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IndustryGlossary Term

Earn-In Agreement

A deal where a subcontractor gains equity or a stake in a project by completing defined work or spending milestones. Common in junior oil and gas ventures where cash is tight. Your services effectively buy you into the asset rather than just earning a fee.

Related Terms

Battery Storage

Industry

Systems that store electrical energy on-site for use during peak demand or grid outages. Subcontractors increasingly deploy these on remote job sites to reduce generator fuel costs. They also support electrified equipment fleets and temporary power setups.

Oil Rigs

Industry

Structures used to drill for oil and gas, either onshore or offshore. For subcontractors, they are primary worksites where specialised services like maintenance, inspection, and equipment supply are contracted. Mobilisation requirements, safety certifications, and site access protocols vary significantly between rig types.

Grid-Tie

Industry

A system that connects on-site power generation to the utility grid. Subcontractors working on grid-tie installations must coordinate with utility companies and meet strict interconnection standards. Common on solar and wind projects in remote industrial or construction settings.

Legacy Well

Industry

An older well built to outdated standards that may require specialised remediation, abandonment, or workover services. Subcontractors should expect non-standard equipment configurations and additional compliance requirements. Scope creep and unforeseen costs are common on legacy well projects.

SPR (Strategic Petroleum Reserve)

Industry

A government-held emergency stockpile of crude oil that, when released or replenished, can trigger short-term surges in drilling, transportation, and maintenance contracts as operators respond to shifting supply directives. Field service companies should monitor SPR activity as an indicator of near-term work mobilisation and pricing conditions in their region.

TVD (True Vertical Depth)

Industry

The straight-line vertical distance from surface to a specific point in a wellbore, regardless of how the well is drilled — subcontractors working on directional or horizontal wells need to reference TVD (not measured depth) when scoping equipment reach, calculating hydrostatic pressures, or verifying work zone depths on service orders.

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