Another historically good quarter operationallySummary 3. kvartal 2007.

Another historically good quarter operationally
 EBITDA is MNOK 111 in the quarter compared to
MNOK 82 in the 3rd quarter 2006.
 Net TC rate per day was NOK 34,398 in the 3rd
quarter compared to NOK 33,961 in the 2nd quarter
and NOK 30,241 in the 3rd quarter 2006
 Net financial quarterly result in the company
has been strongly affected by unrealized changes in
the values of financial instruments with MNOK -58
which in main are related to the hedging of NOK
cost for future USD operational -, and new
building costs.
 Company result before tax is MNOK 13 for the
quarter compared to MNOK 43 in the 3rd quarter
 Result per share in the 3rd quarter is NOK 0.23
compared to NOK 0.74 for the 3rd quarter 2006

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
31.10.2007 Wilson is operating 103 ships, whereof
71 are owned.
Wilson`s business concept is to offer Norwegian
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 3rd quarter 2007

In the 3rd quarter 2007 the company achieved
freight income on TC basis of MNOK 272 compared to
MNOK 231 in the 3rd quarter 2006. The increase is
in main due to a general high activity level and
good fixtures in the spot market. The expected
lower activity during the summer season has not
materialized in 2007 and the continued good spot
market has provided good earnings for the
positioning trade.

The company`s operating expenses (excl.
depreciations) has increased somewhat and was MNOK
167 in the quarter compared to MNOK 157 in the 3rd
quarter 2006. The NOx-tax has been included with a
gross cost of MNOK 4 in the 3rd quarter 2007. The
increase compared to the 3rd quarter 2006 is
related to administration cost and other running
expenses ships, which is due to the higher
level in the period. Within operating expenses
crewing cost has been reduced compared to the 3rd
quarter 2006 in spite of the higher activity
The reduction is related to a stronger rate of
exchange of NOK compared to USD.

The operating result berfore depreciations
is MNOK 111 in the quarter compared to MNOK 82 in
the 3rd quarter 2006. This is a historically high
and it is the second time that the company
a quarterly EBITDA of more than MNOK 100.

Net finance cost in the quarter is totalling MNOK
64 compared to MNOK 9 for the 3rd quarter 2006.
finance cost has in the period been negatively
affected by value changes in the financial
instruments with MNOK 58 which primarily have been
affected by an unrealized loss on USD forward
contracts. In line with the 1st and 2nd quarter
the company has hedged the NOK values of future
running expenses, and 50 % of the new buildings
expenses. The forward contracts are at
levels, but are above the NOKUSD-closing rate per
30.09.2007. The value changes are unrealized and
represent the potential loss the company would
had if all the forward contracts were realized per

The company`s result before calculated tax for the
3rd quarter 2007 is MNOK 13 compared to MNOK 43
the corresponding period in 2006.

The Market

The company`s COA-ratio in the quarter has been 65
% compared to 63 % in the same period in 2006 and
66 % for the 2nd quarter 2007. Contract earnings
the quarter have been good and the spot market has
also been good.

The activity level in the 3rd quarter measured as
the number of sailing days has increased by 5 %
compared to the 2nd quarter which in is due to
off-hire in the period because of less dry docking
in the period.

Financing and capital structure

In the balance per 30.09.2007 interest bearing
mortgage debt and leasing obligations are
MNOK 988 (MNOK 906 per 30.06.2007). The increase
due to new loans towards purchased tonnage in the

The company`s booked equity per 30.09.2007 is MNOK
582 (MNOK 578 per 30.06.2007). Booked equity is
thereby 28.5 % (30.7 % per 30.06.2007). Wilson`s
stated objective of a minimum 30 % equity ratio is
therefore not achieved per 30.09.2007. Two vessel
purchases (MV Wilson Lahn - not delivered, and MV
Wilson Calais - bareboat) have been booked with
their gross values and obligations, which is
increasing the gross balance, at the same time as
unrealized value changes in the financial
instruments having been charged to cost, is
decreasing the equity.

The company`s liquidity situation is good with
deposits per 30.09.2007 corresponding to MNOK 110,
as well as an unused credit facility of MNOK 50.


During the 3rd quarter Wilson has purchased 9
ships, whereof 1 via a bareboat structure. 8 of
9 ships have been delivered, but the final (MV
Wilson Lahn) is expected to be delivered during 4Q-
2008. Furthermore the company shall increase it`s
investment in Nesskip hf (Iceland) as the minority
shareholders have declared the put-option for
of their remaining shares in Nesskip. After these
shares transactions have been carried through
Wilson will increase it`s owning share in Nesskip
from 51.9 % to 67.9 %.

The company`s stated objective of further fleet
expansion remains.

Order reserves

Wilson`s contract coverage is still satisfactory
and the order reserve per 30.09.2007 is ca NOK 1.5
billions. The order reserve is defined as expected
future shipment commitments under the current
contract of affreightment (COA) during the
period. The company has long and well established
relationships to the customers with close to 100 %
success rate when renewing contracts.


The operating result for the 3rd quarter confirms
the board of director`s expectations for an good
year in 2007 operationally. The board of directors
is expecting a continued high nomination level
under the contracts of affreightments, as well as
high fleet utilization in all segments through
favourable voyage combinations. However, a
continued firm NOK rate of exchange will be
operationally positive for the company, but
negative for the finance result and thereby result
before tax.

Financial principles for the quarterly report

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

The Board of Directors of Wilson ASA

Bergen, 31st October 2007

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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