A leading oilfield services company had acquired a company and obtained a specialized oil rig through the acquisition, which generated a large monthly expenditure for storage and maintenance, as well as employment for the crew. Top management chose to sell the rig and conducted a sales and marketing effort for the next nine months to try to procure a buyer. Unfortunately, the deadline to sell the rig was shortly closing in and its best prospect felt the rig was too specific for its needs.
Upon a recommendation from the prospective buyer, the oilfield services company tapped Liquidity Services. From the time the contract was signed, Liquidity Services had a three-week timeframe to not only identify a qualified buyer, but to complete the sale and collect payment. The company also reserved the right to deny any bid it felt was too low for the rig.
Liquidity Services conducted a comprehensive campaign that included focused sales and marketing tactics, with targeted media placements and communication with its sales database of buyers it felt would be most interested in the rig.
The campaign successfully generated interest in the asset and Liquidity Services received four sealed bid offers by its deadline and was able to accept the highest bid. The final offer netted the oilfield services company $1.9 million, a 26% higher value than the highest offer it had received prior to Liquidity Services’ partnership. The buyer also negotiated an extension of employment for the crew of the rig. Liquidity Services was able to market, sell, and collect payment on the sealed bid of the rig within the three-week timeframe, meeting the seller’s disposition deadline and providing an asset that could be put to work right away to the buyer.