Oil & gas and energy industry finds success selling equipment at Ritchie Bros

Ritchie Bros. has been selling energy, oil and gas-related equipment for decades, but today the company has more solutions than ever to meet the growing needs of the industry. Whatever clients’ needs are – whether it’s certainty of sale, mitigating risk, or a combination of factors - Ritchie Bros. offers multiple, flexible solutions, including live onsite unreserved auctions (currently being held online only), a reserved online marketplace or private treaty. Ritchie Bros. is much more than auctions.

Ritchie Bros. has been evolving rapidly over the past decade, growing into new sectors and offering new solutions. The company has sold tens of thousands of pieces of energy, oil and gas equipment all over the world. Here are just a few of the big oil & gas equipment events Ritchie Bros. has conducted in recent years:

Casper, WY – onsite unreserved auction (Ritchie Bros. Auctioneers solution)

In a single day Ritchie Bros. sold 2,290+ cranes, heavy-spec trailers, and other equipment for Energy Transportation, who were heavily involved in the oil and gas industry. The outstanding selection of assets sold for a staggering US$54 million, making it the largest single-owner auction in company history. The 38 cranes in the auction, which were sold in approximately 1 hour, sold for a combined US$35+ million.

Energy Transportation Owner, Dan McGlade, said this about the auction: “Bidder turnout was even bigger than we expected, which resulted in strong equipment values in the auction. Ritchie Bros. is the only company that could have put this sale together. Their marketing efforts alone were outstanding. They did everything possible to make sure people were aware of the auction and the results are evident.”

Schlumberger auction through Marketplace-E

For specialized assets, where a consignor is looking for more control of the selling price and process, Ritchie Bros. offers their reserved Marketplace-E online solution. The company recently sold a selection of assets for Schlumberger through Marketplace-E. The assets were photographed, inspected (and backed by IronClad Assurance), and then listed on Marketplace-E, where it only took 60 days to sell US$2.5 million in assets. The assets were listed with Buy Now + Make Offer formats—the seller lists a price they would accept automatically (Buy Now) and interested sellers are also allowed to make open bids (Make Offer).

Scandrill auction through Kruse Energy

When Ritchie Bros. acquired IronPlanet in 2017 it also welcomed the Kruse Energy brand to the family. Kruse specializes in oil & gas-specific equipment auctions, selling large quantities of tubing, tools, drill rigs, and more. The most expensive drill rig sold in company history was a Loadcraft 2000 HP SCR, which sold for US$5.5 million.

“We’ve been buying and selling through Kruse Energy ever since they started,” said Scandrill, which consigned the Loadcraft drill rig. “They cover the energy space really well and have great international reach.”

138 pipelayers sold for US$45+ million in just two hours

Ritchie Bros. onsite unreserved auctions are well-known for their efficiency, and there’s no better example of that than their July 2019 pipeline event in Columbus, OH. More than 5,000 items were sold in the two-day auction, including 138 pipelayers that sold in just two hours for US45+ million.

"Bringing the global pipeline construction industry together and selling $45 million of pipelayers in just two hours, is quite the feat," said Jeff Jeter, President, Upstream & Emerging Businesses, Ritchie Bros. "Our events bring the equipment world together like no other. The auction may have been in Columbus—in fact, it was the site's largest auction ever—but the equipment came from 372 owners around the United States and sold to buyers all over the world."

Sales highlights in the two-day Columbus auction included 30 Caterpillar PL83 pipelayers that sold for a combined US$18.5+ million and 12 Caterpillar PL87 pipelayers that sold for a combined US$9 million—both models had never been sold at a Ritchie Bros. auction before—and 17 Caterpillar D8T dozers that sold for a combined US$4.9+ million. All items in the auction were sold without minimum bids or reserve prices.

Learn more about buying and selling oil & gas equipment with Ritchie Bros.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance(R) equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit www.RitchieBros.com