Worldwide rig economics surge

GlobalSantaFe’s June worldwide SCORE, or Summary of Current Offshore Rig Economics, leaped 9.2 percent from May, according to the offshore drilling contractor.

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 peak, when the SCORE 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.

Drilling economics in the North Sea posted the largest monthly gain on the SCORE in June, up 14.6 percent from May to total 86.3 points. The June SCORE for the North Sea also was up 98.8 percent compared to the same period last year.

West Africa also had a huge gain in June, up 14.1 percent from May to total 77.8 points. That country’s June SCORE also was 55.5 percent ahead of the year-ago period.

The SCORE for the U.S. Gulf of Mexico in June registered a 4.4 percent increase from May to total 71 points. The Gulf was 75.5 percent ahead of the same monthly period last year.

Southeast Asia posted 61.2 points in June, a 1 percent increase from May and a 13.1 percent increase compared to the same period a year ago.

Meanwhile, the use of semi-submersible drilling rigs in June jumped 11.8 percent on the SCORE from May to total 82.6 points, and was ahead of the same period last year by an astounding 150 percent. Jack-up drilling rigs came in at 70.5 points, up 6.8 percent from May and up 24.6 percent compared to the same period last year.

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