Heavy machinery used in oilfield explorations are huge investments. Whether you are new to the industry or would like to expand your venture, acquiring equipment is something that you should spend time planning for, especially with the kind of capital that it requires to purchase machinery. There are several ways that you can secure oilfield equipment for most any kind of application your operation requires or calls for, including buying brand new, procuring used or reconditioned equipment, and renting machinery, all of which have their own pros and cons, which you should consider, based on your current and future needs.
- Buying new equipment is a good choice if you have enough budget to invest in a brand-new rig. New machines are naturally more expensive because they haven’t been subject to any depreciation. They are also free from potential mechanical issues that used equipment may bring, due to years of use. Just the same, many operations are transient in nature, which makes buying new equipment impractical. For operations like these, companies typically turn to used equipment for sale as well as rental offerings, which make for more cost-effective options for their applications.
- Procuring used equipment is a good option for those whose operations are long-term but may not have enough budget to purchase brand new units or are in need of a particular rig component to supplement their existing system. Companies that offer used oilfield equipment have a great selection of heavy-duty machinery that have been reconditioned and restored to their optimal performance condition.
- Rental equipment is also a popular choice for those who find it impractical to invest in their own equipment or think it’s more sustainable to treat the equipment as an operational expense. The advantage of renting used equipment is that maintenance and upkeep of these equipment are in the hands of the rental company, which reduces burden for the organization.