workover rig auctions made in china

A Chinese court has started the auction of a high-spec jack-up drilling rig ordered but later abandoned by the Singaporean company Falcon Energy after the new owner Shanhaiguan Shipbuilding Industry failed to implement a maritime contract with one of China’s major maritime salvage companies in southern China’s Guangdong province.

Entrusted by the Tianjin Maritime Court, Globe Maritime Inspection (Tianjin) - a vessel and rig inspection and evaluation agency - has evaluated the value of the CJ50-4 rig at 257.541

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Main Features Name: traveling hook Brand: KH Original: China Domestic famous fluid end, strong driving force, low fuel consumption, high economic benefits. Machine Parts Name: derrick platform Brand: KH Original: China Domestic famous, strong driving force, low fuel consumption, high economic benefits. After-Sales Service * Training how to instal the machine, training how to use the machine.

NEW YORK (Reuters) - Fast-talking auctioneer Greg Highsmith sung out dozens of prices - “seventy-five-hundred now, $10,000 now, be able to get 15,000?” - before a North Dakotan buyer paid $27,500 for a used Caterpillar oil swabbing rig on Friday.FILE PHOTO: Equipment stored at the Machinery Auctioneers lot are shown in Odessa, Texas June 4, 2015. REUTERS/Cooper Neill/File Photo

The rig was one of more than 2,000 lots offered in an online auction of oil, gas and industrial equipment out of North Dakota’s Bakken shale region on Friday.

The auction market is more active than at any point since the downturn of the 1980s, said Dan Kruse, a San Antonio-based auctioneer and founder of Superior Energy Auctions, which specializes in energy equipment.

Oil prices crashed this year, dropping at one point to negative-$37 a barrel. While the U.S. crude benchmarkhas recovered to nearly $40 a barrel, U.S. and Canadian oil companies have slashed production by over 3 million barrels per day (bpd) and cut working rigs by nearly 800 from a year ago to just 305 in June, leaving a lot of idled equipment.

Spending is down about 35% from the first quarter to the second. The cutbacks have prompted auctions from Odessa, Texas to Alberta, Canada, where auctioneers like Highsmith are banging gavels to close deals on equipment. Even if oil prices remain in the high-$30s, that will not be enough to spur much in the way of additional drilling.

“We’ll need fewer coal tubing units, fewer well service rigs, fewer trucks, sandmines, everything,” said James West, analyst and senior managing director at Evercore ISI.

“Top of the line - it could bring $5 million, but maybe not,” said Kruse, of Superior Auctions. He will know in coming days when he steps up to the podium in Odessa, Texas, for his first auction since the downturn.

Energy-specific equipment is a harder sell. Some scrap metal buyers enter the market, looking for iron that has more value than the equipment itself. In the 1980s, Kruse recalls, scrappers bought about a third of all rigs sold at auction.

As Highsmith called out prices on Friday, a gavel icon next to his name, buyers pressed a button to indicate they wanted to bid. Lot 430, a workover rig, used in well completion, opened at $50,000, but Highsmith dropped the price to $25,000 due to a lack of interest.

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The land drilling market worldwide is structured primarily as a rental market, not a sales market, where land drilling companies lease their rigs to E&P companies for an agreed period of time – weeks, months, or years – at a day-rate. The rigs are then used to drill wells and execute the E&P’s drilling programs.

Drilling opportunities are analysed and explored in order, leaving a series of dry holes, until a discovery is made. It is rare for an E&P company to actually own the rigs which they operate, but there are some exceptions such as Chesapeake, who will purchase their own fleet of rigs.

Investors require a minimum level of return for their investment dollars in drilling operations, and typically equate cost with risk. These turnkey drilling contracts may limit risk by guaranteeing a minimum number of wells that can be drilled with the rig. The contract will also outline how the rig can be used – including the pieces of equipment, when to change pieces, temperature and pressure tolerances and the weight of mud.

Nabors operates the world’s largest land drilling rig fleet, with around 500 rigs operating in over 25 countries – in almost every significant O&G basin on the planet. It also has the largest number of high-specification rigs (including new AC rigs and refurbished SCR rigs) and custom rigs, built to withstand challenging conditions such as extreme cold, desert and many complex shale plays.

Headquartered in Tulsa, Oklahoma, H&P is a global business with land operations across the US, as well as offshore operations in the Gulf of Mexico. It is engaged primarily in the drilling of O&G wells for E&P companies, and recognised for its innovative FlexRig technology.

Patterson-UTI operates land based drilling rigs, primarily in O&G producing regions of the continental US, and western Canada. The company also provides pressure pumping services to US E&P companies and specialist technology, notably pipe handling components, to drilling contractors globally.

Precision is an oilfield services company and Canada’s largest drilling rig contractor, with over 240 rigs in operation worldwide. The Company has two segments. The Contract Drilling Services segment operates its rigs in Canada, the United States and internationally. The Completion and Production Services segment provides completion and workover services and ancillary services to O&G E&P companies in Canada and the US.

Pioneer operates a modern fleet of more than 24 top performing drilling rigs throughout onshore O&G producing regions of the US and Colombia. The company also offers production services include well servicing, wireline, and coiled tubing services – supported by 100 well-servicing rigs, and more than 100 cased-hole, open-hole and offshore wireline units.

In Texas, generally considered to be the centre of US land drilling, RigData reports that there are currently 678 active rigs – split between Helmerich & Payne (160), Patterson-UTI (85), Nabors (64), Precision Drilling (39) and 77 other drillers (330).

Most new onshore rigs, both drilling and work over rigs, are built by OEMs in China. In the US, the larger vertically integrated land drillers have in-house manufacturing operations, so they will outsource some equipment construction, but assemble the new rigs at their own facilities. The leading provider of US newbuild rigs is National Oilwell Varco.

The secondary market, where existing rigs are sold, is largely auction dominated with mostly older rigs changing hands. As a rule, the big land drillers do not sell their newbuild rigs, as each has their own flagship designs.

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