HAVI disclosures

Summary

The market for the company’s vessels in the third quarter has been better in all segments than the corresponding period in 2021. Revenues and profit are significantly affected by the sale of vessels.

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 October. Another vessel has been agreed to be sold and is expected to be delivered to the new owner around the turn of the year.

Havila Shipping ASA achieved an operating income before depreciation of NOK 105.2 million in Q3 2022, compared with NOK 53.7 million in Q3 2021.

Total operating income was NOK 217.4 million in Q3 2022, compared with NOK 154.8 million in Q3 2021.

The group had as of 30/09/22 18 vessels operated from Fosnavåg, six for external owners.

The fleet utilization Q3 2022 was 88 % exclusive vessels in lay-up.

Result for 3 quarter 2022

Total operating income amounted to NOK 217.4 million, whereof NOK 17.2 million is gain on sale of fixed assets (NOK 154.8 million).
Total operating expenses were NOK 112.2 million (NOK 101.1 million).
Operating profit before depreciation was NOK 105.2 million (NOK 53.7 million).
Depreciation was NOK 42.9 million (NOK 52.6 million).
Impairment charge of fixed assets was NOK 0 million (NOK 25,5 million).
Net financial items were NOK - 103.8 million (NOK - 34.6 million), whereof unrealized agio loss was NOK 64.9 million (unrealized agio loss NOK 20.1 million), and value adjustment of debt was NOK - 38.1 million (NOK - 15.8 million).
The profit before tax was NOK - 48.6 million (NOK - 59.5 million).

Result year to date 2022

Total operating income amounted to NOK 652.6 million (NOK 400.6 million).
Total operating expenses were NOK 305.5 million whereof NOK - 20.8 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 276.9 million whereof NOK - 24.5 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 326.3 million (NOK 301.3 million).
The operating profit before depreciation was NOK 241.9 million (NOK 70.0 million).
Depreciation was NOK 146.0 million (NOK 155.3 million).
Impairment charge of fixed assets was NOK 0 million (NOK 25.5 million).
Net financial items were NOK - 222.1 million (NOK - 113.2 million), whereof unrealized agio loss was NOK 149.2 million (unrealized agio loss NOK 17.8 million) and value adjustment of debt NOK - 67.8 million (NOK - 88.7 million).
The profit before tax was NOK - 31.2 million (NOK - 171.0 million).

Balance and liquidity per 30/09/22

Total current assets amounted to NOK 695.3 million on 30/09/22, whereof bank deposits were NOK 215.7 million (whereof NOK 74.7 million restricted cash related to withholding tax, interest and instalment payments and deposit in connection with sale of vessel). On 30/09/21, total current assets amounted to NOK 288.8 million, whereof bank deposits amounted to NOK 83.8 million (of this NOK 3.9 million restricted cash related to withholding tax and interest and instalment payments).

Net cash flow from operations was per 30/09/22 NOK 200.3 million (NOK 77.3 million). Cash flow from investing activities was NOK 3.4 million (NOK - 26.4 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 92.9 million (NOK - 73.4 million).

As of 30/09/22, the book value of the fleet is NOK 999 million. In 2021, the company carried out new impairment assessments on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are shown in note 7.

Total long-term loan debt recognized in the balance sheet was per 30/09/22 NOK 1,452.6 million, of which interest-bearing debt amounts to NOK 1,359.3 million and non-interest-bearing debt NOK 93.3 million. As of 30/09/22, nominal value of interest-bearing debt was NOK 1,994.3 million, and nominal value of non-interest-bearing debt was NOK 1,664.7 million. Of nominal interest-bearing debt 21.5 % 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 hired out on bareboat contract)
1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/09/22 399 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 Q322

Summary

The market for the company’s vessels in the second quarter has been better in all segments than the corresponding period in 2021. Revenues and profit are significantly affected by the sale of vessels.

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 by agreement. Of these, 3 vessels were sold in the second quarter and the last two vessels are expected to be sold in the third quarter.

Havila Shipping ASA achieved an operating income before depreciation of NOK 189.7 million in Q2 2022, compared with NOK 53.7 million in Q2 2021.

Total operating income was NOK 287.3 million in Q2 2022, compared with NOK 145.2 million in Q2 2021.

The group had as of 30/06/22 19 vessels operated from Fosnavåg, six for external owners.

The fleet utilization Q2 2022 was 93 % exclusive vessels in lay-up.

Result for 2 quarter 2022

Total operating income amounted to NOK 287.3 million, whereof NOK 96.5 million is gain on sale of fixed assets (NOK 145.2 million).
Total operating expenses were NOK 97.6 million whereof NOK - 2.8 million is reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 0.6 million on crew expenses, NOK 1.1 million on vessel expenses and NOK 1.1 million on other operating expenses. (NOK 91.5 million whereof NOK - 7.7 million was change of loss on receivables). Ordinary operating expenses were NOK 100.4 million (NOK 99.2 million).
Operating profit before depreciation was NOK 189.7 million (NOK 53.7 million).
Depreciation was NOK 50.4 million (NOK 52.2 million).
Net financial items were NOK - 102.5 million (NOK - 1.1 million), whereof unrealized agio loss was NOK 88.8 million (unrealized agio loss NOK 2.6 million), and value adjustment of debt was NOK - 11.2 million (NOK 3.0 million).
The profit before tax was NOK 33.6 million (NOK 1.2 million).

Result for 1st half of 2022

Total operating income amounted to NOK 435.2 million (NOK 245.7 million).
Total operating expenses were 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. (NOK 175.8 million whereof NOK - 24.5 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 213.1 million (NOK 200.2 million).
The operating profit before depreciation was NOK 241.9 million (NOK 70.0 million).
Depreciation was NOK 103.2 million (NOK 102.8 million).
Net financial items were NOK - 118.3 million (NOK - 78.7 million), whereof unrealized agio loss was NOK 83.6 million (unrealized agio loss NOK 2.0 million) and value adjustment of debt NOK - 29.8 million (NOK - 72.9 million).
The profit before tax was NOK 17.4 million (NOK - 111.6 million).

Balance and liquidity per 30/06/22
Total current assets amounted to NOK 395.3 million on 30/06/22, whereof bank deposits were NOK 106.6 million (of this NOK 3.4 million restricted withholding tax). On 30/06/21, total current assets amounted to NOK 241.8 million, whereof bank deposits amounted to NOK 86.1 million (of this NOK 3.3 million restricted withholding tax).

Net cash flow from operations was per 30/06/22 NOK 39.4 million (NOK 57.5 million). Cash flow from investing activities was NOK 6.9 million (NOK - 28.7 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 39.7 million (NOK - 48.7 million).

As of 30/06/22, the book value of the fleet is NOK 1,386 million. In 2021, the company carried out new impairment assessments on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are shown in note 7.

Total long-term loan debt recognized in the balance sheet was per 30/06/22 NOK 1,474 million, of which interest-bearing debt amounts to NOK 1,386 million and non-interest-bearing debt NOK 87 million. As of 30/06/22, nominal value of interest-bearing debt was NOK 2,114 million, and nominal value of non-interest-bearing debt was NOK 1,639 million. Of nominal interest-bearing debt 19.4 % 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 18 vessels,

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

Employees
Havila Shipping ASA had per 30/06/22 400 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 Q222

Summary
The market for the company’s vessels was weak seasonally in the first quarter, especially for anchor handling vessels, but with a significant improvement from March. Compared with the first quarter of 2021, revenues have increased as a result of more vessels in operation.

Agreement with lenders entered into in 2020 clarifies the company’s obligations to lenders for the period until 2024. Five vessels in lay-up, whereof 3 AHTS and 2 PSV, have been agreed sold. It is expected that all vessels will be handed over to a new owner no later than the third quarter. The sold vessels have been in storage for a long time, two of the vessels since 2015.

Havila Shipping ASA achieved an operating income before depreciation of NOK 52.2 million in Q1 2022, compared with NOK 16.3 million in Q1 2021.

Total operating income was NOK 147.9 million in Q1 2022, compared with NOK 100.5 million in Q1 2021.
The group had as of 31/03/22 22 vessels operated from Fosnavåg, six for external owners.
The fleet utilization Q1 2022 was 84 % exclusive vessels in lay-up.

Result for 1 quarter 2022

Total operating income amounted to NOK 147.9 million (NOK 100.5 million).
Total operating expenses were NOK 95.7 million whereof NOK 16.9 million is reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 6.4 million on crew expenses, NOK 7.3 million on vessel expenses and NOK 3.2 million on other operating expenses. (NOK 84.2 million whereof NOK -16.8 million was change of loss on receivables). Ordinary operating expenses were NOK 78.7 million (NOK 101.0 million).
Operating profit before depreciation was NOK 52.2 million (NOK 16.3 million).
Depreciation was NOK 52.8 million (NOK 50.6 million).
Net financial items were NOK - 15.8 million (NOK - 77.6 million), whereof unrealized agio gain was NOK 5.2 million (unrealized agio gain NOK 0.6 million), and value adjustment of debt was NOK - 18.5 million (NOK - 75.9 million).
The profit before tax was NOK - 16.2 million (NOK - 112.8 million).

Balance and liquidity per 31/03/22
Total current assets amounted to NOK 341.4 million on 31/03/22, whereof bank deposits were NOK 66.9 million (of this NOK 0.5 million restricted withholding tax). On 31/03/21, total current assets amounted to NOK 231.7 million, whereof bank deposits amounted to NOK 94.7 million (of this NOK 0.6 million restricted withholding tax).

Net cash flow from operations was in Q1 2022 NOK - 12.5 million (NOK 47.1 million). Cash flow from investing activities was NOK 3.3 million (NOK -24.9 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 23.8 million (NOK - 33.1 million).

As of 31/03/22, the book value of the fleet is NOK 1,433 million. In 2021, the company carried out new impairment assessments on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are shown in note 7.

Total long-term loan debt recognized in the balance sheet was per 31/03/22 NOK 1,555.3 million, of which interest-bearing debt amounts to NOK 1,465.0 million and non-interest-bearing debt NOK 90.3 million. As of 31/03/22, nominal value of interest-bearing debt was NOK 2,373.9 million, and nominal value of non-interest-bearing debt was NOK 1,610.9 million. Of nominal interest-bearing debt 16.5 % 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 20 vessels,

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

Employees
Havila Shipping ASA had per 31/03/22 398 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 Q122

Summary
The market for the company’s vessels has improved through 2021 and activity in the fourth quarter has been significantly better than a year ago. The company’s operations have been affected by Covid-19 through restrictions and costs related to quarantine and testing.

An agreement with lenders entered into in 2020 clarifies the company’s obligations to lenders until the end of 2024. One vessel was sold in the fourth quarter in accordance with the agreement.

Finanstilsynet has ordered the company to carry out new impairment assessments for vessels as of 31/12/19 and 30/06/20. The company has complied with the order and the effects are shown in note 7.

Havila Shipping ASA achieved an operating income before depreciation of NOK 36.4 million in Q4 2021, compared with NOK 32.8 million in Q4 2020.
Total operating income was NOK 144.9 million in Q4 2021, compared with NOK 107.1 million in Q4 2020.
The group had as of 31/12/21 22 vessels operated from Fosnavåg, six for external owners.
The group had 3 AHTS and 2 PSV vessels laid up at the end of Q4 2021.
One PSV vessel was sold in November 2021.
The fleet utilization Q4 2021 was 88 % exclusive vessels in lay-up.

Result for 4 quarter 2021

Total operating income amounted to NOK 144.9 million (NOK 107.1 million).
Total operating expenses were NOK 108.5 million (NOK 74.3 million whereof NOK -28.3 million was change of loss on receivables). Ordinary operating expenses were NOK 108.5 million (NOK 102.6 million).
Operating profit before depreciation was NOK 36.4 million (NOK 32.8 million).
Depreciation was NOK 48.3 million (NOK 39.7 million).
Net reversal of impairment charge of fixed assets was NOK 260.8 million (impairment charge NOK 197 million).
Net financial items were NOK - 11.5 million (NOK 190.7 million), whereof unrealized agio loss was NOK 3.5 million (unrealized agio gain NOK 73.5 million), and value adjustment of debt was NOK - 13.4 million (NOK 126.8 million).
The profit before tax was NOK 236.8 million (NOK -2.3 million).

Result 2021

Total operating income amounted to NOK 545.5 million (NOK 705.7 million).
Total operating expenses were NOK 385.4 million whereof NOK - 24.5 million is change of loss on trade receivables (NOK 525.4 million whereof NOK 73.2 million is change of loss on trade receivables). Ordinary operating expenses amounted to NOK 409.8 million (NOK 452.3 million).
The operating profit before depreciation was NOK 160.1 million (NOK 180.2 million).
Depreciation was NOK 203.6 million (NOK 231.0 million).
Net reversal of impairment charge of fixed assets was NOK 235.3 million (impairment charge NOK 1,033.0 million).
Net financial items were NOK - 124.7 million (NOK 2,286.0 million), whereof unrealized agio loss was NOK 21.3 million (unrealized agio gain NOK 12.2 million) and value adjustment of debt NOK - 102.1 million (NOK 2,408.1 million including the implementation effects of the restructuring agreement with the company’s lenders).
The profit before tax was NOK 65.8 million (NOK 1,213.3 million).

Balance and liquidity per 31/12/21
Total current assets amounted to NOK 245.2 million on 31/12/21, whereof bank deposits were NOK 100.9 million (of this NOK 5.4 million restricted withholding tax). On 31/12/20, total current assets amounted to NOK 272.4 million, whereof bank deposits amounted to NOK 106.5 million (of this NOK 5.0 million restricted withholding tax).

Net cash flow from operations was in 2021 NOK 116.8 million (NOK 134.5 million). Cash flow from investing activities was NOK 25.9 million (NOK -52.1 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -148.7 million (NOK - 60.3 million whereof NOK 100.0 million was raising a convertible shareholder loan).

As of 31/12/21, the book value of the fleet is NOK 1,583 million. The company has carried out new impairment assessments on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are shown in note 7.

Total long-term loan debt recognized in the balance sheet was per 31/12/21 NOK 1,571.4 million, of which interest-bearing debt amounts to NOK 1,481.4 million and non-interest-bearing debt NOK 90.0 million. As of 31/12/21, nominal value of interest-bearing debt was NOK 2,439.6 million, and nominal value of non-interest-bearing debt was NOK 1,505.7 million. Of nominal interest-bearing debt 16.5 % 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 22 vessels,

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

Employees
Havila Shipping ASA had per 31/12/21 445 employees on the company’s vessels and 16 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 Q4 2021

Havila Shipping ASA: Third quarter 2022 accounts

Havila Shipping ASA: Contracts for PSV Havila Borg and PSV Havila Herøy

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Sale of ship

Havila Shipping ASA: Second quarter 2022 accounts

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: Ordinary General Meeting held

Havila Shipping ASA: First quarter 2022 accounts

Havila Shipping ASA: Notice of Annual General Meeting

Havila Shipping ASA: Approval of 2021 Annual accounts

Havila Shipping ASA: Sale of PSV vessels

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: New contracts

Havila Shipping ASA: Financial report 4th quarter / Preliminary 2021 accounts

Havila Shipping ASA: Update on report from Finanstilsynet

Havila Shipping ASA: Contract with Amilcar Petroleum Operations for the PSV Havila Borg

Havila Shipping ASA: Contract with Harbour Energy (UK) for the PSV Havila Commander

Havila Shipping ASA: Information to bondholders in Havi04 and Havi07

Havila Shipping ASA: The Financial Supervisory Authority of Norway (Finanstilsynet)– Order following control of the company’s financial accounts

Havila Shipping ASA: Contract with TotalEnergies EP Denmark for the PSV Havila Fanø