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Drilling rig economics soar 7.5%
GlobalSantaFe’s worldwide SCORE, or Summary of Current Offshore Rig Economics, jumped by 7.5 percent compared to the previous month.
The SCORE compares the profitability of current offshore rig day rates to the profitability of day rates in the 1980-1981 peak of the offshore drilling cycle. During that period, when the index averaged 100 percent or points, new contract day rates equaled the sum of daily cash operating costs plus about $700 per day per $1 million invested.
The SCORE for the Gulf of Mexico, despite a major hurricane that swept through the region in late September, rocketed 9.3 percent vs. the previous month to 91.3 points, and was up by 105.5 percent compared to August a year ago.
West Africa’s SCORE for September came in at 88.1 points, up 9 percent from the previous month and up 74.3 percent when compared to August of last year. North Sea at 95.3 points The SCORE for the North Sea increased 3.6 percent to 95.3 points in September vs. August and was up by 122.1 percent compared to last year’s August.
Southeast Asia’s SCORE for September registered 66.3 points, up 0.7 percent from the prior month and up 29.1 percent from August a year ago.
Meanwhile, the economics for semi-submersible drilling rigs surged to 98.9 points on the SCORE in September, a huge increase of 15.2 percent from the previous month and an increase of 166.5 percent from August of last year. The economics for jack-up rigs rose slightly to 82.1 points, up 0.5 percent from the prior month and up 47.6 percent from the year-ago period.
Worldwide, September’s SCORE averaged 89.3 points, an increase of 7.5 percent from the previous month and was up 95.4 percent when compared to August of last year.
—Ray Tyson
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