Year End Report 2011

Year End Report 2011

Fourth quarter 2011

  · Net revenues amounted to SEK 903 M (640)
  · Result before tax amounted to SEK -161 M (-256)
  · Result after tax amounted to SEK -194 M (-251)
  · Earnings per share after tax amounted to SEK -2.7 (-3.9)

January-December 2011

  · Net revenue amounted to SEK 2,989 M (2,394)
  · Result before tax amounted to SEK -466 M (407)
  · Result after tax amounted to SEK -435 M (585)
  · Earnings per share before tax amounted to SEK -6.6 (14.3)

The loss of SEK -194 M in the fourth quarter was impacted by restructuring
costs totaling SEK -48 M
A multi-year agreement was signed for the AHTS vessel Vidar Viking with
Sakhalin Energy of Russia for services including ice-breaking²
New share issue totaling SEK 555 M implemented acquisition of SBS Marine
completed
Henning E. Jensen replaced Rolf Skaarberg as President
Heléne Mellquist appointed as CFO
Effective January 1, 2012, TransViking was renamed Viking Supply Ships
Delivery of the AHTS vessel Brage Viking in January
Work on demerging the Group into two competitive units continues
The Board of Directors proposes that no dividend be paid for the 2011 fiscal
year

The past year entailed a great deal of change at TransAtlantic. The global
economy was troubled, which was also reflected in the turbulent markets in which
TransAtlantic is active, with sharpened competition resulting in unsatisfactory
results for 2011. For the fourth quarter, the result was SEK -194 M (- 251), of
which SEK -48 M pertained to restructuring costs. For the full year, the result
was SEK -435 M (585) of which SEK -194 M pertained to restructuring costs and
acquisition effects. In Industrial Shipping, the market was characterized by
weak volumes due to low demand, as well as a surplus of tonnage, where the
operating result has been negatively affected by the acquisition of Österströms
with SEK -48 M. On the other hand, the offshore market was not impacted to the
same degree by the general economic downturn, but experienced high volatility
with periods of high rates, while significant investments were made in a new
organization and new vessels.

For Industrial Shipping, it was a year of major restructuring. Two lines were
discontinued at the end of the year. Due to the unfavorable market conditions,
low cargo rates and volumes resulted in us experiencing a surplus of tonnage
that we are reducing successively in 2011 and 2012. We are also engaged in
negotiations aimed at reducing part of the in-chartered volume, combined with a
more focused market strategy, which will form a platform for improving
profitability in 2012 and further ahead. At the end of the year, the Group
completed a new share issue totaling approximately SEK 555 M, with preferential
rights for existing shareholders. At the same time, Viking Supply Ships
refinanced its existing loans pertaining to the Tor Viking II, Balder Viking and
Vidar Viking icebreakers through a new loan of NOK 675 M. The issue strengthened
the Group’s financial position.

During the year, the Group completed three acquisitions. During the first half
of the year, Arctic Ice Management and the shipping and logistics company
Österströms were acquired. The latter will expand Industrial Shipping’s

operation in small bulk and provide the business area with better opportunities
to offer customers a broader logistic concept. During the second half year, the
offshore company SBS Marine was acquired. SBS Marine is a British offshore
shipping company based in Aberdeen, operating a fleet of six Platform Supply
Vessels.

Industrial Shipping is a key player in the Baltic Sea for base industry in
Northern Europe and a total of 48 vessels operated in the business area at the
end of the year, including 11 owned vessels. In October, the business area
signed a new agreement with FNSteel and Nordkalk and a new traffic system, the
TransBothnia Line, was launched. Viking Supply Ships is expanding and further
developing its significant expertise in operations in severe weather conditions
and the Arctic waters. During the year, two new vessels, Njord Viking and Magne
Viking were delivered. An agreement was signed with the Estonian Maritime
Authority for icebreaking in 2012, as well as a long-term agreement with
Sakhalin Energy. The latter is conditional upon approval from the Board of
TransAtlantic and the banks concerned.

During the year, the work on demerging the Group into two independent and
competitive units continues. However, we anticipate that the first quarter
results will remain weak with improvements in earnings throughout 2012, starting
in Q2. We see exciting business potential in offshore and our objective is to
expand this operation in 2012. In Industrial Shipping, we will continue to
improve our market position and implement further streamlining efforts to
achieve our target of attaining profitability.

Gothenburg, February 28, 2012

Henning E. Jensen
President and CEO

Telephone conference

In connection with the publication of the Year End Report 2011, a teleconference
will be held with media, investors and analysts on Tuesday 28, at 09:30 am (GMT
+ 1) with CEO Henning Jensen and CFO Heléne Mellquist.

Those who would like to participate in the telephone conference call, please
call
0047 21 00 21 25 + code 810930

This Year-end report is available in its entirety on the company website,
www.rabt.se.

Rederi AB TransAtlantic is a leading Swedish shipping company with headquarters
in Gothenburg, Sweden and additional offices in Europe. The company is organised
into two business areas: Industrial Shipping and Viking Supply Ships. The fleet
consists of 62 vessels and the company has about 850 employees. The turnover in
2011 was MSEK 2 989. The Industrial Shipping business area consists of five
divisions: Bulk, Container, RoRo Baltica Short Sea Bulk och Integrated
Logistics. The company’s B-shares are listed on the NASDAQ OMX Stockholm, Small
Cap segment. www.rabt.se   TransAtlantic is obliged to make this information
public according to 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
February 28, 2012 at 08.30 am.