In the mineral exploration drilling business, drilling rigs and equipment are critical to winning bids, completing contracts, and making money. Buying a new rig is a big decision, and many variables and factors can influence that decision. The biggest question one must answer is, "Will this rig make money? Or will it cost more than other options that can achieve the same goals for less?"
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During the recent market downturn, many rigs have been sitting idle, which has made it easier to remove and install parts to keep the rig running actively. Most rigs were repairing the rigs they had to continue drilling without investing in new rigs and technology. Now that the market is growing slowly, many drilling contractors are deciding whether they should rebuild idle rigs or buy new ones.
Operations managers know which components (engines, valves, assemblies, etc.) need to be replaced, and they usually have a fairly accurate idea of the cost of rebuilding the iconic rigs in their fleet. If the rebuild cost is close to the cost of buying a new rig, they may choose to conduct a full audit to inspect each rig, evaluate the inventory of spare parts, and check maintenance records to get more accurate information to compare the cost of getting the rig ready to work again.
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In addition to cost, other factors include whether the drilling company has the time, talent, and capacity to overhaul a rig that is idle and needs work. Overhauls can take three to four months and require facilities, tools, a labor pool of mechanics (who may already be working on other rigs to keep them running), and a contract for the knowledge to get the rig ready to drill.
As the market improves, everyone can expect longer lead times - whether you are rebuilding or buying new. When the market is down or very low, inventories increase, plants are not busy building new rigs, and lead times are reduced. As the market improves and contracts increase, inventories decrease, plants are busy building more rigs, and lead times tend to increase. Ultimately, lead times vary from drilling rig manufacturer to manufacturer.
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If you have an older fleet of rigs, buying a new one gives you the opportunity to drill more meters more efficiently. Newer rigs are typically more efficient, have more reliable uptime, and have more built-in safety features than older rigs. As mine safety requirements increase, newer rigs can meet new safety requirements that older rigs may not be rated and allow drilling contractors to be awarded contracts.
Rigs with rod handling equipment typically have fewer hand and back injuries to the crew, as well as less overall stress and strain. Mechanized rod handling also saves on labor costs and staffing, as no additional staff is required to manually handle the rod. In addition, as drilling service providers with newer equipment with rod handling capabilities are widely known in the marketplace, you may be invited to bid on more. When rod handling is first introduced, productivity suffers because machine rod handling is not as fast as manual rod handling. However, productivity can be maintained with newer technology.
Used rigs are usually more prone to breakdowns than new rigs, and downtime can affect hard-won drilling contracts. Costs can add up quickly due to lost productivity, rig uptime contractual obligations, and repair of the rig. A well-maintained drilling fleet in a good operating condition not only helps improve productivity but also prevents contractors from being fired from contracts or sites.
When considering the purchase of a drilling rig, safety features should never be overlooked. Drilling rigs, complex pieces of equipment used for drilling into the earth's surface for various purposes like oil, gas, or water extraction, can pose significant risks if not equipped with the right safety mechanisms. Your safety and that of your crew hinge on the reliability and effectiveness of these features. As you evaluate your options, it's crucial to understand the essential safety features that can mitigate risks and ensure a secure working environment. This article will guide you through the key safety aspects to look for, helping you make an informed decision for a safer drilling operation.
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