A recent rig auction in China ended with an 88.5% premium to the starting price, reflecting the rising steel price.

The buyer numbered 136 offered $15.08 million after 261 bids against a starting price of $8 million to buy the semi-submersible deep-water drilling rig SS Pantanal in a recent auction at Zhejiang Shipping Exchange.

The auction in February began with starting price of $8 million and mark-up margin of $20,000. The rig was initially owned by a single purpose vessel company registered outside China.