Definitions for "Turnkey Contract"
a drilling contract that calls for the payment of a stipulated amount to the drilling contractor on completion of the well. In a turnkey contract, the contractor furnishes all material and labor and controls the entire drilling operation, independent of operator supervision. A turnkey contract does not, as a rule, include the completion of a well as a producer.
A well drilling contract which specifies paying the drilling contractor on the basis of completing drilling and preparing a well for production.
A contract to drill, complete and equip an oil or gas well for a set, predetermined price. The turnkey format is designed to limit the liability of an investor to the amount of their capital contribution for drilling and completion.
Keywords:  deal, package
A package deal.