HAVI disclosures

Summary
The fright revenues in the third quarter were NOK 176 million, which is a decrease from a strong second quarter and lower than the corresponding quarter last year after one ship was sold out of the fleet in January this year. Three vessels are sold in the fourth quarter. In the third quarter, the company has reversed previous impairment charges related to these three vessels of NOK 465 million with approximately equivalent value adjustment of the debt.

Havila Shipping ASA achieved an operating income before depreciation of NOK 57.0 million in Q3 2023, compared with NOK 105.2 million in Q3 2022.
Total operating income was NOK 176.0 million in Q3 2023, compared with NOK 217.4 million in Q3 2022.
The group had as of 30/09/23 17 vessels operated from Fosnavåg, six for external owners.
The fleet utilization in Q3 2023 was 90 %.

Result for 3 quarter 2023

Total operating income amounted to NOK 176.0 million (NOK 217.4 million whereof NOK 17.2 million was gain on sale of fixed assets).
Total operating expenses were NOK 119.0 million (NOK 112.2 million).
Operating profit before depreciation was NOK 57.0 million (NOK 105.2 million).
Depreciation was NOK 34.1 million (NOK 42.9 million).
Reversal of impairment charge of fixed assets was NOK 465,0 million (NOK 0).
Net financial items were NOK - 456.2 million (NOK - 103.8 million whereof unrealized agio loss NOK 64.9 million), and value adjustment of debt was NOK - 454.4 million (NOK - 38.1 million).
The profit before tax was NOK 28.9 million (NOK 48.6 million).

Result year to date 2023

Total operating income were NOK 757.0 million (NOK 652.6 million).
Total operating expenses were NOK 341.8 million (NOK 305.5 million whereof NOK - 20.8 million s reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 7.1 million on crew expenses, NOK 9.0 million on vessel expenses and NOK 4.7 million on other operating expenses. Ordinary operating expenses amounts to NOK 326.3 million).
The operating profit before depreciation was NOK 415.2 million (NOK 347.0 million).
Depreciation was NOK 107.5 million (NOK 146.0 million).
Reversal of impairment charges of fixed assets were NOK 465.0 million (NOK 0).
Net financial items were NOK - 626.5 million (NOK - 222.1 million), whereof unrealized agio gain was NOK 0.2 million (unrealized agio loss NOK 149.2 million) and value adjustment of debt NOK - 602.1 million (NOK - 67.8 million).
The profit before tax was NOK 141.9 million (NOK 31.2 million).

Balance and liquidity per 30/09/23
Total current assets amounted to NOK 1,172.1 million on 30/09/23, whereof bank deposits were NOK 103.0 million (whereof NOK 11,1 million restricted cash related to withholding tax and interest and instalment payments). On 30/09/22, total current assets amounted to NOK 695.3 million, whereof bank deposits amounted to NOK 215.7 million (of this NOK 74.7 million restricted cash related to withholding tax, interest and instalment payments and deposit in connection with sale of vessel).

Net cash flow from operations was per 30/09/23 NOK 17.0 million (NOK 200.3 million). Cash flow from investing activities was NOK 5.4 million (NOK 3.4 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -71.8 million (NOK - 92.9 million). As of 30/09/23, the book value of the fleet is NOK 669 million.
Vessels which are agreed sold in Q4 2023 are recognized under current assets as Assets held for sale.

Total long-term loan debt recognized in the balance sheet was per 30/09/23 NOK 667.9 million, of which interest-bearing debt amounts to NOK 572.1 million and non-interest-bearing debt NOK 95.8 million. As of 30/09/23, nominal value of interest-bearing debt was NOK 1,148.7 million, and nominal value of non-interest-bearing debt was NOK 1,620.7 million. All nominal interest-bearing debt is in NOK. Secured debt are classified as long-term debt, except from known instalments and settlement of debt related to sale of vessels which is classified as short-term debt.

Fleet
Havila Shipping ASA operates today 14 vessels,
10 PSV
- Four owned externally
- One owned 50% and not consolidated
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Employees
Havila Shipping ASA had per 30/09/23 365 employees on the company’s vessels and 15 employees in the administration.

Contacts:
Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer 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 Q323

Summary

The freight revenues in the second quarter were NOK 43 million higher than the first quarter of this year and NOK 13 million higher than the second quarter last year, despite the fact that one vessel was sold out of the fleet in January this year. The spot market for both anchor handling vessels and platform supply vessels has contributed to the increase in freight revenues in addition to higher revenues from contracts entered into.
Havila Shipping ASA achieved an operating income before depreciation of NOK 98.4 million in Q2 2023, compared with NOK 189.7 million in Q2 2022.
Total operating income was NOK 206.0 million in Q2 2023, compared with NOK 287.3 million in Q2 2022.
The group had as of 30/06/23 17 vessels operated from Fosnavåg, six for external owners.
The fleet utilization in Q2 2023 was 90 %.

Result for 2 quarter 2023

Total operating income amounted to NOK 206.0 million (NOK 287.3 million whereof NOK 96.5 million was gain on sale of fixed assets).
Total operating expenses were NOK 107.5 million (NOK 97.6 million).
Operating profit before depreciation was NOK 98.4 million (NOK 189.7 million).
Depreciation was NOK 35.4 million (NOK 50.4 million).
Net financial items were NOK - 68.0 million (NOK - 102.5 million), whereof unrealized agio gain was NOK 0.4 million (unrealized agio loss NOK 89.5 million), and value adjustment of debt was NOK - 67.0 million (NOK - 11.2 million).
The profit before tax was NOK - 5.4 million (NOK 33.6 million).

Result for 1st half of 2023

Total operating income amounted to NOK 581.0 million (NOK 435.2 million).
Total operating expenses were NOK 222.8 million (NOK 193.3 million whereof NOK - 19.7 million s reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 6.9 million on crew expenses, NOK 8.5 million on vessel expenses and NOK 4.3 million on other operating expenses. Ordinary operating expenses amounts to NOK 213.1 million).
The operating profit before depreciation was NOK 358.2 million (NOK 241.9 million).
Depreciation was NOK 73.4 million (NOK 103.2 million).
Net financial items were NOK - 170.3 million (NOK - 118.3 million), whereof unrealized agio gain was NOK 0.2 million (unrealized agio loss NOK 84.3 million) and value adjustment of debt NOK - 147.7 million (NOK - 29.8 million).
The profit before tax was NOK 112.9 million (NOK 17.4 million).

Balance and liquidity per 30/06/23

Total current assets amounted to NOK 312.7 million on 30/06/23, whereof bank deposits were NOK 82.2 million (whereof NOK 9.5 million restricted cash related to withholding tax). On 30/06/22, total current assets amounted to NOK 395.3 million, whereof bank deposits amounted to NOK 106.6 million (of this NOK 3.4 million restricted cash related to withholding tax).

Net cash flow from operations was per 30/06/23 NOK - 42.9 million (NOK - 39.4 million). Cash flow from investing activities was NOK 1.9 million (NOK 6.9 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 31.6 million (NOK - 39.7 million).

As of 30/06/23, the book value of the fleet is NOK 1,078 million.

Total long-term loan debt recognized in the balance sheet was per 30/06/23 NOK 1,116.8 million, of which interest-bearing debt amounts to NOK 1,012.2 million and non-interest-bearing debt NOK 104.6 million. As of 30/06/23, nominal value of interest-bearing debt was NOK 1,184.2 million, and nominal value of non-interest-bearing debt was NOK 1,744.7 million. All nominal interest-bearing debt is 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 today 17 vessels,

11 PSV
- Four owned externally
- One owned 50% and not consolidated
2 AHTS
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/06/23 359 employees on the company’s vessels and 15 employees in the administration.

Contacts:
Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer 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 Q223

Summary
The market for the company’s vessels in the first quarter has been better than the first quarter of 2022 in all segments.
The spot market has improved significantly, particularly for anchor handling vessels. Income and profit are significantly affected by the sale of vessels.
Sales of vessels make a significant profit contribution as the debt value was regulated in the fourth quarter of 2022.

Havila Shipping ASA achieved an operating income before depreciation of NOK 259.8 million in Q1 2023, compared with NOK 52.2 million in Q1 2022.
Total operating income was NOK 375.1 million in Q1 2023, compared with NOK 147.9 million in Q1 2022.
The group had as of 31/03/23 17 vessels operated from Fosnavåg, seks for external owners.
The fleet utilization in Q1 2023 was 88 %.

Result for 1 quarter 2023

Total operating income amounted to NOK 375.1 million, whereof
NOK 209.2 million is gain on sale of fixed assets (NOK 147.9 million).
Total operating expenses were NOK 115.3 million (NOK 95.7 million).
Operating profit before depreciation was NOK 259.8 million (NOK 52.2 million).
Depreciation was NOK 38.0 million (NOK 52.8 million).
Net financial items were NOK - 102.3 million (NOK - 15.8 million), whereof unrealized agio loss was NOK 0.2 million (unrealized agio gain NOK 5.2 million), and value adjustment of debt was NOK - 80.7 million (NOK - 18.5 million).
The profit before tax was NOK 118.3 million (NOK 16.2 million).

Balance and liquidity per 31/03/23
Total current assets amounted to NOK 289.0 million on 31/03/23, whereof bank deposits were NOK 88.8 million (whereof NOK 0.5 million restricted cash related to withholding tax). On 31/03/22, total current assets amounted to NOK 341.4 million, whereof bank deposits amounted to NOK 66.9 million (of this NOK 0.5 million restricted cash related to withholding tax).

Net cash flow from operations was per 31/03/23 NOK - 57.2 million (NOK - 16.2 million). Cash flow from investing activities was NOK 6.0 million (NOK 3.3 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 13.4 million (NOK - 20.1 million). As of 31/03/23, the book value of the fleet is NOK 1,110 million.

Total long-term loan debt recognized in the balance sheet was per 31/03/23 NOK 1,123.8 million, of which interest-bearing debt amounts to NOK 1,017.0 million and non-interest-bearing debt NOK 106.8 million. As of 31/03/23, nominal value of interest-bearing debt was NOK 1219.7 million, and nominal value of non-interest-bearing debt was NOK 1,708.7 million. All nominal interest-bearing debt is 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 today 17 vessels,
11 PSV
- Four owned externally
- One owned 50% and not consolidated
2 AHTS
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Employees
Havila Shipping ASA had per 31/03/23 357 employees on the company’s vessels and 14 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 Q1 2023

Summary
The market for the company’s vessels has been variable in the fourth quarter. The company has been exposed to a limited extent in the spot market. Income and profit are affected to a significant extent by the sale of vessels, and reversed write-downs of vessels. Reversed write-downs result from increased income estimates and also result in an increased debt value.

Agreement with lenders entered into in 2020 clarifies the company’s obligations towards the lenders for the period until 2024. Five vessels that have been in lay-up, of which 3 AHTS and 2 PSV, have been sold. Of these, 3 vessels were delivered to new owners in the second quarter, one vessel was delivered in the third quarter and one vessel was delivered in the fourth quarter.
Another vessel has been agreed sold, and was delivered to the new owner in January 2023. The vessel is per 31/12/22 classified as assets held for sale. After the maximum reversal of historical impairment charges, the book amount is lower than the sales value. The debt is recognized at fair value, which is approximately equal to the sales value. As a result of the debt associated with this vessel being valued at fair value as of 31/12/22, while the book value of the vessel is limited to the original depreciation plan, the group will have negative equity at the end of 2022. The group’s equity became positive again when a significant gain on sale of assets is booked upon delivery of the vessel in January 2023.

Havila Shipping ASA achieved an operating income before depreciation of NOK 50.4 million in Q4 2022, compared with NOK 36.4 million in Q4 2021.

Total operating income was NOK 171.9 million in Q4 2022, compared with NOK 144.9 million in Q4 2021.
The group had as of 31/12/22 17 vessels operated from Fosnavåg, six for external owners.
The fleet utilization in Q4 2022 was 89 %.

Result for 4 quarter 2022

Total operating income amounted to NOK 171.9 million, whereof NOK 22.1 million is gain on sale of fixed assets (NOK 144.9 million).
Total operating expenses were NOK 121.5 million (NOK 108.5 million).
Operating profit before depreciation was NOK 50.4 million (NOK 36.4 million).
Depreciation was NOK 37.7 million (NOK 48.3 million).
Reversal of impairment charge of fixed assets was NOK 226.0 million (NOK 260.8 million).
Net financial items were NOK - 323.0 million (NOK - 11.5 million), whereof unrealized agio gain was NOK 72.6 million (unrealized agio loss NOK 3.7 million), and value adjustment of debt was NOK - 388.7 million (NOK - 13.4 million).
The profit before tax was NOK - 80.5 million (NOK 65.7 million).

Result 2022

Total operating income amounted to NOK 824.4 million (NOK 545.5 million).
Total operating expenses were NOK 427.0 million whereof NOK - 21.2 million is reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 7.1 million on crew expenses, NOK 9.0 million on vessel expenses and NOK 4.7 million on other operating expenses. (NOK 395.7 million whereof NOK - 24.5 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 448.3 million (NOK 409.8 million).
The operating profit before depreciation was NOK 397.4 million (NOK 160.1 million).
Depreciation was NOK 183.7 million (NOK 203.6 million).
Reversal of impairment charge of fixed assets was NOK 226.0 million (NOK 235.3 million).
Net financial items were NOK - 545.1 million (NOK - 124.7 million), whereof unrealized agio loss was NOK 76.6 million (unrealized agio loss NOK 21.5 million) and value adjustment of debt NOK - 456.5 million (NOK - 102.1 million).
The profit before tax was NOK - 111.8 million (NOK 65.8 million).

Balance and liquidity per 31/12/22
Total current assets amounted to NOK 698.3 million on 31/12/22, whereof bank deposits were NOK 147.4 million (whereof NOK 70.8 million restricted cash related to withholding tax, interest and instalment payments and deposit in connection with sale of vessel). On 31/12/21, total current assets amounted to NOK 245.2 million, whereof bank deposits amounted to NOK 100.9 million (of this NOK 5.4 million restricted cash related to withholding tax).

Net cash flow from operations was per 31/12/22 NOK 229.7 million (NOK 126.5 million). Cash flow from investing activities was NOK - 35.2 million (NOK - 34.2 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 144.9 million (NOK - 98.2 million).

As of 31/12/22, the book value of the fleet is NOK 1,140 million.

Total long-term loan debt recognized in the balance sheet was per 31/12/22 NOK 1,677.7 million, of which interest-bearing debt amounts to NOK 1,578.6 million and non-interest-bearing debt NOK 99.1 million. As of 31/12/22, nominal value of interest-bearing debt was NOK 1,781.0 million, and nominal value of non-interest-bearing debt was NOK 1,657.1 million. Of nominal interest-bearing debt 29.5 % 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 today 17 vessels,

11 PSV
- Four owned externally
- One owned 50% and not consolidated
2 AHTS
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)

Employees

Havila Shipping ASA had per 31/12/22 382 employees on the company’s vessels and 15 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 Q422

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Third quarter 2023 accounts

Havila Shipping ASA: Equinor Energy has extended the contract for the PSV Havila Charisma

Havila Shipping ASA: Equinor Energy has extended the contract for the PSV Havila Foresight

Havila Shipping ASA:: Sale of vessels

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Reach Subsea has exercised one year option for Havila Subsea

Havila Shipping ASA: Second quarter 2023 accounts

Havila Shipping ASA: OceanPact has extended the bareboat charter of Havila Harmony with one year

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Contract extensions for PSVs

Havila Shipping ASA: First quarter 2023 report

Havila Shipping ASA: Annual General Meeting 2023 held

Havila Shipping ASA: Notice of Annual General Meeting

Havila Shipping ASA: Contract extension for the PSV Havila Fanø

Havila Shipping ASA: Annual report 2022

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: Contract extension for PSVs Havila Borg and Havila Herøy with Peterson den Helder BV

Havila Shipping ASA: Fourt quarter 2022 report/2022 Preliminary report

Havila Shipping ASA: Contract With Equinor Energy for PSV Havila Clipper