Havila Shipping ASA

Earnings Release • Apr 29, 2015

Highlights

• Spot market has been challenging
• February and March better than last year
• Havila vessel in good position on Petrobras tender
• Havila Borg extended for one year with Shell
• Pressure from charterers on dayrates
• FX high influence on numbers,
• Unrealized losses
• Refinancing activities
• Bank balloon refinanced
• Bond loan repaid

Summary of facts and figures Q1

	Freight income	400
	Total income	418
	EBITDA (adjusted)	188
	EBITDA margin	45 %

Utilization 91,7% Time charter fleet

	Q1 15	Mill NOK		Q1 14	Mill NOK
	Freight income	400		Freight income	372
	Total income	418		Total income	378
	EBITDA (adjusted)	188		EBITDA (adjusted)	178
	EBITDA margin	45 %		EBITDA margin	47 %

Utilization 93,4% Time charter fleet

Figures

Main figures

NOK mill	Q1 2015		Q4 2014		Q3 2014		Q2 2014		Q1 2014		Q4 2013
Income and gains	418,6		390.4		519.6		402.3		378.5		360.2
EBITDA (Adjusted)	187,8	44,9	217.9	55.8%	273.2	52.6%	190.2	47.3%	177.9	47.0%	171.3	47.6%
Pre tax result	- 60,6	- 14,5%	- 119.2	- 30.5%	92.6	17.8%	24.4	6.1%	41.8	11.0%	4.3	1.2%

Q1: FX effects on P&L account:

Income increased by unrealized value change of forward contracts: MNOK 13 Financial expenses increased by unrealized agio losses: MNOK 78

FX exchange rates

Weaker NOK: Gives unrealized FX losses but increases future income

FX effects increases both income and expenses

Interest bearing debt

amount. Q115: MNOK 78

	NOK millions	Q1 15	Q4 14	Q3 14	Q2 14	Q1 14	Q4 13	Q3 13	Q2 13	Q1 13
	Long term debt	4 944	5 012	4 836	4 890	5 416	4 827	5 341	5 184	5 371
	Next year's instalments	991	899	1 106	1 104	652	1 106	698	923	730
	Short term debt	6 1	1 1
	Total	5 9 9 7	5 9 2 2	5 9 4 2	5 9 9 4	6 0 6 8	5 9 3 3	6 0 3 8	6 1 0 7	6 1 0 1
3M NIBOR average	Bank Deposit/Other interest-bearing assets	-384	-357	-344	-351	-536	-407	-398	-441	-385
Interest rates turned up and then down and further	Net	5 6 1 3	5 5 6 5	5 5 9 8	5 6 4 3	5 5 3 3	5 5 2 7	5 6 4 0	5 6 6 5	5 7 1 6
down:

Q1 13: 1.87%

down:

• Q2 13: 1.77%
• Q3 13: 1.71%
• Q4 13: 1.67%
• Q1 14: 1.68%
• Q2 14: 1.79%
• Q3 14: 1.71%
• Q4 14: 1.61%
• Q1 15: 1.38%

Modern fleet

Value adjusted fleet age: 6 years, 7 month Market value

	Fleet value:	BNOK	8.4
	Not including Havila Troll
Booked value
	Fleet value:	BNOK	7.4
Excess value: BNOK 1.0
	Long term financing
	Secured :	BNOK	4.9
	Unsecured:	BNOK	1.1
Excess value BNOK 2.4

Calculation date:		28.04.15
Years	Months	Weeks	Days
6	7	0	2

Fleet value increased following stronger USD

Quarterly income

Increase from Q1 14 caused by contracts, spot market and FX exchange rates

Quarterly vessel expenses

For 2014 and 2015 the HIRE numbers includes hire of equipment (external costs)

Operating profit from segments

AHTS: Spot market utilization and rates | PSV: Term contracts improvement

Contractual coverage

Fleet utilization

High – and stable

2015: 81% firm / 83% options included 2016: 62% firm / 80% options included

Contract backlog

Backlog excluding options BNOK 3.7: Increased NOK value following weaker NOK Backlog cover expenses in 2015

Key figures

Assets

Assets stable: BNOK 8.4 – operating vessels 90% of total assets

Equity and liability

Short term debt reduced

16

Summing up

Spot market Q2 15

Vessels

• AHTS
• Havila Venus
• Havila Jupiter
• Havila Neptune
• Havila Mars (June)
• PSV
• Havila Crusader
• Market
• Challenging spot market
• Petrobras tender

This is Havila Shipping ASA

• Head-office in Fosnavåg, Norway
• Offices in
  • Rio
  • Labuan
  • Aberdeen
• Partnership with POSH in Singapore
• A fleet of 27 vessels
• 800 offshore staff
• 46 onshore
• Strong operating track record
• A qualified organisation focusing on human resources and solid seamanship

Segments	Current Fleet
PSV	14
AHTS	9
SubSea	3
Rescue vessels	1

Largest shareholders

Shareholder	Address	Shares	Interest
Havila Holding AS	FOSNAVÅG	15 379 717	51,0 %
Odin Offshore	OSLO	2 551 378	8,5 %
Pareto Aksje Norge	OSLO	1 246 499	4,1 %
Torghatten ASA	BRØNNØYSUND	1 223 100	4,1 %
The Northern Trust Co.	Storbritannia	916 292	3,0 %
Pareto Aktiv	OSLO	684 804	2,3 %
Jeki Private Limited	Singapore	500 000	1,7 %
Carvallo International Ltd	Singapore	394 726	1,3 %
Morten Erga	KLEPPE	350 000	1,2 %
Pareto Verdi Vpf	OSLO	341 060	1,1 %
Spilka International AS	ÅLESUND	300 000	1,0 %
Pareto AS	OSLO	258 000	0,9 %
Hustadlitt AS	MOLDE	252 000	0,8 %
Arthur Sævik	FOSNAVÅG	215 809	0,7 %
Bakkely Invest AS	ULSTEINVIK	214 800	0,7 %
KS Artus	FOSNAVÅG	203 800	0,7 %
Pacific Carriers Ltd	Singapore	185 926	0,6 %
Loma Invest AS	OSLO	171 300	0,6 %
MP Pensjon	OSLO	164 370	0,5 %
Olav Magne Tveidå	HORNNES	153 196	0,5 %
20 LARGEST		25 706 777	85,2 %
OTHER		4 472 822	14,8 %
Total number of shares		30 179 599	100,0 %

Summary

• Satisfied with first quarter under actual circumstances
• Focusing on keeping vessels working
• Co-operation with charterers to keep the vessels on
• Bank balloons 2015 refinanced
• 2016 maturities
• Focus on bank balloons
• Bond market difficult now
• High contract coverage for 2015 and 2016
• Continuing low interest rate
• No capex / No new-builds
• www.havilashipping.no

Q2 / 2015

Will be released on 21st July 2015