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In the past few years, we have all heard various terms for what rigs are undergoing to make them better, more robust, faster, more productive, enhance capabilities and generally improve the rig fleet. All this is happening when every drilling contractor and oil company is trying to drill more wells faster and cheaper to take advantage of improved product prices.
Exactly what do the various terms mean? A few definitions are in order.
•Refurbish: to renovate; clean-up; renew or restore to a like-new condition and/or appearance; to refresh, revamp or rejuvenate
•Overhaul: to restore to proper condition or function; to patch, mend, repair or make right
•Refit: to prepare and equip for additional use
•Retrofit: to provide existing equipment with parts, devices or systems not in existence or available at the time of original manufacture; to modernize with new or modified parts, devices, systems or equipment.
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