Trading Statement

Ocean Wilsons Holdings Ld
16 May 2007


Ocean Wilsons holdings limited



Today our principal operating subsidiary, Wilson Sons Limited announced to the
Brazilian and Luxembourg Stock Exchanges the results of the Company and its
subsidiary companies for the three months ending 31 March 2007. Wilson Sons
Limited reported as follows:



WILSON SONS REPORTS 1Q07 RESULTS


Rio de Janeiro, May 15, 2007 - Wilson Sons Limited (Bovespa: WSON11), one of the
largest integrated operators of port and maritime logistics and supply-chain
solutions in the Brazilian market, with 170 years of experience, a nationwide
network and offering a full range of services to participants in the area of
international trade, in particular the port and maritime industry, with
activities spread across six segments of operation - port terminals, towage,
logistics, ship agency, offshore and non-segmented activities - announces herein
its results for the first quarter of 2007 (1Q07).

Except where stated otherwise, the interim financial and operating data
presented are based on condensed and consolidated data in U.S. dollars, in
accordance with International Accounting Standards no. 34 (IAS 34) related to
Interim Financial Statements.


Operating and Financial Highlights

-      Conclusion of the IPO process of Wilson Sons at a price of R$23.77/BDR;

-      Revenues of US$ 82.6 million in 1Q07, up 7.1% from the US$ 77.2 million
       posted in 1Q06;

-      Operating Profit of US$ 15.0 million, 11.2% higher than the US$ 13.5
       million in 1Q06;

-      EBITDA of US$ 19.2 million in the quarter, an increase of 26.9% from the
       US$ 15.1 million posted in 1Q06;

-      Profit for the period of US$ 12.0 million, 46.5% higher than the US$ 8.2
       million earned in 1Q06;

               Highlights             1Q07            1Q06       Chg. (%)

           Revenues (US$ MM)          82.6            77.2         7.1
            EBITDA (US$ MM)           19.2            15.1         26.9
           EBITDA Margin (%)          23.2%          19.6%       3.6p.p.
       Profit for the Period (US$     12.0            8.2          46.5
                  MM)
             Net Margin (%)           14.5%          10.6%       3.9p.p.
               # of TEUs             195,347        197,035        -0.9
            # of Manoeuvres          14,305          14,498        -1.3
           # of Vessel Calls          1,434          1,618        -11.4







Management's Comments

The year 2007 will be recorded in the history of Wilson Sons as the year of the
company's IPO process. 26,400,000 Brazilian Depositary Receipts (BDRs) were
placed in the offering, comprising a primary offering of 11,000,000 shares and a
secondary offering of 15,400,000 shares. The offering price was R$ 23.77/BDR and
the total value of the issue exceeded R$ 627 million.

In the first quarter of 2007 the company posted growth of 26.9% in EBITDA, 11.2%
in Operating Profit, and 7.1% in Revenues. These numbers demonstrate the power
of the company's market position and the improvement in its operational
efficiency, while also reflecting the favorable environment in terms of Brazil's
trade flows.

Brazil's trade flows (the country's total exports plus its total imports) posted
growth of 19.5%, rising from US$ 49.5 billion in the first quarter of 2006 to
US$ 59.1 billion in the first quarter of 2007.

This quarter we added another Platform Supply Vessel (PSV) to our fleet that
supports the oil and natural gas exploration and production activities. The PSV
Saveiros Fragata is the first PSV vessel, built in Brazil with a diesel-electric
propulsion system, with length of 72.6 meters and Deadweight (DWT) capacity of
3,100 tonnes. PSV Fragata was built in Wilson Son's shipyard and will be
chartered to Petrobras, building on the company's strategy of fostering growth
in its Offshore segment.

Wilson Sons continually seeks integration and synergies among its various
segments of operation, which - together with its extensive knowledge of the
market in which it operates, superior infrastructure and nationwide reach -
constitute fundamental factors for the growth and strengthening of its financial
and operational performance.






Port Terminals

Wilson Sons operates in the Port Terminals segment through (a) container port
terminals (Tecon Rio Grande and Tecon Salvador), (b) terminal support for the
oil industry, (c) to a lesser extent, in public ports. The main services
provided in our terminals consist of loading and unloading of vessels and
storage of cargo and auxiliary services.

       Port Terminals                       1Q07         1Q06      Chg. (%)
       Revenue (US$ MM)                     30.0         26.3        14.1
       Operating Profit (US$ MM)             8.1          5.9        37.3
       Operating Margin (%)                26.9%        22.4%     4.5p.p.
       EBITDA (US$ MM)                       9.5          7.4        28.0
       EBITDA Margin (%)                   31.6%        28.2%     3.4p.p.
       # of TEUs                         195,347      197,035        -0.9


Revenue

Revenue in the Port Terminal segment rose by 14.1%, from US$ 26.3 million in
1Q06 to US$ 30.0 million in 1Q07, due to the improvement in the Deep Sea/
Cabotage and Full/Empty Container ratios. The improvement in container handling
mix resulted in increased average unit revenue. Despite a drop of 0.9% in the
total number of TEUs handled as a result of the decline in the handling of empty
containers and transshipment caused by the change in the calls of some
shipowners (Tecon Salvador: Alianca and Mercosul Line; Tecon Rio Grande:
Maersk), there was growth of approximately 18% in Deep Sea full-container
volumes, which indicates an upward trend in the main driver of terminal handling
and terminal revenue.

The devaluation of the U.S. dollar in relation to the Brazilian real increased
import flows and consequently the level of storage revenue. There was also
increased supplementary revenue from the supply of energy and the monitoring of
reefer containers, due to the recovery of frozen chicken exports at Rio Grande,
which had been adversely impacted by the outbreak of avian flu in 2006. In the
supplementary services, Salvador recovered prices.

The Port Terminal dedicated to provide services to platform supply vessels
(PSV), operating in the offshore oil and gas industry also presented a
significant improvement in revenues compared to the 1Q06.

Operating Profit

Operating profit in the Port Terminals segment rose 37.3%, from US$ 5.9 million
in 1Q06 to US$ 8.1 million in 1Q07. The increase was due to a number of factors
that impacted revenue, mainly the resetting of prices, increase in higher margin
Deep Sea and full container movement and growth in storage operations.

EBITDA

EBITDA in the segment in 1Q07 was US$ 9.5 million, an increase of 28.0% from the
US$ 7.4 million posted in 1Q06.

Towage

Wilson Sons offers the following services related to towing: (i) port towing,
(ii) maritime towing, (iii) salvage support, and (iv) support for operations in
the offshore industry.

     Towage                                   1Q07        1Q06      Chg. (%)

     Revenue (US$ MM)                         29.3        25.7        13.8
     Operating Profit (US$ MM)                 8.3         7.6         9.9
     Operating Margin (%)                    28.5%       29.5%    -1.0p.p.
     EBITDA (US$ MM)                          10.3         9.7         6.5
     EBITDA Margin (%)                       35.3%       37.7%    -2.4p.p.
     # of Manoeuvres                        14,305      14,498        -1.3


Revenue

Revenue from this segment rose 13.8%, from US$ 25.7 million in 1Q06 to US$ 29.3
million in 1Q07. The increase was due to: (i) ocean towage operations, special
salvage operations and oil exploration and production platform attendance; and
(ii) an increase in average unit revenue due to price renegotiation to recover
tariffs.


Operating Profit

Operating profit increased by 9.9%, from US$ 7.6 million in 1Q06 to US$ 8.3
million in 1Q07.


EBITDA

EBITDA in 1Q07 was US$ 10.3 million, up 6.5% from the US$ 9.7 million reported
in 1Q06.


Logistics


Wilson Sons develops and provides differentiated logistics solutions for its
costumers' supply chains and distribution of their products, including a number
of logistic services, such as (i) storage, (ii) customs storage, (iii)
distribution, (iv) road transportation, (v) multimodal transportation, and (vi)
Non Vessel Operating Common Carrier ('NVOCC').

       Logistics                             1Q07        1Q06      Chg. (%)
       Revenue (US$ MM)                      14.8        10.8        36.7
       Operating Profit (US$ MM)              1.0         0.8        26.9
       Operating Margin (%)                  6.7%        7.2%    -0.5p.p.
       EBITDA (US$ MM)                        1.1         0.9        22.4
       EBITDA Margin (%)                     7.4%        8.3%    -0.9p.p.


Revenue

Revenue in the Logistics segment rose 36.7%, from US$ 10.8mn in 1Q06 to US$ 14.8
million in 1Q07. The main factors behind this increase were: (i) operations with
new large clients and an expansion in the scope of services provided to current
clients, and (ii) an increase in the volume of transport operations from new and
existing clients, mainly in the South of the country. In Santo Andre (Sao Paulo
state), where our Bonded Warehouse and General Warehouse operations are located,
we experienced high growth in revenue due to the addition of new clients and a
recovery in retail client prices.


Operating Profit

Operating profit in the segment rose 26.9%, from US$ 0.8 million in 1Q06 to US$
1.0 million in 1Q07. The main reason for this upturn was the increase in revenue
due to the improved client portfolio.


EBITDA

EBITDA in 1Q07 was US$ 1.1 million, posting growth of 22.4% from the US$ 0.9
million posted in 1Q06.



Ship agency

In the ship agency segment, Wilson Sons Operates as attorneys-in-fact of the
ship owners and offer the following services: (i) sales offices, (ii)
documentation services, (iii) container control, (iv) demurrage control, and (v)
provision of service to vessels in the ports.

     +----------------------------+------------+------------+------------+
     |Ship Agency                 |    1Q07    |    1Q06    |  Chg. (%)  |
     +----------------------------+------------+------------+------------+
     |Revenue (US$ MM)            |         4.5|         4.3|         5.2|
     +----------------------------+------------+------------+------------+
     |Operating Profit (US$ MM)   |         1.4|         1.2|        21.9|
     +----------------------------+------------+------------+------------+
     |Operating Margin (%)        |       31.4%|       27.1%|     4.3p.p.|
     +----------------------------+------------+------------+------------+
     |EBITDA (US$ MM)             |         1.6|         1.3|        20.4|
     +----------------------------+------------+------------+------------+
     |EBITDA Margin (%)           |       34.7%|       30.3%|     4.4p.p.|
     +----------------------------+------------+------------+------------+
     |# of Vessel Calls           |       1,434|       1,618|       -11.4|
     +----------------------------+------------+------------+------------+


Revenue

The ship agency segment posted Revenue of US$ 4.5 million in 1Q07, up 5.2% from
US$ 4.3 million in 1Q06. This was mainly explained by a 5.3% increase in the
number of bill of ladings issued and 16.2% more containers controlled, which
compensated for the 11.4% drop in the number of vessel calls served. The fall in
vessel calls occurred because some Wilson Sons' clients decided to open their
own agencies.


Operating Profit

The operating profit in 1Q07, US$ 1.4 million, is 21.9% higher than the
operating profit in 1Q06, US$ 1.2 million, mainly due to savings in the main
cost and expense items in the segment, such as personnel and communication.


EBITDA

EBITDA in the Ship agency segment in 1Q07 was US$ 1.6 million, an increase of
20.4% from the US$ 1.3 million reported in 1Q06.




Offshore

This segment renders support services for the exploration and production of oil
and gas through the operation of Platform Supply Vessels (PSVs) that transport
equipment, driling sludge, tubes, food, cement and any other required materials,
to and from the offshore platform to the operating base.

       +---------------------------+-----------+-------------+----------+
       |Offshore                   |   1Q07    |    1Q06     | Chg. (%) |
       +---------------------------+-----------+-------------+----------+
       |Revenue (US$ MM)           |        1.8|          2.8|     -35.8|
       +---------------------------+-----------+-------------+----------+
       |Operating Profit (US$ MM)  |        0.4|          0.2|     152.3|
       +---------------------------+-----------+-------------+----------+
       |Operating Margin (%)       |      23.4%|         5.9%|  17.4p.p.|
       +---------------------------+-----------+-------------+----------+
       |EBITDA (US$ MM)            |        0.8|          0.6|      45.4|
       +---------------------------+-----------+-------------+----------+
       |EBITDA Margin (%)          |      45.2%|        19.9%|  25.3p.p.|
       +---------------------------+-----------+-------------+----------+
       |PSVs                       |          2|            2|       0.0|
       +---------------------------+-----------+-------------+----------+


Revenue

Revenue earned from this segment fell 35.8%, from US$ 2.8 million in 1Q06 to US$
1.8 million in 1Q07. The drop was mainly due to a spot service provided by one
of our tugs to the offshore industry in 2006. Revenues are from the operation of
two PSVs, since the Company's third PSV, PSV Fragata, started to operate in
mid-April.


Operating Profit

Despite the downward movement in this segment's revenue, Operating profit rose
from US$ 0.2 million in 1Q06 to US$ 0.4 million in 1Q07. The increase was mainly
due to a reduction in maintenance costs.


EBITDA

EBITDA in 1Q07 was US$ 0.8 million, rising 45.4% from the US$ 0.6 million posted
in 1Q06.


Non-Segmented Activities

This segment combines the services rendered by Wilson Sons' shipyard for third
party, Wilson Sons' 33.3% interest in the dredging company Dragaport, and the
company's management costs, applicable to all segments.

      +--------------------------+-------------+------------+-----------+
      |Non-segmented             |    1Q07     |    1Q06    | Chg. (%)  |
      +--------------------------+-------------+------------+-----------+
      |Revenue (US$ MM)          |          2.2|         7.2|      -69.7|
      +--------------------------+-------------+------------+-----------+
      |Operating Profit (US$ MM) |         -4.2|        -2.1|      103.7|
      +--------------------------+-------------+------------+-----------+
      |Operating Margin (%)      |            -|           -|          -|
      +--------------------------+-------------+------------+-----------+
      |EBITDA (US$ MM)           |         -4.1|        -4.8|      -13.4|
      +--------------------------+-------------+------------+-----------+
      |EBITDA Margin (%)         |            -|           -|          -|
      +--------------------------+-------------+------------+-----------+


Revenue

Revenue declined by 69.7%, from US$ 7.2 million in 1Q06 to US$ 2.2 million in
1Q07, mainly due to: (i) reductions of the dredging operations in 1Q07 at
Dragaport, a joint venture of Wilson Sons (ii) the shipyard sales to third
parties in 1Q06, which did not occur in 1Q07.


Operating Profit

The segment's losses increased from US$ 2.1 million in 1Q06 to a loss of US$ 4.2
million in 1Q07, mainly due to: (i) reductions of the dredging operations in
1Q07 at Dragaport, a joint venture of Wilson Sons and (ii) the shipyard sales to
third parties in 1Q06, which did not occur in 1Q07.


EBITDA

EBITDA in 1Q07 posted a loss of US$ 4.1 million, 13.4% down from the EBITDA loss
of US$ 4.8 million reported in 1Q06.




CONSOLIDATED

Revenue

Consolidated Revenue rose 7.1%, from US$ 77.2 million in 1Q06 to US$ 82.6
million in 1Q07. This increase of US$ 5.4 million was mainly due to: (i)
additional services in Towage, (ii) New clients in Logistics, (iii) Increase in
Port Terminals operations to the oil and gas industry, and (iv) Improvement in
container handling mix and increase in supplementary services provided by Port
Terminals.

        Revenue (US$ MM)                     1Q07        1Q06      Chg. (%)
        Port Terminals                       30.0        26.3       14.1
        Towage                               29.3        25.7       13.8
        Logistics                            14.8        10.8       36.7
        Ship Agency                           4.5         4.3        5.2
        Offshore                              1.8         2.8      -35.8
        Non-segmented Activities              2.2         7.2      -69.7
        Total                                82.6        77.2        7.1


Raw Material and Consumable Used

Costs of raw materials and consumables used increased 10,8% from US$10.0 million
in 1Q06 to US$11.1 million in 1Q07, mainly due to: (i) increases in our
operations, specifically in Towage, Logistics and Port Terminals, and (ii)
Exchange rate variations, since our costs of raw material and consumables are
mainly linked to the Real.


Personnel Expenses

Our personnel expenses rose by 15.5%, from US$ 18.7 million in 1Q06 to US$ 21.5
million in 1Q07. The increase was due to: (i) an increase in the number of
employees, especially in the Logistics (new operations) and Port Terminal
segments, (ii) annual increases related to collective bargain agreements, and
(iii) exchange rate impact.


Other Operating Expenses

Other operating expenses fell by 2.3% from US$32.1 million, in 1Q06, to US$31.4
million in 1Q07. No material changes to be reported.


Operating Profit

Operating profit posted growth of 11.2%, from US$ 13.5 million in 1Q06 to US$
15.0 million in 1Q07. The increase in operating profit of US$ 1.5 million was
mainly due to the increases in the Port Terminal and Towage segments.



    Operating Profit                          1Q07          1Q06       Chg. (%)
    Port Terminals (US$ MM)                    8.1           5.9       37.3
    Towage                                     8.3           7.6        9.9
    Logistics                                  1.0           0.8       26.9
    Ship Agency (US$ MM)                       1.4           1.2       21.9
    Offshore                                   0.4           0.2      152.3
    Non-segmented Activities                  -4.2          -2.1      103.7
    Total                                     15,0          13,5       11,2


EBITDA

EBITDA in 1Q07 was US$ 19.2 million, posting an increase of 26.9% in relation to
the EBITDA of US$ 15.1 million reported in 1Q06. The increase in EBITDA of US$
4.1 million was mainly due increases in Port Terminal and Towage.

         EBITDA (US$ MM)                    1Q07       1Q06     Chg. (%)
         Port Terminals                      9.5        7.4       28.0
         Towage                             10.3        9.7        6.5
         Logistics                           1.1        0.9       22.4
         Ship Agency                         1.6        1.3       20.4
         Offshore                            0.8        0.6       45.4
         Non-segmented Activities           -4.1       -4.8      -13.4
         Total                              19.2       15.1       26.9



Financial Income and Expenses

Net financial income fell by 4,5% from US$ 1.8 million in 1Q06 to US$ 1.7
million in 1Q07, due to the decline in the annualized CDI rate from 16.9% in
1Q06 to 12.7% in 1Q07.


Profit for the Period

Net income increased by 46.5%, from US$ 8.2 million in 1Q06 to US$ 12.0 million
in 1Q07, highlighting that a non-recurring Loss on disposal of investment (US$
2,8 million) occurred in 1Q06.



Investments

Investments in 1Q07 totaled US$ 13.0 million, up 71.7% from the US$ 7.6 million
invested in 1Q06, due to the construction of the third berth at Tecon Rio Grande
and the program to renew the towage fleet.




       CAPEX (US$ MM)                      1Q07         1Q06      Chg. (%)
       Port Terminals                       4.8          4.3        13.0
       Towage                               2.4          1.5        63.2
       Logistics                            0.0          0.1       -36.4
       Ship Agency                          0.1          0.1       -38.6
       Offshore                             5.4          1.5       251.7
       Non-segmented Activities             0.2          0.1       133.3
       Total                               13.0          7.6        71.7


Indebtedness

Although the Company's total debt remained virtually flat (0.8% in 1Q07 over
1Q06), net debt increased by 10.4%, from US$55.6 million to US$61.3 million, as
cash and cash equivalents fell 9% in the period.

As for the debt profile, there was no change in the balance between short and
long-term. Of the total debt, 86% is long-term.

Similarly, US$ denominated debt in 1Q07 represented 99.0%.

         Net Debt (US$ MM)                  1Q07       1Q06     Chg. (%)
         Short Term                         15.5       14.9        3.9
         Long Term                          95.5       95.2        0.3
         Total Debt                        111.0      110.2        0.8
         (-) Cash & Equivalents            -49.7      -54.6       -9.0
         (=) Net Debt                       61.3       55.6       10.4

               Total Debt (US$ MM)                1Q07       1Q06
               R$ Denominated                      1.1        0.8
               US$ Denominated                   109.9      109.9
               Total Debt                        111.0      110.2


* The data and information presented in this press earnings announcement were
not reviewed or audited by independent auditors.




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