Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Worldwide SCORE remains flat

    News // January 3, 2003
    GlobalSantaFe Corporation has reported that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2002 was down from the previous month's SCORE by 1.0 per cent.

    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.

    More articles from this category

    More news