Summary

Global Marine’s worldwide SCORE, or Summary of Current Offshore Rig Economics, for July 2001 dropped 0.3% from the previous month’s SCORE as dayrates continued to decline, particularly in the Gulf of Mexico. Rapidly declining natural gas prices this year have had a dampening affect on drilling activity in the Gulf.

Global Marine’s worldwide SCORE, or Summary of Current Offshore Rig Economics, for July 2001 dropped 0.3% from the previous month’s SCORE as dayrates continued to decline, particularly in the Gulf of Mexico. Rapidly declining natural gas prices this year have had a dampening affect on drilling activity in the Gulf.

Global Marine last week reported the first decline in 23 months in its June Summary of Current Offshore Rig Economics (SCORE) for the Gulf of Mexico. The SCORE report measures the profitability of drilling operations. Global Marine Chairman Bob Rose said softening jackup rates due to declining natural gas prices have “taken a toll on the Gulf SCORE.” However, strong oil prices have “continued to fuel improvement in international offshore rig markets.”

Global Marine reported the first decline in 23 months in its June Summary of Current Offshore Rig Economics (SCORE) for the Gulf of Mexico. The SCORE report measures the profitability of drilling operations. Global Marine Chairman Bob Rose said softening jackup rates due to declining natural gas prices have “taken a toll on the Gulf SCORE.” However, strong oil prices have “continued to fuel improvement in international offshore rig markets.”

Global Marine Inc.’s worldwide Summary of Current Offshore Rig Economics (SCORE) was up 7.2% in April, the 20th consecutive month-to-month increase — an indication that dayrates will go up as international drilling attempts to move equipment out of the Gulf of Mexico. SCORE compares the profits of current mobile offshore drilling rig rates with those of the 1980-81 peak, a time of speculative rig construction.