GlobalSantaFe's SCORE Increases

GlobalSantaFe reports that its worldwide SCORE, or Summary of Current Offshore Rig Economics, for February 2006 was up 3.3 percent from the previous month.

The 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. GlobalSantaFe, which releases its SCORE releases the third Monday of each month, lists separate SCORE calculations for the US Gulf of Mexico, the North Sea, West Africa, and Southeast Asia.