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 for the quarter [6][7] Business Line Data and Key Metrics Changes - The company’s backlog increased by $196 million during Q4, reaching $2.5 billion, providing robust revenue visibility for 2026 [7][8] - A significant contract was secured in North Africa worth $380 million for production optimization and well management services, marking one of the largest single customer awards [8][15] Market Data and Key Metrics Changes - Global demand for oil and gas remains resilient, particularly in international and offshore markets, which supports long-term investment [9] - The company anticipates a modest recovery in upstream investment, with growth concentrated in international and offshore projects, especially deepwater developments [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] - Long-term strategic pillars include margin expansion, free cash flow generation, technical leadership, and pursuing inorganic growth through acquisitions [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 half of the year despite a softer start due to seasonal factors [33][34] - The company is focused on expanding wallet share with existing customers and leveraging technology to enhance operational efficiency [12][19] Other Important Information - The company closed the quarter with $551 million in total liquidity, including $198 million in cash, enhancing its net cash position [23] - The capital allocation framework prioritizes organic growth, M&A opportunities, 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, utilizing existing personnel to provide additional services [37][38] Question: What are the market assumptions behind the 2026 EBITDA guidance? - Management indicated that current commodity prices support their activity set, and they expect to maintain market share while expanding customer wallet [42][44] Question: How does the current administration's stance on M&A affect the company's strategy? - Management stated that their M&A interests are globally focused and not heavily influenced by the administration's stance [55][56] Question: What regions are expected to drive recovery in offshore activity? - Management identified the Middle East and North Africa as solid regions for growth, with South America also showing promise [69][70] Question: How does pricing in a tightening rig rate environment affect the company? - Management noted that while there is limited ability to raise prices currently, the disciplined approach of rig operators helps stabilize pricing expectations [76][78] Question: What opportunities exist in Venezuela and surrounding areas? - Management expressed excitement about potential opportunities in Venezuela and its geographical proximity to Guyana and Trinidad, emphasizing the company's capability in high-technology environments [81][82]