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In the May 29th, 2018 report industry analysts praise widespread RigLock implementation for its potential to increase field level efficiencies resulting in significantly increased profit.

Renegade Service’s RigLock stats as of July 2018:

  • Used in major shale plays for 2 years, since mid 2016
  • 116,898 + operating hours  
  • 45 units

EVERCORE ISI Industry-wide Sample Results:

  • Generates 1+ stage per day.
  • Saves 20-30 mins/stage
  • Annualized EBITA spread increase $4-5 Million

Renegade Services Results:

  • Generates 3+ stage per day.
  • Saves 30-45 mins/stage

“In a NAM oilfield environment where activity growth has steadied (yielding some near-term softness in the service spot market), it is up to the pressure pumpers to push the envelope on additional field-level efficiencies to drive incremental growth and profitability.” ¹

Renegade Services’ RigLock technology drives growth and profitability in two ways – significantly decreasing time between frac and wireline well swaps which results in stage increase per day and removing personnel from the red zone danger risk that comes with taking off and replacing the nightcap and lubricator assembly, 40 + feet in the air.

All else equal, and assuming no additional bottlenecks appear with widespread adoption of RigLock, we simplistically believe the incremental 20-30 minutes between well swaps could yield an incremental 1-2 stages/day. Our sensitivity attributes this incremental stage to ~$4-5 million in annualized EBITDA per spread, well above the levels needed to comfortably hit the vast majority of our pressure pumping out-year profitability levels.” 1

After being field tested for more than 2 years with Renegade Services clocking 100,000+ operating hours on more than 45 units, investment firms, E&P companies, and wireline professionals alike are consistently realizing the significance of adding an extra stage. The efficiency gains the Renegade team has been able to produce since the widespread implementation supports Evercore ISI Energy’s assumption about RigLock potential.

“Admittedly, we were initially alerted of the substantial efficiency benefits of the RigLock by our E&P counterparts, but upon further engagement with the vast majority of pressure pumpers within our coverage, we quickly learned that RigLock is gaining appreciable adoption momentum in the Permian (and excitement is palpable regarding the potential efficiency gains).” ¹

RigLock use has substantially increased in the Permian and other NAM shale plays in the last several months as pressure pumpers continue to report significant ROI in efficiency gains with RigLock despite the highly commoditized stigma of the current market. Renegade is the leading supplier of RigLock packages across the Marcellus and the Permian.

Furthermore, it is our opinion that RigLock gains are very much a function of how efficient the particular E&P/service provider was before during well swap operations.” ¹

RigLock gains are definitely influenced by the level of service providers’ efficiency, and Renegade Services provides the expertise needed to maximize RigLock efficiency gains.

Renegade helped create RigLock and has the most worldwide field experience, Renegade Services ran the inaugural RigLock package, many competitors in the wireline arena choose Renegade crews for their RigLock work.  Renegade Services has broken records in efficiency completing more stages per day than ever before. We are the leading service provider for RigLock with the most in-depth maintenance program lead by our dedicated, FHE trained RigLock technicians.  RigLock has been on location for over 98,400 operating hours on more than 45 units (June 2018) with Renegade Services. You can trust our expert-trained wireline team for your project.

“Conclusion – too early to tell, but 20-30 minutes/swap could unlock an incremental stage/day and upwards of ~5.0 million in annualized EBTIDA/spread. All else equal, and assuming no additional bottlenecks appear with widespread adoption of RigLock, we believe the incremental 20-30 minutes between well swaps could, over the course of a day, yield an incremental 1-2 stages/day (in reality, the improved throughput places more strain on other parts of the completion value chain, so likely a naïve assumption to draw). On an annualized EBITDA basis, the RigLock efficiency gain is dependent on stage pricing, but we see a path toward upwards of $4-$5 million in EBITDA/year per spread.”

Renegade Services is the world’s leading RigLock service provider resulting in our crews achieving record gains of 3-4 stages/day with as low as 15 minutes between well swaps.

Given gaining 1 stage per day with RigLock can result in a 13% increase in EBITA and a potential annualized EBITA spread increase of $4 – 5 Million, would there be any reason you wouldn’t consider saving time and increasing profits with RigLock today?

Want to learn more? Call us today at (806) 897-0735