Havila Shipping ASA

Havila Shipping ASA: Fourth quarter 2019 accounts / Preliminary accounts for 2019

Summary

* Havila Shipping ASA achieved an operating income before depreciation of NOK

43.6 million in Q4 2019, compared with NOK 40.5 million in Q4 2018.

* Total operating income was NOK 195.8 million in Q4 2019, compared with NOK

157.9 million in Q4 2018.

* The group had as of 31/12/19 23 vessels operated from Fosnavåg, six for

external owners.

* The group had 3 AHTS vessels laid up at the end of Q4 2019.

* The fleet utilization Q4 2019 was 83 % exclusive vessels in lay-up.

Result for 4 quarter 2019

* Total operating income amounted to NOK 195.8 million (NOK 157.9 million).

* Total operating expenses were NOK 152.2 million (NOK 117.4 million).

* The operating profit before depreciation was NOK 43.6 million (NOK 40.5

million).

* Depreciation was NOK 82.2 million (NOK 95.2 million).

* Impairment charge of fixed assets was NOK 0 (NOK 708.7 million).

* Net financial items were NOK -32.1 million (NOK -69.1 million), whereof

unrealized agio gain was NOK 29.1 million (unrealized agio loss NOK 45.6

million).

* The profit before tax was NOK -71.5 million (NOK -834.0 million).

Result 2019

* Total operating income amounted to NOK 747.1 million (NOK 605.4 million).

* Total operating expenses were NOK 500.8 million (NOK 457.2 million).

* The operating profit before depreciation was NOK 246.3 million (NOK 148.2

million).

* Depreciation was NOK 323.5 million (NOK 370.5 million).

* Impairment charge of fixed assets was NOK 0 (NOK 708.7 million).

* Net financial items were NOK -240.1 million (NOK -200.5 million), whereof

unrealized agio loss was NOK 6.5 million (unrealized agio loss NOK 46.1

million).

* The profit before tax was NOK -320.9 million (NOK -1,139.2 million).

Contacts:

CEO Njål Sævik, +47 908 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

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