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    Global Marine's SCORE takes off

    News // February 23, 2001
    Houston-based drilling contractor Global Marine says its worldwide SCORE, or Summary of Current Offshore Rig Economics, for January 2001 increased by 13.1 per cent compared with the previous month, the change being one of the largest month-on-month increases ever reported by the company.

    Global Marine Chairman, President and CEO, Bob Rose said, "...After being on the sidelines for more than two years, the major oil companies may make 2001 the year of the drillbit."

    Global Marine's SCORE compares the profitability of current mobile offshore drilling rig rates to the profitability of rates at the 1980-81 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 per cent, 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 offshoredrilling rigs in key drilling markets, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative conditionof rig markets.

    The release, which is made available for publication on the third Monday of each month, includes separate SCORE calculations for the US Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jack-up and semi-submersible rigs.

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