CEO & Co-Founder, Workrise
Search every verified Xuan Yong interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a 2019 interview, Xuan Yong, then CEO and co-founder of RigUp (later renamed Workrise), described the company as bringing the gig economy to the energy industry. He stated that the platform connects skilled blue-collar workers with oilfield jobs, with daily rates ranging from $400 to $2,000 depending on skill and tenure. Yong said the company had partnered with trade schools to bring certification and testing online to vet workers, and noted that technology was making the energy industry more efficient, reducing the days required to drill a well. Yong explained that RigUp addressed challenges such as the high cost of general liability insurance — which he said could be $25 million to $50 million to get on location — and the inefficiency of an "analog network" of phone calls and word-of-mouth. He described the platform as "almost like a LinkedIn for oil workers" and said the management of contract labor could be made more efficient using technology. Yong also mentioned that the company's agents charged a fee of about 10% and that West Texas was a particularly active region for work.
“The gig economy has hit the energy industry.”
“So rates could be anywhere from $400 a day to $1,800, $2,000 a day depending on skill, tenure in the industry.”
“Digital is digital now, almost like a LinkedIn for oil workers.”
“There's certifications and testing that our business does and we've partnered with trade schools to take the education the workers are learning and bring that testing online to vet and assure these folks have done it before.”
“You need to carry $25 million, sometimes $50 million general liability just to get on location to a rig, so it would be uneconomic for individuals to do that.”
“Technology — not just ours but a myriad of different technologies — are making the energy industry more efficient, so days to drill continue to drop.”
“There are efficiencies to be had on both sides; the management of this contract labor can be done more efficiently using technology.”
“You know, our agents do gouge people, like a 10% — in regards to the supply-demand dynamics of labor in general.”
“If you're looking where you'd probably get sent right now, certainly West Texas.”
Xuan Yong, CEO and founder of RigUp, joins "Squawk Up" to explain his start-up, which is looking to disrupt the oil industry with ...
Sign in to search the full transcript archive, filter by topic, and access every quote from Xuan Yong.
The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →