GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for January 2002 was down from the previous month's SCORE by 0.2 percent.
GlobalSantaFe President and CEO Sted Garber said, "Worldwide SCORE showed little change from the
previous month. Rig supply and demand remain in balance in the key international markets and
dayrates show signs of leveling out in the Gulf of Mexico. However, despite increasing drilling
activity internationally, excess rig capacity in the Gulf of Mexico could result in near-term
dayrate softness in West Africa as rigs in this region may end up competing with rigs mobilizing
from the Gulf."
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. 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. The release, which is made available for publication on the
third Monday of each month, includes separate SCORE calculations for the U.S. Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jackup and semisubmersible rigs.