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With offshore drilling rigs renting for as much as $500,000 per day, drilling for offshore oil is an incredibly expensive process in which time saved directly equals money savings. Drilling must regularly be stopped in order to replace the worn drill inserts (bits). Therefore, having longer-lasting inserts can quickly improve efficiency and reduce rig down time while saving substantial sums of money. With the current rush to drill more oil wells, it is easy to understand why the oil exploration business necessitates drill inserts with increased durability and toughness.
To increase performance under the harshest conditions, drill insert manufacturers are coating their products with sintered synthetic diamond coatings. The extreme hardness, wear resistance, and thermal conductivity make sintered diamond an ideal coating material for drill inserts.