Havila Kystruten AS

Havila Kystruten AS: Consequences of delayed start of operations for Havila Polaris

The Company has today received letter dated 30 January where the Ministry of

Transport has notified the company about consequences of delayed start of

operations for Havila Polaris.

The Ministry has for the period up to and including 31 January fixed a

liquidated fine amounting to NOK 7,752,355.

The company notes that the delayed start of operations is due to the

consequences of sanctions against the company's lender and will assess the

legality of the liquidated damages.

The company has taken all measures that legal advisers have concluded are

necessary for legal redemption of the financing from sanctioned lenders.

This work is extremely demanding and necessitates treatment in Courts of, and

with authorities, in several countries. The company considers that a solution to

these challenges is now close.

Contacts:

CEO Bent Martini +47 905 99650

CFO Arne Johan Dale +47 909 87 706

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