The Benefits of Managing Drilling Operational Billing Using RIMDrill for Drilling Contractors

Did you know some drilling information solutions like RIMDrill come with plugins that help drilling contractors seamlessly manage drilling operations billing and rebilling? Accurate billing is vital to ensure stakeholders are fairly compensated according to contractual terms and obligations.

Read more: The Benefits of Managing Drilling Operational Billing Using RIMDrill for Drilling Contractors

Drilling operations that use manual billing procedures are prone to errors that result in disputes and undermined business relationships. This results in substantial financial and reputational loss and long-term repercussions like the loss of future contracts.

Fortunately, modern apps like RIMDrill helps drilling contractors manage operational billing in numerous ways. Read on to find out what these are.

RIMDrill Accounts For Tiered Charge Rates and Special Events

How do you handle billing if there’s a force majeure clause in the oil lease? What’s the best way to bill rig repairs if they’re subject to tiered charges? These are just some of the questions RIMDrill provides answers for.

RIMDrill cross-checks tiered charge rates for activities like repairs against rig operational reporting and IADC activity coding systems. This enables drilling contractors to accurately bill for these activities. RIMDrill also accounts for force majeure clauses in leases so that drilling contractors can manage operational billing seamlessly should the clause be triggered. In addition, RIMDrill allows drilling contractors to enter chargeback items into daily reports so that all relevant rebilling information is captured and recorded at all times.

RIMDrill Lets Drilling Contractors Cross-check Drilling Operational Billing Against Data on an Intuitive Dashboard

RIMDrill has one of the best UIs of any drilling operations app on the market. It harnesses the Microsoft Power BI™ platform to provide a user-friendly dashboard known as the ‘Vista Dashboard Visualization System’. But how does this relate to the management of drilling operational billing? The answer’s simple—drilling contractors can cross-check drill downtimes against repair billing/rebilling for further insights on repairs.

RIMDrill Provides Ample Billing/Rebilling Flexibility

Another key benefit of managing drilling operational billing using RIMDrill is the billing flexibility offered by the app. RIMDrill gives drilling contractors the ability to assign an unlimited number of contractual charge rates to rig operational activities. This ensures the financial information for all contracts is captured and stored in one place.

RIMDrill also allows drilling contractors to link contractual charge rates to their operational reports. This minimizes how prone the drilling operation is to billing errors and gives drilling contractors control over the billing and rebilling processes.

RIMDrill Provides a Way to Keep Checks and Balances on Billing and Rebilling Data

RIMDrill’s robust data collation and reporting capabilities make it a vital tool to manage drilling operational billing. Drilling contractors can extract reports to check whether the same activities are being billed for each rig within a specified date range. RIMDrill also lets drilling contractors add comments each time they make a rebilling entry. These comments can be used to explain why the rebilling took place and how to reduce costs by making more informed decisions in the future.

Lastly, RIMDrill generates reports that can be signed by up to four supervisors. This provides an avenue for billing and rebilling data to be verified before it reaches relevant stakeholders, such as higher management in the central office.

The Bottom Line

RIMDrill is a versatile app that accommodates the unique financial challenges and needs of drilling contractors. Its ability to cover an infinite number of contractual charge rates and let drilling contractors view billing/rebilling histories seamlessly makes it a powerful tool for managing drilling operational billing. Ultimately, drilling contractors that use RIMDrill have the best possible chance of streamlining their operations and improving their profitability through methods like analyzing the link between repair billing and downtimes.

Ready to experience the benefits of managing drilling operational billing using RIMDrill? If so, come speak to our team of experts at Infostat Systems, Inc.

Once you’ve been through a demo of the RIMDrill app, you’ll quickly understand why it’s widely considered as the drilling information solutions for drilling Contractors, and more. It was developed by a team with over 30 years of industry experience and comes with comprehensive training and support to help you make the most of your investment.

Get in touch with us today to find out more about RIMDrill for Drilling Contractors.