GlobalSantaFe worldwide June SCORE up 1.8 per centNews // July 18, 2006
Worldwide oil and gas drilling contractor GlobalSantaFe Corporation has reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for June 2006 was up 1.8 per cent from the previous month's SCORE.
GlobalSantaFe'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.
In the 1980-1981 period, when SCORE averaged 100 per cent, new contract day rates equaled the sum of daily cash operating costs plus approximately US$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 of rig markets.