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    Global Marine's SCORE hindered by Gulf of Mexico

    News // November 30, 2001
    Global Marine reports that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for October 2001 decreased by 3.1 per cent from the previous month's SCORE.

    Global Marine Chairman, President and CEO Bob Rose said, "The worldwide SCORE continues to be dragged down by reduced shelf drilling activity and weakening day rates in the Gulf of Mexico. While still well ahead of the trough reached in June 1999, the Gulf of Mexico SCORE sank to 34 per cent in October."

    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.

    In the 1980-1981 period, when Global Marine's SCORE averaged 100 percent, new contract day-rates equalled 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 SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition.

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