Havila Shipping ASA

Havila Shipping ASA: Capital increase following exercise of warrants related to debt conversion

As part of the restructuring of Havila Shipping the general meeting held 4.

January 2017 decided to issue subscription rights to banks financing vessels

defined as non core vessels. The company received on 20 March 2017 exercise

notices for 50,167,227 subscription rights related to remaining debt after sale

of Havila Princess which was sold on 1. November 2016. At the same time the

company received exercise notice from Havila Holding AS for subscription of

19,801,815 shares by conversion of part of convertible loan (Anti Dilution

Protection Loan).

The calculated equity effect following the conversion of debt was included in

the numbers released on the restructuring implementation date and will have no

further effect on the equity than already released.

The issued shares are all settled by set off in claims towards Havila Shipping

ASA (contribution in kind) according to agreements entered into and according to

resolutions as previously announced.

The Board of Directors has on 21.03.17 resolved capital increase as follows:

The share capital of Havila Shipping ASA increases with NOK 699,690.42 from NOK

12,071,839.99 to NOK 12,771,530.41 by issuing of 69,969,042 new shares each with

a par value of NOK 0,01. Total number of shares will when the capital increase

is registered in Register of Business Enterprises.

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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