In July 2016, RigUp introduced the option for E&P’s signed on to the platform to place Open Market Bids. Every time an Open Market Bid is created, the bid is posted automatically to Service Companies’ dashboards. An email is also sent out weekly to the user base that the bid applies to, inviting them to bid on the work.
For the first time ever, Service Companies can search for new jobs in real time and bid on work for Operators they may have never previously had access to. RigUp listened to what Service Companies had been asking for, and we took their feedback seriously. We are always aiming to provide the highest level of service and ease of use to our users.
“When we added Open Market Bids to our online marketplace, we thought it would gain traction quickly with both E&P’s and Service Companies. The feature not only adds another layer of connection to the bidding process, but is an obvious positive for Service Companies because they can now bid on and win more jobs than ever before.” –Tyler Myracle, Director of Product, RigUp
Jones Energy quickly took advantage of this new feature and put out an RFQ for Plugging and Abandonments in the Panhandle / Oklahoma region. Through Open Market Bidding, they received pricing from nine vendors. The McDaniel Company was one of the companies awarded, and neither party had worked with one another previously. Through RigUp and Open Market Bids, service providers can find new clients and develop new relationships.
According to Jones Energy, an E&P company in the U.S. Mid-Continent, their approach to doing business is “traditional and strategic, and their methodology is contemporary and forward-thinking. They are never afraid to look at things different and try new ideas.”
RigUp was ultimately an obvious win-win solution for both Jones Energy and The McDaniel Company.
“We awarded work to two companies and one of them was The McDaniel Company, a completely new vendor for us. Austin McDaniel was incredibly thorough with his quotes and is great at follow-ups.”
Jennifer added, “It’s nice to have more than one dependable company to work with on these projects, and using RigUp helped us find The McDaniel Company.”
In a much similar scenario, The McDaniel Company has been using RigUp for about six months now, and one of the first projects they were awarded through the platform was the opportunity to work for Jones Energy.
The McDaniel Company serves over 150 clients ranging from small independents to many major oil & gas companies. Operators across a six state territory, including Texas, New Mexico, Oklahoma, and Louisiana, utilize McDaniel’s P&A services. The McDaniel Company is also active in the Oil County Tubular Goods (OCTG) distribution & sales business specializing in used reconditioned & inspected tubulars.
“Why are we in the business? To save our clients time, money and provide them with the assurance that any job which we perform will be carried out in a reliable, safe and hardworking manner,” says Austin McDaniel.
In just a few short months, open market bidding has become a go-to for many Operators when placing bids, and Service Companies have been quick to react and adopt the feature. The Open Market Bid stats speak for themselves.
Are you an E&P Company? Start utilizing Open Market Bidding on RigUp today. Click HERE to log-in.
Some of the quickest and easiest products to bid out include casing, tubing, and plug and abandonments. If you need help, contact us, and we’ll get you in touch with one of our Petroleum Engineers.
Are you a Service Company? Visit your RigUp dashboard to find new jobs that have been posted to the Open Market. Click HERE to log-in.
Questions? Call us at 512-501-5452 or email us at firstname.lastname@example.org.
The EnerCom Oil & Gas Conference® offers investment professionals the opportunity to listen to the world’s key senior management present their growth plans and provide industry professionals a venue to learn about important energy topics effecting the global oil and gas industry. Enterprise Values of the 2016 presenters ranged from approximately $9 million to $150 billion.
Our CEO and Co-Founder, Xuan Yong presented at this conference held in August 2016 in Denver, Colorado.
Xuan tells the story of who and what RigUp is, our mission, and how we’re dramatically changing the way the oil and gas industry does business.
RigUp is focused on the upstream industry, including drilling, procurement, completions, and production operations. We currently have over 12,000 service companies and more than 150 E&P’s signed on to the RigUp platform, and those numbers are continuing to grow.
Visit rigup.com to learn more.
American Resource Development, LLC (Ameredev) is an Austin based E&P company focused on the Permian Basin. Ameredev has successfully leveraged RigUp’s Subcontracting Program as a solution to help build out their oilfield crew to work on drilling, completions and production activities, which include Mud Engineers and Lease Operators.
Ameredev was able to get up and running with the RigUp Subcontracting Program in next to no time, onboarding 17 new contractors in less than a week, with each individual screened and ready to go in 24 hours.
Zach Boyd, Operations Superintendent at Ameredev provided some feedback on his recent experience with RigUp. He explained, “It’s a very simple process onboarding the Contract Personnel.”
Based on a company’s requirements, RigUp can perform background and reference checks, drug and alcohol screenings and the validation of training requirements to meet an organization’s standards. Once complete, contractors are ready to step foot on location and get to work.
Zach added, “RigUp allows ease of operations to assign work and is prompt and straightforward with invoicing.”
In addition to a seamless onboarding process, RigUp offers payroll administration for its subcontractors, including an easy way to log hours online. RigUp’s professional support team is always on-hand to assist both operators and contractors with any industry related challenges.
“The contractors have all been exceptionally pleased to be under the RigUp subcontracting umbrella. I have had very good feedback from the field,” says Zach Boyd.
The high level of satisfaction reported by RigUp’s subcontractors directly correlates to the benefits RigUp provides. By offering the best rates in the industry (substantially less than the standard of 15-20%), contractors take home more of their hard-earned money and receive it on-time, every two weeks. Since signing up to the RigUp program, the independent contractors performing work for Ameredev have realized a combined increase of more than 10% in their net earnings.
Start leveraging RigUp’s subcontracting solutions for contingent labor today. Whether you’re a an Operator looking to build a team for your next project or an Independent Contractor looking for more work and more money, get in touch with us.