Havila Shipping ASA

Havila Shipping ASA: Capital Increase following debt conversion

Reference is made to the Stock Exchange release on 08.03.18 regarding sale of

vessels. The vessels are delivered to new owner.

The company received on 19(th) March 2018 exercise notices for 1,567,376

subscription rights related to remaining debt after sale of the vessels. At the

same time the company received exercise notice from Havila Holding AS for

subscription of 1,682,802 shares by conversion of part of convertible loan (Anti

Dilution Protection Loan).

The calculated equity effect of the debt conversion was booked in the group

accounts at the time of implementing the restructuring 28.02.2017 and the sale

will cause minor equity adjustments. The sale will have immaterial effect on

company result and no immediate liquidity effect.

The Board of Directors has resolved capital increase as follows:

The share capital of Havila Shipping ASA increases with NOK 3,196,178 from NOK

18,907,622 by issuing of 3,196,178 to NOK new shares each with a par value of

NOK 1,00 settled through conversion of debt. Total number of shares will when

the capital increase is registered in Register of Business Enterprises be

22,103,800.

The new shares will rank equal with existing shares from being registered and

issued. The capital increase and related changes to the articles of association

will be registered with the Register of Business Enterprises as soon as

possible.

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.

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