"I asked about rigs sourced overseas and where th
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Posted On: 10/13/2018 3:43:36 PM
"I asked about rigs sourced overseas and where that work would be performed. Perhaps at our yards in Germany or Dubai? Information was sketchy. There had been some talk of perhaps sending a crew overseas but where is unknown. Apparently that plan is being developed. But no one had details.
Back to the refurbing. Once the rig has passed all tests and the customer is happy, it is then disassembled again and loaded on the trucks for the trip to the site. Once on site ORF sends out a crew that will build the rig again just like it was in OKC. Depending on the size of the rig the whole process can take from 2 to 6 months on average. It needs to be noted that the company has refurbished more than 30 rigs over the years. This is not their first rodeo. They have the technical expertise and they have testimonials from satisfied customers.
The refurbing of rigs came to a halt when oil crashed from over $100 per barrel to under $40 per barrel. Many drillers have a break even of over $40 per barrel so no one is buying rigs of any type with those oil prices. The time is right and Clayton, Marshall, and Joslin are moving fast to get 665 back in this lucrative game. To put this into perspective there was a month back then when the company did more than $4 million!! In one month! That is how lucrative this will be. It is the best month in company history.. and they did it while being a private company with no $40 million line of credit in place. It was all done organically.
We walked into the company offices up front and Jimmy Joslin happened to be walking by. I introduced myself and we talked for a very short time. Nice guy and a no nonsense guy. He said someone go grab a hat and that first young guy i met in the parking lot, who was a driver, went back and emerged with a brand new Five Star hat. Pretty cool. Do you guys have one of those? .... i don't think so. I mentioned they should sell hats and shirts with the new name 665 Energy and the new logo because i know about 50 guys that would probably want to buy them (that would be you guys). "
thanks info from Chase Dog
Back to the refurbing. Once the rig has passed all tests and the customer is happy, it is then disassembled again and loaded on the trucks for the trip to the site. Once on site ORF sends out a crew that will build the rig again just like it was in OKC. Depending on the size of the rig the whole process can take from 2 to 6 months on average. It needs to be noted that the company has refurbished more than 30 rigs over the years. This is not their first rodeo. They have the technical expertise and they have testimonials from satisfied customers.
The refurbing of rigs came to a halt when oil crashed from over $100 per barrel to under $40 per barrel. Many drillers have a break even of over $40 per barrel so no one is buying rigs of any type with those oil prices. The time is right and Clayton, Marshall, and Joslin are moving fast to get 665 back in this lucrative game. To put this into perspective there was a month back then when the company did more than $4 million!! In one month! That is how lucrative this will be. It is the best month in company history.. and they did it while being a private company with no $40 million line of credit in place. It was all done organically.
We walked into the company offices up front and Jimmy Joslin happened to be walking by. I introduced myself and we talked for a very short time. Nice guy and a no nonsense guy. He said someone go grab a hat and that first young guy i met in the parking lot, who was a driver, went back and emerged with a brand new Five Star hat. Pretty cool. Do you guys have one of those? .... i don't think so. I mentioned they should sell hats and shirts with the new name 665 Energy and the new logo because i know about 50 guys that would probably want to buy them (that would be you guys). "
thanks info from Chase Dog
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