Drill floor mountable automated pipe racking system

The present invention relates to an apparatus and method for use in subterranean exploration, and provides a rapid rig-up and rig-down pipe racking system that is capable of being retrofit to an existing drilling rig. In particular, the invention relates to a pipe drill floor mounted pipe racking system that is capable of controlled movement of pipe in three dimensions, and most importantly, capable of rapid and precise movement of multiple connected sections of pipe. The invention is capable of moving stands of connected pipe from a racked position on the drill floor to an accurate stabbing position directly above a drill string component held in a rotary table.