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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

BW LPG Registers 10% Growth in VLGC Fleet

Less domestic petrochemical consumption of LPG would be positive for VLGC shipping as it would result in a greater surplus of LPG available for export.    However,

Subsea 7 Secures EPCI Contract

Subsea 7 S.A. announced it has been awarded an engineering, procurement, construction and installation (EPCI) contract for offshore execution in 2017 and 2018.   The

US Oil Rig Count Steady for First Time This Year

U.S. energy firms this week kept the number of rigs drilling for oil unchanged for the first time this year, services company Baker Hughes Inc said on Friday, as

Navy

Ingalls Christens Amphibious Transport Dock Portland

Ingalls Shipbuilding, a division of Huntington Ingalls Industries (HII), christened the amphibious transport dock Portland (LPD 27) on May 21 in front of approximately 1,000 guests.

This Day In Naval History: May 23

1850 - USS Advance and USS Rescue sail from New York in a failed attempt to rescue Sir John Franklins Expedition, lost in the Arctic since 1847. Caught in the ice and after tremendous hardship,

General Dynamics Bags $ 47 mi US Navy Contract

General Dynamics Information Technology, a business unit of General Dynamics (NYSE: GD), was awarded a contract to provide information technology services and security

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0731 sec (14 req/sec)