In the quarter under review, revenues from Ultra-Deepwater and Harsh Environment floaters totaled $457 million and $253 million, respectively. Revenue efficiency in the quarter was 96%, reflecting an increase from both the third quarter and year-ago level of 95% and 92%, respectively. Dayrates and Utilization On a discouraging note, dayrates in the quarter under review fell to $293,100 from the year-ago level of $296,700, owing to a decline in average daily revenues for Ultra Deepwater and Deepwater floaters. Overall fleet utilization was 62% during the quarter, up from the utilization rate of 53% and 65% recorded in the year-ago period and last reported quarter, respectively. Backlog Transocean's strong backlog, which was recorded at $12.2 billion as of Feb 11, reflects steady demand from customers.