During the quarter, we purchased 400,000 shares of our common stock at a cost of about $19.4 million. And as announced in April, we increased our regular quarterly cash dividend to $0.18 from $0.15 a share. These actions underscore our confidence in Oceaneering's financial strength and future business prospects.
For 2012, we anticipate generating at least $565 million of EBITDA. Our balance sheet and projected cash flow provide us ample resources to invest in Oceaneering's growth, and we intend to do so.
We are raising our 2012 CapEx range estimate, excluding acquisitions, by $75 million, $50 million of which is for additional ROVs. Our total year estimate is now $275 million to $300 million. Of this amount, $175 million is anticipated to be spent on adding systems to our ROV fleet and vehicle upgrades, and $90 million is for enhancing our Subsea Products' capabilities. Our focus in 2012 continues to be on earnings growth and investment opportunities, both organically and through acquisitions.
I'd now like to review our second quarter oilfield segment results. Year-over-year and sequentially, ROV operating income increased on higher demand for both drilling and vessel-based support services. The 13% year-over-year improvement in ROV days on hire was on the strength of higher demand in the Gulf of Mexico and off Africa. Sequentially, the 7% increase in days on hire was primarily due to increased demand in the Gulf of Mexico.Our fleet utilization rate during the quarter was 81%, up from 76% in the second quarter of 2011 and up from 79% in the first quarter of 2012. We continue to expect that our fleet utilization for the year will be 80% or more compared to 77% in 2011.Operating margin during the quarter was 31%, the same as the year ago and up from 29% last quarter. We continue to anticipate our ROV operating margin for this year will be slightly higher than the 30% we achieved in 2011.Read the rest of this transcript for free on seekingalpha.com
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