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 ~~August~~November, 2010

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 ýx 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)(71): ........................

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 ýx

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule ~~12g3-2(b):82-. ........................~~

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:	August 27, 2010	STENA AB (PUBL.)
		By:	/s/ Staffan Hultgren
		Name:	Staffan Hultgren
		Title:	Vice President & Deputy CEO and Principal Financial Officer

Date:

November 29, 2010

STENA AB (PUBL.)

		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 by terms and phrases such as "anticipate," "should," "likely," "foresee," "believe," "estimate," "expect," "intend," "continue," "could," "may," "project," "plan," "predict," "will" and similar expressions and include references to assumptions that management believes are reasonable and 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 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 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 of costs of operations or the inability to meet efficiency or cost reduction objectives;
-	changes in business strategy; and
-	other risk factors listed in the reports furnished to or filed with the Securities and Exchange Commission from time to time.

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

Table of Contents

Page

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Condensed Consolidated Income Statements for
the three month periods ended June 30, 2009 and June 30, 2010	3
Condensed Consolidated Income Statements for
the six month periods ended June 30, 2009 and June 30, 2010	4
Consolidated Statements of Comprehensive Income for the
six month periods ended June 30, 2009 and June 30, 2010	5
Condensed Consolidated Balance Sheets as of
December 31, 2009 and June 30, 2010	6
Consolidated Statements of Changes in Shareholders Equity for the six
month periods ended June 30, 2009 and June 30, 2010	7
Condensed Consolidated Statements of Cash Flow for
the six month periods ended June 30, 2009 and June 30, 2010	8
Notes to Condensed Consolidated Financial Statements	9 - 10
OPERATING AND FINANCIAL REVIEW	11 - 21
OTHER FINANCIAL INFORMATION – RESTRICTED GROUP	22 - 26

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
	June 30, 2009		June 30, 2010
		September 30, 2009			September 30, 2010
		SEK	~~SEK~~	$	SEK			$
		(in millions)
Revenues:
Ferry operations		~~2,531~~	23,~~462~~307	~~315~~		3,061		454
Drilling		~~2,101~~	1,~~938~~851	~~248~~		2,070		307
Shipping		~~773~~	~~733~~703	94		619		92
Property		~~565~~	~~594~~555	73		600		89
New Businesses, Adactum		~~1,450~~	1,~~370~~034	~~175~~		1,016		152
Other		-	50	1		1		0
Total revenues		~~7,420~~	7,~~102~~450	~~907~~		7,367		1,094
Net valuation on investment properties		~~(181)~~	~~152~~(49	19)		144		21
Net gain on sales of assets		~~161~~	-8	-		11		2
Total other income		~~(20)~~	~~152~~(41	19)		155		23
Direct operating expenses:
Ferry operations		~~(1,869)~~	(1,~~784)~~974	~~(229~~)		(2,009	)	(298	)
Drilling		~~(623)~~	(~~641)~~556	~~(82~~)		(728	)	(108	)
Shipping		~~(802)~~	(~~627)~~835	~~(80~~)		(634	)	(94	)
Property		~~(181)~~	(~~192)~~147	~~(23~~)		(191	)	(29	)
New Businesses, Adactum		~~(1,036)~~	(~~956)~~748	~~(122~~)		(726	)	(108	)
Other		~~(8)~~	-(1	-)		-		-
Total direct operating expenses		~~(4,519)~~	(4,~~200)~~261	~~(536~~)		(4,288	)	(637	)
Selling and administrative expenses		~~(810)~~	(~~814)~~802	~~(104~~)		(858	)	(128	)
Depreciation and amortization		~~(865)~~	(~~915)~~791	~~(117~~)		(939	)	(139	)
Total operating expenses		~~(6,194)~~	(5,~~929)~~874	~~(757~~)		(6,085	)	(904	)
Income from operations		~~1,206~~	1,~~325~~555	~~169~~		1,437		213
Financial income and expense:
Share of affiliated companies results		~~(5)~~	21-	3		(13	)	(2	)
Dividends received		41	2229	3		3		0
Gain (loss) on securities, net		~~415~~	~~(166)~~116	~~(21)~~		158		23
Interest income		~~194~~	~~157~~149	20		125		19
Interest expense		~~(430)~~	(~~509)~~457	~~(65~~)		(440	)	(65	)
Foreign exchange gains (losses), net		~~(173)~~	34(71	4)		(30	)	(4	)
Other financial income (expense), net		~~100~~	(~~132)~~64	~~(17~~)		(63	)	(9	)
Total financial income and expense		~~142~~	(~~573)~~298	~~(73~~)		(260	)	(38	)
Income before taxes		~~1,348~~	~~752~~1,258	96		1,177		175
Income taxes		~~(33)~~	(~~76)~~59	~~(10~~)		(26	)	(4	)
Net income		~~1,315~~	~~676~~1,199	86		1,151		171
Earnings attributable to:
Equity holders of the Parent Company		~~1,325~~	~~679~~1,214	86		1,142		170
Minority interests		~~(10)~~	(3)15	0)		9		1
Net Income		~~1,315~~	~~676~~1,199	86		1,151		171

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

Stena AB and Consolidated Subsidiaries

		Six month period ended
	June 30, 2009		June 30, 2010
		SEK	SEK	$
		(in millions)
Revenues:
Ferry operations		4,350	4,113	527
Drilling		4,296	3,776	484
Shipping		1,686	1,360	174
Property		1,113	1,192	150
New Businesses, Adactum		2,547	2,395	307
Other		3	5	0
Total revenues		13,995	12,841	1,642
Net valuation on investment properties		(297)	174	22
Net gain on sales of assets		170	4	1
Total other income		(127)	178	23
Direct operating expenses:
Ferry operations		(3,422)	(3,253)	(417)
Drilling		(1,536)	(1,305)	(167)
Shipping		(1,606)	(1,177)	(151)
Property		(408)	(462)	(56)
New Businesses, Adactum		(1,868)	(1,720)	(220)
Other		(20)	(1)	(0)
Total direct operating expenses		(8,860)	(7,918)	(1,011)
Selling and administrative expenses		(1,625)	(1,596)	(204)
Depreciation and amortization		(1,671)	(1,790)	(229)
Total operating expenses		(12,156)	(11,304)	(1,444)
Income from operations		1,712	1,715	221
Financial income and expense:
Share of affiliated companies results		17	8	1
Dividends received		52	29	4
Gain (loss) on securities, net		(24)	(153)	(20)
Interest income		418	232	30
Interest expense		(976)	(919)	(118)
Foreign exchange gains (losses), net		(166)	77	10
Other financial income (expense), net		(25)	(170)	(21)
Total financial income and expense		(704)	(896)	(114)
Income before taxes		1,008	819	107
Income taxes		61	(103)	(13)
Net income		1,069	716	94
Earnings attributable to:
Equity holders of the Parent Company		1,092	727	95
Minority interests		(23)	(11)	(1)
Net Income		1,069	716	94

Condensed Consolidated Income Statements (unaudited)

	Nine month period ended
	September 30, 2009			September 30, 2010
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,657			7,174		1,065
Drilling		6,147			5,846		868
Shipping		2,389			1,979		294
Property		1,668			1,792		266
New Businesses, Adactum		3,582			3,411		506
Other		2			6		1
Total revenues		21,445			20,208		3,000

Net valuation on investment properties		(346	)		318		47
Net gain on sales of assets		178			15		2
Total other income		(168	)		333		49

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

	Six month period ended June 30,
		2009	2010	2010
		SEK	SEK	$
		(in millions)
Result for the period		1,069	716	94
Other comprehensive income:
Fair value gains on available-for-sale financial assets, net of tax		351	(52)	(12)
Cash flow hedges, net of tax		1,538	(116)	(14)
Currency translation differences		(637)	127	16
Equity hedge, net of tax		4	(9)	(1)
Total comprehensive income for the period		2,325	666	83
Total comprehensive income attributable to:
- owners of the company		2,353	666	83
- minority interest		(28)	-	-
Total comprehensive income for the period		2,325	666	83

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

	December 31, 2009		June 30, 2010
		SEK	SEK	$
ASSETS		(in millions)
Noncurrent assets:
Intangible assets		2,789	2,668	342
Tangible fixed assets:
Vessels		27,257	30,586	3,918
Construction in progress		5,649	6,250	801
Equipment		2,182	2,616	335
Buildings and land		901	872	113
Ports		915	897	114
Total tangible fixed assets		36,904	41,241	5,281
Property		24,040	24,187	3,098
Financial fixed assets:
Investment in affiliated companies		1,115	1,093	140
Investment in SPEs		8,174	7,463	956
Marketable securities		2,211	2,771	355
Other assets		4,655	4,346	557
Total financial fixed assets		16,155	15,673	2,008
Total noncurrent assets		79,888	83,749	10,729
Current assets:
Inventories		615	695	89
Trade debtors		3,284	4,027	516
Other receivables		1,721	1,524	195
Prepaid expenses and accrued income		1,820	1,898	243
Short-term investments		3,694	3,596	461
Cash and cash equivalents		1,183	1,486	190
Total current assets		12,317	13,226	1,694
Total assets		92,205	96,975	12,423

Condensed Consolidated Balance Sheets (unaudited)

	December 31, 2009		September 30, 2010
	SEK		SEK		$
ASSETS	(in millions)
Noncurrent assets:
Intangible assets		2,789		2,601	386
Tangible fixed assets:
Vessels		27,257		29,122	4,324
Construction in progress		5,649		5,304	788
Equipment		2,182		2,505	372
Buildings and land		901		843	125
Ports		915		1,065	158
Total tangible fixed assets		36,904		38,839	5,767
Property		24,040		24,307	3,609
Financial fixed assets:
Investment in affiliated companies		1,115		1,068	159
Investment in SPEs		8,174		6,335	941
Marketable securities		2,211		2,997	445
Other assets		4,655		4,354	646
Total financial fixed assets		16,155		14,754	2,191
Total noncurrent assets		79,888		80,501	11,953
Current assets:
Inventories		615		624	93
Trade debtors		3,284		3,334	495
Other receivables		1,721		1,713	254
Prepaid expenses and accrued income		1,820		1,811	269
Short-term investments		3,694		3,950	586
Cash and cash equivalents		1,183		1,901	282
Total current assets		12,317		13,333	1,979

Total assets		92,205		93,834	13,932

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity:
Share Capital	5	5	1	5		1
Reserves	~~780~~	~~719~~780	92	(847	)	(125	)
Retained earnings	~~25,723~~	2725,~~707~~723	~~3,547~~	27,709		4,115
Net Income	~~2,364~~	~~727~~2,364	95	1,867		276
Minority interests	~~311~~	311	40	400		59
Total shareholders’ equity	~~29.183~~	29~~,469~~.183	~~3,775~~	29,134		4,326
Noncurrent liabilities:
Deferred income taxes	~~3,646~~	3,~~394~~646	~~436~~	3,838		570
Pension liabilities	~~1,122~~	1,~~000~~122	~~128~~	898		133
Other provisions	~~1,920~~	1,~~835~~920	~~235~~	1,650		245
Long-term debt	~~31,485~~	3531,~~462~~485	~~4,543~~	36,737		5,455
Debt in SPEs	~~8,249~~	68,~~888~~249	~~882~~	5,373		798
Senior notes	~~6,147~~	6,~~692~~147	~~857~~	6,362		945
Capitalized lease obligations	~~1,908~~	21,~~458~~908	~~315~~	1,766		262
Other noncurrent liabilities	~~1,163~~	1,~~329~~163	~~170~~	1,079		159
Total noncurrent liabilities	~~55,640~~	5955,~~058~~640	~~7,566~~	57,703		8,567
Current liabilities:
Short-term debt	~~1,541~~	1,~~819~~541	~~233~~	1,805		268
Capitalized lease obligations	~~135~~	~~204~~135	26	235		35
Other interest bearing debt	~~682~~	682	87	-		-
Trade accounts payable	~~1,311~~	1,~~273~~311	~~163~~	1,099		163
Income tax payable	~~150~~	~~142~~150	18	122		18
Other current liabilities	~~1,329~~	1,~~456~~329	~~187~~	1,577		234
Accrued costs and prepaid income	~~2,234~~	2,~~872~~234	~~368~~	2,159		321
Total current liabilities	~~7,382~~	87,~~448~~382	~~1,082~~	6,997		1,039
Total shareholders’ equity and liabilities	~~92,205~~	9692,~~975~~205	~~12,423~~	93,834		13,932

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

Stena AB and Consolidated Subsidiaries

	Attributable to equity holders of the company
(SEK in millions)	Share Capital	Reserves	Retained earnings incl. Net Income	Total	Minority interest	Total Equity
Closing balance as of December 31, 2008	5	1,186	25,896	27,087	367	27,454
Exchange differences arising on the translation of foreign operations, net of tax		(632)		(632)	(5)	(637)
Change in Hedging reserve, net of tax
- bunker hedge		1,497		1,497		1,497
- interest swap hedge		41		41		41
Change in fair value reserve, net of tax		351		351		351
Change in net investment hedge, net of tax		4		4		4
Net income recognized directly in equity		1,261		1,261	(5)	1,256
Net income			1,092	1,092	(23)	1,069
Total recognized income and expense		1,261	1,092	2,353	(28)	2,325
Dividend			(190)	(190)		(190)
Transfer to charity trust			(20)	(20)		(20)
Closing balance as of June 30, 2009	5	2,447	26,778	29,230	339	29,569

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

Closing balance as of December 31, 2009	5	780	28,087	28,872	311	29,183
	Attributable to equity holders of the company
Exchange differences arising on the translation of foreign operations, net of tax		116		116	11	127
(SEK in millions)	Share Capital	Reserves	Retained earnings incl. Net Income	Total	Minority interest	Total Equity
Change in hedging reserve, net of tax
Closing balance as of December 31, 2008	5	1,186	25,896	27,087	367	27,454
- bunker hedge		(78)		(78)		(78)
Exchange differences arising on the translation of foreign operations, net of tax		(2,605)		(2,605)	(20)	(2,625)
- interest swap hedge		(38)		(38)		(38)
Change in Hedging reserve, net of tax
Change in fair value reserve, net of tax		(52)		(52)		(52)
- bunker hedge		1,443		1,443		1,443
Change in net investment hedge, net of tax		(9)		(9)		(9)
- interest swap hedge		67		67		67
Net income recognized directly in equity		(61)		(61)	11	(50)
Change in fair value reserve, net of tax		848		848		848
Equity method			(50)	(50)		(50)
Change in net investment hedge, net of tax		147		147		147
Net income			727	727	(11)	716
Net income recognized directly in equity		(100)		(100)	(20)	(120)
Total recognized income and expense		(61)	677	616		616
Net income			2,309	2,309	(38)	(2,271)
Dividend			(316)	(316)		(316)
Total recognized income and expense		(100)	2,309	2,209	(58)	2,151
Transfer to charity trust			(14)	(14)		(14)
Dividend			(190)	(190)		(190)
Closing balance as of June 30, 2010	5	719	28,434	29,158	311	29,469
Transfer to charity trust			(20)	(20)		(20)
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
Acquired minority					97	97
Exchange differences arising on the translation of foreign operations, net of tax		(1,732)		(1,732)	(6)	(1,738)
Change in hedging reserve, net of tax
- bunker hedge		(32)		(32)		(32)
- interest swap hedge		63		63		63
Change in fair value reserve, net of tax		(85)		(85)		(85)
Change in net investment hedge, net of tax		159		159		159
Equity method			(50)	(50)		(50)
Net income recognized directly in equity		(1,627)	(50)	(1,677)	(6)	(1,683)
Net income			1,869	1,869	(2)	1,867
Total recognized income and expense		(1,627)	1,819	192	(8)	184
Dividend			(316)	(316)		(316)
Transfer to charity trust			(14)	(14)		(14)
Closing balance as of September 30, 2010	5	(847)	29,576	28,734	400	29,134

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

Stena AB and Consolidated Subsidiaries

		Six month period ended
	June 30, 2009		June 30, 2010
		SEK	SEK	$
		(in millions)
Net cash flows from operating activities:
Net income		1,069	716	94
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,671	1,790	229
Net valuation of investment properties		297	(174)	(22)
Gain on sale of assets		(170)	(4)	(1)
Loss on securities, net		24	153	20
Unrealized foreign exchange (gains) losses		256	(623)	(81)
Deferred income taxes		(177)	(69)	(9)
Provision for pensions		(128)	(121)	(16)
Net cash flows from trading securities		(179)	(9)	(1)
Share of affiliated companies results		(17)	(8)	(1)
Other non cash items		173	(160)	(21)
Receivables		1,397	(314)	(41)
Prepaid expenses and accrued income		(549)	74	9
Inventories		(45)	(96)	(12)
Trade accounts payable		382	(41)	(5)
Accrued costs and prepaid income		269	727	93
Income tax payable		24	(15)	(2)
Other current liabilities		(1,217)	85	11
Net cash provided by operating activities		3,080	1,911	244
Net cash flows from investing activities:
Purchase of intangible assets		(27)	(21)	(3)
Cash proceeds from sale of property, vessels and equipment		375	143	18
Capital expenditure on property, vessels and equipment		(2,754)	(5,021)	(643)
Investment in affiliated companies		(2)	-	-
Proceeds from sale of securities		2,235	3,348	429
Purchase of securities		(1,046)	(2,704)	(346)
Other investing activities		54	25	3
Net cash used in investing activities		(1,165)	(4,230)	(542)
Net cash flows from financing activities:
Proceeds from issuance of debt		1,343	3,184	408
Principal payments on debt		(828)	(3,620)	(464)
Net change in borrowings on line-of-credit agreements		(2,682)	2,836	363
Proceeds from new capitalized lease obligations………………………..		-	693	89
Principal payments on capital lease obligations		(65)	(37)	(5)
Net change in restricted cash accounts		591	240	31
Dividend paid		(190)	(316)	(40)
Other financing activities		(119)	(61)	(8)
Net cash used in/provided by financing activities		(1,950)	2,919	374
Effect of exchange rate changes on cash and cash equivalents		(8)	(297)	(38)
Net change in cash and cash equivalents		(43)	303	38
Cash and cash equivalents at beginning of period		1,431	1,183	152
Cash and cash equivalents at end of period		1,388	1,486	190

Condensed Consolidated Statements of Cash Flow (unaudited)

	Nine month period ended
	September 30, 2009			September 30, 2010
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income		2,271			1,867		276
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,462			2,729		405
Net valuation of investment properties		346			(318	)	(47	)
Gain on sale of assets		(178	)		(15	)	(2	)
Gain on securities, net		(92	)		(5	)	(1	)
Unrealized foreign exchange (gains) losses		545			(90	)	(13	)
Deferred income taxes		(126	)		3		0
Provision for pensions		(167	)		(159	)	(24	)
Net cash flows from trading securities		(157	)		(131	)	(19	)
Share of affiliated companies results		(18	)		5		1
Other non cash items		(312	)		(163	)	(24	)
Receivables		2,658			(228	)	(34	)
Prepaid expenses and accrued income		(92	)		21		3
Inventories		(13	)		(37	)	(5	)
Trade accounts payable		140			(177	)	(26	)
Accrued costs and prepaid income		(849	)		(9	)	(1	)
Income tax payable		13			(23	)	(3	)
Other current liabilities		(1,057	)		212		31
Net cash provided by operating activities		5,374			3,482		517

Net cash flows from investing activities:
Purchase of intangible assets		(32	)		(21	)	(3	)
Cash proceeds from sale of property, vessels and equipment		465			179		27
Capital expenditure on property, vessels and equipment		(7,246	)		(7,758	)	(1,152	)
Purchase of subsidiaries, net of cash acquired		-			(127	)	(19	)
Investment in affiliated companies		(2	)		-		-
Proceeds from sale of securities		3,633			4,053		602
Purchase of securities		(2,153	)		(3,428	)	(509	)
Other investing activities		177			32		5
Net cash used in investing activities		(5,158	)		(7,070	)	(1,049	)

Net cash flows from financing activities:
Proceeds from issuance of debt		4,462			5,174		768
Principal payments on debt		(1,054	)		(5,232	)	(777	)
Net change in borrowings on line-of-credit agreements		(4,327	)		4,641		689
Proceeds from new capitalized lease obligations		-			662		98
Principal payments on capital lease obligations		(86	)		(47	)	(7	)
Net change in restricted cash accounts		946			(360	)	(53	)
Dividend paid		(190	)		(316	)	(47	)
Other financing activities		34			(131	)	(20	)
Net cash used in/provided by financing activities		(215	)		4,391		651

Effect of exchange rate changes on cash and cash equivalents		(113	)		(85	)	(13	)

Net change in cash and cash equivalents		(112	)		718		106

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, 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 ~~six~~nine months ended ~~June~~September 30, 2010 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 ~~June~~September 30, 2010, of $1 = SEK 76.~~8064~~7351.

Note 2 Accounting policies

Except 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, 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~~	Three month period	~~Six month period~~					Nine month period
		ended June 30,		ended June 30,
			ended September 30,						ended September 30,
		~~2009~~	~~2010~~2009	~~2009~~	~~2010~~	2010			2009			2010
		~~(SEK in millions)~~	(SEK in millions)	~~(SEK in millions)~~					(SEK in millions)
Income from operations:
Ferry operations		~~120~~	~~142~~	~~(137)~~830	~~(161)~~		544			693			383
Drilling		~~971~~	~~671~~	~~1,726~~747	~~1,235~~		632			2,473			1,867
Shipping:	Roll-on/Roll-off vessels	32	29	6125	40		5			86			45
	Crude oil tankers	~~(279)~~	~~(67)~~	(~~363)~~300	~~(151~~)		(135	)		(663	)		(286	)
	Other shipping	4	1	11(9	8)		(17	)		2			(9	)
	Net gain on sale of vessels	~~151~~	-	~~151~~(2	-)		-			149			-
	Total shipping	~~(92)~~	~~(37)~~	(~~140)~~286	~~(103~~)		(147	)		(426	)		(250	)
Property		~~337~~	~~354~~	~~613~~357	~~636~~		364			970			1,000
	Net gain on sale of properties	10	-	1910	4		6			29			10
	Net valuations on investment
	properties	~~(181)~~	~~152~~	(~~297)~~49	~~174~~)		144			(346	)		318
	Total property	~~166~~	~~506~~	~~335~~318	~~814~~		514			653			1,328
New Businesses, Adactum		~~121~~	~~121~~	9429	92		33			123			125
Other		~~(80)~~	~~(78)~~	(~~166)~~83	~~(162~~)		(139	)		(249	)		(301	)
Total		~~1,206~~	~~1,325~~	1,~~712~~555	~~1,715~~		1,437			3,267			3,152

		~~Three month period~~	Three month period	~~Six month period~~				Nine month period
		ended June 30,		ended June 30,
			ended September 30,					ended September 30,
		~~2009~~	~~2010~~2009	~~2009~~	~~2010~~	2010		2009		2010
		~~(SEK in millions)~~	(SEK in millions)	~~(SEK in millions)~~				(SEK in millions)
Depreciation and amortization:
Ferry operations		~~276~~	~~285~~	~~551~~267	~~555~~		295		818		850
Drilling		~~390~~	~~512~~	~~799~~412	~~1,003~~		532		1,211		1,535
Shipping:	Roll-on/Roll-off vessels	35	38	7134	71		27		105		98
	Crude oil tankers	~~101~~	21	~~130~~18	42		23		148		65
	Other shipping	3	3	63	5		2		9		7
	Total shipping	~~139~~	62	~~207~~55	~~118~~		52		262		170
Property		-	-	10	-		0		1		0
New Businesses, Adactum		58	56	~~110~~56	~~109~~		52		166		161
Other		2	-	31	5		8		4		13
Total		~~865~~	~~915~~	~~1,671~~791	~~1,790~~		939		2,462		2,729

		Six month period ended June 30,
		Nine month period ended September 30,
		2009	~~2010~~	2010
		(SEK in millions)
Capital expenditures:
Ferry operations		~~443~~1,461	~~1,619~~	3,434
Drilling		14,~~849~~837	~~2,667~~	2,915
Shipping:	Roll-on/Roll-off vessels	312	1	473
	Crude oil tankers	1219	~~198~~	196
	Other shipping	16	4	5
	Total shipping	1637	~~203~~	674
Property		~~347~~797	~~301~~	480
New Businesses, Adactum		93111	~~221~~	249
Other		63	10	6
Total		27,~~754~~246	~~5,021~~	7,758

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 in 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 ~~six~~nine months of 2010

In February 2010, we committed to invest approximately GBP 80 million in a new ferry port facility at Loch Ryan in Scotland for the future development of our Scotland–Northern Ireland route. The construction work is expected to take approximately 20 months and be completed in 2012. A Harbor Empowerment Order (HEO) to allow the creation of the new port has been granted by the Scottish government.

In February 2010, we entered into an agreement to sell the RoPax vessel Götaland, with delivery ~~scheduled~~in ~~for~~ September 2010 at a gain of SEK 5 million.

In March 2010, we issued a ten-year bond in the amount of EUR 200 million with a coupon of 7.875% and maturity in 2020.

In April 2010, we redeemed all of our outstanding 7.5% Senior Notes due 2013 (representing U.S. dollar 153 million in aggregate principal amount ) at a price of $102.5% of par value.

In April 2010, Stena Renewable acquired five new wind power systems near Härnösand, Sweden, for a cash price of SEK 56 million.

On May 7, 2010, the first of our two superferries, ~~to be named~~ Stena Hollandica, was delivered from the German shipyard Wadan Yards in Wismar. The vessel ~~operates~~commenced operation on the Hoek van Holland/Harwich route from mid May. The second vessel, isStena ~~expected~~Britannica, towas be delivered inon ~~the~~September ~~end~~29, of2010. ~~the~~After ~~third~~delivery ~~quarter~~ of ~~2010. When~~ these superferries ~~arrive~~, the ~~current~~former Stena Hollandica and Stena Britannica ~~will~~(to be renamed Stena Germanica and Stena Scandinavica, respectively) have been moved from the North Sea to the ~~Göteborg~~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 route. All four vessels will undergo extensive renovations ~~and the two routes will experience positive changes~~. The ~~route~~ Gothenburg-Travemünde ~~will~~route bewas closed ason ~~from~~ September 1, 2010 as a ~~consequence~~result of the increased freight ~~volumes~~capacity onof the new vessels on the Gothenburg – Kiel route. The two vessels formerly on the Gothenburg-Travemünde route, Stena Carrier and Stena Freighter, are being moved to the route Rotterdam-Harwich.

In May 2010, a Suezmax tanker was ordered from Samsung, South Korea, for delivery in 2013.

In May 2010, Stena RoRo has, on behalf of Stena Line, reached an agreement with Marine Atlantic to charter Stena Trader and Stena Traveller, ~~currently~~previously operating ~~between~~on Hoek van Holland and Killingholme, for five years with the right to extend the agreement for two five-year periods. 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.

In June 2010, we sold the joint venture Crowley Shipping for a gain of SEK 19 million.

In the first six months of 2010, we sold properties for a gain of SEK 4 million.

SUBSEQUENT EVENTS

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

In July, 2010, Stena Line acquired 51% of a company ~~owning~~that owns the port of Karlskrona in Sweden, for a cash price of SEK 127 million.

Stena AB and Consolidated Subsidiaries

~~Currency~~In ~~effects~~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.

The Company's revenues and expenses, 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~~first ~~seeks~~nine tomonths ~~hedge the net effect~~ of ~~such fluctuations, our reported gross revenues and expenses are influenced by changes in the currency rates. In the six months ended June 30,~~ 2010, ~~approximately~~we ~~34%~~sold ofproperties ~~the~~for ~~Company's~~a ~~total~~gain ~~revenues were generated in U.S. dollars, approximately 26% were generated in SEK, approximately 17% 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 33% were incurred in~~ SEK, ~~approximately~~10 ~~15% were incurred in GBP and approximately 12% were incurred in Euros~~million. ~~The exchange rates as used for consolidation purposes are as follows:~~

Average rates:	April-June	April-June		Jan-June	Jan-June
	2009	2010	Change	2009	2010	Change
US $	7.93	7.58	(4) %	8.17	7.39	(10)%
British pound	12.26	11.30	(9)%	12.15	11.25	(7)%
Euro	10.79	9.64	(11)%	10.87	9.79	(10)%
Closing rates:				As of	As of	Change
				December 31,	June 30,
				2009	2010
US $				7.1553	7.7531	8%
British pound				11.5704	11.5889	-
Euro				10.2506	9.5289	(7)%

SUBSEQUENT EVENTS

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

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

~~JUNE~~Currency ~~30, 2009~~ effects

~~Revenues~~The Company's revenues and expenses, 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:

Total revenues decreased SEK 318 million, or 4%, in the three months ended June 30, 2010 to SEK 7,102 million from SEK 7,420 million in the three months ended June 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.

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%)

Ferry operations. Ferry revenues are primarily generated from ticket sales, freight haulage and on-board sales. Revenues from ferry operations decreased SEK 69 million, or 3%, in the three months ended June 30, 2010 to SEK 2,462 million from SEK 2,531 million in the three months ended June 30, 2009, mainly due to reduced revenues from ticket sales, on-board sales and freight haulage as a consequence of lower volumes for cars and passengers. 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 decreased SEK 163 million, or 8%, in the three months ended June 30, 2010 to SEK 1,938 million from SEK 2,101 million in the three months ended June 30, 2009, mainly due to the weakening of the U.S. dollar against the SEK and a planned off-hire period for Stena Clyde, which undertook a five-year special periodic survey in the second quarter of 2010, offset by operations of the third DrillMAX vessel, Stena Forth, delivered in August 2009.

Shipping. Shipping revenues primarily consist of charter hires for our owned and chartered in vessels and management fees for vessels managed by us. Revenues from shipping operations decreased SEK 40 million, or 5%, in the three months ended June 30, 2010 to SEK 733 million from SEK 773 million in the three months ended June 30, 2009.

Revenues from crude oil tankers decreased SEK 32 million, or 5%, in the three months ended June 30, 2010 to SEK 564 million from SEK 596 million in the three months ended June 30, 2009, mainly due to lower charter rates in the spot market and a lower number of tonnage operated, together with the weakening of the U.S. dollar against the SEK. In the three months ended June 30, 2010, the Company operated an average of 31 tankers (chartered in or owned), compared to an average of 35 tankers in the three months ended June 30, 2009.

Revenues from chartering out Roll-on/Roll-off vessels decreased SEK 9 million, or 7%, in the three months ended June 30, 2010 to SEK 114 million from SEK 123 million in the three months ended June 30, 2009, mainly due to the weakening of the Euro against the SEK, together with reduced charter hires for the RoPax vessel BORJA and the RoRo vessel Mont Ventoux, offset by a gain from the sale of the joint venture Crowley Shipping.

Revenues from Other Shipping increased SEK 1 million, or 2 %, in the three months ended June 30, 2010 to SEK 55 million from SEK 54 million in the three months ended June 30, 2009.

Property. Property revenues consist of rents for properties owned and management fees for properties managed by the Company. Revenues from property operations increased SEK 29 million, or 5%, in the three months ended June 30, 2010 to SEK 594 million from SEK 565 million in the three months ended June 30, 2009, mainly due to increased rents and higher occupancy rates, 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 80 million, or 6%, in the three months ended June 30, 2010 to SEK 1,370 million from SEK 1,450 million in the three months ended June 30, 2009, mainly due to reduced revenues generated from Envac AB (“Envac”) due to delayed startup of new projects. Of the total revenues in the three months ended June 30, 2010, SEK 616 million related to Ballingslöv International AB (publ) (“Ballingslöv”), SEK 432 million related to Blomsterlandet AB (“Blomsterlandet”), SEK 304 million related to “Envac” and SEK 18 million related to Stena Renewable AB (“Stena Renewable”), as compared to SEK 639 million related to “Ballingslöv”, SEK 425 million related to “Blomsterlandet”, SEK 370 million related to “Envac” and SEK 16 million related to “Stena Renewable” in the three months ended June 30, 2009.

Stena AB and Consolidated Subsidiaries

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

~~Net~~SEPTEMBER valuation on investment property. As a result of revaluation to fair value according to IAS 40 (“Investment properties”), the Company had net gains of SEK 152 million for the three months ended June 30, ~~2010, compared to net losses of SEK 181 million for the three months ended June 30,~~ 2009~~, mainly due to an increase in investment property market values in the Swedish property market.~~

Net Gain on Sale of Vessels, Shipping. In the three months ended June 30, 2010, no sales of vessels were made. In the three months ended June 30, 2009, gains of SEK 151 million were recorded on the sales of the HSS vessels Stena Discovery and the RoPax vessel Stena Transporter.Revenues

~~Net~~Total ~~Gain~~revenues ondecreased ~~Sale~~SEK of83 ~~Properties.~~million, Inor 1%, in the three months ended ~~June~~September 30, 2010, noto ~~gains~~SEK on7,367 ~~sale~~million offrom ~~properties~~SEK ~~were~~7,450 ~~recorded.~~million Inin the three months ended ~~June~~September 30, 2009, ~~gains~~as a result of ~~SEK~~reduced 10revenues ~~million~~in ~~were~~all ~~recorded~~segments onexcept ~~sale~~for the drilling and property operations, together with the weakening of ~~properties~~the U.S. dollar, the Euro and the GBP against the SEK.

~~Direct~~Ferry ~~operating~~operations. ~~expenses~~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.

~~Total~~Drilling. ~~direct~~Drilling ~~operating~~revenues ~~expenses~~consist ~~decreased~~of charter hires for our drilling rigs. Revenues from drilling operations increased SEK ~~319~~219 million, or 712%, in the three months ended ~~June~~September 30, 2010 to SEK 42,~~200~~070 million from SEK 41,~~519~~851 million in the three months ended ~~June~~September 30, 2009, mainly asdue ato ~~result~~operations of ~~reduced~~the ~~operating~~third ~~expenses~~DrillMAX invessel, ~~all~~Stena ~~segments~~Forth, ~~except~~delivered ~~for~~ in ~~drilling~~August ~~and property operations~~2009, together with the ~~weakening~~effect of an off-hire period in the ~~Euro~~third quarter of 2009 for Stena Tay, which undertook a five-year special periodic survey, offset by an off-hire period for the ~~U.S.~~Stena ~~dollar~~Carron in July 2010 and by the ~~GBP~~weakening of the U.S. dollar against the SEK.

~~Ferry operations~~ Shipping. ~~Direct~~Shipping ~~operating~~revenues ~~expenses~~primarily ~~for ferry operations~~ consist ~~principally~~ of ~~personnel~~charter ~~costs,~~hires ~~costs~~for ofour ~~goods~~owned ~~sold~~and onchartered ~~the~~in vessels, ~~bunker fuel costs, vessel charter costs, commissions, package tour costs~~ and ~~other~~management ~~related~~fees ~~costs.~~for Avessels ~~significant~~managed ~~portion~~by ~~of these costs does not vary as a result of changes in our seasonal requirements~~us. ~~Direct~~Revenues ~~operating~~from ~~expenses~~shipping ~~for ferry~~ operations decreased SEK 8584 million, or 512%, in the three months ended ~~June~~September 30, 2010 to SEK ~~1,784~~619 million from SEK ~~1,869~~703 million in the three months ended ~~June~~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 three months ended June 30, 2010 were 72% of revenues, as compared to 74% for the three months ended June 30, 2009.~~

~~Drilling.~~Revenues ~~Direct~~from ~~operating~~crude ~~expenses~~oil ~~for~~tankers ~~drilling~~decreased ~~consist primarily of personnel costs, insurance, maintenance and catering costs. Direct operating expenses for drilling operations increased~~ SEK 1852 million, or 310%, in the three months ended ~~June~~September 30, 2010 to SEK ~~641~~490 million from SEK ~~623~~542 million in the three months ended ~~June~~September 30, 2009., ~~The increase is~~ mainly due to ~~increased~~lower ~~costs~~charter ~~related~~rates toin the ~~operation~~spot ofmarket ~~the~~and ~~third~~a ~~DrillMAX~~lower ~~vessel~~number ~~Stena~~of ~~Forth~~tonnage ~~delivered in August 2009~~operated, ~~offset~~together bywith the weakening of the U.S. dollar against the SEK,. ~~planned~~In ~~off-hire~~the ~~periods~~three ~~for~~months ~~Stena~~ended ~~Clyde~~September 30, ~~which~~2010, ~~undertook a five-year special periodic survey in~~ the ~~second~~Company ~~quarter~~operated ofan ~~2010,~~average ~~and the delivery~~ of ~~the~~30 ~~bareboat~~tankers (chartered ~~drilling~~in ~~unit~~or ~~Songa~~owned), ~~Dee~~compared to ~~its~~an ~~owner~~average ~~Songa~~of ~~Offshore~~33 AStankers in ~~March 2009. Direct operating expenses from drilling operations for~~ the three months ended ~~June~~September 30, ~~2010 were 33% of drilling revenues, as compared to 30% for the three months ended June 30,~~ 2009.

~~Shipping.~~Revenues ~~Direct~~from ~~operating~~chartering ~~expenses~~out ~~for~~Roll-on/Roll-off ~~shipping~~vessels ~~consist primarily of vessel charter costs, fuel costs, personnel costs, insurance and other related vessel costs. Direct operating expenses for shipping operations~~ decreased SEK ~~175~~25 million, or 22%, in the three months ended ~~June~~September 30, 2010 to SEK ~~627~~90 million from SEK ~~802~~115 million in the three months ended ~~June~~September 30, 2009, mainly due to, an off-hire period for the RoRo vessel Mont Ventoux during the third quarter of 2010, and reduced charter hires for the RoPax vessel Baltic Amber and the RoRo vessel Mont Ventoux together with the weakening of the Euro against the SEK.

~~Direct~~Revenues ~~operating~~from ~~expenses~~Other ~~associated~~Shipping ~~with crude oil tankers~~ decreased SEK ~~170~~7 million, or 2315 %, in the three months ended ~~June~~September 30, 2010 to SEK ~~573~~39 million from SEK ~~743~~46 million in the three months ended ~~June~~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 June 30, 2010, were 102% of revenues, as compared to 125% for the three months ended June 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~~Property. ~~operating~~Property ~~expenses~~revenues ~~with~~consist ~~respect~~of torents ~~Roll-on/Roll-off~~for ~~vessels~~properties ~~decreased~~owned and management fees for properties managed by the Company. Revenues from property operations increased SEK 845 million, or 178%, in the three months ended ~~June~~September 30, 2010 to SEK 38600 million from SEK 46555 million in the three months ended ~~June~~September 30, 2009, mainly due to ~~the~~increased ~~weakening~~rents ofand ~~the~~higher ~~Euro~~occupancy ~~against~~rates, ~~the~~partly ~~SEK.~~offset ~~Direct~~by ~~operating expenses for Roll-on/Roll-off vessels for~~ the ~~three~~weakening ~~months ended June 30, 2010 were 33%~~ of ~~revenues,~~the asEuro ~~compared~~against ~~to 37% for~~ the ~~three months ended June 30, 2009~~SEK.

~~Direct~~New ~~operating~~Businesses ~~expenses~~Adactum. ~~with~~Adactum ~~respect~~revenues toconsist ~~Other~~of ~~Shipping~~revenues ~~increased~~from Adactum’s subsidiaries. Revenues from Adactum decreased SEK 318 million, or 2%, in the three months ended ~~June~~September 30, 2010 to SEK 161,016 million from SEK 131,034 million in the three months ended ~~June~~September 30, 2009, mainly due to the strengthening of the 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 30, 2010, SEK 499 million related to Ballingslöv, 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 514 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 30, 2009.

Stena AB and Consolidated Subsidiaries

~~increased~~Net ~~wage~~valuation ~~expense~~on ~~related~~investment to a larger number of employees in Northern Marine Management. Direct operating expenses for Other Shipping for the three months ended June 30, 2010 were 29% of revenues, as compared to 24% for the three months ended June 30, 2009.properties

~~Property.~~Net ~~Property~~valuation ~~expenses~~on ~~consist~~investment ~~primarily~~properties. As ofa ~~maintenance,~~result ~~heating~~of ~~and~~revaluation ~~personnel~~to ~~costs.~~fair ~~Direct~~value ~~operating~~according ~~expenses~~to ~~for~~IAS ~~property~~40 ~~operations~~(“Investment ~~increased SEK 11 million~~properties”), ~~or 6%, in~~ the ~~three~~Company ~~months~~had ~~ended~~net ~~June~~gains ~~30,~~of ~~2010 to~~ SEK ~~192~~144 million ~~from~~for ~~SEK 181 million in~~ the three months ended ~~June~~September 30, ~~2009~~2010, ~~mainly~~compared ~~due higher energy costs due~~ to ~~the~~net ~~cold~~losses ~~winter in 2010 offset by delayed costs for maintenance and the weakening~~ of ~~the Euro against the~~ SEK. ~~Direct~~(49) ~~operating~~million ~~expenses~~ for ~~property operations for~~ the three months ended ~~June~~September 30, ~~2010~~2009, ~~were~~mainly ~~32%~~due ofto ~~property~~an ~~revenues,~~increase ~~same~~in asinvestment ~~for~~property ~~the~~market ~~three~~values ~~months~~in ~~ended~~the ~~June~~Swedish ~~30, 2009~~market.

~~New~~Net ~~Businesses~~gain ~~Adactum.~~on ~~Direct~~sale ~~operating expenses for Adactum consist~~ of expenses from Adactum’s subsidiaries. Direct operating expenses for Adactum operations decreased SEK 80 million, or 8%, in the three months ended June 30, 2010 to SEK 956 million from SEK 1,036 million in three months ended June 30, 2009, mainly due to lower operating costs in “Envac” and “Ballingslöv” due to reduced sales volumes. Of the total operating expenses in the three months ended June 30, 2010, SEK 383 million related to “Ballingslöv”, SEK 344 million related to “Blomsterlandet”, SEK 223 million related to “Envac” and SEK 4 million related to “Stena Renewable”, as compared to SEK 410 million related to “Ballingslöv”, SEK 345 million related to “Blomsterlandet”, SEK 287 million related to “Envac” and SEK 3 million related to “Stena Renewable” in the three months ended June 30, 2009. Direct operating expenses for Adactum operations for the three months ended June 30, 2010 were 70% of revenues, as compared to 71% for the three months ended June 30, 2009.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 456 million, or 7%, in the three months ended ~~June~~September 30, 2010 to SEK ~~814~~858 million from SEK ~~810~~802 million in the three months ended ~~June~~September 30, 2009, as a result of increased ~~costs~~pension ~~for marketing~~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 ~~June~~September 30, 2010 were 12% of total revenues, as compared to 11% for the three months ended ~~June~~September 30, 2009.

Depreciation and amortization

Depreciation and amortization charges increased SEK 50148 million, or 619%, in the three months ended ~~June~~September 30, 2010 to SEK ~~915~~939 million from SEK ~~865~~791 million in the three months ended ~~June~~September 30, 2009, mainly as a result of depreciation charges for the ~~delivered~~third DrillMAX vessel, Stena Forth, ~~together with other vessels~~ delivered, ~~offset~~in byAugust ~~increased~~2009 ~~depreciation~~and ~~during~~for the ~~second~~first ~~quarter~~ of ~~2009~~the ~~due~~two tonew ~~impairment~~super ~~charges~~ferries ofStena ~~SEK~~Hollandica 75delivered ~~million~~in ~~related~~May ~~to three medium-range tankers~~2010. The weakening of the U.S. dollar against 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~~increased by SEK ~~715~~38 million in the three months ended ~~June~~September 30, 2010 to SEK (~~573~~260) million from SEK ~~142~~(298) million in the three months ended ~~June~~September 30, 2009.

Share of affiliated companies’ results in the three months ended ~~June~~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 ~~June~~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%. Share of affiliated companies’ results in the three months ended June 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 ~~June~~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 three months ended ~~June~~September 30, 2010 was SEK ~~(166)~~158 million, of which SEK ~~119~~(114) million related to net realized gains on marketable securities and equity securities and net losses in investments in Special Purpose Entities (“SPEs”), SEK ~~(310)~~248 million related to net unrealized losses on marketable securities and SEK 2524 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the three months ended ~~June~~September 30, 2009 was SEK ~~415~~116 million, of which SEK (33190) million ~~related to net realized losses, SEK 358 million related to net unrealized losses and SEK 90 million related to the termination of the financial lease for Stena Carron.~~

Interest income in the three months ended June 30, 2010 decreased by SEK 37 million to SEK 157 million from SEK 194 million in the three months ended June 30, 2009, mainly due to decreased interest rates and 16

Stena AB and Consolidated Subsidiaries

~~decreased~~related ~~underlying~~to ~~assets~~net inrealized ~~SPEs.~~losses, ~~Interest~~SEK ~~income~~312 inmillion ~~the three months ended June 30, 2010~~ related to ~~investments~~net inunrealized ~~SPEs~~gains ~~decreased~~and SEK 31(6) million related to ~~SEK~~the ~~107~~termination ~~million~~of ~~from SEK 138 million in~~ the ~~three~~financial ~~months~~lease ~~ended~~for ~~June~~Stena ~~30, 2009~~Carron.

Interest ~~expense~~income in the three months ended ~~June~~September 30, 2010 ~~increased~~decreased by SEK 7924 million to SEK ~~(509)~~125 million from SEK ~~(430)~~149 million ~~for~~in the three months ended ~~June~~September 30, 2009, mainly due to ~~increased debt, offset by~~ decreased ~~interest~~underlying ~~rates,~~assets ~~weakening of the U.S. dollar against the SEK and decreased interest expenses~~ in SPEs. Interest ~~expense~~income ~~for investments~~ in ~~SPEs in~~ the three months ended ~~June~~September 30, 2010 related to investments in SPEs decreased SEK 3832 million to SEK ~~(15)~~78 million from SEK ~~(53)~~110 million in the three months ended ~~June~~September 30, 2009.

~~During~~Interest expense in the three months ended ~~June~~September 30, 2010, ~~the~~decreased ~~Company~~SEK ~~had~~17 ~~foreign~~million ~~exchange~~to ~~gains,~~SEK ~~net~~(440) ofmillion from SEK 34(457) million. ~~During~~for the three months ended ~~June~~September 30, 2009, mainly due to the ~~Company~~weakening ~~had~~of ~~foreign~~the ~~exchange~~U.S. ~~losses~~dollar against the SEK, ~~net~~offset ofby increased debt and decreased interest expenses in SPEs. Interest expense for investments in SPEs in the three months ended September 30, 2010 decreased SEK 18 million to SEK (~~173~~24) million from SEK (42) million in the three months ended September 30, 2009.

~~Other~~During ~~financial income (expense), net, of SEK (132) million for~~ the three months ended ~~June~~September 30, 2010, ~~includes SEK (69) million related to amortization of~~ the ~~deferred~~Company ~~financing~~had ~~charges~~foreign ~~for~~exchange ~~senior notes~~losses, ~~revolving credit facilities~~net, ~~bank~~of ~~loans, capital lease obligations and investments in SPEs and~~ SEK (2730) million ~~related to bunker hedges~~. ~~Other~~During ~~financial income (expense), net, of SEK 100 million for~~ the three months ended ~~June~~September 30, 2009, ~~includes SEK (14) million related to amortization of~~ the ~~deferred~~Company ~~financing~~had ~~charges~~foreign ~~for~~exchange ~~senior notes~~losses, ~~revolving credit facilities~~net, ~~bank loans, capital lease obligations and investments in SPEs and a gain~~ of SEK ~~124~~(71) 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 ~~June~~September 30, 2010 were SEK (7626) million, consisting of current taxes of SEK ~~(183)~~47 million and deferred taxes of SEK ~~107~~(73) million. Income taxes for the three months ended ~~June~~September 30, 2009, were SEK (3359) million, consisting of current taxes of SEK (659) million and deferred taxes of SEK 32(50) million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

1617

Stena AB and Consolidated Subsidiaries

~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2010, COMPARED TO ~~SIX~~NINE MONTHS ENDED

~~JUNE~~SEPTEMBER 30, 2009

Revenues

Total revenues decreased SEK 1,~~154~~237 million, or 86%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 1220,~~841~~208 million from SEK 1321,~~995~~445 million in the ~~six~~nine months ended ~~June~~September 30, 2009, as a result of reduced revenues in all segments except for the property operations, ~~and~~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 ~~237~~483 million, or 56%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 47,~~113~~174 million from SEK 47,~~350~~657 million in the ~~six~~nine months ended ~~June~~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 ~~passengers~~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 ~~520~~301 million, or 125%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 35,~~776~~846 million from SEK 46,~~296~~147 million in the ~~six~~nine months ended ~~June~~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 ~~326~~410 million, or 1917%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 1,~~360~~979 million from SEK 12,~~686~~389 million in the ~~six~~nine months ended ~~June~~September 30, 2009.

Revenues from crude oil tankers decreased SEK ~~292~~344 million, or 2218%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 1,~~037~~527 million from SEK 1,~~329~~871 million in the ~~six~~nine months ended ~~June~~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 ~~six~~nine months ended ~~June~~September 30, 2010, the Company operated an average of 2829 tankers (chartered-in or owned), compared to an average of 35 tankers in the ~~six~~nine months ended ~~June~~September 30, 2009.

Revenues from chartering out Roll-on/Roll-off vessels decreased SEK 3156 million, or 1316%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK ~~213~~303 million from SEK ~~244~~359 million in the ~~six~~nine months ended ~~June~~September 30, 2009, mainly due to ~~the~~an ~~weakening~~off-hire ofperiod ~~the~~for ~~Euro against~~ the ~~SEK,~~RoPax ~~together~~vessel ~~with~~Baltic anAmber ~~off-hire~~and ~~period~~ for the ~~RoPax~~RoRo vessel ~~BORJA~~Mont Ventoux during the first and third quarter of 2010, respectively, together with reduced charter hires ~~thereafter~~ and ~~reduced~~the ~~charter~~weakening ~~hires~~of ~~for~~ the ~~RoRo~~Euro ~~vessel~~against ~~Mont~~the ~~Ventoux~~SEK, offset by a gain from the sale of the joint venture Crowley Shipping.

Revenues from Other Shipping decreased SEK 310 million, or 36%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK ~~110~~149 million from SEK ~~113~~159 million in the ~~six~~nine months ended ~~June~~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 79124 million, or 7%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 1,~~192~~792 million from SEK 1,~~113~~668 million in the ~~six~~nine months ended ~~June~~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 ~~152~~171 million, or 65%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 23,~~395~~411 million from SEK 23,~~547~~582 million in the ~~six~~nine months ended ~~June~~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 ~~six~~nine months ended ~~June~~September 30, 2010, SEK 1,~~175~~674 million related to “Ballingslöv”, SEK ~~637~~824 million related to “Blomsterlandet”, SEK ~~549~~857 million related to “Envac” and SEK 3456 million related to “Stena Renewable”, as compared to SEK 1,~~205~~719 million related to “Ballingslöv”, SEK ~~626~~812 million related to “Blomsterlandet”, SEK ~~681~~996 million related to “Envac” and SEK 3555 million related to “Stena Renewable” in the ~~six~~nine months ended ~~June~~September 30, 2009.

1718

Stena AB and Consolidated Subsidiaries

~~Other~~Net ~~income~~valuation on investment properties

Net valuation on investment ~~property~~properties. As a result of revaluation to fair value according to IAS 40 “Investment properties”, the Company had net gains of SEK ~~174~~318 million for the ~~six~~nine months ended ~~June~~September 30, 2010, as compared to net losses of SEK ~~297~~(346) million for the ~~six~~nine months ended ~~June~~September 30, 2009, mainly due to an increase in investment property market values in the Swedish ~~property~~ market.

Net ~~Gain~~gain on ~~Sale~~sale of Vessels, Shipping. In the six months ended June 30, 2010, no sales of vessels were made. In the six months ended June 30, 2009, gains of SEK 151 million were recorded on the sales of the HSS vessel Stena Discovery and the RoPax vessel Stena Transporter.assets

Net Gain on Sale of ~~Properties~~Vessels. In the ~~six~~nine months ended ~~June~~September 30, 2010, gains of SEK 45 million were recorded on the sale of ~~properties~~the RoPax vessel Götaland. In the ~~six~~nine months ended ~~June~~September 30, 2009, gains of SEK 19149 million were recorded on ~~sale~~the sales of ~~properties~~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 ~~942~~915 million, or 117%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 712,~~918~~206 million from SEK 813,~~860~~121 million in the ~~six~~nine months ended ~~June~~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 ~~169~~134 million, or 52%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 35,~~253~~262 million from SEK 35,~~422~~396 million in the ~~six~~nine months ended ~~June~~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 ~~six~~nine months ended ~~June~~September 30, 2010 were 7973% of revenues, ~~same~~ as compared to 70% for the ~~six~~nine months ended ~~June~~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 decreased SEK ~~231~~59 million, or 153%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 12,~~305~~033 million from SEK 12,~~536~~092 million in the ~~six~~nine months ended ~~June~~September 30, 2009. The decrease is mainly due to the weakening of the U.S. dollar against the SEK, planned off-hire periods for Stena Don and Stena Clyde, which both undertook a five-year special periodic survey in the first quarter and second quarter 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. Direct operating expenses from drilling operations for the six months ended June 30, 2010 were 35% of drilling revenues, as compared to 46% for the six months ended June 30, 2009.

~~Shipping.~~and ~~Direct~~second ~~operating~~quarters ~~expenses~~of ~~for~~2010, ~~shipping~~respectively, ~~consist~~and ~~primarily~~the delivery of ~~vessel~~the ~~charter~~bareboat ~~costs,~~chartered ~~fuel~~drilling ~~costs,~~unit ~~personnel~~Songa ~~costs~~Dee to its owner Songa Offshore AS in March 2009, ~~insurance~~offset ~~and~~by ~~other~~costs related to the operation of the DrillMAX vessel ~~costs.~~Stena ~~Direct~~Forth delivered in August 2009 and higher operating expenses and personnel costs for ~~shipping~~the ~~operations~~operation ~~decreased~~of ~~SEK~~the ~~429~~first ~~million,~~DrillMAX orvessel ~~27%~~Stena Drillmax, operated for Repsol in Brazil . Direct operating expenses from drilling operations for the ~~six~~nine months ended ~~June~~September 30, 2010 towere ~~SEK~~35% ~~1,177~~of ~~million~~drilling ~~from~~revenues, ~~SEK~~as ~~1,606~~compared ~~million~~to in34% for the ~~six~~nine months ended ~~June~~September 30, 2009.

Shipping. Direct operating expenses ~~associated~~for ~~with~~shipping ~~crude~~consist ~~oil~~primarily ~~tankers~~of ~~decreased~~vessel ~~SEK~~charter ~~417 million~~costs, orfuel ~~28%~~costs, inpersonnel ~~the six months ended June 30~~costs, ~~2010~~insurance ~~to SEK 1,070 million from SEK 1,487 million in the six months ended June 30, 2009, mainly due to lower business activity~~ and aother ~~reduced~~related ~~fleet~~vessel ~~together with the weakening of the U~~costs.S. ~~dollar against the SEK.~~ Direct operating expenses for ~~crude~~shipping ~~oil~~ operations ~~for~~decreased ~~the~~SEK ~~six~~630 ~~months ended June 30~~million, ~~2010,~~or ~~were 103~~26% ~~of revenues~~, asin ~~compared to 112% for~~ the ~~six~~nine months ended ~~June~~September 30, ~~2009.~~2010 ~~Direct~~to ~~operating~~SEK ~~expenses for crude oil tankers include time-charter costs~~1,811 ~~which~~million ~~normally~~from ~~are~~SEK ~~fixed for periods between 6 months and up to 5 years in advance~~2,441 ~~while~~million ~~revenues~~ in the ~~spot~~nine ~~market~~months ~~vary~~ended ~~with~~September ~~each~~30, ~~voyage~~2009.

Direct operating expenses associated with ~~respect~~crude tooil ~~Roll-on/Roll-off~~tankers ~~vessels~~ decreased by SEK 10630 million, or 1128%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 841,638 million from SEK 942,268 million in the ~~six~~nine months ended ~~June~~September 30, 2009, mainly due to lower business activity and a reduced fleet together with the weakening of the ~~Euro~~U.S. dollar against the SEK. Direct operating expenses for ~~Roll-on/Roll-off~~crude ~~vessels~~oil operations for the ~~six~~nine months ended ~~June~~September 30, 2010, were 39107% of revenues, ~~same~~ as compared to 121% for the ~~six~~nine months ended ~~June~~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 Other Shipping decreased SEK 2 million in the six months ended June 30, 2010 to SEK 23 million from SEK 25 million in the six months ended June 30, 2009, mainly due to reduced costs, offset by increased wage expense related to a larger number of employees in Northern Marine 19

Stena AB and Consolidated Subsidiaries

~~Management~~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 ~~Other~~Roll-on/Roll-off ~~Shipping~~vessels for the ~~six~~nine months ended ~~June~~September 30, 2010 were 2144% of revenues, as compared to 2238% for the ~~six~~nine months ended ~~June~~September 30, 2009.

~~Property. Property expenses consist primarily of maintenance, heating and personnel costs.~~ Direct operating expenses ~~for~~with ~~property~~respect ~~operations~~to Other Shipping increased SEK 541 million, or 133%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK ~~462~~39 million from SEK ~~408~~38 million in the ~~six~~nine months ended ~~June~~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~~Other ~~operations~~Shipping for the ~~six~~nine months ended ~~June~~September 30, 2010 were 3926% of ~~property~~ revenues, as compared to 3724% for the ~~six~~nine months ended ~~June~~September 30, 2009.

~~New Businesses Adactum~~Property. ~~Direct~~Property ~~operating~~ expenses ~~for Adactum~~ consist primarily of ~~expenses~~maintenance, ~~from~~heating ~~Adactum’s~~and ~~subsidiaries~~personnel costs. Direct operating expenses for ~~Adactum~~property operations ~~decreased~~increased SEK ~~148~~98 million, or 818%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK ~~1,720~~653 million from SEK ~~1,868~~555 million in ~~six~~the nine months ended ~~June~~September 30, 2009, mainly due to ~~lower~~higher ~~operating~~energy costs ~~in “Envac” and “Ballingslöv”~~ due to ~~reduced volumes. Of~~ the ~~total~~cold ~~operating~~winter ~~expenses~~ in ~~the six months ended June 30,~~ 2010, ~~SEK~~partly ~~744~~offset ~~million~~by ~~related~~delayed tocosts ~~“Ballingslöv”,~~for ~~SEK~~maintenance ~~555 million related to “Blomsterlandet”, SEK 410 million related to “Envac”~~ and ~~SEK~~the 7weakening ~~million~~of ~~related~~the toEuro ~~“Stena~~against Renewable”, as compared to SEK 808 million related to “Ballingslöv”, SEK 553 million related to “Blomsterlandet”, SEK 504 million related to “Envac” and SEK 4 million related to “Stena Renewable” in the ~~six months ended June 30, 2009~~SEK. Direct operating expenses for ~~Adactum~~property operations for the ~~six~~nine months ended ~~June~~September 30, 2010 were 7236% of property revenues, as compared to 7333% for the ~~six~~nine months ended ~~June~~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 ~~decreased~~increased SEK 2927 million, or 21%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 12,~~596~~454 million from SEK 12,~~625~~427 million in the ~~six~~nine months ended ~~June~~September 30, 2009, mainly due to increased pension costs, offset by reduced personnel costs in ~~the~~ 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 ~~six~~nine months ended ~~June~~September 30, 2010 were 1312% of total revenues, as compared to 1211% for the ~~six~~nine months ended ~~June~~September 30, 2009.

Depreciation and amortization

Depreciation and amortization charges increased SEK ~~119~~267 million, or 711%, in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK 12,~~790~~729 million from SEK 12,~~671~~462 million in the ~~six~~nine months ended ~~June~~September 30, 2009, mainly as a result of depreciation charges for the third DrillMAX vessel Stena Forth, ~~together~~delivered ~~with~~in ~~other~~August ~~vessels~~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 ~~192~~155 million in the ~~six~~nine months ended ~~June~~September 30, 2010 to SEK (~~896~~1,156) million from SEK (~~704~~1,001) million in the ~~six~~nine months ended ~~June~~September 30, 2009.

Share of affiliated companies’ results in the ~~six~~nine months ended ~~June~~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 ~~June~~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%. Share of affiliated companies’ results in the six months ended June 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 ~~June~~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 ~~six~~nine months ended ~~June~~September 30, 2010 was SEK ~~(153)~~5 million, of which SEK 42(74) million related to net realized ~~gains~~losses on marketable securities and equity securities and net losses in investments in ~~Special Purpose Entities (“~~SPEs”), SEK ~~(245)~~5 million related to net unrealized ~~losses~~gains on marketable securities and SEK 5074 million related to the termination of the financial lease of Stena Carron. Net gain (loss) on securities in the six months ended June 30, 2009 was SEK (24) million, of which SEK (372) million related to net realized losses, SEK 235 million related to net unrealized gains and SEK 113 million related to the termination of the financial lease for Stena Carron.

Interest income in the six months ended June 30, 2010 decreased by SEK 186 million to SEK 232 million from SEK 418 million in the six months ended June 30, 2009, mainly due to decreased interest rates and decreased20

Stena AB and Consolidated Subsidiaries

~~underlying~~related ~~assets~~to inthe ~~SPEs~~termination of the financial lease of Stena Carron. ~~Interest~~Net ~~income~~gain (loss) on securities in the ~~six~~nine months ended ~~June~~September 30, ~~2010~~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, ~~decreased~~ SEK 97546 million related to ~~SEK~~net ~~183~~unrealized ~~million~~gains ~~from~~on marketable securities and SEK ~~280~~108 million inrelated to the ~~six~~termination ~~months~~of ~~ended~~the ~~June~~financial ~~30,~~lease ~~2009~~of Stena Carron.

Interest ~~expense~~income in the ~~six~~nine months ended ~~June~~September 30, 2010 decreased by SEK 57210 million to SEK ~~(919)~~357 million from SEK ~~(976)~~567 million ~~for~~in the ~~six~~nine months ended ~~June~~September 30, 2009, mainly due to decreased ~~interest~~underlying ~~rates~~assets ~~and decreased interest expenses~~ in SPEs~~, partially offset by increased debt and weakening of the U~~.S. ~~dollar against the SEK.~~ Interest ~~expense~~income ~~for investments~~ in ~~SPEs in~~ the ~~six~~nine months ended ~~June~~September 30, 2010 related to investments in SPEs decreased SEK 75129 million to SEK ~~(63)~~261 million from SEK ~~(138)~~390 million in the ~~six~~nine months ended ~~June~~September 30, 2009.

~~During~~Interest expense in the ~~six~~nine months ended ~~June~~September 30, 2010, ~~the~~decreased ~~Company~~SEK ~~had~~74 ~~foreign~~million ~~exchange~~to ~~gains,~~SEK ~~net~~(1,359) ofmillion from SEK 77(1,433) million. ~~During~~for the ~~six~~nine months ended ~~June~~September 30, 2009, ~~the~~mainly ~~Company~~due ~~had~~to ~~foreign~~decreased ~~exchange~~interest ~~losses,~~expenses ~~net~~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 (~~166~~88) million from SEK (180) million in the nine months ended September 30, 2009.

~~Other~~During ~~financial income (expense) of SEK (170) million for~~ the ~~six~~nine months ended ~~June~~September 30, 2010, ~~includes SEK (132) million related to amortization of~~ the ~~deferred~~Company ~~financing~~had ~~charges~~foreign ~~for~~exchange ~~senior notes~~gains, ~~revolving credit facilities~~net, ~~bank~~of ~~loans, capital lease obligations and investments in SPEs and~~ SEK ~~(27)~~47 million ~~related to the repurchase of the senior notes 2013~~. ~~Other~~During ~~financial income (expense) of SEK (25) million for~~ the ~~six~~nine months ended ~~June~~September 30, 2009, ~~includes SEK (27) million related to amortization of~~ the ~~deferred~~Company ~~financing~~had ~~charges~~foreign ~~for~~exchange ~~senior notes~~losses, ~~revolving credit facilities~~net, ~~bank loans, capital lease obligations and investments in SPEs and a gain~~ of SEK 55(237) million ~~related to bunker hedges~~.

Other financial income (expense) of SEK (233) million for the nine months ended September 30, 2010 includes SEK (149) million related to amortization of the deferred financing charges for senior notes, revolving credit facilities, bank loans, capital lease obligations, and investments in SPEs and SEK (27) million related to the repurchase of the senior notes 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 ~~six~~nine months ended ~~June~~September 30, 2010 were SEK (~~103~~129) million, consisting of current taxes of SEK (~~172~~126) million and deferred taxes of SEK 69(3) million. Income taxes for the ~~six~~nine months ended ~~June~~September 30, 2009, were SEK 615 million, consisting of current taxes of SEK (~~115~~121) million and deferred taxes of SEK ~~176~~126 million. The provision for taxes is based upon the applicable tax rates in the various jurisdictions where revenues are generated.

2021

Stena AB and Consolidated Subsidiaries

Liquidity and Capital Resources

The 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 Company has in prior years met its liquidity requirements with cash on hand, cash flows from operations, borrowings under various credit facilities and other financing and refinancing arrangements. As of ~~June~~September 30, 2010, the Company had total cash and marketable securities of SEK 78,~~853~~848 million, as compared with SEK 7,088 million as of December 31, 2009.

For the ~~six~~nine months ended ~~June~~September 30, 2010, cash flows provided by operating activities amounted to SEK 13,~~911~~482 million, as compared to SEK 35,~~080~~374 million in the first ~~six~~nine months ended ~~June~~September 30, 2009. For the ~~six~~nine months ended ~~June~~September 30, 2010, cash flows used in investing activities amounted to SEK (47,~~230~~070) million, including SEK (57,~~021~~758) million related to capital expenditures. For the ~~six~~nine months ended ~~June~~September 30, 2009, cash flows used in investing activities amounted to SEK (15,~~165~~158) million, including SEK (27,~~754~~246) million related to capital expenditures. Cash flows provided from financing activities for the ~~six~~nine months ended ~~June~~September 30, 2010 amounted to SEK 24,~~919~~391 million. For the ~~six~~nine months ended ~~June~~September 30, 2009, cash flows used in financing activities amounted to SEK (~~1,950~~215) million.

Total construction in progress as of ~~June~~September 30, 2010 was SEK 65,~~250~~304 million, as compared to SEK 5,649 million as of December 31, 2009. The remaining capital expenditure commitment for new buildings on order as of ~~June~~September 30, 2010 was SEK 75,~~780~~599 million, of which SEK 21,~~974~~271 million is due during 2010, SEK 1,~~534~~472 million is due during 2011, SEK 2,~~974~~597 million is due during 2012 and SEK ~~298~~259 million is due during 2013. Financing for approximately 7987% of the unpaid balance has already been arranged. The Company plans to finance the remainder of this unpaid balance, together with additional expenses and financing costs, through cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans and other financing arrangements.

Total interest bearing debt as of ~~June~~September 30, 2010 was SEK 4746,~~317~~905 million, excluding debt in SPEs, as compared with SEK 41,898 million as of December 31, 2009. Interest bearing debt in SPEs as of ~~June~~September 30, 2010 was SEK 65,~~888~~373 million, as compared with SEK 8,249 million as of December 31, 2009.

As of ~~June~~September 30, 2010, U.S. dollar ~~488~~592 million was utilized under the Company’s U.S. dollar 1 billion revolving credit facility, of which U.S. dollar 3553 million was used for issuing bank guarantees. As of December 31, 2009, a total of U.S. dollar 168 million was outstanding under this facility, of which U.S. dollar 24 million was used for issuing bank guarantees. ~~There~~ ~~were~~As noof ~~amounts~~September ~~outstanding~~30, 2010, U.S. 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”), a subsidiary in the unrestricted group,. asAs of ~~June~~December 3031, ~~2010~~2009 ~~and~~there ~~December~~were ~~31,~~no ~~2009,~~amounts ~~respectively~~outstanding under this facility. The Stena Royal facility was changed from U.S. dollar 350 million to U.S. dollar 200 million during the second quarter of 2010. In September 2010, Stena entered into a seven-year revolving credit facility agreement for SEK 6,660 million, with a guarantee provided by the Swiss Export Association. As of September 30, 2010, the facility had not been utilized. The SEK 450 million revolving credit facility of Adactum had SEK 200 million outstanding as of ~~June~~September 30, 2010 and December 31, 2009, respectively.

The Company 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 buildings and other vessel acquisitions, and to fund anticipated working capital requirements.

Stena AB and Consolidated Subsidiaries

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 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 three outstanding series of senior notes were issued, these subsidiaries, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal S.àr.l., Stena Investment Cyprus Ltd. and Mondaldi Ltd, are designated 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 of our outstanding 7.5% Senior Notes due 2013 (representing U.S. dollar 153 million in aggregate principal amount ) at a price of 102.5% of par value.

Senior Notes due 2016. As of June 30, 2010, we had $129 million principal amount of 7% Senior Notes due 2016 outstanding.

Senior Notes due 2017 and Senior Notes due 2019. As of June 30, 2010, we had €300 million principal amount of 6.125% Senior Notes due 2017 outstanding and €102 million principal amount of 5.875% Senior Notes due 2019 outstanding.

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

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 7.8064, the noon buying rate on June 30, 2010.

Stena AB and Consolidated Subsidiaries

	Six month period ended
	June 30, 2009		June 30, 2010
	(unaudited)
		SEK	SEK	$
		(in millions)
Revenues:
Ferry operations		4,350	4,113	527
Drilling		4,296	3,776	484
Shipping		1,686	1,360	174
Property		1	4	1
Other		3	4	0
Total revenues		10,336	9,257	1,186
Net gain on sales of assets		151	-	-
Total other income		151	-	-
Direct operating expenses:
Ferry operations		(3,422)	(3,253)	(417)
Drilling		(1,536)	(1,305)	(167)
Shipping		(1,606)	(1,177)	(151)
Property		(1)	(1)	0
Other		(19)	(1)	0
Total direct operating expenses		(6,584)	(5,737)	(735)
Selling and administrative expenses		(1,046)	(1,010)	(129)
Depreciation and amortization		(1,563)	(1,684)	(216)
Total operating expenses		(9,193)	(8,431)	(1,080)
Income from operations		1,294	826	106
Financial income and expense:
Dividends received		21	12	2
Gain (loss) on securities, net		255	(142)	(18)
Interest income		167	66	8
Interest expense		(512)	(546)	(70)
Foreign exchange gains (losses), net		(191)	75	9
Other financial income (expense), net		30	(79)	(10)
Total financial income and expense		(230)	(614)	(79)
Income before taxes		1,064	212	27
Income taxes		(4)	22	3
Net income		1,060	234	30

OTHER FINANCIAL INFORMATION – RESTRICTED GROUP

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 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 outstanding series of senior notes were issued, these subsidiaries, together with our subsidiaries Stena Investment Luxembourg S.àr.l., Stena Royal S.àr.l., Stena Investment Cyprus Ltd. and Mondaldi Ltd, are designated unrestricted subsidiaries and, as a result, are not bound by the certain restrictive provisions of these indentures.

Senior Notes due 2016. As of September 30, 2010, we had $129 million principal amount of 7% Senior Notes due 2016 outstanding.

Senior Notes due 2017 and Senior Notes due 2019. As of September 30, 2010, we had €300 million principal amount of 6.125% Senior Notes due 2017 outstanding and €102 million principal amount of 5.875% 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.

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

	December 31, 2009		June 30, 2010
		(unaudited)
		SEK	SEK	$
		(in millions)
ASSETS
Noncurrent assets:
Intangible assets		300	280	36
Tangible fixed assets:
Vessels		27,257	30,586	3,918
Construction in progress		5,452	6,108	782
Equipment		1,436	1,706	219
Ports		915	897	114
Property		559	536	70
Total tangible fixed assets		35,619	39,833	5,103
Financial fixed assets:
Marketable securities		548	580	74
Intercompany accounts, noncurrent		4,872	6,570	842
Other assets		6,763	6,597	845
Total noncurrent assets		48,102	53,860	6,900
Current assets:
Inventories		235	294	38
Trade debtors		2,414	3,156	404
Other receivables		1,521	1,371	175
Intercompany accounts, current		752	-	-
Prepaid expenses and accrued income		1,458	1,469	188
Short-term investments		2,487	3,104	398
Cash and cash equivalents		568	712	91
Total current assets		9,435	10,106	1,294
Total assets		57,537	63,966	8,194

Condensed Consolidated Income Statements – Restricted group

SHAREHOLDERS’ EQUITY AND LIABILITIES

	Nine month period ended
	September 30, 2009			September 30, 2010
	(unaudited)
	SEK			SEK			$
	(in millions)
Revenues:
Ferry operations		7,657			7,174		1,065
Drilling		6,147			5,846		868
Shipping		2,389			1,979		294
Property		7			7		1
Other		1			5		0
Total revenues		16,201			15,011		2,228

Net gain on sales of assets		149			4		1
Total other income		149			4		1

Direct operating expenses:
Ferry operations		(5,396	)		(5,262	)	(781	)
Drilling		(2,092	)		(2,033	)	(302	)
Shipping		(2,441	)		(1,811	)	(269	)
Property		(3	)		(4	)	(1	)
Other		(21	)		(2	)	0
Total direct operating expenses		(9,953	)		(9,112	)	(1,353	)

Selling and administrative expenses		(1,590	)		(1,610	)	(239	)
Depreciation and amortization		(2,298	)		(2,568	)	(381	)

Total operating expenses		(13,841	)		(13,290	)	(1,973	)

Income from operations		2,509			1,725		256
Financial income and expense:
Dividends received		50			13		2
Gain (loss) on securities, net		329			(66	)	(10	)
Interest income		201			116		17
Interest expense		(781	)		(828	)	(123	)
Foreign exchange gains (losses), net		(277	)		35		4
Other financial income (expense), net		(11	)		(118	)	(17	)
		(489	)		(848	)	(127	)
Total financial income and expense

Income before taxes		2,020			877		129
Income taxes		(7	)		114		17

Net income		2,013			991		146

Shareholders’ equity:
Share Capital	5	5	1
Reserves	23,326	23,234	2,977
Total shareholders’ equity	23,331	23,239	2,978
Noncurrent liabilities:
Deferred income taxes	857	516	66
Other provisions	2,934	2,725	349
Long-term debt	16,232	20,490	2,625
Senior notes	6,147	6,692	857
Capitalized lease obligations	1,904	2,455	314
Other noncurrent liabilities	1,097	1,226	157
Total noncurrent liabilities	29,171	34,104	4,368
Current liabilities:
Short-term debt	1,176	1,277	164
Capitalized lease obligations	131	200	26
Other interest bearing debt	682	682	87
Trade accounts payable	577	523	67
Income tax payable	120	95	12
Other liabilities	794	866	111
Intercompany accounts, current	-	816	104
Accrued costs and prepaid income	1,555	2,164	277
Total current liabilities	5,035	6,623	848
Total shareholders’ equity and liabilities	57,537	64,176	8,194

Stena AB and Consolidated Subsidiaries

	Six month period ended
	June 30, 2009		June 30, 2010
	(unaudited)
		SEK	SEK	$
		(in millions)
Net cash flows from operating activities:
Net income		1,060	234	30
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,563	1,684	216
Gain on sale of assets		(151)	-	-
Gain (loss) on securities, net		(255)	142	18
Unrealized foreign exchange (gains) losses		224	(754)	(97)
Deferred income taxes		(71)	(156)	(20)
Other non cash items		217	(168)	(22)
Provision for pensions		(130)	(117)	(15)
Net cash flows from trading securities		(175)	(15)	(2)
Changes in working capital		5	353	45
Net cash provided by operating activities		2,287	1,203	153
Net cash flows from investing activities:
Purchase of intangible assets		(16)	(13)	(2)
Cash proceeds from sale of property, vessels and equipment		249	8	1
Capital expenditure on property, vessels and equipment		(2,314)	(4,501)	(576)
Proceeds from sale of securities		284	54	7
Purchase of securities		0	(225)	(29)
Other investing activities		(7)	(86)	(11)
Net cash used in investing activities		(1,804)	(4,763)	(610)
Net cash flows from financing activities:
Proceeds from issuance of debt		907	3,015	386
Principal payments on debt		(443)	(1,618)	(207)
Net change in borrowings on line-of-credit agreements		(1,228)	2,836	363
Proceeds from new capitalized lease obligations………………………..		-	693	89
Principal payments on capital lease obligations		(65)	(37)	(5)
Net change in restricted cash accounts		652	(508)	(65)
Intercompany accounts		(233)	(200)	(26)
Dividends paid		(190)	(316)	(40)
Other financing activities		70	137	18
Net cash provided by/used in financing activities		(530)	4,002	513
Effect of exchange rate changes on cash and cash equivalents		(5)	(298)	(38)
Net change in cash and cash equivalents		(52)	144	18
Cash and cash equivalents at beginning of period		917	568	73
Cash and cash equivalents at end of period		865	712	91

Condensed Consolidated Balance Sheets – Restricted Group

	December 31, 2009		September 30, 2010
	(unaudited)
	SEK		SEK		$
	(in millions)
ASSETS
Noncurrent assets:
Intangible assets		300		271	40
Tangible fixed assets:
Vessels		27,257		29,122	4,324
Construction in progress		5,452		5,123	761
Equipment		1,436		1,617	240
Ports		915		1,064	158
Property		559		507	75
Total tangible fixed assets		35,619		37,433	5,558
Financial fixed assets:
Marketable securities		548		597	89
Intercompany accounts, noncurrent		4,872		5,641	838
Other assets		6,763		6,694	994
Total noncurrent assets		48,102		50,636	7,519
Current assets:
Inventories		235		236	35
Trade debtors		2,414		2,632	391
Other receivables		1,521		1,477	219
Intercompany accounts, current		752		-	-
Prepaid expenses and accrued income		1,458		1,390	206
Short-term investments		2,487		3,355	498
Cash and cash equivalents		568		1,127	167
Total current assets		9,435		10,217	1,516

Total assets		57,537		60,853	9,035

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity:
Share Capital	5	5	1
Reserves	23,326	22,565	3,350
Minority interest	-	97	14
Total shareholders’ equity	23,331	22,667	3,365

Noncurrent liabilities:
Deferred income taxes	857	876	130
Other provisions	2,934	2,441	363
Long-term debt	16,232	20,306	3,015
Senior notes	6,147	6,362	945
Capitalized lease obligations	1,904	1,763	262
Other noncurrent liabilities	1,097	995	147
Total noncurrent liabilities	29,171	32,743	4,862
Current liabilities:
Short-term debt	1,176	1,559	232
Capitalized lease obligations	131	232	34
Other interest bearing debt	682	-	-
Trade accounts payable	577	458	68
Income tax payable	120	76	11
Other liabilities	794	1,126	167
Intercompany accounts, current	-	488	73
Accrued costs and prepaid income	1,555	1,504	223
Total current liabilities	5,035	5,443	808

Total shareholders’ equity and liabilities	57,537	60,853	9,035

Stena AB and Consolidated Subsidiaries

	Six month period ended
	June 30, 2009		June 30, 2010
		SEK	SEK	$
		(in millions)
OTHER DATA:
Adjusted EBITDA		3,024	2,576	330

Condensed Consolidated Statements of Cash Flow – Restricted Group

	Nine month period ended
	September 30, 2009			September 30, 2010
	(unaudited)
	SEK			SEK			$
	(in millions)
Net cash flows from operating activities:
Net income		2,013			991		146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,298			2,568		381
Gain on sale of assets		(149	)		(4	)	(1	)
Gain (loss) on securities, net		(329	)		66		10
Unrealized foreign exchange (gains) losses		422			(2	)	0
Deferred income taxes		(62	)		(182	)	(27	)
Other non cash items		(219	)		(167	)	(24	)
Provision for pensions		(167	)		(155	)	(23	)
Net cash flows from trading securities		(204	)		(101	)	(15	)
Changes in working capital		410			(102	)	(15	)
Net cash provided by operating activities		4,013			2,912		432

Net cash flows from investing activities:
Purchase of intangible assets		(19	)		(15	)	(2	)
Cash proceeds from sale of property, vessels and equipment		249			29		4
Capital expenditure on property, vessels and equipment		(6,338	)		(7,033	)	(1,044	)
Purchase of subsidiaries, net of cash acquired		-			(127	)	(19	)
Proceeds from sale of securities		485			53		8
Purchase of securities		-			(258	)	(38	)
Other investing activities		150			(76	)	(11	)
Net cash used in investing activities		(5,473	)		(7,427	)	(1,102	)

Net cash flows from financing activities:
Proceeds from issuance of debt		3,958			5,004		743
Principal payments on debt		(546	)		(2,515	)	(373	)
Net change in borrowings on line-of-credit agreements		(2,729	)		3,289		488
Proceeds from new capitalized lease obligations………………………..		-			662		98
Principal payments on capital lease obligations		(86	)		(46	)	(7	)
Net change in restricted cash accounts		1,000			(1,048	)	(155	)
Intercompany accounts		(322	)		15		2
Dividends paid		(190	)		(316	)	(47	)
Other financing activities		226			70		10
Net cash provided by financing activities		1,311			5,115		759

Effect of exchange rate changes on cash and cash equivalents		(72	)		(41	)	(6	)

Net change in cash and cash equivalents		(221	)		559		83

Cash and cash equivalents at beginning of period		917			568		84

Cash and cash equivalents at end of period		696			1,127		167

Stena AB and Consolidated Subsidiaries

Other data – Restricted Group

	Nine month period ended
	September 30, 2009	September 30, 2010
	SEK	SEK	$
	(in millions)
OTHER DATA:

Adjusted EBITDA	5,008	4,409	654

Adjusted EBITDA is defined as income from operations plus cash dividends received from affiliated companies, interest income, depreciation and amortization, minority 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:

	Six month period ended
		Nine month period ended
	June 30, 2009		June 30, 2010
		September 30, 2009			September 30, 2010
		SEK	~~SEK~~	$	SEK			$
		(in millions)
Income from operations	~~1,294~~		~~826~~2,509	~~106~~		1,725		256
Adjustments:
Interest income	~~167~~		66201	8		116		17
Depreciation and amortization	~~1,563~~		12,~~684~~298	~~216~~		2,568		381
Adjusted EBITDA	~~3,024~~		25,~~576~~008	~~330~~		4,409		654
Adjustments:
Gain on sale of vessels	~~(151)~~		-(149	-)		(4	)	0
Net cash flows from trading securities	~~(175)~~		(~~15)~~204	(2)		(101	)	(15	)
Interest expense	~~(512)~~		(~~546)~~781	~~(70~~)		(828	)	(123	)
Unrealized foreign exchange (gains) losses	~~224~~		~~(754)~~422	~~(97)~~		(2	)	0
Provisions for pensions	~~(130)~~		(~~117)~~167	~~(15~~)		(155	)	(23	)
Other non cash items	~~217~~		(~~168)~~219	~~(22~~)		(167	)	(24	)
Changes in working capital	5		~~353~~410	45		(102	)	(15	)
Other items	~~(215)~~		(~~126)~~307	~~(16~~)		(138	)	(22	)
Net cash provided by operating activities	~~2,287~~		14,~~289~~013	~~153~~		2,912		432

2627

Filing Compare · STENA AB