Offshore Day Rate Drilling Smart Contract Template

Offshore Day Rate Drilling

Smart Contract automates the creation of pre-reconciled, invoiceable charges or invoices for drilling rigs.

Publisher

Data Gumbo

Current version

1.0

Last Updated

03-28-22

Use Case

Day Rate

Cost

.333% total transactions monthly

Product Description

The GumboNet Standard Offshore Day Rate Drilling contract automates the creation of pre-reconciled, invoiceable charges or invoices for drilling rigs that can be utilized by driller and operator financial systems.  


Features & Benefits

  • Integrates with all industry standard Daily Drilling Report systems / Common operator systems
  • Consumes daily drilling activities and other information critical to calculating day rates and applies agreed contract logic
  • Flags all mismatches between drilling contractor and operator data nightly for quick dispute resolution; supports several NPT resolution mechanisms
  • Configurable options to support Best Well or Planned Section time budgets, as well as various other macro and micro KPIs; can also incorporate IoT data as evidence of activities performed
  • Supports Additional Services, (ie ROV), Rentals, Cost Reimbursables and Consumables
  • 20-40% reduction in offshore personnel hours for approving and preparing invoices
  • Automate or remove 60-90% of existing process steps
  • Runs nightly to provide finality every 24 hours rather than every 2-4 weeks
  • Outputs can be pushed to ERP and other enterprise systems via API

Resources

Requirements

You must be a GumboNet blockchain user to deploy this smart contract template.

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