October 21, 2003Worldwide SCORE up, but GOM lags
GlobalSantaFe Corporation's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2003 was up 4.2% from the previous month's SCORE. In contrast to the world trend, though, the Gulf of Mexico and S.E. Asian SCORE's fell by 0.7% and 0.8% respectively.
SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested.
In addition to a worldwide SCORE covering key types of competitive offshore drilling rigs in key drilling markets, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition of rig markets.