LAC 61:V.1103. Drilling Rigs and Related Equipment Tables

A. Land Rigs Table 1103.A Land Rigs Depth "0" to 7,000 Feet Depth (Ft.) | Fair Market Value | Assessment $ 3,000 | 221,100 | 33,200 4,000 | 271,300 | 40,700 5,000 | 279,900 | 42,000 6,000 | 305,400 | 45,800 7,000 | 385,200 | 57,800 th 8,000 to 10,000 Feet Depth (Ft.) | Fair Market Value | Assessment $ 8,000 | 537,900 | 80,700 9,000 | 766,800 | 115,000 10,000 | 1,062,900 | 159,400 Depth 11,000 to 15,000 Feet Depth (Ft.) | Fair Market Value | Assessment $ 11,000 | 1,408,000 | 211,200 12,000 | 1,778,000 | 266,700 13,000 | 2,145,600 | 321,800 14,000 | 2,484,000 | 372,600 15,000 | 2,769,200 | 415,400 Depth 16,000 to 20,000 Feet Depth (Ft.) | Fair Market Value | Assessment $ 16,000 | 2,984,100 | 447,600 17,000 | 3,120,700 | 468,100 18,000 | 3,183,700 | 477,600 19,000 | 3,193,500 | 479,000 20,000 | 3,189,400 | 478,400 Depth 21,000 + Feet Depth (Ft.) | Fair Market Value | Assessment $ 21,000 | 3,232,600 | 484,900 25,000 + | 3,306,800 | 496,000 1. 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. 2. Living quarters are to be assessed on an individual basis. B. Jack-Ups Table 1103.B Jack-Ups Type | Water Depth Rating | Fair Market Value | Assessment IC | 0-199 FT. | $ 71,500,000 | $ 10,725,000 200-299 FT. | 142,600,000 | 21,390,000 300 FT. and Deeper | 285,100,000 | 42,765,000 IS | 0-199 FT. | 21,400,000 | 3,210,000 200-299 FT. | 35,600,000 | 5,340,000 300 FT. and Deeper | 42,900,000 | 6,435,000 MC | 0-199 FT | 7,100,000 | 1,065,000 200-299 FT. | 14,300,000 | 2,145,000 300 FT. and Deeper | 57,100,000 | 8,565,000 MS | 0-249 FT. | 14,900,000 | 2,235,000 250 FT. and Deeper | 29,500,000 | 4,425,000 IC - Independent Leg Cantilever IS - Independent Leg Slot MC - Mat Cantilever MS - Mat Slot C. Semisubmersible Rigs Table 1103.C Semisubmersible Rigs Water Depth Rating | Fair Market Value | Assessment $ 0- 800 FT. | 65,200,000 | 9,780,000 801-1,800 FT. | 116,800,000 | 17,520,000 1,801-2,500 FT. | 214,100,000 | 32,115,000 2,501FT. and Deeper | 671,800,000 | 100,770,000 NOTE: The fair market values and assessed values indicated by these tables are based on the current market (sales) appraisal approach and not the cost approach. 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. 2. These tables assume complete rigs in good condition. If it is documented to the assessor that any drilling rig is incomplete or is in less than good condition, these amounts should be adjusted. 3. Significant variations from the "Good" condition are possible and must be considered when the drilling rig is valued. These variations in condition are acknowledged by HADCO in the newsletter pricing. Conditions from "poor" to "excellent" are priced for all depth ratings. If adjustments are needed, the most recent HADCO newsletter shall be used to determine the proper adjusted condition. a. Significant factors that would downgrade the condition can be identified by: i. a detailed estimate and description of substantial capital repairs needed on the rig and/or rig data sheet verifying the rig is of outdated technology (mechanical rig or the like). b. Significant factors that would UPGRADE the condition can be identified by: i. a rig manufactured date on the LAT form of less than three years. D. Well Service Rigs Land Only Table 1103.D Well Service Rigs Land Only Class | Mast | Engine | Fair Market Value (RCNLD) | Assessment I | 71’ X 125M# 71’ X 150M# 72’ X 125M# 72’ X 150M# 75’ X 150M# | C-7 50 SERIES 6V71 | 95,000 | 14,300 II | 96’ X 150M# 96’ X 180M# 96’ X 185M# 96’ X 200M# 96’ X 205M# 96’ X 210M# 96’ X 212M# 96’ X 215M# | C-11 50 SERIES 8V71 | 135,000 | 20,300 III | 96’ X 240M# 96’ X 250M# 96’ X 260M# 102’ X 215M# | C-11 50 SERIES 8V92 | 170,000 | 25,500 IV | 102’ X 224M# 102’ X 250M# 103’ X 225M# 103’ X 250M# 104’ X 250M# 105’ X 225M# 105’ X 250M# | C-15/C-13 60 SERIES 12V71 | 200,000 | 30,000 V | 105’ X 280M# 106’ X 250M# 108’ X 250M# 108’ X 260M# 108’ X 268M# 108’ X 270M# 108’ X 300M# | C-15/C-13 60 SERIES 12V71 12V92 | 230,000 | 34,500 VI | 110’ X 250M# 110’ X 275M# 112’ X 300M# 112’ X 350M# | C-15 60 SERIES 12V71 (2) 8V92 | 265,000 | 39,800 VII | 117’ X 350M# | (2) C-18 (2) 60 SERIES (2) 8V92 (2) 12V71 | 310,000 | 46,500 1. The RCNLD values given in the table above for service rigs have been determined with 60 percent 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 1. Functional and/or economic obsolescence is a loss in value of personal property above and beyond physical deterioration. Functional and/or economic obsolescence shall be considered in the analysis of fair market value as substantiated by the taxpayer in writing. Consistent with Louisiana R.S. 47:1957, the assessor may request additional documentation.