Drilling Equipment Financing

Finance land drilling and workover rigs with structures designed for the commodity cycle — utilization-based schedules and stacking provisions. Representative example: a $2,500,000 drilling rig runs about $47,500/month.*

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The Drilling rig Reality

Every drilling asset is bought in a good market and has to survive at least one bad one. The term runs for years and the commodity cycle doesn't respect it, so the only structure worth signing is one designed with a downturn already in it — room to reduce while a rig is stacked, a term that doesn't outlive the contract supporting it, or a schedule tied to utilization rather than to the calendar. That conversation belongs at signing, when there are options, rather than eighteen months later when there are none.

Built for This Asset

Structures priced by people who know what a drilling rig earns and how it holds value — not a generic credit box.

Energy Expertise

Part of our Energy vertical: payment structures matched to how this industry's revenue actually arrives.

Backed by $1B

A $1B forward flow agreement with TPG gives Elevex institutional capital strength with entrepreneurial speed.

What We Finance

Land drilling and workover rigs
Top drives, mud pumps, and drawworks
Pressure control and BOP equipment
Wellsite units, tanks, and support equipment
Rig moves, refurbishment, and recertification
Used and stacked rigs valued on condition and records

Payment Structures

The differentiation: four ways to own the same equipment, engineered to your cash flow. Compare them side by side on our structures page.

Operating Lease

Off-balance-sheet treatment with end-of-term flexibility — return, renew, or purchase. Often the right answer when technology cycles or accounting outcomes drive the decision.

$1 Buyout Lease

Own the equipment for one dollar at term end. Fixed payments, full Section 179 eligibility, and a clean path to ownership.

Seasonal & Step Payments

Payments that follow your revenue curve — lighter in slow months, heavier in peak season, or stepping up as new equipment ramps to full production.

Usage-Based & As-a-Service

Payments tied to hours, output, or consumption. The category Elevex is defining: pay for what equipment achieves, not what it costs.

Learn more about financing structures

How It Works

Three steps from quote to funded.

1 · Apply in Minutes

Application-only to $1,000,000 — no tax returns or financials below that threshold. Have your equipment quote, auction listing, or build spec ready.

2 · Structure Together

A finance professional (not a portal) walks the structure options — term, seasonality, end-of-term — and prices the deal to your cash flow.

3 · Fund in 24–48 Hours

Most transactions fund within 24–48 hours of signed documents. Your vendor gets paid; you get to work.

Common Questions

How does a commodity downturn factor into a rig's structure?

It has to be in the structure from the start. Utilization-based and seasonal schedules exist for assets whose work stops and restarts with a price, and what's available mid-term is always narrower than what could have been discussed at signing. The useful question up front is what a realistic down cycle looks like for your operation. See usage-based structures.

How is a stacked or refurbished rig valued?

On condition, recertification status, and documentation rather than on idle time alone. A rig that was cold-stacked properly and has current certifications is a materially different asset from one that sat in a yard without a program, and the records are what separate them.

Can I finance a used drilling rig?

Yes — used drilling rig financing is standard business, whether the unit comes from a dealer, an auction, or a private seller. We value working assets on condition and remaining service life, not a blanket age cutoff, and set terms the equipment can actually support.

Does a drilling rig qualify for Section 179?

Most business-use equipment placed in service this tax year qualifies for Section 179 expensing, financed or purchased outright — often meaning the first-year deduction outruns your first-year payments. Run your numbers on our Section 179 calculator and confirm specifics with your tax advisor.

How fast can drilling equipment financing close?

Application-only decisions to $1,000,000 come back in minutes for qualified credits, and most deals fund within 24–48 hours of signed documents. Apply online with your quote to start.

Ready to finance your drilling rig?

Payments built on outcomes, from the team that knows your industry. Equipment sellers: offer financing at the point of sale with CapVex.

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