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    Strategic changes at TransAtlantic - spin-off envisaged

    Company News // April 6, 2011

    TransAtlantic has announced that in†order to ensure conditions for the group to be able to focus and to expand in the future, within the companyís respective business areas, industrial shipping and offshore/icebreaking, the board has decided to prepare a future spin-off of the company.

    Parts of the operations in the offshore/icebreaking business area will be relocated to Denmark, and a head office for the operations will be established in Copenhagen.

    Stefan Eliasson has resigned from the position of CEO, and†the Board has appointed Rolf Skaarberg as CEO.

    "The Board of Rederi AB TransAtlantic has evaluated the groupís business areas, in order to ensure future development of the group, and has concluded that it will investigate whether it is possible to spin-off the group into two separate business entities," the company said in a statement.

    "One entity will continue to develop the groupís activities in the offshore/icebreaking business area, under the name Trans Viking, and the other entity will continue to develop the groupís activities within the industrial shipping area, under the name Rederi AB TransAtlantic."

    The spin-off is not†expected to be completed†before†2012. However, an organisational split of the group will be completed as soon as practically possible.

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