I'm sure many of you are very familiar with the Transocean story. For those of you that are new to the company or newly interested in the stock let me just make a couple of comments at the outset.First of all, we are the world's largest off shore contract driller with the largest in every asset class. We're the largest operator of standard jackups. We're the largest operator of high-specification floaters, ultra-deepwater significantly you should position across the asset classes. We're also the largest in most of the major markets worldwide. So typically in those markets we have a leadership position way to the first or the second largest drilling contractor in most of the major markets around the world. And our relationships with our customers expand the spectrum from integrated oils to independent NOCs. And I'll talk about them in a little bit about the importance of those customer relationships and particularly the emerging role that the NOCs are playing in our business. I think the company has an extremely strong position and is very well positioned to continue to lead in our industry. We saw the possibility and the opportunities in deepwater and ultra-deepwater more than 10 years ago and commence the significant investment program into that asset class such that today we have a well established leadership position in deepwater and ultra-deepwater in harsh environment. And that leadership position coupled with the company's organizational capabilities, our engineering expertise, our operating experience that combination creates really interesting reinvestment opportunities. The company's historical role in helping the industry innovate and evolve has established us in a very good position to continue to play that leadership role in innovation and development. A few of the key investment highlights for the company, we've got a three-pronged strategy focused on creating value for our customers, our employees and our shareholders.
And I'll talk about each one of those groups here in a minute. We have a well articulated asset strategy focused on increasing our exposure to high specification assets, both high-spec floaters and high-spec jackups. And decreasing our exposure to low spec or commodity class assets and we are executing against that asset strategy. We executed transactions in 2011 that furthered our progress in that asset strategy.Our backlog of just under $24 billion creates a foundation, a platform for financial results going forward creates visibility to our financial results going forward. And we're well positioned to capitalize in an improving market and so at the end of today's discussion I'll touch on each one of the asset classes but suffice it to say right now that across every asset class we see improving market fundamentals. And the company's leadership position and our size in those asset classes puts' us in a very good position to benefit from that improving marketplace. We're committed to remaining an investment grade issuer to retaining a strong balance sheet and retaining the financial flexibility we need to execute our strategy. And we're focused on returning excess cash to our shareholders. We've got a good track record, a good discipline to track record in doing that. This slide presents a simplified view of our strategy. And if you look at the two end elements the technical expertise on the right hand and our people on the left hand. That really speaks to the company's organizational capability. Our technical capabilities, our engineering expertise, our ability to innovate and apply new technology to our industry is unmatched. Our company has a longer, deeper track record of firsts than any other company in our space. We were the first to build jackup drilling rig. We were the first to build a dynamically position semi-submersible. We were the first to build and actually operate vessels in excess of 10,000 feet water depths. We were the first to bring dual activity technology to our industry. Read the rest of this transcript for free on seekingalpha.com