Havila Shipping ASA

Havila Shipping ASA: Termination of charterparty with DeepOcean for Havila Phoenix

The subsea vessel Havila Phoenix has since 2013 served DeepOcen, under a

charterparty with firm period until May 2023 with further options.

On the 18 November 2020 Havila Shipping received a letter from DeepOcean

containing information regarding their intension to seek protection under

British law for wind up of the UK based activities, including the company that

has chartered Havila Phoenix.

After having finalized the project Havila Phoenix was engaged in at receipt of

the letter mentioned, Havila Shipping ASA has received no instructions regarding

further use of the vessel.

DeepOcean has, as a result of their activities, or lack of activities, ended up

in breach of contractual obligations, including payment default.

Havila Shipping ASA, today has, as a consequence, terminated the charterparty.

Further, Havila Shipping ASA has requested payment from DeepOcean Group Holding

BV in Netherland under the Parent Company Guarantee issued to fulfil the

chartering company's contractual obligations.

As a consequence of the termination Havila Shipping ASA will immediately offer

the vessel to the market.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

AI Terminal