OGJ Newsletter

05/29/2000
Market MovementOffshore drilling improving but still lagsOffshore drilling activity is improving but still depressed vs. recent years. Click here to enlarge imageGlobal Marine's worldwide summary of current offshore rig economics (SCORE) was up 1.6% for April to 27.5% vs. the 27.1% recorded for March. The level of drilling rig activity is still down vs. years past, however. The April SCORE is down 6.3% from April 1999 and 27.8% vs. 5 years ago. Still, the rise reflects continued improvement in all major markets, said Global Marine CEO Bob Rose.The SCORE system compares profitability of current mobile offshore drilling rig rates with that of the 1980-81 peak of the offshore drilling c...
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