Ocean Wilsons set for solid year

Bermuda based investment company Ocean Wilsons saw pre-tax profits float higher in 2009, though the company acknowledged that 'policy settings could not have been more supportive' for investors in 2009.While revenue in 2009 dipped to $477.9m from $498.3m the year before, profit before tax surged to $139.8m from $31.6m in 2008. The company, which has a 58.3% stake in Wilson Sons, a provider of maritime services in Brazil, attributed the decline in revenue mainly to a fall in shipyard and logistics revenue. Volumes at the Brazilian bonus picked up in the second half of the year, the company said.The group's investment portfolio saw a $34.3m uplift in 2009, in sharp contrast to the loss of $59.5m suffered in 2008. Exchange gains of $23.7m also contrasted with foreign currency losses of $23.6m the year before.'The group delivered another excellent result in 2009 and we fully expect 2010 to be another solid year,' said Dr. Jose Francisco Gouvea Vieira, chairman of the group. 'The Brazilian economy remains relatively strong with forecasts predicting over 5% growth in 2010 and the fast expanding Brazilian offshore oil industry continues to offer opportunities for the Group through our offshore vessel business and Brasco which provides support services to the oil and gas industry,' Dr. Gouvea Vieira added.