workover rig specifications in stock

Their exceptional mobility, stability, and ease of operation are the outcome of our extensive experience in the design and production of mobile drilling rigs.

Belonging to the same family, Sovonex™ service rigs comprise many of the technological advantages that result in smooth operation and make the life of our customers’ easier:

Wide selection: At our production facility in China we design and develop workover rigs for service depths ranging from 1,600 m to 8,500 m (5,250 ft-27,900 ft), and workover depths from 2,000 m to 9,000 m (6,600 ft-30,000 ft) for 2 7/8” DP.

Full API coverage: The different components of our well-servicing rigs are manufactured to the following API standards:Steel structures, such as the mast: API Spec 4F

Highly maneuverable : Sovonex™ mobile drilling rigs and self-propelled workover rigs possess excellent driving properties in the desert, mountain, and other impassable terrains.

Reduced NPT: The mast is erected hydraulically to reduce time for rig up and increase safety. Likewise, all rig components have been designed to allow for fast assembly and disassembly.

With every service rig, we send technical staff to our customer to provide first-hand technical support. The engineer responsible for the rig design is always part of the service crew.

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Jereh truck/trailer mounted workover rig is mechanically and hydraulically driven. The power system, drawworks, mast, travelling system and transmission mechanism of the workover rig are mounted on the self-propelled chassis, which improves the moving efficiency greatly. Now, Jereh truck mounted workover rig series cover the workover depth from 2500m to 7000m and drawworks power from 250HP to 1000HP, featuring high operation load, reliable performance, excellent off-road performance, convenient movement and low operation/moving cost. Besides, workover rigs for arctic, desert and highland applications are available.

• Both cylinders are Controls are located at operator positionGroup III : Additional Equipment :Section 3.0 : Handling Winch• Rig comes equipped with one winch. Additional hydraulic

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Dragon manufactures a full line of 300 to 1,000 HP Cooper ™ Rigs at our state-of-the-art U.S. facility and our rig team is one of the most seasoned in the industry. Whether you need a used well servicing rig, a workover rig, a drilling rig, mud pumps and systems or parts and service, Dragon has you covered.

Our expansive inventory of parts and accessories includes mud systems, mud hoppers and mud guns, agitators, pipe racks, draw works, API 4F, 4th Edition certified masts, break blocks, McKissick tubing and drilling blocks and refurbished gear boxes for most brands of well servicing units. Our rig masts have a clearance height range of 71-124′ and capacities of 150,000 lbs too 500,000 lbs.

Like all Dragon equipment our used Cooper Workover Rigs are severed duty engineered. We also have hands-on experience building to severe, cold weather specs and in compliance with the state of California’s requirements. When you buy a Cooper™ Rig from Dragon you get a custom, easy to operate, safe rig at a competitive price. Whatever mobile rig solution you need, Dragon will build it, deliver it and back it with the highest level of service and support in the industry.

Well Service | Workover Rigs - 844/80 Double drum draw works. looks to be recently rebuilt. Has new Lebus Grooving on Tubing Drum. Comes w/ 250 HP 2 speed jackshaft/RA BOX. More Info

Well Service | Workover Rigs - CARDWELL KB200B Freestanding Oilfield Workover Rig / Service Rig / Pulling Unit, Service Rigs, Used Cardwell KB200B Freestanding Service Rig, 5 Axle Carrier, Detroit 8V71... More Info

Well Service | Workover Rigs - WELL SERVICE RIG - COOPER 350 Well Service Unit p/b DETROIT 8V-92 Diesel Eng, ALLISON 750 Trans, 42X12-38x8 DRAWWORKS w/dual disc assist, 97’ 200,000# Telescoping M... More Info

Well Service | Workover Rigs - CROWN 350 SERIES -- SERVICE KING 104" 205,000# DERRICK, CAT3406, ALLISON 5860,38X10 DOUBLE DRUM DRAWWORKS, CROWN SHEAVES REBUILT 2013 MAIN26”X4,SANDLINE 22”, NE... More Info

Well Service | Workover Rigs - 2008 Crown/Cabot 1058 Service unit mounted on 4 axle carrier w/Detroit 60 Power. New 5860 Drop Transmission. 72" Double rod/single tubing Derrickmast 125000# Rig is in Ex... More Info

Well Service | Workover Rigs - WELL SERVICE RIG - FRANKS 1287-160-DTD-HT D/D Well Service Unit p/b DETROIT 8V-71N Diesel Eng, ALLISON CBT-4460-1 Trans. SERVICE KING 96" 180,000# Hydraulically Raised & ... More Info

Well Service | Workover Rigs - FRANKS 300 D/D 1287 w/hydromatic brake, Well Service Unit p/b DETROIT 8V-71 Diesel Eng, ALLISON 750 Trans, (Reman Dec 2011) FRANKS 96’H 150,000# Tri-Scope Telescopin... More Info

Well Service | Workover Rigs - FRANKS 658 D/D Well Service Unit p/b CAT 3406 Diesel Eng, ALLISON HT-750 Trans, FRANKS 96’H 180,000# 4-Leg Telescoping Mast, Hydraulically Raised & Scoped w/4-Sheave... More Info

Well Service | Workover Rigs - FRANKS 658 D/D Well Service Unit p/b Series 60 Detroit Diesel Eng, ALLISON 5860 Trans, 102’H 225,000# (on 4 line) Telescoping Mast, Hydraulically Raised & Scoped, Db... More Info

Well Service | Workover Rigs - IDECO H35 96̢۪ 210,000 MAST, DETROIT 60 SERIES ENGINE, ALLISON 5860 TRANSMISSION, REFURB 2005, IDECO DERRICK REPLACED WITH NATIONAL DERRICK, TUBING DRUM CON... More Info

Well Service | Workover Rigs - IDECO RAMBLER H-35 Oilfield Workover Rig / Service Rig / Pulling Unit, Service Rigs, Used Ideco Rambler H-35 workover rig / service rig / pulling unit, 4 axle carrier, De... More Info

Well Service | Workover Rigs - 2015 INTERNATIONAL PAYSTAR 5900 Flushby Unit. C/w 2003, Refurbished in 2015, Western Fab Ltd. flushby unit, s/n 03-09-1008, 50 Ft. Mast height, 50,000 lb. pull rating, fr... More Info

Well Service | Workover Rigs - 2005 KENWORTH T800 Flusby Unit. C/w Lash Ent. flushby unit, 47 ft mast, slant compatible, 3x5 Gardner Denver triplex pump, 5000 psi, 2005 Advance 8m3 tank, TC 406 code, P... More Info

Well Service | Workover Rigs - 2003 KENWORTH T800 Flushby Unit. c/w Online flushby unit, 47 ft. mast, slant compatible, Pullmaster HL25 wotking winch, Pullmaster PL5 catline winch, 2002 wabash two comp... More Info

Well Service | Workover Rigs - 2005 KENWORTH T800B Flushby Unit. c/w Online flushby unit model 50-50, s/n 24641, 40 ft. mast,Salnt compatable, Pull master HL25 and PL5 winch, Gardner Denver 3x5 triplex... More Info

Swiss Drilling contractor Transocean (NYSE:NYSE:RIG) is a wolf in sheep"s clothing despite rallying more than 500% in the last year from $0.63 to $3.90 a share. Once the market realizes the cash flow potential of Transocean"s drilling fleet, the stock could more thandouble as investors begin correctly discounting future earnings.

The significant underinvestment in upstream oil development has likely reached a cyclical bottom. Transocean in particular has seen its share price drop 90% from its previous cyclical peak of $44 (2014) to around $3.90 today. After years of negative returns due to oversupply in both oil production and rig supply, the fundamentals for offshore drilling now look fantastic.

However, when drilling demand is high with little or less-than-historical rig supply, these assets become incredible cash flow machines - particularly newer more advanced rigs that secure much higher dayrates.

This change in the competitive landscape has caused a massive number of offshore rigs (floaters/jack-ups) to be sold off, scrapped or cold stacked with no intention to recommission. As competitors shrink, it leaves more market share for Transocean as the industry regains traction.

Since the oil price collapse in 2014, drilling services declined at a dramatic pace due to significant overproduction from both US Shale producers and OPEC. As offshore drilling demand weakened, the building of new drillships, semi-submersible and jack-up rigs continued in 2014/15 which quickly shattered the entire market.

Furthermore, in 2015, Transocean possessed a fleet of 75 rigs (including new builds) whereas today that number is down to 39 (including new builds), and this trend is the same for every other offshore drilling contractor.

Looking at 2021 on the chart, you can see the spread between the number of active offshore rigs and the price of crude p/b. If this chart was updated, it would show crude at $80+ p/b and the spread would be even larger. At some point, there needs to be a mean reversion as offshore drilling catches up, hence at the moment offshore drilling demand is at the bottom of the cycle. This macro environment for companies that benefit from a higher oil price (producers, drillers, tankers etc.) is likely going to experience a long profitable recovery.

Dayrates and utilization rates are the two most important metrics to follow in this market. The contracted dayrate refers to the price it costs a producer to hire a rig (including personnel) in an oil/gas field daily. The utilization rate refers to the percentage of a contractor"s fleet that is contracted during the year.

At the last peak in 2014 offshore drillship utilization rate reached 95%, and if you were a drilling contractor back then, your first thought would be to build more drillships in order to meet this demand from producers. However, as everyone does the same and producers oversupply the market which weakens their margins, then the new rigs being built become negative ROI assets.

Average contractual dayrates based on Transocean’s backlog shows increasing dayrates over the next few years, further suggesting Transocean are going to see a strong and sustained recovery. Below you can see dayrates hitting $468,000 in 2024; however during 2024 these figures will be slightly lower as only newer/higher specification rigs tend to secure longer-term contracts. Hence older vessels will slightly lower the total fleet average over the coming years.

This shows the vast amounts of rigs that have been deactivated over the last decade. So much of the global fleet has been reduced that it is impossible for producers to undergo new projects without paying significantly higher rates to drilling contractors. Due to the Biden administration keeping restrictions on US Shale, producers are more incentivised to seek projects offshore. many of our customers are now shifting their focus to increase exploration and production activities, and many previously delayed projects are again active. Offshore drilling activity is increasing in almost every ultra-deepwater market, and due to attrition of the global offshore fleet over the last several years, there are significantly fewer available drilling units and, particularly, an increasing scarcity of the highest specification drilling units as customers look to secure the best equipment for their projects. In the North Sea harsh environment market, an accelerated level of recovery is anticipated in 2022 through 2023 as the effect of Norway tax incentive programs is realized by our customers.

Management have guided that it takes anywhere between $60m and $100m to reactivate a vessel hence undergoing speculative reactivation without a contract lined up is not financially smart. Instead management will only reactivate a rig if they can make their money back on the first contract (after reactivation) plus a small return (5%-15%). As the market continues to tighten, we could possibly see a situation where Transocean is operating with 30 active floaters in the next 3 years.

Although the market is heading in the right direction and tightening continues, we have not reached a point where it"s economical for stacked rigs to be reactivated. However I imagine this is inevitable due to very strong fundamentals either in 22/23 or by early 2024, at which point I am expecting a much higher valuation. This is also subject to OPEC actions and a potential panic U-turn from the Biden administration. However, I trust parties to act in their own interest therefore they would be shooting themselves in the foot if they made unexpected changes to their current policies.

If utilization and dayrates continue to increase due to a smaller number of rigs being available in comparison to the previous cycle, then Transocean stock should provide substantial returns. The cash flow Transocean’s fleet is capable of producing is very attractive compared to the current trading value of the company. Hence as Transocean’s contracts roll over (renewed/replaced), its anticipated much higher dayrates and utilization rates would bring the company back into profit with impressive FCF numbers. I also believe the next few quarters will see analysts revising their estimates to the upside, and I find it fascinating that there are zero buy recommendations currently for RIG.

Is the market now tight enough to begin recommissioning stacked drillships or to begin recommissioning in 2022? From what I can see ideally Ocean Rig Apollo, Athena, and Mylos are key contenders for reactivation. I would also like to see further guidance on debt reduction and a focus on improving the balance sheet. Ideally I want to see net debt / EBITDA lower than 4x in the next 24 months. I also want to see backlog begin to trend higher above $7.3 billion over the coming quarters.

If Transocean achieves $400,000+ average dayrates with 27 or more active floaters, then the RIG stock should provide significant upside over the next few years.

ZPEC 2000HP Workover Rig VFD possess excellent driving properties in desert, mountain and other impassable terrains. Their exceptional mobility, stability, and ease of operation are the outcome of our extensive experience in the design and production of mobile drilling rigs. ZPEC 2000HP Workover Rig VFD is real workhorses, perfectly adapted to operate in even the roughest environments.

ZPEC 2000HP Workover Rig VFD is used in the heaviest application, such as complete well work-over operations, whereby a well is killed (production stopped) and tubing and completion equipment is removed. A Workover Rig is similar to a hoist or a telescoping tower secured with wires, that allows pipe and down-hole equipment to be run into and out of a well.

VFD rigs help advanced drilling technologies such as pad drilling, horizontal drilling and directional drilling. ZPEC VFD rigs come with high level of automation that involves automated drilling pipe handling, drill pipe connection and auto drilling.