Eqva ASA

Share Issue/Capital Change • Jun 25, 2014

Havyard Group ASA - successful IPO and allocation

Havyard Group ASA - successful IPO and allocation

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,

AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER

JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE

WOULD BE UNLAWFUL

Havyard Group ASA ("Havyard" or the "Company") has

completed its initial public offering in connection

with listing on Oslo Stock Exchange (the "Offering").

The Offering consists of 4,200,000 existing shares

sold by the current majority shareholder, Havila

Holding AS ("Havila"). In addition, the managers have

exercised an option to over-allot 420,000 existing

shares pursuant to an over-allotment and

stabilisation agreement with the Company and Geir

Johan Bakke AS. Accordingly, the Offering consists of

4,620,000 existing shares including over-allotments.

The shares are priced at NOK 33.50 per share,

implying a market capitalisation of Havyard of NOK

754.7 million.

Havila will retain an ownership in the Company of

approx. 63.5 % subject to a lock-up period of twelve

months. Correspondingly, the Company's top management

team has entered into lock-up agreements of twelve

months.

Investors in the Offering include a wide range of

international and Norwegian investors. Approximately

81 % of the shares in the Offering were allotted to

investors in the institutional offering while 19 % of

the shares were allotted to investors in the retail

offering. Investors in the retail offering will

receive a discount of NOK 1,500 on the aggregate

amount payable for the shares allocated to such

investors. Following the Offering, Havyard is

expected to have more than 900 shareholders, and

accordingly the criteria set by the board of

directors of Oslo Stock Exchange for listing of

Havyard on the Oslo Stock Exchange have been met.

The number of ordinary shares in issue following the

Offering will remain unchanged at 22,528,320, each

with a nominal value of NOK 0.05. Trading of the

shares in Havyard on the Oslo Stock Exchange is

expected to commence on 1 July 2014 under the ticker

symbol "HYARD".

Notifications of allotted shares and the

corresponding amount to be paid by investors are

expected to be communicated to the investors on 25

June 2014, with settlement on 30 June 2014. Investors

having access to investor services through their VPS

account manager will be able to check the number of

shares allocated to them from 26 June 2014. The

managers may also be contacted for information

regarding allocation.

Fearnley Securities AS and Arctic Securities ASA are

acting as managers for the IPO and the listing.

For further information, please contact :

Havyard Group ASA

Geir Johan Bakke, CEO +47 48 18 00 11

Karl Eirik Hansen, CAO +47 40 24 71 13

Fearnley Securities AS

Even Matre Ellingsen, CEO +47 99 00 55 00

About Havyard

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," "esti

mate," "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.