In 2008, Rigtech independent was commissioned by Shell (Nigeria) to inspect the swamp barges Shell Rig 1 and 2 in Nigeria prior to sale with a view to agreeing the sale price with the purchaser (Seawolf). Rigtech subsequently provided Seawolf with a letter of valuation to enable funds to be raised from their banks.
The Seawolf sale fell through but Rigtech had recently been researching rigs on behalf of OANDO in Nigeria.
The company approached OANDO with the sale and subsequently represented OANDO in the same thing. i.e. establishing an agreed sale price with Shell Nigeria.
One rig was in reasonable condition but the second was in such a condition that it would likely of been around a similar cost to purchase new.
Under these difficult circumstances, Rigtech had to achieve a negotiated price based on age, condition, market strength and cost of new build, that both parties found acceptable.