The second quarter of 2009 has been better than expected. However, with the summer months still ahead, it is too early to be relaxed. Factoring-in the Operations Workshops and Leadership Training conducted, I am hopeful of good results. I believe that the measures we are taking and the determination of our work force, will enable us to continue to improve and perform better than our KPIs for 2010.

Four out Five rigs will continue to have contracts and I am hopeful that we will be able to show 100% utilization before the year ends. Gulf-2 is in shipyard undergoing major upgrades to suit the needs of potential clients. We have invested in Gulf-2 to make it operationally fit and increase its competitiveness for marketing purposes.

Cost optimization efforts are yielding dividends. The Maximo, Maintenance Management System which was completed at the end of June, will be an additional tool for operational efficiency and cost reduction. I am proud to state that every department is trying its best to rationalize costs and be more efficient. All these efforts will show-up positively on the bottom line.

Our diversification program aligned with our Five Years Plan is seeing great prospects for jack-up barges and lift boats to serve the accommodation, well intervention, platform construction & maintenance markets. We are currently pursuing opportunities that will ensure achievement of our long term plans successfully.

We remain optimistic with our operational and financial results for this year and are determined to continue our success for the years to come, owing to our carefully planned growth and diversification targets