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    GSF says SCORE reflects softness in semi-sub market

    News // July 19, 2002
    Houston-based drilling contractor GlobalSantaFe has reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for June 2002 was down from the previous month's SCORE by 1.3 per cent.

    GlobalSantaFe President and CEO Sted Garber said, "The worldwide SCORE for semi-submersibles slipped this month as major oil and gas companies pulled back spending to prioritize their best drilling prospects in key markets around the world. As a result,utilization for this rig type has softened, causing day-rates for new contracts to decline. This impact is shown most clearly in the Gulf of Mexico, where new semi fixtures reversed positive gains in the area's SCORE, otherwise fueled by a strengtheningjack-up market."

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