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IndustryGlossary Term

Bonus Bid

A lump-sum payment made by an operator to secure rights to a lease block, separate from royalties. For subcontractors, a large bonus bid signals operator commitment and can indicate upcoming project activity in that area.

Related Terms

Crane Rail System

Industry

A fixed track infrastructure that guides overhead or gantry cranes along a defined path on a job site. Subcontractors must account for rail clearances and load capacities when planning lifts or staging equipment nearby. Damage to rails can trigger costly delays and liability claims.

Conduit Installation

Industry

The process of routing and securing protective tubing or piping to house electrical wiring on job sites. Subcontractors are typically scoped for this work during facility builds, plant turnarounds, or infrastructure upgrades. Accurate material take-offs and labour estimates are critical to pricing this work profitably.

Marine Infrastructure

Industry

Offshore and coastal structures such as platforms, jetties, pipelines, and subsea systems where field work is performed. Subcontractors must hold marine-specific certifications and follow offshore safety protocols. Mobilisation costs and logistics are typically higher than onshore projects.

Mmbbl (million Barrels)

Industry

A unit measuring crude oil volume, where one MMbbl equals one million barrels. Operators use MMbbl figures to size projects and forecast work scopes. Higher MMbbl targets typically mean longer contracts and more field service opportunities.

Rig Release

Industry

The formal point when a drilling rig is demobilised and the operator ends the rig contract. For subcontractors, it signals the close of associated scopes of work and triggers final invoicing. Crew demob, equipment retrieval, and close-out documentation should begin immediately.

Production Shut-in

Industry

A temporary halt to oil or gas production at a well or facility, ordered by the operator. For subcontractors, this often means suspended work orders and delayed revenue until operations resume. Standby rates and demobilisation terms in your contract become critical during a shut-in.

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