Havila Shipping ASA

Earnings Release • Apr 30, 2014

Havila Shipping ASA : First Quarter 2014 accounts

Havila Shipping ASA : First Quarter 2014 accounts

Summary

Havila Shipping ASA achieved a profit before tax of NOK 41.9 m in Q1 2014,

compared with NOK -19.6 m in Q1 last year.

Total operating income and gains was NOK 378.5m in the Q1 of 2014. Total

operating income for corresponding period last year was NOK 330.4m.

The group had 27 vessels in operation per 31/03/2014. Four of the vessels are

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

is still leased through a bareboat contract.

The market for offshore service vessels in the 1(st) quarter at times has been

better than expected. Activity has been good, but at times characterized by many

available vessels. The utilization was 94 % in Q1 for the fleet, with average

day rates for vessels in the spot market in line with the average market rates.

RESULT FOR 1(st) QUARTER 2014

Total operating income and gains for Q1 2014 amounted to NOK 378.5m (NOK

330.3m).

Total operating expenses for Q1 2014 were NOK 194.8m (NOK 190.2m).

The operating profit before depreciation for Q1 2014 was NOK 121.1m (NOK 89.0m).

Depreciation for Q1 2014 was NOK 62.6m (NOK 51.2m).

Net financial items for Q1 2014 were NOK -81.5m (NOK -108.5m).

The profit before tax for Q1 2014 was NOK 41.9m (NOK -19.6m).

Balance and liquidity per 31/03/14

Based on the estimates of brokers dated 31/12/13, the fleet had a market value

of NOK 8.347.0m at the end of March. This is equivalent to a value per share of

NOK 97. The book value of the fleet was NOK 7,489.3m. Book equity per share is

NOK 68.

Total current assets amounted to NOK 967.3m on 31/03/14, whereof bank deposits

were NOK 531.5.m (of this NOK 2.0m restricted). On 31/03/13, total current

assets amounted to NOK 830.6m, whereof bank deposits amounted to NOK 381.9m (of

this NOK 1.8m restricted).

Net cash flow from operations per 31.03.14 was NOK 26.0 m (NOK -12.3m). Cash

flow from investing activities was NOK -36.5 m (NOK 55.3m). Payment of

instalments, raising loans and constitute a net change from financing activities

of NOK 139.7 m (NOK -162.8 m).

Total interest-bearing debt per 31.03.14 is NOK 6068.2m. This includes bond

loans of NOK 1.914.8m, whereof NOK 714.8m is secured. Of interest-bearing debt,

11.2% 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 652.2m. Whereof approximate NOK 483.1 m is annual ordinary

installments on loans.

Fleet

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. The fleet comprises 14 platform Supply Vessel, 9 anchor

Handling vessels, 3 subsea and 1 rescue & recovery vessel

Employees

Havila Shipping ASA has around 800 maritime employees and 45 administrative

staff.

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#1781465]