Eqva ASA

M&A Activity • Dec 2, 2015

Agreement on postponed delivery of new building

Agreement on postponed delivery of new building

Havyard Ship Technology AS has today signed an agreement

with the buyer of NB 126, a Havyard 833 WE platform supply

vessel, on postponement of delivery of the ship from March

2016 to June 2017.

The buyer has worked with several projects for long-term

employment of the ship, which is a condition for obtaining

long-term financing in today's market. The buyer has not yet

succeeded with this and Havyard has therefore decided to

enter into an agreement with the buyer to postpone the

delivery time. It is further agreed an increase of the

buyer's payments during the construction period and that the

buyer will pay Havyard Ship Technology a compensation for

the postponement.

Based on this agreement, it is not expected that the project

results are affected due to the postponement of delivery

time. However, the postponement will lead to lower capacity

utilization at Havyard Ship Technology in 2015, and deferral

of margins for the project. This will have a negative effect

on the result for Havyard Group in 2015 in the order of NOK

20 million due to lower capacity utilization and NOK 10

million due to deferral of margins.

For further information, please contact:

Senior VP, Havyard Group ASA

Gunnar Larsen

Mobil: (+47) 901 05 694

This information is subject to the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading

Act.