INTERIM REPORT JANUARY - JUNE 2009

* Net revenue for the first six months amounted to SEK 1,176 M
    (1,170)

  * A loss after tax of SEK 67 M (profit: 120) was reported for the
    first six months

  * Net revenues for the second quarter amounted to SEK 573 M (585)

  * A loss per share after tax of SEK 2.40 (profit: 4.30) was
    reported for the first six months

  * A loss after tax of SEK 17 M (profit: 46) was reported in the
    second quarter

  * The offshore spot market in the North Sea, where all vessels were
    deployed, performed somewhat better in the second quarter. The
    Offshore/Icebreaking business area's operating profit for the
    second quarter amounted to SEK 6 M (8)

  * The Industrial Shipping business area continued to be adversely
    impacted by the downturn in the global economy and operating loss
    for the second quarter amounted to SEK 22 M (profit: 45) but this
    was better than the result from the first quarter.

  * The company's financial position remains favorable, with an
    equity/assets ratio of 42% (42% at December 31, 2008) at the end
    of the period and cash and cash equivalents amounted to SEK 336 M
    (SEK 574 M at December 31, 2008)



  * Results for January- June 2009:
    Net revenues SEK 1,176 M (1,170)
    Operating loss before taxes was SEK 80 M (profit: 122)*
    Loss before tax amounted to SEK 82 M (profit: 127)
    Loss after current tax was SEK 82 M (profit: 127)
    Loss after full tax amounted to SEK 67 M (profit: 120)
    Shareholders' equity at June 30, 2009 amounted to SEK 47.60 per
    share (SEK 50.90 per share at December 31, 2008)
    The equity/assets ratio on the closing date was 42% (42% at
    December 31, 2008)
    Return on shareholders' equity was a negative 10% (pos: 20%)
    Return on capital employed was a negative 4% (pos: 13%)

*Operating loss: Earnings before tax and restructuring costs.


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