Next week Texas auctioneer Kruse Asset Management will put two unused, top-of-the-line drilling rigs under the hammer.
The towering structures designed to bore oil and gas wells are on offer for fire sale prices. Valued at $40mn and $30mn when built in 2019, their respective starting bids will be $12.9mn and $2.3mn.
“There’s no reason for them to be so cheap, but there’s just no demand,” said Dan Kruse, chief executive of the San Antonio-based auctioneer, who has been selling oilfield equipment for four decades.
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