Net loss for the quarter also included a write-off of $0.6 million of unamortized debt fees resulting from the termination of the facility agreement.

Regional Results for the Fourth Quarter

In the North Sea region, fourth quarter revenue was $39.5 million, down $2.3 million, or 5%, from the third quarter. As is typical in the fourth quarter, the decrease in revenue was due principally to lower utilization, which decreased from 93% in the third quarter to 85% in the fourth quarter. This lower utilization is consistent with seasonal patterns in the North Sea. The average day rate for the North Sea region was relatively flat compared to the third quarter average. The principal driver of the lower utilization was the activity levels of the three UT722L anchor handlers, which combined had a utilization average of 86% in the third quarter and 51% in the fourth.

Fourth quarter revenue for the Americas region was $41.9 million, down slightly from the third quarter. The average day rate increased 2% from the prior quarter and utilization was up marginally, however there was one less vessel operating in the Americas region during the quarter.

During the fourth quarter, revenue in the Southeast Asia region was $13.6 million, a decrease of approximately $4.0 million, or 23%, from the third quarter amount. Although down sequentially, the reduction is a temporary consequence of our third quarter management restructuring. The Company anticipates that the effects of the restructuring will begin to benefit the Company in the second quarter of 2013.

Consolidated Operating Expenses for the Fourth Quarter

Direct operating expenses for the fourth quarter were $51.8 million, an increase of $3.0 million, or 6%, from the third quarter. The increase was driven largely by two factors: an increase in estimated pension liabilities of approximately $1.0 million, and approximately $1.0 million for higher fuel costs due to unanticipated vessel relocations.

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