7 Ways to Boost Oilfield Rentals

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© 2014 riger.ca Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation All other product or service names are the property of their respective owners Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation All other product or service names are the property of their respective owners

description

RigER, an oilfield rental operations management software, was presented at Global Petroleum Show 2014 #GPS14. The presentation on topic 7 Ways to Boost Oilfield Rentals discusses the key aspects of successful oilfield rental business. Areas of focus will include cash flow improvement and software implementation questions. It was open discussion points on the common issues that arise with Oilfield Rentals including Key Oilfield Rentals Challenges How it can Effect Rental Business Cash Flow and Operating Cycle Accurate and Fast Invoicing Cost Reduction and Minimum Paperwork Real-time Reporting Supporting Better Decisions Michael Maltsev, RigER Product Manager, will also address the importance of customization of selected software based on specific needs.

Transcript of 7 Ways to Boost Oilfield Rentals

Page 1: 7 Ways to Boost Oilfield Rentals

© 2014 riger.ca

Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation

All other product or service names are the property of their respective owners

Confidential and Proprietary Information. BelcaSoft and RigER name and logos are trademarks of Belca Soft Corporation All other product or service names are the property of their respective owners

Page 2: 7 Ways to Boost Oilfield Rentals

© 2014 riger.ca

• Oil and Gas Equipment

• Telecom Equipment

• Drilling and Servicing Rigs

• Mobile Trailers and Camps

• General Equipment

• Tanks and Sewage Systems

• Other….

Need Specific Installation or Service

Usage: Rigs, Camps, Wellsites

Daily Rental Rate

Locations: LSD, Downhole, Well

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• Tracking Service Requests

• Fields Jobs Schedule and Management

• Equipment Tracking

• Retrieving Daily Paperwork from Field Technicians

• Delays in Invoicing

• Inaccurate Invoicing

• Operations Performance Analysis

© 2014 riger.ca

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• External Factors• Marketplace

• Competitors

• Clients

• Innovations / Products

• Internal Factors

© 2014 riger.ca

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© 2014 riger.ca

Operator

Dispatcher

Accountant

Operations Manager

FT

FT

FT

FT

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• Slow Invoicing

• Paperwork Headache

• Undefined procedures

• Risk of Key Persons Quit

• Poor Reporting

• Weak Visibility

• No Scalability

Hard to Grow!© 2014 riger.ca

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© 2014 riger.ca

Client’sService Request

FieldService

Invoicing Client’sPayment

Dispatch

*DSO - Days Sales Outstanding

DelayDelay

Operating Cycle (75-77 days)

Average DSO* – 60 days

10-12 Days

Financial Cycle (70-72 days)

Cash Flow

DelayDelay

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Delays in Invoicing

• Revenue - 10M

• Average Delay – 10 Days

• Interest rate – 5%

• Losses - $ 13,700

© 2014 riger.ca

Lost of Equipment

• Rental Fleet – 500 Units

• Average Unit Cost – 6K

• Lost per year – 0,5%

• Losses - $ 15,000

Double Entries

• Overhead – $ 50,000

Total – $ 78,700

Some Examples

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1. Invoice Accurate and Faster

2. Organize Critical Business Data

3. Improve Fleet Management

4. Protect Assets

5. Enhance Respond Time

6. Measure Operations Performance

7. Build One Transparent System

© 2014 riger.ca

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RigER: Next Day Invoicing

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Slow Invoicing

• Paper Base Systems• MS Excel Spreadsheets• Errors in Paperwork• Double Entries

Combine ServicesBy ClientBy LSDWith Specific Customer PO

Calculate Rentals Days Automatically By Each Unit

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RigER Saves Operational Data

© 2014 riger.ca

Key Personnel Quits with Critical Business Info

• Procedures Descriptions• Unclear Business Processes• Lost Sensitive Business Data• Broken Pace

CRM Saves Clients Data

Name, Phone, E-mail of all Client contacts: Engineers, Rig Managers, Superintendents

LSD codeClientLocationDirection

Equipment Groups Serial NumbersType (for prices)Vendor

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RigER Manages Your Fleet

© 2014 riger.ca

Inefficient Fleet Utilization

• Large Fleet Size• Fleet Geo Allocation • Units Mismanagement• Low Utilization

Know Fleet Utilization by Groups, Types, Items

Equipment by type for price-lists and clients discounts

Item Availability status:

In-StockDeployedRepairDamagedLost

Equipment Utilization by Groups, Types,Serial Numbers,Vendors

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RigER Protects Your Assets

© 2014 riger.ca

Lost or Damage Rental Units

• Field Service Specific• Client Long-term Relationships• No Tracking of Equipment Moving• Lost Field Tickets or Paperwork

Equipment Tracking:

Purchase, Moving, Deployment, Damage, Repair, Assembling Kits

Unit Reports: Locations, Usage, Movement History

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RigER: Faster, Accurate, Efficient

© 2014 riger.ca

Slow Answer for Client Request

• MS Excel Spreadsheets• Slow Processing• Delays and Errors• No Actual Info Available• Time Sensitive RFPs

Create service request in seconds for ongoing capture of costs and revenues associated with the job

Use laptops or tablet to access to critical business data

Never miss a revenue item again!

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RigER Controls Operation Results

© 2014 riger.ca

Manual Reporting

• Time Consuming• No Personal KPIs• Poor Feedback• No Objective Bonuses Base

ManagementDashboards Configurable KPIDynamic Reports

Special Operations Reports: Jobs, Mileage, Client, Location, Area, Field Technician, Regular Performance

Measurement Increases Operation Efficiency by 10%

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RigER: One Answer for Many Questions

© 2014 riger.ca

Different systems

• Paper-Base Systems• MS Excel Spreadsheets• MS Access• QuickBooks • Other Software

Double or Triple EnteringMultiple Sources of Truth

Inventory Control and Equipment Management

Field Service Management

Daily Tracking and Reporting

Performance Analysis

ScalabilityVisibility and Transparency

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1. Model Blueprint

2. Configuration

3. Testing

4. Setup and Training

5. Going on-Live

6. Support

7. Future development

© 2014 riger.ca

RigER can be configured for any number of users and combination of

customized optional components.

There are 3 versions of software: Desktop, Cloud, and Private Cloud.

www.riger.ca

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1. Invoice Accurate and Faster

2. Organize Critical Business Data

3. Improve Fleet Management

4. Protect Assets

5. Enhance Respond Time

6. Measure Operations Performance

7. Build One Transparent System

© 2014 riger.ca

Be Prepared for Next Level!