HAVI disclosures

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 15^th January and 15^th 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

• Havi04 Q421
• Havi07 Q421

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

• HAVI04 - Written Resolution

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.

• Havila Shipping ASA achieved an operating income before depreciation of NOK 53.7 million in Q3 2021, compared with NOK 36.4 million in Q3 2020.
• Total operating income was NOK 154.8 million in Q3 2021, compared with NOK 188.7 million in Q3 2020.
• The group had as of 30/09/21 23 vessels operated from Fosnavåg, six for external owners.
• The group had 3 AHTS and 3 PSV vessels laid up at the end of Q3 2021.
• One PSV vessel was sold in November 2021.
• The fleet utilization Q3 2021 was 85 % exclusive vessels in lay-up.

Result for 3 quarter 2021

• Total operating income amounted to NOK 154.8 million (NOK 188.7 million).
• Total operating expenses were NOK 101.1 million (NOK 152.3 million whereof NOK 48.7 million was change of loss on receivables). Ordinary operating expenses were NOK 101.1 million (NOK 103.6 million).
• Operating profit before depreciation was NOK 53.7 million (NOK 36.4 million).
• Depreciation was NOK 62.1 million (NOK 87.4 million).
• Impairment charge of fixed assets was NOK 25.5 million (NOK 0 million).
• Net financial items were NOK - 23.6 million (NOK 68.0 million), whereof unrealized agio loss was NOK 20.1 million (unrealized agio gain NOK 19.6 million), and value adjustment of debt was NOK - 4.9 million (NOK 47.9 mllion).
• The profit before tax was NOK - 58.0 million (NOK 16.9 million).

Result year to date 2021

• Total operating income amounted to NOK 400.6 million (NOK 598.5 million).
• Total operating expenses were NOK 276.9 million whereof NOK - 24.5 million is change of loss on trade receivables (NOK 451.1 million whereof NOK 101.4 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 301.3 million (NOK 349.7 million).
• The operating profit before depreciation was NOK 123.7 million (NOK 147.4 million).
• Depreciation was NOK 183.8 million (NOK 261.9 million).
• Impairment charge of fixed assets was NOK 25.5 million (NOK 521.0 million).
• Net financial items were NOK - 30.6 million (NOK 1,878.5 million), whereof unrealized agio loss was NOK 17.8 million (unrealized agio loss NOK 61.2 million) and value adjustment of debt NOK - 6.0 million (NOK 2,064.4 million related to the implementation effects of the restructuring agreement with the company’s lenders).
• The profit before tax was NOK -116.9 million (NOK 1,243.1 million).

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

• HAVIQ321

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

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