Bidding Announcement of ＂SS PANTANAL＂

Bidding Announcement
Entrusted by the transferor (the Seller)，we have scheduled to hold a public bidding online（www.shipbid.net）from 16:00 to 16:30 (Beijing Time) on February 9th, 2023.
 
1. Bidding Object:
“SS PANTANAL”, Deepwater Semi-submersible Drilling Unit；
IMO No.：8770924；
Class：Bureau Veritas；
Flag：Marshall Islands；
Built Date: November 15th, 2010；
Builder: Yantai CIMC Raffles Shipyard Co., Ltd；
LOA：105.00m; MLB: 73.10m; MLD: 33.99m；
Summer DWT: 16036t；
Light Ship：20663.84t；
GRT/ NRT：24268 /7280；
Upper Deck Dimension: 68.60m×67.10m×8.1m；
Quarters Capacity: 148 man；
Operation Draft: 15.24~16.76m；
Draft-Transit: 7.3m；
Main Engine Power：7*4400kW；
Thrusters Power: 8*2425 kW；
Operation Water Depth: 2400m；
Positioning capability: dynamic positioning DP2, no mooring system；
Maximum Vertical Drilling Depth: 7500m；
Max. Transit Variable Deck Load: 4000t；
Max. Drilling Variable Deck Load: 5500t；
Drilling Displacement: 36415t；
Survival Displacement: 38152t；
All the information and data refer to the rig provided in this Announcement as well as the attachments are for reference only. If there is any discrepancy, the class certificates and trading certificates and actual condition shall prevail.
 
Remark: SS PANTANAL was built and delivered by Yantai CIMC Raffles Shipyard Co., Ltd. in November 2010. After delivery, SS PANTANAL was operated in Brazil from 2012 to 2014 and began warm lay-up since 2015. And in March 2021, the rig began cold lay-up after towed from Brazil to Indonesia.  At present, it is cold lay-up at the berth of Sembawang Shipyard, Tanjung Balai Karimun, Indonesia, and COSL Oil-Tech Co., Ltd, a subsidiary of China Offshore OIL Services Co., Ltd is entrusted to manage it during this period.  All the machinery and equipments are shut down and some area and tanks cannot be accessed and inspected at  present. Besides, it has not been dry-docked since delivery, and the Seller is not responsible for the overall condition and equipments. The Seller does not provide any representation or warranty as to the class status of the rig and the Seller shall not be liable for any consequence in connection therewith.  After auction registration, the bidders shall be deemed to accept the condition of the rig no matter whether they inspect the rig on site or not. 
 
2. Bidding Rules
2.1 This bidding will be held without a reserved price. If there is only one bidder participating in the bidding, the bidder shall be automatically confirmed as the Buyer upon the completion of the announcing period. If there are two or more bidders participating in the bidding, the transfer of the rig will be carried out by auction. No one has the preemptive right to the transfer of the rig.
 
2.2 The starting price is USD 8 million, and the bidding deposit is USD 0.8 million (or RMB 6 million). Bid increment is a multiple of USD 0.02 million.
 
2.3 The bidding time will enter into Extension Cycle since 16:25, February 9th, 2023 (Beijing Time) after the bidding officially starts. And then the ending time will be refreshed to 5 minutes once each new bidding price offered.
 
2.4 If the Buyer pay the deposit in US dollars when apply for the bidding, the deposit shall be automatically converted as part of purchase deposit after the bidding. If the Buyer pay the deposit in CNY, the Buyer shall pay another USD 0.8 million separately to the bidding company’s designated US dollar account within 2 working days after the completion of the bidding. The bidding company shall return the CNY deposit fully back to the Buyer within 1 working day after the receipt of the US deposit.
 
3. Registration Requirements
3.1 Registration is available from the date of this Announcement and ends on February 9th, 2023 (Beijing Time) before the auction starts (subject to the receipt of bidding deposit, the completion of online registration on the platform and the receipt of the bidding number. It is recommended that bidders pay the deposit 1-2 days in advance in order to avoid any issues). No registration will be accepted after the deadline. After successful registration, the bidders shall be deemed to have fully known, accepted and complied with the contents of this announcement, bidding rules, special provisions and relevant agreements.
 
3.2 The time of this auction activity shall be subject to Beijing time.
 
3.3 Any corporation or organization with full capacity for civil conduct and legally existing in and outside the People’s Republic of China may participate in this bidding. 
 
3.4 The bidders shall not subject to or affected by any sanction, embargoes, freezing provisions, prohibitions or other restriction relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of the United Nations, the People's Republic of China, United States of America and European Union against any state, natural or legal person, body or entity and are capable of making the payments in US Dollars as required under this Agreement（When registration for bidding, the bidders shall provide supporting documents as required by bidding company, and supply additional evidence after bidding as required by the Seller and bidding company ）.
 
3.5 The bidders shall submit the following documents for registration (including but not limited to):
3.5.1 For domestic bidders
● Copy of Business License sealed with the company chop
● Copy of Legal Person's ID card sealed with the company chop
● Power of Attorney (if have), and scanning copy of the authorized person's ID card with the company chop
● Undertaking for Bidding
● Bank slip of bidding deposit
 
3.5.2 For overseas bidders
● Certificate of Incorporation certified as true copy by the director
● Articles of Incorporation
● Copy of Director’s Passport
● Undertaking for Bidding
● Bank slip of bidding deposit
 
4. Date and Place for Inspection of the Rig
Inspection is available at Sembawang Shipyard, Jl. TelukPaku, Kel. PasirPanjang, Kec. Meral Barat 29635, Kabupaten Karimun, Kepulaluan Riau, Indonesia. Any bidders intend to inspect the rig, confirm with the bidding company for details in advance please. The risk and expenses in relation to the inspection shall be borne by the potential bidders. Potential bidders who fail to participate in the on-site inspection yet complete the registration procedure within the prescribed inspection time shall be deemed to have recognized and accepted the condition and defects of the rig.
 
5. Account of Bidding Company
5.1 USD Acct:
● Beneficiary: Zhejiang Shipping Exchange Market Co., Ltd.
● Beneficiary Address: 6th Floor, Zhoushan Bulk Commodity Exchange Center,No.555 Wengshan Rd, Lincheng Zhoushan Zhejiang Province, P.R.China
● Account No. : 3309040160000036851
● SWIFT (Beneficiary Bank): HZCBCN2HZSB
● Beneficiary Bank: Bank of Hangzhou Co., Ltd, Zhoushan Branch
● Beneficiary Bank Address: No.619, Dingshen Road, Ganghang Building B Zone, Zhoushan city, Zhejiang Prov. P.R. China
● Remittance Reference: SS PANTANAL
 
 5.2 CNY Acct:
● 户名：浙江船舶交易市场有限公司
● 账号：3309040160000036844
● 银行：杭州银行舟山分行
 
6. Contacts
Mr. Zhou: +86 18058087036
Mr. Zhang: +86 18058087022
E-mail: auction@shipbid.net
 
Zhejiang Shipping Exchange Market Co., Ltd.
December 29th, 2022
 
Special Provisions
 
1. This additional provision is a supplement to the bidding announcement and rules, which has the same legal effect.
 
2. Bidding Object:
“SS PANTANAL”, Deepwater Semi-submersible Drilling Unit；
IMO No.：8770924；
Class：Bureau Veritas；
Flag：Marshall Islands；
Built Date: November 15th, 2010；
Builder: Yantai CIMC Raffles Shipyard Co., Ltd；
LOA：105.00m; MLB: 73.10m; MLD: 33.99m；
Summer DWT: 16036t；
Light Ship：20663.84t；
GRT/ NRT：24268 /7280；
Upper Deck Dimension: 68.60m×67.10m×8.1m；
Quarters Capacity: 148 man；
Operation Draft: 15.24~16.76m；
Draft-Transit: 7.3m；
Main Engine Power：7*4400kW；
Thrusters Power: 8*2425 kW；
Operation Water Depth: 2400m；
Positioning capability: dynamic positioning DP2, no mooring system；
Maximum Vertical Drilling Depth: 7500m；
Max. Transit Variable Deck Load: 4000t；
Max. Drilling Variable Deck Load: 5500t；
Drilling Displacement: 36415t；
Survival Displacement: 38152t；
 
All the information and data provided in the Bidding Announcement, Special Provision as well as any other channel are for reference only. The bidding object is subject to the condition at the time of delivery. If there is any discrepancy between the actual condition and the information and data above shall not affect the bidding and bidding price. Once the bidding is concluded, the Seller and us shall not assume take any liability for defects or quality problems of the bidding object.
 
3. After Bidding
3.1 Following a successful bidding, the Buyer shall sign an Auction Confirmation with the Bidding Company and send to Bidding company by email or facsimile on the same day (the “Bidding Day”) . Then deliver the signed original Auction Confirmation to the Bidding Company within two (2) Banking Days after the Bidding Day. And sign the sales and purchases contract (MOA) with the Seller & the escrow agreement within five (5) Banking Days after signing the Auction Confirmation. 
 
3.2 The bidding deposits of the unsuccessful bidders shall be returned within 2 working days after the bidding without interests. The bidding deposit of the Buyer shall be automatically converted as part of purchase fund after the bidding completed and MOA signed without interests.
 
3.3 It’s acknowledged the interests-free dollar account designated by the bidding company is the escrow account for the Buyer and the Seller to hold and release the funds of the Purchase Price. The escrow agreement shall be signed together with the MOA. After signing the Protocol of Delivery and Acceptance (PODA) & Joint Release Letter, the bidding company shall release all the purchase funds and other delivery monies which received from the Buyer to the Seller within 3 working days without interests. The bidding company shall not charge any additional fee for the escrow service of funds. 
 
3.4 If the Buyer is unable to pay dollars directly to the escrow account designated by our company, they can choose lawyer supervision or other payment methods under the consent of the Seller, and the cost incurred shall be borne by the Buyer.
 
4. Transfer (Deletion) and Delivery of the Rig
4.1 The Buyer shall pay all the bidding service fee not later than 16:00 February 13th, 2023(Beijing Time) and remit the balance of the Purchase Price and other delivery monies (if any) to the escrow account nominated by the Seller, at least TWO (2) banking days prior to the Rig’s expected delivery date. Any delay or failure to pay fees mentioned above shall be deemed as a breach of the Bidding Announcement and the MOA.



4.2 The original owner (as the Seller) should complete all the deletion procedures relating to the rig within 10 banking days after signing PODA. 
The earliest delivery date: February 20th, 2023;
Cancelling Date: March 30th, 2023.
 
If, for any reason related to the COVID-19 (Coronavirus) outbreak, or other epidemic, pandemic or infectious diseases or other force majeure at the place of delivery, as declared by the World Health Organization or any local government, delivery of the Rig becomes impractical or impossible by the Cancelling Date, The Seller and the Buyer shall mutually discuss and the delivery may be extended accordingly.
 
 4.3 Delivery Place: The rig shall be delivered and taken over on an "as is where is" basis, as she is and where she is at the time that the Buyers take delivery at Sembawang Shipyard, Jl. TelukPaku, Kel. PasirPanjang, Kec. Meral Barat 29635, Kabupaten Karimun, Kepulaluan Riau, Indonesia. 
The Seller shall not be responsible for any time and cost for the Buyer to take delivery of the rig which shall be for the Buyer's account.
Once the bidders complete the online registration and participate in the auction, shall be deemed to have recognized and accepted the condition and defects of the rig, including but not limited to all known and unknown defects related to the rig certificates and the condition, etc. The bidders shall not object to any defects, such as the quality, of the rig for any reason. The Buyer shall be deemed to have confirmed to accept the condition if they did not inspect the rig.
 
4.4 The sales and purchases contract (MOA) shall be signed as attached. In principle，no modification of the MOA will be allowed, except filling with the necessary information (e.g. Buyers' information, purchase price, signing date, etc.), or others terms mutually agreed between the Seller and the Buyer. In the event of any conflict or ambiguity between MOA and this public auction regulations (including the bidding Announcement, bidding rules, special provision, etc), the terms in such public notice shall prevail.
 If the Buyer fails to sign the auction confirmation or the MOA as scheduled, it shall be deemed as breach of “Undertaking for Bidding”, and the Seller has the right to confiscate all the bidding deposit. Zhejiang Shipping Exchange Market Co., Ltd. shall have the right to re-organize the bidding activity for the rig against the instructions of the transferor.
 
4.5 After the auction, the list of handover documents and requirements of the Buyer and Seller are detailed in the MOA.
 
5. Related expenses
5.1 Bidding service fee: After the bidding, the Buyer shall pay bidding service fee to the bidding company. The service fee rate shall be referred to UNDERTAKING for BIDDING as attached in the Bidding Announcement.
 
5.2 The bank charges related to the bidding deposit shall be borne by the bidders; and the bank charges related to the purchase price shall be borne by the Buyer.
 
5.3 The Seller would provide with Commercial Invoice of the Purchase Price excluding VAT invoice. All the taxes, expenses and costs incurred after the rig delivery shall be borne by the Buyer themselves.
 
5.4 The delivery time of the rig shall be subject to the signing time of the PODA. The rig with everything belonging to her shall be at the Seller's risk and expense until she is delivered to the Buyer, while the rig’s risk and expenses shall be for the Buyer's account after the delivery under this Agreement.
 
6. This Announcement is described in both Chinese and English. In case of any discrepancy between the two languages, Chinese version shall prevail.
 
 7. Matters not covered herein shall be settled through negotiation at good faith by the bidding company, the Seller and the Buyer.
 
Zhejiang Shipping Exchange Market Co., Ltd.
December 29th, 2022

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