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May 18, 2009 Essar Shipping Ports & Logistics Limited (ESPLL) has announced a 19% rise in its operating revenue for the financial year 2008-09 as compared to the previous financial year. The company has recorded a total income of Rs 2,677 crore during 2008-09 as against Rs 2,256 crore during 2007-08. In keeping with its growth pattern, the EBITDA for the company has also registered an 18% rise now being Rs 937 crore for the financial year 2008-09 as projected. Essar Oilfields Services Limited (EOSL) which focuses on offshore and onshore drilling activities has become a wholly owned subsidiary of ESPLL with effect from April 1, 2008 and hence the financials of FY 2009 include the earnings from EOSL. Contribution by EOSL towards Revenue and EBITDA stood at Rs 195 crore and Rs 139 crore respectively. The company’s semi-submersible rig, Essar Wildcat is on a 2-year contract with Gujarat State Petroleum Corporation Limited and has received excellent recommendations for an HSE audit carried out by International Risk Control Asia (IRCA). EOSL has also placed an order for two jack-up rigs, delivery of which would commence end 2011. The significant achievements during the financial include: • Higher throughput of terminal operations – 134% increase in FY 2009 as against FY 2008. The Cargo Handled at Vadinar Oil Terminal Limited stood at 27.88 mmt in FY 2009 as against 11.89 mmt in FY 2008 (9 month operation) • Financial Closure achieved for Essar Bulk Terminal Limited at a debt of Rs 512 crore (project cost being Rs 773 crore) and on course to commence commercial operations during FY 2010 • Significantly less impact on revenues due to drop in freight rates as the Company’s assets are backed by long term Contract of Affreightment (COA) • Prudent Capital expenditure plan backed by committed cargo contracts • Addition of two Modern Supramax Dry Bulk Carriers, MV Malathi & MV Malavika to the fleet • Awarded the “Most Quality Conscious Indian Shipping Company” for 4 out of the last 5 years by the Director General of Shipping Commenting on the results, Mr Sanjay Mehta, Managing Director, Essar Shipping Ports & Logistics Limited mentioned that the integration of the Ports, Shipping, Logistics and Oilfields Services Business on a single platform has allowed ESPLL to accomplish consistency in its earnings and growth compared to a pure shipping company. The integration has also enabled ESPLL to take advantage of the current market situation. The above results were taken on record at the meeting of the Board of Directors held on May 18, 2009. About Essar Global Essar Global Limited is a diversified business corporation with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics, and Projects. Essar has a presence in more than 15 countries worldwide. About Essar’s Shipping Ports & Logistics business group: Essar Shipping Ports & Logistics Limited (ESPLL) is an end-to-end logistics provider with wet and dry bulk ports and terminals services, sea and surface transportation services, contract onshore and offshore drilling services. The businesses comprise: i) Essar Ports & Terminals Limited (EPTL) EPTL, a wholly owned subsidiary of ESPLL, is the holding company of the Ports & Terminals business of ESPLL. EPTL currently has the following subsidiaries: a) Vadinar Oil Terminal Limited (VOTL): VOTL is a provider of crude oil and petroleum products storage and distribution services. The Company owns an all weather, deep-draft port and terminal facilities to handle the receipt, storage and dispatch of crude oil and petroleum products at Vadinar in Jamnagar, Gujarat. b) Essar Bulk Terminal Limited (EBTL): EBTL is constructing an all-weather deep-draft port at Hazira capable of handling up to 105,000 dwt bulk carriers to import iron ore, pellets, coal, limestone, etc. and export finished steel products. The facilities will include a dedicated all-weather channel, 550 metre long jetty, ship unloaders, storage facilities for finished steel products, conveyors for transportation of the raw materials to the stack house and a rail network. c) Essar Bulk Terminal (Salaya) Limited: Essar Bulk Terminal (Salaya) Limited has been incorporated to set up a 10 million tonnes port facility at Salaya, Gujarat. This would include an integrated terminal facility capable of handling coal and pet coke used in power generation plants. ii) Essar Logistics Limited (ELL) ELL is a provider of logistics, stevedoring and lighterage services. The Company owns material handling, lighterage and mobile equipments for efficient jetty operations and a fleet of dedicated trailers and tankers to cater to the movement of steel and petroleum products. iii) Sea Transportation: ESPLL owns and operates a fleet of 25 vessels with a total deadweight tonnage of 1.4 million and is in the business of providing crude oil and transportation and transportation management services and integrated dry bulk and petroleum products transportation services. The company has provided service for more than 220 ship years to leading Indian and global oil majors and commodity traders. iv) Essar Oilfield Services Limited (EOSL) EOSL offers onshore and offshore contract drilling services. It currently owns and operates a fleet of 14 drilling rigs, including the Essar Wildcat, a third generation semi-submersible offshore rig, which is deployed off the East Coast of India. Essar Shipping Ports & Logistics Limited 
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