Quarterly guidance

Revenue
Approximately $10 billion, an increase of 5% to 7% sequentially.
Adjusted EBITDA margin
Expand 100 to 150 basis points.
Middle East Revenue
Flat sequentially at approximately $1.9 billion.
Core Division Revenue
Combined increase of low single digits.

Annual guidance

Capital Investments
Approximately $2.5 billion.
Stock Repurchases
Approximately $2.4 billion.

Outlook

Market Activity
Global OFC market activity is expected to grow in the mid-single digits in 2027, assuming Middle East activity remains at second-half 2026 levels.
Middle East Catalyst
Resolution of regional disruption is expected to unlock deferred activity and accelerate growth in 2027.
Digital Growth
Digital is expected to continue its established growth trajectory with double-digit gains.
Data Center Solutions
This business is expected to accelerate as a meaningful growth engine, with an exit rate target of $2 billion for 2027.
Venezuela
Revenue is on track to more than double this year, with potential for multi-fold growth in 2027.
Deepwater
FIDs are expected to increase more than 30% year-on-year in 2026, supporting long-cycle growth.