"Graph" departed from Lerwick on her third war patrol on 24 December 1942 with three other Royal Navy submarines; their task was to patrol the waters off the coast of Norway in the area of Altafjord. At 1am on 1 January 1943, at the position , she sighted the German heavy cruiser "Admiral Hipper", returning from the unsuccessful attack on convoy JW 51B, better known as the Battle of the Barents Sea. "Hipper" was too far off and travelling too fast to be attacked. At 4:23am, "Graph" sighted two German destroyers moving erratically and at low speed. "Graph" closed to a range of and fired four torpedoes. Again, explosions convinced the British that hits had been scored and a destroyer probably sunk, but again all the shots had missed. "Graph" returned to Lerwick on 13 January 1943.