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Marine Log

December 18, 2007

Greatship Global Offshore orders vessels in Sri Lanka

India's reports that Greatship Global Offshore Services Pte Ltd, the wholly owned subsidiary of Greatship (India) Ltd, has placed an order for two state-of-the-art construction support vessels on Colombo Dockyard Ltd. These MPSVs /ROV Support Vessels are due for delivery in January and May 2010. The Company has further informed that Greatship (India) Ltd is a wholly owned subsidiary of the Company.

In this regards the Company has issued following Press Release :

India's Greatship Global Offshore Services Pte Ltd., a wholly owned subsidiary of Greatship (India) Ltd (GIL)--itself a subsidiary of Great Eastern Shipping Company Ltd., has placed an order with Sri Lanka's Colombo Dockyard Ltd. for two state-of-the-art construction support vessels. These MPSVs / ROV Support Vessels are due for delivery in January and May 2010.

The vessels are designed to operate both as operating as advanced PSVs, with enhanced accommodations (50 pax) and DP2 capability, and as ROV Support Vessels. They are prepared for 50 T Active Heave Compensated cranes, 50T A-frames and helidecks.

The order is in line with GIL's strategy of tapping the burgeoning sub-sea construction markets, both globally as well as in India.

GIL currently owns and operates three PSVs, two in India and one in the North Sea. GIL and its subsidiaries also have an order book of sixteen vessels and one rig under construction--two PSVs in Norway, four AHTSVs in Sri Lanka, four AHTSVs in Batam, four MPSVS in Singapore, two MSVs in India and a premium 350 ft jack-up rig in Singapore."

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