RigUp’s 2016 Year in Review

We started RigUp over two years ago to build the premier marketplace for oilfield services. Our product began as a mobile app for the field and has grown into the best-in-class procurement, compliance, and vendor management solution for the upstream industry.

We believe that through technology, E&P companies and service providers can connect and execute operations more efficiently and effectively. Proper stewardship means a safer environment and American energy independence. Over 150 E&Ps believe in our mission and goal and we are grateful for their support.

In 2017, we will continue to enhance our product offering to meet the needs of our users – some new features include streamlining the MSA process, eliminating the industry’s outdated “procure-to-pay” workflow, and ensuring 100% environmental and safety compliance across the service provider network. Clients have asked and we’ll continue to deliver. Look out for roll-outs of features that simplify the procurement of integrated services. We’re ready to show off our launch of bundled and packaged solutions utilizing various work scopes within a project.

It’s been a year of hard work for our team but the successes have been well worth it. Here are some highlights from the past year. We look forward to delivering you our very best in 2017 – stay tuned!

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Wall Street Journal      Bloomberg      Austin Business Journal      Redburn

Three Rivers Operating Company: Drilling Lean in the Permian with Volatile Commodity Prices

A case study on how RigUp helped streamline the bidding process to save considerable time and money.

In today’s environment of uncertain commodity prices, there remains a constant pressure to ensure operations remain on track, often by doing more with less. This case study is an example of how operators are changing their behavior in order to continue drilling lean in a volatile market.

In April of 2016, Three Rivers Operating Company (3ROC) leveraged the RigUp platform to revise an AFE. In next to no time their engineers were able to:

  • Build “Requests for Quotes” (RFQs) for key products and services within their drilling program.
  • Select qualified vendors from RigUp’s network of 10,000+ Service Companies (many of which were previously unknown to 3ROC, but experts in the Permian).
  • Distribute 8 unique requests to more than 60 vendors at the click of just a few buttons.

Pricing came back within a week and 3ROC were delighted with the results:

Drilling Lean

By marketing our drilling projects through the RigUp platform, Three Rivers was able to discover, investigate and ultimately contract a turnkey option at a significant discount to our daywork budget.Grant Sirgo – Drilling Engineer, Three Rivers Operating Company.

Cost Savings

  • 30% cost savings compared to a previous round of bidding of the exact same services, from just a month earlier.
  • Increased exposure to vendors; More Vendors = More Competition = Lower Prices
  • Almost 90% Execution Rate on pricing received.

Time Savings

  • Consolidated workflow; RigUp acts as a one-stop-shop for creating, compiling and tracking all requests in a single location.
  • All vendor communications are managed on the platform with no phone-tag or email correspondence to worry about.
  • All received pricing is consolidated in an “RFQ Report” to help you quickly analyze bids and take the hassle out of sifting through dozens of documents (potentially saving up to 6+ hours per RFQ).

Process Transparency

  • Real time AFE re-bidding; a must have in the current commodity market.
  • Unbiased, no nonsense, decision making. RigUp acts as the conduit between you and your vendors, effectively removing unnecessary communication from factoring into the decision making process.
  • All bids and communication is retained on the platform for audit purposes.

Looking to get fresh pricing for an upcoming job or program?

  • If you have an account already, click here to start bidding out work today.
  • Otherwise, we’d love to hear from you and help you start saving time and money. You can email us at support@rigup.com.