Havila Kystruten AS

Regulatory Filings • Feb 9, 2022

Information regarding delivery of ships

Information regarding delivery of ships

Reference is made to previous messages regarding delivery of she ships. Havila Capella has operated since 12th December last year and has been very well received in the market. Havila Capella meets the environmental requirements of the contract with the authorities.

Havila Kystruten has previously informed about expected sailing with Havila Castor from 7th April. Technical challenges have now arisen with an electromotor on board. This has resulted in delayed conduct of sea trials. Through the media it is known that the yard has challenges related to the performance from one of their subcontractors. The yard has today informed the company that the yard has terminated the contract with the supplier. It is the yard’s responsibility to find a new supplier to be approved by the company. The above mentioned issues entails some uncertainty, but the company plans the first sailing with Havila Castor to be from Bergen on 10 May.

The Ministry of Transport has previously exempted the company from supplying replacement ships for Havila Polaris and Havila Pollux if the company could, by end of 2021, prove that these ships were ready for sailing by 1 May 2022. Based on updated information from Havila Kystruten on the delivery of ships from the yard, the Ministry has confirmed that it currently will not require replacement ships from the company.

The progress at the yard in Turkey has not been as expected, which the company deeply regrets. Based on the experiences,there is uncertainty linked to time of delivery for the remaining ships.

The company implements measures to ensure and improve the progress. Havila Kystruten regrets the consequences the postponements have for the passengers, the population along the coast, the company’s employees and investors. The company will do its utmost to deliver the agreed capacity as soon as possible, but now assumes that Havila Polaris will be ready for sailing during the third quarter and Havila Pollux during the fourth quarter of 2022.

The company will contact the affected passengers to rebook the trips that cannot be made. Havila Capella and Havila Castor has limited available capacity during the main season. There is great interest in environmentally friendly voyages with the company’s ships.

Contacts:

CEO Bent Martini +47 905 99 650

CFO Arne Johan Dale, +47 909 87 706