Worldwide rig economics index increased in May, up 2.8% from previous month

GlobalSantaFe’s SCORE, or Summary of Current Offshore Rig Economics, for May was up 2.8 percent from the previous month, according to the Houston-based rig contractor. The SCORE compares the profitability of current mobile offshore drilling rig day rates to the profitability of day rates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent (points), new contract day rates equaled the sum of daily cash operating costs plus about $700 per day per $1 million invested.

The Gulf of Mexico registered 68 points on the SCORE in May, up 2.6 percent from the previous month and up 70.7 percent compared to the same period last year.

The North Sea weighed in with 75.3 points in May, an increase of 4.1 percent from the prior month and a 98.9 percent increase versus the year-ago period.

West Africa registered 68.2 points in May, up 3.4 percent from April and up 36.5 percent from a year earlier.

Southeast Asia scored 60.6 points in May, a 0.9 percent increase compared to the previous month and a 6.3 percent increase compared to the same period last year.

Meanwhile, the worldwide use of jack-up rigs during May versus the previous month increased 4.4 percent to 66 points. During the same period, the use of semi-submersible rigs increased 1.1 percent to 73.9 points.

—Ray Tyson