By the OGJ Online Staff
HOUSTON, Nov. 19 -- Offshore drilling contractor Global Marine Inc., Houston, reports its worldwide Summary of Current Offshore Rig Economics (SCORE) for October fell 3.1% from September.
The worldwide SCORE for October is 46.3, up 33.1% from 1 year ago but down 20.4% from 5 years ago.
Global Marine CEO Bob Rose said, "The worldwide SCORE continues to be dragged down by reduced shelf drilling activity and softening day rates in the Gulf of Mexico."
In the Gulf of Mexico, the October rating was 34.3, down 16% from September, down 13.7% from a year ago, and down 33.2% from 5 years ago.
In the North Sea, the October SCORE was 51.7, up 4.8% from September and up 100.9% from a year ago, but down 23% from 5 years ago.
Off West Africa, the October rating was 57.8, down 0.7% from last month but up 46.9% from a year ago and up 0.2% from 5 years ago.
Off Southeast Asia, the SCORE was 55.7, down 2.7% from a month ago but up 47.6% from a year ago and up 4.8% from 5 years ago.
The October rating for jack up rigs worldwide was 53.7, down 7.5% from a month ago, up 23.4% from a year ago, and down 6.1% from 5 years ago.
Semisubmersibles' SCORE was 40.2, up 2.3% from a month ago and 61.2% from a year ago, but down 32.4% 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.
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.