Corporate Head Office: 2nd Floor, Suite 27 & 28, Canaan Mall, Lekki Phase 1, Lekki - Epe Expressway,

Lagos Telephone/Fax: +234-(01)-7390361-2 E-mail Address: Steersshipping@yahoo.com

(OCEAN GOING TUGBOAT)

(OCEAN GOING TUGBOAT)

COMPANY OPERATIONS PROFILE

TABLE OF CONTENT
1.0 1.1 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 3.0 4.0 4.1 5.0 5.1 5.1.1 Executive Summary Services and Capabilities Project Capabilities Special Project Ship Chartering Container Handling Freight Forwarding & Customs Brokerage Ware Housing Cargo Handling Packaging, Handling Of Industrial & Household Goods Training Agents / Partners Management Profile Steers Shipping Activity Report Company Ownership Structure Corporate Management System Transport, Logistics, Communication & Admin Support Facilities. Company financial details Company Annual Financial Report Evidence of Financial Growth Details of Company Bankers & Credit Facilities Bankers Details Insurance Proof of Insurance Contract Project Management Steers Shipping Overall Project Responsibility Project Maintenance Company HSE Policy Statement 03 03 04 04 04 04 05 05 06 06 07 07 07 08 09 09 09

6.0 6.1 6.2 6.3 6.3.1 6.4 6.5 7.0 7.1 7.2 8.0

10 10 10 10 10 10 11 11 11 12 13

STEERS SHIPPING LIMITED COMPANY PROFILE

1.0

EXECUTIVE SUMMARY Steers Shipping Limited (RC-350,586) was established to provide excellent marine and maritime services to the Oil and Gas industry where activities are progressively moving offshore and deep-water operations are becoming commonplace. Starting activities in the common oil centers of Warri and Port Harcourt, the company has progressively moved to Lagos where ship repair operations are easier to come by. Steers is making its projection towards what the company believes would be the future center of oil related marine and maritime services. Steers Shipping Limited is a well-established shipping company handling provision and operation of boats as well as supply of marine crew. The company is well in the movement of goods including petroleum products as well as operations staff between locations as demanded by clients Projects handled include the movement of Petroleum Products for the Nigerian National Petroleum Corporation (NNPC), Evacuation of communities in the Akute-Odo Oil Spillage incident in which a sister company was involved in the damage assessment studies. Steers Shipping as a routine also provide marine services and support for its sister companies while undertaking offshore activities such as accomplished for Chevron in the Opolo-Ruta Field Development Studies. Where necessary, support is sought and readily obtained from our overseas partners.

1.1

SERVICES & CAPABILITIES The experience and track record of Steers Shipping Limited in the provision of services combining both quality and commitment to clients within the energy related markets has proven to be of long standing value. Focusing very much on the concept of integrated services, STEERS SHIPPING is dedicated in the provision of: Marine And Maritime Support Services Supply Boats And Services Supply And Operations Of Tug Boats And Vessels Supply And Operation Of Crew Boats Ship Repair Work On Small Vessels Supply, Training And Management Of Marine Crew We are able to offer tailor made contracts on multi-discipline integrated supply, operations and maintenance services on long term contract or call out basis as preferred by the client. For example: o Port Situation Reports o Chartering And Brokerage o Cargo Consolidation

STEERS SHIPPING LIMITED COMPANY PROFILE

o Import And Export Cargo Handing, Storage Distribution. o Export Advisory Etc. 2.0 2.1 PROJECT CAPABILITY SPECIAL PROJECTS Steers Shipping limited has a reputation in the handling of Special Projects cargo for Oil Companies, The Steel Industry, Construction Companies, Government Project etc. All these sectors have benefited from our services in the past. Also awkward and hazardous cargo such as Rigs, pre-fabrication Plants, Heavy lift vehicle and machinery, energy and communication equipment as well as chemical can easily be handled with our expertise and facilities. 2.2 SHIP CHARTERING Steers Shipping Limited has the facilities and access to network of reliable technical ship owners worldwide. Steers Shipping Limited can assist her charterers and owners to get appropriate ships/cargo at reasonable and competitive rates. Similarly, we handle cargo consolidation for export.

2.3

CONTAINER HANDLING Steers Shipping Limited undertakes the handling of: FCL (Full Container Loads) Which Includes: Use Of Specially Designed Trailer Unit Supervision Of Loading At Container Terminal Return Of Empty Containers

STEERS SHIPPING LIMITED COMPANY PROFILE

LCL (Less than Container Loads), Which Includes: 2.4 Physical Examination Of Returned Boxes: And Establishing Of Condition Reports. Breakout in Trials Bonded Warehouses. Prompt and Safe Stuffing and Unstuffing of Groupage Containers. Return Of Empty Boxes To Container Terminal Release/ Delivery Of Cargo Against Valid Documentation Efficient Handing With Experienced Staff And Modern Equipment FREIGHT FORWARDING AND CUSTOMS BROKERAGE Steers Shipping Limited undertakes customs clearing and forwarding of cargoes from all the sea and airports in the country. Our services include: General advice on import and exports. Customs clearance and documentation. Cargo release from customs, shipping companies and Nigeria Port Authority. Evaluation and delivery of goods within Nigeria. Special Direction delivery services (SDDS) from cargo vessels. Procuring claims documentation. Arrangements for import and Export licenses. Pharmaceutical permits, photo-sanitary and veterinary certificates, bills of sight, letters of indemnity.

2.5

WAREHOUSING AND MANAGEMENT OF WAREHOUSES Steers Shipping Limited owns and operates warehouses at Lagos, PortHarcourt Warri, where goods can be stored for customers. We have private and customers bonded warehouses at Apapa, Port Harcourt and Warri, We also operate container Groupage warehouses where full container loads (FCL) and less than container loads (LCL) are stuffed and unstuffed.

STEERS SHIPPING LIMITED COMPANY PROFILE

Steers Shipping Limited manages warehouses on behalf of various commercial and merchant banks. The scheme is known as Steers Shipping Limited warehousing Management Agreement. In order to save cost of double handling of cargo (export or import) we take over the control of the customers own warehouses on behalf of banks and release/export same on banks instructions. The same is applicable for the customers who wish to use Steers Shipping Limited Warehousing Facilities. Detailed information is available from our Head Office or any of the Branches on the modus operandi of the Steers Shipping Limited Warehousing management. 2.6 CARGO HANDLING Steers Shipping Limited has adequate and up to date facilities for the handling of cargo; general, bulk, break-bulk, and palettes. Apart from handling imports, Steers Shipping Limited also handle consolidation of export cargo in our warehouses nationwide. We stuff containers and arrange export clearance before final shipment. Imports are handled from shipside, through the clearance, store and final delivery to the consignee.

2.7

PACKAGING AND HANDLING OF INDUSTRIAL AND HOUSE HOLD GOODS. Steers Shipping Limited specialises in packing and handling of industrial and household goods for export by sea, land and air. Being members of the international Air Transport Association (I.A.T.A) Steers Shipping Limited is able to airfreight your cargo to any part of the world efficiently and at reasonable rates.

STEERS SHIPPING LIMITED COMPANY PROFILE

2.8

TRAINING Comprehensive training services on a hands-on and formal basis are provided by Steers Shipping in all areas of its operation and well tailored to the customers needs. Specialist training is provided in the area of Ship inspection and maintenance as well as mechanical equipment and facilities.

3.0

JV PARTNERS MAJOR FREIGHT FORWARDERS WORLDWIDE Steers Shipping limited partners with major Global Integrated logistics Companies and Vessel supply companies offering door services worldwide. Available Services include: Ocean Freight Consolidation and Forwarding Customs Brokerage Project Management Export packing and Crating Warehouse and Physical Distribution Management Cargo insurance. FSVs, AHTS, LHTs, Pollution Control Vessels (PSV), MPVetc. Joint Venture Partners Include: Polish Ship Salvage Company Poland Wingate UK Limited. London Continental Shipyard limited Lagos, Nigeria. Specialist Marine Services England. Starz Shipping Limited. Onne Port Harcourt.

4.0

MANAGEMENT PROFILE Steers Shipping Limited is managed by a group of experienced and high dedicated professionals, who are totally committed to quality, safety and cost effectiveness in the provision of shipping and related services. We place a lot of emphasis on staff training and development in line with ever increasing technological and operational changes that are the characteristics of the industry. THE MANAGING DIRECTOR/CEO MR. TERRY ASEMOTA, Nigerian, MD/CEO- STEERS SHIPPING LIMITED. As the Chief Executive of this Shipping company, responsibilities include but not limited to charting a leadership role for this company in Shipping, Oil and Gas, Energy and power, marine and maritime sectors of our Economy.

STEERS SHIPPING LIMITED COMPANY PROFILE

Mr. Asemota is further charged with the responsibilities of all company employees: setting goals and objectives towards attaining companys targeted markets and direction. He is a people person and firmly believes in management by objectives. IDAHOSA FADAKA, GM OPERATIONS Nigerian, B.Sc Chem Engineer. Worked with engineering service and project development companies both locally and internationally. His responsibilities includes but not limited to representing steers shipping ltd with clients for all matters relating to all Contracts as well as daily supervision and administration of Contracts; In this regard, he prepares the periodic programme of activities of the company and the accompanying budget. He liaises with clients and maintains a database on them with respect to their present and future operational requirements. He also maintains and coordinates contacts with the local Authorities for all matters related to Contract execution. CHIEF MARINE ENGINEER CAPT. EKPENYONG Nigerian, Mechanical Engineer and Sailor. Rose through the ranks in the marine industry to the position of Captain having worked with several international shipping companies. A certified Marine Engineer and Shipping Captain, Ekpenyong is highly experienced in shipping and has put that to use in the company especially in the area of creek navigation and trouble shooting in the event of breakdown. 4.1 STEERS ACTIVITY REPORT FOR THE PAST YEAR The Company in the past year was restructuring to reposition itself properly for effective and value added operation. This it did by reorienting its operations to incorporate ship repairs and establishment of an operational base in Lagos. Now the company is capable of handling a higher range of services. The company went into cooperation agreement with overseas technical partner well versed in various areas of marine maritime services including ship repairs, maintenance and operations. These companies have agreed to put their vessels and boats at the disposal of Steers shipping for duration of contract. They include: Polish Ship Salvage Company Poland Wingate UK limited. London Continental Shipyard limited Lagos, Nigeria. Specialist Marine Services England. Starz Shipping Ltd. Onne, Port-Harcourt.
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STEERS SHIPPING LIMITED COMPANY PROFILE

5.0

COMPANY OWNERSHIP STRUCTURE AND CORPORATE REGISTRATION: COMPANY SHARE HOLDING PROFILE: Shares privately held. Names, Addresses, and Share Allotment of Directors: S/N 1 2 Names Terry Asemota (Chairman/MD) Tony Elendu (Director) Address 8A Louis Solomon Close Victoria Island 1 Louis Solomon Close Victoria Island TOTAL Shares Allotment 7,000,000 1,000,000 8,000,000

5.1

CORPORATE MANAGEMENT SYSTEM

5.1.1 Transport, Logistics Support, Communication & Admin Support Facilities i) Communication & Admin Support facilities The Company has 2 Nos. Nitel Telecomm Facilities with IDD facilities. These lines are available for the contract's administration and logistics purposes as well as Mobile telecommunication for all its personnel. The Company also provides and maintains adequate radio or microwave links from the Company base offices and head office. Office support equipment such as Personal Computer, Fax Machine, Photocopier, internet, satellite phones etc. are in place within the head Office base for the purpose of Admin Support. ii) Transport/Logistics Support facilities The following Logistics and Support are applied to the execution of the works. TRANSPORTATION FACILITIES The Company has the following vehicles for the purpose of contract execution to increase the productivity of its workforce to eliminate the loss of man-hours.
S/N 1 2 3 4 5 DESCRIPTION Peugeot 504 S/W AC Hilux 4x4 Pick up AC Toyota Hiace Bus AC New Passat Salon AC Montero Jeep WARRI 1 LOCATION PHC 1 1 1 LAGOS 2 1 1
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STEERS SHIPPING LIMITED COMPANY PROFILE

6.0. 6.1

COMPANY FINANCIAL CAPABILITY COMPANY ANNUAL FINANCIAL REPORTS FOR THE PAST 3 YEARS Below is the Companys financial growth profile over two (2) years.

6.2

Evidence of financial Growth Profile The companys turnover has grown from N575 million in 2006 to over N801 million in 2007 and an increase in profit after tax for the year 2007 compared to year 2006 which is about. The rapid growth is as a result of the Companys commitment to finding the best way forward, in a fast moving and highly competitive technological World by relentlessly pursuing innovative solutions, and constantly growing its knowledge base with uncompromising passion for excellence service.

6.3

DETAILS OF COMPANY BANKERS AND CREDIT FACILITIES

6.3.1 BANKERS DETAILS a) Name of Bank: The Company's main Nigerian Banker is: GUARANTEE TRUST BANK PLC 6 ADEYEMO ALAKIJA STREET VICTORIA ISLAND LAGOS.
b)

Total Amount: The Company has access to large financial resources -from the above mentioned Bank to execute any given Contract or Order with large foreign/local procurement element. The Companys total credit access today is $ 10,000,000.00. This can be increased if the need arises. INSURANCE Steers Shipping will all times during the performance of work during the project provide, pay for and maintain in full force and effect with a responsible insurance carrier acceptable to CLIENT, the types and amounts of insurance specified in the tender document in a form satisfactory to CLIENT. The specified amount and types of insurance coverage will not be construed as a limitation of Steers Shipping liability.

6.4

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6.4.1 PROOF OF INSURANCE Upon request by CLIENT, Steers Shipping shall have its insurance carriers furnish CLIENT with certificates certifying that all insurance required of Steers Shipping for any project is in full force and effect stating: a. The effective start and expiration dates of all policies: b. That the insurance will not be canceled or materials altered during the specified term without thirty (30) days prior written notice by registered mail to CLIENT; and c. The territorial limit of all policies. However in cases of loss, damage to or a taking of any of the contract equipment under condition which obligate CLIENT to make a payment to Steers Shipping, or in the event that a claim is asserted by a third party against CLIENT in connection with a matter for which CLIENT is indemnified by Steers Shipping, Steers Shipping will fully substantiate with documentary evidence the extent of any insurance coverage as is required. Steers Shipping will require its contractors as is required of Steers Shipping to provide that, such requirement would not duplicate the insurance carried by Steers Shipping. If requested by CLIENT, Steers Shipping will require its subcontractors to furnish CLIENT the same evidence of insurance required by Steers Shipping as primary contractor. 7.0 CONTRACT PROJECT MANAGEMENT Steers Shipping project management personnel have engineered and managed major projects in the country and around the world. The companys expertise extends from preparation of technical & commercial specifications through to issuing enquires, assess rent of tenders, contract negotiation, thorough contract supervision, QA/QC, pre-mobilisation, de- mobilisation etc. 7.1 STEERS SHIPPING OVERALL PROJECT RESPONSIBILITY The entire performance, operations, navigation, management and direction of all of Steers Shipping equipment, personnel and subcontractors shall be under the exclusive control and command of Steers Shipping. Steers Shipping will solely and exclusively determine at the time whether operations can safely be continued or undertaken, including without limiting the generality of the foregoing, in the duty to determine that all cargo items of equipment are loaded and stored aboard in a proper manner and that proper precautions are being taken for safety of CLIENT and third party personnel, Thus for safety reasons, Steers Shipping will immediately advise CLIENT of such fact.

STEERS SHIPPING LIMITED COMPANY PROFILE

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7.2

PROJECT MAINTENANCE Steers Shipping provides equipment maintenance services on an on going or equipment shut-down basis from supply of equipment, materials, spares, tools and supervision, the company also designs, provides and implements preventive/planned maintenance programs this is evident in the joint venture agreement with its technical partner for vessels repair facility and quality maintenance services. However Steers Shipping will carry out preventive maintenance, where possible, at times mutually agreeable between CLIENT and Steers Shipping and where such preventive maintenance does not interrupt or infer with performance by the service rendered.

STEERS SHIPPING LIMITED COMPANY PROFILE

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8.0

SUMMARY OF ONSHORE AND RELATED EXPERIENCE

Steers Shipping Ltd has a sound and tested project Management system with a team of competent personnel equipped to handle every stage of any given contract professionally. The Company also has the capability to source any resource personnel (both local and expatriate) for any given project. Steers Shipping Ltd Service Capabilities have been applied extensively over the past four (4) years with extremely successful results as stated below. Evidence of awards for the above contracts form part of Companys controlled documents and can be made available on request. Year of Project 1999: Project Name Supply of ocean going tug boats during the Bed survey of OPOLO / RUTA I by Nigeria for Chevron Nigeria Supply of ocean going tug during the sea bed Survey of OPOLO / RUTA II by Lateejay Nigeria for Chevron Nigeria Tanker charter of coaster vessels for N.N.P.C Tanker charter of coaster vessels for N.N.P.C Tanker charter of coaster vessels for NNPC Disports Agents for Nigeria Maritime Authority Disports Agents for Dangote Group of Companies Supply of One (1) Line handling Tug for Mobil Producing Nig Unltd. Supply of FSV to SNEPCO

1999: 1999: 2000: 2001: 2001: 2002: Ongoing: Ongoing

STEERS SHIPPING LIMITED COMPANY PROFILE

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9.0

DETAILS OF COMPANYS COMMUNITY AFFAIRS, SAFETY HEALTH, ENVIRONMENT AND SECURITY (CASHES) POLICY
Basic Knowledge of environmental laws, regulations, and management techniques is very necessary for the design, construction, and operation of oilfield facilities. Steers Shipping ltd environmental or more simply put, HSE-MS policies emphasize and charges our line managers with the responsibilities for environmental consciousness of their various activities both onshore and offshore. These policies emphatically underline our belief that every employee is expected to be responsible for environmental protection and is expected to carry out the spirit and letter of these policies. Steers Shipping ltd line managers and operating personnel are mandated and compelled to be responsible for environmental protection in our companys operations. Knowledge and strict adherence to environmental laws and regulations is essential for our line managers and engineers and other key personnel who control the various elements of our operations and installations. Steers Shipping ltd recognizes that any waste generation or discharge of contaminants into the environment has the potential for future liability. Also that badly managed communal affairs program has a tendency to pitch the communities in the area of operations against the company hence disrupting operations and creating distrust and suspicion.

Our HSE-MS policies encourage four (4) major programs: Emergency planning Emergency release notification and response Community right to know and be informed about any hazardous activity or chemical reporting requirements, and Toxic chemical release reporting/emissions inventory. This program consists of: Assessments Waste minimization Record keeping Documentation, and Up-to-date training

This project HSE-MS plan draws up a general picture of the arrangement and procedures for the safe management of our activities, which is one of the most important part of our companys HSE-MS program.

TERRY ASEMOTA Managing Director

STEERS SHIPPING LIMITED COMPANY PROFILE

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