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 [6][21] - Adjusted Free Cash Flow for the year was $127 million, more than double the amount generated in 2024, indicating strong operational efficiency [6][22] - For Q4, revenue was reported at $382 million with Adjusted EBITDA of $88 million, reflecting a 23% margin [6][21] Business Line Data and Key Metrics Changes - The company’s backlog increased by $196 million during Q4, reaching $2.5 billion, which provides robust revenue visibility heading into 2026 [7] - The North and Latin America segment saw a revenue decrease of $21 million to $130 million, primarily due to lower subsea well access and well construction revenue in the U.S. [25] - The Middle East and North Africa segment reported revenues of $93 million, driven by increased well flow management revenue, with an EBITDA margin of 39% [26] Market Data and Key Metrics Changes - Global demand for oil and gas remains resilient, supporting long-term investment, particularly in international and offshore markets [8] - The company anticipates a modest recovery in upstream investment, particularly in deepwater developments, which will support demand for its services [9] 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 [10][19] - The long-term strategy focuses on building a diversified company with a compelling business mix and market leadership positions, emphasizing margin expansion and free cash flow generation [18][19] 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 [33] - The company is focused on maintaining market share and expanding customer wallet share, even in a flat market environment [66] Other Important Information - The company has a strong liquidity position with $551 million in total liquidity, including $198 million in cash [23] - The capital allocation framework prioritizes organic growth, selective M&A, shareholder returns, and maintaining a strong balance sheet [30][31] Q&A Session Summary Question: Can you talk more about the increase in wallet share? - Management highlighted cross-selling opportunities in well construction operations, leveraging existing services to drive efficiency [37] Question: What are the market assumptions behind the 2026 guidance? - Management indicated that current commodity prices support their activity set, with a focus on maintaining market share and expanding margins [42][44] Question: How does the pricing environment affect your pricing conversations? - Management noted that while there is limited ability to raise prices currently, there is no downward pressure, and they remain disciplined in pricing their technology offerings [75][78] Question: How do you see exploration opportunities evolving? - Management expressed excitement about increasing exploration project discussions, which could lead to more revenue opportunities in the future [59][81]