Briclog Acquisition

RNS Number : 5157I

Ocean Wilsons Holdings Ld

03 July 2013

 

Ocean Wilsons Holdings Limited

Briclog Acquisition

Our principal operating subsidiary, Wilson Sons Limited made the following announcement to the Brazilian and Luxembourg Stock Exchanges.

Wilson Sons Limited ("Wilson, Sons" or the "Company") (Bovespa: WSON11) announces that, further to the announcements of the 2 June 2011, 9 October 2012 and 6 December 2012, that on the 1 July 2013, through its subsidiary Brasco Logística Offshore Limitada ("Brasco"), it concluded the acquisition of Brazilian Intermodal Complex S/A ("Briclog"). The closing acquisition price was Brazilian Real "BRL" 89.8 million with debt of BRL 32.1 million assumed on acquisition. Included as part of the acquisition is a 30-year lease to operate in a sheltered area of Guanabara Bay, Rio de Janeiro, Brazil with privileged access to the Campos and Santos oil producing basins. The original price announced on the 2 June 2011 was adjusted for movements in Briclog's balance sheet during the period between the original announcement and closing.

Brasco intends to phase investments in the expansion of Briclog by extending the existing berth a further 428m to 500m and reforming the retro-area. The civil works are expected to commence in the third quarter of 2013, with no impact on the operations of existing customers. With the acquisition and expansion of Briclog, Brasco will consolidate its position as one of the largest offshore support base operators for the Oil and Gas industry in Brazil.

In 2012, Briclog's audited net revenue totalled BRL 42.5 million, EBITDA of BRL 5.6 million and has 137 direct employees. Additional information on the acquisition strategy of the Briclog can be found on the site www.wilsonsons.com.br/ri.

About Brasco

As part of Wilson, Sons, Brasco is an integrated port and logistics service provider to the oil & gas industry in Brazil and it has an unrivalled capacity to setup and operate support bases along the whole Brazilian coast. Brasco offers a complete suite of services such as materials management, purchasing, storage, transport, supply of fresh water, fluids for drilling and well completion, fuelling of vessels, heavy cargo handling, casing/pipe inspection, container rental, waste management and administrative support. Working with the world's major oil and gas operators currently in Brazil, the company has developed support bases in the cities of Niterói, Rio de Janeiro, and São Gonçalo (Rio de Janeiro); São Luis (Maranhão); Salvador (Bahia); and Vitória (Espírito Santo).

Enquiries

Company Contact

Keith Middleton                                                            1 441 295 1309

Media

David Haggie                                                               020 7562 4444

Haggie Partners LLP

Cantor Fitzgerald Europe                                          020 7894 7000

Rick Thompson - Corporate Finance

David Banks - Corporate Finance

 

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