Page 20: of Maritime Reporter Magazine (October 2001)

Offshore News

GOM Softness Drives GLM

Score Down

Global Marine reported that the com- pany's worldwide SCORE, or Summary of Current Offshore Rig Economics, for

August 2001 decreased by 3.2 percent from the previous month's SCORE.

Global Marine Chairman, president and

CEO Bob Rose said, "This month's

SCORE report, which reflects August activity levels, shows the worldwide

SCORE down slightly as softening Gulf of Mexico dayrates overshadowed the continued strength of international off- shore rig markets."

Global Marine's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates 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 percent, new contract dayrates equalled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested. In addition to a world- wide 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.

Willbros Purchases Barge

For W. Africa Work

Willbros Group Inc. subsidiary, Will- bros West Africa Inc., has added to its available offshore fleet with the comple- tion of the purchase and refitting of the

WB 82. The WB 82 is a 100-ton der- rick/work barge, measuring 256 ft. (78.8 m), with an eight-point anchor system and accommodations for up to 135 per- sons. The WB 82 will join the WB 318 combination derrick/lay barge and the

M/V Eros support vessel in providing comprehensive construction services to the Nigerian offshore market, with the current backlog assignment expected to last through the second quarter of 2002.

Michael F. Curran, president and

COO, said, "This addition to our fleet of marine equipment will allow us to be even more responsive to the market for marine hook-up, rehabilitation and lift services in the shallow waters offshore

Nigeria, a country where we have been active since 1962."

Saibos Lands $230M Contract

Saibos CML, an equally owned sub- sidiary of Bouygues Offshore and

Saipem SpA, has been awarded a con- tract for the Kizomba A Development

Project in Angola for an approximately total amount of $230 million (Bouygues

Offshore's share: approximately $115 million).

Esso Exploration Angola (Block 15)

Limited (Esso), a subsidiary of Exxon

Mobil Corporation, is the operator (40 percent). Other participants include BP

Exploration (Angola) Limited (26.6 per- cent); Agip Exploration Angola B.V. (20 percent); and Statoil (13.3 percent).

Sonangol is the concessionaire.

The three-year contract covers: Engi- neering, procurement, construction and installation of flowlines for fluid trans- fer and an umbilical from the FPSO to supply the TLP (Tension Leg Platform) with electricity; Engineering, procure- ment, construction and installation of the crude offloading system, comprising a CALM buoy and two rigid lines; Pro- curement, fabrication, pre-installation and connection of the 15 FPSO anchors;

Installation of the subsea manifolds and umbilicals; and, Engineering, procure- ment, construction and installation of the risers and subsea injection lines.

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