Havila Shipping ASA

Legal Proceedings Report • Jan 21, 2025

Havila Shipping ASA: Allegation from certain banks of default of the restructuring agreement - disputed by the company.

Havila Shipping ASA: Allegation from certain banks of default of the restructuring agreement - disputed by the company.

Reference is made to the stock exchange announcement 1 October 2024, informing

that three bank lenders, and the bondholders in two bond loans had decided to

have their debt settled at the end of 2024 in accordance with the terms of the

restructuring agreement.

It was also reported that three banks chose to extend the restructuring

agreement by one year related to two vessels in operation and four sold vessels.

Reference is also made to the stock exchange announcement of 30 December 2024,

where settlement of the debt related to Havila Borg, Havila Clipper, Havila Fanø

and Havila Subsea was announced.

Cash settlement of NOK 499.6 million was refinanced by a bond issue and non-

interest-bearing debt of NOK 522.3 million was converted into shares.

Three banks that extended the restructuring agreement are financing the PSV

vessel Havila Foresight and the subsea vessel Havila Harmony.

Total interest-bearing debt related to these vessels amounts to NOK 151.5

million and non-interest-bearing debt related to these vessels, as well as four

sold vessels, amounts to NOK 616.3 million.

According to the restructuring agreement, the vessels in question will service

this debt through 2025 and the remaining interest-bearing debt will be

refinanced and settled in cash at the end of 2025 and the remaining non-

interest-bearing debt will be converted into shares.

The company has received a letter on behalf of the three banks that extended the

restructuring agreement,

claiming that the refinancing and issue of bond loan, which was used to redeem

the debt of lenders who chose settlement at the end of 2024 in accordance with

the agreement, is in breach of the restructuring agreement.

It is also alleged that certain other circumstances constitute a breach of the

restructuring agreement.

The remaining lenders claim that they will be entitled to declare default on the

outstanding debt, both interest bearing and non-interest bearing as set out

above, as well as to claim default interest and to enforce security.

The company disputes in full the lenders' understanding of the restructuring

agreement.

The company will, if necessary, have the matter resolved legally.

There is no cross-collateral or cross-default to the NOK 525 million bond loan

issued in December 2024.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722

Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation, and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This Announcement was published by Arne Johan Dale,  CFO of Havila Shipping ASA,

on 21 January 2025 at 18:00