REG - Ocean Wilsons Hldgs - Quarterly Update – Q3 2023

Ocean Wilsons HoldingsAnnouncement

15/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231115:nRSO4615Ta&default-theme=true

RNS Number : 4615T  Ocean Wilsons Holdings Ltd  15 November 2023

Ocean Wilsons Holdings Limited

 

Quarterly Update - Q3 2023

 

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its third quarter
update for 2023.

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons", the "Company") is a Bermuda
based investment holding company with two subsidiaries: Ocean Wilsons
(Investments) Limited which holds a managed portfolio of global investments,
and Wilson Sons S.A. ("Wilson Sons"), which operates a maritime services and
logistics company in Brazil.

Net asset value at 30 September 2023

As at market close on 30 September 2023, the trading value of the Ocean
Wilsons' investment in Wilson Sons totalled approximately US$679.4
million, which represents US$19.21 (£15.74) per Ocean Wilsons share. The
investment portfolio was valued at approximately US$297.8 million which
represents US$8.42 (£6.90) per Ocean Wilsons share. In aggregate, including
US$2.7 million of cash at the holding company level, results in an implied net
asset value per Ocean Wilsons share of US$27.71 (£22.70).

Investment Portfolio

In the 3Q 2023 the investment portfolio was flat against a backdrop of
generally negative global equity returns. In the 9 months ended 30 September
2023 the portfolio increased in value by US$11 million, or 3.7%.

Wilson Sons' Q3 2023 Financial Results

Wilson Sons reported year to date Q3 2023 net revenues of US$356.4 million
were 8.3% higher than the prior year period (2022: US$329.0 million) and
EBITDA of US$153.1 million was 14.2% higher (2022: US$134.1 million). Profit
for the period is up 33.3% over the previous year at US$58.5 million (2022:
US$43.9 million).

Towage revenues rose 11.4% year-over-year with higher volume and an increase
in average revenue per manoeuvre and special operations. In September 2023,
the shipyard delivered the new 91-tonne bollard pull tug WS Castor to the
fleet, the fourth of a six-tugboat series joining the fleet by 3Q24.

Container terminal revenues increased 10.2% with volumes up 12.0%. The Rio
Grande terminal reported a 17.8% increase in overall handling driven by
increases in all trade flows. The Salvador terminal registered a 3.6% increase
in volumes mainly due to the increase in trans-shipment and shifting, import,
cabotage and empty container flows. The completion of the quay reinforcement
in August 2023 has contributed to an improved service offering in the Salvador
terminal.

Demand for offshore energy-linked services improved markedly as vessel
turnarounds in the offshore support bases increased 51.7% and operating days
in the offshore support vessel joint venture rose 17.1% year-over-year.

Overall, the year-to-date performance demonstrates strong organic growth in
the business. We remain positive on the fundamentals of trade flow-related
businesses of towage and container terminals which, together with rebounding
demand for offshore energy-linked services are driving growth and improved
performance of these assets.

On 14 November 2023, Wilson Sons announced to the Brazilian Stock Exchange
(B3) its results for the third quarter 2023. The full announcement is
available on the Wilson Sons website (www.wilsonsons.com.br/ir
(http://www.wilsonsons.com.br/ir) ) and at the Brazilian Stock Exchange
website.

Update on strategic review

 

This update has been made to enable Wilson Sons to comply with Brazilian
Corporate Law No. 6,404/1976 as amended and the provisions of Resolution No
44/201 of the Brazilian Securities and Exchange Commission ("CVM").

 

Further to the announcement of 12 June 2023 regarding the Company's strategic
review of its investment in Wilson Sons, the Company has retained Banco BTG
Pactual S.A. as adviser to Ocean Wilsons Overseas Limited ("OWOL"), the
holding company for the Group's indirect investment in OW Overseas
(Investments) Limited ("OWOIL") and in Wilson Sons. Ocean Wilsons also
confirms that BTG Pactual has received a number of indicative non-binding
offers for its indirect investment in OWOIL and in Wilson Sons.

 

As the strategic review process remains ongoing, there can be no certainty as
to its outcome and the indicative non-binding offers received by the Company
are highly conditional. The Board continues to evaluate all potential
strategic options and will update shareholders further in due course.

 

 

 

Enquiries

 

 Company                                 +1 441 295 1309

 Leslie Rans, CPA

 Chief Operating and Financial Officer

 Peel Hunt LLP, Broker                   +44 20 7418 8900

 Edward Allsopp, Charles Batten

 Media                                   +44 20 7562 4444

 David Haggie

 Haggie Partners LLP

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFZLLFXFLLFBX