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    GlobalSantaFe worldwide SCORE continues upward climb

    News // October 24, 2003
    Towards the end of October, worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2003 was up 4.2 per cent from the previous month's SCORE.

    GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig day-rates to the profitability of day-rates at the 1980-1981 peak of the offshore drilling cycle.

    In the 1980-1981 period, when SCORE averaged 100 per cent, new contract day-rates equaled the sum of daily cash operating costs plus approximately US$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. The release, which is made available for publication on the third Monday of each month, includes separate SCORE calculations for the U.S. Gulf of Mexico, the North Sea, West Africa and Southeast Asia.

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