Havila Shipping ASA

Havila Shipping ASA: First quarter 2018 accounts

Summary

· Havila Shipping ASA achieved an operating income before depreciation

of NOK 18.1 million in Q1 2018, compared with NOK 21.2 million in Q1 2017.

· Total operating income was NOK 124.7 million in Q1 2018, compared with

NOK 139.9 million in Q1 2017.

· The group had as of 31/03/18 23 vessels operated from Fosnavåg, three

for external owners.

· The group had 6 vessels laid up at the end of Q1 2018, of this 3 AHTS

and 3 PSV vessels. Two of the PSVs are taken out of lay up in Q2 18. One subsea

had short term contracts during the quarter. Two of PSVs defined as none core

vessels were sold in March 2018, and one remains to be sold.

· The fleet utilization Q1 2018 was 79 % exclusive vessels in lay-up.

Result for 1 quarter 2018

· Total operating income amounted to NOK 124.7 million (NOK 139.9 million).

· Total operating expenses were NOK 106.6 million (NOK 118.7 million).

· The operating profit before depreciation was NOK 18.1 million (NOK 21.2

million).

· Depreciation was NOK 89.9 million (NOK 83.3 million).

· Net financial items were NOK - 5.6 million (NOK 1,131.1 million including

redemption of debt to discount of MNOK 1.2), whereof unrealized agio gain was

NOK 39.4 million (unrealized agio gain NOK 8.3 million).

· The profit before tax was NOK -80.4 million (NOK 1,069.4 million).

Balance and liquidity per 31/03/18

The book value of the fleet is NOK 4,217.9 million.

Total current assets amounted to NOK 418.2 million on 31/03/18, whereof bank

deposits were NOK 196.6 million (of this NOK 5.8 million restricted).

On 31/03/17, total current assets amounted to NOK 763.4 million, whereof bank

deposits amounted to NOK 448.3 million (of this NOK 5.5 million restricted).

Net cash flow from operations was in Q1 NOK -31.6 million (NOK 89.9 million).

Cash flow from investing activities was NOK 6.7 million (NOK -9.4 million).

Conversion of convertible shareholder loans, net issues, repayment of loan and

payment of instalments constitute a net change from financing activities of NOK

-30.9 million (NOK -4.0 million).

Total interest-bearing debt per 31/03/18 is NOK 4, 050.0 million. Of interest-

bearing debt, 17.6 % is loan in USD, while the remainder is in NOK. Secured debt

are classified as long term debt, except from first year instalment is

classified as short term debt.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

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