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.
Turnkey
Related Terms
Guidance Engineer
IndustryA 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)
IndustryWCS 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
IndustryA 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
IndustryThe 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)
IndustryA 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
IndustryAn 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.
Latest Industry News
Bechtel Wins EPC Contract for Sabine Pass LNG Train 7 Expansion
Cheniere Energy Partners has executed a lump-sum turnkey EPC contract with Bechtel for Phase 1 of the Sabine Pass LNG Expansion Project, adding a new liquefaction train in Cameron Parish, Louisiana.
17 days ago IndustryFlatland Energy Services Wins $75.5M HDD Contract for Navajo-Gallup Water Supply Pipeline
The Bureau of Reclamation awarded a $75.5 million horizontal directional drilling contract to Flatland Energy Services LLC for the most complex crossings yet on the 300-mile Navajo-Gallup Water Supply Project in northwest New Mexico.
21 hours ago IndustryNiagara Region Awards $6.78M Contract to Replace 59-Year-Old J.R. Stork Bridge in St. Catharines
Niagara Region has awarded a $6.78 million contract to replace the aging J.R. Stork Bridge on Martindale Road in St. Catharines, Ontario, with construction running through December 2026.
21 hours ago IndustryNuclear's Global Revival Is Opening New Heavy Industrial Work for Field Services
Nuclear power is gaining momentum worldwide as part of an "all of the above" energy security strategy, and the construction and maintenance work that follows could mean significant new opportunities for specialized field service firms.
21 hours agoRelated Guides
How Operator Mergers and Acquisitions Affect Your Subcontract Agreements
When operators merge, get acquired, or sell assets, subcontractor agreements are caught in the middle. Learn how M&A activity affects your MSA, payment terms, vendor status, and what to do before, during, and after a deal closes.
Industry GuideHow Rig Count Trends Affect Subcontractor Demand and What to Do About It
Rig counts are the earliest signal of where field service work is heading. Learn how to read drilling activity trends, anticipate demand shifts, and position your crew before the phone stops ringing.
Industry GuideWhat Is an AFE in Oil and Gas and How Does It Affect Subcontractor Payments?
An AFE (Authorization for Expenditure) controls every dollar spent on an oilfield project. Learn how it affects your billing, change orders, and cash flow as a subcontractor.
Stay sharp on field operations
Industry news and insights, delivered to your inbox.
Subscribe to FieldNews