Oceaneering International (OII) Q2 2010 Earnings Call July 29, 2010 11:00 a.m. ET Executives Jack Jurkoshek - IR Jay Collins - President and CEO Marvin Migura - SVP and CFO Analyst Max Barrett Brad Handler Neil Dingmann - Wunderlich Securities Stephen Gengaro - Jefferies and Company John Donald Chris Glaseem Jim Crandell Waqar Syed Daniel Burke PresentationOperator
Good morning my name is Maryann, I'll be your conference operator today. I'd like to welcome everyone to Q2 Oceaneering 2010 Earnings Call. At this time I'd like to welcome Mr. Jurkoshek. You may now begin. Jack Jurkoshek Good morning everybody and thanks for joining us on our 2010 Second Quarter Earnings Conference Call. As usual a webcast of this event is being made available through the StreetEvents Network Services by Thomson Reuters. Joining me today is Jay Collins, our President and Chief Executive Officer, who will be leading the call and Marvin Migura, our Chief Financial Officer and Bob Mingoia, our Treasurer. Just as a reminder before we start, remarks we make during the course of this call regarding earnings guidance, business strategy, plans for future operations and industry conditions are forward-looking statements being 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 Jay. Jay Collins Thank you, Jack. Good morning and thanks for joining the call, it's a pleasure to be here with you today. Our second quarter earnings per share of $0.98 were considerably above our guidance range. This was primarily attributable to the amount of deepwater vessel, ROV and ROV tooling work BP awarded us relating to the Macondo well incident. In addition to better results from operations, our second quarter included some non-recurring items as noted in the press release which on the net basis increased our earnings by about $0.03 per share. Our first quarter results included a vessel impairment charge which decreased our earnings by about $0.06 per share.