Interim Results

Ocean Wilsons Holdings Ld
25 September 2001

                           Chairman's Interim Statement
                      for Ocean Wilsons Holdings Limited

Accounts and Dividends

The unaudited accounts for the six months ended 30th June, 2001 show an 
operating profit for the period of £4,954,000 (2000 - £3,545,000) The operating 
business continued to perform well with underlying operating profit after 
excluding non-recurring items at £4.3 million in line with 2000 (£4.2 million). 
The share of operating profit from joint ventures increased by £1.0 million to 
£1.5 million (2000 - £467,000).

Towage revenue was up in $Reais terms and operating margins showed an 
improvement over the comparative period in 2000. Additional income was generated
from towage support for salvage and margins at our towage joint ventures also 
showed an improvement.

Profitability at the Ship Agency continued to benefit from the devaluation of 
the $Real as most of the divisions revenues is in US dollars while costs are 
predominantly $Reais denominated.

Tecon Rio Grande continued to perform well with revenue increasing in both 
$Reais and sterling terms. Operating margins were marginally lower due to 
increased depreciation following completion of the expanded terminal. Business 
at Tecon Salvador continues to develop although more slowly than expected. Our 
joint venture bonded warehouse Eadi Santo Andre made good progress with both 
revenues and profit increasing in sterling terms.

In the six months to 30 June 2001 the $Real devalued 18% against the US dollar 
(from 1.95 to 2.30) and 11% against sterling (from 2.91 to 3.25). The Group's 
Brazilian subsidiaries have significant borrowings in US dollars and $Real 
denominated loans that are monetarily corrected by the movement in the US dollar
/ $Real exchange rate. The Group assumes this risk as there is no long-term 
financing denominated in $Reais available to us for capital expenditure. Current
interest rates on $Reais commercial borrowings in Brazil are 25% per annum. Due 
to the prohibitive cost of hedging the $Real the Group does not hedge its net 
exposure. The devaluation of the $Real against the US dollar has generated a 
large $Real denominated loss on the Group's US dollar and US dollar linked loans
of £8,826,000 (2000 - £487,000). The cashflow effect of these losses in $Reais 
is only realised when repayments are made over the life of the loans, up to 12 
years. The average maturity is 9 years. The priority for management is to raise 
our $Real tariffs in order to service the increased $Reais debt repayments.

The loss before taxation was £2.4 million (2000 - £4.4 million profit). 
Excluding exchange losses on foreign currency borrowings and non recurring items
included in the operating profit, the profit before tax was unchanged at £5.8 
million (2000 - £5.6 million).

The loss per share based on ordinary activities after taxation and minority 
interests of 2.97p (2000 - Earnings per share 5.98p) reflected the negative 
impact of the exchange losses on foreign currency borrowings on the Group's 
results. The board has resolved that an interim dividend of 1.00p per share be 
paid on 2nd of November, 2001 to shareholders on the register at close of 
business on 12th October 2001. 

Cash flow

Net cash inflow from operating activities during the period remained strong at 
£7.0 million (2000 - £4.8 million).

Group Net Assets

At 30th June 2001 Group net assets amounted to 155.94p per share (31st December,
2000 - 164.73p) of which 78.05p (31st December 2000 - 86.08P) was attributable 
to assets located in Brazil and 77.89p (31st December 2000 - 78.65p) in other, 
primarily financial assets outside Brazil. At 19 September 2001 the total of the
investment portfolio and cash balances held outside Brazil was approximately 
£25.8 million (73.0p per share).

Share repurchases

During the period the Group repurchased and cancelled a further 2.08 million 
shares at an average price of 81.3p per share. Consequently as at 25th September
the number of shares in issue is 35,363,040.

Management

After 37 years of service to the company and having reached the age of 60, Mr 
Claudio Marote is retiring as Managing Director of the Group. We are delighted 
that he has agreed to remain on the board so the company will continue to 
benefit from his intimate knowledge of the Brazilian towage market. We are 
pleased to announce that Mr Cezar Baiao, currently Finance Director has been 
appointed a Director of the Holding company and will assume responsibility of 
Managing Director from 31 October of this year. Mr Keith Middleton the Group 
Finance Director will assume responsibility for the finance function in the 
Brazilian subsidiaries. 

Future Prospects.

The operating result for July and August are in line with the same period in 
2000. Our insurance underwriting subsidiary operating at Lloyds is likely to 
suffer some losses as a result of the terrorist attack on the World Trade 
Centre. Our liability is limited to approximately £1.0 million.

The board will review the level of the final dividend payment to be announced in
April 2002 in the light of trading conditions and the performance of the $Real 
which has fallen a further 19% against sterling to 3.98. If this exchange rate 
is maintained at the year end this will adversely impact the Groups results.

J F Gouvea Vieira

                        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 2001 was approved by the directors.



                      CONSOLIDATED PROFIT AND LOSS ACCOUNT 
 

                                                                              
         Audited                                   Unaudited        Unaudited 
     Year to 31st                                 Six Months       Six months 
  December, 2000                                 to 30th June     to 30th June
                                                        2001             2000 
                                                       £'000            £'000 
                   TURNOVER                                                   
          81,382   Turnover and share of              41,885           40,947 
                   joint ventures                                             
         (7,007)   less share of joint               (4,348)          (3,492) 
                   venture turnover                                           
          74,375   GROUP TURNOVER                     37,537           37,455 
        (60,117)   Operating costs                  (29,451)         (31,189) 
         (5,684)   Depreciation                      (3,132)          (2,721) 
           8,574   GROUP OPERATING PROFIT              4,954            3,545 
           1,232   Share of operating                  1,506              467 
                   profit in joint ventures                                   
           (160)   Share of operating loss             (142)            (222) 
                   in associates                                              
             189   Income from fixed asset                40               86 
                   investments                                                
           1,953   Realised                            (147)               95 
                   (deficits)/surpluses on                                    
                   sales of investments                                       
               -   Profit on disposals of                 32               12 
                   fixed assets                                               
           3,390   Other interest                      2,057            2,462 
                   receivable and similar                                     
                   income                                                     
         (2,915)   Interest payable and              (1,892)          (1,484) 
                   similar charges                                            
         (4,114)   Net exchange loss on              (8,826)            (487) 
                   foreign currency                                           
                   borrowings                                                 
          8,149   (LOSS)/PROFIT ON ORDINARY          (2,418)            4,474
                   ACTIVITIES BEFORE                                           
                   TAXATION     
         (2,603)   Taxation on profit on ordinary                               
                   activities                            853          (1,791)
           5,546  (LOSS)/PROFIT ON ORDINARY          (1,565)            2,683
                   ACTIVITIES AFTER                                          
                   TAXATION     
           (585)   Minority interests                    485            (333) 
           4,961   (LOSS)/PROFIT FOR THE             (1,080)            2,350 
                   PERIOD                                                     
                   DIVIDENDS                                                  
         (2,205)   Paid and Payable                    (354)            (375) 
           2,756   RETAINED BY GROUP                 (1,434)            1,975 
                   COMPANIES                                                  
           12.93   (LOSS)/EARNINGS PER                (2.97)            5.98p 
                   SHARE BASIC AND DILUTED                                    
 
 
                              CONSOLIDATED BALANCE SHEET 
 

                                                                              
          As at 31                            As at 30 June     As at 30 June
     December 2000                                     2001              2000 
             £'000                                    £'000             £'000 
            71,525   Fixed Assets                    68,362            71,962 
            17,017   Investments                     23,719            20,531 
                     CURRENT ASSETS                                           
             1,233   Stocks                           1,058             1,005 
            19,627   Debtors                         17,033            20,696 
            36,370   Cash at Bank                    27,063            32,178 
            57,230                                   45,154            53,879 

          (24,843)   Creditors (amounts falling
                     due within one year)          (21,900)          (23,596)
            32,387   NET CURRENT ASSETS              23,254            30,283 
           120,929   TOTAL ASSETS LESS              115,335           122,776 
                     CURRENT LIABILITIES                                      
          (50,467)   Creditors (amounts            (53,859)          (46,950) 
                     falling due after                                        
                     one year)                                                
           (4,238)   Provisions for                 (2,460)           (5,709) 
                     liabilities and                                          
                     charges                                                  
           (4,545)   Minority interests             (3,873)           (4,127) 
            61,679   NET ASSETS                      55,143            65,990 

                     CAPITAL AND                                              
                     RESERVES                                                 
             7,489   Called up share                  7,073             7,820 
                     capital                                                  
            29,199   Profit and loss                 25,318            29,776 
                     account                                                  
            20,642   Capital reserves                18,749            21,731 
             4,349   Revaluation reserve              4,003             6,663
            61,679                                   55,143            65,990 

           164.73p   NET ASSETS PER                 155.94p           168.82p   
                     SHARE                                                    
 
 
                             CONSOLIDATED CASHFLOW STATEMENT 
 

                                                                              
        Year to 31                         Six months to 30     Six months to
     December 2000                                June 2001      30 June 2000 
             £'000                      Note          £'000             £'000 
            13,798   NET CASH INFLOW                  7,000             4,813 
                     FROM OPERATING                                           
                     ACTIVITIES                                                
               961   Dividends from                   1,139               427 
                     joint ventures                                           
             1,312   Returns on                         226             1,092 
                     investments &                                            
                     servicing of                                             
                     finance                                                  
           (2,771)   Taxation                         (632)           (1,569) 
          (10,979)   Capital expenditure           (14,820)          (11,885) 
                     and financial                                            
                     investment                                               
           (5,203)   Acquisitions and               (1,205)           (1,831) 
                     disposals                                                
           (2,340)   Equity dividends               (1,830)           (1,965) 
                     paid                                                     
           (5,222)   CASH OUTFLOW BEFORE           (10,122)          (10,918) 
                     MANAGEMENT OF                                            
                     LIQUID RESOURCES                                         
                     AND FINANCING                                            
           (1,176)   Management of                    7,800             4,540 
                     liquid resources                                         
             4,961   Financing                        2,374             6,414 
           (1,437)   INCREASE/(DECREASE) IN CASH IN      52                36 
                     THE PERIOD
                                                 
                     EXCHANGE RATES USED                                      
             1.494   US$ to £1                        1.412             1.518 
             2.914   R$ to  £1                        3.248             2.748 
 

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             0 
Overseas taxation           (853)
                            (853)

The interim dividend of 1.00p per share will be paid on the 2nd November, 2001, 
to shareholders on the register at close of business on 12th October, 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, Capita IRG, Balfour House, 390-398 High Road, 
Ilford, Essex IG1 1NQ.