Benefits of Renting Oil Industry Equipment
Cost Effective: Renting oil industry equipment can often be more cost-effective in the short term, as it eliminates the need for a large upfront capital investment. Purchasing equipment outright can require significant financial resources, including the cost of purchasing, maintaining, and storing the equipment. Renting allows companies to avoid these costs and allocate their capital to other areas of their business, such as operations, exploration, or expansion.
Flexibility: Renting provides flexibility in terms of equipment selection, quantity, and duration of use. Oil industry equipment needs can vary depending on the specific project, location, and duration of the operation. Renting allows companies to choose the right type and quantity of equipment for their immediate needs, without committing to a long-term ownership. Companies can also easily switch to different equipment or upgrade to newer models as their requirements change.
Reduced Maintenance and Repair Costs: Renting equipment can relieve companies of the burden of maintenance and repair costs. We keep all the equipment maintained and functioning. At CFO we vigorously test and maintain our huge stock to ensure it is working in peak condition which will save you money, additional costs and delays associated with equipment breakdowns. If there are any issues with any of our equipment, we have the ability to switch that item out as we keep multiples of the exact same item in stock for this event. It also ensures that you or your staff will already be familiar with the equipment they are receiving so there won’t be further delays from having to learn any differences in how the equipment functions.
Access to Latest Technology: Renting equipment allows you to access the latest and most advanced technology without having to purchase and own the equipment. In the fast-paced oil industry, technological advancements can significantly impact efficiency, safety, and productivity.
At CFO we are always refreshing our inventory to offer you a full menu of items.
Seasonal or Project-Based Needs: Oil industry equipment needs can vary depending on seasonal or project-based requirements. Renting provides a flexible solution for companies that may require additional equipment for specific projects or operations. Once the project is completed, the rented equipment can be returned, and the renting party does not need to worry about long-term ownership or equipment storage.
Reduced Risk: Renting can reduce the risk associated with equipment ownership. Owning equipment comes with various risks, such as depreciation, obsolescence, and market fluctuations. Renting transfers some of these risks to the rental company, allowing the renting party to focus on their core operations without having to bear the full risk of equipment ownership.
Improved Cash Flow and Tax Benefits: Renting equipment can help improve cash flow, as it eliminates the need for a large upfront capital investment. This can free up cash for other business needs and investments. Additionally, rental expenses are generally considered as operational expenses, which can be tax-deductible, providing potential tax benefits to the renting party.