Innova, with the acquisition of its newest rig, an Ingersoll-Rand RD-10 / RD-20, in November 2007, is now poised to meet the increased demand of drilling equipment brought on by the ever-increasing oil prices.
Innova's RD-10 was acquired from East and West Drilling, a top Pennsylvania-based manufacturer and fabricator of drilling rigs and oil field related equipment.
Originally manufactured by Ingersoll-Rand, a predominant manufacturer of equipment, the RD-10, which was completely refurbished, is a highly durable and dependable rig with great operational ease.
"With oil prices reaching an all-time high of over $100 a barrel, there is a growing need for drilling rigs," says Clement Chad, Chief Executive Officer of Innova Leasing. This need for additional drilling rigs and support equipment enhances Innova's strategy to locate and acquire older rigs and have them totally remanufactured, refurbished and ready to deploy under very attractive lease terms for drillers.
Mr. Chad further states that along with the RD-10 purchase, Innova has acquired support equipment ranging from a winch truck to trailers, dozers and other equipment, enabling its lessee to be equipped to carry out site preparation in addition to the actual drilling of the well.
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