Worldwide rig economics slips 1.9 percent in August

Ray Tyson

GlobalSantaFe’s worldwide SCORE, or Summary of Current Offshore Rig Economics, was down 1.9 percent to 43.9 points in August compared to the previous month, the company said Sept. 20.

The SCORE compares the profitability of current worldwide mobile offshore drilling rig day rates to the profitability of day rates at the 1980-81 peak of the offshore drilling cycle. In the 1980-1981 period, when the SCORE averaged 100 percent, new contract day rates equaled the sum of daily cash operating costs plus about $700 per day per million dollars invested.

The Gulf of Mexico was among the few bright spots in August SCORE, increasing 0.7 percent to 42 points from the previous month. And Southeast Asia was up 0.9 percent to 55.1 points in August vs. the prior month. However, the SCORE for the North Sea in August was down 5.3 percent to 39.1 points, while the SCORE for West Africa covering the same period was down 3.6 percent to 49 points.

The SCORE for jack-up rigs in August registered 54.9 points, up 0.5 percent from July. However, semi-submersible rigs registered 34 points in August, down 3.9 percent from July.