16-07-01 Houston-based offshore drilling contractor Global Marine reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for June 2001 increased by 0.6 % from the previous month's SCORE, in spite of a reduction in the Gulf of Mexico. Global Marine Chairman, President and CEO Bob Rose said, "Softening jack up rates due to declining natural gas prices have taken a toll on the Gulf of Mexico SCORE. However, strong oil prices have continued to fuel improvement in international offshore rig markets."

Global Marine's SCORE compares the profitability of current mobile offshore drilling rig day rates to the profitability of day rates at the 1980-1981 peak of the offshore drilling cycle, when speculative new rig construction was common. In the 1980-1981 period, when Global Marine's SCORE averaged 100 %, new contract day rates equalled the sum of daily cash operating costs plus approximately $ 700 per day per million dollars invested.
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. The release, which is made available for publication on the third Monday of each month, includes separate SCORE calculations for the US Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jack up and semi submersible rigs.

Houston-based Global Marine is a major international offshore drilling contractor with one of the industry's youngest, most diversified and technologically advanced drilling fleets. The company's 33 premium mobile drilling units include jack ups, semi submersibles, and dynamically positioned ultra-deepwater drill ships. In addition, the company is the world's leading provider of drilling management services, including turnkey, management and day work drilling.