Today Data Gumbo announced that Equinor has contracted with the blockchain startup to use its smart contract solution to manage contracts and invoicing for its oil drilling and well services. Initially, the solution will roll out across the Norwegian Continental Shelf.
In trials based on historical data, the automation tool created 99.7% accurate invoices without human intervention.
“Since piloting Data Gumbo’s smart contracts for offshore drilling services in 2019, we have worked with the company to continually refine and improve use cases,” said Erik Kirkemo, SVP for Drilling & Well in Equinor. “We now have the potential to expand Data Gumbo’s smart contract network to enable transactional certainty across our portfolio from the Norwegian Continental Shelf to our Brazilian operated assets and beyond.”
He continued, “GumboNet reduces inefficiencies and processing time around contract execution in complex supply chains, which is a problem in the broader industry.”
Equinor Technology Ventures invested in Data Gumbo’s $6 million Series A alongside Saudi Aramco back in 2019. It also participated in the startup’s Series B funding in 2020.
Meanwhile, Equinor is also an investor and participant in VAKT, the oil sector’s post-trade blockchain solution. Equinor was also a founding member of Blockchain for Energy (formerly OOC Consortium), but it’s no longer amongst the core participants.