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.