By the OGJ Online Staff
HOUSTON, Jan. 21 -- Offshore drilling contractor GlobalSantaFe Corp., Houston, reports its worldwide Summary of Current Offshore Rig Economics (SCORE) for December fell 1.7% from November.
The worldwide SCORE for December was 45.3, up 21.7% from a year ago but down 25.2% from 5 years ago.
GlobalSantaFe Pres. and CEO Sted Garber said, "SCORE clearly reflects some of the key trends in the major offshore drilling markets over the year. While international drilling markets have benefited from increased activity by the majors, Gulf of Mexico drilling markets softened as highly cash-flow-sensitive independents responded to sharply declining natural gas prices."
In the Gulf of Mexico, the December rating was 31, down 4.9% from November, down 26.3% from a year ago, and down 42.3% from 5 years ago.
The North Sea, the December SCORE was 52.6, up 0.4% from November and up 87.8% from a year ago, but down 21.9% from 5 years ago.
Off West Africa, the rating was 58, down 1.4% from November, up 46.1% from a year ago, and down 7.2% from 5 years ago.
Off Southeast Asia, the December rating was 56, up 1.1% from last month and up 46.1% from a year ago, but down 3% from 5 years ago.
The December rating for jack up rigs worldwide was 51.1, down 0.6% from a month ago, up 12.2% from a year ago, and down 17% from 5 years ago.
Semisubmersibles' SCORE was 40.5, down 2.6% from a month ago, up 45% from a year ago, and down 32.3% 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.