TransAtlantic becomes owner of 100 per cent of Trans Viking

This press release is not intended for distribution, publication or release,
directly or indirectly, into the United States, Australia, Canada, Hong Kong or
                                     Japan.
 
TransAtlantic acquires the outstanding shares in the companies included in Trans
Viking - the joint venture within the business area Offshore/Icebreaking, which
is owned in equal shares by Rederi AB TransAtlantic and the Norwegian company
Kistefos AS, through its subsidiary Viking Supply Ships AS. Payment will be in
the form of newly issued A- and B-shares in TransAtlantic. Through the
transaction Kistefos becomes majority owner with just above 50 per cent of the
votes and the capital in TransAtlantic. At the time of the acquisition Kistefos
will have contributed MSEK 150 in cash to Trans Viking.
 
TransAtlantic will become the sole owner of Trans Viking, which will give the
TransAtlantic group full access to the cash flow in the operations as well as
the possibility to optimize the governance of the operations and coordinate it
with its concept for arctic offshore.
 
The transaction will strengthen TransAtlantic's financial position and make the
group structure more transparent, and the company believes that the acquisition
will be positively received by both customers and suppliers as well as by the
group's lenders.
 
TransAtlantic believes that safety aspects will gain importance within offshore,
particularly in the segment arctic offshore. TransAtlantic is well positioned
within this segment and has a unique competence to conduct operations in ice and
harsh weather conditions. The increased focus on safety is believed to lead to
an increase in demand for the services offered by Trans Viking.
 
The Board of Directors in TransAtlantic believes the transaction is beneficial
to the company and its shareholders and unanimously recommends the shareholders
to approve of the issuance in kind to Kistefos at the Extraordinary General
Meeting, which is expected to be held on or about September 22, 2010. A proposal
for a new Board of Directors in TransAtlantic will be published in advance of
the Extraordinary General Meeting, however, it is the intention that Christen
Sveaas, the owner of Kistefos, will be proposed as Chairman of the new Board of
Directors, and that Folke Patriksson will be proposed as Vice Chairman.
 
The main shareholders in TransAtlantic, Folke Patriksson (through Enneff Rederi
AB and Enneff Fastigheter i Skärhamn AB), Jenny Lindén Urnes (through VillaCosta
AB) and the Ernström Group, together holding approximately 49 per cent of the
votes and approximately 23 per cent of the capital in TransAtlantic before the
transaction, are supportive of the transaction.
 
 - "We have had a very good and constructive cooperation with Kistefos and
Christen Sveaas during many years. Therefore I have a very positive feeling
about Kistefos becoming our new main owner.", says TransAtlantic's Chairman
Folke Patriksson in a comment.
 
 - "We look forward to continuing the good cooperation we have had with
TransAtlantic for nearly 15 years. The transaction means that we are
establishing a common industrial platform for our investments in offshore. A
simpler corporate structure combined with an efficient organization is positive
for our business contacts and partners.", says Kistefos' Chairman Christen
Sveaas in a comment.
 
For  additional and more detailed information  about the transaction, please see
the appendix to this press release (please see the attached pdf file).
 
Skärhamn, August 13, 2010                  Oslo, August 13, 2010
 
Rederi AB TransAtlantic (publ)              Kistefos AS
 
Invitation to conference call
 
A  conference call where the transaction is presented to analysts and media will
be  held on  Monday, August  16, 2010 at 10.00 am  on +46 (0)8 23 23 90, meeting
code 892 111.
 
For additional information, please visit www.rabt.se or contact:
 
Folke Patriksson, Chairman of the Board in TransAtlantic tel +46 (0)304 67 47 00
 
Stefan Eliasson, Acting CEO of TransAtlantic             tel +46 (0)304 67 47 00
 
Håkan Larsson, Member of the Board in TransAtlantic      tel +46 (0)304 67 47 00
 
Christen Sveaas, Chairman of the Board in Kistefos       tel +47 23 11 70 00
 
Åge Korsvold, CEO of Kistefos                            tel +47 23 11 70 00
 
Rederi AB TransAtlantic (publ), org.no. 556161-0113
 
Box 32, 471 21 Skärhamn, Sweden
 
Phone +46 (0)304 67 47 00
 
www.rabt.se
 
Kistefos AS, org.no. 951408743
 
Stranden 1, N-0250 Oslo, Norway
 
Phone +47 23 11 70 00
 
www.kistefos.no
 
TransAtlantic is obliged to make this information public according the Financial
Markets   Act   and   the  Financial  Instruments  Trading  Act  (Sw:  lagen  om
värdepappersmarknaden  och  lagen  om  handel  med  finansiella instrument). The
information was submitted for publication on August 13, 2010 at 08.30 am.
 
[HUG#1437816]
 
Press release PDF: 
http://hugin.info/135816/R/1437816/382531.pdf
 
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Source: Rederi AB Transatlantic via Thomson Reuters ONE