By the OGJ Online Staff
HOUSTON, May 21 -- Offshore drilling contractor Global Marine Inc., Houston, reports its worldwide Summary of Current Offshore Rig Economics (SCORE) for April increased by 7.2% over March, marking the 20th consecutive month-to-month increase.
Global Marine Chairman, President and CEO Bob Rose said, "April's SCORE reflects the continuing improvement in key international offshore drilling markets. As these markets begin to go head-to-head to attract equipment away from the Gulf of Mexico, day rates will see continued upward pressure."
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. Global Marine's SCORE then averaged 100%, and new contract day rates equaled the sum of daily cash operating costs plus $700/day/$1 million invested. SCORE reflects current rig day rates as a percentage of the estimated rate required to justify building rigs on speculation.
The worldwide SCORE for April is 50.3, up 82.9% from a year ago and down 4.2% from 5 years ago.
In the Gulf of Mexico, the April rating is 53.9, up 3.5% from March, up 71% from 1 year ago, and up 23.7% from 5 years ago.
In the North Sea, the April SCORE is 44.4, up 17.9% from March and 122.1% from a year ago, but down 29.7% from 5 years ago.
Off West Africa, the rating is 53.7, up 4.9% from a month ago, up 53% from a year ago, and up 6% from 5 years ago.
Off Southeast Asia, the rating is 48.1, up 14.7% from March and 69.2% from April 2000, but down 5.2% from 5 years ago.
The April SCORE for jack up rigs was 62.7, up 7% from March, up 102% from a year ago, and up 17.3% from 5 years ago.
The rating for semisubmersible rigs is 36.4, up 6.4% from March and 52.5% from a year ago, but down 28.8% from 5 years ago.