Essar Oilfields to Set Up Shop at Dubai Maritime City

Dubai Maritime City - the world's largest and the most comprehensive maritime complex in the world - has announced that Essar Oilfields Services Limited will set up its regional base at the iconic development.

The presence of Essar Oilfields, a wholly-owned subsidiary of the top Indian conglomerate Essar Group -- which has interests across manufacturing, services, oil and gas, steel, power, telecom, BPO, shipping, logistics and construction sectors - will provide a major impetus to the one-of-its-kind Dubai Maritime City development. Privately owned and professionally managed, Essar Global Limited has an excellent track record, having succeeded in highly capital intensive and competitive manufacturing sectors.

At Dubai Maritime City, Essar will offer its global expertise in oilfields, drilling and rig business. Backed by a pool of 20-plus professionals in Dubai, three deep rigs of Essar Oilfields are undergoing refurbishment and upgrade at Jebel Ali. Entrepreneurial in nature, the Essar Global Limited has repeatedly spotted opportunities in growing sectors of the economy and moved fast to create large scale assets of national importance.

In his comments, Mr. Amer Ali, C.E.O at Dubai Maritime City, said: "It is a matter of great privilege to announce that Essar Oilfields Services is now part of the Dubai Maritime City family. The presence of one of India's largest and most diversified groups, which has carved a niche across various sectors, in the Dubai Maritime City development is a testament of the strategic importance of the project. Their professional expertise in shipping, oilfields and drilling services will provide a major boost to the wide gamut of services on offer at Dubai Maritime City."

He added: "Backed by Essar's excellent track record and growth oriented strategy, we are confident that the Dubai Maritime City will be soon be a major hub for the global maritime industry, offering one-stop-shop services and catering to all industry segments and requirements."

In his comments, N Ramesh, Chief Executive Officer of Essar Oilfields Services Limited, said: "We are delighted to announce our regional presence at Dubai Maritime City, one of the most comprehensive maritime complexes in the world. We consider Dubai Maritime City as a strategic location for our oilfields services business covering the Middle East and North African (MENA) as well as the Central/ South Asian regions. We have a balanced mix of experienced professionals and young, highly qualified and enthusiastic managers. The high degree of commitment and the positive attitude of its employees have enabled the Company to remain focused and growth oriented. We are confident that our expertise and dynamic business model will perfectly complement the diversified services on offer at the dynamic Dubai Maritime City."

He added: "The drilling business in the region offers a lot of promise and Essar Oilfields Services is well placed to capitalize on its expertise in the drilling business, considering the fact there is a gap of around 50 to 60 per cent between the availability and the requirements in the business."

Essar Oilfields, a 100 percent subsidiary of Cyprus-based Essar Shipping and Logistics Limited and part of the Essar Global Limited based in Caymans, which overall is part of the diversified Essar Group, owns and operates the third generation semisub, Essar Wildcat, which has been extensively refurbished prior to commencement of operation off the East Coast of India in the third quarter of 2007. It also owns 12 land rigs, nine of which are deployed in Brazil and India, while three deep rigs are undergoing refurbishment/upgrade in Jebel Ali.

When completed, Dubai Maritime City will be the world's biggest and the most comprehensive maritime complex spread across 227 hectares of man-made peninsula between Port Rashid and Dubai Dry Docks, and will be surrounded by the waters of the Arabian Gulf.

Dubai Maritime City is the world's first purpose-built city designed specifically to serve and enhance the maritime industry. It is an integrated mixed use development encompassing commercial, industrial, academic, residential and lifestyle components. Spread across 227 hectares, the multidimensional maritime center is a man-made peninsula that will redefine the global maritime community.

Essar Global is an international conglomerate operating in six business areas - steel, oil & gas, power, communications, shipping & logistics and construction. It has offices world-wide and employs approximately 20,000 people, including over 3500 persons in the United States. The group has built a portfolio of assets with expected revenues of US$ 10 billion in the year to March 2008.