当前，国际油气市场呈持续回暖态势，全球兴起新一轮开发热潮，巴西、北海、西非、东南亚和墨西哥 湾传统油气主产区开发力度增大，直接推动了半潜式起重生活平台等海工船舶的市场需求增长。在此背 景下，巴油于2025年发布了5座生活平台的租赁需求。截至目前，本公司自有2座闲置的生活平台。但是 从适配性及经济性层面考量，租赁本次交易标的平台具备更显著的优势，且可为本集团带来更高收益。 本次交易中，BWO与招商工业下属海龙十六号公司、海龙十七号公司签署《光租合同》，租赁本次交 易标的。BWO经过多年项目实践，在超深水领域的专业化运营管理方面形成了独特优势，结合本次交 易标的对于巴油项目的适配性，BWO与招商工业通过此次合作实现优势互补，同时本集团亦能通过此 次合作获取相应收益。BWO后续将把本次交易标的提供给巴油，并同步为巴油提供平台运营管理服 务。因此，本次交易也深化了本集团与巴油之间的战略合作关系。 本集团的金融及资产管理业务板块运营各类海工船舶资产。本次交易涉及的半潜式起重生活平台是海工 船舶中海上支持平台的重要细分类型，兼具生活保障与工程辅助双重属性。其核心价值在于破解海上固 定设施住宿资源短缺、深海区域交通接驳不便 ...

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $120 million, with adjusted EBITDA at $84.2 million, reflecting a strong financial performance despite slower natural gas production growth [10] - Distributable cash flow for the quarter was $74.8 million, representing a coverage ratio of 1.18 times [10] - The company declared a distribution of $0.30 per unit for the quarter, which translates to an annualized distribution of $1.20 [10] Business Line Data and Key Metrics Changes - Mineral royalty production averaged 33,200 BOE per day, while total production volumes were 34,600 BOE per day in Q2 2025 [10] - The company expects production for the full year 2025 to average between 33,035 BOE per day, reflecting a revision due to slower natural gas production growth [11] Market Data and Key Metrics Changes - The company has identified a substantial expansion in the Shelby Trough and is actively marketing an additional 180,000 gross acres to well-capitalized operators [6] - The outlook for natural gas remains robust, supported by growing global demand for LNG, which is expected to drive future production growth [8] Company Strategy and Development Direction - The company is focused on maintaining a clean balance sheet and ample liquidity to support its commercial strategy, including targeted grassroots acquisitions [8] - The partnership anticipates more than doubling its drilling obligations over the next five years, which is expected to provide significant natural gas growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in production growth in 2026, projecting an incremental increase of 3,000 to 5,000 BOE per day over the revised guidance for 2025 [11] - The management remains optimistic about the outlook for the partnership, citing strong demand and ongoing development agreements as key drivers for future growth [8] Other Important Information - The company has added $172 million in royalty acquisitions since September 2023, indicating a proactive approach to expanding its asset base [7] - The company is monitoring a large project in the Permian Basin, which is expected to add meaningful oil volumes to its production base [12] Q&A Session Summary Question: Insights on activity increase in acreage and production trajectory - Management acknowledged subdued activity but highlighted upcoming development agreements and ongoing operator activity as positive indicators for future production [16][17] Question: Comparison of geology in Shelby Trough and Western Haynesville - Management noted analogous subsurface characteristics and expressed excitement about the potential for increased productivity and EURs in the Shelby Trough [19][20] Question: Understanding production guidance amidst increased rig count - Management explained that a restructuring of agreements and strategic decisions led to a slower production growth, emphasizing the long-term development strategy [28][30] Question: Future development obligations and production cadence - Management confirmed plans to significantly ramp up development obligations, aiming for a cadence of 40 to 50 wells per year [33] Question: Production outlook for 2026 and SKU assumptions - Management indicated that oil volumes are expected to be closer to 25% to 26% as they look towards 2026, influenced by ongoing projects [36]