Global Marine's September SCORE rating continues upward trend

Houston-based offshore drilling contractor Global Marine Inc. said its Summary of Current Offshore Rig Economics (SCORE) for September increased to 33.8, up 1.8% from the previous month. The September 2000 SCORE represents a 46.6% increase from September 1999 and a 23.6% decrease from the same period 5 years ago.


Houston-based offshore drilling contractor Global Marine Inc. said its Summary of Current Offshore Rig Economics (SCORE) for September increased to 33.8, up 1.8% from the previous month.

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. Global Marine's SCORE then averaged 100%, and new contract day rates equaled the sum of daily cash operating costs plus $700/day per million dollars invested. SCORE reflects current rig day rates as a percentage of the estimated rate required to justify building new rigs on speculation.

The September 2000 SCORE represents a 46.6% increase from September 1999 and a 23.6% decrease from the same period 5 years ago.

Global Marine Chairman, President and CEO Bob Rose said, "September marks the 13th consecutive month of improvement in the worldwide SCORE and the 15th consecutive month of improvement in the Gulf of Mexico SCORE. With worldwide offshore drilling rig utilization at 80 percent, commodity prices strong, and customer inquiries about extended drilling programs in international locations on the rise, we appear to be well poised to see a continued worldwide strengthening of offshore rig markets."

In the Gulf of Mexico, September's SCORE increased to 38.9, up 1.3% from August. That SCORE is 72.2% above September 1999's rating, and 4.1% above its level 5 years ago.

In the North Sea, the SCORE increased to 24.9, up 1.3% from September 2000. The region's SCORE is up 20% for the 1-year period, and down 53.2% for the 5-year period.

Off West Africa, September's SCORE was 39.5, up 1.7% from August, up 34.2% from September 1999, and up 2.8% from 5 years ago.

In the Southeast Asia region, September's SCORE of 34.7 is 6.6% above August's level and 18.9% above September 1999's level, but down 24.5% from 5 years ago.

The September SCORE for jack ups hit 41.9, up 1.1% from August 2000 and up 84% from a year ago, but down 4.7% from 5 years ago.

The September SCORE for semisubmersibles hit 25, up 1.4% from August and up 7.3% from its level 1 year ago, but 43.6% from 5 years ago.

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