Multiple Competitive Offers Increases ROI for EPV Client
Requis team taps into its global network to increase the original bid of an early production vessel by more than 40 percent.
During the height of the pandemic, a tier-one operator took possession of an undeployable early production vessel (EPV) that required a quick divestment. Requis stepped in and tapped into its global network of prospective qualified buyers to solicit bids and maximize the recovery.
Due to the inside sales efforts, this opportunity generated multiple competitive offers in the eight figures ($M) range from several buyers that exceeded the original proposal.
“By seizing this opportunity to obtain additional offers, we increased profit for our client and ensured a reputable vessel buyer purchased and took possession of the vessel on time,” stated Mahendran Subramaniam, sales manager, APAC, Requis.
Highlights:
- Sold for over 76% higher than the original bid
- Due to the sealed bid process and the introduction of competition, the original offer increased twice, pushing the final bid over 40% higher
- The sales team contacted a network of 300+ qualified prospects regarding the EPV opportunity.
The Challenge
The main challenge presented to the team was an offer had to be made without inspection and no contingencies in place due to the seller’s COVID-19 restrictions at the time of the tender submission. Because of this, Requis faced the potential risk of a reduced offer based on a post-sale inspection.
The Solution
Requis responded quickly to the client’s needs and created a market of qualified buyers with multiple competitive bids, which significantly increased the client’s recovery. Once Requis solidified the offer, the team worked tirelessly with the buyer and the client to ensure a smooth transaction.
This partnership included overseeing the post-sale inspection, coordinating the funding, and working with the buyer, seller, and other third parties to ensure the smooth transfer of title.
The Impact
From the management of the EPV transaction through the successful completion of the sale, Requis, the seller, and the buyer formed a tight collaboration of constant communication.
Through Requis, the seller could find a partner to understand their needs and provide the appropriate solution. In this case, the seller realized a surplus recovery of more than one million ($1M) higher than the original offer.
Through its strategic partnerships, Requis gives enterprises better options to manage their surplus assets while providing them the power to access over 5,500 registered suppliers and a level of engagement that suits their needs.
For more about this marketing case study and to discuss your specific needs, contact:
- Mahen Subramaniam: via email at mahen.subramaniam@requis.com
- Simon Lovett: via email at simon.lovett@requis.com