HAVI disclosures

Attached Summons for Written Resolution for approval of vessel contract.

Contact:

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

• HAVI07 - Summons for Written Resolution

Attached you will find information related to due date 30.09.21

Contact:
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

Attachments

• Havi04 Q321
• Havi07 Q321

Summary

The group’s PSV vessels achieved higher rates and utilization in the second quarter. One PSV vessel was taken out of lay-up and was on contract from May 2021. The group’s subsea vessels also contributed to improved earnings in the second quarter. One of the group’s subsea vessels entered into a 3-month contract in mid-April 2021, which was later extended up to February 2022.

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 53.7 million in Q2 2021, compared with NOK 40.6 million in Q2 2020. 

• Total operating income was NOK 145.2 million in Q2 2021, compared with NOK 201.0 million in Q2 2020.
• The group had as of 30/06/21 23 vessels operated from Fosnavåg, six for external owners.
• The group had 3 AHTS and 3 PSV vessels laid up at the end of Q2 2021.
• The fleet utilization Q2 2021 was 90 % exclusive vessels in lay-up.

   
Result for 2 quarter 2021 

• Total operating income amounted to NOK 145.2 million (NOK 201.0 million).
• Total operating expenses were NOK 91.5 million whereof NOK - 7.7 million is change of loss on receivables (NOK 160.4 million whereof NOK 37.0 million was change of loss on receivables). Ordinary operating expenses were NOK 99.2 million (NOK 123.4 million).
• Operating profit before depreciation was NOK 53.7 million (NOK 40.6 million).
• Depreciation was NOK 61.7 million (NOK 87.6 million).
• Impairment charge of fixed assets was NOK 0 million (NOK 521.0 million).
• Net financial items were NOK 6.3 million (NOK 2,.026.1 million), whereof unrealized agio loss was NOK 1.7 million (unrealized agio gain NOK 79.1 million), and value adjustment of debt was NOK 10.4 million (NOK 2,234.5 mllion).
• The profit before tax was NOK -0.9 million (NOK 1,457.9 million).

  
Result for 1st half of 2021 

• Total operating income amounted to NOK 245.7 million (NOK 409.9 million).
• Total operating expenses were NOK 175.8 million whereof NOK - 24.5 million is change of loss on trade receivables (NOK 298.8 million whereof NOK 52.8 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 200.2 million (NOK 246.0 million).
• The operating profit before depreciation was NOK 70.0 million (NOK 111.1 million).
• Depreciation was NOK 121.8 million (NOK 174.5 million).
• Impairment charge of fixed assets was NOK 0 (NOK 521.0 million).
• Net financial items were NOK - 7.0 million (NOK 1,810.5 million), whereof  unrealized agio loss was NOK 2.3 million (unrealized agio loss NOK 80.9 million) and value adjustment of debt NOK - 1.2 million (NOK 2,016.6 million related to the implementation effects of the restructuring agreement with the company’s lenders).
• The profit before tax was NOK -58.9 million (NOK 1,226.2 million).

  
Balance and liquidity per 30/06/21

Total current assets amounted to NOK 241.8 million on 30/06/21, whereof bank deposits were NOK 86.1 million (of this NOK 3.3 million restricted withholding tax). On 30/06/20, total current assets amounted to NOK 473.7 million, whereof bank deposits amounted to 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).

Net cash flow from operations was in 2021 NOK 57.5 million (NOK 61.5 million). Cash flow from investing activities was NOK -28.7 million (NOK -13.5 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -48.7 million (NOK 85.5 million whereof NOK 100.0 million was raising a covertible shareholder loan).

As of 30/06/21, the book value of the fleet is NOK 1,827 million.

Total long-term loan debt recognized in the balance sheet was per 30/06/21 NOK 1,747.6 million, of which interest-bearing debt amounts to NOK 1,657.0 million and non interest-bearing debt NOK 90.5 million. As of 30/06/21, nominal value of interest-bearing debt was NOK 2,691.3 million, and nominal value of non interest-bearing debt was NOK 1,400.6 million. Of nominal interest-bearing debt 15.6 % 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 30/06/21 398 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 Q221

Havila Shipping has entered into a contract extension with Nexans for Havila Phoenix for a period of 100 days, with further options for 40 days.
The contract will keep Havila Phoenix working for Nexans up to February 2022.
For a part of the extended period Nexans also rent the T3200 Trencher which will be operated from the vessel.

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

TotalEnergies EP Danmark has exercised options for the PSV vessels Havila Herøy and Havila Fanø.

The firm period is now until 1. December 2021 for Havila Fanø, with one month option remaining and until 1. January 2022 for Havila Herøy.

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

Attached you will find information about  due date 30.06.21


Contact:

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

Attachments

• Havi07 Q221
• Havi04 Q221

Havila Shipping ASA held the Ordinary General Meeting on 26 May 2021 at 14:00 hrs.

All the matters for consideration were approved. The minutes from the meeting is attached.

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

• GM 26 05 2021

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

The Board of Directors of Havila Shipping ASA hereby gives notice of the Annual General Meeting.

The meeting will take place on 26 May, 2021, at 14 hours, at Havilahuset, Fosnavåg, Norway.

The notice will be sent to shareholders, by post to the registered address in VPS, or by e-mail through VPS.

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 Notice GM

Total DK has declared options for three months from 1. June for the PSV vessels Havila Herøy and Havila Fanø
Total DK has options for further extensions for 4x1 month for each vessel.

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

The Board of Directors of Havila Shipping ASA has today approved the financial statements for 2020 for both the Group and the parent company.

Deferred tax of NOK 2 million has been reversered with positive effect on profit and equity compared with the preliminary accounts released on 26 February 2021.

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

• HAVI2020

Havila Shipping ASA: Contract with Equinor Energy for the PSV Havila Clipper
Equinor Energy has awarded Havila Shipping contract for the PSV Havila Clipper.
The contract is for a firm period of 70 days with options for 20 days.
Commencement is in direct continuation of existing contract.

Contact:
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

Havila Shipping has entered into a contract with IKM Acona AS for the PSV Havila Borg.

The contract is for a period of one well, estimated to a period of 35 to 90 days.

IKM Acona has the right to exercise options for up to two additional wells, estimated to up to 9 months.

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

Attached you will find information about payment on the due date 31.03.21

Contact: 

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

Attachments

• Havi04 Q121
• Havi07 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

Havila Shipping has entered into a charter contract with Nexans Norway AS for the subsea vessel Havila Phoenix.
The contract is for a firm period of 90 days with optional periods of 90 days.
Commencement is planned to during April 2021.

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

Reference is made to the stock exchange release of 11.12.20 regarding contract termination for the subsea vessel Havila Phoenix.
An agreement between companies in Havila Shipping and companies in DeepOcean about full and final settlement between the parties has been signed.
The settlement agreement includes both cash settlement and acquisition of ownership to A-frame, Trencher and ROVs previously owned by DeepOcean.
Settlement has been executed today.

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

The Deputy CEO Olav Haug Vikebakk will resign during the first quarter to take up another senior position in the region.

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

Attached your will find information about payments for Havi04 and Havi07 on due
date 30.12.20


Contact:
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

The subsea vessel Havila Phoenix has since 2013 served DeepOcen, under a charterparty with firm period until May 2023 with further options.
On the 18 November 2020 Havila Shipping received a letter from DeepOcean containing information regarding their intension to seek protection under British law for wind up of the UK based activities, including the company that has chartered Havila Phoenix.
After having finalized the project Havila Phoenix was engaged in at receipt of the letter mentioned, Havila Shipping ASA has received no instructions regarding further use of the vessel.
DeepOcean has, as a result of their activities, or lack of activities, ended up in breach of contractual obligations, including payment default.
Havila Shipping ASA, today has, as a consequence, terminated the charterparty.  Further, Havila Shipping ASA has requested payment from DeepOcean Group Holding BV in Netherland under the Parent Company Guarantee issued to fulfil the chartering company’s contractual obligations.

As a consequence of the termination Havila Shipping ASA will immediately offer the vessel to the market.

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