TIDMOCN

RNS Number : 7741R

Ocean Wilsons Holdings Ld

26 September 2017

Ocean Wilsons Holdings Limited

Wilson Sons Limited: PSV Contract Negotiations

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"), a public held company traded on the Brazilian Stock Exchange (B3) under the ticker WSON33, announces to its shareholders that its 50% joint venture, Wilson Sons Ultratug Offshore ("WSUT"), is negotiating new contract terms for up to eight Platform Supply Vessels (PSVs) currently operating for Petrobras. The negotiation will consider (i) the temporary suspension of these contracts due to current suppressed demand, with the original contract term extended by a period equal to the suspension, and (ii) a reduction of the vessels' daily rates. The negotiation contemplates a total estimated reduction of approximately 6% on the fleet average gross daily rate and up to 858 days of suspension for all the vessels combined.

The Company continues to seek new opportunities to maximize its fleet utilisation. In July 2017, WSUT ranked as the first and second place Brazilian-flag vessels in a Petrobras tender for the supply of shallow-water diving support vessels (SDSVs), offering the Mandrião and Pardela vessels. Additionally, in September 2017, WSUT ranked as the first and second place vessels in a Petrobras tender to provide, in May 2018, platform support and oil spill recovery vessels (OSRV / PSVs), offering the Albatroz and Gaivota vessels.

Enquiries

Company Contact

Keith Middleton +1 441 295 1309

Media

David Haggie

Haggie Partners LLP +44 20 7562 4444

Cantor Fitzgerald Europe

   David Foreman, Will Goode (Corporate Finance)                         +44 20 7894 7000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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