Without clear ways to standardize your RFQ results, you end up comparing apples to oranges. Often there has been a misunderstanding about what line items to bid on – some may have included freight while others did not. Some set a flat fee for delivery while others charged by the mile.
In an attempt to alleviate those frustrations, RigUp began to work with operators to create job specific templates. These powerful tools augment the bidding and normalization process by giving the service companies specific guidelines. Using a template ensures all vendors are bidding on the same line items, dramatically reducing time spent in the analysis phase.
All of our templates are tagged by product or service allowing you to easily find one that is specific to the needs of your job. If you find that our current templates do not match your company’s requirements we will work with you to create templates specific to your company’s bid.
You may think that this is only beneficial for an operator and that most service companies would rather not use a template. We have found, however, that bid submission rates increased when templates were included on a request. Based on the RFQs of five RigUp operators, those who used templates saw a 13% increase in submission rates.
This increase could indicate that service companies appreciate the elimination of guesswork in the bidding process. They know exactly what the operator is looking for without having to waste time clarifying.
We have not only been able to create templates for tangible goods but also for many complicated services including frac jobs, directional drilling, etc. No matter what the job is, our experienced team of petroleum engineers will create templates that are up to industry standards.
Recently we worked with WPX to create 6 templates for a wide variety of bids. We asked District Production Engineer, Justin Warren what he thought of the process:
Have an upcoming job you want a custom template for? Reach out to us at firstname.lastname@example.org.
With over $150 million per month in transaction volume on RigUp, our team is constantly helping customers with on-boarding, training, and new features. We care about our users’ experience, and prioritize their needs.
Whether you prefer to speak to someone via phone, email, or chat we’re always here to help. Have a question? In-app chat allows customers to speak with one of our success representatives in real time. We aim to respond in under two minutes – but in reality, our report shows we are a little quicker than that!
But that doesn’t even take into account the number of phone conversations. Our small ops team is on the phones constantly, making sure that every one of the 1,000+ calls that we have in a week are helpful and customer focused. Our goal is to make thousands of our users happy every single day.
But don’t just take our word for it. Here’s a sampling of what our users – both E&Ps and service companies – have said about our dedication to their success.
One of RigUp’s key assets is a dedication to providing the best customer support possible. In fact it’s more than just customer support that we care about, it’s customer success – a dedication to giving our users the tools that they need to succeed. Jeff Bezos, the CEO of Amazon, says:
That is exactly how we feel at RigUp.
Attention Service Companies:
Find yourself on this blog post but haven’t signed up yet?
If you’re a service provider, you may be wondering if this is the right platform for you. These are some reasons why you’re the perfect fit.
If you offer oilfield services…
from rig moves, pumping units and water hauling to weed control and camp housing, if your company provides a service to any activity in the oilfield, you’re in the right place. Even if your company is new or trying to reach a new industry, if you can serve the oilfield and provide excellent services, then you can join our platform.
If you’re looking to expand…
who you work with and where you work. New service operations? Expanding locations? Adding regions and new provided services to your company profile can help connect you with new operators.
Set yourself apart by…
getting noticed on the platform. RigUp has over 9000 service companies on the platform and growing every day. Customize your company’s profile page by listing office locations, contact information and provided services. Additionally, updating logos, about section and listing additional information gives operators a deeper look at who you are.
Get started today at www.rigup.com
In the current oilfield environment, every last dollar counts. Now more than ever E&P’s of all sizes are having to rethink the way they see their costs. Managing spend is the difference between whether a company sinks or swims at sub $40 oil.
Of all the categories of spend, perhaps the easiest to let slip through the cracks is lease operating expense. But carelessness about just a few of these categories begins to pile up and soon you will be faced with a giant bill for expenses you barely considered when you drilled the well.
Taking LOE seriously does not lead to trivial gains. In fact, our data shows that a 10% Reduction in LOE adds 4% to a single well return.* Companies who fail to effectively manage their LOE leave money on the table.
Three large LOE categories, fluid hauling, compression, and production chemicals, need to be addressed separately.
For fluid hauling the most important issue is making the logistics as efficient as possible. RigUp lets you bid out field water hauling & trucking rates to get the best pricing for your locations. Use zip codes to generate a map of all vendor field locations close to the well. Locating nearby vendors cuts travel time and expenses.
When considering compression, the major concern is when to switch to a smaller unit when you no longer need the capacity of a larger unit. Being able to compare the price of compressors either on a purchase or rental basis with the cost of swapping units gives you the opportunity to evaluate the optimal time to make the switch.
For production chemicals the key is pricing. Falling oil and gas commodity products have an effect on production chemicals which leads to discounts. Use our templates to generate a normalized chemicals list so that all vendors are pricing the same material. You can return bulk pricing with tiered discounts or unit costs on an as-need basis.
RigUp Pricebook puts all the cost in front of you so you can ensure nothing slips through the cracks. With Pricebook you can request updated pricing in seconds to keep a handle on all LOE spend categories.
*Based on an industry standard horizontal permian well.
You’re a RigUp Service Company Now!
We are excited to have you, but I know from my own patterns, that often I make an account online only to forget I ever signed up for it. It slowly drifts out of my mind as other things pile up and I begin to forget what actually compelled me enough to sign up in the first place.
So how can you prevent that from happening on RigUp? How do you make sure that your company gets maximum views from an operator? I’ve got 3 ways for you to ensure you reach the potential of your company’s Profile.
#1. Updating image. If you use Facebook or LinkedIn in your personal life it is easy to think about this as a “profile picture.” But this is far more important. This is a space to convey all the weight and trust that your brand carries with it. Having the most updated, high-definition, and correctly proportioned image sets the tone for all the business you do on our website.
#2. Confirm regions and product tags. Ensure all regions and product tags accurately reflect your business. We are working every day to optimize our tags for the maximum number of vendors. Updated product tags and regions increase visibility to the operators who are looking for you.
#3. Invite your team. Rig up is at it’s best when your whole team is able to engage with the site. The collaborative tools are designed to optimize your team’s performance, and having your whole team available encourages the right messages to get to the right people.
Doing these three things will greatly improve your presence on RigUp, driving up the amount and value of transactions.
There is no silver bullet for starting a successful company. People who seem to have everything right on paper often end up giving up on their startup dreams. Conversely, there are those special few who, by a combination of luck and talent, end up creating some of the most successful companies in the world.
Despite the lack of a perfect recipe, there are a few crucial ingredients to the startup stew. First, every startup company needs an idea – something that has never been done before, or never done the right way. The right idea is the foundation for every business that has ever succeeded.
But a good idea doesn’t mean a single thing if it just remains an idea. It must be cultivated by people with the perfect mix of passion and drive. It isn’t enough to simply believe in your game changing idea. You need to have the drive to make it happen. To do the hard thing and get it done – that is what sends ripples through the market.
Thirdly, your idea must meet a need. Mind reading cell phones may be the most groundbreaking technology to date but if it doesn’t create real solutions for real people, it will not have a lasting impact. On the other hand, if intricately hand crafted dog biscuits fill a gap left in the market they can seize the success that evades so many others.
RigUp was founded on the basic idea that the oil and gas industry has room for evolution. Taking existing technology and providing a place for E&P’s to find service companies in a simple convenient way is the idea that fuels us. Beyond that, we are driven and hard-working. I am impressed every day at the dedication that all of my co-workers have to building a company that solves real problems.
And that is what we are all about.
When the outside world thinks about the oil & gas industry, they think about the most prominent news stories in the past decade. The industry as a whole is often vilified with little recognition given to the companies who act responsibly.
However, when oil is $30 a barrel, some companies cut costs anyway they can – even if that is in safety and environmental programs.
Environmental responsibility and sustainable operations are at the core of who RigUp is as a company. Our desire is to partner with companies who make EHS a priority in their business. We believe the desire to operate responsibly should be intrinsic to a company and not solely reliant on external pressures.
Our mission is to connect operators with service providers through a common goal: effective, efficient, and safe operations. We seek to maintain a marketplace where the safest and most environmentally conscious companies can thrive. Since the beginning we have strove to build our company on the foundations of responsibility, and better business.
Regardless of the price of oil, our likeminded team is committed to achieving lasting change in one of the world’s largest industries. We are dedicated to a better future.
When we set out to build RigUp, we wanted to build a business and a technology that would catalyze positive impact across a vital industry. We had hundreds of meetings with energy executives, field operations, petroleum engineers, and community groups about the state of the energy industry. A common theme of improving “trust” emerged; trust between the operators and service companies, trust between field operations and finance teams, and most importantly trust between communities and the companies operating in their backyards. RigUp is building technology to restore trust in the energy sector. We’re putting together a team of world-class petroleum and software engineers to solve problems that at one point in time seemed unsolvable.
To meet demand from a growing global middle class, McKinsey estimates that global energy resource productivity will have to increase at a 3.2% per annum rate going forward compared to a 1.7% per annum rate from 1990-2010. With 66% of oilfield workers set to retire in the next 10-15 years, the great men and women working in the energy industry have a large task at hand to meet the world’s energy needs. Improved productivity must come alongside stronger environmental stewardship and safety benchmarks, and modern technology is required to improve upon legacy platforms and processes.
RigUp helps producers and service companies visualize and manage assets on location. Using big data and analytics, we allow industry participants to optimize their assets for safety, efficiency, and higher environmental standards without sacrificing performance and economics. Asset level safety and tracking is key to formulating optimal development plans. Our team has a strong focus to reduce the “idiosyncratic risk” of field operations, and our platform will eliminate lapse time and disputes for service companies. We have partnered with a select group of operators and service companies as we begin testing the first version of our platform, and we look forward to bringing on additional partners in the coming months.
Recently, we closed a $3mn series seed round led by Founders Fund. We are humbled to have Founders Fund on board as our anchor investor. We’re proud to call Austin, Texas home and excited about fostering a great start-up engineering culture.
Here’s to the future, y’all.
– The RigUp Team