Interim Results

OCEAN WILSONS HOLDINGS LIMITED
19 October 1999

                         Ocean Wilsons Holdings Limited
                            Preliminary Announcement

At a board meeting held today the following announcement of the unaudited
results of the Company and its susidiary companies for the six months ended 30th
June 1999 was approved by the directors.

                       Consolidated Profit and Loss Account

Year to 31st                                         Six months   Six months
December,                                            to 30th      to 30th
 1998                                                June,1999    June,1998
                                                         £'000        £'000
         Turnover
95.759   Turnover and share of joint ventures            35.745     48.644
(5.713)  less share of joint venture turnover            (2.649)    (2.804)

90.046   Group turnover                                  33.096     45.840
(70.184) Operating costs                                (26.508)   (36.879)
(6.290)  Depreciation                                    (2.197)    (3.323)

13.572   Operating profit                                 4.391      5.638    
   527   Share of operating profit in joint ventures        498        439   
     -   Share of operating loss in associates             (164)         -
   403   Income from fixed asset investments                186        162
(195)    Realised surpluses on sales of investments          90        156
(246)    Loss on disposals of fixed assets                   (7)       (42)
5.399    Other interest receivable and similar income     4.606      2.477
(4.531)  Interest payable and similar charges            (9.800)    (1.814)

14.929   (Loss)/Profit on ordinary activities before
         taxation                                          (200)     7.016
(6.395)  Taxation on profit on ordinary activities         (157)    (2.720)

8.534    (Loss)/Profit on ordinary activities after
          taxation                                         (357)     4.296
 (823)   Minority interests                                (268)      (168)

 7.711   (Loss)/Profit for the financial year              (625)     4.128
    72   Prior year realised (deficits)/surpluses on
         sales of investments                               (11)         7

7.783    (Loss)/Profit attributable to shareholders        (636)     4.135

         Dividends

 (397)   Interim - 1.00p per share (1998 1.00p)            (393)      (397)
(1.867)  Final - 4.75p per share                              0          0

 5.519   Retained by group companies                      (1.029)    3.738

  19,46p Earnings per share Basic and diluted               -1,59p    10,40p

                           Consolidated Balance Sheet
As at 31st
December,                                       As at 30th      As at 30th
1998                                            June, 1999      June, 1998
                                                     £'000           £'000

61.480    Tangible assets                           49.751          59.798
13.292    Investments                               16.683          16.771

31.076    Net current assets                        26.678          25.289

105.848   Total assets less current liabilities     93.112         101.958

(29.092)  Creditors (amounts falling due after     
          one year)                                (29.026)        (23.777)
(6.996)   Provisions for liabilities and charges    (3.901)         (5.950)
(1.710)   Minority interests                        (4.073)         (1.030)

68.050    Net assets                                 56.112         71.101

 173,18p  Net assets per share                       142,80p        179,10p

The interim dividend of 1.00p per share will be paid on 19th November, 1999, to
shareholders on the register at close of business on 5th November, 1999.

Abridged Accounts

In respect of the six monthly results which are based on unaudited reports for
management purposes:

(a) the figures are not the company's statutory accounts 
(b) the auditors of the company have not made any report thereon under section
    90(2) of the Bermuda Companies Act.

Additional copies of this announcement can be obtained from the company's
registered office Clarendon House, Church Street, Hamilton, Bermuda from the
Company's UK transfer agent, Independent Registrars Limited, Balfour House,
390-398 High Road, Ilford, Essex IG1 1NQ. 

                          Chairman's Interim Statement
                       for Ocean Wilsons Holdings Limited

Accounts and Dividends. The principal influence on the 1999 interim results was
the significant devaluation of the $Real against the US dollar and sterling. In
the six months to 30 June 1999 the $Real devalued 46% against the US dollar
(from 1.21 to 1.77) and 39% against sterling (from 2.01 to 2.80). The
devaluation had an adverse impact on the Group's results as the majority of the
Group's turnover and costs are $Real denominated. Turnover increased in $Real
but the devaluation of the $Real caused revenues to fall 28% in sterling terms.
The devaluation of the $Real had a beneficial effect on our costs when
translated into sterling. Operating profit for the six months ended 30 June 1999
was down 22% at £4,391,000 (1998 £5,638,000).

The Group's Brazilian subsidiaries have significant $Real denominated loans that
are monetarily corrected by the movement in the US dollar/$Real exchange rate.
While the liability in US dollars terms remains unchanged the devaluation of the
$Real generates exchange losses, which under UK GAAP, the company is required to
recognise in the Profit and Loss account in the period they occur. Included in
interest payable and similar charges is approximately £7.6 million relating to
the monetary correction of these loans. Of this £7.6 million approximately
£50,000 was paid during the period, with the balance deferred over the life of
the loans. (up to 14 years). These loans bear interest of between 1.5% and 4% in
US dollars. The amount of monetary correction these loans will incur in the
future will depend on the movement in the $Real/US dollar exchange rate during
the relevant period.

During the period the Group held US dollar linked Brazilian government bonds
that generated exchange gains of approximately £ 1.6 million. These gains are
shown in the interest receivable and similar income line.

The Loss before taxation for the six months ended 30 June 1999 is
(£200,000)(1998 - £7,016,000 profit) and loss after taxation of (£357,000) (1998
- £4,296,000 profit). Earnings per share based on ordinary activities after
taxation and minority interests of negative 1.59p (1998 - 10.40p positive) were
11.99p down on the same period in 1998. The board has resolved that an interim
dividend of 1.00p per share be paid on the 19th of November, 1999 to
shareholders on the register at close of business on 5th November 1999.

Group Net Assets. At 30 June 1999, Group net assets amounted to 142.80p per
share (31 December, 1998 173.18p). The decrease in Group net assets per share
is attributable to the devaluation of the $Real as the greater part of the
Groups assets are $Real denominated. Net assets held in Brazil at period end
were 76.3p (31 December 1998 111.42p) and assets held outside Brazil 66.5p (31
December 1998 61.76p). At the 30th September 1999 the total value of the
investment portfolio was £10,7 million (27.2p per share) and the company held
cash balances outside Brazil of approximately £18.9 million (48.2p per share).

Brazil. The Brazilian economy has demonstrated stronger than expected resilience
following the maxi devaluation of the $Real in January. Initial forecasts of
negative 3% growth in GNP 1999 have been replaced by 0 or 0.5% growth for this
year. While the economy remains stagnant with both imports and exports down on
1998 there are encouraging signs that economic conditions are improving. The
public sector posted a primary (or non-interest) surplus of 3.6% of GDP in the
year through July, above the 2.8% target agreed with the IMF, although the
measures required to eliminate the government's nominal deficit are still
awaiting implementation. Interest rates in October fell to 19%, having been as
high as 37% in January this year and inflation remains within the Central Bank
target of 8% for the year. Against this the trade balance continues to be
negative and the exchange rate after several months of stability slipped in July
and August so that the $Real is now trading at approximately 1.95 to the US
dollar. The pressure on the currency reflects the uncertainty as to the
political will to make the necessary structural adjustments to government
spending.

Towage. Revenues and operating margins were down on the corresponding period in
1998 as a result of the increased competition that appeared at the end of last
year. Due to market pressures we were unable to sustain our invoicing in US
dollar terms after the devaluation and significant reductions in tariffs have
occurred. The towage market is unlikely to improve this year. Port movements
were slightly down as the devaluation of the $Real reduced imports in the first
half of 1999.

Shipyard. The shipyard had a poor first half in terms of third party revenue.
The market for small vessel construction in Brazil remains weak. We continued
the renewal of our tug fleet with a further 2 tugs delivered during the period.

Shipping Agency Division. Ship agency benefited from the devaluation as we
managed to maintain most of our revenues in US dollar terms while our costs in
US dollar terms fell by approximately 20%.

Port Operations. Container volume at Tecon Rio Grande continued to increase with
85,148 TEUs moved during the period, an increase of 51% over the first semester
in 1998. Expansion of the terminal continues on schedule and is forecast for
completion in March next year. As a result of the devaluation the estimated cost
of the project has fallen from US$52 million to approximately US$48 million. The
first instalment of US$17 million of project financing from the International
Finance Corporation (IFC) for the terminal expansion was drawn down in August.
The loss from the EADI Santo Andre was due to the reduction in imports following
the devaluation of the $Real. Stevedoring continued to perform well.

Other Projects Conerj continues to perform below forecast. In February as part
of a consortium the company purchased two dredgers at public auction. These are
currently in Dry-dock undergoing repairs and modernisation, The Dredgers will be
operated by our associate company, Dragaport and should begin operations in
February 2000.

Year 2000 The Company has now completed all work identified as necessary to
rectify potential problems in its computer systems and associated risks in
relation to the year 2000 issue. We have made enquiries of our major suppliers
regarding year 2000 compliance but are unable to make any representations about
supplier compliance.

Future Prospects. Since the period end, the $Real has devalued a further 18%
against sterling to 3.30. While operating results for the third quarter in $Real
are in line with the first six months, they declined when translated into
sterling. The company continues to pursue privatisations in the port area.
Delays have occurred in this process but we anticipate further opportunities by
the end of the year. The Directors are implementing a tong-term incentive plan
to maintain and recruit quality management in its operating subsidiaries. Whilst
we have been advised that this does not require shareholder approval we will
seek shareholder ratification at the next annual general meeting. At the board
meeting today Mr William Salomon was appointed Deputy Chairman of the Group.