Havila Shipping ASA

Havila Shipping ASA: Key information for the planned repair issue

Reference is made to today's announcement with summons to an extraordinary

meeting of the company's shareholders.

As follows from the summons, the company is planning a repair issue of shares in

the company directed towards the company's shareholders other than Havila

Holding AS as per the date of the shareholders meeting. The purpose is to give

these shareholders an opportunity to partly reduce the dilutive effect of the

planned share capital increase to be directed towards the company's main

shareholder, Havila Holding AS, and towards certain secured creditors. Further

dilution may also happen in the future in connection with warrants being

exercised and loans being converted, as further detailed in the proposals

included in the summons.

Eligible shareholders will be offered to subscribe for shares in the company at

the same price as Havila Holding AS is paying in the directed share issue; NOK

0.125.

Key information for the repair issue is as follows:

The date when the terms of the repair issue were announced: 14 December 2016

Last day inclusive: 4 January 2017

Ex-date: 5 January 2017

Record Date: 6 January 2017

Resolution date: 4 January 2017

Maximum number of new shares: 240,000,000

Subscription price: NOK 0.125

The company's contact persons are:

Njål Sævik, CEO

+47 909 35 722

Arne Johan Dale, CFO

+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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