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Industries / Oil and gas services

Oil and gas services. Revenue: well work done but not yet billed.

Grip reads job tickets, rig days and rebill records, well by well, and names the work done but never charged, in AED.

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USD 1.2 billionA UAE drilling company's work done but not yet billed at end 2025, 84% of all it was owed.
Proven at ADNOC Drilling

Source: ADNOC Drilling Company PJSC, Consolidated financial statements for the year ended 31 December 2025. Of $1,393 million owed to ADNOC Drilling by ADNOC group companies at end 2025, $1,164 million (84%) was work done but not yet billed; billed balances were only $229 million.

3 workflows

Where we start.

9 of 35 changes other oil and gas services companies made. Open one to see the company.

01

Price and margin

Rebills, setups, client changes and lost tools billed at contract rates.

ReadsTool movement and job recordsLost-in-hole reports, contract loss clausesReimbursable cost ledgerClient invoices, contract reimbursement clauses
Bill every tool lost or damaged downhole at the contract rate, and check the client actually paid it.
Proven at Baker Hughes

Source: Baker Hughes Company, Annual report on Form 10-K for fiscal year 2025.

List everything you buy for clients and bill back, and check nothing is missed.
Proven at Valaris

Source: Valaris Ltd, Form 10-K for fiscal year ended 31 December 2025.

Price every setup, teardown and customer change into the contract, and bill all of it.
Proven at Tidewater

Source: Tidewater Inc., Annual report on Form 10-K for fiscal year 2025.

02

Cash and working capital

Equipment orders backed by commitments, bonds matched to bank lines, spares released.

ReadsEquipment orders, deposits and cancellation termsCustomer contracts with committed capacity and minimum takeGuarantee and bonding facility agreementsList of guarantees issued and required per contract
Order long-lead equipment for a new line only once enough capacity is signed by customers with a minimum take.
Proven at ProPetro Holding

Source: ProPetro Holding Corp., Form 10-K for fiscal year 2025 (filed 19 February 2026).

Check the guarantees and bonds each new contract needs against your bank lines before counting the award as backlog.
Proven at Petrofac

Source: Petrofac Limited, Annual report and accounts 2023, Segmental performance and financial review.

Count spare parts held for continuity, with days of cover and who pays, and release what no plan needs.
Proven at ADNOC Drilling

Source: ADNOC Drilling Company PJSC, Second Quarter 2026 Earnings, Management Discussion & Analysis Report.

03

Sales and demand

Faster wells paid for, idle wells and the installed fleet sold service.

ReadsClient well lists and production dataRegulator well statisticsInstalled base registerService and parts sales by unit, customer list
Find the shut-in and under-producing wells in your clients' fields, and offer intervention priced per barrel recovered.
Backed by research

Source: North Sea Transition Authority (UK), Oil and gas production set to be boosted following NSTA recommendations in new Wells Insight Report (October 2022).

List every unit of your equipment still working in the field, and sell parts and service to each owner.
Proven at NOV

Source: NOV Inc., Annual report on Form 10-K for fiscal year 2025.

When your crews finish wells faster, check the contract pays you for the saving, not just fewer billed days.
Proven at ADNOC Drilling

Source: ADNOC Drilling Company PJSC, Integrated Report 2025.

The money at stake.

Public figures, each with its company and year. An estimate is marked.

AED 56.1 billion

A UAE construction group's unfinished contracted work, mid 2026.

Proven at NMDC Group

Source: NMDC Group PJSC (ADX: NMDC), NMDC Group 2Q2026 Earnings Release (MD&A), Backlog and expected backlog unwinding. NMDC Group reported a backlog of AED 56.1 billion at end-June 2026, of which it expects AED 11.7 billion to unwind in H2 2026, AED 24.8 billion in 2027 and AED 13.8 billion in 2028, with a further AED 76 billion pipeline.

AED 33.3 billion

A UAE energy construction company's unfinished contracted work, mid 2026.

Proven at NMDC Energy

Source: NMDC Energy PJSC, Management Discussion & Analysis, 2Q/1H 2026 Earnings Release. NMDC Energy carried AED 33.3 billion of backlog and an AED 55.2 billion pipeline at June 2026 but won only AED 2.2 billion of new awards in the half year; AED 15.9 billion of the backlog unwinds in 2027.

Grip at work

What your Grip looks like.

A sample company, in AED. Yours is built from your own files.

Three numbers for the whole company, with the chart under each. Sample figures.

What we stand on
01Money first

Every project shows the revenue, cost or cash it is worth, in your currency, from your own files, before you agree to it.

02Every project has proof

Every project runs on a client's Grip, was designed on our own Grip, or comes from a play a named company published, with the document we read it in.

03Your systems as they are

We read the systems you already use. Nothing to move, replace or clean up first.

04Value and money found in 2 weeks

A two-week pilot on one department, your first project live and its money delivered by Day 30, then one fixed monthly fee.

Questions

What oil and gas services companies ask first.

Three answers, each with one public figure, its company and its document.

Question 1How can AI reduce unbilled lost tools in oil and gas services?

AI reads job tickets, rig days and rebill records, well by well, and names the work done but never charged, in AED. For scale: USD 1.2 billion, A UAE drilling company's work done but not yet billed at end 2025, 84% of all it was owed (ADNOC Drilling).

USD 1.2 billionA UAE drilling company's work done but not yet billed at end 2025, 84% of all it was owed.
Proven at ADNOC Drilling

Source: ADNOC Drilling Company PJSC, Consolidated financial statements for the year ended 31 December 2025. Of $1,393 million owed to ADNOC Drilling by ADNOC group companies at end 2025, $1,164 million (84%) was work done but not yet billed; billed balances were only $229 million.

Question 2What does an AI transformation programme in oil and gas services start with?

It starts with the revenue, cost and cash you are losing today, read from the systems you already use. One workflow goes first, usually price and margin, read from tool movement and job records and lost-in-hole reports, contract loss clauses. For scale: AED 56.1 billion, A UAE construction group's unfinished contracted work, mid 2026 (NMDC Group).

AED 56.1 billionA UAE construction group's unfinished contracted work, mid 2026.
Proven at NMDC Group

Source: NMDC Group PJSC (ADX: NMDC), NMDC Group 2Q2026 Earnings Release (MD&A), Backlog and expected backlog unwinding. NMDC Group reported a backlog of AED 56.1 billion at end-June 2026, of which it expects AED 11.7 billion to unwind in H2 2026, AED 24.8 billion in 2027 and AED 13.8 billion in 2028, with a further AED 76 billion pipeline.

Question 3How fast do oil and gas services companies see results from AI?

A two-week pilot on one department finds the value and money in your own data before you commit. Your first project goes live, and its money is delivered, by Day 30. For scale: AED 33.3 billion, A UAE energy construction company's unfinished contracted work, mid 2026 (NMDC Energy).

AED 33.3 billionA UAE energy construction company's unfinished contracted work, mid 2026.
Proven at NMDC Energy

Source: NMDC Energy PJSC, Management Discussion & Analysis, 2Q/1H 2026 Earnings Release. NMDC Energy carried AED 33.3 billion of backlog and an AED 55.2 billion pipeline at June 2026 but won only AED 2.2 billion of new awards in the half year; AED 15.9 billion of the backlog unwinds in 2027.

The Perspace symbol resting on the water at blue hour

Start with one workflow.

Tell us what you want to fix. In a two-week pilot we find the value and money before you commit.

Discuss your business →See how we work →