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Manufacturing & Engineering

What to Keep in Mind When Shopping for Drill Rigs for Sale?

If the core operations of your enterprise are highly dependent on mineral drilling works and exploration, you must have ready and quick access to drill rigs for sale. In the absence of the right pieces of equipment and drill rigs, you will have a hard time winning projects and completing contracts. Hence, your company is not going to generate any revenue at all.  

When planning to buy a new drill rig system, know that it is going to be a major decision to make. To come up with a viable conclusion on what drill equipment to acquire, there’d be several variables that you will need to consider first. 

The first thing you need to assess is the financial capability of your company. Is acquiring or investing in another piece of equipment, which is a major expense, viable at the moment? Assess the current financial standing of your organization if it is in a position to engage in the purchase of equipment without putting a strain on the company’s financial health. 

Remember those times, though not very recent, when everyone around the globe was severely impacted by an economic slump? That kind of scenario happening will leave the vast majority of drill rigs in the country idle for a significant amount of time.

Faced with great uncertainty as to when and how things would turn back up again or in the absence of solid measures in place to help everyone recover, the important parts and components of drill systems are cannibalized. This is done to help keep them actively working and running.  

By taking such actions, these drill rig operators can maintain their rigs in working condition, eliminating the need for them to consider investing in new rigs. By the time that the economy is up again and has dynamically recovered, these drilling contractors can now engage in relevant decisions concerning their fleet. 

That is if they should carry on in rebuilding their rigs which have remained idle for some time or if it is going to be more practical and viable for them to invest and acquire new drill rig systems instead.  

drilling rigs

Should you determine that costs for rebuilding efforts for your drill rig are not far behind with what you need to spend on acquiring a brand new drill system, you may need to employ a full-blown audit for this. Such an action will help you determine which among the two options would be the most viable and practical option to take, which is indeed a tough call decision to make. 

Therefore, careful and cautious actions should be taken here such as when performing verification efforts on maintenance records, carrying out technical inspection routines on drill rigs and systems, or assessing what specific spare parts are still left on stock. These measures allow for making a fairly accurate cost comparison with regard to the possible amount it might take to get those drill rig systems up and running again.  

New Technology

Acquiring drill rigs for sale and making them work alongside your much older fleet will take you a step closer to being more productive. Newly acquired drill rigs are naturally more efficient, thus giving your drill operations a more competitive edge.  

Newly established drill rigs offer more reliable uptime. Another good thing about them is they usually come with a variety of safety features which is a complete contrast to older rigs.  

Availability

Whether you are trying to aim for rebuilding your drilling rig system or come up with a new one, while the market is improving you’ll see longer lead times. Nonetheless, if it is on the low, manufacturing companies will not preoccupy themselves with the building of new rigs and lead times would be reduced. 

Resources

This is not just about the costs. We have a handful of things to consider here. For instance, we need to factor in whether the drilling company has the time and the necessary skills to carry out a major overhaul work on the rig if it has remained inactive for a significant amount of time. 

Generally, it would take about 3-4 months to carry out a major overhaul work on a drill rig system. Coming alongside this, the project will necessitate facilities, labor pool of qualified mechanics, and tooling systems. Of course, this can’t be met with success in the absence of technical expertise to get the drill rigs system mobilized again for any upcoming drilling projects. 

Conclusion

There are increasing safety requirements for mining sites. A newly acquired drill rig can easily cover those safety requirements which may not be possible with older, more seasoned rigs. Often, this is the underlying reason why drilling contractor would be losing a contract award or a drilling project.