Operator: Ladies and gentlemen, greetings and welcome to the Rowan Companies Incorporated First Quarter 2010 Earnings Release. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Ms. Suzanne McLeod, Director of Investor Relations for Rowan Companies Incorporated. Thank you. Suzanne, you may begin.
Suzanne M. McLeod - Director of IR: Thank you, and good morning. Welcome to Rowan’s first quarter 2010 earnings conference call. Joining me on the call this morning are Matt Ralls, President and Chief Executive Officer; Mark Keller, Executive Vice President, Business Development; and Bill Wells, Senior Vice President of Finance and Chief Financial Officer, who will have prepared comments.
Also in the room to respond to questions are David Russell, Executive Vice President, Drilling Operations; Kevin Bartol, Senior Vice President, Corporate Development; and Tom Burke, President and Chief Executive Officer of LeTourneau Technologies.
Before Matt begins his remarks, I’d like to remind you that during the course of this conference call certain forward-looking statements may be made within the meaning of the Private Securities Litigation Reform Act of 1995, including statements as to the expectations, beliefs and future financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause results to differ materially from those projected by the Company.
With that, I’ll turn the call over to Matt.
W. Matt Ralls - President and CEO: Thank you Suzanne. Welcome everyone and thanks for joining us this morning. First, let me express condolence from all of us at Rowan to the families and coworkers of the crew members lost and injured in the Horizon incident.
While offshore drilling has one of the strongest safety cultures and records of any industry, this incident is a stark reminder of the immense forces we deal with in our daily activity. Safety of our people and protection of the environment are two of the highest priorities for Rowan, and we get very strong support from our customers in our efforts to achieve injury and incident free operations.
Turning to offshore drilling, we had a strong first quarter operationally. Revenues were helped by our best at time percentage in several quarters and we managed our costs well during the quarter. We continue to be pleased by the level of interest we’re receiving for our high-spec jack-ups in several markets around the world.
Utilization in that category of jack-ups of two million pounds for greater hook load is at 93% for the industry, about 100% for the world. We’ve also seen utilization for the 350 foot or greater for premium jack-ups reached 90%, supporting our belief that tenders are consistently requiring higher level capabilities. Some of that utilization has come at the expenses of rigs in the 300 foot category, where utilization is currently 79%.