In addition, some of our comments this morning will include forward-looking statements and estimates. These forward-looking comments are subject to various risks and uncertainties, and they reflect management's views as of May 10, 2012. Please refer to our filings with the Securities and Exchange Commission, which are available on our website, including our Form 10-K for the year ended December 31, 2011, and yesterday's 10-Q, which will provide a discussion of factors that may cause our actual results to differ from management's projections, forecasts, estimates and expectations. And please note that, except to the extent required by applicable law, McDermott undertakes no obligation to update any forward-looking statement.
Let me now turn the call over to Steve for his opening remarks.
Stephen M. Johnson
Thanks, Jay, and good morning, everyone. In my view, McDermott had a very good start to 2012 with this quarter's results. Two months ago, we thought our first quarter results would be softer, but clearly, the operations and our project portfolio exceeded our prior expectations. Some of this outperformance was timing-related, some projects showed good improvement and we had cost savings, and importantly, we didn't have a large one-off project charge or charges that affected the last 2 sequential quarters. Adding to our solid financial results, the company also had its best quarter of bookings in its history at over $2.6 billion, which grew our backlog to $5.8 billion, also a high watermark in the history of the company.Before I get too far into our prepared comments, let me give a brief outline of our intended discussion this morning since we're likely to go a little bit longer than usual. I'll provide a few more comments on the quarter before handing off to Perry to cover our financials in detail and supply some other metrics, then I'll return for my view of McDermott's strategy, both what we've been implementing as well as what we expect to be doing going forward. My objective is to be as transparent and fulsome with respect to growth plans and strategic direction as is reasonable given this broad audience. Following our prepared remarks, we'll open the call to questions. So let's get started.