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2016-02-17

Havila Shipping ASA : Havila Shipping continues operations in order to reach agreement with financial creditors

Reference is made to stock exchange release of 16.02.16 at 08:51 regarding
insufficient support for the revised restructuring proposal.

The Board of Directors has today decided that the company shall continue its
operations. The decision entails that the company continues its negotiations
with its financial creditors with an aim to reach an agreement that that will
enable the company to come through the current market challenges.

The company maintains ordinary operations where focus remains on operational
safety. Hereunder honoring all running commitments under existing contracts
and all other commitments towards customers and suppliers. During the
negotiating period the company will not pay interest, amortizations or other
commitments to its financial creditors. The company's bank relations have
approved this. The Board of Directors resolution rests on the assumption that
a continuation of Havila Shipping as a going concern will result in the best
solution for all stakolders.

Based on this negotiations with financial creditors continues.

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

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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

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