Havila Shipping ASA

Havila Shipping ASA : Insufficient support for revised Restructuring Proposal within 15th February 2016

Reference is made to the press release issued by Havila Shipping ASA (the

"Company") on the 12 February 2016.

The Master Agreement entered into by and between the Company and the banks was

subject to conditions subsequent to be fulfilled within 15 February 2016.

Despite substantial support from bondholders, the revised restructuring proposal

was not supported by the required 2/3 majority of holders of the unsecured bonds

and the Company was not able to fulfill the conditions under the Master

Agreement within 15 February 2016

The Company remains in a challenging position, and will immediately work with

its financial creditors in order to reach a standstill agreement. While these

discussions are ongoing the Company has decided to halt payments of interest and

amortization to all of its finance providers. The Company's bank lenders have

indicated support for a standstill agreement and corresponding summons to

bondholder meetings are expected to be announced shortly.

In anticipation of the successful outcome of the discussions with the finance

providers, the Company remains fully committed to maintaining all its

operations, upholding the highest level of service to all its customers and

continue to pay all its trade creditors.

As the proposal to bondholders is contingent on the Master Agreement, the

Company will also withdraw the summons to bondholder meetings.

Contacts:

CEO Njål Sævik +47 909 35 722

CFO Arne Johan Dale +47 909 87 706

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1986364]

AI Terminal