Top drill rig companies say that if you are involved in the mineral exploration drilling industry, you’d understand the invaluable role that drill rigs and equipment play in your business. They are paramount to winning projects, completing contracts, and eventually earning profits or making money.
When you buy a new drill rig, consider that as a major decision. There are many different factors and variables that surround this, and most of them can have a significant influence on your decision. Some in a positive way, others to your detriment. If you will try to buy a new drill rig, there is one important question to have in mind before you make a decision, “will this equipment help me generate more money?”. Or would it cost you more owning it as opposed to other available options that will help you accomplish the same desired results but for less?
Whenever the country, or the world rather, would suffer from an economic slump, everything in the world would be put to a standstill and drill rigs tend to sit and remain idle for an unpredictable amount of time. This is the underlying reason why a handful of them are being cannibalized instead. The parts taken out from some would be used to the other rigs that had remained active to keep them running.
Drillers would repair the rigs they had so they will keep on drilling without investing in brand new drill rigs. Today, the market seems to have picked up itself and its activity is slowly but surely increasing pacing up as well. The majority of drilling contractors are presented with 2 directions here, a tough call decision to make – will they rebuild the idle rigs or buy new rigs, instead.
The operations managers know exactly which components of the drill rig, from valves, engines, assemblies, will be needing replacement. Theirs is not just gut feel, but they usually have a fairly accurate idea of how much it is likely going to cost them if they will decide to acquire a brand new drill rig. They can decide to take on the road to do a full-fledged audit – that is to conduct a thorough inspection of the drill rigs, make an evaluation of spare parts that are in stock, and even taking a look at their maintenance records and files.
New vs. Used Drill Rigs
When you are finding yourself pressed on getting another drill rig, the first thing that will come to mind is whether you will look for a brand new rig or a second-hand or used equipment instead. You will scarcely find a gently used equipment though, and it is somehow challenging also to determine how harsh or well a drill rig was treated while it is being used in the field.
To better illustrate this let us look at hydraulic systems, for instance. They are completely delicate. If the hydraulic system has acquired contamination, it can be very expensive to find a replacement for valves, motors or pumps. The purchase will bring in a lot of risks if the drill rig maintenance history is not known.
According to drill rig companies, coming along the market downturn is an awful lot of great buys for industrial items like drill rig. As the market is on its way for further improvement, price points are likely to spike but their availability is reduced.