Havila Shipping ASA

Earnings Release • Oct 22, 2014

Havila Shipping ASA : Third quarter 2014 accounts

Havila Shipping ASA : Third quarter 2014 accounts

Summary

Havila Shipping ASA achieved a profit before tax of NOK 92.6 m in Q3 2014,

compared with NOK 75.8 m in Q3 2013.

Total operating income and gains was NOK 519.6m in Q3 of 2014.  Total operating

income for corresponding period last year was NOK 401.5m.

The group had 27 vessels in operation per 30/09/2014. Four of the vessels are

operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel

is leased through a bareboat contract.

The spot market for offshore service vessels has in August and September been

good for AHTS, some weaker for PSV. The utilization for AHTS has been high

resulting in very satisfactory rates. The group expects that the three AHTS

vessel that have been operated in this market have exceeded the average rates

achieved in this market during third quarter.

Result for 3RD quarter 2014

· Total operating income and gains amounted to NOK 519.6m (NOK 401.5m).

· Total operating expenses were NOK 214.6m (NOK 190.1m).

· Both operating income and expenses have increased this quarter

following recharging of special costs, tax and rented equipment for some

of the charter contracts executed.

· The operating profit before depreciation was NOK 305.1m (NOK 211.4m).

· Depreciation was NOK 69.6m (NOK 43.9m).

· Net financial items were NOK -138.4m (NOK -91.4m).

· The profit before tax was NOK 92.6m (NOK 75.8m).

Result year to date 2014

· Total operating income and gains for amounted to NOK 1 300.4m (NOK 1 099.0m).

· Total operating expenses were NOK 612.0m (NOK 566.1m).

· The operating profit before depreciation was NOK 491.1m (NOK 395.5m).

· Depreciation was NOK 197.2m (NOK 137.5m).

· Net financial items were NOK -333.2m (NOK -305.2m).

· The profit before tax was NOK 158.9m (NOK 89.2m).

Balance and liquidity per 30/09/14

Based on the estimates of brokers dated 30/06/14, the fleet had a market value

of NOK 8.136.2m at the end of September. This is equivalent to a value per share

of NOK 92. The book value of the fleet is NOK 7.507.0m. Book equity per share is

NOK 71.

Total current assets amounted to NOK 869.1m on 30/09/14, whereof bank deposits

were NOK 340.2.m (of this NOK 2.0m restricted). On 30/09/13, total current

assets amounted to NOK 840.8m, whereof bank deposits amounted to NOK 389.5m (of

this NOK 1.8m restricted).

Net cash flow from operations year to date 2014 was NOK 173.4 m (NOK 145.0m).

Cash flow from investing activities was NOK -193.2 m (NOK -9,1m). Payment of

installments, repayment of loans, and loan drawn, constitute a net change from

financing activities of NOK - 45.3 m (NOK -243.5 m).

Total interest-bearing debt per 30.09.14 is NOK 5.942.4m. This includes bond

loans of NOK 1.842.8m, whereof NOK 692.8m is secured. Of interest-bearing debt,

13.6% 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 1.106.3m, whereof NOK 502.2 m is annual ordinary installments

on loans.

Fleet

Per today, Havila Shipping ASA operates 27 vessels. Four of the vessels are

operated by the joint-venture company in Singapore, Posh Havila Pte. Ltd. One

vessel is hired in on a bareboat contract.

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#1864669]