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Industry Glossary Term

Mutual Waiver of Consequential Damages

A contract clause where both parties agree not to sue each other for indirect losses like lost profits or project delays. For subcontractors, this limits your liability if your work causes a costly shutdown. It also protects you from outsized claims that far exceed your contract value.

Related Terms

Run Schedule

Industry

A timeline that outlines when specific tools, equipment, or crews are deployed downhole or on-site during an operation, dictating when a subcontractor's services are required and for how long. For field service companies, the run schedule directly determines mobilisation timing, crew rotations, and invoiceable hours on location.

ESP (Electric Submersible Pump)

Industry

A downhole pump system installed inside a wellbore to lift fluids to surface when natural reservoir pressure is insufficient. Subcontractors are commonly engaged for ESP installation, pulling, and maintenance work. Specialised lifting equipment and electrical certifications are typically required on these jobs.

Valve Leak

Industry

A valve leak occurs when a valve fails to fully seal, allowing unintended fluid or gas flow. For subcontractors, it often triggers emergency callouts, inspection holds, or scope additions. Document all findings carefully to support change order billing.

Deepwater

Industry

Refers to offshore oil and gas operations conducted in water depths exceeding 300 metres, where subcontractors and field service crews must hold specialised certifications, work within stricter regulatory frameworks, and often face extended mobilisation timelines and higher equipment day-rates.

Subsea Production System

Industry

A network of underwater equipment — including wellheads, manifolds, flowlines, and control systems — installed on the seabed to extract and transport oil or gas to a surface facility, representing a specialised scope of subsea installation, inspection, and maintenance work that subcontractors must hold specific certifications and equipment to perform. For field service companies, contracts in this space typically involve saturation diving support, remotely operated vehicle (ROV) operations, or subsea engineering services under strict offshore safety and quality regimes.

Tieback

Industry

A structural anchor or connection point used to secure equipment, pipelines, or wellheads back to an existing infrastructure system, commonly referenced in subcontractor scopes of work when connecting new installations to live or existing lines. Subcontractors should confirm tieback specifications and isolation procedures clearly in their contracts, as this work often involves elevated risk and may require additional certifications or permits.

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