By OGJ editors
HOUSTON, July 23 -- Houston-based GlobalSantaFe's worldwide Summary of Current Offshore Rig Economics (SCORE) for June 2002 was down from the previous month's SCORE by 1.3%.
"The worldwide SCORE for semisubmersibles slipped this month as major oil and gas companies pulled back spending to prioritize their best drilling prospects in key markets around the world," said C. Stedman Garber Jr., GlobalSantaFe president and CEO. "As a result, utilization for this rig type has softened, causing day rates for new contracts to decline. This impact is shown most clearly in the Gulf of Mexico, where new semi fixtures reversed positive gains in the area's SCORE, otherwise fueled by a strengthening jack up market."
SCORE compares the profitability of current mobile offshore drilling rig day rates to the profitability of day rates at the 1980-81 peak of the offshore drilling cycle. At that time, SCORE averaged 100%, and new contract day rates equaled the sum of daily cash operating costs plus about $70/day/$1million invested.
