Essar Oilfields Services Limited (EOSL), a subsidiary of Essar Shipping & Logistics Ltd. Cyprus, announced today that it had taken delivery of a semi-submersible rig. The acquisition is in line with EOSL's plans to gain a significant presence in the contract drilling sector and cost the company US $ 220 million.

The rig will be christened "Essar Wildcat" (ex "Trans Ocean Wild Cat"). The company took the delivery of the rig in UK.

"Essar Wildcat" is an anchor moored, self propelled drilling rig suitable for deployment in water depths of 1350 ft and can be upgraded for deeper waters. The rig has a drilling depth capacity of 25,000 ft. The rig is equipped with top drive, automatic pipe handling systems and rough weather BOP launch system.

With this acquisition, Essar will be among the elite companies that offer high technology deeper water drilling services.

EOSL has drawn up plans to invest over US$ 400 million for acquisition of a diversified fleet of on land and off shore drilling rigs.

Essar has considerable experience and an excellent track record in contract drilling services. It was the first Indian company to offer contract drilling services in 1985 both for onshore as well as offshore E&P activity

Essar Shipping & Logistics Limited (ESLL) is a part of Essar Global Limited. ESLL has four operating companies under its umbrella:

Essar Oilfields Services Limited (EOSL) - Wholly owned subsidiary of ESLL will focus on offshore and onshore drilling activities.

Vadinar Oil Terminal Limited (VOTL) - Wholly owned subsidiary of ESLL with a focus on investments in crude and product terminals. VOTL has set up a 32 million tonne terminal with crude reception and crude and product storage facility at Vadinar, Gujarat, India

Essar Logistics Limited (ELL) - Wholly owned subsidiary of ESLL carrier out the business of logistics management, transshipment and cargo handling services.

Essar Shipping Limited (ESL) - ESL owns and operates 26 ships including, VLCCs, product tankers and bulk carriers.

About Essar Global
Essar Global is an international conglomerate operating in six business areas - steel, oil & gas, power, telecom & BPO, shipping and construction with an asset base in excess of US $ 6 billion. It has representative offices world-wide and employs approximately 15,000 people.