Buying a New Workover Rig: What to Know

If you're in the market for a new workover rig, you're making a big investment. A new medium workover rig can cost $500,000 to $1 million or more, and it's the core equipment of your business. You want to make sure you're buying the right rig, from the right manufacturer, at the right price. Here's what you need to know.

Why Buy New?

There are a few good reasons to buy a new workover rig instead of a used one:

- Warranty and support: New rigs come with a warranty and factory support. If something breaks, the manufacturer will fix it. With a used rig, you're on your own.
- Latest technology: New rigs have the latest features — computerized controls, hydraulic energy storage, better fuel efficiency. You get the best of what's available.
- No surprises: With a new rig, you know exactly what you're getting. There's no hidden damage, no worn-out parts, no surprises waiting for you.
- Better resale value: A new rig holds its value better. When you go to sell it in 5-10 years, you'll get more money for it.

What to Look For

When you're buying a new workover rig, pay attention to:

- Rated capacity: How much pullback force do you need? What's the maximum well depth you'll work on? Buy a rig that's big enough for your needs, with some extra margin.
- Mast height: Taller masts let you pull longer stands of tubing, which means faster tripping times. Faster trips = more money per day.
- Control system:Do you want manual controls, or computerized? Computerized controls are more precise and safer, but they're more expensive.
- Manufacturer reputation: Buy from a reputable manufacturer with a good track record. Talk to other workover contractors and ask them who they buy from.