Ritchie Bros. has a long history of serving the oil and gas industry, with its first energy auctions conducted in the 1960s.
For the last several years, some of the company's oil and gas equipment auctions have been held under the Kruse Energy brand, with online bidding available through IronPlanet.com. Going forward, all oil and gas customers will be helped by the Ritchie Bros. Energy team, with access to Ritchie Bros.' complete suite of transaction solutions, services, and insights — meaning more options for sellers and more selection for buyers.
"Oil and gas companies want the same level of choice as any other consignor," said Ann Fandozzi, chief executive officer, Ritchie Bros.
"With Kruse we offered a one-size-fits-all solution. With Ritchie Bros. Energy we can offer unreserved auctions, weekly featured online events, a daily reserved marketplace for premium assets and a listing service. We can also offer oil and gas customers a variety of value-added services and data solutions, along with access to unmatched global reach and buyer demand."
Ritchie Bros.' final Kruse Energy auction attracted approximately 3,500 bidders. The first Ritchie Bros. Energy event will be held in September in conjunction with Ritchie Bros.' Fort Worth, Texas, auction, which typically attracts more than 12,000 bidders from 60-plus countries.
"This is all about providing more options for our sellers and selection for buyers," said Kelly Kittson, Ritchie Bros.' director, strategic accounts, and leader of the Ritchie Bros. Energy team. "For our buyers, we will be leveraging teams globally to find more supply. For sellers, our Fort Worth 'Energy Days' will attract more bidders than we ever could with the Kruse Energy brand, driving stronger prices for your used equipment and surplus assets."
There will be five Fort Worth, Texas, Energy Day events held annually. Bidding will be available online in real time at rbauction.com and via Ritchie Bros. mobile application, which wasn't available at Kruse events. To consign equipment to the September Ritchie Bros. Energy event in Fort Worth, call 866/382-1614.
"We've recently seen a dramatic price increase for drill pipe — up approximately 20 to 30 percent in the last quarter. We've also seen an uptick in demand for drilling rigs," added Kittson. "Please contact us today so we can start marketing your equipment to the world."
For more information, visit RitchieBros.com.
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