FieldNews
Subscribe
Industry Glossary Term

Turnkey

A contract where the subcontractor delivers a fully completed scope for a fixed price, assuming all cost and schedule risk. The client pays only upon project completion, not for time or materials spent. This model demands tight cost control, as overruns come directly out of your margin.

Related Terms

Guidance Engineer

Industry

A specialist who oversees directional drilling operations, ensuring wellbores are steered accurately to target zones. Subcontractors often supply these roles to operators on a contract basis. They work closely with MWD (Measurement While Drilling) technicians on site.

WCS (Western Canadian Select)

Industry

WCS is the benchmark price for Alberta heavy oil blends sold at Hardisty, Alberta. When WCS prices drop, upstream operators cut budgets, directly reducing subcontractor work volumes and day rates. Monitoring WCS helps field service companies anticipate slowdowns and plan workforce levels accordingly.

Closed-Loop Cooling

Industry

A system that recirculates coolant through equipment without discharging it to the environment. Subcontractors must maintain leak-free connections and monitor fluid levels during installation and servicing. Improper handling can trigger environmental compliance violations on site.

Frac Water Management

Industry

The handling, hauling, storage, and disposal of water used in hydraulic fracturing operations. Subcontractors often provide vacuum trucks, fluid hauling, and pit liner services across these stages. Proper documentation and disposal compliance are required to avoid liability on-site.

CIP (Capital Improvement Program)

Industry

A planned cycle of major infrastructure upgrades or expansions at a facility, often releasing large volumes of subcontract work. For field service companies, CIPs signal sustained project pipelines worth pursuing long-term agreements for. Monitoring client CIP schedules helps subcontractors forecast workload and mobilise crews strategically.

Support Activities for Oil and Gas Operations

Industry

An industry classification covering subcontractors who provide services to upstream oil and gas producers without extracting resources themselves. This includes well servicing, site prep, equipment rental, and pipeline support. Most field service companies in oil and gas fall under this category for tax and regulatory purposes.

Stay sharp on field operations

Industry news and insights, delivered to your inbox.

Subscribe to FieldNews
A community project by Aimsio