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    SCORE shows rig market down slightly

    News // April 26, 2002
    Houston-based international offshore drilling contractor GlobalSantaFe has reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for March 2002 was down from the previous month's SCORE by 2.0 per cent.

    GlobalSantaFe President and CEO Sted Garber said, "Though overall rig utilization has improved in the Gulf of Mexico, the market has not yet tightened sufficiently to impact day-rates. The slight dip for March's Gulf SCORE is largely attributable to re-pricing of some semi-submersible fixtures.We don't expect SCORE to improve significantly until rig utilization approaches 85 to 90 per cent."

    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 dailycash 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 relativecondition of rig markets.

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