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Ocean Wilsons Holdings Limited Acquires Dredges

18 18 1999

Hamilton, Bermuda, 18 March 1999 - In a press statement to the Bermuda Stock Exchange (BSX) Ocean Wilsons Holdings Limited stated that through the Company's Brazilian subsidiary, Wilson Sons de Administracao e Comercio Ltda in conjunction with the Pedra da Gavea consortium, was successful in acquiring two dredges at public auction yesterday.

The consortium purchased the dredges for R$ 11 million equivalent to £3.65 million. Both dredges will be upgraded before operations commence at an estimated cost of £3.7 million.

The members of the Pedra da Gavea consortium are; Ocean Wilsons, the leading towage, stevedoring and ship agency company in Brazil, Serveng Civilsan, a large privately owned Brazilian construction and engineering company and Fischer Group, a large Brazilian enterprise with interests in the maritime sector.

It is intended that each member of the consortium will have a one third shareholding.