.

This study focuses on the cost estimation of maintenance of borehole drilling
equipment in five companies which comprise of four private ones and a public one in Akure
metropolis. The objectives of the study were to estimate the maintenance and schedule of borehole
drilling equipment, appraisal of the costs involved in the maintenance of borehole drilling equipment
and identifying the doing benefits and constraints attached to regular maintenance of borehole
drilling equipment. Data were collected using a well-structured questionnaire, were organized and
analyzed using descriptive statistics, as well as the software package, SPSS (Statistical Package
for the Social Sciences). From the study, it was deduced that the cost of repair and maintenance of
borehole drilling equipment is enormous when total or complete breakdown is allowed to occur
which could increase wear and tear in equipment. Also, it was observed that preventive maintenance
does not only reduce cost but it also ensures that equipment continue running at their peak
efficiency or performance. The study also showed that for private companies, the annual mean cost
of maintenance of compressor is N165,000; and trucks is N50,438 while for public company the
annual mean cost for maintaining drilling rigs is N182,000; electrical components is N50,500;
compressor is N202,500; and trucks is N75,500 which implies that there was no significant (p =
0.204) difference between the annual mean cost of maintenance of drilling equipment by both
private and public companies at 5% level of significance. To control these costs, borehole drilling
companies should center efforts on areas such as optimizing scheduled maintenance operations,
deferring unnecessary main tenance, reducing maintenance manpower, controlling inventories of
spare parts more effectively, giving adequate training of their personnel and using self-maintenance
personnel.
Keywords: Borehole drilling equipment, Cost of repair, Preventive maintenance, Breakdown
maintenance, Wear, Tear