GlobalSantaFe market indicator falls only slightly from October

By the OGJ Online Staff

HOUSTON, Dec. 17 -- Offshore drilling contractor GlobalSantaFe Corp., Houston, reports its worldwide Summary of Current Offshore Rig Economics (SCORE) for November fell 0.4% from October.

The worldwide SCORE for November was 46.1, up 28.4% from 1 year ago but down 22% from 5 years ago.

GlobalSantaFe Pres. and CEO Sted Garber said, "The worldwide SCORE remained stable in November, in spite of oil price uncertainties and continued Gulf of Mexico weakness. The prevalence of longer drilling programs and robust utilization continued to support strong pricing of new contracts in international markets."

In the Gulf of Mexico, the November rating was 32.6, down 5% from October, down 19.7% from a year ago, and down 37.5% from 5 years ago.

In the North Sea, the November SCORE was 52.4, up 1.4% from a month ago and up 99.2% from last year, but down 22% from 5 years ago.

Off West Africa, the November rating was 58.8, up 1.7% from last month and up 47% from last year, but down 2% from 5 years ago.

Off Southeast Asia, the SCORE was 55.4, down 0.5% from October but up 44.6% from a year ago and up 1.7% from 5 years ago.

The November rating for jack up rigs worldwide was 51.4, down 4.3% from a month ago, up 17.4% from a year ago, and down 12.6% from 5 years ago.

Semisubmersibles' SCORE was 41.6, up 3.5% from a month ago and up 55.1% from a year ago, but down 30.4% from 5 years ago.

SCORE compares the profitability of current mobile offshore drilling rig rates with the profitability of rates at the 1980-81 offshore drilling cycle peak, when speculative rig construction was common. SCORE reflects current rig day rates as a percentage of the estimated rate required to justify building rigs on speculation.

Global Marine Inc., which merged with Santa Fe International Corp. to form GlobalSantaFe, has been reporting the rig day rate survey for more than 20 years.

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