Offshore rig markets show improvement worldwideNews // April 20, 2001
Global Marine Chairman, President and CEO Bob Rose said, "While every major offshore rig market showed improvement in March, the real strength was in the international arena. Here we are seeing the impact of higher spending by the major oil companies andaccelerating project approvals by foreign governments."
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 forcertain types of rigs and certain regions to indicate the relative conditionof rig markets.