DB - you might be on to something here <VBG>! Frm Yahoo:
Monday March 19, 1:42 pm Eastern Time
Press Release
SOURCE: Global Marine
"Global Marine's Worldwide SCORE Continues to Climb; Jackup SCORE Now Double Level Posted One Year Ago
HOUSTON, March 19 /PRNewswire/ -- Houston based offshore drilling contractor Global Marine (NYSE: GLM - news) today reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for February 2001 increased by 7.1 percent over the previous month. This marks the 18th consecutive month of increase in the worldwide SCORE. Global Marine Chairman, President and CEO, Bob Rose said, ``While semisubmersible markets enjoyed a strong month, the big news is that the SCORE for offshore jackup rigs now stands at double the level of a year ago.''
Global Marine's SCORE compares the profitability of current mobile offshore drilling rig rates to the profitability of rates at the 1980-81 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 percent, new-contract dayrates equaled 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 U.S. Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jackup and semisubmersible rigs."
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ldo79 |
