Ocean Wilsons profit falls to $117m – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Ocean Wilsons profit falls to $117m

Bermuda-based investment company Ocean Wilsons Holdings Ltd suffered a $22.6 million drop in profits during 2010 as its operating profit fell and the company made lower gains on its investments.

The company reported operating profit of $117.2 million for the year compared to $139.8 million in 2009. The decline in investment portfolio gains of $11.8 million and reduction of exchange gains on cash balances of $19.3 million were partially offset by the profit realised on formation of a joint offshore venture of $20.4 million between Wilson Sons Ltd, through two of its subsidiaries in Brazil, and Remolcadores Ultratug Ltda, a company owned by the Chilean maritime group, Ultratug to take advantage of the growing opportunities in Brazil's oil and gas industry and expand both groups' operations in the offshore segment.

You must be Registered or to post comment or to vote.

Published March 29, 2011 at 10:29 am (Updated March 29, 2011 at 10:29 am)

Ocean Wilsons profit falls to $117m

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon