Good morning. My name is Megan, and I will be your conference operator today and would like to welcome everyone to the first quarter SLB earnings call. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a Q&A session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. You may remove yourself from the queue by pressing star two. As a reminder, this call is being recorded. I will now turn the call over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs. Please go ahead. Thank you, Megan. Good morning and welcome to the SLB first quarter 2026 earnings conference call. Today's call is being hosted from Houston following our board meeting held earlier this week in Midland, Texas. Joining us on the call are Olivier Le Peuch, Chief Executive Officer, and Stephane Biguet, Chief Financial Officer. Before we begin, I would like to remind all participants that some of the statements we'll be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings, which can be found on our website. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our first quarter earnings press release, which is on our website. With that, I will turn the call over to Olivier. Thank you, James. Ladies and gentlemen, thank you for joining us. Before we begin, I would like to acknowledge our people, customers, and partners in the Middle East as they navigate this challenging and uncertain time. Our strong presence in the region dates back more than 85 years, and I'm proud of the resilience and unity demonstrated by our people as they work in lockstep for customers to safeguard our teams and assets while preparing for an eventual resumption of operations. I want to commend the entire SLB team for their continued care, commitment, and support for one another and for our customers. Turning to today's call, I will start with our first- quarter performance, followed by an update on the evolving situation in the Middle East and our outlook in the mid to long term. I will then cover our strategic initiatives, including SLB Digital and data centers, and provide our thoughts for the second quarter. Stephane will then take you through the financial, and we'll open the line for your questions. Let's begin. It was a challenging start of the year, marked by severe disruption in the Middle East that impacted our first quarter with revenue and earnings. At the onset of the conflict, customer decisions to safeguard personnel and assets led to an initial wave of operational shutdowns. As the conflict persisted, further activity curtailments followed as a result of production shut-ins. The impact of these actions was most pronounced in Qatar due to force majeure and the suspension of offshore operations, and in Iraq due to security conditions. We also experienced a more gradual impact from offshore rig shutdowns in other countries in the region, driven by a combination of security concerns and export capacity disruptions. In addition to the situation in the Middle East, unfavorable activity mix and higher costs further weighed on the quarter, most notably in OneSubsea. Looking across the divisions, Production Systems and Digital grew year-on-year, while Reservoir Performance and Well Construction declined, mostly due to the impact of the conflict. Production Systems year-on-year revenue increased 23% due to the acquisition of ChampionX, which continued to deliver accretive growth. Additionally, we're on track to achieve our synergies target. On a pro forma basis, ChampionX also grew year-on-year, demonstrating the increasing demand in the production market. Turning to Digital, revenue increased 9% year-on-year, driven by strong uptake in Digital operations. Of note, automated footage drilled increased by 145% year-on-year as customers continue to adopt Digital and AI-powered solutions to boost operational performance and efficiency. Data center solutions remained a bright spot, with 45% growth year-on-year. The momentum in this area continues, as you saw with our recent announcement to serve as the modular design partner for NVIDIA DSX AI factories. With our growing backlog, we remain on track to exit the year at $1 billion run rate and expect the growth rate to accelerate in 2027. Overall, despite the challenges of the quarter, I'm pleased that the strategic decisions and portfolio actions that we are taking in Digital, data center solutions, and production recovery are delivering results. I would like to express a big thank you to our teams in the Middle East and across the world who continue to deliver each day for our customers in this very dynamic environment. Now let me turn to how we expect the market to evolve as the conflict in the Middle East is resolved. First, we anticipate that oil prices will settle at levels above the pre-conflict baseline. This reflects the new balance of liquid supply and demand, which has been significantly altered by more than 500 million barrels of lost production impact thus far. In this environment, energy security will remain at the forefront. We expect many countries to accelerate efforts to diversify supply, strengthen domestic resource development, and rebuild strategic and commercial inventories that have been drawn down during the conflict. In short, the fragility of the global energy complex we are witnessing today demonstrates the strategic importance and long-term value of oil and gas. Together, these dynamics are expected to support a constructive macro environment for upstream investment over the coming years. In the near term, activity will be led by efforts to restore production capacity across the Middle East for both oil and gas. While some countries executed orderly shut-ins and should be able to resume production within days or weeks, other areas, particularly where disruptions were more abrupt, may require a more gradual ramp-up, including additional well intervention. As a result, while the near-term recovery will be gradual and differ across countries, we see an upside in the outlook, barring demand destruction from a prolonged conflict. We are committed and ready to support our customers across the region. Beyond the region, we expect a broad-based response across both short- and long-cycle investments. Short-cycle activity is likely to strengthen first, particularly in North America and parts of Latin America, where operators can respond quickly to higher prices. In addition, well intervention activities that can yield additional production will get a natural boost across oil basins. At the same time, we expect renewed momentum in long-cycle developments, especially in offshore and deepwater markets, as customers look to secure durable, large-scale sources of supply. This is also likely to improve certainty of offshore FID approvals while also supporting increased exploration activity. As we can read in third-party reports, the FID pipeline in 2026 is strengthening and directionally adding over $100 billion total investment approval visibly ahead of the last two years, and with another step up expected in 2027, with deepwater resources getting a large portion of these investments. Regionally, this presents opportunities in Africa, Asia, and Latin America. Africa represents one of the most compelling long-term opportunities, with a significant base of underdeveloped oil and gas resources. We expect portfolio allocation to shift more favorably towards this region over time. Asia will continue to prioritize access to gas, both onshore and offshore, as it works to diversify supply through development of national resources. Across Latin America, from Guyana to Brazil to Suriname, we see continued strength in deepwater developments, complemented by short-cycle growth in unconventional in Argentina. Separately, Venezuela continues to represent an exciting growth opportunity where we can expand on our existing operations in-country. To conclude, in the context of energy security and the rebalancing of supply and demand, we see three primary drivers of increased investment over the coming years. First, the replenishment of depleted commercial inventories and strategic reserves. Second, the diversification of supply, including greater redundancy in sourcing. Third, increased emphasis on developing local resources to enhance long-term resilience. Our core business will benefit from these dynamics, supporting a positive outlook for SLB into 2027 and 2028. Let me now describe the additional strategic growth levers for SLB. Production recovery, Digital, and data centers. Starting with production recovery. This is becoming increasingly critical as the industry faces structural challenges in replacing reserves and sustaining production from existing assets. In this context, technologies that enhance recovery and extend the life of mature fields are no longer optional. They are essential. Against the macro we just discussed, this is a defining moment for production recovery. These technologies have the potential to shape the next stage of recovery in unconventional assets and to create a step change in production enhancements in every basin and resource play, from deepwater to conventional and from gas to oil. With ChampionX, we are uniquely positioned to lead in this space by combining production chemistry, our strongest Digital capability, and subsurface domain expertise. We're helping customers unlock additional barrels from existing reservoirs in a capital-efficient manner. This is particularly relevant as operators look to maximize recovery, improve returns, and bring incremental supply to market in support of energy security. We hosted our first production recovery summit in Houston a couple of weeks ago, and we are very pleased with the engagement from our customers from every region across the world. They increasingly recognize the potential of this domain and the opportunities present to unlock growth for the industry. Turning to Digital. This business continues to build strong momentum and is a key driver of both differentiation and long-term value creation for SLB. While still a relatively small portion of our revenue today, its impact extends well beyond its size. Our approach is grounded in domain expertise, where AI, data, and software are integrated into our platform and workflow to deliver measurable performance outcomes. This is not about standalone tools. It is about embedding intelligence across the full lifecycle of reservoir development and production. Our teams continue to make exciting developments, particularly in agentic AI. As the number of use cases increase, the value of these technologies are proven in the field, we anticipate increased adoption. Over time, we expect Digital to become an increasingly important lever for growth, both as a standalone business and as an enabler across our broader portfolio. We're excited to share more about this business during our Digital Investor Day later in June. Finally, data centers represent a new and rapidly expanding opportunity for SLB. Building on our core strengths in engineering, manufacturing, and project execution, we're extending our scope of modular infrastructure solutions to support the accelerating demand for AI and Digital capacity. In less than two years, we have established our right to play in this industry, proven by our manufacturing know-how and supply chain capabilities. We are building on this expertise to support design engineering and performance optimization of the data center build-out, and we are currently scaling the business through expanded capacity, deepening partnerships, and selective international growth. While still at an early stage, this business is already demonstrating characteristics we're looking for. Capitalized growth, strong demand visibility, and a clear path to becoming a meaningful contributor to earnings over time. Looking ahead, we see additional upside through opportunities such as thermal management, decarbonized power, and serving as a system integrator. These are areas where our capability can further differentiate offering and expand our addressable market. We'll also continue to assess potential opportunities to accelerate this trajectory through targeted M&A. Taken together, these three areas, production recovery, Digital, and data center solutions, reflect how we are evolving our portfolio toward higher return, technology-driven, and less cyclical growth. They are complementary, scalable, and aligned with the long-term trends shaping both energy system and Digital infrastructure. Let me now share our view on how the second quarter may unfold. First, it is uncertain how long geopolitical disruption will last and how the recovery in the Middle East will unfold. At the same time, we are facing higher procurement and logistics costs driven by the conflict. As a result, it is challenging to provide precise guidance for this quarter. However, there is a scenario where a portion of disruption in the region persists through the middle of the second quarter and then begin to gradually ease. Under this assumption, we estimate that the sequential revenue and earnings decline in the Middle East will be fully offset by all other international markets combined, where we anticipate mid to high single-digit revenue growth with improved margins. Meanwhile, North America revenue is expected to be flat sequentially. By division, under the business scenario just highlighted, Digital and Production Systems will grow globally. While Reservoir Performance and Well Construction will decline globally. I will now turn the call over to Stephane to discuss our financial results in more detail. Thank you, Olivier, and good morning, ladies and gentlemen. First quarter earnings per share, excluding charges and credits, was $0.52. This represents a decrease of $0.20 when compared to the first quarter of last year. During the quarter, we recorded $0.02 of merger and integration charges, primarily related to the ChampionX transaction. Overall, our first quarter global revenue of $8.7 billion increased 3% year-over-year. Excluding the impact of the ChampionX acquisition in the first quarter last year, revenue declined by $607 million or 7% year-over-year. When compared to the fourth quarter of last year, revenue fell by just over $1 billion or 10.5%. This decline was approximately 200 basis points, or about $200 million, higher than we expected at the time of our last earnings call in January. This was primarily due to the impact of the conflict in the Middle East as we experienced operational disruptions throughout the month of March. Company-wide adjusted EBITDA margin for the first quarter was 20.3%, down 346 basis points year-on-year. Margins were negatively affected by high decrementals on the Middle East revenue impact. We did not make any material adjustment to our cost base during the quarter, as our immediate focus was the protection of our people and preserving operational capacity for the expected future rebound in activity. We also incurred additional logistics and materials costs as a result of supply chain disruptions due to the conflict. Beyond the effect of the Middle East conflict, first- quarter margins were impacted year-on-year by increased tariffs, project mix, and higher costs in OneSubsea, as well as pricing headwinds in select markets, particularly in Well Construction. Let me now go through the first quarter results for each division. First- quarter Digital revenue of $640 million increased 9% year-on-year, primarily driven by 87% growth in Digital operations. This was supported by increased Digital services adoption and new technology introduction, as well as the acquisition of ChampionX. Notably, annual recurring revenue for the division stood at $1.02 billion at the end of the first quarter, representing year-on-year growth of 15%. Digital pre-tax operating margins of 20.9% was essentially flat year-on-year. However, adjusted EBITDA margin of 26.1% declined 473 basis points due to lower amortization relating to exploration data as a result of the mix of surveys sold during the quarter. As you know, Digital margins are historically lowest in the first quarter due to seasonality. Steadily increase throughout the year, reaching the highest level in the fourth quarter, as evidenced by last quarter's results. This trend will continue, and consequently, we expect to achieve full- year Digital adjusted EBITDA margin that is at least equivalent to last year's level of 35%. Reservoir performance revenue of $1.6 billion decreased 6% year-on-year, while pre-tax operating margin of 16.1% decreased 47 basis points. These decreases were due to lower stimulation and intervention activity, primarily as a result of the disruptions in the Middle East. While construction revenue of $2.8 billion decreased 6% year-on-year, primarily from lower activity due to the disruptions in the Middle East, partially offset by higher offshore drilling activity in Europe and Africa, Latin America, and North America. Pre-tax operating margins of 15.2% contracted 463 basis points year-on-year due to lower profitability on account of the Middle East conflict, as well as pricing headwinds in select markets. Production systems revenue of $3.5 billion increased 23% year-on-year. Excluding the impact of the ChampionX acquisition, first quarter revenue decreased 6% year-on-year. On a pro forma basis, revenue from the ChampionX production chemicals and artificial lift businesses grew 2% compared to the first quarter of 2025. This strong ChampionX performance was offset by the impact of the Middle East conflict, lower OneSubsea revenue, and independent of the conflict, lower product deliveries in Saudi Arabia. Production systems pre-tax operating margins of 14.2% declined 240 basis points year-on-year due to lower profitability in surface Production Systems, completions, and OneSubsea. As it specifically relates to OneSubsea, pre-tax margin in the first quarter was 14.4% compared to 18.1% in the first quarter of 2025. Margins were affected by the concurrent wind down of several large programs and the initiation of new projects with high start-up costs. OneSubsea margins are expected to increase over the remainder of the year. ChampionX partially offset those effects as we continue to make progress with our synergy realization. As a result, ChampionX margins this quarter were higher than in both Q4 and Q1 of last year, and were accretive to both Production Systems and total SLB's margins. Now turning to our liquidity. Our net debt increased $797 million sequentially to $8.2 billion. During the quarter, we generated $487 million of cash flow from operations. Free cash flow was slightly negative at $23 million on account of the payment of annual employee incentives and the seasonal increase in working capital that we typically experience in the first quarter. This was compounded this year by delayed collections in the Middle East stemming from the conflict. We expect our cash flow generation to follow our historical pattern, with free cash flow gradually increasing throughout the year, with the majority coming in the second half. Capital investments, inclusive of CapEx and investments in ATS projects and exploration data, were $510 million in the first quarter. For the full year, we are still expecting capital investments to be approximately $2.5 billion. During the quarter, we repurchased $451 million of our stock. We still expect to repurchase a minimum of $2.4 billion for the full year, in line with 2025. As a reminder, we are targeting to return more than $4 billion to our shareholders in 2026 through a combination of dividends and stock buybacks. Before I wrap up, let me come back to our second quarter outlook, and more specifically to the Middle East. I would first like to clarify that the Middle East represented approximately 70% of our Middle East and Asia business in the first quarter. Under the specific scenario that Olivier highlighted earlier, where operational disruption in the region continues until the middle of the quarter and then starts to alleviate, we estimate that it would negatively impact our second quarter earnings per share by an incremental $0.06-$0.08 when compared to the first quarter. This is the result of lost revenue, as well as higher procurement and logistics costs associated with the conflict. I will now turn the conference call back to Olivier. Thank you, Stephane. I believe we are now ready for taking your questions. We will now begin the Q&A session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. Your first question comes from the line of David Anderson with Barclays. Your line is open. Hi, good morning, Olivier. How are you? Morning, Dave. Morning. Looking past some of the near-term disruptions, I was wondering if you could expand a bit more on your views on how the investment cycle has changed. You mentioned a broad-based recovery in 2027 and 2028. Is that predicated on oil prices being structurally higher now? Can you also comment on kind of which end markets that you see the most upside in as you sit here today? I think there are multiple reasons why I think really that the industry will benefit from an uptick in investment. First, indeed, I think we are projecting that the commodity price will be higher after this than they were before. More importantly, I think the significant impairment of the supply-demand balance, I think, has created the need for replenishing these inventories, replenishing the structural reserve, and also have heightened the risk of energy security. Hence, as a reason, as a consequence of this, there will be multiple factors that will play into an increased investment outlook. Firstly, to replenish the inventory and structural reserve will supplement the natural demand in oil and gas. Secondly, the energy security will drive national decisions to invest in local resources and to diversify the sources of supply, including creating some redundancy if and as necessary, and clearly maintaining, in the future, a higher inventory stockpile to prevent future supply shocks. I believe that this aligns with trends that are already in play, that we're already indicating that offshore was set for rebound as we exit 2026 into 2027. I believe that this combination will both affect the short- cycle impact in a shorter time and the long cycle at scale into 2027 and 2028. We are set, in our opinion, for an uptick into the cycle of strengths going forward. Olivier, you had talked about deep water looking particularly attractive in that outlook. Obviously, that's part of the long- cycle story there. Can you talk about where you see the most upside in terms of SLB's business? Is it more on the Well Construction and reservoir analysis side? Could OneSubsea be a big driver? Just trying to think about who the different parts of your business that would be most impacted. First, I think we are confident that offshore, I think, as being very attractive economically now, and I think where the large resource are set for operator to unlock and develop going forward, I think is the reason why we're seeing this uptick into the FID pipeline and the prediction by many reports saying that this will, at scale, exceed what we have seen in the last couple of years. The macro setup is very positive for deepwater, and this is true, of course, I will be very clear, across Africa, Asia, East Asia, and Americas for different reasons. Africa, as I stated in my remarks, I think is set to certainly be one of the most beneficiaries for this. It has vast undeveloped, still resource, both oil and gas, on the west and on the east, and clearly set to be developed, and this is where we see potential acceleration of the FIDs in the coming quarters. The Americas is very strong from Brazil to Gulf of Mexico, and I believe this will continue to be a play area in Central America, and we see support in Asia because of gas. We see a double down on the development of gas, a deepwater resource, and we have seen a lot of development happening these days in Indonesia, and you have seen some of the announcements we have made earlier today in the earnings press release, and with Subsea being awarded in Malaysia and in South China Sea, a critical award. I believe that offshore at large will benefit from this rebound. We have strong market position across the different division. Yes, indeed, subsea, we expect the OneSubsea to benefit at scale. As guided historically, previously, I think we expect OneSubsea to benefit to have a higher booking this year and last year visibly, and to then have a growth trajectory in 2026 and into 2027 and 2028 as we see the scale of this offshore cycle developing. Thank you. Your next question comes from the line of James West with Melius Research. Your line is open. Hey, good morning, Olivier, Stephane. Morning, James. Olivier, the Middle East is your backyard. You guys have owned that market for a century or more. You don't leave conflict zones, but when conflicts happen and you're always there for the recovery. As you think about the recovery and how it could unfold, I know you made some comments in your prepared remarks about this, but as you talk to the customers, what do they want to do? What do they need you for initially, and how do you think the kind of momentum builds, assuming that the conflict resolves in the timeline that you've kind of laid out and others have laid out? First, I think to be clear, I think we are working in lockstep for customers every day, every week. We continue to work closely with them to understand as they are contemplating all options for recovery, and I continue to observe the outcome of the discussion and the geopolitical event happening in the background, and we stand ready. I think we are more in standby as we speak. Yes, multiple scenarios are being considered. There are some countries where the resumption of operations will be relatively fast and could be days and weeks. There are countries where a facility and/or a field have been stopped and shut abruptly, where we'll be needing to intervene on those fields. Hence, it will be an initial phase of assessment, initial phase of intervention, before the production can come back to full capacity. There are countries or regions, or not regions, but zones in the region where security will remain a concern and will delay further the recovery. It's a gradual recovery. Yes, we are working very closely with customers, both to mobilize equipment or resources, and also to anticipate the reservoir consequences and the type of services that we need to provide as the conflict starts to be stabilizing and as the customers have the confidence to remobilize. We see long-term clear upside in the region, and we see that some countries will actually use it to catch up and maybe expand their capacity to recover from the market share and the production loss during this period. Got it. Okay. Very helpful. Maybe a quick follow-up. Understanding that most energy countries and of course, companies and countries want to diversify supplies now, do you see more of your customers that are Middle East-based, maybe stepping outside of the region? They've already started to do that a little bit, but stepping outside more post-conflict? No, generally, I think operators will continue to diversify their options across the entire world. I think there are plenty of basins that still stand undeveloped. I think I highlighted Africa. I think there's a lot of oil and gas resources that are set to be developed. I think the fiscal terms and the security condition has improved, actually, in the region, and will make it very critical. The Middle East remain a low-cost barrel and low-cost gas country at scale, and hence, it will continue to attract investment as well. I think the national resource holder in the region will continue to develop at scale the resource. We see a mix, but I think the beneficiary of this, and I think maybe additional investment will go into Africa, into the Americas offshore, into Asia deepwater, and into production recovery across all regions, we believe, because this is where the fastest incremental barrel can come from. Thank you. Your next question comes from the line of Stephen Richardson with Evercore ISI. Your line is open. Good morning. Morning, Steve. I was wondering if we could talk a little bit about Digital. You made this acquisition with S&P. From what we understand, this is a largely U.S.-centric data business and data set. Can you talk about what the longer-term vision is there, and be sure to hit on how and if that's an enabler of some of the other things you're doing in the broader business outside of Digital? Yeah, absolutely. As described in our press release this morning, I think we have come to an agreement with S&P Global Energy to acquire actually their upstream petrotechnical software suite, not their data. This is mostly deployed in North America with independents, and with workflows that are quite specific to the unconventional market. This is highly complementary to the offering we have. As we go forward, this will complement our offering in North America, give us support to expand the reach of this petrotechnical workflow solution internationally for the key markets. It will help us to maybe expand and address the next challenge into the unconventional development and recovery and use this new software suite to complement what we have and add science, add domain, and create and unlock new unconventional workflow into North America. It'll give us broader market access. It gives us a tool that is fit for the unconventional market where we're not having the same offering today. This just expands our product suite into the domain. Now, separately, as you may have seen also into the earnings press release announcement, we have entered an agreement to pursue a strategic partnership with S&P Global Commodity Insights with AI, giving an opportunity to use the power of Lumi and Tela, including specific domain foundation models that we build using the datasets, the global datasets of S&P Global Commodity Insights, so that we together provide our customers with unique insights through AI, applying AI capability, applying our domain and our domain foundation model, our capability on the full datasets of S&P Global Commodity Insights. That's unique, and I think that will be very appreciated by customers and benefit the customer greatly going forward. That's great. I suspect we'll hear much more about that at the Analyst Day in June. I'm wondering if you could give us a brief update on the data center business, and your outlook there in terms of securing additional customers, your commercial approaches there, and expectations for the balance of the year relative to what you talked about a quarter ago. Thanks. Yeah. I think you have seen we continue to progress. I think we continue to reiterate our ambition and our goal that we'll reach or exceed $1 billion run rate as we close this year. Actually, we have made great progress this quarter to secure additional customers that give us further visibility into the demand for our capacity in 2027 and 2028, and as indicated, developing more growth and scaling more than what I've mentioned as an exit rate going forward. You have seen one announcement on NVIDIA that has selected us as their design partner for the DSX AI factory. It means a lot. It means that we have been selected among others as a partner they believe they can trust to develop this modular infrastructure solution for DSX center, large scale future, open solution center that will need to be scaled fast, and we will add a capability to build this site, and manufacture this equipment offsite. Bring this modular infrastructure to this NVIDIA customer in the future. That's great, and I think you will see additional announcement coming that will show the breadth of our customer reach and the scale of our operation going forward. We are very pleased with progress, and this will continue to grow in 2026 and clearly at scale in 2027. Thank you. Your next question comes from the line of Arun Jayaram with JP Morgan. Your line is open. Yeah. Good morning. Olivier, production recovery seems to be an important theme this morning. I was wondering if you could highlight some of the industrial and technical challenges in restoring production, which is offline in the Middle East. Do you think that, assuming that we get to an improvement in the situation in the Middle East in 2Q, could this be a driver of SLB's second half of 2026 results? Firstly, I will not be commenting on behalf of our customers in the Middle East as they go through the assessment of their facilities. Some of them, as you know, have been damaged by this crisis. I will comment more on the engagement, collaboration and close partnership we have with our customers to prepare for and as they are ready to mobilize, as they believe the security concerns are no more present. I think first and foremost, I think some, as I said, the shut-ins were done orderly. I think this could just be a resumption of operations that will just be redeployment of resources, remobilization of resources, and I think with no necessarily significant impact in short term. Others will need intervention activity, and that's where we have an upside and we'll want to work with our customers to see how we can help restore the production and add and use the production recovery technology set to help us regain the capacity production that was pre-conflict. Long term, as we said earlier, we see more upside. I think once this resumption of operation gradually resume throughout the following months and possibly quarter for some country. We see that there is an upside into the desire for some country there to uplift their capacity and to participate the replenishment of the depleted inventory and strategic reserve. We are seeing gradual intervention first, recovery, production recovery focus, and then large scale development and expansion of capacity for some country. Great. I have a follow-up to Stephen's question on Digital. If I look at year-over-year trends, Olivier, your revenue was up 9%, but your margins fell by 473 basis points. I wonder if you could talk about what you saw on the margin front and perhaps the recovery potential for Digital margins over the balance of the year. I'll take this question, Arun. It' s Stephane. As you know, we closed last year in Digital with full- year EBITDA margin of 35% and the pre-tax operating margins of 28%. There's a bit of a distinction between the pre-tax margin and the EBITDA here. We started 2025 with pre-tax margin of just about 21%, which is essentially in line with where we started in the first quarter of 2024. EBITDA margins, however, were indeed lower, and this is exclusively due to lower amortization from the mix of exploration data that we sold during the quarter. If you step back anyway, as I said earlier, the first quarter of the year is typically the lowest for Digital margin. If you look at where we started, same as last year, and we fully expect to see the same pattern we have seen over the years. We will reach the highest margins in the fourth quarter, and it is clearly our ambition to deliver the total EBITDA margins from Digital of at least 35% this year as well. This is the choppiness of quarterly movements that it's not a concern to us. Thank you. Your next question comes from the line of Scott Gruber with Citi Research. Your line is open. Yes, good morning, Olivier and Stephane. I got a couple more questions. Good morning, Scott. on Digital. Good morning. In a world where code writing becomes easier and more commoditized, can you speak to the resilience of the value add of your Digital portfolio? As you take moves to shape the portfolio like you've done with the S&P acquisition, how you think about expanding that value add and enhancing that resilience? No, I think the customer are accelerating the adoption of Digital because they believe that no matter what the cycle is turning into, highly favorable cycle or challenging cycle, they believe they need to differentiate. They need to add and extract efficiency, productivity in the geoscience and planning workflow, operational performance and efficiency into the drilling and into the production and recovery space. They have seen that the Digital capability, and you can see it by the adoption of Digital operation growing at very nicely year on year and is driven by drilling, is driven by production, operation workflow, where customer are adopting AI solution, adopting software solution that can transform the performance of doing operation like drilling automation can transform the production workflow to render ESPs autonomous. I think this capability will be looked for every customer. Every use case we see is resonating across customers in every basin. I think we see this not only resilience, we see this as a long-term tail of any cycle and something that Digital will continue to have a tailwind in our industry because we have data like no other industry has. We have scientists and engineers that love to play with data, and we have AI that is starting to come into play as a catalyst to become an X factor, if you like, to unlock productivity. We are, I think, unique in our capability. We have the domain knowledge that is deep, and we have the platform that can help scale this AI capability going forward. We feel that I think it is the right time for the industry to adopt AI at scale. We think that we have the platform, we have the deep domain, and the first use case that are starting to be realized recently, and the power of agentic in our industry will only reinforce this growth opportunity, and it's not only resilience, it's growth going forward. We show more of this during our event in the Digital investor forum. I definitely look forward to it. In a follow-up here, just with an outlook for higher oil prices, at least over the medium term, how does that impact the Digital business? I assume your seismic sales could improve. How meaningful could that be? More importantly, would you anticipate customers taking some of this excess cash that they're generating and spend it on more software, more applications to get a bigger boost for their own internal efficiency? Yeah. Obviously, when the commodity prices are high, and I think the customers have more optionality with their discretionary spend. They use it in two domains, they use it in Digital, and they accelerate exploration. I think we foresee that, and we have seen it, and we have seen signals that exploration is coming back. We have seen some announcements of some companies reinvesting in exploration at scale because they believe they want to secure reserves to participate in long-term energy security. At the same time, yes, they use this discretionary spend smartly and using this to their allocation to buy data sets to accelerate the exploration and we will benefit from that, but also participate in more pilots and then make decisions faster to accelerate their platform software deployment in their organization. Thank you. Your next question will go to the line of Sebastian Erskine with Rothschild & Co Redburn. Sebastian, your line is open. Hi. Hi, good morning, gentlemen. Good morning. Thanks for taking my questions. Good morning. I just want to start on SLB OneSubsea. It's really one of the jewels in the SLB crown. You've guided at FY 2025 results and $9 billion in sort of order intake over the next two years. I wonder if you could give perhaps some outlook on the margin expansion potential within the OneSubsea business, particularly with comparisons to sort of broader offshore E&C universe. Is there more room for integration with the rest of your portfolio or further efficiencies related to your, the existing kind of Aker Subsea business? Any color on the margin outlook for OneSubsea? Yeah, sure, Sebastian. You have noticed that actually for the first time, we gave you our margins in OneSubsea for the first quarter. Unfortunately, they were not as brilliant this quarter, but these are temporary effects due to the timing of project completions and startups. You've seen where the margins were in the same quarter of last year, pre-tax margins of 18%, which means EBITDA margins are very close to 20%. This is what we expect from this business over the cycle at the minimum. Even though we started on a rough note in the first quarter, we expect the margins to normalize in the coming quarters. Hopefully on the back of a backlog that is increasing year-on-year, we are actually up 5% year-on-year on the backlog. We have better visibility on the growth going forward and potential margins at least. I appreciate that color. Yeah, I just want to add a couple of things on. Yeah, sure. Thank you. Yeah, Sebastian, production recovery, I think I just want to add that obviously subsea as a domain of deep water, I think is essential for our customers and production recovery plays a great role. I think we have a unique subsea floor processing portfolio. We have seen one more announcement that we are continuing to renovate and to enhance the project. We have Gullfaks with Equinor in Norway. We have done one acquisition that complements offering to help us better participate into the intervention world of deepwater subsea. We believe indeed that our production recovery strategy and the connection with our overall core capability is essential going forward. As we develop, it will help customers leverage OneSubsea to enhance the production of existing fields and provide more life-of-field services, as we call it, including Digital capability to this subsea installation. It's both on the E&C cycle and then on the life-of-field services long term that will benefit. Really appreciate the color there. Just to follow up, I think Olivier, in the prepared remarks you mentioned towards the end of the data center solution section, you were kind of considering potential further M&A following the announcement of the S&P Global deal. What areas are you seeking to add in terms of your portfolio? Any color on that would be helpful. Yeah. We are looking at everything where we believe that we could build a portfolio that give us a more technology anchor into our portfolio, so that as we build more modular infrastructure solution across the full space, thermal management is one that obviously come to mind. We're looking at the opportunity we believe could complement the offering we have and the go-to-market that we have created and headway we have created into the space. Thank you. Your next question will go to the line of Marc Bianchi with TD Cowen. Your line is open. Hi. Thank you very much. I just first wanted to quickly clarify on the outlook here for second quarter. You're essentially saying that results will be the same as first quarter, and there's sort of a $0.06-$0.08 incremental hit from Middle East that's being offset elsewhere. Is that the message you're trying to deliver here? Yeah, no, that's a good summary, Marc. Just to be clear, this is under the specific scenario that we highlighted where the operational disruptions start to ease more or less at the middle of the quarter and then gradually recover. In this scenario, we can offset the negative impact of $0.06-$0.08 incremental effect of Middle East with the rest of the international operations. Yeah. Great. Thanks for that, Stephane. The other question I had, going back to OneSubsea and sort of the $9 billion of awards over 2026 and 2027, is given sort of the outlook here, do you see upside to that now? How are you sort of thinking about your competitive positioning? We hear a lot from your other competitor about their integrated capabilities. Can you kind of talk about how you see OneSubsea positioned from a competitive perspective? First, I think commenting on the cycle, I think the more this dynamic plays favorably as the conflict ends, the more we believe that the investment will be attractive into the deepwater market as it is a majority actually of what we foresee as FID in 2027 and 2028. Hence, the more it will play into the size of the addressable market. Hence, if FID are firmed up, if not accelerated in 2027 or even in 2026, this will give us a potential to outperform the guidance we have given. Yes. Now on the position, we feel very good with the position we have. Extremely good. We have a partner with Subsea7, who gave us when and as customers ask for integrated offering, the integrated capability to deliver, and we have done it at scale for many customers. We feel that we have developed partnership and collaborative engagement with several customers that have led us to be getting working jointly with our customers to help and provide support to increase and improve the design of the subsea architecture and unlock FID. This is true with the partner we have in Equinor with BP. We believe that we have unique portfolio with subsea processing that is having no match on the market. You have seen announcement today, and you will continue to see a pipeline of projects that will make it pretty unique in the marketplace. You have seen the Ormen Lange subsea gas compression that unlock a new level of recovery for the field of Ormen Lange in Norway. You have seen the additional announcement we did today on the Gullfaks project, where we'll rework with our customer to make sure that we extend the life and improve the performance of this capacity of subsea processing so that it unlocks next level of recovery. Yes, we feel good about our integration capability. We feel good on the pipeline that you have seen. We were awarded in Malaysia, in South China Sea, in Suriname, and in Norway, announced today. We'll continue to have a pipeline of exciting project going forward across the basin. I mentioned earlier, Americas, Asia, and Africa. We are pleased with the OneSubsea progress and continue to support them fully. Thank you. Your last question comes from the line of Neil Mehta with Goldman Sachs. Your line is open. Morning, Neil. Morning, my friend. You guys talked a lot about some of the cost impacts that you're seeing in the Middle East and how that's impacting margins, and I think we all understand at a conceptual level, things like freight, but can you just kind of give us some of the line items that might be causing the pressure point and help us understand what are some of the specific items that are pressure points? Sure. We can do that. Clearly from the situation in the Middle East, it introduced quite some strain on supply chain networks locally, but with ripple effects in other places in the world. Probably the line item that's the most impacted is logistics and transportation costs, clearly. Coming next is raw materials, those which are derived from petroleum products, of course, and that would also include chemicals. It's raw materials and logistics mostly. This has impacted our margins in the first quarter and it will linger for a while. Now, we are not going to let just that hit our costs. We have mobilized our commercial organization to recover some of these increased costs, and we are activating inflation pass-through clauses that we have in our contracts. If we don't, we are in direct negotiations with both our suppliers and our customers to offset these effects. We are kind of used to these spikes in costs coming from inflation, and we try to recover as much as we can. My last question. It's been a couple of months now that ChampionX has officially been in the SLB portfolio. Just any observations about what it's bringing to the table here and how you've been able to integrate the system into the broader company. First, I think I will reiterate the results part of the ChampionX addition to our portfolio, as Stephane highlighted. I think ChampionX has been accretive to the portfolio in the first quarter, and I think that is growing year-over-year and expanding margin year-over-year. Second, I will come back to the three days we spent with our board in Midland. I think it was a pleasure to see in action our ex-ChampionX employees integrating fully in a pull-through pipeline, if you like, a tool that we made for our customers with our board of directors to showcase our fit-for-basin technology in real time. Highly integrated, already getting pull-through or getting synergy, revenue synergy and technology synergy that customers are appreciative. The second highlight of this trip was a meeting of our customers. We hosted many customers with our board of directors in Midland, and I think it was a pleasure to get feedback, very direct and transparent feedback from our customers. They were very pleased with the integration progress, and they have seen the light of the potential that ChampionX with the greater SLB can bring to the operations in the timeline. We are seeing the benefits in the financial results. We are seeing an exciting opportunity for operational recovery as we commented at a summit that we hosted lately. We see the enthusiasm of our team, starting with the ChampionX employees and the customers that are appreciative and recognize this is something unique that we have and something that can unlock the potential of operational recovery, partly in unconventional, but in all of our basins in the world as well. Thank you. I will now turn the call over to SLB for closing comments. Thank you very much. Ladies and gentlemen, as we conclude today's call, I would like to leave you with the following reflection. First, while recent events have created near-term disruption, they have also reinforced the need for secure and reliable energy, which will support oil price above pre-conflict levels and create an enduring backdrop for oil and gas investment. Second, production recovery, Digital and data center solution are creating the foundation for accelerated growth. Finally, I want to take the moment to recognize that this year marks 100 years of SLB. As we celebrate this milestone, I'm proud that we are not only honoring an extraordinary legacy, but also building the foundation for the next century of innovation, performance and leadership. With this, I will conclude today's call. Thank you all for joining. This concludes today's conference call. You may now disconnect