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3 Jun 2011 09:49
Ocean Wilsons Holdings Limited
Our principal operating subsidiary, Wilson Sons Limited announced to the Brazilian and Luxembourg Stock Exchanges the following announcement.
Wilson Sons Limited ("Wilson, Sons" or the "Company") (Bovespa: WSON11) announces that, on the 2nd of June 2011, it has, through its wholly-owned subsidiary Brasco Logística Offshore Limitada (Brasco), signed a contract for the acquisition of 100% of the issued share capital of Bric Brazilian Intermodal Complex S/A. (Briclog) for consideration of one hundred and twenty five million Brazilian Reais (R$125 million). Briclog provides port services to the oil & gas industry. The closing of the acquisition is subject to various conditions precedent including a 30-year lease right to operate in a defined 66,860 square meter area in the Bay of Guanabara, Rio de Janeiro, Brazil, together with the assignment of certain other lease contracts to Briclog.
Consideration for the acquisition is payable in three amounts, R$10 million (ten million Reais) immediately, R$ 60 million (sixty million Reais) on satisfaction of all conditions precedent, and the remainder R$55 million (fifty five million Reais) 360 (three hundred and sixty) days from the contract signature with the later two payments adjusted for movement in the Brazilian index of consumer prices (IPCA). In 2010 Briclog generated R$6 million (six million Reais) in net profit and, as at December 31, 2010, the gross assets of Briclog amounted to R$ 39 million (thirty nine million Reais). Additionally, the above mentioned other lease contracts generated receipts in the order of R$4 million (four million Reais) in 2010.
The Company expects strong growth in the business through synergy with the existing Brasco operations and client base, together with overall growth in the Brazilian offshore oil & gas industry.
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).
Company Contact
Keith Middleton 1 441 295 1309
Seymour Pierce Limited 020 7107 8000
Guy Peters - Corporate Finance
David Banks - Corporate Broking
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