Entrusted by the Seller, our company is scheduled to conduct an online public auction commencing at 16:00 on 14th January 2025 (“Auction Day”) on www.shipbid.net, which is hereby announced as follows:

1. Auction Target:

This auction is for the Seven Champion and its attached Bareboat Charter:

Name: SEVEN CHAMPION (the “Vessel”);

IMO No.:9377377;

Type: Accommodation and Pipelay Barge;

Class: LR;

Class Notation:*100A1 ACCOMODATION BARGE/PIPE LAYING BARGE, HELICOPTER LANDING AREA, DECK STRENGTHENED FOR 17 TONNES PER SQUARE METRE UNIFORM DISTRIBUTED LOADING, LA, *IWS.

Flag: Singapore;

LOA: 142.0m; MLB: 40.0m; MLD: 10.0m;

GRT: 25112； NRT: 7533;

DWT: 16258t;

Summer Draft (max)：6.5m；

Clear Deck Area: 4000㎡;

Deck Loading: 17t/㎡;

Deck Cargo Capacity: 6464t；

Accommodation: Total 360-470 men, 140 cabins and 470 beds;

Main Generator: 6x Bergen B32:40L8A, rated 3,840kW / 6,600V / 60Hz / 3Ph；;

Auxiliary Generator: 2x Bergen KRMB-6, rated 1,325kW / 440V / 60 Hz / 3Ph;

Emergency Generator: 1x CAT 3408, rated 350kW / 440V / 50Hz / 3Ph;

Dynamic Positioning: DP2;

Main Crane: Offshore Mast Crane x 2,200 MT SWL(Manufactuer: Huisman Offshore);

Date of built: 2nd August, 2007;

Builder: Nanindah Mutiara Shipyard, Indonesia;

(The information provided in this announcement, Special Provisions and its annexes (if any) is for reference only.)

For details of the bareboat charter attached to the SEVEN CHAMPION, please refer to the Special Provisions (Paragraph 5. Other Disclosures).

2. Auction Rules:

2.1 In this Announcement, the following capitalized words shall have the following meaning:

“Auction Confirmation” means the purchase confirmation signed and tendered by the successful bidder on the Auction Day to confirm the purchase of the Vessel, payment of auction service fee, and other related fees and performance of other obligations in relation to the purchase of the Vessel as specified in this Announcement, the Special Provisions or related annexes.

“Banking Days” means days (which is not a Saturday or Sunday) on which banks are open for general business at the registered address and the beneficiary banks of the Seller and the Bidding Company (unless otherwise expressly stated).

“Special Provisions” mean the special provisions separately published on www.shipbid.net, the content of which also applies to this Announcement.

A “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership.

2.2 The Auction will be held with a reserve price (which is the starting / opening price) (“Reserve Price” or “Starting Price”). If there is only one bidder registers for the Auction, such bidder shall be determined as the successful buyer of the Vessel on the Auction Day with the purchase price equal to the Starting Price. If two or more bidders register for the Auction, the successful buyer of the Vessel will be determined during the course of the Auction. There is no right of first refusal in the Auction.

2.3 Starting Price/Reserve Price: US$55 million; Bidding deposit: US$5.5 million (or RMB40 million) (the “Bidding Deposit”). Each increment of the bidding price will be in an integral multiple of US$20,000.

2.4 The Auction will commence from 1600 hours on the bidding date (Beijing Time) (the “Bidding Date”) will continue until 1625 hours on the Bidding Date (Beijing Time) after which time (A) if there is no new bid offered 5 minutes thereafter, the Auction will be deemed completed or (B) if there are further bids after 1625 hours then the Auction will only be deemed completed when 5 minutes elapses from the time of the last entered bid.

2.5 The Bidding Deposit of each unsuccessful bidder will be refunded within 2 Banking Days after the end of the Auction, and each such Bidding Deposit will not accrue any interest. Bank or other charges incurred in relation to the remittance of each Bidding Deposit shall be borne by the relevant unsuccessful bidder.

2.6 The successful bidder shall be required to sign by email and submit the signed Auction Confirmation on the Auction Day and within 2 Business Days the successful bidder shall send (as evidenced by a courier airway bill number) 6 original signed copies of the Auction Confirmation to the Bidding Company. If the successful bidder pays the Bidding Deposit in RMB (the “RMB Bidding Deposit”), it shall be required to remit the Bidding Deposit again in USD to the designated account of the company hosting the Auction (the “Bidding Company”) within Three (3) Banking Days of the Auction Date and the Bidding Company shall thereafter refund the RMB Bidding Deposit (without interest) previously paid by the successful buyer within two (2) Banking Days after receiving the Bidding Deposit in US dollars.

2.7 The time of this bidding activity shall be subject to Beijing time (unless otherwise expressly stated).

3. Registration Requirements:

3.1 The potential bidders may each register to participate in the Auction at any time from the date of this Announcement to the time the Auction starts on the Auction Date but will only be treated as or deemed to have successfully registered for the Auction when the Bidding Company has received its Bidding Deposit and such potential bidder has completed the registration for the Auction on the auction website and has been provided with an auction number plate. It is therefore recommended that each potential bidder pays the Bidding Deposit and completes the registration 2-3 Banking Days in advance of the Auction Date to avoid missing registering in time for the Auction. No registration will be accepted after the 16:00 (Beijing Time) of the Auction Day. After successful registration (as evidenced by obtaining an auction number plate), the potential bidders shall be deemed to be fully aware of and to have accepted and complied with (and will continue to comply with) the provisions of this Announcement, the ancillary auction rules, special provisions and relevant annexes.

3.2 The Auction is open to any person who is duly incorporated and in good standing and registers successfully in accordance with this Announcement. None of the potential bidders, its affiliates and the respective directors, officers or employees:

(a)shall be subject to or affected by or in breach of Sanctions;

(b)is a Prohibited Person or is otherwise owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person; or

(c)owns or controls or is an affiliate of a Prohibited Person,

and in this Clause,

“Prohibited Person” means any person who is the subject of Sanctions (whether designated by name or by reason of being included in a class of persons to whom the applicable Sanctions apply in accordance with their terms); and

“Sanctions” means any sanction, embargoes, freezing provisions, prohibitions or other restriction, relating to trading, conducting 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, the United Kingdom and European Union and the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Asset Control of the United States Department of Treasury (OAC), the United States Department of State and the Office for Financial Sanctions Implementation (OFSI) of His Majesty’s Treasury (HMT).

Further, all potential bidders should be capable of making payments in US Dollars as required under this Announcement (and during the auction process or after the completion of the Auction, each potential bidder shall provide relevant explanations or supporting materials as reasonably required by the Bidding Company) and shall be in compliance with the sanction provisions in the Bareboat Charter, Novation Agreement and MOA (each as defined in the Special Provisions) and must execute the sanctions undertaking (in the form provided in the Special Provisions, the “Undertaking for Sanctions Compliance”).

3.3 Bidders are required to submit the following documents (including but not limited to):

(1)Domestic bidders (i.e., a person who is a citizen or national of or incorporated or formed in the People’s Republic of China):

● Scanned copy of business license (with official seal)

● Scanned copy of the ID card of the legal representative (with official seal)

● Scanned copy of the ID card and power of attorney (if any, with official seal)

● An executed Undertaking for Sanctions Compliance representing and undertaking that it has and will comply with (and not in breach of) Sanctions, and an executed Undertaking for Bidding

● Bank slip or other documentary evidence (acceptable to the Bidding Company) that the Bidding Deposit has been paid

● (in relation to successful bidder), corporate authorities in relation the MOA, the Novation Agreement and other related documents in relation to the purchase of the Vessel as required by Seller

(2) Any other bidders:

● Certificate of Incorporation

● Articles of Incorporation

● Copy of Director’s Passport

● An executed Sanctions Undertaking representing and undertaking that it has and will comply with (and not in breach of) Sanctions, and an executed Undertaking for Bidding

● Bank slip or other documentary evidence (acceptable to the Bidding Company) that the Bidding Deposit has been paid

● Other relevant constitutional documents in the relevant jurisdictions

● (in relation to successful bidder), corporate authorities in relation the MOA, the Novation Agreement and other related documents in relation to the purchase of the Vessel as required by Seller

4. Inspection:

Any inspection arrangement will be notified and agreed by the Seller. The successful bidder shall be deemed to accept the Vessel and its classification records in its prevailing condition on an “as is where is” and shall not need or require any inspection of the Vessel whatsoever. Prospective bidders who have completed the registration procedures as outlined above and have successfully registered for the Auction shall be deemed to have fully understood and accepted the prevailing status, condition and all circumstances of the Vessel, including but not limited to all known and unknown defects relating to the Vessel’s certificates and condition. Prospective bidders therefore shall not be permitted to raise objections to the quality or other defects or any condition whatsoever of the Vessel for any reason whatsoever at any time.

5. Bidding Deposit Account:

(1)USD Account：

● Beneficiary: Zhejiang Shipping Exchange Co., Ltd.

● Beneficiary Address: 6th Floor, Zhoushan Bulk Commodity Exchange Center No. 555 Wengshan Road Lincheng, Zhoushan City, Zhejiang, P.R. China

● Account No.: 3420 0200 1142 0100 0321 30

● SWIFT (Beneficiary Bank): ZJCBCN2N

● Beneficiary Bank: China Zheshang Bank

● Beneficiary Bank Address: No.88, Lv Dao Road, Dinghai Dist., Zhoushan City, Zhejiang Prov., P.R. China

● Remittance Reference: SEVEN CHAMPION

(2)RMB Account：

● Beneficiary: 浙江拍船网航运交易股份有限公司

● Account No.: 3420020010120100378739

● Beneficiary Bank: 浙商银行舟山分行

6. Contact Information:

Ms. Wen: +86 18058087023/0580-2038333

Ms. Wang: +86 18267365565/0580-2038333

Email: [email protected]

Website：https://www.shipbid.net:89/xwn6
Source: Shipbid