Worldwide semi-sub SCORE reaches 18 month lowNews // October 25, 2002
GlobalSantaFe President and CEO Sted Garber said, "The Gulf of Mexico SCORE reversed from last month's dip. New, higher semi-submersible day-rates contributed to the area's improvement in September. The weakening North Sea semi-submersible market overshadowed the Gulf's gains, however, bringing the SCORE for worldwide semi-submersible drilling rigs to its lowest point in 18 months."
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 percent, new contract day-rates 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. 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. Rig types include jack-up and semi-submersible rigs.