In accordance with the Safe Harbor provisions of the securities laws, we caution you that some of the statements made on this call may be forward-looking in nature and as such, are subject to various factors not under the control of the company. For a more complete description of these factors and the related risks and uncertainties, please refer to Cameron's annual report on Form 10-K, the company's most recent Form 10-Q and the recent earnings news release.I will now turn the meeting over to Jack. Jack B. Moore Thank you, Jeff. Cameron reported earnings of $0.77 a share in Q4, excluding charges of $0.37, primarily related to the Deepwater Horizon agreement with BP. Revenues for the quarter totaled just over $2 billion, up 12% versus prior year's level, while revenues for all of 2011 came in just below $7 billion, which is a 13% increase over 2010. Orders for quarter 4 totaled $1.9 billion, up 12% versus Q4 of 2010. Total orders for 2011 totaled over $7.8 billion, a 35% increase versus 2010 and a record year for Cameron without the benefit of a major subsea project award. This past year, we have talked a lot about the benefits of having expanding our product and market diversity across our customer spending cycles, both onshore and offshore. Our results for 2011 confirm that this strategy is paying off. Actually, every business unit within Cameron, with the exception of Subsea, saw record orders in 2011. Overall backlog finished the year right at $6 billion. Now let me walk through the operating segments at Cameron and discuss the results for 2011, and our drivers for 2012. Our Drilling Production & Systems businesses finished 2011 with total bookings in excess of $4.3 billion, a 46% increase over 2010. Total revenues of $4.1 billion in 2011 were 9% higher than 2010. Cameron's Drilling Systems orders topped $1.8 billion in 2011. This was driven by record level of new project bookings for both onshore and offshore newbuilds and aftermarket bookings that increased by over 70% versus 2010's record levels.
Our outlook for 2012 is very similar to that of 2011. Our customers' commitment to OEM is not backing off and we continue to see a healthy appetite for newbuild rigs given the high utilization rates our customers are seeing. Plus with the added benefits of Cameron having acquired LTI in Q4, we expect 2012 to be another record year for Drilling Systems. In fact, we've already booked several floater stacks in the current quarter.LTI provided Cameron a wonderful platform to offer a broader scope of products and services to both onshore and offshore contractors, along with shipyards. But we have work to do. Under Cameron's management, we will provide the objective product development and sales placement that it lacked with the previous owners. We will focus on external opportunities that will allow us to close the technology and product gaps. We will improve the manufacturing processes and we'll improve lead times and margins. We will place a premium on servicing the existing install base to our global aftermarket footprint. We've had tremendous support from our customers' employees for building out the Cameron Drilling Systems portfolio, and we're excited that this will move the needle for Cameron for many years to come. In addition to the focus with integrating LTI in 2012, we will continue to advance the technologies that our customers will demand as we push drilling into deeper and higher pressure applications while staying focused on safe operations. We recently delivered the world's first 13.58 25,000 psi BOP system. We started last year, completion of the first ever 18.75 20,000 psi BOP system that is operating offshore today. And finally, we will invest in additional $80 million in 2012, in our aftermarket infrastructures to support and sustain our customers' demand for OEM service. The highlight will be the opening of our new dedicated drilling aftermarket base in Singapore's Offshore Marine Centre later this year.
Subsea orders finished just shy of $1.2 billion in 2011, albeit slightly higher than 2010 order levels, 2011 was void of any major project awards for Cameron. While we predicted overall true awards in 2011 will be a low watermark for the industry, we are very optimistic about the number of project awards over the coming years. We see significant opportunities involving in most every deepwater basin in the world. West Africa and Brazil will offer the largest scope of project awards for the industry over the next 12 to 18 months. Nigeria, Sengina [ph], Erha North projects, along with Vienna's [ph] Block 15 in Maersk [ph] and Block 18 in Angola will be significant in terms of their scope and size and breadth. Petrobras will ramp up spinning for pre-salt trees in 2012 and expect to follow it up with additional orders for frame agreement trees. and with significant quantities. In Australia, the Ictus [ph] project is expected to be awarded along with additional products from BHP and Apache. In our view, it is very important that these major projects come to closure in order to improve the environment for project margins as we exit 2012.Read the rest of this transcript for free on seekingalpha.com