A Chinese court has started the auction of a high-spec jack-up drilling rig ordered but later abandoned by the Singaporean company Falcon Energy after the new owner Shanhaiguan Shipbuilding Industry failed to implement a maritime contract with one of China’s major maritime salvage companies in southern China’s Guangdong province.

Entrusted by the Tianjin Maritime Court, Globe Maritime Inspection (Tianjin) - a vessel and rig inspection and evaluation agency - has evaluated the value of the CJ50-4 rig at 257.541