Havila Shipping ASA

Havila Shipping ASA: Bondholder update

Havila Shipping ASA ("Havila Shipping" or the "Issuer") has been advised that

bondholders representing a minority stake (the "Bondholders Group") in the

Issuer's unsecured bond loan HAVI 08 have instructed Nordic Trustee ASA to call

for a bondholders' meeting to be held on 24 November 2016 (the "Summons").

The proposals as set out under clause 2 and 3, respectively, of the Summons, are

not expected to be supported by the Issuer, nor by the majority of the Issuer's

financial creditors, since the Bondholder Group has not advised that it has new

equity in form of cash and likewise an alternative financing committed for the

Issuer.

Havila Shipping has called for a bondholders' meeting to be held on 23 November

2016, with a proposal for restructuring the financing of the Issuer, and as

informed in the stock exchange notice of 9 November 2016, the proposal is being

supported by both secured and unsecured lenders.

Havila Shipping is maintaining the proposal as set out in the summons dated 9

November 2016, and will consequently seek the required support from the

bondholders for the proposal as set out in the summons of 9 November 2016.

Contact persons for further information are:

Njål Sævik

Chief Executive Officer

+47 909 35 722

Arne Johan Dale

Chief Financial Officer

+47 909 87 706

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

AI Terminal