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World offshore drilling markets last November were the stra, ngest in 5 years, but day rates remained far too low to support construction of offshore
So concludes Global Marine Inc. (GMI), Houston, based on its summary of offshore drilling rig economics (Score) as compiled in a monthly survey of world offshore drilling.
GMI's Score expresses offshore rig day rates as a percentage of the estimated day rates drilling contractors need to begin building rigs. Day rates necessary to spur construction are calculated as the sum of daily cash operating costs plus a capital recovery factor of $700/day/$1 million invested.
By that measurement, …