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Ocean Wilsons Holdings Limited- Shipyard Announcement
Hamilton, Bermuda - 3 October, 2008 - Ocean Wilsons Holdings Limited (OCN.BH) has informed the BSX that its principal operating subsidiary, Wilson Sons Limited made the following announcement to the Brazilian and Luxembourg Stock Exchanges:
WILSON SONS LIMITED (Bovespa: WSON11) announces that, on 27 August, 2008, after the Company's request for authorization by the state of Rio Grande do Sul to build a new shipyard facility, the CAP (Conselho de Autoridade Portuária), the State's port authority council, decided to approve modifications to existing zoning standards, which would allow for new shipping construction activities in the port area, as requested.
The new shipyard project, for which estimated investments may reach up to USD$60 million, was designed to include the forementioned area and will focus, mainly, on the construction of vessels that provide support services to Oil and Gas platforms.
Actual project implementation is subject to additional authorization by the government.
WILSON SONS LIMITED believes that, by investing in the construction of a new shipyard in Rio Grande, the Company reaffirms its growth strategy, as well as its focus on the Oil and Gas industry.