By the OGJ Online Staff
HOUSTON, Feb. 25 -- Offshore drilling contractor GlobalSantaFe Corp., Houston, reported its worldwide Summary of Current Offshore Rig Economics (SCORE) for January dropped by 0.2% from the previous month.
"Rig supply and demand remain in balance in the key international markets. and day rates show signs of leveling out in the Gulf of Mexico," noted GlobalSantaFe Pres. and CEO Sted Garber. In the Gulf of Mexico, the January rating was 29.9, down 3.7% from December 2001, down 36% from a year ago, and down 44.2% from 5 years ago.
"However, despite increasing drilling activity internationally, excess rig capacity in the Gulf of Mexico could result in near-term day rate softness in West Africa, as rigs in this region may end up competing with rigs mobilizing from the gulf," Garber added.
Off West Africa, January's rating fell to 55.5 from 58 the month prior. West Africa's rating was up 24.3% from a year ago and down 7.6% 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.
