Interim Results

Ocean Wilsons Holdings Ld
25 September 2002

Chairman's Interim Statement

for Ocean Wilsons Holdings Limited



Accounts.

The results for the first half 2002 show an improvement in the Brazilian
operating performance over the comparative period in 2001. In $Reais terms
turnover increased 20%, however the growth in the operating business results in
local currency has been eroded by a further weakening of the $Real against the
US dollar and sterling. In the six months to 30 June 2002 the $Real devalued 23%
against the US dollar (from 2.31 to 2.85) and 29% against sterling (from 3.36 to
4.35).

The unaudited accounts for the six months ended 30 June, 2002 show an operating
profit for the period of £5,113,000 (2001 - £4,954,000). Excluding non-recurring
items operating profit improved 18% to £5.1 million (2001 £4.3 million). The
share of operating profit from joint ventures and associates decreased by
£263,000 to £1,101,000 (2001 - £1,364,000).

Operating margins at our towage business continued to improve in the first half
of 2002, benefiting from a partial recovery in towage tariffs although revenue
in sterling terms was lower than the comparative period in 2001. A decrease in
the number of vessel calls at Ponta da Madeira in the period, adversely affected
results at our towage joint venture, Consorcio Baia de Sao Marcos, although
we expect volumes to recover in the second half.

Ship Agency produced a solid first half performance, handling 5% more ship calls
than in the comparative period in 2001. This improved performance was
principally due to a greater participation in the tramp market and the addition
of a new liner service.

Container volumes at Tecon Rio Grande increased 24% over the first half 2001 to
204,478 TEUs (twenty foot equivalent units). In sterling terms, revenue was 5 %
lower reflecting the impact of the devaluation of the $Real against sterling.
Results at Tecon Salvador were encouraging, with both turnover and cargo volumes
showing improvement over 2001. Profits at our joint venture bonded warehouse,
Eadi Santo Andre, fell reflecting the decrease in Brazilian imports.

Construction of the Group's two PSVs (platform supply vessels) at our shipyard
in Guaruja is progressing well with delivery of the first vessel expected in
early 2003.

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. Due to the prohibitive cost of hedging the $Real the Group does not
hedge its long-term 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 £10,338,000 (2001 - £8,826,000). The cashflow effect
of these losses in $Reais is only realised when repayments are made over the
life of the loans, up to 16 years. Subject to competitive pressures management
is striving to ensure that revenues will compensate for the US dollar related
component of our costs, principally debt and energy.

Due to the significant exchange losses on foreign currency borrowings in the
period, the Group incurred a loss before taxation for the six months ended 30
June 2002 of  £3.6 million (2001 - £2.4 million).  The loss per share based on
ordinary activities after taxation and minority interests was 5.57p (2001 -
2.97p).

Dividend.

The board has resolved that an interim dividend of 1.00p per share be paid on 1
of November, 2002 to shareholders on the register at close of business on 11
October 2002. At the Annual General Meeting held in June 2002, the board in
reply to shareholders questions stated that the company's dividend was not a
promise to pay but a distribution of profits. I wish to restate that future
dividend payments will be determined by the board taking into consideration all
aspects of the company's business, but especially profitability and free
cashflow.

Cash flow.

Net cash inflow from operating activities during the period was  £7.2 million
(2001 - £7.0 million). Free cashflow was approximately £2.5 million allowing for
debt and interest payments of  £4.7 million

Group Net Assets.

At 30 June 2002 Group net assets amounted to 129.92p per share (31 December,
2001 - 159.89p) of which 52.76p (31 December 2001 - 86.82p) was attributable to
assets located in Brazil and 77.16p (31 December 2001 - 73.07p) in other,
primarily financial assets outside Brazil. The significant decrease in Brazilian
assets is due to the devaluation of the $Real. At 18 September 2002 the total of
the investment portfolio and cash balances held outside Brazil was approximately
£28.9 million (81.6p per share).

Future Prospects.

The underlying operating businesses continues to perform well. Operating results
for July and August were ahead of the same period in 2001. However the uncertain
economic situation both within Brazil, due to the presidential election in
October, and externally, is adversely impacting the $Real exchange rate. Since
the period end the $Real has devalued a further 27% to 5.53. The Group's results
remain exposed to fluctuations in the $Real exchange rate.

The board will review the level of the final dividend payment to be announced in
April 2003 in the light of trading conditions and the performance of the $Real.



J F Gouvea Vieira
24 September 2002




                              Ocean Wilsons Holdings Limited
                                 Preliminary Announcements

                           Consolidated Balance Sheet


         Audited                                                    Unaudited        Unaudited
           as at                                                        as at            as at
31 December 2001                                                 30 June 2002     30 June 2001
           £'000                                                        £'000            £'000

          71,610 Fixed Assets                                          62,089           68,362

          25,693 Investments                                           22,686           23,719

                 Current Assets

           1,243   Stocks                                               1,523            1,058
          16,703   Debtors                                             13,651           17,033
          31,876   Cash at Bank                                        27,529           27,063
          49,822                                                       42,703           45,154

        (24,802) Creditors (amounts falling due within one           (19,298)         (21,900)
                 year)

          25,020 Net Current Assets                                    23,405           23,254


         122,323 Total Assets less current liabilities                108,180          115,335


        (59,759) Creditors (amounts falling due after one            (59,407)         (53,859)
                 year)
         (2,270) Provisions for liabilities and charges                 (572)          (2,460)
         (3,750) Minority interests                                   (2,257)          (3,873)

          56,544 Net Assets                                            45,944           55,143


                 Capital and reserves

           7,073  Called up share capital                               7,073            7,073
          27,994  Profit and loss account                              22,797           25,318
          18,096  Capital reserves                                     13,509           18,749
           3,381  Revaluation reserve                                   2,565            4,003
          56,544 Capital employed                                      45,944           55,143


         159.89p Net assets per share                                 129.92p          155.94p



                                    Ocean Wilsons Holdings Limited
                                       Preliminary Announcements


                                    Consolidated Cash Flow Statement
                                 for the six months ended 30 June 2002




         Audited                                                         Unaudited        Unaudited
           as at                                                             as at            as at
31 December 2001                                                      30 June 2002     30 June 2001
           £'000                                                             £'000            £'000

          18,093 Net cash inflow from operating activities                   7,216            7,000

           2,520 Dividends from joint ventures                                 621            1,139
             418 Returns on investments & servicing of finance                   7              226
         (2,639) Taxation                                                    (788)            (632)

        (26,107) Capital expenditure and financial investment              (7,176)         (14,820)

         (1,947) Acquisitions and disposals                                   (18)          (1,205)
         (2,184) Equity dividends paid                                     (1,768)          (1,830)
                 Cash outflow before management of liquid resources
                 and financing
        (11,846)                                                           (1,906)         (10,122)


           3,891 Management of liquid resources                            (1,366)            7,800
           9,382 Financing                                                   2,838            2,374

           1,427 (Decrease) / Increase in cash in period                     (434)               52


                Exchange rates used

           1.455 US$ to £1                                                   1.524            1.412
           3.361 R$ to US$ 1                                                 4.345            3.248


                         Notes to the 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 accounts have been prepared using accounting policies consistent
with those set out in the most recent audited financial statements ended 31
December 2001 except that during the period the Group has adopted FRS 19  '
Deferred Tax'. The adoption of FRS 19 has no material effect on the Group's
Assets, Net Assets and results for the period or previous periods.



2        Taxation

          UK tax                       -
          Overseas tax            (1,004)
                                  (1,004)



The interim dividends of !.00p per share will be paid on the 1 November 2002, to
shareholders on the register at close of business on 11 October 2002.


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