GlobalSantaFe's Worldwide Score Up 2.4%
GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2007 increased 2.4%, to 139.0 from the previous month's SCORE of 135.8.
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%, 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.
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