GlobalSantaFe details latest SCORENews // May 24, 2002
However, GlobalSantaFe President and CEO Sted Garber said, "The Gulf of Mexico SCORE hit its inflection point in April, reversing a 10-month downturn as day rates responded to improving utilization for certain jack-up rig classes. Elsewhere, while the offshore rig markets in Southeast Asia and West Africa remain moderately strong, there has been some mild erosion in jack-up day rates. We expect the day rate declines in West Africa to abate as the Gulf rig market continues to tighten, decreasing the incentive for Gulf-based rigs to compete for work there."
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 SCOREis calculated for certain types of rigs and certain regions to indicate the relative condition of rig markets.