A ring derrick includes a carriage which moves on a fixed circular track around a stationary counterweight. A tension and compression column assembled from transportable tubular segments is affixed to the counterweight by a universal swivel joint. The back mast of the derrick is secured at its upper end to the tension column, while the main boom of the derrick extends radially away from the tension column. The main boom and back mast are hinged directly together at the carriage by massive hinge pins which pass through spherical bearings mounted on the carriage. The carriage's suspension distributes the load from the boom and mast to an array of trucks and has an automatic stabilizing system that compensates for uneven track.