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. As many of you have seen, Cameron earned $0.54 in Q1, revenues topped $1.8 billion, up $300 million versus Q1 of 2011, net income of $134 million, an increase of $25 million versus last year. Bookings were very strong in Q1, coming in at $2.6 billion, an increase of over $1 billion versus last year and up $650 million sequentially. Backlog is at a record $6.8 billion. All of our business units recorded year-over-year growth, once again underscoring the diversity of Cameron's business reach, both onshore and offshore. And one order that I would like to highlight is the award of 30 subsea tree systems from Petrobras' pre-salt development at $340 million. What is highly unique about this order is that all of the equipment will be built in our Leeds U.K. facility, a great complement to our subsea teams working with Petrobras to a system in bridging near-term delivery shortfalls. While this particular order will not consume any of Cameron's Brazilian manufacturing capacity, we fully expect that Petrobras will require a substantial number of additional pre-salt trees against our local capacity within the coming months. I would also like to welcome TTS Energy to the Cameron family, an acquisition that we announced last week. TTS continues Cameron's expansion of the drilling systems markets. Combined with our LeTourneau acquisition in Q4 of last year, this will complement and expand our drilling technology reach and it really takes Cameron's rig solutions capabilities to a whole new level.
On the topic of drilling systems, we see a very healthy market for drilling systems technology and the aftermarket service infrastructure to support it. With demand for deepwater floaters and high-spec jackups growing, coupled with our contractors' commitment to upgrade their current offshore and onshore fleets, we expect another record year for orders. As for Q1's result, we had another great quarter, with orders totaling over $700 million in Q1, up $450 million versus last year, and up $350 million sequentially. We booked 8 subsea stacks and 8 jackup stacks in the quarter.Aftermarket bookings grew as well, totaling over $190 million in Q1, a $75 million increase versus last year. And investments in our aftermarket operations continue to move forward. Our Gulf of Mexico offshore base in Berwick, our Singapore base in Jurong, our Macaé base in Brazil, and our North Sea support base in Aberdeen, all of these investments will be completed by year end. In response from customers who have been very positive and by judging by our bookings, they are supporting these commitments. Before we move on to the other business units' results, I would like to expand my comments regarding our acquisition of TTS Energy and its importance to our drilling systems strategy. TTS, combined with LaTourneau and Cameron's legacy products, will provide Cameron a platform to advance its reach, both onshore and offshore. LeTourneau was a great start on our journey to expand Cameron's drilling systems capabilities. However, we still had gaps and TTS Energy provides us a great opportunity to fill many of those gaps. With high-performance drilling control systems, modular top drives capable of lifting 1,250 tons, which is a great complement to our LeTourneau DirectDrive System, hydraulic roughnecks, motion compensation systems, mud control and handling systems, another great complement to our LEWCO Mud Pumps system, plus horizontal and vertical pipe racking systems. And just as significant, we also acquired a great team of dedicated and technically competent personnel based in Kristiansand, Norway. Read the rest of this transcript for free on seekingalpha.com