Just as a reminder, remarks we make during the course of this call regarding our earnings guidance, business strategy, plans for future operations and industry conditions are forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
And I'm now going to turn the call over to Kevin.
M. Kevin McEvoy
Good morning, and thanks for joining the call. I'm happy to be here with you today. Our record first quarter EPS of $0.47 was above our guidance range of $0.44 to $0.46 and was up over 20% compared to the first quarter of 2011. Year-over-year, all of our business segments achieved higher operating income led by remotely operated vehicles. We are well-positioned to participate in the next growth stage of Deepwater and subsea completion activity. And our outlook for 2012 remains very positive. We are maintaining our 2012 EPS guidance range of $2.45 to $2.65, another record earnings year.For our services and products, we expect continued international demand growth and a moderate rebound in overall activity in the Gulf of Mexico. Yesterday, we announced an increase in our regular quarterly cash dividend to $0.18 from $0.15 a share. This underscores our confidence in Oceaneering's financial strength and future business prospects. I'd now like to review our first quarter oilfield segment results. Year-over-year, ROV operating income improved on a strength of higher demand in most areas of the world, particularly in the Gulf of Mexico and Northwest Africa. Our ROV days on hire increased 17%. Sequentially, operating income declined slightly due to geographic mix changes and normal seasonality. Our fleet utilization rate during the quarter was 79%, up from 71% in the first quarter of 2011 and flat with the fourth quarter of 2011. We continue to expect that our fleet utilization for the year will be 80% or more.