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August 16, 2005

Offshore SCORE up again

GlobalSantaFe Corporation (NYSE:GSF) reports that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for July 2005 was up 3.1% from the previous month's SCORE.


Jul-05 Jun-05 1 Month 1 Year 5 Year

SCORE SCORE Change Change Change

By Area:

Gulf of Mexico 76.1 71.0 7.3% 82.4% 112.7%
North Sea 86.7 86.3 0.4% 109.8% 271.5%
West Africa 78.7 77.8 1.1% 55.0% 121.6%
SE Asia 62.6 61.2 2.2% 14.5% 93.1%

By Type:
Jackup 73.4 70.5 4.2% 34.6% 88.3%
Semisubmersible 84.1 82.6 1.7% 137.4% 278.0%

Worldwide 77.9 75.6 3.1% 74.1% 149.9%

GlobalSantaFe's 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.

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