The Gulf of Mexico (GOM) saw its offshore drilling rig dayrate climb 7.2% from May to June and 5.1% over last year, according to the latest Summary of Current Offshore Rig Economics, or SCORE, for June 2003. SCORE, compiled by oil and gas drilling contractor GlobalSantaFe Corp., reported that worldwide, SCORE was up 3.0% from the previous month.

SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle for both jackup and semi-submersible rigs. In the 1980-1981 period, when SCORE averaged 100%, new contract dayrates equaled the sum of daily cash operating costs, plus approximately $700 per day per million dollars invested.

The GOM’s June score was 31.7, up 7.2% from May’s posting of 29.5. However, while higher than a month ago, GOM’s five-year SCORE is minus 47.2%, according to GlobalSantaFe. Only Southeast Asia’s 9% hike over last year was higher than the GOM.

In addition to a worldwide SCORE covering key types of competitive offshore drilling rigs in key drilling markets, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition of rig markets.

Worldwide by type, jackup rigs in June stood at 43.4, up slightly from May’s 43. Compared with last year, jackups were down 8%, and over five years, they have fallen 45.3%. Semi-submersibles were up in June over May, to 39 from 37.9, a 3% hike. However, they are down 10% from a year ago and also down 45.9% over five years.

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