Financial Data and Key Metrics Changes - For the year 2025, the company generated over $1.6 billion in revenue and $353 million in Adjusted EBITDA, representing a 22% margin, which aligns with previously provided guidance [7] - Adjusted Free Cash Flow for the year was $127 million, more than doubling the amount generated in 2024, indicating strong operational efficiency [7][24] - For Q4 2025, revenue was reported at $382 million with Adjusted EBITDA of $88 million, reflecting a 23% margin for the quarter [7][22] Business Line Data and Key Metrics Changes - The company’s backlog increased by $196 million during Q4 to reach $2.5 billion, providing robust revenue visibility for 2026 [8] - The North and Latin America segment reported Q4 revenue of $130 million, down $21 million quarter-over-quarter, while the Europe and Sub-Saharan Africa segment saw a decrease of $10 million to $116 million [27][28] - The Middle East and North Africa segment delivered revenues of $93 million, with an EBITDA margin of 39%, reflecting a favorable activity mix [28] Market Data and Key Metrics Changes - Global demand for oil and gas remains resilient, supporting long-term investment, particularly in international and offshore markets [10] - The company anticipates a modest recovery in upstream investment, particularly in deepwater developments, which will support demand for its services [11] Company Strategy and Development Direction - The company aims to expand EBITDA margins and free cash flow generation through its Drive 2025 initiative and increased capital efficiency [12][19] - A commitment to technology and innovation is central to the company’s strategy, with a focus on leveraging acquired technologies across different geographies [15][20] - The company is pursuing selective, accretive mergers and acquisitions to enhance its capabilities and market presence [20][30] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautiously optimistic outlook for 2026, expecting sequential improvements in the latter quarters despite a softer start due to seasonal factors [35][36] - The company is focused on expanding margins and cash generation, even in a potentially flat market environment [48][69] Other Important Information - The company closed the quarter with $551 million in total liquidity, including $198 million in cash, enhancing its net cash position [25] - The capital allocation framework prioritizes organic growth, M&A, shareholder returns, and maintaining a strong balance sheet [30][33] Q&A Session Summary Question: Can you talk more about the increase in wallet share? - The company is expanding wallet share by providing additional services in well construction operations, leveraging existing personnel to drive efficiency [39][40] Question: What are the market assumptions behind the 2026 guidance? - The guidance reflects current commodity prices and the expectation that offshore deepwater projects will maintain activity levels despite market fluctuations [45][46] Question: How does the tightening rig rate environment affect pricing? - The pricing climate has stabilized, and while there is limited ability to raise prices, there is no downward pressure, which is constructive for the company [79][81] Question: What are the exploration opportunities in the region? - Increased exploration discussions are expected, particularly in offshore areas, which could lead to more revenue opportunities for the company [61][62] Question: Has the current administration's stance on M&A changed the company's strategy? - The company remains focused on global opportunities and is not significantly influenced by the administration's stance on M&A [56][59]