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Worldwide SCORE for offshore rigs up 3.1% in July; GOM has sharpest gain
GlobalSantaFe’s worldwide SCORE, or Summary of Current Offshore Rig Economics, for July increased 3.1 percent from the previous month.
The SCORE compares the profitability of current mobile offshore drilling rig day rates to the profitability of day rates at the 1980-81 peak of the offshore drilling cycle. During that period, when the index averaged 100 percent, or 100 points, new contract day rates equaled the sum of daily cash operating costs plus about $700 a day per $1 million invested.
By far, the Gulf of Mexico registered the sharpest gain on the July index, jumping 7.3 percent from June for a total of 76.1 points. Compared to the same period last year, the U.S. Gulf was up 82.4 percent on the index.
Southeast Asia registered the second largest monthly gain on the July index, up 2.2 percent from June for a total of 62.6 points and up 14.5 percent compared to the year-ago period. Overall SCORE up 3.1% from June West Africa’s rating on the July SCORE increased 1.1 percent vs. the previous month for a total of 78.7 points. Compared to the year-ago period, West Africa’s rating was up by 55 percent.
The North Sea rated 86.7 points on the July index, up 0.4 percent from the previous month and up 109.8 percent compared to the same period last year.
The worldwide SCORE for offshore jack-up drilling rigs during July increased 4.2 percent from June for a total of 73.4 points on the index and was up 34.6 percent compared to the year-ago period.
The worldwide SCORE for offshore semi-submersible rigs in July rose 1.7 percent from June for a total of 84.1 points on the index and was up 137.4 percent from the same period last year.
Overall, the worldwide SCORE averaged 77.9 points in July, an increase of 3.1 percent from the prior month and an increase of 74.1 percent vs. the year-ago period. Compared to the same monthly period five years ago, the average SCORE was up an astounding 149.9 percent.
—Ray Tyson
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