(Lysaker, 11 November 2014) A seasonal drop in volumes transported deep-sea lead to a decline in total ine for WWH. Underlying performance is expected to improve in the fourth quarter, despite a continued challenging market for the group's activities.

WWH delivered an operating profit of USD 83 million (USD 96 million) based on a total ine of USD 924 million (USD 913 million). Compared with the previous quarter, the operating profit improved by 3%, although the total ine declined by 4%. When adjusting for non-recurring items in Wilh. Wilhelmsen ASA (WWASA) and Wilhelmsen Maritime Services (WMS) operating profit fell 18%. Non-recurring items in the third quarter included a gain in Hyundai Glovis and impairment and restructuring in American Shipping and Logistics, both related to WWASA.

"The third quarter is characterised by seasonality for our shipping segment, including strike in Korea, affecting both sales, production and demand for transportation. Combined with an unfavourable cargo and trade mix this lead to a 5% decline in total ine for our shipping segment pared with the previous quarter," says Thomas Wilhelmsen, group CEO in WWH.

The contribution from the group's logistics segment was mixed: "The activity level fell, mainly as a consequence of the loss of a major contract in American Shipping and Logistics. However, the underlying performance in the remaining logistics entities are sound."

"Quarter on quarter, our maritime services segment delivered a stable ine adjusted for seasonality, sales gain and currency. The operating profit was negatively affected by unfavourable product mix in ships service," says Wilhelmsen. "With a difficult market, the operating margin was 6.3%, below our 9% target."

Compared with the previous quarter, the Holding and Investment segment delivered a decline in total ine, mainly related to reduced contribution from NorSea Group.

The board expects the market sentiment to remain challenging for the group's main activities. However, the group's underlying performance is anticipated to improve in the fourth quarter.

Elaborating on the market prospects, Mr Wilhelmsen says: "Despite a slight expected increase in volumes handled by our shipping and logistics segment, the unfavourable cargo and trade mix will have a negative effect on WWASA's profitability. The market for maritime services is still hampered by slow global growth and a generally weak shipping market."

WWH's board has, based on an authorisation granted by the annual general meeting on 24 April 2014, resolved to pay a second dividend of NOK 2.00 per share, totalling USD 13.6 million. The shares will be traded ex dividend on Friday 14 November. The dividend will be paid on or about 27 November 2014.

For further information, contact
Nils P Dyvik, group CFO                   tel: +47 67 58 45 65 (office), +47 911 16 079 (mob)
Åge S Holm, IRO                                tel: +47 67 58 41 95 (office), +47 900 87 670 (mob)
Benedicte Teigen Gude,
GVP corporate munications     tel: +47 67 58 41 77 (office), +47 959 07 951 (mob)

Wilh. Wilhelmsen Holding ASA is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA. The group also occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Services AS, delivering products and services to some 200 shipyards and 22 000 vessels annually. Through Wilh. Wilhelmsen Holding Invest AS the group aims at exploring and developing new opportunities within the energy-, offshore- and maritime industry. For more information, please visit wilhelmsen.

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