GlobalSantaFe SCORE Shows Improvement

Houston-based worldwide drilling contractor GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for May 2002 was up from the previous month's SCORE by one percent. GlobalSantaFe President and CEO Sted Garber said, "This month's SCORE shows continued improvement in the Gulf of Mexico jackup market, as the cash-flow sensitive independents ramp up their 2002 Gulf-based drilling programs following several months of stable U.S. natural gas prices. With heightened Gulf drilling activity reducing excess jackup capacity, the concern subsides that Gulf-based rigs will move internationally and upset the balance of rigs in those markets. On the other hand, the semi market in the North Sea is beginning to show signs of softness, as the major oil companies pull back spending to prioritize their best drilling prospects."