Financial Data and Key Metrics Changes - Fourth quarter revenue reached $398.3 million, marking a 34.9% sequential increase and a 15.9% year-over-year growth, driven by the mobilization of the new Jafurah contract and increased activity in North Africa [16][17] - Full year 2025 revenue totaled $1.324 billion, up 1.7% year-over-year, supported by higher activity levels across several countries, although partially offset by lower rig counts in Saudi Arabia [19] - Adjusted EBITDA for Q4 2025 was $84.4 million, with a margin of 21.2%, stable compared to previous quarters despite increased revenues [17] - Full year 2025 adjusted EBITDA was $281.4 million, with margins of 21.3%, down approximately 250 basis points year-over-year due to country and segment mix [19] Business Line Data and Key Metrics Changes - The Jafurah contract mobilization began on November 1, contributing significantly to revenue growth in Q4 2025 [16] - The company reported strong activity levels in Saudi Arabia, Kuwait, Iraq, Egypt, and Libya, which supported year-over-year revenue growth [17] Market Data and Key Metrics Changes - The MENA region is experiencing steady activity growth driven by oil capacity expansion and domestic gas development, with all anchor countries either growing steadily or remaining stable at all-time highs [6][11] - Kuwait is set to become the second-largest market for the company, with a commitment of $8 billion-$10 billion per year in upstream spending through 2030 [8][51] - North Africa, particularly Libya, is highlighted as a key growth area, with significant investments and collaborations announced [10][11] Company Strategy and Development Direction - The company aims to double its size over the next couple of years, leveraging its existing business and new contracts to achieve this goal [28] - The strategic focus includes driving profitable growth, strengthening operational execution, and expanding technology capabilities [26] - The company is positioned to take advantage of the MENA region's unique opportunities, with a focus on countercyclical investments [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, expecting to exit 2026 with an annualized revenue run rate of approximately $2 billion [24] - The outlook for 2026 is positive, with expectations of strong cash flow and free cash flow growth, supported by a robust contract portfolio [25][26] - The company anticipates gradual sequential improvement in margins throughout 2026, despite the first quarter typically being the weakest [24][71] Other Important Information - The company has a strong balance sheet, with gross debt totaling $310 million and net debt at $185.3 million, resulting in a net debt to adjusted EBITDA ratio of 0.66 [22][23] - Capital expenditures for 2026 are projected to be approximately $165 million, consistent with the expanding growth outlook [24] Q&A Session Summary Question: Update on Jubail and ramp-up to $2 billion run rate - Management confirmed that ramp-up is on track, with expectations to reach a steady state by Q2 2026 and potentially add more fleets in Q3 and Q4 [33] Question: Supply chain concerns and optimization strategies - Management addressed supply chain concerns by ensuring local supplies and logistics are in place, allowing for readiness to meet customer demands [34][35] Question: Medium-term targets and growth areas beyond $2 billion - Management indicated optimism about winning additional contracts, particularly outside Saudi Arabia, which could significantly contribute to revenue growth [39] Question: Jafurah project optimization and margin profile - Management highlighted potential for increased efficiency and margins through technology advancements and operational optimizations as the project ramps up [47][49] Question: Kuwait's rapid growth and contract timelines - Management confirmed that Kuwait's upstream spending is already underway, with contracts expected to be awarded throughout 2026 [51][52] Question: Investment needs for higher activity levels - Management outlined planned capital expenditures of $150 million-$180 million, with potential increases if contract wins exceed expectations [58] Question: Leverage and shareholder returns - Management stated that a net debt to EBITDA ratio of 1 or less is ideal, with plans to discuss shareholder return strategies in the next earnings call [63]