Worldwide rig economics jump 4.6 percent

GlobalSantaFe’s worldwide Summary of Current Offshore Rig Economics, or SCORE, increased 4.6 percent in February compared to January.

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. In the 1980-81 period, when the SCORE averaged 100 percent, new day rates equaled the sum of daily cash operating costs plus about $700 per day per million dollars invested.

The North Sea had the largest increase in the SCORE during February vs. January, rising 8.4 percent to 64.7 points on a scale of 100 points.

In the Gulf of Mexico, the SCORE rose 5.7 percent to 62.4 points in February, compared to 59 points in January.

The rig index for West Africa increased 1.1 percent to 57.7 points in February, up from 57.1 percent in January.

Southeast Asia was unchanged with 57.2 points.

Meanwhile, the worldwide use of semi-submersible drilling rigs during February increased 8.8 percent to 60 points vs. January, while the use of jack-up rigs between the two months decreased 0.1 percent to 61.6 points.

—Ray Tyson