Second quarter and first half results 2010 for Wilh. Wilhelmsen ASA

Continued volume increase and higher capacity utilisation boosted the operating
profit for Wilh. Wilhelmsen ASA (WWASA) both for second quarter and first half
of 2010. Continued growth is expected going forward.

Total operating profit for WWASA amounted to USD 76.1 million for the first half
of 2010, up from USD 73.0 million in 2009. Adjusted mainly for the gain on sale
of shares in the Korean logistics company Glovis in the second quarter of 2009,
the operating profit is up almost 75%. Total income came to USD 920.4 million
compared with USD 800.7 million last year.

"Our shipping segment more than tripled its operating profit for the first half
of 2010 compared with 2009, while the total income increased by almost 20%,"
says Jan Eyvin Wang, president and CEO of WWASA. "The major drivers are 32%
increase in volumes year on year, with growth in all trades as well as higher
capacity utilisation. All our operating companies delivered solid earnings, with
Wallenius Wilhelmsen Logistics (WWL) showing the largest increase."

Higher volumes also resulted in stronger contribution from WWASA's logistics
activities, with especially solid contribution from Glovis and the American
Shipping and Logistics group.

"The factory-to-dealer concept in WWL has proven to be important when
renegotiating contracts and in order to secure new cargo contracts for shipping.
We are therefore looking into extending logistics services, especially in growth
areas," says Wang.

Group loss before tax and non-controlling interests was USD 33.6 million related
to unrealised losses on financial instruments in the first half of 2010 against
a profit of USD 153.4 million for the same period in 2009.

Commenting on WWASA's bottom line, Wang says: "Lower long term interest rates
created substantial unrealised losses on our financial hedging instruments. This
hit our bottom line for the first half, but lower interest rates will be
beneficial for our business going forward."

For the second quarter of 2010, the total operating profit totalled USD 54.0
million as against USD 57.8 million for the same period of 2009. Total income
was USD 501.1 million, compared with USD 416.8 million in the same period of
last year. Net loss before taxes and minority interests came to USD 18.8
million, compared with a profit of USD 131.5 million.

Based on the positive market development and the recent restructuring, the board
expects promising results for the group.

For further information, contact
Jan Eyvin Wang, president and CEO:  +47 67 58 47 05 (office), +47 900 20 200
(mob)
Benedicte Bakke Agerup, CFO:      +47 67 58 48 55 (office), +47 915 48 029 (mob)
Mitra Hagen Negård, head of        +47 67 58 69 52 (office), +47 957 93 631
(mob)
financial planning and IR:
Benedicte Gude, communication      +47 67 58 41 77 (office), +47 959 07 951
(mob)
manager:

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This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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