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    Global Marine's SCORE up despite softening market

    News // July 27, 2001
    Global Marine has reported that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for June 2001 increased by 0.6 per cent from the previous month's SCORE, in spite of a reduction in the Gulf of Mexico. Global Marine Chairman, President and CEO Bob Rose said, "Softening jack-up rates due to declining natural gas prices have taken a toll on the Gulf of Mexico SCORE. However, strong oil prices have continued to fuel improvement in international offshore rig markets."

    Global Marine'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, when speculative new rig construction was common.

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