UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the Month of ~~November~~May, ~~2010~~2011

Commission File Number: 33-99284

STENA AB (PUBL)

(Translation of registrant's name into English)

MASTHUGGSKAJEN, SE-405 19 GOTHENBURG, SWEDEN

(Address of principal executive offices)

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

Form 20-F x Form 40-F o ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T 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)(17): ........................

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation

S-T Rule 101(b)(7): ........................

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934:

Yes o ¨ No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). ........................

12g3-2(b):82-. ...................................

SIGNATURES

Pursuant 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.

Date: November 29, 2010 STENA AB (PUBL.)

Date: May 27, 2011	By:
	STENA AB (PUBL.)
	/s/ Staffan Hultgren


	Name:	Staffan Hultgren
	Title:	Vice President & Deputy CEO and Principal Financial Officer

By: /s/ Staffan Hultgren Name: Staffan Hultgren Title: Vice President & Deputy CEO and Principal Financial Officer

Stena AB and Consolidated Subsidiaries

Forward-looking statements

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 ~~references~~statements toregarding ~~assumptions~~our ~~that~~intentions, ~~management~~beliefs ~~believes~~or ~~are~~current ~~reasonable~~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.

Many factors could cause ~~the~~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. 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. Factors that could cause the actual results to differ materially from those expressed or implied in such forward-looking statements, include, but are not limited to:

- 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 ofin 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 ~~furnished~~we furnish to or ~~filed~~fil with the Securities and Exchange Commission from time to time.

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

Table of Contents Page

Table of Contents	Page

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Income Statements for the three month periods ended March 31, 2010, and March 31, 2011	3

Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2010 and March 31, 2011	4

Condensed Consolidated Balance Sheets as of December 31, 2010 and March 31, 2011	5

Consolidated Statements of Changes in Shareholders’ Equity for the three month periods ended March 31, 2010 and March 31, 2011	6

Condensed Consolidated Statements of Cash Flow for the three month periods ended March 31, 2010, and March 31, 2011	7

Notes to Condensed Consolidated Financial Statements	8-9

OPERATING AND FINANCIAL REVIEW	10-17

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP	18 – 22

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Income Statements for
the three month periods ended September 30, 2009 and September 30, 2010	3
Condensed Consolidated Income Statements for the nine month periods
ended September 30, 2009 and September 30, 2010	4
Consolidated Statements of Comprehensive Income for the
nine month periods ended September 30, 2009 and September 30, 2010	5
Condensed Consolidated Balance Sheets as of
December 31, 2009 and September 30, 2010	6
Consolidated Statements of Changes in Shareholders Equity for the nine
month periods ended September 30, 2009 and September 30, 2010	7
Condensed Consolidated Statements of Cash Flow for
the nine month periods ended September 30, 2009 and September 30, 2010	8
Notes to Condensed Consolidated Financial Statements	9 - 10
OPERATING AND FINANCIAL REVIEW	11 - 22
OTHER FINANCIAL INFORMATION – RESTRICTED GROUP	23 - 27

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Income Statements (unaudited)

		Three month period ended
		September 30, 2009			September 30, 2010
	March 31, 2010		March 31, 2011
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Revenues:
Ferry operations		1,651	31,~~307~~712	270		~~3,061~~		~~454~~
Drilling		1,838	1,~~851~~898	299		~~2,070~~		~~307~~
Shipping		627	~~703~~842	133		~~619~~		92
Property		598	~~555~~579	91		~~600~~		89
New Businesses, Adactum			1,034			1,016		152
New Businesses		1,025	996	157
Other		-	04	1		1		0
Total revenues		5,739	76,~~450~~031	951		~~7,367~~		~~1,094~~
Net valuation on investment properties		22	~~(49~~50	)8		~~144~~		21
Net gain on sales of assets		4	8-	-		11		2
Total other income		26	~~(41~~50	)8		~~155~~		23
Direct operating expenses:
Ferry operations		(1,469)	(1,~~974~~506)	(237)		~~(2,009~~	)	~~(298~~	)
Drilling		(664)	(~~556~~719)	(113)		~~(728~~	)	~~(108~~	)
Shipping		(550)	(~~835~~676)	(107)		~~(634~~	)	~~(94~~	)
Property		(270)	(~~147~~253)	(40)		~~(191~~	)	~~(29~~	)
New Businesses, Adactum			(748	)		(726	)	(108	)
New Businesses		(764)	(721)	(114)
Other		(1)	(1-	)-		-		-
Total direct operating expenses		(3,718)	(43,~~261~~875)	(611)		~~(4,288~~	)	~~(637~~	)
Selling and administrative expenses		(782)	(~~802~~846)	(133)		~~(858~~	)	~~(128~~	)
Depreciation and amortization		(875)	(~~791~~854)	(135)		~~(939~~	)	~~(139~~	)
Total operating expenses		(5,375)	(5,~~874~~575)	(879)		~~(6,085~~	)	~~(904~~	)
Income from operations		390	~~1,555~~506	80		~~1,437~~		~~213~~
Financial income and expense:
Share of affiliated companies results		(13)	-(1)	0		~~(13~~	)	(2	)
Dividends received		7	293	0		3		0
Gain (loss) on securities, net		13	~~116~~197	31		~~158~~		23
Interest income		104	~~149~~145	23		~~125~~		19
Interest expense		(439)	(~~457~~439)	(69)		~~(440~~	)	~~(65~~	)
Foreign exchange gains (losses), net			(71	)		(30	)	(4	)
Foreign exchange gains, net		43	16	3
Other financial income (expense), net			(64	)		(63	)	(9	)
Other financial expense, net		(38)	(66)	(11)
Total financial income and expense		(323)	(~~298~~145)	(23)		~~(260~~	)	~~(38~~	)
Income before taxes		67	~~1,258~~361	57		~~1,177~~		~~175~~
Income taxes		(27)	(595)	(1)		~~(26~~	)	(4	)
Net income		40	~~1,199~~356	56		~~1,151~~		~~171~~
Earnings attributable to:
Equity holders of the Parent Company		48	~~1,214~~359	56		~~1,142~~		~~170~~
Minority interests			(15	)		9		1
Non-controlling interest		(8)	3	0
Net Income		40	~~1,199~~356	56		~~1,151~~		~~171~~

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

Stena AB and Consolidated Subsidiaries

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

		Nine month period ended
	Three months period ended March 31,
		September 30, 2009			September 30, 2010
		2010	2011	2011
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Revenues:
Result for the period		40	356	56
Ferry operations			7,657			7,174		1,065
Other comprehensive income
Drilling			6,147			5,846		868
Fair value gains on available-for-sale financial assets, net of tax		17	272	43
Shipping			2,389			1,979		294
Cash flow hedges, net of tax		(141)	391	62
Property			1,668			1,792		266
Currency translation differences		(402)	(952)	(151)
New Businesses, Adactum			3,582			3,411		506
Equity hedge, net of tax		35	59	9
Other			2			6		1
Total comprehensive income for the period		(452)	126	19
Total revenues			21,445			20,208		3,000
Total comprehensive income attributable to:
Net valuation on investment properties			(346	)		318		47
- owners of the Parent company		(460)	132	20
Net gain on sales of assets			178			15		2
- Non-controlling interest		8	(6)	(1)
Total other income			(168	)		333		49
		(452)	126	19
Direct operating expenses:
Ferry operations			(5,396	)		(5,262	)	(781	)
Drilling			(2,092	)		(2,033	)	(302	)
Shipping			(2,441	)		(1,811	)	(269	)
Property			(555	)		(653	)	(97	)
New Businesses, Adactum			(2,616	)		(2,446	)	(363	)
Other			(21	)		(1	)	0
Total direct operating expenses			(13,121	)		(12,206	)	(1,812	)
Selling and administrative expenses			(2,427	)		(2,454	)	(364	)
Depreciation and amortization			(2,462	)		(2,729	)	(405	)
Total operating expenses			(18,009	)		(17,389	)	(2,581	)
Income from operations			3,267			3,152		468
Financial income and expense:
Share of affiliated companies results			18			(5	)	(1	)
Dividends received			81			32		5
Gain (loss) on securities, net			92			5		1
Interest income			567			357		53
Interest expense			(1,433	)		(1,359	)	(202	)
Foreign exchange gains (losses), net			(237	)		47		7
Other financial income (expense), net			(89	)		(233	)	(34	)
Total financial income and expense			(1,001	)		(1,156	)	(173	)
Income before taxes			2,266			1,996		295
Income taxes			5			(129	)	(19	)
Net income			2,271			1,867		276
Earnings attributable to:
Equity holders of the Parent Company			2,309			1,869		276
Minority interests			(38	)		(2	)	0
Net Income			2,271			1,867		276

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

Stena AB and Consolidated Subsidiaries

Consolidated Statements of Comprehensive Income (unaudited)

Nine month period ended September 30,

	2009			2010			2010
	SEK			SEK				$
	(in millions)
Result for the period		2,271			1,867			276
Other comprehensive income:
Fair value gains on available-for-sale financial assets, net of tax		848			(85	)		(13	)
Cash flow hedges, net of tax		1,510			31			5
Currency translation differences		(2,625	)		(1,738	)		(257	)
Equity hedge, net of tax		147			159			24
Equity method		-			(50	)		(7	)
Total comprehensive income for the period		2,151			184			28
Total comprehensive income attributable to:
- owners of the company		2,209			192			36
- minority interest		(58	)		(8	)		(8	)
Total comprehensive income for the period		2,151			184			28

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

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

December 31, 2009

September 30, 2010

December 31, 2010

March 31, 2011

SEK

~~SEK~~

ASSETS

(in millions)

Noncurrent assets:

Intangible assets

2,566

2,~~789~~756

434

~~2,601~~

~~386~~

Tangible fixed assets:

Vessels

28,753

2728,~~257~~194

4,445

~~29,122~~

~~4,324~~

Construction in progress

6,541

5,~~649~~962

940

~~5,304~~

~~788~~

Equipment

2,462

2,~~182~~322

366

~~2,505~~

~~372~~

Buildings and land

841

~~901~~868

137

~~843~~

~~125~~

Ports

1,042

~~915~~1,001

158

~~1,065~~

~~158~~

Total tangible fixed assets

39,639

3638,~~904~~347

6,046

~~38,839~~

~~5,767~~

Property

24,148

24,~~040~~300

3,831

~~24,307~~

~~3,609~~

Financial fixed assets:

Investment in affiliated companies

1,115

1,068

159

Investment in associated companies

1,205

1,200

189

Investment in SPEs

6,175

85,~~174~~204

820

~~6,335~~

~~941~~

Marketable securities

4,130

24,~~211~~216

665

~~2,997~~

~~445~~

Other assets

4,880

45,~~655~~287

834

~~4,354~~

~~646~~

Total financial fixed assets

16,390

1615,~~155~~907

2,508

~~14,754~~

~~2,191~~

Total noncurrent assets

82,743

7981,~~888~~310

12,819

~~80,501~~

~~11,953~~

Current assets:

Inventories

645

~~615~~715

113

~~624~~

Trade debtors

2,754

32,~~284~~931

462

~~3,334~~

~~495~~

Other receivables

1,116

1,~~721~~356

214

~~1,713~~

~~254~~

Prepaid expenses and accrued income

1,888

12,~~820~~031

320

~~1,811~~

~~269~~

Short-term investments

4,127

3,~~694~~354

529

~~3,950~~

~~586~~

Cash and cash equivalents

1,665

12,~~183~~227

351

~~1,901~~

~~282~~

Total current assets

12,195

12,~~317~~614

1,989

~~13,333~~

~~1,979~~

Total assets

94,938

9293,~~205~~924

14,808

~~93,834~~

~~13,932~~

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity:
Share Capital	5	5	1	5		1
Reserves	(1,096)	~~780~~(1,317)	(209)	~~(847~~	)	~~(125~~	)
Retained earnings	27,709	2530,~~723~~272	4,774	~~27,709~~		~~4,115~~
Net Income	2,566	~~2,364~~356	56	~~1,867~~		~~276~~
Minority interests		311		400		59
Non-controlling interests	264	233	37
Total shareholders’ equity	29,448	29~~.183~~,549	4,659	~~29,134~~		~~4,326~~
Noncurrent liabilities:
Deferred income taxes	4,057	34,~~646~~175	658	~~3,838~~		~~570~~
Pension liabilities	1,088	1,~~122~~116	176	~~898~~		~~133~~
Other provisions	1,492	1,~~920~~533	242	~~1,650~~		~~245~~
Long-term debt	38,190	3137,~~485~~100	5,849	~~36,737~~		~~5,455~~
Debt in SPEs	5,140	84,~~249~~823	760	~~5,373~~		~~798~~
Senior notes	6,256	6,~~147~~171	973	~~6,362~~		~~945~~
Capitalized lease obligations	1,644	1,~~908~~574	248	~~1,766~~		~~262~~
Other noncurrent liabilities	946	1,~~163~~079	170	~~1,079~~		~~159~~
Total noncurrent liabilities	58,813	5557,~~640~~571	9,076	~~57,703~~		~~8,567~~
Current liabilities:
Short-term debt	1,649	1,~~541~~546	244	~~1,805~~		~~268~~
Capitalized lease obligations	225	~~135~~217	34	~~235~~		35
Other interest bearing debt		682		-		-
Trade accounts payable	1,313	1,433	226
Trade accounts payable		1,311		1,099		163
Income tax payable	130	116	18
Income tax payable		150		122		18
Other current liabilities	1,024	985	156
Other current liabilities		1,329		1,577		234
Accrued costs and prepaid income	2,336	2,507	395
Accrued costs and prepaid income		2,234		2,159		321
Total current liabilities	6,677	6,804	1,073
Total current liabilities		7,382		6,997		1,039
Total shareholders’ equity and liabilities	94,938	93,924	14,808
Total shareholders’ equity and liabilities		92,205		93,834		13,932

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

Stena AB and Consolidated Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

	Attributable to equity holders of the company
(SEK in millions)	Share Capital	Reserves	Retained earnings incl. Net Income	Total	~~Minority~~Non-controlling interest	Total Equity
Closing balance as of December 31, 2008	5	1,186	25,896	27,087	367	27,454
Closing balance as of December 31, 2009	5	780	28,087	28,872	311	29,183
Exchange differences arising on the translation of foreign operations, net of tax		(~~2,605~~402)		(~~2,605~~402)	~~(20)~~	(~~2,625~~402)
Change in Hedging reserve, net of tax
Change in hedging reserve, net of tax
- bunker hedge		~~1,443~~(103)		~~1,443~~(103)		~~1,443~~(103)
- interest swap hedge		67(38)		67(38)		67(38)
Change in fair value reserve, net of tax		~~848~~17		~~848~~17		~~848~~17
Change in net investment hedge, net of tax		~~147~~35		~~147~~35		~~147~~35
Net income recognized directly in equity		(~~100~~491)		(~~100~~491)	~~(20)~~	(~~120~~491)
Net income			2,309	2,309	(38)	(2,271)
Equity method			(50)	(50)		(50)
Total recognized income and expense		(100)	2,309	2,209	(58)	2,151
Net income			48	48	(8)	40
Dividend			(190)	(190)		(190)
Total recognized income and expense		(491)	(2)	(493)	(8)	(501)
Transfer to charity trust			(20)	(20)		(20)
Closing balance as of March 31, 2010	5	289	28,085	28,379	303	28,682
Closing balance as of September 30, 2009	5	1,086	27,995	29,086	309	29,395

Closing balance as of December 31, 2009	5	780	28,087	28,872	311	29,183
Closing balance as of December 31, 2010	5	(1,096)	30,275	29,184	264	29,448
Acquired minority					97	97
Acquisition of subsidiary					(25)	(25)
Exchange differences arising on the translation of foreign operations, net of tax		(~~1,732~~943)		(~~1,732~~943)	(69)	(~~1,738~~952)
Change in hedging reserve, net of tax
- bunker hedge		~~(32)~~349		~~(32)~~349		~~(32)~~349
- interest swap hedge		6342		6342		6342
Change in fair value reserve, net of tax		~~(85)~~272		~~(85)~~272		~~(85)~~272
Change in net investment hedge, net of tax		~~159~~59		~~159~~59		~~159~~59
Equity method			(50)	(50)		(50)
Net income recognized directly in equity		(221)		(221)	(9)	(230)
Net income recognized directly in equity		(1,627)	(50)	(1,677)	(6)	(1,683)
Net income			353	353	3	356
Net income			1,869	1,869	(2)	1,867
Total recognized income and expense		(221)	353	132	(6)	126
Total recognized income and expense		(1,627)	1,819	192	(8)	184
Closing balance as of March 31, 2011	5	(1,317)	30,628	29,316	233	29,549
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.

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Statements of Cash Flow (unaudited)

		Nine month period ended
		Three month period ended
		September 30, 2009			September 30, 2010
	March 31, 2010		March 31, 2011
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Net cash flows from operating activities:
Net income		40	~~2,271~~356	56		~~1,867~~		~~276~~
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		875	~~2,462~~854	135		~~2,729~~		~~405~~
Net valuation of investment properties		(22)	~~346~~(50)	(8)		~~(318~~	)	~~(47~~	)
Gain on sale of assets			(178	)		(15	)	(2	)
Gain on sale of property, vessels and equipment		(4)	-	-
Gain on securities, net			(92	)		(5	)	(1	)
(Gain) on securities, net		(13)	(197)	(31)
Unrealized foreign exchange (gains) losses		(329)	~~545~~90	14		~~(90~~	)	~~(13~~	)
Deferred income taxes		38	(~~126~~23)	(4)		3		0
Provision for pensions		(40)	~~(167~~50	)8		~~(159~~	)	~~(24~~	)
Net cash flows from trading securities		(162)	(~~157~~18)	(3)		~~(131~~	)	~~(19~~	)
Share of affiliated companies results		13	~~(18~~1	)0		5		1
Other non cash items			(312	)		(163	)	(24	)
Other non-cash items		(83)	160	25
Receivables		(54)	~~2,658~~(262)	(41)		~~(228~~	)	~~(34~~	)
Prepaid expenses and accrued income		(258)	(92153)	(24)		21		3
Inventories		(50)	(1369)	(11)		~~(37~~	)	(5	)
Trade accounts payable		(77)	~~140~~75	12		~~(177~~	)	~~(26~~	)
Accrued costs and prepaid income		263	~~(849~~181	)29		(9	)	(1	)
Income tax payable		(26)	13(10)	(2)		~~(23~~	)	(3	)
Other current liabilities		20	(~~1,057~~164)	(26)		~~212~~		31
Net cash provided by operating activities		131	~~5,374~~821	129		~~3,482~~		~~517~~
Net cash flows from investing activities:
Purchase of intangible assets		(9)	(3211)	(2)		~~(21~~	)	(3	)
Cash proceeds from sale of property, vessels and equipment		131	~~465~~88	14		~~179~~		27
Capital expenditure on property, vessels and equipment		(1,213)	(71,~~246~~261)	(199)		~~(7,758~~	)	~~(1,152~~	)
Purchase of subsidiaries, net of cash acquired		-	-(143)	(22)		~~(127~~	)	~~(19~~	)
Investment in affiliated companies		-	(24)	(1)		-		-
Proceeds from sale of securities		1,703	31,~~633~~584	250		~~4,053~~		~~602~~
Purchase of securities		(1,239)	(~~2,153~~985)	(155)		~~(3,428~~	)	~~(509~~	)
Other investing activities		23	~~177~~(124)	(20)		32		5
Net cash used in investing activities		(604)	(~~5,158~~856)	(135)		~~(7,070~~	)	~~(1,049~~	)
Net cash flows from financing activities:
Proceeds from issuance of debt		1,964	~~4,462~~5	1		~~5,174~~		~~768~~
Principal payments on debt		(257)	(~~1,054~~414)	(65)		~~(5,232~~	)	~~(777~~	)
Net change in borrowings on line-of-credit agreements		(78)	~~(4,327~~458	)72		~~4,641~~		~~689~~
Proceeds from new capitalized lease obligations			-			662		98
Principal payments on capital lease obligations		(20)	(8)	(1)
Principal payments on capital lease obligations			(86	)		(47	)	(7	)
Net change in restricted cash accounts		(1,041)	620	98
Net change in restricted cash accounts			946			(360	)	(53	)
Other financing activities		7	(26)	(4)
Dividend paid			(190	)		(316	)	(47	)
Net cash provided by financing activities		575	635	101
Other financing activities			34			(131	)	(20	)
Effect of exchange rate changes on cash and cash equivalents		(25)	(38)	(6)
Net cash used in/provided by financing activities			(215	)		4,391		651
Net change in cash and cash equivalents		77	562	89
Effect of exchange rate changes on cash and cash equivalents			(113	)		(85	)	(13	)
Cash and cash equivalents at beginning of period		1,183	1,665	262
Net change in cash and cash equivalents			(112	)		718		106
Cash and cash equivalents at end of period		1,260	2,227	351
Cash and cash equivalents at beginning of period			1,431			1,183		176
Cash and cash equivalents at end of period			1,319			1,901		282

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

Stena AB and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1 Basis of presentation

The 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, ~~2009~~2010, which have been prepared in accordance with, International Financial Reporting Standards (“IFRS”).

The 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 ~~nine~~three months ended ~~September~~March 3031, ~~2010~~2011 are not necessarily indicative of the results to be expected for the full year.

Solely 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~~March 3031, ~~2010~~2011, of $1 = SEK 6.~~7351~~3430.

Note 2 Accounting policies

~~Except~~The ~~as described below, the~~ accounting policies applied are consistent with those of the ~~Company’s~~ annual financial statements for the year ended December 31, ~~2009~~2010, as described in those annual financial statements.

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

Stena AB and Consolidated Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 3 Segment information

			Three month period						Nine month period
(SEK in millions)		Three month period ended March 31,
			ended September 30,						ended September 30,
		2010	2011
			2009			2010			2009			2010
Income from operations:
			(SEK in millions)						(SEK in millions)
Ferry operations		(303)	(393)
Income from operations:
Drilling		564	625
Ferry operations				830			544			693			383
Shipping: Roll-on/Roll-off vessels		11	29
Drilling				747			632			2,473			1,867
Crude oil tankers		(84)	(68)
Shipping:	Roll-on/Roll-off vessels			25			5			86			45
Other shipping		7	60
	Crude oil tankers			(300	)		(135	)		(663	)		(286	)
Total shipping ing		(66)	21
	Other shipping			(9	)		(17	)		2			(9	)
Property:		282	278
	Net gain on sale of vessels			(2	)		-			149			-
Net gain on sale of properties		4	-
	Total shipping			(286	)		(147	)		(426	)		(250	)
Net valuations on investment properties		22	50
Property				357			364			970			1,000
Total property		308	328
	Net gain on sale of properties			10			6			29			10
New Businesses, Adactum		(29)	10
	Net valuations on investment
Other		(84)	(85)
	properties			(49	)		144			(346	)		318
Total		390	506
	Total property			318			514			653			1,328
New Businesses, Adactum				29			33			123			125
Other				(83	)		(139	)		(249	)		(301	)
Total				1,555			1,437			3,267			3,152

			Three month period				Nine month period
(SEK in millions)		Three month period ended March 31,
			ended September 30,				ended September 30,
		2010	2011
			2009		2010		2009		2010
Depreciation and amortization:
			(SEK in millions)				(SEK in millions)
Ferry operations		270	311
Depreciation and amortization:
Drilling		491	429
Ferry operations				267		295		818		850
Shipping: Roll-on/Roll-off vessels		33	36
Drilling				412		532		1,211		1,535
Crude oil tankers		21	19
Shipping:	Roll-on/Roll-off vessels			34		27		105		98
Other shipping		2	2
	Crude oil tankers			18		23		148		65
Total shipping		56	57
	Other shipping			3		2		9		7
Property		-	1
	Total shipping			55		52		262		170
New Businesses, Adactum		53	52
Property				0		0		1		0
Other		5	4
New Businesses, Adactum				56		52		166		161
Total		875	854
Other				1		8		4		13
Total				791		939		2,462		2,729

				Nine month period ended September 30,
(SEK in millions)		Three month periods ended March 31,
				2009	2010
		2010	2011
				(SEK in millions)
Capital expenditures:
Capital expenditures:
Ferry operations		515	690
Ferry operations				1,461	3,434
Drilling		548	155
Drilling				4,837	2,915
Shipping: Roll-on/Roll-off vessels		2	144
Shipping:	Roll-on/Roll-off vessels			12	473
Crude oil tankers		3	0
	Crude oil tankers			19	196
Other shipping		3	3
	Other shipping			6	5
Total shipping		8	147
	Total shipping			37	674
Property		123	185
Property				797	480
New Businesses, Adactum		11	83
New Businesses, Adactum				111	249
Other		8	1
Other				3	6
Total		1,213	1,261
Total				7,246	7,758

109

Stena AB and Consolidated Subsidiaries

OPERATING AND FINANCIAL REVIEW

The Company generates revenue 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 inof 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~~three months of ~~2010~~2011

InDuring ~~February~~autumn of 2010, weStena ~~committed~~Line toentered ~~invest~~into ~~approximately~~an ~~GBP~~agreement 80to ~~million~~acquire ~~in a new ferry port facility at Loch Ryan in Scotland for~~ the ~~future~~Danish ~~development~~travel ofagency ~~our~~DTF ~~Scotland–Northern~~(Dansk ~~Ireland~~Total ~~route.~~Ferie), ~~The~~a ~~construction~~market ~~work~~leading istravel ~~expected~~agency tofor ~~take~~vacations ~~approximately~~by 20car ~~months and be completed~~ in ~~2012~~Denmark. AThe ~~Harbor~~travel ~~Empowerment~~agency ~~Order~~was ~~(HEO)~~acquired toas ~~allow the creation~~ of ~~the~~January ~~new~~1, ~~port has been granted by the Scottish government~~2011.

InStena ~~February~~Line ~~2010,~~has we entered into ana slot charter agreement towith ~~sell~~DFDS on the ~~RoPax~~Esbjerg-Harwich ~~vessel~~and ~~Götaland,~~Esbjerg-Immingham ~~with~~routes. ~~delivery~~This inmeans ~~September~~that ~~2010~~Stena atLine as from January 2011 also can offer a ~~gain~~freight ofservice ~~SEK~~between 5Denmark ~~million~~and UK.

InStena ~~March~~Line ~~2010~~has as of December1, we2010 ~~issued~~from aDFDS ~~ten-year~~acquired ~~bond~~two inroutes on the ~~amount~~Irish ofSea: ~~EUR~~Liverpool–Belfast ~~200~~and ~~million~~Heysham–Belfast. ~~with~~Since the acquisition is subject to a ~~coupon~~formal ofapproval ~~7.875%~~from ~~and~~the ~~maturity~~British incompetition ~~2020~~authority, these routes are being held separated from our other business until approval is given.

InStena ~~April~~Transporter, ~~2010~~a new built Ropax vessel, wewas ~~redeemed~~delivered ~~all~~in ofJanuary ~~our~~from ~~outstanding~~Samsung 7Heavy Industries in Korea.5% ~~Senior~~Stena ~~Notes~~Transporter ~~due~~is ~~2013~~the ~~(representing~~first ~~U.S.~~vessel ~~dollar~~of ~~153~~two ~~million~~ordered infrom ~~aggregate~~Samsung. ~~principal~~The ~~amount)~~vessels atare aon ~~price~~operation ofon ~~$102.5%~~the ofroute ~~par~~Hoek ~~value~~van Holland and Killingholme.

In ~~April~~February ~~2010,~~the vessel Highlanders (previously called Stena ~~Renewable~~Traveller) ~~acquired~~was ~~five~~delivered ~~new~~to ~~wind~~the ~~power~~Canadian ~~systems~~company ~~near~~Marine ~~Härnösand~~Atlantic Inc. Highlanders has been rebuilt in the same way as her sister vessel Blue Puttees (previously called Stena Trader), ~~Sweden~~meaning that the vessel has been shortened by 12 meters and has had its passenger capacity increased. Blue Puttees and Highlanders will operate between North Sydney, ~~for~~Nova Scotia and Port aux Basque, Newfoundland on a ~~cash~~charter ~~price~~for ofa ~~SEK~~minimum 56of ~~million~~five years.

~~On May 7, 2010, the first of our two superferries,~~ Stena ~~Hollandica,~~Bulk ~~was~~A/S ~~delivered~~and ~~from~~Dannebrog ~~the~~Rederi ~~German shipyard Wadan Yards in Wismar. The vessel commenced operation on the Hoek van Holland~~A/~~Harwich~~S ~~route~~signed ~~from~~a ~~mid~~joint ~~May.~~venture ~~The~~agreement ~~second vessel, Stena Britannica, was delivered~~ on ~~September~~March 2925, ~~2010.~~2011 ~~After~~regarding ~~delivery of these superferries,~~ the ~~former~~ownership ~~Stena~~in ~~Hollandica and~~ Stena ~~Britannica~~Weco (to be renamed Stena Germanica and Stena Scandinavica, respectively) have been moved from the North Sea to the Gothenburg–Kiel route and the current Stena Germanica and Stena Scandinavica (to be renamed Stena Vision and Stena Spirit) will be moved to the Karlskrona– Gdynia routeA/S. The ~~All~~new ~~four~~joint ~~vessels~~venture will ~~undergo~~charter ~~extensive~~and ~~renovations.~~operate ~~The Gothenburg-Travemünde route was closed on September 1, 2010 as~~ a ~~result~~fleet of ~~the increased freight capacity of the new vessels on the Gothenburg – Kiel route. The two vessels formerly on the Gothenburg~~30-~~Travemünde~~40 ~~route,~~Handy ~~Stena Carrier~~ and ~~Stena~~Medium ~~Freighter,~~Range ~~are~~product ~~being moved to the route Rotterdam-Harwich~~tankers.

InAs ~~May~~of ~~2010~~March 31, a2011 ~~Suezmax~~Stena ~~tanker~~Adactum ~~was~~owns ~~ordered~~99% ~~from~~of ~~Samsung,~~the ~~South~~shares ~~Korea, for delivery~~ in ~~2013~~Ballingslöv.

In ~~May~~March ~~2010~~2011, ~~Stena~~the ~~RoRo~~drilling ~~has,~~rig ~~on behalf of~~ Stena ~~Line,~~Tay ~~reached~~was ansold ~~agreement~~subject ~~with Marine Atlantic~~ to ~~charter~~certain ~~Stena~~conditions ~~Trader~~being ~~and Stena Traveller~~met, ~~previously~~ ~~operating on Hoek van Holland and Killingholme, for five years~~ with ~~the~~expected ~~right~~delivery toin ~~extend~~ the ~~agreement~~fourth ~~for~~quarter ~~two five-year periods~~2011. Marine Atlantic is a Canadian Federal Crown Corporation and is responsible for the ferry crossing between Nova Scotia and Newfoundland. The vessels will be customized according to Marine Atlantic’s requirements. Marine Atlantic also has the right to purchase the vessels.

InStena ~~June~~Property ~~2010,~~sold weone ~~sold~~property ~~the~~for ~~joint~~SEK ~~venture~~85 ~~Crowley~~million ~~Shipping~~during ~~for~~the afirst ~~gain~~quarter of ~~SEK 19 million~~2011.

InSUBSEQUENT ~~July 2010, Stena RoRo purchased the previously leased vessel Borja, and the vessel was renamed Baltic Amber.~~EVENTS

In ~~July 2010~~April, 2011 Stena ~~Line~~RoRo acquired ~~51% of a company that owns~~ the ~~port~~vessel, ofDublin ~~Karlskrona~~Seaways, infrom ~~Sweden,~~DFDS for aEUR ~~cash~~24 ~~price of SEK 127~~ million.

In May 2011 three LNG (Liquified Natural Gas) vessels were acquired for a total purchase price of USD 667 million. The first vessel, Bluesky, was built in 2006 and is on a charter to Gazprom for 22 months. The second and third vessel, Clearsky and Crystalsky, are newly built and will be delivered in May 2011.

In May, 2011 three vessels, Stena Leader, Stena Pioneer and Stena Seafarer have been sold for an aggregate price of USD 6.5 million.

The Competition Commission in UK has provisionally cleared Stena AB’s completed acquisition of two Irish Sea ferry services from DFDS A/S. Final report is due in July 2011.

Stena AB and Consolidated Subsidiaries

In May 2011, the English Court of Appeals affirmed a High Court ruling that 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 had been found to have a deficit. Stena Line has been providing funds to reduce the deficit. 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 contributions will be significantly reduced.

Stena AB and Consolidated Subsidiaries

InCurrency ~~September 2010, Stena entered into a seven year Revolving Credit facility agreement for SEK 6,660 million with a guarantee provided by the Swedish Export Association.~~effects

InOur revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the ~~first~~U.S. ~~nine~~dollar, ~~months~~the British pound and the euro. We seek to mitigate the impact of ~~2010~~potential adverse foreign currency exchange fluctuations by matching, to the extent possible, revenues and expenses in the same currency. In addition, we ~~sold~~enter ~~properties~~into ~~for~~certain aderivative ~~gain~~financial instruments. In the period ended March 31, 2011, approximately 39% of ~~SEK~~our 10total ~~million~~revenues were generated in U.S. dollars and approximately 27% were generated in SEK.

~~SUBSEQUENT~~In ~~EVENTS~~the period ended March 31, 2011, approximately 33% of our total expenses were incurred in U.S. dollars and approximately 28% were incurred 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:

Stena Transfer and Stena Partner, two vessels that operated on the route Rotterdam-Harwich, have been sold.

Average rates:	Jan-Mar	Jan-Mar	Change
	2010	2011

US $	7.1918	6.4830	(10)%
British pound	11.2133	10.3899	(7)%
Euro	9.9440	8.8685	(11)%

Closing rates:	As of	As of	Change
	Dec 31, 2010	Mar 31, 2011

US $	6.7273	6.3133	(6)%
British pound	10.4942	10.1316	(3)%
Euro	9.0089	8.9539	(1)%

New charter contracts have been entered into for the drilling units Stena Don and Stena Spey whereby the units are contracted until Q4 2013 and Q4 2011, respectively.

Stena AB and Consolidated Subsidiaries

~~Currency~~THREE ~~effects~~MONTHS ENDED MARCH 31, 2011, COMPARED TO THREE MONTHS ENDED

~~The~~MARCH ~~Company's 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 (GBP) 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. Although the Company seeks to hedge the net effect of such fluctuations, our reported gross revenues and expenses are influenced by changes in the currency rates. In the nine months ended September 30, 2010, approximately 33% of the Company's total revenues were generated in U.S. dollars, approximately 26% were generated in SEK, approximately 18% were generated in Euros and approximately 11% were generated in GBP. Also, approximately 26% of the Company's total expenses were incurred in U.S. dollars, approximately 32% were incurred in SEK, approximately 15% were incurred in GBP and approximately 12% were incurred in Euros. The exchange rates as used for consolidation purposes are as follows:

Average rates:	July- September	July- September		January- September	January- September
	2009	2010	Change	2009	2010	Change
US $	7.79	7.31	(6%)	7.86	7.35	(6%)
British pound	11.92	11.27	(5%)	12.09	11.26	(7%)
Euro	10.64	9.51	(11%)	10.71	9.65	(10%)
Closing rates:				As of	As of	Change
				December 31,	September 30,
				2009	2010
US $				7.1553	6.7675	(5%)
British pound				11.5704	10.6439	(8%)
Euro				10.2506	9.2025	(10%)

Revenues

Total revenues increased SEK 292 million, or 5%, in the three months ended March 31, 2011to SEK 6,031 million from SEK 5,739 million in the three months ended March 31, 2010, as a result of increased revenues in all segments except for the property and new businesses operations, offset by the weakening of the U.S. dollar, the Euro and the GBP against the SEK.

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight haulage and on board sales. Revenues from ferry operations increased SEK 61 million, or 4%, in the three months ended March 31, 2011, to SEK 1,712 million from SEK 1,651 million in the three months ended March 31, 2010, mainly due to increased travel revenues after the consolidation of the Danish travel agency DTF as from January 1, 2011, offset by lower freight haulage revenues and onboard sales as a consequence from lower freight and passenger volumes. Revenues also decreased as an effect of the weakening of the Euro and the GBP against the SEK.

Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations increased SEK 60 million, or 3%, in the three months ended March 31, 2011, to SEK 1,898 million from SEK 1,838 million in the three months ended March 31, 2010, mainly reflecting a planned off-hire period for Stena Don, which undertook a five-year special periodic survey in the first quarter of 2010, offset by the weakening of the U.S. dollar against the SEK.

Shipping. 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 increased SEK 215 million, or 34%, in the three months ended March 31, 2011, to SEK 842 million from SEK 627 million in the three months ended March 31, 2010.

Revenues from crude oil tankers increased SEK 138 million, or 29%, in the three months ended March 31, 2011, to SEK 611 million from SEK 473 million in the three months ended March 31, 2010, mainly due to higher operated tonnage, offset by the weakening of the U.S. dollar against the SEK. In the three months ended March 31, 2011, the Company operated an average of 32 tankers (chartered in or owned), compared to an average of 25 tankers in the three months ended March 31, 2010.

Revenues from chartering out Roll-on/Roll-off vessels increased SEK 19 million, or 19%, in the three months ended March 31, 2011, to SEK 118 million from SEK 99 million in the three months ended March 31, 2011, mainly due to new charter contracts with Marine Atlantic for Highlanders and Blue Puttees, offset by the weakening of the Euro against the SEK.

Revenues from Other Shipping increased SEK 58 million, or 105 %, in the three months ended March 31, 2011, to SEK 113 million from SEK 55 million in the three months ended March 31, 2010, mainly due to the receipt of USD 10 million (SEK 64.8 million) for a patent infringement, offset by the weakening of the U.S. dollar and the GBP against the SEK.

Property. Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations decreased SEK 19 million, or 3%, in the three months ended March 31, 2011, to SEK 579 million from SEK 598 million in the three months ended March 31, 2010, due to lower number of properties together with the weakening of the Euro against the SEK.

New Businesses Adactum. Adactum revenues consist of revenues from Adactum’s subsidiaries. Revenues from Adactum decreased SEK 29 million, or 3%, in the three months ended March 31, 2011, to SEK 996 million from SEK 1,025 million in the three months ended March 31, 2010, mainly due to the strengthening of the SEK affecting both “Envac” and “Ballingslöv”, offset by increased revenues from five new acquired wind power plants near Härnösand in Sweden in April 2010. Of the total revenues in the three months ended March 31, 2011, SEK 526 million related to Ballingslöv, SEK 201 million related to “Blomsterlandet”, SEK 233 million related to Envac and SEK 36 million related to “Stena Renewable”, as compared to SEK 558 million related to Ballingslöv, SEK 205 million related to Blomsterlandet, SEK 245 million related to Envac and SEK 17 million related to Stena Renewable in the three months ended March 31, 2010.

Stena AB and Consolidated Subsidiaries

~~THREE~~Other ~~MONTHS ENDED SEPTEMBER 30, 2010, COMPARED TO THREE MONTHS ENDED~~income

~~SEPTEMBER~~Net 30valuation on investment property. As a result of revaluation to fair value according to IAS 40 “Investment properties”, ~~2009~~the Company had net gains of SEK 50 million for the three months ended March 31, 2011, as compared to gains of SEK 22 million for the three months ended March 31, 2010, mainly due to an increase in investment property market values on the Swedish property market.

~~Revenues~~Net Gain on Sale of Vessels, Shipping. In the three months ended March 31, 2011 and 2010, respectively, no sales of vessels were made.

~~Total~~Net ~~revenues~~Gain ~~decreased~~on ~~SEK~~Sale 83of ~~million,~~Properties. orIn ~~1%, in~~ the three months ended ~~September~~March 3031, ~~2010~~2011, tono ~~SEK~~gain ~~7,367~~on ~~million~~sale ~~from~~of ~~SEK~~properties ~~7,450~~were recorded. ~~million~~In in the three months ended ~~September~~March 3031, ~~2009~~2010, asgains ~~a result~~ of ~~reduced~~SEK ~~revenues~~4 inmillion ~~all~~were ~~segments~~recorded ~~except~~on ~~for~~sale ~~the drilling and property operations, together with the weakening~~ of ~~the U~~properties.~~S. dollar, the Euro and the GBP against the SEK.~~

~~Ferry~~Direct ~~operations.~~operating Ferry revenues are primarily generated from ticket sales, freight haulage and on-board sales. Revenues from ferry operations decreased SEK 246 million, or 7%, in the three months ended September 30, 2010 to SEK 3,061 million from SEK 3,307 million in the three months ended September 30, 2009, mainly due to reduced revenues from ticket sales, on-board sales and freight haulage as a consequence of lower volumes for cars, passengers and freight units. Revenues also decreased as an effect of the weakening of the Euro and the GBP against the SEK.expenses

~~Drilling.~~Total ~~Drilling~~direct ~~revenues~~operating ~~consist~~expenses ~~of charter hires for our drilling rigs. Revenues from drilling operations~~ increased SEK ~~219~~157 million, or 124%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK 23,~~070~~875 million from SEK 13,~~851~~718 million in the three months ended ~~September~~March 3031, ~~2009~~2010, mainly ~~due~~as toa ~~operations~~result of ~~the~~increased ~~third~~operating ~~DrillMAX~~expenses ~~vessel,~~in ~~Stena~~the ~~Forth~~tanker, ~~delivered~~drilling inand ~~August~~ferry ~~2009~~operations, ~~together~~offset ~~with~~by the ~~effect~~weakening of ~~an off-hire period in~~ the ~~third quarter of 2009 for Stena Tay~~Euro, ~~which~~U.S. ~~undertook~~dollar aand ~~five-year~~the ~~special~~GBP ~~periodic~~against ~~survey,~~the ~~offset~~SEK bytogether anwith ~~off-hire~~lower ~~period~~operating ~~for~~expenses ~~the Stena Carron~~ in ~~July~~the ~~2010~~property and bynew ~~the~~business ~~weakening of the U~~segments.~~S. dollar against the SEK.~~

~~Shipping~~Ferry operations. ~~Shipping~~Direct ~~revenues~~operating ~~primarily~~expenses for ferry operations consist principally of ~~charter~~personnel ~~hires~~costs, ~~for~~costs ~~our~~of ~~owned~~goods ~~and~~sold ~~chartered~~on inthe vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and ~~management~~other ~~fees~~related ~~for~~costs. ~~vessels~~A ~~managed~~significant byportion usof these costs do not vary as a result of changes in our seasonal requirements. ~~Revenues~~Direct ~~from~~operating ~~shipping~~expenses for ferry operations ~~decreased~~increased SEK 8437 million, or 123%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK ~~619~~1,506 million from SEK ~~703~~1,469 million in the three months ended ~~September~~March 3031, ~~2009~~2011, mainly due to increased product costs due to the consolidation of the Danish travel agency DTF as per January 1, 2011, and increased expenses for bunker fuel , offset by lower ship costs due to rationalization with less vessels together with the weakening of the Euro and the GBP against the SEK. Direct operating expenses for ferry operations for the three months ended March 31, 2011, were 88% of revenues, as compared to 89% for the three months ended March 31, 2010.

~~Revenues~~Drilling. ~~from~~Direct ~~crude~~operating ~~oil~~expenses ~~tankers~~for ~~decreased~~drilling consist primarily of personnel costs, fuel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased SEK 5255 million, or 108%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK ~~490~~719 million from SEK ~~542~~664 million in the three months ended ~~September~~March 3031, ~~2009,~~2010. The increase mainly ~~due~~reflects toa ~~lower~~planned ~~charter~~off ~~rates~~hire inperiod ~~the~~for ~~spot~~Stena ~~market~~Don, ~~and~~which undertook a ~~lower~~five-year ~~number~~special ofperiodic ~~tonnage~~survey ~~operated~~in the first quarter of 2010, ~~together~~offset ~~with~~by the weakening of the U.S. dollar against the SEK. InDirect ~~the~~operating ~~three~~expenses ~~months~~from ~~ended~~drilling ~~September~~operations ~~30,~~for ~~2010,~~ the ~~Company~~three ~~operated~~months anended ~~average~~March of31, 302011 ~~tankers~~were ~~(chartered~~38% inof ordrilling ~~owned)~~revenues, as compared to an36% ~~average~~for ~~of 33 tankers in~~ the three months ended ~~September~~March 3031, ~~2009~~2010.

~~Revenues~~Shipping. ~~from~~Direct ~~chartering~~operating ~~out~~expenses ~~Roll-on/Roll-off~~for ~~vessels~~shipping ~~decreased~~consist ~~SEK~~primarily 25of ~~million,~~vessel orcharter ~~22%~~costs, infuel ~~the~~costs, ~~three~~personnel ~~months ended September 30~~costs, ~~2010~~insurance toand ~~SEK~~other 90related ~~million~~vessel ~~from~~costs. ~~SEK~~Direct ~~115~~operating ~~million~~expenses infor ~~the~~shipping ~~three~~operations ~~months~~increased ~~ended~~SEK ~~September~~126 30million, ~~2009,~~or ~~mainly due to~~23%, an ~~off-hire~~in ~~period for~~ the ~~RoRo~~three ~~vessel~~months ~~Mont~~ended ~~Ventoux~~March ~~during the third quarter of 2010~~31, ~~and~~2011 ~~reduced~~to ~~charter~~SEK ~~hires~~676 ~~for~~million ~~the~~from ~~RoPax~~SEK ~~vessel~~550 ~~Baltic~~million ~~Amber~~in ~~and~~ the ~~RoRo~~three ~~vessel~~months ~~Mont~~ended ~~Ventoux~~March ~~together~~31, ~~with the weakening of the Euro against the SEK~~2010.

~~Revenues~~Direct ~~from~~operating ~~Other~~expenses ~~Shipping~~associated ~~decreased~~with crude oil tankers increased SEK 7127 million, or 15 26%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK 39624 million from SEK 46497 million in the three months ended ~~September~~March 3031, ~~2009~~2010, mainly due to increased number of vessels operated, offset by reduced costs of the operating fleet together with the weakening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the three months ended March 31, 2011, were 102% of revenues, as compared to 105% for the three months ended March 31, 2010. 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.

~~Property.~~Direct ~~Property~~operating ~~revenues~~expenses ~~consist~~with ofrespect ~~rents~~to ~~for~~Roll-on/Roll-off ~~properties~~vessels ~~owned~~decreased ~~and management fees for properties managed~~ by ~~the Company. Revenues from property operations increased~~ SEK 455 million, or 811%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK ~~600~~41 million from SEK ~~555~~46 million in the three months ended ~~September~~March 3031, ~~2009~~2010, mainly due tothe ~~increased~~weakening ~~rents~~of ~~and~~the ~~higher~~Euro ~~occupancy~~against ~~rates,~~the ~~partly~~SEK. ~~offset~~Direct byoperating expenses for Roll-on/Roll-off vessels for the ~~weakening~~three months ended March 31, 2011, were 35% of ~~the~~revenues, ~~Euro~~as ~~against~~compared to 46% for the ~~SEK~~three months ended March 31, 2010.

~~New~~Direct ~~Businesses~~operating ~~Adactum.~~expenses ~~Adactum~~with ~~revenues~~respect ~~consist~~to ofOther ~~revenues~~Shipping ~~from~~increased ~~Adactum’s subsidiaries. Revenues from Adactum decreased~~ SEK 184 million, ~~or 2%,~~ in the three months ended ~~September~~March 3031, ~~2010~~2011 to SEK ~~1,016~~11 million from SEK ~~1,034~~7 million in the three months ended ~~September~~March 3031, ~~2009,~~2010. ~~mainly~~Direct ~~due~~operating toexpenses ~~the~~for ~~strengthening~~Other ofShipping ~~the~~for ~~SEK affecting both Envac AB (“Envac”) and Ballingslöv International AB (publ) (“Ballingslöv”), together with reduced revenues generated by Envac due to delayed startup of new projects. Of~~ the ~~total revenues in the~~ three months ended ~~September~~March 3031, ~~2010,~~2011 ~~SEK~~were ~~499~~10% ~~million~~of ~~related to Ballingslöv~~revenues, ~~SEK 187 million related to Blomsterlandet AB (“Blomsterlandet”), SEK 308 million related to Envac and SEK 22 million related to Stena Renewable AB (“Stena Renewable”),~~ as compared to ~~SEK~~13% ~~514~~for ~~million related to Ballingslöv, SEK 187 million related to Blomsterlandet, SEK 314 million related to Envac and SEK 20 million related to Stena Renewable in~~ the three months ended ~~September~~March 3031, ~~2009~~2010.

Stena AB and Consolidated Subsidiaries

~~Net~~Property. ~~valuation~~Property onexpenses ~~investment~~consist primarily of maintenance, heating and personnel costs. Direct operating expenses for property operations decreased SEK 17 million, or 6%, in the three months ended March 31, 2011, to SEK 253 million from SEK 270 million in the three months ended March 31, 2010, mainly due to reduced operating expenses as a consequence of lower number of properties together with the weakening of the Euro against the SEK. Direct operating expenses for property operations for the three months ended March 31, 2011, were 44% of property revenues, as compared to 45% for the three months ended March 31, 2010.

~~Net~~New ~~valuation~~Businesses onAdactum. ~~investment~~Direct ~~properties~~operating expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations decreased SEK 43 million, or 6%, in the three months ended March 31, 2011, Asto aSEK ~~result~~721 ofmillion ~~revaluation~~from SEK 764 million in three months ended March 31, 2010, mainly due to ~~fair~~lower ~~value~~operating ~~according~~costs in Envac and Ballingslöv due to ~~IAS~~effective 40cost ~~(“Investment~~control ~~properties”)~~and to some extent due to reduced volumes, together with the ~~Company~~weakening ~~had~~of ~~net~~the ~~gains~~Euro ofand the GBP against the SEK. ~~144~~Of ~~million~~the ~~for~~total operating expenses in the three months ended ~~September~~March 3031, ~~2010~~2011, SEK 339 million related to Ballingslöv, SEK 208 million related to Blomsterlandet, SEK 168 million related to Envac and SEK 4 million related to Stena Renewable, as compared to ~~net~~SEK ~~losses~~360 ofmillion related to Ballingslöv, SEK ~~(49)~~212 million related to Blomsterlandet, SEK 187 million related to Envac and SEK 3 million related to Stena Renewable in the three months ended March 31, 2010. Direct operating expenses for Adactum operations for the three months ended ~~September~~March 3031, ~~2009~~2011, ~~mainly~~were ~~due~~72% toof anrevenues, ~~increase~~as incompared ~~investment~~to ~~property~~75% ~~market~~for ~~values~~the inthree ~~the~~months ~~Swedish~~ended ~~market~~March 31, 2010.

Net gain on sale of assets

Net Gain on Sale of Vessels. In the three months ended September 30, 2010, gains of SEK 5 million were recorded on the sale of the RoPax vessel Götaland. In the three months ended September 30, 2009, no vessel sales were made.

Net Gain on Sale of Properties. In the three months ended September 30, 2010, gains of SEK 6 million were recorded on sale of properties. In the three months ended September 30, 2009, gains of SEK 10 million were recorded on sale of properties.

Direct operating expenses

Total direct operating expenses increased SEK 27 million, or 1%, in the three months ended September 30, 2010 to SEK 4,288 million from SEK 4,261 million in the three months ended September 30, 2009, mainly as a result of increased operating expenses in all segments except for the crude oil and the new businesses operations segments, offset by the weakening of the Euro, the U.S. dollar and the GBP against the SEK.

Ferry 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 does not vary as a result of changes in our seasonal requirements. Direct operating expenses for ferry operations increased SEK 35 million, or 2%, in the three months ended September 30, 2010 to SEK 2,009 million from SEK 1,974 million in the three months ended September 30, 2009, mainly due to increased expenses for bunker fuel, offset by decreased costs for products due to lower sales and the effects from our cost-saving projects, 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, 2010 were 66% of revenues, as compared to 60% for the three months ended September 30, 2009.

Drilling. Direct operating expenses for drilling consist primarily of personnel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased SEK 172 million, or 31%, in the three months ended September 30, 2010 to SEK 728 million from SEK 556 million in the three months ended September 30, 2009. The increase is mainly due to higher operating expenses and personnel costs for the operation of the first DrillMAX vessel Stena Drillmax, operated for Repsol in Brazil, together with an off-hire period for Stena Tay, due to the five-year special periodic survey, in the third quarter of 2009, offset by the weakening of the U.S. dollar against the SEK. Direct operating expenses from drilling operations for the three months ended September 30, 2010 were 35% of drilling revenues, as compared to 30% for the three months ended September 30, 2009.

Shipping. 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 201 million, or 24%, in the three months ended September 30, 2010 to SEK 634 million from SEK 835 million in the three months ended September 30, 2009.

Direct operating expenses associated with crude oil tankers decreased SEK 213 million, or 27%, in the three months ended September 30, 2010 to SEK 568 million from SEK 781 million in the three months ended September 30, 2009, mainly due to lower business activity, a reduced fleet and the weakening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the three months ended September 30, 2010, were 116% of revenues, as compared to 144% for the three months ended September 30, 2009. 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.

Direct operating expenses with respect to Roll-on/Roll-off vessels increased by SEK 9 million, or 22%, in the three months ended September 30, 2010 to SEK 50 million from SEK 41 million in the three months ended September 30, 2009, mainly due to higher operating expenses for the RoPax vessel Baltic Amber, offset by the weakening of the Euro against the SEK. Direct operating expenses for Roll-on/Roll-off vessels for the three

Stena AB and Consolidated Subsidiaries

months ended September 30, 2010 were 56% of revenues, as compared to 36% for the three months ended September 30, 2009.

Direct operating expenses with respect to Other Shipping increased SEK 3 million in the three months ended September 30, 2010 to SEK 16 million from SEK 13 million in the three months ended September 30, 2009, mainly due to increased wage expense related to a larger number of employees in Northern Marine Management. Direct operating expenses for Other Shipping for the three months ended September 30, 2010 were 41% of revenues, as compared to 28% for the three months ended September 30, 2009.

Property. Property expenses consist primarily of maintenance, heating and personnel costs. Direct operating expenses for property operations increased SEK 44 million, or 30%, in the three months ended September 30, 2010 to SEK 191 million from SEK 147 million in the three months ended September 30, 2009, mainly due to higher energy costs due to the cold winter in 2010, partly offset by delayed costs for maintenance and the weakening of the Euro against the SEK. Direct operating expenses for property operations for the three months ended September 30, 2010 were 32% of property revenues, as compared to 26% for the three months ended September 30, 2009.

New Businesses Adactum. Direct operating expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations decreased SEK 22 million, or 3%, in the three months ended September 30, 2010 to SEK 726 million from SEK 748 million in three months ended September 30, 2009, mainly due to lower operating costs in Envac and Ballingslöv due to effective cost control and to some extent due to reduced volumes, together with the weakening of the Euro and the GBP against the SEK. Of the total operating expenses in the three months ended September 30, 2010, 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, as compared to SEK 330 million related to Ballingslöv, SEK 180 million related to Blomsterlandet, SEK 235 million related to Envac and SEK 3 million related to Stena Renewable in the three months ended September 30, 2009. Direct operating expenses for Adactum operations for the three months ended September 30, 2010 were 71% of revenues, as compared to 72% for the three months ended September 30, 2009.

Selling and administrative expenses

Selling and administrative expenses increased SEK 5664 million, or 78%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK ~~858~~846 million from SEK ~~802~~782 million in the three months ended ~~September~~March 3031, ~~2009~~2010, asmainly adue ~~result~~to of increased provisions for estimated pension costs, offset by ~~reduced personnel costs in ferry operations as a result of cost-cutting programs, together with~~ the weakening of the U.S. dollar and the Euro against the SEK. Total selling and administrative expenses in the three months ended ~~September~~March 3031, ~~2010~~2011, were 1214% of total revenues, same as ~~compared to 11%~~ for the three months ended ~~September~~March 3031, ~~2009~~2010.

Depreciation and amortization

Depreciation and amortization charges ~~increased~~decreased SEK ~~148~~21 million, or 192%, in the three months ended ~~September~~March 3031, ~~2010~~2011, to SEK ~~939~~854 million from SEK ~~791~~875 million in the three months ended ~~September~~March 3031, ~~2009~~2010, mainly as a result of reduced depreciation charges ~~for~~due ~~the~~to ~~third~~a ~~DrillMAX~~five-year ~~vessel,~~extension ~~Stena~~to ~~Forth,~~twenty ~~delivered~~years inof ~~August 2009 and for~~ the ~~first~~useful life of the ~~two~~DrillMAX ~~new~~drillships, ~~super~~offset ~~ferries~~by ~~Stena~~increased ~~Hollandica~~depreciation ~~delivered~~charges inof ~~May~~new ~~2010~~vessels delivered. The weakening of the U.S. dollar ~~against~~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 charges.

Financial income and expense, net

Financial income and expense, net, ~~increased~~improved by SEK 38178 million in the three months ended ~~September~~March 3031, ~~2010~~2011 to SEK (~~260~~145) million from SEK (~~298~~323) million in the three months ended ~~September~~March 3031, ~~2009~~2010.

Share of affiliated companies’ results in the three months ended ~~September~~March 3031, ~~2010~~2011 and ~~September 30~~2010, ~~2009,~~ refers to the Company’s portion of the results of ~~Midelfart~~Midsona ~~Sonesson~~ AB (publ), Gunnebo AB (publ) and MPP MediaTec Group AB. As of ~~September~~March 3031, ~~2010~~2011, the Company’s interest in the capital of ~~Midelfart~~Midsona ~~Sonesson~~ was 23.0%;, its interest in the capital of Gunnebo was 25.79%; and its interest in the capital of MediaTec was 42.87%. As of ~~September~~March 3031, ~~2009~~2010, the Company’s interest in the capital of ~~Midelfart~~Midsona ~~Sonesson~~ was 2223.90%;, its interest in the capital of Gunnebo was 25.47%; and its interest in the capital of MediaTec was 42.87%.

Net gain (loss) on securities in the three months ended ~~September~~March 3031, ~~2010~~2011, was SEK ~~158~~197 million, of which SEK ~~(114)~~55 million related to net realized gains on marketable securities and equity securities and ~~net losses in~~ investments in Special Purpose Entities (“SPEs”), SEK ~~248~~121 million related to net unrealized ~~losses~~gains on marketable securities and SEK 2421 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the three months ended ~~September~~March 3031, ~~2009~~2010, was SEK ~~116~~13 million, of which SEK (~~190~~78) million related to net realized losses on marketable securities and equity securities and investments in SPEs, SEK 66 million related to net unrealized losses on marketable securities and SEK 25 million related to the termination of the financial lease of Stena Carron.

16Interest income in the three months ended March 31, 2011, increased by SEK 25 million to SEK 145 million from SEK 104 million in the three months ended March 31, 2010, due to increased interest from investment securities. Interest income related to investments in SPEs, included in total interest income, in the three months

Stena AB and Consolidated Subsidiaries

~~related~~ended toMarch ~~net~~31, ~~realized losses~~2011, increased SEK ~~312~~4 million ~~related~~ to ~~net~~SEK ~~unrealized~~79 ~~gains~~million ~~and~~from SEK ~~(6)~~75 million ~~related~~in to the ~~termination~~three ofmonths ~~the~~ended ~~financial~~March ~~lease~~31, ~~for Stena Carron~~2010.

Interest ~~income~~expense in the three months ended ~~September~~March 3031, ~~2010~~2011, ~~decreased~~remained bystable to SEK 24(439) ~~million~~millionreflecting tohigher ~~SEK~~debt ~~125~~outstanding, ~~million~~offset by decreased interest expenses in SPEs. Interest expenses from valuation of interest rate swaps was SEK ~~149~~17 million infor the three months ended ~~September~~March 3031, ~~2009~~2011, ~~mainly~~as ~~due~~compared to ~~decreased~~SEK ~~underlying~~9 ~~assets~~million infor ~~SPEs. Interest income in~~ the three months ended ~~September~~March 3031, 2010. ~~related~~Interest toexpense for investments in SPEs in the three months ended March 31, 2011, decreased SEK 3242 million to SEK 78(6) million from SEK ~~110~~(48) million in the three months ended ~~September~~March 3031, ~~2009~~2010.

~~Interest~~During ~~expense in~~ the three months ended ~~September~~March 3031, ~~2010~~2011, ~~decreased SEK 17 million to SEK (440) million from SEK (457) million for~~ the ~~three~~Company ~~months~~had ~~ended~~foreign ~~September~~exchange 30gains, ~~2009,~~net ~~mainly due to the weakening~~ of ~~the U.S. dollar against the~~ SEK, ~~offset~~16 ~~by increased debt and decreased interest expenses in SPEs~~million. ~~Interest~~During ~~expense for investments in SPEs in~~ the three months ended ~~September~~March 3031, 2010, ~~decreased~~the ~~SEK~~Company 18had ~~million~~foreign toexchange ~~SEK~~gains, ~~(24)~~net ~~million~~of ~~from~~ SEK ~~(42)~~43 million ~~in the three months ended September 30, 2009~~.

~~During~~Other financial income (expense) of SEK (66) million for the three months ended ~~September~~March 3031, ~~2010~~2011, includes SEK (33) million related to amortization of the ~~Company~~deferred ~~had~~financing ~~foreign~~charges ~~exchange~~for ~~losses~~senior notes, ~~net~~revolving credit facilities, ofbank loans, capital lease obligations and investments in SPEs and SEK (3021) million related to bunker hedges. ~~During~~Other financial income (expense) of SEK (38) million for the three months ended ~~September~~March 3031, ~~2009~~2010, includes SEK (57) million related to amortization of the ~~Company~~deferred ~~had~~financing ~~foreign~~charges ~~exchange~~for ~~losses~~senior notes, ~~net~~revolving credit facilities, ofbank loans, capital lease obligations and investments in SPEs and SEK ~~(71)~~27 million related to bunker hedges.

Other financial income (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. Other financial income (expense), net, of SEK (64) million for the three months ended September 30, 2009 includes SEK (22) 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 a gain of SEK 8 million related to bunker hedges.

Income taxes

Income taxes for the three months ended ~~September~~March 3031, ~~2010~~2011, were SEK (265) million, consisting of current taxes of SEK 47(28) million and deferred taxes of SEK ~~(73)~~23 million. Income taxes for the three months ended ~~September~~March 3031, ~~2009~~2010, were SEK (5927) million, consisting of current taxes of SEK ~~(9)~~11 million and deferred taxes of SEK (5038) million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

1716

Stena AB and Consolidated Subsidiaries

NINE MONTHS ENDED SEPTEMBER 30, 2010, COMPARED TO NINE MONTHS ENDED

SEPTEMBER 30, 2009

Revenues

Total revenues decreased SEK 1,237 million, or 6%, in the nine months ended September 30, 2010 to SEK 20,208 million from SEK 21,445 million in the nine months ended September 30, 2009, as a result of reduced revenues in all segments except for the property operations, together with the weakening of the U.S. dollar, the Euro and the GBP against the SEK.

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight haulage and on-board sales. Revenues from ferry operations decreased SEK 483 million, or 6%, in the nine months ended September 30, 2010 to SEK 7,174 million from SEK 7,657 million in the nine months ended September 30, 2009, mainly due to reduced revenues from ticket sales, onboard sales and freight haulage as a consequence of lower volumes for cars, passengers and freight units, as well as the weakening of the Euro and the GBP against the SEK.

Drilling. Drilling revenues consist of charter hires for our drilling rigs. Revenues from drilling operations decreased SEK 301 million, or 5%, in the nine months ended September 30, 2010 to SEK 5,846 million from SEK 6,147 million in the nine months ended September 30, 2009, mainly due to the weakening of the U.S. dollar against the SEK, a planned off-hire period for Stena Don and Stena Clyde, which both undertook a five-year special periodic survey in the first and second quarter of 2010, respectively, and the delivery of the bareboat chartered drilling unit Songa Dee to its owners Songa Offshore AS in March 2009, offset by operations of the DrillMAX vessel, Stena Forth, delivered in August 2009.

Shipping. 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 410 million, or 17%, in the nine months ended September 30, 2010 to SEK 1,979 million from SEK 2,389 million in the nine months ended September 30, 2009.

Revenues from crude oil tankers decreased SEK 344 million, or 18%, in the nine months ended September 30, 2010 to SEK 1,527 million from SEK 1,871 million in the nine months ended September 30, 2009, mainly due to lower charter rates in the spot market and lower tonnage operated, as well as the weakening of the U.S. dollar against the SEK. In the nine months ended September 30, 2010, the Company operated an average of 29 tankers (chartered-in or owned), compared to an average of 35 tankers in the nine months ended September 30, 2009.

Revenues from chartering out Roll-on/Roll-off vessels decreased SEK 56 million, or 16%, in the nine months ended September 30, 2010 to SEK 303 million from SEK 359 million in the nine months ended September 30, 2009, mainly due to an off-hire period for the RoPax vessel Baltic Amber and for the RoRo vessel Mont Ventoux during the first and third quarter of 2010, respectively, together with reduced charter hires and the weakening of the Euro against the SEK, offset by a gain from the sale of the joint venture Crowley Shipping.

Revenues from Other Shipping decreased SEK 10 million, or 6%, in the nine months ended September 30, 2010 to SEK 149 million from SEK 159 million in the nine months ended September 30, 2009, mainly due to the weakening of the U.S. dollar and the GBP against the SEK.

Property. Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations increased SEK 124 million, or 7%, in the nine months ended September 30, 2010 to SEK 1,792 million from SEK 1,668 million in the nine months ended September 30, 2009, mainly due to increased rents and higher occupancy, partly offset by the weakening of the Euro against the SEK.

New Businesses Adactum. Adactum revenues consist of revenues from Adactum’s subsidiaries. Revenues from Adactum decreased SEK 171 million, or 5%, in the nine months ended September 30, 2010 to SEK 3,411 million from SEK 3,582 million in the nine months ended September 30, 2009, mainly due to the strengthening of the SEK affecting Envac and Ballingslöv, together with reduced revenues generated from Envac due to delayed startup of new projects. Of the total revenues in the nine months ended September 30, 2010, 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, as compared to SEK 1,719 million related to Ballingslöv, SEK 812 million related to Blomsterlandet, SEK 996 million related to Envac and SEK 55 million related to Stena Renewable in the nine months ended September 30, 2009.

Stena AB and Consolidated Subsidiaries

Net valuation on investment properties

Net valuation on investment properties. As a result of revaluation to fair value according to IAS 40 “Investment properties”, the Company had net gains of SEK 318 million for the nine months ended September 30, 2010, as compared to net losses of SEK (346) million for the nine months ended September 30, 2009, mainly due to an increase in investment property market values in the Swedish market.

Net gain on sale of assets

Net Gain on Sale of Vessels. In the nine months ended September 30, 2010, gains of SEK 5 million were recorded on the sale of the RoPax vessel Götaland. In the nine months ended September 30, 2009, gains of SEK 149 million were recorded on the sales of the HSS vessel Stena Discovery and the RoPax vessel Stena Transporter.

Net Gain on Sale of Properties. In the nine months ended September 30, 2010, gains of SEK 10 million were recorded on sale of properties. In the nine months ended September 30, 2009, gains of SEK 29 million were recorded on sale of properties.

Direct operating expenses

Total direct operating expenses decreased SEK 915 million, or 7%, in the nine months ended September 30, 2010 to SEK 12,206 million from SEK 13,121 million in the nine months ended September 30, 2009, mainly as a result of reduced operating expenses in all segments except for the property operations, together with the weakening of the Euro, the U.S. dollar and the GBP against the SEK.

Ferry 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 decreased SEK 134 million, or 2%, in the nine months ended September 30, 2010 to SEK 5,262 million from SEK 5,396 million in the nine months ended September 30, 2009, mainly due to decreased costs for products due to lower sales and the effects from our cost-saving projects, together with the weakening of the Euro and the GBP against the SEK, offset by increased expenses for bunker fuel. Direct operating expenses for ferry operations for the nine months ended September 30, 2010 were 73% of revenues, as compared to 70% for the nine months ended September 30, 2009.

and second quarters of 2010, respectively, and the delivery of the bareboat chartered drilling unit Songa Dee to its owner Songa Offshore AS in March 2009, offset by costs related to the operation of the DrillMAX vessel Stena Forth delivered in August 2009 and higher operating expenses and personnel costs for the operation of the first DrillMAX vessel Stena Drillmax, operated for Repsol in Brazil . Direct operating expenses from drilling operations for the nine months ended September 30, 2010 were 35% of drilling revenues, as compared to 34% for the nine months ended September 30, 2009.

Shipping. 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 630 million, or 26%, in the nine months ended September 30, 2010 to SEK 1,811 million from SEK 2,441 million in the nine months ended September 30, 2009.

Direct operating expenses associated with crude oil tankers decreased SEK 630 million, or 28%, in the nine months ended September 30, 2010 to SEK 1,638 million from SEK 2,268 million in the nine months ended September 30, 2009, mainly due to lower business activity and a reduced fleet together with the weakening of the U.S. dollar against the SEK. Direct operating expenses for crude oil operations for the nine months ended September 30, 2010, were 107% of revenues, as compared to 121% for the nine months ended September 30, 2009. 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.

Stena AB and Consolidated Subsidiaries

Direct operating expenses with respect to Roll-on/Roll-off vessels decreased by SEK 1 million, or 1%, in the nine months ended September 30, 2010 to SEK 134 million from SEK 135 million in the nine months ended September 30, 2009, mainly due to the weakening of the Euro against the SEK. Direct operating expenses for Roll-on/Roll-off vessels for the nine months ended September 30, 2010 were 44% of revenues, as compared to 38% for the nine months ended September 30, 2009.

Direct operating expenses with respect to Other Shipping increased SEK 1 million, or 3%, in the nine months ended September 30, 2010 to SEK 39 million from SEK 38 million in the nine months ended September 30, 2009. Direct operating expenses for Other Shipping for the nine months ended September 30, 2010 were 26% of revenues, as compared to 24% for the nine months ended September 30, 2009.

Property. Property expenses consist primarily of maintenance, heating and personnel costs. Direct operating expenses for property operations increased SEK 98 million, or 18%, in the nine months ended September 30, 2010 to SEK 653 million from SEK 555 million in the nine months ended September 30, 2009, mainly due to higher energy costs due to the cold winter in 2010, partly offset by delayed costs for maintenance and the weakening of the Euro against the SEK. Direct operating expenses for property operations for the nine months ended September 30, 2010 were 36% of property revenues, as compared to 33% for the nine months ended September 30, 2009.

New Businesses Adactum. Direct operating expenses for Adactum consist of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations decreased SEK 170 million, or 6%, in the nine months ended September 30, 2010 to SEK 2,446 million from SEK 2,616 million in nine months ended September 30, 2009, mainly due to lower operating costs in Envac and Ballingslöv due to cost control measures 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, 2010, 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, as compared to SEK 1,137 million related to Ballingslöv, SEK 733 million related to Blomsterlandet, SEK 739 million related to Envac and SEK 7 million related to Stena Renewable in the nine months ended September 30, 2009. Direct operating expenses for Adactum operations for the nine months ended September 30, 2010 were 72% of revenues, as compared to 73% for the nine months ended September 30, 2009.

Selling and administrative expenses

Selling and administrative expenses increased SEK 27 million, or 1%, in the nine months ended September 30, 2010 to SEK 2,454 million from SEK 2,427 million in the nine months ended September 30, 2009, mainly due to increased pension costs, offset by reduced personnel costs in ferry operations as a result of cost-saving programs, together with 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, 2010 were 12% of total revenues, as compared to 11% for the nine months ended September 30, 2009.

Depreciation and amortization

Depreciation and amortization charges increased SEK 267 million, or 11%, in the nine months ended September 30, 2010 to SEK 2,729 million from SEK 2,462 million in the nine months ended September 30, 2009, mainly as a result of depreciation charges for the third DrillMAX vessel Stena Forth delivered in August 2009 and for the first of the two new super ferries Stena Hollandica delivered in May 2010, offset by increased depreciation during the second quarter of 2009 due to impairment charges of SEK 75 million related to three medium range tankers. The weakening of the U.S. dollar with respect to the SEK, which primarily impacted depreciation charges on drilling rigs (denominated in U.S. dollars) contributed to the decrease in depreciation and amortization charges.

Financial income and expense, net

Financial income and expense, net, decreased by SEK 155 million in the nine months ended September 30, 2010 to SEK (1,156) million from SEK (1,001) million in the nine months ended September 30, 2009.

Share of affiliated companies’ results in the nine months ended September 30, 2010 and September 30, 2009 refers to the Company’s portion of the results of Midelfart Sonesson AB (publ), Gunnebo AB (publ) and MPP MediaTec Group AB. As of September 30, 2010, the Company’s interest in the capital of Midelfart Sonesson was 23.0%; in the capital of Gunnebo was 25.7%; and in the capital of MediaTec was 42.8%. As of September 30, 2009, the Company’s interest in the capital of Midelfart Sonesson was 22.9%; in the capital of Gunnebo was 25.4%; and in the capital of MediaTec was 42.8%.

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

Stena AB and Consolidated Subsidiaries

related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the nine months ended September 30, 2009, was SEK 92 million, of which SEK (562) million related to net realized losses on marketable securities and equity securities and investments in SPEs, SEK 546 million related to net unrealized gains on marketable securities and SEK 108 million related to the termination of the financial lease of Stena Carron.

Interest income in the nine months ended September 30, 2010 decreased by SEK 210 million to SEK 357 million from SEK 567 million in the nine months ended September 30, 2009, mainly due to decreased underlying assets in SPEs. Interest income in the nine months ended September 30, 2010 related to investments in SPEs decreased SEK 129 million to SEK 261 million from SEK 390 million in the nine months ended September 30, 2009.

Interest expense in the nine months ended September 30, 2010 decreased SEK 74 million to SEK (1,359) million from SEK (1,433) million for the nine months ended September 30, 2009, mainly due to decreased interest expenses in SPEs, partially offset by increased debt and weakening of the U.S. dollar against the SEK. Interest expense for investments in SPEs in the nine months ended September 30, 2010 decreased SEK 92 million to SEK (88) million from SEK (180) million in the nine months ended September 30, 2009.

During the nine months ended September 30, 2010, the Company had foreign exchange gains, net, of SEK 47 million. During the nine months ended September 30, 2009, the Company had foreign exchange losses, net, of SEK (237) million.

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 due 2013 and a loss of SEK (25) million related to bunker hedges. Other financial income (expense) of SEK (89) million for the nine months ended September 30, 2009, includes SEK (49) million related to amortization of the deferred financing charges for senior notes, our $1 billion revolving credit facility, bank loans, capital lease obligations and investments in SPEs and a gain of SEK 124 million related to bunker hedges.

Income taxes

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. Income taxes for the nine months ended September 30, 2009, were SEK 5 million, consisting of current taxes of SEK (121) million and deferred taxes of SEK 126 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

~~The~~Our liquidity requirements ~~of the Company~~ principally relate to servicing of debt, financing the purchase of vessels and other assets and funding of working capital. ~~The~~In ~~Company has in~~ prior years, we met ~~its~~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, 2010, the Company had total cash and marketable securities of SEK 8,848 million, as compared with SEK 7,088 million as of December 31, 2009.~~

~~For~~As ~~the~~of ~~nine months ended September 30~~March 31, ~~2010~~2011, ~~cash~~we ~~flows~~had ~~provided~~total bycash ~~operating~~and ~~activities~~marketable ~~amounted~~securities toof SEK 39,~~482~~ 797 million, as compared towith SEK 59,~~374~~ 922 million inas ~~the~~of ~~first nine months ended September 30~~December 31, ~~2009. 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~~. For the nine months ended September 30, 2009, cash flows used in investing activities amounted to SEK (5,158) million, including SEK (7,246) million related to capital expenditures. Cash flows provided from financing activities for the nine months ended September 30, 2010 amounted to SEK 4,391 million. For the nine months ended September 30, 2009, cash flows used in financing activities amounted to SEK (215) million.

~~Total~~For ~~construction~~the inthree ~~progress~~months asended ofMarch ~~September~~31, 302011, ~~2010~~cash ~~was~~flows provided by operating activities amounted to SEK ~~5,304~~821 million, as compared to SEK ~~5,649~~131 million asin ofthe ~~December~~first three months ended March 31, ~~2009~~2010. ~~The~~For ~~remaining~~the ~~capital~~three ~~expenditure~~months ~~commitment~~ended ~~for~~March ~~new~~31, ~~buildings~~2011, oncash ~~order~~flows asused ofin ~~September~~investing ~~30,~~activities ~~2010~~amounted ~~was~~to SEK ~~5,599~~856 million, ofincluding ~~which~~ SEK 1,~~271~~261 million isrelated ~~due~~to ~~during~~capital ~~2010,~~expenditures. ~~SEK~~For ~~1,472~~the ~~million~~three ismonths ~~due~~ended ~~during~~March ~~2011~~31, ~~SEK 2~~2010,~~597~~ ~~million~~cash isflows ~~due~~used ~~during~~in ~~2012~~investing ~~and~~activities amounted to SEK ~~259~~604 million, isincluding ~~due~~SEK ~~during~~1,213 ~~2013.~~million ~~Financing~~related ~~for~~to ~~approximately~~capital ~~87%~~expenditures. ofCash ~~the~~flows ~~unpaid~~provided ~~balance~~by ~~has~~financing ~~already~~activities ~~been~~for ~~arranged. The Company plans to finance~~ the ~~remainder~~three ofmonths ~~this~~ended ~~unpaid~~March ~~balance~~31, ~~together~~2011 ~~with~~amounted ~~additional~~to ~~expenses~~SEK ~~and~~635 ~~financing~~million. ~~costs,~~For ~~through~~the ~~cash~~three ~~from~~months ~~operations,~~ended ~~existing~~March ~~revolving~~31, ~~credit facilities~~2010, ~~new~~cash ~~capital~~flows ~~lease~~provided ~~agreements,~~by ~~new~~financing ~~bank~~activities ~~loans~~amounted ~~and~~to ~~other~~SEK ~~financing~~575 ~~arrangements~~million.

Total ~~interest~~construction ~~bearing~~in ~~debt~~progress as of ~~September~~March 3031, ~~2010~~2011, was SEK 465,~~905~~962 million, ~~excluding debt in SPEs,~~ as compared ~~with~~to SEK 416,~~898~~541 million as of December 31, ~~2009~~2010. ~~Interest~~The ~~bearing~~remaining ~~debt~~capital inexpenditure ~~SPEs~~commitment for new buildings on order as of ~~September~~March 3031, ~~2010~~2011, was SEK 53,~~373~~896 million, asof ~~compared~~which ~~with~~SEK 1,231 million is due during 2011, SEK 82,~~249~~422 million asis due during 2012 and SEK 242 million is due during 2013. Financing for approximately 86% of ~~December~~the 31unpaid balance has already been arranged. The Company plans to finance the remainder of this unpaid balance, ~~2009~~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.

AsTotal interest bearing debt as of ~~September~~March 31, 302011, ~~2010~~was SEK 46,608 million, ~~U.S.~~excluding ~~dollar~~debt ~~592~~in ~~million~~SPEs, ~~was~~as ~~utilized~~compared ~~under~~with ~~the~~SEK ~~Company’s~~47,964 million Uas of December 31, 2010.S ~~dollar~~Interest 1bearing ~~billion~~debt ~~revolving~~in ~~credit~~SPEs ~~facility~~as of March 31, 2011, was SEK 4,823 million as compared with SEK 5,140 million as of ~~which~~December 31, U2010.S. ~~dollar~~As 53of March 31, 2011, $909 million was utilized under our $1 billion revolving credit facility, including $28 million used for issuing bank guarantees and letters of credit. As of December 31, ~~2009~~2010, a$909 ~~total of U.S. dollar 168~~ million was ~~outstanding~~utilized under ~~this~~our ~~facility,~~$1 ofbillion ~~which~~revolving ~~U.S.~~credit ~~dollar~~facility, 24including $25 million ~~was~~ used for issuing bank guarantees and letters of credit. As of ~~September~~March 3031, ~~2010~~2011, ~~U.S.~~$163 ~~dollar 190 million~~ was utilized under the ~~U.S. dollar~~ $200 million revolving credit facility entered into by Stena Royal S.àr.l. (“Stena Royal”), acompared ~~subsidiary~~to in$107 ~~the~~as ~~unrestricted~~of ~~group~~December 31, 2010. As of ~~December~~March 31, ~~2009~~2011, ~~there~~the ~~were~~SEK no450 ~~amounts~~million ~~outstanding under this~~ facility. ~~The~~in ~~Stena~~Adactum ~~Royal facility~~ was ~~changed~~fully ~~from~~utilized ~~U.S.~~compared ~~dollar 350 million~~ to ~~U.S.~~SEK ~~dollar~~418 ~~200~~ million ~~during~~as ~~the second quarter~~ of December 31, 2010. In ~~September~~During 2010, ~~Stena~~we entered into a ~~seven-year~~new ~~revolving credit facility agreement for~~ SEK 6,660 million, ~~with~~revolving acredit ~~guarantee~~facility ~~provided~~with bySvenska ~~the~~Handelsbanken ~~Swiss~~and ~~Export~~Nordea ~~Association.~~and Asguaranteed ofby ~~September 30, 2010, the facility had not been utilized~~EKN. ~~The~~ ~~SEK~~This ~~450 million revolving credit~~ facility ofwas ~~Adactum~~unutilized ~~had SEK 200 million outstanding~~ as of ~~September~~March 3031, ~~2010~~2011, and December 31, ~~2009~~2010, respectively.

~~The~~We ~~Company~~believe ~~believes~~ 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 ~~new~~newbuildings, ~~buildings and~~ other vessel acquisitions, and our commitment with respect to the Loch Ryan facility, and to fund anticipated working capital requirements.

2217

Stena AB and Consolidated Subsidiaries

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP

For the three months ended March 31, 2011, Restricted Group Data represents the selected ~~unaudited~~ 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 ~~the~~our ~~Company’s~~ traditional lines of business, and (iii) our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal ~~S.àr.l.~~, 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 ~~four~~Senior ~~outstanding~~Notes ~~series~~were ofissued, ~~senior~~real ~~notes~~estate ~~were~~business ~~issued,~~and ~~these~~new ~~subsidiaries~~businesses, Adactum, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal ~~S.àr.l.~~, Stena Investment Cyprus Ltd. and Mondaldi Ltd, are designated as unrestricted subsidiaries and, as a result, are not bound by the ~~certain~~ 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 ~~all~~the oftotal ~~our~~$153 million outstanding ~~7.5%~~principal amount of our Senior Notes due 2013 ~~(representing~~at Ua price of 102.S5%. ~~dollar~~As ~~153~~of ~~million~~December 31, in2010, ~~aggregate~~we had outstanding $128.8 million principal amount) atof aSenior ~~price~~Notes due 2016, €300 million principal amount of $Senior Notes due 2017, €102~~.5%~~ million principal amount of ~~par~~Senior ~~value~~Notes due 2019 and €200 million principal amount of Senior Notes due 2020.

As of March 31, 2011, we had outstanding $128.8 million principal amount of Senior Notes due 2016., As€300 million principal amount of ~~September~~Senior ~~30,~~Notes ~~2010~~due 2017, we€102 ~~had~~million ~~$129~~principal amount of Senior Notes due 2019 and €200 million principal amount of 7% Senior Notes due ~~2016 outstanding~~2020.

~~Senior~~Amounts ~~Notes~~in ~~due~~U.S. ~~2017~~dollars ~~and~~have ~~Senior~~been ~~Notes~~translated, ~~due~~solely ~~2019.~~for Asthe convenience of ~~September~~the 30reader, ~~2010,~~at wean ~~had~~exchange ~~€300 million~~rate ~~principal amount~~ of 6$1.~~125%~~00 ~~Senior~~= ~~Notes~~SEK ~~due~~6.3430, ~~2017~~the ~~outstanding~~noon ~~and~~buying ~~€102 million~~rate ~~principal~~on ~~amount~~March of31, 52011.~~875% Senior Notes due 2019 outstanding.~~

~~Senior Notes due 2020. As of September 30, 2010, we had €200 million principal amount of 7.875% Senior Notes due 2020 outstanding.~~18

The following information is presented solely for the purpose of additional analysis for investors of the Company's results of operations and financial condition.

Amounts in U.S. dollars have been translated, solely for the convenience of the reader, at an exchange rate of $1.00 = SEK 6.7351, the noon buying rate on September 30, 2010.

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Income Statements – Restricted group

		Nine month period ended
	Three month period ended
		September 30, 2009			September 30, 2010
	March 31, 2010		March 31, 2011
	(unaudited)	~~(unaudited)~~
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Revenues:
Ferry operations		1,651	71,~~657~~712	270		~~7,174~~		~~1,065~~
Drilling		1,838	61,~~147~~898	299		~~5,846~~		~~868~~
Shipping		627	~~2,389~~842	133		~~1,979~~		~~294~~
Property		2	72	0		7		1
Other		1	14	1		5		0
Total revenues		4,119	164,~~201~~458	703		~~15,011~~		~~2,228~~
Net gain on sales of assets		-	~~149~~-	-		4		1
Total other income		-	~~149~~-	-		4		1
Direct operating expenses:
Ferry operations		(1,469)	(51,~~396~~506)	(237)		~~(5,262~~	)	~~(781~~	)
Drilling		(664)	(~~2,092~~719)	(113)		~~(2,033~~	)	~~(302~~	)
Shipping		(550)	(~~2,441~~676)	(107)		~~(1,811~~	)	~~(269~~	)
Property		(2)	(31)	)0		(4	)	(1	)
Other		(1)	~~(21~~0	)0		(2	)	0
Total direct operating expenses		(2,686)	(92,~~953~~902)	(457)		~~(9,112~~	)	~~(1,353~~	)
Selling and administrative expenses		(487)	(~~1,590~~575)	(91)		~~(1,610~~	)	~~(239~~	)
Depreciation and amortization		(822)	(~~2,298~~801)	(126)		~~(2,568~~	)	~~(381~~	)
Total operating expenses		(3,995)	(134,~~841~~278)	(674)		~~(13,290~~	)	~~(1,973~~	)
Income from operations		124	~~2,509~~180	29		~~1,725~~		~~256~~
Financial income and expense:
Financial income and expenses:
Dividends received		3	501	0		13		2
Gain (loss) on securities, net		73	~~329~~90	14		~~(66~~	)	~~(10~~	)
Interest income		26	~~201~~68	11		~~116~~		17
Interest expense		(266)	(~~781~~297)	(47)		~~(828~~	)	~~(123~~	)
Foreign exchange gains (losses), net		39	~~(277~~13	)2		35		4
Other financial income (expense), net			(11	)		(118	)	(17	)
Other financial income (expenses), net		11	(49)	(8)
			(489	)		(848	)	(127	)
Total financial income and expenses		(114)	(174)	(28)
Total financial income and expense
Income after financial income and expenses		10	6	1
Income before taxes			2,020			877		129
Non-controlling interest		0	(3)	0
Income taxes			(7	)		114		17
Income before tax		10	3	0
Net income			2,013			991		146
Income taxes		(15)	42	7
Net income		(5)	45	8

2419

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Balance Sheets – Restricted Group

December 31, 2009

September 30, 2010

December 31, 2010

March 31, 2011

(unaudited)

SEK

~~SEK~~

(in millions)

ASSETS

Noncurrent assets:

Intangible assets

262

~~300~~458

~~271~~

Tangible fixed assets:

Vessels

28,753

2728,~~257~~194

4,445

~~29,122~~

~~4,324~~

Construction in progress

6,277

5,~~452~~655

892

~~5,123~~

~~761~~

Equipment

1,580

1,~~436~~465

231

~~1,617~~

~~240~~

Ports

1,042

~~915~~1,001

158

~~1,064~~

~~158~~

Property

498

~~559~~495

~~507~~

Total tangible fixed assets

38,150

3536,~~619~~810

5,804

~~37,433~~

~~5,558~~

Financial fixed assets:

Marketable securities

789

~~548~~793

125

~~597~~

Intercompany accounts, noncurrent

6,100

45,~~872~~711

900

~~5,641~~

~~838~~

Other assets

7,169

67,~~763~~532

1,187

~~6,694~~

~~994~~

Total noncurrent assets

52,470

4851,~~102~~304

8,088

~~50,636~~

~~7,519~~

Current assets:

Inventories

290

~~235~~299

~~236~~

Trade debtors

2,051

2,~~414~~270

358

~~2,632~~

~~391~~

Other receivables

977

1,~~521~~107

175

~~1,477~~

~~219~~

Intercompany accounts, current

270

~~752~~460

Prepaid expenses and accrued income

1,450

1,~~458~~615

254

~~1,390~~

~~206~~

Short-term investments

3,613

2,~~487~~352

371

~~3,355~~

~~498~~

Cash and cash equivalents

727

~~568~~1,323

209

~~1,127~~

~~167~~

Total current assets

9,378

9,~~435~~426

1,487

~~10,217~~

~~1,516~~

Total assets

61,848

5760,~~537~~730

9,575

~~60,853~~

~~9,035~~

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity:
Share Capital	5	5	1	5	1
Reserves	22,298	2322,~~326~~214	3,502	~~22,565~~	~~3,350~~
Minority interest		-		97	14
Equity attributable to shareholders of the company	22,303	22,219	3,503
Total shareholders’ equity		23,331		22,667	3,365
Non-controlling interest	103	106	17
Noncurrent liabilities:
Total Equity	22,406	22,325	3,520
Deferred income taxes		857		876	130
Noncurrent liabilities:
Other provisions		2,934		2,441	363
Deferred income taxes	943	1,003	158
Long-term debt		16,232		20,306	3,015
Other provisions	2,445	2,532	400
Senior notes		6,147		6,362	945
Long-term debt	22,866	21,402	3,374
Capitalized lease obligations		1,904		1,763	262
Senior notes	6,256	6,171	973
Other noncurrent liabilities		1,097		995	147
Capitalized lease obligations	1,639	1,569	247
Total noncurrent liabilities		29,171		32,743	4,862
Other noncurrent liabilities	874	998	157
Current liabilities:
Total noncurrent liabilities	35,023	33,675	5,309
Short-term debt		1,176		1,559	232
Current liabilities:
Capitalized lease obligations		131		232	34
Short-term debt	1,376	1,336	211
Other interest bearing debt		682		-	-
Capitalized lease obligations	223	215	34
Trade accounts payable	557	~~577~~709	112	~~458~~	68
Income tax payable	105	~~120~~89	14	76	11
Other liabilities	571	~~794~~555	87	~~1,126~~	~~167~~
Intercompany accounts, current		-		488	73
Accrued costs and prepaid income	1,587	1,826	288
Accrued costs and prepaid income		1,555		1,504	223
Total current liabilities	4,419	4,730	746
Total current liabilities		5,035		5,443	808
Total shareholders’ equity and liabilities	61,848	60,730	9,575
Total shareholders’ equity and liabilities		57,537		60,853	9,035

2520

Stena AB and Consolidated Subsidiaries

Condensed Consolidated Statements of Cash Flow – Restricted Group

		Nine month period ended
	Three month period ended
		September 30, 2009			September 30, 2010
	March 31, 2010		March 31, 2011
	(unaudited)	~~(unaudited)~~
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Net cash flows from operating activities:
Net income		(5)	~~2,013~~45	8		~~991~~		~~146~~
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		822	~~2,298~~801	126		~~2,568~~		~~381~~
Gain on sale of assets			(149	)		(4	)	(1	)
(Gain) loss on securities, net		(73)	(90)	(14)
Gain (loss) on securities, net			(329	)		66		10
Unrealized foreign exchange (gains) losses		(430)	26	4
Unrealized foreign exchange (gains) losses			422			(2	)	0
Deferred income taxes		34	(55)	(9)
Deferred income taxes			(62	)		(182	)	(27	)
Non-controlling interest		0	3	0
Other non cash items			(219	)		(167	)	(24	)
Other non-cash items		(66)	158	25
Provision for pensions		(36)	~~(167~~50	)8		~~(155~~	)	~~(23~~	)
Net cash flows from trading securities		(147)	(~~204~~42)	(7)		~~(101~~	)	~~(15~~	)
Changes in working capital		(339)	~~410~~(188)	(30)		~~(102~~	)	~~(15~~	)
Net cash provided by operating activities			4,013			2,912		432
Net cash provided by/used in operating activities		(240)	708	111
Net cash flows from investing activities:
Purchase of intangible assets		(6)	(199)	(1)		~~(15~~	)	(2	)
Cash proceeds from sale of property, vessels and equipment		1	~~249~~1	0		29		4
Capital expenditure on property, vessels and equipment		(1,079)	(~~6,338~~993)	(156)		~~(7,033~~	)	~~(1,044~~	)
Purchase of subsidiaries, net of cash acquired		-	-(119)	(19)		~~(127~~	)	~~(19~~	)
Proceeds from sale of securities		55	~~485~~84	13		53		8
Purchase of securities		(94)	-(53)	(8)		~~(258~~	)	~~(38~~	)
Other investing activities		(114)	~~150~~(28)	(4)		~~(76~~	)	~~(11~~	)
Net cash used in investing activities		(1,237)	(51,~~473~~117)	(175)		~~(7,427~~	)	~~(1,102~~	)
Net cash flows from financing activities:
Proceeds from issuance of debt		1,950	3~~,958~~	1		~~5,004~~		~~743~~
Principal payments on debt		(244)	(~~546~~401)	(63)		~~(2,515~~	)	~~(373~~	)
Net change in borrowings on line-of-credit agreements		(81)	~~(2,729~~130	)21		~~3,289~~		~~488~~
Proceeds from new capitalized lease obligations………………………..			-			662		98
Principal payments on capital lease obligations		(20)	(8)	(1)
Principal payments on capital lease obligations			(86	)		(46	)	(7	)
Net change in restricted cash accounts		(341)	1,227	193
Net change in restricted cash accounts			1,000			(1,048	)	(155	)
Intercompany accounts		35	62	9
Intercompany accounts			(322	)		15		2
Other financing activities		6	9	1
Dividends paid			(190	)		(316	)	(47	)
Net cash used in/provided by financing activities		1,305	1,022	161
Other financing activities			226			70		10
Effect of exchange rate changes on cash and cash equivalents		(12)	(17)	(3)
Net cash provided by financing activities			1,311			5,115		759
Net change in cash and cash equivalents		(184)	596	94
Effect of exchange rate changes on cash and cash equivalents			(72	)		(41	)	(6	)
Cash and cash equivalents at beginning of period		568	727	115
Net change in cash and cash equivalents			(221	)		559		83
Cash and cash equivalents at end of period		384	1,323	209
Cash and cash equivalents at beginning of period			917			568		84
Cash and cash equivalents at end of period			696			1,127		167

2621

Stena AB and Consolidated Subsidiaries

Other data – Restricted Group

	Nine month period ended
	Three month period ended
	September 30, 2009	September 30, 2010
	March 31, 2010		March 31, 2011
	~~SEK~~	SEK	SEK	$	$
	~~(in millions)~~	(in millions)
OTHER DATA:
Adjusted EBITDA	~~5,008~~	~~4,409~~972	1,049	166	~~654~~

Adjusted EBITDA is defined as income from operations plus cash dividends received from affiliated companies, interest income, depreciation and amortization, ~~minority~~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
	Three month period ended
		September 30, 2009			September 30, 2010
	March 31, 2010		March 31, 2011
		SEK	SEK	$	~~SEK~~			$
		(in millions)
Income from operations		124	~~2,509~~180	29		~~1,725~~		~~256~~
Adjustments:
Interest income		26	~~201~~68	11		~~116~~		17
Depreciation and amortization		822	~~2,298~~801	126		~~2,568~~		~~381~~
Adjusted EBITDA		972	51,~~008~~049	166		~~4,409~~		~~654~~
Adjustments:
Gain on sale of vessels		-	~~(149~~-	)-		(4	)	0
Net cash flows from trading securities		(147)	(~~204~~42)	(7)		~~(101~~	)	~~(15~~	)
Interest expense			(781	)		(828	)	(123	)
Interest expenses		(266)	(297)	(47)
Unrealized foreign exchange (gains) losses		(430)	~~422~~26	4		(2	)	0
Provisions for pensions		(36)	~~(167~~50	)8		~~(155~~	)	~~(23~~	)
Other non cash items		(66)	~~(219~~158	)25		~~(167~~	)	~~(24~~	)
Changes in working capital		(339)	~~410~~(188)	(30)		~~(102~~	)	~~(15~~	)
Other items		72	(~~307~~48)	(8)		~~(138~~	)	~~(22~~	)
Net cash provided by operating activities		(240)	~~4,013~~708	111		~~2,912~~		~~432~~

27 22

Filing Compare · STENA AB