By OGJ editors
HOUSTON, July 23 -- Houston-based GlobalSantaFe's worldwide Summary of Current Offshore Rig Economics (SCORE) for August 2003 was up from the previous month's SCORE by 2.4% to 39.9.
"We're encouraged by the trend in jack up utilization and day rates in the major drilling markets of West Africa, North Sea, and Gulf of Mexico," said GlobalSantaFe Pres. and CEO Jon Marshall.
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.
Southeast Asia showed a decline for August, down 1.1% for all classes of rigs to a SCORE of 48.4. All the other regions showed an improvement.
The Gulf of Mexico was up 2.9% to 34.4 for the month, the North Sea rose 4% to 42.6 for all rig classes. West Africa climbed 2.4% to a SCORE of 46.6
The SCORE for jack up rigs worldwide improved by 0.8% to 44.2, while semisubmersibles rose by 4.2% to 35.8.