Should You Buy or Rent Well Drilling Equipment for Your Next Off Shore Project?

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Well Drilling EquipmentPublished on October 1, 2018

Expanding your well drilling business can be daunting, especially when faced with the decision of upgrading your well drilling equipment. Should you buy or rent? Let’s explore the factors to consider:

If you’ve been getting contracts for well drilling, you may need to upgrade your machinery. There are pros and cons to both owning and renting. We will take a closer look at factors like cost, time, usage and maintenance.

Here are a few points that might help you make a better decision;

Financial Situation

Your financial situation is the biggest factor to consider before you make your decision but apart from looking at what the situation is now, try to calculate what it would be after a year or six months with either of the choices. For example, the decision of renting out from a well drilling equipment rental may seem favorable in the beginning but the costs would only add up to be way more than the costs of the equipment you buy. You also factor in the fact that you would be able to sell any bought equipment to get your money’s worth back if you ever in a financial crisis.

Once you have your own equipment, you can rent it out to other contractors who need it so that’s a win-win situation that gives you many options to get your money’s worth out of it.

Length of the Project

Consider project duration when deciding to rent or buy equipment. Short-term projects favor renting, though the drawback may be paying for idle equipment during delays. Long-term or recurring projects justify investing in equipment, which may also serve multiple purposes. Owning your equipment also gives you the option to rent it out in the future.

Availability and Usage of Equipment

The biggest advantage of you owning your own equipment is that it is available at all times. Any unexpected changes in the plan of the project can be easily dealt with but such will not be the case if the equipment is rented and you might have to pay extra in case of emergency or any overtime.

Rented equipment can only be helpful if the project is short-term but buying your own equipment gives you an added advantage of flexibility. Even when you don’t have a project to work on you can lease your well drilling equipment out to other contractors and earn money. Even if your project ends and at one point you decide you don’t need the equipment anymore, you can auction it and be able to keep your investment. The only con to investing in buying your own equipment is the initial cost of it that might set you back a little.

Maintenance and Inspection

Maintaining the efficiency of the well drilling equipment and doing a detailed inspection after ever finishing day is crucial. You need to be sure the equipment you use has not been damaged in any way before it is taken out to work on the field. Your time management during the project has to be crucial so ask yourself if maintaining and inspecting the equipment is the responsibility you want on your shoulders or would you rather someone else took care of it for you. If you rent out the equipment, the providers will make sure to relieve you of this hassle and make sure the equipment is in the best shape possible.

Time Management and Response Time

The signs of a good contractor are his ability to be ready to provide anything whenever needed. If you don’t have your own equipment, managing or renting it out on emergency basis could be a hassle that might end up in you losing the gig. Buying your own equipment has an added advantage where you can pick things up from the warehouse when the need arises. There many things that can ask for your immediate attention or things you did not plan for. Owning your own equipment relieves you of the stress of hastily renting equipment, potentially saving you money.

Contact Dick Joyce Wells for all your well drilling needs!

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