AGM Statement

Ocean Wilsons Holdings Ld
10 June 2005

At the Annual General Meeting today the Chairman, Mr Jose Francisco Gouvea
Vieira, made some general observations about the economy in Brazil and announced
that the strategic review has not been concluded yet and a further announcement
will be made once the strategic review has reached a definite conclusion.


The Chief Executive, Mr Cezar Baiao, made the following statement regarding the
latest trading position in Brazil.

  • Business in general is performing well in 2005

  • The number of tug manoeuvres are up approximately 6% in comparison with
    the same period lat year

  • Related to our tug fleet renewal programme.  A new tug boat constructed at
    our shipyard was delivered in April.  A second vessel is forecast to be
    delivered in August

  • The construction of our third platform supply, as mentioned in the Annual
    Report, will start in the second half of this year.  We are forecasting some
    18 months from now to delivery

  • The number of  containers moved in our two container terminals increased
    by 10% in comparison with the same period last year

  • Expansion of our container terminal in Rio Grande has already started.  We
    have ordered two post panamax gantry cranes and the construction of the
    third berth will start on the second semester of 2005.

  • The strengthening of the Real against the US Dollar has reduced our
    margins as a large part of our revenue is linked to the US Dollar and our
    costs are principally Real based






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