Today's mid-$60 oil price is robust compared to what we experienced over the past year.
Currently, approximately 30% and of our active U.S. fleet is under some type of performance contract.
Contrasting the successful adoption of these new commercial models compared to a year ago, where we only had about 10% of our fleet on performance contracts.
I do believe that FlexRig solutions are unique in the industry and contributing to the demand for H&P as our current rig count in the U.S. is at 118 rigs, up 25% since the end of fiscal Q1.
In addition, we have approximately 35% of the public company E&P market share and about 14% of the private E&P market share.
We estimate that industrywide, there are only a handful of idle super-spec rigs that have been active during the past nine to 12 months, particularly as longer idled rigs are put back to work, higher reactivation costs will play a larger role in contract economics going forward.
The company generated quarterly revenues of $296 million versus $246 million in the previous quarter.
Total direct operating costs incurred were $231 million for the second quarter versus $200 million for the previous quarter.
General and administrative expenses totaled $39 million for the second quarter, consistent with our expectations and with the previous quarter.
As a result, we developed and began executing a plan to sell 68 domestic non super-spec rigs, all within our North America Solutions segment, the majority of which were previously written down and decommissioned and/or used as capital-spared donors.
These assets were written down to their net realizable value of $13.1 million and were reclassified as held for sale on our balance sheet.
As a result, we recognized a noncash impairment charge of $54.3 million.
In conjunction with this initiative, we incurred a loss on sale of assets of $18.5 million, primarily due to closing on the sale of scrap inventory and obsolete capital spares for an aggregate loss of $23 million.
This loss was offset by approximately $4.5 million in aggregate gains on asset sales, primarily related to customer reimbursement for the replacement value of drill pipe damaged or lost in drilling operations.
Our Q2 effective income tax rate was approximately 23%, which is within our previously guided range.
To summarize this quarter's results, H&P incurred a loss of $1.13 per diluted share versus a loss of $0.66 in the previous quarter.
Absent these select items, adjusted diluted loss per share was $0.60 in the second quarter versus an adjusted $0.82 loss during the first fiscal quarter.
Capital expenditures for the second quarter of fiscal 21 were $17 million below our previous implied guidance as the timing for that spending has shifted to the third and fourth quarters.
H&P generated approximately $78 million in operating cash flow during the second quarter of fiscal 21.
We have averaged 105 contracted rigs during the second quarter, up from an average of 81 rigs in fiscal Q1.
We exited the second fiscal quarter with 109 contracted rigs, which is at the high end of our guidance range as demand for rigs continue to expand from the low reached back in August of 2020.
Revenues were sequentially higher by $48 million due to the activity increase.
North America Solutions operating expenses increased $29 million sequentially in the second quarter, primarily due to the addition of 15 rigs.
We ended up reactivating 21 rigs during the quarter due to churn across basin geographies where some releases offset the total number of reactivations.
This resulted in onetime reactivation expenses of approximately $9.7 million in fiscal Q2, including a portion of expenses for the April incremental fleet additions.
Looking ahead to the third quarter of fiscal 21 for North America Solutions.
As of today's call, with the nine additions I discussed, we have 118 rigs contracted and turning to the right.
We expect to end the third fiscal quarter of 2021 with between 120 and 125 contracted rigs.
As of March 31, about 30% of our active rigs were working under some form of a performance contract.
In the North America Solutions segment, we expect gross margins to range between $65 million to $75 million with no early termination revenue expected.
We expect those expenses to be approximately $6 million in the third quarter.
Historical experience indicates the rig stacked for nine months or longer will incur costs in excess of $400,000 to reactivate, and that figure rises as more time passes.
Keep in mind that most of our rigs were stacked back in April of 2020, some 12 months ago.
Our current revenue backlog from our North American Solutions fleet is roughly $370 million for rigs under term contract.
As we look toward the third quarter of fiscal 21 for International, our activity in Bahrain is holding steady with the three rigs working, and we have two rigs under contract in Argentina.
In the third quarter, we expect to have a loss of between $1 million to $3 million, apart from any foreign exchange impacts.
Offshore generated a gross margin of $6 million during the quarter, which was at the lower end of our estimates due to some unexpected downtime on one rig.
As we look toward the third quarter of fiscal 21 for Offshore segment, we expect that Offshore will generate between $6 million and $9 million of operating gross margin.
Capital expenditures for full fiscal 2021 year are still expected to range between $85 million to $105 million with the remaining spend distributed evenly over the last two fiscal quarters.
Our expectations for general and administrative expenses for the full fiscal year 21 have not changed and remain approximately $160 million.
We also remain comfortable with the 19% to 24% range for our estimated annual effective tax rate and do not anticipate incurring any significant cash tax in FY 21.
We had cash and short-term investments of approximately $562 million in March 31, 2021, versus $524 million at December 31, 2020.
Including our revolving credit facility availability, our liquidity was approximately $1.3 billion.
In mid-April, lenders with $680 million of commitments under our $750 million in revolving credit facility, or RCF, extended the maturity of the RCF from November of 2024 to November 2025.
The remaining $70 million of commitments under the 2018 credit facility will continue to expire in November of 2024.
Our debt-to-capital at quarter end was about 14%, and our net cash position exceeds our outstanding bond.
As discussed in our February earnings call, we received a $32 million tax refund, plus $3 million of interest in January.
Still included in our accounts receivable is approximately $19 million related to further tax refunds that we expect to collect in the coming quarters.
The preponderance of our trade AR continues to be less than 60 days outstanding from billing date and increased a modest $8 million sequentially.

Summary:
To summarize this quarter's results, H&P incurred a loss of $1.13 per diluted share versus a loss of $0.66 in the previous quarter.