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Ocean Wilson Holdings Limited Advises As To Joint Venture Of Operating Subsidiary, Wilson Sons Limited

Hamilton, Bermuda: 07 October 2009 - Ocean Wilson Holdings Limted (OCN.BH) advised the BSX that its principal operating subsidiary, Wilson Sons Limited, released the following announcement  to the Brazilian and Luxembourg stock exchanges:

In full compliance with CVM Instruction Number 358, effective as of January 03, 2002, WILSON SONS LIMITED (BM&FBovespa: WSON11, the "Company") announces to all its shareholders the signing of a joint venture agreement, effective as of October 5th, 2009, by and between Wilson, Sons de Administração e Comércio Ltda. and VIS Limited, both the Company's subsidiaries, and Remolcadores Ultratug Ltda., owned by Chile's Ultratug Group.

The joint venture vehicle named Wilson, Sons Ultratug Participações S.A. ("Wilson Sons Ultratug") will be a 50/50 company set up between the Wilson, Sons and Ultratug groups, in accordance with the previously announced Relevant Fact Notice, dated November 10th, 2008.

Wilson Sons Ultratug's line of business is to operate vessels to support oil and gas exploration and production activities in Brazil. The main objective of the joint venture is to expand both groups' operations in the offshore segment, thereby achieving gains of scale, while also taking advantage of growth opportunities in Brazil's oil and gas industry.

The closing of the joint venture is subject to certain conditions including further approvals by the competent authorities.