TransAtlantic acquiresSBSMarine and conducts a rights issue of approximately SEK 550 M

TransAtlantic acquiresSBSMarine and conducts a rights issue of
approximately SEK 550 M

This press release is not intended for distribution, publication or
release, directly or indirectly, into the United States, Australia,
Canada, Hong Kong or Japan.

Rederi AB TransAtlantic (”TransAtlantic”) acquires all shares in the
British offshore shipping company SBS Marine (Holdings) Ltd (”SBS
Marine”) from Kistefos AS (”Kistefos”) for a preliminary consideration
of approximately SEK 340 M. SBS Marine has a net debt of approximately
SEK 480 M. In connection with the acquisition, TransAtlantic conducts a
rights issue of approximately SEK 550 M to finance the acquisition and
to strengthen the company's financial position in advance of the
forthcoming division of the group.

At the Extraordinary General Meeting, which will decide on the
acquisition as well as the rights issue, Henning E. Jensen, new Chief
Executive Officer of Kistefos, is proposed for election to
TransAtlantic's Board of Directors, where he will replace Åge Korsvold,
who has resigned as Chief Executive Officer of Kistefos and who will
thus also resign from TransAtlantic's Board of Directors.

SBS Marine is a British offshore shipping company based in Aberdeen. The
company operates a fleet of five modern and one older PSV vessels
(Platform Supply Vessel) with a current turnover of approximately SEK
220 M on an annual basis.

The acquisition of SBS Marine is a part of TransAtlantic's focus on the
business area Offshore/Icebreaking in order to strengthen
TransAtlantic's product offering in the business area.

To finance the acquisition and to strengthen the company's financial
position in advance of the forthcoming division of the group,
TransAtlantic conducts a rights issue of approximately SEK 550 M.

The Board of Directors[1] in TransAtlantic regards the transaction as
beneficial for the company and its shareholders and unanimously
recommends the shareholders to approve the acquisition and the rights
issue at the Extraordinary General Meeting in TransAtlantic, which will
take place on November 7, 2011.

Kistefos (through Viking Supply Ships AS (“VSS”) and Folke Patriksson
(through Enneff Rederi AB and Enneff Fastigheter i Skärhamn AB (jointly
”Enneff”)), which collectively hold approximately 65 per cent of the
votes and approximately 54 per cent of the shares in TransAtlantic, have
entered into commitments to vote in favour of the rights issue at the
Extraordinary General Meeting as well as to subscribe for their pro rata
shares in the rights issue. In addition, Lindéngruppen AB, holding
approximately 8 per cent of the votes and 6 per cent of the shares in
TransAtlantic, has expressed its support for the acquisition and the
rights issue and declared its intention to vote in favour of the rights
issue at the Extraordinary General Meeting as well as to subscribe for
its pro rata share of the rights issue. Moreover, Kistefos has entered
into a commitment to subscribe for shares for up to approximately SEK
260 M in addition to its pro rata share of the rights issue, in case the
rights issue should not be fully subscribed for by the other
shareholders. Consequently, subscription undertakings for the entire
rights issue have been obtained. Kistefos will not receive any
compensation for its commitment to subscribe for shares.

Background and reasons

The International Energy Agency (IEA) estimates that the global demand
for energy will increase by approximately 35 per cent by 2035. Since
production in existing fields will gradually decline, new oil and gas
fields must come online. According to the IEA estimates, approximately
50 per cent of oil and gas will come from new fields and production
areas in 2035. The most rapid percentage increase in production is
expected to come from offshore fields including fields in Arctic waters,
which entail increased demands on ice breaking offshore vessels with
specially trained crews where TransAtlantic has its unique competence.

According to the research institute Douglas Westwood, investments in oil
and gas production are estimated to increase by more than 10 per cent
per year during the period 2010-2013. In light of this, TransAtlantic
has a positive view on the market outlook for the business area
Offshore/Icebreaking and is therefore investing strategically in
offshore.

The acquisition of the outstanding shares in the joint venture company
Trans Viking, which was completed during the third quarter 2010, was an
important milestone in the development of the business area
Offshore/Icebreaking. As a result of the acquisition the relative size
of the business area within TransAtlantic increased at the same time as
the company gained full access to the cash flow of the operations and
the possibility to optimize the management of the business.

As part of TransAtlantic's focus on the business area
Offshore/Icebreaking, the company has identified SBS Marine as an
interesting complement to the existing operations in the business area.

British SBS Marine operates a fleet of five modern and one older PSV
vessels. The vessels, which handle transportation to and from offshore
platforms, enable TransAtlantic to offer additional services to existing
customers. Through an increased product offering, TransAtlantic also
believes it will be easier to attract new customers at the same time as
a larger fleet is estimated to lead to certain economies of scale.

To ensure future focus and expansion within the business area
Offshore/Icebreaking, parts of the operations in the business area will
be moved to Denmark during 2011 and a new headquarters will be
established in Copenhagen. In connection with a potential future
division of TransAtlantic, the company is planning a listing of the
business area Offshore/Icebreaking on the Oslo Stock Exchange.

To finance the acquisition of SBS Marine and to ensure flexibility for
both the business area Offshore/Icebreaking and the business area
Industrial Shipping in the current restructuring and strategic
development, the Board of Directors in TransAtlantic has resolved,
subject to approval at an Extraordinary Genereal Meeting, to conduct a
rights issue of approximately SEK 550 M.

Division of the group

In press releases on March 31 and June 8, 2011 as well as in the interim
report for the second quarter of 2011, which was published on August 4,
2011, it was announced that the Board of Directors is preparing a
division of the group with the aim to establish two well capitalized and
well positioned stand-alone entities, Rederi AB TransAtlantic and Trans
Viking Offshore A/S. The work with the separation commenced during the
first half of 2011 and is proceeding according to plan. The aim is to
spin off Trans Viking Offshore A/S to the shareholders under the so
called lex Asea rules and to list the company on the Oslo Stock Exchange
during 2012. After the division, Rederi AB TransAtlantic will consist of
the business area Industrial Shipping and will continue to be listed on
NASDAQ OMX Stockholm.

SBS Marine in brief

SBS Marine was founded in 2000 in Aberdeen, Scotland. Since 2006 the
company is an indirectly wholly owned subsidiary of Kistefos.

In January 2001, SBS Marine acquired its first PSV vessel, the mid sized
vessel SBS Cirrus, constructed in 1985. In September 2001, SBS Marine
ordered two additional vessels from the Norwegian shipyard Karmsund, SBS
Nimbus and SBS Stratus. On delivery of the two vessels in 2003, SBS
Marine ordered three additional vessels, SBS Tempest, SBS Typhoon and
SBS Torrent. The two latter vessels are leased on bareboat charter and
SBS Marine holds call options for these vessels. In March 2011, SBS
Marine exercised its call option for SBS Tempest and the vessel was
transferred into the ownership of the company in June 2011.

SBS Nimbus and SBS Stratus are contracted for assignments in India until
January 2012. SBS Torrent and SBS Tempest are both contracted for
assignments in the North Sea until March and June 2012, respectively.
SBS Typhoon and SBS Cirrus operate on short term assignments on the spot
market in the North Sea.

SBS Marine has nine land based employees in Aberdeen and 132 employees
at sea. Of the employees at sea, 72 are officers.

SBS Marine currently has a turnover of approximately SEK 220 M on an
annual basis and has an EBITDA of approximately SEK 50 M for the twelve
month period October 1, 2010 - September 30, 2011.

The acquisition in brief

The board members who are independent of the main owner, Kistefos, have
adopted a resolution, under which TransAtlantic has entered into an
agreement to acquire SBS Marine, an indirectly wholly owned subsidiary
in the Kistefos group.[2] The consideration for all shares in SBS Marine
preliminarily totals approximately SEK 340 M and will be determined
based on independent valuations of the vessels and valuations of the
call options for vessels not owned, adjusted for debt and working
capital, all as at September 30, 2011. As at September 30, 2011, SBS
Marine had a net debt of approximately SEK 480 M, of which,
approximately SEK 160 M are loans from Kistefos, which will be repaid in
connection with the acquisition. In addition, SBS Marine has operational
leases, which may be classified as financial leases by TransAtlantic.
Should these leases be classified as financial, SBS Marine's debt would
increase by approximately SEK 350 M, at the same time as the assets
would increase by the same amount. TransAtlantic will gain access to SBS
Marine on November 8, 2011, when half of the consideration will be paid.
The remaining part of the consideration will be paid on December 15,
2011. During the period November 8 - December 15, 2011 Kistefos has
right to half of the cash flow in the company. According to the purchase
agreement, TransAtlantic has an option to sell the vessel SBS Cirrus
back to Kistefos for approximately the same price that TransAtlantic is
paying for the vessel. As support for its decision the Board of
Directors has commissioned a Fairness Opinion from Carnegie, which
supports the valuation of SBS Marine.

As a result of the acquisition and the rights issue, TransAtlantic's net
indebtedness increases by a total of approximately SEK 280 M. The
company estimates that the equity ratio pro forma for the acquisition
and the rights issue increases from 40 per cent to 42 per cent. The
acquisition is estimated to give a positive contribution to
TransAtlantic's earnings per share as of next year.

The acquisition is subject to approval, at an Extraordinary General
Meeting in TransAtlantic, of both the transaction and the rights issue,
as well as to all permits and approvals from authorities, necessary for
the acquisition, being obtained on terms and conditions acceptable to
TransAtlantic and Kistefos, in each case in the opinion of the
respective company's Board of Directors. The acquisition is also
conditional upon the consent of concerned lenders, including the
Norwegian limited partnerships, which finance SBS Torrent and SBS
Typhoon. A physical inspection of the vessels shall be made prior to the
acquisition taking effect. Adjustments shall be made for any potential
discrepancies from the expected condition of the vessels under the
purchase agreement.

Extraordinary General Meeting

An Extraordinary General Meeting will take place on Monday, November 7,
2011, 4.00 pm, at Nordiska Akvarellmuseet, Södra Hamnen, 471 32
Skärhamn. A notice of the Extraordinary General Meeting will be
published on October 7, 2011 and will be available on www.rabt.se,
please see separate press release.

Terms and conditions for the rights issue

Shareholders have preferential rights to subscribe for shares in
proportion to their existing holdings. Owners of shares of series A will
be offered to subscribe for shares of series A and owners of shares of
series B will be offered to subscribe for shares of series B. It will
also be possible to subscribe for shares through subsidiary preferential
rights. The record date at Euroclear Sweden AB, for participation in the
rights issue, is November 10, 2011. The subscription period is November
15 - December 1, 2011, or until such later day as decided by
TransAtlantic's Board of Directors.

Kistefos (through VSS) and Folke Patriksson (through Enneff), which
collectively hold approximately 65 per cent of the votes and
approximately 54 per cent of the shares in TransAtlantic, have entered
into commitments to vote in favour of the rights issue at an
Extraordinary General Meeting as well as to subscribe for their pro rata
shares in the planned rights issue (“the Subscription Commitments”). In
addition, Lindéngruppen AB, holding approximately 8 per cent of the
votes and 6 per cent of the shares in TransAtlantic, has expressed its
support for the acquisition and the rights issue and declared its
intention to vote in favour of the rights issue at an Extraordinary
General Meeting as well as to subscribe for its pro rata share of the
planned rights issue. Moreover, Kistefos has entered into a commitment
to subscribe for shares for up to SEK 260 M in addition to its pro rata
share of the rights issue, in case the rights issue should not be fully
subscribed by the remaining shareholders (“the Undertaking”).
Consequently, subscription undertakings for the entire rights issue have
been obtained.

Kistefos could, as a consequence of the Subscription Commitment and the
Undertaking, come to increase its share of capital and votes in
TransAtlantic. The maximum share of the capital and the votes that
Kistefos could come to hold will be published when the final terms of
the rights issue have been set by the Board of Directors (see below).
Kistefos has been granted an exemption from the mandatory offering rules
by the Swedish Securities Council (Sw. Aktiemarknadsnämnden) in case
Kistefos' share of votes should increase, which under the earlier
rulings by the Swedish Securities Council (AMN 2010:27 and AMN 2010:28)
would otherwise trigger the mandatory offering rules. The Swedish
Securities Council´s ruling to grant an exemption from the mandatory
offering rules, insofar as concerns the Undertaking, is conditioned upon
approval of the Board of Directors' resolution on the rights issue by
shareholders representing not less than two-thirds of the votes cast and
shares represented at the Meeting, with disregard from the shares that
are held and represented by Kistefos at the Extraordinary General
Meeting.

The final terms and conditions for the rights issue, such as the size of
the increase in share capital, the number of shares issued and the issue
price for the newly issued shares will be announced on November 3, 2011,
at the latest.

The rights issue is subject to approval at the Extraordinary General
Meeting, which will take place on Monday, November 7, 2011 (see above).
Due to the rights issue the Board of Directors has decided to propose
additional resolutions to the Extraordinary General Meeting, including
changes to the Articles of Association. To enable the planned lex Asea
distribution, the Board of Directors has further decided to propose a
resolution to adjust the share capital and the statutory reserve,
including changes to the Articles of Association at the Extraordinary
General Meeting.

Election of new member to the Board of Directors

In connection with the Extraordinary General Meeting, Henning E. Jensen,
is proposed for election to TransAtlantic's Board of Directors. Åge
Korsvold has resigned as Chief Executive Officer of Kistefos and will as
a result also resign from TransAtlantic's Board of Directors. Henning E.
Jensen is the new Chief Executive Officer of Kistefos and has long
experience from leading positions in listed companies. Henning E. Jensen
holds an MBA from the University of San Francisco, has undertaken post
graduate studies at the University of St. Gallen in Switzerland and has
attended executive studies at Wharton, University of Pennsylvania.
Before Henning E. Jensen started his industrial career, he was a
Professor of Finance at the University of San Francisco for five years.

Information to shareholders

The acquisition of SBS Marine is a transaction with a closely related
party under section 4.1 in NASDAQ OMX Stockholm's rule book for issuers.
The Board of Director's report on the acquisition as well as a Fairness
Opinion from Carnegie will, accordingly, be available at least three
weeks prior to the Extraordinary General Meeting in TransAtlantic. The
documents are meant to serve as a basis for decisions for the
shareholders at the Extraordinary General Meeting, who will resolve on
the acquisition and the rights issue. The documents as well as the Board
of Director's complete proposal on the rights issue will be available on
the company's web page: www.rabt.se, and will be sent to those
shareholders who so request and state their postal address.

Preliminary timetable

October 7, 2011         Notice for the Extraordinary General Meeting in
TransAtlantic

November 3, 2011        The interim report for the period
January-September 2011 is publishedIssue price and subscription ratio is
set by the Board of Directors and is communicated through a press
release

November 7, 2011        Extraordinary General Meeting in TransAtlantic

November 8, 2011        First day of trading in TransAtlantic's shares
without right to participate in the rights issue

November 9, 2011        Estimated date for publication of the prospectus

November 10, 2011       Record date for the right to participate in the
rights issue, i.e. shareholders who are registered in the share register
on this day will receive subscription rights to participate in the
rights issue

November 15 - 28, 2011  Trading in subscription rights

November 15, 2011 -     Subscription period
December 1, 2011

The Board of Directors in TransAtlantic have decided to postpone the
report for the third quarter of 2011 until November 3, 2011. The
previously communicated date was October 27, 2011.

Advisers

Nordea and SEB Enskilda are financial advisers and Advokatfirman Lindahl
is legal adviser to TransAtlantic.

Skärhamn, October 5, 2011

Rederi AB TransAtlantic (publ)

For additional information, please visit www.rabt.se or contact:
Rolf Skaarberg, Chief Executive Officer of
TransAtlantic                     tel +46 (0)304 67 47 00
Håkan Larsson, Member of the
Board                                              tel +46 (0)70 377 47
23

Rederi ABTransAtlantic (publ), org.nr. 556161-0113
Box 32, 471 21 Skärhamn, Sweden
Tel +46 (0)304 67 47 00
www.rabt.se (http://www.rabt.se)

TransAtlantic is obliged to make this information public according the
Financial Markets Act and the Financial Instruments Trading Act (Sw:
lagen om värdepappersmarknaden and lagen om handel med finansiella
instrument). The information was submitted for publication on October 5,
2011 at 2.00 pm.

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[1] Due to conflict of interest, Christen Sveaas and Åge Korsvold have
not participated in the Board of Directors' handling of the proposed
acquisition. Chief Executive Officer Rolf Skaarberg has also not
participated in the handling of the acquisition for corresponding
reasons.
[2] Due to conflict of interest, Christen Sveaas and Åge Korsvold have
not participated in the Board of Directors' handling of the proposed
acquisition. Chief Executive Officer Rolf Skaarberg has also not
participated in the handling of the acquisition for corresponding
reasons.