Good afternoon, ladies and gentlemen. My name is [Tina] and I will be your operator today. At this time, I would like to welcome everyone to the Noble Corporation first quarter earnings conference call. (Operator Instructions) I would now like to turn the call to Mr. Lee Ahlstrom, Vice President of Investor Relations and Planning.

Welcome, everybody to Noble Corp.'s first quarter 2009 earnings call. Before we begin, I would like to remind everyone that any statements we make today about our plans, expectations, estimates, predictions or similar expressions for the future, including those concerning financial performance, operating results and the drilling business are forward-looking statements, and are subject to risks and uncertainties. Our filings with the U.S. Securities and Exchange Commission, which are posted on our website, discuss the risks and uncertainties in our business and industry, and the various factors that could keep outcomes of any forward-looking statements from being realized. Our actual results could differ materially from our expectations. We have included detailed balance sheets and income and cash flow statements with our earnings news release. Also note that we may use non-GAAP financial measures in the call today. Should we do so, you will find the required supplemental disclosure for those measures, including the most directly comparable GAAP measure on our website, and an associated reconciliation. Also, when we open up for questions, you know the guidelines – one question with one follow-up, so pick your best question. We have a large number of folks who'd like the opportunity to have a question answered today, and we want to be fair to everyone. With that, I'll turn the call over to David Williams, our Chairman, President and Chief Executive officer.

Thanks, Lee. Good afternoon, and thanks for calling in. We're very pleased to have been able to release such positive results last evening. Understandably, many investors and analysts were already looking past the quarter to focus on where we're headed. And we'll discuss that in a minute, but first I want to take a moment to congratulate the Noble team on a great effort. We had a great quarter, costs are under control, and our safety results year-to-date are better in 2009 than they were at this point in 2008. And I'd like to remind you, 2008 was a record year for us in safety, so we're so far, so good. I'm going to keep my comments fairly brief to allow some time for Q&A. Tom Mitchell, our CFO, will review the quarterly numbers and discuss our performance versus the guidance we guidance we gave on the last call, and update our future guidance. And then Kurt Hoffman, our VP of Marketing, will give you an update on the markets, and then we'll open it up for questions. I want to begin by talking a little bit about the overall market. It's no secret to anyone that since last summer we've seen unprecedented volatility of the financial markets around the work, and demand for hydrocarbons has fallen, drilling activity is down and tendering activity is down. So by comparison, in the past few years, it's pretty rough out there. We all know it, so there's really not a whole lot to say about it. What I will say is, is this is cyclical business. We all knew this day would come, and when you know the up cycle leads to a down cycle, you can manage to it. The ebbs and flows may cause some concern for investors, but this…

Thank you, David. We're pleased with the strong first quarter results, as David said, just as reported last evening. I'd like to spend some time going over the detail, and then I'll update you on how we're doing for the rest of the year and how we see that shaping up. In our release last evening, we reported first quarter net income of $414 million, or $1.58 per fully diluted share on total revenue of $896 million. Compared to the fourth quarter '08, net income was down slightly, while the per share earnings were flat. Our total contract drilling services revenues were slightly lower quarter-on-quarter at $872 million. However, our average daily revenues of $194,000 were up, compared to $190,000 in the fourth quarter. Revenue increases were led by several rigs, repricing at higher day rates, including two of the jackups operating in Mexico under the indexed contracts. In addition, the Roy Butler and the Carl Norberg, two jackups we moved out of the Nigerian market segment, went to work for Pemex, and the Noble McLeod – George McLeod – completed its move to India, and went on contract with ONGC. Our second new-build jackup, the Hans Deul, commenced its two-year commitment in the North Sea. We also had a number of rigs moved to slightly higher realized rates due to cost escalation billings. Offsetting these revenue gains were two fewer revenue days during the quarter, and loss revenue on number of jackup rigs which entered the shipyard or went idle. In West Africa, the Don Walker is currently stacked, while the Craighead and the Lloyd Noble are in the shipyard in Cameroon for upgrades and inspections. In the Mid East, the Roy Rhodes, the Charles Copeland, the Cees van Diemen and David Tinsley each experienced shipyard time. Several of…

Thank you, Tom. Let me take a few minutes to review where we are in the markets in a general way, and update you on some specifics that are in our fleet status report that will be released later this afternoon. As David mentioned there's a lot of volatility and uncertainty out there. It's not surprising that our customers have elected to take a wait and see approach to the rig market, particularly in the jackup and mid water market segments. Deepwater as well has seen some slack. We expect this behavior to continue until our customers become confident that we've seen a floor in product prices and global demand begins to stabilize. But let me reemphasize that a $50 world for oil looks a lot better to us and our customers than a $30 world and we're seeing some signs of life. Let's talk about the jackup market segment where as you know rates and utilization have fallen. The only region where we're seeing meaningful incremental demand is in Mexico. Since the third quarter 2008 Pemex has added about seven jackups all of which have been independent leg cantilevers. We expect that they will soon come to the market with a bid package for an additional four to six independent leg jackups and we expect the competition for those opportunities will be substantial. There's little tendering activity going on in the North Sea, the Middle East or West Africa. However, our fleet status report will contain several new data points. In the Middle East, Noble Harvey Duhaney received a one year contract at a day rate of $85,000. That contract began earlier this month and is subject to a 60-day cancellation notice. We've also received contracts for the Nobel David Tinsley and the Nobel Gene House for one-year and…

Thanks Kurt. [Tina] lets go ahead and open things up for questions. And I've got to remind everybody if you please try to stick to the one question with one follow-up.

(Operator Instructions). Our first question will come from the line of Dave Wilson with Howard Weil. Dave Wilson – Howard Weil: Good afternoon guys. Quick question regarding share repurchases. Given your current cash balance and strong free cash flow expected for the year, what are your thoughts about being more regressive on these share repurchases, especially if the right kind of acquisition opportunity doesn't present itself? Thanks.

Well, we've been, I'm not sure exactly I get your question. We've been fairly constant over the last several quarters buying shares when we could. We've been blacked out some and not blacked out some. We obviously we have been pleased, at least been interested in buying shares at this share price. We've always maintained, and I think we'll continue to maintain that we don't intend to put debt on the balance sheet just to go buys shares. If we can buy it out of cash flow to make sense that's what we'll do, if we have other alternatives out there, we may not. It's latitude that our board has given us. We've exercised that latitude and I wouldn't look for a lot of change in our mood toward share repurchase. We think it's good. We will continue to look at it. But loading up the balance sheet with debt just to go buy a wad or it's probably not in the cards.

Our next question will come from the line of Ian Macpherson – Simmons & Company Ian Macpherson – Simmons & Company: Hi. Congratulations on the results. David, I wanted to ask you about the next 28 rigs that are expected out of Petrobras and what role you think there might be for Noble, either with new builds or somehow squeezing the Globetrotter into their plans, or if you think that that's really going to be an opportunity mainly for Brazilian companies?

Well, we hear the same stuff out of Petrobras everybody else does, so I mean the answer to your question is actually all of the above. We expect Petrobras is certainly one of the companies that we've had an ongoing dialog with about Globetrotter. We're not in a big hurry on Globetrotter. We think we've still got a good product and a good price in the market. We've still got a lot of talk going on. We're not panicked about it, but certainly that's a good fit for Petrobras. So it might be a fit. Petrobras has historically been very heavily weighted toward DP rigs but there have been a lot of moored rigs that they've let in there the last few years and I think that may be an opportunity for some of the moored rigs we've got. Likewise, it may be an opportunity for additional new builds. They've contracted these 12 new builds that I think we all know are not all going to get delivered. Petrobras has been very hesitant about admitting publicly that they don't think these 12 rigs are going to be, get built. So they're kind of sitting there and waiting on somebody to come by and I guess acknowledge it or admit that they're not going to do it. We all know some of them aren't going to make it. But it kind of depends on how Petrobras behaves. I mean we hear they're over in the Far East talking about building their own rigs. We also know they've got an effort to build in Brazil. As soon as they put more clarity on it we'll know. But I can tell you that we, along with other deepwater contractors are watching it closely and there's almost no way that they can do this on their own. They're going to have to – if they're going to put more rigs in the water, they're going to have to go on the backs of the contractors that are in that business and that includes us. Ian Macpherson – Simmons & Company: Okay, and if I can get a quick follow-up, it would be regarding the swap with the Romano and the Boudreaux. One of your peers earlier was talking about an expectation for, I guess a restratification of rate structures through six generation rigs. Do you agree that that's going to unfold sooner than later, and does that give you pause with respect to the Romano or other 14 rigs that you need to get contracts for?

A restratification. I don't know that you'll see a restratification anytime soon. There's just not a whole lot available anytime soon. There are a lot of opportunities around the world, I think the most recent fixtures we've been fairly pleased with the Petrobras Americas and a couple others. I think that's a possible scenario but there are a bunch of different possible scenarios. I think, there is a lot of talk, there's a lot of noise in the market about work from people who work in deepwater. I think what our customers are looking for right now is some range of stability where they have confidence in a product price that goes forward. This cycle that we've just run up through, and then, topped apparently topped out and we're now teetering on, I'm not sure whether it's true, by the economic crisis or by supply and demand for hydrocarbons but it wasn't really conceived on the back of $100 oil. It was – you don't have to go back that far to find oil prices in a range that are similar to where we are now in the $50s. So it depends a lot on what happens with the global economic environment. I'm not prepared to make a call on the deepwater market right now because there's just not enough activity and there's frankly just, not a lot of iron out there available for, until 2012. So I think there's a lot to play out before we call the deepwater market I believe.

Our next question will come from the line of Angie Sedita – Macquarie Capital. Angie Sedita – Macquarie Capital: Good afternoon guys. David, on the – clearly it's the jackup market, mid-water markets are weak, but on the other deepwater markets to get a sense of what you're hearing from the customers in your conversations regarding the Globetrotter, are you seeing any change in the rates that they're willing to assign or any slacking of interest? Is it still potentially a 2009 event to sign that rig or more so 2010?

Angie, it could easily happen in 2009. If we don't get the right deal in 2009 we're not going to be, we're not going to push a deal just to get it signed up. There is – operators and contractors by nature of our relationship is adversarial and so they've been looking for a chink in the armor for a long time and they see this economic environment as a chink in the armor. The fact is that with the backlog and the cash position of most of the established drillers, we're not in a panic mode. So I think many operators are trying to see how we're going to respond to this, how long it's going to take. If oil stabilized in this range, I think our customers can make some money, and I think sooner or later they'll get off the dime and start drilling. I think what they're looking for is stability. So our conversations on Globe Trotter and the other rigs that we've got and other potential opportunities are still, they're still viable. They're still strong. We're still comfortable. I really like where we are, but an operator is going to use leverage if he thinks he's got it, whether he's got it or not doesn't mean he's not going to try to use. He'll try to use it whether he's got it or not so, yes, they're trying to push back but they try to push back when rates go from 26 to 27 as well so it's just the nature of the beast.

And then just as a follow-up just on the floater markets, certainly sublets are increasing and we're seeing them for longer term. Have you heard much about discounted rates, what's being offered out there? So far in limited demand, but I would assume that ultimately we'll start to see some discounted rates here.

I think operators are I think you may see that. We've not heard anything definitive about that. There's a lot of sublet activity as there always is. I think there's probably more of it now. I think that's probably a better question for our customers than it is for us. We have not had anybody tell us, we don't have any contracts that I feel like are in jeopardy right now because the operator can't pay them. Whether or not their programs or more importantly their partners are becoming a problem, none of our customers go out and drill these things 100%, they've all got partners. And as they prioritize their packages, their partners become a problem sometimes so it's likely you may see some of that at some point. We haven't seen it out there a whole lot yet so we're watching it like you all are. We're not quite as focused on it as you guys are because we're still under contract, but we're watching it. We haven't seen a whole lot of deterioration in that piece of the business yet.

Your next question comes from Robin Shumaker – Citigroup. Robin Shumaker – Citigroup: David, when you talked about the four to six independent leg cantilevers that Mexico is likely to tender for. Since most of Pemex requirements have been coming from the U.S. Gulf of Mexico side and it seems like there would be availability there. Your rigs, I guess, closest ones available are West Africa and elsewhere, but raises a question of mob expense and how that would be covered in the terms of the contract. Are we in a world now where mobilization expense for rigs is on the contractor's dime?

Well, the last two rigs we've taken into Mexico have been from West Africa and we've been able to cover the cost fairly handily on all those rigs. So, no, I don't think we're in the position where mob cost is on the back of the contractor specifically for Mexico. Pemex has been willing to pay the mob cost if you can demonstrate that it's actually mobilization cost. Where they have balked at mob fees is when people have tried to load up repair cost and a bunch of other [inaudible] crude for Pemex and chunk in a big mob fee moved it from the Gulf of Mexico where they think the actual cost may be $4 or $5 million and somebody chunks in a $15 million mob fee that's pushback, they'll get some pushback form Pemex in that regard. But on the jobs that we bid, we'll have to be competitive on an overall basis, which means that you got to love Mexico. You chunk in a bid they'll add up the mob fee, the day rate over the number of days and the demob fee for everybody in there and low man wins. And so we'll have to look at it and we'll have to normalize it in some way but I don't think that we have to give it up. Robin Shumaker – Citigroup: Okay. My other question then had to do with the Denny Atkins. I don't know if you gave us an update, but your last fleet status showed a very tight delivery schedule ahead of that clause that allows the operator.

Well, it is very tight. The yard we always said those rigs would, when we bought those holes a number of years ago and retrofitting versus building from the keel up has its own little exciting facades. We've always said that when we got to pulling wire and doing terminations that's when these rigs were at risk the last six months, and it's become true. They're both, Denny Atkins and Jim Day are both DP-3, they're very complex rigs. Retrofitting that in an existing hole has proven to be very exciting. But there's no question we're in constant dialogue with Shell. Yes, it's very tight. Our obligation to meet that standard is to sail. So the rig may not be fully commissioned and we have to be seaworthy and be ready to sail. Shell is very well tuned into it. They want the rig. The rate is still well below where we think the current market is. They agree with that, I think. I think there is almost no danger at all with Shell jumping up either in front of or behind that date and terminating a contract. What they want is a quality product. Shell is a very sophisticated operator. They didn't get in this thing Tuesday, they're very sophisticated. They've had their hand in this rig since the get go and they want this rig. So we're not overly concerned about the Denny Atkins. It looks bad to everybody else, but what Shell's interested in right now is getting a quality product, and they'll get it.

Your next question comes from Dan Pickering – Tudor Pickering Holt. Dan Pickering – Tudor Pickering Holt: David, could you talk a little bit about you've got a lot of rigs scheduled for the shipyard here for the rest of the year. If there were to be more accommodations contracts available for instance, would you defer any of those shipyards to take a job like that or are these shipyards that have to be done this year?

It depends on the specific jobs, Dan. If it's a survey cycle, then we've got to do it. We can't stay offshore and continue, particularly when you're there only for life support and accommodation. You've got to be current on your survey cycle. So if it's a survey cycle, then we'll have to do it. If it's an elective program that we bought equipment for over the last few years and we're taking the opportunity to install that equipment, we would certainly consider deferring those kinds of projects, and we may defer some of those anyway. If it appears that this thing is going to continue to get, it looks to me like the thing is starting to bottom out a little bit, but if it continues to be ugly or we see oil prices fall again, we may take some of these elective projects and put them on the shelf and go ahead and ratchet back some more. But we have every intention at this point to keeping our survey cycles up to speed so that we can work the rigs unless the market changes and the latitude we'd have is other projects but not the survey cycles. Dan Pickering – Tudor Pickering Holt: Okay, and, Tom, how many dollars in your $1.250 billion CapEx number are associated with elective shipyards?

We haven't given that out, Dan. Dan Pickering – Tudor Pickering Holt: Now would be the perfect time.

Dan, I think when we originally gave you that $1.250 billion we said about $620 of that was new build CapEx, probably about $250 of that was sort of sustaining CapEx and the remainder would be major shipyard projects. Our major shipyard is probably around 150 in this number.

A lot of stuff for some of these programs has already been purchased in the past, Dan, and we may have equipment that's already laying around and so it's a function of whether or not we go ahead and install it. So some of it actually may or may not be capitalized and may be expensed, and so we may have some optionality on some additional capital or some expense items or whether or not we go forward. But that's a decision we'll make as we go through the year. Dan Pickering – Tudor Pickering Holt: Okay, follow-up question then would be as these rigs complete their shipyard projects, what's the criteria around warm stacking them versus cold stacking them as you look at the marketplace. If it feels like it's bottoming I would assume you wouldn't cold stack anything if we're kind of finding the bottom of the market.

Well, it depends on where the bottom is and what rig it is. As I said in my opening comments, I don't want to get too detailed about it because it depends on the specific rig. The outlook for a 250 footer well outfitted in the middle east maybe a little bit different than 150 footer, or in West Africa where Nigeria doesn't know. They're just absolutely just completely sideways with everything. It's a different decision on different rigs and different markets. There are also considerations, in West Africa you really can't just coal stack the rig. You can't just pull it up to the dock and walk away from it because you'll walk out there the next day and they've stolen the legs off of it or something. But you've got to have some crews, you know, you've got to at least have a crew available I think in the Middle East or someplace where you could. It depends on the region, the rig and the circumstances and certainly our comfort level with that particular asset in the market will be a large piece of that. Dan Pickering – Tudor Pickering Holt: Just as an FYI there are some Somali pirates that are willing to cold stack rigs.

We'll keep that in mind. They might be interested in a free ride.

Your next question comes from Collin Gerry – Raymond James. Collin Gerry – Raymond James: Okay, most of my questions have been answered but one of the topics we heard on one of the calls earlier today was the North Sea market seems to be a little more resilient or maybe more so than some of the international markets. Can you characterize how you're seeing demand and particularly for jackups kind of evolving in 2009 in the North Sea?

Well I think the North Sea is kind of a market unto itself because it's effectively a closed market. The rigs that are there that qualify, there are very few other rigs around the world that are qualified to work there that are not actually already there. So it's kind of a closed little subculture unto itself so it's sort of isolated from the turmoil of the rest of the world as long as the local gas and product prices hold up. My expectation is there is demand in the North Sea, but my expectation is that you'll see pressure on that market just like you do other markets. We've heard some anecdotal stories about what people are willing to do and the 200,000 plus day rates, those are retail prices for those rigs in the southern North Sea and my expectation is you'll see some pressure on those rates as the market continues to evolve. I think it's been a little bit slow to come there just because it's isolated but I don't see how you're going to see the pressure off that market while you have pressure on the rest of the markets as this cycle continues to evolve. Collin Gerry – Raymond James: Okay, and then just kind of a follow-up on – I know you've been a little remiss on giving some details on the stacking behavior just because of the uncertainty, but what are the cost savings generally as you move a rig from a warm stack to a cold stack situation?

Well again, it depends on where it is and in some places we can't cold stack but you know, say at the handrail cash cost, if you can cut your cost by 60%, say, daily operating cost to go warm stack you might be able to take it to 80% or maybe a little bit more if you cold stack it.

Your next question comes from Michael LaMotte – JP Morgan. Michael LaMotte – JP Morgan: Did the $100 million reduction in costs versus last quarter, is that related to the warm stack in the Arabian Gulf jackups?

No, it's not really, Michael. We've taken a look at the labor line that I spend some time talking about. There's a portion of it there. The insurance is obviously down like we talked about. You can kind of get to my number for the number I mentioned in the call, that $15 million. And then from the costs that we have mostly because of labor and others is pretty much spread throughout several different line items, so between labor and insurance you get two of the larger ones. Michael LaMotte – JP Morgan: And as a follow-up, Dave, some of the bigger operators have been pretty vocal about getting their costs back to the 2004 level. As you go into these negotiations with them over rate, is that sort of a bogey that we should keep in mind in terms of where this market's headed or are there reasons why we could hold above that?

Well every time I've heard people say that but I always say well if we go back to that when it goes back to 2009 prices are you going to adjust us up? I mean we don't have any intention of negotiating backwards from deals we've got in place. They're in the hydrocarbon business. We're in the drilling business so we don't have any intention of repricing what we've got back to a 2004 level. We've heard that but I mean, hell, I don't know how you – no. I don't think that's a reasonable benchmark for what we should look at. The market's just a – the 2009 scenario was very different than the 2004 scenario. Everybody's costs have gone up. Product prices are higher. They're in a different place so we hear the same junk. I don't – it's a nice place to start a negotiating strategy. I don't think it's a proxy for anything. Michael LaMotte – JP Morgan: Okay, thank you.

Don't tell my customers I said that, but –

Your next question comes from Pierre Conner – Capital One Southcoast Pierre Conner – Capital One Southcoast: I wanted to ask you about, and maybe this is for Kurt, West Africa or Dave, you've kind of spoken about all the problems there so I guess to put the potential work in context, it's not about the rate and it's not about the available project. It's strictly work agreements and things of that nature or a combination of rate as well?

In specifically to Nigeria it's the relationship going on right now between the Nigerian government and the operators themselves and some new parts that they've added into the Nigerian government and NNPC for example, the National Nigerian Content Division, so that's what we're seeing programs being slowed down in Nigeria itself. Now up and down north and south of Nigeria we are seeing some good tender opportunities, both in the jackup segment and also in the deepwater segment. The jackup opportunities are shorter in term and nature and it's part of the cycle, but some of the deepwater opportunities we're seeing are longer term, so we haven't given up on the region. Nigeria's very difficult at the moment. Pierre Conner – Capital One Southcoast: And no outlook for resolution of the NNPC issues in Nigeria is the point?

Well I think the resolution's going to have to come between our customers and the Nigerian government. I mean that's where we see the roadblock.

It's been a mess a long time. Pierre Conner – Capital One Southcoast: And maybe Kurt, also a follow-up on the Kenneth Delaney, just to understand, is one year extension there, when does that start and is that still with gutter gas or is that with a different – I'm assuming that's going to be in this fleet status [inaudible].

Yes, Pierre, we're going to put fleet status out in the next hour or so so it'll be, let's see. You know what? I don't have it right in front of me but it'll be out here in a few minutes.

Your next question will come from Jeff Spittel – Natixis Bleichroeder. Jeff Spittel – Natixis Bleichroeder: Most of my questions have been answered. I just wanted to ask a little about Pemex. Have you seen any change in their behavior that they had in the hurricane season versus what you saw last year in terms of their appetite for rigs? I know there is incremental demand and there'll be another tender out there, but I was wondering if you could talk about that a little bit?

Pemex vis-à-vis hurricane season, no change in their behavior at all. They are outside of the – statistically outside of where the most harmful storms impact oilfield infrastructure so we haven't seen any kind of modifications of their behavior as a result of hurricane season. Pemex kind of does what Pemex does on their own time. We hear a lot of anecdotal information before they tender, but you don't really know exactly what they're going to do until they pop it out there, so we're watching that happen closely just like everybody else is.

Your next question comes from Atle Hauge – Carnegie Investment Bank. Atle Hauge – Carnegie Investment Bank: I just wanted to touch base on the M&A bit if I may. In terms of types of assets you are looking at, are you sort of focused on the deepwater or is anything sort of interesting at the right price?

Well I would say yes to both. Anything would be interesting at the right price, however we would have a definite focus and strategically a bent toward deepwater assets. So the jackups would have to be awfully cheap for us to get really excited, but hell, we like them. So if they're cheap enough we'd pay attention, but our primary focus and our goal, and what we'd really like to see, is put more floaters in this fleet. Atle Hauge – Carnegie Investment Bank: In terms of the bid asked for do you see that sort of significantly narrowing or is there hardly any movement at all?

I would say that I wouldn't characterize it as a target rich environment yet, but I would say that the bid asked is, in some cases, converging. Well, not converging, getting better. Atle Hauge – Carnegie Investment Bank: Except that, and, finally, in terms of options for dealerships, what's the status on those?

Our options on our existing new builds have technically really expired and, although we're in a constant dialogue with our two main providers, and I think they would support us very handily to either re-price those or re-bid those, so we'll see how that plays out. We'll, actually, be having a dialogue with those guys in a very short order to talk about the future of those option and how those, actually, some other opportunities that we're chasing. So, we'll see how that plays out. Atle Hauge – Carnegie Investment Bank: And, finally, if I may, in terms of dividends versus buy backs, can you just update me on how you view that?

You're violating the one question and one follow up rule. Atle Hauge – Carnegie Investment Bank: Sorry.

We've been very active on the buyback front and, as it goes right now, we like that better.

And our next question will come from the line of Geoff Kieburtz – Whedon. Geoff Kieburtz – Whedon: Good afternoon, I have just a quick one, David. You mentioned that you have no intention of renegotiating existing rates, but a lot of your competitors have been faced with the choice of lower rates in exchange for longer terms. Would you consider that?

Well, sure, what I meant to say, and that's a good catch, I mean what I meant to say is, if an operator came to me and says, okay, you're in 2009, we want you to re-price your committed contract to the 2004 level, I don't think we would be very willing to do that just on that basis. But, certainly, if an operator came to us and said, you're committed for a jackup at, we're committed for six months at $180, we'll give you two years at a reduced price. We would certainly consider that if it made sense. We would have to make sense. We've had those conversations with a number of people and, some cases we've pursued those to a conclusion that made sense and, some cases we pursued those to a conclusion. Then lastly, I guess, we haven't. We've chased a lot of them. But in most cases, it's, you wind up with we'll just take what we've got and see how the market evolves. Their expectation versus our expectation might be very different, so, you always have the optionality. Actually, we always view we have the optionality of just taking the contract we've got and see how the market plays out. This market doesn't scare me. I mean, it's fallen an awful lot from a high of $147 a barrel, but it doesn't have to get back to $100 a barrel to excite the market. We didn't – we started some by conversation projects when oil was well below $70 or $80 a barrel, so we're not afraid to play these. But, surely, if an operator comes to us with, and says, look, I've got a cash flow problem or I've got more work and I've got a high rate, would you negotiate. If it made sense, of course we would. Geoff Kieburtz – Whedon: Have you been seeing more or less of those kinds of inquiries coming in from customers?

I would say that we had a lot of those conversations earlier in the year. We've probably had more in the earlier part of the year than we're having now, so I would say probably less. I mean, keep in mind there's a finite number of rigs out there and you can only have that conversation so many times, so I would say that most of those, we've not had a conversation on floaters. We've had – those conversations have been jackup conversations, so it's, I think, they've pretty much run their course.

Your final question will come from the line of Mike Urban – Deutsche Bank Mike Urban – Deutsche Bank: Yes, good afternoon, just under the wire there. The only thing I have left is, and I think you alluded this a little bit, I just wanted to see if you could give us some more specifics on some of the glimmers of hope that you had talked about out there. Is that just kind of moving from a situation last quarter where you were just in and you had a lot of customers in paralysis mode to now they're willing to think about things or are there specific examples or where you might see some of that paralysis loosen up a little bit with specific opportunities opening up?

Well, I'd say a little bit of both. I mean, last quarter, when we talked to everybody, it was in the, oh, my God, mode. I mean we had seen the market fall from a high and a very elevated oil price that we had likewise didn't think was sustainable and I don't remember exactly where we were. But I think it was probably closer to the $30s than it is now. At least over the last few weeks, it seems like oil has found at least a trading range that it hasn't. It's not real high, but it's not real low and the volatility seems to be in a quarter, we had a $4 day a couple of days ago. But, other than that, we're seeing it kind of become a little more reasonable I guess and I think in this you need too. When you need to talk about psychology to customers, you need to talk to our customers. But it appears to us that the stability, any market runs on confidence. All markets run on confidence and this market's no different. They need confidence that they're playing in a 45 or 50 or 55 plus barrel range and not potentially a 25 or 30 or 35 range and, up until the last few weeks, I don't think they really had that confidence. Now, how long is it going to take for them to get enough confidence to go forward or to re-ignite and re-excite some of these partners? I don't know. A lot of the majors would tell you they're going to keep going and it appears to us that they are. So, the incremental softness is primarily in the jackups and it's largely, I think, in many cases, independent driven. So confidence is key and stability…

I think at $50 oil, a lot of people could make money, yes.

All right, well, thank you very much to everybody who's joined today and for helping us be disciplined so that we could get everybody's questions in. As I mentioned, we will have a fleet status coming out probably in the next hour or so to help you all with models and we look forward to joining you on the next quarterly call at the end of July, so thank you and have a good day.

Au revoir.

Ladies and gentlemen, that is the conclusion of today's teleconference and you may all disconnect.