GumboNet to Help Company Streamline Supply Chain and Enhance Contract Management Between Norwegian Subsidiary of Exceed Energy and Energy Operator Customers
Data Gumbo, the industrial smart contract network company, today announced that Exceed Norge, the Norwegian subsidiary of Exceed Energy — the world’s largest independent well management company, has adopted GumboNet to deploy smart contracts across the large and complex oil and gas projects it manages on behalf of its energy operators and their vendors.
“We are attracted to the promise of GumboNet because of its ability to guarantee accurate, on-time and automated invoicing and payments for our clients’ contractors working in some of the most difficult conditions in the world,” said Mike Simpson, Managing Director, Exceed Norge. “Management of vendor contracts is a core capability of our company, and smart contracts will better serve our operators’ needs and the vendors who meet those needs. The inherent trust and transactional certainty smart contracts deliver across commercial relationships opens up a new way to do business.”
Informational and transactional friction between counterparties contribute to excessive Days Sales Outstanding (DSO) with the average DSO in Europe between 35 to 20 days.These long invoicing cycles and billing challenges can be attributed to an overarching lack of transparency in supply chains, the necessity of multiple human checks and balances, and to payments based on estimates and accruals rather than real-time, accurate data.
GumboNet smart contracts deliver transnational certainty to commercial relationships, enabling counterparties to streamline operations and shorten long payment cycles. By providing a single immutable record of truth, GumboNet synchronizes data across parties for complete transparency to free up working capital, reduce contract leakage, enable real-time cash and financial management and capture provenance. The network is currently in use by Exceed Norge with a large energy operator and its counterparties, an oil and gas service company and drilling contractor, with plans for further implementation across the supply chain.
“Exceed Norge is in an optimal position in the energy supply chain for it and its customers to experience maximum benefits of our blockchain-powered smart contracts gained by automating the billing and invoicing process,” said Ove Sandve, Country Manager - Norway, Data Gumbo. “We pride ourselves on being an honest broker in commercial relationships, and this implementation of GumboNet provides Exceed Norge with a competitive advantage to enhance its contract management to experience transparency between parties, faster payment times and lower project costs.”