Final Results

Ocean Wilsons Holdings Ld
24 April 2001





                         Ocean Wilsons Holdings Limited
                            Preliminary Announcement

At a board meeting held today the following announcement of the unaudited
results of the Company and its subsidiary companies for the year ended 31st
December 2000 was approved by the directors.

                 Consolidated Profit and Loss Account

                                              Year to 31st Year to 31st         
                                                  December   December
                                                      2000       1999
                                                     £'000      £'000
Turnover
          Turnover and share of joint ventures     81,382     73,395
          less share of joint venture turnover     (7,007)         -
          Existing operations                      71,461     73,395
          Acquisitions                              2,914     (5,800)
Group turnover                                     74,375     67,595
          Operating costs                         (60,117)   (53,936)
          Depreciation                             (5,684)    (4,398)
Operating profit
          Existing operations                        9,383     9,261
          Acquisitions                               (809)         -
Group operating profit                               8,574     9,261
          Share of operating profit in 
          joint ventures                             1,232     1,443
          Share of operating loss in associates       (160)     (246)
          Income from fixed asset investments          189       422
          Realised surpluses on sales of investments 1,953     3,691
          Profit on disposals of fixed assets            -        48
          Other interest receivable and 
          similar income                             3,390     4,795
          Interest payable                          (2,915)   (3,351)
          Net exchange loss on foreign 
          currency borrowings                       (4,114)   (5,612)
Profit on ordinary activities before taxation        8,149    10,451
          Taxation on profit on ordinary activities (2,603)   (3,031)
Profit on ordinary activities after taxation         5,546     7,420
          Minority interests                          (585)     (986)
Profit for the financial year                        4,961     6,434
Dividends
          Interim - 1.00p per share (1999 1.00p)      (375)     (393)
          Final - 5.00p per share (1999 5.00p)      (1,830)   (1,965)
Retained by group companies                          2,756     4,076
Earnings per share basic and diluted                 12.93p    16.37p

                        Ocean Wilsons Holdings Limited
                           Preliminary Announcement

                           Consolidated Balance Sheet

                                                As at 31   As at 31
                                                December   December
                                                    2000       1999
                                                   £'000      £'000

       Intangible Assets                            1,496          -
       Tangible assets                             70,029     59,354
       Investments                                 17,017     17,813
       Current Assets
       Stocks                                       1,233        884
       Debtors                                     19,627     18,524
       Cash at Bank                                36,370     36,765
                                                   57,230     56,173
       Creditors (amounts falling due 
       within one year)                           (24,843)   (21,510)
       Net current assets                          32,387     34,663
       Total assets less current liabilities      120,929    111,830
       Creditors (amounts falling 
       due after one year)                        (50,467)   (42,240)
       Provisions for liabilities and charges     (4,238)    (5,006)
       Minority interests                         (4,545)    (3,607)
       Net assets                                 61,679     60,977
       Capital and reserves
        Called up share capital                    7,489      7,859
        Profit and loss account                   29,199     26,737
        Capital reserves                          20,642     20,495
        Revaluation reserve                        4,349      5,886
       Equity shareholder funds                   61,679     60,977
       Net assets per share                       164.73p    155.18p


                        Ocean Wilsons Holdings Limited

                        Consolidated Cashflow Statement

                                              Year to 31 Year to 31
                                                December  December
                                                    2000      1999
                                                   £'000     £'000

           Net cash inflow from 
           operating activities                   13,798    12,379
           Dividends from joint ventures             961     1,052
           Returns on investments & 
           servicing of finance                    1,312     1,900
           Taxation                               (2,771)   (5,025)
           Capital expenditure and financial 
           investment                            (10,979)  (17,178)
           Acquisitions and disposals             (5,203)   (2,152)
           Equity dividends paid                  (2,340)   (2,260)
           Cash outflow before management of 
           liquid resources                       (5,222)  (11,284)
           and financing
           Management of liquid resources         (1,176)   (1,796)
           Financing                               4,961    12,778
           Decrease in cash in the year           (1,437)     (302)

           The final dividend of 5.00p per share will be paid on the 8th June,
           2001, if approved by shareholders at the Annual General Meeting to
           be held on 8th June 2001, to shareholders on the register at close
           of business on 11th May, 2001.

           Additional copies of this announcement can be obtained from the
           company's registered office Clarendon House, Church Street, 
           Hamilton, Bermuda or from the Company's UK transfer agent,           
           Independent Registrars Limited, Balfour House, 390-398 High Ilford,  
           Essex IGI 1NQ.
           


Chairman's Statement

Accounts and Results

Turnover including joint ventures for the year grew 11% to £81.4 million. This
compares with £73.4 million in the previous year. Included in this total is £2.9
million in turnover attributable to the Tecon Salvador acquisition.

Group  operating  profit excluding acquisitions remained flat at  £9.4  million.
After  including  losses from the Tecon Salvador acquisition,  operating  profit
fell marginally in the year to £8.6 million from £9.3 million in 1999. This is a
satisfactory  result considering  the  intense  competition  in  our 
traditional markets.

The  realised  surplus on sales of investments was lower in  the  year  at  £2.0
million  (1999 £3.7 million), as the prior year benefited from the  disposal  of
our investment in Rea Brothers Group Plc and in Finsbury Technology Trust.

Excluding  income from the investment portfolio, profit for the  year  from  the
Brazilian operations increased 21 % to £2.8 million from £2.3 million  in  1999.
This  is  principally due to lower exchange losses on Brazilian foreign currency
borrowings that were £1.5 million lower at £4.1 million.

Taxation

The effective tax rate for the period was 32.0 % compared to 29.0% for 1999. The
increase in the Group's rate of tax is due to a decrease in investment portfolio
income in the year, which is not subject to tax. The corporate tax rate
prevailing in  Brazil  is  35%  although there is no Group tax relief so  that 
losses  and profits in separate companies cannot be offset.

Dividends

The  board  is  recommending that the final dividend remain unchanged  at  5.00p
(1999  5.00p).  If  approved by shareholders at the forthcoming  Annual  General
Meeting this will make a total dividend for the year of 6.00p (1999 6.00p).  The
full  year dividend is 2.2 times covered by profit for the financial year  (1999
2.7 times) and will absorb £2,205,000 (1999 £2,358,000).

Share repurchase programme

During  2000  the  company  carried out an 'on market repurchase  programme  to
acquire  and  subsequently cancel, 1.85 million of its  ordinary  shares  at  an
average  price of 88.6 pence per share. From November 1998 to January  2001  the
company has repurchased in total, 3.1 million shares at an average price  of  88
pence each. In total £2.7 million was returned to shareholders.


Balance Sheet

Group  net  assets were in line with last year at £62.0 million  (1999 $61.0
million).  On  a per share basis the Group's net assets increased  9.55p
to  164.73p  (1999  155.18p). This increase reflects  the  impact  of the
Groups  share repurchase programme, Net assets located in Brazil account
for  86.08p  per  share  (1999 84.80p) and  net  assets  outside  Brazil
78.65p(1999  70.38p).  The total of cash and  investments  held  by  the
Group outside Brazil was 85.3p per share at year-end.

Cash flow

Net  cash  inflow from operating activities during the  year  was  £13.8
million  (1999  £12.4 million). The principal outflow was gross  capital
expenditure in the year of £15.8 million, invested mainly in  Tecon  Rio
Grande.

Year  end  cash balances amounted to £36.4 million (1999 £36.6  million)
of  which  £21.0 million (1999 £19.1 million) was held outside  Brazil
being  56.0p  per  share. The portfolio at that date was  £11.0  million,
being 29.3p per share.

Borrowings and Interest

Net  debt  increased £11.1 million from £9.4 million to £20.5  million,
The  Group's  borrowings rose from £46.0 million  to  £56.8  million  to
finance  tug  construction and the expansion of  the  Tecon  Rio  Grande
container terminal, The increase in net debt resulted in an increase  in
gearing from 15.2% at 31 December 1999 to 33.2% at year end. Net debt  is
expected to increase further in 2001 as new loans are being arranged  to
finance future capital investment.

The Group's  net  interest  earned  in  the profit and  loss was £0.5  million
(1999 $1.4  million). This excludes the net exchange movements on  foreign
currency borrowings held by the Brazilian subsidiaries, which are  shown
separately  in the profit and loss account and £1.0 million  of  interest
capitalised  in  fixed assets, principally at our subsidiary  Tecon  Rio
Grande.

The  Group's Brazilian subsidiaries have significant US dollar loans and
$Real  denominated loans that are monetarily corrected by  the  movement
in  the  US  dollar  / $Real exchange rate. While the  liability  in  US
dollar  terms  remains unchanged a devaluation in  the  $Real  generates
exchange  losses when these loans are converted into $Reals  which  under
UK  GAAP  the  Group  is required to recognise in the  Profit  and  Loss
account in the period in which it occurs.

Net  exchange  losses on foreign currency loans for the period  were £4.8
million  (1999  £5.6 million.) Lower exchange losses were  incurred  in
the  period as the $Real devalued less against the US dollar in the year
than in 1999.

The  total  cost of debt in the period made up of interest and  exchange
losses on foreign currency borrowings was £8.9 million.

Exchange rates

In the year to 31 December 2000 the $Real devalued 9% against the US dollar
(from 1.79  to 1.95) and 1 % against sterling (from 2.89 to 2.91). In 1999 the
$Real  devalued 49% against the US dollar (from 1.21 to  1.79)  and  44%
against sterling (from 2.01 to 2.89).

Investment Portfolio

The invested portfolio produced a return of 14.6% in the year.

Management  of  the  investment portfolio  was  transferred  on  the  31
October  2001  from  Close Private Asset Management to  Hanseatic  Asset
Management  LBG.  Hanseatic Asset Management LBG is an  independent  fund
management  house  specialising in asset  allocation  with  which  Mr  W
Salomon who was previously responsible for our fund management at  Close
Brothers Group plc is associated.

Close  Private  Asset  Management who managed  the  portfolio  until  31
October 2000 report as follows:

'After   the  initial  euphoria  of  Y2K  passing  pretty  much  without
incident,  the  strong  rising trend in equity  markets  broke  down  in
March,  as  investor enthusiasm for the Technology, Media  and  Telecoms
sectors  (TMT),  which had been the key driver behind the  market  rise,
suffered  a  sudden reversal. The two quarters that followed saw  global
markets decline as sentiment gradually shifted from one of concern  over
exuberance  and unsustainable growth to one of concern about a  dramatic
slowdown  in global growth. These fears were compounded by a  struggling
Euro  and  rapidly  rising  oil prices, the combined  effects  of  which
looked likely to derail the shoots of economic recovery in Euroland.

Political  uncertainty also played its part in unsettling investors:  in
Japan  the  administration's credibility in  being  able  to  steer  the
economy  out  of its deflationary trend slipped further, whilst  the  US
Presidential  Election  remained too  close  to  call  even  beyond  the
initial  counting  process.  Meanwhile in  Europe  politics  of  another
nature  were seen with the ECB deciding to intervene in the Forex market
in  a  move  to  support  the  ailing Euro just  ahead  of  the  Danish
Referendum  on entering the single currency, the result of which  was  a
clear 'no'.

Over  the  10 month period to 31 October 2000 the FTSE All Share declined
5.1%,  whilst the FTSE 100 fell 7.1%. In the US the Dow Jones suffered  a
4.6%  fall,  whilst the broader MSCI World index stood  9.8%  below  the
value  at  which it had closed 1999. The Nasdaq, having peaked in  March
above  5000, had fallen 17.2% to 3369.63 at the end of October.  Against
this   volatile  backdrop  of  declining  global  equity  markets,   the
portfolio of investments performed well, posting a return of +19.3%  (in
capital  terms, excluding uninvested cash). During the first quarter  of
2000  the  overall  exposure to TMT was reduced  further,  with  profits
being  taken  in  a  number  of  stocks including  Vodafone,  Intel  and
Marconi. In addition the remaining holding in Finsbury Technology  Trust
was sold.

The  portfolio  benefited  from the strong rise  in  Finsbury  Worldwide
Pharmaceutical Trust, the holding in which was subsequently sold in  the
fourth  quarter  at an average price in excess of £6. The portfolio  also
benefited  from the strong rise in the Alternative Investment Strategies
Trust  (+21.7%  in  US  Dollar terms over the 10  month  period).  Other
strong contributions came from the NatWest FRNs that were called at  par
in  Q1 and from the HSBC FRNs that not only saw some spread tightening
but  also generated additional return through the currency gains on  the
US  Dollar.  Elsewhere in the portfolio the period  saw  Royal  Bank  of
Scotland  post  a  52.1 % gain, and trading gains  were  made  through
positions in Spirent (previously Bowthorpe) and Provident Financial.

Hanseatic Asset Management report as follows.

'Following  the transfer of the portfolio to Hanseatic Asset Management,
the  position  in the Finsbury Worldwide Pharmaceutical Fund  was  sold.
The  manager decided to lock in what had been significant gains  against
the  background  of  a  deteriorating market. It has  been the  manager's
policy  to  hold  high cash balances to help protect  the  fund's  value
against  the  sharp  falls in equity prices which  occurred  during  the
first  quarter of 2001. More recently some of this cash has been put  to
work  in  high yielding bonds, Japanese stocks and a position  has  been
re-established  in  the  pharmaceutical and life  sciences  sector  when
share  prices were on average 30% cheaper than at the time of  the  sale
in  November.  Market conditions continue to be extremely  volatile  and
while  the  aggressive  actions taken by the Federal  Reserve  to  avert
recession  in  the  United States will help to contain further  downside
broad  based  market  gains are likely to remain elusive  until  greater
visibility exists on corporate profits.'

Lloyds Insurance

The  Group  started a new subsidiary, Ascension Underwriting Limited  to
underwrite  insurance  through the Lloyds insurance  market  during  the
year.  The  intention  is  to  generate  additional  income  using   the
non-Brazilian assets as collateral for insurance underwriting  when  the
board   feels  that  market  conditions  are  favourable.  The   company
underwrites  on  a  range  of syndicates and  is  advised  by  Cathedral
Capital Management Ltd and Anton Private Capital Limited. The Group  has
committed to underwrite premium income of up to £2.5 million of  business
on  a  limited  liability basis for the year commencing 1 January  2001.
The Group's potential liability is currently limited to approximately  
£1  million.  It  is  the  intention of the board  to  limit  our  future
liability to a maximum of £2.0 million.

Future Prospects

Trading  results  for the  first  quarter  in  2001  are  down   on   the
corresponding  period  for 2000, principally due to  a  decline  in  port
movements  in  Brazil.  Since the year end  the  $Real  has  devalued  a
further  16% against the US dollar to 2.26. The results for the  current
year  may  be very adversely impacted if the current unexpected weakness
in the currency persists.

New  investments  for  2001  include a  new  distribution  centre  under
construction at Campinas in the state of Sao Paulo. The booming oil  and
gas  market in Brazil continues to present opportunities for the  Group.
We  were  successful  in a public tender to operate  a  platform  supply
vessel  (PSV)  for  Petrobras,  the Brazilian  state  oil  company.  Our
associate company  Brasco  with  our Scottish partner, ASCO plc.,  which 
provides logistic services to the oil industry is producing encouraging results.

Finally  I would like to express my appreciation for the support  of  my
fellow  Directors and on their behalf, the appreciation of the  Board  to
our  staff  for  their  efforts in helping  to  build  and  develop  the
Company.

Operating Review

Brazil

The  current  account deficit persisted during 2000 as  a  result  of  a
disappointing trade balance and adverse services balance.  This  deficit
was  easily  covered by foreign direct investment but the dependence  on
external funding to finance shortfalls in the current account shows  the
vulnerability  of the Brazilian economy in the medium term  and makes  it
more  susceptible  to any contraction of liquidity in the  international
market.

After  relative  stability during most of the year  the  $Real  weakened
against  the  US  dollar in November and December  on  worries  about  a
slowdown  in  world  growth. The $Real weakened  further  in  the  first
quarter  of  2001  due to nervousness created by the  Argentine  crisis.
Although  the  $Real  is  effectively a freely  floating  currency,  the
tension  in relation to the Argentinean Peso which is linked to  the  US
Dollar does spill over.

The  economic  outlook for Brazil in 2001 remains quite favourable  with
forecasts  of 4% growth and low inflation. However further  progress  is
required  in  the area of pension and tax reform and the  dependence  of
Brazil  on foreign investment to cover the current account deficit  means
that it remains vulnerable to external shocks.

Towage

Revenue  in sterling terms grew 5% on the previous year although revenue
from  harbour  towage remained flat as our market share  in  some  ports
declined. Overall the number of vessels attended in the year was in  line
with  prior  year.  Strong market pressures remain  a  concern  and  the
prospects for tariffs and margins returning to historical levels in  the
short term are poor.

Ocean  towage for the offshore oil industry and towage support for cable
laying  operations had a successful year generating significant revenue.
The  booming  offshore gas and oil industry offers further opportunities
in this area in 2001.

Revenue  at the two towage joint ventures with Docenave, Consorcio  Baia
de  Sao Marcos and Consorcio Barra dos Coqueiros rose 16% on prior  year
although increased operating costs adversely affected margins.

Shipyard

Results  from the shipyard in Guaruja, Sao Paulo were poor in the  year  as  the
weak market for small vessel construction continued.

In  January 2001 the company was successful in a public tender to operate a  PSV
(platform  supply  vessel)  for Petrobras, The  vessel  will  be  built  at  our
shipyard  in 2001. The Group is currently in discussion to build two  PSVs  for
outside  parties  at  our shipyard. These two vessels are larger  than  the  PSV
being  constructed  for  the  Petrobras contract and  would  require  additional
investment to expand our facilities.

Ship Agency

2000  was  a  challenging  year for the ship agency  division  although  revenue
remained  in  line with prior year. Additional revenue was obtained  from  tramp
vessels  and coastal services. However these gains were offset by a decrease  in
liner   client   revenue,  as  several  major  customers  were   lost   due   to
consolidations in the shipping sector.

Additionally  the  number of sugar vessels attended by our agency  decreased  in
line  with  the  reduction in sugar exports from Brazil during 2000. Overall 
the volume  of  vessels  attended in 2000 was less than in 1999 but  the  change
in sales mix increased revenue per vessel.

Despite  an increase in revenue per vessel margins were lower in 2000  as  extra
expenses were incurred in improving our service and obtaining new business.  The
new automated agency system - AGENSYS was implemented throughout our network  of
branches  during the year and new sales representatives appointed for China  and
Greece.

Port Operations and Logistics

Turnover  in sterling terms rose 23% on the previous year. This was attributable
to  continued  revenue  growth at Tecon Rio Grande and the  acquisition  of  the
container and heavy cargo terminal at Salvador.

Tecon  Rio  Grande continued to perform ahead of expectations  with  volumes  of
containers  handled growing 48% to 290,873 TEUs (twenty foot  equivalent  units)
compared  with  196,530  in 1999. The expansion of the  terminal  was  completed
during  the  year  and  two  new  portainers  installed  which  will  assist  in
increasing productivity in 2001.

As  mentioned  in  the  Chairman's interim statement  Tecon  Salvador  has  been
operating  since  March  of  this year. Results to date  have  been  lower  than
anticipated  due  to  poor sales mix and difficulty in  attracting  heavy  cargo
clients  to  the terminal. A new commercial strategy implemented at the  end  of
the  year is already producing positive results. The board anticipates that  the
terminal will become profitable in the medium term.

The joint venture bonded warehouse, EADI Santo Andre made good progress with
revenues increasing 145%. As part of our logistics business the Group opened
distribution centres  in Porto Alegre, Recife and Rio de Janeiro during the 
year.  A new  management structure was created to improve communication with 
the client  and  maximise synergy amongst our port operations and  logistics
subsidiaries.

Our  associate company Brasco which services the Brazilian oil  and  gas
market had an encouraging year. New contracts were signed with Shell,  BP,
Exxon  and  TotalFinaElf  to  operate  onshore  bases  to  support  their
offshore drilling activities.

As  anticipated  stevedoring  revenues  declined  in  2000  as  we  lost
business  due  to  port privatisations and the closure of  our  smaller,
less profitable operations

Other Activities

The  two  Dredgers  operated by our associate  company  Dragaport  began
operations in 2000 operating in the states of Rio Grande and Bahia.

Treasury

The  Group has a centralised Treasury operation in Brazil, which manages
the  investment  of surplus funds and borrowings. Clear guidelines  have
been  established  relating  to  cash management  authority  levels  and
investment limits. The guidelines prohibit taking speculative  financial
instrument  positions  and  regular  financial  management  reports  are
supplied to senior management.


The  main financial risks facing the Group are those related to funding,
interest rate, currency and, market price.

Funding risk

The  Group  trades  principally  in Brazil  and  holds  a  portfolio  of
internationally listed investments outside Brazil. The Group borrows  to
fund  capital projects and look to cash flow from these projects to meet
repayments.  Working  capital  is  funded  through  cash  generated   by
operating revenues.

There  is  limited  long  term commercial funding  available  in  Brazil
except  from  the Banco Nacional do Desenvolvimento Economico  e  Social
(BNDES).   All   long  term  funding  is  obtained  by   our   Brazilian
subsidiaries  from  the BNDES or the International  Finance  Corporation
(IFC,  part  of  the World Bank) except for specific equipment  supplier
financing  when  available at favourable terms.  The  company  will  not
consider short-term borrowing in the Brazilian commercial markets  while
prohibitive interest rates prevail.

At  year  end  the Group had £56.8 million in borrowings repayable  over
periods up to 12 years.

At  year-end  the  Group  held  approximately  £15.4  million  in  $Real
denominated  cash deposits in Brazil and £21.0 million in  sterling  and
US dollar denominated deposits outside Brazil.  The  company  maintains  these 
large  cash  balances  as   it continues to look for investment opportunities in
Brazil.

Interest rate risk

During  2000  the  Group did not use interest rate  swaps,  options  or
forward  rate agreements to manage interest rate exposure on  its  debt
positions.  However  the  Group  actively  reviews  risk  profiles  and
considers  undertaking interest rate swaps if necessary and  only  with
board approval.

The  Group  has  three  types of borrowings, $Real  denominated,  $Real
denominated linked to the US dollar and US dollar borrowings.

Currency risk

The  Group  operates  principally in Brazil with the  majority  of  the
Groups  revenue, expenses and assets denominated in $Real. Consequently
currency  translation movements can significantly  affect  the  Group's
income  and  balance  sheet  and the Group faces  significant  currency
exposures   when  translating  results  into  sterling.  Due   to   the
prohibitive cost of hedging the $Real the Group does not hedge its  net
exposure  to  the  $Real as the board considers it uneconomic.  Our  US
dollar  debt  has  defined repayments during the  life  of  the  loans.
Management reviews hedging these repayments for periods up to one  year
by  investing  surplus  funds in US dollar linked Brazilian  Government
bonds.

The  Group  has significant long-term borrowings in US dollars  and  in
$Real  denominated  loans linked to the US dollar. These  are  used  to
finance  $Real denominated capital projects. This exposes the Group  to
a  potential  currency  mismatch  of  costs  and  revenues.  The  Group
undertakes  this  risk  as there is no source of  long  term  financing
denominated in $Real available to the Group.

The  $Real  denominated  loans linked to the US dollar  are  monetarily
corrected  by  the  movement in the US dollar/$Real exchange  rate  and
bear  interest  of  between  1.5 - 4.5%  per  annum.  The  loans  are
repayable  over  periods  up  to  12  years.  The  board  considers  it
uneconomic to hedge the loans in the long term, as the cost of  hedging
the  debt  would  significantly increase the cost of  borrowing  in  US
dollars.  While the Group may experience significant movements  in  the
exchange  rate  in a short period, the board considers this  to  be  an
acceptable  risk due to the low cost of the loans in US  dollars  terms
and long maturity date.

The  majority  of  the  Group's US dollar loans bear  interest  between
Libor  + 3.75 and Libor + 4.0 % and are repayable in periods up  to  9
years.  In addition the Group has loans, which bear interest linked  to
the  performance of Tecon RG, that vary between Libor +2.0%  and  Libor
+6.0%.

Cash  and investments held outside Brazil are principally in US  dollar
and sterling denominated assets .



Market price risk

The Group invests in internationally listed securities and funds
principally for the long-term. The Group's exposure to market price
risk arises mainly from potential loss the Group may suffer through
holding market positions in the face of price movements.