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ROV NEWS: North Sea rig market worsens

Posted on 16.12.2003 - 07:58 EST in OFFSHORE NEWS by Rons_ROV_Links

The global economy for mobile rigs contracted by 3.5 percent, leading drilling contractor GlobalSantaFe reported Tuesday.

The company noted a 7.5-percent decline in the North Sea, where the five-year decline revealed a plummet of 42.2 percent. The company’s SCORE, or Summary of Current Economic Offshore Rig Economics, is deduced by comparing day rates per million dollars of investment with rates during a peak period in 1980 and 1981. Rig deployment in South East Asia showed the best overall health, with 3.9-percent growth from October. - December 16, 2003

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