Eqva ASA — Capital/Financing Update 2014

Mar 31, 2014

STOCK EXCHANGE ANNOUNCEMENT

Company: Havyard Group ASA Ticker: HYARD Category: Notification of trade Date: 31 March 2014

Application for listing. Downsale and private placement.

On 28 March 2014, Havyard Group ASA submitted an application to Oslo Børs for listing of the company's shares on Oslo Børs, alternatively Oslo Axess. The company is pursuing an ordinary listing process, and it is expected that the Oslo stock exchange will consider the application in a meeting of its board of directors on 30 April 2014. The first day of trading is expected to be mid May and not later than 13 June 2014.

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With a view to establish a new shareholder structure and in order to raise new capital, a process is currently ongoing whereby a selection of investors are being invited to invest in the shares of the company, partly by acquiring shares from today's shareholders – and primarily from the current principal shareholder Havila Holding AS – and partly by subscribing for new shares. The main terms of the transaction are as follows:

Issuer: Havyard Group ASA Offering: Up to 13,500,000 shares Price range: NOK 49.50 – 54.00 (USD 8,22 – 8,97 based on a NOK/USD exchange rate of 6,02) Expected proceeds for the company of the private placement: Up to NOK 100,000,000 Minimum application/allocation amount: NOK equivalent of EUR 100,000 Start of book building period: 27 March 2014 at 9.00 CET End of book building period: 4 April 2014 at 12.00 CET (book may be closed earlier or later at the company's discretion) Allocation: On or about 7 April 2014 Payment: On or about 10 April 2014 Delivery and N-OTC registration: On or about 14 April 2014

Prior to the first day of trading of the company's shares on a regulated market, a prospectus will be published, and Havila Holding AS will perform a public downsale of shares in the company in order to achieve compliance with the stock exchange's requirement for the spread of shares at the time of listing of the shares. The company will revert with further details in later announcements.

Managers are Fearnley Securities AS and Arctic Securities ASA.

The company's contact persons:

Geir Johan Bakke, +47 48 18 00 11 geir.johan.bakke@havyard.com Karl Eirik Frøysa Hansen, +47 40 24 71 13 karl.hansen@havyard.com Idar Fuglseth, +47 90 52 10 63 idar.fuglseth@havyard.com

About Havyard Group ASA:

Havyard Group ASA is a fully integrated ship technology company with activities within ship design, ship building, system deliveries and after market. The group employs about 770 workers of whom about 650 in Norway. The company's main business office is located in Fosnavåg in north-western Norway. The group has offices in China and Brasil. The group operates within four business segments:

• Havyard Ship Technology in Leirvik in Sogn (yard) and in Fosnavåg with a branch in Turkey
• Havyard Design & Solutions based in Fosnavåg with branches in Stavanger, Poland and Croatia
• Havyard Power & Systems in Ålesund with a branch in Poland
• Havyard Fish Handling & Refrigeration AS based in Fosnavåg with branches in Vigra, Tromsø, Haugesund and Peru.

DISCLAIMERS

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

Copies of this press release are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referenced herein have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

This document is a press release and not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive").

In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order

2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons").

Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents.

This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Havyard Group ASA believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this release speak only as at its date, and are subject to change without notice. Havyard Group ASA disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.