Viking Supply Ships — Interim / Quarterly Report 2011

May 4, 2011

TransAtlantic Interim report January—March 2011

May 3, 2011 from Rederi AB TransAtlantic (publ)

Interim report January—March 2011

January–March 2011

• Net revenues amounted to SEK 578 M (563)
• Operating result before tax amounted to a loss of SEK 54 M (loss; 85)
• Loss before tax amounted to SEK 65 M (loss; 85)
• Loss after tax amounted to SEK 53 M (loss; 3)
• Earnings per share after tax amounted to a loss of 1.0 SEK (loss; 0.10)
• In February, the AHTS vessel Njord Viking was delivered.
• A four-month contract, with the option of an additional two months, was signed for the AHTS vessel Balder Viking with the UK oil company Cairn.
• The three RoRo vessels, Obbola, Ortviken and Östrand were divested to SCA Transforest AB, which decided to exercise its purchase option. The vessel transaction will be implemented on June 1, 2011 and will generate a positive impact of approximately SEK 55 M to the Group's liquidity.
• TransAtlantic acquired all shares in the shipping and logistics company Österströms, conditional upon approval from the Competition Authority.
• The Board of Directors has decided to investigate the future demerger of the Group. Parts of the Offshore/Icebreaking business area will be relocated to Denmark and Christian W Berg has been recruited as President for the business area. Christian W Berg is employed as Marketing manager and is a part of the Management Group within Siem Offshore AS in Norway. The organizational split of the Group will be implemented as soon as it is practically feasible.
• As a consequence of the strategic change, Stefan Eliasson has requested to resign as President effective immediately. Rolf Skaarberg has been appointed the new President. Rolf Skaarberg has a background as CEO of Viking Supply Ship AS and Investment Director of Kistefos AS.

	Jan-Mar	Jan-Mar	Full year
Key figures	2011	2010	2010
Net revenue SEK M	578	563	2,394
Operating loss before tax, SEK M 1)	-54	-85	-121
Loss before tax, SEK M	-65	-85	407
Loss after current tax, SEK M	-65	-85	406
Loss after full tax, SEK M	-53	-3	585
Return onf shareholders' equity, SEK	-1.00	-0.1	16.60
Shareholders equity at end of period, SEK/share	41.70	41.50	43,20
Return on capital employed, %	-3.60	-12.1	12.80
Return on shareholders' equity, %	-9.10	-1.2	32.80
Equity/assets ratio on the closing date, %	44.60	37.6	46.60

1) Operating result : Earnings before tax and restructuring costs.

President's statement for the January to March 2011

The beginning of the quarter was negatively impacted by the severe ice situation in the Baltic Sea. The ice situation caused disruptions to our schedule and particularly in the RoRo Baltic Division, but the other divisions were also negatively impacted. This has primarily resulted in lower earnings and higher bunker costs.

We can also report that the general market in the Industrial Shipping business area will remain weak during the year, with strained freight rates, tough competition and continued tonnage surplus. The results for the first quarter are unsatisfactory, although earnings in the business area improved compared with the year-earlier period. However, there are rays of hope, particularly in the Container Division, which has a profitable trend. To ensure future development in the business area, we have acquired all shares in the shipping and logistics company, Österströms. The acquisition means that the business area will gain a competitive size and better basis to improve customer benefits and profitability.

For the Offshore/Icebreaking business area, the quarter was also characterized by the severe ice situation in the Baltic Sea. All three icebreakers were deployed by the Swedish Maritime Administration for icebreaking. In addition to icebreaking, some of the vessels operated in a weak offshore spot market in the North Sea. We can report that the spot rates have passed the lowest level and are on their way up.

The Board of Directors has decided to evaluate a future demerger of the Group with the aim of ensuring future expansion of the Offshore/Icebreaking and Industrial Shipping business areas. The decision means that parts of the Offshore/Icebreaking business area will be relocated to Denmark and that the head office for the operations will be established in Copenhagen. Christian W Berg has been recruited as President of the business area. The operation shall be based on and developed from the experience from the existing organizations in Sweden and Norway.

Earnings for the first quarter were weak and in 2011 we must adapt our expenses to the currently prevailing market situation. We will also continue to work intensely to increase our earnings in both Industrial Shipping and Offshore/Icebreaking. As a feature of this, it was gratifying to receive delivery of the Njord Viking and to acquire Österströms.

I look forward to working together, with a distinct focus on the offshore operations and a new and larger Industrial Shipping business area.

Skärhamn, May 3, 2011

Rolf Skaarberg President

Consolidated earnings for January—March

Consolidated net revenues amounted to SEK 578 M (563). The increase in revenue is attributable to the Offshore/Icebreaking business area and due partly to increased activities and the delivery of the AHTS-vessel, Njord Viking, in February 2011.

The Group posted net loss after tax of SEK 53 M (loss; 3). Loss before tax was SEK 65 M (loss; 85).

Group	January-March		Full year
SEK M	2011	2010	2010
Net revenue	578	563	2,394
Profit before capital costs, EBITDA	23	-39	884
Operating profit	-41	-77	455
Profit before tax	-65	-85	407
Profit margin	-11.3%	-15.2%	17.0%
Profit before tax by business area
Offshore/Icebreaking business area 1)	-27	-12	45
Industrial Shipping business area	-11	-60	-105
Ship Management/Group wide	-16	-13	-61
Total operating profit 2)	-54	-85	-121
Restructuring items 2)	-11	-	-247
Acquisition effects 3)	-	-	775
Profit before tax	-65	-85	407
Tax 5)	12	82	178
Profit after tax	-53	-3	585

SEK per share

Operating profit after current tax	-1.00	-3.10	-3.40
Profit after current tax	-1.20	-3.10	11.50
Profit after tax	-1.00	-0.10	16.60

As of September 2010, the business area is 100% owned (formerly 50%), which disrupts comparison, between the periods. The earnings in the first quarter of 2011 would have amounted to a loss of SEK 36 M, if the ownership interest was 100% .

2) Operating profit: Earnings before tax and restructing costs.

3) The figures includes provisions totaling SEK 5 M för the departing President and the amount is based on a specific agreement between the parties. The full year 2009 includes impairment losses on the value of SEK 241 M, as well as capital loss of SEK 6 M from the divestment of the vessel Oak, in the Industrial Shipping.

4) The effects are attributable to the acquisition of Trans Viking with SEK 775 M.

5) The amount in the first quarter 2011 (and 2010) consists deferred taxes. The full-year 2010 is included with current tax

of SEK 2 M. With current tax means tax payable or received for current year.

Financial position, investments and divestments

The table below shows overall changes in cash and cash equivalents for the period:

	January-March		Full year
All amounts in SEK M	2011	2010	2010
Cash flow from current operations before changes in working capital	10	-38	58
Changes in working capital	51	-8	33
Cash flow from current operations	61	-46	91
Investing operations	-180	-13	164
Financing operations	-31	58	86
Dividends payed	-	-	-
Change in cash equivalents	-150	-1	341
Cash equivalents at beginning of period	637	327	327
Exchange-rate difference in cash equivalents	-7	-9	-31
Cash equivalents at end of period	480	317	637

Consolidated cach and cash equivalents at the end of the period amounted to SEK 480 M, (637 as of December 31, 2010) and SEK 8 M is available in the form of unutilized credit facilities. In addition to SEK 480 M in cash and cash equivalent, SEK 14 M represents frozen/pledged funds and SEK 313 M is reserved in a special account to secure the Group's cash commitment on the deliveries of two AHTS vessels that are expected to be delivered in the third quarter of 2011 and the first quarter of 2012. The low access to cash and cash equivalents restrict the Group's freedom of action.

At March 31, the Group's shareholders equity was SEK 2,315 M, (corresponding to SEK 41.70 per share), of which the minority share of shareholders' equity was SEK 19 M, or 0.30 SEK per share. Utnyttjad checkkredit at the end of the quarter amounted to SEK 92 M.

The equity/asset ratio at the end of the period was 44.60 % (46.60 as of December 31, 2010). Gross investment during the period amounted to SEK 400 M (268). The investments pertained primarily of down paymant on the delivery of the new building AHTS vessel Njord Viking, which took place in February 2011.

Financial position	March	December
SEK M at the close of each period	2011	2010
Total assets	5 190	5,146
Shareholders equity	2 315	2,396
Equity/assets ratio, %	45	47
Net indebtedness, %	80	64
Closing cash and cash equivalents	480	637
SEK per share	42	43

Offshore/Icebreaking business area

The business area's vessels are active in the market for arctic offshore, in the offshore spot market in the North Sea and in the global offshore sector. The fleet comprises sic offshore vessels and two new-build contracts scheduled for delivery in 2011/2012. Three of the existing offshore vessels are developed to cope with both icebreaking and offshore assignments.

During the quarter, Tor, Vidar and Balder Viking were partly deployed with icebreaking in the Baltic Sea on behalf of the Swedish Maritime Administration. Pursuant to regulations governing Swedish shipping subsidies, the vessels are not entitled to any shipping subsidies while operating as icebreakers. This resulted in cost increases during the period, as well as a deficit in the current cost level due to the low rates that the company receives from SM for icebreaking.

In mid-February, the second vessel in the series of four AHTS vessels, Njord Viking, was delivered. During the period, the vessel operated in a weak offshore spot market in the North Sea. At the beginning of the second quarter, rates in the offshore spot market began to rise. A four-year contract was signed for Njord Viking with the ENI oil company. The Njord Viking will assist in exploration and expansion of the operation in the Barents Sea including the Goliath field. The contract value amounts to approximately NOK 430 M. The charter will commence during the second half of 2011.

The Loke Viking has commenced a charter for Statoil in the Barents Sea, which is anticipated to extend for a long period during 2011. A contract has been signed for Balder Viking, with the UK oil company Capricorn Energy Ltd. Balder Viking will assist in oil drilling west of Greenland. The assignment extends over a fourmonth period, with the option of an additional two months. The Odin Viking continues to be deployed with a long-term offshore assignment off the coast of Brazil. The assignment is expected to be concluded in May 2011.

The construction of two additional anchor-management vessels continues as planned. The third vessel in the series, Trans Barents, is scheduled for delivery during the third quarter of 2011 and the fourth vessel is scheduled for delivery in the first quarter of 2012.

The business area reported an operating loss of SEK 27 M (loss: 12) for the first quarter.

	January –March		Full year
Offshore/Icebreaking	2011	2010	2010
Net revenue	105	27	298
Loss after net financial items	-27	-12	45
Profit margin	-26%	-47%	15%

1) As of September 2010, the business area is 100% owned (formerly 50%), which disrupts comparison between the periods. Revenues and earnings in the first quarter of 2010 would have amounted to SEK 53 M and a loss of SEK 36 M, respectively, if the ownership interest was 100% as in the year-earlier period.

Industrial Shipping business area

The business area conducts systems traffic in the Baltic Sea using RoRo and container vessels, (RoRo Baltic Division), container bases scheduled service operations between Sweden and the UK (Container Division), contract based bulk transport in the Baltic Sea, Mediterranean Sea and North Sea as well as RoRo services across the Atlantic and with side port vessels traffic along the US east cost, USEC (Bulk Division).

The RoRo‐Baltic Division conducts scheduled services between Finland and Sweden/Germany on two RoRo routes and a container line. In addition, the division hires cargo space from StoraEnso in its systems traffic, which serves ports in the Gulf of Bothnia. In traffic in northern Finland, the TransLumi line, volumes remained stable during the period.

Traffic in northern Finland, the TransLumi Line, was impacted by the severe ice distribution at the beginning of the quarter. The ice situation caused disruptions in the traffic, resulting in delays and fewer trips. This meant lower cargo revenue and higher bunker utilization, which had a negative impact on earnings, primarily in the container route, TransFeeder North. In traffic in southern Finland, the TransSuomi Line, the two RoRo vessels continued with stable cargo volumes, although delays occurred due to the strained ice situation in the Gulf of Finland.

The Container Division conducts container-based scheduled service in the UK, TransPal Line, and feeder traffic, TransFeeder South.

The TransPal Line started the year with major operational disruptions due to the severe ice and wind conditions, which caused delays and additional expenses. Despite this, the start meant that volumes increased significantly, particularly import volumes from the UK to Sweden. This was due to the strong SEK and intense market cultivation.

In TransFeeder South, volumes remained at high levels and continued excellent balance in traffic. Due to capacity shortage, larger tonnage will be introduced on the route early in the second quarter. A number of project cargos were executed during the quarter, which generated positive earnings in the division.

In the Bulk Division, the severe ice situation in the Baltic Sea and a weak market had a negative impact on earnings. The four smaller bulk vessels have been chartered to Österströms for a 12 month period, on a T/C basis. The market for the larger bulk vessels is under strong price pressure due to the numerous uncertainty factors in the global economy. Westbound volumes increased somewhat, which is expected to generate better balance in the traffic flows across the Atlantic.

Westbound traffic with newsprint showed continued weak earnings and a contributory factor was the fire in Norske Skogs plant in Halden, Norway. Deliveries of newsprint from Canada to North Europe rose and we expect higher utilization degree in the coming period. Volumes of newsprint from Canada to the USEC have also displayed a positive trend. Traffic from Canada to the Caribbean also shows positive results, since it is combined with carbon anodes as return cargo back to Canada.

Industrial Shipping posted an operating loss of SEK 11 M (loss 60) for the first quarter.

		January-March
Industrial Shipping	2011	2010	2010
Net revenue	439	457	1,865
Loss after net financial items	-11	-60	-105
Profit margin	-3%	-13%	-6%

.

Group organization/ Ship Management

The Group organization comprises management, central administration, finance management and Ship Management. The external Ship Management unit includes assignments for external vessel owners, such as manning for the Swedish Government's five icebreakers. The decline in net sales is attributable to the external ship-management assignment for Atlantic Container Line, which concluded in December 2010, as well as higher costs in central administration.

Operating earnings for the quarter amounted to a loss of SEK 16 M (loss; 13).

	January-March		Full year
Group organization/Ship Management	2011	2010	2010
Net revenue	34	79	231
Loss after net financial items	-16	-13	-61

Parent Group

Earnings and financial position

The parent Company reported a loss before tax of SEK 40 M (loss; 87). Loss after tax was amounted to SEK 30 M (loss; 71).

The Parent Company shareholder's equity amounted to SEK 1,095 M (1,125 as 2010-12-31), total assets amounted to SEK 2,107 M (2,173 as 2010-12-31). The equity/assets ratio on the balance sheet date was 55.00 % (52% at December 2010). Cash and cash equivalents at the end of the period amounted to SEK 33 M (31 at December 31, 2010).

Number of shares

Share distribution at March 31, 2011 is presented below:	March
	2011
Share capital	554,513,500 SEK
Registered number of Series B– shares	51,815, 429
Series B shares in the market	51,815,429

In addition, there are 3 635 921 A shares.

Other

Corporate tax

The general situation for the Group's current structure is that taxes payable are highly limited. Accordingly, recognized corporate tax mainly comprises deferred tax.

The recognized net deferred tax asset for the Swedish operations amounted to SEK 61 M at the end of March 2011 (40 at December 31, 2010).

The recognized deferred tax liability for the operations outside Sweden amounted to SEK 43 M at March 31, 2011 (43 at December 31, 2010).

Transaktions with closely-related parties

No transactions took place between TransAtlantic and its closely related parties that had a significant effect on the company's position and earnings.

Risks and uncertainties

TransAtlantic is a Group characterized by a high degree of international operations, thereby exposing it to a number of operational and financial risks. TransAtlantic works actively to identify and manage these risks, and risk management is included as an element of the ongoing reviews of the operations. It has been deemed that no further key risks and uncertainties have arisen in addition to those risks and uncertainties described in TransAtlantic's Annual Report 2010, page 54-55.

The ongoing newbuilding program involves payments in cash and cash equivalents in conjunction with vessel deliveries. In accordance with renegotiated loan agreements, the Group allocated funds amounting to SEK 313 M to special accounts to secure these obligations. This is recognized among other cash and cash equivalents.

Due to the year's unfavorable profitability, the Group held discussions during the year with the affected banks regarding financing terms and conditions. These discussions have been concluded with the exception of one bank. With regard to this bank, the Group could not fulfill the conditions set regarding key financial figures through and including the second quarter of 2010. As of the third quarter of 2010, the Group again posted key financial figures that are at the level or higher than specified in the financing agreement. The ongoing discussions involve the bank's right to receive compensation retroactively in the form of increased security because the Group failed to achieve the financial key figure measurements at the level specified in the financing agreement.

Accounting policies

This interim report was prepared, the Group, in accordance with the application of IAS 34 Interim Financial Reporting and applicable rules in the Swedish Annual Accounts Act and for the parent Company, in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. Unless otherwise noted, the same accounting policies and calculation bases for both the Group and Parent Company have been applied as those used in the most recent Annual Report.

Number of employees

At March 31, the number of employees in the Group amounted to 740 (739 as December 2010). The distribution between land-based and onboard employees is 180 and 560, respectively.

Events after the close of the reporting period

Gunnar Modalen will assume the position of CFO from May 4, 2011. Gunnar Modalen was previously employed in the Perstorp Group, where he held various positions in accounting and finance. Christian W Berg was appointed President of Trans Viking Offshore A/S

TransAtlantic Interim Report January—March 2011

Teleconference

In conjuction with the publication of the interim report, a teleconference will be held on Wednesday 4, 09.30 am attended by TransAtlantic,s President Rolf Skaarberg and CFO Gunnar Modalen. For further information, visit company's website, www.rabt.se.

This information is such that TransAtlantic is obliged to publish in accordance with the Swedish Securites Market Act and/or the Swedish Financial Instruments Trading Act. This report was submitted for publication at 15.00 on May 3, 2011.

Skärhamn May 3, 2011

The Board of Directors Rederi AB TransAtlantic

For further information please contact President Rolf Skaarberg, tel +46 (0)304-67 47 00

Financial calender 2011

August 4
Octobor 27

August 4 Interim report January—June October 27 Interim report January—September

The interim report is available on its entirety on the company's website, www.rabt.se

Consolidated income statement

		January—March	Full year
All amounths in SEK M	2011	2010	2010
Net sales	578	563	2,394
Other operating revenue 1)	0	0	777
Direct voyage costs	-269	-304	- 1,163
Personnel costs	-154	-191	-697
Other costs	-132	-107	-428
Depreciation/write-down	-64	-38	-428
Operating profit/loss	-41	-77	455
Net financial items	-24	-8	-48
Profit before tax	-65	-85	407
Tax on profit/loss before the period 2)	12	82	178
PROFIT FOR THE PERIOD 3)	-53	-3	585
Attributable to:
Shareholders of the company	-53	-4	584
Minority interest in subsidiaries	0	1	1
INCOME FOR THE PERIOD	-53	-3	585
Earnings per share, calculated on profit attributable to Parent Company's shareholders, per share, SEK (before and after dilution)	-1.0	-0.2	16.5

1) The amount includes the effects attributable to the acquisition of Trans Vikings with SEK 775 M.

2) The amount in the first quarter on 2011 (and 2010) consists deferred taxes. For the full year 2010 includes current tax with SEK -2 M. With current tax means tax payable or received for current year.

3) The result for the period include a provision of SEK 5 M for the cost of the departing President and the amount is based on a specific agreement between the parties. The amount for the full-year 2010 included write-down of vessels of SEK 241 M and a capital loss of SEK 6 M from the sale of the vessel Oak within the business area Industrial Shipping.

Consolidated statement of comprehensive income	January—March		Full year
All amounts in SEK M	2011	2010	2010
Profit for the period	-53	-3	585
Other comprehensive income for the period:
Change in hedging reserve	7	9	19
Change in translation reserve	-35	-31	-41
Total other comprehensive income for the period	-28	-22	-22
TOTAL COMPREHENSIVE FOR THE PERIOD	-81	-25	563
Attributable to:
Shareholders of the parent company	-81	-26	566
Minority interest in subsidaries	0	1	-3
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-81	-25	563

Net sale by business area

		January—March
All amounts in SEK M	2011	2010	2010
Offshore/Icebreaking 1)	105	27	298
Industrial Shipping 1)	439	457	1,865
TOTAL BUSINESS OPERATIONS	544	484	2,163
Ship Management/Group-wide items	249	301	1,151
./. Elimineted internal sales	-215	-222	-920
TOTAL NET SALES	578	563	2,394

1) Internal sales missing

Profil/loss after finanical items by business area

	January—March		Full year
All amounts in SEK M	2011	2010	2010
Offshore/Icebreaking	-27	-12	45
Industrial Shipping	-11	-60	-105
TOTAL—BUSINESS OPERATIONS	-38	-72	-60
Ship Management/Group-wide items	-16	-13	-61
OPERATING PROFIT/LOSS BEFORE TAX 1)	-54	-85	-121
Restructuring items 2)	-11	-	-247
Effects on acquisition 3)	-	-	775
RESULT BEFORE TAX	-65	-85	407
Attributable to:
Shareholders of the parent company	-65	-86	406
Minority interest in subsidaries:	0	1	1

Operating result: Result before tax and restructuring costs.

2) The amount include a provision of cost for the departing President of SEK 5 M and the amount is based on a specific agreement between the parties. The full-year 2010 includes write-down of SEK 241 M and a capital loss of SEK 6 M from the sale of the vessel Oak, in the business area Industrial Shipping.

3) The amount includes the effects attributable to the acquisition of Trans Vikings.

Assets by business area

Alla amounts in SEK M	2011-03-31	2010-12-31
Offshore /Icebreaking	3,348	3,158
Industrial Shipping	1,037	1,080
TOTAL—BUSINESS AREAS	4,385	4,238
Ship Management/Group-wide items	805	908
TOTAL ASSETS	5,190	5,146

Consolidated balance sheet

All amounts in SEK M	2011-03-31	2010-12-31
Vessels	4,073	3,815
Other tangible fix assets	76	79
Intangible fixed assets 1)	12	12
Financial assets	158	106
Total fixed assets	4,319	4,012
Current assets	871	1,134
TOTAL ASSETS	5,190	5,146
Shareholders equity 2)	2,315	2,396
Long-term liabilities 3)	2,233	2,091
Current liabilities 3)	642	659
TOTAL SHAREHOLDER'S EQIUTY AND LIABILITIES	5,190	5,146

1) The amount includes goodwill with SEK 2 M (2).

2) Minority interest are included with SEK 19 M (19).

3) The total of the Group's long-and short term interest-bearing liabilities amounts to SEK 2,328 M (2,170)

Consolidated cash-flow statement

		January—March
All amounts in SEK M	2011	2010	2010
Cash flow from current operations before changes in working capital	10	-38	58
Changes in working capital	51	-8	33
Cash flow from current operations	61	-46	91
Investing operations 1) 2)	-180	-13	164
Financing operations	-31	58	86
Dividend payed	-	-	-
Change in cash equivalent continuing operations	-150	-1	341
Cash equivalents at beginning of period	637	327	327
Exchange-rate difference in cash equivalens	-7	-9	-31
CASH EQUIVALENTS AT END OF PERIOD 3) 4)	480	317	637

1) Gross investment before financing during January-March 2011 amounted to SEK 400 M (Jan—March 2010: 13, Jan-Dec 2010: 268). Investment during the period mainly comprised the down payment on the delivery of AHTS vessel Njord Viking.

2) The amount of the year 2010 included cash and cash equivalents of SEK 298 M, through the aquisation of Trans Viking.

3) In the Group, current assets include cash and cash equivalents of SEK 8 M (2010-03-31: 32, 2010-12-31: 24). The Group has also unutilized credit facilities totaling SEK 92 M (2010-03-31: 68, 2010-12-31: 76).

4) Of the Group's cash and cash equivalents of SEK 480 M, SEK 14 M represents frozen/pledged funds and Sek 313 M is resrved in a special account to secure the Group's cash commitment on the deliveries of two AHTS vessels that are expected to be delivered in the third quarter 2011 and in the first quarter 2012.

Consolidated shareholder's equity

	January—March		Full year
All amounts in SEK M	2011	2010	2010
Shareholders' equity at beginning of period	2,396	1,175	1,175
New share issue	-	-	658
Dividend	-	-	-
Total comprehensive income	-81	-25	563
SHAREHOLDERS' EQUITY AT END OF PERIOD 1)	2,315	1,150	2,396

Threre are no warrents of other eqiuty instruments in TransAtlantic Group.

1) Shareholders' eqiuty includes minority interest of SEK 19 M (19).

Data per share

	January—March		Full year
All amounts in SEK M	2011	2010	2010
Earnings before capital expenses(EBITDA)	0.4	-1.4	25.0
Earnings before interest expenses (EBIT)	-0.7	-2.8	12.9
Profit after current tax	-1.2	-3.1	11.5
Profit av full tax	-1.0	-0.1	16.6
Shareholders' equity at end of period	41.7	41.5	43.2
Operating cash flow	0.0	-1.7	23.8
Total cash flow	-2.7	-0.0	9.6

Key data 1)

	January—March		Full year
	2011	2010	2010
Earnings before capital expenses (EBITDA), SEK M	23	-39	884
Earnings before interest expenses(EBIT), SEK M	-41	-77	455
Shareholders equity, SEK M	2,315	1,150	2,396
Net interestbearing debts, SEK M	1,848	1,072	1,533
Operating cash flow, SEK M	-1	-48	841
Total cash flow, SEK M	-150	-1	341
Return on capital employed, %	-3.6	-12.1	12.8
Return on shareholders' ,%	-9.1	-1.2	32.8
Interest-coverage ratio, TIMES	0.9	-3.7	16.0
Equity/assets ratio	44.6	37.6	46.6
Dept/equity ratio, %	79.8	93.3	64.0
Profit margin, %	-11.3	-15.2	17.0

1) Key figures are calculated in the sam manner as in the most recent Annual Report.

Number of shares

	January—March		Full year
Number of shares ('000)	2011	2010	2010
Number of outstanding shares at beginning of period	55,452	27,726	27,726
Newly issued shares	-	-	27 726
Number of outstanding shares at end of period	55,452	27,726	55 452
Number of shares held as treasury shares1)	-	705	-
Total number of shares at end of period	55,452	28,431	55,452
Avarage number of outstanding shares	55,452	27,726	35,322

1) In connection with the acquisition of the outstanding shares of Trans Viking per 2010-09-22 from Kistefos AS, which was paid in newly issued shares, was the withdrawal of previously repurchased of 704 800 Shares B.

Parent company income statement

	January—March		Full year
All amounts in SEK M	2011	2010	2010
Net sales	319	305	1,258
Other operating revenue	-	-	-
Direct voyage costs	-101	-103	-395
Personnel costs	-73	-71	-283
Other costs	-170	-187	-735
Depreciation/write-down	-2	-6	-15
Operating profit/loss	-27	-62	-170
Net finanical items 1)	-13	-25	-65
Profit/loss before tax	-40	-87	-235
Tax on profit/loss for the period 2)	10	16	54
PROFIT/LOSS FOR THE PERIOD	-30	-71	-181

1) The amount for the full-year 2010 includes impairment losses of SEK 59 M on shareholdings in subsidiaries.

2) Reported amounts include only deferred tax.

Parent company balance sheet

All amounts in SEK M	2011-03-31	2010-12-31
Tangible fixed assest	54	56
Intangible fixed assets 1)	2	2
Financial assets	1,707	1,738
Total fixed assets	1,763	1,796
Current assets 2)	344	377
TOTAL ASSETS	2,107	2,173
Shareholders ' equity	1,095	1,125
Provisions	31	31
Long term liabilities 3)	494	499
Current liabilities 3)	487	518
TOTAL SHAREHOLDERS' EQUITY, PROVISIONS AND LIABILITES	2,107	2,173

1) Amount includes goodwill of SEK - M (-).

2) The current asset include cash and cash equivalents of SEK 33 M (31).

3) The total of the parent company interest-bearing liabilities amounts to SEK 581 M (560).

Changes in Parent Company shareholder's equity

	January-March		Full year
All amounts i SEK M	2011	2010	2010
Shareholders equity at beginning of the period	1,125	683	683
New issue less issue expenses	-	-	-
Dividend	-	-	-70
Group contribution	-	-	-49
Tax effect on Group contribution	-	-	13
Total earnings for the period	-30	-71	-181
SHAREHOLDERS' EQUITY AT END OF PERIOD 1)	1,095	612	1,125

1) ) In connection with the acquisition of the outstanding shares of Trans Viking per 2010-09-22 from Kistefos AS, which was paid in newly issued shares, was the withdrawal of previously repurchased of 704 800 Shares B.

TransAtlantic Interim Report January—March 2011

Definitions

CAP

A financial interest-rate instrument used to ensure that interest expense does not exceed a certain set level.

Capital employed

Interest-bearing liabilities and shareholders' equity.

Debt/equity ratio

Interest-bearing liabilities minus cash and cash equivalents divided by shareholders' equity.

Desinvestment

Divestment of fixed assets.

Dividend yield

Closing share price at year-end divided by the dividend per share.

Earnings per share

Profit after financial items less: 1) current tax, 2) tax on profit for the year (current and deferred tax) in accordance with the consolidated income statement.

EBIT

Earnings before interest and taxes, corresponding to operating profit/ loss.

EBITDA

Earnings before Interest, Taxes, Depreciation and Amortization, corresponding to profit/loss before capital expenses and tax.

Equity/assets ratio

Shareholders' equity divided by total assets.

Equity per share

Equity divided by the number of shares outstanding.

Hedging

A general term for financial measures taken to avoid undesirable effects on earnings due to variations in interest rates, exchange rates, etc.

IFRS

International Financial Reporting Standards – an international accounting standard that all listed companies within the EU must have adopted by 2005.

Interest coverage ratio

Operating profit/loss before depreciation plus interest income divided by interest expense.

Net indebtedness

Interest-bearing liabilities less cash and cash equivalents.

Operating cash flow

Profit/loss after financial income/expenses adjusted for capital gains/ losses, depreciation/amortization and impairment.

Operating profit/loss (before tax)

Profit/loss before tax and before and restructuring costs.

Operating profit/loss per business area

Profit/loss after financial items and before Group-wide expenses and central/Group-wide net financial income/expenses.

P/E ratio

Closing share price divided by profit after financial items with a deduction made for full tax per share.

Percentage of risk-bearing capital

Shareholders' equity and deferred tax liabilities (including minority share), divided by total assets.

Operating Profit/loss per business area

Operating profit/loss for each business area, reported before Groupwide expenses.

Profit margin

Profit after financial items divided by net sales.

Restructuring costs

Includes revenues and expenses of a nonrecurring nature, such as capital gains/losses from the sale of vessels, impairment of vessels and costs related to personnel cutbacks. Also includes costs arising from the merger with Gorthon Lines.

Return on equity

Profit after financial items less tax on profit for the year, divided by average shareholders' equity.

Return on capital employed

Profit after financial items plus interest expense, divided by average capital employed.

Share of interest-bearing capital

Equity and deferred tax (including minority share) divided by total assets.

Total cash flow

Cash flow from operating activities, investing activities and financing activities.

TransAtlantic Interim Report January—March 2011

Rederi AB TransAtlantic (publ), (org nr 556161-0113) Besöksadress: Södra Hamnen 27 P O Box 32, 471 21 Skärhamn, Sweden Tel: +46 (0)304—67 47 00 E-mail: info@rabt.se Internet: www.rabt.se