The Great Eastern Shipping Company Limited

rs,

C006472 Our Ref.: S/2023/JMT October 27, 2023 BSE Limited 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, 5th Floo

INR 595

Results 2 Q2FY24 HIGHLIGHTS The Great Eastern Shipping Ca Ltd. 7948 2023 • Net profits of INR 595 Cr on a consolidated basis • Our consolidated NAV has moved in H1FY24 to INR 1,263/share. First tim

INR 1,263

• Net profits of INR 595 Cr on a consolidated basis • Our consolidated NAV has moved in H1FY24 to INR 1,263/share. First time, our shipping NAV has moved past INR 1,000/Share • Declared 2nd Interim divide

INR 1,000

solidated NAV has moved in H1FY24 to INR 1,263/share. First time, our shipping NAV has moved past INR 1,000/Share • Declared 2nd Interim dividend of INR 6.30 /Share for Q2FY2024 GE Shipping – Q2FY24 Result

INR 6.30

. First time, our shipping NAV has moved past INR 1,000/Share • Declared 2nd Interim dividend of INR 6.30 /Share for Q2FY2024 GE Shipping – Q2FY24 Results 3 REPORTED HIGHLIGHTS The Great Eastern Shippi

INR 6.30

• GE Shipping Q2FY24 consolidated Net Profit at INR 595 Cr • Declared 2nd Interim dividend of INR 6.30/Share for Q2FY2024 * Including Other Income GE Shipping – Q2FY24 Results 4 Q2Q2H1Q2Q2H1Fig in

INR 596

Great Eastern Shipping Ca Ltd. 7948 2023 • GE Shipping Q2FY24 consolidated Net Profit at INR 596 Cr • Declared 2nd Interim dividend of INR 6.30/Share for Q2FY2024 GE Shipping – Q2FY24 Results

24%

Q2FY24 Results 7 Q2Q2H1Q2Q2H1FY24FY23FY24FY24FY23FY24Key Financial FigureReturn on Equity (ROE%)**24%38%24%22%33%21%Return on Capital Employed (ROCE%)**19%26%19%17%23%16%Gross Debt/Equity (x)0.32 0.48

38%

Y24 Results 7 Q2Q2H1Q2Q2H1FY24FY23FY24FY24FY23FY24Key Financial FigureReturn on Equity (ROE%)**24%38%24%22%33%21%Return on Capital Employed (ROCE%)**19%26%19%17%23%16%Gross Debt/Equity (x)0.32 0.48 0.3

22%

sults 7 Q2Q2H1Q2Q2H1FY24FY23FY24FY24FY23FY24Key Financial FigureReturn on Equity (ROE%)**24%38%24%22%33%21%Return on Capital Employed (ROCE%)**19%26%19%17%23%16%Gross Debt/Equity (x)0.32 0.48 0.32 0.36

33%

ts 7 Q2Q2H1Q2Q2H1FY24FY23FY24FY24FY23FY24Key Financial FigureReturn on Equity (ROE%)**24%38%24%22%33%21%Return on Capital Employed (ROCE%)**19%26%19%17%23%16%Gross Debt/Equity (x)0.32 0.48 0.32 0.36 0.

21%

7 Q2Q2H1Q2Q2H1FY24FY23FY24FY24FY23FY24Key Financial FigureReturn on Equity (ROE%)**24%38%24%22%33%21%Return on Capital Employed (ROCE%)**19%26%19%17%23%16%Gross Debt/Equity (x)0.32 0.48 0.32 0.36 0.53

“• While this absolute count will be still lower than the peak in 2013-14, the fleet base has also reduced over this • period.”

Demand Side

1

Utilization

1

Supply Side

1

Demand Side

• Ramp up in demand from Middle East was the prime mover at the start of this upcycle. After a flurry of tendering activity over last 12-18 months, the focus for most operators & contractors has now shifted towards preparing and mobilizing the rigs against awarded contracts. • Activity in other regions is also picking up. Recent market reports indicate that in some regions, tenders have been cancelled or reissued due to limited supply

Utilization

• The fleet utilization calculated basis rigs under contract has been inching up gradually. Once all the awarded rigs commence their contracts, the working rig count it expected to reach 380-390 units. • While this absolute count will be still lower than the peak in 2013-14, the fleet base has also reduced over this • period. As a result, the utilization % is expected to reach levels similar to those in 2013-14. The fleet base also includes some old cold stacked units. If these units are not activated due to technical challenges involved in reactivation, the effective supply-demand balance will remain extremely tight.

Supply Side

• No Jack Up new building orders have been placed for the past many years. • Many yards have repurposed their capacity towards other offshore projects. • Channel checks indicate that for yards to consider taking fresh orders, the pricing needs to be significantly higher than previous highs. • Given these developments, new building supply is expected to be fairly limited over the next few years. GE Shipping – Q4 & FY23 Results GE Shipping – Q2FY24 Results 32 FLEET SUPPLY The Great Eastern Shipping Ca Ltd. 7948 2023 Source: Industry Reports GE Shipping – Q2FY24 Results 33 NumberJack-up RigsPSV+AHTSVCurrent Fleet496 3,390 Under Contract Fleet358 2,324 Order Book21 79 O/B to Current Fleet4.2%2.3%Total Scrapping since Jan 2016 (Nos)143 668 No of Vessels/Rigs more than 20/30 years old (% Fleet)33%20%Cold stacked more than 3 years54 477 MARKET TRENDS: UTILISATION The Great Eastern Shipping Ca Ltd. 7948 2023 450 400 350 300 250 200 Jack Up Utilisation : Gradual Improvement % Util 85 80 75 70 6