    Question

    Gregory Lewis of BTIG, LLC inquired about the quarterly cadence of the 2025 backlog coverage and which regions have the most exposure to renewals. He also asked for the reason behind the increase in accounts receivable in Q4.

    Answer

    Executive West Gotcher clarified that near-term quarters have higher backlog coverage, with the Americas being slightly lighter than Africa and Asia. CFO Samuel Rubio attributed the rise in receivables primarily to delayed payments from Pemex in Mexico, which he expects to resolve.

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    Gregory Lewis's questions to Tidewater Inc (TDW) leadership • Q3 2024

    Question

    Gregory Lewis asked for a breakdown of Q3 drydockings between planned, pulled-forward, and unplanned events. He also inquired about the pricing environment and contract reset outlook for PSVs in West Africa and Southeast Asia, and whether construction delays were a bigger factor than drilling delays in the guidance change.

    Answer

    CFO Sam Rubio clarified that the Q3 drydocking increase was mainly due to longer durations and minor timing shifts, not major unplanned events. CCO Piers Middleton noted that while Q4 rates are holding up, 2025 visibility is lower, particularly for construction projects which come to market later. He expressed optimism about holding rates on larger vessels as the year progresses.

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    Gregory Lewis's questions to Cipher Mining Inc (CIFR) leadership

    Gregory Lewis's questions to Cipher Mining Inc (CIFR) leadership • Q1 2025

    Question

    Gregory Lewis asked about the process for securing additional power capacity in ERCOT, inquiring if it has become more streamlined or challenging. He also asked about the efficiency of the redeployed idle rigs and whether there were plans to upgrade rigs at the joint venture sites.

    Answer

    CEO Tyler Page explained that upcoming Texas legislation will likely make the interconnection queue process more stringent, which he views as a positive that validates Cipher's valuable existing portfolio. He stated that the 2.5 EH/s of redeployed rigs would temporarily worsen fleet efficiency to about 20-21 J/TH before improving to around 17 J/TH once new rigs arrive. For the JV sites, Page said the current strategy is to manage curtailment to extend the life of older rigs rather than prioritize them for upgrades.

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    Gregory Lewis's questions to Cipher Mining Inc (CIFR) leadership • Q3 2024

    Question

    Gregory Lewis of BTIG asked for the company's thoughts on its power strategy, specifically regarding hedging versus spot market exposure, in light of the recent write-down of its derivative asset and low forward power prices in Texas.

    Answer

    CEO Tyler Page clarified that the derivative asset's mark-to-market valuation is a non-cash item that fluctuates with forward prices and time decay, but it doesn't change the operational value of paying a low fixed price of $0.027/kWh at Odessa. He stated that Cipher will always seek the most favorable way to lock in margins. Looking forward, he sees an opportunity to bring Cipher's expertise in power management and curtailment to the HPC space, potentially managing loads to avoid peak grid prices.

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    Gregory Lewis's questions to Chart Industries Inc (GTLS) leadership

    Gregory Lewis's questions to Chart Industries Inc (GTLS) leadership • Q4 2024

    Question

    Gregory Lewis asked if the U.S. LNG export moratorium could create a bottleneck for long-lead equipment as projects await approval, and whether pricing for IPSMR technology was flexible or firm around the $30 million per MTPA level.

    Answer

    CEO Jillian Evanko expressed confidence that Chart's expanded manufacturing capacity can meet demand from LNG projects without creating a bottleneck. She noted that while the dollar-per-MTPA for IPSMR varies by project, the historical estimate remains a good directional guide. She highlighted that the overall pipeline of LNG opportunities has grown, positioning the company well for future awards.

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    Gregory Lewis's questions to Hafnia Ltd (HAFN) leadership

    Gregory Lewis's questions to Hafnia Ltd (HAFN) leadership • Q4 2024

    Question

    Gregory Lewis asked for commentary on the potential for asset price stabilization for modern tankers and whether lower broker marks reflect actual transaction volumes. He also inquired about the geographic distribution of the dark fleet and its potential impact on Atlantic versus Asian markets.

    Answer

    CEO Mikael Opstun Skov described current asset valuations as more 'theoretical' than based on real transactions, expecting a 'standstill' as sellers are not pressured to sell at lower prices. VP of Commercial Søren Winther noted the dark fleet is predominantly active out of the Baltic and Black Sea, and its potential removal would be a global supply event rather than a regional one.

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    Gregory Lewis's questions to Hafnia Ltd (HAFN) leadership • Q1 2024

    Question

    Gregory Lewis questioned if Hafnia sees opportunities to add long-duration time charter coverage for its LR1 portfolio. He also asked for an update on market congestion, particularly at the Panama Canal, and its effect on the MR market.

    Answer

    EVP, Commercial, Jens Christophersen, confirmed that with near-zero coverage on the LR1 fleet, it would be 'natural' to start building longer-term charter coverage as deals become attractive. He also stated that Panama Canal delays have 'eased significantly' and it is no longer a major chokepoint, though some rerouting continues, contributing to increased Pacific trade.

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    Gregory Lewis's questions to Golden Ocean Group Ltd (GOGL) leadership

    Gregory Lewis's questions to Golden Ocean Group Ltd (GOGL) leadership • Q4 2024

    Question

    Gregory Lewis asked about Golden Ocean's current stance in the vessel sales and purchase (S&P) market and inquired about the potential for an increase in M&A activity within the dry bulk sector.

    Answer

    Interim CEO and CFO Peder Carl Simonsen stated that given current vessel valuations, Golden Ocean is positioned more as a seller than a buyer, focusing on its fleet renewal strategy by divesting smaller outliers while maintaining its core Capesize capacity. He clarified the recent SFL transaction was a refinancing, not an S&P deal. On M&A, he noted it remains challenging in shipping, but share-based transactions could be possible if the pricing and fleet composition are right.

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    Gregory Lewis's questions to Bitdeer Technologies Group (BTDR) leadership

    Gregory Lewis's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Gregory Lewis asked whether the vertically integrated Alberta acquisition should be seen as a one-off or the start of a new strategic direction. He also questioned if Bitdeer plans to sell rigs to customers and then provide hosting services for those same rigs.

    Answer

    Chairman and CEO Jihan Wu explained the Alberta site is attractive for its immediate 100 MW potential and future gigawatt-level expansion possibilities. Head of Capital Markets Jeff LaBerge highlighted the site's unique grid interconnection. Chief Strategy Officer Haris Basit added that while they are open to hosting rigs they sell, it is not a major strategic thrust, viewing them as two separate business opportunities.

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    Gregory Lewis's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Gregory Lewis of BTIG questioned whether the vertical integration strategy shown by the Alberta acquisition is a one-off or a new core strategy, and also asked if Bitdeer plans to offer hosting services for the miners it sells.

    Answer

    Chairman and CEO Jihan Wu described the Alberta site as a strategic acquisition with potential to scale to a gigawatt level, indicating interest in similar large-scale sites. Head of Capital Markets Jeff LaBerge highlighted the site's unique grid interconnection. Chief Strategy Officer Haris Basit added that while the company is open to hosting miners it sells, it is not a primary strategic focus at this time.

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    Gregory Lewis's questions to Bitdeer Technologies Group (BTDR) leadership • Q3 2024

    Question

    Gregory Lewis asked for more details on the TLM Group's high-performance computing (HPC) site assessment, the rollout plan for the new SEALMINER rigs, and how the recent Bitcoin price surge affects the strategy of converting hosting capacity to self-mining.

    Answer

    Executives Haris Basit and Jeff LaBerge confirmed the TLM report validated U.S. sites for HPC and that the company is now focused on structuring partnerships. Linghui Kong added that the new 18 exahash of SEALMINERs will be allocated primarily to self-mining as data centers are completed. Management also confirmed they will reclaim hosting capacity as contracts naturally expire, a trend accelerated by favorable market conditions.

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    Gregory Lewis's questions to Scorpio Tankers Inc (STNG) leadership

    Gregory Lewis's questions to Scorpio Tankers Inc (STNG) leadership • Q4 2024

    Question

    Gregory Lewis from BTIG asked about the insurance market's view on Red Sea transit risk and sought data on how many newbuild LR2s are historically ordered by crude versus product tanker operators.

    Answer

    Chief Operating Officer Cameron Mackey stated the insurance market is agnostic and prices risk efficiently. Chief Commercial Officer Lars Nielsen added that insurance prices for the region have not decreased, reflecting continued high risk. Regarding LR2 orders, Executive James Doyle noted it's difficult to parse by operator type but highlighted that most recent Aframax-size orders have been LR2s due to their optionality.

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    Gregory Lewis's questions to Scorpio Tankers Inc (STNG) leadership • Q3 2024

    Question

    Gregory Lewis asked for an update on the vessel sales and purchase (S&P) market, particularly regarding older MR tankers. He also inquired about the market impact of the Phillips 66 refinery closure on the U.S. West Coast.

    Answer

    CEO Emanuele Lauro described the S&P market as stable, with Scorpio successfully selling vessels at increasing prices while avoiding 'gray fleet' buyers. He noted more market depth for MRs than LR2s. Executive James Doyle explained that the refinery closure is constructive for ton-mile demand as it will require imports from Asia. More importantly, he views it as part of a larger, positive long-term trend of older, inefficient refineries closing globally.

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    Gregory Lewis's questions to Scorpio Tankers Inc (STNG) leadership • Q2 2024

    Question

    Gregory Lewis inquired about the potential market impact of Nigeria's Dangote refinery buying crude directly from NNPC and asked for the company's view on the narrowing fuel spread between low and high sulfur fuel.

    Answer

    Executive James Doyle stated that the Dangote ramp-up will take time, but the key positive is that it is already exporting products, which is bullish for the market. Chief Operating Officer Cameron Mackey explained that the company expects the fuel spread to remain narrow and that while their initial scrubber investment was successful, it would not offer a great return if made today.

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    Gregory Lewis's questions to IREN Ltd (IREN) leadership

    Gregory Lewis's questions to IREN Ltd (IREN) leadership • Q2 2025

    Question

    Gregory Lewis asked about the timeline for securing grid connections, questioning how long IREN has been in the queue for Sweetwater 2, and inquired about the potential impact of import tariffs on the projected $6-7 million per megawatt CapEx for Horizon 1.

    Answer

    Co-CEO Daniel Roberts and CCO Kent Draper described the grid connection process as 'extraordinarily difficult,' noting the request for Sweetwater 2 was submitted over a year ago and that new requests face even longer delays. Regarding tariffs, Kent Draper stated that IREN has a diversified supply base to mitigate risk and believes any new tariffs would likely impact the entire industry, not just IREN.

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