The Great Eastern Shipping Company Limited

rs,

Our Ref.: S/2023/JMT February 01, 2023 BSE Limited 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, 5th Floo

INR 1853

ur. GE Shipping – Q3 & 9MFY23 Results 2 9MFY23 HIGHLIGHTS • Highest ever 9 months net profit of INR 1853 cr on a consolidated basis • First time ever our consolidated NAV has crossed INR 1000/share • Hi

INR 1000

profit of INR 1853 cr on a consolidated basis • First time ever our consolidated NAV has crossed INR 1000/share • Highest ever dividend announced of INR19.80/share GE Shipping – Q3 & 9MFY23 Results 3

INR19.80

rst time ever our consolidated NAV has crossed INR 1000/share • Highest ever dividend announced of INR19.80/share GE Shipping – Q3 & 9MFY23 Results 3 REPORTED HIGHLIGHTS • GE Shipping 9MFY23 consolida

INR 1,853

g – Q3 & 9MFY23 Results 3 REPORTED HIGHLIGHTS • GE Shipping 9MFY23 consolidated Net Profit at INR 1,853 Cr • Declared 3rd interim dividend of INR 7.20/Share for FY2023 St an d al on e Con s l i d at

INR 7.20

GE Shipping 9MFY23 consolidated Net Profit at INR 1,853 Cr • Declared 3rd interim dividend of INR 7.20/Share for FY2023 St an d al on e Con s l i d at e d Q3 FY23 Q3 FY22 9M FY23 Q3 FY23 Q3 FY22

INR 1,883

Y23 Results 5 NORMALISED FINANCIAL HIGHLIGHTS • GE Shipping 9MFY23 consolidated Net Profit at INR 1,883 Cr • Declared 3rd interim dividend of INR 7.20/Share for FY2023 Standalone Conslidated Q3 FY23

INR 7.20

GE Shipping 9MFY23 consolidated Net Profit at INR 1,883 Cr • Declared 3rd interim dividend of INR 7.20/Share for FY2023 Standalone Conslidated Q3 FY23 Q3 FY22 9M FY23 Q3 FY23 Q3 FY22 9M FY23 1,

32%

hare (IN R/Share ) Divid e nd Pe r Share (IN R/Share) N e t Asse t Value Pe r Share (IN R/ Share ) 32% 23% 0.46 (0.08) 4 2 .3 8 5 0 .6 1 7 .2 0 89 2 14% 10% 0.59 0.11 15 .3 6 23 .3 4 - 5 76 32% 22% 0.

23%

(IN R/Share ) Divid e nd Pe r Share (IN R/Share) N e t Asse t Value Pe r Share (IN R/ Share ) 32% 23% 0.46 (0.08) 4 2 .3 8 5 0 .6 1 7 .2 0 89 2 14% 10% 0.59 0.11 15 .3 6 23 .3 4 - 5 76 32% 22% 0.46 (

14%

e) N e t Asse t Value Pe r Share (IN R/ Share ) 32% 23% 0.46 (0.08) 4 2 .3 8 5 0 .6 1 7 .2 0 89 2 14% 10% 0.59 0.11 15 .3 6 23 .3 4 - 5 76 32% 22% 0.46 (0.08) 1 2 2 .5 5 1 4 6 .8 1 1 9.80 89 2 **Annu

10%

e t Asse t Value Pe r Share (IN R/ Share ) 32% 23% 0.46 (0.08) 4 2 .3 8 5 0 .6 1 7 .2 0 89 2 14% 10% 0.59 0.11 15 .3 6 23 .3 4 - 5 76 32% 22% 0.46 (0.08) 1 2 2 .5 5 1 4 6 .8 1 1 9.80 89 2 **Annualis

Demand Side

1

Utilization and rates

1

Asset Values

1

Demand Side

• Middle East has been a big driver of incremental demand. Saudi has contracted 38 incremental JUs in 2022. Once these rigs commence contracts, the rig count tied on terms contracts with Saudi Aramco is estimated at reach 85-90 units (~20% of global fleet). • Both Saudi and UAE have aggressive plans to increase production capacity. Offshore has played an increasingly larger role in incremental production

Utilization and rates

• Modern rig utilization (contracted + future contracted) troughed at 60-65% in 2016-17. This has now moved to ~ 90% and inching towards levels seen during the super cycle 2006 to 2013. • The leading-edge rate in ME/SEA markets have moved from 60-70K USD/day in 2020 to around 110K USD/day by end of 2022. GE Shipping – Q3 & 9MFY23 Results 33 FLEET SUPPLY – INCREASING NUMBER OF COLD STACKED RIGS Number Jack-up Rigs PSV+AHTSV Current Fleet Under Contract Fleet Order Book O/B to Current Fleet Total Scrapping since Jan 2016 (Nos) No of Vessels/Rigs more than 20/30 years old (% Fleet) Cold stacked more than 3 years 493 358 20 4.1% 143 33% 45 3,472 2,199 105 3.0% 588 20% 578 • Given the length of the downturn and lack of orders, many yards have mothballed or repurposed the capacity. In the heydays of 2011-13, there were 24 yards that took 148 new building orders. In the last 6 years, only 1 yard has taken 2 new building orders • Overall, the new building capacity stands severely curtailed and

Asset Values

• Asset values for modern rigs have jumped almost 100% from the levels seen in 2020. • A 2014 built rig which got sold for $42 Mn in Oct 2020 was resold for $85 Mn in Aug 2022 Source: Industry Reports GE Shipping – Q3 & 9MFY23 Results 34 MARKET TRENDS: UTILISATION Jack Up Utilisation : Gradual Improvement Total Util % 450 400 350 300 250 200 85 80 75 70 65 60 55 50 Under Contract Total Util % GE Shipping – Q3 & 9MFY23 Results 35 REPRICING Remaining 2 rigs will come up for repricing in FY 26 and FY 27 Vessels Rigs 6 4 5 2 0 0 0 H 2 F Y 2 3 H 1 F Y 2 4 H 2 F Y 2 4 H 1 F Y 2 5 H 2 F Y 2 5 1 1 1 GE Shipping – Q3 & 9MFY23 Results 36 DEBT REPAYMENT SCHEDULE 120 100 80 60 40 20 0 140 Dec-22 GIL (USD Mn) 97 36 7 Mar-23 Mar-24 Mar-25 Repayments Loan O/S (RHS) 160 140 120 100 80 60 40 20 0 GE Shipping – Q3 & 9MFY23 Results 37 FINANCIALS COUNTER CYCLICAL INVESTMENTS GENERATED STRONG CASH FLOWS Net Debt Expansion Phase Net Debt Reduction Phase USD Mn 400 350 300 250 200 150 100 50 - -50 -100 FY201