Havila Shipping ASA

Havila Shipping ASA : Havila Shipping continues operations in order to reach agreement with financial creditors

Reference is made to stock exchange release of 16.02.16 at 08:51 regarding

insufficient support for the revised restructuring proposal.

The Board of Directors has today decided that the company shall continue its

operations. The decision entails that the company continues its negotiations

with its financial creditors with an aim to reach an agreement that that will

enable the company to come through the current market challenges.

The company maintains ordinary operations where focus remains on operational

safety. Hereunder honoring all running commitments under existing contracts and

all other commitments towards customers and suppliers. During the negotiating

period the company will not pay interest, amortizations or other commitments to

its financial creditors. The company's bank relations have approved this. The

Board of Directors resolution rests on the assumption that a continuation of

Havila Shipping as a going concern will result in the best solution for all

stakolders.

Based on this negotiations with financial creditors continues.

Contacts:

CEO Njål Sævik (+47) 909 35 722

CFO Arne Johan Dale (+47) 909 87 706

[HUG#1986904]

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