Havila Shipping ASA

Havila Shipping ASA: Capital Increase following debt conversion

Reference is made to the Stock Exchange release on 24.10.17 regarding sale of

vessels. The vessels were delivered to new owner on 9th and 10th November.

In the release it was informed about expected debt conversion to shares

according to subscription rights issued as a part of the restructuring of the

company.

The company received on 13 November 2017 exercise notices for 60,909,975

subscription rights related to remaining debt after sale of MV "Posh Vibrant"

and MV "Posh Virtue". At the same time the company received exercise notice from

Havila Holding AS for subscription of 63,296,375 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 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 on 13.11.17 resolved capital increase as follows:

The share capital of Havila Shipping ASA increases with NOK 1,242,063.50 from

NOK 17,665,558.50 to NOK 18,907,622.00 by issuing of 124.206.350 new shares each

with a par value of NOK 0,01 settled through conversion of debt.

Total number of shares will when the capital increase is registered in Register

of Business Enterprises be 1,890,762,200.

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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