3 Benefits of Renting BOPs

The benefits of renting BOPs exceed buying new ones, especially for a one-time project. As an oil well owner, you know how essential and expensive blowout preventers can be. You can first rent BOPs before buying yours, especially if you only need them temporarily. 

What are some benefits of renting BOPs instead of buying them?

Oil well assets like blowout preventers are essential during drilling projects. This asset is expensive to buy and maintain, yet you will occasionally use it during your drilling projects. Save yourself from taking large loans and using your business income to buy a BOP by renting the equipment.

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Here is a breakdown of the benefits;

  1. Reduces Upfront Costs
  2. Perfect For One-Time Scenarios
  3. Temporary Replacement

1) Reduces Upfront Costs

As a small business owner, you might not have enough capital to buy large and expensive equipment like a BOP. However, you will need a BOP when carrying out a drilling project.

Do not opt to take a huge loan to buy a BOP when you can rent one. The business will incur a small extra expense of paying for the rented equipment. Once your company grows and can afford expensive purchases, you can buy a BOP in cash or hire purchase. 

2) Perfect For One-Time Scenarios 

You only need a BOP for specific projects, after which you won’t use the asset again. In such scenarios, renting the BOP will save you time and money to maintain it when it’s not in use.

You can use the rented product until the end of your project and return it to the lessor company. You will also enjoy the benefit of not worrying about the storage of the equipment or paying insurance companies for property insurance.

3) Temporary Replacement 

If you just ordered your BOP and the delivery company is facing delays, renting one can keep your business operational before yours arrives. Also, if you have many types of businesses requiring BOPs and own only one, you can rent the other one for temporary use. 

Consider Renting Your Next BOP From Us

Buying a new BOP has its advantages, but you can enjoy the benefits of renting BOPs before you make a huge purchase. It is advisable to get liability insurance to protect you if losses or injuries occur while using the rented product. Save your business the extra expense and consider leasing your next BOP from us!

Contact us for more updates on the latest equipment for rent.