March 22, 2005
Offshore Rig SCORE soars
GlobalSantaFe Corporation (NYSE:GSF) reports that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for February 2005 was up 4.6 percent from the previous month's SCORE.
The world SCORE rose from 58.1 to 60. The Gulf of Mexico SCORE rose from 59.0 to 62.4 and the North Sea SCORE from 59.7 to 64.7.
A look at the complete SCORE, shows that compared with one year ago, the world SCORE is up 36.7 percent, the Gulf of Mexico is up 64 percent and the North Sea up 60.2 percent. In contrast, the S.E. Asia SCORE, at 57.2, is down 7.8 percent.
GlobalSantaFe's 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.