Oilfield Consulting Firm Transparency: Payment Terms

With data from over 165 existing firms, we found that the average consulting firm pays their contractors in 27 days, with some firms taking as long as 60 days.  That is a long time to wait for payment, even if you can afford to do so.However, what is even more concerning is the fact that this duration is typically a direct indicator of how much credit risk you might be unknowingly taking.  In most cases…

Quantum Energy Partners and Global Reserve Group Lead $15.8 Million Funding to Support Next Phase of RigUp’s Growth

AUSTIN, Texas, February 5, 2018 - RigUp, the energy industry’s predominant marketplace for on-demand services and labor, has raised a $15.8 million Series B round, including follow-on participation from Founders Fund and existing investors. The company has also secured a $30mn credit facility from Silicon Valley Bank to support its growing revenue stream. RigUp intends to use the capital raised in the equity financing to strengthen its product with enhanced mobile features and streamlined payment solutions…

New Tax Benefits for Independent Contractors

By John Mark WarrenJan. 31, 2018 11:45a.m. C.S.T. Recently passed tax reform could mean more money in your pocket. The Tax Cuts and Jobs Act, passed by Congress and signed by President Trump in December, may significantly reduce the taxes paid by independent contractors, starting in 2018. Specifically, one of the provisions of the new law was to provide a 20% tax deduction to small business owners. This includes many of the independent contractors that use RigUp,…

Oilfield Consulting Firm Transparency : Take Rate vs Billing Rate

We often find that contractors and consultants are NOT fully aware of the ‘take rate’ that they are being charged by their oilfield consulting firm, nor the benefits (if any) they are receiving in return.While there are plenty of reputable oilfield consulting firms, there are also many questionable ones.  These non-transparent firms have created an environment where hard working people are consistently taken advantage of.  An informed contractor is the best contractor.  So, whether or…

Year-End Message from RigUp Co-Founder & COO Mike Witte

Dear RigUp Service Providers, When we started RigUp, our goal was to provide independent contractors with the best work experience in oil and gas. We wanted to create a community where men and women—yourself included—could better perform the work they love, and receive the pay that they deserve. I have always believed that the right person (or the wrong one) can drastically change how a project performs. As a petroleum engineer, I have worked with…

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