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2014-04-30

Havila Shipping ASA : First Quarter 2014 accounts

Summary

Havila Shipping ASA achieved a profit before tax of NOK 41.9 m in Q1 2014,
compared with NOK -19.6 m in Q1 last year.

Total operating income and gains was NOK 378.5m in the Q1 of 2014. Total
operating income for corresponding period last year was NOK 330.4m.

The group had 27 vessels in operation per 31/03/2014. Four of the vessels are
operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One
vessel is still leased through a bareboat contract.

The market for offshore service vessels in the 1stquarter at times has been
better than expected. Activity has been good, but at times characterized by
many available vessels. The utilization was 94 % in Q1 for the fleet, with
average day rates for vessels in the spot market in line with the average
market rates.

RESULT FOR 1stQUARTER 2014

Total operating income and gains for Q1 2014 amounted to NOK 378.5m (NOK
330.3m).
Total operating expenses for Q1 2014 were NOK 194.8m (NOK 190.2m).
The operating profit before depreciation for Q1 2014 was NOK 121.1m (NOK
89.0m).
Depreciation for Q1 2014 was NOK 62.6m (NOK 51.2m).
Net financial items for Q1 2014 were NOK -81.5m (NOK -108.5m).
The profit before tax for Q1 2014 was NOK 41.9m (NOK -19.6m).

Balance and liquidity per 31/03/14

Based on the estimates of brokers dated 31/12/13, the fleet had a market value
of NOK 8.347.0m at the end of March. This is equivalent to a value per share
of NOK 97. The book value of the fleet was NOK 7,489.3m. Book equity per
share is NOK 68.

Total current assets amounted to NOK 967.3m on 31/03/14, whereof bank deposits
were NOK 531.5.m (of this NOK 2.0m restricted). On 31/03/13, total current
assets amounted to NOK 830.6m, whereof bank deposits amounted to NOK 381.9m
(of this NOK 1.8m restricted).

Net cash flow from operations per 31.03.14 was NOK 26.0 m (NOK -12.3m). Cash
flow from investing activities was NOK -36.5 m (NOK 55.3m). Payment of
instalments, raising loans and constitute a net change from financing
activities of NOK 139.7 m (NOK -162.8 m).

Total interest-bearing debt per 31.03.14 is NOK 6068.2m. This includes bond
loans of NOK 1.914.8m, whereof NOK 714.8m is secured. Of interest-bearing
debt, 11.2% is loan in USD, while the remainder is nominated in NOK. Next
year's repayment of debt is classified as current liability in conformity
with IFRS, and amounts to NOK 652.2m. Whereof approximate NOK 483.1 m is
annual ordinary installments on loans.

Fleet

Havila Shipping ASA operates 27 vessels. Four of the vessels are operated by
the joint venture company in Singapore, Posh Havila Pte. Ltd. One vessel is
hired in on a bareboat contract. The fleet comprises 14 platform Supply
Vessel, 9 anchor Handling vessels, 3 subsea and 1 rescue&recovery vessel

Employees

Havila Shipping ASA has around 800 maritime employees and 45 administrative
staff.

Contacts:
CEO Njål Sævik +47 909 35 722
CFO Arne Johan Dale +47 909 87 706

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Report
http://hugin.info/138738/R/1781465/609555.pdf
Presentation
http://hugin.info/138738/R/1781465/609507.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Havila Shipping ASA via Globenewswire

HUG#1781465

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