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    Improving Gulf of Mexico jack-up market drives SCORE higher

    News // June 24, 2002
    Houston-based drilling contractor GlobalSantaFe reports that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for May 2002 was up from the previous month's SCORE by one per cent.

    GlobalSantaFe President and CEO Sted Garber said, "This month's SCORE shows continued improvement in the Gulf of Mexico jack-up market, as the cash-flow sensitive independents ramp up their 2002 Gulf-based drilling programmes following several months ofstable US natural gas prices. With heightened Gulf drilling activity reducing excess jack-up capacity, the concern subsides that Gulf-based rigs will move internationally and upset the balance of rigs in those markets. On the other hand, the semi marketin the North Sea is beginning to show signs of softness, as the major oil companies pull back spending to prioritize their best drilling prospects".

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