Worldwide SCORE remains flatNews // January 3, 2003
GlobalSantaFe President and CEO Sted Garber said: "The worldwide SCORE was essentially flat in November. SCORE in the various international markets continues to fluctuate. The offshore drilling rig market will likely be in a holding pattern until operators' 2003 exploration and production budgets provide some direction."
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 $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.