man drilling the lock on the door

Downhole Drilling Tools: Should You Rent or Buy?

Drilling companies need tools to perform their tasks. However, since the prices for everything — tubing anchors, subsurface pump parts, cowboy packers, oil tools and casing, and many others — are high, some people wonder if it is actually worth to invest a good part of your business capital on them. Well, yes and no. The right answer is “It depends.”

The Real Price of Drilling Tools

Drilling tools and equipment are not at all cheap. They could eat up a good chunk of your business capital. But, the price of these tools is not just about the actual price. There are additional costs you may have to incur for owning them. Unless you get your units from a reliable source of downhole drilling tools Oklahoma, you might need to prepare some money for repairs.

Minor and major repairs may happen often if your units are not of top quality. It will also depend on how often you use your tools and how your staff is handling them. Regardless of the quality of your tools and other factors, you will surely need to keep away an amount for regular maintenance. Make sure that minor repairs are discovered early so they do not balloon into major breakdowns. A major breakdown could mean operation shutdown for the company, which would surely cost more.

When you buy your own set of tools, storage is another extra cost that could add up. You need to keep them safe and secure all the time. Some of those tools could be huge and bulky. That means, your storage area might need to be spacious enough to accommodate them.

Then, there are the extra costs for transporting the tools to-and-from. You might need to shoulder the expenses for moving the tools from your warehouse or storage area to your worksite and back again.

different screws for the drill

Is it Worth the Investment?

Some companies see making an investment in their tools as a priority. That’s because owning your own set of equipment is beneficial for keeping work schedules smooth. When you have a complete set of tools, you will have everything you need and you will be ready to go to your worksite anytime. Especially if you are committed to this line of work for a long time, it is far more economical to establish your tool supply than to keep relying on rental companies, which charge for every single time you book their equipment. It will become costlier than paying for the price of the tools, along with the extras, if you intend to use them for a long time.

To rent or to buy? That’s a question companies that require tools and equipment are almost always burdened with. To know what’s best for the company, establish a few points:

  • Is it a short-term or long-term need?
  • How buying or renting could affect your team’s response time?
  • Can you carry out the responsibilities of owning, such as taking care of regular inspection or maintenance?

Still, the decision is up to you. Simply make sure that you’ve thought of it carefully so you won’t regret it in the end.

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