A new equipment survey from Lloyd’s Register Energy provides a cost effective solution for assessing the integrity of land rigs. It helps operators and rig contractors limit downtime, as well as improve the reliability, safety and environmental impact of drilling programs. It also reduces inspection costs by up to 50%.

The new service from Lloyd’s Register Energy has been developed in light of significant market challenges in the upstream oil and gas market, low oil prices and client mandates to achieve leaner operations.

The equipment survey service includes a newly refined set of inspection tools focused on safety critical equipment used in drilling operations. It covers an assessment of both capital and safety critical drilling equipment, mud systems, BOP and well control equipment, electrical equipment and systems, power plant, safety equipment and the maintenance and spare parts system.

The process developed by experts at Lloyd’s Register Energy in consultation with industry, filters low risk items which can reduce the number of equipment items that need to be inspected by at least 35%, and the number of checklist items by up to 60%.

The service can also be used to help companies assess the suitability of a rig for pre-bid or pre-hire, or provide an approach for cost-effective periodic rig health checks, and can demonstrate asset condition to potential financiers or investors.

Teril Smith, Senior Vice President of Lloyd’s Register Energy’s Drilling services division, says, “The low oil price has restricted the budgets of drill rig operators for third-party services and this has resulted in our clients being less able to bear the costs of full condition surveys.”

Smith adds, “At around half of the cost of a traditional full inspection, our land rig critical equipment survey service is a cost efficient, fast turnaround inspection process aimed at assessing drilling capital and safety critical equipment to deliver a snapshot of rig condition and to highlight any major issues for our clients. We are also in the final stages of developing the service for jackup rigs and plan to release a similar service for semi-submersible rigs and drillships in the near future.”

Tags: Lloyd's Register Energy