Rig Stacking & Activation
Hot / Cold Stacking & Reactivation of Drilling Assets
As offshore conditions continue to weaken, a confluence of factors is driving an unprecedented rise in rig preservation (i.e. cold stacking) and rig – parking (i.e. Hot or Warm Stacking). Hundreds of rigs have recently been built, flooding the market with advanced drilling assets. With over 45% of the active fleet being built before the millennium, finding employment for these aged assets is proving more & more difficult as there isn't enough work to keep all rigs busy. As day-rates approach break-even levels in most markets, owners are being forced to stack up their rigs due to the lack of commercial employment opportunities.
We at OMCI understand that the decision to stack a drilling asset is a difficult one for every asset owner. Apart from loss of revenue generation, the accelerated degeneration of the Asset (during the non-operating phase) greatly impacts the overall financial health of any Owner / Company. Realizing the significant impact of this decision on our Clients, we have prepared a methodical, technically-prudent and cost-optimized “Stacking & re-activation Procedure” to address these requirements.
On being advised of the decision of stacking a drilling asset (jack-up, Floaters or Land Rigs), the OMCI team undertakes a “Reference Inspection” of the Asset to establish the baselines (methodology and approach to preservation being specific to the tenure & type of preservation – Hot or Cold Stacking). We then prepare a customized plan for “Re-activation of the Asset” on expiration of the intended preservation period – This systematic, in-depth and "Goal-oriented" approach to Rig stacking has helped our Clients achieve 100% success in meeting Rig-activation timelines and Costings.
Covering every element of the Asset being stacked (documentation preservation / Steel & Piping / Valves & Fitments / Machinery & equipment preservation / house-keeping & consumables on-board / Lubes & Fuels, etc.), our ISO compliant procedures alleviate any chances of even minor oversights – a small oversight during the stacking stage can have expensive consequences during re-activation. Utilizing cost-effective yet technically-prudent preservation materials and in-house developed innovative methodologies, we ensure that the Asset is not only preserved in accordance with Client’s expectations & Industry standards, but is also rendered available for re-activation in the shortest possible time and within decent costings.