Wilh. Wilhelmsen ASA: Third quarter 2011

Stronger than expected export out of Japan combined
with improved trade mix lifted earnings and profit
for Wilh. Wilhelmsen ASA (WWASA) in the third quarter
of 2011.

WWASA recorded an operating profit of USD 91 million
for the the third quarter, up 44.3% from the second
quarter. Total income increased by 9.8% and ended at
USD 644 million.

"Ocean volumes were slightly down quarter on quarter.
However, increased auto export out of Japan, strong
export from Europe to China and continued high
volumes to Oceania improved the group's trade mix.
Coupled with new vessels improving operational
efficiency, this lifted the WWASA's revenue and
earnings," says Jan Eyvin Wang, CEO at WWASA.

"The group's advanced shore-based logistics services
had a positive impact on the group's performance,
with the successful development Glovis contributing
most to the logistic segment's profit," says Wang.

Lower interest rates led to loss on interest rate
hedges, and increased interest bearing debt lifted
the group's interest expenses. Net profit after tax
and minority interest amounted to USD 29 million up
from USD 21 million in the previous quarter.

Commenting on the prospects for group, Mr Wang
says: "Given the fiscal uncertainty that exists in
Europe and the ripple effect this has on global
financial markets, volumes may soften during the next
six months. The BRIC countries are expected to stay
strong including export from Europe to China, whilst
exports to Europe may weaken."

WWASA paid a dividend equivalent to NOK 0.50 per
share in May. The board of directors proposes a
second dividend of NOK 0.50 per share to be paid in
December. The decision is subject approval by
shareholders at an extraordinary general meeting
scheduled for 6 December.

The board of WWASA acknowledges a strong third
quarter. The global uncertainty affects both consumer
confidence and risk tolerance, and the board
recognises that this development could affect the
group's performance.