James West

CEO gave country-level detail on remobilization and said engagement with customers is increasing, with Iraq still constrained by security.

CEO confirmed three vectors: production recovery and intervention first, digital deployment as a catalyst, then rig mobilization for drilling.

Olivier outlined a phased recovery: orderly shut-ins resume quickly, abrupt shut-ins need intervention, and long-term capacity expansion follows.

Balanced response noting Middle East remains low-cost but diversification will benefit Africa, Americas offshore, and Asia deepwater.

Olivier described early innings of digital transformation. Lumi has 50+ customers in four-five quarters, Tela launched less than three months ago already has dozen+ customers. Digital operations driving near-term momentum.

Olivier confirmed 2026 exit rate higher than 2025, led by international rebound. Setting stage for stronger 2027 with Middle East, Latin America, and Sub-Saharan deepwater resuming.

Olivier stated deepwater rig activity is at the bottom in Q3 2025. Subsea booking and backlog will close ahead of last year, with material subsea growth expected in 2027.

Olivier confirmed Saudi has stabilized. Expects 2026 increase for both gas (Jafurah unconventional) and oil (supporting OPEC+ supply output and assurance of supply).

Miller framed it as a deliberate strategy leveraging market-leading technology internationally while continuing to drive better performance and pricing in North America, not a pivot.

Slocum characterized conversations as constructive rather than urgent. Q2 white space taken out quickly, H2 firming. Customers focused on capturing value for the future, not just near-term.

Slocum noted some exploration activity but emphasized development as the primary driver. Cited Namibia, West Africa, Suriname, and Brazil as development-heavy markets.

Miller identified four upside surprise candidates: Argentina (dynamic market with international investor interest), Caribbean (exciting possibilities), West Africa (renewed interest and better terms), and Algeria. Specific and forward-looking.

Miller described step-by-step approach to power business beyond VoltaGrid. Built out internal power team looking beyond Middle East. Declined to specify other investments. Cautious but optimistic.

Miller confirmed deepwater strengthening now into 2026. Saudi expected to pick up into next year, not springing back to prior levels but improving. International business and growth engines look solid.

Miller confirmed relationships are core to the value. Global industrial scale encompasses customer relationships, market knowledge, execution history, and respect from governments.

Asked how customers view tapping latent/stranded generation capacity; Joe said clients are now highly sophisticated about the grid and want all-of-the-above solutions.

Joe explained PTC provides the base earnings floor while power prices exceeding PTC and higher gas fleet dispatch create enhanced earnings. Long-term contracting converts enhanced earnings into durable base earnings.

Joe expects PJM regulatory clarity this year, driven by a highly motivated FERC, an administration prioritizing AI leadership, and broad market participant pressure for clear rules.

Joe said more room to run on long-term deals but will eventually either slow contracting or raise pricing to reflect scarcity. Not yet at that inflection point.

Moldovan said Vistra is a founding investor and expects Helix to add investors and grow its capital access, with each power deal negotiated separately; Burke noted KKR approached Vistra to be preferred power partner, giving it optionality without obligation.

Burke clarified there is no formal moratorium but a pause, expects a couple-month audit timeframe that does not affect Vistra's next-year energization dates, and used a local example of eight projects in one county potentially narrowing to zero to argue for a smaller, more realistic queue.

Dore confirmed hyperscalers are actively pursuing bilateral contracts ahead of regulatory clarity. Emphasized load interconnection queues as the real bottleneck.

Burke stated gas supply is plentiful and infrastructure needs are modest. Location matters but overall resource availability is not a constraint.

Ahmed detailed measured OFSE Middle East ramp assuming Strait of Hormuz reopens at midyear. NA and international ex-ME modestly stronger. Cost-out actions from Q4/Q1 flowing through. IET linearity improved with less pronounced Q4 ramp. Confident in at least $2.7B IET EBITDA midpoint.

Lorenzo described evaluation as disciplined and ongoing, closely aligned with Chart integration, operational improvements, portfolio optimization, and capital allocation. Wouldn't speculate on specifics but signaled continued Board-level review of long-term direction.

Ahmed detailed full-year OFSE margins down only 10bps despite 8% revenue decline. Q3 margin softness from business mix and cost inflation offset by cost-out. Q4 reflects seasonality and E&P budget constraints. 2026 will prioritize margin quality over volume.

O'Brien managed expectations honestly: this was a busy quarter and shouldn't be extrapolated, but opportunities are always evaluated within the framework.

Andy O'Brien highlighted strong contributions across global portfolio. 2025 organic replacement 99% (110% excluding price revisions). Ryan Lance added reserve replacement proves sub-$40 cost of supply resource is real and converting to reserves.

Andy O'Brien confirmed 10-15 MTPA target unchanged. Ryan Lance added the approach is deliberate, matching offtake with regas capacity and customer placement.