I'm very happy with our results for the second quarter 2012 and some of the significant accomplishments that we posted in recent days. Second quarter results included a 14% improvement in revenues along with higher margins, both driven by a continuation of great market fundamentals. Also, our revenue efficiency improved with our unpaid downtime declining to under 3%, as we continue to experience some benefits from a number of operational and process improvements put in place over 2011 by Bernie Wolford and his team. There remains plenty to be done, but we are encouraged by the early results. James will address these quarterly highlights in more detail in just a minute.
Another area I'm delighted with is the steady improvement in numerous milestones we continue to record on the fleet transformation front. Recall at one point, this rejuvenation program involved 14 separate newbuilds with a number projects now down to only 11 following deliveries of the Noble Bully I, the Noble Bully II and the Globetrotter I last year. Although this remains a formidable task, our execution is beginning to reach the levels that we have always expected due to the strong efforts of Scott Marks and his team, our project managers and engineering group.
Let me give you a sense of the newbuild milestones that we have either met or expect to meet during the month of July. We launched the hull of our first HHI ultra-deepwater drillship, the Noble Don Taylor. The rig should complete construction activities in the second quarter of 2013 and following mobilization and commissioning, be ready to commence this drilling program in the second half of 2013.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV