One of the biggest hurdles for many drill rig and pile driving owners and operators is providing financing during projects with longer scopes or extensive equipment requirements. Because of the unique nature of pile driving and drilling operations, setting realistic financing and pricing estimates is essential to the successful completion of every project. Because of the extensive costs associated with pile driving and drilling equipment, many owners and operators opt to rent equipment to complete their jobs instead of maintaining a fleet of equipment.
Drilling equipment rental is one of the more affordable options, and there are even financing options for rentals. Renting pile driving equipment also allows operators to tailor their equipment to the engineering specifications to the required capacities and piles materials. Incorrectly matched machinery and piles can lead to damaged equipment or piles, which will delay schedules and can result in costly downtime or expensive repairs.
By adequately planning the equipment costs from day one, owners and operators can help mitigate breakdowns, and many local drilling rig and pile driving rig vendors can help with financing equipment for projects with long scopes or extensive equipment lists.
Equipment Financing
For smaller and medium-size companies financing equipment offers one of the best solutions to amortize equipment costs and maintain a tight schedule. This can apply to side clamp vibratory hammers all the way up to a full-size CZM drilling rig.
Financing equipment can also provide an attractive solution for purchasing new equipment for specialized owners and operators who don’t require multiple pieces of heavy construction. Pile driving rig rental has become one of the more common ways for owners and operators to gain access to an entire fleet of equipment without the associated costs, risks, and logistics of managing a fleet. It can also help reduce costs associated with repair or gaps between projects.
Storage Costs
This is a cost that is often overlooked when owners and operators choose to purchase a drilling rig or pile driver. However, it can become a costly issue if not properly accounted for beforehand. Because of its specialized nature, most pieces of pile driving equipment and drilling rigs are not immediately transported from job to job, there is often a gap between their deployment.
Another challenge is the transportation and size of these rigs, which can require more clearance than traditional equipment and large trucks to handle their movement. These obstacles can create unnecessary work for rig operators who are more focused on getting the job done right on time and on budget.
This makes drilling equipment rental another solid choice as equipment transportation, and logistics is often handled in-house, and operators only pay for the equipment while it’s in use which can help them avoid costly downtime.
Downtime
During the planning and estimating phase of every construction project, there are often strict schedules and tight milestones. This can be caused by a variety of factors, from unexpected weather conditions to equipment failure. When owners and operators are working on the financing phase of their project, there should be some allowance for unplanned downtime. When crews are unable to continue working, the schedule starts to break down, and one of the most effective solutions to reducing downtime is ensuring that equipment is operating at peak performance. This makes drilling and pile driving rental an attractive option as the vendors and their experienced technicians have a vested interest in keeping their machines in good working order.
When a piece of equipment malfunctions, it can be challenging to determine precisely when parts or services will be available, which can further increase downtime. When developing scope for financing drilling or piling projects, it’s essential to analyze these aspects as well as variable costs like fuel, lubricants, and labor. Forecasting these costs helps financial predictions stay realistic and can help ensure a project’s successful completion.
Repairs and Service
It doesn’t have to be an inevitable truth that you will experience a situation that requires equipment repair during your project when you work with a trusted local vendor that keeps their fleet well maintained and performs regular preventative maintenance. This can also include in the field troubleshooting should crews notice a change in performance or other irregular issues during the course of the job.
Financing Assistance
RPI Equipment has over fifty years of experience renting and selling drilling and pile driving equipment, and our team of experienced technicians can help troubleshoot potential malfunctions, develop a comprehensive schedule for inspection, conduct an oil analysis, and even complete repairs on site.
Our dedicated team of salespeople believes in transparency, communication, and can help you identify the best financing options for your pile driving and drilling rig rental or purchase. We can also help tailor the equipment to your project’s scope so that you can avoid damaged piles, augers, masts, or all-in-one CZM drilling rigs.
