HAVI disclosures

Summary

The first quarter is characterized by low activity, vessels in storage and low utilization of vessels in the spot market. During the quarter, the company obtained contracts that provide increased earnings in the next two quarters.
An agreement with the lenders entered into in 2020 clarifies the company’s obligations to the lenders for the period until 2024. The agreement does not prevent the company’s fleet from being reduced as a result of the sale of vessels with lower revenues than operating costs for the individual vessel.

Havila Shipping ASA achieved an operating income before depreciation of NOK 16.3 million in Q1 2021, compared with NOK 70.5 million in Q1 2020.

Total operating income was NOK 100.5 million in Q1 2021, compared with NOK 208.9 million in Q1 2020.
The group had as of 31/03/21 23 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS and 4 PSV vessels laid up at the end of Q1 2021. One PSV was taken out of lay-up in April 2021.
The fleet utilization Q1 2021 was 75 % exclusive vessels in lay-up.

Result for 1 quarter 2021

Total operating income amounted to NOK 100.5 million (NOK 208.9 million).
Total operating expenses were NOK 84.2 million whereof NOK - 16.8 million is change of provision for loss on receivables (NOK 138.4 million whereof NOK 15.8 million is provision for loss on receivables). Ordinary operating expenses were NOK 101.0 million (NOK 122.7 million).
Operating profit before depreciation was NOK 16.3 million (NOK 70.5 million).
Depreciation was NOK 60.1 million (NOK 86.9 million).
Net financial items were NOK -13.3 million (NOK -215.6 million), whereof unrealized agio gain was NOK 0.6 million (unrealized agio loss NOK 160.0 million), and value adjustment of debt was NOK -11.6 million (NOK 0).
The profit before tax was NOK -58.0 million (NOK -231.7 million).

Balance and liquidity per 31/03/21
Total current assets amounted to NOK 231.7 million on 31/03/21, whereof bank deposits were NOK 94.7 million (of this NOK 0.6 million restricted withholding tax). On 31/03/20, total current assets amounted to NOK 408.3 million, whereof bank deposits amounted to NOK 86.8 million (of this NOK 1.0 million restricted).

Net cash flow from operations was in 2021 NOK 47.1 million (NOK 9.9 million). Cash flow from investing activities was NOK -24.9 million (NOK -15.3 million). Payment of loan instalments and lease liabilities, and raising a covertible shareholder loan constitute a net change from financing activities of NOK -33.1 million (NOK -5.6 million).

As of 31/03/21, the book value of the fleet is NOK 1,878 million.

Total long-term debt recognized in the balance sheet was per 31/03/21 NOK 1,782.1 million, of which interest-bearing debt amounts to NOK 1,691.1 million and non interest-bearing debt NOK 91.0 million.
As of 31/03/21, nominal value of interest-bearing debt was NOK 2,753.7 million, and nominal value of non interest-bearing debt was NOK 1,419.1 million. Of nominal interest-bearing debt 15.4 % are loans in USD, while the remaining loans are in NOK. Secured debt are classified as long term debt, except from known instalments which is classified as short term debt.

Fleet
Havila Shipping ASA operates 23 vessels,
14 PSV
- Four owned externally
- One owned 50% and not consolidated
5 AHTS
3 Subsea
1 RRV (bareboat)

Employees
Havila Shipping ASA had per 31/03/21 343 employees on the company’s vessels and 17 employees in the administration.

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 the Norwegian Securities Trading Act

Attachment

HAVI-Q121

Summary

The sharp fall in oil prices and the outbreak of the Covid-19 virus in the first quarter reduced the activity in the market in where the vessel operates. Despite an increase in oil prices, there is still low demand for vessels. The market situation has led to a further impairment charge of the value of the company’s vessels in the fourth quarter.

The agreement on restructuring of the company’s debt was implemented on 30/06/20 and clarifies the company’s obligations to lenders for the period until 2024. The calculated effect of the agreements means that book equity is positive at the end of 2nd quarter. The implementation effect of the agreement was incorporated in the accounts for the second quarter.
Financial expenses in the accounts consist of a change in the calculated present value of estimated debt service for the vessels during the agreement period.

Havila Shipping ASA achieved an operating income before depreciation of NOK 32.8 million in Q4 2020, compared with NOK 43.6 million in Q4 2019.
Total operating income was NOK 107.1 million in Q4 2020, compared with NOK 195.8 million in Q4 2019.
The group had as of 31/12/20 23 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS and 4 PSV vessels laid up at the end of Q4 2020.
The fleet utilization Q4 2020 was 81 % exclusive vessels in lay-up.

Result for 4 quarter 2020

Total operating income amounted to NOK 107.1 million (NOK 195.8 million).
Total operating expenses were NOK 74.3 million whereof NOK - 28.3 million is provision for loss on receivables (NOK 152.2 million whereof NOK 30.7 million is provision for loss on receivables). Ordinary operating expenses were NOK 102.6 million (NOK 121.4 million).
Operating profit before depreciation was NOK 74.3 million (NOK 43.6 million).
Depreciation was NOK 88.8 million (NOK 82.2 million).
Impairment charge of fixed assets was NOK 262 million (NOK 0).
Net financial items were NOK 234.0 million (NOK -32.1 million), whereof unrealized agio gain was NOK 73.5 million (unrealized agio gain NOK 29.1 million), and value adjustment of debt was NOK 170.1 million (NOK 0).
The profit before tax was NOK -73.1 million (NOK -71.5 million).

Result 2020

Total operating income amounted to NOK 705.7 million (NOK 747.1 million).
Total operating expenses were NOK 452.3 million whereof NOK 73.2 million is provision for loss on receivables (NOK 500.8 million whereof NOK 30.7 million is provision for loss on receivables). Ordinary operating expenses amounts to NOK 452.3 million (NOK 470.1 million).
The operating profit before depreciation was NOK 180.2 million (NOK 246.3 million).
Depreciation was NOK 350.8 million (NOK 323.5 million).
Impairment charge of fixed assets was NOK 783.0 million (NOK 0).
Net financial items were NOK 2,112.5 million (NOK -240.1 million), whereof unrealized agio gain was NOK 12.2 million (unrealized agio loss NOK 6.5 million) and value adjustment of debt related to the implementation effects of the restructuring agreement with the company’s lenders was NOK 2,234.5 million (NOK 0).
The profit before tax was NOK 1,169.1 million (NOK -320.9 million).

Balance and liquidity per 31/12/20
Total current assets amounted to NOK 272.4 million on 31/12/20, whereof bank deposits were NOK 106.5 million (of this NOK 5.0 million restricted withholding tax). On 31/12/19, total current assets amounted to NOK 372.9 million, whereof bank deposits amounted to NOK 101.0 million (of this NOK 4.9 million restricted).
Net cash flow from operations was in 2020 NOK 134.5 million (NOK 95.0 million). Cash flow from investing activities was NOK -52.1 million (NOK -55.7 million). Payment of loan instalments and lease liabilities, and raising a covertible shareholder loan constitute a net change from financing activities of NOK -60.3 million (NOK -22.5 million).

The book value of the fleet is NOK 1,906 million after impairment charge of NOK 783 million in 2020.
Total long-term debt recognized in the balance sheet was per 31/12/20 NOK 1,802.0 million, of which interest-bearing debt amounts to NOK 1,711.5 million and non interest-bearing debt NOK 90.4 million.
As of 31/12/20, nominal value of interest-bearing debt was NOK 2,818.8 million, and nominal value of non interest-bearing debt was NOK 1,278.2 million. Of nominal interest-bearing debt 15.9 % are loans in USD, while the remaining loans are in NOK. Secured debt are classified as long term debt, except from known instalments which is classified as short term debt.

Fleet
Havila Shipping ASA operates 23 vessels,
14 PSV
- Four owned externally
- One owned 50% and not consolidated
5 AHTS
3 Subsea
1 RRV (bareboat)

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 the Norwegian Securities Trading Act

Attachment

HAVI Q420

Summary
The sharp fall in oil prices and the outbreak of the Covid-19 virus in the first quarter have reduced activity in the market in where the vessel operates. Reduced demand for vessels has a negative effect on the company. The market outlook was reassessed in the second quarter and led to a write-down of the value for most vessels. The assessments were maintained in the third quarter.
The agreement on restructuring of the company’s debt was implemented on 30/06/20 and clarifies the company’s obligations to lenders for the period until 2024. The calculated effect of the agreements means that book equity is positive at the end of 2nd quarter. The implementation effect of the agreement was incorporated in the accounts for the second quarter. Financial expenses in the accounts consist of a change in the calculated present value of estimated debt service for the vessels during the agreement period.
Havila Shipping ASA achieved an operating income before depreciation of NOK 36.4 million in Q3 2020, compared with NOK 92.9 million in Q3 2019.
Total operating income was NOK 188.7 million in Q3 2020, compared with NOK 211.5 million in Q3 2019.
The group had as of 30/09/20 23 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS and 4 PSV vessels laid up at the end of Q3 2020.
The fleet utilization Q3 2020 was 87 % exclusive vessels in lay-up.

Result for 3 quarter 2020.

Total operating income amounted to NOK 188.7 million (NOK 211.5 million).
Total operating expenses were NOK 152.3 million whereof NOK 48.7 million is provision for loss on receivables. Ordinary operating expenses amounts to NOK 103.6 million (NOK 118.6 million).
Operating profit before depreciation was NOK 36.4 million (NOK 92.9 million).
Depreciation was NOK 87.4 million (NOK 81.2 million).
Net financial items were NOK 68.0 million (NOK -110.7 million), whereof unrealized agio gain was NOK 19.6 million (unrealized agio loss NOK 51.7 million), and value adjustment of debt was NOK 47.9 million (NOK 0).
The profit before tax was NOK 16.9 million (NOK -100.0 million).

Result year to date

Total operating income amounted to NOK 598.5 million (NOK 551.3 million).
Total operating expenses were NOK 451.1 million whereof NOK 101.4 million is provision for loss on receivables. Ordinary operating expenses amounts to NOK 349.7 million (NOK 348.6 million).
The operating profit before depreciation was NOK 147.4 million (NOK 202.7 million).
Depreciation was NOK 261.9 million (NOK 241.3 million).
Impairment charge of fixed assets was NOK 521.0 million (NOK 0).
Net financial items were NOK 1,878.5 million (NOK -208.0 million), whereof unrealized agio loss was NOK 61.2 million (unrealized agio loss NOK 35.6 million) and value adjustment of debt related to the implementation effects of the restructuring agreement with the company’s lenders was NOK 2,064.4 million (NOK 0).
The profit before tax was NOK 1,243.1 million (NOK -249.4 million).

Balance and liquidity per 30/09/20

Total current assets amounted to NOK 295.0 million on 30/09/20, whereof bank deposits were NOK 139.5 million (of this NOK 1.2 million restricted withholding tax). On 30/09/19, total current assets amounted to NOK 379.6 million, whereof bank deposits amounted to NOK 92.5 million (of this NOK 0.8 million restricted).
Net cash flow from operations was year to date NOK 94.1 million (NOK 43.1 million). Cash flow from investing activities was NOK -33.1 million (NOK -17.9 million). Payment of loan instalments and lease liabilities, and raising a covertible shareholder loan constitute a net change from financing activities of NOK -27.6 million (NOK -18.2 million).
The book value of the fleet is NOK 2,230 million after impairment charge of NOK 521 million in the 2nd quarter.
Total long-term debt recognized in the balance sheet was per 30/09/20 NOK 2,069.9 million, of which interest-bearing debt amounts to NOK 1,922.4 million and non interest-bearing debt NOK 147.5 million.
As of 30/09/20, nominal value of interest-bearing debt was NOK 2,948.8 million, and nominal value of non interest-bearing debt was NOK 1,233.6 million. Of nominal interest-bearing debt 21.4 % are loans in USD, while the remaining loans are in NOK. Secured debt are classified as long term debt, except from known instalments which is classified as short term debt.

Fleet
Havila Shipping ASA operates 23 vessels,
•                      14 PSV
-                     Four owned externally
-                     One owned 50% and not consolidated
•                      5 AHTS
•                      3 Subsea
•                      1 RRV (bareboat)

Employees
Havila Shipping ASA had per 30/09/20 377 employees on the company’s vessels and 33 employees in the administration.

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 the Norwegian Securities Trading Act

Attachment

HAVI Q320

Havila Shipping ASA achieved an operating income before depreciation of NOK 40.6 million in Q2 2020, compared with NOK 75.5 million in Q2 2019.
Total operating income was NOK 201.0 million in Q2 2020, compared with NOK 191.3 million in Q2 2019.
The group had as of 30/06/20 23 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS and 2 PSV vessels laid up at the end of Q2 2020.
The fleet utilization Q2 2020 was 88 % exclusive vessels in lay-up.

Result for 2 quarter 2020

Total operating income amounted to NOK 201.0 million (NOK 191.3 million).
Total operating expenses were NOK 160.4 million whereof NOK 37.0 million is provision for loss on trade receivables. Ordinary operating expenses amounts to NOK 123.4 million (NOK 115.7 million).
Operating profit before depreciation was NOK 40.6 million (NOK 75.5 million).
Depreciation was NOK 87.6 million (NOK 80.2 million).
Impairment charge of fixed assets was NOK 521.0 million (NOK 0).
Net financial items were NOK 2,026.1 million (NOK -52.0 million), whereof unrealized agio gain was NOK 79.1 million (unrealized agio gain NOK 7.4 million), and value adjustment of debt related to the implementation effects of the restructuring agreement with the company’s lenders was NOK 2,016.6 million (NOK 0)
The profit before tax was NOK 1,457.9 million (NOK -57.5 million).

Result for 1st half of 2020

Total operating income amounted to NOK 409.9 million (NOK 339.8 million).
Total operating expenses were NOK 298.8 million whereof NOK 52.8 million is provision for loss on trade receivables. Ordinary operating expenses amounts to NOK 246.0 million (NOK 230.0 million).
The operating profit before depreciation was NOK 111.1 million (NOK 109.8 million).
Depreciation was NOK 174.5 million (NOK 160.0 million).
Impairment charge of fixed assets was NOK 521.0 million (NOK 0).
Net financial items were NOK 1,810.5 million (NOK -97.2 million), whereof unrealized agio loss was NOK 80.9 million (unrealized agio gain NOK 16.1 million) and value adjustment of debt related to the implementation effects of the restructuring agreement with the company’s lenders was NOK 2,016.6 million (NOK 0).
The profit before tax was NOK 1,226.0 million (NOK -149.3 million).

Balance and liquidity per 30/06/20
Total current assets amounted to NOK 473.7 million on 30/06/20, whereof bank deposits were NOK 239.1 million (of this NOK 3.5 million restricted withholding tax and NOK 86.9 restricted cash related to interest and installment payments). On 30/06/19, total current assets amounted to NOK 345.2 million, whereof bank deposits amounted to NOK 100.4 million (of this NOK 3.2 million restricted).
Net cash flow from operations was year to date NOK 61.5 million (NOK 47.3 million). Cash flow from investing activities was NOK -13.5 million (NOK -19.0 million). Payment of loan instalments and lease liabilities, and raising a convertible shareholder loan constitute a net change from financing activities of NOK 85.5 million (NOK -12.9 million).

The book value of the fleet is NOK 2,291 million after impairment charge of NOK 521 million in the 2nd quarter. Total long-term debt recognized in the balance sheet was per 30/06/20 NOK 2,188.9 million, of which interest-bearing debt amounts to NOK 2,017.2 million and non interest-bearing debt NOK 171.7 million.
As of 30/06/20, nominal value of interest-bearing debt was NOK 3,034.9 million, and nominal value of non interest-bearing debt was NOK 1,187.7 million. Of nominal interest-bearing debt 21.9 % are loans in USD, while the remaining loans are in NOK. Secured debt are classified as long term debt, except from known instalments which is classified as short term debt.

Fleet
Havila Shipping ASA operates 23 vessels,
14 PSV
- Four owned externally
- One owned 50% and not consolidated
5 AHTS
3 Subsea
1 RRV (bareboat)

Employees
Havila Shipping ASA had per 30/06/20 440 employees on the company’s vessels and 34 employees in the administration.

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 the Norwegian Securities Trading Act

Attachment

HAVI Q2 2020

Havila Shipping ASA: Contract extensions with TotalEnergies EP Danmark for PSVs Havila Herøy and Havila Fanø

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: Ordinary General Meeting held

Havila Shipping ASA: First quarter 2021 accounts

Havila Shipping ASA: Notice of Annual General Meeting

Havila Shipping ASA: Contract extensions with Total DK for the PSV vessels Havila Herøy and Havila Fanø

Havila Shipping ASA: Approval of 2020 Annual accounts

Havila Shipping ASA: Contract with Equinor Energy for the PSV Havila Clipper

Havila Shipping ASA: Contract for the PSV Havila Borg

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: Fourth quarter 2020 Accounts / Preliminary Accounts 2020

Havila Shipping ASA: Charter contract with Nexans Norway for Havila Phoenix

Havila Shipping ASA: Settlement agreement with DeepOcean following contract termination

Havila Shipping ASA: Deputy CEO leaves the company

Havila Shipping ASA: Information to bondholders in Havi 04 and Havi 07

Havila Shipping ASA: Termination of charterparty with DeepOcean for Havila Phoenix

Havila Shipping ASA: New contracts with Equinor Energy AS for PSVs Havila Charisma and Havila Foresight

Havila Shipping ASA: Third quarter 2020 accounts

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: Second quarter 2020 accounts