Please find attached information to bondholders in Havi04 and Havi07
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
Havila Shipping ASA held the Ordinary General Meeting on 25 May 2022 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
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.
Result for 1 quarter 2022
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
The Board of Directors of Havila Shipping ASA hereby gives notice of the Annual General Meeting.
The meeting will take place on 25 May, 2022, at 14 hours, at Havilahuset, Fosnavåg, Norway.
The notice will be sent to shareholders, by post to the registered address in VPS, or 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
Today, the Board of Directors of Havila Shipping ASA has approved the financial statements for 2021 for both the Group and the parent company. The accounts is in line with preliminary accounts released on 25th February 2022.
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
Attachments
Havila Shipping has entered into agreements with buyer for sale of the PSV vessels Havila Aurora and Havila Fortune. The sale of the vessels is according to the present restructuring agreement. Havila Aurora was delivered to the buyer today. Havila Fortune is scheduled to be delivered within the next month. The Buyer has committed not to operate the vessels within the offshore sector. The sale will have limited effect on the company’s liquidity.
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
Please find attached information to bondholders in Havi04 and Havi07
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
Havila Shipping has entered into a new contract with Nexans Norway AS for the subsea vessel Havila Phoenix. The contract is in direct continuation of existing contract and is firm until end of October 2022, with 60 optional days thereafter.
The company has also entered into a contract with Peterson Den Helder BV for the PSV vessel Havila Herøy for a fixed period of 70 days plus options.
Contracts related to project work are also entered into for the AHTS vessel Havila Venus for a fixed period of total 64 days plus options.
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
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.
Result for 4 quarter 2021
Result 2021
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
Reference is made to the stock exchange announcement on 22 December 2021
after having received a control report from Finanstilsynet.
Finanstilsynet notified the company of a five week deadline to appeal the decision.
The company has now concluded to comply with the order from Finanstilsynet.
Detailed, but preliminary assessments, confirm not insignificant effect on results and equity
in historical periods, but limited impact on the group’s equity on the 2021 annual accounts.
The exact impact will be calculated and accounted for in the 2021 accounts.
Preliminary accounts will according to the financial calendar be released on 25.02.2022.
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
Havila Shipping has entered into contract with Amilcar Petroleum Operations for the PSV Havila Borg.
The contract is for a firm period estimated to four months included mobilisation and demobilisation,
with optional periods for up to two months
Commencement will be between 15th January and 15th February 2022
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
Havila Shipping ASA has entered into a contract with Harbour Energy for the PSV vessel Havila Commander.
The contract is for a firm period of four wells, with one well option.
Estimated commencement is January 2022.
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
Please find attached information to bondholders in Havi04 and Havi07
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
Reference is made to the stock exchange announcement from Finanstilsynet published today after checking the company's accounts for 31.12.19 and 30.06.20.
The report from Finanstilsynet states that the company shall carry out new impairment assessments of the company's offshore vessels for the relevant accounting periods.
The control from Finanstilsynet started in March 2020 and has now been concluded.
As is appear in the report from Finanstilsynet, the company has continuously aligned itself with the conditions pointed out by Finanstilsynet and with which the company has agreed.
Finanstilsynet has notified the company of a 5-week deadline to appeal the decision to the Ministry of Finance.
Before the appeal deadline expires, the company will take a position on the appeal issue and at the same time assess the consequences of compliance with the order from Finanstilsynet.
The company will inform the market as soon as a conclusion of the assessments is available.
If the company complies with the order, this will affect reported results and equity in historical periods. A correction will not have a significant impact on the group's equity on 31.12.21
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
Havila Shipping ASA has entered into a new contract with TotelEnergies EP Denmark A/S the PSV vessel Havila Fanø.
The contract is for a firm period of 14 months, with further optional periods.
The contract is in direct continuation of existing contract starting 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
Reference is made to the Summons for written resolution sent earlier today.
The Bond Trustee has informed the company that the Written Resolution has been resolved.
The Proposed Resolution for ISIN NO0010590441 was adopted according to the Bond Agreement.
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 summons for written resolution.
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
Summary
Freight revenues increased by NOK 8.9 million in the third quarter compared with the previous quarter, mainly due to higher rates for the group’s AHTS vessels.
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. Four vessels in lay-up were circulated for sale in the third quarter at the request of lenders in accordance with the provisions of the restructuring agreement. One vessel has been transferred to a new owner after the balance sheet date.
Result for 3 quarter 2021
Result year to date 2021
Balance and liquidity per 30/09/21
Total current assets amounted to NOK 288.8 million on 30/09/21, whereof bank deposits were NOK 83.8 million (of this NOK 0.5 million restricted withholding tax and NOK 3.4 restricted cash related to interest and instalment payments). On 30/09/20, total current assets amounted to NOK 295.0 million, whereof bank deposits amounted to NOK 139.5 million (of this NOK 1.2 million restricted withholding tax).
Net cash flow from operations was in 2021 NOK 77.3 million (NOK 94.1 million). Cash flow from investing activities was NOK -26.4 million (NOK -33.1 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -73.4 million (NOK - 27.6 million whereof NOK 100.0 million was raising a convertible shareholder loan).
As of 30/09/21, the book value of the fleet is NOK 1,684 million.
Total long-term loan debt recognized in the balance sheet was per 30/09/21 NOK 1,726.5 million, of which interest-bearing debt amounts to NOK 1,635.2 million and non-interest-bearing debt NOK 91.3 million. As of 30/09/21, nominal value of interest-bearing debt was NOK 2,640.0 million, and nominal value of non-interest-bearing debt was NOK 1,455.4 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 (whereof one was sold in November 2021)
- 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 30/09/21 411 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
Havila Shipping ASA has sold the PSV vessel Havila Crusader to a foreign owner, who will use the vessel outside the offshore industry. The sale was completed at requirement of the lender in accordance with the clauses of the restructuring agreement.
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 ASA and Reach Subsea AS has entered into a contract for Havila Subsea for a fixed period of
2 years and 3 months starting 01.10.21 until 31.12.23. Reach Subsea has the option to extend the contract with one year until 31.12.2024.
The bondolders in ISIN NO0010605033 (HAVI07) has with sufficient majority accepted the conclusion of the contract.
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