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:
“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.
- 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.
- 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).
- 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?