We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements, if one of these risks or uncertainties were to occur or assumptions prove incorrect. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof.Now let me turn the call over to Rob for opening remarks. Robert J. Saltiel Thank you, Mark. Good morning to all of you joining our call today to discuss Atwood Oceanics' fiscal year 2012 second quarter results. I will make a few brief comments on our second quarter performance, provide an update on our rig projects and discuss our recent contracting success and our market outlook. For the second quarter, we achieved revenue of $171.6 million, resulting in earnings of $59.5 million or $0.90 per diluted share. Our results were driven by 3 positive factors that Mark will cover in greater detail: better revenue efficiency this quarter than the previous quarter, operating expenses that were marginally lower than our previous guidance and resolution of a foreign jurisdiction tax examination that lowered our effective tax rate for the quarter significantly. These positives were offset to some degree by our planned Atwood Falcon upgrade project that commenced in mid-February and is still ongoing, which resulted in no revenues and higher OpEx for the Falcon for approximately half of the second quarter. All in all, we were pleased with the quarter's results and the more reliable operating performance versus our first quarter. Turning now to current operations, we've had some changes in rig operation since our last earnings call. As mentioned, the Atwood Falcon is undergoing an upgrade project in Singapore, and I'm happy to report that the project remains on schedule. We expect the Falcon to depart the shipyard by the middle of this month for Australia and the inception of our 2.5-year drilling program with Apache.
The Atwood Eagle has concluded its short program with BHP and has now commenced the 6-month campaign with Chevron, also in Australia. Following this, the Eagle will undergo regulatory maintenance work for a period of approximately 25 days prior to commencing its 18-month contract with Apache, again, in Australia.The Atwood Hunter has moved from Equatorial Guinea to Ghana and is now drilling for Kosmos Energy there. The Hunter will remain in Ghana until it concludes its current contract in October, after which, it will undergo approximately 30 days of 0-rate time for regulatory and maintenance work before commencing a new 3-well program for Noble Energy in Cameroon and Equatorial Guinea. The Atwood Aurora is nearing completion of its current drilling program also for Noble Energy and will be moving to its next program in West Africa later this month. There's been no change in drilling status for the Atwood Osprey, Atwood Beacon or Vicksburg, since our last call. Our 6 new build projects continue to make excellent progress. Our near-term focus is squarely on the Atwood Condor. We are commissioning the rig's major systems and advancing our crew's familiarity with the rig, its equipment and our safety and operations protocols. Barring any adverse developments, we now expect the Condor to be delivered within a month of its original June 30 delivery date. The Atwood Mako continues to proceed ahead of schedule, so we should be ready for operations approximately 2 weeks earlier than our original September 30 delivery date. The Atwood Manta, originally scheduled for delivery by year end, is also trending toward an earlier delivery. And while it is early days for the Atwood Advantage and the Atwood Achiever, both drillships are making good progress in the DSME shipyard. On the subject of new build, I'll remind that we retain one drillship option with the DSME shipyard that expires July 31 of this year. Although I fully expect that some of you will try to get us divulge our thinking on this, we haven't made a decision yet so we won't have much to add on today's call. Read the rest of this transcript for free on seekingalpha.com