Before I turn the call over to Steven, I'd like to point out that during the course of this call, participants may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts, including future financial performance, operating results, estimated loss contingencies associated with the Macondo well incident, the Frade field incident in Brazil, the sale of our standard jackup fleet, the newbuild and potential contract associated therewith, the use of proceeds of our recent debt offering and the prospects for the contract drilling business in general. Such statements are based on the current expectations and certain assumptions of management and are therefore subject to certain risks and uncertainties. As you know, it's inherently difficult to make projections or other forward-looking statements in a cyclical industry since the risks, assumptions and uncertainties involved in these forward-looking statements include the level of crude oil and natural gas prices, rig demand, the effects and results of litigation, assessment and contingencies, closing conditions for the sale of our jackup fleet, entering to a binding agreement regarding the newbuild and operational and other risks, which are described in the company's most recent Form 10-K and other filings with the U.S. Securities and Exchange Commission. Should one or more of these risks and uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those indicated. Transocean neither intends to nor assumes any obligation to update or revise these forward-looking statements in light of developments, which differ from those anticipated. [Operator Instructions]
Thanks very much. And I'll now turn the call over to Steven Newman. Steven?
Steven L. Newman
Hello, and thank you for joining us today. Travel schedules and the uncertainty of the timing of the debt offering necessitated that we schedule this call a little later than we would have preferred.