UNITEDTable STATESof Contents

PursuantTable to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.Contents

TheTable accompanying notes form an integral part of these Condensed Consolidated Financial Statements.Contents

5Table of Contents

TheTable accompanying notes form an integral part of these Condensed Consolidated Financial Statements.Contents

TheTable accompanying notes form an integral part of these Condensed Consolidated Financial Statements.Contents

8Table of Contents

SolelyTable for the convenience of the reader, the condensed financial statements for the most recent period have been translated into U.S. dollars (“$”) using the noon buying rate on September 30, 2011, of $1 = SEK 6.7925.Contents

10Table of Contents

StenaTable Lineof has entered into a slot charter agreement with DFDS on the Esbjerg-Harwich and Esbjerg-Immingham routes. This means that Stena Line as from January 2011 also can offer freight services between Denmark and UK.Contents

StenaTable Property sold one property for SEK 85 million during the first quarter of 2011 and in July 2011 a property in London was purchased for an amount of GBP 35 million.Contents

12Table of Contents

RevenuesTable from Tanker operations decreased SEK 93 million, or 19%, in the three months ended September 30, 2011, to SEK 397 million from SEK 490 million in the three months ended September 30, 2010, mainly due to the fact that as from April, 2011, 14 MR (“Handy and Medium Range”) vessels are operating in the joint venture Stena Weco A/S, in which operating results are reported as a net revenue. The operating results from these vessels, were previously reported gross, with revenues and operating expenses. Revenues also decreased as an effect of the weakening of the U.S. dollar against the SEK, offset by revenues generated from our three LNG vessels one of which was put into operation in May 2011, with the other two put in operation in July 2011. In local currency, revenues decreased 3% in the three months ended September 30, 2011, compared to the same period prior year. In the three months ended September 30, 2011, the Company operated an average of 28 tankers (chartered in or owned), compared to an average of 30 tankers in the three months ended September 30, 2010.Contents

Drilling.Table Direct operating expenses for drilling consist primarily of personnel costs, fuel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations decreased SEK 142 million, or 20%, in the three months ended September 30, 2011, to SEK 586 million from SEK 728 million in the three months ended September 30, 2010. The decrease mainly reflects reduced expenses for Stena Tay, which has been on SPS as from June 2011, together with the weakening of the U.S. dollar against the SEK. Direct operating expenses from drilling operations for the three months ended September 30, 2011 were 40% of drilling revenues, as compared to 35% for the three months ended September 30, 2010.Contents

ShareTable of affiliated companies’ results in the three months ended September 30, 2011 and 2010, refers to the Company’s portion of the results of Midsona AB (publ), Gunnebo AB (publ) and MPP MediaTec Group AB. As of September 30, 2011, the Company’s interest in the capital of Midsona was 23.0%, its interest in the capital of Gunnebo was 26.1% and its interest in the capital of MediaTec was 42.7%. As of September 30, 2010, the Company’s interest in the capital of Midsona was 23.0%, its interest in the capital of Gunnebo was 25.7% and its interest in the capital of MediaTec was 42.7%.Contents

17Table of Contents

18Table of Contents

DirectTable operatingof expensesContents

DirectTable operating expenses associated with Tanker operations decreased SEK 198 million, or 12%, in the nine months ended September 30, 2011, to SEK 1,440 million from SEK 1,638 million in the nine months ended September 30, 2010, mainly due to the fact that as from April 2011 14 MR vessels are operating in the joint venture Stena Weco A/S, in which the operating results are reported as net revenue. The operating results, from these vessels, were previously reported gross, with revenues and operating expenses. Operating expenses were also reduced as an effect of the weakening of the U.S. dollar against the SEK, offset by increased expenses generated from our three LNG vessels, which were in operation as from May and July 2011, respectively. Direct operating expenses for crude oil operations for the nine months ended September 30, 2011, were 98% of revenues, as compared to 107% for the nine months ended September 30, 2010. Direct operating expenses for TankerContents

DirectTable operating expenses with respect to Other Shipping decreased SEK 8 million, or 21%, in the nine months ended September 30, 2011 to SEK 31 million from SEK 39 million in the nine months ended September 30, 2010. Direct operating expenses for Other Shipping for the nine months ended September 30, 2011 were 14% of revenues, as compared to 26% for the nine months ended September 30, 2010.Contents

DepreciationTable andof amortizationContents

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~WASHINGTON,~~SECURITIES DCAND ~~20549~~EXCHANGE COMMISSION

~~FORM~~WASHINGTON, ~~6-K~~DC 20549

~~REPORT~~FORM ~~OF FOREIGN PRIVATE ISSUER~~6-K

~~PURSUANT~~REPORT TOOF ~~RULE~~FOREIGN ~~13a-16~~PRIVATE ORISSUER ~~15d-16 UNDER~~

~~THE~~PURSUANT ~~SECURITIES~~TO ~~EXCHANGE~~RULE ~~ACT~~13a-16 OFOR ~~1934~~15d-16 UNDER

~~For~~THE ~~the~~SECURITIES ~~Month~~EXCHANGE ofACT ~~November,~~OF 1934 ~~2011~~

~~Commission~~For ~~File~~the ~~Number:~~Month ~~33-99284~~of May, 2012

~~STENA~~Commission ABFile ~~(PUBL)~~Number: 33-99284

~~(Translation~~STENA ~~of registrant's name into English~~AB (PUBL)

~~MASTHUGGSKAJEN,~~(Translation ~~SE-405~~of 19registrant’s ~~GOTHENBURG,~~name ~~SWEDEN~~into English)

~~(Address~~MASTHUGGSKAJEN, ofSE-405 ~~principal~~19 ~~executive~~GOTHENBURG, ~~offices)~~SWEDEN

~~Indicate~~(Address ~~by check mark whether the registrant files or will file annual reports under cover~~ of ~~Form~~principal ~~20-F~~executive oroffices) ~~Form 40-F.~~

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F ýor Form 40-F. o

~~Indicate by check mark if the registrant is submitting the~~ Form 620-KF x Form ~~in paper as permitted by Regulation S~~40-TF ¨ ~~Rule 101(b)(1): ........................~~

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(71): ~~.......................~~ ¨

Indicate by check mark ~~whether~~if the registrant byis ~~furnishing~~submitting the ~~information~~Form ~~contained~~6-K in ~~this~~paper ~~Form~~as ispermitted ~~also~~by ~~thereby~~Regulation ~~furnishing~~S-T ~~the information to the Commission pursuant to~~ Rule ~~12g3-2~~ 101(b) ~~under the Securities Exchange Act of 1934~~(7): ¨

~~Yes~~SIGNATURES ~~o No ý~~

IfPursuant ~~"Yes"~~to isthe ~~marked,~~requirements ~~indicate~~of ~~below~~ the ~~file~~Securities ~~number~~Exchange ~~assigned~~Act toof 1934, the registrant inhas ~~connection~~duly ~~with~~caused ~~Rule~~this ~~12g3-2(b)~~report to be signed on its behalf by the undersigned, thereunto duly authorized. ~~…………...............~~

SIGNATURES

Date: November 28, 2011	By:
	STENA AB (PUBL.)
	/s/ Staffan Hultgren
	Name:	Staffan Hultgren
	Title:	Vice President & Deputy CEO and Principal Financial Officer

Stena AB and Consolidated Subsidiaries

~~Stena~~Forward-looking ABstatements ~~and Consolidated Subsidiaries~~

~~Forward~~This Form 6-K includes statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Some of these statements can be identified as “forward-looking statements” by terms and phrases such as “anticipate,” “should,” “likely,” “foresee,” “believe,” “estimate,” “expect,” “intend,” “continue,” “could,” “may,” “project,” “plan,” “predict,” “will” and similar expressions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate and include references to assumptions that relate to the future prospects, developments and business strategies. Such statements reflect the current views and assumptions with respect to future events and are subject to risks and uncertainties.

~~This~~Many ~~Form~~factors ~~6-K~~could ~~includes~~cause ~~statements~~our ~~that~~actual ~~are~~results, performance or ~~may~~achievements ~~be deemed~~ to be, ~~forward-looking~~materially ~~statements~~different ~~within~~from ~~the~~any ~~meaning~~future ~~of Section 27A of the Securities Act of 1933~~results, ~~Section~~performance ~~21E~~or ofachievements that ~~the~~may ~~Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Some of these statements can~~ be ~~identified~~expressed asor ~~“forward-looking~~implied ~~statements”~~ by ~~terms and phrases~~ such ~~as "anticipate," "should," "likely," "foresee," "believe," "estimate," "expect," "intend," "continue," "could," "may," "project," "plan," "predict," "will" and similar expressions. These~~ forward-looking statements. ~~include~~Factors ~~all matters~~ that ~~are~~could ~~not~~cause ~~historical~~the ~~facts.~~actual ~~They~~results ~~appear~~to indiffer amaterially ~~number~~from ofthose ~~places~~expressed ~~throughout~~or ~~this~~implied ~~report~~in ~~and~~such ~~include~~forward-looking statements ~~regarding our intentions~~, ~~beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate and~~ include ~~references to assumptions that relate to our future prospects~~, ~~developments~~but ~~and~~are ~~business~~not ~~strategies.~~limited ~~Such statements reflect the current views and assumptions with respect~~ to: ~~future events and are subject to risks and uncertainties.~~

Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-~~looking~~ ~~statements.~~changes ~~Factors that could cause the actual results to differ materially from those expressed or implied~~ in ~~such~~general ~~forward-looking~~economic ~~statements,~~and ~~include,~~business ~~but~~conditions ~~are~~and ~~not limited to:~~markets;

- changes in ~~general economic and business conditions and markets; - changes in~~ laws and regulations; - changes in International Financial Reporting Standards, IFRS; - changes in currency exchange rates and interest rates; - risks incident to vessel and drilling rig operations, including discharge of pollutants; - introduction of competing products and services by other companies; - changes in trading or travel patterns; - increases in costs of operations or the inability to meet efficiency or cost reduction objectives; - changes in our business strategy; and - other risk factors listed in the reports we furnish to or file with the Securities and Exchange Commission from time to time.

~~We do not intend, and undertake no obligation, to revise the forward~~-~~looking~~ ~~statements~~changes ~~included~~ in ~~this~~International ~~Form~~Financial ~~6-K~~Reporting ~~to reflect any future events or circumstances. Our actual results~~Standards, ~~performance or achievements could differ materially from the results expressed or implied by these forward-looking statements.~~(“IFRS”);

Table of Contents		Page
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Condensed Consolidated Income Statements for the three month periods ended September 30, 2010, and September 30, 2011		3
Condensed Consolidated Income Statements for the nine month periods ended September 30, 2010, and September 30, 2011		4
Consolidated Statements of Comprehensive Income for the nine month periods ended September 30, 2010 and September 30, 2011		5
Condensed Consolidated Balance Sheets as of December 31, 2010 and September 30, 2011		6
Consolidated Statements of Changes in Shareholders’ Equity for the nine month periods ended September 30, 2010 and September 30, 2011		7
Condensed Consolidated Statements of Cash Flow for the nine month periods ended September 30, 2010, and September 30, 2011		8
Notes to Condensed Consolidated Financial Statements		9 - 10
OPERATING AND FINANCIAL REVIEW		11 - 22
OTHER FINANCIAL INFORMATION – RESTRICTED GROUP		23- 27

-	changes in currency exchange rates and interest rates;

2- risks incident to vessel and drilling rig operations, including discharge of pollutants;

~~Stena~~- ABintroduction of competing products and ~~Consolidated~~services ~~Subsidiaries~~ by other companies;

~~Condensed~~- ~~Consolidated~~changes ~~Income~~in ~~Statements~~trading ~~(unaudited)~~or travel patterns;

	Three month period ended
	September 30, 2010			September 30, 2011
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		3,061			3,390		499
Drilling		2,070			1,466		216
Shipping		619			598		88
Property		600			594		87
New Businesses		1,016			1,029		151
Other		1			4		1
Total revenues		7,367			7,081		1,042
Net valuation on investment properties		144			147		22
Net gain on sales of assets		11			2		0
Total other income		155			149		22
Direct operating expenses:
Ferry operations		(2,009	)		(2,396	)	(353	)
Drilling		(728	)		(586	)	(86	)
Shipping		(634	)		(411	)	(61	)
Property		(191	)		(151	)	(22	)
New Businesses, Adactum		(726	)		(753	)	(111	)
Other		-			(3	)	0
Total direct operating expenses		(4,288	)		(4,300	)	(633	)
Selling and administrative expenses		(858	)		(805	)	(119	)
Depreciation and amortization		(939	)		(953	)	(140	)
Total operating expenses		(6,085	)		(6,058	)	(892	)
Income from operations		1,437			1,172		172
Financial income and expense:
Share of affiliated companies’ results		(13	)		15		2
Dividends received		3			13		2
Gain (loss) on securities, net		158			(434	)	(64	)
Interest income		125			94		13
Interest expense		(440	)		(505	)	(74	)
Foreign exchange gains/(losses), net		(30	)		23		3
Other financial expense, net		(63	)		25		4
Total financial income and expense		(260	)		(769	)	(114	)
Income before taxes		1,177			403		58
Income taxes		(26	)		(175	)	(26	)
Net income		1,151			228		32
Earnings attributable to:
Equity holders of the Parent Company		1,142			223		31
Non-controlling interest		9			5		1
Net income		1,151			228		32

-	increases in costs of operations or the inability to meet efficiency or cost reduction objectives;

~~The~~- ~~accompanying~~changes ~~notes~~in ~~form~~our anbusiness ~~integral~~strategy; ~~part of these Condensed Consolidated Financial Statements.~~and

3- other risk factors listed in the reports we furnish to or file with the Securities and Exchange Commission from time to time.

~~Stena~~We ABdo not intend, and ~~Consolidated~~undertake ~~Subsidiaries~~no obligation, to revise the forward-looking statements included in this Form 6-K to reflect any future events or circumstances. Our actual results, performance or achievements could differ materially from the results expressed or implied by these forward-looking statements.

Condensed Consolidated Income Statements (unaudited)


Table of Contents	Page

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Income Statements for the three month periods ended March 31, 2011, and March 31, 2012		3

Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2011 and March 31, 2012		4

Condensed Consolidated Balance Sheets as of December 31, 2011 and March 31, 2012		5

Consolidated Statements of Changes in Shareholders’ Equity for the three month periods ended March 31, 2011 and March 31, 2012		6

Condensed Consolidated Statements of Cash Flow for the three month periods ended March 31, 2011, and March 31, 2012		7

Notes to Condensed Consolidated Financial Statements		8-9

OPERATING AND FINANCIAL REVIEW		10-16

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP		17-21

	Nine month period ended
	September 30, 2010			September 30, 2011
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,174			7,558		1,113
Drilling		5,846			5,115		753
Shipping		1,979			2,100		309
Property		1,792			1,767		260
New Businesses, Adactum		3,411			3,423		504
Other		6			8		1
Total revenues		20,208			19,971		2,940
Net valuation on investment properties		318			194		29
Net gain on sales of assets		15			26		4
Total other income		333			220		33
Direct operating expenses:
Ferry operations		(5,262	)		(5,694	)	(838	)
Drilling		(2,033	)		(2,047	)	(301	)
Shipping		(1,811	)		(1,606	)	(236	)
Property		(653	)		(596	)	(88	)
New Businesses		(2,446	)		(2,458	)	(362	)
Other		(1	)		(4	)	(1	)
Total direct operating expenses		(12,206	)		(12,405	)	(1,826	)
Selling and administrative expenses		(2,454	)		(2,457	)	(362	)
Depreciation and amortization		(2,729	)		(2,668	)	(393	)
Total operating expenses		(17,389	)		(17,530	)	(2,581	)
Income from operations		3,152			2,661		392
Financial income and expense:
Share of affiliated companies’ results		(5	)		30		4
Dividends received		32			50		7
Gain (loss) on securities, net		5			(242	)	(36	)
Interest income		357			332		48
Interest expense		(1,359	)		(1,415	)	(208	)
Foreign exchange gains, net		47			23		3
Other financial expense, net		(233	)		(164	)	(24	)
Total financial income and expense		(1,156	)		(1,386	)	(206	)
Income before taxes		1,996			1,275		186
Income taxes		(129	)		(246	)	(36	)
Net income		1,867			1,029		150
Earnings attributable to:
Equity holders of the Parent Company		1,869			1,005		146
Non-controlling interest		(2	)		24		4
Net income		1,867			1,029		150

4Stena AB and Consolidated Subsidiaries

~~Stena~~Condensed ABConsolidated ~~and~~Income ~~Consolidated~~Statements ~~Subsidiaries~~(unaudited)

Consolidated Statements of Comprehensive Income (unaudited)


	Three month period ended
	March 31, 2011			March 31, 2012
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		1,712			1,947			294
Drilling		1,898			1,326			200
Shipping		842			556			84
Property		579			595			90
New Businesses		996			1,102			165
Other		4			5			1
Total revenues		6,031			5,531			834

Net valuation on investment properties		50			1			0
Net gain on sales of assets		—			15			2

Total other income		50			16			2

Direct operating expenses:
Ferry operations		(1,506	)		(1,715	)		(258	)
Drilling		(719	)		(644	)		(97	)
Shipping		(676	)		(305	)		(46	)
Property		(253	)		(243	)		(37	)
New Businesses		(721	)		(816	)		(123	)
Other		—			1			0
Total direct operating expenses		(3,875	)		(3,722	)		(561	)

Selling and administrative expenses		(846	)		(777	)		(117	)
Depreciation and amortization		(854	)		(897	)		(135	)

Total operating expenses		(5,575	)		(5,396	)		(813	)

Income from operations		506			151			23

Financial income and expense, net:
Share of affiliated companies’ results		(1	)		(2	)		0
Dividends received		3			10			2
Net gain (loss) on securities		197			130			19
Interest income		145			138			21
Interest expense		(439	)		(572	)		(86	)
Foreign exchange gains/(losses), net		16			(11	)		(2	)
Other financial income/(expense), net		(66	)		(34	)		(5	)

Total financial income and expense		(145	)		(341	)		(51	)

Income/(loss) before taxes		361			(190	)		(28	)
Income taxes		(5	)		76			11

Net income/(loss)		356			(114	)		(17	)

Earnings attributable to:
Owners of the Company		359			(118	)		(18	)
Non-controlling interest		3			4			1

Net Income/(loss)		356			(114	)		(17	)

	Nine months period ended September 30,
	2010			2011			2011
	SEK			SEK				$
	(in millions)
Result for the period		1,867			1,029			150
Other comprehensive income
Fair value gains on available-for-sale financial assets, net of tax		(85	)		(226	)		(34	)
Cash flow hedges, net of tax		31			(748	)		(111	)
Currency translation differences		(1,738	)		99			14
Equity hedge, net of tax		159			(118	)		(18	)
Equity method		(50	)		-			-
Total comprehensive income for the period		184			7			1
Total comprehensive income attributable to:
- owners of the Parent company		192			7			1
- Non-controlling interest		(8	)		0			0
		184			7			1

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

~~The~~3 ~~accompanying notes form an integral part of these Condensed Consolidated Financial Statements.~~

Stena AB and Consolidated Subsidiaries

~~Condensed~~ Consolidated ~~Balance~~Statements ~~Sheets~~of Comprehensive Income (unaudited)

	December 31, 2010			September 30, 2011
	Three months period ended March 31,
	SEK			SEK				$
	2011			2012			2012
ASSETS	(in millions)
	SEK			SEK			$
Noncurrent assets:
	(in millions)
Intangible assets		2,566			3,104			457
Result for the period		356			(114	)		(17	)
Tangible fixed assets:
Other comprehensive income
Vessels		28,753			35,756			5,264
Fair value gains on available-for-sale financial assets, net of tax		272			252			38
Construction in progress		6,541			6,225			917
Cash flow hedges, net of tax		391			999			151
Equipment		2,462			2,237			329
Currency translation differences		(952	)		(993	)		(150	)
Buildings and land		841			883			130
Equity hedges, net of tax		59			93			14
Ports		1,042			1,011			149
Total comprehensive income for the period		126			238			36
Total tangible fixed assets		39,639			46,112			6,789
Total comprehensive income attributable to:
Property		24,148			25,244			3,716
- owners of the Parent company		132			238			36
Financial fixed assets:
- Non-controlling interest		(6	)		0			0
Investment in associated companies		1,205			1,234			182
Total comprehensive income for the period		126			238			36
Investment in SPEs		6,175			4,389			646
Marketable securities		4,130			3,184			469
Other assets		4,880			4,309			634
Total financial fixed assets		16,390			13,116			1,931
Total noncurrent assets		82,743			87,576			12,893
Current assets:
Inventories		645			630			93
Trade debtors		2,754			3,057			450
Other receivables		1,116			1,126			166
Prepaid expenses and accrued income		1,888			1,521			224
Short-term investments		4,127			2,990			440
Cash and cash equivalents		1,665			1,563			230
Total current assets		12,195			10,887			1,603
Total assets		94,938			98,463			14,496

~~SHAREHOLDERS’~~The ~~EQUITY~~accompanying ~~AND~~notes ~~LIABILITIES~~form an integral part of these Condensed Consolidated Financial Statements.

Shareholders’ equity:
Share Capital	5		5		1
Reserves	(1,096	)	(2,118	)	(311	)
Retained earnings	27,709		30,021		4,420
Net Income	2,566		1,029		150
Non-controlling interests	264		201		30
Total shareholders’ equity	29,448		29,138		4,290
Noncurrent liabilities:
Deferred income taxes	4,057		4,078		600
Pension liabilities	1,088		904		133
Other provisions	1,492		1,428		210
Long-term debt	38,190		41,513		6,112
Debt in SPEs	5,140		4,135		609
Senior notes	6,256		6,370		938
Capitalized lease obligations	1,644		1,580		233
Other noncurrent liabilities	946		1,256		185
Total noncurrent liabilities	58,813		61,264		9,020
Current liabilities:
Short-term debt	1,649		1,608		237
Capitalized lease obligations	225		228		34
Trade accounts payable	1,313		1,809		266
Income tax payable	130		130		19
Other current liabilities	1,024		1,957		287
Accrued costs and prepaid income	2,336		2,329		343
Total current liabilities	6,677		8,061		1,186
Total shareholders’ equity and liabilities	94,938		98,463		14,496

6Stena AB and Consolidated Subsidiaries

~~Stena~~Condensed ABConsolidated ~~and~~Balance ~~Consolidated~~Sheets ~~Subsidiaries~~(unaudited)

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)


	December 31, 2011			March 31, 2012
	SEK			SEK			$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		3,049			3,016			455
Tangible fixed assets:
Vessels		34,185			32,666			4,926
Construction in progress		5,290			5,320			802
Equipment		2,303			2,570			388
Buildings and land		939			1,271			192
Ports		1,795			1,868			281

Total tangible fixed assets		44,512			43,695			6,589

Property		25,753			25,790			3,889
Financial fixed assets:
Investment in associated companies		1,374			1,429			215
Investment in SPEs		4,548			4,012			605
Marketable securities		3,465			4,211			635
Other assets		4,731			4,881			736

Total financial fixed assets		14,118			14,533			2,191
Total noncurrent assets		87,432			87,034			13,124

Current assets:
Inventories		632			686			103
Trade debtors		3,218			3,109			469
Other receivables		1,611			2,073			313
Prepaid expenses and accrued income		1,448			2,219			336
Short-term investments		2,668			3,000			452
Cash and cash equivalents		1,587			1,360			205

Total current assets		11,164			12,447			1,878

Total assets		98,596			99,481			15,002

SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5			5			1
Reserves		(2,366	)		(2,006	)		(302	)
Retained earnings		30,071			32,540			4,906
Net Income		2,476			(114	)		(17	)
Non-controlling interests		211			211			32

Total shareholders’ equity		30,397			30,635			4,620

Noncurrent liabilities:
Deferred income taxes		4,248			4,348			656
Pension liabilities		962			849			128
Other provisions		1,370			744			112
Long-term debt		38,720			39,566			5,966
Debt in SPEs		4,143			3,986			601
Senior notes		6,236			6,149			927
Capitalized lease obligations		1,481			1,469			222
Other noncurrent liabilities		1,802			1,505			227

Total noncurrent liabilities		58,962			58,616			8,839

Current liabilities:
Short-term debt		2,842			3,074			464
Capitalized lease obligations		222			96			14
Trade accounts payable		1,281			1,900			287
Income tax payable		92			10			2
Other current liabilities		2,175			2,263			341
Accrued costs and prepaid income		2,625			2,887			435

Total current liabilities		9,237			10,230			1,543

Total shareholders’ equity and liabilities		98,596			99,481			15,002

	Attributable to equity holders of the company
(SEK in millions)	Share Capital		Reserves			Retained earnings incl. Net Income			Total			Non-controlling interest			Total Equity
Closing balance as of December 31, 2009		5		780			28,087			28,872			311			29,183
Acquired minority													97			97
Exchange differences arising on the translation of foreign operations, net of tax				(1,732	)					(1,732	)		(6	)		(1,738	)
Change in hedging reserve, net of tax
- bunker hedge				(32	)					(32	)					(32	)
- interest swap hedge				63						63						63
Change in fair value reserve, net of tax				(85	)					(85	)					(85	)
Change in net investment hedge, net of tax				159						159						159
Equity method							(50	)		(50	)					(50	)
Net income recognized directly in equity				(1,627	)		(50	)		(1,677	)		(6	)		(1,683	)
Net income							1,869			1,869			(2	)		1,867
Total recognized income and expense				(1,627	)		1,819			192			(8	)		184
Dividend							(316	)		(316	)					(316	)
Transfer to charity trust							(14	)		(14	)					(14	)
Closing balance as of September 30, 2010		5		(847	)		29,576			28,734			400			29,134

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

Closing balance as of December 31, 2010	5	(1,096	)	30,275		29,184		264		29,448
Acquisition of subsidiary								(33	)	(33	)
Subsidiary´s distribution								(30	)	(30	)
Exchange differences arising on the translation of foreign operations, net of tax		95				95		(24	)	71
Change in hedging reserve, net of tax
- bunker hedge		24				24				24
- interest swap hedge		(773	)			(773	)			(773	)
Change in fair value reserve, net of tax		(226	)			(226	)			(226	)
Change in net investment hedge, net of tax		(118	)			(118	)			(118	)
Net income recognized directly in equity		(998	)			(998	)	(24	)	(1,022	)
Net income				1,005		1,005		24		1,027
Total recognized income and expense		(998	)	1,005		7		0		7
Dividend				(240	)	(240	)			(240	)
Transfer to charity trust				(14	)	(14	)			(14	)
Closing balance as of September 30, 2011	5	(2,094	)	31,026		28.937		201		29,138

7Stena AB and Consolidated Subsidiaries

~~Stena~~Consolidated ABStatements ~~and~~of ~~Consolidated~~Changes ~~Subsidiaries~~in Shareholders’ Equity (unaudited)

Condensed Consolidated Statements of Cash Flow (unaudited)


	Attributable to equity holders of the company
(SEK in millions)	Share Capital		Reserves			Retained earnings incl. Net Income/ (loss)			Total			Non-controlling interest			Total Equity
Closing balance as of December 31, 2010		5		(1,096	)		30,275			29,184			264			29,448

Acquisition of subsidiary													(25	)		(25	)
Exchange differences arising on the translation of foreign operations, net of tax				(943	)					(943	)		(9	)		(952	)
Change in hedging reserve, net of tax
- bunker hedge				349						349						349
- interest swap hedge				42						42						42
Change in fair value reserve, net of tax				272						272						272
Change in net investment hedge, net of tax				59						59						59
Net income/(loss) recognized directly in equity				(221	)					(221	)		(9	)		(230	)

Net income/(loss)							353			353			3			356

Total recognized income and expense				(221	)		353			132			(6	)		126

Closing balance as of March 31, 2011		5		(1,317	)		30,628			29,316			233			29,549

Closing balance as of December 31, 2011		5		(2,366	)		32,547			30,186			211			30,397
Exchange differences arising on the translation of foreign operations, net of tax				(987	)					(987	)		(4	)		(991	)
Change in hedging reserve, net of tax
- bunker hedge				292						292						292
- interest swap hedge				706						706						706
Change in fair value reserve, net of tax				252						252						252
Change in net investment hedge, net of tax				93						93						97

Net income/(loss) recognized directly in equity				356						356			(4	)		352

Net income/(loss)							(118	)		(118	)		4			(114	)

Total recognized income and expense				356			(118	)		238			0			238

Closing balance as of March 31, 2012		5		(2,010	)		32,429			30,424			211			30,635

	Nine month period ended
	September 30, 2010			September 30, 2011
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income		1,867			1,029		152
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,729			2,668		393
Net valuation of investment properties		(318	)		(194	)	(29	)
Gain on sale assets		(15	)		(26	)	(4	)
(Gain) losses on securities, net		(5	)		242		36
Unrealized foreign exchange (gains) losses		(90	)		(96	)	(14	)
Deferred income taxes		3			90		13
Provision for pensions		(159	)		(163	)	(24	)
Net cash flows from trading securities		(131	)		156		23
Share of affiliated companies results		5			(30	)	(4	)
Dividend from affiliated companies		-			10		1
Other non-cash items		(163	)		65		9
Receivables		(228	)		(53	)	(8	)
Prepaid expenses and accrued income		21			447		66
Inventories		(37	)		28		4
Trade accounts payable		(177	)		327		48
Accrued costs and prepaid income		(9	)		(67	)	(10	)
Income tax payable		(23	)		(3	)	0
Other current liabilities		212			232		34
Net cash provided by operating activities		3,482			4,662		686
Net cash flows from investing activities:
Purchase of intangible assets		(21	)		(31	)	(5	)
Cash proceeds from sale of property, vessels and equipment		179			134		20
Capital expenditure on property, vessels and equipment		(7,758	)		(8,883	)	(1,308	)
Purchase of subsidiaries, net of cash acquired		(127	)		(164	)	(24	)
Investment in affiliated companies		-			(12	)	(2	)
Proceeds from sale of securities		4,053			4,776		703
Purchase of securities		(3,428	)		(2,580	)	(380	)
Other investing activities		32			(114	)	(16	)
Net cash used in investing activities		(7,070	)		(6,874	)	(1,012	)
Net cash flows from financing activities:
Proceeds from issuance of debt		5,174			323		47
Principal payments on debt		(5,232	)		(2,087	)	(307	)
Net change in borrowings on line-of-credit agreements		4,641			3,353		494
Proceeds from new capitalized lease obligations		662			-		-
Principal payments on capital lease obligations		(47	)		(100	)	(15	)
Net change in restricted cash accounts		(360	)		919		135
Dividend paid		(316	)		(240	)	(35	)
Other financing activities		(131	)		(152	)	(22	)
Net cash provided by financing activities		4,391			2,016		297
Effect of exchange rate changes on cash and cash equivalents		(85	)		94		14
Net change in cash and cash equivalents		718			(102	)	(15	)
Cash and cash equivalents at beginning of period		1,183			1,665		245
Cash and cash equivalents at end of period		1,901			1,563		230

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

~~The~~6 ~~accompanying notes form an integral part of these Condensed Consolidated Financial Statements.~~

Stena AB and Consolidated Subsidiaries

~~Notes to~~ Condensed Consolidated ~~Financial~~ Statements of Cash Flow (unaudited)

Note 1 Basis of presentation


	Three month period ended
	March 31, 2011			March 31, 2012
	SEK			SEK			$
	(in millions)
*Net cash flows from operating activities:*
Net income/(loss)		356			(114	)		(17	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization		854			897			135
Net valuation of investment properties		(50	)		(1	)		0
Gain on sale of assets		—			(15	)		(2	)
Gain on securities, net		(197	)		(130	)		(19	)
Unrealized foreign exchange (gains) losses		90			(104	)		(16	)
Deferred income taxes		(23	)		(40	)		(6	)
Provision for pensions		50			(122	)		(18	)
Net cash flows from trading securities		(18	)		(47	)		(7	)
Share of affiliated companies results		1			2			0
Other non-cash items		160			161			24
Receivables		(262	)		(202	)		(30	)
Prepaid expenses and accrued income		(153	)		(841	)		(127	)
Inventories		(69	)		(52	)		(8	)
Trade accounts payable		75			591			89
Accrued costs and prepaid income		181			196			30
Income tax payable		(10	)		34			5
Other current liabilities		(164	)		(587	)		(89	)

Net cash provided by operating activities		821			(374	)		(56	)


*Net cash flows from investing activities*:
Purchase of intangible assets		(11	)		(21	)		(3	)
Cash proceeds from sale of property, vessels and equipment		88			141			21
Capital expenditure on property, vessels and equipment		(1,261	)		(1,381	)		(208	)
Purchase of subsidiaries, net of cash acquired		(143	)		—			—
Investment in affiliated companies		(4	)		(74	)		(11	)
Proceeds from sale of securities		1,584			1,170			176
Purchase of securities		(985	)		(1,205	)		(182	)
Other investing activities		(124	)		(6	)		(1	)

Net cash used in investing activities		(856	)		(1,376	)		(208	)


*Net cash flows from financing activities:*
Proceeds from issuance of debt		5			787			119
Principal payments on debt		(414	)		(329	)		(50	)
Net change in borrowings on line-of-credit agreements		458			1,557			235
Principal payments on capital lease obligations		(8	)		(107	)		(16	)
Net change in restricted cash accounts		620			(392	)		(59	)
Other financing activities		(26	)		1			0

Net cash provided by financing activities		635			1,517			229

Effect of exchange rate changes on cash and cash equivalents		(38	)		6			1

Net change in cash and cash equivalents		562			(227	)		(34	)
Cash and cash equivalents at beginning of period		1,665			1,587			239

Cash and cash equivalents at end of period		2,227			1,360			205

The accompanying ~~condensed~~notes ~~consolidated~~form ~~financial~~an ~~statements~~integral ~~present~~part ~~the financial position and results~~ of ~~operations~~these ofCondensed ~~Stena~~Consolidated AB (publ) and its subsidiaries (the “Company”) and have been prepared in accordance with IAS 34, “Interim financial reporting”. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2010, which have been prepared in accordance with International Financial ~~Reporting Standards (“IFRS”)~~Statements.

~~The~~7 interim financial information included in the condensed consolidated financial statements is unaudited, but reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Interim results for the three months ended September 30, 2011 are not necessarily indicative of the results to be expected for the full year.

~~Note~~Stena 2AB ~~Accounting~~and ~~policies~~Consolidated Subsidiaries

~~The~~Notes ~~accounting~~to ~~policies~~Condensed ~~applied~~Consolidated Financial ~~are~~Statements ~~consistent~~(unaudited) ~~with those of the annual financial statements for the year ended December 31, 2010, as described in those annual financial statements.~~

~~Taxes~~Note on1 ~~income~~Basis inof ~~the~~presentation ~~interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.~~

9The accompanying condensed consolidated financial statements present the financial position and results of operations of Stena AB (publ) and its subsidiaries (the “Company”) and have been prepared in accordance with IAS 34, “Interim financial reporting”. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2011, which have been prepared in accordance with IFRS.

~~Stena~~The ABinterim financial ~~and~~information ~~Consolidated~~included ~~Subsidiaries~~in the condensed consolidated financial statements is unaudited, but reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Interim results for the three months ended March 31, 2012 are not necessarily indicative of the results to be expected for the full year.

~~Notes~~Solely tofor ~~Condensed~~the ~~Consolidated~~convenience ~~Financial~~of ~~Statements~~the reader, the condensed financial statements for the most recent period have been translated into U.S. dollars (~~unaudited~~“$”) using the noon buying rate on March 30, 2012, of $1 = SEK 6.6314.

Note 32 ~~Segment~~Accounting ~~information~~policies

(SEK in millions)		Three month period						Nine month period
		ended September 30,						ended September 30,
		2010			2011			2010			2011
Income from operations:
Ferry operations			544			404			383			173
Drilling			632			343			1,867			1,439
Shipping:	Roll-on/Roll-off vessels		5			46			45			112
	Tanker operations		(135	)		(65	)		(286	)		(195	)
	Other shipping		(17	)		2			(9	)		64
	Total shipping		(147	)		(17	)		(250	)		(19	)
Property:			364			392			1,000			1,026
	Net gain on sale of properties		6			(1	)		10			(1	)
	Net valuations on investment properties		144			147			318			194
	Total property		514			538			1,328			1,219
New Businesses, Adactum			33			18			125			168
Other			(139	)		(114	)		(301	)		(319	)
Total			1,437			1,172			3,152			2,661

The accounting policies applied are consistent with those of the annual financial statements for the year ended December 31, 2011, as described in those annual financial statements.

(SEK in millions)		Three month periods				Nine month periods
		ended September 30,				ended September 30,
		2010		2011		2010		2011
Depreciation and amortization:
Ferry operations			295		331		850		949
Drilling			532		438		1,535		1,286
Shipping:	Roll-on/Roll-off vessels		27		46		98		134
	Tanker operations		23		82		65		125
	Other shipping		2		2		7		6
	Total shipping		52		130		170		265
Property			-		1		-		3
New Businesses, Adactum			52		49		161		152
Other			8		4		13		13
Total			939		953		2,729		2,668

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

(SEK in millions)		Nine month periods ended September 30,
		2010		2011
Capital expenditures:
Ferry operations			3,434		1,699
Drilling			2,915		874
Shipping:	Roll-on/Roll-off vessels		473		420
	Tanker operations		196		4,712
	Other shipping		5		40
	Total shipping		674		5,172
Property			480		962
New Businesses, Adactum			249		173
Other			6		3
Total			7,758		8,883

Stena AB and Consolidated Subsidiaries

~~OPERATING~~Notes ~~AND~~to ~~FINANCIAL~~Condensed ~~REVIEW~~Consolidated Financial Statements (unaudited)

~~The~~Note ~~Company~~3 ~~generates~~Segment ~~revenue~~information primarily from ferry operations, chartering out its owned, chartered-in and leased Roll-on/Roll-off vessels, tankers and drilling rigs, managing tankers, sales of vessels and real estate rents. The period from June through September is the peak travel season for passengers of the ferry operations. Chartering activities are not significantly affected by seasonal fluctuations, but variations over the year may occur as a consequence of, among other things, vessel utilization rates, dry-docking and charter rates. Any sale or acquisition of vessels, drilling rigs and real estate also may have an impact on the results of each period.

Highlights of the first nine months of 2011


(SEK in millions)	Three month period ended March 31,
	2011			2012
Income from operations:
Ferry operations		(393	)		(322	)
Drilling		625			184
Shipping: Roll-on/Roll-off vessels		29			(30	)
Crude oil tankers		(68	)		(29	)
LNG		—			85
Other shipping		60			—

Total shipping		21			26
Property:		278			304
Net valuations on investment properties		50			1

Total property Total property		328			305
New Businesses, Adactum		10			20
Other		(85	)		(62	)

Total		506			151


(SEK in millions)	Three month periods ended March 31,
	2011			2012
Depreciation and amortization:
Ferry operations		311			307
Drilling		429			371
Shipping: Roll-on/Roll-off vessels		36			66
Crude oil tankers		19			30
LNG		—			65
Other shipping		2			3

Total shipping		57			164
Property		1			1
New Businesses, Adactum		52			51
Other		4			3

Total		854			897


(SEK in millions)	Three month periods ended March 31,
	2011			2012
Capital expenditures:
Ferry operations		690			213
Drilling		155			270
Shipping: Roll-on/Roll-off vessels		144			7
Crude oil tankers		0			49
LNG		—			14
Other shipping		3			4

Total shipping		147			74
Property		185			537
New Businesses, Adactum		83			287
Other		1			—

Total		1,261			1,381

~~During~~9 the Autumn of 2010, Stena Line entered into an agreement to acquire the Danish travel agency DTF (Dansk Total Ferie), a market leading travel agency for vacations by car in Denmark. The travel agency was acquired as of January 1, 2011.

Stena ~~Line~~AB ~~has as of December 1, 2010 acquired from DFDS two routes on the Irish Sea: Liverpool–Belfast~~ and ~~Heysham–Belfast.~~Consolidated ~~Since~~Subsidiaries the acquisition was subject to a formal approval from the Irish and British competition authorities, these routes were held separately from our other business until the approval was given, which occurred in the end of June 2011., The two routes have been consolidated as from the third quarter 2011.

~~Stena~~OPERATING ~~Transporter~~AND ~~and~~FINANCIAL ~~Stena~~REVIEW Transit, two new built Ropax vessels, were delivered in January 2011 and September 2011 from Samsung Heavy Industries in Korea. The vessels are in operation on the Hoek van Holland and Killingholme route.

InThe ~~February,~~Company ~~2011~~generates ~~the~~revenue ~~vessel~~primarily ~~Highlanders~~from ~~(previously~~ferry ~~called~~operations, ~~Stena~~chartering ~~Traveller)~~out ~~was~~its ~~delivered~~owned, tochartered-in ~~the~~and ~~Canadian~~leased ~~company~~Roll-on/Roll-off vessels, ~~Marine~~tankers, ~~Atlantic~~LNG ~~Inc.~~carriers onand adrilling ~~charter~~rigs, ~~for~~managing atankers, ~~minimum~~sales of ~~five~~vessels ~~years~~and real estate rents. ~~Highlanders~~The ~~has~~period ~~been~~from ~~rebuilt~~June inthrough September is the ~~same~~peak ~~way~~travel asseason ~~her~~for ~~sister~~passengers ~~vessel~~of ~~Blue~~the ~~Puttees~~ferry ~~(previously~~operations. ~~called~~Chartering ~~Stena~~activities ~~Trader),~~are ~~which~~not generally ~~was~~significantly ~~delivered~~affected inby ~~December~~seasonal ~~2010~~fluctuations, ~~meaning~~but ~~that~~variations over the ~~vessel~~year ~~has~~may ~~been~~occur ~~shortened~~as bya 12consequence ~~meters~~of, ~~and~~among ~~has~~other ~~had~~things, ~~its~~vessel ~~passenger~~utilization ~~capacity~~rates, ~~increased.~~dry-docking ~~Blue~~and ~~Puttees~~charter ~~and~~rates. ~~Highlanders~~Any ~~will~~sale ~~operate~~or ~~between~~acquisition ~~North~~of ~~Sydney~~vessels, ~~Nova~~drilling ~~Scotia~~rigs and real ~~Port~~estate ~~aux~~also ~~Basque,~~may ~~Newfoundland~~have an impact on the results of each period.

~~Stena~~Highlights ~~Bulk~~of ~~A/S and Dannebrog Rederi A/S signed a joint venture agreement on March 25, 2011 regarding~~ the ~~ownership~~first inthree ~~Stena~~months ~~Weco A/S. The new joint venture, which commenced operation as~~ of ~~April~~2012 ~~11, 2011, charters and operates a fleet of 30-40 “MR” (Handy and Medium Range) product tankers.~~

In ~~March~~January ~~2011~~2012, ~~the~~a ~~drilling~~commercial ~~rig~~property, ~~Stena~~with ~~Tay~~a ~~was~~total ~~sold~~size ~~and~~of ~~the~~approximately ~~rig~~5,000 ~~was~~square ~~delivered~~meters, onwas ~~October~~acquired 13in London, ~~2011~~United Kingdom for a total investment of GBP 22 million.

In ~~April~~February ~~2011~~2012, ~~Stena~~we ~~RoRo~~sold ~~acquired~~Stena ~~the~~Navigator ~~vessel~~and ~~Dublin~~in ~~Seaways~~March ~~from~~2012, ~~DFDS~~we ~~for~~sold ~~EUR~~Stena Caribbean, 24with ~~million.~~a ~~The~~total ~~vessel~~gain ~~has~~of ~~been~~SEK ~~renamed~~16 ~~Stena Feronia~~million.

In ~~May~~March ~~2011~~2012, we ~~three~~signed ~~LNG (Liquefied Natural Gas) vessels were acquired by our tanker business for~~ a ~~total~~time ~~purchase~~charter ~~price~~contract ofwith ~~USD~~LNG ~~667 million~~Shipping S.p.A. The ~~first~~time ~~vessel,~~charter ~~Bluesky, was built in 2006 and~~ is ~~on a charter to Gazprom~~ for 22our ~~months.~~LNG ~~The second and third vessels~~carrier, ~~Clearsky~~Stena ~~and~~Crystal ~~Crystalsky,~~Sky ~~are newly built~~ and ~~were~~the ~~delivered~~contract inperiod ~~May~~is 40 ~~2011~~months. ~~The~~LNG ~~two~~Shipping ~~latter~~S.p.A, ~~are~~is ~~now~~fully onowned ~~charter~~by toENI, BPan ~~and~~Italian ~~British~~Energy ~~Gas as from July 2011~~Group.

InNew ~~May~~contracts ~~2011~~have ~~three~~been ~~vessels,~~successfully ~~Stena~~agreed ~~Leader,~~for the drilling units Stena ~~Pioneer~~Clyde and Stena ~~Seafarer~~Spey ~~were~~with ~~sold~~firm ~~for~~duration anuntil ~~aggregate~~the first ~~profit~~quarter of ~~SEK~~2013 26and ~~million~~the first quarter of 2015, respectively.

InAs ~~May~~from ~~2011~~January 1, ~~the~~2012, ~~English~~LNG ~~Court~~is ~~of Appeals affirmed~~ a ~~High~~new ~~Court~~business ~~ruling~~area within ~~that~~shipping ~~contributions to repair the deficit~~ in the Merchant Navy Ratings Pension Fund can be required from any company that has participated in the Fund, including companies that no longer employ any members. In the late 1990s, the Fund was found to have a deficit. Stena ~~Line~~AB ~~has been providing funds to reduce the deficit~~Group. As a result of the Court of Appeals decision, the non-contributing employers also will be required to contribute funds to reduce the deficit and the Company's future contributions will be significantly reduced.

InSUBSEQUENT ~~July~~EVENTS ~~2011, the vessel Stena Lynx was sold for a price of EUR 3.8 million. Delivery took place in October 2011.~~

11The fourth DrillMAX vessel, the enhanced ice-classed ultra-deepwater drillship Stena IceMAX, was delivered in April 2012. In December 2011, a five year contract was signed with Shell for drilling services to be provided by Stena IceMAX with operational commencement scheduled for the second quarter of 2012.

In April 2012, we acquired four modern RoPax vessels, Stena ABMersey, Stena Lagan, Norman Voyager and ~~Consolidated~~Watling ~~Subsidiaries~~Street. The first two vessels were already on bare-boat charter to Stena Line and the latter two vessels are on charter to LD Lines and Scandlines A.G., respectively.

OnIn ~~September~~May 72012, ~~2011,~~ we ~~took~~sold ~~delivery of the newly built Suezmax vessel~~ Stena ~~Superior from the Samsung shipyard in Korea~~Caledonia.

We10 have successfully entered into a new contract for our drilling unit Stena DrillMAX with commencement in direct continuation of its current contract; i.e. from early 2012, and an estimated duration of 15 – 18 months plus four one-well options.

~~SUBSEQUENT~~Stena ~~EVENTS~~AB and Consolidated Subsidiaries

OnCurrency ~~October~~effects 13, 2011, we delivered the drilling rig Stena Tay for a consideration of USD 490 million. The Stena Tay joined the Stena Drilling fleet in 1999 and has operated in various locations worldwide, including in the US Gulf of Mexico, Brazil, Angola and Nigeria.

~~The~~Our ~~new~~revenues ~~port~~and ~~Loch~~expenses, ~~Ryan~~reported ~~was~~in ~~opened~~Swedish onkronor, ~~November~~are 25significantly affected by fluctuations in currency exchange rates, ~~2011~~primarily relative to the U.S. dollar, the British pound and the ~~Cairnryan-Belfast~~euro. ~~route~~We seek ~~will~~to bemitigate ~~operated~~the ~~with~~impact ~~two~~of ~~chartered~~potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in ~~superfast~~the ~~ferries~~same currency. In addition, we enter into certain derivative financial instruments. In the three month period ended March 31, 2012, approximately 30% of our total revenues were generated in USD, approximately 16 % were generated in EUR, approximately 11% were generated in GBP and approximately 29% were generated in SEK.

AIn ~~new~~the ~~contract~~three ~~has~~month ~~been~~period ~~entered~~ended ~~into~~March 31, ~~for~~2012, ~~Stena~~approximately ~~Clyde.~~26% ~~The~~of ~~drilling~~our ~~unit~~total isexpenses ~~currently~~were incurred in ~~transit~~USD, approximately to12% ~~South~~were ~~Eastern~~incurred ~~Australia~~in ~~where~~EUR, it14% ~~will~~were ~~commence~~incurred ~~work~~in ~~offshore~~GBP inand ~~the~~approximately ~~first~~34% ~~quarter~~were ofincurred ~~2012~~in SEK. ~~Stena~~The ~~Clyde~~reported isgross ~~contracted~~revenues ~~until~~and ~~the~~expenses ~~fourth~~were ~~quarter~~influenced ofby ~~2012. In~~changes ~~addition~~in the ~~client~~currency ~~has~~rates. ~~four~~The ~~one-well~~exchange ~~options.~~rates as used for consolidation purposes are as follows:

The drilling unit Stena Spey has been awarded a contract that will commence in the first quarter of 2012 and continue until the middle of the fourth quarter of 2012.


Average rates:	Jan-Mar 2011		Jan-Mar 2012		Change
US $		6.4830		6.7495		4	%
British pound		10.3899		10.6057		2	%
Euro		8.8685		8.8532		0	%

Closing rates:	As of Dec 31, 2011		As of Mar 31, 2012		Change
US $		6.8748		6.6199		(3	)%
British pound		10.6803		10.5811		(1	)%
Euro		8.9177		8.8273		(2	)%

On11 ~~November 25, 2011, we took delivery of the newly built Suezmax vessel Stena Suede from the Samsung shipyard in Korea.~~

Stena AB and Consolidated Subsidiaries

~~Currency~~THREE ~~effects~~MONTHS ENDED MARCH 31, 2012, COMPARED TO THREE MONTHS ENDED

~~Our~~MARCH ~~revenues and expenses~~31, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the euro. We seek to mitigate the impact of potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in the same currency. In addition, we enter into certain derivative financial instruments. In the nine-month period ended September 30, 2011, ~~approximately 31% of our total revenues were generated in U.S. dollars and approximately 29% were generated in SEK.~~

InRevenues the nine-month period ended September 30, 2011, approximately 29% of our total expenses were incurred in U.S. dollars and approximately 31% were generated in SEK. The reported gross revenues and expenses were influenced by changes in currency rates. The exchange rates as used for consolidation purposes are as follows:

Average rates:	July-September 2010		July-September 2011		Change			Jan-September 2010		Jan- September 2011		Change
US $		7.31		6.45		(12	)%		7.35		6.41		(13	)%
British pound		11.27		10.39		(8	)%		11.26		10.35		(8	)%
Euro		9.51		9.09		(4	)%		9.65		9.01		(7	)%

Total revenues decreased SEK 500 million, or 8%, to SEK 5,531 million in the three months ended March 31, 2012, from SEK 6,031 million in the three months ended March 31, 2011, as a result of decreased revenues in the drilling and shipping segments, offset by increased revenues in all other segments and to a lesser extent the strengthening of the U.S. dollar against the SEK.

Closing rates:	As of Dec 31, 2010		As of September 30, 2011		Change
US $		6.7273		6.8228		1	%
British pound		10.4942		10.6589		2	%
Euro		9.0089		9.1736		2	%

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight haulage and on board sales. Revenues from ferry operations increased SEK 235 million, or 14%, to SEK 1,947 million in the three months ended March 31, 2012, from SEK 1,712 million in the three months ended March 31, 2011, mainly as an effect of higher freight haulage revenues and onboard sales as a consequence of increased freight and passenger volumes, particularly generated from the new routes in the Irish Sea acquired in 2011.

13Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations decreased SEK 572 million, or 30%, to SEK 1,326 million in the three months ended March 31, 2012, from SEK 1,898 million in the three months ended March 31, 2011, mainly due to the rigs Stena Clyde and Stena Spey, which both were unutilized the first two months of 2012, together with the reduction of revenues reflecting the sale of the rig Stena Tay in the fourth quarter of 2011, offset by the strengthening of the U.S. dollar against the SEK. In local currency, revenues decreased 33% in the three months ended March 31, 2012, compared to the same period last year for the drilling operations.

~~Stena~~Shipping. ABShipping revenues primarily represent charter hires for our owned and ~~Consolidated~~chartered ~~Subsidiaries~~in vessels and management fees for vessels managed by us. Revenues from shipping operations decreased SEK 286 million, or 34%, to SEK 556 million in the three months ended March 31, 2012, from SEK 842 million in the three months ended March 31, 2011.

~~THREE~~Revenues ~~MONTHS~~from ~~ENDED~~crude ~~SEPTEMBER~~oil 30tankers decreased SEK 401 million, or 66%, to SEK 209 million in the three months ended March 31, 2012, from SEK 610 million in the three months ended March 31, 2011, ~~COMPARED~~mainly TObecause ~~THREE~~our ~~MONTHS~~MR ~~ENDED~~vessels as from April 2011 are operating in the joint venture Stena Weco A/S in which the operating results are reported as a net revenue. The operating results from these vessels were previously reported gross, with revenues and operating expenses. Revenues have also been reduced as an effect of a reduced fleet, offset by the strengthening of the U.S. dollar against the SEK.

~~SEPTEMBER~~As 30from January 1, ~~2010~~2012, LNG is reported as a new business area within shipping in the Stena AB Group. During 2011, the LNG business area was reported within the crude oil tanker segment. Operating Revenues from LNG operation amounted to SEK 183 million in the three months ended March 31, 2012. The first of our LNG carriers was put into operation in May 2011, and the other two were both put into operation in July 2011.

Revenues from chartering out Roll-on/Roll-off vessels decreased SEK 7 million, or 6%, in the three months ended March 31, 2012, to SEK 112 million from SEK 119 million in the three months ended March 31, 2011, mainly due to a weakening market with renegotiated charter contracts at lower day rates, offset by revenues generated by Highlanders from February 2011 and Stena Feronia from April 2011, respectively.

~~Total~~Revenues ~~revenues~~from Other Shipping decreased SEK ~~286~~ 61 million, or 454 %, to SEK 52 million in the three months ended ~~September 30~~March 31, ~~2011 to SEK 7~~ 2012,~~081~~ ~~million~~ from SEK ~~7,367~~ 113 million in the three months ended ~~September 30~~March 31, ~~2010~~2011, asmainly areflecting ~~result~~the receipt of ~~decreased~~USD ~~revenues~~10 inmillion ~~all~~(SEK ~~segments~~64.8 ~~except~~million) for ~~the~~a ~~ferry~~patent ~~and~~infringement ~~New~~in ~~Businesses, Adactum operations, together with~~ the ~~weakening~~first quarter of ~~the U~~2011.S. ~~dollar, the Euro and the GBP against the SEK.~~

~~Ferry operations~~Property. ~~Ferry~~Property revenues ~~are~~consist ~~primarily~~of ~~generated~~rents ~~from~~for ~~ticket~~properties ~~sales,~~owned ~~freight~~and ~~haulage~~management ~~and~~fees onfor ~~board~~properties ~~sales.~~managed by the Company. Revenues from ~~ferry~~property operations increased SEK ~~329~~ 16 million, or 113%, to SEK 595 million in the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~to SEK 3,390 million~~ from SEK ~~3,061~~ 579 million in the three months ended ~~September 30~~March 31, ~~2010~~2011, mainly due to ~~increased~~higher ~~travel~~rental income ~~revenues~~as ~~after~~an ~~the~~effect ~~consolidation~~ of ~~the~~decreased ~~Danish~~vacancy ~~travel~~rates ~~agency~~for ~~DTF~~the ascommercial ~~from~~properties ~~January~~in 1,Sweden ~~2011,~~together ~~offset~~with byrental ~~reduced~~income ~~revenues~~for ~~from~~two ~~onboard~~new ~~sales~~commercial asproperties ain ~~consequence~~London, ofpurchased ~~lower~~in ~~car~~July 2011 and ~~passenger~~January ~~volumes~~2012, ~~together~~respectively, ~~with~~offset ~~the~~by ~~weakening~~increased ofvacancy ~~the~~rates in ~~Euro~~our ~~and~~property ~~the~~portfolio ~~GBP~~in ~~against~~ the ~~SEK~~Netherlands.

~~Drilling.~~New ~~Drilling~~Businesses ~~revenues~~Adactum. Revenues consist of ~~charter~~revenues ~~hires~~from ~~for our drilling rigs~~Adactum’s subsidiaries. Revenues from ~~drilling~~Adactum ~~operations~~increased ~~decreased~~ SEK ~~604~~ 106 million, or 2911%, to SEK 1,102 million in the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~to SEK 1,466 million~~ from SEK ~~2,070~~ 996 million in the three months ended ~~September 30~~March 31, ~~2010~~2011, mainly ~~reflecting~~due ~~the~~to ~~weakening~~increased revenues offrom ~~the~~Blomsterlandet, ~~U.S.~~which ~~dollar~~has ~~against~~increased ~~the~~its ~~SEK~~market ~~together~~share ~~with~~and ~~reduced~~also ~~revenues~~increased ~~for~~its ~~Stena~~number ~~Tay,~~of ~~which~~shops ~~was~~together onwith ~~SPS,~~favorable ~~before~~weather ~~the~~conditions ~~sale~~in ofthe ~~Stena~~early ~~Tay~~spring in ~~October,~~Sweden. asRevenues ~~from~~also ~~June~~increased ~~2011.~~as Inan ~~local~~effect ~~currency~~of ~~revenues~~Ballingslöv’s acquisition ~~decreased~~of ~~21%~~the inSwedish ~~the~~company ~~three~~Macro, ~~months~~a ~~ended~~manufacturer ~~September~~of ~~30,~~shower ~~2011~~systems, ~~compared~~in to the ~~same~~fourth ~~period~~quarter ~~last~~of ~~year~~2011. ~~for~~Of ~~the drilling operations.~~

~~Shipping.~~12 Shipping revenues primarily represent charter hires for our owned and chartered in vessels and management fees for vessels managed by us. Revenues from shipping operations decreased SEK 21 million, or 3%, in the three months ended September 30, 2011, to SEK 598 million from SEK 619 million in the three months ended September 30, 2010.

~~Revenues~~Stena ~~from~~AB chartering out Roll-on/Roll-off vessels increased SEK 56 million, or 62%, in the three months ended September 30, 2011, to SEK 146 million from SEK 90 million in the three months ended September 30, 2010, mainly due to two new charter contracts with Marine Atlantic for the vessels Highlanders and ~~Blue~~Consolidated ~~Puttees~~Subsidiaries ~~and a new charter contract for the vessel Stena Feronia, offset by the weakening of the Euro against the SEK.~~

~~Revenues~~ the ~~from~~total ~~Other~~revenues ~~Shipping~~in ~~increased~~the ~~SEK~~three 16months ended March 31, 2012, SEK 566 million related to Ballingslöv, orSEK 41246 million %related to Blomsterlandet, inSEK ~~the~~257 million ~~three~~related ~~months~~to Envac ~~ended~~and ~~September~~SEK ~~30,~~33 million ~~2011~~related to Stena Renewable, as compared to SEK 55526 million related to Ballingslöv, SEK 201 million ~~from~~related to Blomsterlandet, SEK 39233 million related to Envac and SEK 36 million related to Stena Renewable in the three months ended ~~September 30~~March 31, ~~2010~~2011.

~~Property.~~Other ~~Property~~income revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations decreased SEK 6 million, or 1%, in the three months ended September 30, 2011 to SEK 594 million from SEK 600 million in the three months ended September 30, 2010, mainly due to a lower number of properties owned together with the weakening of the Euro against the SEK.

~~New~~Net ~~Businesses,~~valuation ~~Adactum~~on investment property. ~~Adactum~~As ~~revenues~~a ~~consist~~result of ~~revenues~~revaluation ~~from~~to ~~Adactum’s~~fair ~~subsidiaries.~~value ~~Revenues~~according ~~from~~to ~~Adactum~~IAS ~~increased~~40 ~~SEK 13 million~~“Investment properties”, ~~or 1%, in~~ the ~~three~~Company ~~months~~had ~~ended~~net ~~September~~gains ~~30,~~of ~~2011, to~~ SEK 1~~,029~~ million ~~from~~for ~~SEK 1,016 million in~~ the three months ended ~~September 30~~March 31, ~~2010~~2012, ~~mainly~~as ~~due~~compared to ~~increased~~gains revenues from Ballingslöv International AB (publ) (“Ballingslöv”) due to higher volumes, together with increased revenues from Blomsterlandet AB (“Blomsterlandet”), which has increased its market share and also increased its number of ~~shops, offset by the strengthening of the~~ SEK, ~~mostly~~50 million ~~affecting~~for ~~Envac AB (“Envac”). Of~~ the ~~total revenues in the~~ three months ended ~~September 30~~March 31, 2011, ~~SEK~~mainly ~~538~~due ~~million related~~ to ~~Ballingslöv,~~stagnation ~~SEK~~in ~~211~~investment property ~~million~~market ~~related~~values toon ~~Blomsterlandet,~~the ~~SEK~~Swedish ~~261~~property ~~million~~market. ~~related to Envac and SEK 19 million related to Stena Renewable AB (“Stena~~

14Net Gain on Sale of Vessels, Shipping. In the three months ended March 31, 2012 net gains of SEK 15 million were recorded on the sale of Stena Navigator and Stena Caribbean. In the three months ended March 31, 2011, no sales of vessels were made.

~~Stena~~Net ABGain on Sale of Properties. In the three months ended March 31, 2012 and ~~Consolidated~~2011, ~~Subsidiaries~~respectively, no properties were sold.

~~Renewable”),~~Direct asoperating ~~compared~~expenses to SEK 499 million related to Ballingslöv, SEK 187 million related to Blomsterlandet, SEK 308 million related to Envac and SEK 22 million related to Stena Renewable in the three months ended September 30, 2010.

~~Other~~Total ~~income~~direct operating expenses decreased SEK 153 million, or 4%, to SEK 3,722 million in the three months ended March 31, 2012, from SEK 3,875 million in the three months ended March 31, 2011, mainly as a result of decreased operating expenses in all segments except for the ferry operations and new businesses, Adactum segments, offset by the strengthening of the U.S. dollar against the SEK.

~~Net~~Ferry ~~valuation~~operations. Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on the ~~investment~~vessels, ~~property~~bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. AsA significant portion of these costs do not vary as a result of achanges ~~revaluation~~in toour ~~fair~~seasonal ~~value~~requirements. ~~according~~Direct tooperating ~~IAS~~expenses 40for ~~“Investment~~ferry operations ~~properties”~~increased SEK 209 million, or 14%, to SEK 1,715 million in the ~~Company~~three ~~had~~months ~~net~~ended ~~gains~~March 31, of2012, from SEK ~~147~~ 1,506 million ~~for~~in the three months ended ~~September 30~~March 31, 2011, asmainly ~~compared~~due to ~~gains~~higher ofexpenses ~~SEK~~for ~~144~~bunker ~~million~~fuel together ~~for~~with ~~the~~increased ~~three~~product ~~months~~and ~~ended~~operating ~~September~~costs ~~30,~~generated ~~2010,~~from ~~mainly~~new asroutes ain ~~result~~the ofIrish anSea. ~~increase~~Direct inoperating ~~investment~~expenses ~~property~~for ~~market~~ferry ~~values~~operations onfor the ~~Swedish~~three ~~property~~months ~~market~~ended March 31, ~~offset~~2012, byand athe ~~minor~~three ~~decrease~~months inended ~~investment~~March 31, ~~property~~2011 ~~market~~were ~~values~~each 88% onof ~~the~~revenues ~~Dutch~~for ~~property~~their ~~market~~respective applicable period.

~~Net~~Drilling. ~~Gain~~Direct onoperating ~~Sale~~expenses for drilling consist primarily of ~~Vessels~~personnel costs, ~~Shipping~~fuel costs, insurance, maintenance and catering costs. InDirect operating expenses for drilling operations decreased SEK 75 million, or 10%, to SEK 644 million in the three months ended ~~September~~March 31, 302012, from SEK 719 million in the three months ended March 31, 2011. The decrease mainly reflects that the rigs Stena Clyde and Stena Spey, ~~gains~~which both were unutilized for the first two months of ~~SEK~~2012 2together ~~million~~with ~~were~~the ~~recorded~~reduction onof operating expenses reflecting the sale of the ~~RoPax~~rig ~~vessels~~ Stena ~~Leader~~Tay in the end of 2011, ~~Stena~~offset ~~Pioneer~~by ~~and~~the ~~Stena~~strengthening ~~Seafarer~~of the U. InS. dollar against the SEK. Direct operating expenses from drilling operations for the three months ended ~~September 30~~March 31, ~~2010~~2012, ~~gains~~were 49% of ~~SEK~~drilling 5revenues, ~~million~~as ~~were~~compared ~~recorded~~to on38% for the ~~sale~~three ofmonths ~~the~~ended ~~RoPax~~March 31, ~~vessel Götaland~~2011.

~~Net~~Shipping. ~~Gain~~Direct onoperating expenses ~~Sale~~for ofshipping ~~Properties.~~consist Inprimarily ~~the~~of ~~three~~vessel ~~months~~charter ~~ended~~costs, ~~September~~fuel 30costs, ~~2011~~personnel nocosts, ~~gain~~insurance onand ~~sale~~other ofrelated ~~properties~~vessel ~~was recorded~~costs. InDirect operating expenses for shipping operations decreased SEK 371 million, or 55%, in the three months ended ~~September~~March 31, ~~2010~~2012, ~~gains~~to of SEK 6305 million from SEK 676 million ~~were~~in ~~recorded~~the onthree ~~sale~~months ofended ~~properties~~March 31, 2011.

Direct operating expenses associated with crude oil tankers decreased SEK 417 million, or 67%, to SEK 207 million in the three months ended March 31, 2012, from SEK 624 million in the three months ended March 31, 2011, because our MR vessels, as from April 2011,were operating in the joint venture Stena Weco A/S, in which the operating results are reported as net revenue. The revenues and operating expenses of these vessels, were previously reported gross. Operating expenses were also reduced as a result of the decreased number of vessels operated, offset by the strengthening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the three months ended March 31, 2012, were 99% of revenues, as compared to 102% for the three months ended March 31, 2011. Direct operating expenses for crude oil tankers include time-charter costs, which normally are fixed for periods between 6 months and up to 5 years in advance, while revenues in the spot market vary with each voyage.

~~Total~~During ~~direct~~2011 ~~operating~~the ~~expenses~~LNG business ~~increased~~area ~~SEK~~was 12reported ~~million~~within in the ~~three~~crude ~~months~~oil ~~ended~~tanker ~~September~~segment. ~~30,~~Operating ~~2011,~~expenses tofrom ~~SEK~~LNG ~~4,300~~operations ~~million~~amounted ~~from~~to SEK ~~4,288~~ 28 million in the three months ended ~~September 30~~March 31, ~~2010,~~2012. ~~mainly~~Direct asoperating aexpenses ~~result~~from ofthe ~~increased~~LNG ~~operating~~operations ~~expenses~~for in the ~~ferry~~three months ~~and~~ended ~~New~~March 31, ~~Businesses~~2012, ~~Adactum~~were ~~operations,~~15% ~~offset~~of byLNG ~~the~~revenues. ~~weakening~~The first of ~~the~~our ~~Euro,~~LNG ~~U.S.~~carriers ~~dollar~~was ~~and~~put ~~the~~into ~~GBP~~operation ~~against~~in ~~the~~May ~~SEK~~2011, ~~together~~ with ~~lower~~the ~~operating~~two ~~expenses~~remaining incarriers ~~the~~put ~~shipping,~~into ~~drilling~~operation ~~and~~in ~~property~~July ~~operations~~2011.

~~Ferry~~13 operations. Direct operating expenses for ferry operations consist principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. A significant portion of these costs do not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations increased SEK 387 million, or 19%, in the three months ended September 30, 2011, to SEK 2,396 million from SEK 2,009 million in the three months ended September 30, 2011. The increase mainly reflects higher product costs due to the consolidation of the Danish travel agency DTF as from January 1, 2011, and increased expenses for bunker fuel, offset by lower ship costs due to rationalization with less vessels in operation, together with the weakening of the Euro and the GBP against the SEK. Direct operating expenses for ferry operations for the three months ended September 30, 2011, were 71% of revenues, as compared to 66% for the three months ended September 30, 2010.

~~Shipping.~~Stena ~~Direct~~AB ~~operating expenses for shipping consist primarily of vessel charter costs, fuel costs, personnel costs, insurance~~ and ~~other~~Consolidated ~~related~~Subsidiaries vessel costs. Direct operating expenses for shipping operations decreased SEK 223 million, or 35%, in the three months ended September 30, 2011 to SEK 411 million from SEK 634 million in the three months ended September 30, 2010.

Direct operating expenses ~~associated~~ with ~~Tanker~~respect ~~operations~~to ~~decreased~~Roll-on/Roll-off ~~SEK~~vessels ~~222~~increased by SEK 22 million, or 3954%, to SEK 63 million in the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~to SEK 346 million~~ from SEK ~~568~~ 41 million in the three months ended ~~September 30~~March 31, ~~2010~~2011, mainly due to ~~the~~increased ~~fact~~costs that as from April 2011 14 MR vessels are operating under the joint venture Stena Weco A/S, in which the operating results are reported as net revenue. The operating results from these vessels were previously reported gross, with revenues and operating expenses. The operating expenses also decreased as an effect of ~~the~~new ~~weakening of the U.S. dollar against the SEK, offset by increased expenses generated from our three LNG~~ vessels, ~~one of which was put into operation in May 2011, with the other two put in operation in July 2011~~operated. Direct operating expenses for ~~crude~~Roll-on/Roll-off ~~oil~~vessels ~~operations~~ for the three months ended ~~September 30~~March 31, ~~2011~~2012, were 8756% of revenues, as compared to ~~116~~34% for the three months ended ~~September 30~~March 31, ~~2010~~2011. Direct operating expenses for Tanker operations include time-charter costs, which normally are fixed for periods between six months and up to five years in advance, while revenues in the spot market vary with each voyage.

15Direct operating expenses with respect to Other Shipping decreased SEK 4 million or 36 %, to SEK 7 million in the three months ended March 31, 2012 from SEK 11 million in the three months ended March 31, 2011. Direct operating expenses for Other Shipping for the three months ended March 31, 2012 were 13% of revenues, as compared to 10% for the three months ended March 31, 2011.

~~Stena~~Property. ABProperty expenses consist primarily of maintenance, heating and ~~Consolidated~~personnel ~~Subsidiaries~~costs. Direct operating expenses for property operations decreased SEK 10 million, or 4%, to SEK 243 million in the three months ended March 31, 2012, from SEK 253 million in the three months ended March 31, 2011, mainly due to reduced operating expenses as a consequence of lower cost for heating due to a warmer spring in 2012, offset by operating expenses for the two new commercial properties in London and by increased vacancy rates in our property portfolio in the Netherlands. Direct operating expenses for property operations for the three months ended March 31, 2012 were 41% of property revenues, as compared to 44% for the three months ended March 31, 2011.

New Businesses Adactum. Direct operating expenses ~~with~~for ~~respect~~Adactum toconsist ~~Roll-on/Roll-off~~of ~~vessels~~expenses ~~decreased~~from byAdactum’s ~~SEK~~subsidiaries. 4Direct operating expenses for Adactum operations increased SEK 95 million, or 813%, to SEK 816 million in the three months ended ~~September~~March 31, 302012, from SEK 721 million in three months ended March 31, 2011, mainly due to increased cost for goods sold in Blomsterlandet, which has increased its market share and also increased its number of shops. Operating expenses also increased as an effect of Ballingslöv’s acquisition of the Swedish company Macro, a manufacturer of shower systems, in the fourth quarter of 2011. Of the total operating expenses SEK 46371 million related to Ballingslöv, SEK 244 million ~~from~~related to Blomsterlandet, SEK 50192 million related to Envac and SEK 6 million related to Stena Renewable in the three months ended ~~September~~March 31, 302012, ~~2010~~as compared to SEK 339 million related to Ballingslöv, ~~mainly~~SEK ~~due~~208 million related to ~~the~~Blomsterlandet, ~~weakening~~SEK of168 million ~~the~~related ~~Euro~~to ~~against~~Envac ~~the~~and SEK, ~~offset~~4 million byrelated ~~increased~~to ~~costs~~Stena ofRenewable ~~operating~~in the ~~vessels.~~three months ended March 31, 2011. Direct operating expenses for ~~Roll-on/Roll-off~~Adactum ~~vessels~~operations for the three months ended ~~September 30~~March 31, ~~2011~~2012, were 3274% of revenues, as compared to 5672% for the three months ended ~~September 30~~March 31, ~~2010~~2011.

~~Direct~~Selling ~~operating~~and ~~expenses~~administrative with respect to Other Shipping increased SEK 3 million, or 19%, in the three months ended September 30, 2011 to SEK 19 million from SEK 16 million in the three months ended September 30, 2010. Direct operating expenses ~~for Other Shipping for the three months ended September 30, 2011 were 35% of revenues, as compared to 41% for the three months ended September 30, 2010.~~

~~Property.~~Selling ~~Property expenses consist primarily of maintenance, heating~~ and ~~personnel costs. Direct operating~~ administrative expenses ~~for property operations~~ decreased SEK 40 69 million, or 218%, to SEK 777 million in the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~to SEK 151 million~~ from SEK ~~191~~ 846 million in the three months ended ~~September 30~~March 31, ~~2010~~2011, mainly due to ~~reduced~~decreased ~~operating~~pension ~~expenses as a consequence of a lower number of properties owned together with the weakening of the Euro against the SEK~~costs. ~~Direct~~Total ~~operating~~selling and administrative expenses ~~for~~in ~~property operations for~~ the three months ended ~~September 30~~March 31, ~~2011~~2012, were 2514% of ~~property~~total revenues, same as ~~compared to 32%~~ for the three months ended ~~September 30~~March 31, ~~2010~~2011.

~~New~~Depreciation BusinessesAdactum. Direct operating expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations increased SEK 27 million, or 4%, in the three months ended September 30, 2011, to SEK 753 million from SEK 726 million in the three months ended September 30, 2010, mainly due to increased costs of goods sold in Ballingslöv and ~~Blomsterlandet~~amortization due to increased sales volumes, offset by lower operating costs in Envac due to effective cost control and reduced volumes, together with the strengthening of the SEK. Of the total operating expenses in the three months ended September 30, 2011, SEK 355 million related to Ballingslöv, SEK 202 million related to Blomsterlandet, SEK 190 million related to Envac and SEK 4 million related to Stena Renewable, as compared to SEK 320 million related to Ballingslöv, SEK 178 million related to Blomsterlandet, SEK 221 million related to Envac and SEK 4 million related to Stena Renewable in the three months ended September 30, 2010. Direct operating expenses for Adactum operations for the three months ended September 30, 2011, were 73% of revenues, as compared to 71% for the three months ended September 30, 2010.

~~Selling~~Depreciation and ~~administrative~~amortization ~~expenses~~charges increased SEK 43 million, or 5%, to SEK 897 million in the three months ended March 31, 2012, from SEK 854 million in the three months ended March 31, 2011, mainly as a result of increased depreciation charges of new vessels delivered, offset by reduced depreciation charges for the drilling segment as an effect of the sale of the drilling rig Stena Tay in the fourth quarter of 2011. The strengthening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling rigs, which are denominated in U.S. dollars, contributed to the increase in depreciation and amortization charges.

~~Selling~~Financial ~~and~~income administrative expenses decreased SEK 53 million, or 6%, in the three months ended September 30, 2011, to SEK 805 million from SEK 858 million in the three months ended September 30, 2010. The expenses decreased mainly as a result of the weakening of the U.S. dollar and ~~the~~expense Euro against the SEK offset by the effects of the consolidation of the Danish travel agency DTF as from January 1, 2011. Total selling and administrative expenses in the three months ended September 30, 2011, were 11% of total revenues, as compared to 12% for the three months ended September 30, 2010.

~~Depreciation~~Financial income and ~~amortization~~expense decreased by SEK (196) million to SEK (341) million in the three months ended March 31, 2012, from SEK (145) million in the three months ended March 31, 2011.

~~Depreciation~~Share ~~and~~of ~~amortization~~affiliated ~~charges~~companies’ ~~increased~~results ~~SEK 14 million, or 1%,~~ in the three months ended ~~September 30~~March 31, ~~2011~~2012, refers to ~~SEK~~the ~~953~~Company’s ~~million~~portion ~~from~~of ~~SEK 939 million in~~ the ~~three~~results ~~months~~of ~~ended~~Midsona ~~September~~AB 30(publ), ~~2010,~~Gunnebo ~~mainly~~AB as(publ), aMPP ~~result~~MediaTec ofGroup AB ~~increased~~and ~~depreciation~~Silurian ~~charges~~Hallwood ~~for~~Plc. ~~new~~As ~~vessels~~of ~~delivered~~March 31, ~~offset~~2012, bythe ~~reduced~~Company’s ~~depreciation~~interest ~~charges~~in ~~due~~the tocapital aof ~~five-year~~Midsona ~~extension~~was to23.0%, ~~twenty~~its ~~years~~interest ofin the ~~useful~~capital ~~life~~ of ~~the~~Gunnebo ~~DrillMAX~~was ~~drill ships~~25.9%, ~~The~~its ~~weakening~~interest ofin the Ucapital of MediaTec was 42.S.7% ~~dollar~~and ~~with~~its ~~respect~~interest toin the capital ~~SEK,~~of ~~which~~Silurian ~~primarily~~Hallwood ~~impacted~~was ~~depreciation~~20%. ~~charges~~As onof ~~drilling~~March 31, ~~rigs~~2011, ~~which~~the ~~are~~Company’s ~~denominated~~interest in ~~U.S.~~the ~~dollars~~capital of Midsona was 23.0%, ~~also~~its ~~offset~~interest in the ~~increase~~capital inof ~~depreciation~~Gunnebo was 25.9% and ~~amortization~~its ~~charges~~interest in the capital of MediaTec was 42.7%.

~~Financial~~Net ~~income~~gain (loss) on securities in the three months ended March 31, 2012, was SEK 130 million, of which SEK (37) million related to net realized losses on marketable securities and ~~expense~~equity securities and investments in Special Purpose Entities (“SPEs”), SEK 146 million related to net unrealized gains on marketable securities and SEK 21 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the three

~~Financial~~14 ~~income and expense, net, decreased by SEK (509) million in the three months ended September 30, 2011 to SEK (769) million from SEK (260) million in the three months ended September 30, 2010.~~

16Stena AB and Consolidated Subsidiaries

~~Stena~~ months ABended March 31, 2011 was SEK 197 million, of which SEK 55 million related to net realized gains on marketable securities and ~~Consolidated~~equity ~~Subsidiaries~~securities and investments in SPEs, SEK 121 million related to net unrealized gains on marketable securities and SEK 21 million related to the termination of the financial lease of Stena Carron.

~~Net~~Interest ~~gain~~income ~~(loss)~~decreased onby ~~securities~~SEK 7 million to SEK 138 million in the three months ended ~~September 30~~March 31, ~~2011,~~2012 ~~was~~from SEK ~~(434)~~ 145 million, ofin ~~which~~the ~~SEK~~three 60months ~~million~~ended ~~related~~March 31, to2011, ~~net~~due ~~realized~~to decreased ~~gains~~interest onfrom ~~marketable~~investment securities. ~~and~~Interest ~~equity~~income ~~securities~~related ~~and~~to investments in ~~Special Purpose Entities (“~~SPEs”), ~~SEK~~included ~~(515)~~in ~~million~~total ~~related~~interest toincome ~~net~~decreased ~~unrealized losses on marketable securities and~~ SEK 21 22 million ~~related~~ to ~~the~~SEK ~~termination~~57 million ~~of the financial lease of Stena Carron. Net gain (loss) on securities~~ in the three months ended ~~September 30~~March 31, ~~2010 was SEK 158 million~~2012, offrom ~~which~~ SEK ~~(114)~~ 79 million ~~related to net realized gains on marketable securities and equity securities and net losses~~ in ~~investments~~the inthree ~~Special~~months ~~Purpose~~ended ~~Entities (“SPEs”)~~March 31, ~~SEK~~2011 ~~248~~due ~~million related~~ to ~~net unrealized gains on marketable securities and SEK 24 million related to~~ the ~~termination~~CDO of2002 ~~the~~investment ~~financial~~being ~~lease~~unwound ofduring ~~Stena Carron~~2011.

Interest ~~income~~expense inincreased ~~the three months ended September 30, 2011, decreased~~ by SEK (31133) million to SEK 94 (572) million ~~from~~in ~~SEK~~the ~~125~~three months ended March 31, 2012 from SEK (439) million in the three months ended ~~September 30~~March 31, ~~2010,~~2011 ~~due~~reflecting tohigher ~~decreased~~debt outstanding and increased interest ~~income~~expenses ~~from~~in SPEs. Interest ~~income~~expense for investments in SPEs in the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~decreased~~increased SEK (349) million to SEK 41 (15) million from SEK 78 (6) million in the three months ended ~~September 30~~March 31, ~~2010~~2011.

~~Interest~~During ~~expense in~~ the three months ended ~~September 30~~March 31, ~~2011~~2012, ~~increased~~the byCompany ~~SEK~~had ~~(65)~~foreign ~~million~~exchange tolosses, ~~SEK~~net ~~(505)~~of ~~million from~~ SEK (~~440~~11) million ~~due to higher debt outstanding~~. ~~Interest~~During ~~expense for investments in SPEs in~~ the three months ended ~~September 30~~March 31, 2011, ~~decreased~~the ~~SEK~~Company 11had ~~million~~foreign toexchange ~~SEK~~gains, ~~(13)~~net ~~million~~of ~~from~~ SEK ~~(24)~~16 million ~~in the three months ended September 30, 2010~~.

~~During~~Other financial income/(expense), net of SEK (34) million for the three months ended ~~September 30~~March 31, ~~2011~~2012, includes above all SEK (45) million related to amortization of the ~~Company~~deferred ~~had~~financing ~~foreign~~charges ~~exchange~~for ~~gains~~senior notes, ~~net~~revolving ofcredit ~~SEK~~facilities, 23bank loans, capital lease obligations and investments in SPEs and SEK 18 million related to bunker hedges. ~~During~~Other financial income (expense) of SEK (66) million for the three months ended ~~September 30~~March 31, ~~2010,~~2011 includes SEK (33) million related to amortization of the ~~Company~~deferred ~~had~~financing ~~foreign~~charges ~~exchange~~for ~~losses~~senior notes, ~~net~~revolving ofcredit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (3021) million related to bunker hedges.

~~Other~~Income ~~financial~~taxes expense, net, of SEK 25 million for the three months ended September 30, 2011, includes SEK (41) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK 66 million related to bunker hedges. Other financial expense, net, of SEK (63) million for the three months ended September 30, 2010 includes SEK (31) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (25) million related to bunker hedges.

Income taxes for the three months ended March 31, 2012, were SEK 76 million, consisting of current taxes of SEK 36 million and deferred taxes of SEK 40 million. Income taxes for the three months ended March 31, 2011, were SEK (5) million, consisting of current taxes of SEK (28) million and deferred taxes of SEK 23 million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

~~Income~~15 taxes for the three months ended September 30, 2011, were SEK (175) million, consisting of current taxes of SEK (54) million and deferred taxes of SEK (121) million. Income taxes for the three months ended September 30, 2010 were SEK (26) million, consisting of current taxes of SEK 47 million and deferred taxes of SEK (73) million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

Stena AB and Consolidated Subsidiaries

~~NINE~~Liquidity ~~MONTHS~~and ~~ENDED~~Capital ~~SEPTEMBER~~Resources ~~30, 2011, COMPARED TO NINE MONTHS ENDED~~

~~SEPTEMBER~~Our 30liquidity requirements principally relate to servicing of debt, ~~2010~~financing the purchase of vessels and other assets and funding of working capital. In prior years, we met our liquidity requirements with cash on hand, cash flows from operations, borrowings under various credit facilities and other financing and refinancing arrangements.

~~Revenues~~As of March 31, 2012, we had total cash and marketable securities of SEK 8,571 million as compared with SEK 7,720 million as of December 31, 2011.

~~Total~~For ~~revenues~~the ~~decreased~~three ~~SEK~~months ~~237~~ended ~~million~~March 31, or2012, 1%cash flows provided by operating activities amounted to SEK (374) million, as compared to SEK 821 million in the ~~nine~~first three months ended ~~September 30~~March 31, 2011. toFor ~~SEK~~the ~~19,971~~three ~~million~~months ~~from~~ended ~~SEK~~March 31, 202012,~~208~~ ~~million~~cash flows used in ~~the~~investing ~~nine~~activities ~~months~~amounted ~~ended~~to ~~September~~SEK (1,376) million, 30including SEK (1,381) million ~~2010~~related to capital expenditures, as acompared ~~result~~to ofSEK ~~decreased~~(856) million, ~~revenues~~including inSEK ~~the~~(1,261) million ~~drilling~~related ~~and~~to ~~property~~capital ~~segments~~expenditures, ~~together~~in ~~with~~ the ~~weakening~~three ofmonths ~~the~~ended UMarch 31, 2011.S. ~~dollar,~~Cash flows ~~the~~provided ~~Euro~~by ~~and~~financing activities for the ~~GBP~~three ~~against~~months ~~the~~ended March 31, 2012 amounted to SEK 1,517 million, ~~offset~~as bycompared ~~increased~~to ~~revenues~~SEK 635 million in the ~~ferry,~~three ~~shipping~~months ~~and~~ended ~~new~~March 31, ~~businesses Adactum segments~~2011.

~~Ferry~~As ~~operations.~~of ~~Ferry~~March 31, ~~revenues~~2012, ~~are~~total ~~primarily~~construction ~~generated~~in ~~from~~progress ~~ticket~~was ~~sales~~SEK 5,775 million, ~~freight~~as ~~haulage~~compared ~~and~~to onSEK ~~board~~5,614 million ~~sales.~~as ~~Revenues~~of December 31, ~~from~~2011. ~~ferry~~The ~~operations~~remaining ~~increased~~capital ~~SEK~~expenditure ~~384~~commitment ~~million,~~for ornewbuildings ~~5%,~~on inorder ~~the~~as ~~nine~~of ~~months ended September 30~~March 31, ~~2011~~2012, towas SEK 72,~~558~~ 749 million, ~~from~~of which SEK 72,~~174~~ 495 million inand ~~the~~SEK ~~nine~~254 million ~~months~~is ~~ended~~due ~~September~~during ~~30,~~2012 ~~2010~~and 2013, ~~mainly~~respectively. Financing ~~due~~for toapproximately ~~increased~~91% ~~travel~~of ~~revenues after~~ the ~~consolidation~~unpaid ofbalance ~~the~~has ~~Danish~~already ~~travel~~been ~~agency~~arranged. ~~DTF~~The asCompany ~~from~~plans ~~January~~to 1,finance ~~2011,~~the ~~offset~~remainder byof ~~reduced~~this ~~revenues~~unpaid ~~from~~balance, ~~onboard~~together ~~sales~~with asadditional aexpenses ~~consequence~~and ~~from~~financing ~~lower~~costs, ~~car~~through ~~and~~cash ~~passenger~~from ~~volumes~~operations, ~~and~~existing revolving ~~the~~credit ~~effect~~facilities, ofnew ~~the~~capital ~~weakening~~lease ofagreements, ~~the~~new ~~Euro~~bank loans and ~~the~~other ~~GBP~~financing ~~against the SEK~~arrangements.

~~Drilling.~~As ~~Drilling revenues consist~~ of March 31, ~~charter~~2012 ~~hires~~total ~~for~~interest ~~our~~bearing ~~drilling~~debt ~~rigs.~~was ~~Revenues from drilling operations decreased~~ SEK ~~731~~ 50,354 million, orexcluding ~~13%,~~debt in ~~the nine months ended September 30~~SPEs, ~~2011,~~as tocompared ~~SEK~~with ~~5,115 million from~~ SEK 549,~~846~~ 501 million inas ~~the~~of ~~nine months ended September 30~~December 31, ~~2010,~~2011. ~~mainly~~As ~~reflecting the weakening~~ of ~~the U.S. dollar against the SEK~~March 31, ~~reduced~~2012 ~~revenues~~total ~~for~~interest ~~the~~bearing ~~rig~~debt ~~Stena~~in ~~Tay,~~SPEs ~~which~~ was ~~on SPS~~SEK 3,986 million ~~before~~as ~~the~~compared ~~sale of the rig, from June 2011 together~~ with aSEK ~~contract at higher day rates for the rig Stena Carron during the first two quarters of 2010~~4,143 million ~~offset~~as ~~by planned off-hire periods for Stena Don and Stena Clyde, which both undertook five-year SPSs in the first and second quarter~~ of ~~2010~~December 31, ~~respectively. In local currency revenues were equal in the nine months ended September 30,~~ 2011 ~~compared to the same period last year~~.

~~Shipping.~~As ~~Shipping~~of ~~revenues~~March 31, ~~primarily~~2012, ~~represent~~$930 million ~~charter~~was ~~hires~~utilized ~~for~~under our ~~owned~~$1 ~~and~~billion ~~chartered~~revolving incredit ~~vessels~~facility, ~~and~~including ~~management~~$27 ~~fees~~million used for ~~vessels~~issuing ~~managed~~bank byguarantees ~~us.~~and ~~Revenues~~letters ~~from~~of ~~shipping~~credit. ~~operations~~As ~~increased~~of ~~SEK 121 million~~December 31, ~~or 6%~~2011, in$776 million ~~the~~was ~~nine~~utilized ~~months~~under ~~ended~~our ~~September~~$1 billion ~~30,~~revolving credit ~~2011~~facility, toof ~~SEK~~which ~~2,100~~ $26 million ~~from~~was ~~SEK~~used ~~1,979~~for ~~million~~issuing inbank ~~the~~guarantees ~~nine~~and ~~months~~letters ~~ended~~of ~~September 30, 2010~~credit.

~~Revenues~~As ~~from~~of ~~Tanker operations decreased SEK 51 million~~March 31, ~~or 3%~~ 2012, in$140 ~~the~~was ~~nine~~utilized ~~months~~under ~~ended~~the ~~September~~$200 ~~30, 2011, to SEK 1,476~~ million ~~from~~revolving ~~SEK~~credit ~~1,527~~facility ~~million~~entered ininto ~~the~~by ~~nine months ended September 30, 2010, mainly due to the fact that as from April 2011 14 MR vessels are operating in the joint venture~~ Stena ~~Weco~~Royal A/S ~~in which the operating results are reported as a net revenue~~. ~~The operating results, from these vessels, were previously reported gross, with revenues and operating expenses~~àr. ~~Revenues also decreased as an effect of the weakening of the U~~l.S. dollar against the SEK, offset by revenues generated from our LNG vessels, one of which was put into operation in May 2011, with the other two put into operation in July 2011. In local currency revenues increased 11% in the nine months ended September 30, 2011, compared to the same period last year. In the nine months ended September 30, 2011, the Company operated an average of 28 tankers (~~chartered~~“Stena ~~in or owned~~Royal”), as compared to 29$32 inmillion ~~the~~as ~~nine~~of ~~months ended September 30~~December 31, ~~2010~~2011.

~~Revenues~~As ~~from~~of ~~chartering~~March 31, ~~out~~2012, ~~Roll-on/Roll-off vessels increased~~ SEK ~~106~~ 300 million, orof ~~35%, in~~ the ~~nine months ended September 30, 2011, to~~ SEK ~~409~~ 450 million ~~from~~facility ~~SEK 303 million~~ in ~~the~~Adactum ~~nine~~was ~~months~~utilized ~~ended~~compared ~~September 30, 2011, mainly due~~ to ~~new~~SEK 450 million ~~charter~~as ~~contracts~~of ~~with Marine Atlantic for Highlanders and Blue Puttees~~December 31, ~~offset by the weakening of the Euro against the SEK~~2011.

~~Revenues~~During ~~from~~2010 ~~Other~~we ~~Shipping~~entered ~~increased~~into ~~SEK~~a 66new ~~million, or 44 %, in the nine months ended September 30, 2011, to~~ SEK ~~215~~ 6,660 million ~~from~~revolving ~~SEK~~credit facility ~~149~~with ~~million~~Svenska inHandelsbanken ~~the~~and ~~nine~~Nordea ~~months~~and ~~ended~~guaranteed ~~September~~by ~~30, 2010, mainly due to the receipt of USD 10 million (SEK 64~~EKN.8 ~~million)~~This ~~for~~facility awas ~~patent~~unutilized ~~infringement~~as ~~in the first quarter~~ of ~~2011~~March 31, ~~offset~~2012, ~~by the weakening of the U.S. dollar~~ and ~~the~~December 31, ~~GBP~~2011, ~~against the SEK~~respectively.

~~Property.~~We ~~Property~~believe ~~revenues~~that, ~~consist~~based ofon ~~rents~~current ~~for~~levels ~~properties~~of ~~owned~~operating performance and ~~management~~anticipated ~~fees~~market ~~for~~conditions, ~~properties~~cash ~~managed~~flow ~~by the Company. Revenues~~ from ~~property~~ operations ~~decreased SEK 25 million~~, ortogether ~~1%,~~with inother ~~the~~available ~~nine~~sources ~~months~~of ~~ended September 30~~funds, ~~2011,~~including ~~to SEK 1~~refinancing,~~767~~ ~~million~~will be ~~from~~adequate ~~SEK~~to ~~1,792~~make ~~million~~required inpayments ~~the~~of ~~nine~~principal ~~months~~and ~~ended~~interest ~~September~~on ~~30,~~outstanding ~~2010~~debt, ~~mainly due~~ to apermit ~~lower~~proposed ~~number~~capital ofexpenditures, ~~properties~~including ~~owned~~newbuildings ~~together~~and ~~with~~other ~~the~~vessel ~~weakening~~acquisitions, ofand ~~the~~to ~~Euro~~fund ~~against~~anticipated ~~the~~working ~~SEK~~capital requirements.

~~New~~16 Businesses, Adactum. Adactum revenues consist of revenues from Adactum’s subsidiaries. Revenues from Adactum increased SEK 12 million in the nine months ended September 30, 2011, to SEK 3,423 million from SEK 3,411 million in the nine months ended September 30, 2010, mainly due to increased revenues from Blomsterlandet, which has increased its market share and also increased its number of shops. Revenues from Stena Renewable also increased due to five new wind power plants near Härnösand in Sweden acquired in April 2010,

Stena AB and Consolidated Subsidiaries

~~offset~~OTHER byFINANCIAL ~~the~~INFORMATION ~~strengthening~~– ofRESTRICTED the SEK affecting both Envac and Ballingslöv. Of the total revenues in the nine months ended September 30, 2011, SEK 1,667 million related to Ballingslöv, SEK 910 million related to Blomsterlandet, SEK 769 million related to Envac and SEK 77 million related to Stena Renewable, as compared to SEK 1,674 million related to Ballingslöv, SEK 824 million related to Blomsterlandet, SEK 857 million related to Envac and SEK 56 million related to Stena Renewable for the nine months ended September 30, 2010.GROUP

~~Other~~For ~~income~~the three months ended March 31, 2012, Restricted Group Data represents the selected consolidated financial information excluding (i) the property business segment (other than two small properties), (ii) the business segment of Adactum, whose activities consist primarily of investing in companies outside our traditional lines of business, and (iii) our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd. Our real estate operations and the business of Adactum are conducted through various subsidiaries. For purposes of the indentures under which our Senior Notes were issued, real estate business and new businesses, Adactum, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd, are designated as unrestricted subsidiaries and, as a result, are not bound by the restrictive provisions of these indentures.

~~Net valuation on investment property.~~ As ~~a result~~ of aMarch 31, ~~revaluation to fair value according to IAS 40 “Investment properties”~~2012, ~~the~~we ~~Company~~ had ~~net~~outstanding ~~gains of SEK 194~~ $128.8 million ~~for~~principal ~~the~~amount ~~nine~~of ~~months~~Senior ~~ended~~Notes ~~September~~due 302016, ~~2011,~~€300 million asprincipal ~~compared~~amount toof ~~gains~~Senior ofNotes ~~SEK~~due ~~318~~2017, €102 million ~~for~~principal ~~the~~amount ~~nine~~of ~~months~~Senior ~~ended~~Notes ~~September 30, 2010, mainly~~ due to2019 anand €200 million ~~increase~~principal inamount ~~investment~~of ~~property~~Senior ~~market~~Notes ~~values~~due ~~on the Swedish property market~~2020.

~~Net~~Amounts ~~Gain~~in ~~on Sale of Vessels, Shipping~~U.S. Indollars ~~the~~have ~~nine~~been ~~months ended September 30~~translated, ~~2011,~~solely ~~gains of MSEK 26 were recorded on~~ for the ~~sale~~convenience of the ~~vessels Stena Leader~~reader, ~~Stena~~at ~~Pioneer~~an ~~and~~exchange ~~Stena~~rate ~~Seafarer~~of $1.00 In= ~~the~~SEK ~~nine months ended September 30~~6.6314, ~~2010,~~the ~~gains~~noon ofbuying ~~SEK~~rate ~~5 million were recorded~~ on ~~the~~March 30, ~~sale of the RoPax vessel Götaland~~2012.

~~Net~~17 Gain on Sale of Properties. In the nine months ended September 30, 2011, no gain on sale of properties was recorded. In the nine months ended September 30, 2010, gains of SEK 10 million were recorded on sale of properties.

~~Total~~Stena ~~direct~~AB operating expenses increased SEK 199 million, or 2%, in the nine months ended September 30, 2011, to SEK 12,405 million from SEK 12,206 million in the nine months ended September 30, 2010, mainly as a result of increased operating expenses in the ferry, drilling and ~~new~~Consolidated ~~businesses,~~Subsidiaries ~~Adactum operations, offset by the weakening of the U.S. dollar, Euro and the GBP against the SEK together with lower operating expenses in the property and shipping segments.~~

~~Ferry~~Condensed ~~operations.~~Consolidated ~~Direct~~Income ~~operating~~Statements ~~expenses~~– ~~for~~Restricted ~~ferry~~Group operations consist principally of personnel costs, costs of goods sold on the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs. A significant portion of these costs do not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations increased SEK 432 million, or 8%, in the nine months ended September 30, 2011, to SEK 5,694 million from SEK 5,262 million in the nine months ended September 30, 2011, mainly due to increased product costs due to the consolidation of the Danish travel agency DTF as from January 1, 2011, and increased expenses for bunker fuel, offset by lower ship costs due to rationalization with less vessels in operation, together with the weakening of the Euro and the GBP against the SEK. Direct operating expenses for ferry operations for the nine months ended September 30, 2011, were 75% of revenues, as compared to 73% for the nine months ended September 30, 2010.

Drilling. Direct operating expenses for drilling consist primarily of personnel costs, fuel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased SEK 14 million, or 1%, in the nine months ended September 30, 2011, to SEK 2,047 million from SEK 2,033 million in the nine months ended September 30, 2010. The increase mainly reflects planned off-hire periods for Stena Don and Stena Clyde, as they, in the first and second quarter of 2010, both undertook five-year SPSs, respectively, offset by reduced expenses for the rig Stena Tay, which has been on SPS as from June 2011, together with the weakening of the U.S. dollar against the SEK. Direct operating expenses from drilling operations for the nine months ended September 30, 2011 were 40% of drilling revenues, as compared to 35% for the nine months ended September 30, 2010.


	Three month period ended
	March 31, 2011			March 31, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		1,712			1,947			294
Drilling		1,898			1,326			200
Shipping		842			556			84
Property		2			2			0
Other		4			5			1

Total revenues		4,458			3,836			579

Net gain on sales of assets		—			15			2

Total other income		—			15			2

Direct operating expenses:
Ferry operations		(1,506	)		(1,715	)		(259	)
Drilling		(719	)		(644	)		(97	)
Shipping		(676	)		(305	)		(46	)
Property		(1	)		(1	)		0
Other		0			0			0
Total direct operating expenses		(2,902	)		(2,664	)		(402	)

Selling and administrative expenses		(575	)		(506	)		(76	)
Depreciation and amortization		(801	)		(845	)		(127	)

Total operating expenses		(4,278	)		(4,015	)		(605	)

Income/(loss) from operations		180			(164	)		(24	)

Net financial income and expenses:
Dividends received		1			—			—
Net gain (loss) on securities		90			116			17
Interest income		68			54			8
Interest expense		(297	)		(318	)		(48	)
Foreign exchange gains (losses), net		13			(17	)		(3	)
Other financial income (expenses), net		(49	)		(16	)		(2	)

Total financial income and expenses		(174	)		(181	)		(28	)

Income/(loss) after financial income and expenses		6			(345	)		(52	)
Non-controlling interest		(3	)		0			0

Income/(loss) before tax		3			(345	)		(52	)

Income taxes		42			117			18

Net income/(loss)		45			(228	)		(34	)

~~Shipping.~~18 Direct operating expenses for shipping consist primarily of vessel charter costs, fuel costs, personnel costs, insurance and other related vessel costs. Direct operating expenses for shipping operations decreased SEK 205 million, or 11%, in the nine months ended September 30, 2011 to SEK 1,606 million from SEK 1,811 million in the nine months ended September 30, 2010.

19Stena AB and Consolidated Subsidiaries

~~Stena~~Condensed ABConsolidated ~~and~~Balance ~~Consolidated~~Sheets ~~Subsidiaries~~– Restricted Group

operations include time-charter costs, which normally are fixed for periods between six months and up to five years in advance, while revenues in the spot market vary with each voyage.


	December 31, 2011		March 31, 2012
	(unaudited)
	SEK		SEK		$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		772		754		114
Tangible fixed assets:
Vessels		34,185		32,666		4,926
Construction in progress		4,826		4,936		744
Equipment		1,492		1,433		216
Ports		1,795		1,868		282
Property		569		454		68

Total tangible fixed assets		42,867		41,357		6,236
Financial fixed assets:
Marketable securities		588		726		110
Intercompany accounts, noncurrent		6,570		6,496		980
Other assets		8,976		9,088		1,370

Total noncurrent assets		59,773		58,421		8,810

Current assets:
Inventories		229		221		33
Trade debtors		2,533		2,406		363
Other receivables		1,403		1,853		279
Prepaid expenses and accrued income		1,022		1,710		258
Short-term investments		2,417		2,293		346
Cash and cash equivalents		809		777		117

Total current assets		8,413		9,260		1,396

Total assets		68,186		67,681		10,206

SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Share Capital		5		5		1
Reserves		24,251		24,186		3,647

Equity attributable to shareholders of the company		24,256		24,491		3,648
Non-controlling interest		109		110		17

Total Equity		24,365		24,601		3,665

Noncurrent liabilities:
Deferred income taxes		1,115		1,131		171
Other provisions		2,221		1,471		222
Long-term debt		24,138		24,677		3,721
Senior notes		6,485		6,149		927
Capitalized lease obligations		1,475		1,463		221
Other noncurrent liabilities		1,242		1,083		163

Total noncurrent liabilities		36,676		33,372		5,032
Current liabilities:
Short-term debt		1,786		1,838		277
Capitalized lease obligations		219		93		14
Trade accounts payable		517		840		127
Income tax payable		57		0		0
Other liabilities		1,751		1,702		256
Intercompany liabilities		850		750		113
Accrued costs and prepaid income		1,965		2,183		329

Total current liabilities		7,145		7,406		1,116

Total shareholders’ equity and liabilities		68,186		67,681		10,206

~~Direct~~19 operating expenses with respect to Roll-on/Roll-off vessels increased by SEK 1 million, or 1%, in the nine months ended September 30, 2011, to SEK 135 million from SEK 134 million in the nine months ended September 30, 2010, mainly due to increased costs of the operating vessels, offset by the weakening of the Euro against the SEK. Direct operating expenses for Roll-on/Roll-off vessels for the nine months ended September 30, 2011, were 33% of revenues, as compared to 44% for the nine months ended September 30, 2010.

~~Property.~~Stena ~~Property~~AB ~~expenses consist primarily of maintenance, heating~~ and ~~personnel~~Consolidated ~~costs.~~Subsidiaries Direct operating expenses for property operations decreased SEK 57 million, or 9%, in the nine months ended September 30, 2011, to SEK 596 million from SEK 653 million in the nine months ended September 30, 2010, mainly due to reduced operating expenses as a consequence of a lower number of properties owned together with the weakening of the Euro against the SEK. Direct operating expenses for property operations for the nine months ended September 30, 2011, were 34% of property revenues, as compared to 36% for the nine months ended September 30, 2010.

~~New~~Condensed ~~Businesses,~~Consolidated ~~Adactum.~~Statements ~~Direct operating expenses for Adactum consist~~ of ~~expenses~~Cash ~~from~~Flow ~~Adactum’s~~– ~~subsidiaries.~~Restricted ~~Direct~~Group operating expenses for Adactum operations increased SEK 12 million in the nine months ended September 30, 2011, to SEK 2,458 million from SEK 2,446 million in nine months ended September 30, 2010, mainly due to increased costs of goods sold in Blomsterlandet due to increased sales volumes, offset by lower operating costs in Envac and Ballingslöv due to effective cost control and reduced volumes, together with the weakening of the Euro and the GBP against the SEK. Of the total operating expenses in the nine months ended September 30, 2011, SEK 1,078 million related to Ballingslöv, SEK 801 million related to Blomsterlandet, SEK 558 million related to Envac and SEK 13 million related to Stena Renewable, as compared to SEK 1,064 million related to Ballingslöv, SEK 733 million related to Blomsterlandet, SEK 630 million related to Envac and SEK 10 million related to Stena Renewable in the nine months ended September 30, 2010. Direct operating expenses for Adactum operations for the nine months ended September 30, 2011, were 72% of revenues, the same as for the nine months ended September 30, 2010.

Selling and administrative expenses


	Three month period ended
	March 31, 2011			March 31, 2012
	(unaudited)
	SEK			SEK			$
	(in millions)
*Net cash flows from operating activities:*
Net income/(loss)		45			(228	)		(34	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization		801			845			127
Gain on sale assets		—			(15	)		(2	)
(Gain) loss on securities, net		(90	)		(116	)		(17	)
Unrealized foreign exchange (gains) losses		26			(222	)		(34	)
Deferred income taxes		(55	)		(60	)		(9	)
Non-controlling interest		3			—			—
Other non-cash items		158			141			21
Provision for pensions		50			(122	)		(18	)
Net cash flows from trading securities		(42	)		(45	)		(7	)
Changes in working capital		(188	)		(1,158	)		(175	)

Net cash provided by/used in operating activities		708			(980	)		(148	)

*Net cash flows from investing activities:*
Purchase of intangible assets		(9	)		(6	)		(1	)
Cash proceeds from sale of property, vessels and equipment		1			141			21
Capital expenditure on property, vessels and equipment		(993	)		(557	)		(84	)
Purchase of subsidiaries, net of cash acquired		(119	)		—			—
Proceeds from sale of securities		84			15			2
Purchase of securities		(53	)		(63	)		(9	)
Other investing activities		(28	)		4			1

Net cash used in investing activities		(1,117	)		(466	)		(70	)

*Net cash flows from financing activities:*
Proceeds from issuance of debt		3			625			94
Principal payments on debt		(401	)		(362	)		(55	)
Net change in borrowings on line-of-credit agreements		130			964			145
Principal payments on capital lease obligations		(8	)		(107	)		(16	)
Net change in restricted cash accounts		1,227			104			16
Intercompany accounts		62			180			27
Other financing activities		9			(2	)		0

Net cash used in/provided by financing activities		1,022			1,402			211

Effect of exchange rate changes on cash and cash equivalents		(17	)		12			2

Net change in cash and cash equivalents		596			(32	)		(5	)
Cash and cash equivalents at beginning of period		727			809			122

Cash and cash equivalents at end of period		1,323			777			117

~~Selling~~20 and administrative expenses increased SEK 3 million, in the nine months ended September 30, 2011, to SEK 2,457 million from SEK 2,454 million in the nine months ended September 30, 2010. Costs increased mainly due to the consolidation of the Danish travel agency DTF as from January 1, 2011, offset by the weakening of the U.S. dollar and the Euro against the SEK. Total selling and administrative expenses in the nine months ended September 30, 2011, were 12% of total revenues, the same as for nine months ended September 30, 2010.

Date: May 29, 2012

STENA AB (PUBL.)

/s/ Staffan Hultgren

Staffan Hultgren

Vice President & Deputy CEO and Principal Financial Officer

~~Depreciation~~Stena ~~and~~AB amortization charges decreased SEK 61 million, or 2%, in the nine months ended September 30, 2011, to SEK 2,668 million from SEK 2,729 million in the nine months ended September 30, 2010, mainly as a result of reduced depreciation charges due to a five-year extension to twenty years of the useful life of the DrillMAX drillships, offset by increased depreciation charges for new vessels delivered. The weakening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling rigs, which are denominated in U.S. dollars, contributed to the decrease in depreciation and ~~amortization~~Consolidated ~~charges.~~Subsidiaries

~~Financial~~Other ~~income~~data ~~and~~– ~~expense,~~Restricted ~~net~~Group

Financial income and expense, net, decreased by SEK (230) million in the nine months ended September 30, 2011 to SEK (1,386) million from SEK (1,156) million in the nine months ended September 30, 2010.

Three month period ended

March 31, 2011

March 31, 2012

SEK

(in millions)

OTHER DATA:

Adjusted EBITDA

1,049

735

111

~~Share~~Adjusted ofEBITDA ~~affiliated~~is ~~companies’~~defined ~~results~~as inincome ~~the~~from ~~nine~~operations ~~months~~plus ~~ended~~cash ~~September~~dividends 30received from affiliated companies, ~~2011~~interest income, depreciation and ~~2010~~amortization, ~~refers~~non-controlling tointerest ~~the~~and ~~Company’s~~non-cash ~~portion~~charges ofminus aggregate gains on vessel dispositions to the ~~results~~extent ofsuch ~~Midsona~~gains ABexceed ~~(publ),~~25% ~~Gunnebo~~of ABAdjusted ~~(publ)~~EBITDA ~~and~~net ~~MPP~~of ~~MediaTec~~all ~~Group~~such ABgains. AsInformation ofconcerning ~~September~~Adjusted ~~30,~~EBITDA ~~2011,~~is included ~~the~~because ~~Company’s~~it ~~interest~~conforms into the ~~capital~~definition of ~~Midsona~~Consolidated ~~was~~Cash ~~23.0%,~~Flow ~~its interest~~ in the ~~capital~~indentures ofgoverning ~~Gunnebo~~our ~~was~~Senior 26Notes.1% ~~and~~Adjusted ~~its~~EBITDA ~~interest~~is not a measure in ~~the~~accordance ~~capital~~with ofIFRS ~~MediaTec~~and ~~was~~should ~~42.7%. As~~not ofbe ~~September~~used ~~30,~~as ~~2010,~~an ~~the~~alternative ~~Company’s~~to ~~interest~~cash inflows ~~the~~or ~~capital~~as ofa ~~Midsona~~measure ~~was~~of liquidity ~~23.0%,~~and ~~its~~should ~~interest~~be read in ~~the~~conjunction ~~capital~~with ofthe ~~Gunnebo~~condensed ~~was~~consolidated ~~25.7%~~statements ~~and~~of ~~its~~cash ~~interest~~flows contained in ~~the~~our ~~capital~~condensed ofconsolidated ~~MediaTec~~financial ~~was~~statements 42included elsewhere herein.~~7%.~~

20The computation of Adjusted EBITDA and reconciliation to net cash provided by operating activities is presented below:

Stena AB and Consolidated Subsidiaries


	Three month period ended
	March 31, 2011			March 31, 2012
	SEK			SEK			$
	(in millions)
Income/(loss) from operations		180			(164	)		(24	)
Adjustments:
Interest income/(loss)		68			54			8
Depreciation and amortization		801			845			127
Adjusted EBITDA		1,049			735			111

Adjustments:
Gain on sale of vessels		—			(15	)		(2	)
Net cash flows from trading securities		(42	)		(45	)		(7	)
Interest expenses		(297	)		(318	)		(48	)
Unrealized foreign exchange (gains) losses		26			(222	)		(34	)
Provisions for pensions		50			(122	)		(18	)
Other non cash items		158			141			21
Changes in working capital		(188	)		(1,158	)		(175	)
Other items		(48	)		24			4

Net cash provided by operating activities		708			(980	)		(148	)

~~Net~~21 gain (loss) on securities in the nine months ended September 30, 2011, was SEK (242) million, of which SEK 155 million related to net realized gains on marketable securities and equity securities and investments in Special Purpose Entities (“SPEs”), SEK (460) million related to net unrealized losses on marketable securities and SEK 63 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the nine months ended September 30, 2010 was SEK 5 million, of which SEK (74) million related to net realized losses on marketable securities and equity securities and net losses in investments in SPEs, SEK 5 million related to net unrealized gains on marketable securities and SEK 74 million related to the termination of the financial lease of Stena Carron.

Interest income in the nine months ended September 30, 2011, decreased by SEK (25) million to SEK 332 million from SEK 357 million in the nine months ended September 30, 2010 due to decreased interest income in SPEs offset by increased interest rates from investment securities. Interest income related to investments in SPEs, included in total interest income, in the nine months ended September 30, 2011, decreased SEK (91) million to SEK 170 million from SEK 261 million in the nine months ended September 30, 2010.

Interest expense in the nine months ended September 30, 2011, increased by SEK 56 million to SEK (1,415) million from SEK (1,359) million reflecting higher debt outstanding, offset by decreased interest expenses in SPEs and the weakening of the U.S. dollar and EUR against the SEK. Interest expense for investments in SPEs in the nine months ended September 30, 2011, increased SEK (50) million to SEK (38) million from SEK (88) million in the nine months ended September 30, 2010.

During the nine months ended September 30, 2011, the Company had foreign exchange gains, net, of SEK 23 million. During the nine months ended September 30, 2010, the Company had foreign exchange gains, net, of SEK 47 million.

Other financial income (expense) of SEK (164) million for the nine months ended September 30, 2011, includes SEK (106) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (78) million related to bunker hedges. Other financial income (expense) of SEK (233) million for the nine months ended September 30, 2010 includes SEK (149) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations and investments in SPEs and SEK (27) million related to the repurchase of the senior notes 2013.

Income taxes

Income taxes for the nine months ended September 30, 2011, were SEK (246) million, consisting of current taxes of SEK (156) million and deferred taxes of SEK (90) million. Income taxes for the nine months ended September 30, 2010 were SEK (129) million, consisting of current taxes of SEK (126) million and deferred taxes of SEK (3) million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

Stena AB and Consolidated Subsidiaries

Liquidity and Capital Resources

Our liquidity requirements principally relate to servicing of debt, financing the purchase of vessels and other assets and funding of working capital. Historically, we have met our liquidity requirements with cash on hand, cash flows from operations, borrowings under various credit facilities and other financing and refinancing arrangements.

As of September 30, 2011, we had total cash and marketable securities of SEK 7,737 million as compared with SEK 9,922 million as of December 31, 2010.

For the nine months ended September 30, 2011, net cash flows provided by operating activities amounted to SEK 4,662 million, as compared to SEK 3,482 million in the first nine months ended September 30, 2010. The increase in cash flows from operating activities principally reflects improved working capital management and cash flows from trading securities offset by the decline in our net income. For the nine months ended September 30, 2011, cash flows used in investing activities amounted to SEK (6,874) million, including SEK (8,883) million related to capital expenditures. For the nine months ended September 30, 2010, cash flows used in investing activities amounted to SEK (7,070) million, including SEK (7,758) million related to capital expenditures. Cash flows provided from financing activities for the nine months ended September 30, 2011 amounted to SEK 2,016 million. For the nine months ended September 30, 2010, cash flows provided by financing activities amounted to SEK 4,391 million.

Total construction in progress as of September 30, 2011, was SEK 6,225 million, as compared to SEK 6,541 million as of December 31, 2010. The remaining capital expenditure commitment for new buildings on order as of September 30, 2011, was SEK 3,504 million, of which SEK 610 million is due during 2011, SEK 2,631 million is due during 2012 and SEK 262 million is due during 2013. Financing for approximately 89% of the unpaid balance has already been arranged. The Company plans to finance the remainder of this unpaid balance, together with additional expenses and financing costs, through cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans and other financing arrangements.

Total interest bearing debt as of September 30, 2011, was SEK 51,299 million, excluding debt in SPEs, as compared with SEK 47,964 million as of December 31, 2010. Interest bearing debt in SPEs as of September 30, 2011, was SEK 4,135 million as compared with SEK 5,140 million as of December 31, 2010. As of September 30, 2011, $755 million was utilized under our $1 billion revolving credit facility, including $24 million used for issuing bank guarantees and letters of credit. As of December 31, 2010, $909 million was utilized under our $1 billion revolving credit facility, including $25 million used for issuing bank guarantees and letters of credit. As of September 30, 2011, $134 was utilized under the $200 million revolving credit facility entered into by Stena Royal S.àr.l. (“Stena Royal”) compared to $107 as of December 31, 2010. As of September 30, 2011, the SEK 450 million facility in Adactum was fully utilized compared to SEK 418 million as of December 31, 2010. During 2010, we entered into a new SEK 6,660 million revolving credit facility with Svenska Handelsbanken and Nordea and guaranteed by EKN. As of September 30, 2011 this facility was utilized with SEK 3,411 million , compared to no utilization as of December 31, 2010.

We believe that, based on current levels of operating performance and anticipated market conditions, cash flow from operations, together with other available sources of funds, including refinancing, will be adequate to make required payments of principal and interest on outstanding debt, to permit proposed capital expenditures, including newbuildings, other vessel acquisitions, and to fund anticipated working capital requirements.

Stena AB and Consolidated Subsidiaries

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP

For the nine months ended September 30, 2011, Restricted Group Data represents the selected consolidated financial information excluding (i) the property business segment (other than two small properties), (ii) the new businesses Adactum segment, whose activities consist primarily of investing in companies outside our traditional lines of business, and (iii) our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd. Our real estate operations and the business of Adactum are conducted through various subsidiaries. For purposes of the indentures under which our Senior Notes were issued, real estate business and new businesses, Adactum, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal, Stena Investment Cyprus Ltd and Mondaldi Ltd, are designated as unrestricted subsidiaries and, as a result, are not bound by the restrictive provisions of these indentures.

In March 2010, we completed an offering of €200 million of Senior Notes due 2020. In April 2010, we redeemed the total $153 million outstanding principal amount of our Senior Notes due 2013 at a price of 102.5%. As of December 31, 2010, we had outstanding $128.8 million principal amount of Senior Notes due 2016, €300 million principal amount of Senior Notes due 2017, €102 million principal amount of Senior Notes due 2019 and €200 million principal amount of Senior Notes due 2020.

As of September 30, 2011, we had outstanding $128.8 million principal amount of Senior Notes due 2016, €300 million principal amount of Senior Notes due 2017, €102 million principal amount of Senior Notes due 2019 and €200 million principal amount of Senior Notes due 2020.

Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.7925, the noon buying rate on September 30, 2011.

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Income Statements – Restricted group

	Nine month period ended
	September 30, 2010			September 30, 2011
	(unaudited)
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,174			7,558		1,113
Drilling		5,846			5,115		753
Shipping		1,979			2,100		309
Property		7			6		1
Other		5			8		1
Total revenues		15,011			14,787		14,787
Net gain on sales of assets		4			27		4
Total other income		4			27		4
Direct operating expenses:
Ferry operations		(5,262	)		(5,694	)	(838	)
Drilling		(2,033	)		(2,047	)	(301	)
Shipping		(1,811	)		(1,606	)	(237	)
Property		(4	)		(3	)	(0	)
Other		(2	)		(5	)	(1	)
Total direct operating expenses		(9,112	)		(9,355	)	(1,377	)
Selling and administrative expenses		(1,610	)		(1,646	)	(243	)
Depreciation and amortization		(2,568	)		(2,514	)	(370	)
Total operating expenses		(13,290	)		(13,515	)	(1,990	)
Income from operations		1,725			1,299		191
Financial income and expenses:
Dividends received		13			14		2
Gain (loss) on securities, net		(66	)		(211	)	(31	)
Interest income		116			202		30
Interest expense		(828	)		(863	)	(127	)
Foreign exchange gains (losses), net		35			25		4
Other financial income (expenses), net		(118	)		(86	)	(13	)
Total financial income and expenses		(848	)		(919	)	(135	)
Income after financial income and expenses		877			380		56
Non-controlling interest		-			(5	)	(1	)
Income before tax		877			375		55
Income taxes		114			(65	)	(10	)
Net income		991			310		45

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Balance Sheets – Restricted Group

	December 31, 2010		September 30, 2011
	(unaudited)
	SEK		SEK		$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		262		806	119
Tangible fixed assets:
Vessels		28,753		35,756	5,264
Construction in progress		6,277		5,710	840
Equipment		1,580		1,413	208
Ports		1,042		1,011	149
Property		498		543	80
Total tangible fixed assets		38,150		44,433	6,541
Financial fixed assets:
Marketable securities		789		543	80
Intercompany accounts, noncurrent		6,100		5,997	883
Other assets		7,169		7,182	1,057
Total noncurrent assets		52,470		13,722	2,020
Current assets:
Inventories		290		225	33
Trade debtors		2,051		2,380	351
Other receivables		977		996	147
Intercompany accounts, current		270		-	-
Prepaid expenses and accrued income		1,450		1,087	160
Short-term investments		3,613		2,276	335
Cash and cash equivalents		727		818	120
Total current assets		9,378		7,782	1,146
Total assets		61,848		66,743	9,826

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity:
Share Capital	5	5	1
Reserves	22,298	22,324	3,287
Equity attributable to shareholders of the company	22,303	22,329	3,288
Non-controlling interest	103	107	16
Total Equity	22,406	22,436	3,304
Noncurrent liabilities:
Deferred income taxes	943	924	136
Other provisions	2,445	2,209	325
Long-term debt	22,866	25,594	3,768
Senior notes	6,256	6,370	938
Capitalized lease obligations	1,639	1,574	232
Other noncurrent liabilities	874	1,173	172
Total noncurrent liabilities	35,023	37,844	5,571
Current liabilities:
Short-term debt	1,376	1,358	200
Capitalized lease obligations	223	227	33
Trade accounts payable	557	856	126
Income tax payable	105	97	14
Other liabilities	571	1,493	220
Intercompany accounts, current	-	755	111
Accrued costs and prepaid income	1,587	1,677	247
Total current liabilities	4,419	6,463	951
Total shareholders’ equity and liabilities	61,848	66,743	9,826

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Statements of Cash Flow – Restricted Group

	Nine month period ended
	September 30, 2010			September 30, 2011
	(unaudited)
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income		991			310		45
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,568			2,514		370
Gain on sale assets		(4	)		(27	)	(4	)
(Gain) on securities, net		66			211		31
Unrealized foreign exchange (gains) losses		(2	)		200		29
Deferred income taxes		(182	)		(32	)	(4	)
Non-controlling interest		-			5		1
Other non-cash items		(167	)		74		11
Provision for pensions		(155	)		(163	)	(24	)
Net cash flows from trading securities		(101	)		154		23
Changes in working capital		(102	)		804		118
Net cash provided byoperating activities		2,912			4,050		596
Net cash flows from investing activities:
Purchase of intangible assets		(15	)		(21	)	(3	)
Cash proceeds from sale of property, vessels and equipment		29			40		6
Capital expenditure on property, vessels and equipment		(7,033	)		(7,749	)	(1,141	)
Purchase of subsidiaries, net of cash acquired		(127	)		(140	)	(21	)
Proceeds from sale of securities		53			110		16
Purchase of securities		(258	)		(86	)	(13	)
Other investing activities		(76	)		(106	)	(16	)
Net cash used in investing activities		(7,427	)		(7,952	)	(1,172	)
Net cash flows from financing activities:
Proceeds from issuance of debt		5,004			29		4
Principal payments on debt		(2,515	)		(928	)	(136	)
Net change in borrowings on line-of-credit agreements		3,289			3,146		463
Proceeds from new capitalized lease obligations………………………..		662			-		-
Principal payments on capital lease obligations		(46	)		(100	)	(15	)
Net change in restricted cash accounts		(1,048	)		1,177		173
Intercompany accounts		15			731		108
Dividends paid		(316	)		(240	)	(35	)
Other financing activities		70			141		21
Net cash provided by financing activities		5,115			3,956		583
Effect of exchange rate changes on cash and cash equivalents		(41	)		37		6
Net change in cash and cash equivalents		559			91		13
Cash and cash equivalents at beginning of period		568			727		107
Cash and cash equivalents at end of period		1,127			818		120

Stena AB and Consolidated Subsidiaries

Other data – Restricted Group

Nine month period ended September 30, 2010 September 30, 2011

SEK SEK $

	(in millions)
OTHER DATA:
Adjusted EBITDA	4,409	4,015	591

Adjusted EBITDA is defined as income from operations plus cash dividends received from affiliated companies, interest income, depreciation and amortization, non-controlling interest and non-cash charges minus aggregate gains on vessel dispositions to the extent such gains exceed 25% of Adjusted EBITDA net of all such gains. Information concerning Adjusted EBITDA is included because it conforms to the definition of Consolidated Cash Flow in the indentures governing our Senior Notes. Adjusted EBITDA is not a measure in accordance with IFRS and should not be used as an alternative to cash flows or as a measure of liquidity and should be read in conjunction with the condensed consolidated statements of cash flows contained in our condensed consolidated financial statements included elsewhere herein.

The computation of Adjusted EBITDA and reconciliation to net cash provided by operating activities is presented below:

	Nine month period ended
	September 30, 2010			September 30, 2011
	SEK			SEK			$
	(in millions)
Income from operations		1,725			1,299		191
Adjustments:
Interest income		116			202		30
Depreciation and amortization		2,568			2,514		370
Adjusted EBITDA		4,409			4,015		591
Adjustments:
Gain on sale of vessels		(4	)		(27	)	(4	)
Net cash flows from trading securities		(101	)		154		23
Interest expense		(828	)		(863	)	(127	)
Unrealized foreign exchange (gains) losses		(2	)		200		29
Provisions for pensions		(155	)		(163	)	(24	)
Other non cash items		(167	)		74		11
Changes in working capital		(102	)		804		118
Other items		(138	)		(144	)	(21	)
Net cash provided by operating activities		2,912			4,050		596

Filing Compare · STENA AB