Double H Oil Tools, Inc. | Application Preview
Double H Oil Tools, Inc. is seeking government grants to navigate current financial challenges and maintain operations amid a lack of work. The funding will primarily support the company’s survival, improve the condition of their drilling rig, and prepare for future project bidding, which may require them to accept lower costs initially. Their main funding preference is a grant, but they are open to loans and potential outside investors.
The company's business plan prioritizes survival, with two operational rigs and the possibility of expanding as demand increases. The oil and gas industry experiences significant fluctuations, and the owner aims to anticipate and adapt to these changes effectively.
Double H Oil Tools believes it deserves funding due to its strong management, ability to respond to industry changes, and readiness to repay any loans with interest once operations stabilize. They face competition from companies like Holman Well Service, Weatherford, S & J Well Service, and King Well Service. However, their competitive edge lies in being an independently owned entity that can manage costs closely, coupled with the owner’s extensive experience and the skillset of their workforce.
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General Information
Business Registration Number: 12705249071
Location: Salinas, CA, United States
Length of Operation: Eleven -- Incorporat
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
At this moment in time, we are current on each of our financial obligations. However, without work, the company has no revenue stream with which to meet its pending obligations. First, the funds will be used to survive. Second, a small portion of the funds will be used to bring the rig into top shape. And last, as we reenter the field, we may be required to bid on projects at below our fully recoverable cost, requiring the need to supplement this fresh start, which is critical to creating immediate work and supplemental demand, ensuring long term success. In terms of funding, our immediate preference is a grant. Second, we will consider a loan. Also and the potential of an outside investor.
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Business Plan
First is survival. Second, our operation is comprised of two fully functioning rigs. With additional demand, we'll have the ability to add units to the operations. Our industry is plagued with tremendous peaks and valleys -- My goal is to read the critical signs and be better prepared for each of those future events. First, we are a small tight, well managed and operated business. Administratively, we know our numbers and can react to rapid changes within our industry and company. Second, as this temporary situation passes, and the nation returns to work, we will be fully prepared to not only return an investor's loan, but with a fair rate of interest as well.
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Self Identified Competition
Holman Well service Weatherford S & J Well Service King well Service As an independently owned & operated company, we can directly influence both our direct and indirect cost. Second, I've been in this industry for thirty years, the last eleven as an owner. I have succeeded in an extremely competitive business. Our key workers are quality men, with great skills and experience, a definite plus in our favor.
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Contact Applicant
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