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§1101. Guidelines for Ascertaining the Fair Market Value of Drilling Rigs and
Related Equipment
A. General - The standard for valuation of drilling rigs and related equipment is
fair market value. Assessors are to valuate and assess each drilling rig individually with
the appropriate allowance provided for depreciation and obsolescence where necessary.
The recommended procedures for discovery and valuation of drilling rigs follow.
C. Valuation - The valuation standard for drilling rigs and related equipment is
fair market value. Fair market value for drilling rigs and related equipment, when using the
cost approach, is to be achieved through use of the information provided the assessor on
LAT Form 13. The assessor shall take the depth of operating capability or engine rated
horsepower and apply the appropriate assessment of the drilling rig as presented in Table
1103.A, 1103.B, 1103.C or 1103.D, as appropriate.
DR - 1 (1998)
§1103. Drilling Rigs and Related Equipment Tables
TABLE 1103.A
LAND RIGS
DR - 2 (2010)
DEPTH 16,000 TO 20,000 FEET
Barges (Hull)
Assess Barges (Hull) at 25 percent of the assessment for the rig value bracket,
and add this to the proper rig assessment to arrive at total for barge and its drilling rig.
DR - 3 (2010)
TABLE 1103.B
JACK-UPS
WATER DEPTH FAIR MARKET
TYPE RATING VALUE ASSESSMENT
TABLE 1103.C
SEMISUBMERSIBLE RIGS
WATER DEPTH RATING FAIR MARKET VALUE ASSESSMENT
$ $
DR - 4 (2009)
1. The fair market values and assessed values indicated by the tables
above for drilling rigs are based on the current market (sales) appraisal approach and
not the cost approach.
DR - 5 (2010)
TABLE 1103.D
WELL SERVICE RIGS
LAND ONLY (GOOD CONDITION)
Fair Market
Class Mast Engine Value Assessment
DR - 6 (2010)
1. The RCNLD values given in the table above for service rigs have
been determined with 60% default depreciation rate. The HADCO data for RCN of
service rigs does not contain a stated condition (excellent, good, fair, etc.) similar to
drilling rigs.
E. Consideration of Obsolescence
DR - 7 (2010)