Water Well Drilling Equipment Auction Draws International Bidders

FOR IMMEDIATE RELEASE
North Smithfield, RI  May 10, 2006

Over 500 registered on site bidders along with 27 on-line bidders gathered to bid for one of New England’s largest water well drilling outfits May 10 in North Smithfield RI. A&W Drilling and associated companies, A&W Vermont, Baker Well, B.C Well, Flemming Well were put up for auction by Salvadore Auctions & Appraisals, Inc. of Warwick RI. A&W and related companies had filed for state receivership early in December 2005 according to Michael A. Salvadore Jr., GPPA, President of Salvadore Auctions & Appraisals, Inc. “We had to retrieve assets and rolling stock from all six New England states as well as upstate New York in the dead of winter” says Salvadore. “A&W had drill rigs, tender trucks, tri-cone bits, compressors, pick up trucks, trailers, welders, everything in each location and as those who came to the auction experienced first hand, the rigs and assets filled almost 4 acres of land to the brim! The bidding was up close, personal and at times, heated. There were so many bidders we had to rent a mill for parking and bus them in! It took the entire North Smithfield Police Department to control the traffic and crowd!”

Salvadore Auctions & Appraisals, Inc. was selected to conduct and market the auction by the court appointed permanent receiver, attorney Joseph M. DiOrio or Providence. DiOrio selected Salvadore on the strengths of the firms domestic and international marketing capabilities as well as the firm’s knowledge of water well drill rig and construction equipment and their ability to execute a large multi-faceted auction with on site and on-line bidding. (Salvadore previously auctioned off the well known Guild Drilling Company in late 2004, an auction that drew  strong overseas bidder interest.)

Bidders came from 32 states and 11 countries, including Pakistan, Mexico, England, Dominican Republic, Argentina, New Zealand, Guatemala, Chad, Nigeria and Ireland. Online bidders were registered from New Zealand, Mexico, Costa Rica, South Africa, England as well as 10 states.

The auction, which had over 860 lots, was held at the Rhode Island facility of A&W Drilling. Salvadore reports that “disappointingly, we had to pass on two lots in the auction, but we sold the other 858 lots! I wanted to sell every one!” According to Salvadore, this was the largest single offering of late model rotary water well drilling equipment in New England. “Some rigs were only two or three years old, some were six years old, but all the equipment was in good condition and drew huge interest. The seven Driltech’s and one Ingersoll-Rand Drill Rigs brought big numbers, all going close to three hundred thousand each.”

Rigs went to New Zealand (internet bid), Canada, Mexico (internet bid) as well as Maryland, New York, Connecticut, Kentucky (internet bid). One rig was bought for trans-shipment to the far-east over the internet. “We had bids on the internet for every rig, every rig tender, every cable tool rig, every Smeal Rig, pumps, pump pullers, data loggers, drill bits, internet bidders stayed right to the end of the auction, which was about 8 PM that evening. It was a rainy day and the crowd hung around through the dreary day right to the very end and I thank them all for that” Salvadore reports. Salvadore says that four days after the auction the yard was empty and the company’s assets have been scattered around the world.