Havila Shipping ASA

Earnings Release • Aug 30, 2018

Havila Shipping ASA: Financial report for 2nd quarter 2018

Havila Shipping ASA: Financial report for 2nd quarter 2018

Summary

Havila Shipping ASA achieved an operating income before depreciation of NOK

43.9 million in Q2 2018, compared with NOK 10.6 million in Q2 2017.

Total operating income was NOK 155.2 million in Q2 2018, compared with NOK

139.3 million in Q2 2017.

The group had as of 30/06/18 23 vessels operated from Fosnavåg, three for

external owners.

The group had four vessels laid up at the end of Q2 2018, of these three AHTS

and one PSV vessels. During Q2 two PSVs were taken out of lay up in Q2 18. One

subsea had short term contracts during the quarter. . Of the three PSVs defined

as none core vessels two were sold in March 2018, and one in August 2018.

The fleet utilization Q 2 2018 was 83 % exclusive vessels in lay-up.

Result for 2 quarter 2018

· Total operating income amounted to NOK 155.2 million (NOK 139.3 million).

· Total operating expenses were NOK 111.3 million (NOK 128.7 million).

· The operating profit before depreciation was NOK 43.9 million (NOK 10.6

million).

· Depreciation was NOK 91.7 million (NOK 83.2 million)

· Net financial items were NOK - 83.7 million (NOK -36,3 million), whereof

unrealized agio loss was NOK- 36.7 million (unrealized agio gain NOK 33.1

million).

· The profit before tax was NOK -133.1 million (NOK -105.2 million).

Result for 1st half of 2018

· Total operating income amounted to NOK 279.9 million (NOK 279.2 million).

· Total operating expenses were NOK 217.9 million (NOK 247.4 million).

· The operating profit before depreciation was NOK 61.9 million (NOK 31.7

million).

· Depreciation was NOK 181.6 million (NOK 166.5 million).

· Net financial items were NOK - 89.3 million (NOK 1.094.8 million), whereof

unrealized agio gain was NOK 2.7 million (unrealized agio gain NOK 41.4

million).

· The profit before tax was NOK -213.4million (NOK 964.1 million).

Balance and liquidity per 30/06/18

The book value of the fleet is NOK 4,074.3 million.

Total current assets amounted to NOK 388.4 million on 30/06/18, whereof bank

deposits were NOK 141.7 million (of this NOK 8.7 million restricted). On

30/06/17, total current assets amounted to NOK 679.9 million, whereof bank

deposits amounted to NOK 364.6 million (of this NOK 9.5 million restricted).

Net cash flow from operations was year to dateNOK -35.9 million (NOK -135.3

million). Cash flow from investing activities was NOK -31.3 million (NOK -6.3

million). Conversion of convertible shareholder loans, net issues, repayment of

loan and payment of instalments constitute a net change from financing

activities of NOK -42.9 million (NOK -59.1 million).

Total interest-bearing debt per 30/06/18 is NOK 4,073.9 million. Of

interestbearing debt, 18.2 % is loan in USD, while the remainder is in NOK.

Secured debts are classified as long term debt, except from first year

instalment is classified as short term debt.

Fleet

Per today, Havila Shipping ASA operates 23 vessels,

· 14 PSV

- Four owned externally

- One owned 50% and not consolidated

· 5 AHTS

· 3 Subsea

· 1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/06/18 447 employees on the company's vessels and

32 employees in the administration.

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 of the Norwegian Securities Trading Act.