Interim Results

Ocean Wilsons Holdings Ld
27 September 2000


                    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 six months ended
30th June 2000 was approved by the directors

                 Consolidated Profit and Loss Account

Audited                                              Unaudited       Unaudited
Year to 31                                       Six months to   Six months to
December                                               30 June         30 June
   1999                                                   2000            1999
   £000                                       Notes      £'000           £'000

 73,395   Turnover and share of joint ventures          39,964          35,745
(5,800)   less: share of joint ventures turnover        (3,492)         (2,649)
 67,595   Group turnover existing operations            36,472          33,096
      -   Acquisitions                                     983               -
 67,595   Group turnover                                37,455          33,096
(53,936)  Operating costs                              (30,850)        (26,508)
(4,398)   Depreciation                                  (2,721)         (2,197)
          Operating profit/(loss)
 9,261    Existing operations                            3,884           4,391
     -    Acquisitions                                    (339)              -
 9,261    Group operating profit                         3,545           4,391
 1,443    Share of operating profit in joint ventures      467             498
  (246)   Share of operating loss in associates           (222)           (164)
   422    Income from fixed asset investments               86             186
 3,691    Realised surpluses on sales of investments        95              90
    48    Profit/(loss) on disposals of fixed assets        12              (7)
(5,612)   Net exchange loss on foreign currency 
           borrowings                                     (487)         (5,978)
 4,795   Interest receivable and similar income           2,462          2,626
(3,351)  Interest payable and similar charges            (1,484)        (1,842)
10,451   Profit/(loss) on ordinary activities 
           before taxation                                4,474           (200)
(3,031)  Taxation on profit on ordinary 
           activities                           2        (1,791)          (157)
 7,420   Profit/(loss)on ordinary activities 
           after taxation                                 2,683           (357)
  (986)  Minority Interests                                (333)          (268)
  6,434  Profit/(loss) for the period                     2,350           (625)
    952  Prior year realised surpluses(deficits)
         on sales of investments                            608            (11)
  7,386  Profit attributable to shareholders              2,958           (636)
 (2,358) Dividends paid and payable                        (375)          (393)
  5,028  Retained by group companies                      2,583         (1,029)

          Earnings per share
 16.37p   Basic and diluted                               5.98p          -1.59p
  6.00p   Dividends per share - gross                     1.00p           1.00p 

                         Ocean Wilsons Holdings Limited
                            Preliminary Announcement
      
                        Consolidated Cashflow Statement
Audited                                           Unaudited       Unaudited
Year to 31                                       Six months to   Six months to
December                                               30 June         30 June
   1999                                                   2000            1999
   £'000                                                  £'000           £'000
 
 12,379  Net cash inflow from operating activities        4,813          6,761

  1,052   Dividends from joint ventures                      427           479
  1,900   Returns on investments & servicing of finance    1,092           970
 (5,025)  Taxation                                        (1,569)       (1,053)
(17,178)  Capital expenditure and financial
            investment                                   (11,885)       (9,064)
(2,152)   Acquisitions and Disposals                      (1,831)         (137)
(2,260)   Equity dividends paid                           (1,965)       (1,867)

(11,284)  Cash outflow before management
            of liquid resources                          (10,918)       (3,911)
            and financing
(1,796)   Management of liquid resources                   4,540         3,998
12,778    Financing                                        6,414           168

 (302)    Increase/(decrease) in cash in period               36           255

          Exchange rates used
1.612     US$ to £1                                        1.518         1.580
2.891     R$ to £1                                         2.748         2.795

     Notes to Interim Accounts

      1 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.
      (c) The interim report has been prepared on the basis of the accounting
      policies set out in the latest annual accounts
      
      2  Taxation
         UK withholding tax                                   7
         Overseas taxation                                1,784
                                                          1,791

        The interim dividend of 1.00p per share will be paid on the 7th
        November, 2000, to shareholders on the register at close of business on
        13th October, 2000.

        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 Road, Ilford, Essex IG1 INQ.

                         Ocean Wilsons Holdings Limited
                            Preliminary Announcement
      
                        Consolidated Cashflow Statement

Audited                                              Unaudited       Unaudited
31 December                                            30 June         30 June
   1999                                                   2000            1999
   £'000                                                  £'000           £'000

 59,354   Fixed Assets                                  71,962          49,751

 17,813   Investments                                   20,531          16,683

          Current Assets
    884           Stocks                                 1,005             697
 18,524   Debtors                                       20,696          16,540
 36,765   Cash at Bank                                  32,178          31,025
 56,173                                                 53,879          48,262

(21,510)  Creditors (amounts falling due within
            one year)                                  (23,596)        (21,584)
 34,663   Net current assets                            30,283          26,678

111,830   Total assets less current liabilities        122,776          93,112
(42,240)  Creditors (amounts falling due after 
            one year)                                  (46,950)        (29,026)
 (5,006)  Provisions for liabilities and charges        (5,709)         (3,901)
 (3,607)  Minority interests                            (4,127)         (4,073)
 60,977   Net assets                                    65,990          56,112

          Capital and reserves
  7,859      Called up share capital                     7,820           7,859
 26,737      Profit and loss account                    29,776          21,446
 20,495      Capital reserves                           21,731          21,179
  5,886      Revaluation reserve                         6,663           5,628

 60,977   Equity shareholder funds                      65,990          56,112  
 

                          Chairman's Interim Statement
                       for Ocean Wilsons Holdings Limited

      Accounts and Dividends. The unaudited accounts for the six months ended
      30th June, 2000 show a profit for the period before taxation of
      £4,474,000 (1999 - loss £200,000) and profit after taxation of £2,683,000
      (1999- loss £357,000). The principal reason for the improved result is a
      reduction in exchange losses on foreign currency borrowings held by our
      Brazilian subsidiaries. Significant exchange losses were incurred in the
      first half of 1999 as the $Real devalued 46% against the US dollar (from
      1.21 to 1.77). The effect on the result for the period is significantly
      less as in the six months to 30 June 2000 the $Real devalued 1% against
      the US dollar (from 1.79 to 1. 81). Earnings per share based on
      ordinary activities after taxation and minority interests of 5.98p, (1999
      - 1.59p negative) were 7.57p up on the same period in 1999. The board has
      resolved that an interim dividend of 1.00p per share be paid on the 7th
      of November, 2000 to shareholders on the register at close of business on
      13th October 2000. 
      Group Net Assets. At 30th June, 2000 group net assets
      amounted to 168.82p per share (31st December, 1999 - 155.18p) of
      which 92.14p (31st December 1999 - 84.8p) was attributable to assets
      located in Brazil and 76.68p (31st December 1999 - 70.38p) in other,
      primarily financial assets outside Brazil. At 31 August 2000 the total
      of the investment portfolio was £16.7 million. 
      Brazil. The economic situation in Brazil was relatively unchanged during  
     the first eight months of the year. The $Real remained stable against the  
    US dollar, helped by the strong inflow of direct investments and            
   inflation remains under control at approximately 7% for the year to date.    
  There has been little movement on the promised fiscal reform and the          
 Brazilian economy remains susceptible to external shocks. 
      Towage. Revenues and operating margins were up on the corresponding       
     period in 1999 benefiting from higher port movements compared to the       
    first half of 1999 and a gradual recovery in towage tariffs reflecting      
   more stable market conditions. Ocean towage and towage support for           
  salvage added to the divisions performance. 
      Shipyard. Results from the shipyard remained weak with little prospect    
     for further third party work. 
      Shipping Agency Division. Revenue was up compared to the same period last 
     year, although profitability declined as we lost business due to the       
    acquisition of three of our major clients by other companies, New           
   business was obtained to offset the lost revenue but at a lower margin.      
  Port Operations and logistics. The expansion of Tecon Rio Grande is now       
 complete with the second berth operating since March of this year.             
Revenue continued to grow but operating profit was adversely affected by       
an increased depreciation charge. In March of this year the Group began        
operations of the Salvador container and heavy cargo terminal previously       
acquired at public auction in December 1999. During the period                 
substantial restructuring of the operation occurred as forecast in the         
business plan. Since we assumed control of the area the terminal has           
moved 17,733 TEUs. The terminals results for the period are shown in           
acquisitions in the profit and loss account. Our associate company             
Brasco, created to provide logistics services to the Brazilian offshore        
oil and gas industry began operating its first base in Fortaleza in the        
north of Brazil. The company has won a further two contracts to operate        
bases in Rio de Janeiro, Brazil.

      The excellent result achieved by our stevedoring business in 1999 was not
      repeated in the first half of this year. 
      Dragaport. The two dredgers purchased by our associate company Dragaport  
     continued to be modernised during the period. In July of this year the     
    first dredge, Boa Vista commenced work for the Rio Grande port authority    
   in the south of Brazil.
      Future Prospects. Traditionally the second semester produces a better
      performance for the Group. Results for July and August are in line with
      the same period in 1999.