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Industry Glossary Term

Permanent Magnets

Fixed magnets that retain their magnetic field without external power, used in motors, sensors, and lifting equipment on job sites. Subcontractors handling this equipment must follow strict handling and storage protocols to prevent injury or tool damage. They are common in downhole tools, generators, and magnetic lifting devices.

Related Terms

Substrate

Industry

The base material or surface that a coating, lining, or treatment is applied to, such as steel pipe, concrete, or wood. Subcontractors must assess substrate condition before starting surface prep or application work. Poor substrate quality can affect adhesion, warranty, and job acceptance.

Frac Sand Hauling

Industry

The trucking of proppant (silica sand) from storage terminals to active frac sites. Subcontractors operate on tight dispatch schedules to maintain continuous sand supply during pumping operations. Contracts often include standby rates for wait time at the wellsite.

Processing Capacity

Industry

The maximum volume of oil, gas, or fluids a facility can handle within a given timeframe. For subcontractors, it determines the pace and scale of your scope of work on site. Exceeding this limit causes bottlenecks that can delay schedules and trigger penalties.

GWD (Getting Work Done)

Industry

A safety and compliance management system used by some operators to pre-qualify and manage contractors working on their sites.

Miocene Formation

Industry

A geological layer dating from roughly 5 to 23 million years ago, often targeted for oil and gas production. Subcontractors may encounter specific drilling, completion, or well-servicing scopes tied to Miocene reservoirs. Formation characteristics influence equipment selection, mud programmes, and crew specialisation requirements.

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.

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