Havila Kystruten AS

Capital/Financing Update • Apr 22, 2022

Havila Castor is delivered to the company

Havila Castor is delivered to the company

Havila Kystruten has today taken delivery of Havila Castor from Tersan shipyard in Turkey.

Havila Castor will following custom clearance from Turkey, sail to Norway to start operations along the coast.

Havila Castor is delivered to a company 100 % owned by Havila Kystruten. The ship is registered in Norway with the Norwegian Ordinary Ship Registry (NOR) and are sailing under Norwegian Flag.

The ship Castor has a market value of approximately 1.2 billion Norwegian Kroner and is financed by equity and a EUR 46 million loan from the shipyard and their bank. The loan is for a period of 3 months at favourable terms, and Havila Kystruten expect to have refinancing in place within that timeframe. On top of that the ship is financed through internal loans within Havila Kystruten.

The original funding could not be implemented. Lack of payment of the delivery instalment from the leasing company, forced the company to take delivery of the ship, using alternative financing.

As a Norwegian ship, Havila Castor has insurance coverage in accordance with original insurance agreements entered for the fleet.

Havila Castor is now operated by the company's crew. On the voyage from Turkey to Norway Havila Castor will have a crew of 40.

On the voyage to Bergen, and after arrival, Havila Kystruten will put all available resources in place for Havila Castor to be on track as planned.

Contacts:

CEO Bent Martini, +47 905 99 650

CFO Arne Johan Dale, +47 909 87 706