Havila Kystruten AS

Havila Kystruten AS: License from the Central Bank of Ireland in place

Reference is made to previous stock exchange releases regarding the delivery of

the company's two coastal route ships, Havila Polaris and Havila Pollux. It has

been a long and complicated process where the company has worked with various

jurisdictions to establish a legal solution to pay off debts and release

security linked to the vessels from a sanctioned lender.

The company has now received the necessary license from the Central Bank of

Ireland. This, along with previously received licenses from the Norwegian

Ministry of Foreign Affairs, satisfies the requirements for Havila Kystruten to

pay off the debts in accordance with the sanction regulations.

The company has also applied for licenses in the United Kingdom and the United

States, to able both British and American lenders and investors to participate

in the upcoming refinancing, in addition to investors in Scandinavia and EU

countries.

The processes the company is involved in are more time-consuming than

anticipated. As a result, the settlement deadlines in court judgments from the

court in London have to be extended. The company has requested an extension and

expects it to be granted during the coming week.

The company has engaged Arctic Securities AS and Fearnley Securities AS as

arrangers for the financing, and they will work to find investors for the

financing of the company's coastal fleet.

Due to the time-consuming processes, the start-up in route for Havila Polaris

and Havila Pollux will be further delayed. The start-up date is set for 12(th)

of June Havila Polaris and 18(th) of June for Havila Pollux. The company

apologizes for the delays to all affected parties.

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

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

figures. There is a high volume of traffic both to the company's customer center

and website, and the company had almost 70% occupancy in the first quarter.

Around 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.

Contacts:

CEO Bent Martini: +47 905 99 650

CFO Arne Johan Dale: +47 909 87 706

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