Client: Major oil & gas operator
Asset type: Land drilling rig
Location: Middle East
Our client planned to acquire six land rigs and needed an independent party to report the present condition and state of the rigs and associated drilling equipment as well as spare parts. Our scope included a documentation review, an asset due diligence inspection, and due diligence report compilation.
As part of the due diligence report, we created a dedicated technical report for each of the six rigs. A financial fair market valuation was completed for each rig by a recognised and accredited valuation partner. Details and justification was reviewed by the ModuSpec technical director and with comments and justification provided to the client as requested before and during discussions with the relevant parties involved.
Results: The assessment process was well documented with step-by-step traceability which provided all parties involved with credible data to come to a swift agreement for the fair value of the assets inspected.