WWASA - results for the third quarter 2013

WWASA's operating profit for the third quarter was in
line with the previous quarter. Weaker contribution
from the shipping segment caused by lower volumes and
a negative cargo mix was almost outweighed by
stronger contribution from the logistics segment.

WWASA delivered an operating profit for the third
quarter totalling USD 78 million (USD 246 million)
based on a total income of USD 627 million (USD 846
million). The operating profit was negatively
impacted by non-recurring items of USD 3 million
related to internal restructuring, while igures for
the third quarter 2012 were positively affected by a
net sales gain of USD 134 million following the
group's share reduction in Hyundai Glovis.

"Unfortunately, the car carrying market has softened
somewhat from the positive development in the second
quarter. We see a decrease in demand for
transportation of high and heavy cargo, following a
slowdown in particularly global mining activity. With
an advanced ro-ro fleet tailor made to ship high and
heavy units, optimal fleet utilisation is sensitive
to cargo mix," says Jan Eyvin Wang, president and CEO
of WWASA. "Efficiency measures and cost cutting
initiatives have, however, had a positive effect. The
operating profit adjusted for internal restructuring
costs was therefore as expected more or less in line
with the second quarter."

On handling cargo challenges, Mr Wang says: "Cargo
availability has been soft for some time, albeit a
positive development in the second quarter. As a
group, we continue to optimise operations and adjust
capacity to current demand and our future cost base.
Combining our financial strength and strong balance
sheet with the underlying long term growth potential
in the markets we operate, the group is well
positioned to take its share of the expected growth
going forward."

The high activity level in a seasonally strong
quarter led to a sound contribution from the group's
logistics segment: "Despite margin pressure over the
last months, we have seen a steady increase in
logistics activities," says Wang. "Going forward, we
expect the activity level to keep up for most of our
entities, but we might see a reduction in our US
based operations following the loss of a global land
based logistics contract for the US government."
The board has proposed to pay an additional dividend
of NOK 0.75 per share. An extraordinary annual
general meeting will vote on the proposal on 27
November. If approved, the shareholders can expect
the dividend to be paid on or about 10 December 2013.
A dividend of NOK 4.00 was paid in May 2013.

The board anticipates that the demand for WWASA's
shipping and logistics services remains at the
present level. A strong focus on optimising
initiatives, efficiency improvements and cost control
continues to be central.