SCORE reflects weakening semisubmersible market

Sept. 23, 2002
Houston-based GlobalSantaFe Corp.'s worldwide Summary of Current Offshore Rig Economics (SCORE) for August was down from the previous month's SCORE by 4.5%.

By OGJ editors

HOUSTON, Sept. 23 -- Houston-based GlobalSantaFe Corp.'s worldwide Summary of Current Offshore Rig Economics (SCORE) for August was down from the previous month's SCORE by 4.5%.

"(The) worldwide SCORE showed continued weakness in August for the semisubmersible rig market. This was especially true in the North Sea, where overall softness continued to put downward pressure on semisubmersible day rates," said C. Stedman Garber Jr., GlobalSantaFe president and CEO.

GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig day rates with the 1980-81 peak in offshore drilling, when new contract day rates equaled daily cash operating costs plus $700/day/$1 million invested in a rig.

Southeast Asia showed improvement for August, up 4.1% for all classes of rigs to a SCORE of 50.1. All the other regions showed a decline.

The Gulf of Mexico was down 6.8% to 30.9 for the month, the North Sea dropped 5.1% to 48.3 for all rig classes.

West Africa dropped 6.4% to a SCORE of 52.9.

The SCORE for ack up rigs worldwide improved by 1.9% to 48.3, while semisubmersibles dipped by 10.7% to 36.6.