Havila Kystruten AS

Havila Kystruten AS: Fixed Income Investor Meetings and Trading Update

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INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES,

OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION

WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Havila Kystruten AS has mandated Arctic Securities, Fearnley Securities and

Nordea as Joint Lead Managers, to arrange a series of fixed income investor

meetings commencing 1 June 2023.

A 3-year senior secured first lien bond issue of EUR 390 million may follow,

subject to inter alia market conditions. Net proceeds from the bond issue will

be used to refinance all of the Company's existing indebtedness and to fund the

final yard installment of Havila Polaris and Havila Pollux, both of which are

ready for delivery from the Tersan shipyard in Q2'2023.

Havila Kystruten is experiencing great interest for the newest addition to the

historic coastal route Bergen - Kirkenes - Bergen and can report good sales

figures. Above 50% of the capacity for all four ships is already sold out for

2023. This is better than expected, and the company looks forward to delivering

in accordance with the agreement with Norwegian authorities.

As of end of first quarter 2023 the liquidity position stood at NOK 113 million.

Preliminary figures for the first quarter point to revenues of NOK 116.5m and

EBITDA of negative NOK 90m. The Company had almost 70% occupancy in the first

quarter but incurred considerable extraordinary costs and cost for the crew on

Havila Polaris and Havila Pollux, which are standby and ready to be sailed home

and putted into operation.

Through the contemplated transaction, operating cash flow in the high season and

receipt of NOK 163m of grants from the NOx fund, the Company expect to have a

sufficient working capital.

For further queries, please contact:

Bent Martini, CEO

+47 905 99 650

Arne Johan Dale, CFO

+47 909 87 706

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