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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Snowshoe who wrote (35324)1/18/1999 4:39:00 PM
From: Cragganmore  Read Replies (1) of 95453
 
Drilling rig rates fall for eighth straight month

HOUSTON, Jan 18 (Reuters) - Daily rental rates for offshore oil drilling rigs fell for the eighth consecutive month in December, drilling contractor Global Marine Inc. said on Monday.

Global Marine(NYSE:GLM - news) said its SCORE index of worldwide dayrates for offshore rigs fell 9.6 percent to 50.66 in December from 56.02 in November.

The December index was down 29.0 percent compared with December 1997 but 35.0 percent above its level of five years earlier.

The table below shows the SCORE index for various regional markets and different types of drilling rigs.

The index expresses the profitability of current dayrates as a percentage of the profitability of the rates drillers earned at
the peak of the previous offshore drilling cycle in 1980-81.

A SCORE value of 40 percent indicates that drillers are breaking even. A SCORE value of 60 percent indicates that drillers are operating profitably but that dayrates are not high enough to justify construction of new rigs.

Dec 98 Nov 98 % change % change % change
REGION on month one year five yrs
Gulf of Mexico 32.83 40.71 -19.4 -47.4 -24.8
North Sea 63.31 67.29 -5.9 -23.2 +96.2
West Africa 57.17 58.81 -2.8 -21.3 +50.4
Southeast Asia 51.20 56.09 -8.7 -21.5 +26.7
Worldwide 50.66 56.02 -9.6 -29.0 +35.0
RIG TYPE
Jackups 49.32 52.29 -5.7 -38.8 +13.0
Semisubmersibles 51.82 59.64 -13.1 -17.8 +75.0
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