SCORE Up for First Time in 10 Months

Tuesday, May 21, 2002
Houston-based worldwide drilling contractor GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for April 2002 was down from the previous month's SCORE by 0.5 percent. GlobalSantaFe President and CEO Sted Garber said, "The Gulf of Mexico SCORE hit its inflection point in April, reversing a 10-month downturn as dayrates responded to improving utilization for certain jackup rig classes. Elsewhere, while the offshore rig markets in Southeast Asia and West Africa remain moderately strong, there has been some mild erosion in jackup dayrates. We expect the dayrate declines in West Africa to abate as the Gulf rig market continues to tighten, decreasing the incentive for Gulf-based rigs to compete for work there." 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.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

UK's Hound Point VLCC Jetty Down Until Sept. 15

The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday,

Joint Petroleum Development in South China Sea Makes Sense

Shared development of oil, gas and possibly other natural resources is the most promising option for reducing tensions in the South China Sea and should be the

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

Navy

Textron Awarded $22-M Navy LCAC Contract Modification

The US Department of Defense informs that Textron Inc., New Orleans, Louisiana, is being awarded a $21,904,620 modification to a previously awarded contract (N00024-12-C-2401)

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

Today in U.S. Naval History: August 27

Today in U.S. Naval History - August 27 1917 - Squadron of minesweepers departs U.S. for service off France 1944 - USS Stingray (SS-186) lands men and supplies on Luzon,

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2719 sec (4 req/sec)