Offshore Meter Rate Drilling Smart Contract Template

Offshore Meter Rate Drilling

The Offshore Meter Rate Drilling smart contract calculates charges per meter drilled in 24-hour period covering all well construction services.


Data Gumbo

Current version


Last Updated


Use Case

Drilling Services


.333% total transaction

Product Description

The GumboNet Standard Offshore Meter Rate Drilling contract automates the calculation of pre-reconciled, invoiceable charges or invoices for drilling rigs that can be utilized by driller and operator financial systems. The smart contract calculates charges per meter drilled covering all well construction services based on meters drilled in 24-hour period.

Features & Benefits

  • Integrates with all industry standard Daily Drilling Report systems / Common operator systems
  • Consumes meters drilled in 24 hours period and other information critical to calculating meter rates and applies agreed contract logic
  • Flags all mismatches between drilling contractor and operator data nightly for quick dispute resolution
  •  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
  •  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



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

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