Eqva ASA

Legal Proceedings Report • Mar 9, 2016

Cancellation of shipbuilding contract

Cancellation of shipbuilding contract

Reference is made to

the announcement

dated 27 October

2015 regarding

agreement for

postponed delivery

of newbuilding

number 123.

In light of the

continuing

challenges in the

offshore market

internationally,

Havyard Ship

Technology AS and

the buyer have today

signed an agreement

for cancellation of

the shipbuilding

contract. The

agreement involves

payment of a

compensation to

Havyard.

Planned delivery of

the vessel was set

to Q2 2018, and will

therefore have no

affect for liquidity

and profits in

Havyard Ship

Technology AS for

the financial year

2016. The

cancellation will

however lead to a

lower activity and a

smaller margin loss

in Havyard Design &

Solutions AS for

For further

information,

please contact:

Geir Johan Bakke

CEO

+47 48 18 00 11

This information is

subject to the

disclosure

requirements

pursuant to section

5-12 of the

Norwegian Securities

Trading Act.