4th quarter 2007 report

Summary 4th quarter 2007

Historically high quarterly EBITDA

Historically high quarterly EBITDA
- EBITDA is MNOK 115 in the quarter (MNOK 77 in the
4th quarter 2006)
- Net TC rate per day was NOK 34,638 in the 4th
quarter compared to NOK 34,398 in the 3rd quarter
and NOK 30,446 in the 4th quarter 2006
- Net finance cost in the quarter is MNOK 14
compared to MNOK 3 for the same period last year.
- The result before tax and minority interest is
MNOK 48 in the 4th quarter corresponding to NOK
1.14 per share compared to MNOK 37 corresponding to
NOK 0.86 per share in the 4th quarter 2006.
- Entered into a new-building contract for 8 ships
à 4,500 dwt.
- The company`s after tax result for 2007 is MNOK
111 (MNOK 120 in 2006)
- The Board of Directors proposal for dividend
2007: NOK 1 per share

Wilson ASA - Business idea

Wilson`s main activity is the chartering and
operation of small dry bulk vessels between 1,500
and 10,000 dwt in the European short sea trade.
Wilson is a premier player in this market. Per
20.02.2008 the Wilson system is operating 107 skip,
whereof 77 are owned.
Wilson`s business concept is to offer Norwegian and
European industry competitive, reliable, flexible
and long-term contract sea borne transportation
services. By controlling large contract volumes
and long-term contract portfolios Wilson may
optimize vessel operations and secure stable and
long term income levels.

Result 4th quarter 2007

In the 4th quarter the company achieved freight
income on TC basis of MNOK 280 compared to MNOK 230
in the 4th quarter 2006. The increase is connected
to a high and stable activity level and good
earnings from the contracts. The company has also
been operating more ships than in the corresponding
period in 2006.

In spite of a high activity level in the quarter
the company`s running cost (excl. depreciations) is
on a corresponding level to that of the 4th quarter
2006, and is MNOK 175. An increase in other running
cost ships and in administration cost is balanced
by a corresponding decrease in TC and BB cost on
chartered tonnage, and a decrease in crew cost. The
latter is connected to a lower USD rate of exchange
in the 4th quarter 2007 compared to the 4th quarter
2006. The NOx-tax is included in the 4th quarter
2007 with gross MNOK 4.

The operating result before depreciations (EBITDA)
is MNOK 115 in the quarter compared to MNOK 77 in
the 4th quarter 2006. This quarter`s EBITDA is
historically high.

Net finance cost is totalling MNOK 14 in the 4th
quarter 2007 compared to MNOK 3 for the 4th quarter
2006. Value changes in financial instruments in the
quarter yields a positive contribution of MNOK 10,
whereas MNOK 13 is charged as currency translation
loss in the quarter. Interest cost in the quarter
is MNOK 15.

The company`s result before minority interest and
calculated tax is MNOK 64 in the 4th quarter 2007
compared to MNOK 47 for the 4th quarter 2006.

The market

The company has had good earnings from the
contracts in the quarter and the COA ratio is 69 %
in the 4th quarter compared to 65 % in the 3rd
quarter and 66 % in the 4th quarter 2006. Contract
earnings combined with a good spot market, in
particular for the largest vessels, contributes to
the good earnings.

The activity level measured as the number of
sailing days has increased in the 4th quarter with
2 % compared to the 3rd quarter, which is primarily
due to an increase in fleet capacity in the period.

Financing and capital structure

In the balance per 31.12.2007 interest bearing
mortgage- and leasing obligations are totalling
MNOK 1,009 (MNOK 988 per 30.09.2007 and MNOK 838
per 31.12.2006). The increase is due to drawdown on
loan facility due to new tonnage purchased in the
period.

The company`s booked equity per 31.12.2007 is MNOK
626 (MNOK 582 per 30.09.2007 and MNOK 549 per
31.12.2006). Booked equity is thereby 29.5 % (28.5
% per 30.09.2007 and 31.2 % per 31.12.2006).
Wilson`s stated objective of a minimum of 30 %
booked equity is therefore not achieved per
31.12.2007. Two vessel purchases (MV Wilson Lahn -
not yet delivered and MV Wilson Calais - bareboat)
have been capitalized and having thereby increased
the total balance values, as well as the unrealised
negative value changes in the financial instruments
having been charged to the profit and loss, have
reduced the equity.

The company`s liquidity situation is good with bank
deposits per 31.12.2007 corresponding to MNOK 112
as well as an unused credit facility of MNOK 50.


Investments

In the 4th quarter the company has entered into a
new building contract with a Chinese building yard
for the construction of 8 ships á 4,500 dwt. The
ships will be delivered in 2010-2012 and have a
total cost price to the yard of around MUSD 83. The
contract has been entered into with various
conditions, hereunder reciprocal guarantee
arrangements. The conditions are expected to be
cleared during the 1st quarter 2008.

During the quarter Wilson has also entered into
purchase agreements for 4 ships totalling MEUR 17.
Two of the ships were delivered in January and two
of the ships in February 2008.

During 2007 the company has purchased 16 ships
totalling MNOK 400, excl. the new building
contracts.


Order reserves

Wilson` s contracts coverage is satisfactory and
the order reserve per 31.12.2007 is ca NOK 1.9
billions. The order reserve is defined as the
expected future shipment commitments under the
current Contracts of Affreightment (COA) during the
agreed contract period. The total contract tonnage
commitment in 2008 for existing contracts is ca
11.5 million tons, which is 1 million ton higher
than the total cargoes shipped under contracts in
2007.

The company has long lasting and good relations to
the customers with close to 100 % success rate in
contract renewals. A major share of the contracts
to be renegotiated, were renewed during the 4th
quarter 2007. The result of the renewals was
positive with an average freight increase of 5 % on
a yearly basis.


Prospects

The Board of Directors expects that the company`s
established contracts basis will contribute to
stable earnings for 2008. If the tonnage capacity
is maintained the Board of Directors expects an
income level in line with 2007. Although the
development for the various cost elements, are more
uncertain than it has been for a long time which
creates some uncertainty for the operating result,
the company still expects a stable development in
the operating results.

A further gradual increase in the fleet is planned
during 2008 in line with the company`s stated
growth strategy.
The Board of Directors has a positive attitude to
the proposed new tonnage tax regime for shipping
companies in Norway and will consider actively
entering into this tax regime.



Financial principles for the quarterly report

The quarterly report has been established on the
basis of international accounting standards (IAS
34).



The Board of Directors of Wilson ASA

Bergen, 20th February 2008

Om oss

The Company’s business concept is to offer Norwegian and European industry competitive, secure, reliable, flexible and long-term maritime transport services. With large transport volumes and long-term transport portfolios, Wilson can optimise sailing patterns and achieve efficient operations and thus secure long-term stable earnings. The Company’s strategy is to focus on growth and expansion in the European dry cargo segment by increasing the volume of long-term freight contracts, purchasing tonnage, acquiring companies or entering into alliances with other players. The Company’s financial strategy is to keep focus on and control risk, as well as hedge against major fluctuations in general market conditions for Wilson by aiming for: - A high contractual share of the total freigt volume- A reasonable balance between contract portfoilio and freight capacity- A balanced currency risk- Reduced exposure to fluctuations in bunker pricesAs a part of Wilson’s company culture, core values and ethical guidelines have been prepared and implemented. Wilson’s core values are to be: reliable, service minded, professional, long term, solid, competitive and innovative.

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