Rigup Terms

Per Diem

A certain amount of money allocated to an individual for living expenses while working on location. Example: Per Diems are agreed upon before a contractor takes a job.

Design Language System (DLS)

A collection of components defined by shared principles and patterns, leading to consistency across general web page layouts, tone of voice, shapes, and color scheme Example: Check out CTA and font options in our new DLS.

Service Line

A group of products and services dedicated to a particular division of the energy industry Example: Directional Drilling, Pipeline Inspection, and Lease Ops are Service Lines.

W-2 Workers

A temporary employee of RigUp, for whom we provide benefits and process on payroll, who we actively place with clients. Example: W-2 workers are able to get work and benefits through RigUp. W-2 workers can sign up for COBRA once a job through RigUp is complete. W-2 workers get taxes taken out of their paychecks. Acceptable Alternatives: Employees (only when referring to their relationship with RigUp), Consultants (only with service lines where it's common terminology) Don't Use: Sellers, Suppliers, Contractors, Laborers, Hands

Chief

A vendor that sources both their workforce and their work through RigUp Example: A chief uses our Vendor Marketplace to source work, and our Workforce Management Solution to source contractors to get the job done. Acceptable Alternatives: Vendor

Upstream O&G: Offshore

All processes of drilling, completions, production, HSE, construction & facilities, and transportation that go into producing O&G under the special conditions of an offshore environment

Deployment

All the processes involved in setting up new software/system: installation, configuration, running and testing, making changes Example: Putting the software/system in a live environment with real users is the ultimate test. Building a server, installing software, setting up a new local area network (LAN)

Split Rate

Also referred to as a "split" this is what a consulting firm takes from the contractor's pay in order to process billing, provide any type of coverage or benefits, and job placement. Example: RigUp has some of the lowest splits rates in the energy industry. Don't Use: Take rate

Turnkey Contract

An agreement between an operator and service provider stating that the service provider must complete all requirements of the project and then turn it over upon completion Example: An operator is interested in setting up a turnkey contract for an upcoming project. Acceptable Alternatives: "Lump Sum Contract" is also a synonym for this business model because turnkey projects are executed for a fixed price rather than on a time & materials basis. Notes: This is an industry term that may sound very similar to RigUp's managed services solution (name not yet finalized). Avoid using these terms exchangeably as they aren't exactly the same.

Job Invite

An email sent to a contractor from RigUp inviting them to sign up and accept a job with a vendor or operator Example: Contractors should check their email for a job invite after speaking with a RigUp employee about a new job offer.

Workover

Any kind of oil well intervention involving invasive techniques, such as wireline, coiled tubing or snubbing; the expensive process of pulling and replacing a completion Example: Workovers are a difficult and expensive type of wellwork.

Customers

Any user with a RigUp account. Example: Operators, vendors, and consultants are all customers of RigUp.

Application Program Interface (API)

Application program interface. Allows computer software applications to communicate with one either. (i.e. copy and paste is a simple API) Example: "For example, any application can obtain the data from a user with id of 123 simply by making a network call to '/users/123'. The /users API can be used to fetch all data related to users

Job Post

Both vendors and operators can post jobs to the RigUp marketplaces. They must complete a RigUp form with required fields Example: Give as much information as possible on your job post to source great candidates quicker. Don't Use: Job Posting, Work Order

Click through Rate (CTR)

CTR is a metric that measures the number of clicks an advertiser receives on their ads per number of impressions (the number of people who view the ad) Example: A high click through rate means more people who look at an ad are clicking on it and being taken to marketing content. This could be a specific landing page or the main website. Notes: When you look at the marketing funnel for an ad, you have to first get someone looking at the ad to click on it (CTR) and then ideally sign up for your service (CR). These two metrics work together to get the most out of marketing dollars spent on ads. Depending on the type of ad being run, the cost will either be based on a total number of impressions/views OR cost per click (often referred to as Pay per click or PPC). When running a campaign based on the total number of impressions, having a higher click through rate makes the ad more cost effective.

Call to Action (CTA)

Call to Action. CTAs are the desired next step for a user which is usually placed after the marketing message Example: Common CTAs include signing up for a demo or calling a sales rep.

Accounts

Companies on RigUp have accounts Example: This account has 10 profiles under it.

Vendors

Companies providing specific goods or services to operators, who often source independent contractors, W-2 workers, and other vendors to get the job done. Example: The vendor sources contractors through RigUp. The vendor gets placed with operators through RigUp. Vendors submit invoices, not job sheets. Vendors can approve job sheets. Acceptable Alternatives: OFS Companies (only for oil & gas), Service Providers (only when also referring to contractors and/or W-2 workers) Don't Use: OFS Companies (when not specific to upstream), Service Providers (when not also referencing contractors and/or W-2 workers), Suppliers, Service Company, Oilfield Service Provider

Operators

Companies responsible for funding and managing an entire operation while complying with federal and state rules and regulations. Uses RigUp to source vendors and service providers to complete projects. Operators exist throughout all service lines. Example: Operators must approve all job sheets and invoices. Acceptable Alternatives: E&P Operator (when exclusive) - Midstream Operator (exclusive) - Company (when talking about vendors and operators together) - Clients - Decision Makers Don't Use: E&P Operator (when talking about RigUp in general) - Midstream Operator (when talking about RigUp in general) - Company (when only talking about operators) - Producer - Drilling Company - Owners - Developers - Bosses - Buyers

Compliance

Compliance is a term that should be used carefully, but in general at RigUp it means that a service provider has completed their drug test and background check, and meets all of the requirements set forth by the buyer for the position Example: Offshore operators have a higher level of regulatory compliance compared to an operator onshore. Don't Use: Don't use compliance without any additional context. We should be more specific around compliance rather than just using it a very general way. Notes: This is a loaded term. Use carefully.

Consulting Firms

Consulting firms have traditionally worked to place contractors and W-2 workers in the energy industry with jobs, and process their payments, for a split rate Example: RigUp uses technology and world-class service to improve upon the traditional consulting firm experience.

Master Service Agreement (MSA)

Contract between the operator and vendor, including terms that both parties agree to Example: Operators and vendors need to work under a negotiated MSA in order to do business together. An MSA is similar to what other industries call an SLA. RigUp offers a Global MSA to reduce the hassle of vendors and operators working together.

Conversion Rate (CR)

Conversion rate is the percentage of visitors to a website that complete a desired goal (ie: convert) out of the total number of visitors Example: A high conversion rate means that more visitors are signing up. Better conversion = more efficient use of marketing dollars

Service Line Team (SLT)

Cross-functional business oriented team, lead by a Service Line Manager and GM, focused on developing products and services for a particular service line Example: Teams dedicated to Directional Drilling, Pipeline Inspection, Offshore, Lease Ops, Water Hauling are SLTs.

Job Sheets

Documentation submitted by a contractor, and reviewed and approved by a vendor or operator, in order for a contractor's payment to be processed for a job. Example: Before a contractor can be paid their job sheet must be approved by the vendor or operator.

Managed Field Services

End-to-end management and subcontracting of all workforce and vendor suppliers, utilizing software and marketplace dynamics to reduce price points, free up internal resources, and drive increased operational efficiencies. Products in this Solution: Operator Mobile Work Requests App, Operator Analytics Dashboard, Dispatcher Experience App, Driver Experience App, Endeavor (RUA Work Management) Service Categories: On-Demand Water Hauling, Lease Operations

Referral Rewards

Financial incentives received by independent contractors who refer other contractors to RigUp Example: Refer friends to RigUp for an opportunity to earn Referral Rewards. Acceptable Alternatives: Money, Rewards Don't Use: Bonuses, Hard Earned Cash, Cash, Discount, Incentive, Promo, Premium, Offer, Bounty, Referral Bonus, Commission Notes: The word "bonus" implies employment, which is a legal concern. "Double sided rewards" is an internal term that refers to when both the referrer and the referral receive a financial incentive when the referral starts billing through RigUp.

Personal Protective Equipment (PPE)

Garments or equipment designed to protect the wearer's body from hazards such as physical, electrical, heat, chemicals, biohazards, and airborne particulate matter. Example: Clothing, helmets, goggles, FRs are types of personal protective equipment.

Barrel (Bbl)

How the energy industry measures oil production. Example: Oil prices are calculated by the barrel.

Consultants

Independent contractors who are highly skilled specialists. Can also technically apply to W-2 workers, but not commonly used in that space. Example: Consultants must keep up with certifications. Consultants are able to charge high day rates. Acceptable Alternatives: Contractors (when applicable), W-2 workers (when applicable), Service providers (when applicable)

Independent Contractors

Individuals contracted to work for an operator or a vendor as a non-employee. Example: Independent contractors submit job sheets to get paid. Independent contractors pay their own taxes using a 1099 form. Independent contractors don't get company benefits. Acceptable Alternatives: Contractors (when WC or sentence structure are concerns) Don't Use: Sellers, Suppliers, Contract Workers, Laborers, Hands, Workers, Contract Talent, Freelancer, Supplier, Contract Worker, Guys, Candidates, 1099 Contract Worker, 1099 Contractor, Rig Hands, Hands, Hired Hands

Profiles

Individuals on RigUp (both service providers and individuals under company accounts) have profiles Example: Contractors should take great care in building out their profiles.

Approved Vendor List (AVL)

List of all vendors approved by an operator; When RigUp signs an MSA with an operator, and we're approved by their legal team, we become a vendor on the operator's AVL as RUSCO, or as RUDTUK when sourcing W-2 Example: The AVL contains vendors the operator has worked with in the past. RUSCO is on the AVL, so we can officially start sourcing for this operator Notes: Some service providers may look for RigUp on the AVL rather than RUSCO or RUDTUK which could cause some confusion.

Vendor Marketplace

Managed "marketplace" that allows operators and vendors and vendors in the energy industry to work together with less risk and paperwork. Products in this Solution: Vendor Connect, Global MSA, Vendor Invoicing Portal

Workforce Marketplace

Managed "marketplace" where operators and vendors can source independent contractors and W-2 workers for jobs in the energy industry. Products in this Solution: Workforce Manager, Bidding Platform, Digital Job Sheets, Profile Builder, Referral Rewards, NextDay Pay Don't Use: Labor Marketplace

Non-Compete

Many consulting firms issue non-competes to the contractors they work with, which is essentially illegal to do. RigUp has worked to eliminate this practice in Texas, however it's still in place throughout the rest of the energy industry Example: RigUp believes that independent contractors should not be subject to non-compete agreements.

Average Revenue Per User (ARPU)

Measure of the revenue generated by one customer per unit time Example: How much revenue is generated from the average RigUp user? Notes: Often companies will use cross-sell (ie: selling additional services to existing customers) to increase ARPU.

Environment, Health, Safety, and Security (HSE, EHS, or HSSE)

Methodologies, processes, procedures, and tools necessary to ensure a safe, healthy, and environmentally conscious work environment Example: HSE is a top priority for the oil & gas industry.

Annual Recurring Revenue (ARR)

Metric used by SaaS to measure the value of the contracted recurring revenue of term subscriptions normalized to a one-year period Example: Used almost exclusively in B2B subscription businesses. Represents the annualized version of MRR. Simply stated, how much revenue to expect based on yearly subscriptions.

Digital Job Sheets (DJS)

Much like the Vendor Invoicing Portal, DJS uses technology to significantly simplify the traditionally inefficient process of submitting, tracking, and approving job sheets for contractor payouts Example: Digital Job Sheets will save time and offer transparency to those submitting and approving job sheets. Notes: Coming in Q4 of 2019

Flame Retardant (FR)

OSHA mandated PPE for work environments as defined by ASTM and NFPA Standards Example: You can buy a RigUp FR on the RigUp Store. Acceptable Alternatives: FRC - Flame Retardant Clothing

Vendor Invoicing Portal

Our digital invoice submission, processing, and tracking portal for vendors through the Vendor Marketplace Example: Please submit all invoices through the invoicing portal for full visibility into the processing of your payment. Acceptable Alternatives: Invoicing Portal (This is the preferred term for external facing material where vendors are the audience) Don't Use: DJS (digital job sheets are the contractor counterpart to the vendor invoicing portal)

Contingent Labor

Outsourced and non-permanent workers who are hired on a per-project basis Example: RigUp helps to increase efficiency and reduce the risks associated with a contingent workforce.

Workers / Professionals

Overarching term used to describe contractors & W-2 workers together, while specifically discluding vendors. Example: Workers can get placed and get paid through RigUp, whether they file W-2 or 1099. Don't Use: Anything else

Service Providers

Overarching term used when describing two or more of the following entities together: independent contractors, W-2 workers, vendors. Except for when specifically not referring to vendors (see workers / professionals). Example: Service providers get placed and paid through RigUp. Service providers have their boots on the ground doing the operational work for operators. Acceptable Alternatives: Consultant (when exclusive) - Independent contractors (when exclusive) - Vendors (when exclusive) - W-2 workers (when exclusive) Don't Use: Consultant (when applies to all service providers) - Independent contractors (when applies to all service providers) - Vendors (when applies to all service providers) - W-2 workers (when applies to all service providers)

Standard Pay

Payment term option available to contractors offering payment in 5-7 days Example: Standard pay is available at no additional cost.

NextDay Pay

Payment term option available to contractors offering payment next day* for a small fee Example: NextDay pay is available for an 1.5% increase in the split rate. Notes: *Job sheets submitted with NextDay Pay by 12 pm CST result in a deposit the following business day. Sometimes this is dependent on approval depending on what setting the company has vs. time submitted

Solar: Solar Panel Maintenance

Process of constructing and maintaining solar panels

Upstream O&G: Construction & Facilities

Process of constructing and maintaining wellsite facilities

Upstream O&G: HSE

Process of enforcing health, safety, and environmental policies to all levels of operations in oil & gas

Upstream O&G: Production

Process of extracting hydrocarbons and gas from a mixture of liquid hydrocarbons, gas, water, and solids, removing the constituents that are non-saleable

Upstream O&G: Transportation

Process of getting materials to and from the wellsite

Midstream O&G: Facilities Inspection

Process of inspecting out of fence plant connections, pump stations, compressor stations, terminals, gathering lines, tanks, rail facilities, and more

Wind: Turbine Inspection

Process of inspecting the condition of wind turbines at various stages of the project lifecycle

Midstream O&G: Offshore

Process of inspecting, testing, and maintaining pipelines in an offshore environment

Midstream O&G: Pipeline Inspection

Process of locating and regularly inspecting pipelines - both inside and outside - to monitor for cracking, corrosion and material defects

Upstream O&G: Completions

Process of making a well ready for production (or injection) after drilling operations

Midstream O&G: Testing & Maintenance

Process of testing and maintaining pipelines and facilities

Upstream O&G: Drilling

Process whereby a hole is bored using a drill bit to create a well for oil and natural gas production

RUDTUK

RUDTUK (RigUp Direct Turnkey) is a wholly owned subsidiary of RigUp that employs W-2 energy consultants. Example: W2-Workers receive their payments and benefits from RUDTUK. Notes: W-2 Workers will see RUDTUK on their pay stubs. The acronym definition is no longer relevant.

RUSCO

RUSCO (RigUp Service Company) Operating, LLC is a wholly owned subsidiary of RigUp, Inc. that recognizes revenue for the business, pays suppliers for work subcontracted through RigUp, holds operating risk of field activities being completed by suppliers, and is insured for work provided by suppliers subcontracting through RigUp Example: Independent contractors receive payments from RUSCO. RUSCO sends invoices to operators for work sourced through RigUp. A vendor hired through RigUp would receive payment through RUSCO. Notes: Independent Contractors will see RUSCO on their pay stubs.

Customer Lifetime Value (CLV)

Represents the total amount of money a customer is expected to spend in your business, or on your products/services, during their lifetime Example: CLV = gross contributions per customer * [ (yearly retention rate) / (1 + yearly discount rate - yearly retention rate) ] In order to profit, CLV should be greater than the cost of customer acquisition.

RigUp Store

Section of the RigUp site where anyone can purchase RigUp promotional gear or RigUp Training courses Example: The RigUp Store is live with RigUp t-shirts, FRs, hard hats, and more available for sale. Acceptable Alternatives: RigUp Swag store (when used internally for the section of the RigUp store selling merchandise)

Service Categories

Specific operational focus within a service line

Approval / Blocked Status

Status of an operator account - RigUp needs an MSA and confirmation that we're on the operator's AVL in order to reach "Approval" status with that operator Example: Let's see if we can switch that operator's status to "Approval" this week. Notes: RigUp requests approval from the operator

Sourcing

The act of filling an open position for a vendor or operator Example: RigUp helps source contractors for operators.

Placing

The act of getting a contractor or W-2 worker a job Example: RigUp helps place contractors with jobs.

Referral

The act of referring a contractor to RigUp (noun) Example: The more referrals you send, the more rewards you can earn. Acceptable Alternatives: Invitation (send an invitation)

Refer

The action that one contractor takes when inviting another contractor to join RigUp Example: Refer contractors to RigUp. Acceptable Alternatives: Invite (invite contractors to join RigUp) Notes: In UX we prefer to use "invite" instead of "refer", however either are acceptable.

Quote

The amount that a service provider will charge for a job, as calculated by the terms and conditions available at the time the quote is given Example: The vendor gave the operator a $10,000 quote for the job. Acceptable Alternatives: Price quoted Don't Use: Cost, Estimate, Amount, Proposed Pricing, Bid

Referred

The contractor who is referred by another contractor to join RigUp Example: With double sided Referral Rewards, the referred contractor also gets rewarded. Acceptable Alternatives: Referral, friend, contractor Don't Use: Referee

Referrer

The contractor who's referring another contractor to join RigUp Example: The referrer can send as many invitations as they want to rake in the Referral Rewards. Acceptable Alternatives: Placeholder

Days Sales Outstanding (DSO)

The number of days that an invoice remains unapproved by a vendor or operator after the amount's been paid to the contractor or W-2 worker by RigUp Example: We're trying to reduce DSO to increase money flow.

Water Hauling

The practice of hauling produced water from the wells (tanks) to the salt water disposals, but also includes hauling freshwater for frac jobs as well as flush water for producing wells Notes: This service category is under the transportation service line

Hot Shot Trucking

The practice of transporting smaller, time-sensitive loads of equipment by truck out to location Notes: This service category is under the transportation service line

Onboarding

The process of bringing a new user onto the platform or bringing a new RigUp employee onto the team; includes administrative tasks and educational moments Example: We try to get as much important information as we can during an independent contractor's onboarding. All new RigUp employees go through onboarding.

Hitch

The time period a service provider spends on location for a particular job; term applies to both onshore and offshore Example: A contractor is currently out on a hitch with limited access to email. Notes: This is an industry term for a job, but not a term that RigUp would use in external facing collateral.

Exploration & Production (E&P)

These are operators in the upstream space Example: BPX is a large E&P company.

Job Title

This is any job for which a contractor or W-2 worker is currently qualified to work Example: When you create your RigUp profile, you can select your top 3 most relevant job titles. Acceptable Alternatives: Position Don't Use: Role

Request for Proposal (RFP)

This is different than an RFQ in that there's no reward date, and the operator/vendor is simply requesting to see vendor pricing Example: An operator submitted a Request for Pricing for a vendor they found on RigUp but haven't worked with before.

Job / Engagement / Work

This is what we call the contracted work that the service provider has agreed to perform for the operator or vendor, in exchange for the day rate and terms negotiated Example: Get work through RigUp. I got this job through RigUp. I agreed to the terms of this engagement through RigUp. Acceptable Alternatives: Opportunity, Placement Don't Use: Partnership, Connection, Agreement, Project, Negotiation, Match

Workforce Manager

This is where operators and vendors manage contractors Example: View your pending job sheets in the Workforce Manager. Don't Use: Labor Manager

Vendor Connect

This product allows operators and vendors to contract work together within the Vendor Marketplace. Example: Use Vendor Connect to quickly and easily work with any verified RigUp vendor. Don't Use: Connect

RigUp Admin (RUA)

This refers to our product built for, and used by, our internal users - who are also referred to as RUA Example: Internal users can log into the RigUp Admin (RUA) to access features available only to internal users.

Request for Quote (RFQ)

This request is sent by an operator/vendor to a vendor to get a quote for a specific job that's currently posted to RigUp Example: An operator submitted a Request for Quote. They are looking to hire a pipeline inspector for two weeks in the Permian Basin. Notes: RFQs are used less frequently on RigUp than they used to be, but we're still seeing a few dozen per month

RigUp Training

This section of the RigUp Store includes courses through RigUp at a discount, in collaboration with our partners. RigUp helps to coordinate logistics for service providers taking these courses Example: Individuals looking for safety and well control courses can sign up for courses that fit their schedule via RigUp Training. Notes: Not all courses are through Four Corners. Individuals can sign up for courses but the billing is handled outside of the RigUp Store.

Fair Labor Standards Act (FLSA)

U.S. law intended to protect workers against certain unfair pay practices or work regulations Example: Compliance with FLSA regulations is a must for all operators & vendors. Willful violations may be prosecuted criminally and the violator fined up to $10,000 Notes: All formal statements around FLSA should go through Legal as misclassification poses a large risk. FLSA determines how we classify and make distinctions between service providers on our platform (i.e. 1099, W-2).

Harvest Energy Services

We acquired a Colorado based consulting firm focused on providing quality labor to construction management and O&M projects in the wind industry in December of 2019 Notes: Harvest Energy Services is a wholly owned subsidiary of RigUp.

Avery Technical Resources

We acquired a Colorado based consulting firm focused on providing quality workforces in Land Surveying, Wind, and Pipeline Inspection. Notes: Avery Technical Resources is a wholly owned subsidiary of RigUp.

Trades Masters

We acquired a Dallas based company focused on construction staffing and labor workforce in December of 2019 Notes: Trades Masters is a wholly owned subsidiary of RigUp.

Ally Consulting

We acquired a Denver based consulting firm in May of 2019 with approximately 500+ consultants and 80+ MSAs with a deep reach into both the northeast and mid-continent. Notes: Ally is a wholly owned subsidiary of RigUp.

Energy First

We acquired a San Antonio, TX based consulting firm in July of 2019 with approximately 140 consultants and 65 MSAs. Notes: Energy First is a wholly owned subsidiary of RigUp.

PTC Consultants

We acquired a Texas based consulting firm in April of 2019 with 84 billing consultants and 24 MSAs with operators in order to enter offshore and strengthen our presence in South Texas. Notes: PTC is a wholly owned subsidiary of RigUp.

HCS Renewables

We acquired an Austin based consulting firm focused on the North American Solar Industry. Notes: HCS Renewables is a wholly owned subsidiary of RigUp.

Onshore Quality Control Specialists ("QCS")

We acquired an Austin-based midstream staffing firm with a long, rich history. Notes: QCS is a wholly owned subsidiary of RigUp.

Shipyard Staffing

We acquired this premier workforce provider to the marine industry with 750 W-2 workers in January of 2020. Notes: Shipyard Staffing is a wholly owned subsidiary of RigUp

Global MSA

We offer an MSA under which all RigUp vendors and operators can get to work - without the hassle of paperwork and delays Example: Get to work quickly under our Global MSA. Reduce risk with our Global MSA. Don't Use: RigUp MSA

BPX

We're partnering with BPX (the American BP) to provide cutting edge tail spend solutions for operators that solve for major inefficiencies, as well as to run some of their W-2 guys through RUDTUK

Certificate of Insurance (COI)

When RigUp signs an MSA with a buyer, we must prove that we have the insurance that the MSA is requiring us to carry. We do this with a certificate of insurance (COI) from our insurance broker Example: RigUp's certificate of insurance is provided during the process of setting up a new MSA.

Churn

When a billing contractor misses 2 billing cycles, which is 2 months, or 60 days Example: RigUp is focused on increasing acquisition while reducing churn.