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.
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.