October 21, 2003

Worldwide SCORE up, but GOM lags

GlobalSantaFe Corporation's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2003 was up 4.2% from the previous month's SCORE. In contrast to the world trend, though, the Gulf of Mexico and S.E. Asian SCORE's fell by 0.7% and 0.8% respectively.

SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled 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 of rig markets.

SCORE September 2003



Sep-03 Aug-03 1 Month 1 Year 5 Year



SCORE SCORE Change Change Change

By Area:
Gulf of Mexico 34.1 34.4 -0.7% 3.3% -19.4%
North Sea 45.9 42.6 7.8% 4.1% -39.3%
West Africa 49.3 46.6 5.9% -8.8% -25.3%
SE Asia 48.0 48.4 -0.8% 2.9% -24.1%

By Type:
Jackup 46.7 44.2 5.5% -5.0% -22.0%
Semisubmersible 36.1 35.8 1.0% 7.5% -42.5%

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