Havila Shipping ASA

Earnings Release • Jul 21, 2015

Havila Shipping ASA : Second Quarter 2015 Accounts

Havila Shipping ASA : Second Quarter 2015 Accounts

Summary

Havila Shipping ASA achieved a operating income before depreciation of NOK 203

million in Q2 2015, compared with NOK 200 million in Q2 2014.

Total operating income was NOK 408 million in Q2 2015, compared with NOK 402

million in Q2 2014.

The group had 28 vessels in operation as of 30/06/2015. 24 vessels are operated

from Fosnavåg, one for external owner. Four of the vessels are operated by the

50 % owned company in Singapore, Posh Havila Pte Ltd.

The spot market for offshore PSV was poor during second quarter. Generally the

utilization has been too low to obtain high day rates. The market has been

weakest for PSV. AHTS have had some higher utilization and for a short period

acceptable day rates. From 3(rd) quarter the group operates four AHTS vessels in

the spot market, but no PSV.

The group had a fleet utilization of 92 % in Q215.

Result for 2 quarter 2015

* Total operating income amounted to NOK 408.2 million (NOK 402.3million).

* Total operating expenses were NOK 205.1 million (NOK 202.7 million).

* The operating profit before depreciation was NOK 203.0 million (NOK 199.6

million).

* Depreciation was NOK 83.8 million (NOK 65.0million).

* Net financial items were NOK -55.3 million (NOK -113.2 million) of which

unrealized agio   was NOK -36.9 million (NOK 9.9 million).

* The profit before tax was NOK 59.4 million (NOK 24.4 million).

Result for 1(st) half of 2015

* Total operating income amounted to NOK 826.8 million (NOK 780.8million).

* Total operating expenses were NOK 423.4 million (NOK 397.5 million).

* The operating profit before depreciation was NOK 403.4 million (NOK 383.3

million).

* Depreciation was NOK 164.4 million (NOK 127.6million).

* Net financial items were NOK -230.3 million (NOK -194.8 million) of which

unrealized agio   was NOK 41.1 million (NOK- 0,1 million).

* The profit before tax was NOK -1.2 million (NOK 66.3 million)

Balance and liquidity per 30/06/15

Based on the estimates of brokers dated 30/06/15, the fleet had a market value

of NOK 7.960.8 million at the end of June.. The value of vessels where the

broker estimates are in foreign currencies are recalculated using exchange rates

as used for balance sheet items.  This is equivalent to a value per share of NOK

87. The book value of the fleet is NOK 7.327.4 million. Book equity per share is

NOK 67.

Total current assets amounted to NOK 791.9 million on 30/06/15, whereof bank

deposits were NOK 319.5 million (of this NOK 4.0 million restricted). On

30/06/14, total current assets amounted to NOK 830.5 million, whereof bank

deposits amounted to NOK 347.2 million (of this NOK 5.1 million restricted).

Net cash flow from operations per 30/06/15 was NOK 123,6 million (NOK 43.7

million). Cash flow from investing activities was NOK -24.2 million (NOK -132.7

million). Payment of installments, repayment of loans, and loan drawn,

constitute a net change from financing activities of NOK - 157.9 million (NOK

97.3 million).

Total interest-bearing debt per 30/06/15 is NOK 5.807.7 million. This includes

unsecured loans of NOK 950 million. Of interest-bearing debt, 15.9% is loan in

USD, while the remainder is nominated in NOK. Next year's repayment of debt is

classified as current liability in conformity with IFRS, and amounts to NOK

876.4 million.

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#1940122]