Well Servicing

report-well-servicing.jpg
report-well-servicing.jpg

Well Servicing

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Spears’ newest publication is the nearly 100-page Well Servicing Market report.  Well servicing rigs, which are occasionally referred to as workover rigs or pulling units, are very nimble/mobile wheel-mounted rigs that assist with well completion, well maintenance and well abandonment.

Clients subscribing to the Well Servicing Market report will receive complete and revised market reports each quarter for one year.  In these years of great change in the industry, Spears is committed to keeping clients up to date on commercial, technical and activity trends within the sector.

The global well servicing market is growing in 2017 due to new well drilling in the US.  Even though well servicing has a large well maintenance component, the market ebbs and flows based on new well drilling.

C&J and Key are the two largest North American contractors, both with strong ties to the US market.  Third is Eurasia, with nothing in the US.  Most of the US contractors saw plateauing sales 2012-2014 as operators preferred coiled tubing for completing 5000’ lateral wells.

With new horizontal laterals regularly exceeding 10000’ now in the US, coiled tubing runs into a mechanical limit. This is driving oil companies to large, high spec well servicing rigs for new well completions.  Operators and service companies across the US provided testimony to this trend.

The world’s largest well servicing market is the US.  2016 was the low point in the recent downcycle.  2017 should see growth of 75%.

Inside the US, the Permian Basin is the largest market, with 29% of the nation’s well servicing spending.  The Midcontinent and South Texas each have about 15% of the well servicing market.

The Well Servicing Market report is available as immediate digital download upon purchase as a slide deck with all supporting tables and graphs.