Strong Cash GenerationSustained, large operating cash flow and materially positive free cash flow provide durable internal funding for fleet reinvestment, dividend returns and debt repayment. Over a multi‑year horizon, strong cash conversion supports financial flexibility and de‑risking of strategic projects.
Large, High‑quality BacklogA $7.5B backlog with significant near‑term convertibility gives multi‑quarter revenue visibility and underpins management’s EBITDA guidance. High‑quality bookings reduce spot exposure, enable better fleet scheduling and support long‑term margin and utilization improvement.
Fleet High‑grading & Capital RecyclingActive divestiture of lower‑spec jackups and targeted reinvestment in high‑spec drillships improves fleet mix and expected dayrate capture. Capital recycling both strengthens the balance sheet and concentrates assets where structural demand and margin premium are largest.