What does turnkey mean in oil and gas?
What does turnkey mean in oil and gas?
1. adj. [Drilling] A type of financing arrangement for the drilling of a wellbore that places considerable risk and potential reward on the drilling contractor.
What does turnkey mean in a contract?
A turnkey project is a delivery method in which a single entity—a contractor—works with a project owner under a single contract to complete all stages of a project from detail engineering through construction.
What are the three main drilling contracts?
Three main forms of drilling agreements regulate the drilling of domestic oil and gas wells: footage, day-work, and turnkey.
How do oil rig contracts work?
The contractor furnishes the rig and a crew of sufficient size/experience to do proper drilling operations. In a footage contract, except for specified daywork operations, the contractor is paid a stipulated price per foot of hole drilled from the surface through the total depth of the well.
What are major traits of turnkey type contracts?
The main clauses of a turnkey contract are: design of the project, the construction site, time for completion, price and payments, performance guarantees and the law governing the contract.
Does turnkey include furniture?
Turnkey property does not typically mean furnished, but some turnkey properties might be furnished. It typically says in the property description whether it is furnished or not. If you are touring a turnkey property and fall in love with the furnishings and the property, however, talk to your real estate agent.
What is turnkey contract how do they work?
Meaning of turnkey contract in English a contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any further work on it themselves: The stadium is being built under a turnkey contract.
What are major traits of turn key type contracts?
What is turnkey drilling?
Under a turnkey contract a drilling contractor is responsible for both the siting and the drilling/installation work. Turnkey contracts are paid via ‘lump sum no-water-no-pay’ payment terms. If the borehole is successful, the driller will be paid the full lump sum price, regardless of the costs incurred on-site.
How long is a contract on an oil rig?
6 to 12 months
How long are the contracts? Normally, from 6 to 12 months, depending on the company and the specific project. The different sort of contracts can be extended by mutual agreement.
What is another word for turnkey?
Turnkey Synonyms – WordHippo Thesaurus….What is another word for turnkey?
warden | guard |
---|---|
keeper | gaolerUK |
prison officer | sentry |
jailor | captor |
wardress | custodian |