Paper: Some Turnkey Contract Considerations

Drilling Contracts have evolved over the years with turnkey contracts becoming more popular in the most recent downturn in the up and down rig utilization cycle. Most contract writer experience extends only to the 1970's early 1980's boom. Expectations of contracting parties are changed as are Operator-Contractor relations. Though some provisions are more important to one party then the other some are of universal concerns. Simplicity and a clear divisions of responsibility, minimum well defined specifications, compliance with governmental regulations and financial responsibility must be addressed by every contract.