Havila Kystruten AS

Havila Kystruten AS: Judgement from hearing in «High Court of Justice» in London

Following the stock exchange release 9 December 2022 informing about the

decision of the High Court of Justice in London

which determined the rights of Havila Kystruten to the undelivered ships,

Polaris and Havila Pollux.

The High Court has now also issued a judgment in respect of Havila Capella and

Havila Castor.

Both decision rule that upon settlement of the debt to frozen accounts, Havila

Kystruten is entitled to free title to the four vessels under the contracts,

and all securities previously given over the ships will be released.

The court has also issued a ruling clarifying certain aspects of the calculation

of the financial settlement between the parties.

The parties should now be able to move towards an agreement on the amounts to be

settled.

Recognition of the London orders for Havila Capella and Havila Castor, will now

as for Havila Polaris and Havila Pollux be sought in Ireland in order to qualify

for certain EU derogations.

As previously reported, Havila Kystruten has applied to the Central Bank for a

license to have the securities so that the vessels are assumed free of all

encumbrances upon redemption of the debt.

When the relevant licenses are received, refinancing can be put in place and

clean title to the four vessels delivered.

Contacts:

CEO Bent Martini, +47 905 99 650

CFO Arne Johan Dale, +47 909 87 706

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