We recently heard from Transocean’s CEO, Jeremy Thigpen, at the Rice Energy Finance Summit (see picture below). A particular area of interest was his decision process on whether to sell or retire rigs. Thigpen summed it up simply: “Why would I want my competitors to have my assets”? On the other hand, a recent analysis by Bassoe Offshore considers the lack of momentum in scrapping jackup rigs, which is desperately needed to balance the rigs market.
So this begs the question – if rig owners are not selling or scrapping – where can buyers find rigs and used equipment? EnergyFundz has relationships with rig owners not typically on the radar of the major rig brokerage houses. We have access to rigs which are certified and meet API standards and ready to drill. In addition, we also help buyers locate pieces of certified drilling equipment which still have plenty of life left in them. Finally, given our knowledge of rig systems, we are in a position to vet the assets we put in front of our clients. Unlike our competitors, it is much more than supply and demand for us – we check under the hood too.
We’re interested to hear from our network. Have you struggled to find the right rigs and/or equipment? Let us know if we can help.