I put a drilling rig in a place similar to what 5cm/s suggested.My town has kind of a desert theme so I put the rig in an open space that has no buildings around.It's certainly not a great looking PWP but it looks alright when it's off on its own and not near any of the nicer looking PWPs or houses.Now I just have to get my koalas some hardhats and work clothes.
Put it on a WIP area that has lots of space. I mean if you end up not liking the idea, it would still have a purpose like you built one because that area is still under construction XD
You can also pair it with PWPs like the pile of pipes thing, a caution sign or do not enter, or even a video screen (I don't know how modern your town is) sort of broadcasting what the site will become in the future post-construction. This even gives you some space to actually CREATE the under-construction project if you want to roleplay a bit.
It's really cool that you're planning on using this pwp! I've never seen it in a town before. My first thought was that you should build it near some tree stumps, or even some dead trees.