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Viesearch·
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Anonymous·
DRILLING PERFORMANCE CONTRACT: AN EVOLUTION IN THE PARTNERSHIP BETWEEN OPERATOR AND RIG CONTRACTOR
Performance contracts are increasingly common in the drilling industry, especially in recent years. This incentivized contract structure, established as a partnership between operator and contractor, improves both well performance and operational execution while incorporating the rig contractor as an additional stakeholder in the operational performance of the well. Many performance contract styles exist, with one common goal: if targets are met, all parties involved benefit.