12th Dec 2016 14:09
LONDON (Alliance News) - Ocean Wilson Holdings Ltd on Monday said a priority status funding request for USD9.4 million by its principal operating subsidiary, Wilson Sons Ltd, has been approved.
Ocean Wilsons is a Bermuda-based investment company, which operates as a maritime services company in Brazil through the Wilson Sons subsidiary.
The company noted Wilson Sons received the approval from Marine Merchant Fund last Friday, with the funding to be used for repairing and maintaining 12 tugboats between 2017 and 2018.
Wilson Sons will continue the process of contracting the debt with one of the Marine Merchant Fund's financial agents, Ocean Wilson said.
"This is the first time that a port towage company has obtained funding for this type of service in Brazil," said Ocean Wilsons.
The repair and maintenance of the 12 vessels will take place at the Wilson Sons Shipyard, located in Guaruja, Sao Paulo in Brazil.
Ocean Wilson shares were up 1.5% to 1,005.00 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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