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Ocean Wilsons Holdings Limited - Announcement
Hamilton, Bermuda - 12 November, 2008 - Ocean Wilsons Holdings Limited announced that their principal operating subsidiary, Wilson Sons Limited, announced to the Brazilian and Luxembourg Stock Exchanges the following announcement.
In full compliance with CVM Instruction Number 358, effective as of January 03, 2002, WILSON SONS LIMITED (Bovespa: WSON11) announces to all of the Company's shareholders that negotiations with MAGALLANES NAVEGAÇÃO BRASILEIRA S.A., owned by the Ultratug Group, are currently in their final stages for the creation of a joint venture to operate vessels to support oil and gas exploration and production activities ("Offshore Operations").
The scope of the agreement features the merger of their offshore operations in Brazil into a 50/50 joint venture, which is set to include, initially, OSVs (Offshore Support Vessels) currently under construction, as well as OSVs in operation by the Ultratug Group and by Wilson, Sons.
The main objective of the agreement is to expand both companies' operations in the offshore segment, thereby achieving gains of scale, while also taking advantage of growth opportunities in Brazil's oil and gas industry.