GlobalSantaFe, Worldwide SCORE continues upward movement
Posted: 17 November 2004
Worldwide oil and gas drilling contractor GlobalSantaFe Corporation on November 15 reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for October 2004 was up 4.3% from the previous month's SCORE.
GlobalSantaFe President and CEO Jon Marshall said, “Worldwide SCORE showed continued improvement in October, particularly for the semisubmersible rig market. The recent increase in semisubmersible dayrates in the North Sea is reflected in the increase in this month's SCORE.”
GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested. In addition to a worldwide SCORE covering key types of competitive offshore drilling rigs in key drilling markets, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition of rig markets. The release, which is made available for publication on the third Monday of each month, includes separate SCORE calculations for the U.S. Gulf of Mexico, the North Sea , West Africa and Southeast Asia .
Posted by Alexander Lindsay, Editor Pipeline Magazine
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